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EIGHTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF RICHMOND

For the Year Ended December 31, 1922

CALDWELL HARDY
Chairman and Federal Reserve Agent




EIGHTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF RICHMOND

For the Year Ended December 31, 1922

CALDWELL HARDY
Chairman and Federal Reserve Agent




FEDERAL RESERVE BANK
OF RICHMOND
CALDWELL HARDY,
Chairman of Board,
and
Federal Reserve Agent
J. G. FRY,
Asst. Federal Reserve Agent
K. H. LEE,
Asst. Federal Reserve Agent

February 16, 1923.
FEDERAL RESERVE BOARD,

Washington, D. C.
DEAR SIRS:

I have the honor to submit herewith the eighth annual
report of the Federal Reserve Bank of Richmond, covering the
year 1922.




Respectfully,
CALDWELL HARDY,

Chairman and Federal Reserve Agent.

Table of Contents
Part I
PAGE
GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
7
FINANCIAL RESULTS OP OPERATIONS
9
DISCOUNT OPERATIONS
9
BANKERS' ACCEPTANCES
10
TRADE ACCEPTANCES
12
CLEARING OPERATIONS
13
NON-CASH COLLECTIONS
14
GOLD SETTLEMENT FUND
15
NOTE ISSUES
15
CURRENCY AND COIN SERVICE
,
16
BOND COUPONS CUT FOR BANKS
17
RESERVE POSITION
17
MOVEMENT OF MEMBERSHIP
18
BANK RELATIONS DEPARTMENT
18
BANK EXAMINATION DEPARTMENT
19
CAMPAIGN FOR PAR POINTS
20
INTERNAL ORGANIZATION
21
MEMBER FEDERAL ADVISORY COUNCIL
24
BALTIMORE BRANCH
24
FIDUCIARY POWERS
26
BANKS AUTHORIZED TO ACCEPT UP TO 100% OF CAPITAL AND SURPLUS
27
MONTHLY REPORT OF GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
28
FISCAL AGENCY OPERATIONS
29
GOVERNMENT SAVINGS ORGANIZATION
29
WAR FINANCE CORPORATION
29
APPENDIX 1—LIST OF STATE MEMBER BANKS IN FIFTH DISTRICT
31
APPENDIX 2—LIST OF NATIONAL BANKS TN FIFTH DISTRICT AUTHORIZED TO E X ERCISE FIDUCIARY POWERS
33

Part II
CHART—MOVEMENT OF FEDERAL RESERVE NOTES AND EARNING ASSETS DURING
1920, 1921 AND 1922
EXHIBIT—MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS

39
40

Schedules
SCHEDULE 1

42

Comparative Statement of Condition December 31, 1922, and December
31, 1921.
SCHEDULE 2

44

Comparative Statement of Profit and Loss, Dividend and Surplus Accounts for the Years Ending December 31, 1922, and December 31, 1921.
SCHEDULE 3

46

Comparative Analysis of Current Expenses for the Years 1922 and 1921.
SCHEDULE 4

48

Gross Earnings (Classified), Expenses, Net Earnings and Dividends Accrued During the Year 1922 by Months.
SCHEDULE 5

49

Average Daily Holdings of Earning Assets (Classified), Daily Earnings
thereon and Rate of Earning by Months for the Year 1922.
SCHEDULE 6

Comparative Statement of Daily Average Holdings of Earning Assets,
Earnings Thereon and Average Rate per Annum for Years 1922 and
1921.



50

4

EIGHTH ANNUAL REPORT OF THE
PAGE
51

SCHEDULE 7 a-g

Daily Average Amount of Outstanding Accommodation to Member Banks,
Through the Discount and Purchase of Paper, in Each State of the
Fifth District, by Calendar Months During 1922 and 1921.
SCHEDULE 8

58

Loans and Investments During the Year 1922 Compared with 1921, 1920
and 1919 by Months.
SCHEDULE 9

59

Total Amount of Bills Discounted and Bought During 1922 Classified
as to Kind of Paper and Shown by States.
SCHEDULE 10

61

Total Bills Discounted and Bought During Each Month of 1922, Shown
by States.
SCHEDULE 11

62

Number of Member Banks in Each State Accommodated Each Month
Through the Discount or Purchase of Paper During 1922.
SCHEDULE 12

•
63

Total Amount of Bills Discounted and Bought During Each Month of
1922, Classified According to Maturities at the Time of Discount or
Purchase.
SCHEDULE 13

64

Distribution by Maturities of Each Class of Paper Held at Close of
Business December 31, 1922.
SCHEDULE 14

:

65

Changes in Discount Hates During the Year 1922.
SCHEDULE 15

66

Total Reserve Accounts of All Member Banks, Reserves of Discounting
Member Banks and Liability of Discounting Banks for Paper Discounted (Including Acceptances) at Close of Business December 31,
1922, By States, With the Number of Member Banks and the Number
of Discounting Member Banks with Outstanding Balances on December 31, 1922.
SCHEDULE 16

67

Daily Average by Months of Deposits and Federal Reserve Notes in
Circulation, Reserves and Reserve Percentages for the Year 1922.
SCHEDULE 17

68

Daily Average Deposits of Member Banks and U. S. Treasurer By Months
1916 to 1922.
SCHEDULE 18

69

Analysis of Capital Stock Account for the Year 1922.
SCHEDULE 19

70

Inter-District Movement of Federal Reserve Notes—F. R. Notes of
Other F. R. Banks Shipped by Richmond for Credit or Redemption,
And F. R. Notes of Richmond Received from Other F. R. Banks During
the Year 1922.
SCHEDULE 20

71

Federal Reserve Notes Issued, Retired and in Actual Circulation by
Months During the Year 1922.
SCHEDULE 21

72

Denominations of Federal Reserve Notes Issued and Retired During the
Year 1922 and Outstanding at Close of Years 1922 and 1921.
SCHEDULE 22

73

Federal Reserve Agent's Record of Federal Reserve Notes Received,
Issued to Bank and Returned to Comptroller During the Year 1922,
by Denominations.
SCHEDULE 23

74

Federal Reserve Agent's Statement of Federal Reserve Notes From Organization to December 31, 1922.
SCHEDULE 24

Statements of Federal Reserve Bank Notes Received and Redeemed and
Balance in Retirement Account on December 31, 1922.




75

FEDERAL RESERVE BANK OF RICHMOND
PAGE
76

SCHEDULE 25

Clearing Operation—Daily Average Number of Items, Daily Average
Amount and Amount Per Item Handled by Federal Reserve Bank of
Richmond (Baltimore Branch Included) During Each Month of 1922.
SCHEDULE 26

78

Direct Routings—Number and Amount of Cash Letters Sent Direct to
Other Federal Reserve Banks and Branches by Member Banks in the
Fifth District During 1922, By Months.
SCHEDULE 27

79

Non-Cash Collection Items Handled During the Year 1922, By Months.
SCHEDULE 28

>....

80

Gold Settlement Fund Transactions During the Year 1922.
SCHEDULE 29

81

Total Amount Received From and Paid To Each Other Federal Reserve
Bank Through the Gold Settlement Fund on Account of Daily Clearings.
SCHEDULE 30

82

Currency and Coin Received From and Delivered or Shipped To Member and Non-Member Banks in the Fifth District During the Year
1922.
SCHEDULE 31 a-b

,

84

Receipts and Payments of Paper Currency During the Years 1922 and
1921.
SCHEDULE 32...

86

Private Wire Operations—Total Number of Messages Sent and Received Over Private Leased Wires During the Year 1922.
SCHEDULE 33

87

Wire Transfers of Funds Over Private Wires to and from Other Federal Reserve Districts for Account of Member Banks of the Fifth District During 1922, By Months.
SCHEDULE 34

88

Wire Transfers of Funds Over Private Wires To and From Other Federal Reserve Districts for Account of Member Banks of the Fifth District During 1922, By Federal Reserve Districts.
SCHEDULE 35

89

Bond Coupons Cut for Banks by Custodian of Securities During Each
Month of 1922.
SCHEDULE 36

90

Interest Coupons from U. S. Securities Paid by Federal Reserve Bank
of Richmond and Charged to Treasurer of U. S. During the Year 1922,
By Months.
SCHEDULE 37

91

Fiscal Agency Operations During the Year 1922.
SCHEDULE 38

94

Analysis of U. S. Treasurer's General Account for the Year 1922.
SCHEDULE 39

95

Number of Pieces of Registered Mail Handled During 1922, By Months.
SCHEDULE 40

96

Salaries of Officers and Employees of the Federal Reserve Bank of
Richmond.
SCHEDULE 4 1 . . . . :

Sundry Data and Comparisons for the Years 1922, 1921 and 1920.




97

OFFICERS AND DIRECTORS OF
THE FEDERAL RESERVE BANK OF RICHMOND
For Year 1923

Directors
CALDWELL HARDY, 1923, Chairman

EDMUND STRUDWICK, 1924,

of the Board, Richmond, Va.

Richmond, Va.

FREDERIC A. DELANO, 1924, Deputy

Chairman, Washington. D. C.

JOHN F. BRTJTON, 1925, Wilson, N. C.

EDWIN C. GRAHAM, 1925,

D. R. COKER, 1923, Hart'sville, S. C.
L.

E.

JOHNSON,

1923,

Alderson,

Washington, D. C.
ROBERT LASSITER, 1925,

W. Va.

Charlotte.

N. C.

CHAS. E. RIEMAN, 1924, Baltimore,

Md.

Officers
GEORGE J. SEAY, Governor.

CALDWELL HARDY, Federal

CHAS. A. PEPLE, Deputy Governor.
R. H. BROADDUS, Deputy Governor.

Agent and Chairman of the Board.
J. G. FRY, Assistant Federal Reserve

ALBERT S. JOHNSTONE, Assistant to

Governor.
J. S. WALDEN, J R . , Assistant

to

Governor.

Reserve

Agent.

R. H. LEE, Assistant Federal
Reserve Agent.
HUGH LEACH, Auditor.

GEORGE H. KEESEE, Cashier.

E. G. GRADY, Controller of Accounts.
JOHN T. GARRETT, Manager

Bank

Relations Dept.
C. V. BLACKBURN,
THOMAS MARSHALL, J R . ,
W. W. DlLLARD,
EDWARD WALLER, J R . ,
GEORGE S. SLOAN,

Assistant Cashiers.

Counsel
MAXWELL G. WALLACE

Member Federal Advisory Council
JOHN M. MILLER, J R . , 1923,

Richmond, Va.

BALTIMORE BRANCH
Directors (1923)
A. H. DUDLEY,

Baltimore, Md.
WILLIAM INGLE, Baltimore, Md.
WALDO NEWCOMER, Baltimore, Md.

H. B. WILCOX, Baltimore, Md.
CARTER G. OSBURN, Baltimore, Md.

Officers
A. H. DUDLEY, Manager.

CHARLES N. DULEY, Assistant

E. G. GRADY, Assistant Manager.
CHARLES H. WYATT, Cashier.




Federal Reserve Agent.
HENRY SCHUTZ, Auditor.

F. McC. LEEKE,
M. F. REESE,
THOMAS I. HAYES,
C. P. HAMMOND,

Assistant Cashiers.

EIGHTH ANNUAL REPORT
FEDERAL RESERVE BANK OF RICHMOND
GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
During 1922 every branch of industry and business in the Fifth
Federal Reserve District made marked progress. When the year
began, business men were nervous and uncertain as to future developments, and were very cautious in making commitments for the future.
Labor was markedly restless, and serious strikes threatened. The
textile industry was operating only part time, and did not find ready
sales for its output. Agricultural depression was especially notable,
as a result of the very short cotton crop of 1921, poor tobacco yields,
and the almost complete failure of the fruit crop. Bank loans were
excessive and business failures were on the increase. Retail and
wholesale trade naturally showed the effects of decreased purchasing
power in laboring and farming circles. As the year 1922 advanced,
labor conditions grew worse, and finally the coal miners' and railway
shopmen's strikes developed, seriously retarding emergence from the
1921 slump.
By the middle of the year, however, a turn for the better was
clearly discernible. The results of the strikes were not as serious as
many people had feared they would be, and the New England textile
strike resulted in the transfer of a considerable volume qf business
from Northern to Southern mills. Building activity developed
steadily, and by mid-summer had absorbed a large part of the excess
labor supply. Meanwhile advance reports on agricultural yields
for 1922 were encouraging, and the surplus stocks of cotton and
tobacco having been greatly reduced, prices for the farmers' products
began rising. When the harvesting season arrived, satisfactory
prices for good yields improved the financial condition of the agricultural sections, except in the boll weevil infested counties of South
Carolina, and retail and wholesale trade picked up distinctly. The
settlement of the coal and railway strikes helped restore a measure of
confidence. As a consequence of these improvements, together with
some increase in foreign demand for American goods, the last third
of the year 1922 witnessed a distinctly larger volume of business
activity in every line of trade and industry. The year cloted with
textile mills operating full time and sold out several months ahead,
with farmers receiving profitable prices for cotton and tobacco, with
the lumber industry and other building supply dealers very busy,



8

EIGHTH ANNUAL REPORT OF THE

with bank loans decreased under last year and deposits much larger,
with business failures growing fewer, with new construction work
breaking previous records, and finally with no unemployment of
importance anywhere in the District.
VOLUME OF RESERVE BANK BUSINESS
There is a very wide-spread impression that because the total
volume of rediscounts for member banks made by Federal Reserve
Banks decreased during the past year, and the earnings were very
much less, and because the volume of Federal Reserve Notes outstanding was materially smaller, there was a corresponding decrease
in the total volume of business done, or work performed by Federal
Reserve Banks, and that this should be reflected in a large decrease in
expense of operation. A decrease in the volume of paper discounted
will naturally be followed by a decrease in earnings, because rediscounts are the principal source of earnings; but there are other
departments which render invaluable services to the banks and,
through them, to the public, from which no revenue is derived, but
which, on the contrary, involve very heavy expense in their operation.
Therefore, while a smaller volume of discounts will result in decreased
earnings, a decrease in expenses (except such as may result from
improved methods of operation and increased efficiency) can only be
effected by a decrease in the aggregate volume of business done, or
services rendered. The physical volume of business handled by the
Federal Reserve Bank of Richmond has increased and the scope of
services enlarged, and not withstanding there has been a material
reduction in expenses.
A study of the following report will disclose the fact that operations
in those departments which require the greatest number of employees,
and which handle the greatest physical volume of business, such as
the Transit Department, the Currency Department, the Coin Department, the Non-Cash Collection Department, and others, increased
greatly in volume during 1922 over any previous year. It will be
found also that in the Discount Department the volume of transactions
handled, and work relating to credits, did not decrease in anything
like the same proportion as the volume in dollars. As an illustration:
While the average amount of paper under discount (including open
market purchases) was $59,930,792 in 1922, as compared with
$116,779,673 in 1921, the number of notes discounted in 1922 was
only 39^)0 less than in 1921, and the number of banks accommodated
was practically the same. The number of checks handled by the
Transit Department in 1922 was, however, 3,623,000 greater than in
1921.



FEDERAL RESERVE BANK OF RICHMOND

9

In the Fiscal Agency Department it will be noticed that the
number of items or pieces handled in 1922 was very much smaller
than in 1921. On the other hand, the nature of the work handled by
that department has become increasingly complicated and difficult,
and greater space and facilities are required and are being provided.
FINANCIAL RESULTS OF OPERATIONS
The gross earnings of the Federal Reserve Bank of Richmond for
1922 were $2,832,943, as compared with $6,729,679 for 1921, a decrease
of $3,896,736. The earnings were the smallest of any year since 1917.
The average rate of earning on all earning assets for the year 1922
was .0457, as compared with .0561 for 1921. The very large decrease
in gross earnings is explained by the large reduction in average daily
total of earning assets from $116,779,673 in 1921, to $59,930,792
in 1922, and by the substantial reduction in the discount rate on all
classes of paper. The decrease in earning assets was mainly in discounted and purchased paper; the Bank has never purchased
Government securities for the sake of income.
The current expenses for 1922 were $1,631,355, as compared with
$2,127,174, for 1921, a decrease of $495,819, notwithstanding the fact
that a very much larger volume of work was handled in 1922 than
was handled during any previous year. This was due in part to the
greatly increased facilities of our new building, and in part to a
natural increase in efficiency derived from experience and longer
service.
The current net earnings for 1922 were $1,201,588, as compared
with $4,602,505 for 1921. After paying dividends to member banks
and deducting depreciation and reserves for specific purposes, there
remained $534,126 available for surplus and franchise tax, which
was distributed as follows:
Transferred to surplus account
$ 53,412
Paid to United States Government as franchise tax
480,714
Schedules 1 to 16, inclusive, show in detail the financial operations
for 1922, with many comparisons.
DISCOUNT OPERATIONS
(References: Schedules 6 to 15, Inclusive)

The total amount of paper discounted and purchased in 1922 was
$1,433,027,154, as compared with $2,775,016,400 discounted and
purchased in 1921, a decrease of $1,341,989,246. The number of
pieces handled was &5,472, a daily average of 283 pieces, amounting
to $4,745,123. The smallest note offered for rediscount was $11, while



10

EIGHTH ANNUAL REPORT OF THE

the 85,472 notes discounted averaged $16,766 each. Included in the
volume of paper discounted and purchased are bankers' acceptances
amounting to $8,460,482, based upon foreign and domestic transactions.
The daily average amount of outstanding accommodations to
member banks during 1922 and 1921, through the discount and
purchase of paper (exclusive of bankers' acceptances bought in the
open market), in each State, is shown by the following table:
STATE
1922
1921
Maryland
$ 6,967,910.21$ 26,168,412.10
District of Columbia
2,902,090.39
3,575,607.10
Virginia
18,236,334.39
37,579,567.95
West Virginia
4,756,000.31
4,027,978.11
North Carolina
11,317,609.30
25,292,869.40
South Carolina
10,895,370.20
21,477,923.40
$ 55,075,314.80 $ 118,122,358.06
It will be noted that only in the case of West Virginia did the
average outstanding accommodations during 1922 exceed those of
1921.
On December 31, 1922, 275 of the 634 member banks were
discounting with this Bank to the amount of $53,831,225. During
the year 491 members were accommodated. The average outstanding
accommodations during 1922 to all members, secured by Government
obligations, was $20,572,872, while the average amount of all other
paper, secured and unsecured (exclusive of bankers' acceptances
bought in the open market) was $34,502,442.
To meet the credit demands from its member banks during 1921,
the Federal.Reserve Bank of Richmond was compelled to rediscount
with other Federal Reserve Banks continuously from April to December, but it was not necessary at any time during 1922 to rediscount
any of its paper.
The discount rate of 5% for all classes of paper, which was in
effect January 1, 1922, was not changed until April 14, 1922, when a
rate of 43^% for all classes of paper became effective and remained
unchanged throughout the remainder of the year.
The discount operations as set forth in Schedules 6 to 15, will be
found very interesting.
BANKERS' ACCEPTANCES
(References: Schedules 5, 6, 7, 8, 9, 10 and 13)

Prior to November 8, 1922, the Federal Reserve Bank of Richmond
pursued the practice of purchasing acceptances direct from the



