be required to perform any service at a loss. Many bank depositors probably fail to realize the items of cost in banking. For instance, every check passing through the average size bank costs from 2 to 3 cents to handle, and this is typical of similar small items of expense which have entailed some loss, the aggregate of which is quite large.

The various changes made necessary in the banks in the development of this banking system, which is producing results so advantageous to the country, have entailed upon the member banks some losses of revenue, and the business community should properly be expected to share the cost of the evolution of the system.

New National Bank Charters.

The Comptroller of the Currency reports the Trustee, executor, administrator, and registrar of stocks

following increases and reductions in the number of national banks and the capital of national banks during the period from June 24, 1916, to July 21, 1916, inclusive:

and bonds:

Dubois National Bank, Dubois, Pa.
DISTRICT No. 6.

Trustee, executor, and administrator:

Peoples National Bank, McMinnville, Tenn.

DISTRICT No. 7.

Trustee, executor, administrator, and registrar of stocks
and bonds:

Des Moines National Bank, Des Moines, Iowa.
Trustee, executor, and administrator:

First National Bank, Le Mars, Iowa.

DISTRICT No. 8.

Executor and administrator:

Banks.

DISTRICT No. 10.

Merchants-Laclede National Bank, St. Louis, Mo.

GOLD SETTLEMENT FUND.

Amount of clearings and transfers, Federal Reserve Banks, from June 23, 1916, to July 20, 1916, inclusive.

Gold held in the Gold Settlement Fund and Federal Reserve Agents' Fund reached a new high point on July 6 when the aggregate of the two funds was $168,500,000. Heavy withdrawals have since been made by the Federal Reserve Banks in order to make payments Settlement of to the Treasury on account of withdrawal of Government deposits, the total amount thus handled through the fund between July 10 and July 20 having been $34,500,000, which included repayment by the Federal Reserve Banks of Richmond, Atlanta, and Dallas of the $15,000,000 special deposit placed with them in September, 1915.

June 29, 1916.
July 6, 1916.
July 13, 1916.
July 20, 1916..
Total....

Total for 1915 (including trans

Previously reported..

Total since Jan. 1, 1916.

fers)...

Total transfers, 1916.

Total clearings and transfers,

May 20, 1915, to July 20, 1916.. 2,809,771

Deposits and withdrawals by Federal Reserve Banks and Federal Reserve Agents, and where made, Jan. 1, 1916,

to June 30, 1916.

Depos- With- Depos- With- Depos- With- Depos- With- Depos- With- Depos- With- Depos- Withited. drawn. ited. drawn. ited. drawn. ited. drawn. ited. drawn. ited. drawn. ited. drawn.

Changes in ownership of gold during period June 23, 1916, to July 20, 1916, equal 9.02 per cent of obligations settled.
2 Total changes in ownership of gold equal 6.43 per cent of total obligations settled.

Summary of transactions for week ending June 23, 1916, to July 20, 1916-Continued.

Federal Reserve Agents' Fund-Summary of transactions, June 23, 1916, to July 20, 1916, inclusive.

1 Rate for commodity paper maturing within 90 days.

2 Rate for bills of exchange in open market operations.

Rate for trade acceptances bought in open market without member bank indorsement.

A rate of 2 to 4 per cent for bills with or without member bank indorsement has been authorized.

Rate for commodity paper maturing within 30 days, 34 per cent; over 30 to 60 days, 4 per cent; over 60 to 90 days, 44 per cent; over 90 days, 5 per cent. NOTE.-Rate for bankers' acceptances, 2 to 4 per cent.

53038-16-3