f^^^ ,>^.,^_ ji? :tfm-"-^ .^ V Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924030228401 imCTS 19172 War Credits Act Approved September 24, 1917 Complete Text of the $11,000,000,000 Bond Issue La>v HJ8117 ~ ^-"--''y Library War credits act oljn 3 1924 030 228 401 National Bank oi Commerce in New York September, 1917 h IN an effort to acquaint the business men of this country with the important legislation now being enacted by Congress, ■ the National Bank of Commerce in New York presents, in this book, the complete text of the War Credits Act signed by the President September 24, 1917. Fore\^ord The purpose of the jSTational Bank of Conimerce in New York in offering in this booklet the official text of the War Credits Act, approved September 24, 1917, is two- fold: On the one hand, in accord with its traditional policy, the Bank desires to co-operate in every possible way with the National Government in meeting the financial emer- gencies which have arisen as a result of the entrance of the country into the World War. The energetic prosecu- tion of the war compels the expenditure of money on a scale hitherto undreamed of. The Government must ob- tain the requisite funds, in part by taxation, and in part through loans from its citizens. The War Credits Act, here printed, authorizes the largest loan ever floated by any Government. It is the aim of the Bank, in distribut- ing the official text of the Act, to facilitate the flotation of the bonds by familiarizing the buying public, on whom the Government depends, with the terms and conditions under which the obligations are issued. It is commonly recognized that thoroughly informed investors are those upon whom the most reliance can be placed. On the other hand, the National Bank of Commerce in New York considers it a part of the service which the Bank is in duty bound to render to its customers and friends, to provide them with the means of readily obtain- ing and familiarizing themselves with so important a docu- ment as the War Credits Act. Together with the pend- ing War Revenue Act, it embodies the Government's policy of War finance. The two are documents well worth the study of every man who is interested in commercial and financial affairs, for there is scarcely an individual or a corporation in the country which they will not pro- foundlj'- affect. In the desire, then, to serve the best interests both of its Government and of its customers and friends, the Na- tional Bank of Commerce presents the official text of the War Credits Act. War Credits Act Approved September 24, 1917. Public No. 43 — 65th Congress. H. R. 5901. An Act to authorize an additional issue of bonds to meet expen- ditures for the national security and defense, and, for the purpose of assisting jn the prosecution of the war, to extend additional credit to foreign Governments, and for other purposes. Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled. That the Secretary of the Treasury, with the approval of the President, is hereby authorized to bor- row, from time to time, on the credit of the United States for the purposes of this Act, and to meet expen- ditures authorized for the national security and defense and other public purposes authorized by law, not exceed- ing in the aggregate $7,538,945,460, and to issue there- for bonds of the United States, in addition to the 12,000,000,000 bonds already issued or offered for sub- scription under authority of the Act approved April twenty-fourth, nineteen hundred and seventeen, entitled "An Act to authorize an issue of bonds to meet expendi- tures for the national security and defense, and, for the purpose of assisting in the prosecution of the war, to extend credit to foreign govermnents, and for other pur- poses": Provided, That of this sum $3,063,945,460 shall be in lieu of that amount of the unissued bonds author- ized by sections one and four of the Act approved April twenty-fourth, nineteen hundred and seventeen, $225,000,000 shall be in lieu of that amount of the unissued bonds authorized by section thirty-nine of the Act ap- proved August fifth, nineteen hundred and nine, $150,000,000 shall be in lieu of the unissued bonds author- ized by the joint resolution approved March fourth, nine- teen hundred and seventeen, and $100,000,000 shall be in lieu of the unissued bonds authorized by section four hun- dred of the Act approved March third, nineteen hun- dred and seventeen. The bonds herein authorized shall be in such form or forms and denomination or denominations and sub- ject to such terms and conditions of issue, conversion, redemption, maturities, payment, and rate or rates of interest, not exceeding four per centum per annum, and time or times of payment of interest, as the Secretary of the Treasury from time to time at or before the issue thereof may prescribe. The principal and interest there- of shall be payable in United States gold coin of the present standard of value. The bonds herein authorized shall from time to time first be offered at not less than par as a popular loan, under such regulations, prescribed by the Secretary of the Treasury from time to time, as will in his opinion give the people of the United States as nearly as may be an equal opportunity to participate therein, but he may make allotment in full upon applications for smaller amounts of bonds in advance of any date which he may set for the closing of subscriptions and may re- ject or reduce