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Federal Reserve Bank
of Cleveland




1919

FIFTH ANNUAL REPORT
TO THE

FEDERAL RESERVE

ANNUAL REPORT
of the

Federal Reserve Agent
of the

Fourth Federal
Reserve District
to the

Federal Reserve Board

Covering Operations
for the
Calendar Year
i 9 i 9

FEDERAL




RESERVE

BANK OF

CLEVELAND

LETTER OF TRANSMITTAL

January y, 1920.
SIR: 1 have the honor to transmit to you herewith the fifth
annual report of the Federal Reserve Bank of Cleveland covering the
year 1919.
Respectfully,
D. C. WILLS,

Chairman and Federal Reserve Agent.
HON.

VV. P. G. HARDING, Governor,
Federal Reserve Board,
Washington, D. C.




DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF CLEVELAND
FOR 1920
DIRECTORS
CLASS A

CLASS B

ROBERT WARDROP, Pittsburgh, Pa.

THOMAS A. COMBS, Lexington. Ky.

CHESS LAMBERTOX, Franklin, Pa.
O. N. SAMS, Hillsboro, Ohio.

R. P. WRIGHT, Erie, Pa.
JOHN STAMBAUGH, Youngstown, O.

CLASS C
I). C. WILLS, Cleveland. Ohio.
L. B. WILLIAMS, Cleveland Ohio.
H. P. WOLFE, Columbus, Ohio.
OFFICERS
D. C. WILLS, Chairman of the Board
E. R. FANCHER, Governor
and Federal Reserve Agent
M. J. FLEMING, Assistant to the Govc
L. B. WILLIAMS, Deputy Chairman
.
F. J. ZURLIXDEX, Assistant to the GovJ. C. NEVIN, Secretary and Assistant
ernor.
Federal Reserve Agent.
H . G. DAVIS, Cashier
F. V. GRAYSOX, Auditor
W. F. TAYLOR, Assistant Cashier
H. F. STRATER, Assistant Cashier
C. W. ARNOLD, Assistant Cashier
SQUIRE, SANDERS & DEMPSEY,
Counse1

Q

'

WAGNER, Assistant Cashier

R

G. A. STEPHENSON, Assistant Cashier
D. B. CLOUSER, Assistant Cashier

PITTSBURGH BRANCH
DIRECTORS
CHAS. W. BROWN, Pittsburgh, Pa.

R. B. MELLON, Pittsburgh, Pa.

JAMES D. CALLERY, Pittsburgh, Pa.
HARRISON NESBIT, Pittsburgh, Pa.
GEORGE DECAMP, Pittsburgh, Pa.

OFFICERS
GEORGE DECAMP, Manager

THOMAS C. GRIGGS, Cashier

T. M. JONES, Assistant Federal

P. A. BROWN, Assistant Cashier.

Reserve Agent

CINCINNATI BRANCH
DIRECTORS
G. D. CRABBS, Cincinnati, Ohio

L. W. MANNING, Cincinnati, Ohio.

JUDSON HARMON, Cincinnati, Ohio
W. S. ROWE, Cincinnati, Ohio
CHAS. A. HINSCH, Cincinnati, Ohio

OFFICERS
L. W. MANNING, Manager

B. J. LAZAR, Cashier
JOHN P. H. BREWSTER, Assistant
Cashier




P. J. FAULKNER, Assistant Federal
Reserve Agent




FIFTH ANNUAL REPORT OF THE
FEDERAL RESERVE BANK OF CLEVELAND
RESULTS OF OPERATION

Gross earnings of the Federal Reserve Bank of Cleveland during
the year 1919 have amounted to $7,801,000, or slightly in excess of
$150,000 a week, and approximately 49 per cent in excess of gross
earnings for the previous year. The expense of operation, including expense of branches, this district's proportion of Federal Reserve
Board expense, cost of Federal Reserve currency, and all items of
equipment (which have been charged uniformly to current expense)
has been $1,351,000 or approximately 36 per cent greater than last
year. The regular dividends were declared and paid during the
year, and after setting aside a reserve sufficient to cover all depreciation of assets, the sum of $5,537,000 was transferred to surplus
account, as provided in the Act. The addition of this sum to surplus account makes a total of $9,089,000, or 47 per cent of our
subscribed capital.
Schedule 1, appended hereto, shows the balance sheet for December 31, 1919, with comparative figures for December 31, 1918.
Schedule 2 shows the principal charges and credits to profit and
loss account for 1919, as compared with 1918.
Schedule 3 shows the gross earnings classified according to principal sources of revenue by months, together with the expenses and
net earnings, and the same data appears in graphic form in chart 1.
Schedule 4 shows the daily average of earning assets divided into
the principal sources of revenue, with the total earnings and the
average rate on each principal class of investments, and also the
rate of gross and net earnings to daily average capital for the years
1919 and 1918 respectively.
Schedule 5 shows the total volume of loans, discounts, and investments, divided into principal classifications, for the year 1919
as compared with 1918.
DISCOUNT OPERATIONS
With the exception of the last two months of the year, we maintained a very good reserve position despite the fact that we were
called upon for loans and rediscounts to a greater amount than ever
before. The total volume of loans and rediscounts far surpassed
the volume for the year 1918. This is accounted for partly by the
flotation of the Victory Libery Loan in the early part of the year—
we were lending on five issues of bonds as well as the certificates of
indebtedness periodically issued. It was necessary for the banks to
make loans to building and real estate interests whose operations




had been strenuously curtailed during the war. Other demands
from Commerce and Industry also arose in the course of transition
from a war to a peace basis.
The number of approved applications was 12,182 as against 5,714
the previous year.
The number of banks accommodated was 409, as against 320
for 1918.
The total of loans and rediscounts was $3,125,856,369.10, as
against $1,386,000,000 in 1918. Of this amount $2,774,571,475
was member bank collateral notes secured by United States Government securities; and $99,402,389.20 was rediscounts of notes to member banks, secured by United States Government securities—a
total of $2,873,440,114.20, in comparison with $252,416,254.90
loans on, and rediscounts of, commercial, industrial and agricultural
paper. Up to November 10, 1919, when a change in rates went into
effect (see Schedule 31), it was more advantageous for banks to
get their accommodation on paper secured by United States Government securities, and the increase in commercial paper rediscounts
from November 10 to the close of the year was accordingly very
marked.
Approximately $14,100,000 of trade acceptances was rediscounted for our member banks during the year and the amount,
without doubt, would have far surpassed this figure but for the
preferential rates that obtained on war loan paper during the first
ten months of the year. The trade acceptance is gaining great
headway throughout the country and especially in this district.
Every day brings new users to our attention. The organization in
Cleveland of a local council of the American Acceptance Council
has just been announced, and other councils are in process of development in other large centers, which should do much for the better
development of the trade acceptance system.
Schedule 6A shows loans and rediscounts for member banks
classified by states. Schedule 6B shows distribution by classes
of paper. These schedules will show startling totals compared with
the totals for 1918.
Schedule 7 is a comparison of various classes of rediscounts and
loans for the years 1918 and 1919. It showTs that rediscounts of
commercial, industrial and agricultural paper and trade acceptances
fell off, while the volume of paper secured by United States Government securities increased tremendously.
Schedule 8 shows the comparison of the amounts of loans and
rediscounts granted state member banks during the years 1918 and
1919. It shows that our state member banks used the rediscount
and loan facilities freely during 1919 and to a greater extent in proportion to the increased membership than in the year 1918.
Schedule 9 shows the comparison of rediscounts for other Federal
Reserve banks during the years 1918 and 1919. Because of our




splendid reserve position in the first ten months of 1919, other
Federal Reserve banks, with special conditions in their districts,
availed themselves of the rediscount facilities permitted between
Federal Reserve banks, by rediscounting paper with us to a greater
extent than ever before.
Schedule 10 is a comparison of the amounts of acceptances purchased in the open market and acquired from other Federal Reserve
banks during the years 1918 and 1919. This schedule shows a
very large increase over the transactions of a similar character the
previous year, and fully demonstrates that the bankers' acceptance
is being used to a greater extent than ever before.
It is interesting to note that during the year six additional banks
have been granted authority to accept up to 100 per cent of their
capital and surplus.
Schedule 11 is a comparison of the United States Government
securities purchased during 1918 and 1919. This schedule shows
purchases during the year 1919 of a very considerable volume of
two per cent certificates of indebtedness. Of the total amount
shown $23,299,000 represents the special two per cent certificates
against which were issued the Federal Reserve Bank Notes in lieu
of the Silver Certificates which were withdrawn from circulation.
The balance of these certificates represents loans to the United
Staters Government for one and two day periods at times when
the various issues of certificates were passing through the process
of redemption.
Schedule 12 is a comparison of the daily average of earning assets
for the years 1918 and 1919.
Schedule 13 shows comparison of daily average of earning assets
by months for the years 1918 and 1919.
Schedule 14 shows comparison of total earnings by months for
the years 1918 and 1919.
Schedule 15 shows comparison of average rate per annum of
earnings by months for 1918 and 1919.
RESERVE POSITION
During the first ten months of 1919 the reserve position of this
bank was strong and constant, running between the 55 per cent
and 65 per cent levels, and with a total showing of 8229,017,300 in
rediscounted paper for other Federal Reserve Banks.
This stabilized position was due to the absence of seasonal demands by reason of diversified manufacturing and agricultural
interests. This condition eliminates the peaks and dips to which
some districts are subjected for crop-moving purposes, such as
cotton and wheat. While it is not generally known, the agricultural wealth of this district will compare well with other parts of the
country.




Commencing November 1 the reserve ratio started downward.
It was quite natural that the year-end demands should greatly
increase credit requirements, and it would be a pleasing premise
to believe that this legitimate demand was the only cause for the
downward course of the reserve. A careful analysis, however,
would show that the cause was greatly aggravated by needless
speculation and credit inflation.
MOVEMENT OF MEMBERSHIP
Eight National banks were organized during the year and ten
withdrew from the System. Of these latter, three were merged
with other National banks; two were merged with State institutions;
two were consolidated forming another National bank; one liquidated to form a State bank; one went into the hands of a Receiver
and another into voluntary liquidation.
Of the new National banks organised, one was the result of the
consolidation of two other banks, as above mentioned.
Thirty-three State banks and trust companies became members
of the System during the year. There were two withdrawals of
State bank members, one—a trust company—was merged with
another State institution, and the other surrendered its membership. The final result in membership was a loss of two National
banks and a gain of thirty-one State bank members, or a net gain
of twenty-nine. The names of the institutions, together with a
tabular statement of the changes in membership, appear in Schedule
16. The total number of members on December 31 was 843.
A law passed at the last session of the West Virginia legislature
by means of which eligible banks in that state may enjoy the benefits and privileges of membership became operative last July, and
as a result we have added to our member bank list three West
Virginia banks having aggregate resources of $9,552,000.
With the signing of the armistice the patriotic call to eligible
State institutions to join the Federal Reserve System was seemingly
at an end, but the great burden placed on the United States in the
readjustment and reconstruction of the world's finances has impressed these institutions with the advantages which may readily
be seen can be best fulfilled through membership, as it is evident
to them that if the Federal Reserve System is to be further strengthened, it must be done through the accession of State bank members.
The Federal Reserve Bank of Cleveland has alwrays felt that the
best means of creating interest in membership is through personal
contact. This was carried on during the forepart of the year by
our force of field agents. After the flotation of the Victory Liberty
Loan this force was very considerably reduced, and, in a great number of cases, personal contact was developed by inviting a number
of officers of eligible institutions to visit the Federal Reserve Bank
of Cleveland, at which times the requirements and benefits of membership were discussed. There has also been carried on through
the mails an organized campaign for the purpose of placing before
eligible institutions the salient points in favor of membership.




