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F ora F. R. 131
BOARD OF GOVERNORS
DF THE
FEDERAL RESERVE SYSTEM
Office Correspondence
To_______ Files
Date
June 26, 1941
Subject:.
From______^r’» C°e
After correspondence with Mrs, Hamlin (See letters of May 25
and June 4> 1941) the items attached hereto and listed below, because
of their possible confidential character, were taken from Volume 158
of Mr, Hamlin’s scrap book and placed in the Board’s files:
VOLUME 158
Page 7 - Average Amount of ’’Float” Carried by F.R.Bks. During February
1926.
Pages 9 and 10 - Cost of Bank Premises of F.R.Bks. & Branches to
December 31, 1925.
Page 13 - Ratio of Current Net Earnings of each F.R.Bk.
Page 31 - Memo to Mr. Eddy from Mr. Smead re Losses on paper of
failed banks.
Page 47 - Ratio of Current Net Earnings to Average Paid-In Capital
& Surplus 1915 - 1925.
Page 48 - Average Annual Rates of Earnings on Total Bills and Securi
ties.
Page 49 - Ratio of Current Net Earnings to Daily Average Holdings of
Total Bills and Securities.
Page 51 - Summary of Cost of Bank Premises and of Furniture and
Equipment at Each Federal Reserve Bank and Branch to De
cember 31, 1925.
Page 77 - (X-4568) Re Eligibility for rediscount at a F.R.Bk. of notes
made or endorsed by a Federal Intermediate Credit Bank when
offered by a member bank.
.
Page 87 - (X-45&5) Report of Open Market Inv. Comm, to the Governors’
Conference, March 22, 1926.
Page 102 - Rates Charged by F.R.Bks. on Acceptances Purchased in Open
Market during January & February 1926 & 1925.
Page 117 - Memo from Mr. Smead to Mr. Hamlin containing 1. Daily Average holdings of U.S. Gov. securities by each
F.R.Bk. by six-month periods from the organization
of the System to the end of 1925.
2. Maximum, minimum, and average holdings of U.S. Gov.
securities by all F.R.Bks. combined by six-month
periods from the organization of the System to
the end of 1925.
3. Statements showing the earnings and profit and loss
account of the System and of each F.R.Bk. from
date of organization to the end of 1924. Similar
figures for 1925 are shown on pages 136-137 of the
February 1925 Bulletin.
tu <
r i 5 ii j l A L
Net f o r p u b lic a t io n
F e d e ra l
R e se rve
B an !
O.
yy
Y?
AVERAGE AMOUNT OF "FLOAT" CARRIED BY THE FEDERAL RESERVE BANDS
ON WEEKLY STATEMENT DATES DURING FEBRUARY- l ^ c 6 .
(Amounts in thousands of d c l l a r s )
" F lo a t (e x c e s s o f u n c o l
C l a s s i f i c a t i o n of
le c t e d o ver d e fe rre d
U n c o lle c te d item s
a v a i l a b i l i t y ite m s )
| C le a r in g |
jF . R. n o te s j
jP e r ce n t of ( T r a n s it | Rouse
j O ther | of o th * r
( T o ta l
j
ment
Amount
|
to ta l
j item s j
ExJ cash
| F. R . i '
| d e p o s it s
S t. 4879
o s s if i c a t io n <
a v a ila b ilit y
1U-S.9 2 F
2,046
1.4
59,377
1,459
56
243
61,135
297
53,792
59,089
York
57^ , 675
23,433
•2.7
132,907
17,895
475
3,929
155 , 20b
1,673
130,050
131,723
P h ila d e lp h ia
133,192
4,739
3.6
51,403
8,411
1,425
4
b l , 24 o
981
55 , 5^6
56,507
C Leveland
183.173
M 33
3-3
oO, 074
2 , 7 o2
36
1,245
o4 ,111
b 09
57,369
57,978
Richmond
71,941
4,373
o .l
5^ ,o 77
2 , 45 o
97
1,194
5o , 4 l 8
1,650
50,1 95
52,045
Atx an ta
£ 5,513
4,83 S
5 .b
35,769
pRo
b5
1,728
38,128
5 66
32,724
33,290
C n icag o
324,351
9,507
2.9
77,541
2,979
40 b
3,294
84 ,c :20
1,244
73 , 4 b9
74,713
-
9 3 , 5i s
e 44
o9
1,535
35 , 3 oo
357
35 ,0 62
35 ,^5
1-3
n ,329
2o 3
244
352
12,188
222
11,245
11,467
4.8
39,197
81
28 0
1,245
40,812
611
35,842
36,453
B oston
• *
S t. L o u is
84,342
M in n e a p c lis
34,343
^ ^ i s a s C it y
90,604
4,352
0 3 , 7 bO
( a ) l ,72 0
-
28, 2O9
13
1
245
23,4 08
3S 3
29,805
3 0 , 12s
(a )
-
34,155
1,584
222
1,433
37 , 4^9
523
37,376
37,899
616 , 18 b
565,496
512,192
38,687
32,277
36 , 7SO
3,379
9 ,3 2 4
4,948
16,475
13,790
14 , 9£2
674,7 2 7
620,907
56s ,902
9,316
7 , 3S 6
10,293
607,461
558 , 95 °
814,894
016,777
5 6 6, 3 36
525,187
D a lla s
San F r a n c is c o
174 , 561
(a )
59
7a
47O
T 0T AL
Deb. 1 9 2 o
Feb. 1925
Feb . I 92E
2 , 291,836
«^,239,197
1 , 965,800
57,950
54,571
^ 3,715
FEDERAL RESERVE BOARD
D IVISIO N OF BANE OPERATIONS
MARCH 1 6 , 1926 .
C.
Page 7
Volume 15#
2.5
2.4
2.2
■ bi
(a ) E x c e s s o f d e fe rre d a v a i l a b i l i t y o ve r 'u n c o lle c t e d
ite m s.
-
"
'
’ "
•
.
•
COST OF BANK fREMISES OF FEDERAL RESERVE BARKS
AID BRANCHES TO DECEMBER 31, 1925.
/
\
BUILDINGS (INCLUDING LAID)
Boston
New York:
Main Building
Annex Building
No. 10 Gold Street
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$5,451,486
19,520,531
2,220,230
103,562
(a)2,817,857
9,354,296
2,643,878
1,813,765
10,457,232
4,593,220
3,541,232
4,664,341
1,675,827
4,332,312
$73,189,769
Pittsburgh
Baltimore
Jacksonville
Nashville
New Orleans
Little Rock
louisville
Helena
Denver
Oklahoma City
Omaha
El Paso
Houston
996,454
201,023
282,776
284,717
1,097,233
421,693
392,496
177,399
(b)601,850
542,777
(b)638,650
161,196
411,299
6,209,563
BUILDING SITES
Baltimore
Birmingham
Detroit
Salt Lake City
251,343
(c)136,488
650,000
114,075
1,151,906
Grand Total
(a) Estimated cost to complete addition
under construction - $235,615.
(b) Subject to minor adjustment.
(c) Includes $10,934 preliminary expenses
in connection with new building.
Page 9
Volume 158
80,551,238
%
-
All Fed.
B 93 . Barks
-— 'Earnings------ Disposition of net earningsGross
Net0 Dividends To Sure.
U . S. tax
1914
1915
1916
191?
1916
1919
1920
1921
1922
1923
1924
1925
63
2,110
5,218
16,128
67,584
102,380
181,29?
122,864
50,490
50,?C8
38,340
41,801
* 310
169
2,751
9,579
52,716
78,367
149,294
82,087
16,497
12,711
3,718
9.449
$678,987
$517,028
Total.. .
* Excess of expanses
c After charge offs.
Page 10
Volume 158
217
1,743
6,802
5,541
5,012
5,654
6,119
6,30?
6,552
6,682
6.916.
$57,546
1,134
48,334
70,651
82,916
15,693
652
2,545
188
3.124
2,704
60,724
59,974
10,850
3,613
114
59
$224,227
$139,174
1,134
RATIO OF CURRENT NET EARNINCS (GROSS EARNINGS LESS CURRENT EXPENSES) OF VACE FEDERAL RESERVE BANK
TO AVERAGE PAID-IN CAPITAL, 1914 to 1925, Inc.
Federal
Reserve
Bank
1914-1915: 1516
•
:
•
1917 ; 1916
•
:
•
1919
:
•
1520
: 1921
•
:
: 1923 : 1924 : 1925
• 1922 •
•
•
T O — "17.1 --- 575T "15". 1
Boston
.23
5.19
17.4
54.7
84.3
137.3
60.6
New York
.75
3.61
2e.2
113.5
137.5
217.4
99.0
16.6
15.5
5.1
1 2.4
Philadelphia ,28
4.78
14.1
46.3
69.1
116.8
60.8
24.4
23.7
9.8
9.8
4.92
14.9
49.3
69.0
119.0
58.5
21.9
17.4
12.4
10.9
*
Cl eveland
Richmond
8.04
5.57
14.8
60.3
91.7
110.3
85.7
21.6
23.3
25.1
12.2
Atlanta
6.91
5.26
13.2
54.7
104.8
162.0
142.2
24.8
31.5
23.9
18.4
Chicago
1.29
6.05
20.6
67.7
81.0
195.6
109.1
16.3
14.2
10.8
£.8
•
5.C5
15.9
53,9
69.3
124.3
71.2
17.7
25.9
9.7
33.0
Minneapolis
.41
5.22
16.e
56.5
81.6
131.5
1C3.2
24.8
18.6
18.7
10.5
Kansas City
*
7.45
2 1.8
78.4
99.0
125.3
73.8
23.6
23.2
8.8
13.5
5.26
6.14
12 .9
52.2
63.5
89.3
56.7
13.6
23. C
20.4
13.9
♦
2.84
13.7
70.6
113.3
159.1
7 4 .0
24.3
23.1
10.4
14.3
4.99
18.9
72.6
98.2
160.7
85.1
IS. 9
19.2
1C. 7
12.4
St
•LCuis
Dallas
San Fran.
Total
1.18
♦Current expenses //ere in excess of earnings.
Page 13
Volume 158
./sS*
/
1/
To
f
Mr. Eddy
From
Mr. Snead
•
C/
March 13, 1926.
SUBJECT:
Losses on paper of failed banks.
In accordance with your reouest I an “handing you herewith two
tables, one showing determined losses actually charged off by Federal
reserve banks oh paper held under discount for member banks which have '
failed, and the otner showing claims against failed member banks on Jan
uary 1, 1926, the estimated probable losses thereon, estimated losses on
paper held under discount for over-extended banks, and reserves held to
take care of such losses.
As is apparent from the table first mentioned, the Federal reserve
banks have not followed a uniform policy with reference to losses on
account of failed banks, some having charged off a very substantial
amount against reserves set aside to cover losses, while others, especially
Minneapolis, have adoped a different policy. Definite information as to
the policy followed by each bank with reference to settlements on paper
held under discount for failed banks is not available at this office.
T.'e find, however, that the Federal Reserve 3anks of Richmond, St. Louis,
Minneapolis, Kansas City, and San Francisco have apparently uniformly
followed the policy of not charging off any losses until the actual
amount thereof has been definitely determined. Richmond and Minneapolis
had not charged off any amounts up to the end of 1925, St. Louis had
charged off ^150,000 on account of the failure of the First National
Bank of Rosedale, Miss., and a small loss on the First National Bank
of Judsonia, Ark., both of which failed in 1921. Kansas City And
San Francisco have definitely determined their losses in the case of only a
few banks, and conseouently have charged off relatively small amounts,
practically the entire charge-off tfide by San Francisco being made at
the end of 1925. The Atlanta and Dallas banks apparently have followed
the plan of writing off losses as s!oon as the amounts have been approx
imately determined, the losses written off frequently being round amounts.
In accordance with this policy A'tlaA.ta, on December 31, 1925, charged
off losses amounting to $1,273,312.56, the bank stating in reply to our
telegraphic inquiry that actual facts\ reaching them since their estimate
to the Board had definitely determined their losses in connection with
failed banks as $734,859.51 in excess $f the reserve they were carrying
at the end of the year. Pallas since tpe first of the year has charged
off $630,142.09, thereby reducing its reserve for probable losses to
$182,133.57. The Dallas bank has, of course, made compromises in a number
of instances, with the result that in some cases, at least, the amounts
actually charged off represent losses which have been definitely and
finally, determined.
Prior to 1924 it had been the policy of the Chicago bank, with the
approval of the Federal Reserve Board, to charged off at the end of each
year the total amount of paper held under discount for failed member
banks, and then to credit back any recoveries subsequently received. This
plan was unsatisfactoiy, and after a conference with Governor McDougal, the
Board decided to allow the Chicago bank to set up reserves to cover any
probable losses, but not to authorize such losses to be charged off until
the amount of losses were definitely determined.
Page 31
—
Volume 158
4
CLAIMS ACCOUNT FAILED BANKS, ESTIMATED PROBABLE LOSSES ON PAPER OF
FAILED OR OVEREXTENDED BANKS, AND RESERVES FOR PROBABLE LOSSES.
Federal
Re serve
banks
Claims account Estimated urobable losses*
failed banks Failed banks !Overextended
on Jan.l, 1926
banks
To teal
Boston
-
—
NO'.y York
-.
-
-
-
-
-
_
-
-
- '
—
Philadelphia
Cleveland
Richmond
.
$321,342.92
$85,300.00
Atlanta
1,337,419.61
23,316.09
-
Chicago
1,333,105.69
90,000.00
-#
229,681.99
158,631.66
St. Louis
23,316.09
-
$300,000.00
_
##90,000.00 1,000,000.00
250,000.00
364,600.00 **335,400.00
700,000.00
700,000.00
270,071.51
294,684.40
644,605.78
812,275.66
2,381,882.12
Kansas City
320,471.89
‘'82,407 .97
Dallas
891,775.05
644,605.78
3,397,256.62
1,782,000.00
10,212,935.89
3,230,861.50
Total
$200,300.00
158,631.66
Minneapolis
San Francisco
$115,000.00
Reserve for
probable losses
on Jan. 1, 1926
187,663.54
-
1,782,000.00 1,257,990.92
638,063.54 3,868,925.04 4,614,950.98
♦Estimates on basis of November 30 figures reduced, by
amount of losses charged off thereafter to December 31, 1925.
♦♦No estimate except that reserve of $700,000 is ample to cover
all losses.
#Unable to estimate.
-#Poes not include probable losses on paper of overextended banks.
(St. 4887a)
TION OF SYSTEM to DECEMBER
LOSSES ON PaT^ OF FAILED BANKS, BX YEARS FROM ORGAN
(Determined losses actually ch;
ged off)
1924
'
1925
'
.
Total!?
m
mm* ^
---------
fR-Tserves f ,%s
<es
l robable
10 326
January 1
------ * i
-—
—
Bostou
Philack
C lev el
Rlchmor;
Atlanta
Chica^
Total
3£,053-TS *63919.32
/
1
I
it*, a *
•/.
< C
I
I
I
r
RATIO OF CURRENT NET EARNINGS (GROSS EARNINGS LESS CURRENT EXPANSES) TO AVERAGE PAID-IN CAPITAL AND
i_
SURPLUS COMBINED, 1915 TO 1925
Federal
Reserve .