allotments upon later applications and applications for larger amounts, and may reject or re- duce allotments upon applications from incorporated banks and trust companies for their own account and make allotment in full or larger allotments to others, and may establish a graduated scale of allotments, and may from time to time adopt any or all of said meth- ods, should any such action be deemed by him to be in the public interest: Provided, That such reduction or in- crease of allotments of such bonds shall be made under general rules to be prescribed by said Secretary and shall apply to all subscribers similarly situated. And any portion of the bonds so offered and not taken may be otherwise disposed of by the Secretary of the Treas- ury in such manner and at such price or prices, not less than par, as he may determine. Sec. 2. That for the purpose of more effectually providing for the national security and defense and prosecuting the war, the Secretary of the Treasury, with the approval of the President, is hereby authorized, on behalf of the United States, to establish credits with the United States for any foreign governments then en- gaged in war with the enemies of the United States; and, to the extent of the credits so established from time to time, the Secretary of the Treasury is hereby author- ized to purchase, at par, from such foreign govern- ments respectively their several obligations hereafter is- sued, bearing such rate or rates of interest, maturing at such date or dates, not later than the bonds of the United States then last issued under the authority of this Act, or of such Act approved April twenty-fourth, nineteen hundred and seventeen, and containing such terms and conditions as the Secretary of the Treasury may from time to time determine, or to make advances to or for the account of any such foreign governments and to receive such obligations at par for the amount of any such advances; but the rate or rates of interest borne by any such obligations shall not be less than the highest rate borne by any bonds of the United States which, at the time of the acquisition thereof, shall have been issued under authority of said Act approved April twenty-fourth, nineteen hundred and seventeen, or of this Act, and any such obligations shall contain such provisions as the Secretary of the Treasury may from time to time determine for the conversion of a propor- tionate part of such obligations into obligations bearing a higher rate of interest if bonds of the United States issued under authority of this Act shall be converted into other bonds of the United States bearing a higher rate of interest, but the rate of interest in such foreign obligations issued upon such conversion shall not be less than the highest rate of interest borne by such bonds of the United States; and the Secretary of the Treasury, with the approval of the President, is hereby authorized to enter into such arrangements from time to time with any such foreign Governments as may be necessary or desirable for establishing such credits and for the payment of such obligations of foreign Gov- ernments before maturity. For the purpose of this section there is appropriated, out of any money in the Treasiu-y not otherwise appropriated, the sum of $4,000,000,000, and in addition thereto the unexpended balance of the appropriations made by section two of said Act approved April twenty-fourth, nineteen hun- dred and seventeen, or so much thereof as may be neces- sary: Provided, That the authority granted by this sec- tion to the Secretary of the Treasury to establish credits for foreign Governments, as aforesaid, shall cease upon the termination of the war between the United States and the Imperial German Government. Sec. 3. That the Secretary of the Treasury is hereby authorized, from time to time, to exercise in re- spect to any obligations of foreign governments acquired under authority of this Act or of said Act approved April twenty-fourth, nineteen hundred and seventeen, any privilege of conversion into obligations bearing in- terest at a higher rate provided for in or pursuant to this Act or said Act approved April twenty-fourth, nineteen hundred and seventeen, and to convert any short-time obligations of foreign governments which may have been purchased under the authority of this Act or of said Act approved April twenty-fourth, nine- teen hundred and seventeen, into long-time obligations of such foreign governments, respectively, maturing not later than the bonds of the United States then last is- sued under the authority of this Act or of said Act approved April twenty- fourth, nineteen hundred and seventeen, as the case may be, and in such form and terms as the Secretary of the Treasury may prescribe; but the rate or rates of interest borne by any such long- time obligations at the time of their acquisition shall not be less than the rate borne by the short-time obligations so converted into such long-time obligations; and, un- der such terms and conditions as he may from time to time prescribe, to receive payment, on or before matur- ity, of any obligations of such foreign governments acquired on behalf of the United States under authority of this Act or of said Act approved April twenty- fourth, nineteen hundred and seventeen, and, with the approval of the President, to sell any of such oblio-a- tions (but not at less than the purchase jsrice with accrued interest unless