RELATIONS WITH NATIONAL BANK MEMBERS

On account of the carrying of Government securities for customers
and the great need for extended credit by reason of high prices and
increased business activity, rediscount transactions have greatly
increased over all former records. Naturally, the large part of
these transactions have been for the account of national banks,
whose number exceeds that of State bank members. Of the total
volume of rediscounts about 69 per cent was for the use of national
banks.
The full effect of the additional powers granted in the amendment to Section 11-k of the Federal Reserve Act, approved September 26, 1918, was not immediately appreciated by the National
banks, and as a result few applications were received during the
latter part of last year. However, during this year an increased
number have realized the opportunity for increased business. In
the State of Ohio applications were further stimulated by the enactment of the new state banking law, which gave to trust companies
the right to exercise general fiduciary powers as in other states.
As the Federal Reserve Act grants only such powers as are not in
contravention of state or local law, the enactment of the above law
made it much more desirable for Ohio national banks to apply for
fiduciary powers. In this district there were 51 national banks granted fiduciary powers, distributed by states as follows: Kentucky, 3;
Pennsylvania, 16; Ohio, 31; and West Virginia, 1. A list which
shows the powers granted in each case may be seen in Schedule 17.
As a result of war financing the national banks of the district
were brought into much closer contact with the Federal Reserve
bank. The sales of certificates, the placing of the Liberty Loan and
other matters incident to the war financing, all tended to cement
and strengthen this relationship.
The Federal Reserve Bank of Cleveland has always felt that it
owed to member banks the best possible service. Advantage has
been taken of opportunities created in our dealings with members
to show our desire to be of real assistance.
Recognizing the high value placed upon membership by our member banks, a series of advertisements concerning association with
the Federal Reserve System was prepared for publication, and distributed to member banks on request.
In the preparation of these advertisements, local conditions were
kept in mind and each series made to fit individual needs so far as
possible. Careful records were kept of all advertisements sent out,
so that duplications were avoided in any given community. That
this service is much appreciated by our members is demonstrated
by the numerous requests received, and expressions of its value
from banks which have made use of it.
A semi-monthly bulletin, issued by our library, also aims to give
service to our member banks, by listing leading articles in current
periodicals on banking and financial topics. The librarian is also




ready to make any special investigations that may be asked for,
and several banks have already availed themselves of this service
since the Bulletin was first issued in September of this year.
RELATIONS WITH STATE BANKS AND TRUST COMPANIES

As in the case of National banks, the Government financing, high
prices and increased business activity made necessary additional
rediscounting and, as a result, their discount operations amounted
to $957,000,000, or approximately 31 per cent of the total. While
a large percentage of Government securities was used for these
loans, yet it is believed that in the later months of the year a
large part of the rediscounts was for business requirements and
commercial paper would have been used in their stead if these
securities were not more readily available.
Ninety-seven State banks are now members of the Federal Reserve System in this District.
These institutions represent
resources of $784,636,000. As a result of their membership many
of them have extended the scope of their business and are actively
engaged in commercial banking.
It is worthy of note that, as a class, State bank members make
more use of the service which the Federal Reserve Bank offers than
do national bank members. This is accounted for by the close
study of the System which the officers make before joining, and in
consequence a greater knowledge of the facilities it affords.
An
encouraging feature is the expression, wrhich is given by those who
have been members long enough to have made a trial of the merits
of the System, of their appreciation and their expressed view that
membership has been of value to them in many ways that were
not anticipated on joining.
It is also noted that the more progressive non-member eligible
banks are much more favorably disposed towards the System and
generally express themselves to the effect that, eventually, they
intend to join, applications being withheld for a convenient season.
During the year arrangements have been completed with the
Banking Departments of all states covered by this District to cooperate in the examination of State bank members. In anticipation of this a staff of examiners was secured, with Mr. Wm. H.
Fletcher as Manager of Department of Examination. The advantage in joining in these examinations was primarily to instruct the
member banks in a fuller use of the services offered by the System.
It was not the intention to in any way conflict with or interfere with
the State Department's examinations which, in this District, are
of a high grade and very satisfactory. Undoubtedly, this contact
through the examiner will be of mutual benefit to the bank examined
and the Federal Reserve Bank of Cleveland and also be of assistance to the State Department. The department now consists of
the Manager and three assistants. These will be added to as the
work develops.




10

FISCAL AGENCY OPERATIONS

A tabular record of all important fiscal operations may be found
in Schedules 18 to 24. The successful flotation of the Victory
Liberty Loan and the sale of Treasury Department Certificates
were the outstanding features of the year's work. It is of interest
to note, in connection with certificate sales, that for all issues
for which this bank was assigned a quota, the subscriptions were
110 per cent of the total of quotas. Member national banks alone
subscribed for an average of about 55 per cent of all certificate
issues and Victory Notes. Schedule 18 covers this point in detail.
Schedule 18 analyzes subscriptions to loan issues of Treasury
Certificates, and shows that about 70 per cent of incorporated banks
subscribed for the various series of these issues.
Schedule 19 is an analysis of subscriptions to the Victory Loan,
and shows that about 99 per cent of all incorporated banks in the
district subscribed for Victory Liberty Loan Notes.
Schedule 20 analyzes subscriptions to tax issues of Treasury
Certificates, showing that over 55 per cent of all national banks and
nearly 40 per cent of trust companies were subscribers to these
various issues.
The subscriptions to War Finance Corporation 5 per cent Gold
Bonds are tabulated and appear in the report as Schedule 21.
The operations of the interchange and conversion departments
also appear in Schedule 21.
Tabulated statements of third and fourth installments of payments to the Fourth Liberty Loan are appended to this report as
Schedule 22.
The report of operations of the depositaries department shows
interest collected in the sum of $1,276,000, or approximately 88 per
cent of all fiscal agency expense. The largest aggregate deposit
in depositary banks during the year was $180,000,000 on June 9,
and the smallest was $18,301,000 on December 1. Schedule 23
shows operations of this department in detail.
War savings certificates, war savings and thrift stamp sales for
the year are shown in Schedule 24.
A decided reduction has been made in the force of thefiscalagency
department as the result of the completion of a successful flotation
of all Liberty and Victory Bond issues.
FEDERAL RESERVE NOTES

There was little demand for Federal Reserve Notes during the
period following the signing of the armistice, until the industrial
skies cleared in the spring of 1919 and the resumption of commercial
activity necessitated additional issues of currency. From December 1918, to June 1919, there were issued here no new notes of the
twenty-dollar denomination. As business conditions returned
11



more nearly to normal the demand for notes has increased, although
the amount outstanding is but $17,000,000 in excess of note liability
one year ago.
Appended Schedule 25 reviews the Federal Reserve Note situation for the year 1919.
FEDERAL RESERVE BANK NOTES ISSUED
The circulation of Federal Reserve Bank Notes has been continued and more than doubled in volume during the current year.
Schedule 26 shows that while the circulation has increased in
this proportion, it is represented entirely by the denominations of
$1 and $2 bills, while the $5 denomination indicates a reduction
• from the previous year.
This is accounted for by the continued and insistent demand in
this District for small bills, which could not be fully supplied by
Governmental issues.
COMPARATIVE STATEMENT OF CONDITION OF MEMBER BANKS
Schedule 27 shows a comparison of resources and liabilities of
member banks on November 17, 1919, and December 31, 1918.
While the increase in total resources, as shown in the table, is
due in part to the admission of new banks to membership, a comparison of figures for a like number of banks on the dates mentioned
shows that the member banks generally have enjoyed unusual prosperity during the past year as a result of operations incident to war
financing and the subsequent transition to a peace basis.
The increase in member banks' obligations is the result of heavy
demands for funds in the resumption of various industries curtailed during the war.
POLICY TO BE PURSUED IN RESTORING LIQUIDITY OF BANKS

To enable the member banks to carry loans made to subscribers
to the Fourth Liberty Loan and to subscribers to the Victory Loan,
the liberal loaning policy which prevailed through 1918 was continued without an increase in rates for Government secured paper
until November 10, 1919.
It was the judgment of our Board of Directors that as the
Government's requirements had been substantially provided for,
the time had arrived when the differential rate between Government secured paper and commercial loans should be removed.
Higher rates at the Federal Reserve Bank would naturally mean
naming of higher rates to the customers by member banks, which
should bring about a gradual liquidation of loans secured by Government paper, and thereby gradually correct the inflated credit situation brought about by the exigencies of the war.
It is appreciated that the industrial activity which has prevailed
and is prevailing throughout the Fourth Federal Reserve District,




12

coupled with high costs of materials and commodities, makes for
heavy demands for credit upon our member banks.
It will be the policy of this bank to assist the demand of legitimate
business in every way consistent with conservative banking methods. It is, however, incumbent upon the member banks to use
discrimination in extending credit. While legitimate industry
should be helped and encouraged, loans for non-productive purposes should be discouraged to the point of being refused.
OPERATIONS OF FEDERAL RESERVE BANK BRANCHES IN
CINCINNATI AND PITTSBURGH

Facilities afforded through the operations of our branches in
Cincinnati and Pittsburgh have been taken advantage of to a very
large extent by member banks located within their respective branch
territories, and have been the means of improving markedly the
confidence of member banks in those sections toward the Federal
Reserve System.
The check collection system has been used to such an extent,
especially in the Pittsburgh territory, that the number of items
handled by the Pittsburgh Branch has shown a very marked increase over 1918. Cincinnati has also shown a very large increase
in the number of items handled during 1919. Transit and clearing
operations of the branches are shown in Schedule 28.
Money transactions have been very heavy at our branches, and
the banks have repeatedly expressed their gratification over the
facilities afforded by the branch banks.
The books covering the accounts of the banks in the branch
territories are, of course, carried at the main office, all entries being
made by means of daily transcripts and private telegraph connections.
Discount operations in the branch cities have been very large
during the past year.
•*»

While the books covering Fiscal Agency operations are located
at the main office, our branches are permitted to handle all Fiscal
Agency operations with the exception of transactions by mail.
There would not be any particular advantage to our member banks
in permitting our branches to handle Fiscal Agency matters by
mail as our district is so compact that mail addressed to the main
office would reach it as quickly as mail addressed to either of the
branch cities.
OPERATIONS OF MONEY DEPARTMENT

Schedule 29 shows that there has been delivered or shipped to
members in this district, currency amounting to $358,737,280.41,
IS



and to non-member banks $3,386,069.48, or total shipments
amounting to $362,123,349.89.
The receipts of currency from member banks during 1919 totalled
$377,635,253.70 and from non-member banks $5,660,757.79,or total
receipts from the above sources amounting to $383,296,011.49.
The above figures represent only a part of the tellers' activities,
while disbursements of all kinds for the three offices for the year
1919 amounted to $628,531,886.97, and receipts of all kinds
amounted to $605j560,435.57.
CLEARING AND COLLECTION OPERATIONS
On January 1, 1919 there were 415 banks out of
a total of 1928 in the district whose checks we were unable to collect
at par. During the year substantial progress was made in adding
banks to the par list, until on December 1 there remained only
seven banks, all located in our part of Kentucky, whose names did
not appear on the par list. With the close of the year arrangements
were made for the collection of checks on these banks, so that we
are now able to collect checks drawn on every bank in the Fourth
Federal Reserve District at par. In a very few cases it has been
necessary to collect for a time through the American Railway
Express Company or through private agents established in towns
where banks could not be persuaded to voluntarily remit at par.
Usually a very short experience with this method of collection has
resulted in a voluntary agreement to remit without exchange. The
addition of 415 banks to the par list during the year was very gratifying. Our member banks are now able to collect checks on all
banks in the First, Second, Third, Fourth, Tenth and Eleventh
Federal Reserve Districts. Out of a total of 29,586 banks in the
United States 4,015 do not appear in the par list issued by the
Federal Reserve Board, and this number is rapidly decreasing.
PAR LIST:

CHECK COLLECTIONS AND CLEARINGS: With a steady increase
in the par list the check collection system has become more useful to member banks, and there has been a steady increase in
the average number of items handled daily. This average .has
increased from 75,202 in January 1919, to 123,983 in December.
The total average value of the items handled daily has increased
from approximately $39,000,000 in January to approximately
$49,000,000 in December. The increase in the number of items
handled daily at the main office in Cleveland and the branch offices
in Cincinnati and Pittsburgh is shown in Schedule 28A. Schedule
28B shows the exchanges with clearing houses at Cleveland, Pittsburgh and Cincinnati, and the dates and amounts of high clearing
house balances.
COLLECTIONS—CITY AND FOREIGN: Departments for the handling of purely collection items which had been operating in a
rather modest way increased rapidly during the year, owing to
improvement in the facilities for handling collections payable
throughout the United States. Because of direct communication




