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I
FOURTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK.
~OF CLEVELAND·
,
FOR THE YEAR ENDED DECEMBER 31, 1918
J
WASHINGTON
GOVERNMENT l!RINTING pUleI'
1919
FOURTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF CLEVELAND
FOR THE YEAR ENDED DECEMBER 31,1918
WASHINGTON
GOVERNMENT
PRINTING
1919
OFFICE
LETTEJt
OF TRANSMITTAL,
FEDERAL RESERVE
BANK,
Cleveland, Ohio, January 15, 1919.
SIR: I have the honor to submit herewith the fourth annual report
of the Federal Reserve Bank of Cleveland, covering the year 1918.
Respectfully,
D. C. WILLS,
Ohairman and Federal Reserve Agent.
Hon.
W.
P. G. HARDING,
Governor, Federal Reserve Board,
~ashington, D. O.
2
TABLE
OF CONTENTS.
I n trod u ction
General business and banking conditions
_ _
Discount operations
Acceptances
_
Reserve position
Movement of membership
Relations with national bank members
Relations with State banks and trust companies
Fiscal agency operations
Note issues
Poaition of commercial banks as a result of war financing
Policy to be pursued in restoring the liquidity of banks
Operations of Federal Reserve Bank branches
Miscellaneous
Page.
5.
.
5-()
_.
6-7
.
7-8
.
8
.
9
. 9-10
10,
.
. 10-12
.
13
.
13
. 13--1·1
.
14
. 14-15
_
_
:
_
EXHIBI'fS.
A. Movement of earning assets during calendar year.
B. Movement of cash reserves, net deposits, etc
16-17
18-1!)
SCHEDUI,ES.
1.
2.
3.
4.
Statement of condition of Federal Reserve Bank
.
Comparative statement, profit and loss account
_
.
Gross earnings, expenses, and net earnings
.
Daily average earning assets, earnings thereon, and average rate
'"
"5. Volume of loans, discounts, and investments handled
.
6. Rediscounts-members
and member bank collateral notes
~ .
7, Acceptances purchased in open market
_ .
8. United States securities purchased
"
_
.
9, Member banks liquidated during 1918
.
10. New national and St.ate bank members during 1918
.
11. Banks granted fiduciary powers
.
12. Certificates of indebtedness
_
.
13. Depositaries department.
" .. _
.
14. Third Liberty loan
_
_
15. Fourth Liberty loan
:
.
16, War-savings certificates and thrift-stamp sales
'
.
17: District committee on capital issues
.
18. Federal Reserve notes issued and redeemed
.
19. Federal Reserve bank notes issued and redeemed
.
20. Comparative statement of resources and liabilities
_
,21. Transit departmenj-=check clearings and collection
.
. _. _.. _. _. _
22. Gold settlement fund onerations. .... _. _.... __.
. _.... _.... _.
. __. _
3
20
21
21
21-22
22
22
23
23
23
24
25
25-28
28-29
29
29-30
30
31-32
33
33
33
34
3&
FOURTH ANNUAL REPORT OF THE FEDERAL
RESERVE BANK OF CLEVELAND.
RESULTS
OF OPERATION.
. Gross earnings of the Federal Reserve Bank of Cleveland during
the year just past have amounted to $5,226,000, or. more than
$100,000 per week. The expenses, including expense of branches,
this district's proportion of Federal Reserve Board expense, cost of
Federal Reserve currency, and all items of equipment (which have
been charged uniformly to current expense) have been a little less
than $1,000,000. On June 1 a dividend was paid for the period
beginning July I, 1917, to date, thus completing the payment of all
accumulated dividends, and the regular dividend was paid on December 31. After setting aside a reserve sufficient to meet all depreciation of assets, the sum of $1,776,000 was transferred to surplus
account, and a like amount reserved for the payment of franchise
tax provided for in the Federal Reserve Act.
Schedule I, appended hereto, shows the balance sheet for December
31, 1918, with comparative figures for December 31, 1917.
Schedule 2 shows the principal charges and credits to profit and loss
account for 1918 as compared with 1917.
Schedule 3 shows the gross earnings classified according to principal
sources of revenue by months, together with the expenses and net
earnings, and the same data appear in graphic form in chart 1.
Schedule 4 shows the daily average of earning assets divided into
the principal sources of revenue, with th~ total earnings and the
average rate on each principal class of investments, and also the
rate of gross and net earnings to daily average capital for the years
1918 and 1917, respectively.
Schedule 5 shows the total volume of Joans, discounts, and investments, divided into principal classifications, for the year 1918 as
compared with 1917.
GENERAL
BUSINESS
AND BANKING
CONDITIONS.
At the beginning of the year the transition of business from a.
peace to a war basis had not been accomplished, and it was not fully
realized that all energies must, of necessity, be devoted to the pro5
'6
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
duction of war materials and the accessories necessary to the most
intensive waging of war. The rapid growth of a genuine patriotic
desire to cooperate in the policies agreed upon at Washington and
the official embargoes and curtailment of supplies operated to hasten
the readjustment, so that by April 1 the business of the district was
on a war basis.
Despite shortage of transportation, coal shortage, closing orders,
capital restrictions, weather unprecedented in its severity, and an
epidemic which would have produced at least a partial paralysis
even in normal times, the volume of business, gauged not only by
the changing standard of money value, but in many instances by
tonnage and number of articles, has exceeded all previous records.
Exceptions were only in restricted lines and not of sufficient consequence to change the very satisfactory result.
This district, while noted for its manufactures, is probably exceeded
by few others in the amount and value of its agricultural products.
The crops have generally exceeded the average, the acreage has been
large, farms are well stocked, and there has been an entire freedom
from the epidemics to which stock is oftentimes subject. In view
of the high prices, the farmer has been very prosperous.
Labor has been scarce and at times inclined to be exacting. The'
scarcity, which gave concern to employers and at times seemed as if
it would be very serious, did not, however, obtain to such an extent
as materially to decrease production. It was overcome largely by
the employment of women and a proper distribution.
In many lines
wages reached record heights, and there was employment for everyone.
There has been a continuous and strong demand for money, both
investment and short time, with a slight easing of the latter in December by reason of the hesitation in business due to the signing of the
armistice. The ruling rate of 6 per cent held firm till well along in
the year, when with the approach of the fourth Liberty loan there
were some advances, mainly in the rural districts .
<
•
DISCOUNT
OPERATIONS.
While the Federal Reserve Bank of Cleveland has maintained a
very strong reserve position during the entire year, this bank, with
the others, has been called upon for a volume of rediscounts which
presents a rather startling contrast to the figures for 1917. The number of applications handled during the present year was 5,714, as
against 1,206 for 1917. The number of member banks accommo.dated is exactly twice the total number for the previous year. The
total rediscounts and loans were in excess of $1,386,000,000, as
against $212,000,000 for 1917. Of this amount, $988,000,000 were
discounts of member banks' collateral notes secured by United
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
7
States securities, and $72,000,000were rediscounts of notes to member
banks secured by United States securities. This total of $1,060,000,000 is large in comparison with the $326,000,000 of rediscounts of
commercial and agricultural paper. It must be borne in mind,
however, that member banks prefer to use their own collateral notes
secured by Liberty loan bonds or Treasury certificates of indebtedness, or to rediscount paper similarly secured, both on account of the
simpler procedure and the lower rate, so that it is certain that the
proportion borne by the one class of paper to the other on our books
does not represen t the true proportion of the two classes of demands
upon the member banks.
Nearly $25,000,000 of trade acceptances were rediscounted for our
member banks during the year, almost 8 per cent of the total of
rediscounts of commercial, agricultural, and industrial paper. While
this is but a beginning, the proportion is (somewhat to our gratification) larger in this bank than in any other of the Federal Reserve
Banks, and is one of many indications that the trade acceptance
system is growing in popularity, if not in proportion to its merits, at
least so markedly as to indicate that it will come generally into vogue
much sooner than could have been expected. One of the outstanding features of the development of the trade acceptance system in
this district and elsewhere has been the adoption of the system by a
number of iron and coal producers. A meeting of the Lake Superior
Iron Ore Association which will take place in the near future is
expected to result in the further adoption of the system in connection
with iron ore contracts by several if not all of the leaders in that
great basic industry.
Schedule 6 is a tabular statement of the rediscount transactions of
the year.
ACCEPTANCES.
The open-market purchase of bills of exchange (chiefly bankers'
acceptances) has been a feature of the year. A considerable number
of banks of this district have adopted a progressive policy, both in
making their own acceptances and in purchasing acceptances of
other banks. Of our total purchases in 1918, of more than $175,000,000, nearly $52,000,000, or approximately 30 per cent, were purchased from member banks in district No.4. In view of the fact that
this bank has, during most of the year, participated to the extent
of 10 per cent in the open-market purchases of the Federal Reserve
Bank of New York, this showing of the banks of this district is very
creditable, particularly when it is added that no inconsiderable proportion of the bills shared by us with the New York bank likewise
represents acceptances of member banks in this district. The great
value of acceptances as a secondary reserve is beginning to be recognized, and the development of the market is such that the. instant
liquidity of such paper is beginning to be realized,
8
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
During the y,ear the following banks have been granted permission
to accept up to 100 per cent of their capital and surplus:
Union Commerce National Bank, Cleveland, Ohio.
Superior Savings & Trust Co., Cleveland, Ohio.
Bank of Pittsburgh, N. A., Pittsburgh, Pa.
First National Bank, Pittsburgh, Pa.
Pittsburgh Trust Co., Pittsburgh, Pa.
Mellon National Bank, Pittsburgh, Pa.
The Federal Reserve Bank of Cleveland in its open-market purchases has consistently discriminated in favor of indorsed bills,
which are always purchased at a lower rate than acceptances which
have been discounted by the accepting bank. While it has seemed
unwise to refuse absolutely the purchase of such acceptances, in
view of the fact that the open market was not readily available to
some accepting banks in the smaller cities of this district, astime
goes on the development of the open market will doubtless permit
this bank to do more than' merely to discourage such transactions
by a differential rate, without the hardship that such course would
now work upon some of the accepting banks.
Early in December
conference of the accepting banks in the
district was held at Cleveland, at which Mr. E. R. Kenzel, manager
of in~stments of the Federal Reserve Bank of New York, outlined
the general principles of open-market transactions.
Schedule 7 is a summary of the open-market transactions of. the
a
year.
In the early part of the year a number of transactions appearing
on the books as purchases of United States Treasury certificates of
indebtedness represented purchases made under a resale agreement,
and took the place of member bank collateral loans. This practice
was discontinued in April. Other similar transactions have consisted practically entirely of certificates maturing within 15 to 30
days of the date of our purchase.
Schedule 8 shows the total of the purchases of Government securities during' the year.
RESERVE
POSITION.
The reserve position of the bank has been exceptionally strong
during all of the year, the combined reserve against net deposit
liabilities and Federal Reserve notes having dropped below 50 per
cent on only two occasions despite the fact that frequent rediscounts
have been made for other Federal Reserve Banks in whose districts
loan demands had been relatively greater than in ours, and in several
instances considerable blocks of bankers' bills have been purchased
from other Federal Reserve Banks in lieu of rediscounts.
ANNUAL
REPORT
OF FEDERAl,
MOVEMENT
RESERVE BANK
OF CLEVELAND.
9
OF MEMBERSHIP.
Eight national banks in this district have gone out of existence
during the year, of which two consolidated, two were absorbed by
other national banks, one was absorbed by a State bank member of
the Federal Reserve system, one was succeeded by a State bank
which took over the national bank charter, and two were succeeded
by State banks. ' There have been five new national bank members,
of which one was the result of the consolidation above referred to.
Fifty-three State banks and trust companies in this district were
admitted to membership during the year. The net result was an •
increase in the membership of 50 banks, the total number of members
on December 3], 19]8, being 814. A tabular statement of the
changes in membership is appended as Schedule 9.