othei'wise hereafter provided by law), and to apply the proceeds thereof, and any pay- ments so received from foreign governments on account of the principal of their said obligations, to the redemp- tion or purchase, at not more than par and accrued in- terest, of any bonds of the United States issued under authority of this Act or of said Act approved April twenty- fourth, nineteen hundred and seventeen; and if such bonds can not be so redeemed or purchased the Secretary of the Treasury shall redeem or purchase any other outstanding interest-bearing obligations of the United States which may at such time be subject to re- demption or which can be purchased at not more than par and accrued interest. Sec. 4s. That in connection Avith the issue of any series of bonds under the authority of section one of this Act the Secretary of the Treasury may determine that the bonds of such series shall be convertible as provided in or pursuant to this section, and, in any such case, he may make appropriate provision to that end in offering for subscription the bonds of such series (hereinafter called convertible bonds). In any case of the issue of a series of convertible bonds, if a subsequent series of bonds (not including United States certificates of in- debtedness, war savings certificates, and other obliga- tions maturing not more than five years from the issue of such obligations, respectively) bearing interest at a higher rate shall, under the authority of this or any other Act, be issued by the United States before the termination of the war between the United States and the Imperial German Government, then the holders of such convertible bonds shall have the privilege, at the option of the several holders, at any time within such period, after the public offering of bonds of such subse- quent series, and imder such rules and regulations as the Secretary of the Treasury shall have prescribed, of con- verting their bonds, at par, into bonds bearing such higher rate of interest at such price not less than par as the Secretary of the Treasury shall have prescribed. The bonds to be issued upon such conversion under this Act shall be substantially the same in form and terms as shall be prescribed by or pursuant to law with respect to the bonds of such subsequent series, not only as to interest rate but also as to convertibility (if future bonds be issued at a still higher rate of interest) or non- convertibility, and as to exemption from taxation, if any, and in all other respects, except that the bonds is- j sued upon such conversion shall have the same dates of ' maturity, of principal, and of interest, and be subject to the same terms of redemption before maturity, as the ', bonds converted; a,nd such bonds shall be issued from \ time to time if and when and to the extent that the - privilege of conversion so conferred shall arise and shall be exercised. If the privilege of conversion so conferred under this Act shall once arise, and shall not be exer- cised with respect to any convertible bonds within the period so prescribed by the Secretary of the Treasury, then such privilege shall terminate as to such bonds and shall not arise again though again thereafter bonds be issued bearing interest at a higher rate or rates. Sec. 5. That in addition to the bonds authorized by section one ^f this Act the Secretary of the Treas- ury is authorized to borrow from time to time, on the credit of the United States, for the purposes of this Act and to meet public expenditures authorized by law, such sum or sums as in his judgment may be necessary, and to issue therefor certificates of indebtedness of the United States at not less than par in such form or forms and subject to such terms and conditions and at such rate or rates of interest as he may prescribe; and each certificate so issued shall be payable at such time not exceeding one year from the date of its issue, and may be redeemable before maturity upon such terms and conditions, and the interest accruing thereon shall be payable at such time or times as the Secretary of the Treasury may j)rescribe. The sum of such certificates outstanding hereunder and under section six of said Act approved April twenty-fourth, nineteen hundred and seventeen, shall not at any one time exceed in the aggre- gate 14,000,000,000. 10 Sec. 6. That in addition to the bonds authorized by section one of this Act and the certificates of in- debtedness authorized by section five of this Act, the Secretary of the Treasuiy is authorized to borrow from time to time, on the credit of the United States, for the purposes of this Act and to meet public expenditures authorized by law, such sum or sums as in his judgment may be necessary, and to issue therefor, at such price or prices and upon such terms and conditions as he may determine, war-savings certificates of the United States on which interest to maturity may be discounted in ad- vance at such rate or rates and computed in such man- ner as he may prescribe. Such war-savings certificates shall be in such form or forms and subject to such terms and conditions, and may have such provisions for pay- ment thereof before maturity, as the Secretary of the Treasury may prescribe. Each war-savings certificate so issued shall be payable at such time, not exceeding five years from the date of its issue, and may be redeemable before maturity, upon such terms and conditions as the Secretary of the Treasury