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Federal Reserve Bank
of Cleveland




i 9 2 i

SEVENTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD

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 2 i

FEDERAL RESERVE




BANK OF

CLEVELAND




LETTER O F TRANSMITTAL

January 27, 1922.
SIR : I have the honor to transmit to you herewith the seventh
annual report of the Federal Reserve Bank of Cleveland covering
operations for the calendar year 1921.
Respectfully,
D. C. W I L L S ,

Chairman of the Board
HON.

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







4

DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF CLEVELAND
F O R 1922
DIRECTORS
CLASS A

CLASS B

ROBERT WARDROP, Pittsburgh, P a .
C H E S S LAMBERTON, Franklin, P a .

T H O M A S A. COMBS, Lexington, Ky.
R. P . W R I G H T , Erie, Pa.

O. N . S A M S , Hillsboro, Ohio.

J O H N STAMBAUGH, Youngstown, O.

CLASS C
D. C. W I L L S , Cleveland, Ohio.
L. B. W I L L I A M S , Cleveland, Ohio.
W . W . K N I G H T , Toledo, Ohio.
C. E. SULLIVAN, Member Advisory Council, Cleveland, Ohio
OFFICERS
D. C. W I L L S , Chairman of the Board
E. R. FANCHER, Governor.
and Federal Reserve Agent.
M. J. FLEMING, Deputy Governor.
J. C. NEVIN, Secretary and Assistant
p . J. ZURLINDEN, Deputy Governor.
Federal Reserve Agent.
H G DAVIS> C a s h i e r
G. A. STEPHENSON Manager Departw
p TAYLQR) A s s i s t a n t C a s h i e n
ment of Bank Relations.
_
, .
^ ,.
H
W . H . FLETCHER, Manager Depart" R STRATER' A s s i s t a n t C a s h l e r C W
ment of Examinations.
- - ARNOLD, Assistant Cashier.
G H
F . V. GRAYSON, Auditor.
- - WAGNER, Assistant Cashier.
BERT V. CHAPPEL, Assistant SecreD. B. CLOUSER, Assistant Cashier.
tary.
C. L. BICKFORD, Assistant Cashier.

PITTSBURGH BRANCH
DIRECTORS
C H A S W . BROWN, Pittsburgh, P a .

R. B. MELLON, Pittsburgh, Pa.

J A M E S D . CALLERY, Pittsburgh, Pa.

* J O H N R. M C C U N E , Pittsburgh, Pa.

GEORGE D E C A M P , Pittsburgh, Pa.

OFFICERS
GEORGE D E C A M P ,

Manager

T H O M A S C. GRIGGS, Cashier.

F

- E. COBUN, Assistant Cashier.

P. A. BROWN, Assistant Cashier.

T

" ^ JONES Assistant Federal
Reserve Agent.

CINCINNATI BRANCH
DIRECTORS
G. D. CRABBS, Cincinnati, Ohio.
L. W . MANNING, Cincinnati, Ohio.
JUDSON HARMON, Cincinnati, Ohio.
W . S. ROWE, Cincinnati, Ohio.
C H A S . A. H I N S C H , Cincinnati, Ohio.

OFFICERS
L. W . M A N N I N G , Manager.

B. J. LAZAR, Cashier.

HENRY N . OTT, Assistant Cashier.

J O H N P . H . BREWSTER, Assistant

P . J. FAULKNER, Assistant Federal

Cashier.

Reserve Agent.
^Succeeded HARRISON NESBIT, March 2, 1922







SEVENTH ANNUAL REPORT OF
FEDERAL RESERVE BANK OF CLEVELAND
RESULTS OF OPERATION

Despite a slackening in industrial activity, in some lines
amounting to stagnation for many months in the past year,
credit accommodations extended to member banks in this District in 1921 show an increase of more than three hundred million
dollars over last year. A considerable part of this may be attributed to a greater use of our facilities by country banks.
From the early spring months, except for a slight dip in July,
the number of banks borrowing at the end of each month has
steadily grown from 230 in February to 420 in December—or an
increase in the number of borrowing institutions of 82.6 from the
low point in the year. Accommodations were extended to 59
more banks than in 1920 and the applications approved rose
from 14,702 in 1920 to 17,463 in 1921.
The total volume of loans and discounts to member banks
during the year reached the surprising total of $3,218,832,680.30.
It is interesting to note that while advances to banks in Ohio,
Pennsylvania, and West Virginia increased approximately in the
same ratio, credits granted to Kentucky banks reached a smaller
total last year than the year previous, although the number of
banks accommodated was slightly larger.
A comparison of discount operations for the past two years
shows t h a t the amount of commercial and industrial paper rediscounted in 1921 was practically double that of 1920. T h a t a
better distribution of Government securities has been effected
would seem to be indicated by the fact that the volume of member
banks collateral notes secured by United States securities or
their customers' notes secured in like manner, is approximately
$144,000,000 less than the preceding year.
The volume of agricultural and live stock paper discounted
shows an increase of more than 188 per cent over 1920, but
probably does not indicate the tremendous growth in agricultural
credits for the reason t h a t borrowing banks find it more convenient to substitute commercial paper drawn in larger amounts,
or Government securities, for large numbers of notes drawn for
small amounts.
The daily average of earning assets of the Federal Reserve
Bank of Cleveland has declined approximately one hundred
million dollars from J a n u a r y to December, while the average
for the entire year is more than ninety million dollars less than
in 1920. This tremendous decline is explained in large part by




7

the decrease in rediscounts for other Federal Reserve Banks,
which totaled but $194,500,000 for 1921, compared with $1,406,000,000 in 1920, and by a decline of more than $250,000,000 in
the volume of acceptances purchased and acquired.
Net earnings for the year totaled $6,434,061.25, a decline of
46.1 per cent from earnings of the previous year. Of this amount
$1,963,362.75 was carried to normal surplus account, $366,079.19
was transferred to super-surplus account, and $3,294,712.78, or
51.2 per cent, was paid to the Government as a franchise tax, as
provided by law.
Schedules 4 to 15 cover in detail the operations of the loan and
discount department.
MOVEMENT OF MEMBERSHIP

Eight state banks, three of which are newly organized institutions, were admitted to membership during the year. Seventeen
new national banks were chartered, nine national banks liquidated, and one small state bank withdrew from membership in
the System. Of the nine national banks, five were merged with
other members; one was succeeded by another national bank
and one by a state bank, which became a member; one went
into voluntary liquidation, and one into the hands of a receiver.
The net result was an increase of seven state and eight national
banks, giving a total membership at the end of the year of 884.
The paid-in capital stock of the bank on December 31 was $11,134,100.
Schedules 16 and 17 show changes in membership, etc., during
the year.
RELATIONS WITH MEMBER BANKS

The department of bank relations, established during the
early months of 1920, has effectively carried on the work for which
it was created and is responsible for a much more general use of
the facilities of this bank than heretofore. An analysis of reports covering visits to a representative number of banks indicates that about 60 per cent of our members have increased the
number of Federal Reserve bank services utilized, while less
than 8 per cent show a decrease.
During the year 1,472 regular and 12 special visits were made
to member banks. The number of non-member banks called
on was 79. Four state meetings were attended, as well as two
county and fourteen group meetings.
BANK EXAMINATION DEPARTMENT