Bank
:
1914 : 1915"
:
: 1916#
: 1917#
1921
•
: 1922
•
57.4
19.8
6.2
5.6
2.4
5J.
•
1918 : 1919
•
(Per cent)
54.1
54.1
•
: 1920
•
:
•
: 1923 : 1924 : 1925
•
5.19
17.4
.75
3.61
28.2
110.0
63.8
73.5
31.3
5.2
5.1
2.5
4.3
Philadelphia
.28
4.78
14.1
46.3
59.7
50.3
20.2
8.1
8.1
2.5
3.5
I
Cleveland
*
4.92
14.9
49.3
46.8
55.8
19.9
7.4
5.9
3.0
4.0
I
Richmond
8.04
5.57
14.8
58.5
54.9
45.5
28.5
7.2
7.8
3.8
4.1
Atlanta
6.91
5.26
13.2
54.0
64.6
63.2
46.2
7.S
10.4
4.9
6.2
Chicago
1.29
6.05
20.6
66.3
49.2
79.9
35.3
6.1
4.7
2.8
3.7
St. Louis
*
5.05
15.9
53.9
46.1
58.1
24.2
5.9
8.8
1.6
4.4
Minneapolis
.41
5.22
16.8
55.8
51.5
56.2
34.1
8.0
6.1
5.0
3.2
Kansas City
*
7.45
21.8
78.4
55.5
48.0
24.1
7.6
7.6
2.8
4.4
5.26
6.14
12.9
52.2
43.5
45.6
22.1
4.9
8.3
7.0
5.0
*
2.84
13.7
70.6
67.8
63.7
24.4
8.0
7.8
2.7
5.0
1.18
4.99
18.9
71.6
56.8
63.9
28.0
6.5
6.4
3.0
4.3
I
Boston
.23
I
New Y ork
Dallas
San Francisco
TOTAL
FEDERAL RESERVE BOARD
MARCH 18, 192 6.
Page U7
Volume 158
>
«
,
^Represents the ratio of current net earnings to average paid-in capital,
as the Federal reserve banks had no surplus account until 1918.
♦Current expenses wero in excess of earnings.
%
AVERAGE A Trim I BATHS OF EA.RNINGS OB TOTAL BILLS AND SECURITIES
Federal
Reserve
Bank !
1914- |
1915* |
I
1916
191V
1918
1919
1920
1921
1922
-------- 1
1923
1
1924
1925
(Per cent)
Boston
2.49
2.40
3.39
4.02
4.01
5.48
5.42
3.87
4.28
3.69
3.35
New York
2.75
2.48
3.15
3.97
4.00
5.59
5.69
3.82
4.30
3.53
3.39
Philadelphia
2.64
2.42
3.32
4.19
3.92
5.02
4.95
4.11
4.37
4.02
3.58
Cleveland
3.07
2.63
3.29
4.14
4.02
5.45
5.39
4.10
4.29
3.79
3.47
Richmond
4.57
3.60
3.47
4.29
4.16
5.29
5.61
4.57
4.44
4.24
3.83
Atlanta
4.32
3.22
3.55
4.17
4.03
5.33
5.63
4.40
4.41
4.24
3.63
Chicago
3.00
2.74
3.35
4.19
4.02
5,75
5.91
4.23
4,26
3.92
3.69
St. Louis
3.58
2.58
3.36
4.17
3.92
5.29
5.43
4.14
4.40
4.01
3.59
Minneapolis
3.36
2.78
3.50
4.45
4.11
5.76
6.09
4.64
4.42
4.10
3.65
Kansas City
3.27
2.59
3.20
4.35
4.26
5.38
5.39
4.25
4.37
4.02
3.56
Dallas
4.70
3.60
3.41
4.30
4.28
5.14
5.79
4.56
4.26
3.84
5.50
San Francisco
3.23
2.43
3.44
4.41
4.26
5.49
5.56
4.08
4.32
3.78
3.39
3.38
2.67
3.29
4.12
4.04
5.50
5.61
4.11
4.33
3.83
3.51
Total
FEDERAL RESERVE BOARD
MARCH 22, 1926.
Page 48
Volume 1$8
*Based on average of holdings of bills and
securities on weekly statement dates.
o
AL/t
S *u
v r
o
RATIO OF CURRENT NET EARNINGS TO DAILY AVERAGE HOLDINGS OF TOTAL BILLS AND SECURITIES
.
•* .
■
Boston
(a)
1.8
2.6
3.5
3.2
4.6
3.8
1.7
1.7
.9
1.3
New York
(a)
1.4
2.2
3.7
3.4
5.0
4.4
1.6
1.7
1.0
1.4
Philadelphia
(a)
1.7
2.6
3.5
3.2
4.2
3.5
2.1
2.2
1.1
1.3
Cleveland
(a)
2.0
2.7
3.7
3.4
4.6
3.8
2.1
2.0
1.2
1.3
Richmond
2.9
2.4
2.8
3.8
3.5
4.3
4.1
2.0
2.1
1.3
1.3
Atlanta
1.8
1.8
2.5
3.4
3.3
4.5
4.5
2.0
2.3
1.5
1.5
Chicago
.3
2.3
2.8
3.7
3.3
5.1
4.6
1.7
1.4
1.0
1.2
St. Louis
(a)
1.6
2.6
3.4
2.9,
4.1
3.5
1.4
2.1
.6
1.2
Minneapolis
(a)
1.8
2.9
3.8
3.5
4.9
4.7
2.2
1.8
1.5
.9
Nansas City
(a)
1.9
3.5
4.3
3.4
1.6
1.7
.8
1.0
Dallas
1.6
2.3
2.6
3.7
3.3
4.0
3.7
1.3
1.8
1.6
1.2
San Francisco
(a)
1.1
2.6
3.6
3.8
4.6
3.4
1.6
1.7
.7
1.0
(a)
1.8
2.5
3.6
3.3
4.7
4.1
1.8
1.8
1.0
1.3
Total
FEDERAL RESERVE BOARD
MARCH 22, 1926.
Page 49
Volume 158
‘
♦Based on average holdings of bills and securities on weekly statement dates,
(a)Current expenses were in excess of earnings.
j
1
I
£
•
SUMMARY OF COST OF BANK PREMISES AND OF FURNITUa E AND EQUIPMENT AT
EACH F D H- ,L RESERV E BANK AND BRANCH TO DECIDER 31, 1925.
%
Land
Building
Furniture
and
Equipment*
Total
BUILDINGS OCCUPIED
|
j
|
I
I
I
I
I
I
'
|
s
j
Federal Reserve Panics
Boston
.1,246,726
84,204,760
New York: Lain Building
4,850,210
14,670,321
Annex Building
592,679
1,627,551
No. 10 Gold St. (a)91,715
(b) 11,847
Philadelphia
(c )799,652 (d)2,018,205
Cleveland
1,295,490
8,058,806
Richmond
202,025
2,441,853
Atlanta
283,000
1,530,765
Chicago
2,963,548
7,493,684
St. Louis
1,354,874
3,238,346
Minneapolis
600,521
2,940,711
Kansas City
495,300
4,169,041
Dallas
181,12 0
1,494,707
San Francisco
412,996
3,919,316
Total
\
jj
!
j
#5,451,486
19,520,531)
2,220,230)
103,562)
2,817,857
9,354,296
2,643,878
1,813,765
10,457,232
4,593,220
3,541,232
4,664,341
1,675,827
4,332,312
571,831
715,976
507,312
191,908
1,080,966
496,701
377,484
383,578
337,341
728,241
57,819,913
73,189,769
7,355,354
(c)297,000
(a)201,023
45,842
83,704
201,250
85,007
(c )131,177
(c)5,000
101,512
65,021
176,427
39,003
66,312
699,454
- *
236,934
201,013
895,983
336,686
261,319
172,399
(e)500,338
477,756
(e)462,223
122,193
34-4,987
996,454
201,023
282,776
284,717
1,097,233
421,693
. 392,496
177,399
601,850
542,777
638,650
161,196
411,299
135,017
148,728
27 ,399
22,133
64,979
84,497
81,008
17,675
67,765
107,700
99,434
63,914
83,243
1,498,278
4,711,285
6,209,563
15,365,856
Federal Reserve Branches
Pittsburgh
Baltimore
Jacksonville
Nashville
New Orleans
Little Rock
Louisville
Helena
Denver
Oklahoma City
Omaha
El Paso
Houston
Total
^388,582
1,575,434
1,003,492
1
(a) Including building on land when purchased.
(b) Remodeling cost only •
(c) estimated value of land. Balance of purchase price is included in
cost of building.
(d) Estimated cost to complete addition under construction - $235,615.
(e) Subject to minor adjustment.
♦Total cost, including replacements, from organization to Decembe r 31, 1925.
(Continued on next paere)
Page 51
—
Volume 153
St.4817
t
0
^
4
■ -
» ^
■
Land
Building
C L l .......
1,1 0,972 •
. ____ ____
ip
••
.
5
*251,34?
136,488
Seep g | r edinS
$11,723”
107,258
1 I'D 075 | !21,93G
10,934
1,151,906
NO B^IDWGSJJH BUILD i:fG
Buffalo
Cincinnati
Memphis -
Los Angeles
Portland
Seattle
Spokane
L\
Furniture
and
Equipment *
Total
BUILDING SITNt
Federal Reserve Branches(Cont’d)
Baltimore
$251,343
_
Birmingham
125,554 (a): 10,95*
"‘V-. i I' •: *
Detroit *
650,000
Salt Lake City
114,075
Total
ck*
—
.—
+ t’ .
.
***,» <■
Y -' ■ .
ifci*
9 * 4#
*
SUIvu.iA.RY OF COST OF B/.NF P i t I jI S E S AND OF FURNITUR j AND EQUIPMENT AT
A C H FEDERAL RTS RVE BANF A .ID BRANCH TO DTC.LBER 31, 1925 (C.ont’d)
9
4* -
'M0.911
SITSS
72.090
85,887
112,916
136,77 8
77,008
71,290
50,657
Federal Reserve Agonjjies
Havana TBost on")
Havana (Ai^nta)
’
Savannah
Total, all Federal reserve banks,
,
branches and agencies
18,009,106 £2,542,132
80,55V>2^8 I9j 212>154
(a) Tfe ? iminary expenses.
NOT 4: Property, purchased by the Reserve banvs as Bank **°™ises or as sites
for pronocad-buildings has been € 0 ±d, exchanged, or oth? ;rwise disposed of
as follows:
Boston. $ite purchasjd in 191^ was sold in 1919 at
>jfit of $150,000 which
was deducted from cost of present site.
.-sa*
Dallas. Building purchased in 19L5
00 >
r.nd ror 1^1ed for bank use at
a cost of.$53,336 was sold in 1922 for ti30,»j00 on cuiii^ 'Hion of present
building.v
Denver. Site purchased in 1921 was exchanged in 1924 for site now ownod.
Omaha. Building purchased in 1920 for T165;602 and remodeled for use as bank
■premises at a cost of :39,748 vras exchanged in 1924 for the site now ownod.
Cincinnati. Property purchased in 1920 for :'680,744. as a site for a proposed
building was leased to the Cincinnati Chamber of Commerce in 1925 for a period
of 99 years with an option to purchase for $600,000. Space in the proposed
building of the Chamber of Commerce will be 1 eas?d to the Cincinnati Branch.
.,st- 4817.
*• ..• £?:*• V .
>*»
W
V
si
FEDERAL RESERVE B O A R D
W ASH IN G TO N
A D D R E S S O F F IC IA L C O R R E S P O N D E N C E T O
X~4568
TH E FEDERAL RESERVE BOARD
March 24, 1926*
SUBJECT:
Eligibility for rediscount at a Federal reserve
bank of notes made or endorsed by a Federal Intermeaiate Credit Bank when offered by a member
bank.
Dear Sir:
The Federal Reserve Board has been requested to rule
upon the eligibility for rediscount at a Federal reserve bank
0 a note o f a Federal Intermediate Credit Bank and also of a
note made by a cooperative marketing association and endorsed
by a Federal Intermediate Credit Bank. In each case the note
is offered for rediscount by a member bank which has discounted
it tor the Federal Intermediate Credit Bank.
was suggested to the Board that if such paper is
e lgible tor rediscount, the provision of the Board’s Regulai°n A wn:ich prohibits a Federal reserve bank to discount naoer
for any Federal Intermediate Credit Bank when its own reserves
are less than 50;b of its aggregate liabilities for deposits and
federal reserve notes might be circumvented and a Federal Inter
mediate Credit Bank might obtain accommodation indirectly from
a Federal reserve bank even though the Federal reserve bank's
reserve might be less than 50$. The principle underlying this
provision of the regulation, however, is that member banks are
entitled to preferential treatment in the matter of receivingcredit accommodations from the Federal reserve bank because °
they contribute to the resources of the Federal reserve banks
and tneir credit facilities ought not to be curtailed in any
way unrough the extension of credit to Federal Intermediate
Credit Banks, which contribute nothing to the resources of the
Federal Reserve System and which are not members of the System,
ihis principle, of course, would not be applicable when a member
—^ — of-'-Qf’s for rediscount at a Federal reserve bank -Daoer made
or endorsed by a Federal Intermediate Credit Bank, because in
ouc. a case the member bank would be obtaining credit accommoaation from the Federal reserve bank. If the uauer is otherwise
eligiole this provision of the Board's regulations would not urevent its rediscount by a member bank.
"
.
_The question whether a note made by a cooperative market
ing association and endorsed by a Federal Intermediate Credit 3ank
is e lgiole for rediscount at a Federal reserve bank, when offered
Page 77
Volume 158
-
2
-
~X-4568
by a msiriber bank, is to be determined by the purpose for which it
was issued or the use made of its proceeds and is not affected by
the fact that it is endorsed by a Federal Intermediate Credit
Bank (except for the prohibition contained in Section 19 which is
discussed below.) As the Board has ruled, heretofore, it is the
purpose of the original negotiation which is determinative of the
eligibility of a note for rediscount. In the fourth paragraph of
Section 13 (a) of the Act, it is provided that a note ii-vuod by
a cooperative marketing association shall be deemed to have been
issued for an agricultural purpose if its proceeds have been or
are to be used for certain specified purposes. If, therefore, a
note made by a cooperative marketing association has been issued
for one of the purposes so enumerated, or may be otherwise con
sidered agricultural paper, it is eligible for rediscount at a
Federal reserve bank when offered by a member bank, regardless of
the fact that it may have been discounted by the member bank for
a Federal Intermediate Credit Bank. Of course, it is necessary
that the note comply in all other respects with the pertinent pro
visions of the Federal Reserve Act and the Board’s Regulations.
Uhile in theory the general principles applicable in
determining the eligibility of other paper would govern the el
igibility of a note made by a Federal Intermediate Credit Bank
wnen offered for rediscount by a member bank, as a practical mat
ter, since Federal Intermediate Credit Banks are not ordinarily
engaged in commercial, agricultural or industrial pursuits but
in the business of lending money, it seems almost
certain that
such a note would not be issued for an eligible purpose but for
the purpose of obtaining funds to be advanced or loaned to some
other borrower. Under such circumstances, of course, the note
made by the Federal Intermediate Credit Eank would be ineligible
for rediscount under Section 11(b) of the Board’s Regulation A.
