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FOURTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF BOSTON
FOR THE YEAR ENDED DECEMBER 31, 1918

WASHINGTON
GOVERNMENT PRINTING OFFICE
1919







FOURTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF BOSTON
FOR THE YEAR ENDED DECEMBER 31, 1918

WASHINGTON
GOVERNMENT PRINTING OFFICE
1919

LETTER OF T R A N S M IT T A L .

F ederal R

eserve

Bank,

Boston , Mass., January 15, 1919.
S i r : I have the honor to subm it herewith the fourth annual
report of the Federal R eserve B ank o f B oston covering the operations
o f that bank for the period from January 1, 1918, to D ecem ber 31,
1918.
R esp e<* u lly, yo urs,
tf
F r e d e r ic H. C u r tis s ,

Chairman and Federal Reserve Agent.
H on.




\V. P. G. H a r d i n g ,

,

Governort Federal ReseiTe Board
Washington, U. C.

TA B L E OF C O N T E N T S .
Page.

Officers and directors of the bank................................................................................
Introduction............................................................................................... ....................
Financial results of operation........................................................................................
General business and banking conditions..................................................................
Discount operations...................................................... . . . ................... - .......................
Trade acceptances..................................... .....................................................................
Bankers’ acceptances..................................................... . ..............................................
United States securities............................................ ...................................................
Reserve position..............................................................................- ..............................
Movement of membership............................................................................................
Relations with national-bank members............................................................
Relations with State banks and trust companies......................................................
Credit department and bank examinations................................................................
Deposits.............................................................................................................................
Periodic reports regarding member banks.............................................................
Certificates of indebtedness and Government deposits............................................
Flotation of Liberty loans. ............................................................................................
War saving certificates....................................................................................................
Capital Issues Committee..............................................................................................
War Finance Corporation......................................................... ......... ............... ..........
Federal Reserve note issues..........................................................................................
Federal Reserve bank notes..........................................................................................
Position of commercial banks as result of war financing.........................................
Policy to be pursued in restoring the liquidity of banks.........................................
Internal organization.......................................................................................................
Clearing and collection...................................................................................................
Gold settlement fund......................................................................................................
Banking quarters.............................................................................................................
Conclusion.........................................................................................................................

5
7
7. 8
8, 9
9. 10
10
10. 11
11, 12
12
12. 13
13
13. 14
14
14. 15
15
15. IB
16
17
17. IS
18
IS
18
IS, 19
19
19, 20
20. 21
21
21. 22
22. 23.

KXIILBITS.

A. Movement of earning assets during year........................ .......................................
B. Movement of cash reserves, net deposits, etc., during year.............................

23. 24
25. 2t>

SCHEDU LES.

1.
2.
3.
4.
5.
ti.
7.
8.

Income and expense.................................................................................................
Distribution of net earnings....................................................................................
Comparative balance sheet. December 31. 1917. and December 31. 1918 . .
Items from schedules in connection with fiscal operations..............................
Transactions with other Federal Reserve Banks............ ......................... .
Maturities of invested funds on last day of each month...................................
Maturities of commercial paper and trade acceptances....................................
Acceptance liability of national banks in New England..................................




3

27
27
27. 28
28
29
29
29
32

4

t a b u : of c o x t k x t s .

Page.
1i. A ccep ta n ce.............................................................................................................. ...... 32
IU. Itanks granted |»ertiiissiou to accept up to 1(H per cent................................... ...... 34
)
11. Reserve |n»-iti«in ou Itr^t of each month..................................................................... 34
12. Monthly o)N*ratioti.< of gold settlement fund....................................................... ...... 38
13. N«»w national hanks taking stock in Federal Reserve Bank.................................. 38
I I. M««mU»r State hanks................................................................................................ ...... 38
V*. Meml>er trust companies compared with total trust companies...................... ...... 39
h*. Banks granted fiduciary powers under section 11 »k).............................................. 39
17. Hanks granted fiduciary powers under a c tio n 11 ^k> as amended........................ 39
IS. Amounts due to mettt1>er hanks and rediscounts lor member hanks.................... 40
Hi. H. •*♦v«»s ot* national hanks in New Kngland...................................................... ...... 40
««*
*
20. « «ittdifii»ti ot* national hanks in New England.................................................... ...... 40
21. < onipari^on »>f items reported hy memU*r hanks..................................................... 40
22. < «*itihcates ot indebtedness sales and payments................................................ .......41
23. Distribution, hv issues. of certificates of indebtedness sold.............................41,42
24. R« i w of payments hy credit and withdrawals since January 1, 1918......... .......42
»rt
25. Redepo^its of internal revenue funds................................................................... .......42
2#. Subscriptions to Liberty loan Itonds............................................................................45
27. Liberty loan subscription* through Federal Reserve Bank of Boston........... .......45
2S. Th<» Ijb ortv loan*............................................................................................................45
29. Liberty loan subscription-* of principal cities of New England....................... .......46
30. Character of Liberty loan payments..................................................................... .......46
31. Transaction* du rin; the f.uirth Liberty loan payments.................................... .......47
32. 1a \*erty 1 tan c. *nversi. »n<......................................................................................... .......47
*
33. B*»nl anil cert iiicate deliveries.............................................................................. 47-48
34. I'nited States certificates of indebtedness redeemed......................................... .......48
35. War giving* stamps issued during year 1918....................................................... .......48
3< . Capital Issues < ommittee...............................................................................................49
>
37. Federal Reserve n >tes issued by Federal Reserve Agent................................ .......49
38. Number of Federal Reserve n »U issued and retired....................................... .......49
*s
39. Interdistrict Federal Reserve n »te movement................................................... .......50
40. Principal items from statement of selected hanks............................................ .......50
41. Amount of checks handled hy transit department............................................50-51
42. Colhireral department—<*oup;*ns out..................................................................... .......51
43. Discount rates...................................................................................................................51
44. Money rates in Boston. 1918................................................................................... 51-52
45. Bank clearing in New England............................................................................ .......52
46. Building activity in New England....................................................................... .......52
47. Business through the port of Boston..................................................................... .......53
48. Commercial failures in New England................................................................... .......53
CHARTS.

A. Movement of earning assets during calendar year......................................................24
B. Deposit and note liabilities, also cash reserves...........................................................26
C. Total earning assets at d ose of business each Friday.................................................30
D. Bills rediscounted and member hanks collateral notes h e ld ...................................31
E. Acceptances held at close of business each Friday............................................. .......33
F. Percentage of reserve against combined deposit and note liability........................35
G. Gold reserve at close of business each F rid a y .................................................... .......36
H. Reserve ac<v>unt of member hanks........................................................................ .......37
I. Due from dep'uritaries of public money.........................................................................43
J. Due to Treasurer of the United States...........................................................................44




FEDERAL RESERVE B A N K OF B O ST O N .

D ire c to r*.

Hast Walpole. Mass.
Boston. Mass.
F r e d e r i c IT. C nm ss, Chairman, Bos­
ton, Mass.
T h o m a s W. F a r .v l m. S o w Haven. Conn.
A l l e n H o l l i s , Deputy ( liainnan. Con­
cord, X. II.
P h i lip

R.

A lle n .

T h o m a s P. H e a l.

E d w ard
Jesse

II.

Edm und
C h a r le s

S.

Rumfurd. Mo.
Providence. R. I.
R. M o r s e , rroctor. Yt.
G.
W ash b u rn .
Worcester.
R ew ard.

M e tc a lf.

Mass.

A rth u r H. W eed,

Secretary.

Ojficcrs.

Governor.
I F r e d e r i c II. C u r t i s s . Federal Reserve
Jr., Deputy Gov- j Agent.
ernor.
j R u s s e l l B. S p e a r , Assistant Federal
C h e s t e r C. B u l l e n , Deputy Governor j
Reserve Agent.
and Cashier.
j H a r r y A. S a u n d e r s , Assistant Cashier.
F r a n k W . C h a s e . Assistant Cashier.
! L. W a l l a c e S w e e t s e r , Assistant Cashier.
W i l l i a m X. K e n y o n , Assistant Cashier. ! W i l l i a m W i l l e t t , Assistant Cashier.
E r n e s t M . L e a v i t t , Assistant Cashier. |H a r r y F . C u r r i e r , Auditor.
C h a r le s

A.

M orss,

C h a r le s E . S p en cer.







FOURTH ANNUAL REPORT OF THE FEDERAL
RESERVE BANK OF BOSTON.
INTRODUCTION.

The past year, the second of the Nation’s participation in the war,
has produced marked changes in the character of the industrial and
financial activities of the New England district.
As the year progressed the increasing demands of the Government
for carrying on the war have by degrees taken precedence over those
for civilian purposes, so that on November 11, at the time of the
signing of the armistice, the energies and resources of this community
were largely directed and subservient to the successful prosecution
of the war.
During the year there have been placed in New England, through
the banks of the district, over $1,000,000,000 of Government securi­
ties—Treasury certificates, Liberty loans, and war-savings certifi­
cates, besides over $300,000,000 of Federal taxes collected. These
loans and taxes have been financed where necessary through redis­
counts with the Federal Reserve Bank of Boston. That these sums
have been raised without undue financial disturbance, and that the
loaning rates for money have been kept steady and not unduly high
is an indication of the satisfactory operations of the Federal Reserve
Bank and the Federal Reserve system.
Schedule 4 shows the fiscal operations of the Government during
the year.
FINANCIAL RESULTS OF OPERATION.

The increased demands by member banks for rediscounts and loans
to finance Government needs have brought large earnings to the Fed­
eral Reserve Bank. The net earnings for the year 1918 distributable,
after making allowance for depreciation, amounted to $3,305,000.
Dividends at the rate of 6 per cent per annum were declared on
June 6, 1918, and December 5, 1918, payable to stockholding banks
as of June 30, 1918, and December 31, 1918. These dividends
amounted in the aggregate to $384,000. Of the surplus earnings
one-half, or $1,460,500, was carried to the bank’s surplus ac­
count, and an equal amount was set aside as a reserve for the
payment of the franchise tax to the United States Government as
required bv the Federal Reserve Act.




7

8

A X X l ’AE

REPORT

OP

FEDERAL

R ESERVE

BANK

OF

B O S T fV X .

Sche<Jules 1 and - show earnings in detail as com pared with the
year 11117.
Schedule 3 shows a com parative statement of the condition of the
hank on Decem ber 31, 1917, and December 31, 1018. The im portant
changes in tin1 balance sheet will be referred to under the proper
headings in this report, the increase in most of the items clearly indi­
cating the enlarged activities of the bank.
OEXERAE

R l 'S I N E S S

AXD

B A X K IN O

C O M M T IO X S

IX

THE

D IS T R IC T .

As the year 19IN advanced the pressure of the G overnm ent to
meet war demands became increasingly heavy. B oth business men
and bankers were urged to give preference to industries essential to
the prosecution of the war and to Governm ent and other essential
securities, and eventually the Governm ent needs becam e so great
that Federal control was necessary. E arly in January the Capital
Issues Com m ittee assumed jurisdiction over the issue of new securi­
ties, and later, through the W ar Industries Board and other boards,
labor and material were conserved for the G overn m en t’s use.
A lthough Governm ent regulations, price fixing, and constant de­
mands for m oney have brought unusual burdens, banks and m er­
chants have, with but few exceptions, m ade unprecedented profits.
The com petition for labor, skilled and unskilled, lias also proved a
serious problem and has forced wages to a plane hitherto unknown.
Unrest and inefficiency of labor have been pronounced during this
period, em ployees leaving one industry to go to another offering
higher pay and refusing to remain steadily em ployed.
M oney rates, during the year, both time and dem and, for com m er­
cial needs, have remained practically steady at 6 per cent, being
influenced by the rates charged by the Federal R eserve Bank. R ates
on loans secured by G overnm ent bonds varied from 4J per cent to
5 per cent, being similarly influenced.
Im m ediately after the armistice, the G overnm ent began canceling
m any of its war contracts, and the m anufacturer was brought face
to face with the readjustm ent of his business to a peace basis. Peace,
however, found dom estic business quite generally in a satisfactory
state, low inventories being prevalent with the m anufacturer, whole­
saler, and retailer. The large amount of raw material held b y the
Governm ent, the uncertainty o f the future trend of dem and for raw
material from foreign countries, together with the prevailing high
prices both for labor and material, have resulted in a considerable
slowing dow n of industrial activities, and are causing business to
await future developm ents before going ahead.
The demand of the G overnm ent for m oney to settle its con tracts
and to support the large A rm y still in cam ps in this cou n try and




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

9

overseas is so great that the hanks are being called upon continuously
to subscribe to war loans and have been increasing their dem ands for
rediscounts with the Federal Reserve Bank.
It is expected that after the first of the year 1919, with the accu­
m ulation o f investm ent m oney, the banks of the district will have
m ore m on ey to lend, but unless there should be a h eavy recession in
general business not looked for at the present time rates are n ot e x ­
pected to be m aterially lower until after the next L iberty loan.
D IS C O U N T

O P E R A T IO N S .

The bulk of loan operations of the Federal R eserve Bank of B oston
during the year 1918 was made up of borrow ings on account of
G overnm ent financing. As will be seen from the appended schedules,
borrow ings for com m ercial purposes have been com paratively small.
B oston banks have becom e accustom ed to borrow' large am ounts on
notes secured by Governm ent obligations for short periods, usually
one day, whenever their reserve iequirem ents necessitated tem porary
replenishing.
The total loans of the Federal R eserve B an k at the end o f 1917,
including notes and acceptances rediscounted with other Federal
R eserve Banks or sold with this b a n k ’s indorsem ent, am ounted to
about .SI 20,000,000. On February 12,1918, this loan account had been
reduced to about $62,000,000, and although later tem porarily in­
creased , further liquidation b y m em ber banks brought the loan accou n t
dow n on M ay 16 to about $58,000,000, which was the lowTpoin t o f the
year. D u ing the next few weeks the Federal R eserve B ank redis­
cou n ted for other Federal Reserve Banks, bu t these rediscounts never
at one time exceeded §10,000,000.
From M ay 16 to the end of the year there was a steady increase in
the bank's loans, a material expansion being show n betw een June 27
and July 11, when 8148,000,000 of redeposits in con n ection w ith the
Federal taxes were withdrawn from m em ber banks. A lth ou gh the
high point reached at that period was som ewhat reduced, from August
17 there was a steady increase in the b an k ’s loan accou n t, owing to
the withdraw al of Governm ent funds deposited in con n ection w ith
the Liberty loan, reaching 8157,000,000 on N ovem ber 1, when redis­
counts w^ere resorted to with other Federal R eserve Banks, From
that time to the end of the A'ear this bank, in order to m aintain its
reserve more nearly on a p arity w ith that o f the Federal R eserve
system , was obliged from time to time to rediscount m em ber bank
loans, or sell acceptances to other Federal R eserve Banks. Schedule
5 shows rediscounts with other Federal R eserve Banks.
The demands for accom m odation from m em ber banks, because of
G overnm ent withdrawals, were very large during this period, the
loans increasing to §165,000,000 on N ovem ber 12, and to 8168,000,000




116016— 19------2

10

AXX U AL REPORT OF FEDERAL RESERVE BAXK OF BOSTOX.

on N ovem ber 28. The latter was the highest point reached during
the year. It is estim ated that if there had not been recourse to other
Federal Reserve Banks the loans w ould have reached a high point
of 8232,000,000 on D ecem ber 13. Schedules 6 and 7 and accom ­
panying charts contain detailed figures coverin g all fluctuations.
TRADE

ACCEPTAN CES.

Very satisfactory progress has been made during the past year in
the use of trade acceptances b y the merchants in the New England
district.
W hile it is difficult to procure accurate inform ation as to the char­
acter of this developm ent, the records of the Federal Reserve Bank
show a large increase in the number and volum e o f trade acceptances
that have been offered for rediscount b y the m em ber banks of the
district. Trade acceptances have for the m ost part been received
for rediscount from the out-of-tow n banks, the large B oston banks as
a rule n ot being inclined to encourage their use. On the other hand,
there has been a considerable increase in the different lines of trade
which have found this character of financing attractive.
The bank has, as in the past, m aintained a differential rate in favor
of the trade acceptance as com pared with the ordinary com m ercial bill.
b a n k e r s

’ a c c e p ta xc e s.