We continue to enjoy very friendly relations with the banking
departments of the various States, and since our examiners have
been commissioned by the Comptroller of the Currency, a closer
affiliation with the office of the Chief National Bank Examiner
has been created.
In addition to examinations of member banks, this department investigates applications of banks requesting permission to




8

exercise fiduciary powers, permission to invest in stock of foreign
banking corporations, and applications incidental to the Clayton
Act.
The personnel of the department remains as it was in 1920.
By reason of the excellent cooperation of the various departments
within the bank, it has been possible properly to conduct the
examinations of our larger state bank members. In one institution 31 offices were examined simultaneously, with the assistance
of 55 men from other departments.
Schedule 18 shows the extent of operations of this department
during the year.
A list of banks granted fiduciary powers is appended as Schedule
19.
FEDERAL RESERVE NOTES

The movement of Federal Reserve notes has been graphic in
reflecting the results of the period of readjustment. It has further demonstrated the soundness of the view held by economists
and financiers t h a t an elastic currency is one that rises and falls
according to the volume and velocity of business transactions.
There is an interesting parallel in the fact that on J a n u a r y 1,
1921, the earning assets of this bank were 253 million and Federal
Reserve notes in circulation 344 million, while on J a n u a r y 1,
1922, earning assets had been reduced to 133 million and notes in
circulation to 214 million.
There is another interesting observation, that the decline in
notes at no time reduced the volume to a point where there was
a shortage in currency. As a matter of fact, more pieces of
currency were handled by our money department in 1921 than in
1920, but the reduction may be accounted for largely by retirement of the larger denominations, thus reflecting price declines,
wage adjustments, and more economical habits of the people.
Schedule 20 shows the movement of Federal Reserve notes
during the year, and Schedules 21 and 22 reflect activities of the
money department.
FEDERAL RESERVE BANK NOTES

During and immediately following the war period, as an incidental emergency measure, the melting of silver dollars and the
sale of bullion to the Allies resulted in a contraction in the volume
of silver certificates, necessitating a corresponding increase in the
issue of Federal Reserve bank notes of the smaller denominations.
With the recoinage of silver dollars and the consequent reissue
of silver certificates, providing what is believed will be an adequate supply of currency of smaller denominations, the volume
of Federal Reserve bank notes outstanding has been substantially reduced, declining during the year from $22,000,000 to
$5,000,000. It is the intention to retire these notes from circulation as other forms of currency are provided in their stead.
Schedule 23 shows bank notes issued, redeemed and outstanding.



9

OPERATIONS OF BRANCHES

The branches of the Federal Reserve Bank of Cleveland at
Pittsburgh and Cincinnati have continued in operation.
This bank on February 10 took over the Sub-treasury at Cincinnati and since that time has performed the operations formerly
handled by the Sub-treasury so far as related to currency and
coin. This has resulted in great convenience to our members
in permitting them to make shipments of coin to and from this
bank.
The Pittsburgh branch has furnished currency service to the
banks in its territory since it was opened, and the recent addition of vault space there permitted t h a t branch to offer coin
service early in January of 1922.
CLEARING AND CHECK COLLECTION DEPARTMENT

That the use of the clearing and check collection facilities of
the Federal Reserve Bank of Cleveland continues to grow is
evidenced by an increase of more than five and one-half million
in the number of items handled, the total number reaching nearly
48 million compared with over 42 million the previous year.
This is an increase in the daily average number of items handled
of approximately 18,000. By reason of lower prices and general
business inactivity, the amount handled fell from more than
$15,000,000,000 to slightly over $11,000,000,000.
Schedules 24 to 27 give the details of the operations of the check
collection department.

OPERATION OF COLLECTION DEPARTMENT
More than one-half of our members have made use of our
collection facilities, and during 1921 there was a noticeable increase in the volume of non-cash items handled. The number
of coupons and securities received for collection increased considerably as a result of the liberal policy of this bank in absorbing transportation charges on shipments of such collections.
In the past year this office handled over 200,000 items, amounting to more than $205,000,000. Of these, 171,683 were paid,
and the balance (about 15 per cent) returned. Ninety-one per
cent of all collection items was collected without charge, while
the balance was paid at an average cost of one-tenth of one per
cent.
Other Federal Reserve Banks and branches forwarded but
five per cent of the items handled during the year. The remainder
was received from our member banks. Fifty per cent of all
items forwarded to us was sent outside the district for collection.
BANK PREMISES AND NEW BANK BUILDING

As anticipated in our last report, the work of demolishing the
structure on the site of the new building was begun on February
1, and the work of excavating followed immediately. Work was



10

suspended for a short period because of a strike, but is now progressing at a satisfactory rate and it is hoped that the building
will be finished at the close of 1922.
The additional vault facilities needed at the Pittsburgh branch
have been supplied by the installation of equipment which is
believed will meet the requirements of that office for some time
to come.
The quarters formerly occupied by the Sub-treasury in the
Government building at Cincinnati have been remodeled to suit
the needs of our work, and all money operations for the territory
supplied by that branch are effected through that office.
FISCAL AGENCY OPERATIONS

The sale of Treasury certificates and Treasury notes, exchanges,
conversions, collection of coupons and other Fiscal Agency
functions, while somewhat reduced in volume, have nevertheless
been maintained on such a scale as to permit of but small reduction in the working force of these departments.
Each of the eighteen issues of United States Treasury certificates and notes offered during the year was over-subscribed
with the exception of the first issue of Treasury notes, to which
issue all subscriptions were allotted in full.
The accumulation of war-loan bonds in the hands of investors
would seem to be indicated by the activity of the denominational exchange division, where 355,362 pieces were received and
75,805 delivered.
In Schedules 28 to 34 may be found details of the operations
of the various Fiscal Agency departments.
PERSONNEL

At the expiration of his term as a member of the Federal Reserve Board, Mr. D. C. Wills was reappointed Chairman of the
Board of Directors, and Federal Reserve Agent.
The personnel of the Board of Directors remains substantially
the same, the election of November resulting in the re-election of
Messrs. Sams (Class A) and Stambaugh (Class B). Mr. W. W.
Knight, of Toledo, has been designated by the Federal Reserve
Board as Class C Director, taking the place of Mr. H. P. Wolfe
who was not a candidate for reappointment. The Boards at
branch offices remain unchanged.
But one change occurred in the official staff of the bank. Mr.
Henry N. Ott, formerly chief teller at the Cincinnati branch was
designated assistant cashier in charge of the money department.
The increased volume of work handled by some departments
has necessitated in some cases a larger office force, which has for
the most part been satisfactorily met by the transfer of employees from other departments where the work has slackened.
The result is an increase of but eight in the number of employees
during the year.