The eligibility for rediscount of paper made or endorsed
by a Federal Intermediate Credit Bank when offered by a member
bank is also affected by that provision of Section 19 which pro
hibits a member bank from acting as the medium or agent of a non
member bank in discounting with a Federal reserve bank except by
the Board’s permission; and it is accordingly necessary, under the
principles laid down in the Board’s ruling published in the 1923
Bulletin at page 891, for the Board to grant its permission before
paper bearing the signature or endorsement of a Federal Inter
mediate Credit Bank may properly be rediscounted for a member bank.
Accordingly, the Federal Reserve Board hereby grants its per
mission for Federal reserve banks to rediscount for member banks
paper tearing the signature or endorsement of Federal Intermediate
Credit Banks, if such paper is otherwise eligible under the law
and the regulations. In the ruling referred to it was stated
that as a general rule, the Board will not grant to member banks
permission to rediscount with Federal reserve banks the paoer of
X-4568
3
nonmcmber banks which are eligible for membership in the Federal
Reserve System. Federal Intermediate Credit Banks, however,
are not eligible for membership in the Federal Reserve System
and, therefore, the granting of this permission is not a departure
from the policy announced in that ruling.
Very truly yours
D. R. Crissinger,
Governor.
TO ALL FEDERAL RESERVE AGSITTS.
.
i-v-ObD
BSPOHT OP TEE OPSiT MARKET IEVESOHSHT COMMITTEE TO THE
.
GOVERNORS1 CCEFEDEHCE, March 22, 1926.
Since the last Governors' Conference the changes in the
special investment account have consisted of (a) temporary readjust
ments to offset the effects on the money market of government financ
ing at tax periods, (b) purchases and sales to offset seasonal changes
ever the turn of the year, and (c) a reduction in total caused by the
repayment of March 15 maturities, which have not yet been wholly
replaced.
At the December 15 tax period temporary sales of 30 million
dollars were made to Hew York City banks, and at the March
tax
period temporary sales of $38,000,000 were made, of which $35,000,000
were made in Hew York and $3,000,000 in Chicago.
The result of these
sales was to exert a considerable stabilizing influence on the market
at these periods.
During the latter part of December the committee purchased
50 million of short-term government securities to decrease the
seasonal strain in the market, and those securities were resold in
the latter part of January and early in February.
On March 15 there matured 65 million dollars of securities
held in the special account, and in addition $32,500,000 held for
foreign account.
These amounts have been fully replaced for the
fpreign accounts but only partially replaced as yet by the purchase of
$34,355,600 of securities for the System account.
This leaves a balance
of $31,411,100 to be purchased for the special account in order to rePage 87
Volume 158
X-45S5
-
2
-
store it to 210 million dollars; the $118,160,000 of Treasury notes
which matured December 15, 1925, were replaced by purchases of other
maturities, thus causing no change in the account.
In the past few weeks, there has been some change in credit
conditions, but more particularly in business and financial psychology,
Tne stock market boom has lost its impetus and the amount of funds
employed by the market has diminished by about 300 million dollars from
th^ datu when public reports were commenced.
has calmed down somewhat.
Seal estate speculation
There are also reports of business hesita
tion, evidence of which may be found in a weal-mess in commodity prices,
a decline of unfilled orders of the Steel Corporation, some recession
in retail trade and some decrease in the amount of building permits
taken out, although the actual volume of current business transactions
continues very large.
But some business hesitation appears to be a
not unusual accompaniment of a rather sharp arrest of stock speculation
following a long extended period of activity.
Thus far it would appear that the'diminution of speculative
activity is wholesome.
The movements which have taken place have
been orderly and there has been no indication so far of untoward con
sequences.
It is not yet clear how far liquidation will be continued
and it is, of course, still possible that there might be a revival of
speculation with the dangers it involves.
It appears more probable,
however, that the peak of this speculative and business expansion has
been passed.
It therefore seems appropriate in view of the above
to discuss at this time what our open market policy should be in the
/
X-4565
- 3 -
event a business recession calls for a revision of policy before we meet
in another governors* conference.
Experience in the past has indicated that member banks when
in debt at the Federal Reserve Bank of New York, and in less degree at
other money centers, constantly endeavor to free themselves from that
indebtedness, and as a consequence such pressure as arises is in the
direction of curtailing loans.
This is now accentuated over a year
ago as the discount rate at New York is a full
higher at four other banks.
lf>
higher, and l/2$
As the accompanying table of the earning
assets of the System shows, the amount of credit furnished by Reserve
Banks on member banks direct borrowing, just prior to the March 15th
operations, was larger this year than on any corresponding date since
1923.
EARNING- ASSETS - FEDERAL RESERVE SYSTEM
(In millions of dollars)
1923
1924
1925
1926
1922
Mar. 8- Mar.7- Mar.12- Mar. 11-- Mar.10
Discounts
New York (City)
Chicago
(City)
Other
14
3
614
149
22
400
53
7
423
149
2
259
103
17
382
Total
631
571
483
410
502
Bankers Acceptances
102
219
243
301
285
140
275
245
72
113
115
15
12
U.S. Securities-Committee—
-
U.S. Securities-Other
444
345
Other Earnings Assets
-
-
Total
1,177
1,135
938
1,114
1,159
X-4565
- 4 -
The total amount of borrowing undoubtedly exerts some pressure
upon the business community.
Should we go into a business recession
while the member banks were continuing to borrow directly 500 or 600
million dollars, (if bills are included nearly 800 million dollars,)
we should consider taking steps to relieve some of the pressure which
this borrowing induces by purchasing government securities and thus
enabling member banks to reduce their indebtedness.
It is not possible to predict to what extent member banks will
continue their borrowing on the present scale in the event of a business
recession.
The release of funds now employed in the security markets,
a decrease in currency requirements, and some decrease in bank loans
for business undertailings, would likely be partly offset by increased
requirements for funds to carry accumulating inventories.
major determining factor will be the movement of gold.
Perhaps the
During the first
half of March we received 30 million dollars of gold from Canada and
this movement resulted in easy money rates in New York in the second
week of the month.
It seems possible that this gold movement may be
continued somewhat further, and, if so, it would correspondingly
liquidate the borrowings of member banks in New York.
The usual move
ment of gold, however, if seasonal causes operate, would lead us to
anticipate gold exports rather than imports during the summer months,
with perhaps further imports in the fall.
tendencies future,
With these conflicting
changes in our loan account are especially signi
ficant as a guide and we should see that the total does not become or
continue too burdensome
X-4565
- 5 -
Future Policy,
As a guide to the timing and extent of any purchases which
might appear desirable, one of our best guides will be the amount of
borrowing by member banks in principal centers, and particularly in
New York and Chicago.
Our experience has shown that when New York
City banks are borrowing in the neighborhood of 100 million dollars
or more, there is then some real pressure for reducing loans, and
money rates tend to be markedly higher than the discount rate.
On
the other hand, when borrowings of these banks are negligible, as
in 1924, the money situation tends to be less elastic and if gold im
ports take place, there is liable to be some credit inflation, with
money rates dropping below our discount rate.
When member banks are
owing us about 50 million dollars or less the situation appears to be
comfortable, with no marked pressure for liquidation and with the
requisite elasticity.
Under these circumstances no single bank tends
to be in debt for any extended period and borrowings are passed around
among the different banks.
Call and time money rates tend to be but
slightly above our discount rate.
With this situation existing in
New York, there is less tendency for funds to be attracted to New York
(particularly since commercial rates at such times are apt to be higher
than stock exchange rates for call money) and the situation has a
considerable degree of stability.
The accompanying chart shows the amount of borrowing of New
York City banks by weeks during the past four years.
It shows borrow
ings to be large during 1923, when, as we all know, there was some
X-4565
- 6 -
pressure for liquidation.
Allowing for the seasonal increase and de
crease in December 1923 and January 1924 borrowings were very snail
during 1924 and we recall that during the balance of that year while
there was considerable instability in money conditions, it was accompanied
by a gradual revival of business over 1923.
In 1925 borrowings were
sufficiently high during parts of the year to place some pressure on the
ITew York City banks.
It was in this stage that rate advances were made.
In the event of business liquidation now appearing it would seem ad-'
visable to keep the New York City banks out of debt beyond something in
the neighborhood of 50 million dollars.
It would probably be well if
some similar rule could be applied to the Chicago banks, although the
amount would, of course, be smaller and the difficulties greater be
cause of the influence of the New York money market.
In general it would appear that we should not increase or
diminish the special account immediately beyond gradually replacing
the issues which matured on March 15 as market conditions warrant, but
that we should prepare ourselves now fop the prompt purchase of some
further amount of securities if and
when there should be further
evidence of a recession in business activity, especially if there is
no further liquidation in the amount of Federal Reserve credit employed.
March 19, 1926.
Exhibit A
STATEMENT SHO’TING p a r t ic ip a t io n b y fed er a l reser ve banks in system s p e c ia l in v es tm e n t
_______ ACCOUNT AND CLASSIFICATION OF ISSUES HELD IN THE ACCOUNT BY MATURITIES________
Holdings
Holding
Ratio
Holdings by Maturities
C/l
$
1,800,000
1,688,000
1.0%
June
15, 1926 3 %
43,739,900
24* 5%
June
15, 1926 3 1 / 4 % C/l
28,900,000
P M ladelnMa
1,331,000
.7%
September 15, 1926 4 l / 4 % T/N
17,901,000
Cleveland
9,908,500
5* 5 %
Dec emb er
15, 1926 3 3 / 4 % C/l
47,260,000
Richmond
3,488,500
1.9%
March
15, 1927 4 3/4^ T/N
44,956,600
At lanta
10,289,000
5*8 %
December
15, 1927 4 1/2$ T/fa
35,371,300
CMcago
18,718,000
10* 5%
St* Louis
16,049,500
9.0%
Minneapolis
7,671,000
4* 3 %
Kansas City
17,726,000
9.9?„
Dallas
13,831,500
10* 6%
San Francisco
29,154* 000
16.3%
Bost on
NYork
$
Sept emb er 15, 1928 4 l/4% 3rd L/L
2,500,000
J
$178,588,900
100.0 %
$178,598,900
'’'h is statement includes future purchases to be delivered on or before March 20,1926
#
Exhibit B
PURCHASES OF BANKERS ACCEPTANCES FROM JANUARY 4 TO MARCH 10, 1926 AND MOUNT
EACH BANK HAS RECEIVED IN EXCESS OR SHORT OF ITS PRO RATA SHARE
-________ UNDER APPORTIONMENT PLAN PUT INTO EFFECT JANUARY 4. 1926________
Ratios of
Participr>tion
Boston
New York
Philadelphia
Cleveland
Bills
Acquired
(Net)
Bills Over
Pro rata
Share
Bills Entitled
to Acquire
Bills Shor
Pro rata
Share
7%
0 19,830,000
0 19,247,000
24%
62, 659,000
65,992,000
Q%
25, 752, 000
21,997,000
10%
27, 395,000
27, 49 7, 000
0
102, 000
0
58 3,000
0
3,755, 000
0
o
3, 333,000
0
Richmond
5/o
13, 792,000
13, 748, 000
44, 000
0
Atlanta
4%
11,390, 000
10,999,000
391,000
0
Chicago
14/5
38,012, 000
38,495, 000
0
48 3, 000
St. Louis
5/o
13, 262, 000
13, 748,000
0
48 6, 000
Minneapolis
4%
10, 691,000
10,999,000
0
308,000
Kansas City
b%
15,908 ,000
16,498,000
0
590, 000
Dallas
4%
10, 732, 000
10,999, 000
0
267, 000
- J l
25. 543, 000
24. 747r000
79 6. 000
0
100%
0274,9 66, 000
0274,9 66, 000
05, 569 ,000
Sar. Francisco
Totals
C>5, 569 ,000
Exhibit C
STATEMENT SHOWING EFFECT OF DISTRIBUTION OF SYSTEM OPEN MARKET PURCHASES DUhING 1925 TO kEET EXPENSE
REQUIREMENTS OF FEDEnAL RESERVE BANKS, WHICH DISTRIBUTION (l) DUrING FInST NINE MONTHS
V/A3 ON BASIS Of CUnRENT EXPENSES *ND DIVIDENDS AND (2) CURING BALANCE
OF YEAR TO PROVIDE FOR CHARGE-0FF3 a3 COMPLETELY r S POSSIBLE
Gross
Earnings
Boston
* 3,2 0 6 ,54 6
Current Ex
penses and
Dividends
«
2 , 528,503
Current Net
Earning^
*
760,043
Charge-o ffs,
Depreciation
Charges, etc.
v
122,110
Net After
all Charges
and Dividends
*
6 3 7 ,9 3 3
10,217,174
8 , 2 13,39 8
2,003,776
788,674
1 , 215,102
Philadelphia
3 .1 3 5 .5 4 9
• 2,709,480
426,069
21,162
4 0 4 , 907
Cleveland
4,013,456
3 .3 7 8 ,4 4 1
6 3 5 ,0 1 5
203,
250
4 3 1 ,76 5
Richmond '
2,162,460
1 .6 0 9 ,7 7 6
372,684
154,736
217,948
/vtlanta
2,072,378
1 , 502,220
5 70 ,158
620,455
250,297
Chicago
5 ,4 24,663
4,6 8 6 ,25 3
738,410
551,153
18 7,2 5 7
2.055,637
1,6 9 6 ,85 3
358,784
759,076
400,294
Minneapolis
1,438,341
1,2 9 1 ,38 0
146,953
105,558
41,395
Kansas City
2,309,986
1 ,9 8 5 ,8 7 0
324,116
299.621
24,495
Dallas
1 ,8 1 3 ,62 6
1,4 7 6 ,58 3
335,043
312,147
22,696
1 .6 4 8 .6 9 0
, 3 ..W .S 5 S
677.335
677.335
-
*41,800,706
v 34,452,320
*7,3 4 8 ,38 6
*4,615.279
New York
3 t.