14

with all other Federal Reserve Banks and branches, we are able to
offer our member banks quicker service at less expense than they
had been accustomed to receiving. That our member banks appreciate this service is indicated by the steadily growing volume of
collection items handled by our three offices during the year.
PERSONNEL
Because of the rapid expansion of the bank's operations during
1919 there were many additions to our official staff. These appointments necessitated a reorganization in our banking and fiscal
agency departments.
In January Mr. M. J. Fleming and Mr. F. J. Zurlinden, formerly
Assistant Cashiers, were appointed Assistants to the Governor, and
Mr. H. G. Davis, formerly an Assistant Cashier, was appointed
Cashier to fill the vacancy caused by the resignation of Mr. Edwin
Baxter, and Mr. C. W. Arnold was appointed an Assistant Cashier. In August Mr. P. A. Brown was appointed Assistant Cashier
of our Pittsburgh branch. During December Mr. G. H. Wagner,
formerly Auditor, and Messrs. G. A. Stephenson and D. B. Clouser
were appointed Assistant Cashiers. Mr. F. V. Grayson, formerly
Assistant Auditor, wras appointed Auditor.
Schedule 30 gives comparative figures on the number of employes
on December 31, 1918, and December 31, 1919.
The retiring members of the Board of Directors for the year wrere
Mr. Lyman H. Treadway, Class C Director, Mr. R. P. Wright,
Class B Director and Mr. W. S. Rowe, Class A Director.
It is with sincere regret that we announce the untimely death of
our esteemed Vice-Chairman, Mr. Lyman H. Treadway, which
occurred in December. Mr. Treadway served since the organization of the bank and was the permanent Cleveland member of the
Executive Committee. Mr. L. B. Williams of the firm of Hayden,
Miller and Company, Investment Bankers, of Cleveland, has
been appointed his successor by the Federal Reserve Board.
The re-election of Mr. R. P. Wright as a Class B Director is a
further recognition of his ability.
Mr. Chess Lamberton of the Lamberton National Bank of Franklin, Pa., is our newly elected Class A Director to succeed Mr. Rowe.
Mr. Rowe was ineligible for re-election because of the amendment
to the Federal Reserve Act that a Class A Director can be elected only by the banks which are members of the same group as the
member bank of which he is an officer or director. The re-grouping
of Mr. Rowe's institution has placed that bank in a different group
from the one which voted.
NEW BUILDING
Following an exhaustive study of available building sites the
Board of Directors, acting on the recommendation of the Committee
appointed at the December, 1918, meeting, authorized the purchase
of the Masonic Temple property at the northeast corner of




15

Superior Avenue and East Sixth Street. The area of the site purchased is approximately 30,000 square feet, and the purchase price
was $865,000.
On November 12, 1919, a contract was entered into with Messrs.
Walker and Weeks, local architects, to assume charge of the erection of a new building on the site above mentioned. While no definite conclusion has been reached as to detailed plans, it is expected
that a programme will be prepared early in the coming year. It is
probable that the new building will be 6 or 8 stories, which should
provide the space to meet our additional space requirements due
to expansion of our present work, and the possibility of taking on
additional functions within the next ten or fifteen years. The type
of building will be thoroughly in keeping with the dignity of the
institution.
We are at present occupying 31,250 square feet of space scattered
through the Williamson and the Thompson buildings. The available space is inadequate to meet even our present requirements,
and the erection of a building designed for our special needs must
result in greater convenience, and, as a result, increased efficiency.
MISCELLANEOUS
The increased activities during the past year have compelled us
to establish an accounting and planning department for the purpose
of centralizing all the accounting work and the preparing of all
necessary forms into one department. It has also been found
necessary to organize a new statistical department, together with
an editorial department.
The continued increase in operations has made necessary the
enlargement of the departments of loans and discounts, money,
foreign collections, analysis, and book-keeping, and the installation
of a battery of five additional chests in our main vault.
Operations at our Pittsburgh and Cincinnati branches have had
a proportional increase, and expansion and remodeling have been
necessary.
A specially built armored truck has been purchased to facilitate
transportation of and give better protection to our money and
security shipments.
Realizing the need of a good reference library for the use of our
own bank staff, as well as of our member banks, a librarian was
engaged in October of 1918.
The library now contains about 400 volumes of works on banking
and finance and other books for general reference, in addition to a
large file of pamphlets, circulars and clippings. Ten daily newspapers are received and clipped. About seventy periodicals are
received. The periodicals are indexed for all subjects which may
have value for reference later. It has not been possible as yet to
loan the books and periodicals from the library to other banks




16

except in special cases, but many reference questions have been
answered and lists of books and references to periodicals have been
compiled. As the library increases in size and scope there is no
doubt it will prove of much value to the banks of this District.
GENERAL BUSINESS AND BANKING CONDITIONS
The uncertainty regarding the immediate future of business following the signing of the armistice gave way early in 1919 to a feeling
of confidence, and the resumption of activity in practically all industries was limited only by the ability to secure the necessary
labor and material. The district, as a whole, has enjoyed a fairly
satisfactory degree of production, although a disposition to reduce
the output of the more essential articles, in favor of those which
may properly be classed as luxuries, is evident. In many lines in
which production was curtailed, or entirely suspended during the
war period, energetic action on the part of manufacturers has succeeded in bringing about a partial, if not quite complete return to
the pre-war status.
The two outstanding features in the industrial life of the District
were the strikes of the steel workers and the coal miners. Both
of these disturbances affected basic industries in this section. Certain lines have been affected by the shortage of some forms of steel,
but a practical return to normal conditions is found in the steel
trade today. The strike of the mine workers caused some inconvenience; in a number of communities coal allotment restrictions
were again brought into force and some manufacturers were forced
to limit or suspend operations. Fortunately a settlement was
reached in time to prevent what might have been a serious blow
to business. Local strikes are handicapping the efforts of some
producers, but the effect on general business is negligible. Wages
continue high, and there is employment for all who wish to work.
Farmers are enjoying unusual prosperity—the result of highly
satisfactory crops and a large money return. This is particularly
true of the Kentucky tobacco section, and expressions of appreciation are heard of the ease with which the funds required to move
the crop were secured from the Federal Reserve Banks.
The demand for funds throughout the year has been unusually
strong, especially during the last two months. Banks throughout
the District enjoy unparalleled prosperity, and are amply able to
meet the legitimate requirements of business.




Movement of gold and cash reserves, Federal Reserve note and net deposit liabilities
and the reserve percentage of the Federal Reserve Bank of Cleveland during the
calendar year 1919.
(In thousands of dollars, i, e., 000 omitted)

Gold
Reserves

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

Cash
Reserves

F. R.
Notes
in actual
circulation

199,626
216,445
221,407
225,986
222,857
200,756
213.276
210,315
224,920
218,791
208,602
222,308
226,911
212,843
218,281
204,863
214,971
212,801
210,216
228,947
208,321
204,821
213,014
215,832
197,361
183,462
202,564
216,305
197,947
201,873
186,879
189,150
192,026
201,491
208,558
209,787
216,704
220,264
214,671
211,942
210,480
210,320
202,224
205,923
185,120
178,356
171,100
163,953
181,572
178,324
169,118
181,253

200,855
217,690
222,875
227,658
224,466
202,819
214,627
211,323
226,002
200,054
209,685
223,409
228,000
213,959
219,349
206,044
216,273
213,992
211,331
230,134
209,391
205,826
214,118
216,771
198,229
184,400
203,363
217,179
198,857
202,771
187,906
190,155
192,991
202,349
209,440
210,543
217,556
221,142
215,583
212,835
211,395
211,223
203,130
206,864
185,991
179,181
171,978
164,790
182,485
179,030
169,786
181,786

248,670
249,933
239,606
235,564
231,153
232,992
233,874
228,815
233,069
230,950
229,761
229,590
232,642
229,221
233,042
227,698
230,595
228,202
227,838
225,171
224,788
223,599
218,094
217,934
213,454
214,663
217,567
220,142
215,948
218,794
215,039
220,064
222,903
225,448
231,136
231,449
237,017
233,862
242,280
241,221
245,900
243,718
246,295
243,740
246,549
248,080
245,484
251,011
250,384
255,337
260,188
272,884




18

Net
Deposits

107,343
117,076
121,756
132,742
128,746
115,066
136,428
136,245
150,467
138,410
135,963
149,040
139,307
130,296
144,522
127,644
124,327
138,325
125,435
135,238
135,000
131,300
130,530
150,693
134,872
123,163
129,461
144,485
138,189
143,402
131,031
128,989
134,577
125,210
134,978
130,292
128,134
136,101
134,374
137,628
131,296
139,857
126,384
139,675
134,558
136,384
139,921
130,744
130,282
128,736
109,795
119,706

( +4)
3

356,013
367,009
361,362
368,306
359,899
348,058
370,302
365,060
383,536
369,360
365,724
378,630
371,949
359,517
377,564
355,342
354,922
366,527
353,273
360,409
359,788
354,899
348,624
368,627
348,326
337,826
347,028
364,627
354,137
362,196
346,070
349,053
357,480
350,658
366,114
361,741
365,151
369,963
376,654
378,849
377,196
383,575
372,679
383,415
381,107
384,464
385,405
381,755
380,666
384,073
369,983
392,590

Ratio
of cash
reserves
to net
deposit
and

F. R. Note
liabilities
combined
56.4
59.3
61.7
61.8
62.4
58.3
58.0
57.9
58.9
59.6
57.3
59.0
61.3
59.5
58.1
58.0
60.9
58.4
59.8
63.9
58.2
58.0
61.4
58.8
56.9
54.6
58.6
59.6
56.2
56.0
54.3
54.5
54.0
57.7
57.2
58.2
59.6
59.8
57.2
56.2
56.0
55.1
54.5
54.0
48.8
46.6
44.6
43.2
47.9
46.6
45.9
46.3

4

8 FEDERALRESERVEBANKOFCLEVELAND

i

NET DEPOSIT LIABILITY,
F.R. NOTE CIRCULATION,
CASH RESERVES.AHD RESERVE RATI0.19I9.

70
60

70
60

SO

50

40

40

30

30

20

2O

10

10
0

0
RESERVE RATIO, (PERCEnTA6E OrC+L).
200

200

PEPOSlTAPfD F.R. NOTE LIABILITIES, -t, Alit> TOTAL RE$ERVES,'C:
JAn\FEB\MCH\APRL\MlryunE\/ULrY(JG\SEPr\OCT. IYOKDEC.




19

Movement of the principal earning assets of the Federal Reserve Bank of Cleveland
during the calendar year 1919.
(In thousands of dollars, i, e., 000 omitted)
Discounted
Total
paper
bills
Bills
Other
secured
disdisby
(1 + 2) Percent bought
(1 + 3) in open counted
United counted
and
market
paper
States
bought
War
obligations
115,099
113,381
96,398
91,049
87,593
84,325
97,060
95,522
101,209
96,969
110,674
114,661
114,559
120,577
131.219
126,582
122,102
135,096
126,460
115,743
134,152
131.404
118,393
128,601
121,593
119.768
105,432
104.473
100.469
103,063
101,826
100,989
110,082
100,181
116,329
114,897
110,435
104.907
111.635
119,263
120,582
122,463
116,920
113,502
111,733
122,339
125,938
130,272
116,672
118,469
112,254
120,536

12,074
9,177
9,355
8,754
8,086
7,282
6,745
7,316
6,320
4,934
4,503
3,654
2,332
3.022
7,269
8,469
5,935
5,229
5,223
4,923
5,206
6,785
6,114
6,045
6,623
7,201
8,554
8,443
9,661
11.463
10,517
10,710
10,810
11,110
9,656
9,601
9,549
11,888
18,475
21,464
21,526
24,960
23,793
23,438
27,473
26,744
30,194
32,966
35,463
41,245
43,951
47,041




127,173
122,558
105,753
99,803
95,679
91,607
103,805
102,838
107,529
101,903
115,177
118,315
116,891
123,599
138,488
135,051
128,037
140.325
131,683
120,666
139.358
138,189
124,507
134,646
128,216
126,969
113,986
112,916
110.130
114,526
112,343
111,699
120,892
111,291
125,985
124.498
119,984
116,795
130,110
140,727
142,108
147,423
140,713
136,940
139,206
149,083
156,132
163,238
152,135
159,714
156,205
167,577

20

90.5
92.5
91.2
91.2
91.5
92.0
93.4
92.8
94.1
95.2
96.1
96.8
98.0
97.6
94.7
93.7
95.3
96.3
96.0
95.9
96.3
95.1
95.0
95.5
94.8
94.3
92.5
92.5
91.2
89.9
90.6
90.4
91.1
90.0
92.3
92.3
92.0
89.8
85.8
84.7
84.8
83.0
83.0
82.9
80.3
82.1
80.6
79.8
76.7
74.2
71.8
71.9