While the advantages of membership, both for eligible banks themselves, and for the strengthening of the general financial and economic
situation as well as for patriotic considerations, have impressed
themselves repeatedly upon nonmember banks during the year, it is
of course necessary to secure personal contact in order to bring to a
head applications for membership. The Federal Reserve Bank of
Cleveland has persistently cultivated such contacts during the year,
not only through the activities of the Federal Reserve agent and his
assistant as well as other officers, but also through the work of the
30 "field agents" of the central Liberty loan committee who, in
the intervals between Liberty loans and offerings of Treasury certificates, have been intensively schooled in the matters connected with
membership in the system, and have secured a number of applications. (See Schedule 10.)
RELATIONS
WITH
NATIONAL
BANK MEMBERS.
Naturally the very large majori ty of rediscount transactions have
been for national bank members, although a considerable proportion
of the total volume has been for State bank members, largely for
carrying Government securities. About 80 per cent, however, of the
total volume was for national banks.
A list of the national banks which have been granted fiduciary
powers under section 11 (k) of the Federal Reserve Act is appended
as Schedule 11, which shows the powers granted in each case.
The increasing cordiality of our relationship with national bank
members makes it difficult to realize at times that a considerable'
degree of irritation, doubtless the result of the" enforced" membership rather than logical objection to the essentials of the Federal
Reserve system, was to be seriously reckoned with during the early
. years of our work. While there are still rare cases of persistence of
this feeling, the strength and capacity of the system have been dem116021--19----2
-
10
ANNUAL
REPORT
OF FEDERAL
RESERVE BANK
OF CLEVELAND.
onstrated so indubitably during the past year, and its aid has been so
essential and so well rendered, that ungrudging appreciation is expressed by the vast majority of the original members of the system
in this district as elsewhere.
RELATIONS
WITH
STATE BANKS
AND TRUST
COMPANIES.
The discount operations for State banks and trust companies,
amounting to $270,000,000, or' approximately 20 'per cent of the
total, have been, as above stated, very largely for carrying Liberty
. loan and Treasury certificate-subscriptions.
The total number of
State bank members in the district is but 8 per cent of our membership, but this number includes the largest of such institutions. Some
of these have, of course, expanded their commercial activities partly
as a result of their membership, and in a few instances the State bank
members have been notably active in the acceptance field, so that the
open-market transactions have included considerable purchase of
acceptances from such members.
The Federal Reserve Bank of Cleveland has not yet participated
in examinations of the State bank members, the examinations of the
State departments being of a high grade and quite satisfactory.
With the new year it is the intention to establish a small staff of
examiners who will join with the State examiners at the time of
making their examinations.
FISCAL
AGENCY OPERATIONS.
An adequate account of the campaigns for the third and fourth
Liberty loans and the sales of Treasury certificates is impossible in
the space which can reasonably be occupied by this report. While
the experience of each campaign has led to perfecting details of
the scheme of organization, in the' main the fundamentals of the
organization have remained as for the earlier loans, an account of
which appeared inTast year's report, and the personnel has been
changed but little, except that throughout the local committees there
has been a constant increase in both number and efficiency of
workers.
Under the plan of allotment of Treasury certificates of indebtedness
adopted by the Secretary of the Treasury, an organization was perfected in this district for the series offered in anticipation of the
fourth Liberty loan under the direction of Mr. E. S. Burke, jr., a
business man and capitalist of Cleveland, who' devoted his energies
unceasingly to the task. Under his direction the 30 field agents of
the central Liberty loan committee covered the banks of the district
outside of the principal centers with personal visits. The results are
represented in the several tables marked Schedule 12, appended'
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
11
hereto, and the figures therein will tell the story more adequately
than words.
Through the procedure for the qualification of depositaries of war
loan funds, a very large proportion of the payments for both certificates of indebtedness and Liberty loan bonds were, in effect, distributed over a longer period for qualified banks. A detailed report of
these transactions would be profitless,' but in the tables appended
hereto a sufficient record will appear, especially in tables included
under Schedule 13. The task of handling depositary transactions and
the withdrawal of funds as needed has kept a considerable department of the bank fully occupied.
It will be noted that the collateral value of securities pledged was
at all times very largely in excess of the total deposits, and that more
than one-third of the total par value of securities pledged consisted
of United States bonds and Treasury certificates at the close of the
year; approximately the same proportion obtained during the entire
year. The total volume of transactions during the year was not far
from $3,000,000,000, while the high point of deposits, reached on
October 28, was $189,000,000. In this connection it may be noted
that one-third 'of all the Treasury certificates find their wftJ into the
hands of the custodies department of this bank when issued, for the
most part pledged as collateral to secure Government deposits, but,
to some extent, left by the owners for safe-keeping.
The flotation of the Liberty loans has been above referred to in
general terms. Analyses of the SUbscriptions and payments appear
in the tables appended hereto, marked Schedules 14 and] 5. The
Federal Reserve Bank of Cleveland feels that it may congratulate
itself on having handled through its Liberty loan or fiscal agency
departments, with a modest staff, not only the SUbscriptions and payments, but the deliveries, conversions, and exchanges of the third
and fourth loans and the various issues of Treasury certificates with
all possible dispatch and with a minimum of errors. The tremendous
number of small bonds required by subscribers, far exceeding the
largest estimates, involved a delay in production of the bonds themselves at Washington, which was inevitable, but delays at this bank
and its branches were, fortunately, negligible; and it is well known
that conditions at Washington and throughout the Federal Reserve
Banks improved with each loan, in spite of the tremendous difficulties, and in the fourth loan in spite of the influenza epidemic.
While during the greater part of the year the Federal Reserve
Banks were asked to assume no responsibilities in campaigns for
war-savings certificates and thrift stamps, it was the pleasure of this
bank to assist in every possible way in the disposition of these
securaties. The banks and other agents in the State of Ohio and that
part of western Pennsylvania includsd in district No.4 were supplied
12
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
through this bank, except in so far as they preferred to make purchases through the post office; and when late in the year the supervision of sales was definitely placed in the Federal Reserve Banks,
the same territory was assigned to this bank, all of Kentucky and
West Virginia being retained under the supervision of the eighth and
fifth Federal Reserve districts, respectively, as a matter of convenience. (See Schedule 16.)
While numerous inquiries concerning the possible aid of the War
Finance Corporation originated in this district, the actual number
of transactions in which this bank acted as fiscal agent of the corporation was small. Doubtless.vas in many other instances, the mere
existence of a resource of this character served a purpose equal to its
actual assistance.
The work of the capital issues subcommittee for this district,
especially during the period from June 1 until the signing of the
armistice, was of heavy volume. Besides the chairman and governor
of this bank, serving ex officio, the members were:
A. E. Adams, president First National Bank, Youngstown, Ohio.
W. }'L Bell, William Bell & Co., Pittsburgh, Pa.
'
E. H. Cady, president Guardian Trust & Savings Bank, Toledo, 'Ohio,
C, W. Dupuis, vice president Citizens National Bank, Cincinnati, Ohio.
J, A. House, president Guardian Savings & Trust Co., Cleveland, Ohio.
F. R. Huntington, president Huntington National Bank, Columbus, Ohio.
C. N. Manning, president Security Trust Co., Lexington, Ky.
H. C. Mc.Eldowney, president Union Trust Co., Pittsburgh, Pa.
H. B. McGraw, counsel, Cleveland, Ohio.
Baird Mitchell, Mitchell & Stevenson (Inc.), Wheeling, VV. Va.
J. R. Nutt. president Citizens Savings & Trust Co., Cleveland, Ohio:
John Sherwin, president First National Bank, Cleveland, Ohio.
C. E. Sullivan, vice president Central National Bank, Cleveland, Ohio.
C. B. Wright, president Union Savings Bank & Trust Co., Cincinnati, Ohio.
Many projects, both municipal and private, were postponed, as
well as much unnecessary use of capital avoided by means of propaganda work undertaken during the early days of the committee. A
representative of the committee was sent to all the large cities in the
Fourth Federal Reserve District for the purpose of acquainting
bankers, newspapers, investment houses, municipalities, and others
with the aims of the committee and for the purpose of enlisting their
cooperation. This work bore fruit, and a large number of contem- plated projects were postponed until conditions became more nearly
normal. The culmination of this propaganda work was a meeting
held in the city of Pittsburgh and attended by over 500 bankers
and municipal officials, at which the chairman of the district committee outlined in detail the policies of the Government as applied to
"war business first."
Tabular statements showing the work of the committee are
appended hereto as Schedule 17.
ANNUAL
REPORT
OF FEDERAL
NOTE
RESERVE BANK
OF CLEVELAND.
13
ISSUES.
The issues of Federal Reserve notes by the Federal Reserve Bank
of Cleveland have been merely a reflection in this district of conditions which were nation-wide, and have been fully covered by the
Federal Reserve Board in the Federal Reserve Bulletins as well as
in its annual report. The same can be said of the issues of Federal
Reserve bank notes for the purpose chiefly of replacing silver certificates, and greatly needed in this district as elsewhere to supply
the demand for currency in the smaller denominations. Schedules
18 and 19 show the operations of this bank in these currency issues.
POSITION
OF COMMERCIAL
BANKS
AS A RESULT
OF WAR FINANCING.
Schedule 20, appended hereto, shows the resources of member
banks in November, 1918, as compared with December, 1917. The
situation of increased obligations, due chiefly to war financing and
the attendant expansion, is not more marked in this district than
elsewhere, and the results are, of course, the subject of widespread
comment which needs no elaboration here.
The effect on the commercial paper market in this district has been,
as elsewhere, to produce a greater firmness of rates concurrently with
the increased demand. There has been no crippling, of essential
business but a marked limitation of enterprises not essential to the
winning of the war. The natural reaction following the signing of
the armistice has produced a tremendous increase in the holiday
business of retail establishments, and a disposition to resume full
activities as rapidly as possible on the part of many enterprises
which have suffered from war conditions.
POLICY TO BE PURSUED
IN RESTORING
LIQUIDITY
OF BANKS.
In practically every community of district No.4, with one or two
exceptions, the Government securities appear to have been subscribed almost completely by individuals and corporations, and few
subscriptions, comparatively, were made by the banks for their own
account. The amount of loans to subscribers for carrying bonds of
the fourth Liberty loan, however, is large and it is evident that
some of the subscribers intended to carry loans on their bonds for at
least a year. Reports indicate, however, that few agreements have
been made by banks in the district to carry loans on fourth Liberty
loan bonds at the coupon rate for longer than 90 days, and this bank
has encouraged the banks of the district in the policy of an increasing
rate to stimulate liquidation at as early a date as possible. It is
our own policy to accept ordinarily one renewal of a member bank's
own 15-day collateral note secured by Government securities, at the
special rate of 4 per cent, but to make any subsequent renewals
14
ANNUAL
REPORT
OF FEDERAL RESERVE BANK
OF CLEVELAND.
bear the gO-day rate of 41 per cent; and it is the judgment of our
directors that with all due liberality of policy, every proper influence
should be exerted toward early liquidation. If there is one policy
which appears to be unquestionably desirable in the difficult period
of readjustment that immediately confronts us, it would seem to be
that of encouraging by all possible means the continuation of saving
and the thorough absorption of the Government securities, which
can not now be said to be fully digested; and it is equally certain that
all of the influences that can be brought to bear to that end will be
none too potent.
OPERATIONS
OF FEDERAL
RESERVE
BANK
BRANCHES.
The Cincinnati branch began its operations on January 10 and the
Pittsburgh branch began its money operations on March 11, following
with the assumption of full transit operations on April 22. Member
banks in the cities where these branches are located, and their vicinity,
have repeatedly expressed their gratification at the results of the operations of the branches, which have reduced the time for the collection
of checks and facilitated the money and currency operations, as well
as the deliveries of United States securities. While no books are
kept at the branches (all entries being made on the books of this bank
by means of daily transcripts and private telegraph connections)
and therefore no discount operations are directly consummated at
the branches, discount operations for the banks in the branch cities
are nevertheless facilitated; their paper may be presented at the
branches, if desired, the proceeds to be credited on our books on the
following day as of the day when presented at the branch. With the
increasing number of transactions based upon Government securities,
it has also been a great convenience to deposit the collateral at the
branch bank.