Sen
Louis
Francisco
Totals
* 2 ,5 3 3 ,1 0 7 Not
E x h ib it "D"
10, 1926 COMPARED
10, 1926 AS COMPARED WITH
STATEMENT SHOWING EARNING ASSET HOLDINGS OF ALL FEDERAL RESERVE BANKS MARCH
OF EARNING ASSETS FROM DECEMBER
TO MARCH
31, 1925
------------------------------------------------------------------ -
B ills discounted
"
«
- March 3
"
io
Net Change
B ills purchased
• * «
- March 3
" 1 0
Government secu rities • March 3
M
«
" 1 0
New York
Philadelphia
|36,089
22,311
|172,576
156 ,018
$53,887
51,117
13,778-
18,558-
43,375
40,595
67,263
69,140
8,267
7,778
489-
Net Change
Total earning assets
M
M M
Boston
2,780-
Net Change
- March 3
" 1 0
Net Change
‘
88,392
71,353
17,039-
2,770-
19,299
19,717
1,877+
54,349
61,297
6,948+
296,572
288,866
418+
19,063
21,309
2,246+
96,126
96,029
7,706-
97-
H» 1925; ALSO
1925
WITH PREVIOUS WEEK AND MARCH
CORRESPONDING PERIOD AND ENTCRE VEAR
WEEKLY AVERAGE
_____
(000 Omitted)
Cleveland
Richmond
Atlanta
Chicago
St. Louis
$48,620
52,007
$43,417
43,650
$33,055
30,336
$88,667
64,501
$25,607
20,214
3,387+
19,124
21,009
1,885+
31,559
33,496
1,937+
100,234
107,453
7,219+
233+
9,374
10,841
1,467+
5,443
6,125
682+
58,695
61,082
2,387+
2,719-
22,312
18,499
3,813-
15,208
17,219
2,011+
70,923
66,406
4,517-
24,166-
31,092
30,234
858 -
44,021
46,816
2,795*
164,972
14?,?57
22,215-
Minneapolis
$22,558
14,145
♦1 0 ,5 1 8
3,e76
5,393-
13,797
14,300
503+
23,907
27,044
3,137+
63,685
61,936
1,749-
Kansas City
8,413-
6,642-
7,047
7,974
14,739
13,896
843-
927+
33,960
37,474
16,578
18,078
3,514+
1,500+
71,696
65,958
34,421
30,209
5,738-
4,212-
Dallas
$ 6,644
6,705
61+
14,194
13,723
471-
29,458
33,387
3,929+
50,601
54,123
3,522+
San Franciffco
$41,576
37,545
4,031-
24,991
24,592
399-
43,945
49,643
5,698+
111,112
112,387
1,275+
Total
$
583,214
502,425
80,789-
286,6C7
284,520
2,087-
3 2 5 ,7 5 8
359 ,66 6
33,908+
1,207,429
1,158,559
48,870-
Weekly Average of Earning Assets
Dec. 31, 1925 to March 10, 1926
Corresponding period 1925
Net Change
December 31, 1925 to Mar,10,1926
Entire year 1925
Net Change
109,703
92,788
16,915*
109,703
93,459
16,244+
269,672
323,935
54,263-
269,672
287,133
17,461-
93,283
76,011
17,272+
93,283
85,078
8,205*
100,275
122,724
22, 449-
100,275
113,904
13,629-
52,909
34,709
82,023
24,422
18,200+
57,601+
52,909
54,734
82,023
56,548
1,825-
25,475+
153,667
129,911
23,356+
153,667
138,045
1 5 , 622 +
63,756
38,668
25,088+
63,756
55,936
7,320+
31,940
27,033
4,907+
31,940
37,271
5,331-
'
67,702
45,023
56,654
41,791
22,679 +
14,363+
67,702
57,293
5 6 ,6 5 4
10,409 +
49,024
7,630+
103,448
103,775
327-
103,448
109,366
6,418-
1,135,032
1,060,690
124,342+
1,185,032
1,138,291
46,741+
Comparison of Earning Assets
March 10, 1926
March 11, 1925
Net Change
71,353
91,730
20,377-
2 8 8 ,8 6 6
384,709
95,883-
96,029
87,649
8,380+
B ills
B ills
107,453
125,294
17,341-
61,082
44,466
66,406
29,501
16,616+
36,905*
SUMMARY FOR SYSTEM
d i s c o u n t e d f o r w eek
p u r c h a s e d f o r w eek
G o v e r n m e n t s e c u r i t i e s f o r w eek
T o t a l e a r n i n g a s s e t s f o r w eek
142,757
121,914
20,943+
61,936
31,195
30,741+
$ 80,789
2,087
33,908+
48,870
Weekly average of earning assets Dec,31, 1925 to Mar«10/26
124,342+
against correeponding period 1925
Weekly average o f earning assets Dec.31, 1925 to Mar,10/26
46,741+
against en tire year 1925
Comparison of earning assets March 10, 1926
44,499+
with March 11, 1925
30,209
30,581
372-
65,958
43,490
54,123
32,469
22,468+
21,654+
112,337
91,062
21,325+
1,158,559
1,114,060
44,499+
U fa
COSxIPSHTIAL
St. 490b
lor use of Federal
RATES CHARGED* BY FEDERAL RESERVE BANKS ON
Reserve Board only
ACCEPTANCES PURCHASED IN OPEN MARKET DURING JANUARY
AND FEBRUARY 192o AND 1 9 2 5 .
V-amounxs an thousands 01 dciiars;
Rates
j
19 2 5
l_________L_i..2 .6
(Per cent)
February
January
January
"February
2-3/4
4 5 ,9 4 1
10,087
2-7/2
8 ,9 2 4
2 9 .9 6 9
3
99,224
1 8 8 ,5 8 1
3 -1 / 8
2 5 ,9 6 1
2,689
3 -1 A
4,008
1 9 ,466
10,282
20,210
3-3/s
593
213
3 -1 / 2
184,340
9 4 ,0 35
547
56
3-5/8
49,982
55,460
l4l
3-3/>
2 ,2 1 3
5,555
3-7/8
995
1 ,7 6 3
4
2,714
1,919
1,359
797
4 -9 / 3 2
15
4 -1 3 / 3 2
IS
TOTAL
245,482
24b,475
199,203
122,897
Iverage rates (3 6 5 -day basis) 3.64
3.60
3.01
3.08
-
-
-
-
-
-
-
-
-
-
-
-
Monthly Comparison
Amount Purchased
Month
1346
January
February
March
April
May
June
July
August
September
October
November
December
1925
199,203 182,897
245,482 ^46,475
259,331
219,287
296,237
245,996
•
'
Average rate charged
Per cent
192b
1225.
3.60
3.64
3.01
3 .0 8
'
3.18
3.16
3 .1 6
2 0 1 ,6 6 3
3-19
3.24
188,214
3 .2 6
2 1 4 ,5 70
3 2 6 ,2 1 9
3.42
3.43
3.43
3 .4 2
244,943
3 3 5 ,3 3 s
* F. R, Banks purchase acceptances on a 36 O day basis but
for comparative purposes all average rates compiled by
this Division are calculated on the basis of 365 days to
the year.
FEDERAL RESERVE BOARD
DIVISION OF BANK OPERATIONS
MARCH 31, 1926.
C.
Page 102
Volume 158
Office Correspondence
Hr. Hamlin
To
FEDERAL RESERVE
BOARD
Subject:.
Mr. Sraead
In accordance with your request of March 29 I am enclosing
herewith the following statements:
1.
Daily average holdings of United States Government securities
by each Federal reserve bank: by six-month periods from the
organization of the System to the end of 1925.
2.
Maxinum, minimum, and average holdings of United States
Government securities by all Federal reserve banks combined
by six-month periods from the organization of the System to
the end of 1925.
5.
Statements snowing the earnings and profit and loss account
ot the System and of each Federal reserve bank from date
organization to the end of 1924. Similar figures for
1925 are shown on pages 136-137 of the February 1925
Bulletin. These statements, as you will note, show the
amount charged off for depreciation on buildings, bad
debts, etc.
4.
Losses actually charged off on paper of failed banks by
years since the organization of the System.
On examining the earnings and profit and loss statements
you will note that some of the Federal reserve banks have credited back
to profit and loss certain reserves set up for probable losses on paper
of failed banks and for depreciation on United States bonds. These
credits should, of course, be deducted from the actual charges as shown
under "Deductions from current net earnings'* in order to get the net
charge. The amounts set up as reserves for probable losses represent
estimates oi proD^ble losses rather than actual losses charged off during
those years. Accordingly, we are giving you an additional statement,
mentioned under number 4 above, which shows the yearly charge-offs, as
distinct from reserves, on paper of failed banks.
Page 117
Volume 158
wwtsr ?•«a»rtN« oefvm
DAILY AVERAGE HOLDINGS OF U. S. GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS
__________ ___________ fin thousands of dollars) ____________________________
Federal Reserve Bank of
'
Kansas
.Minn
St.
Phila
Cleveland Richmond Atlanta Chicago
Boston New York
Louis eapolis ■l..QAJ& __
delphia
6-month
period
and ins'
Total
1915- June
Dec.
5,593
10,446
547
1916 -June
Dec.
40,176
54,251
2,140
2,987
1917- June
Dec.
82,346
94,250
1918- June
Dec.
Dallas
San Francisco
-
3,008
3,968
163
559
730
1,096
695
1,304
51
874
1,000
1,315
1,754
1,142
2,094
7,461
9,380
2,953
3,266
2,459
3,572
6,899
10,204
2,018
3,793
3,069
3,375
9,331
13,227
3,890
3,419
3,210
5,807
12,359
19,428
4,675
3,859
3,990
3,677
11,354
10,806
6,158
5,931
5,809
5,625
8,423
5,889
26,352
9,531
3,231
3,545
4,536
3,028
10,949
12,170
3,211
4,040
5,329
2,367
13,404
10,752
6,520
5,564
4,635
5,496
69,500
78,638
16,974
29,431
15,554
25,142
6,936
11,410
8,704
13,822
23,459
46,442
12,201
18,301
8,772
8,606
15,006
20,874
8,576
11,670
9,263
11,765
23,512
26,802
84,315
79,837
32,875
35,049
26,837
27,958
13,907
13,641
15,899
15,915
48,166 18,749
45,523 ' 18,390
9,407
8,641
23,832
21,733
13,339
12,335
15,720
14,806
293,852
234,481
22,116
16,342
72,664
71,861
32,093
21,861
25,641
17,822
13,078
6,209
17,924
20,231
43,472
33,720
15,290
10,907
8,547
5,291
19,740
15,763
10,533
5,274
12,754
9,200
1922- June
Dec.
460,999
447,496
40,993
34,947
155,134
132,655
25,168
33,263
46,820
54,348
4,836
4,429
9,023
5,919
72,058 19,504
41,280 .25,369
9,924
12,400
32,938
43,371
4,911
8,867
39,690
50,648
1923- June
Dec.
278,926
94,519
16,954
4,561
41,170
14,121
26,956
10,576
2,003
1,341
4,068
259
18,961
37,460
56,664
181,020
28,613
58,235
4,486
4,984
1,982
2,648
13,533
10,960
16,259
27,052
10,018
4,480
250,935
550,237
47,873 21,870
9,675' 3,080
5,079
36,055
77,887 14,798
36,934
9,963
1924- June
Dec.
26,729
16,211
24,834
30,771
16,018
32,914
16,373
26,199
30,818
9,292
25,611
56,269
1925 -June
Dec.
331,214
336,679
19,391
8,166
105,689
66,108
24,055
18,748
39,929
30,926
4,092
5,585
6,581
14,620
15,951
24,967
18,776
16,475
28,352
33,131
22,691
29,669
40,778
44,029
8
821
115
1,100
2,549
3,474
3,696
3,452
4,475
6,900
3,776
2,980
13,385
15,364
4,409
4,127
150,445
106,615
2,825
4,020
61,030
40,213
1919- June
Dec.
209,295
298,105
14,350
22,004
1920- June
Dec.
326,558
320,630
1921- June
Dec.
NOTE:
-
-
54,929
44,255
Figures for each six-month period were obtained by dividing the sum of the average monthly figures by six,
excent those for 1915 which are averages of holdings reported on weekly statement dates.
4
LOSSES OH PAPER OF FAILED BANKS, BI YEARS FROM ORGANIZATION OF SYSTEM TO DECEMBER 31, 1925.
(Determined losses actually charged off)
Federal
.
Reserve
jl914District j^-919
1925
Total
Reserves for
probable losses
January 1, 1926
Boston
York
Philadelphia
Cleveland
Richmond
$300,000.00
Atlanta
$ 5 0 ,0 0 0 .0 0
$328 ,41 5 .9 8
$U76 , 6 3 2 .4 2
Chicago
1 2 7 ,4 6 5 .4 6
1 6 3 ,5 8 6 .0 4
*157,200.93
St. Louis
1 5 0 ,0 0 0 .0 0
6 3 6 .6 7
?£inneapclis
—
Kansas City
D^^as
San Francisco
Total
-
-#$ 38 , 053*73 #4 , 107.54
*2,133.05
5 , 9 5 8 .1 3
-
$ 1 ,2 7 3 ,3 1 2 .5 6 $ 2 , 1 2 3 , 3 6 0 .9 6
6 1 ,9 7 1 .7 0
t.
—
199,703.13 1 ,0 0 0 ,0 0 0 ,0 0
-
-
1 5 0 ,6 s 6 .67
250,000.00
-
-
-
700,000.00
7 , 1 8 7 -3 8
2 , 622.13
2 3 , 5 9 2 .0 3
3 3 .LOi.5 9
2 9 4 , 6 8 4 .4 0
5 7 1 , 8 7 9 .0 0
;L,0 1 0 , 744 .96
♦ 4L.399.62
1 , 5 7 8 , 202.61
S 12.275.66
-
-
76,3 0 9 .62 J1,071,755.07 ;1, 3 3 2 , 798.63
9 1 , 8 09 . 6s
1 , 40 b , 286.35
^Recovery of amounts previously charged off.
#Loss on transit items in connection with the Bank of Ranger failure.
9 7 ,7 6 7 .si 1 ,2 5 7 ,9 9 0 -9 2
4 , 1 8 8 , 1 2 2 .7 7 4 ,6 1 4 ,9 5 0 .9 s
(St. 4S37b)
EARNINGS AND PROFIT AND DOSS ACCOUNT OF ALL FEDERJtt,_RESERVE_BANKS COMBINED_____________________________ S t . ^ O l ^
~1916 ~
Eamings •'
$ 1 , 2 1 3,5 16
Discounted "bills
244,664
Purchased "bills
1 71 ,8 3 1
United States securities
++90,689
Municipal warrants
Deficient reserve penalties
Net service charges received
i+7.552
Miscellaneous
TOTAL EARNINGS
2 ,1 7 3 ,2 52
2 ,320,536
CjffiPMT EXPENSES
I^REFT NET EARNINGS
= *1
Additions to current net eamings:
Withdrawn from reserve for —
Federal Reserve Board expenses
probable losses
Depreciation on U. S. bonds
All other
__ 20,503
Total additions
20,503
Deductions from current net eamings:
Bank premises - depreciation
Furniture and equipment
14,628
Reserve for probable losses
Reserve for self insurance
. Reserve for F. R. Board expenses
Reserve for depreciation U. S. bonds
.All other
14,628
Total deductions
NET DEDUCTIONS
**5.875
N£T EARNINGS
Distribution of net earnings:
217,463
Dividends paid
Transferred to surplus account
Franchise tax paid U. S. Govt.
Deflicit in earnings after payment
of dividends, charged to surplus
account
Balance to Profit and 1 oss __ -^58,_922
Excess expenses.
|
$1 , 0 2 5,6 75
1 ,560,913
1 , 106,860
• 708,867
1,157
2+*++,395
570.126
5 .217.998
2 .2 7 3 .9 9 9
1917
f
1918
f~~
$6 ,971,**79 $4 3 , 348,0 0 7
++,951,729 1 1,939,803
3 , 8 2 3,78 2
2,367,929
1 ++, 222
2 15,119
698,991
19++, 526
1+2 1 ,3 3 2
70 ++, 670
2
,3
3 3 .2 75
722,827
16,128,339 6 7 , 58 *+, 1+1 7
5.159,727
1919
f"
219,543
7,500
185,440
44,679
305,421
132,059
132,059
39,448
258 , 99 b
1 ,8 2 8 ,9 5 4
2,742,512
938,791
,
1 006,888
200,000
200,000
61
193,001
193.001
2 ,7 5 0 ,9 98
1 ,7 4 2 ,7 7 4
-
756,174
,295,512
1 ,4 0 1 ,7 8 6
848,129
662
0557533
3;908;57++
1 ,389,609
. .