FEDERAL RESERVE BANK OF RICHMOND

11

accepting banks in this District, without other endorsement, upon
the theory that the accepting banks, in offering the acceptances, were
acting as the agents of the drawers. Member banks are not permitted
to accept and hold their own acceptances in their portfolios, even for
a short time, except subject to the limitations of Section 5200 of the
Revised Statutes.
The policy of the Federal Reserve Bank of Richmond in purchasing
acceptances direct from member banks was governed by three
considerations: First, the desire of this Bank to develop the acceptance business (an entirely new business in this District) along
thoroughly sound lines, in accordance with the regulations of the
Board and to keep in intimate touch with the conditions under which
the acceptances were made; second, there were no "dealers" in this
District, and few dealers in any district at the beginning, to whom,
or through whom, acceptances could be readily sold by the drawers
in the open market; third, for several years the banks of this District,
generally, had had very little idle or excess funds seeking investment
of this character.
The bankers' acceptance, however, in practically all districts, has
become a well established instrument; the number of dealers has
multiplied, and prime acceptances have a wide market, and
acceptances of a number of member banks in the Fifth District now
find ready negotiation in the open market. Under these changed
conditions, the Federal Reserve Bank of Richmond did not feel
justified in continuing a policy at variance with that of other Federal
Reserve Banks and which" was generally recognized as being opposed
to sound practice having in view the development of a real open
market for acceptances, and on November 8, 1922, notified all member
banks (Circular No. 126) that after that date this Bank would not
accept for rediscount or buy on the open market any acceptances not
bearing the endorsement of a bank other than the accepting bank.
The total amount of bankers' acceptances purchased by this Bank
during the year 1922 was $8,460,482, as compared with $25,345,484
in 1921. A classification of bills purchased direct from accepting
banks as between those arising in foreign and domestic transactions
in the years 1921 and 1922, would show:
Foreign
Domestic
Total



1922
1921
$ 1,577,208 $ 10,221,134
5,401,890
15,124,350
$ 6,979,098 $ 25,345,484

12

EIGHTH ANNUAL REPORT OF THE

but with the inclusion of $1,007,000 acceptances arising in domestic
transactions, and $474,384 arising in foreign transactions purchased
in the open market during the year 1922, the total of bills purchased
classified for the respective years is as follows:
1922
$ 2,051,592
6,408,890

Total

1921
$ 10,221,134
15,124,350

$ 8,460,482

Foreign
Domestic

$ 25,345,484

Of the bills purchased held by the Bank at close of business
December 31, 1922, $546,650 were purchased direct from accepting
banks, and $1,187,639 in the open market, making a total of $1,734,289,
as compared with $3,558,330 held at close of business December 31,
1921, all of which were purchased direct from accepting banks. The
classification as between foreign and domestic is as follows:
Dec. 31, 1922 Dec. 31, 1921
$
453,839 $ 1,244,380
1,280,450
2,313,950

Foreign
Domestic
Total

$ 1,734,289 $ 3,558,330

The average rate of earnings on acceptances held-in 1922 was .0482
(calculated on a 365 day basis, although actually purchased at a rate
on 360 day basis) as compared with .0603 for the year 1921.
TRADE ACCEPTANCES
(References: Schedules 9, 13 and 14)

During the year 1922 the Bank discounted for its members trade
acceptances amounting to $5,538,900, as compared with $11,817,498
in 1921, and held only $814,963 of this class of paper under rediscount
at close of business December 31, 1922, as compared with $2,347,996
held at close of business December 31, 1921. The decrease noted is,
in general, proportionate to the decrease in all classes of paper held,
but the volume of trade acceptances handled has been further affected
by the fact that member banks in commercial centers, where the trade
acceptance is in general use, have had less occasion to rediscount
paper during the year than banks in agricultural sections, although
the trade acceptance, implying stricter credit policies, has never
been used to any large extent in the agricultural sections, where
conditions for the past two years have not been favorable for the
development of its use.



FEDERAL RESERVE BANK OF RICHMOND

13

The following table indicates the amount of trade acceptances
handled for member banks in the several States of the Fifth District
during 1921 and 1922:
1922
1921
Maryland
$ 70,043 $ 258,215
District of Columbia
28,526
Virginia
740,821
1,205,727
West Virginia
392,773
364,493
North Carolina
3,922,379
7,286,214
South Carolina
384,358
2,702,849
Total

$5,538,900

$11,817,498

While it appears that the more obvious and flagrant abuses of
the trade acceptance practice are becoming more and more infrequent,
they continue to exist to a degree which tends to prevent the
recognition which the class of paper deserves as preferred credit
instruments. Cases of financing between subsidiary and affiliated
corporations by means of trade acceptances and other more or less
technical abuses are carefully investigated, and the Bank is continuing
its efforts to encourage proper trade acceptance practice, and* to
develop the widest use of trade acceptances which may now be
purchased in the open market by Federal Reserve Banks.
CLEARING OPERATIONS
(References: Schedules 25 and 26)

During 1922 the Federal Reserve Bank of Richmond (including
Baltimore Branch transactions) handled in its Transit Department
42,884,054 items, aggregating $8,762,818,547, compared with 39,260,432 items, aggregating $8,620,888,130, handled in the year 1921.
The daily average number handled in 1922 was 142,000, amounting
to $29,015,955, as compared with the daily average of 129,572 items,
totalling $28,451,776 handled in 1921. It is interesting to note that
while the aggregate amount of checks handled in 1921 was
$2,885,057,094 less than was handled in 1920, the number of items
handled was an increase of 5,528,631 over the number handled in 1920;
and that while the number handled in 1922 showed a continued
heavy increase, exceeding 1921 by 3,623,622, the value of the checks
handled was but $141,930,417 greater. The average amount per item
has shown a steady decrease from $591 in 1918 to $204 in 1922, while
the number of items handled increased from 12,020,068 in 1918, to
42,884,054 in 1922.



14

EIGHTH ANNUAL REPORT OF THE

In addition to the above clearings, which were handled by the
Transit Department of the Bank, member banks routed direct to
other Federal Reserve Districts during the year 157,825 cash letters
containing items amounting to $1,379,291,316, as compared with
149,859 letters amounting to $1,377,295,260 routed direct in 1921.
The fact that member banks routed direct approximately 8,000
more letters in 1922 than they did in 1921, shows that this special
facility is appreciated.
The collection of 42,884,054 items amounting to $8,762,818,547,
actually handled by the Bank, and items amounting to $1,379,291,316,
contained in more than 157,000 direct routed cash letters, was made
without cost to member banks.
NON-CASH COLLECTIONS
(Reference: Schedule 27)

Comparatively few non-cash collections (notes, drafts, etc.) were
handled by the Federal Reserve Bank of Richmond prior to 1919, but
the number and amount of such collections have increased rapidly
since 1919, as will be seen from the following brief table:

1920. .
1921
1922

No. of Items
Amount
Handled
52,947 $ 124,693,250
99,622
147,586,754
195,802
213,232,479

The largest increase in number and amount occurred in 1922, when
there were handled 96,180 more items than were handled the previous
year, and the value exceeded by $65,645,725 the value of the items
handled in 1921.
The Federal Reserve Bank makes no charge for its services in
connection with the collection of non-cash items, but when a remitting
bank makes a service or exchange charge, the charge is passed on by
the Federal Reserve Bank to the depositing member bank. A charge
of fifteen cents for each item returned unpaid and unprotested, is
made by the Federal Reserve Bank receiving the item for collection.
The charge is imposed for the purpose of discouraging the sending of
"dunning" drafts and not for the purpose of revenue.
Schedule 27 shows in detail the monthly activities of the non-cash
collection department during 1922, with comparative tables.



FEDERAL RESERVE BANK OF RICHMOND

15

GOLD SETTLEMENT FUND
(References: Schedules 28 and 29, 32, 33 and 34)

Receipts and disbursements through the Gold Settlement Fund
in 1922 amounted to $10,701,082,000, which was $1,639,431,000 less
than the receipts and disbursements in 1921.
All checks on member and non-member banks in the district
received from other Federal Reserve Banks, and from member banks
in other Federal Reserve Districts, are accounted for through the
Gold Settlement Fund, and payment from other Federal Reserve
Banks for checks sent them by this Bank and by member banks in
this District, is received through the Gold Settlement Fund. A very
large portion of the operations of the Gold Settlement Fund represents
settlements for checks collected, and while the amount of money
involved was less in 1922 than in the preceding year, the payments
covered a very much larger number of items than were handled in
the previous year.
In addition to making settlement for cash collections, just referred
to, this Bank made 31,318 telegraphic transfers to or from other
Federal Reserve Districts, involving $1,626,046,069, an increase of
6,188 in number as compared with 1921, and exceeded the amount
so transferred in 1921 by $476,328,370.
*.
The enormous volume of settlements through the Gold Settlement
Fund was made practicable only through the use of our own leased
wires, over which we sent and received 95,212 telegrams during 1922,
an increase of 3,598 as compared with the number handled in 1921.
NOTE ISSUES
(References: Schedules 16 and 19 to 24)

It will be found interesting to compare the daily average by
months of Federal Reserve Notes in circulation during 1922 with
the average daily circulation during the years 1921, 1920 and 1919.
The daily average circulation in January, 1919, was $136,268,000,
but the volume of outstanding notes steadily decreased each month
thereafter until the low average of $105,050,000 for the year was
reached in August. During the last four months of the- year, however,
the volume of notes in circulation rapidly increased, following a
normal seasonal trend, reaching the high average of $145,258,000 for
December, 1919. Immediately after the opening of 1920, the usual
seasonal decline in circulation began, the average for January, being
$136,663,000, the low month of the year coming in June, with a daily



16

EIGHTH ANNUAL REPORT OF THE

average of $121,383,147. The fall expansion carried the December
average to $150,168,000, the highest month of the year.
The year 1921 was exceptional, the low average of $107,509,000
not being reached until September, fully a month or six weeks later
than normal. Further, the expansion between the low month and
the end of the year was unusually small, December's average daily
circulation being only $109,230,000. January, 1922, showed an
average of $100,973,000, with decreases each month thereafter until
the low point of the year was reached in August, which averaged
$79,607,000. The rise toward the end of the year carried the December
average to $101,149,000, the highest month of the year. The daily
average for the year 1922 was $90,924,000, as compared with
$125,312,000 for 1921.
CURRENCY AND COIN SERVICE
(References: Schedules 30, 31-A and 31-B)

On January 16, 1922, this Bank assumed in full the facilities and
services formerly offered by sub-treasuries, with respect to exchanges,
replacements and redemption of United States paper currency, and
with respect to the exchange and redemption of United States coin.
The sub-treasury at Baltimore was discontinued in January, 1921,
and the Baltimore Branch has since that time been performing the
function previously performed by the sub-treasury.
The Federal Reserve Bank of Richmond has rendered a material
service to the banks in this District by the prompt handling of a
large volume of currency and coin. Currency and coin amounting to
$283,611,960 was received from member and non-member banks
during the year, and there was paid or shipped to banks during the
same period $281,644,057, making a total of $565,256,017 received
from and paid to banks, which exceeded the amount thus handled
during 1921 by $55,672,084.
There were received from all sources, and counted, 98,415,454
pieces of currency, amounting to $425,519,096, and there were paid
out and returned for redemption 98,103,476 pieces of currency,
amounting to $425,217,228, an increase of 22,761,188 in the number
of pieces handled, as compared with the number of pieces handled in
1921.
The cost of currency and coin service rendered to member banks
is absorbed by the Federal Reserve Bank, and the service rendered
to non-member banks is on exactly the same basis as that formerly
rendered by the sub-treasuries.



FEDERAL RESERVE BANK OF RICHMOND

17

BOND COUPONS CUT FOR BANKS
(Reference: Schedule 25)

This Bank receives from member banks securities as collateral
for Government deposits, for discounts, for marginal collateral, for
War Savings consignments, and also for safe-keeping; and from
non-member banks it receives securities as collateral for Government
deposits and War Savings consignments. A very large portion of
these securities consists of Liberty Bonds and Victory Notes, the
interest on which is represented by coupons.
The Federal Reserve Bank clips all coupons as they mature, from
all bonds held as collateral and for safe-keeping, unless specifically
requested not to do so. During the year 160,541 coupons, with a
value of $2,284,843, were clipped and accounted for to the banks for
whose accounts the securities were held.
RESERVE POSITION
(Reference: Schedule 17)

The daily average of total deposits, by months, in 1922, fluctuated
between very narrow limits, the average of $56,482,011 in March
being the lowest, while the highest daily average for any month was
$61,703,375, which was reached in November, with an average of
$59,178,451 for the year as compared with $57,037,772 for 1921.
The daily average combined deposit and Federal Reserve Note
liability, by months, reached the lowest average of $139,243,347 in
August, and the highest average of $161,406,376 in December, with
an average for the year of $150,102,484.
The daily average of outstanding accommodations to member
banks, as shown in Schedule 7-G, decreased steadily from an average
during January of $90,006,614 to an average of $35,900,739 in August.
The average then increased month by month during the remainder
of the year.
The reserve held showed a steady increase from month to month
until November, with the exception of July, when a very small decrease
was shown.
The percentage of reserve against combined liability averaged
45.27% in January, and increased steadily until a daily average of
78.06% was reached in August. The average then decreased until
an average of 68.56% was established for December.
The daily average for the year was 66.57%, as against 43.24% for
1921.
Schedules 15, 16 and 17 will prove very interesting in connection
with a study of the reserve position.



18

EIGHTH ANNUAL REPORT OF THE

MOVEMENT OF MEMBERSHIP
(Reference: Schedule 18)

The number of National banks has increased -during the year
from 560 to 566, and the number of State bank members has increased
from 66 to 68, a net increase in membership of eight banks.
The aggregate stock subscriptions increased during the year from
108,571 shares to 111,909 shares, the net increase in the paid-in capital
of the Bank being $166,900.
The State banks admitted to membership during the year are as
follows:
Name

Location

Farmers Bank of Pendleton
Franklin, W. Va
Forest Hill State Bank
Forest Hill, Md
Peoples Trust Company
Martinsburg, W. Va
Bank of Victoria
Victoria, Va
State & City Bank & Trust Co.. Richmond, Va
Bank of Harper's Ferry
Harper's Ferry, W. Va...
Peoples Bank
Bishopville, S. C
Farmers Commercial Bank
Benson, N. C

Date

Resources

2- 9-22 $ 593,000
3- 3-22
213,000
4-20-22
1,622,000
5-12-22
367,000
6-30-22 21,706,000
9- 5-22
176,000
9- 6-22
365,000
11-29-22
491,000

The combined capital and surplus of the eight new State bank
members on December 31, 1922, was $3,130,000, with resources
aggregating $25,532,000.
During the year, two State bank members, with combined capital
and surplus of $240,000, withdrew from membership; two were
converted into National banks; and two consolidated, later converting
into a National bank.
Five State bank members opened seven branches, making a total
of twenty-two branches operated by State member banks in this
District.
BANK RELATIONS DEPARTMENT
Prior to the year 1922, representatives of this Bank did considerable
work among the member and non-member banks in the District,
but the work was largely confined to visits to non-member banks in
connection with our par point campaign. The gratifying results
obtained led to the formal organization, on February 15, 1922, of
the Bank Relations Department, composed of men trained along
special lines, with particular reference to the relations which banks
generally sustain to the Federal Reserve Bank in its daily operations,
and in the exercise of its various functions under the Act.



FEDERAL RESERVE BANK OF RICHMOND

19

During the year 1922 the representatives from the Bank Relations
Department, at the Head Office, made 421 visits to banks, 304 visits
to member banks and 117 visits to non-member banks; while the
representatives from this Department of the Baltimore Branch
made 423 visits to banks, of which 202 were to 178 member banks,
and 221 to 190 non-member banks. A total of 844 visits were made
by the Bank Relations Department of the Head Office 'and the
Baltimore Branch. Our representatives have endeavored in each
case to bring about a better understanding of the Federal Reserve
System by explaining the underlying principles of the Federal Reserve
Act and the detailed operations of the Federal Reserve Bank of
Richmond, and have also endeavored to establish and maintain close
and friendly relations with the banks of the District. A number of
our member banks have been visited one or more times throughout
the year, in order that the executive officers of the Federal Reserve
Bank might keep in close touch with their condition.
The annual bankers' association conventions of every State in
the District have been attended by one or more representatives of
this Bank. Seven addresses have been made by officers of the Bank
at such gatherings as bankers' conventions, group meetings, Kiwanis
Clubs, etc., throughout the District, and forty-nine talks on banking
were made in public schools and business colleges in Richmond by
officers and employees of this Bank, in connection with the educational
program of the A. I. B.
The work outlined above has certainly resulted in a better understanding of the policy and operation of the Federal Reserve Bank on
the part of the banks visited, and we hope it has aided in the establishment of those cordial and friendly relations which it is our constant
aim to foster.
BANK EXAMINATION DEPARTMENT
This department has functioned in a very satisfactory way during
the year. The examiners have been at all times in close touch with
the officers of the Bank and the Credit Department. Their examinations have not been merely perfunctory, but have been very thorough.
Full and complete credit data is obtained on every credit line of
importance in the bank under examination.
The most cordial relations with the various State bank examiners
is enjoyed, and joint examinations of State member banks have been
made in every State in the District.



20

EIGHTH ANNUAL REPORT OF THE

Examinations have been made during the year as follows:
State bank members examined jointly with State authorities.... 65
State bank members examined independently by Federal Reserve
examiners
30
State banks examined in connection with their application for
membership in the Federal Reserve System
11
National banks examined jointly with National Bank examiners...
0
National banks examined independently by Federal Reserve
examiners
4
Total

110
CAMPAIGN FOR PAR POINTS

In reporting the progress of our campaign for par points in the
year 1922, it will be necessary to refer briefly to our last year's report.
On February 5, 1921, the Legislature of North Carolina passed
an act entitled "An Act to Promote the Solvency of State Banks,"
according to the provisions of which banks in North Carolina were
not required to pay checks presented to them by the Federal Reserve
Bank, or any of its agencies, in money, but could tender their drafts
upon correspondent banks in payment. The act also provided that
State banks in North Carolina could deduct exchange when remitting
for checks sent them by mail, and also forbid notaries public to protest
checks, payment for which had been refused by the banks on which
they were drawn solely because a demand had been made for payment
in money. The Report for 1921 mentioned the suit which was brought
as a result of the action of the Federal Reserve Bank of Richmond
in presenting checks and demanding payment in money in the cases
of State banks in North Carolina which refused to remit at par for
checks sent them through the mails. Mention was also made of the
Court order restraining the Federal Reserve Bank of Richmond from
returning as dishonored checks presented to the plaintiff banks,
for which they had refused to make payment in money. On December
31, 1921, out of 2,195 banks in the District, 1,615 were par and 580
non-par, the non-par banks being 254 in North Carolina, and 326
in South Carolina.
The action which had been brought by certain banks and trust
companies, organized under the laws of the State of North Carolina
and not members of the Federal Reserve System, against the Federal
Reserve Bank of Richmond, to obtain an injunction to prevent the
Reserve Bank from refusing to accept exchange drafts drawn by the



FEDERAL RESERVE BANK OF RICHMOND

21

plaintiffs on their reserve deposits and from returning as dishonored,
checks for which plaintiffs had tendered exchange drafts, as outlined
above, was tried in 1922 at the February term of the Superior Court
of Union County, North Carolina. The decision of the Court in
this case was to the effect that the Federal Reserve Bank of Richmond
had not undertaken to accumulate checks in order to embarrass
plaintiff banks, nor had it undertaken to coerce non-par banks, but
the Court held that the Act of the Legislature referred to above, was
constitutional. The Federal Reserve Bank of Richmond appealed
from this decision to the Supreme Court of North Carolina, which
court delivered an opinion reversing the action of the lower court,
declaring the Act of the North Carolina Legislature unconstitutional
and recognizing the right of the Federal Reserve Bank of Richmond
to present checks at the counters of State banks for payment in
money. After this decision, the State banks filed a petition for a
rehearing, which was granted in October, 1922, and, after considering
supplementary briefs, the Supreme Court dismissed the petition
without modifying its former opinion. One of the members of the
court dissented from this action, but filed no dissenting opinion.
Counsel for the State banks in North Carolina announced their
intention of applying to the Supreme Court of the United States for
a writ of certiorari, which action has since been taken.
On December 31, 1922, 1,594 banks out of a total of 2,162 banks
in the District were par. There were 255 banks in North Carolina
and 313 banks in South Carolina not on the par list. The non-par
banks in North Carolina consist of 226 banks which are parties to
the injunction suit against the Federal Reserve Bank, and twenty-nine
banks which are on a supplementary list by reason of the fact that
while not joined with the "injunction banks," have refused to remit
at par and refused to pay their checks in money when presented at
their counters by representatives of the Reserve Bank.
INTERNAL ORGANIZATION
The board of directors met monthly throughout the year 1922,
and the following figures indicate the attendance:
3 directors
3 directors
1 director
2 directors

attended
attended
attended
attended

12 meetings
11 meetings
10 meetings
8 meetings

In the annual election, Jno. F. Bruton, President First National
Bank of Wilson, N. C , Class A Director, and Edwin C. Graham,