In all respects the establishment of our two branches is properly to
be regarded as wholly successful and a means of improving markedly
the service rendered by this institution to our member banks.
The transit operations of the branches are recorded in the tables,
to which reference it] made hereinafter, covering the collection and
clearing operations 0"£ the bank.
MISCELLANEOUS.
There have been few changes in the official list or in the main
outlmes of the organizatIOn of this bank, which had been quite
distinctly departmentalized before the beginning of the year. In
January, Mr. J. C. Nevin of Avalon, Pa., was made assistant Federal
Reserve agent. In April, MI'. H. F. Strater, of Cleveland, was
made an assistant cashier, and some rearrangement of the supervision of departments under the several officers was effected. In
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
15
other respects, the development of the organization has been merely
an expansion, with minor adjustments, of the departments already
in existence. At the end of the year, there were 153 employees in
banking departments as against 64 last year; 116 in the check collection and bookkeeping departments as against 75 a year ago,
and 108 m the fiscal agency departments as against 58 in December,
1917-a total of 377 employees in the bank of Cleveland; there were
68 employees in" the Cincinnati branch and 64 III the Pittsburgh
branch. Expansion in physical quarters has been of course necessary, and through the cooperation of the owners of the building
occupied at Cleveland, the necessary space has been obtained with
a surprisingly satisfactory location of departments for efficiency.
The tabular statements under the caption of Schedule 21, appended
hereto, show the growth in the volume of check collection and clear- •
ing, both in the bank at Cleveland and the branches at Cincinnati
and Pittsburgh, both of which have greatly facihtated and increased
the service rendered in their vicinity.
During the year there has been a net increase of 163 'in the number
of nonmember banks on the par list in this district, which now
includes 79 per cent of the total number of banks in the district
which handle any commercial business. While this progress is
gratifying, it is not yet entirely satisfactory, and efforts are in
progress constantly to increase the number, and thus increase the
value of the service to member banks.
Monthly totals of debits and credits to this bank III the gold settlement fund are shownrn Schedule 22. The daily settlement in this
fund has vastly increased the usefulness of that most efficient instrument, and "the fund, with its tremendous volume of transactions
without dislocation of funds, has been no small factor in preventing
the serious disturbances that such a year of vast transactions would
otherwise have inevitably produced.
While the Federal Reserve Bank of Cleveland has been able to
carryon its greatly expanded operations with far less inconvenience
than some Federal Reserve Banks in cities where the requisite space
could not be obtamed 1ll one building, yet our banking rooms are
far from being ideally arranged, and it is obvious that in the near
future provision WIllhave to be made for more convenient working
space in an environment more conducive to efficiency and more
worthy of the institution.
Accordingly, at the December meeting
of our board of directors, a committee of the board was authorized
to conduct negotiations for a suitable site upon which an adequate
structure may be erected when 'conditions permit.
16
ANNUAL
EXHIBIT
REPORT
A.-Movement
OF FEDERAL
BANK
OF CLEVELAND.
of principal earning assets of the Federal Reserve Bank of Cleveland during the calendar year 1918.
[In thousands
of dollars:
niscounted
paper
secured by Other discounted
United
paper.
States.
war obligations.
1
Jan. 4 .....................
Jan.lL ...........••......
Jan.18 ............••......
Jan.25 ...................
Feb. 1. ...................
Feb.8 ....................
Feb. 15 ............•......
Feb.21. ..........•••.....
Mar.l. -_ .................
Mar.8 ....................
Mar.15 ..... -- ............
Mar.22 ...........•.......
Mar. 29 ... - ...............
Apr. 5 ............•.......
Apr.12 ..........
·.........
Apr. 19 ...................
Apr. 26 ...................
May3 ....................
May 10 ...................
May 17 ...................
May24 ...........•.......
May31. ..................
June 7 ...........•...
"'"
June 14 ...................
June 21. ..................
June 28 ...........•.......
July 5 ..........•.........
July 12 ...................
July 19 ...................
July26 ...................
Aug.2 ............•.......
Aug.9 ....................
Aug. 16...................
Aug. 23 ...................
Aug. 30 ...................
Sept. 6 ............•.......
Sept. 13 ..........•.......
Sept. 20...................
Sept. 27 ..................
Oct. 4 ....................
Oct. 10 ..........•........
Oct. 18 ...........•.......
Oct. 25 ...................
Nov. 1. ...................
Nov.8 ....................
Nov.15 ..........••.......
Nov.22 ...........•.......
Nov.29 ...................
Dec.6 .............
·.......
Dec. 13 ...................
Dec. 20 ..........•..•.....
Dec. 27 ...........•.......
RESERVE
16,516
15,335
14,770
26,707
25,632
23,656
18,838
14,977
14,403
15,414
10,297
8,613
10,668
11,526
23,242
24,154
28,529
27,037
23,824
28,598
23,833
18,980
19,058
19,729
21,938
19,641
29,181
35,951
38,176
45,904
41,844
47,488
43,600
36,701
43,865
52,554
54,259
54,158
50,597
396
54,
1
55,686
59,054
61,128
69,571
73,214
77,002
95,473
107,287
U3,831
145,823
124,246
U8,006
2
24,496
18,337
22,803
22,653
21,566
17,538
19,760
20,415
19,110
17,308
20,372
23,069
28,557
27,540
28,229
.26,631
29,683
27,851
31,325
35,506
30,185
28,278
26,738
30,233
32,482
36,537
43,379
52,703
52,338
53,121
53,094
51,230
48,728
45,811
46,127
44,993
40,680
36,775
34,382
30,136
28,807
24,755
19,075
20,737
19,374
17,903
16,380
17,313
16,031
15,863
9,349
10,139
i. e., 000 omitted.)
(1+2)
3
41,012
33,672
37,573
49,360
47,198
41,194
38,601
35,392
513
32,722
33,
1
30,669
31,682
39,225
39,066
51,471
50,785
58,212
54,888
55,149
64,104
54,018
47,258
45,796
49,962
54,420
56,178
72,560
88,654
90,514
99,025
94,938
98,718
92,328
82,512
89,992
97,547
94,939
90,933
84,979
84,532
84,493
83,809
80,203
90,308
92,588
94,905
U1,853
124,600
129,862
161,686
133,595
128,145
Bills
bought
in open
market.
Total
bills discounted
and
bought.
..
5
18,968
17,300
13,397
12,978
10,689
9,418
8,905
8,938
14,175
22,735
22,644
22,351
26,914
27,202
26,692
24,527
20,f,28
18,022
14,417
13,480
10,827
10, 4~2
10,053
11,935
12,384
13,980
12,806
12,931
15,556
15,776
17,112
19,112
21,960
26, III
26,077
27,653
29,476
30,100
32,016
52,602
53,598
56,229
57,458
60,571
60,597
57,934
52,754
50,673
51,501
4Y,466
46,882
39,275
59,980
50,972
50,970
62,338
57,887
50,612
47,506
44,330
47,688
55,457
53,313
54,033
66,139
66,268
78,163
75,312
78,840
72,910
69,566
77,584
fl4,845
57,750
55,849
61,897
66,804
70,158
85,366
101,585
106,070
114,80!
112,050
117,830
114,288
108,623
116,069
125,200
124,415
121,033
116,995
137,134
138,091
140,038
137 661
150; 879
153,185
152,839\
Ifl4,607
175,273
181,353
211,152
180,477
167,421
Per cent.
(1+5)
Tot~l
earning
assets.
6
7
27.5
30.1
29.0
42.8
44.3
46.7
39.7
33 8
30.2
27 8
19.3
15.9
16.1
17.4
29.7
32.1
36.2
37.1
34.2
36.9
36.8
32.9
34.1
31. 9
32.8
28.
34.1
35.4
36.0
40
37.3
40.3
38.1
33.8
37.8
42.0
43.6
44.7
43.2
39.7
40.3
42.2
44.4
46.1
47.8
50.4
58.
61. 2
52.8
69.1
68.8
70.5
°
°
°
1
103,519
103, Oil
99,007
96,874
99,611
90,781
84,490
78,853
73,205
80,406
76,206
79,788
92,220
90,713
101,145
94,350
97,632
91,909
86,703
94,771
82,467
75,007
73,341
79,473
84,265
80,491
94,699
110,639
114,633
123,195
119,779
125,309
119,123
112,878
120,056
129,217
128,432
125,584
122,046
146,607
150,403
152,769
149,631
162,849
165,098
166,352
173,401
185,092
195,500
225,289
205,260
180,187
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
17
OF CLEVELAND.
f
f
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116021-19-3
18
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
B.-Movement
of cash reserves, net deposits, Federal Reserve note liabilities,
and the reserve percentage of the Federal Reserve Bank of Cleveland during the calendar
year 1918.
EXHIBIT
[In thousands
of dollars; i. e., 000 omitted.]
Total cash
reserves.
Net
deposits.
2
Jan. 4.......•.•...•.•....••••..••••••.•.•.•
1an.11 .••.•••.•.•.•.•.•..••.•.•.•.••..•.•.•
1an.18 ....•••••.•.•.•.•.•.•.•...••...•....•
.Tan.25 ....•••.•••.•.•.•••.•.•.••.••••.•.•.•
Feb. 1 ..••••••••..•.•.•.•.•.•.•.•.•.•.•.•••
Feb. 8 ..•.•.•..•..•...•.•.•••••.•.•.•.•.•..
Feb. 15 ..•••...••••••...•.•...•.•.•.•.•.•.•
Feb.21 •.••.••.•.••.••.•.•••.••...•.•.•.•.•
Mar. 1 ..•.•.•.•••••••••••.•••••.•••....••.•
Mar.·8 ...••••••.•••.••..•.••••.•.••••••••••
Mar. 15 ..••••••••.•.•.•.•.•.•.•.•.•.•••••.•
Mar.22 ..••.•••••.•.•.•.•.•.•.•.•••.•••.•.•
Mar. 29 •..•.•.•••.•...•.•.•.....•.••.•••...
Apr. 5 •.•••...•...•.....•.•.•.•.•.•.•..••..
Apr. 12 .•••••...•.•.•.•.•...•.•.•••.•.•.•••
Apr. 19 ..••••.•••.•.•.•.•.•...•...•.•••••..
Apr. 26 ..••••••••.•.•...........••..•••••..
May3 •..••...••••..••..••••••....•.•....•.
May 10 ••..•••• '••••..•••............•••••..
~:~::::::::::::::::::::::::::::::::::
~'.''-
May 31 •.•.••••.•••••.•••••.•••.•••.•.•••••
Jnne7 •••••••...•••.•••.•••••.•••.•••••.•••
June 14.••..•••.......•....••.•••..••.•.•..
Jnne21. •••••••••...•..••.•••.••..•.•••.•.•
June 28 .•.•.•••.•.•.•.•.•.•.•.•...•.•..••••
Jnly5 .•..••••••••••..•••••...•.•..••••..••
July 12 ••...••••.••.....•.•••••.•..••••.•..
JulyI9 ..•.••••••••.•.•••••••••....•....•.•
July 26 .••..•............••..•••••........•
Aug. 2•.•.......•.•.•...•.••••.••.•.•.•••.•
Aug.9 ..•.•.•.•.•.•.•.•.•.•.•.•.•••••...•.•
Aug.16 ...•.•.•••••.•••••.••.••••.•••••.•••
Aug. 23..••...........•••.................•
Aug, 30...•.••••••••••••.•••••••••.••••.•.•
Sept. 6......•.•...•.•.•....................
EEt~::::::::::::::::::::::::::::::::::::
Oct ••...........••...•...•...•.•...•.•.•.•
Oct. 10......••••...•.•.•.•.•.•...•.•...•.•
Oct. 18 •..•.•••••••...•.•...•.•..••.•....••
Oct. 25 .•••••••••..•..•••••••••••......•..•
NOv .. l. ...•.......•.•.•.•.•................