11

Schedule 35 compares the number of employees on December
31, 1921, and on the corresponding date the previous year.
BUSINESS AND FINANCIAL CONDITIONS

Heavy losses in commercial deposits, a slight loss in savings
deposits (except in some centers where heavy declines have occurred) and a considerable degree of liquidation at some points
are the outstanding features of the change t h a t has occurred in
financial conditions in this district during the past year.
On the basis of figures of 85 reporting member banks (complete
figures of all members are not yet available) the loss in demand
deposits is about fifteen per cent. Time deposits have declined
(on the basis of figures submitted by the larger state banks and
trust companies and national banks having large savings departments) about 43^ per cent during the year. This loss has been
felt more at some places than at others, and is particularly
noticeable at points where economic life is sustained by a single
industry, especially those having a large foreign population.
Not only has the volume of earning assets of the Federal Reserve bank shrunk about 47 per cent from the first of the year,
but there has been a distinct change in the character of the
assets held. At the close of 1920, this bank was rediscounting
for other Federals a total of $79,000,000, while at the end of 1921
there was no such rediscounting whatever. The supply of domestic and foreign bankers' bills was small, due to business
inactivity, and the total of such bills held declined $22,000,000
from that of a year ago.
That liquidation throughout the district had progressed to
a point where credit conditions were easier is indicated by a
slight easing off in interest rates and the fact t h a t issues of
Treasury certificates and notes offered were heavily over-subscribed, particularly during the last half of the year, notwithstanding that they were less attractive as investments, from the
standpoint of yield, than earlier issues.
The year 1921 opened with business generally dull, and except
for spasmodic activity in some industries might fairly be said to
have remained so throughout the year. During the fall months
there was a slight revival in the iron and steel trade, and at the
end of the year activity in this line is at 35-40 per cent of capacity.
The automobile and allied trades have maintained a fair degree
of activity. Brick and cement production has been good, but
other major industries have been at low ebb throughout the
year.
Agricultural yields were well up to the average, although prices
of agricultural products are still out of line with prices of manufactured goods.




12

FEDERAL RESERVE BANK OF CLEVELAND
DEPOSITS, F.R.NOTE CIRCULATION, CASH RESERVES
AND RESERVE RATIOS, 1920-1921
PER CENT
RF<!CBVF

-riw; W I J -

90
80

"<•

/

70
•v'

N
r/ s . *£

V

R I T i n c

• <-» U>

. • "

100
S*aWWW»*f • * • *

90
60

vk
•y

70

,•

40

40

30

30

10
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS
300

DEPOSITS

700

DEPOSIT AND F. R.NOTE LIABILITIES,'*^ AND TOTAL RESERVES.C

600
500
400
300
200
100

4 t H H *1920J , S * - £ 4 £ 4 4 l * 3
.4

1921

adjusted percentages are calculated after lncreaaiag reserves held by the anount
Of accomodation extended to other Federal Reserve banks.
The rivposlt ourve is baaed on "netKepoalta" up to liarch 11, 1921, and on
"tota oepealta" thereafter.




v




F E D E R A L R E S E R V E BANK OF CLEVELAND
MOVEMENT OF EARNING ASSETS
DURING 1920 AND 1921
MILLIONS OF DOLLARS
150

MILLIONS OF DOLLARS
UNITED STATES SECURITIES

100

100

O

t
Ah
WMWWmm W//M fa
JL

50

A

% v%<^ ^

m % WA wM
m

"ZZVZzzZZL

50
O
150

150

k - Paper secured by U . S. Government obligations discounted for banks In district.
B - Total paper dlocounted for banks In district.
C - Total discounted papor hold.
Space between lines D and C represents paper discounted for other Federal Reserve banks.




Schedule 1.
Movement of Principal Asset and Liability Items During 1921
[Amounts in Thousands of Dollars]

Date

Total
Earning
Assets
(2+7
+ 10)

Total
Held
(3+4)

Discounted Bills
Discounted for Member Banks
in this District
DisB
C
A
counted
for other
Total Securedby Per cent
F. R.
(2—3) U.S.Gov't
Banks
(5+4)
Obliga'ns
4

5

Purchased Bills

Total
Held
(8+9)

Bought
from
other
F. R.
Banks

7

8

Actual

Adjust-

edt

10

11

12

13

14

15

25.093

24,643
24,643
24,643
24,643

284,450
302,969
311,569
311.527

150.641
151,229
155,525
154.970

340,666
333,859
322,181
322,562

59.4
64.2
66.9
66.1

74.5
76.4
76.7
78.2

25,093
19,303
14,843
11,000

32,746
32,445
31,857
29,034

24,644
24,644
24,643
24,644

296.426
301.113
309,110
319,858

156,157
156,034
153,827
154.755

312,111
316,165
306,979
312,502

66.6
65.1
68.8
69.9

78.3
72.5
75.3
75.3

38,533
33,145
25,670
24,012

8,883
5,656
1,058
537

29,650
27,489
24.612
23,475

24,644
24,649
26,648
24,673

309,201
310,649
312,976
307,005

150,805
154,538
148,788
155.000

302.311
302,374
291,710
293,082

69.2
69.3
71.1
68.5

74.0
73.6
74.3
71.9

42.0
40.8
40.1
39.3
38.1

21,596
19,161
19,184
17,520
14,802

521
171
162

21,075
18,990
19,022
17,520
14,802

24,663
24.643
24,767
24,768
24,643

285.971
295,864
278,283
284,895
285,756

146,451
144,149
143,560
144,328
139,853

285,259
286,863
283,489
280,599
280,320

66.2
68.6
65.2
67.0
68.0

69.8
71.6
67.7
68 3
69 0

40.3
41.2
33.9
37.6

11,510
9,910
8,691
6,755

11,510
9,910
8,691
6,755

24.662
23,668
43,659
22,672

276,974
273,812
279,812
294,469

148,049
139,431
145,167
138.412

276,548
277,093
269,829
266,951

65.2
65.7
67.4
72.6

662
66.1
67 7
72.9

2

7
14
21
28

246,771
220,709
206,051
210,996

197,445
173,217
161,265
142,991

72,535
57,487
45,764
31,917

124,910
115,730
115,501
111,074

55,679
46,619
48,336
51.787

44.6
40.3
41.8
46.6

24,683
22,849
20,143
43.362

Feb.

4
11
18
25

199,401
212,412
190,783
188,497

116,918
136,020
119,440
123,819

26,810
15,354
14,500
13,615

90,108
120,666
104,940
110,204

35,638
60,914
47,293
49,699

39.6
50.5
45.1
45.1

57.839
51.748
46,700
40,034

Mar. 4
11
18
25

188,423
188,360
168,970
186,915

125,246
130,566
116.652
138,230

12,399
13,455
13,437
14,663

112,847
117,111
103,215
123,567

51,074
54,984
44,657
51,075

45.3
47.0
43.3
41.3

Apr.