may prescribe. The sum of such war-savings certificates outstanding shall not at any one time exceed in the aggregate -^2,000,000,000. The amount of war-savings certificates sold to any one person at any one time shall not exceed $100, and it shall not be lawful for any one person at any one time to hold war-savings certificates to an aggregate amount ex- ceeding $1,000. The Secretary of the Treasury may, under such regulations and upon such terms and condi- tions as he may prescribe, issue, or cause to be issued, stamps to evidence payments for or on account of such certificates. Sec. 7. That none of the bonds authorized by sec- tion one, nor of the certificates authorized by section five, or by section six, of this Act, shall bear the circula- tion privilege. All such bonds and certificates shall be exempt, both as to principal and interest from all tax- ation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) es- tate or inheritance taxes, and (b) graduated additional 11 income taxes, commonly known as surtaxes, and excess profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of in- dividuals, partnerships, associations, or corporations. The interest on an amount of such bonds and certificates the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, associa- tion, or corporation, shall be exempt from the taxes provided for in subdivision (b) of this section. Sec. 8. That the Secretary of the Treasury, in his discretion, is hereby authorized to deposit, in such incor- porated banks and trust companies as he may designate, the proceeds, or any part thereof, arising from the sale of the bonds and certificates of indebtedness and war- savings certificates authorized by this Act, and such de- posits shall bear such rate or rates of interest, and shall be secured in such manner, and shall be made upon and subject to such terms and conditions, as the Secretary of the Treasury may from time to time prescribe: Pro- vided, That the provisions of section fifty-one hundred and ninety-one of the Revised Statutes, as amended by the Federal Reserve Act, and the amendments thereof, with reference to the reserves required to be kept by na- tional banking associations and other member banks of the Federal Reserve System, shall not apply to deposits of public moneys by the United States in designated depositaries. The Secretary of the Treasury is hereby au- thorized to designate depositaries in foreign countries, with which shall be deiJosited all public money which it may be necessary or desirable to have on deposit in such countries to provide for current disbursements to the military and naval forces of the United States and to the diplomatic and consular and other representatives of the United States in and about such countries until six months after the termination of the war between the United States and the Imperial German Government, and to prescribe the terms and conditions of such de- posits. Sec. 9. That in connection with the operations of advertising, selling, and delivering any bonds, certifi- 12 cates of indebtedness, or war-savings certificates of the United States provided for in this Act, the Postmaster General, under such regulations as he may prescribe, shall require, at the request of the Secretary of the Treasury, the employees of the Post Office Department and of the Postal Service to perform such services as may be necessary, desirable, or practicable, without ex- tra compensation. Sec. 10. That in order to pay all necessary ex- penses, including rent, connected with any operations under this Act, except under section twelve, a sum not exceeding One-Fifth of one per centum of the amount of bonds and war-savings certificates and One-Tenth of one per centum of the amount of certificates of indebtedness herein authorized is hereby appropriated, or as much thereof as may be necessary, out. of any money in the Treasury not otherwise appropriated, to be expend- ed as the Secretary of the Treasury may direct : Provided, That in addition to the reports now required by law, the Secretary of the Treasury shall, on the first Monday in December, nineteen hundred and eighteen, and annually thereafter, transmit to the Congress a detailed statement of all expenditures under this Act. Sec. 11. That bonds shall not be issued under au- thority of sections one and four of said Act approved April twenty-fourth, nineteen hundred and seventeen, in addition to the $2,000,000,000 thereof heretofore issued or offered for subscription, but bonds shall be issued from time to time upon the interchange of such bonds of different denominations and of coupon and registered bonds and upon the transfer of registered bonds, under such rules and regulations as the Secretary of the Treas- urj?