Nov. 8 ....•...••..•.•.•••.•••.•.•.••..•••••
Nov. 15...•.•.....•.•...•.•.•.•...•....••••
Nov. 22.....•.•...•.•.....•.....•.....•••••
Nov. 29...•.•.•.•.•...•.•.•.•...•.•....•...
Dec.6 ...••.•.•.•.•.•.•.•.•...•.......•••..
Dec.13 ...•.•.•.••..•••••••••.••.•••.•••.•.
Dec. 20 •..•...•.•.•.•••.•.•.•.•••.•••......
Dec. 27.••........•••.•.••..•.•••.•.•.•.•..
139,509
118,903
136,443
131,269
133,585
143,024
155,828
161,382
168,642
168.399
175,682
172,471
164,813
172,790
162,930
165,567
178,449
180,OiO
178,366
189,883
194,191
196,650
207,377
202,662
168,788
189,145
198,894
2li,428
184,566
195,018
191,532
202,059
201,927
218,153
228,560
213 635
230,032
234,983
254,284
218,445
217,487
219,198
231,274
211,983
213,342
227,221
198,637
197,038
193,547
177.443
168,365
198,579
133,727
107,621
121,997
114,874
121,037
115,248
119,830
114,085
113,366
116,485
118,623
114,756
116,594
122,229
118,149
114,515
121),580
1Z1,466
110,834
132,498
116,291
111,899
116,988
117,656
85,765
97,084
117,503
148,089
120,857
130,856
124,144 .
130,257
122,449
120,713
132,639
119,783
128,393
128,226
136,491
123,693
116,733
121,726
121,209
117,0821
112,479
128,783
105,982
116,432
123,869
134,034
99 531
102; 029
Federal
Reserve
notes iu
actual
circulation.
(2+3)
·3
4
101,225
106,115
105,282
104,756
103,714
109,979
111,960
117,434
119,920
123,410
124,392
128,566
131,479
132,257
136,762
136,147
140,236
Ul,3C6
145,092
142,917
150,987
150,428
154,347
155,032
157,884
162,918
166,778
170,477
168,717
177,616
177,291
187,075
188,467
200,159
205,591
212,398.
219,108
221,084
228,082
228,809
237,403
235 596
244; 571
242,113
249,764
248,204
248,597
247,53.1
246,044
248,583
253,275
255,486
234,952
213,736
227,279
219,630
224,751
225,227
231,790
231,519
233,286
239,895
243,015
243,322
248,073
254,486
254,911
250,662
266,816
262,772
255,926
275,415
267,278
262,327
271,335
272,688
243,649
260,002
284,281
318,566
289,574
308,472
301,435
317,332
310,916
320,872
338,230
332,181
347,501
349,310
364,573
352,502
354,136
357,322
365,780
359,195
362,243
376,987
354,579
363.967
369; 913
382,617
352,806
357, .515
Ratio of
cash
reserves to
net deposit
and Federal
Reserve
note
liabilities
combined.
59.4
55.6
60.0
59.8
59.4
63.5
67.2
69.7
72.3
70.2
72.3
70.9
66.4
67.9
63.9
66.1
66.9
68.5
69.7
68.9
72.7
75.0
76.4
74.3
69.3
72.7
70.0
68.3
63.7
63.2
63.5
63.7
64.9
68.0
67.6
64.3
66.2
67.3
69.7
62.0
61. 4
61. 3
63.2
59.0
58.9
60.3
56.0
54.1
52.3
46.4
47.7
55.5
ANNUAL REPORT OF FEDERAL RESERVE BANK OF CLEVELAND.
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MlSI81S~1181S?ZtsSIZ~lS.J/IJ/?1!IJI?1481JJfSIZ~IIU9Af23.JJ5"lOU411
JAN.
Fe.
MCIf.
AI'''.
MAY' Ji/NE Ji/LY
Aoo.
MlS/8IS?Z/95"2D
SEPT..OCT. NOV.
SO
DEC.
0
19
20
ANNUAL
REPORT
SCHEDULE I.-Statement
OF FEDERAL
RESERVE
BANK
OF CLEVELAND.
of condition of the Federal Reserve Bank of Cleveland, Dec. 31,
1918, compared with Dec. 31, 1917.
1918
1917
RESOURCES.
Bills discounted ..
. _..
..
_
__._
~28,412,284. 55
Member banks collateral notes __. _.
. _..
.. __
77,339,400.00
Rediscounts for other Ferleral Reserve Banks
__ _.. _..
.
21,583,497.09
Acceptances bought. _..
..
. _. _.
_..
.. ______
37,445,215.53
Investments-short.-time
municipal obligations
. _.
. _.
.
.
_
United States bonds and securities:
2 per cent Treasury certificate, of indebtedness to secure circulation.................................................................
9,458,000.00
3 per cent one-year 'I'reasury notes __..
.
.
....
..
1,202,000.00
3 per cent conversion bonds ... _. _
__..
..
____
414, ~OO.00
3J per cent Liberty loan bonds
__..
__. _
266,200.00
4± per cent Liberty loan bonds
_
_
_
427,850.00
4! per cent Treasury certificates of indebtedness
1. 065, 500.00
2 per cent bonds (consols and Panamas) ..
..
.
_
~E:~~~~~
~~~~~lii~e~tyjoai:;i:;o"r;dS:::::
:::::::::
4 pcr cent Treasury cert.ificates of indebtedness
4 per cent bonds 1925
.
. _.
. __
:::::::::::::::
._
__.•.
::::::::::::::::::
_
.
. _.. _
~37, 163, 027. 'n
33,733,150. oo
21,111,990.95
7,233.38
3,221,000.00
414,800.00·
2,027,000.00
. _.. _ .
_
LIABILITIES.
Capital paid in __. _
.
. _. __
..
_
_...
9,072,700.00
8,026,100.00
Surplus fund __. _
_..
..
__.. __
_......
1,776,000.00
Reserve for depreclation
__.. __.. _
__
84,406.79
Reserve for franchise tax _.. _
._
1.,776, 000. 00 _............•..•
Profit and loss .....
.
._
.
. __. _ _."
.
. _. __.
. _. __. __
132,311.58
Unearned discount and interest.
.. _____
314,121. 08
190,643,23
United States Government deposits __. _
. _'" _
______
749,987.69
30,578,247.23
Due to member banks (reserve accounts)
_
_
123, ~23, 976. 31
109,724,561. 05
Due to nonmember banks (clearing accounts), .. __..
.. _
... _.. _. .
94,160.59
Deferred credits
_
.. __.. _
__
49,581,406.40
50,523,993.99
Official checks outstanding
, _.........
192,616.86
30,574.69
Federal Reserve notes outstanding __ _. __. _. _. __. _
_.
266,519,915.00
105,669,700.00
Federal Reserve bank notes outstanding __
.. __
__.
10,600,000.00
Treasurer of the United States (special deposit account) __
_. _.
26,468,812. '18
34,242,100.00
Treasurer of the United States (Liberty loan deposit account)........
11,946,745.78
33,809,054.98
Other liabilities •..... __•.........
1
1_7,_3_8_6._2_5_1
73_0_.
_88
Total. ......••.•••.•••.••..•••.....•..•...••.••••••..•..•..•...
502,522,074.94
373,022,178.22
ANNUAL
REPORT
SCHEDULE
OF FED~RAL
2.-Comparative
RESERVE
BANK
statement, profit and loss account, 1918-1917.
1918
Profit and loss. . ..
..............•..............
Earnings from:
Bills discounted members ...........•••......•.•.......
.Billsboughtinol'enmarket.
..•................
$132,31L 58
.'.............
R~~(c~p~~a\~?:r~:;~~l.t~~S::::::::::::::::::::::::::::::::::::::::::::::::::
Sundry earnings, penalties, and transfers bought and sold................
Total...............................................................
375,169.00
496,711.58
..... :~'. 021..8.~.
177,560.68
31§;
63,145.30
.
·
.
43,073.46
182,092.48
98,882.79
767,018.82
716,107.22
.
1,776,000.00
1,776,000. 00
_
5,359,174.77
Total ...................................••..........................
SCHEDULE
$136,930.23
122,986.04
116,791. 26
175,702.02
210,955.48
186,184.48
324,636.96
352,422.37
331,657.98
306,691. 94
367,143.13
492,594.52
Bills
bought in
open market.
United
States
securities.
$48,096.00 8122,987.25
101,394.20
32,591.26
70,434.84
79,119.38
83,523.01
67,039.38
48,827.14
54,439.31
42,620.29
78,036.18
52,300.84
113,951.20
80,130.09
63,487.55
12,592.94
102,874.72
35,377.59
198,476.00
30,974.10
199,416.62
32,307.31
173,608.90
.. 3,124,696. 41 1,141,584.25
783,021. 85
All other
earnings.
Total
earnings.
Total
expenses.
SI5,977.10
11,999.15
14,776.00
13,632.52
15,984.27
21,420.11
19,526.03
12,970.19
11,201.52
13,289.95
11,401. 53
15,382.73
S323,990.58
268,970.65
281,121.48
339,896.93
330,206.20
328,261.06
510,415.03
509,010.20
458,327.16
553, 83;j, 48
608,935.38
713,893.46
563,628.39
59,966.25
66,182.94
77,964.65
72,779.53
76,958.40
69,644.72
72.048.64
63,421.17
71,439.90
91,880.33
206,270.26
25,783.40
91,256.39
209,463.52
245,150.97
716,168.30'
132,311. 58
1,420,140.16
N.,t
earnings.
$260, 362. 19
209,004.40
214,938.54
261,932.28
257,426.67
251,302.66
440,770.31
.436,961. 56
394,905.99
482,395.58
517,055.05
507,623.20
992,185.18 4,234,678.43
177,561.1015,226,863.61
4.-Daily average earning assets, earnings thereon, and average rate per annum,
year 1918 compared with year 1917; also other earnings.
.
Earnings.
Earning assets.
1918
Bills discounted,
members
and Federal Reserve banks.
Acceptances bought. ..........
Municipal warrants .... _......
United States bonds, notes,
and certificates ..............
TotaL
m:~~
3.--Gross earnings, classified, expenses and net earnings, 1918.
Bills discounted,
members.
TotaL
$94,797.44
3,124,696.41
1,141,584.25
gK~[d!~d~
~ii'd~~~s
..'.::::::::::::::::::::::::::::::::::::::::::::::::
Balance profit and loss Dec. 30, 1917..........•...•......••••......•......
Transferred to surplus account
__
. _0. _,_ .. _ •• 0 _0. _
Transferred to reserve for franchise tax _
January .......
February ......
March ..........
April.. .........
May ...........
June ...........
July ...........
August. .... c ..
September .....
October ........
November .....
December .....
1917
I---------I---~-5,359,174.77
1,420,140.16
I==='==I==~~=
Expenses:
Assessment for expenses Federal Reserve Board
Cost of Federal Reserve notes
Premium on United States bonds and securities charged off
SCHEDULE
21
OF CLEVELAND.
..................
$73,080,025.35
27,175,072.99
................
17,721,544.11
117,976,642.45
1917
1918
S9, 531, 458. 45 83,124,696.41
1,141,584.25
15,348,152.44
1,457,325.80 . ...... - ......
11,314,574.40
37,651,511. 09
Average rate.
1917
1918
4.28
1375,168.90
496,711.58
4.20
48,131. 73 . ..... -
611,894.58
317,924.42
3.45
4,878,175.24
1,237,936.63
4.13
1917
--
3.94
3.23
3.30
2.21
-3.29
22
ANNUAL
REPORT
OF FEDERAL
RESERVE
BANK
OF CLEVELAND,
4.-Daily
aueraq« earning assets, earnings thereon, and average rate per
annum, year 1918 compared with year 1917: also other earnings-Continued.
SCHEDULE
OTHER
EARNINGS.
1917
1918
Profits realized on earning assets
'.......•..........
