By law, member banks of the Federal Reserve System are required to subscribe 6% of their paid-up capital and surplus in stock of the Federal Reserve bank of the home district. Fifty per cent of the subscription of all member banks has been called. By law payment must be made in gold and gold certificates. Six per cent of the capital and surplus of this bank is $30,000. The entry for the payment of $15,000 in par value of the stock carried on its books must have been as follows:

The transactions in this account are too infrequent really to require an auxiliary record of them, but it is good practice to set up a page in the bond ledger for the Reserve bank stock, handling it on the auxiliary record just like any other investment.