- shall prescribe, and, if and to the extent that the privilege of conversion provided for in such bonds shall arise and shall be exercised, in accordance with such pro- vision for such conversion. Xo bonds shall be issued un- der authority of the several sections of Acts and of the resolution mentioned in said section four of the Act ap- proved April twenty-fourth, nineteen hundred and sev- enteen; but the proceeds of the bonds herein authorized 13 may be used for purposes mentioned in said section foui* of the Act of April twenty-fourth, nineteen hundred and seventeen, and as set forth in the Acts therein enu- merated. That section two of an Act of Congress approved February fourth, nineteen hundred and ten, entitled "An Act prescribing certain provisions and conditions under which bonds and certificates of indebtedness of the United States may be issued, and for other pur- poses," is hereby amended to read as follows: "Sec. 2. That any certificates of indebtedness hereafter issued shall be exempt from all taxes or duties of the United States (but, in the case of certificates is- sued after September first, nineteen hundred and seven- teen, only if and to the extent provided in connection with the issue thereof), as well as from taxation in any form by or under State, municipal, or local authority; and that a sum not exceeding One-Tenth of one per centum of the amount of any certificates of indebt- edness issued is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the expenses of preparing, advertising, and issuing the same." Sec. 12. That the Secretary of the Treasury is au- thorized during the war, whenever it shall appear that the public interests require that any of the accounts of the Military Establishment be audited at any place other than the seat of Government, to direct the Comptroller of the Treasury and the Auditor for the War Depart- ment to exercise, either in person or through assistants, the powers and perform the duties of their offices at any place or places away from the seat of Government in the manner that is or may be required by law at the seat of Government and in accordance with the provisions of this section. (a) That when the Secretary of the Treasury shall exercise the authority herein referred to, the powers and duties of the said comptroller and auditor, under and pursuant to the provisions of the Act of July thirty- first, eighteen hundred and ninety-four, and all other 14 laws conferring jurisdiction upon those officers, shall be exercised and performed in the same manner as nearly as practicable and with the same effect away from the seat of Government as they are now exercised and per- formed and have eifect at the seat of Government, and decisions authorized by law to be rendered by the comp- troller at the request of disbursing officers may be ren- dered with the same effect by such assistants as may be authorized by him to perform that duty. (b) That when pursuant to this section the said comptroller and auditor shall perform their duties at a place in a foreign country, the balances arising upon the settlement of accounts and claims of the Military Estab- lishment shall be certified by the auditor to the Division of Bookkeeping and Warrants of the Treasury Depart- ment as now provided for the certification of balances by said auditor in Washington, and the balances so found due shall be final and conclusive upon all branches of the Government, except that any person whose ac- count has been settled or the commanding officer of the Army abroad, or the comptroller may obtain a revision of such settlement by the comptroller upon application therefor within three months, the decision to be likewise final and conclusive and the differences arising upon such revision to be certified to and stated by the auditor as now provided by law: Provided, That certificates of balances due may be transmitted to and paid by the proper disbursing officer abroad instead of by warrant: Provided further, That any person whose account has been settled, or the Secretary of War, may obtain a re- opening and review of any settlement made pursuant to this section upon application to the Comptroller of the Treasury in Washington within one year after the close of the war, and the action of the comptroller thereon shall be final and conclusive in the same manner as here- in provided in the case of a balance found due by the auditor. (c) That the comptroller and auditor shall pre- serve the accounts, and the vouchers and papers con- is nected therewith, and the files of then- offices in the for- eign country and transmit them to Washington within six months after the close of the war and at such earlier time as may be directed by the Secretary of the Treas- ury as to any or all accounts, vouchers, papers, and files. (d) That the Secretary of the Treasury is author- ized to appoint an assistant comptroller and an assist- ant auditor and to fix their compensation, and to designate from among the persons to be employed hereunder one or more to act in the absence or disability of such assist- ant comptroller and assistant auditor. He shall also prescribe the number and maximum compensation to be paid to agents, accountants, clerks, translators, interpre- ters, and other persons who may be employed in the work under this section by the comptroller and auditor. The assistant comptroller and assistant auditor shall have full power to perform in a foreign country all the duties with reference to the settlement there of the ac- counts of the Military Establishment that the comptrol- ler and auditor now have at the seat of Government and in foreign countries under the provisions of this section, and shall perform such duties in accordance with the in- structions received from and rules and regulations made by the comptroller and auditor. Such persons as are re- siding in a foreign country when first employed hereun- der shall not be required to take an oath of office or be required to be employed pursuant to the laws, rules, and regulations relating to the classified civil service, nor shall they be reimbursed for subsistence expenses at their