The past year has shown a marked grow th, b oth in num ber and
volum e, of bankers' acceptances created b y banks in this district.
W hile it is not practicable to show the increase in volum e of accept­
ances created b y all the banks in the district, the increase in those of
national banks is shown b y Schedule S.
Fully as im portant, however, is the satisfactory progress that has
been m ade in creating a broader market, not only fo r the acceptances
originating in this district, bu t also for those created b y banks else­
where in the country. To encourage this distribution, during the
past year, the Federal R eserve Bank has m aintained differential
rates betw een indorsed and unindorsed bills and has discouraged the
direct offering of bills b y the accepting banks, taking such acceptances
only as rediscounts and at the discount rate ruling for other com m er­
cial paper, while at the same time holding itself open to purchase the
same bills at current rates, even though unindorsed, from brokers
and other banks than the accepting banks.
A differential has also been m aintained by the Federal R eserve
B ank betw een indorsed and unindorsed bills, and on bills o f varying
m aturities, encouraging the offering of sh oit-tim e bills to the Federal
R eserve Bank.




ANNUAL REPORT OF FEDERAL RESERVE I1AXK OF BOSTON.

11

To encourage brokers to handle acceptances, the Federal Reserve
B ank has m ade advances to them on acceptances with agreements
to repurchase. These advances have been m ade on favorable terms,
and this practice has also been adopted b y several of the larger B oston
banks. This policy has tended to distribute acceptances m ore freely,
not only into the portfolios of large city banks, but also to ou t-oftown banks, both com m ercial and savings. The Massachusetts sav­
ings banks have taken advantage of the law passed last M ay which
allows such investm ents.
Frequent conferences with officials of accepting banks have not only
brought about a more satisfactory character of acceptance but have
also been a benefit in developing a policy which has m aterially broad­
ened their market .
It would appear desirable to have a p olicy adopted b y Federal
R eserve Banks with reference to bankers' acceptances, so that on
the date of paym ent the proceeds would be available as reserve funds
by the holding bank.
During the year the number of accepting national banks has
increased from 32 to 40 and, as will be seen by Schedule 10. six addi­
tional banks have been given the special privilege o f accepting up to
100 per cent of their capital and surplus.
U N IT E D

STATES

S E C U R IT IE S .

The holdings of U nited States securities have show n several
changes during the year. E arly in the year m em ber banks, h aving
purchased certificates of indebtedness and wishing to obtain funds
for short periods, sold small am ounts to this bank w ith their agree­
ment to repurchase, but after a few m onths the practice was dis­
continued.
In con n ection with the handling o f subscriptions to the first L iberty
loan, there was allotted to this bank §2.600,000 of 3^ per cent bonds
in excess of the subscriptions received. On June 29, 1918, on v o te
of the directors of the bank, these were taken over from the Treasury
D epartm ent and paid for. On July 8, ?2 ,000,000 were sold to the
W ar Finance C orporation. D uring the balance o f the year, several
sales were m ade until the bank had disposed o f its entire holdings.
Several small am ounts of L ib erty loan bonds of different issues
were taken over by the bank from one source or another, until at
the end of the year our holdings, exclusive o f b on d s sold on the
installm ent plan, am ounted to a bou t $S,000. There were also $529,000
conversion 3s rem aining unsold from the con version of 2 per cent
bonds into 3 per cent bonds and one-year notes.
It has been the p olicy of the G overnm ent during the current year
to p ay its one-year notes on m aturity instead of renewing, as it is




12

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

privileged to do. O f the S I,416,000 U nited States notes held at the
close of last year, 8750,000 matured O ctober 1, 1918, and were paid.
As these had been pledged to secure Federal R eserve bank notes, a
like am ount of one-year 2 per cent certificates of indebtedness was
purchased and pledged in their place. In addition there have been
purchased §6,000,000 2 per cent certificates of indebtedness to be
pledged against Federal R eserve bank note circulation, m aking the
total am ount of notes and certificates so pledged at the end o f the
year $7,416,000.
During Decem ber, anticipating withdrawals from G overnm ent
depositaries, the Treasurer of the U nited States on several occasions
sold to the Federal R eserve B ank one and two d ay 2 per cent cer­
tificates of indebtedness, the proceeds being credited to his account.
The largest am ount held at any one tim e was $18,000,000, the total
so purchased being 567,000,000.
RESERVE

P O S IT IO N .

Enlargem ent of the ban k ’s activities has had the effect o f causing
marked fluctuations in its reserve position, as shown b y Schedule
11 and accom panying charts.
The amount of gold held b y the bank has varied w idely but with a
decided upward tendency. Banks in this district, both m em ber and
nonm em ber, have turned over their gold freely to the B oston Federal
Reserve Bank, taking Federal Reserve notes in exchange.
Several conflicting factors account prom inently for the reserve
fluctuations: First, the increase in gold holdings m entioned a b ove;
second, the large increase in required reserves due to larger net
deposits and increased note issues; third, the h eavy rediscounts
b y member banks follow ing G overnm ent withdrawals of funds on
deposit with m em ber and nonm em ber banks: fourth , the placing of
call loans in New Y ork C ity by banks holding large G overnm ent
deposits and the consequent tem porary losses b y this bank of gold,
through the settlement fund.
From the end of August until the close of the year there was a
dow nw ard tendency in the reserve position of the bank, due to the
expansion of the bank's loan account and to the increase in Federal
Reserve notes outstanding. The form er con dition was brought abou t
through large transfers by the G overnm ent to other Federal R eserve
districts to meet its heavy paym ents, causing a loss of gold, and
the latter was caused by increased need for circulation, requiring
larger gold reserves.
MOVEM ENT

OF

M E M B E R S H IP .

The m ovem ent to convert national banks into nonm em ber trust
com panies, so prevalent in this district in the early days o f the




A X X U A L REPORT OF FEDERAL RESERVE BANK OF BOSTON.

13

Federal Reserve system, has entirely abated and several of the
banks which gave up national bank charters to operate under State
laws have made application and been adm itted to m em bership in
the Federal Reserve Bank of Boston during the year. The on ly
bank to surrender its entire holdings o f Federal R eserve B ank stock
was the Y ale N ational Bank, of New H aven, which consolidated
with the First N ational Bank of New H aven.
Three new national banks have com m enced business and 18 trust
com panies have been adm itted to m em bership, m aking a net increase
in members of 20. The total number o f m em ber banks at the end
of 191S was 423, h olding 133,835 shares o f stock, com pared with 403
banks, holding 117,169 shares at the end o f 1917.
R E L A T IO N S

W IT H

N A T I O X A I -B A N K

M EM BERS.

Continued progress has been made during the past year in d evelop ­
ing a closer relationship between the Federal Reserve Bank and its
members. The payment- by the Federal R eserve Bank of shipping
charges on currency, assumption of the cost of telegrams, and free
collections of checks and other items have been appreciated b y all
m em ber banks.
In order to maintain closer relations w ith those banks located in
Verm ont and New Hampshire, E. A. D avis, cashier of the N ational
W hite R iver Bank, of Bethel, Y t., was procured to act as the repre­
sentative of this bank in that section and to instruct the b an k ’s
m em bers regarding the various facilities available for their use.
The fullest cooperation in the m atter o f placing L iberty loans and
certificates o f indebtedness lias been secured both from members
and nonm em bers, and m em ber banks have not hesitated to seek
rediscounts when their needs dem anded.
Applications for fiduciary powers were received from numerous
national banks during the first part of the year, and with the am end­
ments o f the Federal Reserve A ct in Septem ber, allowing an increased
scope, m any banks which had form erly been granted the limited
powers allowed, applied for the additional powers now available.
Schedules 16 and 17 show the banks given these special powers.
R E L A T IO N S

W IT H

STATE

BANKS

A N I)

TRU ST

C O M P A N IE S .

As in the case of the national banks, the activities o f this bank as
fiscal agent have brought it into closer touch with the trust com panies
during the year.
The larger banks have been favorab ly inclined toward the system
and m any have made application and been adm itted to m em bership.
During the year 18 trust com panies becam e members, m aking over
65 per cent of the resources of eligible trust com panies represented
in the system .




14

ANXL’ AL REPORT OF FEDERAL RESERVE BAX K OF HOST OX.

Several reasons can be ascribed for the failure of others to becom e
members, the principal ones being (1) The banking laws of several
of the New England States are not such as to encourage mem bership
in the reserve system ; (2) the character of the business of m any trust
com panies is m ore nearly that of savings banks than com m ercial
banks, and as such m embership is not particularly attractive either
from the viewpoint of the bank or of the Federal Reserve system ;
(3) Som e banks are waiting for neighboring banks to m ove first;
(4) M any of the smaller banks have not as yet given the m atter
sufficient stu dy to realize the possibilities to themselves as members.
L iberty loan operations have caused m any nonm em bers to borrow
from the Federal Reserve B ank through mem bers, and this has
resulted in bringing them to appreciate m ore fully the services ren­
dered b y this bank to the com m unity.
During the last few m onths m uch interest has been m anifested in
membership b y m edium -sized and small trust com panies, and
several applications have been received. Schedule 14 shows all
m em ber trust com panies.
C R E D IT

DEPARTM ENT

AND

BANK

E X A M IN A T IO N S .

The credit departm ent, in so far as it pertains to com m ercial credits,
has increased its scope but little during the year. Statem ents on all
notes or trade acceptances of over So,000 are required, bu t no attem pt
has been made to give the service of checking credits to m em ber
banks.
A ccepting banks and bankers have been investigated, and
where their bills have been purchased unindorsed they have been
required to furnish statements.
The nucleus of an examining departm ent has been established and
is working in conjunction with the credit departm ent. Statem ents
of condition of m em ber banks are carefully analyzed and every
attem pt made to keep in close touch wT
ith their condition. State
m em ber banks are either exam ined annually b y this ban k 's exam in­
ing departm ent, or a representative participates in the exam ination
b y the State authorities or public accountants, although m some cases
the exam inations of State banking departm ents have been accepted
w ithout participation.
D E P O S IT S .

M em ber bank deposits with this bank have shown a steady increase
throughout the year, having expanded from a b o jt SSO,000.000 at the
end of 1917 to an average of about S100.000,000 toward the end of
1918. This has been due to increase in m em bership b y the admission
of trust com panies during the year and the increase which m em ber
banks in general have had in their own deposits, necessitating the
carrying b y them of larger reserves.




A X X C A L REPORT ( >F FEDERAL RESERVE BANK OF BOSTON.

15

Taken as a whole, little trouble has been experienced in having
m ember banks maintain the required reserves, although at times
members have been inclined to allow their accounts to drop below the
requirements, taking care to see that their balances were built up
during the m onth so that no average deficiency occurred. It m ay be
found desirable at an early date to obtain weekly instead of m onthly
reports of required reserve. The policy of penalizing those which
have insufficient reserves has been continued throughout the year.
P E R IO D IC

REPORTS

R E G A R D IN G

MEM BER

RANKS

The system of weekly reports of m em ber banks in the larger centers,
begun late last year, has been continued. W eekly reports of clearings
of baiiKs in the principal cities of the district are received each week.
There have been four calls by the Federal Reserve B oard for
conditions of m em ber trust com panies during the year and six calls
by the Com ptroller of the Currency for the conditions of national
banks. Copies of these reports have been received b y the Federal
Reserve Bank.
A report of at least two exam inations of each national bank is
received each year from the chief national bank examiner, and at
least one exam ination is m ade of each other member, as m entioned
elsewhere.
F is c a l A

gency

C E R T IF IC A T E S

OF

O p e r a t io n s

for

IN D E B T E D N E S S

T

AND

reasury

D

epartm ent.

GOVERNM ENT

D E P O S IT S .

Fiscal operations of the Governm ent have been a m ore dom inant
factor in the activities of the Federal R eserve B ank than in any
previous year, becom ing increasingly h eavy as the year advanced
and as participation of the coun try in the E uropean war becam e
greater. Throughout the entire year, as will be seen b y Schedule 22,
the Treasury Departm ent m ade offerings of United States certificates
almost fortn igh tly—-certificates issued in anticipation of the paym ent
of taxes and those to be refunded b y Liberty loan bonds. A s regards
issues other than those for tax purposes, each Federal R e se n e dis­
trict was allotted an am ount based on a percentage of its banking
resources. T o handle these frequent offerings, a com m ittee was
formed, consisting of Storer P. W are, chairman ; Charles A . Morss,
govern or: and Frederic H. Curtiss, Federal Reserve agent. This
com m ittee was supplem ented b y representatives from 16 centers in
the district. The com m ittee urged every bank to set aside 2^ per
cent o f its resources every two weeks to invest in certificates, and in
time m ost of the banks were able to a dop t this program . Schedule
23 shows the amount of subscriptions in the district.




16

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

Many subscribing banks paid for their certificates b y crediting the
Governm ent on their books, deposits being secured b y collateral
as specified by the Treasury D epartm ent. These deposits were
gradually withdrawn b y the Governm ent and placed on deposit with
the Federal Reserve Bank, being checked against or transferred b y
the Governm ent, as needed. A t each withdrawal, which was on a
uniform percentage basis from each bank, members financed them­
selves when necessary through rediscounting with the Federal R eserve
Bank. Fluctuations of rediscounts in the Federal R eserve Bank,
shown b y chart D , illustrate graphically how this deman 1 was met.
A similar m ethod of financing was adopted in connection with the
paym ent of Federal taxes on June 15. These taxes am ounted in
New England to over §300,000,00!). These paym ents falling largely
on the B oston banks, a great part of the receipts was deposited with
those banks, proportionate to the am ount drawn on each. These
deposits were likewise secured b y collateral and gradually withdrawn.
Schedules 24 and 25 and accom panying chart show details o f G overn­
ment deposits.
F L O T A T IO N

OF

L IB E R T V

LOANS.

The organization built lip during the first and second cam paigns
was maintained and further im proved to handle the third and fourth
Liberty loans.
The chairman of the Liberty loan com m ittee was the govern or of
the Federal Reserve Bank of Boston, Charles A. Morss. I h e active
management was in the hands o f N. Penrose Ilallow ell, executive
chairm an; J. R. Macom bor, assistant executive chairm an; James
Dean, chairman of distributing com m ittee; and Mrs. F. L. iliggin son ,
chairman of the w om en ’s com m ittee.
The handling of these loans and other fiscal operations has required
a large increase in the banking force and accom m odations. Details
of the loans are contained in Schedules 26 to 34.
The epidemic* of inlluenxa which continued until almost the end o f
the fourth Liberty loan cam paign prevented all forms of public
dem onstrations, which had proved so effectual in previous cam paigns
and other methods to stimulate subscriptions had to he adopted.
Individual solicitations had to be increased and the Federal Reserve
Bank established a 4 per-cent (M)-dav rate on rediscounts o f loans on
bonds of the fourth Liberty loan in order to stim ulate subscriptions
against future income.
The quota allotted to this district for the third campaign was
S250.0U0.000 and for the fourth cam paign, §500,000,000. The sub­
scription s received were 8354,537,250, or 141 per cent, and 8632,221,S50, or 126 per cent, respectively.




A XX r AI, REPORT OF Y HDERAI. RESERVE P.AXK OF BOSTON.

It

wa 1
:-savi x (;s ( k irr11 r(•a t e s .
Until N o v e m b e r 15. lUls, tin1 war- savings c a mp a i gn was c o n ­
d u c t e d b y the Treasury De par t me nt.
The Federal Reserve Hank
s i mp l y carried and distributed s tamps to the qualified agents.
Early
in N o v e mb e r , acting under instructions from Wa s h i n g t o n , the c a m ­
paign for war savings was placed under the direct ion of the g ov e r no r s
of the Federal Reserve hanks.
Until the end o f the year, the same
organizati on as in the past has been continued.
F r e o u e n t meet i ngs
hav e been held b y the g o v e r n o r wi th the chairmen of the different
State commi ttees , and efforts have been made to s ti mul ate sales o f
war- savings and thrift stamps.
Af t e r the first of the year, Mrs.
F. L. Iligginson, chairman of the w o m e n ' s L i b e r t y loan c o mm i t t e e ,
will b e c o m e district chairman of the war- savings c ampai gn, and she
is at present- per fec ti ng an o rganizati on wh e r e b y that i mp o r t a n t w o r k
will be placed in the hands of c o mm i t t e e s of wo me n, w h o will w o r k
closel y in touch witli the L i b e r t y loan organizati ons, and w h o h o pe
to d e v e l o p a general c a mp a i gn f or thrift and e c o n o m y t h r o ug ho ut
the district.
Schedul e ‘>o shows sales b y States.
C A P IT A L

IS S U E S

C O M M IT T E E .