22

EIGHTH ANNUAL REPORT OF THE

President National Electric Supply Co., Washington, D. C , Class B
Director, were elected to succeed themselves for three year terms
from January 1, 1923.
The Federal Reserve Board appointed Robert Lassiter, Manufacturer of Charlotte, N. C , a Class C Director to succeed Jas. A.
Moncure, whose term expired December 31, 1922, and redesignated
Caldwell Hardy Chairman of the Board and Federal Reserve Agent
for 1923. Frederic A. Delano, Washington, D. C , a Class C Director,
was designated Deputy Chairman.
During the year 1922 the following changes occurred in the
official staff: A. H. Dudley, formerly Assistant Federal Reserve
Agent at Richmond, was appointed Manager of the Baltimore Branch,
effective March 1st, succeeding M. M. Prentis, resigned. R. H. Lee
of the Federal Reserve Agent's Department was appointed an
Assistant Federal Reserve Agent, effective March 1st.
E. G. Grady, formerly Auditor, was made Controller of Accounts,
effective April 16th, and Assistant Manager of the Baltimore Branch,
effective January 1, 1923; and Hugh Leach, formerly Assistant
Auditor, was made Auditor as of April 16th. J. T. Garrett was made
an officer of the Bank, with title of "Manager of the Bank Relations
Department," effective March 1st.
Schedule 40 gives a classified summary of the number of officers
and employees with their aggregate salaries on December 31, 1922,
as compared with corresponding dates in the four previous years.
In examining this schedule, in the light of the notes appended thereto,
and comparing the personnel as of December 31, 1921 and December
31, 1922, it will be noted that there has been a decrease of thirty-nine
in the number of persons actually employed and paid by the Bank.
This reduction represents a decrease of fifty-one in the Richmond
office, partially offset by a gain of twelve at the Baltimore Branch.
A complete list of officers and directors for the year 1923, appears
on page 6.
The following table summarizes the changes in personnel from a
different angle and in greater detail than that shown by Schedule 40:




23

FEDERAL RESERVE BANK OF RICHMOND

PERSONS WHOSE SALARIES ARE
PAID BY THE BANK

Richmond Office:
Male
Female
Total...
Baltimore Branch:
Male
Female
Total
Both Offices combined:
Male
Female
Total...

Dec. 31,
1921

287
281
568

Dec. 31,
1922

265
252 .
517

Net Change
Number Per Cent
—22
—29
—51

—7.7
—10.3
—9.

83

83

89
172

101

184 "

370
370

348
353

740

701

1
2

1
2

3

3

1
1

6
4

+5
+3

2

10

+8

3
5
8

+3
+5
+8
+8

5

10
11
21

372
373

358
364

—14
—9

—3.8
—2.4

745

722

—23

—3.1

+ 12
+12

+13.5
+7.

—22
—17
—39

—5.9
—5.3

PERSONS FOR WHOSE SALARIES THE
BANK IS REIMBURSED (ALL BEING
AT THE RICHMOND OFFICE) :

Total
(—) Denotes decrease.



<M CO

Government Savings Organization
(Reimbursed by the Treasury
Department of the U. S.):
Male
Female
Total
War Finance Corporation (Reimbursed by that Corporation):
Male
Female
Total
Cafeteria (Reimbursed from income
of cafeteria):
Male
Female
Total
By all three agencies:
Male
Female
Total
Grand Totals:
Male
Female.

+8

+16

(+) Denotes increase.

24

EIGHTH ANNUAL REPORT OF THE

MEMBER FEDERAL ADVISORY COUNCIL
At their meeting on December 14, 1922, the directors elected
John M. Miller, Jr., President First National Bank, Richmond, Va.,
as member of the Federal Advisory Council from the Fifth Federal
Reserve District for the year 1923, to succeed Joseph G. Brown,
President Citizens National Bank, Raleigh, N. C , whose term expired
December 31, 1922.
BALTIMORE BRANCH
The territory served by the Baltimore Branch comprises the State
of Maryland and the following thirty counties in Northern West
Virginia:
Barbour
Berkeley
Braxton
Calhoun
Doddridge
Gilmer
Grant
Hampshire

Hardy
Harrison
Jackson
Jefferson
Lewis
Marion
Mineral
Monongalia

Morgan
Nicholas
Pendleton
Pleasants
Preston
Randolph
Ritchie

Roane
Taylor
Tucker
Upshur
Webster
Wirt
Wood

There are 464 banking offices in this territor}', of which 161 are
member banks.
The physical volume of business conducted through the Baltimore
Branch during 1922 was considerably larger than in any preceding
year, and the total dollar value of its transactions in 1922 shows
increases in practically every department, as compared with 1921.
The following table shows the percentage increase in the major
operations during 1922, in comparison with the previous three years
(— indicates decrease).
1922, Compared with
1921
Total number checks collected
Total amount checks collected
Total number non-cash collections
handled
Total amount non-cash collections
handled
Total number telegraphic transfers
Total amount telegraphic transfers
Total receipts currency and coin
Total disbursements currency and coin...
Total number notes discounted
Total amount notes discounted



1920

1919

19%
2%

33%
-22%

132%
11%

134%

237%

617%

41%
22%
38%
6%
7%
-40%
-46%

55%
29%
19%
16%
13%
-40%
-61%

No record
156%
50%

38%
31%
No record.
-67%

FEDERAL RESERVE BANK OF RICHMOND

25

The actual number and amount of the Branch transactions are
included in the aggregate volume reported by the Head Office.
The number of officers and employees was increased from 172 on
January 1, 1922, to 184 at the close of the year, 101 of whom are
women and eighty-three men. The increase in the clerical force
was necessitated by the materially increased volume of checks
collected and non-cash collection items handled for member banks.
By reason of the change in the volume of work in several departments of the Branch, certain departments have been reorganized
during the year. Mr. Richard Bradley, formerly junior Assistant
Federal Reserve Agent, in charge of the Credit Department, was
designated Manager of the Discount and Credit Department, and Mr.
C. Scott Donohue was appointed Acting Assistant Federal Reserve
Agent to provide relief for the Assistant Federal Reserve Agent in
the event of the latter's absence from the bank.
Effective March 1, 1922, Mr. Morton M. Prentis, Manager and
Director of the Baltimore Branch from the date of its establishment,
resigned, and Mr. Albert H. Dudley, formerly Assistant Federal
Reserve Agent at Richmond, was appointed Manager and Director
as his successor. A vacancy on the Board occurred on March 9, 1922,
in the death of Mr. Charles C. Homer, Jr., a director of the Baltimore
Branch from the date of its establishment. On June 22, 1922, the
Board of Directors of the Federal Reserve Bank of Richmond
appointed Mr. Carter G. Osburn, President of the Farmers and
Merchants National Bank, of Baltimore, a director of the Baltimore
Branch to fill the unexpired term of Mr. Homer to December 31, 1922.
As of December 31, 1922, the following is the staff of directors
and officers, all of whom have been re-elected to serve the following
year:
DIRECTORS (1923)
ALBERT H. DUDLEY, Manager, Baltimore Branch.
WILLIAM INGLE, President, Baltimore Trust Company, Baltimore.
WALDO NEWCOMER, President, National Exchange Bank, Baltimore.
H. B. WILCOX, Vice-President, Merchants National Bank, Baltimore.
CARTER G. OSBXJRN, President, Farmers and Merchants National Bank, Baltimore.
OFFICERS (1923)
ALBERT H. DUDLEY, Manager.
E. G. GRADY, Assistant Manager.

THOS. I. HAYS, Assistant Cashier.
CHARLES N. DULEY, Assistant

CHARLES H. WYATT, Cashier.
F. McC. LEEKE, Assistant Cashier.

Federal Reserve Agent.
C. P. HAMMOND, Assistant Cashier.

M. F. REESE, Assistant Cashier.

HENRY SCHUTZ, Auditor.




26

EIGHTH ANNUAL REPORT OF THE

A representative from the Bank Relations Department of the
Baltimore Branch visited every member bank in the Branch territory
during 1922, except five. Of a total of 423 visits made to banks, 202
were to 178 member banks, and 221 were to 190 non-member banks.
This policy has resulted in establishing a close relationship between
the member banks and the Branch, both the Baltimore City and
country banks evidencing a spirit of hearty co-operation.
The Baltimore Branch continues to render a valuable service
to Baltimore banks by effecting daily settlements of Clearing House
balances by debits or credits to the reserve accounts of member banks.
This method of settling Clearing House balances by book entries
has removed the risk formerly involved in transporting daily large
sums of money from one bank to another. During 1922 settlement of
these Clearing House balances aggregating $1,752,809,412.09 was
made by the Baltimore Branch. Another distinct service rendered
to Baltimore banks by the Branch is the personal presentation of
checks drawn on Baltimore banks not members or associate members
of the Clearing House. A number of such banks are located in
outlying districts of the city, and in accepting deposits of such
checks from Baltimore and out-of-town member banks, a service is
rendered by the Branch which eliminates considerable risk for member
banks. During 1922 such transactions involving 290,783 checks,
aggregating $27,389,200, were conducted by the Branch.
FIDUCIARY POWERS
Applications for permission to exercise fiduciary powers, under
authority of the Federal Reserve Act as amended September 26, 1918,
have been granted during the year to the following members:
Name
Second National Bank
National Bank of Baltimore
Frederick County National Bank.
The Citizens National Bank
Peoples National Bank
American National Bank
Beckley National Bank
Flat Top National Bank
Charleston National Bank
First National Bank
Charlotte National Bank
First National Bank



Location
Washington, D. C.
Baltimore, M d . . . .
Frederick, Md
Emporia, Va
Leesburg, Va
Portsmouth, Va...
Beckley, W. V a . . .
Bluefield, W. Va..
Charleston, W. Va.
St. Mary's, W. Va.
Charlotte, N. C...
Mooresville, N. C.

Powers Granted
10-19-22
6-29-22
5-17-22
8- 9-22
4- 5-22
11- 1-22
4- 5-22
5-17-22
6-20-22
2-27-22
12-12-22
11-29-22

(a)
(b)
(b)
(b)
(b)
(c)
(b)
(d)
(b)
(b)
(b)
(b)

27

FEDERAL RESERVE BANK OF RICHMOND
Name
Citizens National Bank
Commercial National Bank
Planters National Bank
Farmers National Bank & Trust Co..
First National Bank
Woodside National Bank
First National Bank

Location

Powers Granted

Raleigh, N. C
Raleigh, N. C
Rocky Mount, N. C.
Winston-Salem,N. C
Elloree, S. C
Greenville, S. C-....
Holly Hill, S. C

7-11-22
3-22-22
10-24-22
11-23-22
3-17-22
12-13-22
2- 8-22

(b)
(b)
(b)
(b)
(b)
(b)
(e)

(a) Authorized to act when not in contravention of State or local law, as:
Trustee, Executor, Administrator, Registrar of Stocks and Bonds, Guardian of
Estates, Assignee, Receiver, Committee of Estates of Lunatics.
(b) Authorized to act when not in contravention of State or local law, as:
Trustee, Executor, Administrator, Registrar of Stocks and Bonds, Guardian of
Estates, Assignee, Receiver, Committee of Estates of Lunatics, or in any other
fiduciary capacity in which State banks, trust companies, or other corporations
which come into competition with National banks are permitted to act under
the laws of
(name of State in which bank is
located), the exercise of such rights to be subject to the provisions of
the Federal Reserve Act and the Regulations of the Federal Reserve Board.
(c) Special power "Trustee for Bond Issues."
(d) Application amended to include all powers.
(e) All powers except "Registrar of Stocks and Bonds," which power was
not included in the bank's application, and therefore not granted.

A list of all banks in the Fifth District thus far authorized to
exercise fiduciary powers appears on page 33 of this report.
BANKS AUTHORIZED TO ACCEPT UP TO 100%
OF CAPITAL AND SURPLUS
The following is a list of all banks, as of December 31, 1922, which
have received permission to accept drafts and bills of exchange up to
100% of their capital and surplus:
Baltimore Commercial Bank
Baltimore Trust Company
Citizens National Bank
Drovers and Mechanics National Bank
Farmers & Merchants National Bank
Maryland Trust Company
Merchants National Bank
National Bank of Baltimore
National Exchange Bank
National Marine Bank
National Union Bank of Maryland
Western National Bank
First National Bank



Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
.Baltimore, Md.
Danville, Va.

28

EIGHTH ANNUAL REPORT OF THE
Merchants National Bank
Citizens Bank of Norfolk
National Bank of Commerce
Norfolk National Bank
Seaboard National Bank
Virginia National Bank
American National Bank
Central National Bank
Bank of Commerce & Trusts
First National Bank
Merchants National Bank
Planters National Bank
Murchison National Bank
Bank of Charleston, N. B. A
Peoples National Bank
Edisto National Bank
Peoples National Bank

Hampton, Va.
Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Wilmington, N. C.
Charleston, S. C
Charleston, S. C.
Orangeburg, S. C.
Rock Hill, S. C.

MONTHLY REPORT OF GENERAL BUSINESS AND
AGRICULTURAL CONDITIONS
The monthly publication of our Report of General Business and
Agricultural Conditions was continued during 1922. As in previous
years, this Report was carefully compiled from direct sources, information having been received regularly from representative financial,
industrial, commercial and agricultural authorities. The Report
presents a bird's-eye view of business activity as a whole in the Fifth
District, and gives accurate statistics relating to several of the chief
indicators of progress. Figures that show the number and value
of building permits issued in twenty-four of the District's leading
cities are given each month, and a table showing debits to individual
accounts in Clearing House banks in twenty-three cities is also
published. A section on retail trade shows in percentage form all
increases or decreases in net sales and stocks carried by twenty-five
leading department stores, the current month being compared with
the corresponding month of the preceding year, and other figures
indicate the velocity of stock turn-over and the amounts of outstanding
orders for merchandise in the same stores. Similar figures are given
in another section on wholesale trade in six leading lines. Agricultural
notes appear each month, special attention being given to cotton and
tobacco. Finally as a supplement to the report on the Fifth District,
a summary of national conditions is included. The circulation of
the report numbers 8,000 copies at the end of 1922, copies going to
all sections of the United States and a few foreign countries. The
report is sent free to any person upon request.



FEDERAL RESERVE BANK OF RICHMOND

29

FISCAL AGENCY OPERATIONS
(References: Schedule 36 to 38, Inclusive.)

As Fiscal Agent of the United States Government, the Federal
Reserve Bank of Richmond continued during 1922, to receive and
disburse funds for the acco'unt of and under instructions from the
United States Treasury Department. The Bank handled the sale,
delivery and redemption of Victory Notes, United States Certificates
of Indebtedness, Treasury Notes and Government Savings Securities
in this District, and also the exchange, conversion and registration of
Liberty Loan Bonds and Victory Notes for banks and the public.
During the year we handled for exchange and redemption 362,137
Liberty Loan Bonds and Victory Notes having a face value of
$122,655,500. Certificates of Indebtedness and Treasury Notes
numbering 62,466, aggregating $164,763,500, were sold, redeemed
and exchanged, and War Savings Securities numbering 1,534,868,
with a maturity value of $8,876,201 were sold, redeemed and handled
preparatory to redemption.
Coupons from United States securities paid and charged to the
account of the Treasurer of the United States during the year
numbered 2,561,393, aggregating $17,283,218.
Reference is made to Schedules 36, 37 and 38, for further details
in connection with the Fiscal Agency operations for the year 1922,
and comparisons with the previous year.
GOVERNMENT SAVINGS ORGANIZATION
This organization, consisting of a director and two stenographers,
acts, under the general supervision of the Governor of the Bank,
as a publicity agency in furthering the sale of Treasury savings
securities. This organization is strictly speaking, not a part of the
Bank's force, but rather a special group employed for extra work as
directed by the United States Treasurj^ Department, which reimburses
the Bank in full for their salaries.
WAR FINANCE CORPORATION
This Bank has continued throughout the year to act as Fiscal
agent for the War Finance Corporation, and as such has made the
advances authorized by the Corporation in this District. In the
capacity of Fiscal Agent, this Bank is not called upon to pass upon
applications for loans or the sufficiency of collateral. These matters
are handled under the direction of the Corporation by representatives
specially appointed in different localities and by the directors of the




30

EIGHTH ANNUAL REPORT OF THE

Corporation in Washington. Upon receipt of proper authority we
accept from the banks, corporations, or persons to whom a loan has
been granted, the obligations and collateral which have been accepted
by the directors of the War Finance Corporation, and upon specific
authority we pay over the amount of the loan.
We accept and take charge of all collateral offered, forwarding it
for collection at the proper time under the direction of the Corporation,
and accept payments and part payments in accordance with regulations made by the Corporation. Advances numbering 101, amounting
to $7,764,900, were made through us during the latter part of 1921.
Advances numbering 603, amounting to $18,385,052.35, were made
during the year 1922.
The outstanding accommodations reached the high point of
$18,620,671 on April 17, 1922, since which time the number of
advances has steadily decreased and many loans have been paid
at maturity. The total loans outstanding on December 31, 1922
was $9,444,669.
There are ten clerks who give their entire time to this work, under
the supervision of the officers. The salaries of employees are paid
by the War Finance Corporation.




Appendix I
LIST OF STATE MEMBER BANKS IN FIFTH DISTRICT
December 31, 1922
District of Columbia.
Name of Bank

Location

Continental Trust Company

Washington

Date Admitted
Nov. 2, 1914.

Maryland
Baltimore Commercial Bank
Liberty Bank of Baltimore County
Baltimore Trust Company
Maryland Trust Company
The Hamilton Bank
The Overlea Bank
Farmers & Merchants Bank
Forest Hill State Bank

Baltimore
Baltimore
Baltimore
Baltimore
Hamilton
Overlea
Salisbury
Forest Hill

Nov. 14, 1917.
July 15, 1918.
Nov. 9, 1917.
Jan. 7, 1918.
Sept. 20, 1918.
Feb. 10, 1919.
Dec. 1, 1921.
Mar. 3, 1922.

West Virginia
The Berwind Bank
Kanawha Valley Bank
The Franklin Bank
;
Farmers Bank of Pendleton
:
Graf ton Banking & Trust Company
Putnam County Bank
Shenandoah Valley Bank & Trust Co
The Peoples Trust Company
Potomac Valley Bank
Pleasants County Bank
Merchants & Producers Bank
Bank of Harper's Ferry

Berwind
Charleston
Franklin
Franklin
Graf ton
Hurricane
Martinsburg
Martinsburg
Petersburg
St. Mary's
Salem
Harper's Ferry

Mar. 23, 1920.
Jan. 21, 1918.
Aug. 5, 1918.
Feb. 9, 1922.
Nov. 27, 1917.
June 8, 1920.
Nov. 12, 1921.
April 20, 1922.
May 26, 1921.
July 16, 1921.
Oct. 3, 1921.
Sept. 5, 1922.