1
8
15
22
27

188,305
181,546
193,854
187,549
180,937

142,046
137,742
149,903
145,261
141,492

14,764
12.405
10,669
5,437
4,000

127,282
125,337
139,234
139 824
137,492

53,403
51,086
55,844
54,902
52,449

11
18
25

189,885
187,762
176.081
155,655

153,713
154,184
123.731
126,228

3,972
1,475
1,225
1,075

149,741
152,709
122,506
125,153

60.335
62,917
41.553
47,015




9

Total
Deposits

Reserve*
Percentages

24,683
22,849
20,143
18,269

1
Jan.

3

Purch'sd
Total
U.S.
in open Securities
Cash
Market
Reserves
(7—8)

F. R.
Notes in
Circulation

6

8
15
22
29

167,316
175,931
197,568
172,909
174,275

138,279
147,593
131,473
147,026
149.157

138,279
147,593
131,473
147,026
149,157

51,446
57,108
38,346
52,066
53,102

37.2
38.7
29.2
35.4
35.6

6,361
5,387
4,443
3,231
2.390

6.361
5.387
4,443
3.231
2,390

22,676
22,951
61,652
22,652
22.728

286,417
268,144
257,977
256,410
257,703

141,042
138,910
157,869
132,888
134,839

267,955
263,451
259,509
255,402
254.841

70.0
66.6
61.8
66.0
66.1

July 6
13
20
27

176,147
173,232
168,074
168,365

152,264
149,258
144,208
144,471

7,007

152 264
149,258
144,208
137,464

54,259
55,122
48,374
42,955

35.6
36.9
33.5
31.2

1,228
1,304
1,196
1,225

1,228
1,304
1,196
1,225

22,655
22,670
22 670
22,669

260,826
258,275
255,645
249,542

141,418
139,798
137,409
134,953

254,854
252,084
246,526
243,527

65.8
65.9
66.6
65.9

67.8

Aug. 3
10

166,824
161,444
156,057
151,593
146,913

142,810
138,319
133,583
129,626
124,748

8,326
5,265
4,763
4,079
6,820

134,484
133,054
128,820
125,547
117,928

40,938
44,343
38,406
42,921
43,638

30.4
33.3
29.8
34.2
37.0

1,343
1,648
1,830
1,323
1,521

1,343
1,648
1,830
1,323
1,521

22,671
21,477
20.644
20,644
20,644

257,163
258,245
260,709
267,851
264,657

144,943
138,852
140,082
140,439
136,025

239,795
240,430
236,790
236,969
234,852

66.8
68.1
69.2
71.0
71.4

69.0
69.5
70.4
72.1
73.2

157,266
156,298
160,027
152,124

134,370
133,754
139,334
131,382

9,625
9,910
13,603
12,783

124,745
123,844
125,731
118,599

45,502
45,095
40,026
40,233

36.5
36.4
31.8
33.9

2,250
1,880
1,513
1,561

2,250
1,880
1,513
1,561

20,646
20,664
19,180
19,181

261,311
259.069
249,245
248,182

140,400
142,966
140,356
135,041

235,728
233,545
228,882
226,546

69.5
68.8
67.5
68.6

72.0
71.4
71.2
72.2

150,801
154,571
146,368
147,144

130,439
135,011
127,423
129,951

7,463
7,133
6.278
5,967

122,976
127,878
121,145
123,984

40,074
41,500
36,846
40,734

32.6
32.5
30.4
32.9

2,010
2,209
2,610
2,859

2,010
2,209
2,610
2,859

18,352
17,351
16,335
14,334

247,624
244,452
239,685
244,052

136,662
136,741
132,310
136,875

223,868
223,872
219,400
218,555

68.7
67.8
68.1
68.7

70.8
69.8
69.9
70.3

146,573
147,730
145,845
131,165
119,234

128,820
131,954
131,871
117,431
106,244

5,443
3,245
2,160
535
242

123,377
128,709
129,711
116,896
106,002

41,701
45,633
45,601
44,589
38,953

33.8
35.5
35.2
38.1
36.7

3,423
3,446
2,885
2,645
2,902

3,423
3.446
2,885
2,645
2,902

14,330
12,330
11.089
11,089
10,088

240,839
238,383
234,550
255,653
258.845

135,652
132,696
135,023
136.030
132,341

215,448
218,941
216,598
216,793
213,492

68.6
67.8
66.7
72.5
74.8

70.1
68.7
67.3
72.6
74.9

118,074
130,711
141,461
128,693

104,496
114,565
123,888
110,397

104,496
114,565
123,888
110,397

38,149
44,537
47,275
42,709

36.5
38.9
38.2
38.7

2,448
2,696
4,103
4,689

2,448
2,696
4,103
4,689

11,130
13,450
13,470
13,607 1

258,131
254,323
244.559
254.614

130,307
136,962
132,565
128,353

212,707
216,640
222,823
221,819

75.3
71.9
68.8
72.7

17
24
31
Sept. 7

14
21
28
Oct.

5

11
19
26
Nov. 2

9
16
23
30
Dec.

7

14
21
28

•Prior to March 18. net deposits, as given below were used in calculating reserve percentages:
Xan. 7, $138,365,000 Jan. 14, $137,750,000
Jan. 21, $143,871,000
Jan. 28, $148,725,000
Feb. 18, 142,339,000 Feb. 25, 145.061,000
Mar. 4. 144.330,000
Mar. 11, 145,617,000

Feb. 4, $132,951,000

Feb. 11, $146,727,000

fAdjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other F. R. banks.
in this column indicate that no accommodation was extended to or received from other F . R. banks.




SCHEDULE 2.—Statement of condition of the Federal Reserve Bank of Cleveland
December 31, 1920 and December 31, 1921
1921

RESOURCES
Gold
Gold
Gold
Gold
Gold
Gold
Gold

$

redemption fund, Federal Reserve notes.
with Federal Reserve agent
settlement fund
coin and certificates
with foreign agencies
in transit for redemption
held in New York assay office
Total gold reserve

1920

5.106,763.74
177,327.155.00
41,454,889.78
12.241,185.00

$236,129,993.52

Legal tender notes and silver certificates and coin.
Legals and silver in transit for redemption
Total cash reserve

$15,621,947.15
177,635,395.00
77,015,078.21
5,576,200.00
270,600.00
46,000.00
5,284,829.60
$281,450,049.96

7.156,461.30

1,560.202.95
668,100.00

$243,286,454.82

$283,678,352.91

Nickels and cents
Due from Treasurer U. S. 5% Fund (F. R. B. notes).
Overdrafts
Total

793,537.00
539,400.00
3.918.07
$1,336,855.07

1,239.400.00
61.235.93
$1,302,132.23

National bank notes and notes of other F. R. banks.
Unassorted currency
Uncollected transit items
Total deductions from gross deposits.

3,329,754.00
46.192.481.06
$54,272,895.06

4,750,660.00

71,573,560.71
43,020,295.00

1,496.30

3,179,863.00
4,219,137.00
66,229,836.00
$73,628,836.00

72,964,290.19
49,218,695.00
79,160,350.64
27,211,202.53

Bills discounted
Member Banks' collateral notes
Rediscounts for other F. R. banks
Acceptances purchased
United States bonds and securities:
2% Treasury certificates of indebtedness to secure circulation
Other Treasury certificates of indebtedness
5Vi% Treasury notes
3 % Conversion bonds
3'/2% Liberty Loan bonds
4Vi% Liberty Loan bonds
Victory loan notes
Par value of earning assets

458,400.00
4,455,050.00
133,653,640.00

414,800.00
16,200.00
402,400.00
10,250.00
$253,197,188.36

Less unearned discount and depreciation reserve U. S. securities
Add interest accrued on U.S. securities
Liquid value of earning assets

430,537.93
331,106.63
133,322,533.37

930,011.31
240,323.88
252,507,500.93

War loan expenses advanced
Reimburseable expenses, account of Fiscal Agency Dept
Other deferred charges
Difference account
New building and construction accounts
Real estate owned
Disbursements suspense
Disbursements—bank premises
Total resources