A ctin g under instructions from the Federal Reserve Board, fo llo w ing a request from the Secretary of the Treasury, a com m ittee was
form ed to pass on all applications with “ respect to capital expendi­
tures or the issue of new securities” originating within the N ew Eng­
land district. This com m ittee reported its conclusions to a central
com m ittee in W ashington, the reports being based upon w hether
such expenditures or issues were com patible with the national in­
terest.
This com m ittee consisted of Frederic II. Curtiss, chairm an; Charles
A. Morss, vice chairm an; Charles Francis Adam s, H enry G. Bradlee,
Philip Cabot, Allen Curtis. Henry B. Day. Francis R. Hart. James F.
Jackson, John E. Oldham, and R obert W insor. Its first meeting
was held on February 1. 1918, and thereafter weeklv.
The com m ittee acted under the direction of the Federal Reserve
B oard until A pril 5, 1918, when the W ar Finance Corporation law went
into effect. A fter that date these same persons, together with Thom as
W . Farnum. Allan Forbes, Arthur M. Heard, R obert W . H unting­
ton, Frank W. Matteson, E dm und R. Morse, and II. M. Yerriil,
continued to serve as a permanent com m ittee until thev were
authorized to dissolve on Decem ber o l , 19 I S . The com m ittee secured
the services of George Tyson as a consulting m em ber and E. I L K ittredge as secretary. The bankers and brokers of the district o
gave
o
their fullest support to the activities of the com m ittee.




116016— 19—

3

18

A X XU AL REPORT OF FEDERAL RESERVE BANK OF BOSTOX.

Schedule 30 shows to some extent the scope of the com m ittee’s
activities. The com m ittee, besides assuming jurisdiction over securi­
ties, supervised to a large extent the bank loans of public utilities
and assisted in investigating and recom m ending needed Federal legis­
lation to safeguard the public against issues of fraudulent securities.
W A It

F IN A N C E

C O R P O R A T IO X .

The W ar Finance Corporation has been called upon to assist to
a very limited extent in the New England district. In those cases
where advances have been made, the Federal Reserve Bank has acted
as agent, delivering funds furnished b y the corporation and receiving
and holding securities and docum ents as directed b y it.
FEDERAL

R ESER VE

NOTE

IS S U E S .

The amount of Federal Reserve notes outstanding has increased
steadily throughout the year, the gold held b y the bank being thus
increased and conserved. The amount outstanding at the end of the
year was considerably more than double the am ount on January 1,
1018, as is shown b y Schedules 37 and 38.
U nder arrangements between the bank and the Federal Reserve
agent, the total bill holdings of the bank are pledged at all times as
security for these notes in addition to the required gold reserve. The
large demand for currency has necessitated the printing and m ainte­
nance of a larger supply, and the standing order on hie in W ash in gton for
notes of this bank has been increased several times during the year.
Under the amendment to the Federal Reserve A ct of Septem ber
'26, 1018, authorizing the issuance of Federal R eserve notes o f 8500,
'81,000, $5,000, and S I0.000 denom inations, orders have been filed
for an amount aggregating 852,000,000 of these denom inations for
this bank. Including notes in process of .printing and the above
notes of large denom inations, it is intended to have available at all
times a supply aggregating about §225,000,000.
FEDERAL

RESERVE

BANK

NOTES.

Under the law providing for the tem porary retirement of a large
quan tity of silver certificates and the m elting o f the silver dollars,
against which these were issued, this bank has put into circulation
nearly 87,000,000 o f Federal Reserve bank notes. These are secured
b v U nited States notes and certificates, and are issued in denom ina­
tions of 81, 82, and So.
P O S IT IO N

O F C O M M E R C IA L

BAXKS

AS

THE

R ESU LT

OF

W AR

F IN A N C IN G .

A part from tem porary G overnm ent deposits in the banks, deposits
at the end of the year show very little change in volum e from that
shown at a similar date in 1917, the general m ovem ent being an in­




A X X U A L REPORT OF FEDERAL RESERVE BAXK OF BOSTOX.

19

crease in demand deposits and a decrease in time deposits. Schedule
40 shows a com parison of items of thirty-six of the larger banks in the
district in Decem ber, 1917, and Decem ber, 1918.
The heavy increase in the am ount of U nited States securities
owned is due largely to the holding of short-tim e Treasury certificates,
the bank holdings of L iberty loan bonds showing a rather moderate
increase. On the other hand, there is a heavy increase in loans
secured by U nited States securities.
W hile hanks were urged to purchase short-term certificates of
indebtedness as they were issued, they have been discouraged from
tying up their com m ercial deposits in long-term Governm ent bonds.
Banks were urged during the war period to conserve their resources
for G overnm ent uses, to assist industries engaged in war work, and
to curtail as far as possible, credits to industries not essential to the
war.
P O L IC Y

TO

BE

PURSUED

IX

R E S T O R IN G

L IQ U ID IT Y

OF

BAXKS.

As the industries of this district when hostilities ceased were
largely given to Governm ent work, the cancellation of war orders
will p rob ab ly bring about a considerable reduction in com m ercial
loans. Banks of the district are carrying a very large volum e of
loans against L iberty bonds, and on D ecem ber 31 about 75 per cent
of the loans in the Federal Reserve B ank and of loans discounted b y
that bank with other Federal R eserve Banks were against G overnm ent
securities. As early as possible, means should be taken to encourage
liquidation of such loans. The m ost effective means w ould appear
to be the gradual increasing of the Federal R eserve B a n k ’s discount
rate on bond-secured loans. H ow fast and how far this rate should be
increased will depend on its effect on the future offering of G overn­
m ent securities and the rate at w hich such securities are offered. N o
other m ethod than by rate increase seems practicable, although
banks should be urged to bring som e pressure on their borrowers o f
this class, either b y increasing rates or b y dem anding an additional
margin of collateral. H ow soon this war paper can be liquidated, it is
difficult to say. If liquidation com es in com m ercial loans, banks
m ay liquidate their Federal R eserve B ank borrowings, but as soon
as the G overnm en t’s requirements have been met, liquidation should
be steadily and consistently forced b y the Federal R eserve Bank
increasing its rates.
IX T E R X A L

O R G A X IZ A T IO X .

There have been several changes in the official organization of
o
o
the bank during the year. Charles A. Morss, class B director,
having been chosen o
governor of the bank,' resigned as a director
o
o




20

AXXUAL REPORT OF FEDERAL RESERVE BAXK OF BOSTOX.

during tin* first half of the year, and Philip R. Allen, of East Walpole,
Mass.. was elec ted by hanks in group 1. on July 1. 1918, to fill the
unexpired term, running until January 1, 1921. The Federal
Reserve Board, on August 0. appointed Jesse H. Metcalf, of Provi­
dence, R. I., a class C director, to iill the unexpired term of Andrew
J. Peters, who had resigned to become mayor of Boston. This
term runs until January 1, 1920. The terms of Arthur M. Heard,
class A director, and Charles G. Washburn, class B director, expired
January 1. 1919. Under the amendments to the Federal Reserve
Act in September, 191 S. Mr. Heard was not eligible for reelection,
being an officer of a bank in a different group from that which he
represented as director of this bank.
Elections were held during the fall month**. Charles G. Washburn
was reelected and Edward S. Kennard, cashier of the Rumford
National Bank of Rumford, Me., was elected to succeed Arthur
M. Heard. The terms of these directors expire January 1, 1922.
Allen Hollis, class C director, whose term expired January 1, 1919,
was reappointed by the Federal Reserve Board for a term running
to January 1, 1922, and was redesignated as vice chairman. A t
a meeting of the board of directors held January 3, 1918, Daniel G.
Wing, president of the First National Bank of Boston, was reelected
as a member of the Federal Advisory Council.
The growth of the bank has necessitated the election of additional
officers. On January 3, Charles E. Spencer, jr., treasurer of the
Colonial Trust Co. of Waterbury, Conn., was elected deputy governor,
taking office February 1, 1918. On January 31, William N. Ken von
was elected assistant cashier, to take effect February 1, 1918, and
on March 28. Frank W . Chase and L. Wallace Swcetser were elected
assistant cashiers to take effect April 1, 1918.
The clerical force of the bank has been doubled during the year,
there being 499 employees on December 31, as compared with
256 at the end of 1917.
Of this force, about 60 per cent are
women. In addition, about 86 clerks are employed by the Liberty
loan committee.
CLEARIXOS AX I) COLLECTIOXS.

The check collection department has had rapid growth during
the year, the clerical force having increased from 35 to 109. The
number of New England items has increased from 9,000 to approxi­
mately 35.000 loose checks a day, not including checks received
from Boston banks. The latter are received in packages divided
by banks on which drawn. This method has not been entirely
satisfactory, and it is expected that before long all checks will he
received loose and be sorted by the Federal Reserve Bank. The
daily average of Government checks has increased from 2,500 to







ANNTAL

7,500.

RKPORT

OF

FKDKKAL

RESERVE

BANK

OF

BOSTON.

'2 1

Boston Clearing H ouse checks have increased correspond-

in^ly.
The large increase in cheeks handled was brought about by two
factors: First,

the elim ination

on June

15 of

the service charge

for collection; second, by the X e w Y o rk Clearing H ouse rule, which
m ade it necessary for X ew Y ork banks to collect all checks through
the Federal R eserve B anks, it they were unable' to collect them as
expeditiously through their other correspondents.

Previous to the

elim ination of the service charge, it was custom ary to m ake a per
item charge suflicient

to cover the actual cost of collection.

This

cost is now absorbed by the Federal Reserve Bank.
The collection system for tim e item s, while not so well developed
as that for check collections, has m ade considerable progress during
the year.

The

elimination

of the service charge on

checks also

applied to tim e collections and brought about an increase necessi­
tating the enlargnient of that departm ent.

A ll items are collected

free except for the charge m ade to the Federal Reserve B ank by
the collecting agent, and a charge of 15 cents on item s returned
unpaid.
factory,

The

tim e collection system ,

how ever, is far from satis­

anil som e uniform basis for collection charges should

be

agreed upon b y the Federal R eserve B an ks instead of leaving the
charge subject to the pleasure ot the collecting bank.
GOLD

SETTLEM EN T

FUND.

Commencing in May. the Federal Reserve agent of Boston trans­
ferred to the gold settlement fund the entire amount of gold certi­
ficates held by him against Federal Reserve notes, and these are
now held in Washington, subject to his order.
Schedule 12 shows the amounts cleared during the year, not
including direct transfers caused by special transactions and which
did not enter into clearing, such as transfers between the bank
and the Federal Reserve agent of Boston.
B A N K IN G

QUARTERS.

One of the most serious problems which the large increase in the
Federal Reserve Bank's activities has produced has been to secure
adequate quarters in which to house its large force of clerks and to
properh handle the immense volume of work that this increased
activity has brought about.
At

the beginning o f the year the bank occupied about

16,000

square feet of w orking space, its quarters, besides the m ain banking
room at 53 S ta te Street, exten din g to 84 S ta te Street and 131 S tate
Street.

These were later increased

by renting a building

at 20

K ilb y Street, besides additional sp a te in 53 and 84 S ta te Street.

22

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

This has given the bank, at the end of the year, about 40,000 square
feet of w orking floor space. H avin g banking quarters so p oorly
located has prevented econom ic and efficient handling of w ork and a
perm anent building was deemed vital.
A fter careful survey of the available sites, the board of directors
voted to purchase the land and building at 05 Milk Street. This
property, covering about 13,363 square feet of land, was purchased
on June 27 for slightly over Si ,000,000.
The lo t has a frontage of
63.51 feet on P ost Office Square and of about 129 feet on Pearl Street,
and is conveniently situated with respect to the financial section of
B oston. It is proposed to tear dow n the present building and to
erect at an early date a building w hich will accom m odate all of the
b an k ’s activities.
In order that this subject m ight be given careful consideration
and study, a building com m ittee was appointed by the board of
directors, consisting of E . R. Morse, chairm an : Charles G. W ashburn.
Philip R . Allen, Charles A. Morss, govern or: and Frederic II.Curtiss,
Federal R eserve agent.
CONCLUSION.
Business and banking have not as yet had time to adjust them ­
selves since the signing of the armistice. The im petus of war w ork
is still felt in almost every trade, and the year has ended w ith m ost
of the industries fairly active, and with a strong dem and for m oney,
the continued requirements of the G overnm ent for loans m ore than
offsetting any liquidation of G overnm ent com m itm ents on war
contracts. As yet there is no m arked oversupply of labor in the
district. The readjustm ent of X ew E ngland industries from a war
to a peace basis will be no easy task, as this is largely an industrial
com m unity.
The raw material market will, no doubt, within a short time adjust
itself, but the problem of labor is more difficult to solve. I f the mills
and manufacturers of X ew England are to be dependent upon dom estic
trade, there must be reasonable p rotection for them from foreign
com petition, and if on foreign trade, they must be in a position to
com pete against scales; of wages prevailing in the industrial centers of
other countries. M anufacturers must be able to transport goods and
finance sales to foreign m aikets in a satisfactory manner, if they are
to com pete with foreign-m ade goods.
The large increase in our m erchant marine, it is expected, will
make it possible to transport goods econom ically in A m erican bottoms*
and the large banks in X ew England are organized and fitted to give
satisfactory service in financing any foreign dem and fo r goods
m anufactured in the district.




23

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

istnesot the district and the liquidation
of the heavy loans now being carried by the banks through the
financing of subscriptions to Government securities will require the
most careful study and handling, both by the local bankers and by
the officials of the Federal Reserve Bank.
Exhibit A.— Movement of principal earning asset* o f the. Federal Reserve Bank o f Boston
during the calendar year 19IS.
{ f n t h o u s a n d s o f d o l l a r s : i. p ., (MX) o m i t t e d . ]

j DiscountI ed paper
jseen red \ Ot her d is>v
I U nited'
counted
jStates war
paper.

I oblisaj

tions.

,

*>

1

Jan.4__
Jan 11...
.
Jan. IS...
Jan. 25...
Feb. 1...
Feb. 8...
Feb. 13..
Feb. 21..
M 1...
ar.
M *...
ar.
M 15..
ar.
M 22..
ar.
M 20..
ar.
Apr. 5...
Apr. 12..
Apr. 11)..
Apr. 20..
M 3...
av
M 10..
av
M 17..
ay
M 24..
ay
M 31..
ay
June 7...
June 14..
June 21..
June 2.*..
July 5...
July 12..
July 19..
Julv 26..
Auk- 2. . .
Aug. 9...
Aug. 16. .
Aug. 23..
Aus. 30..
Sept. 6...
Sept. 13..
Sept. 20..
Sept. 27..
Oct. 4...
Oct. 10..
Oct. 1*..
Oct. 25..
Nov. 1...
Nov. .*...
Nov. 15..
Nov. 22..
Nov. 29..
D 6...
ec.
D 13..
ec.
D 2u..
ec.
D 27..
ec.




Bills ; Total hills
in ! discoum 1 cen
- ’er t
open
ed and
(1-5-5).
m
arket, i bought.

(

5 7 .3 2 1

1 4 .1 0 4
1 1 .4 4 1

5 1 .2 1 0
5 0 , 6 2 -s

1 2 .6 3 0
1 0 .9 4 3
1 0 .5 2 6

5 2 . M 4

3 7 .5 1 0
4 4 ,1 6 0

;
*

■

.
i

4 0 ,1 0 3

2 6 .2 0 3
3 1 ;2 4 2
3 2 .1 3 4

6 s . 321
m . 23s
6 s .304

,

5 6 .0 1 2

i

1 3 .5 *9
1 3 .4 7 5

4 0
5 4
5 2
£0

|
l
|
;

1 4 .2 6 7
1 6 ,6 0 6
is , m s
l'V S 6 2

i

2 1 .0 3 7
2 2 .3 1 4
2 3 . 0r 0

10.6 3 *
1 0 . s 9 *>
9 .940
137

y , 460
9 , S46

3
0
3
5

0
3
6
9

.5 7 3
.3 0 7
. 0 *2
.2 6 5

3 6 .0 4 0

9 .4 7 7
1 1 .4 7 5
1 2 .7 4 6

,

7 5 .7 2 3
* 2 .6 4 4

7 2 .4 1 7
7 0 . 3 *7
6 3 . M 0
7
7
6
5

0
0
9
7

.