9,579,b 07 5 2 ,7 1 5 ,31 0
6 ,8 0 1 ,7 2 6
1,1 3 4 ,2 34
1 , 134 ,2 34
-
5 ,5 4 0 ,6 8 4
4 8,334,341
-
T
U 21
1922 ~
f'~
1923 ~~
t
Total
1924
$3 0 , 76 8 ,14 4 $1 )19 , 059,325 $109,592,675 $ 26 , 5 2 3 ,1 2 3 $32,956,293 $ 1 5 , 942,845 $4 72 , 412,582
13,99++,5++++ 22 , 020,158
5,23++,l++l 5,628,956 9 , 3 71,2 8 8
5 , 709,809
8 0 , 656,015
5 , 76 1 ,3 0 0
7,l+to,6i5
6,253,85++ 1 6 , 682 , ++63 7,++++>+,089 1 ++,712,593 65 ,++70 ,3 76
85
2,305
3,565
3 ,8 1 2
850
i,++39,5l+*
7 2 7 , 8“+++
1,57.3,335
1 , 1 7 7 ,5 6 2
602,951
521,061
381,619
5.S79.0++6
.
.
.
.
1,370,397
1 , 128,666
1 , 5 0 2 ,778
599,329 1 , 0 5 7 , 6 ++1 .
++12,0 2 3
1 .5 9 2 ,7 33
9 ,9 6 6 ,9 50
10 2 , 38 0 ,583 181,296,711 122,865,866 5 0 , 498,699 50,708,566 38,340,449 637,194,880
19,339,633
28 , 258,030
34,463,845 29,559,049 29 , 76 4 ,1 7 3 28 , 4 31,12 6 190 , 529,701
83.5+07950 153,038.681
88,402.021 20,939,650 20,944,393
9 ,9 0 9 ,3 23 446,665.179
-
12,781
12.781
J-9io~ '
5 2 3 ,2 7 7
200,000
‘147,583
870.860
2,124,075
1,603,537
130,963
250,000
493,928
66,558
34,156
268,642
1 7 0 ,9 9 2
4 .1 * 5
4,6 7 3 ,4 46
7 8,3577 50++
5 ,0 1 1 ,8 3 2
70,651,778
2 , 703,894
-
4,614,767
3 ,7 4 3 ,9 0 7
5,654,018
8 2 ,9 1 6 ,0 1 4
60 , 72 4 ,7 4 2
-
_1, 0 0 8 , __509»^V3 -1 >_158L715______ - _____ _____ ~
37,209
359,299
508,449
572,6 22
1 4 1,8 5 7
2 5 8 ,5 7 9 ____ 8 8 ,527
■ 4 9 0 ,7 2 9 ~ 1.339,650
230,384
94,221
1,574,801
1,385,295
3 ,1 2 2 ,3 12
400,000
49,295
273,822
3,112,127
788,612
891,958
444,072
78,058
4 ,0 2 2 ,2 4 6
1 ,2 0 2 ,8 0 8
2,443,775
202,756
560,486
708,449
246,165
1,539,491
308,904
1 ,1 0 2 ,0 05
555.069 ~ 3,911,031
4 ,0 3 4 ,7 82 # 19 , 491,676
1 , 074,591
8,506,011
7 , 86 1,26 7
1,067,259
1 , 602,025
10 5 ,19 7
560,486
2,100,488
6 6 ,0 34
520,872
466,737
5 ,7 8 1 ,5 6 4
4 ,4 4 1 ,9 14
157++97.736
8,233,107
12,7117286
6 ,1 1 9 ,6 7 3
6 ,3 0 7 ,0 35
15,993,086 #- 659,904
59 , 9 74 ,4 6 6 # 1 0 , 850,605
6,552,717
2,545,513
3 , 6 13,0 5 6
57805,525
6 ,3 14,796
82,087,225
-
8 , 463,491
464,383
6 ,7 4 6 ,2 12
6 .1 9 1 ,1 43
3 : 718 :18 0
6 ,6 8 2 ,4 9 6
2,872, W 6
42,994,01+9
. 39,083,018
4 0 7 :5 8 2 .l6l
188,360
113,646
50,630,418
221,103,422
139,114,643
3 , 266,322
3 ,2 6 6 ,3 2 2
** Net additions.
Amounts
st. U5oi.-
EARNINGS AND PROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANE OF BOSTON
1191*+-15 |
Earningst
Discounted hills
Purchased hills
United States securities
Municipal warrants
Deficient reserve penalties
Net service charges received
Miscellaneous
t o t a l EARNINGS
CURRENT EXPENSES
C ^ E N T NET EARNINGS
$10,687
*+9,038
- 6 ,3 5 1
57,916
-
1,467
125", *+59
158,310
*32,851
Additions to current net earnings *
■
Withdrawn from reserve for —
Federal Reserve Board expenses
Depreciation on U. S. bonds
—
All other
Total additions
Deductions from current net earnings:
—
Bank premises - depreciation
Furniture and equipment
1,752
Reserve for F.R.Bcard expenses
Reserve for depreciation —
U. S. bonds
All other
Total deductions
1,752
_ NET DEDUCTIONS
1,752
9 NET EARNINGS
*34,603
Distribution of net earnings;
Divilfthfi«r paid.
Transferred to surplus account
Franchise tax paid U.S.Gov't.
Deficit in earnings after payment
of dividends, charged to surplus
account
Balance to Profit and Loss
-3*+,6o3
1916
$*+3,303
236 ,8 5 7
57,19*+
78,578
4 0 ,6 74
3*+,282
*+90,888
173,101
317,787
I
1917
$5 7 1 ,1 1 7
502,397
9*+,785
5,203
6,105
87,376
18,*+01
-1,285,884
392,28*+
893,600
—
—
-
—
—
-
—
2 1,8 52
-
1 4 , 97 !*
-
1
1918
$3 , 068,028
931,701
107,719
18,426
59,695
289,626
4 , 4 75,19 5
923,393
"3 ,"5 46 ,802
—
I
1919
$6,003,252
1 ,0 7 7 ,6 91
369,457
—
27,836
•
19,347
7 ,4 9 7 ,5 83
1,623,077
5 , 8 6 9 , 50 b
1
1920
1
1
1921
$10,031,301 $6,007,117
1 , 6 13,0 12
5 1 5 ,1 9 2
554,172
4 15,9 31
13,778
41,783
—
16,644
32,985 6
,
968,662
12,273,253
2 , 0 1 1 ,0 7 8 2,165,315
10,262,175 *+,8 0 3,34 7
—
—
-
—
—
—
-
38,666
•
’ 26.621
200,000
—
-
65,287
43,681
3,894
47,575
1922
$i,5*+3*539
591,647
1,391,691
9,777
4,659
3,541,313
2 , 022.106
1,519,207
|
1923
$2,320,839
741,384
419,739
9,172
V
M
S
3 , 506,683
2 , 1 3 4 ,2 5 4
1 , 3 7 2 , *+29
41,622
43,748
-
38,666
—
24,585
-
-
$78 3,4 5 0
599,172
1,0 4 9 ,8 41
4 ,5 76
-
121,977
2 ,5 5 9 ,0 1 6
1 ,9 7 3 ,5 01
585,515
«■*
32 ,10 0
9,200
Ul)300
328,215
133,10 6
-
1 1,6 5 0
-
387,290
—
-
21.852
2 9 5 ,935..
153,241
153,241
740,359
241.622
3 ,3 05,180
2.151
54,898
569,569
521,994
**10,389
1 0 ,2 7 2 !5b4 4,281,353
3,786
146,143
120,294
1,951
135,649
115,093..
470.422
21+9,735
6 0 1,756
384,130
414,447
5 ,3 6 2 ,9 3 4
447,266
473,109
772,324
7 ,3 5 1 ,7 9 9
2 , 4 7 3 ,*+99 3,035,920
481,951
170,782
# 786,233
480,267
77,187
477,798
-
75,100
75,300
-
-
46,200 . illx 592_ .
2 , 921,000
-
-
-
-
-
mm
-
-
-
38,666
1 , 2 6 1,311
1,784
463)l05
421.805
1,097 ,**02
28,162
38 2,633
122,048
6,877
—
,
6 ^ 5 8 ,0 9 1
4,466,880
141,697
131,*+53
188,245
55M 3 7
4 2 , 72 3,9 36
13,586,419
29,137,517
122,048
20,309
*,711
92,125
92,125
5,777,381
13 8 ,2 6 7
Q
96,941
64.960
200,567
—
2 Ul ,622
mim
—
2 1 ,8 5 2
t
15,870
4,6s6
20,556
-
-
mm
Total
5,290
20.559
25,849
t
489,000
73,692
1924
.
-
♦Excess of current expenses.
**Net additions.
#After charging surplus and crediting franchise tax with $247,350 paid as an additional franchise tax for 1921.
to surplus and paid as a franchise tax out of earnings for 1922 were $7 6 ,5 6 8 and $53*5,883, respectively.
1
69*|,681
Amounts tra n s fe rre d
-
7,376
38,666
166,429
2 6 . 26c
1,879,956
1 i 6?9 i 389
27.458.128
4,010,509
16,389,562
7 ,0 6 5 ,4 33
7,376
-
________________ ?AW±NGS_ANp_?EOFIT_ATJD_LOSS_ACCOL^T_OF_Tffi_^CL^AL_^SErATE BANE OF NEW YOiuC
1--- _______!__ jjx7
1
1918
]
1919
|
1920
■
iiQfc-t
«
Discounted bills
$36,782' $3 7 ,3 6 8
$2,‘*55,533 $1 7 ,7 3 6 ,2 6 1 $29,935,911 $‘*9 ,8 3 9 ,1 8 3
Purchased bills
5 3 0 ,4s4
97,135
l.8*+3,325 5,Ull,82l
3,33‘*,605 8 ,3 2 3 ,0 5 0
United States securities
81,645
378,66s 1 ,5 6 1 ,8 3 9
1 ,8 8 8 ,1+97
1,975,61+9
Municipal warrants
192,520
214,122
• 6 6 ,1+70
2 ,6 2 1
Deficient reserve penalties
1 8 ,5 6 5
27,192
3 6 ,1*05
lUi,6 6 i+
Net service charges received
8 0 ,9 2 3
5 0 ,1 6 7
_
20,377
Miscellaneous
18*598.... 87.030 ---- 85*1.30 .._.52l+,835
136.99U . 21+5,775
TOTAL EARNINGS
9 7 1 ,0 2 6
3^5,035
*+,929,21!+ 25.311*,736 3 5 ,3 3 2 ,1*12 60,525,321
CURRENT EXPENSES
468.922 -[
U86.255
1.655.507
2,509,770 5,561,086 6.797.76U
-^ ---(JteENT NET EARNINGS
*1 2 3 ,8 8 7
484,771
3,273,707 22,804,566 29,771,326 53,727,557
Additions to current net earnings:
Withdrawn from reserve for *
—
Federal Reserve Board expenses 1 6 8 ,6 8 2
Probable losses
2 0 0 ,0 0 0
All other
... 1 0 ,651+ ___ 1 3 2 ,0 5 9 ____ 31.096
6 .0 5 0
1 U UclX .cLU01 i>ions
—
1 0 ,651+ ___ 1 3 2 ,0 5 9
31,096
374,732
ueoucLions irom current net earnings:
Bank premises - depreciation
803,800
900,032
3 3 5 ,6 7 7
Furniture and equipment
7 0 ,7 0 7
204,014
2 0 1 ,U91
170,933
Reserve for provable losses
~
200,000
Reserve for self insurance
200,000
2 5 0 ,0 0 0
Reserve for F. R.Board expenses
168,682
Reserve for depreciation 1
U. S. "bonds
2 0 5 ,8 8 0
2 5 ,2 9 9
All other
... 370,073
111.692
____2SL3Z5_
ioT,ai oeauctions
205,880
70,707
1.271*,108
1,842,803
971*1159
“ net deductions
_.._.70,707 . 195,226 .1 *11*2 ,01+3 ..- 1,811,707 _ 599.U2 7
NET EARNINGS
*123.887 5P7.06U
3.078.1(31 .21^62,917 27,959,619 ..53,128,130
Distribution of net earnings:
Dividends paid
1,91+2,819 1,195,026
1 2 7 ,1 1 3
1 ,2 9 1 ,01*7
1.U77.096
Transferred to surplus account
61*9,363 2 0 ,1*6 7 ,8 9 1 2 3 .9 6 U.6 7 8 12,332,523
Franchise tax paid U. S.Gov't.
2.703.S9U 39,318,511
61*9,363
Deficit in earnings after payme>nt of
dividends, charged to surplus
account
..Balance_tgJProfit and_loss _ “1?3XSSI__.286*351... -163,061*
♦Excess of current expenses.
|
1921
$3 0 ,7 6 2 ,0 2 1
1,829,665
1,955,970
63,804
\
1922
j
_
1923
$3,970,210 $S,2 5 5 ,6 U6
1,619,512
1 ,9 6 9 ,8 3 7
5 ,2 2 7 ,USS
1,087,251
U9.738
Uo.SOQ
98.814
59.6U9
1+82,331
■3 u.7 1 0 .2 7 u H,3U9,279 :i,ui3,is3
8,078.362 6.776.530 6,880,13b
26,631,912
U,572,7U9 1*,5 3 3 ,0 %
3.65U
3j@r
2.7U3
St. 1+501
1
I92 U
Total
$2 ,6 1 3 ,5 6 6
1 »UU6 ,6 9 3
U,1 6 5 ,8 5 6
$145,642,481
2 6 ,1406,127
18,322,8 6 3
475,733
2U.97U'
403,142
/
151,46/
3 1 8 ,2 6 1
2 ,0 5 8 ,0 1 ~
8,569,350 193,U59,8J0
6.350.821 --A
U.r’J.RbR
.- j_b4
1
U
7
,S9U,(T77
2,218,529
165,682
200,000
176,2U0 ---- t
364,193
C--L
176,240 ---- 732.875
LJ..I -1
2 .7 U3
1 ,6 9 7
1 ,6 9 7
1 0 U.0 5 U
1 5 6 ,1 U9
365,053
50,172
1,235,937
58,021
2 5 0 ,0 0 0
29U.072
52,756
5 5 ,1 9 7
31.531
5U1.73U
53S,080
26.093.832
lUU,6 0 2
853,899
851.156
3,721,593
144,351
1 ,1*9 1 ,0 6 5
1.1*89.368
3.0U3.679
275.504
1,777,917
1,601,677
6l6,852
1,608,721
1,652,138
3,782,671 #-1,397,603
20,702,UUo #3 ,1*6 7 ,0 5 8
1.7U9.239
1 2 9 ,uuu
1 .1 6 U .9 9 6
1,796,530
mm
I
9 1 0 ,uuo
5 3 6 ,7 7 6
U,70U,993
l,UU« ,2 6 3
200,000
1,102,025
168,683
231,175
1.177,130
9 ,0 3 2 ,2 7 2
8,299,397
139.595,250
12,839,729
59,928,967
68,006,262
Ji,179,678,
1,179,678
5
EARNINGS AND FROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANK OF PHILADEIFHIA
119 1 U- 1 5
1
19 16
1
1917
I
191s
I
1919
I
192 c
1
1921
Earnings:
Discounted bills
$28,391
$2 0 , 1 7 6
$370,359 $3 ,21+1 ,1 0 5 $7 ,9 8 7 ,2 6 6 $1 0 ,6 2 0 ,1 6 1 $6,249,905
Purchased bills
29,6o >5 1 9 8 ,21+3
474,653
5 7 6 ,0 7 6
6 7 ,0 1 9
7 5 6 ,3 1 3
513,710
United States securities
3,233
81,081
233,639
123,275
695,763
7 6 2 ,2 3 5
597,553
Municipal warrants
1+9
is, 1 7 0
5^,156
69,133
4l4
Deficient reserve penalties
6,373
29,73k
34,442
69,150
25,673
Net service charges received
30,21+1
6 7 ,7 1 6
73,521
Miscellaneous
+1 ,0
61
22,024
69,236
.. U I “S.. --1,.,33.556 .... 62,971
1---12.071
TOTAL EARNINGS
117,972 448,180
1 ,0 9 5 ,5*40
6,357,760 8 , 609 j880
1 1 ,8 6 8 ,5 5 1
8,008,095
CURRENT EXPENSES
Cj,532. 1 8 2 .536
372,821
1 ,5 2 1 ,624
537.337
2,074.118
2 ,7 6 7 ,6 3 0
^ppENT NET EARNINGS
*5 2 ,0 2 0
2 6 5 ,5 9 *+
9
,
7
7
6
,
6
3
3
7
,
0
2
3
,2
5
6
762,719
5,640,465
3,519,903
Additions to current net earnings
Withdrawn from reserve for —
Federal Reserve Board expense s 41,828
Depreciation on U. 3. bonds
1 2 7 ,1 9 2
All 0 trier
20,503 .
