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- Hamlin Charles S Scrap Book - Volume 168 Members FPBoard P05.001 Form F. R. 131 • # BOARD DF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM Office Correspondence Date To________ m e s _________________ __ Subject:. From______ Mr- ________ _ Coe___________________ July 3» 1941 k f O .. After correspondence with Mrs. Hamlin (see letters of May25 and June 4> 1941) the items attached hereto and listed below, because of their possible confidential character, were taken from Volume 168 of Mr. Hamlin’s scrap book and placed in the Board’s files: VOLUME 168 Page 91 Memo to Mr. Hamlin from Mr. Goldenweiser confirming figures relating to commercial banks which were quoted from Dr. Anderson — Page 117 Member Banks Federal Reserve System by Districts Page 136 Earnings and Expenses of Federal Reserve Banks. A c; C O P Y March 2, 1927. I To Mr, Hamlin Prom Mr. G-oldenweiser With reference to your memorandum of February 28 and to correspondence from Mr. Breckinridge Jones, I confirm the figures relating to commercial banks which were quoted from Dr. Anderson with the exception of the figure for deposits on June 30, 1926 in ;vhich there appears to be a slight error, the Comptrollers report showing $40,126,132,000 instead of $40,126,754,000 as stated by Dr. Anderson. The differences between Dr. Anderson's figures for all commercial banks and our own for all banks (excluding Federal reserve banks) are due to several causes: Dr. Anderson's figures include only National, State (commercial) and Private Banks, and Loan and Trust Companies, while our figures include, in addition, Mutual Savings Banks, and Stock Savings Banks; with regard to deposits, Dr. Anderson's figures represent all except bankers' deposits, while ours represent gross deposits; in the case of loans and investments, Dr. Anderson’s figures include a national bank item, "Qustomers’ liability on account of acceptances" (amounting to $176,000,000 on June 30, 1922 and $232,000,000 on June 30, 1926), an item which is usually not included among loans and investments. It should be stated, however, that to be exactly comparable with fdgares for other years, our figure for June 30, 1926 should be reduced by the amuunt of the above item for that date which the Comptroller included in his consolidated figure for the loans of all banks, the correct figure for June 30, 1926 is $51,866,000,000 instead of $52,098,000,000. Volume 168 Page 91 I confirm the member bank figures as quoted from Dr. Anderson and as stated in my previous memorandum. The figures for all banks (excludiig Federal reserve banks) which Dr. Anderson gives, represent, as in the case of all commercial bank figures, loans and investments including: n Customers* liability on account of acceptances” for national banks. Dr. Anderson*s figures for total stock of monetary gold are incorrect to a slight extent in the millions digit. The appended table shows the relation between the stock of monetary gold and loans and investments of all banks in the country (excluding Federal Reserve banks) for 1900, and 1908 to 1926 inclusive. Data for all banks prior to 1909 are not entirely dependable, owing