7 0 ,9*1
7 1 ,5 1 6

i

7 2 . 5 (1 7
8 5 .3 2 4

i

2 2 .2 a

* 6 .1 7 3

:

2 6 ’ 267
2 1 .6 *3

1 1 1 .5 9 1
1 1 0 ,* 5 6

2 4 .2 9 7
2 0 .6 3 6

1 1 5 .4 7 1
105. 100

IS .9 3 s
2 1 .6 1 6

1 0 3 . "9 5

6 5 .X S 7
0 7 ,5 5 5

1 7 ,6 1 7
1 6 .5 0 4

:
i

7 1 .2 4 6

1 5 ,5 9 4
1 3 .1 3 9

:
|

H .S 3 0
1 1 .0 7 9
111653

!
i
!

1
1
1
1

.6 3 5
.6 1 6
.4 7 2
.5 7 s

’
i
|
j!

1Q I. 4 S 4

:

12s . 459
14 0 , 2 s5

j
i

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1 2 .6 1 6
1 2 .7 4 7

ji
1

1 4 3 .7 1 2
1 3 5 .6 2 4

1 0 ,S 4 0
9 .2 2 4

I
'

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:

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;

. 9 S5

;
:

,

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2 ri. 4 4 0
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1
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l

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9
9
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.
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2x 363
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7 2 .5

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;

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:K 720

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Total
earning

1 3 6 .6 2 3
1 4 0 .> 6 0
1 3 * .1 2 9
1 4 5 ,1 2 4
1 4 * .3 4 7
1 5 9 .1 6 9
1 5 * .2 2 6
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.

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9
2

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5 >. 1
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.
i

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141, 0 *3

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5 3 .5

11S . 077

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7 3 .4

1 5 4 .5 2 3
1 6 5 ,3 4 5

S T ). 2

1 6 4 .4 0 1

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s i. 2
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1,'2 .5 6 6

SO. 5

1 5 3 , 21*7
. 1 3 0 .
1 4 0 .0 *6

S3 . 4
S 3 .1
7 9 .6

:
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:

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1 7 5 ,7 6 0
159, 3 *5
1 6 0 .1 1 6
1 5 3 .0 2 7
1 5 4 .6 0 7




24

A X X l'A F REPORT OF FEDERAL RESERVE BANK OF BOSTON.

k

h

FEDERAL RESERVEBANK OF BOSTON.
MOVEMENT OF EARNING ASSETS
DURING THE CALENDAR YEAR ISIS.
Curve I: liar/bcin Jiqver, Curve£:Total&Us QiscoiintztL,
Curve3:S3ills $iscctzn£ed, andCBougkt;,
thrve 4 OctalCorningJisscts, inrl U.S. Gpvcmme/U:SccurUicj.
CurveS;IkaUo of TiarSoarvStmcr
to Jolzd 3zUs Z)iscovint&lar-dJjcugk£.

4-U tiZE ig I S S I4 0329S;Z?3#J/C'J7#3!7 M Zi& S 12tSXCB £ 2 3 X 6 3 £ X M f # 3 £ l <f e & 2 S 6 !2 & *

JAN. \ E ^ J * c iC \ A fR . I M AY JUNE\jaLY AUG. iJFfTl OCT.
F
■
!
t'HMLT A.

NOVA PEC.
!

ANNUAL
E

R EPO ET OF F E D E R A L RESERVE B A N K

25

OF B O S T O N

,

B .— Movement of cash reserves net deposits, Federal reserve note liabilities
and the reserve percentage of the Federal Reserve Bank of Boston during the calendar
year 1918

x h ib it

.

[In thousands of dollars; i. e., 000 omitted.]

Total cash
reserves.

Net
deposits.

Federal
Reserve
notes in
actual cir­
culation.

(2+3.)

Ratio of
cash re­
serves to
net
deposit and
Federal
Reserve
note lialPities col*"

bii^u.

0*'

5
Jan. 4 ...
Jan. 11..
Jan. 18..
Jan. 25..
Feb. 1 ..
Feb. 8 ..
Feb. 15.
Feb. 21.
Mar. 1 ..
Mar. 8 ..
Mar. 15.
Mar. 22.
Mar. 29.
Apr. 5 ..
Apr. 12.
Apr. 19.
Apr. 26.
May 3 ..
May 10.
May 17.
May 24.
May 31.
June 7..
June 14.,
June 21.
June 28.
July 5 ..
July 12.
July 19.
July 26.
Aug. 2..
Aug. 9..
Aug. 16.,
Aug. 23.
Aug. 30.
Sept. 6..
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4 . . .
Oct. 10..
Oct. 18..
Oct. 25..
Nov. 1...
Nov. 8...
Nov. 15..
Nov. 22..
Nov. 29..
Dec. 6 . . .
Dec. 13..
Dec. 20..
Dec. 27..




80,408
94,650
106,414
103,530
92,886
106,072
87,574
98,291
91,455
110,497
110,005
114,706
118,737
116,237
122,937
133.596
135,658
126,150
127,714
137,710
135,353
143.597
146,612
139,718
138,026
132,912
133,236
145,442
113,799
109,863
116,975
140,326
140,317
150,000
147,403
140,992
147,900
138,551
137,810
127,713
131,446
127,928
143,694
109,166
133,125
121,186
113,350
106,501
117,488
111,919
106,131
115,168

69,791
73,076
87,505
88,459
76,257
85,438
73,390
86,973
83,041
86,096
80,124
88,084
94,480
87,659
90,081

3/SdS
fa , 101
B9,377
‘86,991
91,040
^00,960
;13,013

£,002/1
107,245 (
!
131,149 i
98,199
94,517
88,099
107,249
88,533
104,053
105,846
104,507
110,396
99,472
105,521
104,648
110,062
102,510
128,988
100,075
132,907
120,544
104,193
118,012
111,273
102,160
83,512
91,835

74,246
75,308
74,682
75,872
76,434
78,755
80,985
83,701
87,273
88,908
89,932
90,844

9&
,'Z5y
£%978

% 138
J&9,437
101,467
102,547
102,484
102,818
102,898
104,475
107.327
107,808
109,955
112,533
118.328
121,153
121,466
125,759
128,844
131,725
132,857
134,157’
136.817
141, m
144,288
145.576
148,053
152,981
155,320
155,629
151,792
152,460
153,267
152,980
150,983
150,906
151,943
155.817
161,359
163,205

144,0-^

148,^4
163187

10t, 331
j/2,691
j64, 193
154,375
170,674
170,314
175,004
170,056
178,928
187,269
183,637
188,219
192,451
201.535
191,648
191,861
189,809
193,938
205,435
210,340
203,964
198,957
200,914
225.573
262,302
219,665
220,276
216,943
238,974
221,390
238,210
242,663
246,347
254,684
245,048
253.574
257,629
265,382
258,139
280,780
252.535
286,174
» 273,524
£55,176
268,918
2^3,216
257,977
24#,871
25 040

55.8
63.8
65.6
63.0

60.8
64.6
56.7

57.6
53.7
63.1
64.7
64*1
63- 4
63.3
65.3
69.4
67.3
65.8

66; 6
72.6
69.8
69.9
69.7
68.5
69.4

66.2
59.1
57.6
51.8
49.9
53.9

58.7
63.4
63.0
60.7
57.2
58.1
56.5
54.3
49.6
49.5
49.6
51.2
43.2
46.5
44.3
44.4

39.6
44.6
43.4
43.3
45.2

26




AX X C A E REPORT OF FEDERAL RESERVE BAXK OF BOSTON.

J

FEDERAL RESERVEB^N/fOf BOSTON.
D E P O S IT A N D N OTE L IA B ILIT IE S ,
ALSO CASH RESERVES,
DURING THE CALENDAR YEAR 1318.

Curve / JfetDeposits. CurvcZ Jotal Cash, Jt&scrves.
Curve J. JfggreaaU M C ^ en osU a ru i^S l JfbteZiadclitics
Curve4.3c£Ltio of dxshJffejerrcs CoJfggregcUe
J/cCflejiasit and 3:$. Jfote HaSUUtAs.

Chart

B.

§

ANN TAJ, REPORT OF FEDERAL RESERVE BANK OF BOSTON.

2'.

Schedule 1.-—Income and ec pease.

r a id in lieu of dividen ds
on stock ca n ce le d ..........
fu r re n t e x p e n s e s .............
] Erectors' fees....................
R e n t ......................................
Salaries.................................
E xchange p a id ..................
Cost 01 Federal Reserve

n
ot

1917

1918

SI1.596, 56
926. So
2ss. 7o
781.10
2 H 49
i.

$271.
151.N52.
1. 230.
2ti. 6s 1.
274, 361.
245.

>9 ; Bills
discounted
for
18
m em ber b a n k s ..............
X
>
A cceptances p u r c h a s e d ..
56
State, city , and to vn
19 [
n o t e s - . . '. ........................
n ! Interest
on
U
l States securities. nited
167, *28.00 !: Profit on U n ited States
securities.........................
j Penalties for deficient
21*, 554.02 j
reserves............................
27.811.14 ; Sun dry p ro fits ..................

1 3 >5
9. 3
69. ID

102. 621. 37

Assessm ent for expenses
of Federal R eserve
B o a r d ................................
R eal estate e x p e n s e s .. . . .
Furniture and e q u ip ­
ment ..................................
Difference a c c o u n t ..
Repairs and a lte ra tio n s..
S u n d ries...............................
Transit d ep a rtm en t.........
Heal estate charged o f f . .
T o b a la n ce ...........................
Tot id ............

Incom e.

191S

E xpense.

21,220. 35
S. 973.S3
>14.>3
10,450. IN
I
1,462.24

:

571,117. 13 S3,068,027. 3*
502,397.30
931'700.9s

94.7S4.S6

107.719.03

11.101.60

41,821.34

6.105.39
7, 299. t»7

I S ,425.71
212.760.27

T o t a l......................... 1,200,605.2!

4 .380.454, 71

24.173.97 !
4,557.70
61.S94.92
3r554.20
101,529. 3s ;

200,000. 0 ■
0

:3,304,90s. 25

. 1.20^, tU 24 4.3S0.454. 71 ;
»5.

S c iiE iu i e

2 .— D is tr ib u tio n o j net ea rn in g s .

Year
ending
Dec. 31,
1917.

Y ea r
ending
D ec. 31,
19is.

1917

1918

1

■ '$886, 294. 79 S3,304, 90$. 25
banks.
|
R eserve for depreciation on ; 138.266. 25
U nited States securities. j
B a la n ce .......................................j 150,200.00

2,921,000. 00

ss6. 294. 79

3.304,908.25

Reserve ior franchise t a x . . . . .
Farriod to surplus a c c o u n t..

191s
75,100.00
75,100.00
150, 200. 00

S e n e i> u l e

;
:
ij

1919
1 ,460,500.00 ! Jan, 2, b a la n c e .
1, <60.500. 00 ■
2. 921, (XX). 00 li

ss6f 294.79
!
.

3,304,90S. 25

191 >
1919
b'O. 200. 00 ■ 2,921,000.00
] 50. 2i H. Op : 2.921. (XXI. IX
J
)

3 .— ('<>m(Vimtire balance sheet, D e c . 31 y 1 9 1 7 , and D ec . .11. ! !* :S .

D ec. 31,1917.

P ec. 31, 191 V
.

KS R S
K oV rK .
E arn ing assets:
B ills discou n ted secured b y U nited States war o b lig a tio n s ................
£ 13. S97.5MS. S3 ?120. 515,6{k>. {K
13.059.656 44
o t h e r bills discou n ted ‘ com m ercial i . . ..........................................................
2 l.9 M .7 9 v 5 2
A cceptan ces p u rch ased .......................................................................................
9.03< ,506. Oi :
15.0S4.299.96
537.750. 00
F n ite d States b o n d s .............................................................................. ...............
60'j. 750. 00
7.416,1X10.00
U nited Stares short-term o b lig a tio n ? ............................................................ * 2.194.000.00 I
T o t a l................................................................................ -....................................

77.72N, 615. 39

156. 613, 73. 37

R eserve cash:
( iold coin and certificates . ...............................................................................
<iold settlem ent fu n d ...........................................................................................
B:;nk of F ngland sterling irold a c c o u n t ........................................................
< ther law ful m o n e y .............................................................................................

18,690, '.khi. oo
16, 977. ooo. oo
3,675, (N)0.
3.57F5or.. im

3,317,260. 00
37. 292.607.33

T u fa ].......................................................................................................................

42.917.466 (so

43. 305, 081.64




4 .''. 0 1 2
0 2. 1

2.2S7.793. 10

28

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

Schedule 3.— Comparative balance sheet, Dec. 31,1917, and Dec. 81,1918— Contd.

resou rces—

c o n tin u e d .

Reserves against Federal Reserve notes:
Gold ^ ith Federal Reserve agent...........................
Gold redemption fund.................................................
Other resources:
Interest accrued on United States securities----Due from Liberty loan subscriptions....................
Expense, Liberty loan, etc. (recoverable)............
Items in process of collection1..................................
Exchanges for clearing house and cash ite m s .. .
Federal Reserve notes and other cash on hand Due from Government depositaries.......................
Redemption fund Federal Reserve bank notes.
Real estate for bank quarters...................................

$40,896, 820.00

$59,733,330.00
7,812,380.00

2 , 958.75
1
118, 035.40
144, 167. 62
15,007, 383.44
3,216, 597. 70
4,661, 035.81
66,489, 691.55

33,133.69
567.480.00
573,091.80
52,910,S10.45
10,548,466.02
13,809,622.36
30,014,655.68
320.400.00
800,000.00

2, 000, 000.00

253,196,771.fi

Total.

377,042,425.01

LIABILITIES.

Capital fund:
6.691.750.00
Capital paid in .......................................................................................................
5, 858.450.00
1.535.600.00
"5, ioo. oo ;
Surplus.............................................................................................................
Deposits:
82, 842,197.76 : 101,806,494.59
Due to member banks, reserve account...............................................
17,467,049.53
Due to Federal Reserve banks, collected funds1..............................
3, 870,139.46
13, '80,544.93 I 29,969,374.00
Due to banks, uncollected funds1..........................................................
419,414.94 1 10,499,061.56
Due to Treasurer of United States, general account........................
Due to Treasurer of United States, special account........................
489,691.55 ! 30,014,655.68
411,417.98
Cashiers' checks outstanding...................................................................
20,416.38 i
Other liabilities:
168,986,330.00
Federal Reserve notes outstanding...............................................................
77, 296.820.00
6,889,000.00
WFederal Reserve bank notes outstanding.......................................................................................
467,850.01
468,896.64
JjJne'irned discount and interest.....................................................................
93,341.66
Reserve for d epreciation and interest..............................................................................................
1.460.500.00
Reserve for fran chise ta x ...................................................................................
75,100.00
750,000.00
Mortgage on real estate..........................................................................................................................
253,196,771.66

Total.
Liability for rediscounts v ith other Federal Reserve banks.......................

44,477,789.09 i

377,042,425.01
48,962,693.27

1 Offsettingivems to be cleared through gold-settlement fund.

Items o f interest from the schedules o f this and other official reports in
connection with the fiscal operations o f the United States in this district during 1918.

S c h e d u l e 4 .—

RECEIPTS.