104,766
8,188
.
7 ,6 9 7
Total additions
20,503
1
6
6
,1
9
6
31697
175.320
Deductions _rom current net earnings:
Banr prernises - depreciat ion
244
9 2 ,6 9 3
326,570
3 1 8 ,0 5 6
6 7 3 ,7 1 1
Firm -■‘0 and equipment
— .
s,
6
oo
1
0 0 ,s6 s
7 5 ,0 6 5
1 5 ,6 5 3
107,U3
110,759
Re ser\a or F.R. doaid expenses
—
4l,S28
Reserve for depreciation _
—
.
U. S. bends
1 1 6 ,1 3 1
2 9 ,1 1 2
105,396
All other
7,578
108.283
. 1,339
5^7, Sl4
Total deductions
S-8%
372,786
855,511
1 5 ,6 5 3
63^391
NET DEDUCTIONS
S,344
51+7,311+
♦*20.503
1 5 ,6 5 3
369,087 ___ 709,317
301,011
NET SAILINGS
2^541
9,Ob5:llb _5Ci9_,654
2C72.PS9 .. 6,659 J .69
131*5!L
Distribution of net earnings:
Dividends paid
123, 453
6 2 3 ,6 0 3
6 9 6 ,6 7 9
6 6 2 ,3 8 0
5 1 7 ,6 6 3
5S3,9S3
—
Transferred to surplus account
2,608,361+ 6,196,789
8 ,2 0 6 ,7 7 5
935,239
Franchise tax paid U.S. Gov't,
3 0 3 ,6 6 2
3,836,552
balance to Profit and Loss
1 3 0 ,2 7 2
-220,233
-31,517
121,433
-
1922
S t. U O I
1
$2,393,673 $2,693,392
712,383
952,999
910,010
1,119,457
2,6o 4
884
21,754
14,409
9,424
6 ,2 5 1 ,9 5 0
2.053.919
2,198,031
1924
19 23
$1 ,2 9 0 ,0 8 0
40S,4C9
1,136,303
707
7,839
17.772
72,808
“ 2,915,246
2,295.726 2,153,876
2,297,065
7 6 2 ,0 1 0
6 ,5 9 2 ,7 7 1
67,732
14,946
18,307
810
8 2 ,6 7 8
1 9 .6 1 7
6 2 ,9 3 1
—
23,733
70,648
—
.
902
44,444
2 0 ,6 3 3
1.698
22,171
$3 5 ,2 9 5 ,1 0 6
6,637,60S
5,66 s,059
1 6 6 ,1 6 7
209,929
157,536
298.7?2
-r—p,—hy-1,!j—fr
46,242.525
14,046,089
3 2 ,1 9 6 ,4 3 6
41,328
234|l64
154,208
4 3 0 ,2 0 0
1,^33,005
23,307
5 5 4 ,9 4 4
41,828
2 5 0 ,6 3 9
1 3 .7 6 2
3 7 ,0V '
6 3 ,5 3 3
1 3 8 ,8 2 5
**78,845
119,208
2.177.337
16,913
j6jfoi2
176,285
~2 ',656,706
2,026.504
3 0 ,1 6 9 ,9 3 2
541,552
#807,^94
#3 9 1 , 7 3 0
582,292
1,178,588
615,135
131,957
6 ,5 5 1 ,7 6 5
2 0 ,0 5 9 ,2 3 6
6 1 6 ,9 5 7
5,55S,901
-
♦Excess of current expenses.
♦♦Net additions.
^ After charging surplus aid crediting franchise tax with $ 36,366 paid as an additional franchise tax fo r 1921.
surplus and paid as a franchise tax out of earnings for 1922 were $ 6 3 9 >9^0 and $855*364, respectively.
Total
Amounts
transferred
to
st. 6501
EARNINGS AND FROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANK OF CLEVELAND
1 1916-151
Earnings:
Discounted bills
Purchased bills
United States securities
Municipal -warrants
Deficient reserve penalties
Net service charges received
Miscelianeous
TOTAL EARNINGS
CJjBRENT EXPENSES
J R ent net earnings
Additions to current net earnings:
Withdrawn from reserve for —
Federal Reserve Board expenses
Depreciation on U. S. bonds
A ll other
Total additions
Deductions from current net earnings
Bank premises - depreciation
Furniture and equipment
Reserve fo r probable losses
Reserve fo r s e l f insurance
Reserve fo r F.R.Board expenses
Reserve fo r depreciation U. S. bonds
£ | 1 other
Total deductions
NET DEDUCTIONS
11,281
$18,061+
106,993
15,516
55,972
116,925
$31,632
-
lUU,gL&
-
113,215
169,589
*55,776
22,973
62,330
1+52,129
150,22U
301,905
-
-
-
#586
1
1919
|
1920
-
-
-
-
—•
.
-
8 ,0 9 7
-
65,936
-
85,786
-
209,670
255,656
255,656
su, 1*06
16,677
isi+,667
1 SU,667
6 ,1 3 5 ,7 9 6
.
-
8 ,0 9 7
8 ,0 9 7
|
1921
1
1922
1923
$375,169 $3,126,696 $5,361,735 $10 ,570,827 $8 ,01+1,788 $2,267,667 $2,326,579
696,711 1,161,585 1 ,882,985
763,759 1,511,556
3 ,066,609
737,533
317,926
650,308
679,860 1,966,915
739,935
611,895
602,939
68,132
29,566
17 .8UU
66,1+62
66,1+1*2
102,SOU
57,017
27,223
69,972
61,029
1+1 ,1+61+
67,65s
117,660
76,685
22,718
261,197
59,309
1,367,216 5 ,2 2 6 ,s 6 i+ 7 ,800,829 lU,1+58,619 9,390,863 1+,99U,2S2 6,655,090
906,1*01 1 ,362,617
358,078
2,329,155 2 ,371,012 2,1*61,266 2 ,580,659
1,009,13s 6,320,663 6 ,658,212 12,129,666 6,519,351 2,533,016 2 ,161+,U3 I
-
-
-
-
-
-
-
-
63,2U6
293,208
NET EARNINGS
*5 5 ,7 7 6
D istribution o f net earnings:
Dividends paid
•
11+3,237
Transferred to surplus account
- *
Franchise tax paid U. S. Gov’ t.
D e fic it in earnings a fte r payment
o f dividends, charged to surplus
' account
__Balance _to_Frofit_and_Loss_________ _____________ 15Qi571
I 1918
1916 | 1917
75 3 ,6 3 2
7l6,l6S
—
25U,6 s U
53,616
66,555
5 ,0 6 6
6,730
3SU,i+27
36 i+,i+27
6 , 0 9 3 ,7 8 5
71 6 ,1 0 7
556,785
3.552,000 5,537,000
63,2U6
3 7 ,209
5 5 ,7 3 9
32,123
125,071
$1,361,771 $33,639,978
670,338 10,367,168
1 .581,963
6 ,892,059
221,029
l6,669
386,025
-
-
139,968
3 ,770,689
2 ,661+,350
1 ,105,839
6 8 ,8 3 9
12 9 ,5 5 1
6 6 ,7 5 9
1 2 5 , 1+22
8 5 ,6s 6
100,000
100,000
-
62,779
100,000
-
l+,ll*S
21,612
7 ,8 0 3
1 1 ,9 5 1
1 8 ,3 8 5
3 9 ,9 9 7
699,651
336,702
100,000
-
1 ,5 0 9 ,6 6 5
102,666
-
.|T
_
10,096
65,010
58,808
7 ,0 7 8
1 , 6 i s ,989
1 , 5 7 8 ,9 9 2
756,152
372,679
309,633
11,820,031
360,539
235,668
313,217
261*, 328
6 ,2 8 6 ,3 8 3
2 , 2 6 8 ,6 8 3
1,1 9 5 ,16 1
1 ,1 2 3 ,21 0
921,221
606,196
1 1 , 2 1 5 ,8 3 7
2 , 32 9 , 1+1+2
660,228
692,636
725,626
3,296,713
861,261*
716,988
195,595
**673,153
-ri32a3ii
‘Excess of current emenses.
#Debit
♦♦Deficit in earnings before payment of dividends.
133,976
792,123
52,230,396
15,803,851
3 6 ,6 2 6 ,5 6 5
1 2 5,227
6 3 ,^ 7 2
2 8 9 ,1 5 6
2 , 78 3 ,5 1 8
901,920
100,000
300,000
100,655
137,670
369,669
6 ,6 7 3 ,2 3 2
6,3 8 6 ,07 8
3 2 ,062,667
-
1,229,305
3Za5i!f.
Total
100,1*55
63,728
5,161
ll*l ,008
53,900
1*2,220
-
-
1 1926
1,229,305
s t. 4501 .
EARNINGS AND PROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANK OF RICHMOND
9 1 U-1 5 |
Earnings:
Discounted b ill s
Purchased b ills
United States secu rities
Municipal -warrants
Deficient reserve penalties
Net service charges received
Miscellaneous
s
601
$21U,857
29,171
39,175
3,**95
4s4
319.580
1 U2,276
177,30^
25,060
334 ,10 2
14 3 .0 1 7
191,085
1317,637
858
22,344
TOTAL EARNINGS
EXPENSES
TT NET EARNINGS
Additions to current net earnings:
Withdrawn from reserve for —
Etederal Reserve Board expenses
Depreciation on U. S. bonds
All other
Total additions
Deductions from current net earain, ;s:
Bank premises - depreciation
2,31*9
Furniture and equipment
Reserve for probable losses
Reserve fo r se lf insurance
Reserve fo r F.R.Board expenses
Reserve fo r depreciation U.
S. bonds
^ ^ 1 1 other
2.3U9
Total deductions
2,3l*9_
NET DEDUCTIONS
171
*,955
NET EARNINGS
D istribution of net earnings:
1 5 1 , 91*0
Dividends paid
Transferred to surplus account
Franchise tax paid U. S.Gov*t.
Balance to P ro fit and Loss
*nTa, nvflTIO(1
1916
1
1917
$ 1*18,629
201,008
96,11*3
560
31.362
55»573
17,920
821,195
252,12 2
5 6 9 ,0 73
1
1918
1
i 9 l9
59,836
2,979,01*8
533,789
2,1*1*5,259
l*,51i*
—
-
50 ,000 .
196,299
$ 2 ,569,887
7**,655
95,378
125,192
216,559
175.797
8 7,0 8 0
13,468
*+,775,32**
862,507
3,912,817
1 0 , 61*3
6 , 511*
6,902,61*3
1,1*12,91*9
5,1*89,691*
6 ,7 2 9 ,6 7 9
1,929,81*5
**,799,83“*
25,531
58,606
6* 1*86
91*0
*7O A 1*7
5 9 . 5 H6 _____ 32,017—
20,000
49,420
28,21*5
9 1,78 6
2 5 ,5 31
-
13,198
146
170 ,0 0 0
103,126
-
5,865
l*,2 ll*
U,5 iU
“*■ 51**
1 rtC. c Tl
180 , 5 7 *
106,81*9
106,81*9
40 c , 4
133.229
P X1P 0X0
35»5fl..
X>0877
( 1 , 260
283,205
251.188
5 ,2 3 8 ,5 06
19 7,922
2 l*0 ,914
2 3 2 , 1*32
. 252,872
3 >621*, 391*
29 3,052
U, 710,869
dX~
116,1*72
1 1 6 , 1*72
-1 1 ,6 6 4
133.229
2 ,0 7 9 ,5 9 8
—
1
1921
$ 6 , 16 6 , 1*77
-
28,1*35
28,1*11*
1
$ 5 ,920,893
1*77,557
276,991
$2 , 39 0 , 1*22 $H,099,953
351,1*18
2 7 3 . 63 “*
185,293
8 3 , “*37
12 2 , 651*
1*9,065
1920
9 5,097
J
**
20U.585
18**,592
5 ,9* 4
2 ,8 3 2 ,9 * 4
1,631,356
1 , 20 1,588
3 ,6 1 8
6,827
1923
1924
Total
$ 1 , 9 0 5,118 $2 6 , 6 8 5 , 1*63
1 , 7 0 3 , 1*75
1*7,787
6 2,79 5
16U.559
1 , 176 ,816
3 9 ,5 “*1
4 .656
65,026
9
0
7 . 28 U
8 3 ,6 1 4
12 b 0g9
27,750
178,975
11 ,3 5 6
2 , 2 1 0 , 2*10 3 0 . 7 s 3.6 5 1
2 , 878,896
1,537,831* 9,996,851
1,551,156
672,406 2 0 ,75b ,600
1,327,71*0 ----- —
$2 ,6 8 1,59 0
2 5 ,5 3 1
69,051
**,202
11 »V
OPQ
*-2
8 ,8 3 1
12 449
1,888
1.888
2.006
2.006
2**, 353
118.955
5 **,069
178,358
6 U, 710
39,671
43,216
82,114
52,319
50,000
50 ,0 0 0
100,000
50 ,000
**650,392
637,63^
3 0 0 ,000!