36,478
32,100
40,362
44,749
48,510
63,235
61,750
61,359
60,797
57,648
51,183
47,231
37,452
32,694
29,719
24,017
21,254
22,652
20,881
20,464
21,562
21,364
20,132
26,914
31,969
36,972
40.316
44,025
55.649
56,139
56,916
57,047
54,573
46,660
42,133
37,853
39,242
41,768
40,510
35,588
34,814
36,240
39.779
50.757
68,402
67.811
67.971
64,694
57,900
58,118
56,867
56.923

163,651
154,658
146,115
144,552
144,189
154,842
165,555
164,197
168,326
159,551
166,360
165,546
154,343
156,293
168,207
159,068
149,291
162,977
152,564
141,130
160,920
159,553
144,639
161,560
160,185
163,941
154,302
156,941
165.779
170,665
169.259
168,746
175,465
157,951
168,118
162,351
159,226
158,563
170,620
176,315
176,922
183,663
180,492
187,697
207,608
216,894
224,103
227,932
210,035
217,832
213.072
224,500

U.S. Total
securi- earning
assets
ties

12,810
16,203
14,222
18.186
13,143
12,270
12,150
12,424
12,425
13,425
13,925
14,540
15,159
15,131
15,499
17,114
16,581
17,131
17,131
17,087
17,525
17,550
18,059
18,110
18,595
18,580
18,629
20,396
19.658
19,441
19,968
21,568
21,053
23,017
21,610
22.495
22,495
24,668
25,872
25,798
25,698
25,808
25,827
25,727
24,969
25,828
26,862
26,727
25,990
25,980
25.975
25,660

176.461
170,861
160,337
162,738
157,332
167,112
177,705
176,621
180,751
172,976
180,285
180,086
169,502
171,424
183,706
176,182
165,872
180,108
169,695
158,217
178,445
177,103
162,698
179,670
178,780
182,521
172,931
177,337
185,437
190,106
189,227
190,314
196,518
180,968
189.728
184,846
181.721
183,231
196,492
202,113
202,620
209,471
206,319
213,424
232,577
242,722
250,965
254,659
236,025
243,812
239,047
250,160

f>
K,

§

I SO

FEDEMLRttWEBAM OFCLEVELAND
MOVEMENT OF EARNING ASSETS
DURING CALENDAR YEAR 1919.
SO

0 I SS^\skr.V;*.': II ...\II-'I:'..

UNITEDSTATES SECURITIES
100

100

ACCEPTANCES B0U6HT.
100
80
60
40
20
O

CO

-— —
•• •

so

«

60
<0
a?
0

PERCENTAGE OF fVAR PAPER TO TOTAL DISCOUNTS.
200

200

TOTAL BILLS DISCOUNTED, -D; AND WAR PAPER;




TOTAL EARNING ASSETS.

21







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130

M<
730

A

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110

v'

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100

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70

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18
(6
H

Z

SCHEDULE 1.—Statement of condition of the Federal Reserve Bank of Cleveland,
December 31, 1919, compared -with December 31, 1918.
RESOURCES

1919

Gold redemption fund. Federal Reserve notes
Gold with Federal Reserve agent
Gold settlement fund
Gold coin and certificates
Gold with foreign agencies
Gold in transit for redemption
Total gold reserve
Legal tender notes and silver certificates and coin
Legals and silver in transit for redemption
Total cash reserve
Federal Reserve notes on hand
Federal Reserve bank notes on hand
Nickels and cents
Our Mutilated Federal Reserve notes forwarded for redempt
Due from Treasurer U. S. 5% Fund (Federal Reserve bank
notes)
Overdrafts
Total
National bank notes and notes of other Federal Reserve
banks
Unassorted currency
Uncollected transit items
Total deductions from gross deposits
Bills discounted
Member banks collateral notes
Rediscounts for other Federal Reserve banks
Acceptances purchased
United States bonds and securities:—
2% Treasury special certificates of indebtedness to secure
circulation
3% One year treasury notes
3 % lConversion bonds
3y& 7c Liberty loan bonds
% Liberty loan bonds
% Victory loan bonds
%% Victory loan bonds
4^Sc Certificates of indebtedness
Total earning assets
Interest accrued on U. S. securities
War loan expenses advanced
Liberty loan bonds sold on installment plan to employees
Other deferred charges
Difference account
Real estate owned
Due from banks—war loan accounts
Total resources
LIABILITIES
Federal Reserve notes outstanding
Federal Reserve bank notes outstanding
Total currency outstanding
United States government deposits
Member banks—reserve accounts
Contracts to deliver Liberty Bonds sold employeesOfficial checks and drafts outstanding
Foreign government credits
Collected funds on deposit
Deferred availability items
Gross deposits

1918

$1,872,462.24
128,794,225.00
43,848,018.81
4,870,097.50
10,768,257.35
475,500.00
190,628,560.90
635,770.45
77,100.00
191,341,431.35
17,355,115.00
460,010.00
1,376.15

$1,368,280.00
138,277,370.00
52,125,485.35
12,865,862.50
524,598.71
391,322.50
205,552,919.06
850,959.55
276,004.00
206,679,882.61
14,147,660.00
869,385.00
695.38

1,732,565.00

589,720.00

1,122,000.00
39,976.71

531,800.00"
1,725.73
16,140.986.11

20,711,042.86

3,456,640.00
3,185,787.00
77,055,466.83
83,697,893.83
63,043,012.89
101,474,120.00
48,606,679.40
23,299,000.00
414,800.00
16,200.00
402,400.00
10,100.00
150.00
284,000.00
237,550,462.29
226,732.80
330,385.98
2,362.28
193.76




9,458,000.00
1,202,000.00
414,800.00
266,200.00
403,550.00
1,065,500.00
177,590,447.17
58,514.53
766,785.38
24,300.00
17,646.11

640,000.00

51,127,523.44
585,628,028.59

38,413,558.56
502,522,074.94

283,801,770.00
22,491,000.00
306,292,770.00
1,675,111.23
129,415,061.66

266,519,915.00
10,600.000.00
277,119,915.00
749,987.60
123,423,976.31
13,128,00
196,072.59

200,015.64
5,928,112.60
137,218,301.13
71,603.531.00
208,821,832.13

45,055.98
Reserved for taxes on Federal Reserve bank notes...
89,450.85
Reserved for depreciation on U. S. bonds
46,554.88
Reserved for Federal Reserve board expenses, 1920
•Reserved for franchise tax
9,532,950.00
Capital paid in
9,089,000.00
Surplus fund
582,891.31
Unearned discount and interest
51,127,523.44
Treasurer of the U. S. (special deposit account)
Treasurer of the U. S. (Liberty loan deposit account)
Other liabilities (difference account)
585,628,028.59
Total liabilities
T h i s amount was transferred to Surplus Account, March 3, 1919, as provided
ment to the Federal Reserve act approved that day.

27

4,275,119.00
'5~8~554,835"47
62,829,954.47
28,412,284.55
77,339,400.00
21,583,497.09
37,445,215.53

124,383,164.59
49,581.406.40
173,964,570.99
84,406.79
•1,776,000.00
9,072,700.00
1,776,000.00
314,121.08
26,466,812.78
11,946,745.78
802.52
502,522,074.94
by an amend-

SCHEDULE 2.—Comparative statement profit and loss account, 1919-1918.
1918
$ 132,311.58

Balance profit and loss, December 30, 1917.
Earnings:—
Discount on bills discounted
Discount on bills purchased
Income from U. S. securities
Penalties on deficient reserves
Transfers bought and sold—net
Miscellaneous
Rents received—net

$5,341,785.14
1,882,984.84
450,308.07
66,441.90
45,606.92
4,569.03
9,133.18
7,800,829.08

TotalExpenses :—
Cost of Federal Reserve currency (including taxes on bank
note circulation)
Furniture and equipment (Main Office and branches)
Depreciation of property purchased for bank premises
(charged off)
Premium on U. S. bonds and securities (charged off)
Coupon shipment lost (charged off)
Operating Expenses:—
Main office
Cincinnati branch
Pittsburgh branch
Difference account
Dividends paid
•Transferred to reserve for franchise tax
Transferred to surplus account
Transferred to reserve for taxes F. R. bank notes
Transferred to reserve for Federal Reserve board expenses,1920

3,130,600.29
1,135,680.37
779,133.53
66,462.03
51,213.53

5,359,175.19

246,983.25
53,414.55

188,661.12
85,784.13

254,683.73
5,044.06
4,199.85

98,882.79

728,899.24
141,735.87
179,941.98
530.00
556,785.69
5,537,000.00
45,055.98
46,554.88
7,800,829.08

63,773.86

525,652.24
89,257.91
102,829.78
716,107.22
•1,776.000.00
1,776,000.00

5,359,175.19

*This amount was transferred to surplus account March 3, 1919, in accordance with an amendment to Federal Reserve act approved March 3, 1919.

SCHEDULE 3.—Gross earnings, classified, expenses and net earnings 1919.
Bills discounted
Member Banks

Acceptances
Purchased

Rediscounted
for other F.R.
Banks

United States
Securities

$335,621.53
311,487.88
365,212.92
362,611.51
383,194.51
349,620.17
393,757.49
409,717.01
412,337.65
499,515.61
542,710.50
630,521.39

$140,357.95
196,024.92
179,576.23
91,782.87
76,839.48
99,806.84
176,266.74
186,823.57
140,062.57
135,295.24
242,913.26
217,235.17

$ 59,295.45
2,979.43
19,221.11
79,320.03
90,307.86
88,315.66
2,311.40

$35,052.33
21,529.71
25,517.13
28,691.93
31,372.34
31,743.74
36,939.55
39,832.62
51,209.38
50,551.30
47,792.65
52,425.39

4,996,308.17

1.882,984.84

345,476.97

452,658.07

All Other
Earnings

Total
Earnings

Total
Expenses

Net
Earnings

$ 8.744.33
10,316.02
7,722.57
8,010.98
8,856.03
7,247.68
9,776.26
10,091.62
13,794.64
15,530.40
12,033.03
11,277.47

$579,071.59
542,337.96
597,249.96
570,417.32
590,570.22
576.734.09
619,051.44
646,464.82
621.130.27
700,892.55
845,449.44
911.459.42

$ 93,863.20
115.526.90
119,519.43
83,108.35
90,257.99

93.365.77
305,779.12

$485,208.39
426,811.06
477,730.53
487,308.97
500,312.23
492,271.93
520,839.80
557,820.45
536,154.97
607,631.89
752,083.67
605,680.30

123,401.03

7,800,829.08

1,350,974.89

6,449,854.19

January- February March
April
May
June
July
August
September
October..
November
December.

January _ .
FebruaryMarch
April
May
June
July
August
September
October..
November
December.




3,726.03

84,462.16

98,211.64
88,644.37

84,975.30
93,260.66

SCHEDULE 4.—Daily average earning assets, earnings thereon and average rate per
annum, year 1919, as compared with year 1918; also other earnings.
Earning Assets
1919

1918

1919

Bills discounted
members and
other Federal
Reserve Banks $126,649,267.08 $73,080,025.35
Acceptances
bought and acq u i r e d from
other Federal
Reserve Banks
United States
bonds, notes,
and certificates
of indebtedness

44,147,873.88

Average
Rate

Earnings
1918

1919

1918

$5,341,785.14

$3,124,696.41 4.22

4.28

1,882,984.84

1,141,584.25 4.27

4.20

27,175,072.99

20,388,886.71

17,721,544.11

450.308.07

611,894.58

2.21

3.45

191,186,027.67

117,976,642.45

7,675,078.05

4,878,175.24

4.02

4.13

OTHER EARNINGS
1919
Profits on earning assets
Profits realized on U. S. Securities
Service Charges (Net)
Sundry profits (Including 1919 rents—S9.133.18 net).
Penalties on deficient reserves
Transfers

$7,675,078.05
2,350.00

1918

11,352.21
66,441.90
45,606.92

$4,878,175.24
167,238.95
41,029.48
22,744.38
66,462.03
51,213.53

Total Earnings.
Total Expenses.

7,800,829.08
1,350,974.89

5,226,863.61
992,185.18

Net Earnings
Capital, Daily average
Rate per annum Gross Earnings to CapitalRate per annum Net Earnings to Capital..