to the manner in which they were compiled by the Comptroller in those years. years, however, they are relatively complete. For subsequent The table shows that the proportion of monetary gold, although declining in the past two years, was at the middle of 1926 not far below the level of years immediately preceding the war. Relation of Monetaiy Stock of Gold to Loans and Investments of All banks in the United States. June 30 1900 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 J : • • (Amounts in millions of dollars) « Gold - total stock • Loans and investments : of coin and bullion l/ : of all banks / : • : • 2 1,034 1,615 1,641 1,635 1,753 1,813 1,867 1,872 1,973 2,451 3,019 3,146 3,112 2,708 3,295 3,785 4,050 4,491 4,386 4,501 3/ 8,156 S/14,884 16,012 17,245 18,098 19,313 20,034 20,924 21,641 24,730 28,670 32,333 37,319 42,288 40,158 40,306 43,960 45,577 •• 49,158 51,866 i 12.7 10.9 10.2 9.5 9.7 9.4 9.3 8.9 9.1 9.9 10.5 9.7 8.3 6.4 8.2 9 9.2 9.9 8.9 8.7 A l/ Taken from the annual report of the Director of the Mint for 1926, p. 105. 2/ Excluding Federal reserve hanks - taken from the Annual Reports of the Comptroller of the Currency and from the Annual Report of the Federal Reserve Board for 1925, p. 127. J 3 Figures partly unofficial, - not entirely comparable with those for later years. • Ifl A «C*a/U&a I f itly U s .fi* BiuiKo FELLRAL RLS£iv;.o SYSTLY BY Dl S lRICTS •JY; February 2, 1927 iJ^Stfi&liTS, LOANS ANL DISCOUNTS CQalPAREB WITH TOTAL- YLPQSIT3 TAKEN AS 100%. * NSW YORK It"i Loans & Disc.=<* Total Deposits ’ 7 3 .5 % 6 4 .1 % 7 7 .1 % f 3 4 .2 % 7 3 .5 ^/» 86 .8% 7 2 .2 % 79.1% 76.1% ATLANTA EARNINGS AND EXKE1TSES OF FEDERAL RESERVE B A M S FEBRUARY 1927- T o ta l e a r n in g s o f th e F e d e ra l r e s e r v e "banks i n F e b ru a ry were $ 8 2 5 ,0 0 0 l e s s th a n i n Ja n u a ry a s th e r e s u l t o f a d e c lin e of $*4-50,000 i n e a r n in g s from d i s c o u n ted b i l l s , $ 3 3 5 ,0 0 0 i n e a r n in g s from p u rc h a se d b i l l s and U. S. s e c u r i t i e s and a r e d u c tio n of $*40,000 i n m is c e lla n e o u s e a r n in g s . T o ta l e a r n in g s , $3,032,93* 4-, were $ 5 0 0 ,0 0 0 l e s s th a n e a r n in g s d u rin g F e b ru a ry 1 9 2 6 . C u rre n t ex p en se s i n F e b ru a ry a g g re g a te d $2,2* 4-7,000, a s compared w ith $ 2 , 327,000 i n th e month p re c e d in g and $ 2 ,2 2 0 , 0 0 0 i n F e b ru a ry l a s t y e a r . C u rre n t n e t e a r n in g s f o r th e month d e c lin e d to $ 7 8 6 ,0 0 0 w ith th e r e s u l t t h a t th e a n n u a l r a t e o f c u r r e n t n e t e a r n in g s on a v e ra g e p a i d - i n c a p i t a l was o n ly 8 . 1 p e r c e n t , a s compared w ith 1*4-.*4- p e r c e n t l a s t month and 1*4-. 