Profits realized on United States securities .. --
-
~~r:'d;'~
~~·~fft~~-:-:n.et
__
..::::::::::::::::::::::::::::::::::::::::::::::::::::::
Penalties on deficient reserves
_
_
r;Pransfors
_. _
Total earnings
Total expenses
-
_
_
-.-.-
_
_
.
.
.
_
_
Netearnings
:
_
Capital, daily average
__
Rate per annum-gross
earnings to capital (per cent)
. Rate per annum-net
earnings to capital (per cent) _
SCHEDULE
-., _
-
.. _. _
__.
_.. _
-'"
_
_
'
_..................
_
_........
.
81,237,936.63
$4,878,175.24
24,260.69
167,238.95
41,029.48
22,744.38
2,995.98
66,462.03
17,843.62
60,213.53
14,022.22
-1----5,226,863.61
1,297,059.14
99_2_,_1_8~_·._1_8_1
__ ._3_19_,_3_0_4._3_1
4,234,678.43
8,585,995.89
68.76
48.16
977,754.8:~
6,433,207.00
20
15.91
5.- Vol1tme oj loans, discounts and investments handled dU1'ing year 1918
compared with year 19.17.
__________
1917
1918
- -- -------1------
-----
DIS'COUNTED AND PURCHASED,
Bills discounted-members
__
_.......................
Member bankcollateralnotes
_
_
_.
Acceptances bought
_. __. _.
., _.. _. _....
Redl'l.counts-Federal
Reserve banks. .. __
_., _. __. _. _. __.
- - - -i
~~nfe~P~{at~~r;~~~~~;ti'';S:::::::::::::::::::::::::::::::::::::::::::
'1'ot"I..
.. _
i['ucrease over 1917
_
_., _
PAID
AND
S392,524, 428. 41
993,593,5(17 01
175,717,826.21
82,915,964 44
I
_......
__.. _., _. _
I
I
259: i23, 450 00
1,903,875,za607
1,528,933,764.35
S92,642, 455.36
118,533,65000
91,109,193.06
- .. - -- --. -- ----
i
6~:
~6~:
~b6:gg
374,941,471.72
1-····· - _. _
==--==:===
SOLD.
Bills discounted-members
.. _.. - .. -'" --. - .... -. - .. -. -. - .... -.
Member bank collateral notes .. --... -. - .. -' -' - -. -. - - ... - -. - .. -" . -Acceptances bought from members and Federal Reserve banks
.
Rediscounts-Federal
Reserve banks
_. __. _.. -. - - - - - - -. -., .
Municipal warrants ..
. -., _. _
- _._._ .. -." -. -. - - _.- _
United States secunties. _" -. - .. -. - .. -' - - - - .... -" .... - .. -.
Total.. ..
. _. _.. _. _............•...
- - . - . - .. - . - . - -.
~ncrease over 1917_. _.
.. ' __.
. _. --. -. -- --. --. -. -. -. -.,
401,275,171.13
921,987,317.01
159,384,601.63
Gl,352,467351..
7,233
285,852,410 00
-., --
56,486,201.59
112,800,500 00
80,150,89686
.. .... ------5 626 430 56
38: 147:550:00
381
1,829,859,200 30
293,211,579.01
1,536.647,62149
....
....
_
I Excludes
SI,280,852 of acceptances
purchased
by the New York Federal Reserve Bank for our
account on Dec. 31, 1918.
'Includes
SI,202,000 of I-year Treasury notes renewed by United States 'I'reasurer on Jan. 1, 1918, and
$374,550 of 4t per ce.it bonds converted from 4 per cent bonds.
SCHEDULE
6..-Rediscounts-Members
Kentucky.
anr! member bank collateral notes, 1918.
Ohio.
Pennsylvania.
669
1,210
3,746
Applications
32
100
184
Banks accommodated - . - -,5,294,194.6:1 829,680,032.10 8259,512,546.37
Commercial
and indus+tna: paper
..
- - ---19,154,626.59
Trade acceptances. __. _. _"
709, r~15.22
4,979,358.30
654,006.19
Agricultural and live stock.
139,779.53
27,662.34
196,530.22
Bankers' acceptances. _- _
- .. _.. -.,. - - - _
- _. _..
Liberty loan secured reo
discounts ..
....
2,125,912.81
7,881,196.20
61,340,472.78
Member collateral notes:
Secured by cornmer1,830,000.00
3,010,000. 00
100,000.00
Se~~~eI:t'be;--U.-n-i-t ~'dStates securities. ... _ 27,117,365. ob 509,896,165.00 447,920, (:l7. 01
Total rediscounts
and loans. .. __.. ___ 35,486,887.19
555,474,713.94
West
Virginia.
Total.
5,714
320
$294,577,769.50
59
4
$90,996.40
24,894,290.84
822,256.06
196,530.22
50,670.73
808.00
I
686,000.00 1
!
72,033,581.79
'~,~;~,~~"~-I
4,940,000.
Of)
988,653,567.01
i
790,60S,919. 16 .4,547,475.13 11,386,117,995.42
NOTE.-IBcluded
in above were rediscounts and loans to state bank members as follows:
Oommercial and industrial paper rediscounted
_
__. __. _
- -. -. -. -. -. - .. -. S24,914, 733.9,~
-Custorners notes secured by Liberty loan bonds
__
__
__. __.. _
. _. -. -. -. -"
14,760,903.61
Direct 10aBs secured by United States government bonds
_. _. __. _. _
_
230,694,650.00
TotaL ..
._
_. _. _. _.. _. _.. _
_.
. _.. _. _
_
_. -. - .. -
-. -. -. -
-' - 270,370,287. 5Y
The total of rediscounts made for other Federal Reserve Banks (not included in above
tables) was __. _. __.. _
.. _. __. _ _. _
' .. _. _. __.. __
_. -. -. -. -" .. -. ..
82,915,904.44
ANNUAL
'SCHEDULE
REPORT
OF FEDERAL
7.-Acceptances
RESERVE
BANK
23
OF CLEVELAND.
purchased in open market and acquired from other Federal
Reserve Banks.
"Ban kers', foreign.
- . - .. -
- .. - . - .. - - . - .. - .. - .. - .. ,
-
-
- . $79, 253, 973. 24
88,425,763.62
2,725,000. 00
1,272,431. 64
4,040,6.57.71
~~n~;r:~c~~~ge::I~:: : : : : : : : : : : : : : : : : : : : : : : : : : : : :: : : : : : :: :: : : : : : : : : : : : : : : : : : : : : : : : : : : :: : : : :
"T.rradeacceptances,
foreign __ .' _. _
_. -' - _. -. _
-' - .. _. -' _
_. -Trade acceptances, domestic
.
Total.
" ............................•.
"
"Acceptances purchasedFrom or through other Federal Reserve Banks
From Kentucky bank s.. .
From Ohio banks
From Pennsylvania banks
'I'ntal .
.
···· .. · .. "·
,,
".......................
"
"........................
"..................
··
t
""
4,
"
..
"
. .•...........•........
"
ScrIBDur,E
9.-Member
"
Bentleyville,
Bank of Commerce, and the
Union N atlonal Bank .. "
First National Bank. .
Cleveland, Ohio.
do
.
Derry, Pa ..
Bank
First National Bank. ....
Norwalk National Balik.
Shares
subscribed.
Disposition.
First National Bank.
St. Clair National Bank ....
259,12.3,450
banks liquidated during 1918.
Location.
Name of bank.
175, 717,826. 21
. $65,458,000
. 21,207,000
61,250
.
. 171,256,000
20,729,000
8412,200
.
........
Total ..
'I'otal
· 123,526,132.27
1,318,900.55
44,231,853.17
6,640.940.22
8.- United States securities purchased.
2 per cent certiflcates of indebtedness
States 3 per cent notes and bonds
"
States 4 per ccnt bonds
'
States 4 per cent certificates of indebtedness .. "
States
per cent certificates of indebtedness.
States 4-l per cent Liberty loan bonds
:
Fourt.h National
1175,717,826.21
.........•.....•.•..•..............•.......•..•..•.•.•..•..•.•.•
SCHEDur,E
Special
United
United
United
United
United
"
Pa .
Absorbed
by Farmers
&
15
Miners National
f'!:':e~ ~~n.g~ro';;I~~~::;erce
.
National Bank, Cleveland, Ohio
.
Succeeded by First Savings & 'I'rust Co.,
Derry, Pa.
Absorbed by Dayton Savings & Trust Co.
Dayton, Ohio ...
Dayton, Ohio.
Freedom, Pa .. __. _._ Absorbed by Freedom National Bank,
Freedom, Pa.
Succeeded by First & Savings Bank, LouLoudonville, Ohio.
don ville, Ohio.
Succeeded by Citizens National Bank,
Norwalk, Ohio.
Norwalk, Ohio
·············)·····
shares .. _
·········1
1,800
],800
60
010
60
19
90
4,354
Member ba.nks in District No.4.
Number of member banks Dce. 3l, 191i ....
New national banks organized. - - - _. - _. - - -"State banks and trust companies admitted ...
Total .............................................•.......................
Liq uidated during 1918....
Number
-- .....••..
of member banks Dec. 31,1918 ..............•........................•...............
Capital stock paid ill, Dec. 31, 1917
Capital stock paid ill, Dec. 31, 1918
.
.
822
8
814
.:::::::::::::::::::::::::::::::::::::::::::::::$~:~~:~gg
-{ncrease for the year __.... 1 Exclusive of Sl.280,852 of acceptances purchased by the New York Federal Reserve Bank
account on Dec. 31, 1918.
2 Includes $l,202,000 of t-year Treasury notes renewed by U. S. Treasurer on Jan. 1, 1918.
'Includes conversion of $374,5504 per cent Liberty loan to 4t per cent.
1,046,600
for our
24
ANNUAL
REPORT
SCHEDULE
lO.-New
OF FEDERAL
Mar. 8
Sept
5
Oct. 2;'
Nov. 23
Dec. 30
BANK
OF CLEVELAND.
National and State bank members during 1918.
NATIONAL
Date of
admission.
RESERVE
BANKS.
Name of bank.
Share.
subscribed.
Location.
'I'he Union Commerce National Bank
Prairie Depot National Bank of Freeport...............
FIrst National Bank
FIrst National Bank
Citizens National Bank
Cleveland. Ohio
\:airie Der,ot, Ohio
'I'Imblin, 13
:
Chagrin Falls. Ohio
Norwalk, Ohio
"'1
.
. 3,
.
.
soo
10
13
12
120
1
STATE
Date of
admissian.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feh.
Mar.
Apr.
Apr.
Apr.
May
May
May
June
June
July
July
July
July
July
July
Jilly
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec,
S
5
9
22
12
12
12
21
2
12
13
7
14
17
3
28
1
2
BANKS
ADMIT'fED
Name of bank.
Location.
Oakland Savings & Trust Co.................
The Steubenville Bank & Trust Co ..........
'I'heNewark
'l'rust Co .......................
_
Security Savings & Trust Co .................
Colonial 'l'rust Co ............................
The Superior S~vings &; Trust Co ..... , ......
The Central Savings & I'rust Co..............
The Western Bank & Trust Co...............
'rhe First Wellington Bank ..................
'rhe Depositors Savings & Trust Co .. _. __._
The Union Savings Bank & Trust Co .......
_
IIllegheny Trust Co ........
'..... ---_._._._._.
Crawford County 'l'rust Co.
. _..... _....
Commercial Savings Bank & Trust Co .......
T'he Minster State Bank .....................
Security Trust Co ............................
Bellevue Realty Savings & Trust Co .........
The City Savincs Bank & Trust Co ..........
The Struthers Savings & Banking Co ........
The Dayton Savinas & Trust Co .............
The Dime Savings Bank Co...................
The Peoples Savings & Trust Co ............
'rhe Geneva Savings Bank Co... _. _. _... _. __.
The Citizens State Bank .....................
The West Lafayette Bank Co ................
1'he Cuyahoga Falls Savings Bank Co........
The Gibsonburg Banking Co..................
T'he Provident Savings Bank & Trust Co.... _.
The Chagrin Falls Banking Co ...............