5,377,834.29
8,040,000.00
285'500.00
12,000.00
414.800.00
16.200.00

7,147.55
8,504.31
2,104,000.80
1,847,738.38
17.28
$436,186,146.64

23.799,000.00

82,019.98
201.59
39.08
1,505,946.50
f3.~7~iy.i6
$612,718,744.32

LIABILITIES
Federal Reserve notes in actual circulation
Federal Reserve bank notes in actual circulation.
Total
United States Government deposits
Member Banks' reserve accounts
Official checks and drafts outstanding
Foreign government credits
Deposits on which reserve is computed.
Deferred availability items
Total deposits

$214,775,185.00
5,797,071.00
$220,572,256.00

$348,951,400.00
22,735,244.00

6,274,521.65
130,933,385.81
127.098.45
656,000.00
137,991,005.91
43,519,674.79
$181,510,680.70

4,561,530.01
150,347,364.41
126,286.88
328,000.00
155,363,181.30
54,553,240.33
$209,916,421.63

Reserved for miscellaneous liabilities.
Capital paid in by members
Surplus fund
Super-surplus fund
Total liabilities

334,830.75
11,134,100.00
22,268,200.00
366,079.19
$436,186,146.64

107,991.44
10,702,850.00
20,304,837.25




18

$371,686,644.00

$612,718,744.32

S C H E D U L E 3.—Statement of profit
January

and loss

account.

1, 1921 to December 31, 1921.

EARNINGS
Discount earned on bills discounted—Members
Discount earned on rediscounts of other F. R. banks
Discount earned on bills purchased
Interest earned on U. S. Securities
Penalties on deficient reserves—Member banks
Domestic transfers bought and sold (net)
Miscellaneous profits
Service charges—Collection department
Profits realized on U. S. Securities

$7,335,030.25
706,757.83
737,532.38
479,840.12
57,017.35
61,672.82
7,357.17
1,113.79
4,540.98
$9,390,862.69

Total
CURRENT EXPENSES
Main office
Cincinnati Branch
Pittsburgh Branch.

2,093,883.83
383,599.82
479,317.79
2,956,801.44

Total
CURRENT N E T EARNINGS
Additions to current net earnings
Deductions from current net earnings

126,733.76
276,412.20

149,678.44

Net deductions from current net earnings
N E T EARNINGS AVAILABLE FOR DIVIDENDS, SURPLUS AND FRANCHISE TAX
Dividends paid (No. 10 on June 30, No. 11 on December 31)..
Carried to normal surplus account
Carried to super-surplus account
Paid to Government as a franchise tax

6,284,382.81
660,228.09
1,963,362.75
366,079.19
3,294,712.78

Total

S C H E D U L E 4.—Daily

6,284,382.81

average earning

assets.
1921

Bills discounted—Members and other Federals .
Acceptances bought and acquired from Federals

1920

19

$137,468,147.88
12,490,960.33
21.715,966.58

$180,241,107.83
54,215,374 65
27 476 461 37

$171,675,074.79

Total




6,434,061.25

$261 932 943.85

S C H E D U L E 5.—Earnings on Loans, Discounts and

Investments.

1921
Bills discounted—Members
Acceptances bought and acquired
U. S. Bonds, notes and certificates

1920

$8,041,788.08
737,532.38
479,840.12
$9,259,160.58

Total

$10,570,827.78

$14,238,174.61

3,064,408.37

602,938.46

OTHER EARNINGS
Profits realized on U. S. Securities
Penalties on deficient reserves
•
Transfers
Sundry Profits

$4,540.98
57,017.35

102,804.10
99,390.90
18,249.46

61,672.82
8,470.96

Total other earnings
Grand total gross earnings
Total expenses
Net earnings
Capital account (average)
Rate gross earnings to capital
Rate net earnings to capital

$131,702.11
9,390,862.69
2,956,801.44
6,434,061.25
11,004.569.00
85.34%
58.47%

$220,444 46
14,458.619.07
2,515,741.47
11,942,877.60
10,073,244.00
143.53%
118.56%

S C H E D U L E 6.—Comparison of various classes of rediscounts and loans, 1921
and 1920.
1921
Commercial and industrial paper
Trade acceptances
Agricultural and live stock paper
Bankers' acceptances
Customers* paper secured by U. S. securities
M. B. collateral notes secured by commercial paper
M. B. collateral notes secured by War Issues
M. B. collateral notes secured by.War Fin. Corp. Bonds
M. B. collateral notes secured by Gov. Sec. other than
war issues

$941,879,746.93
26,118,528.55
5,734.835.31
17,263,918.74
46,490.904.77
2,233,300.00
2,178,363,646.00

1920
$482,840,719.09
26,557,361.57
2,035,984.68
10,015,270.06
94,546,361,39
3,960,540.00
2,274,415,299.29
759,000.00

747,800.00

540,000.00

$3,218,832,680.30

TotaL

$2,895,670,536.08

S C H E D U L E 7.— United States Government securities purchased.
1921
Special 2% Certificates of indebtedness.
Special 4% Certificates of indebtedness.
4Vi% Certificates of indebtedness
4i/ 2 % Certificates of indebtedness
43/4% Certificates of indebtedness
5% Certificates of indebtedness
51/4% Certificates of indebtedness
514% Certificates of indebtedness
53/4% Certificates of indebtedness
6% Certificates of indebtedness
51/2% Treasury notes
5 % % Treasury Notes..
4Vi% Fourth Liberty Loan bonds
4 % % Victory notes..J

$343,000,000.00
71,500.00
47,000.00
52,500.00
150,000.00
344,500.00
550,000.00
130,500.00
17,500.00
13,400.00
56,000.00
4.444,800.00
$348,877,700.00

Totals.




20

1920
$641,500,000.00
190,000,000.00
22,075,500.00
20,070,000.00

1,200,000.00
3,743.000.00

$878,588,500.00

S C H E D U L E 8.—Rediscounts for other Federal Reserve Banks.
1921
$194,502,479.50

1920
$1,406,172,415.72

S C H E D U L E 9.—Acceptances purchased in open market and acquired from other
Federal Reserve Banks.
1920

1921

-

$73,749,630.77
35,274,021.51
4,768,794.13
166,171.06
79,801.25

$285,447,493.52
77,087,437.46
3,985,812.36
116,904.29
674,116.75

$114,038,418.72

Bankers'Acceptances—Domestic
Bankers' Acceptances—Dollar exchange .

$367,311,764.38

S C H E D U L E 10.—Loans and rediscounts to member banks by states.
1921

West Virginia banks

.

1920

$43,210,037.50
1,215,924 065.12
1,923,178,866.52
36,519,711.16
$3,218,832,680.30

._ _.

Totals

49,709,059.18
1,062,756,583.65
1,753,118,369.75
30,086,523.50
$2,895,670,536.08

S C H E D U L E 11.—Comparison of rediscounts and loans to State Bank
1921

members.
1920

$581,207,324.00
9,467,099.00
354,300.00
1,196,777,739.00

$132,061,532.44
18,125,328.50
630,000.00
980,093,318.00

$1,787,806,462.00

Customer's paper secured by U. S. Sec
Direct loans secured by commercial paper
Direct loans secured by U. S. securities

$1,130,910,178.94

S C H E D U L E 12.—Approved applications for loans and discounts.