post of duty or for expenses in traveling to or from the United States. (e) That it shall be the duty of all contracting, purchasing, and disbursing officers to allow any repre- sentative of the comptroller or auditor to examine all books, records, and papers in any way connected with the receipt, disbursement, or disposal of public money, and to render such accounts and at such times as may be required by the comptroller. No administrative exam- ination by the War Department shall be required of ac- counts rendered and settled abroad, and the time within 16 which these accounts shall be rendered by disbursing offi- cers shall be prescribed by the comptroller, who shall have power to waive any delinquency as to time or form in the rendition of these accounts. All contracts con- nected with accounts to be settled by the auditor abroad shall be filed in his office there. (f) That any person appointed or employed under the provisions of this section who at the time is in the service of the United States shall, upon termination of his services hereunder, be restored to the position held by him at the time of such employment. No provision of existing law shall be construed to prevent the pay- ment of money appropriated for the salary of any Gov- ernment officer or employee at the seat of Government who may be detailed to perform duty under this section outside the District of Columbia, and such details are hereby authorized. (g) That for the payment of the expenses in carrying into effect this section, including traveling ex- penses, per diem of $4 in lieu of subsistence for officers and employees absent from Washington, rent, cable- grams and telegrams, printing, law books, books of ref- erence, periodicals, stationery, office equipment and ex- change thereof, supplies, and all other necessary ex- penses, there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, for the fis- cal year ending June thirtieth, nineteen hundred and eighteen, the sum of $300,000, of Avhich not exceeding $25,000 may be expended at Washington for the pur- poses of this section, but no offif^er or employee shall re- ceive for duty in Washington any compensation other than his regular salary, (h) That the Secretary of the Treasury may des- ignate not more than two persons employed hereunder to act as special disbursing agents of the appropriation herein, to serve under the direction of the comptroller, and their accounts shall be rendered to and settled by the accounting officers of the Treasury in Washington. AH persons employed under this section shall perform 17 such additional duties as the Secretary of the Treasury may direct. (i) That the comptroller and the auditor, and such persons as may be authorized in writing by either of them, may administer oaths to American citizens in re- spect to any matter within the jurisdiction of either of said officers and certify the official character, when known, of any foreign officer whose jurat or certificate may be necessary on any paper to be filed with them. (j) That persons engaged in work abroad under the provisions of this section may purchase from Army stores for cash and at cost price for their own use such articles or stores as may be sold to officers and enlisted men. (k) That the authority granted under this section shall terminate six months after the close of the war or at such earlier date as the Secretary of the Treasury may direct, and it shall be the duty of the comptroller and auditor to make such reports as the Secretary of the Treasury may require of the expenditures made and work done pursuant to this section, and such reports shall be transmitted to the Congress at such time as he may decide to be compatible with the public interest. (1) No officers, employees, or agents appointed or employed under this section shall receive more salary or compensation than like officers, employees, or agents of the Government now receive. Sec. 13. That for the purposes of this Act the date of the termination of the war between the United States and the Imperial German Government shall be fixed by proclamation of the President of the United States. Approved, September 24, 1917. 18 National Bank of Commerce in New^ York ORGANIZED 1839 President James S. Alexander Vice-Presidents R. G. Hutchins, Jr. Stevenson E. Ward Herbert P. Howell John E. Rovensky J. Howard Ardrey Guy Emerson Cashier Paris R. Russell Assistant Cashiers A. J. Oxenham A. F. Broderick William M. St. John Everett E. Risley Louis A. Keidel H. P. Barrand A. F. Maxwell Richard W. Saunders John J. Keenan H. W. Schrader Gaston L. Ghegan R. E. Stack Auditor Manager Foreign Department A. F. Johnson Franz Meyer Statement of Condition September 11, 1917 RESOURCES Loans and Discounts .... $242,940,542.18 U. S. Bonds Borrowed .... 1,480,000.00 U. S. Certificates of Indebtedness . - . 10,430,000.00 Other Bonds. Securiries. etc. . - - 24,504,979.28 Banking House 2,000,000.00 Due from Banks and Bankers - . - 11,999.927.78 Cash. E,xchanges and due from Federal Re- serve Bank 72,247.424.89 Customers' Liability under Letters of Credit. Acceptances, etc 39.646,874.13 Interest Accrued 991,615.98 $406,241,364.24 LIABIUTIES Capital, Surplus and Undivided Profits - . $ 45,864,385.99 Deposits - 317,544,135.74 Letters of Credit and Acceptances - - 36,613,943.18 Unearned Discount 1,498,899.33 Other Liabilities .... 4.720,000.00 $406,241,364.24 **^ .J■• P^^Si^l 'C* £.-^'_*i 'Jtt< ^Vf fej<;' .,i*f%,;