'l'he Home Banking Co.......................
The Rossford Savings Bank ..................
The Peoples Savings & Banking Co ..........
The Citizens Bank ...........................
'I'he Commercial <-<.: Savings Bank Co ..... _. _.
The Farmers & Citizens Banking Co .........
The Home Banking Co.......................
Woodlawn 'I'rust Co..........................
Ambridge Savings & Trust Co ...............
'I'he Peninsula Banking Co...................
Beaver 'I'rust Co ...........
_. _., _.... _. __. _._
Federal Title & Trust Co.....................
State Bank & Trust Co ......................
The Brighton Bank & 'I'rust Co ..............
The Lodi State Ban k ............
~...........
The Dollar Savings & Trust Co ..............
The Minerva Savings & 'I'rust Co ............
Bank ofIndependence
.......................
The Erie County Banking Co ................
3
9
18
20
23
31
31
8
8
13
15
17
22
24
26
26
10
17
17
20
23
26
30
1
8
22
19
23
5
9
9 ~nreS8~~~~~~.,t:~ ~~~sho::::::::::::::::::
16 The A Iliance Bank Co........................
21 Commonwealth Trust Co.....................
30 The United Banking & Savings Co ...........
Total..
TO SYSTEM.
Pittsburgh.
Pa ........
1
Steubenville, Ohio .... 1
Newark, Ohio ..... _.'_
Erie.l'a ...............
Pittsburgh,
Pa ........
Cleveland. Ohio .......
Akron, Ohio ..........
Cincinnati, Ohio .... _
Wellington. Ohio .....
Akron, Ohio. _" ___. _.
Cincinnati, Ohio ......
Pittsburgh,
Pa ........
Meadville, Pa .........
Toledo, Ohio ..........
Minster, Ohio .........
Lexington. Ky ........
Bellevue, Pa ..........
AIliance, Ohio ........
Struthers. Ohio .......
Dayton, Ohio .........
Canton, Ohio ..........
Akron, Ohio. _. __. _.
Geneva, Ohio ......
_"
West Milton, Ohio ....
West Lafayette, Ohio.
Cuyahoga Falls, Ohio.
Gibsonburg, Ohio .....
Cincinnati, Ohio .. " _.
Chagrrn Falls. Ohio ...
Gibsonburg, Ohio .....
Rossford, Ohio ........
Barberton, Ohio ......
Cuayhoga Falls, Ohio.
Buckeye City, Ohio ...
Milan,Ohio ...........
St. Marys, Ohio .......
Woodlawn, Pa ........
Ambridge, Pa .........
Peninsula, Ohio .......
Beaver, Pa .. ____......
Beaver Falls. Pa ......
Richmond, Ky ........
Cincinnati, Ohio .. __..
Lodi,Ohio ............
Youngstown. Ohio ....
Minerva, Ohio. - ..... _
Independence,
Ky ....
Vermilion, Ohio .......
Spencer, Ohio .........
Lexington, Ky ........
A Iliance, Ohio .........
Pittsburgh,
Pa ........
Cleveland, Ohio .......
T.......................
Capital
and
surplus.
Deposits
when
admitted.
$400,000
$3,684,000
175,000
1,367,000
325,000
2,128, 000
.,00,000
3,291,000
5,200,000
13,511,000
1,500,000
14,781,000
1,000, 000
9,259,000
875,000
9,660,000
155.000
',074,000
5,50,000
3,386, 000
3, 000, 000
17,779,000
1,200,000
3,606,000
13.5,000
1,403,000
250, 000
4,377,000
40,000
308, 000
650, 000
1,120,000
175,000
739,000
200,000
2,189,000
100, 000
1,616,000
500,000
7,511,000
320,000
3,197,000
300,000
3,938,000
165, 000
781,000
256,000
35,000
150,000
865,000
130,150
996, 000
67,500
617, 000
10,034,000
2,400,000
95, 000
637, nOD
5)),000
34, 000
50,000 .... -.- .....
120,000
1,048,000
294,000
52, 000
27,750
158,000
33,000
315,000
120, 000
764,000
187,500
1, 44H,000
175,000
1,345,000
165,000
29,000'
1,087,000
400,000
225,000
890,000
200,000
738,000
400,000
4,994,000
1.00,000
490,000
2,000,000
16,805,000
90,000
1,258,000
48,000
221\,000
150,000
414,000
25,000
lI5,000
165,000
678,000
270,000
2,905,000
2,500,000
8,424,000
1,400,000
12, 044, 000
29,393,900
181,224,000
ANNUAL
SCHEDULE
REPORT
n.-Bank!
OF FEDI..:RAL RESERVE
Powers granted.
Apr.
5
May 31
Feb. 16
Mar. 13
Union Commerce National Bank
Northern National Bank. .
Second National Bank
Peoples National13ank
Cleveland, Ohio
Toledo, Ohio
Titusville, Pa
Pittsburgh, .Pa
Sept. 10
Dec. 30
First National Bank
Western National Bank
Grove City, Pa
Pittsburgh, Pa
lec.
30
Citizens National13ank
Washington,
20
First National
Paris, Ky
Bank
IN ANTICIPATION
. Registrar of stocks and bonds.
Do.
.
. Trustee.
. Registrar and transfer agent 01 stocks
and bonds in so far as relate to
registering.
. Trustee.
. Trustee, executor, adminlstrator, registrar of stocks and bonds, guardian of
estates, assignee, receiver, committee
of estates of lunatics.
. Trustee, executor, administrator, guardian of estates, assignee, and receiver.
and
. Trustee, executor, administrator,
registrar of stocks and bonds.
Pa
12.-Certificatu
SCHEDULE
ISSUED
of Federal Reserve Act.
11
Location.
Feb.
of indebtedness.
OF THIRD
LmERTY
LOAN,
Nurnber of
banks.
Per cent Per cent
of total
of total
bank
banks
subscripin distions.
trict.
Number of
banks.
Amount.
--554
373
313
Number of
bank s.
Per cent Per cent
of total
of total
bank
banks
in dis- subscripnons,
trict.
Number of
banks.
Amount.
16.78
24.91
21. 65
25.08
32.01
28.89
$4,363,000
8,468,000
9,633,000
12,139,000
14,724,500
11,309,000
RECAPI'r
ULA'rIO N.
37.23
51. 52
56.28
57.57
49.78
37.23
Number
of banks
in district.
District banks.
Total banks. _
_
16.70
13.27
19.79
16.51
9.66
15.61
$4,342,000
4,512,000
8,808,500
7,990,500
4,443,000
6,108,000
Per cent Per cent
of total
of total
bank
banks
in dis- subscriptions.
trict.
Amount.
1. 23
1. 26
.12
.56
.36
.38
1. 89
3.77
11.32
77. 36
52.83
18.86
Per cent
of total
bank
subscribIng In
district.
I Per
cent
of total
of bank
subser'p.
$321,000
428,000
52,000
271,500
16-1,000
146,000
'l'otal
subscriptions.
1
ttons,
---------1-----
_. _
banks
1
2
6
41
28
10
Banks
subscribing.
--------------1---National..
State
Trust companies .. _._
Private and miscellaneous
---'
22.54
49.76
55.99
58.75
35.84
26.83
---
--86
120
130
133
115
86
Jan.22 ..... _........
Feb.8 ...............
Feb. 27._............
Mar. 20._............
Apr. 10..............
Apr. 22..... __._ .....
Amount.
Miscellaneous and private banks.
Trust companies.
Date.
Per cent' Per cent
of total
of total
banks
bank
in dis- subscriptions.
trict.
---
188
415
467
492
300
231
$1~,974, 000
20,592,000
26,006,500
27,999,000
26,668,500
21,570,500
65.29
60.56
5R.44
57.85
57.97
55.12
47.86
71.12
97.32
74.06
49.86
38.70
358
532
728
Jan. 22.........
_.. _.
Feb.8 ...............
Feb. 27...........
_..
Mar. 20._..... _.... __
Apr. 10..............
Apr. 22..........
_...
1918.
State banks.
National banks.
Date.
25
OF CLEVELAND.
granted fiduciary powers under Section
Name.
Date.
BANK
_
_. _
_......
_
_..
748
834
231
1,813
.
737
787
219
49
98.53
94.36
94.80
58.74
15.20
25.48
.58
$139,810,500
36,204,000
60,636,500
1,382,500
1,743
96.14
100.00
238,033,500
26
ANNUAL
REPORT
RESERVE
BANK
OF CLEVELAND.
12. - Certificates of indebt~dne8s-Continued.
SCHEDULE
ISSUED
OF FEDERAL
IN ANTICIPATION
OF FOURTH
-
-
LIBERTY
Per cent
Percent
of total
of total
bank
banks in subscripdistrict.
tions.
Number of
hanks.
533
540
547
533
599
583
498
Juoe25 ..............
July 9.... _._ ........
July 23...... _.......
Aug. 6...........
_...
Sept. 3 ..............
Sept.17 .............
Oct.1._ ..........
·_·
--- ---
Miscellaneousand
Per'
Per
cent of
centof total
Nurn- total
ber of banks bank
banks. in dis- subscriptnct.
tions.
Date.
Per
cent of
Numtotal
ber of banks
banks. in district.
Amount.
June 25 .....
July 9... _...
July 23......
Aug.6._ ....
Sept. L ....
Sept. 17.....
Oct. 1.. .....
134
142
149
145
163
162
131
Per
centof
total
bank
subscriptions.
41. 66
47.55
46.08
53.92
59.80
58.82
34.31
85
97
94
110
122
120
70
26.74 821,390,000
30.48 20,285,500
26.13 14,613,500
26.32 13,819,500
41. 56 30,783,500
25.24 14,974,500
26.70 13,929,500
Number
of banks
in dIStrict.
District banks.
----,--------------1--National.. .. _... _._ .•.....
State
_._._
_._
Trust cornpanlas __
_
Number of
individuals.
._._._ .•...
---_. --- --- --4
8
7
1
3
--
National
Jan.2
Feb.
Mar.
Apr.
May
.... _... _._ ....
15... _..........
15._... __._._ ...
15.. _... _. _.....
15•... _. _. _.•...
147
123
99
56
61
-
'l'ION.
Banks
subscribing.
Per cent
of total
bank
subscrip. tions.
Per cent
of banks
subscrtbing in
drstrict.
Total
subscriptions.
2,015 \
TAX
97.72
SO. 44
86.14
86.27
671
199
176
37
SERIES,
88.08
1,812
57.63
11.1R
29.46
1. 57
.16
$253,885,000
49,243,000'
129,806,000
6,932,000
703,000'
100.00
440,569,000
1918.
---State banks.
banks.
Per cent
Percent
of total
of total
bank
banks in subscripdistrict.
tions.
--- --19.71
16.49
13.2;
7.51
8.18·
n9
~~~.
------------·1----'------
_... · __···············
Number or
banks.
$98,500
31,500'
55,500146,000
168,000'
100,000
103,500'
0.13
.05
.10
.28
.23
.07
.19
5
9
$668,000
R79,500
938,500
1,043,500
1,540,000
1,104,500
758,000
0.83
1.32
1. 68
1. 99
2.07
1. 86
1.45
746
834
231
-'
FIRST
Date.
Per
centof
total
individ- Amount.
ual
subscriptions.
---------·1-----
_....................
_...................
_
r,;J;~l~a,~a)~~.s_~~~~.r.i~.~t.~~~~~~:::::::::::::::
Total
$7,
Individuals.
- RECAPI'l'ULA
1~5,000
6,141,000
6,110,50n
7,093.500
7,670,50o.'
7,527,000
7,515,50U
8.98
9.23
10.92
13.51
10.36
12.69
14.40
banks.
AmOl1J)t.
--- --- --
--- --58.01
61.47
64.50
62.77
70.56
70.12
56.71
private
Amount.
-
-
40.65
41. 36
48.80
47.84
55.75
58.99
40.29
340
345
407
399
465
492
336
$50,053,500
59,212,500
34,209,000
30,397,500
33,921,000
35,615,500
29,876,000
63.32
58.92
61.17
57.90
45.78
60.04
57.26
Trust companies.