1921
1,064
10,107
5,707
585

1.086
8 706
4,520
390

17,463
21

1920

14 702

S C H E D U L E 13.—Banks accommodated.

Kentucky
Ohio
Pennsylvania.
West Virginia
Totals.
Of the above, 100 were State bank members, distributed as follows:
1921
1920
Kentucky
6
6
Ohio74
51
Pennsylvania
17
17
West Virginia
3
2
Totals

100

76

S C H E D U L E 14.—Daily average earning assets by months
1921
January
February
March
April
May
June—
JulyAugust
September
October
November
December

1920

-

$227,578,471.71
201,376,595.53
186.339,614.77
187,062,190.11
176,327,376.27
176,796,036.97
173,437,629.41
157,831,136.32
155,834,244.76
151,303,152.87
138,918,272.68
129,264,386.30

$235,829,909.94
254,557,105.74
264,260,318.66
258,552.995.17
256,798,653.56
244,705,636.63
247.554,655.24
262,111,613.77
289,977,061.07
288.240,253.14
274,063,783.27
258,001,583.62

Daily average

$171,675,074.79

$261,932,943.85

Total earnings by months
1921
$1,131,401.61
871,658.38
887,690.48
861,805.63
827,582.57
805,005.35
818,714.67
722,556.96
669,583.84
669,258.63
579,720 58
545,883.99

Totals

22

$ 908,596.11
1,003,681.83
1,150,204.22
1,124,701.15
1,151,969.38
1,090,436.20
1,190,453,62
1,261,307.88
1,405,485.38
1,504,844.32
1,363,651.87
1.303.287.11

$9,390,862.69

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




1920

$14,458,619.07

S C H E D U L E 15.—Average rate of earnings by months.
1921
5.75%
5.56%
5.52%
5.53%
5.46%
5.45%
5.49%
5.33%
5.18%
5.16%
5.02%
484%

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

1920
4.48%
4.88%
5.05%
5.23%
5.21%
5.35%
5.50%
5.56%
5.82%
607%
5 93%
5.87%

5.39 5/10%

Average

5.43 6/lC%

S C H E D U L E 16.—State Banks admitted during 1921.
Date of
Admission
March
April
April
July
Sept.
Sept.
Nov.
Dec.

18
4
8
15
6
6
25
31

Name of Bank

Shares
Subscribed

Location

Cleveland, Ohio
The Midland Bank.
Cleveland, Ohio
East Pittsburgh Savings & Trust Co. East Pittsburgh, Pa
Dollar Savings Bank Co.
St. Clairsville, Ohio. _ .
Minerva Banking Co. _
Minerva, Ohio
.
First-Tyler Bank & Trust Co
-- Sistersvi'.le, W. Va
Peoples Savings Bank Co.
Delta, Ohio
....
Commonwealth Banking & Trust Co. Cleveland, Ohio

150

..

1,440
180
50
32
180
36
210

New National Banks admitted during 1921
Date of
Admission
Jan.
Feb.
Feb.
Feb.
Feb.
March
April
April

19
2
8
11
18
12
4
14
May
18
9
June
August 12
August 11
August 2b
Sept. 27
Sept. VA
L\
Oct.
9
Nov.

Name of Bank

Location
Arnold, Pa
Stone, Ky
Pitcairn, Pa
Seward. Pa
Saegertown, Pa
Koppel, Pa
Pikeville, Ky
Mineral City, Ohio
Falmouth, Ky
Central City, Pa
North Belle Vernon, Pa
Willoughby, Ohio
West Alexander, Pa
Flushing, Ohio
Fleming, Ky
Sardinia, Ohio
Jerome, Pa

Arnold National Bank
First National Bank
Peoples National Bank
First National Bank
First National Bank
First National Bank
Day and Night Nat*l Bank.
First National Bank
First National Bank
Central City National Bank
Peoples National Bank
First National Bank
Citizens National Bank
Community National BankFirst National Bank
Farmers National Bank
First National Bank

Withdrawn from
Name of Bank
Oct.




36
36
54
18
17
45
34
1
1
40
18
36
45
8
18
30
16
30

Membership
Location

7

Shares
Subscribed

Shares
Surrendered
26

23

S C H E D U L E 17.—Member banks liquidated during 1921.

Name of Bank

Second National Bank
American National Bank
First National Bank
Peoples National Bank
Central National Bank
Northern National Bank Savings & Trust Co
National Commercial Bank

Shares
Surrendered

Disposition

Location

Merged with First National Bank,
Ironton, Ohio
Ironton
Waynesburg, Pa. _ Voluntary liquidation
Sistersville, W.Va. Succeeded by First-Tyler Bank &
Trust Co
Pittsburgh, Pa. . . Merged with First National Bank
of Pittsburgh
Columbus, Ohio.. Merged with Citizens Trust and
Savings Bank
Cleveland, Ohio..
Cleveland, Ohio..

First National B a n k . .
Beaver, Pa
West Alexander National Bank. West Alexander,
Pa..

180
162
105
1,800
156
563

Merged with Cleveland Trust Co..
Merged with Guardian Savings
and Trust Company
In hands of Receiver

1,650
60

Succeeded by Citizens Nat'l Bank.

33

Changes in Title
New First National Bank, Columbus, Ohio, changed to First National Bank in Columbus.
Northern National Bank, Cleveland, Ohio, changed to Northern National Bank Savings
and Trust Company.
Citizens National Bank, Cincinnati, Ohio, changed to The Citizens National Bank & Trust
Company of Cincinnati.
Bridgeport Bank 8z Trust Company, Bridgeport, Ohio, changed to Bridgeport Bank Company.
Alliance Bank Company, Alliance, Ohio, changed to Alliance National Bank.

S C H E D U L E 18.—Statement of examinations

and special credit

No.

I ndependent examination of State bank members
Examinations of State bank members in cooperation with State
Examiner
Independent examinations of National banks
Examinations of National banks in cooperation with other National
bank examiners
Independent examinations of State banks incident to application
for membership
Special credit investigations of National and State bank members




24

investigations.

Total Resources
at time of
examination

20

$ 37.914,000.00

58
27

573,445,000.00
287,705,000.00
13.492,000.00

S C H E D U L E 19.- -Banks

which were granted fiduciary
No. 4.

Name of Bank

Clark County National Bank
1.
2.
3.
4.
5.
6.
7.
8.
*

powers in

City
1, 2, 3, 4, 5, 6*, 7, 8
1 , 2 , 3 , 4 , 5 , 6 , 7 . 8.
1.2. 3,4, 5,6, 8 . . .
1, 2. 3, 4, 5,6, 7, 8.
2, 3, 5 , 6 , 8
1, 2, 3,4. 5, 6, 8 . . .
1, 2, 3,4, 5,6, 7, 8_
1, 2, 3,4, 5 . 6 , 7 . . .
1, 2, 3,4, 5,6, 8 . . .
4, 8 . 1, 2. 3,4, 5, 6, 8_._
1. 2, 3.4, 5,6, 7. 8_
1, 2, 3,4, 5.6*. 7 , 8

Butler

1921—District

State

Ohio.
Ohio.
Ohio.