200 ,ooq
2 5 , 531 ^
19 7.32 9
100,000
50,000
50 ,0 0 0
5 0 ,0 0 0
-
-
-
—
6 9,06 3
3,521
31*6 ,5 8 9
^It.llJO
8 6 7 , 1*1*3
23U.897
1 ,0 9 2 ,8 43 —
3 3 3 ,3 2 1
# 3 2 , 951*
# 5 0 1 ,1 7 3
342,295
38 4 , 4o4
366,144
15 ,8 38
>*1 7,2 36
406.207
*+,393,627
32 2,20 3
693,792
3 .3 7 7 ,6 3 2
3,898
o-ptpr deduction in 1917 of $500 received from salvaged m aterial, was $6 5 0 , 392 .
a n T c « S i t U \ L n c h i s e tax with $20,1*59 paid as an additional franchise tax for 192!.
s ^ p lu f f n d paid as a franchise tax out of earnings for 1922 were $ 5 3 ,^ 3 and $U80.71>*, respectively.
2 3 6 ,78 5
co u n ts transferred to
9,688
29U.621
292.615
M 5 W
37,305|
1,920,1*74
1,801,5.33
18 J955»26]j
2 , 71 S , 23 d
351.251
2 8 , 51*0 1 1 , 7 0 1 , 02 ]
4,566,009
EARNINGS AND PROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANK OF ATLANTA
i9ii+-r
1916
Earnings:
Discounted b ills
$230,020 $lUi,77U
Purchased b ill s
5 2 ,1+71+
89
United States secu rities
*10,725
Municipal warrants
5 ,1 0 2
Deficient reserve p en alties
Net service charges received
17,576
Miscellaneous
21,869
TOTAL earnings
236,U60
279,520
RENT EXPENSES
.
.
151.bll 1 H5 .7 7 1
BENT NET EARNINGS
teV.sUg
133,7 U9
Additions to current net earnings:
Withdrawn from reserve for —
Federal Reserve Board expenses
Depreciation on U. S. bonds
All other
Total additions
•Deductions from current net earningsT
Bank premises - depreciation
Furniture and equipment
1+,1+1+2
2 ,3 1 7
Reserve fo r probable losses
Reserve for F.R.Board expenses
Reserve for depreciation U, S. bonds
All other
Total deductions
U , 1+1+2
NET DEDUCTIONS
1
11+2
NET EARNINGS
501
D istribution of net earnings:
Dividends paid
Transferred to surplus account
Franchise tax paid U.S. Gov't.
Balance to P ro fit and Loss
82,532
1918
$231,636
$1 ,753,075
10 2 ,3 11
1*10,820
3,629
13,527
^7,967
302,231
ni+ , 1+51
2,889
35,2*10
2 1 ,7 5 2
*+9,899 ___ 58,1+20
5 8 9 ,7S9 2 ,2 9 3 ,0 5 3
CZH
.537,627
C
+,
1917
1919
1920
1921
1922
s t. I1501
1923
1921+
$3,735,033 $6,688,31+2 $6,621+,052 $1,951,695 $1,998,189 $1,532,222
367,332
337,991
15U,l+l+o
l6U,7oi+
550,770
23H.196
228,95s
320,1+51
533,022
189,390
79,752
85,388
85
6s,313
-
102.8U6
1 6 , 271+ ____26,501
—
90,525
y
796
HU, 357
1*2,275
112
Ho,720
]
Total
$2U,591,035
2,266,5UH
1 ,7 3 2 ,9 5 7
lU ,i 6 i
H35 ,io6
87,295
U.313
2 0 9 . 9 S1
>25
X
20 -, 302
20 ,30 2
26,980
20,218
2,500
18,923
-
72,003
30,6Ho
-
5 1 , 1+78
1+
6 , 81+1+
1+7,038
33,359
250,000
20 ,30 2
103,231+
17,387
200,000
3 0 5 ,Hll
57,228
66 s,H 16
9*+, 93*+
17,321
285,585
^332
H6.332
+
218,203
1+0 ,0 0 0
10,000
+
-
10,120
182,1+73
1,1+70,000
6.287
~ i2i+ ,9ll
108.231
197,397
3 ,1 8 5 ,0 0 0
l.HoH.coi
20 ,30 2
2U,909
315
102.958
102.958
823,975
304,558
1+1 ,7 6 1
372,21+8
$63.21+'
)6,21<
2 2 5,571
3,61+8,1+65
2 , 136,288
21+5,8 6 2
7 7 0 ,1 0 6
1+,1+80,251
10*685
7.637
3 ,9 1 1
391,366
386,953
1 , 038,692
1.035.905
352.179
387.1+53
272.656
256,618
26 *+, 622
8 ,7 5 6
272,6 56
672.730
# - 172 ,0 18
#588,130
78,801
1+01,751
-
3 H.H15
7U,S0S
2 ,6 6 2 ,0 5 9 •
2.59H .559
18,338.900
2 , 0 6 5 ,12 1
8 ,9 5 0 ,3 09
7 ,3 2 3 ,^ 7 0
Amounts transferred to
st. U501
EARNINGS AND PROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANK OF CHICAGO
1 1914-15 1
Earnings:
Discounted h i l l s
$9**, 120
2 U,069
Purchased h i l l s
United States se cu ritie s
75,69S
6
2 , 1+31
Municipal warrants
Deficient reserve penalties
Net service charges received
Miscellaneous
12,567
268,885
TOTAL EAENINGS
2*I5,58U
CUREENT EXPENSES
23,301
AptEENT NET EAENINGS
Additions to current net earnings:
Withdrav/n from reserve for —
Federal Reserve Board expenses
Pr oh able losses
Depreciation on U. S. bonds
All other
Total additions
Deductions from current net earnings:
Bank premises - depreciation
3 ,2 1 0
Furniture and equipment
Reserve for probable losses
Reserve for F.R.3oard expenses
Reserve for depreciation U. S. bonds
—
All other
3,210
Total deductions
-
-
NET DEDUCTIONS
NET EARNINGS
D istribution of net earnings:
Dividends paid
Transferred to surplus account
Franchise tax paid U. S. Gov't.
Balance to P ro fit and Loss
3.2 10
20,091
—
—
20,091
1916
1
1917
$12*4,*+52
101,186
20*4,051
$9 38,54 3
1S.951*
12 ,2 2 3
9 0,700
126,594
6 6 5 ,9 3 7
394,340
4113, 95 s
30,880
62,1+50
200,770
2 ,0 8 3 ,1 6 4
584,069
237,731
*428,206 1 7 4 9 9 ,0 9 5
1
191 s
1
1919
1
1920
-
-
-
-
6 6,764
—
25,000
-
-
2,127
2,127
172,365
-
-
-
25,000
269.343
267,216
25,000
”TO 3*20T 1 . 2 3 1 ,8 79
3 6 1 ,3 1 9
862,259
-
215,79 9
215,79 9
-6 1 ,9 78
2,543
69,307"
-
820,000
-
-
41,887
-
32,225
237,118
1
1922
$6 , 1+147, U66 $8,915,827 $25,726,750 $18,829,302 $3 , 862,291
374,864
2,989,035
547,339
1 , 253,259 2 ,1 4 1 ,7 89
310,616
736,241
858,205 2,081,340
995,377
662
4
9
,76 1
44,569
123,250
.
174,470
65,382
26,570
208,132
417,586
173,652
377,792
196,549
6,748,863
8 ,4 8 1 ,7 47 12,012,072 30,303.218 2 0 , 3 8 2 ,170
4 , 73 4 ,1 0 0 *4,080,057
1 ,4 7 8 ,3 1 0 2 , 1450, 2*414 4 ,1 6 4 ,1 76
“2S
.l39.o
42
I5
,6 te ,0 7 0 2 , 668,806
7 ,0 0 3 ,4 3 7 ” 9 7 5 5 1 ,8 3 4
-
1921
98,080
-
6 6 , 76*4
'
25,991
198,356
198.356
6 ,805.081
60*4,635
6,200,*J46
-
786
29,062
2 8 9 ,064
-
.
1*4, *47*4
-
-
*4,826
4,826
-
1923
1,400,000
238,923
758,812
•
-
166,662
363,586
145,000
*451,0*4*4
—
ir
12 5,809
19 6 ,6 37
-
-
192*4
20,591
1,001,883
959,980
1.178,355
2 1 ,3 7 0
6,487
27,857
—
15,778
237,118
*400,116
374 ,4 6 7
6 ,1 7 3 ,8 73
3*+6.6io 5 ,4 5 5 ,8 3 2
909 ,123 . 60.910.020
90*4,371
909,123
246,586
-
2 7 ,39 s
—
66J64
*427, *465
195,370
27,9*0
713,039
1 6 5 ,1 9 7 **3 , 0 1 0 ,3 0 3
1 1 ., 818
1,155,505
1 8 1 ,6 74
1 ,3 0 4 ,0 72
6 6 , 76*4
—
charge-off afte r deduction of receip ts from salvaged m aterial amounting to $1,035 in 1920 and $628 in 1921 was $3,008,6*40.
#After charging surplus and cred itin g franchise tax with $710,190 paid as an additional franchise tax for 1921. Amounts transferred to
surplus and paid as a franchise tax out of earnings for 1922 were $ 52,901 and $*+7 6 , 1 1 1 , respectively.
Total
-
29,946
11,957
~ 417903
1 1 8 ,1 5 8
|
$3 , 8 72 ,139 $2,0*4*4,*I07 $7 0 , 8 5 5 ,2 9 7
9 , 951,999
705,723
1,420,395
1,0*49,666
2 ,1 2 1 ,7 0 8
8 , 876,860
184,6.73
39
,9
10
547,138
37,573
107,974
290,421
2
,1
3 5 ,6 49
, m .5 8 6
5
,2
0
2
,1
6
9
9 2 ,659,590
6 , 5 1 1 ,3 5 9
4 ,3 7 3 .0 2 4
3 . 946,436 26,293,731
2,138,335 . 1-255,733 6 6 3 5 ^ 8 5 9
*427,1+65
1*4*4,55*4
572,019
332,600
9 35 ,6 3 0
1 ,1 4 7 ,7 7 9 ' 1,835,610
985,630
1 ,1 4 2 ,9 5 7 1 ,2 6 3 ,5 91
263,297
S.576!204- 25,875,7*49. 1 4 .5 0 5 .11 7 1,405,215
.
, „
853,785
876
,2 0 3
792,7b9
700,807
14,688,500
2
,0
7
5
,3
2
3
#-657,289
7,875,397
10,39*4,*t80 1 1 ,5 7 6 ,00 9 # 1 ,1 8 6 ,30 1
-
1
6 ,8 6 5 ,2 7 1
3 0 , 4 2 5 ,5 74
2 3 , 6 19 ,175
EARNINGS AND PROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANK OF ST. LOUIS
191 U-1 5 |
Earnings:
Discounted "bills
*
Purchased bills
United States securities
Municipal warrants
Deficient reserve penalties
Net servico charges received
Miscellaneous
TOTAL EARNINGS
BRENT EXTENSES
R rent NET EARNINGS
$5^,299
6 ,3 3 7
7,488
8 6 ,5 3 3
184,002
*97,169
1917
$46 ,o 4i
81,599
$358,239
170,233
70 ,3 6 2
3 1 ,6 1 9
16 ,32 5
2 ,3 3 4
19X6
11,790
56,537
297,94s
153,576
1 ^ ,3 7 2
191S
110 ,30 1
13,691
l4,g 6s
39,058
66,616
7737106"
___ 263,222
509,884
1920
1919
1921
ST.U5 0 1 ,
1922
23
ZL
192 U
$2 , 212,069 $ 2 , 918,462
•226,164
5 64,495
89,096
320,412
$6,382,357
273,^25
391,611
5 2 ,10 7
25,943
52,373
-
10M6U
So,64o
*+5 ,9 15
65,449
2 , 6 7 6 , 82 s
2 8 ,736
3 , 8 3 4 , 47 s
28,560
18,805
.623,990
1,100,995
21,0 6 5
5 , 16 6,315
1 , 9 0 7.16 8
2 , 456,447
1 , 623,222
3,259,147
833,225
13,241
3,883
2.257
6,110
80,29*+
56U
80,858
15.452
15, *+52
2,000
4 4 ,755
125,000
2,200
29,971
123,687
4,4oo
25,927
7 ,1 8 0 ,1 1 7
1,748,354
5 ,4 3 1 ,7 6 3
2,052,838 2,783.483
$4,739,032 $ 1 , 3 0 3 ,S08
41,427
255,75 0
284,151
832,169
Total
$ 1 , 968,788
253,773
520JSO
$1,140,622
141,778
352,652
$21,129,717
2 , 0 1 5 ,0 3 1
2 ,9 7 9 ,0 22
38,857
2 7,441
4 i 6 ,4 6 5
♦ ♦ 28 ,76 3
25,650
1
,6
8
8 ,1 4 3
2 ,7 5 3 ,4 3 5 ’
1.472.675
1 ,4 4 0 .5 36
-1^280^760
247,607
6 1,6 35
76,791
2S4,9S9
' 2 6 , 963,650
1 0 .517.740
16,^1+5,910"
Additions to current net earnings:
Withdrawn from reserve for —
-
-
-
7,725
-
10 2 ,0 31
-
-
-
*
ll
—
2 3 U,660
2 ,1 2 0 ,4 9 4
253,711
4,621,855
-
-
-230,338
-
*♦‘De'b i t .
152,000
—
34 ,615
275,028
1+28,329
275 .02S _ .428,329
1,7 7 7 .8 10 2 ,3 5 5 ,1 5 4
U0M3S
112,22*+
54,082
350,000
1 76 ,1 0 2
15.000
575,717
556.197
4.875^5^6
-
1 , 6 0 3,310
217,590
19 ,520
172,997
284,566
-
335,000
73,798
19.520
-
2.156
3 2 0 , *+62
307.221
—
23,597
179,455
2 , 9 51,926
19U 93
185.653
647.572
270,253
1 ,0 4 2 ,5 6 4
1,639,109
276,450
8 7,9 56
‘
—
O
502.156
..
—
60
7,72S
____ 1x128
19,520
d
CM
♦Excess o f c u rre n t expenses.
••
“
1—
1
J<M
K'
rH
Federal Reserve Board expenses Depreciation on U. S. bonds
All other
Total additions
Deductions irorn current net earnings:
_
Baric premises - depreciation
Furniture and equipment
3 ,3 5 5
Reserve for probable losses
Reserve for F.R.Board expenses
Reserve for depreciation U. S. bonds
All 0 the r
^ ^ T o ta l deductions
3,355
WNET DEDUCTIONS
___ 3 .3 5 5
NET EARNINGS
*97.169
141.017
D istribution of net earnings:
Dividends paid
3 1 ,1 0 0
Transferred to surplus account
Franchise tax paid U.S. Gov’t.
—
D eficit in earnings a fte r payment of
dividends, charged to surplus
account
Balance to P ro fit and loss
- 9 7,169
109,917
2 £ 3 ,i 66
-
98,597
1,132,163
296,810
407,070
478,283
-
_
28,795
5 9 ,12 2
45.670
205.937
19,520
8*+,177
31,51*+
135,211
805,824
517,7*+9
*+0 0 ,6 5 7
19,520
207,612
59,597
2,64o ,939
1 ,9 05.775
1 4 .540.132
304,976
2,364,050
10,071,743
2 ,2 0 5 ,3 4 8
10 1,0 39
101,039
* *
EARNINGS and PROFIT and LOSS ACCOUNT OF THE FEDEHAL EESERVE BANK OF MINNEAPOLIS
“ " '‘
. .