6,449.854.19
9,281,982.00
84.04%
69.49%

4,234,678.43

8,585,995.89
68.76%
48.16%

SCHEDULE 5.— Values of loans, discounts and investments handled during year 1919
as compared with 1918.
1919

Discounted and Purchased:

$349,775,194.10
Bills discounted, members
2,776,081,175.00
Member banks collateral notes
Acceptances bought in open market and acquired from other
318,330,395.64
Federal Reserve Banks
229,017,300.00
Rediscounts, Federal Reserve Banks
284,617,250.00
U. S. Securities

$392,524,428.41
993,593,567.01

Total".

3,957,821,314.74

1,903,875,236.07

Increase over 1918..

2,053,946,078.67

Paid and Sold:
Bills discounted, members
Member banks collateral notes
Acceptances
Rediscounts, Federal Reserve Banks.
Municipal warrants
United States securities




175,717,826.21
82,915,964.44
259,123,450.00

273,000,650.00

$401,275,171.13
921,987,317.01
159,384,601.63
61,352,667.35
7,233.38
285,852,410.00

3,897,893.799.62

1,829,859,200.50

$315,144,465.76
2,751,978,955.00
307,168,931.77
250,600,797.09

Total

2.068,034,599.12

Increase over 1918.

29

SCHEDULE 6A.—Loans and Rediscounts for Member Banks, by States.

(Comparison of years 1919 and 1918.)
1918

1919
$59,145,705.55
1,324,416.219 56
1,712,941,061 03
29,353,382.96
Total

$3,125,856,369.10

-

S35.486.887 19
790,608,919.16
555,474,713.94
4,547,475.13
SI,386,117,995 42

APPROVED APPLICATIONS FOR LOANS AND REDISCOUNTS
1919

Total

- -

699
3,746
1,210
59

12,182

West Virginia banks

1918

1,034
6,701
4,130
317

5,714

BANKS ACCOMMODATED
1919

-

Total

1918

29
226
144
10

32
184
100
4

409

Kentucky
Ohio..
Pennsylvania
West Virginia

320

Of the foregoing banks accommodated, 73 were State bank members, distributed as follows:
Kentucky
7
Ohio
45
Pennsylvania
19
West Virginia... 2
73

SCHEDULE 6B.—Rediscounts, Members and Member-Bank Collateral Notes, 1919.
Kentucky

Pennsylvania

Ohio

West Virginia

Total *

1,034
Approved applications
4,130
6,701
317
12,182
Banks accommodated
29
144
226
10
409
Commercial and Industrial
$2,616,248.60 $20,556,285.90 $212,845,604.95 $265,150.00 $236,202,626.56
paper
889,781.02
5,054,575.81
8,045,261.21
21,062.10
Trade acceptances
14,091,343.03
Agricultural and live stock
175,108.22
53,830.79
383,646 30
paper
612,585.31
Liberty loan secured redis2,809,867.71
7,517,473.53
87,796,627.10
744,670.86
counts
98,868,639.20
Member banks' collateral notes
1,011,700.00
secured by commercial paper
1,036,700.00
25,000.00
Member banks' collateral notes
secured by U.S. Gov't. se52,654,700.00
curities
1,679,66 >,895.00 1,013,928,380.00 28,322,500.00 2,774,571,475.00
Member banks' collateral notes
secured by War Finance Cor405,000.00
poration bonds
68,060.00
59,145,705.55 1,712,941,061.03 1,324,416,219.56 29,353,382.96 3,125,856,369.10
Totals.




SCHEDULE 7.—Comparison of various classes of rediscounts and loans, years 1918
and 1919.
1919
Commercial and Industrial Paper
Trade acceptances
Agricultural and Live Stock Paper
Bankers' Acceptances
Customers' paper secured by United States Securities
Member bank collateral notes secured by commercial
paper
Member bank collateral notes secured by War Finance
Corporation Bonds
Member bank collateral notes secured by United States
Goverment Securities

S236.202.626.56

14.091,343.03
612,585.31

$295,014,269.50
24,894,290.84

822,256.06

98,868,639.20

196,530.22
72,033,581.79

1,036,700.00

4,940,000.00

473,000.00
2,774,571,475.00

988,217,067.01

3,125,856,369.10

Total

1,386,117,995.42

SCHEDULE 8.—Comparison of classes of rediscounts and loans to State
members, year 1918 and 1919.

Bank

1919
829,530,524.64

$24,914,733.98

26,450,256.38

Commercial and Industrial Paper.
.
Customer's Paper secured by United States
Government Securities
Member Bank Collateral Notes secured by
Commercial Paper_
Member Bank Collateral Notes secured by United
States Government Securities,

1918

14,760,903.61

128,000.00
900,467,700.00

230,694,650.00

956,576,481.02

—

Total

270,370,287.59

SCHEDULE 9.—Rediscounts for other Federal Reserve Banks.
years 1919 and 1918.)

{Comparison of

1918
Total Rediscounts for other Federal Reserve Banks.

$ 82,935,964.44

SCHEDULE 10.—Acceptances purchased in open market and acquired from other
Federal Reserve Banks.
{Comparison of years 1919 and 1918.)
1919

Trade Acceptances—Foreign
Trade Acceptances—Domestic
Total

31

$79,253,973.24
88,425.763.62
2,725,000.00
1,272,431.64
4,040,657.71

318,330,395.64

— - -

$218,372,205.66
94,754,068.03
749,100.16
1,563,236.08
2,891,785.71

Banker's Acceptances—Foreign
Banker's Acceptances—Domestic
Banker's Acceptances—Dollar Exchange




1918

175,717,826.21

SCHEDULE 11.— United States Government securities purchased.
years 1919 and 1918.)

{Comparison of

1919
$262,341,000.00

Special 2% Certificates of Indebtedness.
3% Notes and Bonds
4% Bonds
4% Certificates of Indebtedness
M% Certificates of Indebtedness
Certificates of Indebtedness
Liberty Loan Bonds
%% Victory Liberty Loan Notes
3%% Victory Liberty Loan Notes

66,bbb"6o

150.00
10,100.00
284,617,250.00

Total.

SCHEDULE 12.—Daily average earning assets.
1918.)

20,729,000.00
412,200.00

259,123,450.00

{Comparison of years 1919 and

1919

1918

$126,649,267.08

United States Bonds, Notes and Certificates

$73,080,025.35

44,147,873.88

Bills Discounted—Members and other Federals
Acceptances Bought and Acquired from other Federal

27,175,072.99

20,388,886.71

Total..

.--

-

17,721,544.11

191,186,027.67

117,976,642.45

SCHEDULE 13.—Daily average earning assets by months.
1919 and 1918.)

{Comparison of years

$164,241,659.28
170,948,548.14
173,910,959.15
172,964,435.24
171,087,917.18
173,873,814.06
181,768,332.74
191,824,941.40
193,874,811.41
206,106,660.00
244,364,640.72
247,963,050.47

Daily average for the year

SCHEDULE 14.—Total earnings by months.

$98,431,722.64
85,756,007.73
80,536,483.70
97,438,700.16
87,877,187.03
80,065,794.97
109,206,763.04
120,525,409.00
126,224.096.78
152,741,522.45
174,460,237.78
200,956,638.34

191,186,027.67

January
February..
March
April
May
June
July
August
September.
October
November.
December..

117,976,642.45

{Comparison of years 1919 and 1918.)
1919

January.
February
March..
April
.
May
June
.
July
August
September
October
November
December

$65,458,000.00
1,207,000.00
61,250.00
171,256,000.00

„

. .

_ .
.

..

$579,071.59
542,337.96
597,249.96
570 417 32
590,570.2.2
576,734.09
619,051.44
646,464.82
621,130.27
700,892.55
845,449.44
911,459.42

$323,990.58
266,199.13
281,1.21.06
338 809 13
330,181.94
332,145.06
510,415.03
509,010.20
458,327.16
553,835.48
608,935.38
713,893.46

Total

7,800,829.08

5,226,863.61

.
..

.




1918

32

{Comparison of years 1919

SCHEDULE 15.—Average rate of earnings by months.

and 1918.)
1919

January

4.08%
4.06%
3.99%
3.96%
4- %
3.98%
3.95%
3.90%
3.81%
3.90%
4.15%
4.27%

June

July
August
September
October
November
December
Average rate per annum.

3.68%
3.86%
3.89%
4.06%
4.21%
4.27%
4.31%
4.36%
4.30%
4.15%
4.11%
4.09%

4.02%

February
March
April
May

4.13%

SCHEDULE 16.—New National and State bank members during 1919.
Date of
Admission
June
July
July
Aug.
Aug.
Oct.
Oct.
Dec.

14
2
30
6
13
1
13
13

Name of Bank

Shares
subscribed

Location

First National Bank _
Pandora, Ohio
Cleveland, Ohio
Northern National Bank
First National Bank
_. _ Jefferson, Pa
Cumberland, Ohio
First National BankFirst National Bank
_ Sycamore, Ohio
Middletown, Ohio
First & Merchants National Bank
Citizens National Bank
. Hooversville, Pa.
Monessen, Pa.
Citizens National Bank

9
375
9
30
15
324
23
36

STATE BANKS ADMITTED TO SYSTEM.
Date of
admission

Jan.
Jan.
Jan.

16
21
29
Feb. 1
Feb. 15
Feb. 27
Feb. 27
Mar. 6

April 23
April 24
May
May
May
May
May

June

July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Nov.
Dec.
Dec.
Dec.
Dec.

2
14
17
22
22
19
15

28
30
9
25
29

30
12

19

20

29

to
3
15
30
30
31

Location

Name of Bank

The Merchants Trust Co
Greensburg. PaMansfield, Ohio..
The Farmers Savings & Trust Co
Brooksville, Ky__
The Farmers Equity Bank
Shiloh, Ohio
The Shiloh Savings Bank Co
Columbiana, Ohio
The Union Banking Co
McCutchenville.O
The Farmers Bank
Shelby, Ohio
The Citizens Bank
The Conneaut Mutual Loan & Trust Co Conneaut, Ohio..
Shadyside, Ohio
The Shadyside Bank
The Union Savings Bank & TrustCo— Steubenville, Ohio
Metamora, Ohio..
The Farmers & Merchants Bank Co
Frazeysburg, Ohio
The Peoples Bank Co
Wheeling, W. Va.
The Security Trust Co
The Firestone Park Trust & Savings Bk. Akron, Ohio
Pandora, Ohio
The Farmers Bank Co
Bridgeport, Ohio.'
The Bridgeport Bank & Trust Co
UpperSandusky.O
The Citizens Savings Bank
Hubbard, Ohio
The Hubbard Banking Co
Pemberville, Ohio
The Pemberville Savings Bank Co
Middlefield, Ohio.
The Middlefield Banking Co
Rittman, Ohio
The Rittman Savings Bank
The Wakeman Bank Co
Wakeman, Ohio.
Apple Creek, Ohio
The Apple Creek Banking Co
Warren, Ohio
The Union Savings & Trust Co
Portsmouth, Ohio
The Security Bank
Cleveland, Ohio..
The Pearl St. Savings & Trust Co
Orrville, Ohio
The Orrville Savings Bank
Mound sville,W.Va
The Marshall County Bank
Eldorado, Ohio
The Farmers State Bank
Wheeling, W. Va
The Wheeling Bank & Trust Co
Pittsburgh, Pa
The City Deposit Bank
Georgetown, Ky..
The Farmers Bank & Trust Co
Pittsburgh, Pa.._.
The Potter Title & Trust Co




Capital
and
surplus
$188,600
200,000
37,500
41,000
75,000
30,000
140,000
165,000
38,900
500,000
30,500
60,000
500,000
275,000
32,500
115,000
80,000
75,000
30,000
50,000
33,500
35,000
40,000
600,000
400,000

Deposits
when
admitted
$1,202,000
1,016,000
242,000
321,000
521,000
88,000
1,031,000
1,437,000
211,000
2,941,000
243,000
417,000
2,208,000
3,154,000
165,000
786,000
617,000

803,000
491,000
317,000
307,000

260,000
237,000

7,515,175

33

1,000,000
95,000
190,000
37,675
680,000
1,000,000
165,000
575,000

3,698,000
1,785,000
12,512,000
729,000
990.000
404.000
4,695.000
9,925,000
661,000
3,078,000
57,492,000

SCHEDULE 16.—Continued.
MEMBER BANKS LIQUIDATED DURING 1919.