East Liverpool
Erie
-New Kensington
Ohio.
New Philadelphia
Pittsburgh
Ohio.
Waynesburg.. . . . . .
Kentucky.
Winchester

Trustee.
Executor.
Administrator.
Registrar of Stocks and Bonds.
Guardian of Estates.
Assignee and Receiver.
Committee of Estates of Lunatics.
"Or in any other fiduciary capacity, etc."
Receiver only.

S C H E D U L E 20.—Federal Reserve notes issued and redeemed during the year
and comparative statement of outstanding notes December 31, 1921, and
December 31, 1920.

Denominations

Outstanding
Dec. 31, 1920

Total
Outstanding

Redeemed

$36,323,880
65,017.820
160,999,140
83.776,000
27.327,100
1,743.000
2,511,000
395,000
600.000

$28,000,000
31,520.000
45,920,000
9,700,000
4,400,000
800.000
1,100,000

$37,769,020
53.879,020
109,870,300
46,027,300
12,231,100
214,500
262.000
5,000
10,000

$26,554,860
42,658,800
97,048.840
47,448,700
19,496,000
2,328,500
3,349,000
390,000
590,000

$378,692,940

$121,440,000

$260,268,240

$239,864,700

Five Hundreds
Thousands
Total

1921
Issued

S C H E D U L E 21.—Total cash receipts and disbursements, main office and branches,
year ending December 31, 1921.
Receipts

Disbursements

$326,472,123.82
188,957,496.44
393,663,031.80
$909,092,652.06

Total




25

$325,405,382.23
182,419,577.08
398,707,106.64
$906,532,065.95

SCHEDULE

22.—Currency

operations

with

member

and

non-member

Receipts

banks.

Payments

$69,135,276
47,318,856
62,066,946
48,363.098
50,281,706
53,041.510
46,536,984
43,573,736
43.295.441
43,053,423
43,737.654
53,161,916

$33,304,974
40,654,591
36,649,826
42,097,654
37,074,443
38,889,637
34,938,003
36,516,093
38.232,506
35,048,838
39,405,898
48,938.454

$603,566,546

$461,750,917

January
February
March
April
May
June
JulyAugust
September..
October
November. _
December...
Total

S C H E D U L E 23.—Federal Reserve Bank notes issued, redeemed and
year ending December 31, 1921.

outstanding,

Outstanding
Dec. 31, 1920

Outstanding
Notes
Redeemed Dec. 31, 1921
During 1921

$ 8,836,000
1,320,000
900,000

$17,156 000
3,244,000
4,344,000

$ 6,601,930
1 225,370
1,694,000

$23,209,300

Total

Notes
Issued
During 1921

$14,921,930
3,149,370
5,138,000

Denomination

$11,056,000

$24,744,000

$9,521,300

Federal Reserve Bank notes to be redeemed for which Treasurer of United

3,678,000
$5,843,300

Bal. outstanding. Net liability..
SCHEDULE

24.—Transit

department check exchanges
Cleveland Office

and

Items

collection.

Amounts

4,315,632
13,913,447
491,072
830,127
19,550,278

$1,392,156,475.40
865,086,876.42
152,193,678.71
77,471,566.74

12,324,717

$2,486,908,597.27

4,924,365
9,748,915
800,323
524,011

$2,891,875,646.06
1,113,256,536.12
442,671,719.39
83,435,842.78

15,997,614

Cincinnati

$4,259,155,740.51

2,229,237
9,160,547
227,690
707.243

Total

$2,289,012,890.98
1,686,314,631.98
204,249,302.40
79,578,915.15

$4,531,239,744.35

Branch

Total..

Pittsburgh Branch

Total..
Recapitulation
Total number of items handled.
Total amount of items handled.




47,872,609

26

$11,277,304,082.13

S C H E D U L E 25.—Combarison of average daily number of items handled
1921, December, 1921.

January

Pittsburgh

Cleveland

Cincinnati

60,112
72,520

37,209
44,634

49,619
57.882

12,408

January, 1921
December, 1921
Increase in daily average

7,425

8,263

S C H E D U L E 26.—Volume of checks handled for members and other Federal Reserve
Banks by the Federal Reserve Bank of Cleveland and its branches
January 1, 1921, to December 31, 1921.

Amount

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

H. 080,533 359.08
866,138 884.68
1,129,093 088.69
973,459 420.39
884,470 928.21
985,154 648.34
844,387 746.86
835,060 ,637.82
921,443 744.03
920,677 394.74
859,192 475.47
977,691 753.82

3,673,512
3,328,887
4,511 475
4,041,772
3,704,375
4,142,248
3.821,103
3,850,981
3,973,318
4,212,974
4,061,012
4,550.952
47,872,609

Daily Average
Amount
Items
146,940
151,320
169,322
155,452
148,579
159,317
152,844
142,629
158,931
168 518
171,617
175,036

$43,221 334.36
39,369 949.29
42,463 254.01
37,440, 746.94
35,378 837.12
37,890, 563.39
33,775, 509.88
30,928 171.76
36,857; 749.76
36,827, 095.79
36,399, 036.98
37.603, 528.99
$448,155,778.27

$11,277,304,082.13

NOTE:—This schedule includes Government checks listed under "checks drawn on Treasurer
of die United States."

S C H E D U L E 27.—Checks drawn on the Treasurer of the United States,
by the Federal Reserve Bank of Cleveland and its branches, January
1921, to December 31, 1921.
Items

handled
1,

Amounts

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

108,420
92,957
205,348
217,303
169.253
221,437
128,490
125,335
204,161
220,557
160.343
207,777

$14,935 295.42
18,062 684.25
27.707 584.26
26,656 298.95
21,137 677.09
23,250 414.53
17,195 915 45
18.539,298.76
19,115 507.86
18,090; 172.20
15.816 583.66
19 978 892.24

Total

2,061.381

$240,486,324.67




27

S C H E D U L E 28.-

Number
of
Subscriptions

1921
1921
1921
1921
1922
1921
1922
1922
1922
1922
1922
1922
1922
1922
1922
1922

Date of
Maturity

January 15, 1 9 2 1 . . .
January 15, 1 9 2 1 . . .
February 15. 1921..
March 15, 1921
March 15, 1921
April 15, 1921
May 16, 1921
June 15, 1921
August 1, 1 9 2 1 . . . .
August 1, 1921
September 15, 1921.
September 15, 1921.
November 1, 1921..
November 1, 1921._
December 15, 1921 .
December 15, 1921 .

April 15. 1921
October 15, 1921
July 15, 1921
September 15, 1921.
March 15, 1922
October 15, 1921 . . .
February 16, 1922-_
June 15, 1922
August 1, 1922
March 15, 1922
March 15, 1922
September 15, 1922_
April 1, 1922
September 15, 1922.
June 15,1922
December 15, 1922.
Total.