Virginia
Citizens Bank & Trust Company
Peoples Bank & Trust Company
Bank of Christiansburg
Bank of Lunenburg
Citizens Bank of Norfolk
Petersburg Savings & Trust Company
Bank of Commerce & Trusts
Savings Bank
The Union Bank
Peoples Bank
State and City Bank & Trust Company...
Bank of Victoria
Peoples State Bank



.Blackstone
Nov. 15, 1919.
Chase City
Sept. 22, 1917.
Christiansburg.. . .Dec. 20, 1918.
Kenbridge
May 27, 1921.
Norfolk
Dec. 5, 1917.
Petersburg
July 6, 1920.
Richmond
June 2, 1919.
Richmond
Nov. 2, 1914.
Richmond
Sept. 6, 1918.
Rural Retreat
Mar. 13, 1920.
.Richmond
June 30, 1922.
Victoria
May 12, 1922.
Galax
Sept. 13, 1920.

32

EIGHTH ANNUAL REPORT OF THE

North Carolina
Farmers Bank
American Trust Company
Independence Trust Company
Bank of Edenton
Carolina Banking & Trust Company
Farmers Bank & Trust Company
Carolina Bank & Trust Company
Bank of Morehead City
New Bern Banking & Trust Company
The Peoples Bank
Farmers Banking & Trust Company
Bank of Washington.
The Planters Bank
Wachovia Bank & Trust Company
Farmers Commercial Bank

Belhaven
May 27, 1921.
Charlotte
Sept. 11, 1918.
Charlotte
Nov. 18, 1919.
Edenton
April 1, 1921.
Elizabeth City... .Oct. 6, 1921.
Forest City
Nov. 26, 1920.
Henderson
April 20, 1921.
Morehead City... .Mar. 11, 1920.
New Bern
Feb. 1, 1918.
New Bern
April 8, 1919.
Tarboro
Feb. 27, 1920.
Washington
Jan. 25, 1921.
Wilson
May 28, 1920.
Winston-Salem... .July 1, 1918.
Benson
Nov. 29, 1922.

South Carolina
Peoples Bank
Carolina Savings Bank
Merchants & Farmers Bank
Bank of Cheraw
The Commercial Bank
Bank of Darlington
Commercial & Savings Bank
Palmetto Bank & Trust Company
Bank of Georgetown
Peoples Bank
Bank of Hartsville
Citizens Bank & Trust Company
Farmers Bank
The Home Bank
Peoples Bank
Nicholson Bank & Trust Company
Farmers Bank & Trust Company
Westminster Bank
Bank of Woodruff




Bishopville
Charleston
Cheraw
Cheraw
Chester
Darlington
Florence.
Florence
Georgetown
Georgetown
Hartsville
Rock Hill
St. George
St. Matthews
Sumter
Union
Walterboro
Westminster
, . .Woodruff

Sept. 6, 1922.
Sept. 24, 1918.
Jan. 3, 1916.
May 3, 1918.
Sept. 19, 1918.
Sept. 30, 1918.
Oct. 24, 1918.
May 31, 1921.
Oct. 7, 1918.
Dec. 20, 1918.
Oct. 15, 1915.
Oct. 17, 1919.
April 5, 1920.
Mar. 5, 1919.
Mar. 4, 1916.
Sept. 9, 1918.
May 4, 1921.
Dec. 3, 1917.
Nov. 2, 1914.

Appendix II
A LIST OF ALL BANKS IN FIFTH FEDERAL RESERVE
DISTRICT AUTHORIZED TO EXERCISE
FIDUCIARY POWERS
Under Section 11 (k) of the Federal Reserve Act, as Amended.,
as of December 31, 1922
Name

Location

Commercial National Bank
Washington, D. C.
Farmers and Mechanics Nat'l. Bank of Georgetown. .Washington, D. C.
Federal National Bank
Washington, D. C.
Lincoln National Bank
Washington, D. C.
National Metropolitan Bank
Washington, D. C.
National Bank of Washington
Washington, D. C.
Biggs National Bank
Washington, D. C.
Second National Bank
Washington, D. C.
Drovers and Mechanics National Bank
Baltimore, Md.
Farmers & Merchants National Bank
Baltimore, Md.
Merchants National Bank
Baltimore, Md.
National Bank of Baltimore
Baltimore, Md.
Western National Bank
Baltimore, Md.
Second National Bank
Cumberland, Md.
Frederick County National Bank
Frederick, Md.
Farmers & Mechanics National Bank
Frederick, Md.
Second National Bank
Hagerstown, Md.
First National Bank
Hyattsville, Md.
First National Bank
New Windsor, Md.
Citizens National Bank
Pocomoke City, Md.
National Bank of Rising Sun
Rising Sun, Md.
Montgomery County National Bank
Rockville, Md.
Salisbury National Bank
Salisbury, Md.
First National Bank
.Abingdon, Va.
Citizens National Bank
Alexandria, Va.
First National Bank
Alexandria, Va.
First National Bank
Appalachia, Va.
National Bank of Charlottesville
Charlottesville, Va.
Peoples National Bank
Charlottesville, Va.
First National Bank
Chase City, Va.
First National Bank
Chatham, Va.
Clifton Forge National Bank
^ . .Clifton Forge, Va.
First National Bank
Clifton Forge, Va.
Citizens National Bank
Covington, Va.
Covington National Bank
Covington, Va.
American National Bank
Danville, Va.
First National Bank
Danville, Va.



(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a}
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(a)
(b)
(a)
(a)
(b)
(a)
(a)
(b)
(b)
(a)
(a)
(a)
(a)
(b)
(b)
(a)
(a)
(a)
(a)
(a)
(b)
(b)

34

EIGHTH ANNUAL REPORT OF THE

The Citizens National Bank
Planters National Bank
First National Bank
Peoples National Bank
Rockbridge National Bank
Peoples National Bank
;
First National Bank
National Bank of Commerce
Seaboard National Bank
Virginia National Bank
American National Bank
The Peoples National Bank
The Pulaski National Bank
American National Bank
Central National Bank
First National Bank
Merchants National Bank
American National Bank
First National Bank
National Exchange Bank
Peoples National Bank
Boston National Bank
Planters & Merchants National Bank
Augusta National Bank
National Valley Bank
Fauquier National Bank
Farmers & Merchants National Bank
Shenandoah Valley National Bank
Beckley National Bank
First National Bank
Flat Top National Bank
Charleston National Bank
Union National Bank
Empire National Bank
National Bank of Fairmont
First National Bank
First National Bank
First National Bank
Huntington National Bank
Madison National Bank
Old National Bank
Farkersburg National Bank
First National Bank
First National Bank
American National Bank.
Charlotte National Bank
Commercial National Bank
Merchants & Farmers National Bank
Union National Bank
First National Bank



Emporia, Va.
Fredericksburg, Va.
Harrisonburg, Va.
Leesburg, Va.
Lexington, Va.
Martinsville, Va.
Newport News, Va.
Norfolk, Va.
Norfolk, Va.
Petersburg, Va.
Portsmouth, Va.
Pulaski, Va.
Pulaski, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Roanoke, Va.
Roanoke, Va.
Roanoke, Va.
Rocky Mount, Va.
South Boston, Va.
South Boston, Va.
Staunton, Va.
Staunton, Va.
Warrenton, Va.
Winchester, Va.
Winchester, Va.
.Beckley, W. Va.
Bluefield, W. Va.
Bluefield, W. Va.
Charleston, W. Va.
Clarksburg, W. Va.
Clarksburg, W. Va.
Fairmont, W. Va.
Fairview, W. Va.
Grafton, W. Va.
Huntington, W. Va.
Huntington, W. Va.
Madison, W. Va.
Martinsburg, W. Va.
Parkersburg, W. Va.
St. Mary's, W. Va.
Welch, W. Va.
Asheville, N. C.
Charlotte, N. C.
Charlotte, N. C.
Charlotte, N. C.
Charlotte, N. C.
, .Durham, N. C.

(b)
(b)
(a)
(b)
(b)
(a)
(a)
(a)
(b)
(a)
(a)
(b)
(b)
(a)
(b)
(b)
(b)
(a)
(b)
(b)
(a)
(b)
(a)
(b)
(b)
(b)
(b)
(a)
(b)
(b)
(b)
(b)
(a)
(a)
(b)
(a)
(b)
(b)
(b)
(a)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)

FEDERAL RESERVE BANK OF RICHMOND
First & Citizens National Bank
Wayne National Bank
National Bank of Alamance
Commercial National Bank
The First National Bank
National Bank of New Bern
First National Bank
Citizens National Bank
Commercial National Bank
Planters National Bank
Farmers National Bank & Trust Company
Atlantic National Bank
Commercial National Bank
Peoples National Bank
National Loan & Exchange Bank
First National Bank
First National Bank
Norwood National Bank
Peoples National Bank
The Woodside National Bank
The First National Bank.'.
Farmers & Merchants National Bank
Edisto National Bank.
National Union Bank
Central National Bank
First National Bank
(a) Limited or specified powers.
(b) Full powers.




Elizabeth City, N. C.
Goldsboro, N. C.
Graham, N. C.
High Point, N. C.
Mooresville, N. C.
New Bern, N. C.
Oxford, N. C.
Raleigh, N. C.
Raleigh, N. C.
Rocky Mount, N. C.
Winston-Salem, N. C.
Charleston, S. C.
Charleston, S. C.
Charleston, S. C.
Columbia, S. C.
Elloree, S. C.
Greenville, S. C.
Greenville, S. C.
Greenville, S. C.
Greenville, S. C.
Holly Hill, S. C.
Lake City, S. C.
Orangeburg, S. C.
Rock Hill, S. C.
Spartanburg, S. C.
Spartanburg, S. C.

35
(b)
(b)
(b)
(a)
(b)
(a)
(a)
(b)
(b)
(b)
(b)
(b)
(b)
(a)
(b)
(b)
(b)
(b)
(a)
(b)
(a)
(a)
(b)
(b)
(a)
(b)




Part II
Schedules Reflecting the Operations
OF THE

Federal Reserve Bank of Richmond
During 1922
AND

Showing the Financial Condition
at the Close of Business




December 31, 1922




,39

FEDERAL RESERVE BANK OF RICHMOND
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

F R. NOTE CIRCULATION

PU RCHAJ>ED Bl -LS

UNITED STATES SEC URITIE S
-

A
^

1920




1A
t

^

1921

1922

MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922
FEDERAL RESERVE BANK OF RICHMOND
(Amounts in Thousands of Dollars)

Date

January 4...
January 11..
January 18..
January 25..
February 1..
February 8..
February 15
February 21
March 1
March 8
March 15
March 2 2 . . .
March 29....
April 5
April 12
April 19
April 26
May 3
May 10
May 17
May 24




Total
Earning
Assets
(2 + 5 + 6)

97,903
93,675
93,922
93,697
89,531
85,227
83,979
84,087
80,784
77,869
80,125
81,825
81,213
75,174
70,615
68,126
66,108
63,501
60,773
60,504
58,324

Bills Discounted for
Member Banks

Total

89,502
85,350
85,814
85,672
82,034
77,975
76,822
77,159
73,679
70,483
73,023
74,667
74,509
68,510
64,017
61,476
59,407
56,967
54,509
54,539
52,302

Bills Secured by
Other
U. S. GovBills
ernment Discounted
Obligations

38,451
36,774
38,378
39,253
36,444
34,339
34,999
34,717
32,742
30,416
32,601
31,773
30,997
26,263
23,652
21,696
21,544
19,216
18,704
18,795
17,892

51,051
48,576
47,436
46,419
45,590
43,636
41,823
42,442
40,937
40,067
40,422
42,894
43,512
42,247
40,365
39,780
37,863
37,751
35,805
35,744
34,410

Bills
Bought
in OP e n
Market

3,408
3,332
3,115
3,032
2,504
2,459
2,364
2,135
2,312
2,593
2,309
2,365
1,911
1,871
1,805
1,857
1,908
1,741
1,471
1,172
1,229

United
States
Securities

4,993
4,993
4,993
4,993
4,993
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793

Total
Cash
Reserves

67,511
70,506
71,193
72,551
75,794
80,884
79,253
76,395

81,841
80,306
80,282
84,545
89,188
88,397
91,926
95,605
95,728
95,368
102,402

Member
Banks'
Reserve
Deposits

52,281
53,371
53,739
54,492
53,348
53,939
53,486
52,943
53,426
54,764
55,176
53,025
53,324
53,867
53,648
51,852
54,250
55,368
54,282
54,487
54,791

Total
Deposits

54,816
54,458
55,818
58,335
59,217
57,778
57,859
56,716
56,179
55,784
56,886
57,587
57,885
55,291
56,126
53,706
56,313
56,356
56,038
56,421
61,849

Federal
Reserve
Reserve
Notes in Percentages
Circulation

105,793
102,199
99,206
97,113
96,944
96,379
94,431
94,505
94,544
94,199
92,946
92,603
91,314
92,664
92,190
91,791
89,702
89,723
88,122
87,189
85,804

42.0

45.0
45.9
46.7
48.5
52.5
52.0
50.5
53.7
56.6
54.6
53.5
53.8
57.1
60.1
60.8
63.0
65.4
66.4
66.4
69 4

May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
August 2
August 9
August 16
August 23
August 30
September 6..
September 13.
September 20.
September 27.
October 4
October 1 1 . . .
October 18....
October 2 5 . . .
November 1..
November 8..
November 15.
November 22.
November 29.
December 6..
December 13.
December 20.
December 27.




53,612
48,355
47,632
46,180
45,907
44,122
44,522
43,233
41,011
41,432
40,376
40,496
40,304
41,032
39,587
40,502
46,031
45,065
48,261
46,783
48,705
47,197
46,840
45,342
47,744
50,906
52,601
50,190
53,765
57,695
67,052

47,672
42,699
42,009
40,553
40,244
38,619
39,233
38,017
35,809
36,144
35,194
35,361
35,133
35,904
34,615
35,398
40,934
39,693
42,776
41,638
43,283
41,257
40,728
39,584
41,843
45,022
47,217
44,952
49,195
51,435
56,837

15,928
13,499
14,156
12,658
12,544
12,009
12,864
11,760
9,665
9,804
9,126
9,358
9,312
9,969
9,641
9,951
14,328
12,403
14,034
13,849
15,727
14,484
14,743
14,385
18,523
19,905
19,870
19,162
20,875
20,496
25,024

31,744
29,200
27,853
27,895
27,700
26,610
26,369
26,257
26,144
26,340
26,068
26,003
25,821
25,935
24,974
25,447
26,606
27,290
28,742
27,789
27,556
26,773
25,985
25,199
23,320
25,117
27,347
25,790
28,320
30,939
31,813

1,147
863
830
834
870
710
496
423
409
487
381
334
370
327
271
403
396
671
784
944
1,221
1,739
1,911
2,057
2,200
2,183
2,183
2,037
1,969
1,659
1,614

4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,801
4,801
4,801
4,801
4,801
4,701
4,701
4,701
4,701
4,701
4,201
4,201
4,201
4,201
3,701
3,701
3,701
3,201
3,201
2,601
4,601
8,601

107,182
109,324
111,158
105,576
108,701
104,924
105,863
105,921
109,291
105,713
109,165
108,290
107,562
108,122
105,725
111,752
106,983
111,815
112,447
116,902
114,969
120,928
119,479
124,499
119,976
115,479
118,244
118,769
113,945
107,592
98,525

54,545
57,389
55,175
55,095
55,253
54,617
57,336
57,708
55,799
57,145
56,980
56,374
56,594
56,199
55,922
55,642
55,604
57,394
58,628
59,273
58,582
61,291
60,065
58,690
59,255
58,699
60,919
60,661
57,893
54,938
59,123

63,125
58,633
62,121
56,156
60,328
55,933
58,248
59,326
60,342
57,701
59,207
58,293
58,781
59,654
57,678
58,175
60,027
59,247
58,901
61,554
59,371
62,786
60,425
61,326
61,497
61,138
64,906
62,611
60,182
56,391
60,211

85,771
85,856
84,494
83,620
81,896
82,780
80,970
79,791
78,436
78,129
78,719
79,573
79,744
79,360
82,060
82,803
84,996
86,506
90,506
93,270
95,262
95,433
95,895
96,830
97,101
96,869
96,959
97,918
99,045
103,844
103,398

72.0
75.7
75.8
75.5
76.4
75.6
76.0
76.1
78.8
77.8
79.1
78.5
77.6
77.8
75.7
79.3
73.8
76.7
75.3
75.5
74.3
76.4
76.4
78.7
75.6
73.1
73.1
74.0
71.6
67.1
60.2

s
O
33

3
o

3
o

SCHEDULE No. 1
COMPARATIVE STATEMENT OF CONDITION DECEMBER 31, 1922 AND DECEMBER 31, 1921
December 31, 1921

RESOURCES
RESERVES:

Gold Bullion, Coin and Certificates
Gold Settlement Fund—Federal Reserve Board..

$ 5,728,690.00
27,617,928.96

$ 2,663,247.50
19,094,333.15

Total Gold Held by Bank
Gold with Federal Reserve Agent
Gold Redemption Fund—Federal Reserve Notes.

$33,346,618.96
64,064,865.00
4,578,610.52

$21,757,580.65
38,057,160.00
4,961,450.00

$ 101,990,094.48
9,922,254.80

$ 64,776,190.65
6,781,193.65

Total Gold Reserves
Legal Tender Notes, Silver, etc.
TOTAL RESERVES
EARNING ASSETS

$ 71,557,384.30

$ 111,912,349.28

Bills Discounted—Secured by Government War Obligations.
Bills Discounted—All Other
Bills Purchased in Open Market

22,092,104.50
31,192,470.74
1,734,289.49

41,046,412.83
53,621,325.59
3,558,329.88

Total Bills Discounted and Bought
United States Government Bonds and Notes.
United States Certificates of Indebtedness....

55,018,864.73
1,290,900.00

98,226,068.30
1,233,400.00
3,760,000.00

TOTAL EARNING ASSETS
UNCOLLECTED ITEMS:

Currency of Other Banks and Unassorted Currency.
Checks and Other Cash Items
Exchanges for Clearing House
Transit Items
TOTAL UNCOLLECTED ITEMS
MISCELLANEOUS :

Interest Accrued on United States Securities
Fiscal Agency Expenses, Reimbursable
Redemption Fund—Federal Reserve Bank Notes.
Bank Premises
Claims Account Failed Banks
All Other Resources
TOTAL MISCELLANEOUS ASSETS.
TOTAL RESOURCES




$ 103,219,468.30

$ 56,309,764.73
3,296,755.86
88,193.07
1,967,673.74
52,684,250.36

$

1,978,114.00
167,173.63
2,869,390.24

41,399,231.65
$ 58,036,873.03

$ 46,413,909.52
43,280.45
1,298.82
188,000.00
2,544,324.11
1,254.66
259,284.26

7,280.78
6,359.60
2,617,486.63
322,474.96
62,379.36

3,015,981.33
$229,274,968.37

$

3,037,442.30

$224,228,204.42

LIABILITIES
CAPITAL :

$

5,595,450.00
11,288,078.27

$

859,617.30
61,527,057.96

4,455,600.80
56,127,601.96

49,000.00

Capital Paid In.
Surplus

392,000.00

United States Treasurer
Member Banks—Reserve Accounts..
Foreign Banks
Cashier's Checks and Official Drafts.

523,933.66

$

United States Treasurer
Federal Reserve and Member Bank .
Miscellaneous

304,749.56
47,234,110.04
342,738.31

Federal Reserve Notes in Actual Circulation.
Federal Reserve Bank Notes in Circulation..