T
*
iqiU- 1 *> 1
1916
I
1917
I
1918
LJ
1919___ !1
1920
(
1°21
1
1922
Earnings: •
$5 1 ,8 1 1
$311,376 $ 1 , 51+7 , 8 U2 $ 1 , 829,461 $ ^ ,7 3 ^ 2 5 9 $U,6U9,55^ $1,451,659
$6o,938
Discounted b ill s
191,862
13
211,602
8 8 2 , 561+
1 ^ ,5 3 1
50,099
5,2 4 8
Purchased b ills
1
U
2
,001
383,531
181,990
1
1
6
,3
70
2
13,5
0
1
69,266
97,936
18.793
United States secu rities
625
U
15
6
4,479
3^.267
20,931
Municipal warrants
128,087
1 5 7 ,1 5 2
2 9 ,10 1
26 ,382
9 2 ,7 ^
4,4 6 8
Deficient reserve penalties
17,0 6 3
2 7 ,7 1 9
50,590
Net service charges received
17j_170
_ _5-j46
106,526
117,311+
55,173
3
,329
55,1119
25,539
Miscellaneous
__ J
—
1,969,248
*+
,
9
6
6
,311
2 , 01+9 , 95 !+ 3,007,0{+l
5 ,3 0 7 ,3 8 1
672,799
10 0 ,112
255,177
TOTAL EARNINGS
1,084,9*12
1 ,2 7 2 ,*+S9
91*1,381
2
1
0
,18
3
532,565
*+33,931
115,221
132, **53
CUHjENT EXPENSES
7 f)0-Z g i p
n >1- 7 ) i ) l *7^
1 d-\ C A 0 7
k
7
0
7
non
88 U.306
1 , bib ,023 Cl , *4 f *+ 5 * / P
4b2 ,blb
1 3 9 ,9 5 0 ..
*32,341
OT®NT NET EARNINGS
Additions to current net earnings:
Withdrawn from reserve for --16,607
Federal Reserve Board expenses
Depreciation on U. S. bonds
. *+1,231
1 7 ,2 6 4
All other
_
41,271
1 7 ,264
16.607
Total additions
Deductions from current net earnings
14 ,9 13
5,275
100,000
1 7 7 ,7 3 7
Bank premises - depreciation
24,640
53,368
UU~U6U
23,926
100,817
59,977
'
5*>353
Furniture and equipment
500,000
Reserve for probable losses
16 ,6 07
Reserve for F.R. Board expenses
Reserve for depreciation 78,058
15,0 0 0
U. S. bonds
25,271
1 ,2 7 9
10,199
3,799
All other
-------------- >
*1
1U2,842
559,922
278,55*+
68.263
7
0
.1
7
6
11+0,533
5.353
Total deductions
10
1.6 11
26l.9*+7
. 542 ^ 628.
7 0 . 176
11+0.533
68.2 6 3
5.353
NET DEDUCTIONS
782,695
1.51+5,81+7 2 ,3 7 3 .9*+3 *+,131,053- 3 .1 5 1 ,1 5 ^
39U.353
*32
,3Ui
^N E T EARNINGS
--/ 1-i
——
— 13^.663
D istribution of net earnings:
180,186
195,871
2 11,6 5 7
168,103
57,720
363,295
Dividends paid
“f t : ©
488,530
3,*H0,9*+8
37,500
2
,1
5
3
,7
5
7
1
,3
7
7
,7
^
Transferred to surplus account
4(5bU,U52
52
U,
2
3
U
2
,4
5
0
,9
6
7
Franchise tax paid U.S. Gov’t.
Balance to JFrqfit_and _Loss_______ —-32n!*i- „„ZfLs§3__
t
1
1923____L
$1,088,899
31,414
520,724
66
9 1,9 4 3
16 ,2 0 7
1 , 74 9 ,2 53
1,082,137
667.116
. 8,327
S,327_
Uo,Uo5
23,328
200,000
53.S56
32,399,
3,49,988
. 192 U
$5 78 ,4 4 7
84,269
848,070
31
40,175
$ 1 6 , 304,246
1 , 605,602
2 , 592,182
60,820
58,078
1,609,070
1 , 0 6 5 ,16 7
547,903
570,058
95,377
458,061
2 1 , 6s 6 ,3U6
6 ,8 4 3 ,4 79
1 4 . 842,867
lU3,U69
27,101
170,570
143,469
93,923253.992,
310,862
Us,938
**6U9,192
384,311
34 1,66 1
32 5 ,4 5 5
25,571
325,371
21 U.S01
-3 2 2 U 0 2
212,733
1 1 ,2 7 2
1 0 1 , U50
202,828
12,623
1 1 3 . 6 U6
16,607
700,000
16,607
lU6 , 9 lU
_ .... --107J+ I1
2,001,002
1 71 7 r / t
---------- —
c! ‘^s\m13 ,U9'? .8o4
1 , 80 6,767
7 , 4 96 , 34 s
3 . 792,249
st. U501
EARNINGS AND PROFIT AND LOSS ACCOUNT OF THE FEDERAL RESERVE BANK OF KANSAS CITY
i 191^151
1916
1
1917
1913
1919
Earnings:
Discounted bills
$ 6 *4, 6*49
$4 3 8 ,8 3 1 $2 , 6 4 3 ,1 1 3 $ 3 , 888,339
$34,572
Purchased bills
29,601
7,832
171,112
157,983
34o,S75
United States securities
i s 6 ,4 l i
20 ,631
256,792
312 ,4 4 3
4o5 , 4oo
Municipal warrants
14,366
9,575
5 ,1 3 7
Deficient reserve penalties
37,396
99,929
106 ,70 5
Net service charges received
15,241
4 6 ,710
23,493
♦ *213
Miscellaneous
46,682
50,017
214 ,9 75
219,667
10 2 ,4 74
TOTAL EARNINGS
380,208 1 , 002,660
3 .4 5 1 ,536 U,9 6 1 ,452
154,250
CURRENT EXPENSES
150,369 - 3 1 9 ,3 7 5 ___ fo2 ,518 1 . 1 3 1 ,7 7 9
CURRENT NET EARNINGS
*61,776
2 .3 0 9 .418 J3j 829j703
222U39... 63?,785
Additions to current net earnings:
Withdrawn from reserve for depreciation
on U. S. bonds
•
1*47,8*46
All ether
103
Total additions
147.949
Deductions from current net earnin
Bank premises - depreciation
. 100*000
Fumi tare and equipmen t
5,0 0 0
4,350
40,794
46,710
54,290
Reserve for probable losses
—
Re serve for depreciation U. S„ bonds
220,734
All other
—
75,587
4.226
Total deductions
5 , 00 c
116,381
4,350
3 7 1 ,6 7 0
54,290
NET DEDUCTIONS
5.000 ___ 4U 50 —116,381 - - 3 7 1 ,6 7 0 J # 9 3 ,6 5 9
NET EARNINGS
224,939
*6 6 .776
5 6 6 ,*40*4 . 2 ,4 3 7 .7 48 3,923,362
Distribution of net earnings:
Dividends paid
66,707
364,503
309,729
228,755
Transferred to surplus account
2,421,*426 3,694,607
Franchise tax paid U* S. Gov’t.
—
Deficit in earnings after payment
'
of dividends, charged to surplus
—
—
account
Balance to Profit and Loss
- 6 6 ,776
158,282
201,901
-293,407
_
1
1920
$6 , 441,476
211,975
50 5,539
233,425
1
1921
1922
$5,13^,00*4
49,1*48
382,855
$1 , 492,657
8,323
1,408,733
1 ,^ 7 6
329
1 2 6 , *43*4
47,215
1
192*4
Total
971,271
$5 5 9 ,5 3 4
158,580
947,929
37,374
36,380
159,986
2,993,919
1.923.119
1 ,0 6 5 ,800
260,487
$2 ? , 3 4 1,5 36
1,165,295
5,398,009
32,949
729,858
35,444
1 , 120,003
31,373,094
12,172,0*45
19 .2 0 1 .04 ^
1923
$1,793,861
29 ,36 1
2,066
-
12,572
7,409,987
1 .7 2 9 .8 72
3 ,6 8 0 ,1 1 5
1 8 , 9^1
136,393
3,094,660
5 ,7 1 2 ,8 58
2,227 856
2,010,520
3 ,4 3 5 ,0 0 2 . ~l.03v.S40"
38,605
l.o4o
l.OUo
3.326
*42, *431
38,499
67.460
101.959
—
128,088
-
8 7 ,576
1 8 3 ,7 6 1
3 3 7,8 1 0
6 0 , 12 s
11,579
807
1*40, *47*4
13 9 ,4 3 4
. 5,540,631
2 5 7,6 72
3,042,781
2,2*40,225
-
200,000
_
-
4,-825
4 .5 4 7
4 ,547
628,*46s
3 6 , *408
-
1 , 5 4 7,3 3 7
6 1 9 , 90 s
12,178
125,010
j,
2*4*4, *401
216.771
2 ,3 :1
2,6*40.950
1 6 , 560,669
72 2 ,6 36
265,620
275,655
*486,918 #- 157.432
#664,813
2 , 3 0 0 , 55 s
275,313
7,240
_300j 804
718,059
_ 3 , 0567096 "" ... 783,036“ ' . 3 4 7 ,7 1 1
-
-
♦Excess of expenses.
**Debit.
#After charging surplus and crediting franchise tax with $208,170 paid as an additional franchise tax for 1921.
surplus and paid as a franchise tax out of earnings for 1922 were. $50,733 and $*456 , 6 *43, respectively.
##Net additions.
(a) Deficit in earnings before payment of dividends.
16 s
225,113
13.019
90.935
18,187 _____ 516 I117
393,983
60,379
128,086
402,763
4 7 1 ,3 3 7
428,906
2 , 262,910
1,866.087
■' j s & a L
3.316
65 b‘ i 92
650,005
(a )253.182
265,697
2 , 312,651
9,495,540
5,270,757
518,879
51S,879
65,158
-
325,056
Amounts transferred to
earnings and profit and loss account of the federal reserve bank of
I 191><-15 I
Earnings:
Discounted bills
Purchased bills
United States securities
Municipal warrants
Deficient reserve penalties
Net service charges received
Miscellaneous
TOTAL EARNINGS
CURRENT EXPENSES
M R E N T NET EARNINGS
^Witions to current net earnings:
Withdrawn from reserve for —
Federal Reserve Board expenses
Probable losses
Depreciation cn U. S. bonds
All other
Total additions
Deductions from current net eamii
Bank premises - depreciation
Furniture and equipment
Reserve for probable losses
Reserve for F.R.Board expenses
Reserve for depreciation U. S. bonds
All other
Total deductions
NET DEDUCTIONS
NET EARNINGS
Distribution of net earnings:
Dividends paid
Transferred oO surplus account
Franchise tax paid U.S. Gov't.
Balance to Profit and Loss
$21*2,237
1916
1917
$20 5,232
$209,065
133,512
159,432
6,833
1912
1919
1920
Dallas
1921
St. 4501
1922
$1 , 4 9 7,379 $2 , 443,206 $ 4 , 0 44,612 $ 3 , 829,840 $ 1 , 6 0 9,32 3
175,325
7,980
113,397
197,994
73,212
6U.576
270,274
152,159
2 2 9 ,020
195,049
171,151
737
7,995
12,968
21,984
158,569
56,305
124,16 3
50,432
19,497
52,923
23,323
*<50
171,480____~J
1 93,9841
357,255
1 0 6,, 44o
- , x,505
r>/>-------25,*—
—------ 7 42,237
:
11 ____ xv„
33, 917
169*278
S ’gPR 2<U
4,2 3 9 ,5 74 -2 ,0 8 5 ,7 7 5
8---- —3
----- 335,225 ------- 193>666 ___ 911,64a 1 ,4 6 6 .9 6 4
1,700,939
1 , 5 1 5 .3 9 1
■ 75.382 183.074
396,145
1.5 9 5 .8 60 2 .1 5 o ‘g 3V -3x437,558 a,53s!635.
~570.3S4
10,220
r
Zr
W
■
J
W
<-JJ
s
i
«
W
' ~
1 6 ,1 6 7
884
884
\:
7,500
9,5 3 8
7,5 0 0
35,171
6 1 ,7 3 6
52,758
-
—
"75.3SS
6 5,52 3
—
17,028
17,028
166 ,046
1 3 4 , 00 s
32,038
1 6 ,1 6 7
131,240
82,883
1 6 3 ,8 3 3
130,963
561,500
16 1,0 18
3 2 ,7 1 0
439,000
$ 1 , 170,022
226,172
$ 5 3 1 ,3 5 6
262,659
630,682
7 2 1 ,2 3 2
6 2,36 1
52,542
29,222
l6l,54o
2 ,3 ^ 4 3 6
1.3 9 1 ,2 28
965,208
2 ,1 5 7 ^ 6 4
1 , 331 .6 6 2
826^302
_
_
31,176
26,063
22,454
___ 4 7.2 3 9
42,242
7 9 ,1 1 9
12,062
590,000
9,385
500,000
2 663
49,295
1,407
528
21.854 .. . 11,691
20.087
44.078
355,685
108,739
225,537
925,955
44.078 ___ 355,685
108.759 __ 209,327 ___925.071
352.067
1 ,2 4 0 .1 75 2.0417864 3,228.231
1 6l8 RbU
188,234
2 6 1,5 0 3
16 3 ,8 3 3
-205,736
19 6,335
1 ,8 4 5 ,5 2 9
-
Total
$ 1 5 , 78 2 ,9 32
3 ,1 7 4 ,7 1 4
2 ,2 9 3 ,4 53
15,854
599,330
10 0 ,74 3
1 , 122,030
2 2 ,089,056
- 9 ,3 4 9 ,8 9 9
_ 12,739,157
16 ,16 7
80,984
253,494
155,762
505.407
490,355
469 , 04 s
2 ,2 2 1 ,4 6 3
1 6 ,1 6 7
U O i
..
1,184,408
9,865
70,718
8 0 ,9 8 4
231,523
*107,113
4 iy tb20
1924
1923
225,424
3 , 002,807
-
2 5 2 ,2 1 1
1 , 3 6 1 ,3 5 3
-
3.151
6 35,8 79
216.259
--- •7C
ACh2 1PR
.
.
■■11,076
*,lv l ___
655,380
632,926
--- 770
* >^0
a o
y-
20,013
6 0 8 ,517
56 1,278
OLC AOli<
uu_)
2 5 1 ,915
102,210
251,429
249,789
80,853
15,235
-
-
-
2 8 9 ,95S
89y 9ovj
807f
3 ,5 76,798
-3 ,0 7 0 ,3 9 1
-9,668,766
2 , 0 7 6 ,3 7 1
7 , 592,395
-
♦Includes $55,000, representing excess of sale price over net book value of old bank building sold during the year.
.
/
@FedFRASER