Name of Bank

Location

Shares
Surrendered

Disposition

Cincinnati, Ohio—. Merged with Fifth-Third National
Bank, Cincinnati,
Cleveland, Ohio.. Merged with Guardian Savings &
Trust Co., Cleveland
First National Bank
] Middletown, Ohio< Consolidated into the First & Merchants National Bank, MiddleMerchants National Bank
/
town
Steubenville, Ohio. Merged with Steubenville Bank &
Commercial National Bank
Trust Co., Steubenville
Liquidated to form Manufacturers &
Black Lick, Pa
First National Bank
Mechanics Bank, Black Lick
Merged with Oil City National Bank,
Oil City, Pa
Lamberton National Bank
Oil City
Reynoldsville, Pa_ Merged with Peoples National Bank,
Citizens National Bank
Reynoldsville
First National Bank
Bluffton, Ohi
In hands of Receiver
First National Bank
. In voluntary liquidation
Roseville, Ohio
First Standard Bank & Trust Co- Maysville, Ky
.! Merged with Bank of Maysville
Mt. Sterling, Ky._ .Withdrew
Exchange Bank of Kentucky
Market National Bank

Cleveland National Bank

Total Shares

540
1,200
102
105
150
38
ISO
39
.•so

io
150
51

2.610

MEMBER BANKS IN DISTRICT No. 4.
Number of member banks December 31, 1918
New national banks organized
State banks and trust companies admitted
Total
Liquidated during 1919
Number of member banks December 31, 1919
Capital stock paid in, December 31, 1919
Capital stock paid in, December 31, 1918
Increase




814
8
33
855
12
843
$9,532,950.00
9,072,700.00
460,250.00

SCHEDULE 17.—Banks granted fiduciary powers under Section 11 of the Federal
Reserve Act.
Date

Name

Location

Dec. 22 American National Bank

Newport, Ky

Mar. 22 First National Bank

Paris, Ky

July 11 Farmers National Bank

Somerset, Ky

Jan. 24 First-Second National Bank

Akron, Ohio

Mar. 22 National City Bank

Akron, Ohio

May 7 Atlas National Bank

Cincinnati, Ohio.

Oct. 15 Citizens National Bank

Cincinnati, Ohio.-

Feb. 13 Fifth-Third National Bank

Cincinnati, Ohio

Oct. 10 First National Bank

Cincinnati, Ohio..

Oct.

6 Second National Bank

Cincinnati, Ohio..

Oct.

7 National City Bank

Cleveland, Ohio..

Oct. 31 Union Commerce Natl. Bank-.Cleveland, Ohio..
Feb. 21 Commercial National Bank

Coshocton, Ohio.

Feb. 21 First National Bank

Bellaire, Ohio

June 2 First National Bank

Bucyrus, Ohio.

Feb. 10 Merchants National Bank

Dayton, Ohio..

Feb. 8 Winters National Bank

July

9 First National Bank..

June 23

Merchants National Bank




..Dayton, Ohio

.Defiance, Ohio.
Defiance, Ohio.

35

Powers granted
-Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, receiver and
committee of estates of lunatics."
-Trustee, executor, administrator,
registrar of stocks and bonds,
guardian ofiestates, receiver, committee of estates of lunatics.
.Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, receiver, and
committee of estates of lunatics.
-Trustee, and registrar of stocks
and bonds.
.Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
.Trustee, and registrar of stocks
and bonds.
.Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, and
receiver.
Trustee under a will, registrar of
stocks and bonds, trustee under
a mortgage securing an issue of
bonds, and such other trust
capacities, if any, as the proper
courts in Ohio may authorize.
.Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
.Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
.Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
-Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
-Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
-Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
-Trustee, and registrar of stocks
and bonds.
-Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
-Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
.Trustee and registrar of stocks
and bonds.
.Trustee and registrar of stocks
and bonds.

SCHEDULE 17.—Banks granted fiduciary powers under Section 11 of the Federal
Reserve Act—Continued.
Date

Name

Nov. 1 Union National Bank

Location
Fostoria, Ohio

June 11 Citizens National Bank

Galion, Ohio

Feb. 8 First National Bank

Hamilton, Ohio

Oct. 17 Merchants National Bank

Hillsboro, Ohio

Feb. 8 Lebanon National Bank

Lebanon, Ohio

Feb. 8 Central National Bank

Marietta, Ohio

July 16 First National Bank

Marietta, Ohio

June 23 Merchants National Bank

Massillon, Ohio

Feb. 5 Second National Bank

Ravenna, Ohio

Sept. 26 National Exchange Bank

Steubenville, Ohio

Nov. 22 Tiffin National Bank

Tiffin, Ohio

Nov. 1 First National Bank

Troy, Ohio

July 11 Clinton County Natl. Bank

Wilmington, Ohio

Nov. 7 Old Citizens National Bank

Zanesville, Ohio

May 9 First National Bank

Zanesville, Ohio

Oct.

Ellwood City, Pa

9 First National Bank

Mar. 8 Lamberton National Bank

Franklin, Pa

Sept. 26 First National Bank

Greensburg, Pa

Mar. 8 First National Bank

Meadville, Pa

May 12 First National Bank

New Castle, Pa




36

Powers granted
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee and registrar of stocks
and bonds.
Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
Trustee under a will, registrar of
stocks and bonds, trustee under a
mortgage securing an issue of
bonds, and such other trust capacities, if any, as the proper courts
in Ohio may authorize.
Trustee and registrar of stocks and
bonds.
Trustee and registrar of stocks and
bonds.
Trustee and registrar of stocks and
bonds.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee and registrar of stocks and
bonds.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, and registrar of stocks
and bonds.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates
of lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver, committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, receiver, committee of estates of lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds :
guardian of estates, assignee, receiver, and committee of estates of
lunatics.

SCHEDULE 17.—Banks granted fiduciary powers under Section 11 of the Federal
Reserve Act—Continued.
Date

Name

Location

July 30 The Oil City National Bank

Oil City, Pa

Oct. 15 Bank of Pittsburgh, N. A

Pittsburgh, Pa

Aug. 21 Duquesne National Bank

Pittsburgh, Pa

June 18 Monongahela National Bank ..Pittsburgh, Pa
Mar. 25 Second Natl. Bank ofAllegheny. Pittsburgh, Pa

Dec. 5 Third National Bank

Pittsburgh, Pa

Sept. 26 Union National Bank

Pittsburgh, Pa

Mar. 22 Punxsutawney National Bank .Punxsutawney, Pa

May 12 Second National Bank

•

Titusville, Pa

Feb. 21 Warren National Bank

Warren, Pa

May 24 First National Bank

Washington, Pa

Sept 11 National Bank of West Va

Wheeling, W. Va




37

Powers granted
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Registrar of stocks and bonds.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver, committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver, committee of estates of
lunatics.
Executor, administrator, registrar
of stocks and bonds, guardian of
estates, assignee, receiver and committee of estates of lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee, receiver and committee of estates of
lunatics.

SCHEDULE 18.—Certificates

of Indebtedness—loan

issues.

NATIONAL BANKS

Date

Series

Maturity

Number
of

Banks
Jan.
Jan.
Jan.
Feb.
Feb.
Mar.
Apr.
May
Aug.
Aug.
Sept.
Dec.

2
16
30
13
27
13. . .
10
1
1
15
2. . . .
1

Per cent
of total
bank subDistrict scriptions

Per cent
of total
in

Amount

5-J

5-K

A-1920
B-1920
C-1920
D-1920

Totals.. _

572
533
548
560
496
515
440
290
393
480
290
90

76.68
71.44
73.46
75.07
66.49
69.03
58.98
38.87
52.68
64.34
38.88
12.06

57.40
58.96
57.17
53.74
58.09
54.02
49.23
56.92
58.64
56,42
60.89
51.38

$38,026,000
29,714,500
34,749,000
31,762,000
29,758,000
28,793,500
30,521,500
27,889,500
26,576,500
25,570,000
23,802,500
4,099,500

5,207

June 3, 1919
June 17, 1919
July 1, 1919
July 15, 1919
July 29, 1919
Aug. 12, 1919
Sept. 9, 1919
Oct. 7, 1919
Jan. 2, 1920
Jan. 15, 1920
Feb. 2, 1920
Feb. 16, 1920

5-C
5-D
5-E
5-F
5-G
5-H

58.16

56.07

8331,262,500

STATE BANKS
Per cent
of total
Number
of Banks in District
449
407
407
441
385
345
341
225
262
310
234
46

3,852

53.84
48.80
48.80
52.88
46.16
41.37
40.89
26.98
31.41
37.17
28.06
5.51
38.49

Per cent
of total
bank subscriptions
12.90
13.61
13.16*
15.13
12.70
14.27
13.84
11.47
13.58
12.49
12.94
6.69
12.73

Amount
$8,547,000
6,857,500
7,999,500
8,944,000
6,503,500
7,607,500
8,583,000
5,623,000
6,158,500
5,658,000
5,059,000
534,000
$78,074,500

TRUST COMPANIES

District

Date

Jan. 2
Jan. 16
Jan. 30
Feb 13
Feb. 27
Mar. 13
Apr. 10
May 1
Aug. 1
Aug. 15
Sept. 2
Dec. 1

Series

5-C
5-D
5-E
5-F
5-G
5-H
S-J
5-K

A-1920
B-1920
C-1920
D-1920
Totals




Maturity

June 3, 1919
June 17, 1919
July 1, 1919
July 15, 1919
July 29, 1919
Aug. 12, 1919
Sept. 9, 1919
Oct. 7, 1919
Jan. 2, 1920
Jan. 15, 1920
Feb. 2, 1920
Feb. 16, 1920

Per cent
of total
bank
subscriptions

155
140
160
171
145
132
134
104
97
106
76
30

67.10
60.61
69.26
74.03
62.77
57.14
58.01
45.02
41.99
45.88
32.90
13.00

27.81
25.08
28.03
29.56
27.51
30.12
35.62
29.54
25.96
30.61
25.21
40.35

$18,423,500
12,641,500
17,039.000
17,466,500
14,093,500
16,054,500
22,085,500
14,475,500
11,768,500
13,872,500
9,853,500
3,220,000

1,450

52.31

29.62

$170,994,000

Number
of

Banks

Per cent
of total
in

Amount

SCHEDULE 18.—Continued.
MISCELLANEOUS AND PRIVATE BANKS
Per cent of
total in
District

Per cent of
total bank
subscriptions

114
105
99
104
93
91
91
57
7
10
14
2

53.43
51.47
45.10
50.00
42.66
42.65
42.65
27.94
3.43
4.90
6.86
1.00

1.89
2.35
1.64
1.57
1.70
1.59
1.31
2.07
1.82
1.58

$1,253,500
1,186,500
999,000
927,500
870.000
844,500
810,000
1,012,000
826,500
218.500
373,500
125,000

787

31.00

1.58

9,446,500

Number
of Banks

Total subscriptions
each issue

Amount

.48
.96

5-C
5-D
5-E
5-F
5-G
5-H
5-J
5-K
A-1920
B-1920
C-1920
D-1920

$66,250,000
50,400,000
60,786,500
59,100,000
51,225,000
53,300,000
62,000,000
49,000,000
45,330,000
45,319.000
39,088,500
7,978.500
589,777,500

RECAPITULATION

District Banks

Number of
banks in
District

National Banks
State Banks
_
Trust Companies
Private and Miscellaneous
Banks

Banks
subscribing

746
834
231

Per cent
of total
banks
subscribing
in District

Per cent
of total
of banks
subscriptions

Total
subscriptions

56.07
12.73
29.62

$331,262,500
78,074,500
170.994,000

572
449
171

76.68
53.84
74.03

204

114

53.43

1.58

9,446,500

2,015

1,306

64.81

100.00

589,777,500

ANALYSIS OF PAYMENT
Total subscriptions for District, all loan issues

Paid by cash

Payment by
credit to War
Loan Deposit
Account

$137,959,967

$424,518,533




$589,777,500

Paid by Exchange
of Certificates

$27,299,000

39

Per cent
by cash

23.38

Per cent
by credit

Per cent
byexchange

72.00

4.62

SCHEDULE 19.—Victory Liberty Loan.
Dated May 20, 1919; 3J£and 4Ji%; Callable June 15 and December 15, 1922,
payable May 20, 1923.
ANALYSIS OF SUBSCRIPTIONS
Number
subscribing

Per cent

Notes full paid each Installment date

Amount

Cash sales
May 20
June 3
July 15
Aug. 12
Sept. 9
Oct. 7
Nov. 11

$443,802,250

Total allotment for district
740
822
229
107
61

Totals

53.32
17.89
27.13
1.66

236,666,900
79,379,400
120,354,650
7,359,150
42,150

1,959

National banks
State banks
Trust companies
Miscellaneous banks
Individuals

100.00

$443,802,250

$ 27.923,550
199,663,200
111.755,750
41,038,100
11,413,600
8,884,850
14,863,550
28,259,650
$443,802,250

PERCENTAGE OF BANKS SUBSCRIBING
Number Total in
subDistrict Per cent
scribing
National banks
State banks.. .
Trust companies
Miscellaneous

_

740
822
229
107

746
834
231
204

99.20
98.56
99.16
52.45

1,898

.