239,733.49

35,620,436 95
$ 107,100,690 00
3,515,700.00

$101,146,680.00

110,616,390.00

101,146,680.00

,

Reserve for Expense Accrued and Unpaid
Reserve for Taxes Accrued and Unpaid (other than Franchise Tax).
Reserve for Self Insurance
Reserve for Undetermined Losses
Unearned Discount
All Other Liabilities




61,021,408.35
366,558.35
35,014,145.11

47,881,597 91

TOTAL DEFERRED AVAILABLE CREDITS
NOTE CIRCULATION :

TOTAL LIABILITIES

46,205.59
62,959,608.92

TOTAL DEPOSITS
DEFERRED AVAILABILITY CREDITS :

TOTAL MISCELLANEOUS LIABILITIES.

$ 16,458,397.61

$ 16,883,528.27

TOTAL CAPITAL AND SURPLUS
DEPOSITS:

TOTAL NOTES OUTSTANDING
MISCELLANEOUS :

5,428,550.00
11,029,847.61

6,476 03
5,606.12
100,000.00
150,000 00
139,971.12
1,500 00

34,905.90
10,725.25
50,000.00
100,000 00
312,321.92
3,618.44
403,553.27

511,571.51

$229,274,968.37

$224,228,204.42

CO

SCHEDULE No. 2
COMPARATIVE STATEMENT OF PROFIT AND LOSS, DIVIDEND AND SURPLUS ACCOUNTS FOR
THE YEARS ENDING DECEMBER 31, 1922 AND DECEMBER 31, 1921
PROFIT AND LOSS ACCOUNT

1922

1921

GROSS EARNINGS :

Discount on Bills Discounted
Discount on Bills Purchased.
Interest on United States Securities
Penalties, Account of Deficient Reserves
Miscellaneous

2,569,886
74,654
95,378
87,080
5,943

83
74
14
54
63
$

TOTAL GROSS EARNINGS
EXPENSES :

Current Expenses Paid
Reserved for Expenses Accrued and Unpaid
Reserve for Taxes other than Franchise Tax

6,166,477
184,592
196,298
175,797
6,513

40
51
91
18
38

2,832,943 88

1,619,273 69
6,476 03
5,606 12

$
2,081,543 23
34,905 90
10,725 25

1,631,355 84
$

CURRENT NET EARNINGS
DEBITS & CREDITS TO CURRENT NET EARNINGS (Pr. & Loss Act.)

Debit—Depreciation on Real Estate
Reserve for Self Insurance
Reserve for Undetermined Losses
Net Expense-"Other Real Estate"
Net Expense-Cafeteria
Furniture and Equipment
TOTAL DEBITS




178,358
50,000
50,000
239
1,712
64,710

33
00
00
14
92
24

345,020 63

6,729,679 38

2,127,174 38

1,201,588 04

$
54,068
50,000
100,000
12,651

86
00
00
88
•t

216,720 74

4,602,505 00

3,618 44

Credit—Reduction in Depreciation Reserve on U. S. Bonds

6,826 72

•

<

7,261 57

Total Credits

1,016 30

10,880 01

Sundry Entries during the year (not credit)

7,843 02
208,877 72

334,140 62

NET DEBIT TO CURRENT NET EARNINGS
NET EARNINGS AVAILABLE FOR DIVIDENDS, SURPLUS AND FRANCHISE TAX

$

867,447 42

$

4,393,627 28

DIVIDENDS :

Dividends Paid
Interest Paid on Stock Surrendered....

$

$

331,221 85
2,098 86

321,810 42
392 53

333,320 71

322,202 95

534,126 71

BALANCE OF NET EARNINGS AVAILABLE FOR SURPLUS
AND FRANCHISE TAX

4,071,424 33

DISPOSITION OF BALANCE OF NET EARNINGS :

Transferred to Surplus Account
Paid to Government as Franchise Tax

53,412 67
480,714 04

$
$

f
t

534,126 71

673,333 93J
3,398,090 40J
$

4,071,424 33

Included in Current Expenses.
Revised.




Cn

SCHEDULE No. 3
COMPARATIVE ANALYSIS OF CURRENT EXPENSES FOR THE YEARS 1922 AND 1921
1922

1921

SALAEIES :

Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences (including traveling expenses)
Federal Reserve Agents' conferences (including traveling expenses)
Federal Advisory Council (fees and traveling expenses)
Directors' meetings (fees and traveling expenses)
,
Traveling expenses of officers and clerks (other than those included above)
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation and general liability)
Banking house:
Taxes
Fire insurance
Light, heat and power
Repairs and alterations (not of permanent character)
All other
Rent (including light, heat and power, at Richmond)
Fire insurance—Furniture and equipment
Office and other supplies
Printing and stationery



155,466
760,883
33,189
78,738
165
123
628
5,795
23,101
37,402
12,217
22,540

74 $
39
34
58
77
10
81
06
44
22
62
79

149,701 70
858,860 89
29,940 71
62,101 69
549 58
88 35
493 07
7,020 95
33,930 52
38,722 64
4,292 41
20,709 38

i-i

O
M

B
c
b

w
EJ
M
h3

O
H
S
W

o
40,900
1,774
10,988
24,854
1,273
4,340
613
36,383
48,431

89
36
68
25
71
80
09

77
39

7,872
67
4,092
16,157
1,332
16,331
1,312
29,341
52,037

89
88
65
16
92
42
78
26
33

5,944
34,934
89,730
2,214
5,669
59,415

Total Current Expenses.
t

20
32
78
70
05
06

4,909 82
34,209 67
72,360 17
2,331 27
14,709 69
53,003 51

68.357
24,733
13,184
27.358

Telephone
'
Telegraph
Postage (other than on money and security shipments)
Expressage (other than on money and security shipments)
Security shipments (insurance, postage, expressage, etc.)
Currency and coin shipments (insurance, postage, expressage, etc.).
Federal Reserve currency:
Original cost (including shipping charges)
Cost of redemption (including shipping charges)
Taxes on Federal Reserve bank note circulation
All other expenses
Furniture and Equipment

87
64
41
01

262,614 10
77,712 54
32,240 08
40,795 88
197,329 47

t
$

1,631,355 84 $

2,127,174 38

Furniture and Equipment, in the amount of $64,710.24, during 1922, was charged to Furniture and Equipment account.




SCHEDULE No. 4
GROSS EARNINGS (CLASSIFIED) EXPENSES, NET EARNINGS AND DIVIDENDS ACCRUED DURING THE Y E A R
1922 BY MONTHS
Bills
Discounted

Bills
Purchased

U. S.
Securities

Deficient Reserve
Penalties and
Miscellaneous
Earnings

Total Gross
Earnings

Total
Expenses

Net
Earnings

Dividends
Accrued

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

8

381,431 65 $
303,024.61
309,762.71
262,810.36
215,057.47
159,423.69
147,920.56
136,162.43
141,513.39
160,617.87
158,529.93
193,632.16

14,459.51 $
9,154.44
9,942.25
7,842.09
5,881.03
3,563.32
2,077.74
1,455.91
1,514.87
4,538.75
7,550.62
6,674.21

8,628.81 $
7,587.37
8,303.42
8,019.76
8,273.57
8,002.94
8,244.96
8,301.60
7,874.59
7,535.35
6,369.39
8,236.38

10,977.35 8
8,246.51
7,002.99
6,903.69
7,723.51
8,052.35
7,356.76
5,934.65
6,911.57
7,638.26
6,958.38
9,318.15

415,497.32 f
328,012.93
335,011.37
285,575.90
236,935.58
179,042 30
165,600.02
151,854.59
157,814.42
180,330.23
179,408.32
217,860.90

142,172.00 8
129,580.89
131,282.29
135,542.30
143,212.98
154,448.37
135,039.96
135,171.36
132,129 05
130,172.59
129,931.61
132,672.44

273,325.32 $
198,432.04
203,729.08
150,033.60
93,722.60
24,593.93
30,560.06
16,683.23
25,685.37
50,157.64
49,476.71
85,188.46

27,152.52
27,311.20
27,458.27
27,634.13
27,705.83
27,709.65
27,976.52
28,156.85
28,056.61
28,167.46
28,002.98
27,988.69

TOTAI ,1922
TOTAL ,1921
TOTAL 1920
TOTAL , 1919
TOTAL , 1918
TOTAL , 1917
TOTAL ,1916
TOTAL , 1914-1915..

$

2,569,886.83 $
6,166,477.40
5,920,892.78
4,099,953.24
2,390,421.93
418,628.86
214,856.78
318,495.22*

74,654.74 $
184,592.51
477,556.88
351,418.22
273,633.68
201,008.34
29,171.24

95,378.14 $
196,298.91
276,990.82
185,292.74
83,437.18
96,143.20
39,175.18

93,024.17 $
182,310.56
233,702.96
138,659.69
231,554.75
105,415.10
50,899.29
1,084.44

2,832,943.88 8
6,729,679.38
6,909,143.44
4,775,323.89
2,979,047.54
821,195 50
334,102.49
319,579.66

1,631,355.84f 8
2,127,174.38
1,521,947.89
911,927.42
625,574.82
280,536.71
147,530.71
144,619.71J

1,201,588.04 S
4,602,505.00
5,387,195.55
3,863,396.47
2,353,472.72
540,658.79
186,571.78
174,959.95

333,320.71
322,202.95
293,051.90
252,871.85
232,431.94
240,944.50x
197,922.341
151,939.69-

S

22,099,613.04 $

1,592,035.61 S

972,716.17 $

1,036,650.96 S

25,701,015.78 $

7,390,667.48 $

18,310,348.30 S

TOTAL SINCE O R GANIZATION....

2,024,685.88

Includes Earnings on Bills Purchased.
t Does not include Furniture and Equipment, in the amount of 864,710.24, purchased during 1922.
| Includes Organization Expense.
- 5% Dividend, for period November 16, 1914 to December 31, 1915, paid December 31, 1915.
1 1% Dividend, for period November 16, 1914 to December 31, 1915, paid April 1, 1916, and 6% Dividend, for period January 1, 1916 to October 31, 1916, paid
December 30, 1916.
x 6% Dividend, for period November 1, 1916 to June 30, 1917, paid June 30, 1917, and 6% Dividend, for period July 1, 1917 to December 31, 1917, paid
December 31, 1917.




3

SCHEDULE No. 5
AVERAGE DAILY HOLDINGS OF EARNING ASSETS (CLASSIFIED), DAILY EARNINGS THEREON AND
RATE OF EARNING BY MONTHS FOR THE YEAR 1922

. bO

IS

J^a
'3'a
QS
W

UNITED STATES SKCURITIKS

BILLS PURCHASED

BILLS DISCOUNTED

•1!

4

_>>e

•3*

^2

'5'5

P 0

aa
H

4

B
!

B

3i|

11

Q

3

TOTALS

oa

5|
$ 3

3 a
'3-3
Q-o

W

ho

31

oa
Sp

ai

w

$

87,255,559
78,440,776
72,907,510
64,146,181
53,817,362
42,234,323
38,392,139
35,531,371
38,239,222
42,026,841
42,953,207
50,575,139

8 12,304.25
10,822.31
9,992.35
8,760.34
6,937.34
5,314.12
4,771.63
4,392.33
4,717.11
5,181.22
5,295.60
6,235.29

.0515 $
.0504
.0500
.0498
.0471
.0459
.0454
.0451
.0450
.0450
.0450
.0450

3,191,785
2,333,558
2,315,406
1,899,347
1,377,283
916,173
526,479
369,368
407,200
1,242,138
2,161,385
1,876,729

$ 466.44
326.94
320.72
261.40
189.71
118.78
67.02
46.97
50.49
146.41
251.69
215.30

.0533 $
.0511
.0506
.0502
.0503
.0473
.0464
.0464
.0453
.0430
.0425
.0419

4,993,400
4,850,543
4,793,400
4,793,400
4,793,400
4,793,400
4,787,916
4,797,674
4,700,900
4,346,061
3,784,233
4,159,609

$ 278.34
270.98
267.85
267.33
266 89
266.76
265.97
267.79
262.49
243.07
212 31
265.69

.0203 $
.0204
.0204
.0204
.0203
.0203
.0203
.0204
.0204
.0204
.0205
.0233

95,440,744
85,624,877
80,016,316
70,838,928
59,988,045
47,943,896
43,706,534
40,698,413
43,347,322
47,615,040
48,898,825
56,611,477

$13,049.03
11,420.23
10,580 92
9,289.07
7,393.94
5,699.66
5,104.62
4,707.09
5,030.09
5,570.70
5,759.60
6,716.28

.0499
.0487
.0483
.0479
.0450
.0434
.0426
.0422
.0424
.0427
.0430
.0433

Year of 1922... %

53,751,269
104,096,935
104,111,152

$ 7,040.78
16,894.46
16,177.30

.0478 $
.0592
.0569

1,547,226
3,062,702
8,319,757

$ 204.53
505.73
1,304.80

.0482 $
.0603
.0574

4,632,297
9.620,036
13,773,047

S 261.31
537.81
756.81

.0206 $
.0204
.0201

59,930,792
116,779,673
126,203,956

8 7,506.62
17,938.00
18,238.91

.0457
.0561
.0529

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

Y e a r of 1 9 2 1 . . .

Year of 1 9 2 0 . . .

The above "Daily Holdings" are not CALCULATED for calendar months, but are the holdings on which tht amounts credited to Earnings are calculated;
each month, therefore, includes the last day of the preceding month but excludes the last day of the current month.




CO

SCHEDULE No. 6
COMPARATIVE STATEMENT OF DAILY AVERAGE HOLDINGS OF EARNING ASSETS, EARNINGS
THEREON AND AVERAGE RATE PER ANNUM FOR YEARS 1922 AND 1921
Average Daily Balances
1922

1921

Total Earnings
1922

1921

Average Rate per Annum
1922

1921

Bills Discounted
$
Bills Purchased
United States Securities...

53,751,269 $ 104,096,935 39 $
3,062,701 56
1,547,226
9,620,035 62
4,632,297

2,569,886 83 $
74,654 74
95,378 14

6,166,477 40
184,592 51
196,298 91

.0478
.0482
.0206

.0592
.0603
.0204

$

59,930,792 $ 116,779,672 57 $

2,739,919 71 $

6,547,368 82

.0457

.0561

TOTAL

NOTE.—The above "Average Daily Balances" are not calculated on the holdings of the calendar year, but on a fiscal
year beginning on Dec. 31st and ending on Dec. 30th.




SCHEDULE No. 7a
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR
MONTHS DURING 1922 AND 1921
Maryland
BILLS DISCOUNTED

•
TOTAL

Secured by
Government
Obligations

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

Otherwise
Secured and
Unsecured

TOTAL

1922

1921

Bills Purchased

$

9,868,340
8,871,528
7,012,694
4,176,778
3,067,833
2,028,273
1,913,997
1,708,278
2,330,256
2,596,225
4,773,547
5,785,883

37 $
91
83
20
63
33
18
06
00
47
67
26

6,349,911 40 $
4,112,629 38
3,738,353 63
3,141,371 84
1,449,132 58
938,394 83
756,949 67
805,293 77
877,161 57
908,716 14
1,999,406 62
2,660,630 13

650,305
392,223
277,149
115,750
72,635
65,230
75,238
163,541
117,300
93,548
56,666
50,000

48 $
57
03
00
48
00
70
94
00
39
67
00

$

4,488,272 06 $

2,302,965 13 $

176,673 02 $

16,868,557
13,376,381
11,028,197
7,433,900
4,589,601
3,031,898
2,746,185
2,677,113
3,324,717
3,598,490
6,829,620
8,496,513

25 $
86
49
04
69
16
55
77
57
00
96
39

6,967,910 21 $

27,121,917
26,457,004
28,264,614
29,364,774
29,954,176
29,017,575
25,637,642
25,692,316
26,423,917
23,653,962
22,567,940
19,980,145

69
12
08
60
41
61
88
05
57
65
84
87

26,168,412 10

NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.



SCHEDULE No. 7b

to

DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT,
BY CALENDAR MONTHS DURING 1922 AND 1921
District of Columbia
BILLS DISCOUNTED
TOTAL

Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December

$

Average for Year.... $

3,356,064 51 $
2,371,785 72
1,937,580 65
1,429,916 67
1,287,193 55
1,966,700 00
1,467,806 45
487,354 87
763,933 33
1,745,451 61
2,692,266 67
4,685,322 60
2,016,341 09 $

Otherwise
Secured and
Unsecured
1,020,896 45
1,043,679 76
654,116 47
293,348 69
665,355 10
667,716 62
961,168 24
1,100,830 42
796,815 18
1,166,170 41
1,122,400 92
1,046,446 18
878,619 09 $

TOTAL

1922

Bills Purchased

1921

$

4,376,960 96 $
3,415,465 48
2,591,697 12 .
1,723,265 36
1,952,548 65
2,634,416 62
2,432,163 40
1,601,542 55
1,560,748 51
2,918,103 42
3,854,852 27
5,753,805 54

3,912,482
3,220,020
3,163,986
3,253,215
3,053,908
3,248,755
3,649,707
3,203,382
2,863,541
3,911,405
4,070,699
5,293,826

7,130 21 $

2,902,090 39 $

3,575,607 10

3,188 71
13,357 26
6,481 40
40,184 68
22,036 76

20
17
83
49
46
02
27
37
16
31
97
77

NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.



SCHEDULE No. 7c
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
THE DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE
FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
Virginia
BILLS DISCOUNTED
TOTAL

TOTAL

Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December

$

"...

Average for Year.... $

Otherwise
Secured and
Unsecured

Bills Purchased

12,686,509 64 $
11,947,943 49
10,817,045 38
8,401,004 80
6,039,858 27
3,922,177 13
3,231,160 27
3,298,202 07
3,914,481 28
4,010,026 36
4,293,582 62
4,754,167 65

13,888,402 86 $
13,490,335 93
14,175,046 09
13,924,959 99
11,719,049 97
9,546,867 84
8,480,395 70
7,915,257 40
9,550,945 02
11,632,044 28
9,393,312 56
12,059,247 60

1,361,360 52 $
1,162,338 93
1,333,167 73
1,073,636 68
642,903 22
207,833 33
31,774 19
4,838 72

6,412,125 64 $

11,304,560 90 $

1922

1921

$

99,596 77
213,050 00
148,629 03

27,936,273 02
26,600,618 35
26,325,259 20
23,399,601 47
18,401,811 46
13,676,878 30
11,743,330 16
11,218,298 19
13,465,426 30
15,741,667 41
13,899,945 18
16,962,044 28

39,316,540 29
33,855,042 29
34,026,618 91
38,119,718 62
39,143,815 96
41,158,058 80
42,473,862 60
40,916,955 87
41,849,073 94
37,741,942 09
33,035,094 67
29,081,643 69

519,647 85 $

18,236,334 39

$

37,579,567 95

NOTE.—Includes paper under rediscount with other Federal Reserve Banks, but does not include bills purchased from
other than member banks.



SCHEDULE No. 7d
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
West Virginia
BILLS DISCOUNTED
TOTAL

Secured by
Government
Obligations

•

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

Otherwise
Secured and
Unsecured

TOTAL

1922

Bills Purchased

1921

$

3,309,894
3,046,500
3,257,212
3,126,577
2,708,391
2,552,077
2,898,916
2,083,856
2,564,915
2,933,001
3,267,549
3,315,153

09 $
43
66
49
16
11
84
62
96
47
83
44

1,962,488 06
1,415,889 67
1,503,567 22
2,071,162 62
2,241,137 69
2,265,116 59
2,104,971 45
2,210,657 57
1,730,442 54
1,627,388 71
1,388,686 69
1,456,179 98

$

5,272,382
4,462,390
4,760,779
5,197,740
4,949,528
4,817,193
5,003,888
4,294,514
4,295,358
4,560,390
4,656,236
4,771,333

15
10
88
11
85
70
29
19
50
18
52
42

$

1,127,864 52
545,344 64
1,236,648 47
2,573,642 51
4,131,425 56
4,709,576 32
5,691,635 10
6,203,593 94
6,625,109 39
5,438,752 02
4,767,044 45
5,030,763 58

$

2,921,465 31 $

1,834,535 00

$

4,756,000 31

$

4,027,978 11

NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.