Fer cent
Per cent of total
of total
bank
banks in subscripdistrict.
nons.
Number of
banks.
AmOLUlt.
---- --71. 45
72.38
73.32
71. 45
74.93
78.15
66.75
--
State banks.
National banks.
Date.
LOAN.
- -
-.-
67.87
68.19
73.05
84.39
79.25
Amount.
$47,558,500
10,503,000
40,629,500
8,934,.500
14,698,000
Number of
banks.
Per cent Percent
of total
of total
banks in subscrrptions.
district.
---
--35
45
30
13
22
4.20
5.40
3.60
1. 56
2.64
--2.4R
6.56
2.81
1.88
2.25
Amount.
-----1,736,000
1,011,000
1,564,000
199,500
418,000
ANNUAL
REPORT
OF FEDERAL
SCHEDULE
RESERVE
TAX
SERIES,
Per
cent of
total
subscriptions.
Per
cent of
Number of total
banks. banks
In ,dlStnct.
Amount.
19.05
16.02
19.05
6.49
9.96
44
37
44
15
23
2....•...
25 ......
15. _....
15 ......
15.......
Individuals.
Per
centof
£~~~Amount.
sub.
scriptions.
---- ---
-- --Jan.
Feb.
Mar.
Apr.
May
1918-Continued.
Miscellaneous and private
banks.
Trust companies.
Per
cent of
Numtotal
ber of bauks
banks. in district.
27
OF CLEVELAND.
12.- Cn-tijicatfs of indebt,dn,ss-Oontinued.
FIRST
Date.
BANK
---
Number of
individuals.
Per
cent of
total
indio
Amount.
vidual
subscriptions.
---
---
23
3
12
S
0.15 ~100,500
2.94
6
23. S9 S16, 741, 500
.72 110,000
6.86
14
24.29
3,742,000
.34 187,000
3.92
8
22.90 12,734,500
......
12.81
1,355,500 ....... .......
3,421,500 ....... - ...... ......... _.- ... -.18.45
I
----
5.61 $3,933,000
36,500
.24
500,500
.90
97,500
.92
10,000
.05
RECAPI'rULATION.
District
Number
of banks
in distnct.
banks.
National _....•..
_
_
_..
State. . .. .. .. .. .. .. .. . .. .. .. .. .. .. .. .. .. .. .. . . .
Trust com panies. . . .
Miscellaneous..................................
IndiYi,~~:~~::::'::::::::::::::::::::::::::::::::
TAX
ISSUE,
Per cent
of total
national
banks
subscrtbingin
district.
Banks
subscribing.
746
834
231
204
147
45
44
14
19.71
5. 40
19.05
6.86
.... ~:~;~. ~
DATED
NOV.
7, 1915: 4, PER
Per cent
of total
bank
subscriptions.
71. se
2.90
22.32
.23
2.69
$122,323,500
4,928,500
37,995,000
397,500
4,577,500
100
170,222,000
.:::::::::\
CENT;
DUE
Total subscriptions.
MAR.
15,1919.
ANALYSIS OF SUBSCRIPTIONS.
Number
subscnbing.
Total subscriptions
for district......................................
National banks
State banks
·.·············
.. · ..
215
SO
76
22
14
..
407
.
r;;~~!lf~:.g~~~iikS:::::::
:::::::::::::::::::::::::::
::::::::::::::
Individuals
·.·.······
Total. ..............................•..•......
PERCENTAGE
··············
OF BANKS
$112,500,000'
====46=.=6~sl·=====5=2,=5=15~,=5==00
6.79
7,639,500
45. S9
51,628,000'
.53
596,000
.11
121,000
100.00
112,500,000'
SUBSCRIBING.
Number
sn~~':.lb.
---------------------1--National banks ........•..•.......•.•......•..................
State banks ...............................•..............................
Amonnt.
Per cent.
Total in
district.
---
.
215
80
76
22
746
834
231
204
Per cent.
--28. S2
9.59
32. 9010.78
rn~~!lf~:.g~~~~iikS:
:::::::::::::::::::::::::::::::::::::::::::::::::::::
Total.
: .........•........•.
·•···························
--;)3I-----;,o15~·
Fourteen
individuals
subscribed.
~8
ANNUAL
REPORT
SCHEDULE
TAX ISSUE,
OF FEDERAL
12.-Certificates
DATED
RESERVE
BANK
OF CLEVELAND.
Of indebtedness-Continued.
AUG. 20,1918; 4 PER
CENT;
DUE
JULY
15, 1919.
ANALYSIS OF SUBSCRIPTIONS •
.Number
subscribing.
PERCENTAGE
OF BANKS
157
44
64
10
9
69.28
3.34
26.27
.68
.43
284
100.00
SUBSCRIBING.
Number
subscribing.
-----;------------------1---
Ji~l~I;r.
--
Nationa! banks ........................•...
" ...•.........•...............
State banks ........................................................•.....
Trust companJes
Miscellaneous and private banks
.
.
TotaL ................................................•.............
Nine individuals
Per cent.
---
157
44
64
10
746
834
231
204
$21.05
5.28
27.71
4.90
275
2,015
13.65
subscribed.
SCHEDULE
REPORT
~:~?~i;~~~ii;.aJe~~'. :~~'.~: .1.9.1.~ : ':':
I3.-Depositaries
FOR YEAR
department.
ENDED
DEC. 31, 1918.
':.: : .: : ..:::::::::::::::::::::::::::::::::::::::::
-----
Depositaries discontinued...............................................................
Depositary
Amount.
Per cent.
-----
banks, Dec. 31, 1918.........................................................
~~
653
41
612
====
$68,051,154.98
Total in depositary banks, Jan. 1,1918 ..............•................•.....•..••.......
:
Payment by depositary banks by credit to war loan deposit account:
For Treasury certificates of indebtedness
$783,762,572.36
For Liberty loan bonds
465,373,409.53
-~-~-$1,249,135,981. 89
Redeposits with depositary banks:
20,165,000.00
Treasury certificates of indebtedness funds
.
16,050,000.00
Liberty loan bonds funds
.
97,791,000.00
Income and excess profits tax funds
.
134,006,000.00
------1,383,111,9Rl.SQ
1,451,193,136.87
1,422,853,078.31
Withdrawals
28,340,058.56
Total balances with depositary banks, Dec. 31, 1918.....•..•....•.................
Largest aggregate deposits, Oct. 28, 1918,5189,757,237.23.
Interest collected on daily balances, $1,748,457.25.
SECURITIES
PLEDGED
BY DEPOSITARY
BANKS
DEPOSITS.
AS COLLATERAL
FOR
Par value.
151,729,000
~~i:l
~l:g~:i
t':c' ~'t~~~~8:::::::::::::::::::::::::::::::::::::::::::$127,113,000
245,642,000
Largest aggregate pledged Oct. 30, 1918......•••••••••.•••••••.....•..
WAR
LOAN
Valued as
collateral.
$106,431,000
124,300,000
203,350,000
29
ANNUAL REPORT OF FEDERAL RESERV,E BANK OF CLEVELAND.
I3.-Depositaries
SCHEDULE
department-Continued.
CHARACTER OF SECURITIES PLEDGED, DEC. 31, 1918.
Par value.
United States bonds and certificates ofindebtedness.
Municipalbonds and warrants............................................
Foreign Governmentand municipal bonds..............................................
Corporationbonds.......................................................................
Commercialpaper..
$52,284,000
8,294,000
24,323,000
~5,952,000
20,876,000
1----Total... .. . . . . . . . . . . .. .. .. .. . ..•. .•.. ... .. .. ..•.. .. . . . .. .. .. .. .. . .•. ... . . . . . . . . . .. .
151,729,000
SCHEDULE
l4.-Third
Liberty loan.
(Dated May 9, 1918; 4t per cent; callable June 15, 1925-1937.J
ANALYSIS OF SUBSCRIPTIONS.
Number
subPer cent.
scribing.
Total subscriptionsfor district. . . .. . . . . . .. .. .. . . . .. . . . . . . . . . . . . . . . ..
$405,051,150
National banks.....................................................
State banks.........................................................
Trust companies....................................................
Miscellaneousbanks. . . . ..• . . . .. . .•. .. . .. . . . . . . . . . . . . . . . .. . . . . . . . . . .
744
711
222
218
:::::::::::::::::::::::::1
IndiVi:~:~;::::::::::::::::::::::::::::::::
Amount.
'2,:::
===1=====
56.71
15.31
25.39
2.52
.07
229,691,000
61,998,650
102; 860, 500
10,232,900
268,100
100.00
405,051,150
PERCEN.TAGE OF BANKS SUBSCRIBING.
Number Total in
subdistrict. P,er cent.
scribing.
--------------_·-----1------
---
National banks...........................................
State banks
Trust companies..............
..•..........................................
Miscellaneousbanks
·...
Total.
744
711
222
746
834
231
~I~
·.··.···..
1,895
I
2,035
99.73
85.25
96.10
97. 32
__
93.12
Six hundred and thirty-four individuals subs?ribed.
SCHEDULE
I5.-Fourth
Liberty loan.
(Dated Oct. 24,·1918; collectible Oct. 15, 1933-1938.J
ANALYSIS OF SUBSCRIPTIONS.
Number
subPer cent.
scribing.
Tot;G1
subscriptionsfor district
National banks
State banks
Trust companies
Miscellaneousbanks
Individuals
Total.
· .. ·
··· .. ···
· .. ··.···················
····
····
:
.
Amount.
$701,909,800
·· .
746
711
223
224
128
55.63
15.05
26.97
2.34
.01
390,457,200
105,661,650
189,274,800
16,448,050
68,100
.
2,032
100.00
701,909,800
.
.
.
::W
.A.NNUAL REPORT
OF FEPERAL
SCHEDULE
15.-Fourth
PERCENTAGE
RESERVE
BANK
OF CLEVELAND.
Liberty loan-Continued.
OF BANKS
SUBSCRIBING.
Number
subscribing.
l~l~l;f
Per cent.
---------------------------------------I---~---------National banks
Ptate banks ......................•..................................•.....
Trust companies ...........................•..............................
Miscellaneous banks
.
.
and twenty-eight
SCHEDULE
individuals
1,910
.•.••.....
100.00
85.97
96.54
100.00
93.86
subscribed.
16.-War-savings certificates and thrift stamp sales, 1918.
War-savings
certificate
stamps.
January
:
February...............
March
April..
May....................
.June .. :
.July
746
834
231
224
224
.
Tota!.
One hundred
746
717
2n
$1,322,099.76
1,066,314.37
1,421,173.70
1,596,369.59
942,115.98
3,378,942.23
~,059,8i3.56
Thrift
stamps,
$216,525.25
134,313.00
176,912.75
231,858.00
225,658.25
256,603.00
211,436.25
II
August ........•........
September..............
October.
November .. _
Dqcember ..•.•.••.•.•.
'I'otal . .....•.•••..
War-savings
certificate
stamps.
$2,999,609.32
2,402,040.77
1,504,930.15
_
852,338.29
_ 1,098,125.57
22,643,933.29
'l'hriCt
stamps.
5257,389.50
600,374.50
312,037.75
266,717.00
185,219.75
3,075,045.00
ANNUAL
REPORT
OF FEDERAL
RESERVE
t-
O>
~~~ ~
BANK
88
gs"~'" ~..
t-o
~
f2 ;888
f2
[go, : ~"~f8"
~r
~ ~§~§~
0....,
~
,'Jj
:.....rNC"l
,.......,
8
~~ ~
00
OF CLEVEI.A
NIl,
::
1
32
ANNUAL REPORT OF FEDERAL RESERVE BANK OF CLEVELAND.
~88888~
§
..,.'"
~
oS
"
I
"
I'
,I
: :
33
ANNUAL REPORT OF FEDERAL RESERVE BANK OF CLEVELAND.
SCHEDULE
IS.-Federal Reserve notes issued and redeemed during the year and comparetive statement uf outstanding notes, Dec. 31, 1917, and Dec. 31, 1918.