Proceeds
Proceeds
Proceeds
Proceeds

of the se^ ond Liberty loan and final payment Jan. 15,1918..............................................
of the t nird Liberty loan.................................................................................................................
of the fourth Liberty loan and payments of Dec, 31, 1918..................................................
of United States tax certificates (1918)............................................ ..................$62,000,000
P r o c e e d s o f United States tax certificates (1919).............................................................. 100,000,000
Proceeds of United States certificates (third Liberty loan).......................................... 214,000,000
Proceeds of United States certificates (fourth Liberty loan)....................................... 381,000,000
p ^ e e d s of United States certificates (fifth Liberty loan)........................................... 92,000,000

$42,000,000
355,000,000
560,000,000

Total certificates sold..............................................................................................................................
Federal taxes collected.......................................................................................................................................
Proceeds of war savings stamps to Dec. 1, 1918 .........................................................................................

849,000,000
311, 000,000
54,000,000

DISBURSEMENTS.

Expenditures disbursed by check.................................................................................................................. 1,167,000,000
Transfers to other Federal Reserve banks, n e t .........................................................................................
581,000,000
Total United States certificates paid.............................................................................................................
609,000,000




AJTJSTUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.
S c h e d u le 5 . —

29

Transactions with other Federal Reserve Banks.
Acceptances allotted to and
rediscounts with—

Acceptances.
New Y o r k ____
Philadelphia..
Cleveland........
R ich m on d .. . St. Louis..........
M inneapolis...
Kansas C ity. . .
Dallas____I ____
San Francisco.

$20,118,745 |
12,926,908 ;
O C zz-7
Ai
15,249,557

Acceptances allotted bv and
rediscount s for— '

i

i

Rediscounts, j Acceptances. \ Rediscounts.

$4,973,582
i 5,281,831 ,
*25,223,947

7,338,923 !
5,037,199

20,032,100

2 1,940,214|
....................... !
....................... !

$3,185,450
5,000,006
2,498,477

2,000,000

14,369,921

Total.

75,041,253

45,256,047

12,195,627 :

12,983,933

1 R e p r e s e n t s a repurchase, before maturity, of acceptances sold to another Federal Reserve Bank.

8 Includes $205,214 of discounted trade acceptances.
S c h e d u l e 6 . — Maturities

W ithin 15
da vs.

January............
February.........
March...............
Ap ril.................
M ay...................
J u n e .................
J u ly...................
Au gust.............
September___
October............
Novem ber____
December........

$7,260, 607.00
15,310, 545.37
11,410, 624. 69
42.844, 800.50
16.236, 141.56
16,129, 385. 56
65,427, 550.06
36,113, 229.99
54,822, 459.58
39,695, 092.43
53,420, 151.67
46,273, 134.94

o f invested funds on last day o f each month, 1918.

16 to 30 days, j 31 to 60 days. ! 61 to 90 days.

$4,201. 636.64 1 10 . 266,870. 74
*
7,636; 843.93
; 553,582.45
8 , 886 . 990.48 39, 355,805. 75
6,362; 382.24 15, 406,640. 21
9,177, 357. 06
965.018.05
34, 437,479.31
12,196, 011.21
13,687, 004,60 1 , 720,477.64
7
13,160, 917. 28 20, 290,722. 29
12,257, 240.13 45, 843,514.53
9, 276,232.55
22,884, 716.98
,722,182.30
8,474, 961.32
259.94 36, 703.662.05

15

12,

66

$41,599. 277.57
43, *54: 262.61
13, . m 558.89
6 , 002 . 280.38
; 28,495; 707.79
! 10,347; 824.04
! 13.012, 445.16
; 30,087: 233.13
14,299; 226.04
36,369: 377. 10
14.483, 884.21
10,834, 135.09

Over 90
days.

Total.

§6,236.00
4,475.00
927.00
1,272. .50
7,574.50
25,221.16
13,573.00
842.056.56
30.003.04
32.053.04
872.131.39

$63, 328.391.95
82, 361,470.36
f 73, 191,454.81
; ,617,030.33
66, 875.496.96
73, 118.274.62
| 109, 872.698.62
1 99, 665,675.69
: 128, 064,496.84
i 108, 255.422.10
I 1 3 133,232.54
4,
133 575,323.41

70

I

Maturities o f commercial paper and trade acceptances at time o f discount fo r
anks
member banks (rediscounts secured by United States obligations not included).

S c h e d u l e 7 .—

15 days or
iess.

16 t o 30 days, j 31 to 60 days.

61 to 90 d a y s .:

Over 90
days.

Total.

I

January................
February.............
March....................
April......................
M a y ........................
Juiie.......................
J u ly .............................
August........................
Septem ber................
October.......................
N ovem ber.................
December..................

$35,250.00 1*11,317, 712.73
*4,940,842.86 $2,077, 970.58 ;$2,306,021.32 *1,957, 627.97
40,000.00 I 12,152, 401. 79
8,631,816.10 . 496, 505.97 1,466,247.40 1,517, 832.32
5,365,867.56 1,136, 779.20 3,097,966.76 2,414, 969.69 i 36,259.43 i 12,051, 842.64
23,310.92
8,850, 606.20
447, 721.32 1,454,916.12 2,840; 466.89 ;
4.084.190.95
1,300, 405.7S 2,145,837.92 2,527, 223.11 ! 138,342.33 1 9,176, 809.55
3,065,000.41
19,959.52 ! 11.7S3, 422.31
1,645, 681.67 2,519,039.94 3,985. 465.44 !
3,613,275.74
54,742.18 20.491, 376.32
5,613,633.65 3,123, 510.93 5,092,147.32 6,607, 342.24 :
72,132.78
7.446, 504.30
1,621, 607.80 1,913,107.87 1,535, 285.90 ;
2.304.369.95
2.700.00 10.301, 663.09
3,565.719.54 1, 221, 534.56 2,597,690.17 2.914, 018.82 !
8,206, 295.36
1,462,043.39 1,052, 532.83 3.268,778.71 2,374. 837.39 1 48,103.04
9,322, 444.70
2,905,282.20 1,276. 678.09 2,287,310.10 2,742, 662.44 ; 110,511.87
995,882.27
11,796, 229.72
i. 05 1,979.526.47 4,993, 084.08
927
2,900,648.85

T o ta l............... 48,452,691.20 16,328,016.78 30,128,590.10 36,410,816.29 1,577,194.34 |132,897,30S. 71




T c ia i E o r n n a A s s e t s a t c l o s e c f B u sin ess

ea c h Friday.
ZOO
ISO

Wo

180

no
te c

10
5
140
130
}20

no

110

Dollar a.
of

70
60

80

SO
40
30

30

2
0

Z
O

!9!7

IQ
Oct

Ch a m c .

Dec.

of D olla rs.

90

MiUions

too
Millions




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON..

A X X C A L REPORT OF FEDERAL RESERVE BAXK OF BOSTON.

150

Bills Rediscounted and Member Bank Collateral Notes h eld
fo s e

31

/SO

o f 8usin\

130

120

120

U
O

U
O

10
0

100

90

90

80

80

70

70

60

60

SO

SO

40

40

30

30

20

ao




10

C b a k t D.

o Dollars.
f

130

M illions of D ollars,

140

Millions

140

32

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

S c h e d u l e 8 . — Acceptance

liability o f national banks in New England at date o f Comp­
troller's calls 1917-18.

1918
Mar. 4..................................................................$58,373,000
May 10................ ...............................................
49,704,000
June 29 ...............................................................
48,599,000
Aug. 31............................................................... 48,744,000
Nov. 1 ................................................................
57,937.000
Dec. 31................................................................ 59,759,000

Mar. 5 ................................................................ 524,372,000
M a v l ................................................................
25,459,000
June 20..............................................................
33,147,000
Sept. 11.............................................................
35,082,000
Nov. 20.............................................................. 44,500,000
Dec. 31..............................................................
49,558,000

S c h e d u le 9 . —Acceptances.

Foreign acceptances purchased.

Number.

1917

Number.

Amount.

1918

!

1917

January----February. .
M arch.........
A p ril............
M a y .............
June............
J u ly .............
A u gu st____
September.
October----Novem ber.
Decem ber..

90
187
163
17
233
1S5
67
228
409
97
373
123

150 ; $2,522,546
291 ■ 4.461,805
245 ; 4,803,854
!
786,937
309 : 9,077,342
16-5 : 6,153,140
2.300,664
272
6.068,808
219
10.654,363
602
4,179,893
474
7,831,447
400
3,891,621

Total

2,172

3,538 ! 62,732,420

1918

201

210

Number.

January............................
February.........................
March...............................
April.................................

1917

!

1918

T otal.....................

228




54
79
266

$2,219,399
3,177,431
3,332,815
3.263,609
5,226,176
3,227,240
4,301,286
7,461,252
8.492,786
11,607,466
11,314,325
7,599,840

766

2,763

25,386,532

71,223,6*5

20 ;
57
70 |

22 1
49

102

Bankers’ accept­
ances to create
dollar exchange
purchased.

1918 ;

1918

250,000
258,670
!
|
;
:
;

54 | 3,408,237 j

i

$229,553
2,020,406
60,733
499,881
597,664

1917
$515,292
800,416
353,407
458,149
1,140,471
2,390,740
1,102,781
1,253,165
3,958,850
1,400,099
3,505,018
8,508,144

$525,200
377,598

2
3
24
101
8
50
45

7
1

Am ount.

150
102
194
124
148
269
285
437
533
329

121

1
N u tn -!
ber. j Amount.

9
40

A ugust..............................
September......................
October............................
N ovem ber.......................
December........................

20 ;
19
8

125,451,391 |

Amount.

j 1918
j

1917 ! 1918

$5,782,302
8,021,246
7 ,793,672
5,675,454
8.060,987
5,910,878
7,666,570
11,280,146
11,191,263
21,493,691
17,520,488
15.054,694

Foreign trade acceptances pur­
chased.

1917

Domestic acceptances purchased.

,

...........

Trade
■ Foreign
accepttrade ac^ ances
! ceptances
discounted. : discounted.

Amount

1
! Am ount.

1918

1918

$1,681,760
623,541
1,441,003
287,007
901,692 i .
1,053,260
525,841

oui, i

.

.

.

. . . . .. .

tO QJ
C O.

279,430

26 : $1,252,000
12 j
800,000
1 1
50,000

541 833 !
498,977 j
454,511 j
445,041

590,153
116,565

11.600,898

3> ; 2,102,000

9,057,453 |

1,229,679

i

1 In addition, $398,340 of domestic trade acceptances were purchased during August.

4 kG
Q fi7

.

.

.

.

.

.

.

.

.

ANNUAL REPORT OP FEDERAL RESERVE BANK OF BOSTON,

Acceptances held a t cfose o f business each Friday.

33

75
70

65
60

60
55

45

45
40

M ((ions
t

35
30
25

25




20

15
iO
5
1917

Feb.

Mar.

Apr.

May

1 June

July

Ch ar t E .

Sept

Oct

Nov.

Dec.

0

o D ffar s.
f o

o I>o(fars.
f

50
Mi (dons

50

34

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

Schedule

10.— All banks granted permission to accept up to 100 per cent o f their capital
and surplus.

May
Apr.
Apr.
Mar.
June
Dec.
M ay
Jan.
July
Apr.
Nov.
Oct.
July
Nov.
July
Dec.
Jan.
May
Oct.
Dcc.

8,1918
14,1915
24,1918
30,1916
7,1915
11,1917
25,1916
27,1916
28,1916
11,1918
13,1917
5,1917
1,1918
6,1917
12,1917
17.1918
25.1918
4,1916
27.1917
16.1918

Location.

Name.

Date granted.

Beacon Trust Co
................................................ Boston, Mass.
Do.
First National Bank
....................................
Do.
Fourth Atlantic National Bank.............................................................
Do.
Merchants National Bank.
....................................
Do.
National Sha ^mut B ank................................................ .........................
Do.
National Union B ank.................................................................................
Dp.
Old Colony Trust C o .. .............................................................................
D©.
Second National Bank...............................................................................
Do.
Webster & Atlas National B ank............................................................
Dedham National B ank............................................................................. Dedham, Mass.
Massasoit-Pocasset National B ank........................................................ Fall River, Mass
Safety Fund National B ank..................................................................... Fitchburg, Mass.
Phoenix National Bank............................................................................. Hartford, Conn.
Mechanics National Bank......................................................................... Ne v Bedford, Mass.
Blackstone-Canal National Bank........................................................... Providence, R. I.
Merchants National Bank.........................................................................
Dp.
Springfield National Bank........................................................................ Springfield, Mass.
Merchants National B ank......
............................
Worcester, Mass.
Hartford Aetna National Bank.............................................................. Hartford, Conn.
Providence National Bank...................................................................... Providence, R. T.

Sc h e d u l e

1 1 .—

Reserve position on first of each month.
[000 omitted.]

...........
Date.

January.................................. ..........
February............................... . ..
:
M arch..................................... ............
A p ril........................................ ..........
M ay.......................................... ..........
..........
Ju ly.......................................... ..........
A u gust................................................1
September.............................
October.................................. ............
November.............................. ..........
December.............................. .......... :




Net
deposits.

! Federal
Reserve
Total
notes in combined Required
reserve.
circula­ liability.
tion, net.

$79,306
$73,602
76,256
76,434
83,041
87,273
93,416
93,047
98,749
102,264
101,349 [ 101,603
80,819
113,437
89,666
127,571
138,783
95,283
151,765
100,105
152,460
110,453
154,007

$152,908
152,690
170,314
186,463
201,013
205,952
194,256
217,571
230,695
247,049
252,565
264,460

|
i
!
!
!

[
Total
reserve.

$57,197
$86,132
57,262 i 92,886
63,973 i 91,455
69,914
118,715
75,467
136,117
77,313
143,790
73,661
123,703
82,545
113,680
87,682
129,624
94,055
132,201
96,020
109,166
100,261
119,385

Excess { Per cent
reserve, j reserve.
| ■
$28,935
35,624
27,482
48,801
60,650
66,477
50,042
31,135
41,942
39,146
13,146
19,124

i
I
;
:

S

56
61
54
64
68
70
64
51
55
54
43
45




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

Ch a r t

F.

35

36

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

C old R e se rve a t c l o s e o f B u sin ess each Friday.

J5Q

150

140

140

130

130
IZO

Millions

110

100

of Dollars.

I/O

100

90

90

mrL

80
1918

80
70

60

60

50

50

40

1917

40

30

30

20

20




J
O
Feb.

Mar.

June
C hart G.

Sept.

Oct.

Nov.

Dec.

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

150

R e s e r v e accou n t o f Member Banks a t c lo s e

o f b u sin e s s each Friday.

37

ISO
HO

130

130

120

120

80

80

Millions

70
60
SO

50

40

40

30

30




ZO

10
Feb.

May

June

July

C ATH
HR .

Aug.

Sept

Oct

Nov.

Dec.

J
O

90

'SJBfJOQ

90

S U O t jj i f t

W
O

o
f

UO

W
O
D o l la r s .

U
O

38

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.
S c h e d u le 1 2 . — Monthly

operations o f gold settlement fund.

(_000 omitted.]

'

[

Total credits.1 Total debits.1

Month.

Gained
through
weekly
settle^
ments.

Loss
through
weekly
settle­
ments.

Net gain
for m onth.

$276,622
194,318
216,038
269,505
300,857
259,507
328,893
339,433
276,077
468,274
380,351
477,126

$30,284
17,866
19,333
16,658
8,005
3,700
1,957
41,434
7,944
14,104
24,688
42,474

Total.....................................................

3,749,467

3,787,001

228,447

$6,063
10,328
16,960
14,510
2 5,528
- 4.025
2 2 y ,773
41,434
213,289
2 38,565
2 3,055
42,474

$24,221
7,538 I
2,373
2,148
13,533
7,725
31,730 ;

August
September.......................................................
October ..........................................................
November.......................................................
.........................................
December

$270,559
183,990
199,078
2.54,995
306,385
263,532
358,666
297,999
289,366
506,839
383,406
434,652

190,913

January...........................................................
February.........................................................

1 Does not include direct transfers.

S c h e d u l e 1 3 . — New

21,233
52,669
27, 743

37,534

2 Loss.

national banks taking out stock in the Federal Reserve Bank.

Mattapan National Bank, Boston, Mass..................................................................................................... Feb. 19,1918
Manufacturers National Bank, Cambridge, Mass.................................................................................... Apr. 3,1918
State National Bank, Lynn, Mass.................................................................................................................June 1,1918

S c h e d u le 1 4. — Member

City.

trust companies.