SCHEDULE No. 7e
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
North Carolina
BILLS DISCOUNTED
TOTAL

Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December

Otherwise
Secured and
Unsecured

Bills Purchased

TOTAL

1922

1921

$

3,843,471 37 $
3,657,086 73
3,942,354 93
3,294,526 69
2,803,108 26
1,486,139 17
1,125,183 71
925,394 67
1,653,888 25
2,031,481 21
1,492,127 83
1,965,523 87

12,992,057 39 $
11,608,832 52
10,649,130 40
10,895,398 15
10,323,339 66
7,865,579 90
7,444,514 34
7,322,194 02
7,174,595 19
7,070,459 20
6,786,497 64
7,282,918 32

354,387 09 %
59,928 57

17,189,915 85
15,325,847 82
14,591,485 33
14,189,924 84
13,126,447 92
9,351,719 07
8,569,698 05
8,247,588 69
8,828,483 44
9,101,940 41
8,278,625 47
9,248,442 19

$

27,704,729 35
25,379,691 15
24,613,617 62
25,623,363 09
25,645,569 18
25,382,313 46
26,585,392 16
26,536,110 86
26,954,759 61
25,802,289 97
23,103,894 31
20,387,647 93

Average for Year— $

2,345,016 29 $

8,937,897 12 $

34,695 89 $

11,317,609 30

$

25,292,869 40

NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills puvhased from
other than member banks.



SCHEDULE No. 7f
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
South Carolina
BILLS DISCOUNTED
TOTAL

Secured by
Government
Obligations

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

$

5,592,389 81 $
5,035,353 50
4,347,166 83
3,335,161 06
2,317,524 98
1,589,611 30
1,138,492 74
994,220 15
899,702 48
1,135,522 46
1,277,190 19
1,190,264 75

$

2,389,651 73 $'

11,978,379
11,573,601
10,877,434
10,055,974
9,156,203
7,383,832
6,868,582
6,679,830
6,225,827
5,150,120
4,635,699
4,569,100

TOTAL

1922

Otherwise
Secured and
Unsecured

1921

Bills Purchased

12 $
74
87
63
64
88
31
89
48
95
52
80

791,756 45 $
711,346 43
705,088 72
709,960 55
661,744 42
643,109 48
416,277 42
187,630 64
280,228 33
" 746,648 39
835,766 67
485,288 71

18,362,525 38
17,320,301 67
15,929,690 42
14,101,096 24
12,135,473 04
9,616,553 66
8,423,352 47
7,861,681 68
7,405,758 29
7,032,291 80
6,748,656 38
6,244,654 26

$

23,090,779
22,667,751
22,207,989
21,879,968
21,613,140
21,216,187
21,484,359
21,322,756
21,257,423
20,510,727
20,552,26G
20,014,425

7,908,959 21 $

596,759 26 $

10,895,370 20

$

21,477,923 40

72
12
09
67
12
91
08
85
24
48
49
42

NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.



SCHEDULE No. 7g
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
Total for the Fifth District
BILLS DISCOUNTED
TOTAL

Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December

f

Average for Year.... $

38,656,669
34,930,198
31,314,055
23,763,964
18,223,909
13,544,978
11,775,557
9,497,306
12,127,177
14,451,708
17,796,264
21,696,315

79 $
78
28
91
85
04
19
44
30
58
81
57

20,572,872 12 $

48,192,135
43,244,969
41,597,648
40,382,215
35,554,218
28,667,508
26,616,581
26,034,064
26,355,786
27,554,899
25,326,003
29,074,523

TOTAL

1922

Otherwise
Secured and
Unsecured

1921

Bills Purchased

28 $
00
68
92
64
66
71
07
98
69
95
01

33,167,536 45 $

3,157,809 54 $
2,325,837 50
2,315,405 48
1,899,347 23
1,377,283 12
916,172 81
526,479 02
369,368 56
397,528 33
946,274 95
1,145,668 02
705,954 50
1,334,906 23

$

90,006,614
80,501,005
75,227,109
66,045,528
55,155,411
43,128,659
38,918,617
35,900,739
38,880,492
42,952,883
44,267,936
51,476,793

61
28
44
06
61
51
92
07
61
22
78
08

$

122,274,313 77
112,124,853 49
113,513,475 00
120,814,682 98
123,542,035 69
124,732,467 12
125,322,599 09
123,875,115 94
125,973,824 91
117,059,079 52
108,096,943 73
99,788,453 26

55,075,314 80

$

118,122,358 06

NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.



Crc

00

SCHEDULE No. 8
LOANS AND INVESTMENTS DURING THE YEAR 1922 COMPARED WITH 1921, 1920 AND 1919 BY MONTHS
Bills Discounted
For Member
Banks

Bills Bought
In Open
Market

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

$

204,741,710.03 $
158,107,946.34
166,653,724.58
88,169,893.65
72,364,286.96
71,671,627.88
57,196,096.10
45,152,816.75
75,707,957.09
111,121,094.41
150,202,194.73
223,477,323.35

1,098,000.00
1,514,370.00
1,025,810.55
448,908.38
355,300.00
513,200.00
260,325.00
283,750.00
708,100.00
1,337,718.21
745,000.00
170,000.00 $

TOTAL,
TOTAL,
TOTAL,
TOTAL,

$ 1,424,566,671.87 $
2,749,670,915.68
3,346,321,598.45
4,130,942,910.24

8,460,482.14 $
25,345,484.08
51,711,557.161
58,057,255.41x

1922
1921
1920
1919

U.S.
Certificates of
Indebtedness

U.S.
Bonds and
Notes

Total 1922

$

$

32,000,000.00
32,000,000^00 $
37,000,000. C
O
84,002,000.00
40,440,000.00

50,000.00

50,000.00

Total 1921

Total 1920

Total 1919

205,839,710.03 $
159,622,316.34
167,679,535.13
88,618,802.03
72,719,586.96
72,184,827.88
57,456,421.10
45,486,566.75
76,416,057.09
112,458,812.62
150,947,194.73
255,697,323.35

247,729,047.62 $
226,994,635.65
307,639,193.89
295,358,122.44
213,117,651.62
247,186,656.01
211,058,778.23
216,409,922.84
226,412,844.25
202,541,329.69
200,050,165.50
217,518,152.02

323,243,859.16 $
277,406,600.97
351,353,025.94
327,562,267.44
296,817,490.45
290,865,000.60
262,499,955.50
271,092,720.73
284,901,704.84
248,615,499.37
252,646,664.98
295,030,365.63

302,853,720.65
279,254,369.45
338,679,713.94
367,169,727.31
371,425,044.95
406,366,035.98
426,996,327.45
389,592,648.45
366,747,953.86
325,092,997.37
273,166,046.45
382,096,079.79

100,000.00 $ 1,465,127,154.01 $ 2,812,016,499.76 $ 3,482,035,155.61 $ 4,229,440,665.65
2,812,016,499.76
100.00
3,482,035,155.61 '
500.00
4,229,440,665.65

t Includes $325,000 Oriental Silver Exchanges purchased through Federal Reserve Bank of New York.
x___Includes $5,079,873.14 of acceptances in other districts purchased from Federal Reserve Bank of Boston.




SCHEDULE No. 9
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING 1922 CLASSIFIED AS TO KIND OF PAPER AND
SHOWN BY STATES
Maryland

CLASSIFICATION

District
of Columbia

Virginia

West Virginia North Carolina South Carolina

Total

BILLS DISCOUNTED:

Secured by Government War Obligations:
$ 245,774,007 00 $ 279,504,000 00 S 433,449,282 00 $ 97,360,207 50 $ 70,265,630 00 $ 59,703,795 00 $ 1,186,056,921 50
Members' own Notes
259,540 00
156,000 00
27,540 00
Non-members endorsed by members...
76,000 00
4,631,942 14
415,032 17
1,049,657 20
818,791 56
843,350 88
Customers' Notes rediscounted
1,505,110 33
Otherwise Secured:
Members' own Notes secured by Cus13,986,500 00
6,630,500 00
87,500 00
4,579,800 00
2,015,000 00
tomers' paper
673,700 00
Customers' Notes secured by Agricul4,600,629 11
260,000 00
463,529 82
3,877,099 29
tural Products
Customers' Notes Becured by Live
312,265 04
85,932 17
222,805 38
3,527 49
Stock
5,538,900 89
3,922,379 09
70,043 73
28,525 76
392,773 46
384,357 62
740,821 23
Trade Acceptances
Unsecured Commercial and Agricultural
209,179,973 19
5,258,125 79
10,193,039 50 51,395,001 02
37,364,590 50
20,461,536 30
84,507,680 08
Paper
Total Bills Discounted.

S 269,905,224 85 $ 284,790,651 55 $ 526,888,285 89 $ 108,938,244 19 $ 131,469,690 81 $ 102,574,574 58 S 1,424,566,671 87

BILLS PTBCHASED:

Total Bills Bought




S

S
56,659 68 $

1,057,008 38
1,257,500 00

S

1,781,170 00

Bankers' Acceptances—Foreign...
Bankers' Acceptances—Domestic.

520,200 00 $
2,306,560 55

1,577,208 38
5,401,890 23

1,781,170 00

56,659 68 $

2,314,508 38

$

2,826,760 55

6,979,098 611

Schedule No. 9—Continued
Maryland

RECAPITULATION

District of
Columbia

Virginia

West Virginii i

N o r t h Carolina South Carolina

Totals

$247,355,117 33 $ 279,504,000 00 $ 434,526,479 20 $ 98,178,999 06 8 71,108,980 88 $ 60,274,827 17 $ 1,190,948,403 64
18,899,394 15
2,018,527 49
7,113,305 38
173,432 17
5,043,329 82
4,550,799 29
20,531,580 03
85,248,501 31
10,585,812 96
55,317,380 11
37,748,948 12
214,718,874 08
5,286,651 55

Secured b y Government War Obligations
Otherwise Secured
Unsecured

t—i

$ 269,905,224 85 $ 284,790,651 55 $ 526,888,285 89 S 108,938,244 10 $ 131,469,690 81 $ 102,574,574 58 $ 1,424,566,671 87
6,979,098 611
2,314,508 38
56,659 68
1,781,170 00
2,826,760 55

Total Bills Discounted
Total Bills Bought
Total Bills
Bought
t

Discounted

3

Hi
W

and
$ 271,686,394 85 $284,847,311 23 $ 529,202,794 27 $ 108,938,244 19 $131,469,690 81 $ 105,401,335 13 $ 1,431,545,770 48f

Does not include $1,481,383.53 of Bankers' Acceptances purchased on open market.




Q

SCHEDULE No. 10
TOTAL BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF 1922, SHOWN BY STATES
Maryland

District of
Columbia

Virginia

26,594,436 60 $
5,956,376 00
8,125,772 20
3,816,004 16
7,477,720 75
20,473,929 69
15,740,778 65
3,267,884 15
8,681,519 54
33,013,881 69
52,556,789 73
99,142,218 07

86,451,674 89 $
74,292,409 48
76,300,968 26
39,535,484 09
28,462,466 86
22,688,037 27
16,580,311 71
17,319,876 61
29,703,154 10
34,925,924 58
41,680,290 85
61,262,195 57

8,554,646 41 $
7,777,516 53
10,035,011 95
8,127,614 30
8,742,015 06
8,582,944 21
9,464,724 24
7,892,412 77
8,072,714 67
9,314,203 10
10,835,041 22
11,539,399 73

14,052,600 59 $
12,446,186 49
15,080,658 04
12,116,496 57
10,797,862 08
8,236,870 69
5,218,504 70
6,278,603 83
14,449,649 90
12,618,307 23
8,048,818 53
12,125,132 16

284,847,311 23 $ 529,202,794 27 $
1,434,402,419 25
99,327,773 14
1,749,971,890 48
126,076,891 05
2,217,409,052 14
105,610,815 70

108,938,244 19 $
86,695,923 13
45,885,775 24
46,837,582 33

131,469,690 81 $
313,513,067 63
311,559,802 54
362,378,461 00

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

$

52,372,545 51 $
45,804,603 37
43,824,872 61
15,015,620 01
8,365,020 20
5,419,674 57
4,758,429 76
5,005,680 63
10,102,858 35
15,089,057 74
31,772,668 88
34,155,363 22

TOTAL,
TOTAL,
TOTAL,
TOTAL,

$

271,686,394 85 $
583,459,991 73
853,352,756 56
1,014,911,761 05

1922
1921
1920
1919

West Virginia

North Carolina

South Carolina
17,813,806 03 $
13,345,224 47
14,312,252 07
10,007,582 90
8,874,502 01
6,783,371 45
5,693,672 04
5,672,108 76
5,266,160 53
6,961,054 75
5,418,585 52
5,253,014 60

Total 1921

205,839,710 03 $
159,622,316 34
167,679,535 13
88,618,802 03
72,719,586 96
72,184,827 88
57,456,421 10
45,436,566 75
76,276,057 09
111,922,429 09
150,312,194 73
223,477,323 35

231,729.047 62
226,994,535 65
301,639,193 89
293,358,122 44
213,117,651 62
245,186,656 01
211,058,778 23
216,409,922 84
217,412,844 25
202,541,329 69
200,050,165 50
215,518,152 02

105,401,335 13 $ 1,431,545,770 48* $ 2,775,016,399 76
2,775,016,399 76
257,617,224 88
3,397,708,155 61f
310,861,039 74
4,183,920,292 51=
436,772,620 29

• Does not include $1,481,383.53 of Bankers' Acceptances purchased on the open market.
t Does not include $325,000 of Oriental Silver Exchanges bought through Federal Reserve Bank of New York.
- Does not include $5,079,873.14 of Acceptances in other Districts purchased from Federal Reserve Bank of Boston.




Total 1922

to

SCHEDULE No. 11
NUMBER OF MEMBER BANKS IN EACH STATE ACCOMMODATED EACH MONTH
THROUGH THE DISCOUNT OR PURCHASE OF PAPER DURING 1922
Maryland

January
February
March
April
May
June
July
August
September
October
November
December
During the year 1922
Number of member banks 1922*
During the year 1921
Number of member banks 1921*
During the year 1920
Number of member banks 1920*
During the year 1919
Number of member banks 191 *
• At the close of the year.




58

53
55
49
47
43
38
37
•10

41
48

District
of
Columbia

Virginia

West
Virginia

150
192
146
190
140
185
124
169

South
Carolina

71)
02
01

N
o:i

n
77
125
68
120
36
116
46
110

45
40
85
104
96
103
85
97
74
92

104
100
96

Total 1922

Total 1921

Total 1920

Total 1919

395
375
398
387
370
356
347
328
328
322
289
288

71
70
74
71

120
109
121
121
115
Ii9
113
106
108
105
87

61
72
94
76
97
71
98
68
102

North
Carolina

352
335
34.7
373
394
413
415
411
421
430
413
410

264
243
282
317
353
377
390
371
356
340
343
373

242
266
263
281
312
320
321
299
303
297
252
255

491
634
494
626

438
610

415
584

SCHEDULE No. 12
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF
OF 1922, CLASSIFIED ACCORDING TO MATURITIES
AT TIME OF DISCOUNT OR PURCHASE
15 Days
or Less
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920

16 to 30
Days

31 to 60
Days

61 to 90
Days

181,192,810
139,214,915
141,166,139
71,023,473
56,542,131
57,800,977
44,726,012
33,845,227
62,102,112
96,206,331
136,468,128
203,068,632

6,050,913
3,965,931
4,482,980
2,861,704
2,488,730
2,850,711
1,614,425
2,616,598
2,892,689
3,344,676
3,706,183
4,989,281

8,203,427
7,750,707
10,514,862
6,408,237
6,458,863
5,269,179
4,675,495
4,181,354
6,680,734
5,857,361
5,997,233
8,187,938

9,769,889
8,210,540
10,730,619
7,279,361
5,934,944
5,289,042
5,714,764
4,332,526
4,545,700
6,706,040
4,460,272
7,200,742

1,223,356,887
2,329,572,416
2,945,139,418

41,864,821
76,986,873
90,579,429

80,185,390
169,719,236
179,078,632

80,174,439
185,317,951
177,121,929

Over
90 Days
622,671
480,223
784,936
1,046,027
1,294,919
974,919
725,725
460,862
194,822
344,404
315,379
200,730

Total

205,839,710
159,622,316
167,679,536
88,618,802
72,719,587
72,184,828
57,456,421
45,436,567
76,416,057
112,458,812
150,947,195
223,647,323

7,445,617 $ 1,433,027,1541
2,775,016,400t
13,419,924
6,113,748
3,398,033,156

X Includes $1,481,383.53 Bankers' Acceptances purchased from other than member banks.

t Includes $5,874,835 of Commercial and Industrial Paper discounted for ninety days but which actually had over ninety
days to run because the maturity date fell on a Sunday or holiday.



SCHEDULE No. 13
DISTRIBUTION BY MATURITIES OF EACH CLASS OF PAPER HELD AT CLOSE OF BUSINESS DECEMBER 31, 1922
15 Days
or Less

CLASSIFICATION

31 to 60
Days

16 to 30
Days

61 to 90
Days

Over
90 Days

Total

BILLS DISCOUNTED:

Secured by Government War Obligations4
$ 21,559,052 00

$ 21,559,052 00
214,625 00

Customers' Notes Rediscounted
Otherwis. Secured :
Members' own Notes secured by Customers' Paper
Customers' Notes secured by Agricult ural Products
Customers' Notes secured by Live Stock
Trade Acceptances
Unsecured Commercial and Agricultural Paper

1,708,200
130,482
6,670
151,207
7,175,433

$

00
92
85
29
97

96,820 00 f
252,367
3,600
224,465
7,577,524

175,905 00 $
169,615
17,055
276,056
8,023,932

83
00
55
81
:

46
01
97
96

83,558
111,771
163,233
4,770,244

52
63
46
11 $

5,174,510 22 $

1,708,200 00
636,024 73
139,097 49
814,963 27
27,894,185 25

347,049 40

347,049 40 $ 53,284,575 24

$ 30,945,672 03 S

8,154,778 19 $

$

138,200 00 $
674,000 00

115,639 49 $
290,450 00

200,000 00
316,000 00

$

453,839 49
1,280,450 00

$

812,200 00 $

406,089 49 $

516,000 00

$

1,734,289 49

f 21,773,677 00 $
1,845,353 77
7,326,641 26

96,820 00 $
255,967 83
7,801,990 36

45,702 50
175,905 00 $
195,330 15
186,670 47
8,299,939 93
4,933,477 57 $

$ 22,092,104 50
2,483,322 22
28,709,148 52
347,049 40

$ 30,945,672 03 $
812,200 00

8,154,778 19 $
406,089 49

8,662,565 40 $
516,000 00

5,174,510 22 $

347,049 40 $ 53,284,575 24
1,734,289 49

Total Bills Discounted and Bought held December
S 31,757,872 03 S
31, 1922 ..