Amount
Subscribed

Amount
Allotted

225
617
475
425
721
429
496
469
377
130
249
393
88
201
122
338

$11,798,000
27.680,500
21,627,500
25,361,000
30,547,500
26,162,000
52,571.000
61,837,000
41,113,500
20,708,000
51,661.500
72,253.000
35,912,000
64,024,500
61,329,000
127,772,500

$ 7,559,000
16,841,000
12,221.000
23,634,000
28,341,000
16,125,000
23,300,000
39,225,000
19,370,000
11,295,000
10,100,000
13,320,000
7,984,000
14,28,0000
10.3030,00
20,700,000

$732,358,500

$274,598,000

United States Treasury Notes, Subscriptions and
1924
1924

subscrip-

5,755

Date of
Issue

Series

E
F
G
TS-2
TM
H
A
TJ
B
TM2
TM3
TS
C
TS-2
TJ-2
TD

United States Treasury certificates of indebtedness,
tions and allotments.

870
523

Allotments
$21,175,200
39,320.100

$21,175,200
36,500,000

June 15, 1921.
June 15, 1924
September 15, 1921. September 15, 1924.
Total

1,393

$60,495,300

$57,675,200

Grand T o t a l . .

7,148

$792,853,800

$332,273,200

S C H E D U L E 29.—Treasury certificates of indebtedness redeemed.
Main Office

Cincinnati Branch

Pittsburgh Branch

Total

Pieces

Amount

Pieces

Amount

Pieces

Amount

Pieces

Amount

2,527
78
6,522
1,177
3,279
6,549
1,811
2.829
7,221
3,512
333
4,820

$10,646,000
206.500
23.375,000
2.452,500
14,100,500
28,075,000
4.534.000
7,121.000
25,495,000
9,064,500
406,500
40,593,000

2,364
138
4,315
979
2.355
3,735
2,131
2,031
4,381
4,109
272
2,939

$5,188,000
162,500
8,296,500
2,102,000
4,863,500
7,641,500
4,322,500
3,844,000
7,689,500
7,187,500
518,000
9,803,500

1,322
9
3,641
706
1,855
3,562
972
1,824
4,154
3,591
255
3.703

$11,522,500
8,500
22,730,000
3,741.500
13,064,500
23,407,500
3,592,000
5,225,000
22,328,500
13,232.500
1.302,000
13.461,500

6.213
225
14,478
2,862
7,489
13,846
4,914
6,684
15,756
11,212
860
11.462

$27,356,500
377,500
54,401,500
8,296,000
32,028,500
59,124,000
12,448,500
16,190,000
55,513,000
29,484,500
2,226,500
63.858,000

Total 40,658 $166,069,500
Spec'l
4%
Certific'tes
343,000,000

29,749

$61,619,000

25.594 $133,616,000

96,001

$361,304,500

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

Grd.
Total 40,658 $509,069,500




343,000.000
29,749

$61,619,000

28

25,594 $133,616,000

96,001

$704,304,500

S C H E D U L E 30.—Redemptions of Treasury savings
Maturity
Treasury
Savings
Certificates

certificates.

Value

War
Savings
Stamps

Treasury
Savings
Stamps

Total

No. Amount

Amount

Thrift
Stamps

No.

Amount

No.

61

$18,700

1
9,949
153

$
5
49.745
765

52,745

$13,186.25

10

$10.00

$
5.00
68,445.00
13,961.25

Totals _ . 61

$18,700

10,103

$50,515

52,745

$13,186.25

10

$10.00

$82,411.25

Series 1919.
Series 1920.
Series 1921.

Amount

SCHEDULE

No.

Amount

31.—Conversions.

Permanent Bonds Delivered in Return for Temporary
Pieces
Received
First L. L. 4!4% Permanent Bonds delivered against

.

- _.

13,879

12,679

$1,223,050

39,872

35,641

3,790,450

48,320

$5,013,500

Permanent Bonds Delivered in Return for Permanent
Pieces
Received
First L. L. 4V4% permanent bonds delivered against
Second L. L. 4 %% permanent bonds delivered against
Totals

(a) Tax Exempt Victory

Pieces
Delivered

1,334,350

4,357

$1,551,900

Pieces
Delivered

4 3 /4%

Notes
Amount
Delivered

3 3/4%

2,054

506

Pieces
Received

29

217,550

800
3,557

(fc) Taxable Victory Notes Delivered in Return for Tax Exempt

Victory 4 3/4% notes delivered against 3 3A% notes
received

$

880

Notes Delivered in Return for Taxable

Victory 3 %% notes delivered against 4 %% notes

Amount
Delivered

3,715
4,595

-

Bonds

Pieces
Received




Amount
Delivered

Pieces
Delivered

53,751

Second L. L. 4*4% permanent bonds delivered against
temporary 4 % bonds received.
Totals

Bonds

Pieces
Delivered

3 3/4%

3,171

Notes

43/4%

3,011

$2,260,350

Amount
Delivered

$10,187 300

SCHEDULE 32.—Exchanges
Amount
Delivered

Pieces
Received

Pieces
Delivered

87,486

55,163

15,342

18,345

11,047,550

355.362

75,805

82,411,200

2,206,657
8,092

1.678,383
6,849

546,401,000
3.510.750

87

87

6.050

2,736,437

1.890,986

$698,718,850

Registered bonds delivered in exchange for coupon
Coupon bonds delivered in exchange for registered
Bonds of one denomination delivered in exchange for
Permanent bonds delivered in exchange for temporary
bonds..
Transfers of registered bonds of various issues
Exchange of First loan 3 Vi% coupon bonds for 3 %%
Grand totals of conversions and exchanges

$36,329,250

SCHEDULE 33.—Treasury Savings Security Sales.
Maturity Value
Treasury
Savings
Certificates

War
Savings
Stamps

Treasury
Savings
Stamps

Thrift
Stamps

Pes.

Amount

Pieces

Amount

Pieces

Amount

174
50
69
74
19
41
31
25
11
11
13
43

$85,650,00
11,300,00
21,300.00
16,250.00
12,625.00
9,650.00
7,600.00
10,600 00
2,900.00
11.000.00
9,400.00
6,100.00

6,117
1,211
717
547
189
355
312
29
179
34
232
74

$30,585,00
6,055,00
3.585.00
2,735.00
945.00
1,775.00
1,560.00
145.00
895.00
170.00
1.160.00
370.00

5,404
1,577
801
1,518
61

$1,351.00
394.25
200.25
379 50
15.25

916
308
20

229.00
77.00
5.00

317
64

79.25
16.00

Total 561

$204,375.00

9,996

$49,980.00

10,986

2,746.50

Total

Pieces Amount

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

275

$275.00

50

50.00

325

$325.00

New Issue 1921
Treasury Savings
Certificates

Dec.

Pes.
31

$117,861.00
17,749.25
25,135.25
19,364.50
13,585.25
11,425.00
9,389.00
10,822.00
3,800.00
11.170.00
10,639.25
6,486.00
$257,426.50

Total

Amount
$7,040.00

$7,040.00

SCHEDULE 34.—Government Coupons redeemed.




From Liberty Loan Bonds, Notes
and Certificates of Indebtedness
Number

Amount

$3,898,579
2,840.941
2,392,275
9,131.795

30

$28,967,380.10
24,490,371.54
8,662,462.95
$62,120,214.59

S C H E D U L E 35.—Comparative Statement of Employees.
Dec. 31. 1921
Bank
Audit

- .

. .

Dec 31, 1920

278
177
33
110

264
228
30
117

598




31

202
128

977

Total

639

203
176

969

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