Name of bank.

Date ad­
mitted.

M A IN E .

Bangor................................
Portland............................

Merrill Trust C o ...
Fidelity Trust Co.

Mar. 14,1918
Mar. 18,191#

Menotomy Trust Co..................
American Trust Co....................
Beacon Trust C o........................
Commonwealth Trust Co.___
International Trust Co............
Liberty Trust Co.......................
Metropolitan Trust Co.............
Old Colony Trust Co................
State Street Trust Co................
U . S. Trust Co............................
New England Trust C o...........
Charles River Trust Co............
Harvard Trust Co......................
Fitchburg Bank & Trust Co.
Hadley Falls Trust Co.............
Merchants Trust Co..................
Security Trust Co......................
Newton Trust Co.......................
Norwood Trust Co.....................
Naumkeag Trust Co.................
Winchester T m si C o ..............
Worcester Bank & Trust Co..

Nov.
Sept.
Jan.
Feb.
June
Mar.
Dec.
Aug.
Dec.
Apr.
Dec.
Dec.
Mar.
Feb.
Jan.
Feb.
Oct.
N ov.
Aug.
Oct.
May
Dec.

Industrial Trust C o..........................
Rhode Island Hospital Trust Co.
Union Trust Co..................................

Nov. 9,1917
Mar. 13,1918
Sept. 24,1918

Manchester Trust Co.................... .
Union & New Haven Trust Co..
Colonial Trust C o............................
New Britain Trust Co..................

Dec. 30,1918
Dec. 15,1917
Apr. 6,1918
Aug. 21,1918

M ASSACHU SETTS.

Arlington..........................
Boston................................

Cam bridge..
Fitch burg...
H olyoke____
Law rence...
L y n n .............
New ton........
Norwood___
Salem............
W inchester.
W orcester...

9,1918
4.1917
15,1918
12.1917
9.1917
12.1918
7.1917
24,1915
26.1918
9.1918
14.1918
11.1917
6.1918
25.1917
19.1918
27.1918
14.1918
6,1917
14.1917
28.1918
29.1917
26.1917

RHODE ISLAND.

Providence..

CONNECTICUT.

South Manchester........................
New Haven....................................
Waterbur^r......................................
New Britain..................................




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON*
S c h e d u l e 1 5 .—

39

Member trust companies compared with total trust companies in this
district:
Member trust companies.

Number.

Capital sur­
plus.2

Deposits.

Total trust companies.1

Number.

Ca^

j ur* !

Maine........................................
New Hampshire...................
Vermont..................................
Massachusetts......................
Rhode Island.........................
Connecticut............................

2

$1,731,000

$16,789,000

22
3
4

43.915.000
17.019.000
3,306,000

385.395.000
134.214.000
14,675,000

50
14
36
100
13
64

Total.................

31

65,971,000

551,073,000

277 | 130,220,000 j

1 Figures from 1918 edition “ Trust companies.”

S c h e d u l e 1 6 . — Banks

| $10,148,000 i
j
2,117,000
1
4 ,83S, 000
!
75,757,000 i
\ 20,557,000 i
| 16,803,000 |

Deposits.

$79,784,000
15,769,000
50,164,000
547,032,000
145,733,000
108,195,000
946,677,000

* Includes undivided profits.

granted fiduciary powers under section 11 (k) o f the Federal Reserve
A ct

Date.

Name.

Location.
!

Jan. 21
Jan. 28
Feb. 9
Apr. 24
D o .. .
D o ...
June 3
July 27
Aug. 20

National Bank of Bellows Falls.......................................................................
City National B a n k .............................................................................................j
County National B ank.............................., ........................................................ i
First National B ank.............................................................................................
Springfield National B ank................................. ...............................................
Phoenix National Bank............................ ..........................................................
Blackstone National B ank.................................................................................
Peoples National B ank........................................................................................
National Union B ank...................., ..................................................................

Bellows Falls, V t.
Berlin, N . H
Bennington, Vt.
Reading. Mass.
Springfield. Mass.
Hartford, Conn.
Uxbridge, Mass.
Barre, Vt.
Boston. Mass.

granted fiduciary powers under section 11 (k) o f the Federal Reserve
A ct, as amended by the act o f Sept. 26, 1918.

S c h e d u l e 17. —Banks

Date.

Dec. 4
D o.
D o.
Do
Do
Do
Dec. 6
D o ...
D o.
D o ...
D o .. .
D o ...
D o ...
D o ...
D o ...
D o ...
D o ...
D o __
D o ...
D o ...
D o .. .
D o ...
D o ...
Dec. 12
D o .. .




Location.

Name.

First National Bank

........................................... ................... * .............

Webster & \tlas National Bank^

. . . - - ................................................

Waterbury, Conn.
Hartford,'Conn.
Waterbury, Conn.
New Haven. Conn.
Hartford, Conn.
Wallingford. Conn.
Boston. Mass.
Worcester. Mass.
Salem, Mass.
Boston, Mass.
Fitchburg, Mass.
Turners Falls. Mass.
Gardner. Mass.
New Bedford, Mass.
Boston, Mass.
Do.
Lynn. Mass.
Portland, Me.
Leominster, Mass.
Springfield, Mass.
Boston. Mass.
Lawrence, Mass.
Marlboro, Mass.
Springfield, Mass.
L ynn, Mass.

1 Supplementary application for additional fiduciary powers.

40

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

S c h e d u l e 1 8 . —Amounts

due to membert banks and rediscounts for member banks, by
States.
Reserve accounts.

Dec. 31,1917

M a in e........................................................ .
N e.v H a m p sh ire.............................................
V erm o n t...................................................
Massachusetts...........................................
Rhode Island............................................
Connecticut..............................................
Total.......................................................

Dec. 31. 1913.

$3,317,195.05
2,203,33*.09
1,558,530.24
63,691,658. 07
5 526,049.59
6,54 i, 638. 54

§4,155,555.98
2,265,575.13
1,560,675.31
76,35*,009. 76
9,272,003.10
8,188,378.02

i Ratio of reRediscounts.
discounts to reDec. 31, 191S.1 serve accounts,
j Dec. 31,1918.

,

82,841,415.58 ; 101,800,197.30

$1,126,936.85
447, 057. 80
605,506.90
9,131)642.01*
I i ; 146,850.23
1
373,462.57

27.11
19. 73
38. 79
11.95
12.36
4. 56

12,834,456.44

12. 12

i
I

i Does not include rediscounts secured by U nited States obligations or member banks’ collateral notes.

S c h e d u l e 19. —Reserves

o f national banks in New England as reported by Comptroller o f
the Currency.
Total
reserve.

Dec. 31, 1917..
Mar. 4, 1918...
May 10, 1918..
June 29, 1918..
Aug. 31, 1918.
Nov. 1, 1918..

Required
reserve.

$59,948,000 1
57.001.000
61.274.000
56,392, 000
59.032.000
63.115.000

$.55,557,000
55.866.000
56.021.000
54.900.000
59.041.000
63.472.000

Excess
reserve.

$4,391,000
1.135.000
5.253.000
i 1,492,000
«9,000
357,000

1
;
i

1
i

1 Deficit.

S c h e d u l e 2 0 .—

Condition o f national banks in New England on dates o f comptroller’s
calls, 1918.
[000 omitted.]

!
Date.

|
!

Net
amount

X h
:
reserve is
required.

Mar. 4................................................
M a y l ................................................
June 29.............................................
Aug. 31.............................................
N ov. 1...............................................

S c h e d u l e 2 1 .—

Borrowed

i
L° ans-

$696,469
697,779
705,450 I
734,418
786,518

Federal
Reserve i e^ ewhere,
Bank,
including
including rediscounts,
rediscounts.

$661,860
714,788
735,411
694,072
797,579

$73,467 :
64,741
33,068 \
43,138
112.878

$2,890
4,186
5,140
4,132
1,877

Total
borro vings.

$76,357
68,927
38,208
47,270
114,755

i Ter cent
; borro'.ved
j at Federal
i Reserve
Bank.

i
i
|
i
;

96.2
93.9
86.5
91.2
88.4

Comparison o f items reported by member banks in selected cities, 1918.
[000 omitted.]

United
States se­
curities
owned.

Number
of banks.

j
!
J a n .1
................................................
Feb. 1
..............................................
Mar. 1........................................................

July 5........................................................
Aug. 2 .......................................................
Sept. 6 .......................................................
Oct. 4 .........................................................
Nov. 1 .......................................................
Dec. 6 ........................................................




36
38
38
38 :
41
42
42
42 i
42
44
44
44

$28,426 1
31,978
.53,693
47,335
601543
55,943
75,875
101,476
151,322
120,530
100,816

Loans se­
cured by
United
States se­
curities.

544,142
40,800
31,613
34,528
33,.582
52,816
52,346 i
47,228 1
40,029
40,475
116,826
110,075

Other
loans.

$659,419
701,823
691,976
728.383
772,229
771,650
784,842
776,760
762,252
768,186
784,349

Net de­
mand de­
posits.

$528,147
603,074
f>02,747
611,766
662,882
666,094
650,476
658,741
659.755
683,727
682,006
696.756

Reserve.

$56,722
('>0,214
58,993
61,727
66,720
63,158
61,931
65,967
63,782
72,065
66,732
74,897

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

41

Certificates o f indebtedness sales and payTnents.

S c h e d u l e 2 2 .—

T H IR D L O A N C E R T IF IC A T E S .

Date.

Rate
; (per
i cent).
|

Due.

J an .22.......................... Apr. 22..
F e b .8............................ May 9. .
Feb. 27.......................... May 28..
Mar. 20.......................... June 18.
Apr. 10.......................... July 9 ..................
Apr. 20.......................... July 18................
T otal.................

Paid for by
credit.

Allotment to
Total issued.
sell.

4
4
4V

Number
of days
before
final with­
drawal
of de­
posits.

42
46
41
33
27
32

330,000,000
35,030,000
33.000.000
33.000.000
35.000.000
35.000.000

!

*17,58% 000
24,8.0,000
30.059.000
49,2P4,500
36.084.000
27.167.000

201,000,000

4V
41

520,025,000
29.134.000
35.369.000
53.690.000
39.731.000
36.408.000
214,417,000

185,024,500 j

F O U R T H L O A N C E R T IF IC A T E S .
June 25.................
Julv 19..................
July 23.................. . . . . j
Aii” o
Sept. 3 .................. ----Sept. 17............
----Oct. 1....................

Nov. 7 ..........................
Nov. 21........................

.............

J an .2 ............................
J a n .16.......................... i
I
1

Total.........

*64,591,000
4t 1 *C8,000,000
65,000,000 I 56,2<3,500
4V
43,300,000 | 48,267,500
43,300,000 !
49,509,000
43,300,000 j
57,424,000
52,000,000 !
54,10,000
4*
43,300,000 ,
50,3'. 8,500
4*
358,200,000

$58,593,000
51, 922,000
45,165,000
46, 100,0 ¥)
52,88.5,000
51,103,000
47,010,000

381,152,500

24
23
37
30
28
26
25

352,784,000

1

!

F IF T H L O A N C E R T IF IC A T E S .
4i

Dec. 5............
Dec. 19....................

May 20..........................

4*

*52,000,000 ! *47,901,000 ( *44,200,000 I
43* 300]000 j
45] 010[ 500 j 4 4X>!000 j

Total.................

95,300,000 |

92,911,500

25
20

84,600,000 !................

1918 T A X C E R T IF IC A T E S .
Jan. 2 ..............

16,103,500
*13,219,000
8.790.500
7.535.000
6.735.500 <
4, m , (xx)
6.071.500 j
4.051.000
24,5.8,000
22,238,000
. _
j
62,339,000 | 51,907,000

92
35

.

May 15..................

1
!

Total. .

71
41
38
43
34

$12,025,500 : §10,353,000
88,728,0J i
O
72,700,000

Mar. 15..................

______________
1919 T A X C E R T IF IC A T E S .

An?. 20.........
Nov. 7 ...........

4 !..........................
4* ,..........................

! Julv 15..................

Total

.......................... ! 100,753,500
;

Sch edule

1

83,053,000

23.— Distribution by issues o f certificates o f indebtedness sold.
T H IR D L I B E R T Y L O A N .

Dated.

!
N um ­
ber.

Jan. 22.........
Feb. 8
F e b .27
Mar. 2 0 ........
Apr. 10
Apr. 22.

! Per 1
cent NumAmount.
of i ber.
issue.

109 *12,131,000
261 16,902,000
247 20,681,500
232 36,031,500
168 27,757,000
184 22,669,500

T otal. 1 350 136,172,500




Other banl s and indi- |
^ iduals.
!

Trust companies.

National banks.

j
1
Per
!
: cent Num­ j Amount.
Amount.
ber.
of
issue.

61 1 45 : $7,407,000
58
111 ! 11,072,000 ;
140 1 14,130,500
60
115 | 16,842,000 i
67
90 1 10,768,000 !
70
62 , 104 ! 12,253,000 1
64

» 193

72, 472,500

37
38
39
31
27
24 :

Per
!
cent Numof : ber. Am ount.
issue.
|

14 ! *487,000
23 ; 1, 160,000
557,000
23
30 I 816,500 |
! 1,206,000 ]
21 1 1,545,500
25]

34 j 1 82

5,772,000

Total.

2 i 168 '$20,025.000
4
395 29,131,000
1 1 410 3 ), 363,000
‘ J:
53,690,000
!
3 ; 279 3», 31,000
4 1| 313 33,468,000

i 377

2 ! 1 625 214,417,000
j
i

42

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.
23.— Distribution by issues o f certificates o f indebtedness sold—Continued.

S c h e d u le

FO U RTH L IB E R T Y LOAN.
1
Trust companies.

National banks.

!

Other banks and indi­
viduals.

Total.

i
Dated.
Num ­
ber.

June 25..
.
July 9 ...........
July 23 .........
Aug. 6..........
Sept. 3 .........
Sept. 17........
Oct. 1 ........... |

Amount.

Per
cent N um­
ber.
of
issue.

Amount.

i
Per
Per
cent N um -; Amount. cent N um - Am ount.
, of I ber.
ber.
of
issue J
issue.
1

35 $2,227,000

304 $39,817,500

62

162 $22,545,500

35

30,953,500
24,191,000
26,178,000
32,199,000
28,702,500
25,074,000

55
51
53
56
53
50

162
138
157
161
145
123

37
45
40
37 i
41
47

310
286
296
290
294
234

Total - |1 381 207,115,500 !
J_ _ _ ' _ _ _

54

21,064,500
22,191,500
19,900,500
21,421,500
22,425,500
23,744,000 j

1237 153,293,000 ;
i

40

54
58
90
102

86
51

si
8

4,255,500
1,885,000
3,430,500
3,803,500
3,582,000
1,560,500

4
7
7
6
3

501 $64,590,000
526 56,273,500
580 48,267,500
543 49,509,000
553 57,424,000/
525 54,710,000
418 50,378,500

6 i 1 738 381,152,500

i 120 20,744,000

1 Actual number of different subscribers.

S c h e d u le

24.— Report o f payments by credit and withdrawals since Jan. 1, 1918.

Balance.

January___
February. .
March.........
April............
M a y .............
June............
Ju ly.............
August........
September.
October___
November.
December..

$64,000,000
52.000.000
57.000.000
81.000.000
177,500,000

$78, 500.000 Jan.
50, 000.000 Feb.
36, 000,000 Mar.
105, 000,000 Apr.
92, 000,000 May
200,000,000
166, 500.000 June
144.000.000 j
000.000 July
79,000,000 j
109, 000,000 Aug.
109.000.000 i
, 000,000 Sept.
318.000.000 i
143, 000,000 Oct.
141.000.000 '
296, 000,000 Nov.
126.000.000
177. 000,000 Dec.
Jan.
1,548,500,000
1,586,000,000

,

212
121

T o ta l..........................................................

S c h e d u l e 2 5 .— Redeposits

1.1918
1.1918
1.1918
1.1918
1.1918
1.1918
1.1918
1.1918
1.1918
1.1918
1,1918
1.1918
1.1919

$66,500,000
52.000.000
54.000.000
75.000.000
51.000.000
136,500,000
170.000.000

102. 000.000

72.000.000
60.000.000
235,000,000
80,000,000
29,000,000

o f internal-revenue funds,

RT5DEPOSITS.