8,560,867 63 $

9,178,565 40 $

5,174,510 22 $

347,049 40 $ 55,018,864 73

Total Bills Discounted and Bought held December
$ 54,169,629 61 $ 16,402,744 11 $ 18,953,325 44 $
31, 1921

8,089,692 68 {

610,676 46 $ 98,226,068 30

Total of Bills Discounted held December 31, 1922

8,662,565 40 $

533,052 50

45,702 50

BILLS PURCHASED :

Total of Bills Bought held December 31, 1922
RECAPITULATION
Secured by Government War Obligations .
Otherwise Secured .
Unsecured
Total Bills Discounted held December 31, 1922
Total Bills Bought held December 31, 1922




SCHEDULE No. 14
CHANGES IN DISCOUNT RATES DURING THE YEAR 1922
Effective Jan. 1, 1922
Established Dec. 10, 1921

Effective April 14, 1922

MEMBER BANKS' COLLATERAL NOTES :

Secured by U. S. Certificates of Indebtedness and Treasury
Notes:
Secured by Liberty Bonds or Victory Notes
Secured by Eligible Paper

4

I

OTHER PAPER SECURED BY U. S. SECURITIES :

Secured by U. S. Certificates of Indebtedness and Treasury
Notes, 15 days or less
Secured by U. S. Certificates of Indebtedness and Treasury
Notes, 16 to 90 days
Secured by Liberty Bonds or Victory Notes, 15 days or less.
Secured by Liberty Bonds or Victory Notes, 16 to 90 days....

41

td

4

TRADE ACCEPTANCES :

15 days or less
16 to 90 days
COMMERCIAL PAPER : ,

15 days or less
16 to 90 days
AGRICULTURAL OR LIVE STOCK PAPER :

15 days or less
16 to 90 days
91 days to 6 months




'4*
Oi
O

SCHEDULE No. 15
TOTAL RESERVE ACCOUNTS OF ALL MEMBER BANKS, RESERVES OF DISCOUNTING MEMBER BANKS
AND LIABILITY OF DISCOUNTING BANKS FOR PAPER DISCOUNTED (INCLUDING ACCEPTANCES)
AT CLOSE OF BUSINESS DECEMBER 31, 1922, BY STATES, WITH THE NUMBER OF
MEMBER BANKS AND THE NUMBER OF DISCOUNTING MEMBER BANKS
WITH OUTSTANDING BALANCES ON DECEMBER 31, 1922
Total
Number of
Member
Banks

Total of
Reserve
Accounts

Number of Total Reserves
Liability of
of all DisDiscountDiscounting
counting
ing Member
Member Banks Member Banks
Banks

Maryland
District of Columbia.
Virginia
West Vireinia
North Carolina
South Carolina .

94
15
192
125
104
104

$ 15,638,629 98
7,327,381 95
16,815,384 30
7,682,263 87
8,550,139 94
5,513,257 92

44
8
84
39
49
51

TOTAL,
TOTAL,
TOTAL,
TOTAL,

634
626
610

$ 61,527,057 96
56,127,601 96
57,085,285 27
62,712,122 52

275
391
361

1922
1921
1920
1919




S

7,397,149 59 S 9,572,843 79
6,193,859 18
4,597,930 10
18,931,276 00
9,837,876 54
4,146,447 28
3,003,815 09
9,410,585 47
3,829,305 82
5,576,213 52
2,702,775 56

t 31,368,852
39,531,978
38,475,402
42,566,976

70 $ 53,831,225 24
98,226,068 30
30
91 130,521,365 40
41 125,957,307 36

RATIO OF LIABILITY TO DISCOUNTING B A N K S ' RESERVES

RATIO OF LIABILITY TO TOTAL OF
ALL RESERVE ACCOUNTS

1922

1921

1920

1919

1922

1921

1920

1919

129%
135%
192%
138%
246%
206%

160%
126%
244%
191%
404%
582%

230%
117%
371%
99%
558%
658%

320%
136%
304%
186%
308%
399%

61%
85%
113%
54%
110%
101%

141%
84%
176%
74%
259%
464%

190%
73%
270%
14%
446%
601%

286%
79%
244%
6i s ;114%
272%

87%

172%

175%

248%

229%

339%
296%

201%

SCHEDULE No. 16
DAILY AVERAGE BY MONTHS OF DEPOSITS AND FEDERAL RESERVE NOTES IN CIRCULATION,
RESERVES AND RESERVE PERCENTAGES FOR THE YEAR 1922
Members'
Deposits

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

$

Year 1922
Year 1921

$

Government
Deposits

All Other
Immediately
Available
Deposits

Total
Deposits

Combined
Federal Reserve Deposit and FedNotes in
eral Reserve Note
Circulation
Liability

Actual
Reserves Held

Percentage of
Reserve Against
Combined
Liability

54,162,518 13 $
53,602,396 06
53,358,969 57
53,834,121 30
54,702,189 99
56,240,531 13
57,598,437 Jl
57,048,497 77
57,014,334 89
58,397,331 88
59,345,511 87
58,372,178 82

2,424,615 97 t
3,358,013 61
2,630,516 53
2,290,217 30
4,799,895 25
3,443,109 18
3,206,567 18
2,335,231 16
2,499,954 87
1,766,274 94
2,235,992 96
1,373,635 61

461,248 40 $
460,485 81
492,525 81
364,165 53
292,626 79
342,903 10
252,810 61
251,721 48
249,587 88
169,822 98
121,870 72
511,433 38

57,048,382 50 f
57,420,895 48
56,482,011 91
56,488,504 13
59,794,712 03
60,026,543 41
61,057,815 50
59,635,450 41
59,763,877 64
60,333,429 80
61,703,375 55
60,257,247 81

100,973,148 38 $
95,669,975 53
93,452,323 06
91,962,241 16
87,763,548 38
84,660,278 83
80,664,434 51
79,607,897 54
84,302,788 33
94,052,988 54
97,106,200 83
101,149,128 61

158,021,530 88 $
153,090,871 01
149,934,334 97
148,450,745 29
147,558,260 41
144,686,822 24
141,722,250 01
139,243,347 95
144,066,665 97
154,386,418 34
158,809,576 38
161,406,376 42

71,541,092 70
78,787,842 20
81,204,386 73
88,293,834 46
99,039,219 24
108,366,186 42
107,878,970 77
108,688,840 34
109,932,069 69
115,412,979 74
118,164,063 71
110,658,331 85

.4527
.5146
.5416'
.5948
.6712
.7490
.7612
.7806
.7630
.7476

56,155,468 24 S
53,629,289 10

2,692,442 32 %
2,934,986 77

330,540 52 $
473,496 94

59,178,451 08 $
57,037,772 81

90,924,033 24 $
125,312,466 28

150,102,484 32 $
182,350,239 09

99,933,925 13
78,856,137 39

.6657
.4324




.7440
.6856

SCHEDULE No. 17
DAILY AVERAGE DEPOSITS OF MEMBER BANKS AND U. S. TREASURER BY MONTHS, 1916 TO 1922
(Thousands of dollars—000 omitted)
MEMBER BANKS—RESERVE

U N I T E D STATES T R E A S U R E R — G E N E R A L ACCOUNT

ACCOUNTS

1922

1920

1922

January
February
March
April
May

1921

1920

1919

1918

1917

1916

$

54,163 S
53,602
53 359
53 834
54,702
56,241
57,598
57,048
57,014
58,397
59,346
58,372

58,646 S
57,914
56,670
53,983
53,780
52,492
52,393
51,701
50,514
51,029
51,555
53,096

62,576 S
61,430
59 930
58,563
58,263
57,100
57,317
58,172
58,302
58,252
58,064
57,269

53,572 $
53,693
53,342
52,672
52,513
52,134
53,655
55,279
55,033
57,104
64,076
61,105

42,715 $
43,792
45,476
44,093
42,953
43,059
42,891
45,205
47,456
50,053
51,336
53,081

26,024 $
25,720
26 255
25,649
25,600
28,290
33,951
37,060
36,923
40,218
42,282
43,673

11,200 $
11,484
11,545
11,536
13,249
14,902
15,956
16,331
16,615
20,014
23,466
25,487

2,425 $
3,358
2,631
2,290
4,800
3,443
3,207
2,335
2,500
1,766
2,236
1,374

1,994 $
1,983
4,897
3,510
2,233
1,732
1,777
2,944
3,807
3,776
3,234
3,259

959 $
1,220
2,418
1,026
1,145
3,740
1,076
1,564
5,715
1,269
1,120
4,399

$

56,155 $

53,629 $

58,764 S

55,355 S

46,022 $

31,705 $

16,000 $

2,692 $

2,935 $

2,134 $

June
July
August
September
October
Noven>ber
December
FOR THE YEAR




1921

1916

1918

1917

2,491 $
3,222
8,908
1,489
3,538
7,869
4,554
2,807
2,801
4,208
2,783
5,058

6,193 $
3,442
3,466
5,372
5,210
10,304
8,212
5,436
6,731
8,313
7,704
2,263

1,941 $
1,461
4,087
1,188
3,469
7,979
10,376
5,149
3,310
3,467
11,647
11,608

5,658
6,329
6,420
6,875
6,347
7,191
5,672
3,321
2,969
3,594
2,922
2,845

4,184 $

6,249 $

5,524 $

5,014

1919

SCHEDULE No. 18
ANALYSIS OF CAPITAL STOCK ACCOUNT FOR THE YEAR 1922
DISTRICT OF
COLUMBIA

MARYLAND

VIRGINIA

WEST VIRGINIA

SOUTH
CAROLINA

NORTH
CAROLINA

TOTAL

Banks

Shares

Banks

Shares

Banks

Shares

Banks

Shares

Banks

Shares

Banks

Shares

Banks

Shares

Balance January 1, 1922
Additional Allotments on increased Capital
and Surplus of Members
Additions to Membership during the year

97

24,206

16

8,742

190

33,569

120

12,331

103

16,845

100

12,878

626

108,571

1

352
19

2

264

9

1,911
2,867

5

541
292

4

610
293

5

293
442

26

3,794
4,177

Total
Withdrawals on account liquidations, mergers, or reductions of Capital or Surplus
by Members

98

24,577

18

9,093

199

38,347

125

13,164

107

17,748

105

13,613

652

116,542

4

995

3

270

7

2,884

2

3

324

1

158

18

4,633

Balance December 31, 1922

94

23,582

15

8,823

192

35,463

13,162

104

17,424

104

13,455

634

111,909

85
19

11,551
1,904

566
68

95,201
16,708

RECAPITULATION
National Banks
State Banks and Trust Companies
Total December 31, 1922

87

125

0
i

86
8

20,407
3,175

14
1

8,163
660

179
13

30,390
5 073

113
12

11,389
1,773

89
15

13,301
4,123

94

23,582

15

8,823

192

35,463

125

13,162

104

17,424

104

13,455

634

111,909

4

992

1
2

150
120

7
9

2

1

1

36
120
48
120

51

2,779
81
24

1
1

1

6

2

1,229
3,019
241
144

7

2,884

2

3

324

1

18

4,633

MEMORANDUM :

Withdrawals on account of:
Liquidations
Mergers
Reduction of Capital and Surplus
Relinquishment of Membership
Total Withdrawals during 1922....




3

4

995

3

270

107

158

as
CO

SCHEDULE No. 19
INTER-DISTRICT MOVEMENT OF FEDERAL RESERVE NOTES—FEDERAL RESERVE NOTES OF OTHER
FEDERAL RESERVE BANKS SHIPPED BY RICHMOND FOR CREDIT OR REDEMPTION, AND
FEDERAL RESERVE NOTES OF RICHMOND RECEIVED FROM OTHER
FEDERAL RESERVE BANKS DURING THE YEAR 1922
Other Notes
Shipped by
Richmond

Richmond
Notes
Received

Boston
New York...
Philadelphia.
Cleveland
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
San Francisco.

1,865,200
12,053,450
10,134,500
6,063,700
3,551,350
2,671,650
822,750
170,300
406,500
327,550
659,500

2,926,500
19,466,050
8,770,000
8,716,000
4,688,650
2,952,000
1,422,450
243,500
552,850
439,150
1,205,235

Total 1922
Total 1921
Total 1920
Total 1919
Net Excess
Net Excess
Net Excess
Net Excess

38,726,450
60,320,250
69,994,240
72,911,000

51,382,385
87,360,125
71,452,705
70,805,815

Shipped
Shipped
Shipped
Shipped




or
or
or
or

Received
Received
Received
Received

1922.
1921.
1920.
1919.

Excess Shipped Excess Received
from Certain
to Certain
Banks
Banks
1,061,300
7,412,600
1,364,500
2,652,300
1,137,300
280,350
599,700
73,200
146,350
111,600
545,735
1,364,500
2,490,750
12,397,205
14,690,460

2,105,185

14,020,435
29,530,625
13,855,670
12,585,275
12,655,935
27,039,875
1,458,465

SCHEDULE No. 20
FEDERAL RESERVE NOTES ISSUED, RETIRED AND IN ACTUAL CIRCULATION BY MONTHS DURING THE YEAR 1922
Issued
During
Month

Retired
During
Month

Outstanding
at End of
Month

$ 2,810,000 $ 16,819,150 $ 103,447,960 $
January
99,576,060
10,001,900
6,130,000
February
97,689,960
11,666,600
9,780,500
March
96,982,110
12,427,850
11,720,000
April
92,017,160
10,464,950
5,500,000
May
89,438,260
5,498,900
2,920,000
June
86,962,160
4,386,100
1,910,000
July
86,950,160
5,142,000
5,130,000
August
95,277,110
7,763,050
September.. . . 16,090,000
103,511,810
9,205,300
17,440,000
October
105,137,810
10,064,000
November. . . . 11,690,000
112,063,815
11,673,995
18,600,000
December




Held by
F. R. Bank
at End of
Month

In Actual Circulation at End of Month
1922

1921

1920

1919

4,998,270 $ 98,451,690 $ 150,409,730 $ 130,503,730 $ 136,070,435
3,830,080
95,745,980
150,142,740
129,081,735
128,595,620
4,264,980
93,424,980
143,110,180
125,821,880
126,209,465
5,643,470
91,338,640
136,135,980
124,643,780
122,900,035
6,246,240
85,770,920
126,497,565
121,133,435
114,886,785
7,058,410
82,379,850
119,678,620
124,487,275
109,940,480
8,397,155
78,565,005
113,023,810
125,352,145
104,743,290
7,072,355
79,877,805
107,006,105
132,949,775
105,879,390
5,851,310
89,425,800
109,833,215
140,852,620
117,475,095
8,058,435
95,453,375
107,908,125
145,327,780
138,592,225
8,179,615
96,958,195
106,659,025
144,875,285
141,587,725
10,917,135
101,146,680
107,100,690
155,169,290
145,765,320

1

to

SCHEDULE No. 21
DENOMINATIONS OF FEDERAL RESERVE NOTES ISSUED AND RETIRED DURING THE YEAR
1922 AND OUTSTANDING AT CLOSE OF YEARS 1922 AND 1921
Outstanding Dec. 31, 1921
DENOMINATIONS

Issued During Year

Retired During Year

Outstanding Dec. 31, 1922

Number

Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
Five Thousands...
Ten Thousands
TOTAL




Amount

Number

Amount

Number

Amount

Number

Amount

4,320,198 $
2,698,421
2,045,613
279,837
101,678
278
3,636
1
2

21,600,990
26,984,210
40,912,260
13,991,850
10,167,800
139,000
3,636,000
5,000
20,000

6,199,000 $
2,812,000
1,753,000
159,000
56,000
561
1,700
1
1

30,995,000
28,120,000
35,060,000
7,950,000
5,600,000
280,500
1,700,000
5,000
10,000

6,255,799 $
2,847,577
1,768,299
196,439
76,916
87
2,431
1

31,278,995
28,475,770
35,365,980
9,821,950
7,691,600
43,500
2,431,000
5,000

4,263,399 $
2,662,844
2,030,314
242,398
80,762
752
2,905
1
3

21,316,995
26,628,440
40,606,280
12,119,900
8,076,200
376,000
2,905,000
5,000
30,000

$ 117,457,110

$ 109,720,500

$ 115,113,795

$ 112,063,815

SCHEDULE No. 22
FEDERAL RESERVE AGENT'S RECORD OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO
BANK AND RETURNED TO COMPTROLLER DURING THE YEAR 1922, BY DENOMINATIONS
Fives

Notes on hand December 31, 1921...
Fit Notes Received from Comptroller
Fit Notes Received from Federal
Reserve Bank and U. S.
Treaury
Unfit Notes Received or Credited
from other sources
TOTAL

Fit Notes Issued to Federal Reserve
Bank
Unfit Notes Returned to Comptroller of Currency for DestrucBalance Notes December 31, 1922...
TOTAL




Tens

Twenties

Fifties

Hundreds

Five
Hundreds

Thousands

2,697

1,700

360,000

360,000

156.000

40,000

56,000

4,400,000

1 900,000

1,232,000

108,000

24,000

2,079,000

964,000

513,000

59,000

35,500

4,176,799

1,883,577

1,255,299

137,439

11,015,799

5,107,577

3,156,299

6,199,000

2,812,000

4,176,799
640,000
11,015,799

Five
Ten
Thousands Thousands
398

396

Total Amount
in Dollars

$

25,118,500

800

74,240,000

3

825

37,621,500

41,416

84

1,606

1

314,439

156,916

2,784

4,931

399

396

$

214,472,295

1,753,000

159,000

56,000

561

1,700

1

1

S

109,720,500

1,883,577
412,000

1,255,299
148,000

137,439
48,000

41,416
59,500

84
2,139

1,606
1,625

1
397

395

5,107,577

3,156,299

344,439

156,916

2,784

4,931

399

396

W

77,492,295

w

77,492,295
27,259,500
$

214,472,295

I—I

o
w
o
o

SCHEDULE No. 23
FEDERAL RESERVE AGENT'S STATEMENT OF FEDERAL RESERVE NOTES
FROM ORGANIZATION TO DECEMBER 31, 1922
^

Thousands

^

Ten

Total Amount

Tens

27,212,000

15,968,000

9,924,000

1,036,000

316,000

3,200

7,600

400

400

9,993,000

6,627,500

3,890,250

460,700

234,700

1,363

4,975

108

113

2,860

1,270

220

44

20

6,331,332

3,766,858

2,360,000

240,219

47,762

39

143

133,474,890

15,977,269

9,126,298

5,385,686

505,383

127,976

270

2,927

320,021,795

59,516,461

35,489,926

21,560,156

2,242,346

726,458

4,872

15,645

510

515 $ 1,294,228,785

Issued to Federal Reserve Bank . . . 36,567,860
Returned to Comptroller of Currency for destruction, including
notes returned by U. S. Treasury for credit of Federal Reserve Agent's Account
22,308,601
Notes on hand December 31 1922...
640,000

22,184,770

13,666,470

1,448,744

491,220

2,424

10,950

111

118 S

12,893,156
412,000

7,745,686
148,000

745.602
48,000

175,738
59,500

309
2,139

3,070
1,625

2
397

2
395

35,489,926

21,560,156

2,242,346

726,458

4,872

15,645

510

515

Received from, Comptroller (Fit
Notes)
Received from Federal Reserve
Bank (Fit Notes)
Received from Treasurer of United
States (Fit Notes)
Received by Comptroller from
Treasurer of U. S. for Destruction and Credit of F. R. Agent's
Account (Unfit Notes):
(a) From other Federal
Reserve Banks
(b) Direct from Reporting
Federal Reserve Bank and
from Other Sources....
TOTAL

Total




59,516,461

Twenties

Hundreds

Fives

Fifties

H

u

8

T h

n d l

$

592,820,000
247,876,500
35,600

813,472,600

453,496,685
27,259,500
$

1,294,228,785

SCHEDULE No. 24
STATEMENT OF FEDERAL RESERVE BANK NOTES RECEIVED AND REDEEMED AND
BALANCE IN RETIREMENT ACCOUNT ON DECEMBER 31, 1922
NUMBER OF PIECES

One-Dollar
Received
Received
Received
Received
Received

from
from
from
from
from

Comptroller
Comptroller
Comptroller
Comptroller
Comptroller

of
of
of
of
of

Currency
Currency
Currency
Currency
Currency

during
during
during
during
during

1918
1919
1920
1921
1922

3,708,000
8,332,000
11,260,000
4,104,000
980,000

to
to
to
to
to

Comptroller
Comptroller
Comptroller
Comptroller
Comptroller

of
of
of
of
of

Currency
Currency
Currency
Currency
Currency

for
for
for
for
for

destruction
destruction
destruction
destruction
destruction

during
during
during
during
during

1918
1919
1920
1921
1922

Total Redeemed
Balance in Retirement Account—deposited with Treasurer of United States against
outstanding notes




292,000 $
680,000
1,428,000
208,000
1,128,000

4,292,000
9,692,000
14,116,000
4,520,000
3,236,000

28,384,000

Total Received
Delivered
Delivered
Delivered
Delivered
Delivered

Total Value
Two-Dollars

3,736,000 $

35,856,000

16,000
1,524,590
11,990,000
10,822,000
3,116,490

$
113,705
1,202,000
1,040,000
570,255

16,000
1,752,000
14,394,000
12,902,000
4,257,000

27,469,080

2,925,960

33,321,000
2,535,000
$

35,856,000

O5

SCHEDULE No. 25
CLEARING OPERATIONS—DAILY AVERAGE NUMBER OF ITEMS, DAILY AVERAGE AMOUNT AND AMOUNT
PER ITEM HANDLED BY FEDERAL RESERVE BANK OF RICHMOND (BALTIMORE
BRANCH INCLUDED) DURING EACH MONTH OF 1922
ITEMS DRAWN ON BANKS IN RICHMOND
AND BALTIMORE
1922

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

Daily
Average No.