5 p e r c e n t a y e a r ago. As i n J a n u a ry , th e F e d e ra l r e s e r v e bank o f Richmond was th e o n ly bank whose c u r r e n t n e t e a r n in g s d id n o t meet d iv id e n d re q u ire m e n ts and th e d iv id e n d s a c c ru e d a t t h i s bank now amount to $ 23,000 more th a n c u r r e n t n e t e a r n in g s A new ite m h a s b e en added to th e s ta te m e n t t h i s month: T o ta l c u r r e n t e x p en se s - "E x clu siv e o f c o s t o f c u r r e n c y ." The a d d itio n of t h i s ite m i s n e c e s s a ry i n o rd e r to g e t a f a i r com parison o f o p e r a tin g ex p en se s a s th e c o s t of c u rre n c y i s a n o n -c o n tT o lla b le expense which f l u c t u a t e s m a t e r i a l l y from month to month. Volume 168 - Page 136 (St. 5299a) ** i<u. L 4 Hr. Hamlin n c C O N F I D E N T I A L Not for publication Bc^^'n F e o rn a rv iH d t Month ot C u rre n t ex p en ses E a rn in g s E x c lu s iv e From p u r From From of c o s t c h ase d b i l l s d is T o ta l T o tal o th e r of and U. S. c o u n ted so u rc e s c u rre n c y s e c u ritie s b ills $ 1 6 4 ,8 2 3 $ 2 3 6 ,3 8 0 $ 152,860 $ 1,*902 $ lU 6 ,5 2 8 $ 87,950 New York 276.877 3 5 2 ,1 3 3 P h ila d e lp h ia 1 1 0 ,9 9 0 C le v ela n d F e d e ra l R eserve Bank St.5299 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS,FEBRUARY 1927 B alan ce a v a i l a b l e f o r Annual r a t e D iv id en d s d e p r e c ia tio n a llo w a n c e s C u rre n t of c u r r e n t n e t n e t e a r n a c c ru e d s u r p lu s , f r a n c h is e ta x , e a rn in g s on to e tc . in g s to aveYage Feb. 28 P 0n Feb. 2 8 On J a n . 31 n a i d - i n c a p i t a l Feb. 28 . P er c e n t $ 8 4 ,2 4 4 $ 88,270 $ 172,514 $ 56,955 $ 71,557 1 0 .5 C u rre n t net e a rn in g s 1 0 ,9 ^ 4 6 4 5 ,9 9 4 479.670 526,675 1 1 9 ,3 1 9 U.2 479,568 369,399 1 1 0 ,1 6 9 176 , H86 116 , 35*+ 7 ,5 7 2 2 3 4 ,9 1 6 156,527 163,742 71,174 7 .3 1 7 8 ,7 5 0 126,521 52,229 4 4 ,526 121,005 178,21'+ 12,502 3 H ,7 2 1 1 9 3 ,4 1 1 2 0 7 , 89H 1 0 3 ,8 2 7 9 .8 30H,962 1 3 7 ,7 0 9 167,253 132,550 Richmond 7 1 ,8 2 8 '+ 7.707 5 ,4 2 5 12H,960 1 0 7 ,0 7 3 113,261 11,699 2 .5 38,132 6 1 ,3 1 8 * 2 3 ,1 8 6 * 4 ,068 A tla n ta 8 2 ,0 4 4 1+7.0'+7 1 3 ,3 7 9 1 4 2 ,4 7 0 9 7 .6 2 5 9 9 ,5 1 3 4 2 ,9 5 7 11.1 lUo,H9 5 0 ,2 2 7 8 9 ,8 9 2 72,061 Chicago 2^ 0,253 2 4 4 ,4 0 8 2 9 ,0 2 4 5 1 3 . 6S 5 300,720 1 7 6 ,3 3 8 13.6 476,373 168,165 3 0 8 ,2 0 8 216,299 S t . Louis HU ,5 8 8 85,843 2,459 1 3 2 ,8 9 0 109,860 116,062 1 6 ,8 2 8 4 .1 68,473 52.904 15,569 2 5 .1 7 5 M^^^ppolis 13.269 76,260 5,235 9 5 .3 6 4 81,756 82,053 1 3 ,3 H 5 .7 4 4 ,0 3 4 30.383 13,651 1 5 ,4 6 2 K ansas C ity 2 8 ,9 6 0 119 , 0 U2 22,160 170,162 134,162 134,690 35,'+ 72 ll.l 91,225 4 1 ,8 3 5 49,990 3 5 .3 7 7 9 ,8 6 4 101 , H78 11,522 1 2 2 ,8 6 4 95.058 9 9 , 2H0 23,624 7 .2 70,865 43,013 27,852 2 5 .7 3 1 120,291 175.091 6,196 301 , 57 s 177,979 201,313 100,265 1 H.9 250 , 16H 87,132 163.032 106,632 1 ,2 0 7 ,9 1 9 1 ,6 5 4 ,1 8 7 1 .6 0 b .9 2 S 1 , 696,105 2 , 031,456 1 2 8 ,9 6 0 1 7 1 ,0 2 7 1 4 2 ,5 8 5 ,2 5 6 , 8 7 6 1 , 058,903 9 0 3 ,2 4 6 3 ,0 1 9 , H 3- 1 ,1 8 0 ,1 8 7 1 ,8 3 9 ,1 2 6 1 ,1 1 4 ,4 1 5 D a lla s San F ra n c is c o TOTAL: Feb. 1 9 2 7 Jan . 1927 Feb. 1 9 2 6 1 .7 8 9 ,7 4 2 FEDERAL RESERVE BOARD DIVISION OF BANK OPERATIONS s MARCH 11, 1927 w; . 3 ,0 3 2 ,9 8 ^ 2 ,0 8 6 ,7 6 1 3 , 856,670 2 , i 67 , i Ho 5 , 5 3 8 ,2 5 5 2 , 0 3 9 , 3 7 1 ♦Deficit, 337,347 2 ,2 4 6 ,6 1 3 786,371 8.1 ,3 2 7 , 2 6 1 ,2 1 9 , 9 6 0 1 ,5 2 9 ,4 0 9 1 ,3 1 8 ,2 9 5 l4 ,4 1 4 ,5 2 2 2 ,3 1 5 . 7 7 9 1
@FedFRASER