2,015

94.19

.

Totals..

ANALYSIS OF PAYMENTS.

Paid by
cash
Cash
sales
May 20
June 3
July 15
Aug. 12
Sept. 9
Oct. 7
Nov. 11

Paid by
Paid by
credit to War certificates
Loan Deposit of indebAccount
tedness

Total payments each
installment
date

$ 9,092,150.00 $17,013,900.00 $ 1,817,500 $27,923,550.00
39,060,020.06 70,279,764.94 116,414,500 225,754.285.00
22,839,257,87
40.497.867.13 33,164,500 96,501,625.00
15,746,890.37
2,585,000 42,885,470.00
24,553.579.63
7,652,414,35
1.758,000 19.532,480.00
10,122,065.65
5,635,447.21
1.145.500 13.955,560.00
7,174,612.79
4.199,326.56
11,593.660.00
7,394,333.44
2.240,370.27
5,655,620.00
3,415,249.73

Totals... 106,465,876.69

180.451,373.31 156.885,000 443.802,250.00




40

Percent
Percent Percent
by
by
by
certicash credit
ficates

32.56
17.30
23.67
36.72
39.18
40.38
36.22
39.61

60.93
31.13
41.96
57.25
51.82
51.41
63.78
60.39

6.S1
51.57
34.37
6.03
9.00
8.21

23.99

40.66

35.35

SCHEDULE 20.—Certificates

of Indebtedness—tax

issues.

NATIONAL BANKS

Date

Jan. 16
Mar. 15
June 3
June 3
July 1
July 1
July 15
Sept. 15
Sept. 15
Dec. 1
Dec. 15

Percent of
Number Percent of total bank
total of subscripof
District
tions
Banks

Maturity

Series

Amount

T-10
TM-3
TJ-1920

148
179
159
115
129
191
98
89
136
144
271

17, 1919
16, 1919
15, 1919
15, 1919
15, 1919
15, 1919
15, 1920
15, 1920
15, 1920
15, 1920
15, 1920

Totals

19.83
23.99
21.31
15.41
17.29
25.60
13.13
11.93
18.23
19.30
36.33

45.77
46.42
43.24
40.90
66.68
59.30
57.74
65.86
54.08
64.94
62.01

$35,999,500
21,441,000
26,931,000
13,861.000
20,370,500
24,561,000
16,786,000
5,788,000
29,097,500
14,640,500
35,966,500

1,659

June
July
Sept.
Dec.
Sept.
Dec.
Mar.
Mar.
Sept.
Mar.
June

T-2
T-3
T-4
T-5
T-6
T-7
T-8
T-9

20.21

55.18

$245,442,500

STATE BANKS

7.19
3.59
9.47
3.95
5.39
9.35
6.35
4.91
8.63
8.15
15.82

Percent of
total banks
subscriptions
1.69
2.08
4.21
2.40
3.28
9.31
5.59
9.90
1.87
7.22
4.40

$1,329,500
962,500
2,623,500
812,500
1,001,500
3,857,500
1,625,000
870,000
1,003,000
1,627,000
2,554,000

7.53

4.72

$18,266,000

Number Percent of
of
total in
District
banks
60
30
79
33
45
78
53
41
72
68
132

.
Totals. _ _.691

Amount

TRUST COMPANIES
Number
Date
Jan. 16
Mar. 15
June 3
June 3
July 1
July 1
July 15
Sept. 15
Sept. 15
Dec. 1
Dec. 15

Series
T-2
T-3
T-4
T-5
T-6
T-7
T-8
T-9

T-10
TM-3
TJ-1920

of

Maturity
June
July
Sept.
Dec.
Sept.
Dec.
Mar.
Mar.
Sept.
Mar.
June

banks
17, 1919
16, 1919
15, 1919
15, 1919
15, 1919
15, 1919
15, 1920
15, 1920
15, 1920
15, 1920
15, 1920

71
79
76
45
47
66
46
36
64
45
76

Totals




651

41

Percent of Percent of
total of
total banks
District subscriptions
30.73
52.25
34.20
51.35
32.90
52.47
19.48
55.77
19.48
29.76
28.57
31.03
19.91
36.11
15.58
24.09
27.72
43.48
19.48
27.24
32.90
32.21
25.54

39.62

Amount
$41,087,500
23,715,500
32,678,500
18,904,000
9,093,000
12,853,500
10,496,000
2,117,000
23,394,500
6,141,500
18,679,500
$199,160,500

SCHEDULE 20.—Certificates

of Indebtedness—tax

issues—Continued.

MISCELLANEOUS AND PRIVATE BANKS

Number of
Banks

Percent of
total in
District

4
6
6
9
3
7
6
2
8
6
10

1.97
2.94
2.94
4.41
1.47
3.43
2.94

67

Percent of
total banks
subscriptions

2.99

.98

T-2
T-3
T-4
T-5
T-6
T-7
T-8
T-9
T-10
TM-3
TJ-1920

$225,000
68,000
47,000
316,500
86,000
146,500
163,000
13,000
307,000
135,000
800,000

.29
.15
.08
.93
.28
.36
.56
.15
.57
.60

3.92
2.94
4.90

Total subscriptions
each issue

Amount

. 1.38

$78,641,500
46,187,000
62,280,000
33,894,000
30,551,000
41.418,500
29,070,000
8,788,000
53,802,000
22,544,000
58,000,000
465,176,000

2,307,000

.48

RECAPITULATION

Banks
Number
of banks in subscribing
District

District Banks

746
834
231
204

271
132
79
10

52.76
3.93
42.81
.50

13.45
6.55
3.92
.50

$245,442,500
18,266,000
199,160,500
2,307,000

2,015

492

100.00

24.42

465,176,000

National banks
Trust companies
..
Private and miscellaneous banks
Totals

Percent of Percent of
Total
total banks total banks
subscrip- subscrib- subscriptions
ing in
tions
District

ANALYSIS OF PAYMENTS
Total subscriptions for District, all tax issues

Paid by cash

Paid by credit
to War Loan
Deposit Account

$58,040,882.44

$301,347,617.56




$465,176,000

Paid by exchange Percent by
cash
of Certificates
$105,787,500.00

12.48

Percent by
credit
64.78

Percent by
exchange
22.74

SCHEDULE 21.

CONVERSION* DEPARTMENT
Number of
pieces

Amount
Liberty loan bonds and notes

-

$86,745,350.00

..

282,342

INTERCHANGE DEPARTMENT
Amount
$606,669,500.00

Liberty loan bonds and notes

Number o)
pieces
4,137,712

WAR FINANCE CORPORATION
Series A, 5% Gold Bonds, dated April 1, 1919, maturing April 1, 1920.
Number
subscribing

Percent

190
103
64
6
20

59.05
9.38
25.04
3.39
3.14

11,543,000
1,832,000
4,895,000
663,000
615,000

383

100.00

19,548,000

Number
subscribing

Total in
District

Percent

190
103
64
6

746
834
231
204

25.47
12.35
27.71
2.94

363

2,015

18.01

Amount
$19,548,000

Total allotment for district

Investment bankers, e t c .

-

Total

PERCENTAGE OF BANKS SUBSCRIBING

Miscellaneous banks

._

- -

Total

.

SCHEDULE 22.—Fourth Liberty Loan—third and fourth

installments.

ANALYSIS OF PAYMENT!

Paid by cash

Jan. 16
Jan. 30

Paid by credit
Paid by
Total payment Percent Percent Percent
to War Loan certificates each installby
by
by
DepositAccount of indebtedcash credit certifiment date
ness
cates

$13,215,941.33 $27,316,743.67 $7,650,000
13,601,688.35 19,924,291.65 4,127,000

$48,182,685.00
37,652,980.00

27.43
36.12

56.69
52.92

15.88
10.96

47,241,035.32 11,777,000

85,835,665.00

31.24

55.04

13.72

Totals. 26,817,629.68




43

SCHEDULE 23.—Depositaries Department—Report for year ending December81,1919.
Depositary banks January 1, 1919
New depositaries
Depositaries discontinued

612
82
694
39

Depositary banks December 31, 1919

655

Total in depositary banks January 1, 1919
$28,340,058.56
Payment by depositary banks by credit to War loan deposit Ace.
For treasury certificates of indebtedness, loan issues
$424,518,532.30
For treasury certificates of indebtedness, tax issues
301,347,617.56
For Liberty loan bonds and notes
227,692,408.63 953,558,558.49
981,898,617.05
930,157,093.11

Withdrawals
Total balances with depositary banks December 31, 1919

51,741,523.94

Largest aggregate deposits, June 9
Smallest aggregate deposits, December 1
Interest collected on daily balances

$180,000,000
18,300,000
1,276,013.95

Securities pledged by depositary banks as collateral for deposits of public

Valued as
Collateral

Par Value
Total pledged January 1, 1919
Total pledged December 31, 1919..
Largest aggregate pledged June 10, 1919
Smallest aggregate pledged November 28, 1919.

moneys.

$151,729,000.00 $124,300,000.00
92,746,093.00 47,982,814.81
$228,210,894.00
78,632,725.00

•CHARACTER OF SECURITIES PLEDGED DECEMBER 31, 1919
Par Value

TotaL

$30,935,600
11,268,368
15,906,000
23,981,400
10,654,725

33.35
12.15
17.15
25.86
11.49

92,746,093

United States bonds and certificates of indebtedness
Municipal bonds
Foreign Government and municipal bonds
Corporation bonds
Commercial paper

Percent of
Total Pledged

100.00

•Approximately same proportions, as to character of securities, were maintained during year 1919.

SCHEDULE 24.—Sales of Treasury Savings Certificates, War Savings Stamps and
Thrift Stamps 1919
MATURITY VALUES
Treasury Savings
Certificates
January
February..
March
April
May
June

July
August
September.
October
November.
December..
Total for year

$ 21,800.00
110,600.00
75,200.00
156,800.00
291,700.00
609.400.00
1,265,500.00




War Savings
Stamps
$1,154,065.00
257,270.00
427,885.00
240,645.00
105,995.00
142,355.00
119,515.00
115,535.00
82,940.00
65,355.00
52,920.00
60,000.00

2,824,480.00

44

Thrift Stamps

Total for Month

$58,723.25
21,304.25
20,155.00
14,254.50
10,061.75
13,047.25
5,817.25
6,615.50
10,677.75
8,037.00
8,187.50
9,989.25

$1,212,788.25
278,574.25
448,040.00
254,899.50
116,056.75
155,402.25
147,132.25
232,750.50
168,817.75
230,192.00
352,807.50
679,389.25

186,870.25

4,276,850.25

SCHEDULE 25.—Federal Reserve notes issued and redeemed during the year, and
comparative statement oj outstanding notes, December 81, 1919, and
December 81, 1918.
1919
Outstanding
Dec. 31, 1918

Denominations
Fives
Tens-.
Twenties
Fifties
Hundreds

Total
Outstanding

.

-

Total..

Redeemed

$ 27,190,445
54,470.980
126,621,940
46,943.750
11,292,800

$23,425,000
38,710,000
64,680.000
27,600,000
6,850,000
800,000
1,000,000
200,000
300,000

$21,973,015
37,994.900
64,683,480
18,955,150
2,652,100
5,500
19,000

$ 28,642,430
55.186.080
126,618,460
55,588,600
15,490,700
794,500
981,000
200,000
300,000

266,519,915

_

Issued

163,565,000

146,283,145

283,801,770

SCHEDULE 26.—Federal Reserve batik notes.
1919
Outstanding
Dec. 31, 1918

Denominations

Issued

Redeemed

Total
Outstanding

-

Total

$4,791,610
1,494,390
4,314,000

$17,300,000
4,808,000
1,115,000

$6,016,980
2,025,020
3,290,000

$16,074,630
4,277,370
2,139.000

10,600,000

Ones
Twos
Fives.. ._

23,223,000

11,332,000

22.491,000

SCHEDULE 27 •—Comparative statement of aggregate resources and liabilities of

member banks, November 17,1919, to December 81,1918.
'000 omited)
Nov. 17,
1919

453,041
60,737
10,883
129,506
318,749
5,421
20,296
2,753,878

2,533,627

155,250
150,440
43.869
89,687
266,312
1.083,077
551,708
31,950
21,237
81,852
22,740
35,505

2:753.878

Total Resources.