June 11,1918...............................................................................................................................................................
June 12,1918. . . .........................................................................................................................................................
June 13,1918 ...............................................................................................................................................................
June 14,1918...............................................................................................................................................................
June 1 5 ,1 9 1 8 ............................................................................................................................................................
June 17, 1918 ...............................................................................................................................................................
June 1 8 ,191S...............................................................................................................................................................
June 19, 1918 ...............................................................................................................................................................
June 20,1918...............................................................................................................................................................
June 21,1918 ...............................................................................................................................................................
June 22,1918...............................................................................................................................................................
June 24,1918 ...............................................................................................................................................................
June 25,1918...............................................................................................................................................................
June 26,1918......................................................................................................................................................... ..
June 27,1918................................................................................................................................................................
June 28,1918 ...............................................................................................................................................................
June 29,1918...............................................................................................................................................................
Juh' 1 and 2, 1918......................................................................................................................................................
Julv3, 1918 ..................................................................................................................................................................

$3.755 600
4,747,000
6,531,000
10,302,000
19,160,000
48,471,400
17 426,000
6,755,000
3,996,000
4,840,000
857,000
2,220.000
1,076,000
14,465,000
1,134,000
785,000
1,505,000
340,000
57,000
148,423,000

WITHDRAWALS.

Advance paym ents..................................................................................................................................................
June 27 ..........................................................................................................................................................................
July 2.............................................................................................................................................................................
July 3..............................................................................................................................................................................
July 9..............................................................................................................................................................................
July 11............................................................................................................................................................................




$1 113,000
28,706,400
29,551,600
29,665,000
26.724,150
32,662,850
148,423,000

of
M illions

o Dollars,
f




43

Millions

D o lla rs ,

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.

C hart

I.

44

ANNUAL REPORT OP FEDERAL RESERVE BANK OF BOSTON.

Due to Treasurer o f the United S ta tes at-

Millions

Dollars.

of

o
f

D ollars,

Millions




C b a e t J.

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON*
S c h e d u le 2 6 ,— Subscriptions

to Liberty loan bonds.

Third Liberty loan.

Fourth Liberty loan.

1918

1918
Day.

Apr. 9 ......................
Apr. 10....................
Apr. 11....................
Apr. 12*...................
Apr. 13....................
Apr. 15.....................
Apr. 16.....................
Apr. 17....................
Apr. 18....................
Apr. 19.....................
Apr. 20....................
Apr. 2 2 ....................
Apr. 23...... .............
Apr. 24....................
Apr. 25....................
Apr. 26....................
Apr, 27....................
Apr. 29.....................
Apr. 30 ....................
M w 1 .......................
M iv 2 .......................
M iy 3 .......................
Mav 4 .......................
May 6 .......................
May 7 .......................
May 8 .......................
May 9 .......................

45

Total.

$20,421,600
15.145.600
10.793.700
7,325,500
7,506,4/0
7.449.100
11.691.700
10.743.750
9.152.100
10,155,300
3,319,0.0
9,112,4/0
8,881,3 0
12,356,3 0
10,488,100
12.319.750
17,056,400
12,619,4/ 0
12, 539,450
12,8°3,700

22,200,8/ 0

18,159,8,0
21,917,0/0
21,047,8/0
17,348,4/0
11.001.600
20,800,4/0

S c h e d u l e 2 7 . —Liberty

Day.

f 20,421,600
35,567,500
46,361,200
53.686.700
61,193,150
68,642.2/0
80,333,950
91.077.700
100.229.800
110,385,100
113.704.150
122,816,600
131,697,950
144,054,300
154,542,400
166.862.150
183,918,550
196.538.000
20?, 077,450
221.971.150
244.172.000
262,331,850
284,248,900
305,296,750
322,645,200
333.736.800
354,537,250

Sept. 30.
Oct. 1 . ..
Oct.
Oct. 3 . . .
Oct. 4 . . .
Oct. 5 . . .
Oct. 7 . . .
Oct.
Oct. 9 . . . .
Oct. 10...
Oct. 11 ...
Oct. 1 2 ...
Oct. 1 4 ...
Oct. 1 5 ...
Oct. 1 6 ...
Oct. 1 7 ...
Oct. 1 8 ...
Oct. 1 9 ...
Oct. 2 1 ...
Oct. 2 2 ...
Oct. 2 3 ...

$44, 290,850
867.300
29, 2/0,8.0
24, 644.300
544,600
24, 157.750
13, 839.150
17, 521,100
2 , 413,950
1
14 942.150
14, 0/0,400
10 683.750
17, 027,8/0
1 , 2^4,000
2
31 075,9/0
),
37, 837,7/0
34 988,400
48, 696,9/0
85, 193,0/0
30, 748,0/0
57, 153,700

22,

2...

22,

8
...,

,

$44,290,850
67,158,150
96,409,000
121,053,300
143.597.900
167,755,650
181,594,800
199.115.900
220.529.850
235.472.000
249,522,400
269.206.150
286.234.000
298.528.000
337,603,950
375,441,700
410.430.100
459,127,050
544.320.100
575.068.150
632.221.850

loan subscriptions through Federal Reserve Bank of Boston.
Third loan.

Size of subscription.

$50 to $10,000
.........................................................................
110,050 to $50,000 . .
.....................................................................................
$5.0,050 to $100,000.............................................................................................................
$100,0" 0 to $200,000. .
...........................................................................................
4200,050 and over
...............................................................................
Total

Total.

.........................................................................

S c h e d u le 2 8 .—

Fourth loan.

$189,597,650
50,8^2,800
32.220,0/0
24,219,200
57,607,5/0

$264,402,700
111,497,450
68.348,650
54,750,950
133.222,100

354,537,250

632,221,850

The Liberty loans.
Number of subscribers.

Subscriptions.

State.
Third loan.

Fourth
loan.

Third loan.

Fourth loan.

New Hampshire.....................................................................
Vermont........................................................ ..........................
Massachusetts.........................................................................
Rhode Island. . .
.
...............................................
Connecticut..............................................................................

<77,259
55,632
41,972
508,401
104,324
164,767

118,270
103,905
62,038
910,228
128,101
325,092

$18,348,100
14,252,000
9,330,7/0
228,329,7/0
28,717,700
55,558,950

$27,694,150
21,979,050
15,315,450
405,354,500
61,350,300
100,528,400

Total...............................................................................

952,355

1.647.634

354.537.250

632,221,850




46

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.
S c h e d u le

29.—Liberty loan subscriptions o f principal cities o f New England.
Fourth loan.

Third loan.

! Estimated
number of
subscribers,

Boston..........................
Brockton......................
Cambridge..................
Fall R iver...................
Hartford, Conn..........
Holyoke, H ass..........
Lawrence, Mass........
Lowell, m s s ..............
Lynn, M ass................
Manchester, N . H . . .
New Bedford, Mass.
New Haven, C o n n ..
Portland, M:e..............
Providence, R . I —
Somerville, Mass___
;
Springfield, Mass............ ...................................................... ■
w aterbury, Conn................................................................. i
Worcester, Mass.................................................................... ]

S c h e d u l e 3 0 . — Character

201,900
14,144
22,316
18,886
29,780
12.707
40.707
9,712
8,967
15,734
23,315
35,763
25,549
100,619

8,102

38,048
3 , US
8 4
30,497
43,779

Amount.

$77,202,500
2.733.500
4,585,725
5,463,950
21,045,250
2.934.500
4.415.500
4.192.350
3.391.550
4.054.500
5,840,800
7.702.550
4,278,850
17,486,450
1,583,700
7.502.500
5.759.350
8,462,400

Estimated
numher of
subscribers,

139,336
14,315
46,555
16.967
72,286
57.730
85,892
31,266
89,336
11,879
96,652
64,102
58,571
73,029
18,516
88,926
73,141
145,986

Am ount.

$139,800,000.
4,817,400
8.800.850
8,931,650
36.422.600
5.836.850
7.402.200
8,354,350
6,476,075
7,386,340
8, 707,550
15.507.600
6,054,550
38,103,300
3,076,000
16,147,350
8.977.200
19,239,150

o f Liberty loan payments.

SE CO N D L O A N .

Date.

B y cash.

Total.

Accrued
interest.

Cash sales...................
2 per cent payments
N ov. 15........................
Dec. 15.........................
Jan. 15..........................

$14,245,150.00 $3,084,100.00
$17,329,250.00
4,055,738.00
5,153,004.00
9,208,742.00
55,630,311.50 170,328,176.50 $40,435,000.00 266,393,488.00
14,183,028.28 59,793,191.55
73,976,219.83
6,397,980.02 35,750,717.02
42,148,697.04

$106,799.83
419,597.04

Total................

94,512,207.80 274,109,189.07 ! 40,435,000.00 409,056,396.87

526,396.87

T H IR D L O A N .

Cash sales..
M ay 9 .........
May 2 8 . . . .
July 1 8 . . . .
A u g. 1 5 . .. .

Total

$13,056,150.00 $23,208,900.00 i$13,415,500.00 $49,680,550.00
18.579.541.07 108,941,621.43 ! 43,172,500.00 170,693,662.50
7,851,470.42 36,551,792.35 J 4,911,500.00 49,314,762.77
10.483.010.07 39,176,294.97 |
............................ 49,659,305.04
5,671,195.46 i 30)426,761.62
36,097,957.08
55,641,367.02 238,305,370.37 } 61,499,500.00 355,446,237.39 !

$908,987.39

FO U RTH LO AN.

Cash sales..
Oct. 24____

Nov. 21___
Dec. 19____

Total




$14,694,150.00 $53,235,500.00
42,556,496.13 214,358,733.87
12,374,479.64 67,543,038.43
8,396,782.16 41,185,043.87

$4,700,000.00 !$72,629,650.00
94,247,500.00 (351,162,730.00
6,985,500.00 86,903,018.07
............................I 49,581,826.03

78,021,907.93 376,322,316.17 105,933,000.00 560,277,224.10

$323,224.10

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.
S c h e d u l e 3 1 .—

47

Transactions during the fourth Liberty loan payments.
[000 omitted.]

Trans­
fers
out of
dis­
trict

jt ific a t e s .

W eek ending,
1918—

! Total 1
; pay- | Redet ments j posits
! onac- ! with
^ PayIcount of S quali- ; ^
|Liberty! ’ fled

mby
Treas­
ury.

Member
banks
L° ^ s ! W ith Certifi­ reserve
redis- dr*™ »,s
cates
ac­
cashed. counts, counts,
; lo a n
, d e p o s i- t n e a te s in- i tines
in­
crease, j tanesi a n d c e r - 1 ta r ie s . ;
crease.

Oct. 18..........................1 #20,900
Oct. 25......................... ! 337,800
N ov. 1.......................... | 29,000
N ov. 8..........................
48,500
N ov. 1 5 .,* ...................! 13,000
N ov. 22........................ j 88,800

I $16,400
i 211,500
$96,200 | $44,300
i 14.400 '
4,500 !
500
: 42,300
i 9,400 i
| 67,500'
6,300 j 72,300

Total.................j 538,000

361,500

107,000

117,100

$7,000
17,500
* 19,100
7,800
2 15,200

$4,200 $24,700
7,000 j 25,900
13,400
35,400
21,800
89,700
19,100
52,800
15,900
92,500

$13,000

23.000
45.000

$9,900
16,000
*20,900
3,200
*7,600
*12,500

3 81,400 I 321,000 j 107,000

*11,900

21,000
19,000

Gain
in set­
tle­
ment
fund
through
clear­
ing.1

1,000
24.000

1,000

1 Does not include direct transfers.
2 Decrease.
s Rediscounted with other Federal Reserve banks $65,000,000 of this amount.

S c h e d u le 3 2 . —Liberty

loan conversions.

Exchanged into—
Issued.
4is.

3$s.

Exchanged
by other
Federal
Reserve
banks.

Outstand­
ing.

First loan interim certifi- j
Allotm ent........................... 1*265,017,900 $167,453,400 j $63,828,100 !
Other Federal Reserve I
banks................................ !
2,614,700

$35,582,000

$769,100

35,582,000

769,100
1156,888,750
124.384.450
190.896.450

i-

Total..
First 3£s.......
First 4s.........
Second 4 s ....

267.632.600
267.632.600
73,218,250
408,530,000

167,453,400 ! 63,828,100
......................j 9,390,150
...................... I 48,832,800
317,633,550

$878,350

!

1 Difference between amount issued by this bank and amount presented for conversion.

S c h e d u l e 3 3 . —Bond and certificate

deliveries.

T H IR D L I B E R T Y L O A N .

Bond
coupons.

$ 5 0 ..
100




Total

............................................................
................................

.................... .....................................

Bonds
I registered.

Pieces.
1,090,798
409,412
42,282
131,732
5,206 |
5,243

1,684,673

Pieces.
12,531
23,131
4,911
4,573
511
965
57
27
46,706

Certificates
of in­
debtedness.

1918 tax
certifi­
cates.

Pieces.

PUces.

6,873
34,449
10,674
9,656

1,460
7,075
2,609
3,561

266

14,268

61,918

28,973

48

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.
Schedule

33,— Bond and certificate deliveries— Continued.
FO U RTH L IB E R T Y LO A N .

Bond
coupons.

Bonds
registered.

Pieces.
759,725
384,967
42,096
162,838
6,425
8,396

*50.

100.

,, ..
10
f000.
500.

1 000
5 000

,.

Pieces.
2,560
4,923
1.159
1,1S5
140

212

1919 tax
certifi­
cates.

Pieces.

Pieces.

9,237
43,724
2T.938
17,722

1,842
6,794
2.927
4,053

24

50,000.

100 000

8
1,364,447

Total..

S chedule

Certificates
of in­
debtedness.

509

374

10,211

92,130

15,990

34.— United States certificates o f indebtedness redeemed from Jan.
Dec. S I , 1 9 1 8 .

Cash re­
demption.

Jan. 22 to Apr. 22.....................
Feb. 8 to May 9 ........................
Feb. 27 to May 28....................
Mar. 20 to June 18....................
Apr. 10 to July 9 ......................
Apr. 22 to July 18....................
N ov. 30 to June 25....................
Jan. 2 to June 25......................
Feb. 15 to June 25....................
Mar. 15 to June 25....................
Apr. 15 to June 25....................
May 15 to June 25....................
June 25 to Oct. 24....................
July 9 to N ov. 7........................
July 23 to N ov. 21....................
Aug. 6 to Bee. 5 (called
Nov. 21 )...................................
Sept. 3 to Jan. 2 (called

$15,099,000
14.444.000
24.402.500
45.549.500
22.229.000
24.759.500
7.804.000
8,10 ,500
4.993.000
2.282.500
1.221.500
9,59 , 000
45.233.500
4 ,575,000
38.098.500

D ec. 19)....................................

$3,859,000
$14,271,000
9, t8o, 000
7,974,000
17,ol8,500
11,950,000

$2,218,000
1,566,500

$8,046,500
9.550.500
4.237.500
4.837.500
6,262,000
5,402,000

Total.

$21,176,000
28.715.000
35, t-55,000
53.523.500
39.847.500
3 , 709,500
15.850.500
17,(57,000
9.230.500

7,120,000

17.781.500
9.067.000
8.638.000

5,000
705.000

33.713.500

11.560.000

319.000

48.592.500

34.459.000

21.922.500
17.337.500
20.684.000

135.000
1,015,000
885.000
8,797,500

424,000

56.516.500
18.352.500
21,5*. 9,000
8.997.500
424,000

168,490,000

15,721,500

38,960,000

608,522,500

381,566,500

Schedule

Govern­
Tax
ment with­ payments.
drawals.

For new
issues.

to

7.483.500
14.998.000
63.015.000
55,^47,000
47.442.500

Sept. 17 to Jan. 16....................
Oct. 1 to Jan. 30........................
Aug. 20 to July 15....................
N ov. 7 to Mar. 15......................
Total..

Bond
payments.

1 , 19 1 8 ,

200,000
3,784,500

35.— War-savings stamps issued during year 1918.
Number of Number of
Total
thrift
war savings
amount sold.
stamps
stamps
issued.
issued.