1918
Outstanding
Dec. 31, 1917.
Denominations.
Fives
Tens
Twenties
.Fifties
Hundreds
·
, .. ,
TotaL
.
.
.
··1
\
.
SCHEDULE
19.-Federal
88,947,7r>O
23,708,000
SI,R6S, 140
1.1,700,750
5,448,OW
$23,600,000
~5,3,'7,305
40,560,000'
9,797,080
84,560,000
9,803,200
34 200 000
2,957,000
7,_'3_00_:.00._°_ 1,·155,200
1
ios, 669, 700 I
1
Reserve bank notes issued and redeemed during the year.
Ones.......
.........•.......
Twos ........•.........•.................................
Fives.....................................................
SCHEDULE
$27,190,445
54,470,980
126,621,P40
46,943,750
1l,:I9~,800
190,220, ooo!1---2-9~, 3-6-9:",
7-1\5-1
--26-6~,
'
5-1-9-,
9-15
Denominations,
TotaL ..........•...............
Total
outstanding.
Redeemed.
Issued.
Received [rom
comptroller.
Returned fir
redemption.
'$4,828,000
1.496,000
4,3?5.000
$36,390
1,610
11,000
$4.791,610
1,494,390
4,314,000
10,649,000
49,000
10,600,000
,
',~~""""""''''
Outstanding
Doc. 31, 1918.
I----~---I---~--I----~~
'1
20.-Comparative
statement of aggregate resources and liabilities of member
banks, Dec. 31, 1917, to Nov. 1, 1918.
1000omitted.]
Nov. 1,
1918.
RESOURCES.
Lbe,ns and discounts ..•.....•................••.....•...................•...•..
OY~rdrafts......................................................................
Acceptances and letters of credit. •..............................................
United States ,ecurities..
Uberty loan bonds
"
All other bonds securities, etc.......
..•............
Banking house, Iurnlturc, and fixtures. •................•.•.....•.•..•..•...•..
Other real estate ....•...............
"....
Reserve with Federal Reserve BmU<......
Cash and due from banks...
....•.................
trl~~rc:~;~~~~~~~:!.~~::l.~~::
'f(ltaJresollrces
Capital...
.•..•.......
'fl,I5.\,039
1,11~
23,680
220,182
155,617
396,794
57,103
10,802
117,770
296,Q69
1~:~~
.: ::::::::::::::::::::::::::::::::::::::::::::::::
Dec.3l,
1917.
$1, 000, ~~~ ,
12,O\ll
142,1.')7
6R,230
399,027
50,008
. 8,844
116,991
31R,349
6 217
8;52fi
1---------1-------
..................................•.......................
'1==2,;,,=45=3,;,,=88=1=1==2=,=15=1=,8=0=2
I,IA U1T.Jl1ES.
151,316
gi!l~~~~~~~~~~:::::::::
:::::::::::::::::::::::::::::
::::::::::::::::::::::::
ti~:1!Z
137,349
222,290
1~:~~g
243,427
1, ~~[~~
61,4f>3
22,086
33,04~
~~~[~~~
'16,212
12.304
12;90\
Dne to banks and bankers .............................•...
".
~~~!!~{;;i~.i:!~~:'~
~~
~~~~~~~~~~.~~~
~ ~~~~
~~~~:~~
~~~~~~
~~
~~~~~:
;;
Bills payable .. : ...............................•.......................
Acceptances and letters or credit.
Other liabilitles
,............
Totalllahlllties...
·
·
1---------1------2,453, 8Rl
2,151, R02
04
ANNUAL
REPORT
OF FEDERAL
21.-Transit
SCHEDULE
CHECK
RESERVE
CLEARINGS
AND
BANK
OF CLEVELAND.
department.
COLLECTION.
I Number
item",
On
On
On
On
I
Cleveland banks
... __:._
_.-- -.- .. --.- -- --.-- -. _-.
other banks in district No.,4_
..
_. __. ______
banks in other districts ..
..
. __
_____
Treasurer of the United_States
.... -'--.-'"
-- ..
- __- - - - _1,1
of
Amount.
881,956
$1,786,217,.147_ 85
4,746,362
2, 10->,916, 17~_52
438,570
813, 3n, 736_5S
3_8_5:..,5_9_8:..,4_3_9._4_0
4_9_9_,0_1_4
1
6, 5~5, 902
5,091,105,002.3.>
CINCINNATI BRANCH.
On
On
On
On
Cincinnati banks_. -. - -- -- ... - -- - -- -- -- .. -- - - --. - - - - -- - - - - - - -other banks in district No.4 .. - - - - - - - -. - - - - - - - - - -banks in other districts
- - - - - - - - - - - - - - -. - - - - - - -. -Treasurer of the United states - -. - - ---------' ------.. -------.-
PITTSBURGH
On
On
On
On
ON THE
RESERVE
TREASURER
BANK
OF
$993,447,932_ 30
537, :165,~174,18
114,375,433_ 82
nI, g3~, 513. 26
3,625,108
1,7.07,127,853_ 56
BRANCH.
Pittsburgh
banks. - - - - - . - - - - - - - - .. - - - - - - - - - - - - - - - - - - - - - - - . - - - - - - - other banks in district No. 4_. - - - - - --- .. -- --- -banks in other districts .. - - - - - - - - - .. - - ------- .. - -T'reasurer of the United States , - - - - .. - - -- - - - - - -- - - - - - - - -- --- .... --
CHECKS
DRAWN
THE
FEDERAL
THE YEAR.
609,682
2,572,370
132,640
.310,416
OF THE
CLEVELAND
UNITED
AN.D
1,045,397
2,36.),190
229,569
177,063
~1, 71n, on, 703. SI
409,485.236.35
300,641,668.07
152,975,314.16
3, R17, 225
2,621. 195,922.39
STATES,
HANDLED
BY
ITS BRANCHES
DURING
Amount.
Items.
January.
. _. _. -. -. -. - ... -. - ..•....
-. -. -. -. -. -. -. -. - - - - - - -. -. -. -. -. -. - - -.
February.
. _•.. -. -. -. -. -. -. -. -. -. -. -. -. -. - - - - -. -. -. - - -. -. -. - - -March.
. _. _..... -. -. -. -. -. -. -. -. -. -. - .. - -. - •.•....
- ..•.. -. -. - - -. -. - - - - -April.
.
._ ....•..
_._._._
_._._._._._.
·_·_·_· .•......
-.-----.
May _.. _.. _. _. _.
.
--.-.-- - --.
June_._.
._.
._.
._._.·._. __······_·
__··_··
-.-.-.-.-.-----.-.-.
July ..
._ .-. -. - .--.-- .. - .-. -. -- .. -. - -- -- - -.
August.
._
- -. -. -. -. -. -. - - -. - - - - -. - - .. -. - -'" - - .•.. -. - - ..
September
.'_
-. - •...•••..
-. -. -. - - -. -. -. -. -. -. -. -. - .. - - •..........
-. -.
Octo ber __.
. _. - . - • - . - - .. - . - • - . - . - .. - - - - - - - - . - . - . - - - - - - - November. __._ -.. _. -. -." -. -.- - - --- -. -. -. -. - --. - - -December.
. _. _. _. -. - _- - -. -. - - -. -. -. - - .... -. - ..• -. -. -. - - -. - - -. - - -. -Total.
... __...
....
- ... - - - . - ... - - .. - . - .. - .. - - - ... - .. - - - .. - - - - - - - -
VOLUME
OF CHECKS
HANDLED
FOR
BANKS
BY THE FEDERAL
RESERVE
JAN. 1, 1918, '1'0 DEC. 31, 1918.
MEMBERS
AND OTHER
BANK OF CLEVELAND
15,768
21,021
29,093
25,928
54,504
111,498
85, S92
99,838
109,279
108,364
112,467
212,241
$11,084,762_ 91
12,540,707.78
18,075,472.93
22, 203, 979. 17
,36,882,427_ 67
n, 690, 090_78
59,802,186_ 09
63,533,522.98
63,555,407.43
75,135,952.07
79,661,089.63
86,340,067_ 38
986,493
600,512,266_ 82
FEDERAL
AND ITS
RESERVE
BRANCHES
•
. Dailyaverage.
Amount.
Items.
627,427
.572,330
743,355
822,971
876,055
1,078,471
1,330,669
1,386,509
1,379,233
1,715,623
1,591,943
1,883,649
~~~~~7ry'-'-::::::::::::::::::::::::::::::
:
March
.
. _. _.
. -. __- - - •......
- - -.
April..
....
.. _-.-.- .. - -.- ..• - -- ..•
May
.. _•.. _._._._.
.. _._.
_
June.
. _. _._
- .. - - -- -- .
July
.. _. _. - - - _.. - .. _.. '_
-- - - .
August.
..
- _- - - _- - -. - - -. -.
September _._
_. __--- --.-.- ------ .. - .-.
October _.. _.
..•.. -. -.,. -. -. - - -. -. -. -. -.
November ...........•..........•...
·.·.·.
December __.
. _. _. _. _. _. -. -. - - - •...• -. -.
This schedule includes
States."
Items handled by both
SI,159,690,343.29.
Total number of items
Total amount handled,
Disbursements,
transit
Cost per item handled,
Cost per $1,000, 3 cents.
Government
parent
checks scheduled
bank and branches
handfed, 14,008,235.
$9,422,429,678.30.
department,
$282,198.33.
2.01 cents.
$451 J 453, 395. 05
464,392, 761. 09
560,818,785_ 17
643,767,572_ 41
783,553,182_ 22
1,000,772,488_ 47
894,066,017_ 25
848,200,975. 43
842,543, 702. 22
1,056,600,369.28
902,534,907.92
973,635,521. 79
under
"checks
and duplicated
Amount.
Items.
drawn
$18,086,994_ 60
20,190,989_ 22
22,432, 751. 40
29,958,574_ 97
30,136,660.85
40,030,899.4434,387,154.51
31, 41S, 184_28
35,105,987_ 59
40,638,475_ 74
36,101,396.32
._38, 945, 417. 87
25,038
24,883
29,734
35,121
33,693
43,138
51,140
51,349
57,458
6-5,986
6-3,677
75,347
on Treasurer
in above schedule,
of the United
376,706; amount,
ANNUAL
REPORT
SCHEDULE 22.-Gold
OF FEDERAL
RESERVE
settlement fumd operation"
Debits.
Boston ..•.....•.•.•...•.•.......•.•.....•
New York ..............•.......•........
Philadelphia ..•.•.....•..................
Richmond ................••.............
Atlanta ............••..•...........•......
Chicago .........•...•.•.•................
St. Louis ....•.......•.............•...•..
Total...............................
Jan. 1, 1918, to Dee. 31, 1918.
Credits.
Gain.
$119,371,000
1,797,280,000
524,802,000
218,043,000
79,216,000
621,412,000
264,981,000
12,579,000
34,031,000
22,225,000
34,094,000
$34,071,000
9,186,000
75,808,000
26,432,000
6,888,000
229,392,000
4,234,381,000
3,728,034,000
509,950,000
Gain through settlement •......•.............•.•.•.•.•.•...•...•.••..•...•.........•.......•
Net loss through transfers ..•...•...•.............•.•...•.•.•.•...•.•..••...•.•.•...........•
Net gain through transfers and settlement...................................................
o
35.
OF CLEVELAND.
$153,442,000
1,806,466,000
600,610,000
244,475,000
86,104,000
850, 804, 000
261,378,000
47,022,000
86,456,000
43,752,000
53,872,000
~~~~~~~N;::::::::::::::::::::::::::::::
Dallas .......•.....•.•.•.•.....•.....•...•
San Francisco ...•.....•.•...•.•.•...•....
BANK
34,443,000
52,425,000
21,527,000
19,778,000
Loss.
I
$3,603,000...•.........•
.......•.•....
.........•.•.•
.....•.......•.
3,603,0001506,347,000
491,886,000
14,461,000
@FedFRASER