$1,162,712
790
22,466
195,450
168,393
404,628
57,385
10,631
126,320
358,125
7.455
19,272

158,303
158,013
58,993
90,028
237,942
1,180,444
653,496
27,265
20,325
116,827
27.132
25,110

Loans and discounts
Overdrafts
Acceptances and letters of credit
U. S. Securities
Liberty Loan Bonds
All other Bonds, Securities, etc
Banking House, Furniture and Fixtures,
Other Real Estate
Reserve with Federal Reserve Bank
Cash and Due from Banks
5% Redemption Fund
Other Assets

Dec. 31,
1918

si 370,216
1,291
26,817
356,921

RESOURCES

2,533,627

LIABILITIES
Capital.
Surplus
Undivided Profits
Circulation
Due to Banks and Bankers
Demand Deposits
Time Deposits
U. S. Deposits
Bonds Borrowed
Bills Payable
Acceptances and Letters of Credit,
Other Liabilities
Total Liabilities
Liberty Loan Bonds included in U. S. Securities.




45

SCHEDULE 28A.—Transit department check clearings and collection.
Number of
items

Amount
$2,453,245,427.17
1,709,975,824.72
521,100,021.33
257.772,409.56

11,771,157

On Treasurer of the United States -

2,066,358
8,382,861
459,803
862,135

4,942,093,682.78

-_

CINCINNATI BRANCH

On
On
On
On

Items
Amount
1,317,24? $1,457,319,986.23
5 454.374
808,495,484.50
117,601
141.99S.343.61
60,517,703.17
607,033

Cincinnati banks
other banks in District No. 4__
banks in other districts
Treasurer of the United States

7,496,250

2,468,331.517.51

PITTSBURGH BRANCH
Items

466.733

Pittsburgh banks
other banks in District No. 4-_
banks in other districts
Treasurer of the United States.

Amount
$2,968,339,768.95
905,073,501.18
490,055.279.59
192.629,230.05

9,785,904

On
On
On
On

4.556,097,779.77

2,644,836
6,146,935
527,400

Checks draun on the Treasurer of the United States, handled by The Federal Reserve
Bank of Cleveland and its branches during the year.
Items
174,079
138,733
192,125
239,691
196,265
189,168
150.705
109,403
153,948
160,186
106,079
125,519
Total

Amount
$67,902,212.50
57,427,732.76
62,104,849.36
55,212,702.90
40,667,746.99
37,809,670.42
53,004,190.13
27,599,362.07
31,948,345.28
22.838,233.67
23,647,176.90
30,757,119.80

1,935,901

January
February
March
April
May
June
July
August
September
October
November
December

510,919,342.78

Volume of Checks handled for members and other Federal Reserve Banks by The Federal
Reserve Bank of Cleveland and its branches January 1, 1919, to December 31, 1919.
Items
1,955,262
1.711,943
2,360,549
2,298,871
2,249,897
2,262,729
2,417,687
2,379,938
2,529,103
2,949,818
2,713,967
3,223,547

Amount
$1,010,944,140.04
805,684,332.52
1,012,129,711.99
884,821,640.71
914,520,810.89
984,199,475.76
966,888,795.74
934,651,166.56
1,113,295,382.81
1,084,012,327.22
985,811,912.22
1,269,563,283.60

29,053,311

11,966,522,980.06

January
February. _
March
April
May
June
July
August
September.
October...
NovemberDecember.
Total

Daily Average
Items
Amount
75.202 $38,882,466.92
75,519
35,644,378.07
90,788
38,928,065.86
89,558
34,525,913.35
86,535
35,173,877.34
39,367,979.03
90,509
37,188,030.60
92,989
35,948,121.80
91,536
44,531,815.31
101,164
40,746,210.07
100,727
41,747,493.75
114,772
48,829,357.07
123,983

NOTE:—This schedule includes Government checks scheduled under "checks drawn on Treasurer
of the United States."
Items handled by both parent bank and branches and duplicated in above schedule, 745 914;
amount $504,016,560.77.




46

SCHEDULE 28B.—Showing growth of clearing operations at parent bank and branches.

COMPARISON OF AVERAGE NUMBER OF ITEMS HANDLED
JANUARY 1919 DECEMBER 1919
Cincinnati

Cleveland

Pittsburgh

30,451
50,412

..

Increase in daily average

23,402
31.324

24,349
42,247

19,961

January, 1919
December, 1919

10,922

17.898

CLEARING HOUSE EXCHANGES AT PARENT AND BRANCH BANK CITIES

Total Exchanges
Cleveland
Pittsburgh
Cincinnati

.

Percentage
received from
Federal Bank

Received from
Federal Bank

$5,481,998,824
7,276,699,489
3,133,811,303
Total

$2,450,643,095
2,968,338,732
1,459,840,395

45%
41%
47%

15,892,509,616

'

6,878,822,224

43%

RECORD OF HIGH CLEARING HOUSE BALANCES.
CLEVELAND

PITTSBURGH

June 28, 1918 ..$22,178,734.86
Mar. 17, 1919 ..,20,789,942.13
1919. . .19,954,078.12
Dec. 16,
1919. ..19,588,867.07
Dec. 17,
June 18, 1919 ..19,350,708.06
Mar. 19, 1918 ..17,506,842.07
Sept. 17,1919 ...15,576,868.24
1919 ...15,259,602.97
Dec. 18,
Mar. 20, 1919 ..-15,198,498.78
1919 ...14,864,318.74
Sept. 18,
Dec. 29,1919 ...14,673,239.91
1919 ...14,388,653.34
Jan. 17,

CINCINNATI

June 18, 1918.$50,369,812.81
June 18, 1919_..24,662,492.38
Dec. 18, 1919..22,088,883.62
Sept. 15, 1918.-21,236,504.84
June 26, 1918_.20,152,726.15
Mar. 17, 1919.-19,212,795.95
Sept. 16, 1919_.18,067,387.26
Dec. 1, 1919--17.323.837.77
Oct. 26, 1918..16,081,370.46
Mar. 20, 1918.-15,773,908.52
Mar. 23, 1918..15,702,355.51
Oct. 20, 1919.-15,691,936.03

Sept. 15,1919 -$10,425,237.35
Mar. 17, 1919 -. 9,765,223.95
1919 .. 9,168,894.89
Sept. 16,
1919. .. 8,863,581.96
Dec. 16,
Dec. 15,1919. .. 8,240,788.64
1918. .. 7,974,937.90
Oct. 26,
June 28, 1918.... 7,894,208.62
June 18, 1919. .. 7,846,790.72
Dec. 1, 1919 .. 7,738,451.55
Oct. 17.
1919 . 7,546,039.50
Oct. 20,
1919 .. 7,523,353.25
Nov. 29, 1919 .. 7,468,529.34

SCHEDULE 29.—Operations of money department.
RECEIPTS

DISBURSEMENTS
Members

Non-members

Members
$111,189,309.20
187,865,881,01
78,580,063.49

$2,886,821.50
2,269,024.00
504,912.29

$102,945,982.00
200,867,130.50
54,924,167.91

$1,920,671.00
911,098.00
554,310.48

377,635,253.70
5,660,757.79

Cleveland
Pittsburgh
Cincinnati

Non-members

5,660,757.79

358,737,280.41

3,386,069.48
358,737,280.41

383,296,011.49

Total

Total

362,123,349.89

ALL RECEIPTS AND DISBURSEMENTS
Receipts

Disbursements

$179,732,591.09
282,609,376.26
143,218,468.22

Cleveland
Pittsburgh
Cincinnati
Total




$208,049,590.72
277,053,1< 1.45
143,429.124.80

605,560,435.57

628,531,886.97

SCHEDULE 30.—Comparative statement of employees.
December 31, December 31,
1918
1919
Bank
Transit and bookkeeping.
Fiscal Agency

124
76

153
116
108

399

377

122
85

64
68

606

509

199

.

Total Cleveland
Pittsburgh . .
Cincinnati

_

Total

SCHEDULE 31.—Discount rates in effect during the year 1919.
Nov. 10
1919

Apr. 5
1919

Jan. 1
1919

MEMBER BANKS COL- Secured by United States Liberty
LATERAL NOTES (Ma- Loan Bonds or Victory Notes, or
turity must not exceed 15 by customers' notes secured in like
days)

4%

Secured by United States Treasury
4K% certificates of indebtedness,
or by customers' notes secured in
like manner..

4%

Secured by United States Treasury
4 J i % certificates of indebtedness,
or by customers' notes secured in
like manner

4%

Secured by War Finance Corporation
Bonds
. . . .
.

SK%

Secured by commercial paper
REDISCOUNTS (Maturity Secured by United States Liberty
must not be more than 90 Bonds or Victory Notes
days from date of rediscount)
Secured by United States Treasury
certificates of indebtedness of all
issues

4 V^y

Secured by War Finance Corporation
Bonds
. . .
Commercial Paper
Trade Acceptances and Bankers'
Acceptances
REDISCOUNTS OF AGRICULTURAL OR LIVE
STOCK
P A P E R Rate for maturities from 1 to 90 days
(Maturity must not exceed
6 months from the date of Rate for maturity from 91 days to 6
rediscount)
months.




48

: : : :

TABLE OF CONTENTS

TEXT MATTER
Branches, operation of
Business and banking conditions
Clearing and collection operations
Discount operations
Federal Eeserve Bank Notes
Federal Eeserve Notes
Fiscal Agency operations
Liquidity of banks, policy to be pursued in restoring
Member banks, condition of
Membership, movement of
Miscellaneous
Money department, operation of
National bank members, relations with
New building
Personnel
Eeserve position
Eesults of operation
State banks and trust companies, relations with

Page
13
17
14
5
12
11
11
12
12
8
16
13
9
15
15
7
5
10

GRAPHS
Earning assets

24

Earning assets, movement of
Earnings and expenses
Federal Eeserve Notes outstanding and in actual circulation; rates of

21
23

gold reserve to net deposit and Federal Eeserve Note liability
Gold reserve

25
22

Net deposit and note liability; Federal Eeserve Note circulation; Cash
reserves; reserve rates
19
Resources, member bank reserves, and Government deposits
26




49

TABLE OF CONTENTS—Continued.

SCHEDULES
10
18
20
28A
28B
21
23
31
12
13
4
3
15
14
30
26
25
17
22
5
6A
6B
16 .
16
16
27
29
2
7
8
9
16
1
24
11
19

Page
Acceptances purchased in open market and acquired from other
Federal Reserve Banks
31
Certificates of Indebtedness—loan issues
38
Certificates of Indebtedness—tax issues
41
Check clearings and collection
46
Clearing operations at parent bank and branches
47
Conversions
43
Depositaries department
44
Discount rates, 1919
48
Earning assets, Daily average
32
Earning assets, Daily average, by months
32
Earning assets, Daily average, and rate per annum
29
Earnings and expenses
28
Earnings, Average rate, by months
33
Earnings, total, by months
3"2
Employees, Comparative s t a t e m e n t of
48
F e d e r a l Reserve B a n k Notes
45
F e d e r a l Reserve Notes
45
F i d u c i a r y powers, B a n k s g r a n t e d
35
Fourth Liberty Loan
43
Loans, discounts and investments
29
Loans and rediscounts, by states
30
Loans and rediscounts, by classes
30
Member banks in District No. 4
34
Member banks, liquidated during 1919
34
Member banks, New national and state
"
33
Member banks, comparative statement
45
Money department, operations of
47
Profit and loss account
28
Rediscounts and loans, Comparison of
31
Rediscounts and loans to state bank members, comparison of
31
Rediscounts for other Federal Reserve Banks
31
State banks admitted to system
•
33
Statement of condition
27
Treasury Savings Certificates, War Savings Stamps and Thrift
Stamps, Sales of
44
U. 8. Government securities purchased
32
Victory Liberty Loan
40




50

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