Boston.................................................
Massachusetts (outside Boston).
Maine...................................................
New Hampshire..............................
V erm ont.............................................
Rhode Islm d ....................................
Connecticut.......................................
Sundries..............................................

117,279
179,710
141,331
166,109
125,649
177,705
159,265
7

335,884
607,295
454,659
292,279
159,433
443,445
705,705

$5(8,996.51
898, t,86.36
702,120.10
76b,391.04
564.398.28
852,386.21
839.184.29

T otal........................................

1,067,055

2,998,700

15,192,162.79

i Amount issued by Federal Reserve Bank of Boston.
o f $54,685,000 in this district up to Dec. 1,1918.




The Treasury Department reports total sales

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON.
S c h e d u le 3 6 .—

49

Capital Issues Committee.
Approved.

Number.
District opinions rendered:
Public service.............................................................
Municipal.........................................................................
Industrial.........................................................................

191 |

Amount.

4
27
17

Tot^il............................................................... .
Central 'toinions rendered:
Public service.........................................................
Municipal.........................................................................
In lustna l.........................................................................

Disapproved.

Number.

Amount.

2
5

48

2,162,000

7

404, 800

49
45
97

Total..............................................................................

$276,000
770,775
1,115,225

5*2,046,971.47
10,377,045.83
99,428,796.67

1
6
21

200,000
1,600,000
28,874,080

161,852,813.97

28

30,674,OS0

Applications withdrawn.
i
|Number.

Public service......................................................................... j
M mi ?i^al.................................................................................
Industrial................................................................................. I

^ ^ f ^ r r e d S tranS

Amount.

Number.

4
3
15

$4,053,775
2,140,000
5.670,950

22

Total..............................................................................

$34.^00
370,000

11,864,725

Amouut.

2
2

$1^0,000
1,150,000
1,330,000

4 !

B lil lin^ o’w i t i m s 'n s t’^ n e l during the war, 43; t*>til, #10,895,200.
B n c I)m s f >r ci ntilourposes ippr^vei, 25; total, $9,172,791.
Publio-service c;>rp:>rj,tion^n:>tes registered, $43,844,025,

S c h e d u l e 3 7 . — Federal

Reserve notes issued by Federal Reserve agent.
Outstanding
on first of
month-

Retired dur­
ing month.

$5,540,000
177,296,820
9.420.000
80,734,120
7.760.000
88,779,535
11,980,000
95,453,4*5
8,300,000
............................................
105,187,950
10,500,000
107.412.340
116.673.340
16,500,000
13,500,000
130,721, H’O
16,000,000
141,664,660
14,010,000
154,957,360
2,640,000
166,709,910
13,900,000
162,337,720

January.........................................................................
February......................................................................
M irch............................................................................
A m il..............................................................................
M a y .....................
June..................
..........................................
Ju ly.....................
..........................................
A ugust..........................................................................
September....................................................................
October..........................................................................
November....................................................................
December......................................................................

Issued during
month.

52,102,700
1,374,5C
5
1,0^6,050
2,245,5'?5
4,0"5,610
3,239,000
2,452,150
2,556,5 0
2,707,300
2,287,450
7,012,1°0
7,251,390

$3,437,300
8,0*5,415
6,673,950
9,734,465
4,224,390
7,261,000
14,OJ7, £50
10,943,470
13,292,700
11,759,550
» 4,372, lfO
6,648,610

38,390,490

91,689,510

130,080,000 |

Total..................................................................

Net increase.

* Decrease.
S c h e d u l e 3 8 .—

Number of Federal Reserve notes issued and retired by denominations.
Outstanding
Jan. 1,1918.

Issued.

Retired.

Outstanding
Dec. 31,1918.

Hundreds.............................................. .............................

2,566,832
4,047,743
689,754
74,987
64,408

5,292,000
4,980,000
2,236,000
70,000
56,000

2,412,092
1,844,266
260,851
18,725
17,341

5,446,740
7 ,1*3,477
2,664,903
126,262
103,067

Total.........................................................................

7,443,724

12,634,000

4,553,275

15,524,449

T venties - -




.

................................ ..................

50

ANNUAL EEPOET OF FEDERAL RESERVE BANK OF BOSTON.
S c h e d u l e 3 9 . — Inter-district

Federal Reserve note movement.
Received
from—

Bank.

New Y o rk ___
Philadelphia..
Cleveland........
Richmond___
Atlanta............
Chicago............
St. Louis..........
Minneapolis. .
Kansas C ity. .
Dallas...............
San Francisco.

Net excess
returned.

Sent to—

i

$27,182,800
2,374,800
2,145,540
1,620,600
622,250
2,219,810
380,400
338,700
450,000
176,500
420,300

$11,453,100
198,800
1,804,570
885,850
127,400
1,202,560
i 23,115
224,200
388,400
i 242,950
252,580

21,660,305 !

37,931,700

16,271,395

$15,729,700
2,176,000
340,970
734,750
494,850
1,017,250
403,515
114,500
61,600
419,450
167,720

_.

T otal. . .

I
I
i
!

t

i Excess received.

S c h e d u l e 4 0 . — Principal

items from statement o f selected banks, Dec. 28, 1917, and Dec.
27, 1918.
[000 omitted.]

I
Loans
I Net de­
United Total secured
mand
All other (Reserve
States s United
by
!deposits
Num ­
loans i with
certifi- | States United
Cash in !
on
ber of
and
1Federal
cates o f1securi- States
vault. i which
banks.
invest- Reserve
indebt- j ties
bonds
j reserve
I
edness. j owned. and cer­ ments. ! Bank.
I is com­
tificates.
puted.

Time
de­
posits.

Govern­
ment
de­
posits.

j

Boston:
191 7
191 8
Outside o! Boston:
191 7
191 8

1
1
14 ...............$14,188 $36,753 $489,467 $46,537 $18,369 $408,104 $28,433
14 $45,921 j 61.172 69,055 462,268 45,727 17,231 449,855 22,227
22 ...............j 14,238
22 14,374 I 34,420

S c h e d u l e 4 1 . — Amount

7,389
16,069

169,952
175,720

10,185
10,346

6,711
7,597

120,043
127,298

$33,767
26,762

48,452
50,117

5,707
7,596

of checks handled by the transit department.
[000 omitted.]

On other banks in this district.
On banks in Boston 1Clearing House,
j

1917

January___
February...
March..........
April............
M ay..............
June.............
July..............
August........
September.
October___
Novem ber..
Decem ber..




Total..................................................

$128,625
130,031
168,669
195,460
209,634
269,424
288,942
289,565
264,028
292,272
357,385
353,688

_

1918

Received from
other banks.

1917

1917

1918

1918

!

$63,272
52,326
64,364
67,646
71,096
70,958
74,640
72,286
67,992
83,132
84.105
82,047

$76,733
66,470
91,118
94,130
98,310
100,511
116,980
142,491
132,202
150,409
142,774
142,664

$19,540
17,938
21.788
26,957
32,686
36,389
34,370
34,834
34,079
38,927
41,100
42,845

$44,692
43,562
47,853
54,561
59,995
127,931
75,392
82,741
83,837
126,280
131,608
135,317

2 ,947.723 j 5,588,238 |

853,864

1,354,792

381,453

1,013,764

j
I
!
j
i

$341,288
288,249
347,749
405,416
442,529
580,929
501,702
456,349
425,558
612,811
598,042
587,616

^

Received from
Boston banks.

;

!
1

51

ANNUAL BEPOET OF FEDEBAL KESEBVE BANK OF BOSTON.

’

[ S c h e d u l e 4 1 .—

Amount of checks handled by the transit department— Continued.
On Treasurer of
United States.

1917
January........
February - -.
March...........
April.............
M ay...............
June..............
July...............
A u gu st_____
September. .
October........
N ovem ber..
December-..

On banks in other
districts.

1918

1917

T o t a l.

$3,918
2,467
3,950
3,886
3, 111
10,121
21,625
23,867
31,243
39,531
49,831
51,981

$53,693
49,067
62,452
64,188
82,473
89,943
105.785
156.068
108.790
124.663
123.211
147.094

246.197

i
|
|
'

1,167.427

S c h e d u le 4 2 . — Collateral

Total.

1918

$63,589
69,303
86,059
103,066
103,043
125,289
129,308
116,865
95,340
97.404
98,228
93.276 !

1917

1918

$115,432
84,305
92,665
113,823
101.513
98,339
129,361
115.132
117,629
145,919
122,909
90,160

$278,944
272,065
344,830
397,015
420,236
512,181
548.885
537,417
492,682
551.266
630,649
623,837

$631,838
531.653
641,837
732,118
784,820
997.653
929,220
952.781
868,016
1,160,082
1,118,539
1,102,851

1,180,770 | 1,327,187

5,610,007

10,451,408

department— Coupons cut.
Number
Number
Am ount
of banks. of coupons. of coupons.

M ay..............
J u n e.. .........
July..............
August........
September.
October-----N ovem ber..
Decem ber..

62,559
15.941
2,191
1,637
65.150
6,424
37.137
14,530

Total.

1,414

S c h e d u le 4 3 .—

1651,341
127,297
47,320
43.135
318.607
158,672
708,569
179,257

205,569

257
142
74
73
217
114
307
230

2, 234,198

Discount rates.
Secured b y United States
obligations.

Maturities
of 15 days
or less.

Agricul­
tural and
Trade ac­
live-stock
paper, 91
ceptances.
days to 6 i
months.

Maturities
of 16 to 90
days.

15 days or
less.

16 to 90
days.

3*
3*
4
4

.
7

/
5
42
4f

4
4*
4£
4*

5 ;
5
5 ;

& £•

4
4
4
4

Dec 12,1917
Jan. 7,1918
Apr. 8,1918
Oct. 1, 1918.............

S c h e d u l e 4 4 .—

;

4

Money rates in Boston; 1918.

I January.

February.

March.

April.

May.

June.

5-6

-

6-6

6-6

6-6

;
!

5f-6
5£-6|

5J-6

54-6
5f-6*

i

;

Demand money............................
Commercial paper discounted:

Carrying
coupon rate
fourth
Liberty
loan bond,
16 to 90
days.

4
4

i
i

i

Y

5J-6

5J-6
5J-61
5*

P

!
|
:

5-6

5-6

5J-6
53-6*

5|—
6
53-6}

5f-6
5H H

Commercial paper purchased:

Acceptances:
Indorsed___
Unindorsed.
Year m oney____
Town notes.........
Loans secured b y
obligations—




! V
31-41
4~H
6
4.75-5.63
United

4rA\
6
5.06^5.39

4-5

4-5

5J-6
;
j

I

5*

■r *

Sf-6

4 i-4{
52-4*
4?-4*
i 4tV-41
6
6
i
6
5.0 -5.7 4 ! 5.06-5. 72 4.69-5.50

6-6

r *
Al—
<_*
48 T i
1n * A »

6
4.43-5.04

States
4-5

4-5

!

4J-5

4J-5

52

ANNUAL REPORT OF FEDERAL RESERVE RANK OF BOSTON.
S c h e d u l e 4 4 . — Money

July.

Demand money..........................................
Commercial paper discounted:
90 davs or under................................
Over 90 days........................................
Commercial paper purchased:
90 days or under.................................
Over 90 days........................................
Bank borrowings.......................................
Acceptances:
Indorsed................................................
U nindorsed..........................................
Year money.................................................
Town notes..................................................
Loans secured by United States
obligations................................................

—Continued.

rates in Boston, 1918
Septem­
ber.

August.

Novem­
ber.

October.

Decem­
ber.

5*-6

54-6

6-6

6-6

6-6

6-6

5^-6
5H>

5}-6
5i-6

5H H
5f-6J

6-61
6-61

6-6*
6-61

4|-6
6-6
5i

6-6
6-6

6-6 £
6-6J
5*

6-6*
6-6*
51

6-6i
6-6*
5*

4-4*
4-&-4A
6
4.19-4.65

4iV-&
6
4.70-4.91

4tV-4*
6
4.24-4.60

41-5

4|-5

41-5

4-4|

4-4J
4-4 t
V
6
4-4.38

a
4.22-5
41-5

S c h e d u l e 4 5 .—

4i-5

6-61
H -6 *
6-61

A A - AA

4tV 4 ^
44-4A
6
4-4.37
41-5

Bank clearings in New England.

[Figures in thousands of dollars from clearing-house cities.]1

1916

January. . .
February..
March........
Ap ril..........
M ay............
June...........
July............
August___
September.
O ctober.. .
November.
December.
Total

774,

1918

1,040,224
952,310
1,099,879
1,060,009
1,076,603
1,056,426
1,041,174
890,888
940,031
1,172,621
1,298,280
1,234,647

237,922
063,847
159,100
199,335
200,624
251,661
308,358
195,002
107,104
374,657
447,019
365,268

1,349, 779
1,108,908
1,288,689
1,414,114
1,619,670
1,720,029
1,588,308
1,481,533
1,306,456
1,751,890
1,650,132
1,631,683

2,477,136
2 ,5 1 875
2,967,1*72

12,863,092

14,90 J, 897

17,911,191

8,026,983

60
7j
783,
851,
803,
780,
829,
702,
704,
1,008,
1,019,
9,928,097

1917

* As reported in the Commercial and Financial Chronicle.
2 A^ reported to Federal Reserve Board, includes all checks on members of clearing houses, whether
“ cleared” or not.

S c h e d u l e 4 6 . —Building

activity in New England.
First half
year.

1912
..............................................................................................
1913........................................................................................................
1914........................................................................................................
1915........................................................................................................
1916
..............................................................................................
1917
.............................................. .. ............................................
1918 ....................................................................................................

$102,960,000
86.174.000
89.212.000
88.475.000
106,8£0,000
99.950.000
73.142.000

Average....................................................................................

92,400,000




“

half

$68,207,000
113.291.000
82.655.000
74.471.000
74.998.000
109.150.000
125.732.000

Total.

!
1
!
|
1
!

$171,167,000
199,465,000
171,867,000
162,946,000
181,888,000
20), 100,000
198,874,000

81,063,000 j

161,913,000

ANNUAL REPORT OF FEDERAL RESERVE RANK OF BOSTON.
S c h e d u l e 4 7 . —Business

53

through the port, of Boston.

[000 omitted.]

Exports.

Imports.

; Excess of imports

1917

Janr arv...................................................................
February................................................................
March _ ..................................................................
Ap ril........................................................................
June.........................................................................
July..........................................................................
August....................................................................
September.............................................................
October...................................................................
November..............................................................
December...............................................................
Total............................................................

1918

1917

$24,193
22,3<-0
19, 707
20,509
18,034
14,882
13,913
17,286
10i815
14,495
13,513
19,141

$20,910
11,294
21,108
22,369
23,889
17,262
20,725
12,936
10,534
19,326
19,257
22,987

$32,419
21,743
21,816
25,810
20,306
21,158
16,415
14,350
14,117
8,033
9,356
26,658

!
$31,656 I
15,965
27,106 i
27,527 t
35,147
37,551
22,611
17, 422
17, 674
25,096
26,243
22,862

$8,226 | $10,746
‘ 647
4,671
5,998
5,109
5,301
5,1.58
2,272 1
1 11,258
6,276
20,2)2
2,502
1,886
12,936 ,
4.486
3,302
7,140
5,770
16,462
14,157
6,986
7,517
i 125

208,878

222,597

235,181

306,863 |

26,303

1918

1917

1918

84,266

1 Excess of exports.

S c h e d u l e 4 8 . — Commercial failures

in New England.1
1917

1916

. ’ umber.

20
2

Liabilities.

'Tumber.

Liabilities.

1
j

1918

1
'umber.

Maine................................................
-T
ew Hampshire..........................
Vermont..........................................
Massachusetts...............................
Rhode Island................................
Connecticut....................................

63
59
928
113
307

$1,994,616
223,117
602,544
10,326,675
586,464
2,132,970

151
49
48
895
105
319

$1,424,353
380,768
422,831
10,777,064
503,488
8,642,146

272

$1,516,696
243,919
363,240
13,010,340
683,456
4,167,709

Total.....................................

1,690

15,866,386

1,567

22,150,650

1,344

19,885,360




i Figures as reported by R. G. Dun & Co.

O

135
38
36
739

Liabilities.

11
2


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102