DUE TO BANKS. The amounts due to Federal reserve banks, national banks, and other banks, bankers, and trust companies aggregated $3,048,550,000 on September 11, 1917, or $132,887,000 more than on September 12, 1916. INDIVIDUAL DEPOSITS. The total deposits other than bank deposits and dividends unpaid aggregated $10,184,456,000 on September 11, 1917, being $1,738,807,000, or 20 per cent, more than on September 12, 1916. This increase consists of $1,179,591,000 in demand deposits, and $559,216,000 in time deposits. United States deposits are included in this aggregate for comparison purposes, but they are exempted by law from reserve requirements. Postal savings deposits are specifically required by section 19 of the Federal Reserve Act, as amended, to be included with "time deposits" in computing reserve. BONDS AND MONEY BORROWED. The aggregates of United States bonds borrowed, other bonds. borrowed, securities borrowed, and bills payable with the Federal reserve bank and other banks have all increased largely, the greatest amount being reported on June 20, when these liabilities were $284,444,000. On September 11, 1917, the aggregate had decreased to $202,382,000, a liability $132,689,000 greater than that shown on September 12, 1916. In addition to direct borrowings, paper amounting to $169,434,000 had been rediscounted on September 11, 1917, as compared with $53,394,000 on September 12, 1916. The large increase in these liabilities is due mainly to the flotation of Liberty bonds and United States certificates of indebtedness. BANK ACCEPTANCES. This item appeared first in the report of condition for September 2, 1915, and at that time amounted to $13,077,000. The amount has grown practically continuously since that date. The highest point was reached on June 20, 1917, when liabilities on account of acceptances aggregated $144,414,000. The amount outstanding on September 11, 1917, was somewhat less-$138,231,000. CHANGES AT TIME OF EACH CALL, BY GEOGRAPHICAL DIVISIONS, OF PRINCIPAL ITEMS IN REPORTS OF CONDITION. In connection with the general summary of the condition of national banks, as shown by their returns at date of each call during the year, there is submitted herewith a statement, by geographical divisions, based upon the returns for each call during the year, of the volume of loans, investments in bonds, cash and cash items, and deposits. Changes in volume of principal assets and in deposits, by geographical divisions, 1916–17. [In thousands of dollars.] RELATION OF CAPITAL TO DEPOSITS, ETC., OF NATIONAL BANKS. The proportion and variation from year to year of capital to individual deposits in national banks, capital to loans, capital to aggregate resources, capital and surplus and other profits to individual deposits, and cash on hand and balances with Federal reserve banks to individual deposits, are shown in the table following for the years 1912 to 1917, inclusive: Capital to individual deposits... Capital to loans. Capital to aggregate resources. Capital and surplus and other profits to individual deposits.... Cash on hand and balances with Federal reserve bank to individual deposits.. 1.00 to 10.48 1.00 to 10.30 1.00 to 10.83 1.00 to 11.47 1.00 to 13.50 1.00 to 15.17 1.00 to 2.96 1.00 to 2.82 1.00 to 2.96 1.00 to 3.23 1.00 to 3.99 1.00 to 4.56 1.00 to 6.28 1.00 to 6.18 1.00 to 6.36 1.00 to 5.53 1.00 to 6.14 1.00 to 6.62 1 At the time of the reports referred to prior to Sept. 2, 1915, the Federal reserve banks had not come into existence. The statement shows that the individual deposits have increased more rapidly than capital, surplus, and profits, taken collectively or separately. The ratio of deposits to capital is $9.34 to $1. A year ago it was $7.91 to $1, and the ratio to capital, surplus, and profits is $4.56 to $1, as compared with $3.99 to $1 in September, 1916. PERCENTAGE OF PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF NATIONAL BANKS. On an average, approximately 62 per cent of the banks' assets are represented by loans and United States bonds; and about 72 per cent of the liabilities by capital, surplus and profits, and individual deposits. The following table is of interest as indicating the percentage of each of the items in question, based upon reports from banks at the date of the fall call of each year from 1907 to 1917, inclusive: Items. 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 Loans and discounts.. Total...... Capital... 7.9 52.9 Surplus and profits.. Total.. 71.5 71.9 P.ct. P. ct. P. ct. P. ct. P. ct. P. ct. P. ct. P. ct. P. ct. P. ct. P. ct. 55.2 6.9 13034°-FI 1917-37 RESERVE. The following table shows the amounts and percentages of lawful reserve held by the national banks at each report date, and that there has been a large surplus in the reserve in every section throughout the year: 1 Decrease in amount of reserve held and excess reserve reported Sept. 11, 1917, is due to elimination from lawful reserve of cash on hand and balances due from approved national bank reserve agents under amendment to Federal Reserve Act approved June 21, 1917. May 1, 1917. 2,473, 393 24.05 June 20, 1917. 2,310, 360 22.91 Sept. 11, 1917. 1,048, 425 10.40 Reserve required and held by national banks, together with the excess or deficiency, 1916–17. [In thousands of dollars.] 1 Eliminated from reserve calculation under amendment to Federal Reserve Act approved June 21, 1917. The amendment to the Federal Reserve Act adopted on June 21 last, changed the reserve requirements and provided that from and after that date reserve should be carried in the following amounts: Central reserve cities: On demand deposits, 13 instead of 18 per cent; on time deposits, 3 instead of 5 per cent. Reserve cities: On demand deposits, 10 instead of 15 per cent; on time deposits, 3 instead of 5 per cent. Country banks (located outside of reserve and central reserve cities): On demand deposits, 7 instead of 12 per cent; on time deposits, 3 instead of 5 per cent. The act also provided that thereafter legal reserve should consist only of balances with Federal reserve banks. By the act of April 24, 1917, United States deposits were exempted from reserve requirements, and under the provisions of the act of June 21, above mentioned, for the purpose of computing reserve, |