Daily Average Amount

14,831
14,346
15,994
14,633
15,086
15,167
14,861
13,850
14,967
15,555
17,284
17,593

10,462,775
9,134,931
9,649,422
9,577,912
10,542,712
10,484,627
10,234,796
9,517,393
10,766,412
12,429,684
13,316,913
12,616,844

4,631,605
4,103,070
3,448,665

3,234,784,700
3,158,710,700
4,243,942,300

Average
Amount
per Item
705
636
603
654
698
691
688
687
719
799
770
717

48
73
32
53
83
30
68
16
34
07
48
15

ITEMS DRAWN ON BANKS IN FIFTH DISTRICT,
OUTSIDE OF BANK AND BRANCH CITIES

Daily
Average No.

102,690
96,535
100,975
100,991
102,828
105,759
105,062
95,321
106,210
117,207
128,341
125,318

Daily
Average
Amount
12,493,525
10,941,739
11,608,485
11,834,640
12,131,257
12,887,350
12,829,680
11,860,737
14,065,748
15,977,877
17,281,900
16,371,212

Average
Amount
per Item
121
113
114
117
117
121
122
124
132
136
134
130

66
34
96
18
97
85
11
43
43
32
66
63

ITEMS HANDLED BY BOTH HEAD OFFICE
AND BRANCH

Daily
Average No.

Daily Average Amount

649,492
556,291
595,989
578,800
620,823
642,492
672,852
664,011

4,468
4,000
4,361
4,595
4,606
4,637
4,606
4,348
4,718
4,783
5,169
5,161

743,877
809,339
782,736

1,413,153

201,486,000
242,600,800

Average
Amount
per Item
145
139
136
125
134
138
146
152
147
155
156
151

37
08
64
96
80
56
07
70
71
51
58
66

Total Number and Amount
Handled during year 1922...
Handled during year 1921..
Handled during year 1920...




698 42
769 85
1,230 60

32,346,894
29,981,628
25,942,877"

4,026,097,900
3,912,914,800
4,766,420,300*

124 47
130 51
183 73'

144 44
171 69

ITEMS D R A W N ON BANKS IN OTHER FEDERAL
RESERVE DISTRICTS

1922

January
February
March
April
May
June
July
August
September
October
November
December
Total Number and Amount
(gross):
Handled during year 1922...
Handled during year 1921...
Handled during year 1920...

Daily
Average No.

8,971
8,826
9,891
11,005
10,639
10,139
10,172
9,536
10,073
11,430
13,135
15,457

Daily Average Amount

3,352,117
3,085,652
3,398,511
3,673,344
3,543,500
3,661,281
3,501,672
3,342,907
4,061,096
4,791,385
4,690,200
4,334,628

3,250,025 $ 1,142,482,500
2,472,532
1,101,377,900
3,266,286
2,287,494,500

Average
Amount
Per Item

ITEMS D R A W N ON TREASURER OF UNITED
STATES

Daily
Average No.

Daily Average Amount

57
14
18
08
43

3,632
3,702
4,452
4,657
4,039
4,381
3,371
3,199
4,407
4,977
4,881
4,408

647,999
589,904
579,543
584,284
483,977
494,316
446,170
441,120
448,089
460,888
584,459
538,596

351 53
445 36
700 34

1,260,581
1,290,049
1,073,973

157,967,447
205,283,930
208,088,124

373
349
343
333
333
361
344

63
62
59
77
08
10
26

350
403
419
357
280

Average
Amount
per Item
178 39
159 33
130 18
125 45
119 83
112 83
132 35
137 90
101 68
92 61
119 74
122 18

125 31
159 13
193 76

TOTAL

Daily
Average No.

Daily Average Amount

Average
Amount
per Item

134,592
127,409
135,673
135,881
137,198
140,083
138,072
126,254
140,375
153,952
168,810
167,937

27,605,908
24,308,517
25,831,950
26,248,980
27,322,269
28,170,066
27,685,170
25,826,168
30,038,225
34,403,711
36,682,811
34,644,016

205 10
190 79
190 39
193 17
199 14
201 09
200 51
20* 55
213 98
223 46
217 30
206 29

42,884,054
39,260,432
33,731,801

8,762,818,547
8,620,888,130
11,505,945,224

204 34
219 58
341 10

Includes items sent by Head Office direct to Baltimore banks and to Baltimore Branch; also includes items Bent by Baltimore Branch direct to Head
Office.




SCHEDULE No. 26
DIRECT ROUTINGS—NUMBER AND AMOUNT OF CASH LETTERS SENT DIRECT TO OTHER
FEDERAL RESERVE BANKS AND BRANCHES BY MEMBER BANKS IN THE
FIFTH DISTRICT DURING 1922, BY MONTHS
Letters Containing Items Letters Containing Items
Outside of F. R. Bank
on F. R. Bank and
Branch Cities
and Branch Cities
Number
of
Letters
January
February
March
April
May
June
JUly
August
September
October
November
December
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920

Average Amount per Letter 1922.
Average Amount per Letter 1921.
Average Amount per Letter 1920.



Amount

Number
of
Letters

Amount

TOTAL
Number
of
Letters

Amount

6,572
6,097
7,175
6,914
7,404
7,682
7,305
7,597
7,519
8,260
7,792
8,238

84,180,944
72,706,137
84,055,455
83,891,052
90,255,793
95,417,129
92,571,332
82,841,256
82,513,618
114,795,756
101,650,410
105,839,362

5,514
5,019
5,884
5,614
6,003
6,063
5,659
5,671
5,635
6,226
5,800
6,182

21,955,607
19,594,082
21,946,531
19,707,319
23,320,596
26,817,754
25,996,673
23,303,240
23,522,295
28,747,166
26,294,494
27,367,315

12,086
11,116
13,059
12,528
13,407
13,745
12,964
13,268
13,154
14,486
13,592
14,420

106,136,551
92,300,219
106,001,986
103,598,371
113,576,389
122,234,883
118,568,005
106,144,496
106,035,913
143,542,922
127,944,904
133,206,677

88,555
81,467
82,679

1,090,718,244
1,099,154,326
1,646,377,099
12,316 85
13,492 02
19,912 88

69,270
68,392
68,736

288,573,072
278,140,934
396,737,550
4,165 92
4,066 86
5,771 90

157,825
149,859
151,415

1,379,291,316
1,377,295,260
2,043,114,649
8,739 37
9,190 61
13,493 48

SCHEDULE No. 27
NON-CASH COLLECTION ITEMS HANDLED DURING THE YEAR 1922, BY MONTHS
Number of
Items
Received

January
February
March
April
May
June
July
August
September
October
November
December
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920




Number of

Items
Paid

10,119
8,734
12,505
12,298
20,047
21,495
19,797
19,413
18,476
19,536
18,221
18,440

8,266
6,690
9,477
9,234
14,302
15,479
14,741
14,605
14,469
15,762
14,644
14,728

199,081
100,776
53,391

152,397
81,311
42,681

Amount Paid

12,121,006
14,955,868
15,221,895
13,134,292
22,910,661
20,609,364
14,189,943
13,862,532
13,719,026
17,722,070
18,935,574
17,419,011

Number of
Items
Ret'd
Unpaid

65
01
65
97
03
43
37
10
94
24
61
41

2,168
1,704
2,424
2,284
4,235
5,004
5,507
4,770
3,938
3,855
3,600
3,916

194,801,247 41
134,535,010 06
110,695,727 12

43,405
18,311
10,266

Amount
Returned

1,266,082
1,127,506
1,199,686
1,096,421
1,294,064
1,994,603
2,828,794
2,011,092
1,578,431
1,429,909
1,270,367
1,334,270

90
95
18
96
00
46
16
39
71
38
23
99

18,431,231 31
13,051,743 96
13,997,523 66

SCHEDULE No. 28
GOLD SETTLEMENT FUND TRANSACTIONS DURING THE YEAR 1922
(In Even Thousands)
Balance in Gold Settlement Fund at close of Business December 31, 1921

S

19,094,000

RECEIPTS :

Total amount received from other Federal Reserve Banks through daily Gold Fund Clearings
$ 5,193,744,000
Total amount received from other Federal Reserve Banks on account of daily Federal Reserve Note Clearings
(Feb. 1, 1922 to Dec. 31, 1922)
34,713,000
Amounts received from other Federal Reserve Banks by direct transfers for credit of Treasurer United States
43,500,000
Amounts received from other sources by direct transfers:
From Treasurer United States
78,700,000
From Gold shipped to Treasurer United States
1,434,000
From 5% Fund Federal Reserve Bank Notes
188,000
From 5% Fund National Bank Notes (Refunded by Treasurer United States) (|)
24,000
From "Gold Redemption Fund"
2,500,000
Total Receipts

$ 5,354,803,000

DISBURSEMENTS :

Total amount paid to other Federal Reserve Banks through daily Gold Fund Clearings
$ 5,138,233,000
Total amount paid to other Federal Reserve Banks on account of daily Federal Reserve Note Clearings (Feb. 1,
1922 to Dec. 31, 19221
43,499,000
Amounts paid to other Federal Reserve Banks by direct transfers for account Treasurer United States
74,000,000
Amounts paid to other accounts by direct transfers:
To Treasurer United States for credit 5% Fund National Bank Notest
23,547,000
To Federal Reserve Agent—collateral to Federal Reservf Notf S
67,000,000
Total Disbursements

»

$ 5,346,279,000

Excess of Receipts over Disbursements
Balance in Gold Settlement Fund at close of Business December 31, 1922

8,524,000
*

27,618,000

t After May 31, 1922 transfers to Treasurer United State* for credit of 5% Fund National Banks were made through the "Gold Redemption Fund—Federal
Reserve Notes" instead of the "Gold Settlement Fund."




SCHEDULE No. 29
TOTAL AMOUNT RECEIVED FROM AND PAID TO EACH OTHER FEDERAL RESERVE BANK THROUGH
THE GOLD SETTLEMENT FUND ON ACCOUNT OF DAILY CLEARINGS
Amount
Received from
Boston
New York
Philadelphia
Cleveland
^Richmond
•(•Baltimore
Atlanta
Chicago

St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920

t
t

Amount
Paid to

$ 109,605,845 61 $ 121,912,606 98
1,749,325,384 64 1,705,586,647 23
531,781,710 34
600,051,805 52
509,685,425 40
420,141,125 89
874,322,392 16
770,104,206 83
770,104,206 83
874,322,392 16
276,008,196 26
243,599,744 69
187,909,901 25
214,322,990 67
88,522,693 13
126,576,845 69
10,486,957 92
6,796,928 89
24,787,952 79
17,864,276 60
27,527,140 93
14,014,897 48
33,676,221 32
22,938,271 89

Excess
Paid

Excess
Received

Net Excess
Received

Net Excess
Paid

$ 12,306,761 37
43,738,737 41
68,270,095 18
89,544,299 51
104,218,185 33
104,218,185 33
32,408,451 57
26,413,089 42
38,054,152 56
3,690,029
6,923,676
13,512,243
10,737,949

03
19
45
43

5,193,744,028 58 5,138,232,740 52 $304,773,571 92 $ 249,262,283 86 $ 55,511,288 06
5,492,010,360 91 5,541,662,406 23 218,723,564 39 268,375,609 71
$ 49,652,045 32
7,140,956,992 01 7,246,874,903 87 340,050,675 24 445,968,587 10
105,917,911 86

Represents amounts received from and paid to Richmond Head Office by Baltimore Branch.
Represents amounts received from and paid to Baltimore Branch by Richmond Head Office.




00

SCHEDULE No. 30
CURRENCY AND COIN RECEIVED FROM AND DELIVERED OR SHIPPED TO MEMBER AND
NON-MEMBER BANKS IN THE FIFTH DISTRICT DURING THE YEAR 1922

Non-Members

MEMBERS
RECEIVED

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

'.

TOTAL RECEIVED 1922..
TOTAL RECEIVED 1921..
TOTAL RECEIVED 1920..




Fifth District
In Richmond Outside Bank
and
and Branch
Baltimore
Cities

Total
Members

Fifth District
In Richmond Outside Bank
Total
and
and Branch Non-Members
Baltimore
Cities

14,583,139
10,658,765
12,319,612
13,936,489
15,063,800
15,748,534
15,036,495
15,438,536
15,101,131
18,109,499
17,665,714
21,753,131

6,623,496
4,012,537
4,788,836
4,823,296
5,028,532
6,057,992
5,570,070
5,868,140
5,827,287
6,809,282
8,037,225
10,513,894

21,206,635
14,671,302
17,108,448
18,759,785
20,092,332
21,806,526
20,606,565
21,306,676
20,928,418
24,918,781
25,702,939
32,267,025

346,570
370,441
395,131
397,817
684,368
522,755
391,950
381,038
406,970
478,918
479,465
542,211

185,414,845
177,588,780
133,904,124

73,960,587
68,389,296
49,782,476

259,375,432
245,978,076
183,686,600

5,397,634

1,760,951
1,163,746
1,500,272
1,379,052
1,477,213
1,257,329
1,420,158
1,496,772
1,378,670
1,763,534
2,030,133
2,211,064
18,838,894 $
18,827,362
10,811,777

2,107,521
1,534,187
1,895,403
1,776,869
2,161,581
1,780,084
1,812,108
1,877,810
1,785,640
2,242,452
2,509,598
2,753,275

GRAND
TOTAL

23,314,156
16,205,489
19,003,851
20,536,654
22,253,913
23,586,610
22,418,673
23,184,486
22,714,058
27,161,233
28,212,537
35,020,300

24,236,528 $ 283,611,960
18,827,362
264,805,438
10,811,777
194,498,377

DELIVERED OR SHIPPED :

January
February
March
April
May
June
July
August
September
October
November
December
TOTAL SHIPPED 1922....
TOTAL SHIPPED 1921....
TOTAL SHIPPED 1920....

11,859,962
14,653,939
17,668,627
17,976,038
17,602,554
22,363,371
20,071,311
25,300,000
32,644,026
31,177,561
27,642,777
34,921,661

367,099
367,041
392,934
397,817
684,367
521,846
391,950
381,038
406,970
475,718
479,465
512,711

141,038
119,463
196,375
133,680
113,160
178,502
195,762
196,295
275,294
304,560
249,168
279,977

508,137
486,504
589,309
531,497
797,527
700,348
587,712
577,333
682,264
780,278
728,633
792,688

12,368,099
15,140,443
18,257,936
18,507,535
18,400,081
23,063,719
20,659,023
25,877,333
33,326,290
31,957,839
28,371',410
35,714,349

$ 167,532,071 $ 106,349,756 $ 273,881,827
243,205,927
93,487,854
149,718,073
242,761,873
88,999,543
153,762,330

5,378,956
9,000
28,000

2,383,274
1,563,568
230,039

7,762,230
1,572,568
258,039

281,644,057
244,778,495
243,019,912

7,387,516
9,390,474
11,560,436
12,351,923
11,800,730
14,788,710
14,091,204
15,232,742
18,024,889
16,490,924
15,602,075
20.810,448

4,472,446
5,263,465
6,108,191
5,624;115
5,801,824
7,574,661
5,980,107
10,067,258
14,619,137
14,686,637
12,040,702
14,111,213

Excess of Receipts over Disbursements (1922)
Exgess of Receipts over Disbursements (1921)
Excess of Disbursements over Receipts (1920)




$

1,967,903
20,026,943
48,521,535

SCHEDULE No. 31a
RECEIPTS AND PAYMENTS OF PAPER CURRENCY DURING THE YEARS 1922 AND 1921
Currency Received and Counted
RECEIVED IN THE ORDINARY
COURSE OF BUSINESS FROM
BANKS, BANKERS, ETC.
No. of Notes

Amount

NEW CURRENCY:
Federal Reserve Notes
(Our Own 5-E).
Federal Reserve Bank

RECEIVED FROM THE
FEDERAL RESERVE
AGENT

No. of
Notes

Amount

RECEIVED FROM THE
T R E A S U R E R OF THE
U N I T E D STATES

No. of
Notes

Amount

Amount

TOTAL 1921

No. of Notef

Amount

70,688,500

7,964,880

2,108.000

3,236,000

4,322,000

4,540,000

9,852,000
21,828,000

10,540,000
22,808,000

12,532,500
12,800,000

13,956,000
13,000,000

41 115 703 $ 107 272 500

37 619 380

$ 108 832 750

13 990 878 $ 165 389 765

17 668 860

$ 220 225 945

$

77,336,750

Notes
9,852,000
21,828,000
7,327,703 S 70,688,500

Total New Currency
FIT AND UNFIT CURRBNCI :
Federal Reserve Notes
(Our Own 5-E)
Federal Reserve Notes
(Others')
Federal Reserve
Bank
Notes
National Bank Notes
United
States
Notes
(Legals, e t c )
Silver Certificates
Gold Certificates

13 533 769* % 158 042 565*

454 760 $ 7 292 000

10,540,000
22,808,000

33,788,000 $ 36,584 000

2 349 $

55 200

3 267 977

39 031 700

3 267 977

39 034 700

4 780 091

60 021 500

4 098 166
4 989 462

5 735 268
49 135,840

4 098 166
4,989,462

5 735 268
49,135,840

7 020 906
1,493,680

8 065 592
15,259,500

12,718,624
18,029,130
205,514

34,496,020
20,607,093
3,847,910

12,718,624
18,029,130
205,514

34,496,020
20,607,093
3,847,910

16,322,646
2,799,300
92,481

24,714,452
3,754,200
1,493,520

55,200

57,299,751 $ 318,246,596

50,177,964

$ 333,534,709

33,790,349 $ 36,639,200

98,415,454 $ 425,519,096

87,797,344

$ 442,367,459

Total Fit and Unfit
Currency

56,842,642* S 310,899,396*

454,760 $ 7,292,000

Total New, Fit and
Unfit Currency
•

No. of
Notes

7,327,703 $

7,327,703 $ 70,688,500
2,108,000 $ 3,236,000

CTnited
States
(Legals, etc.)

TOTAL 1922

56,842,642* $ 310,899,396*

7,782,463 $77,980,500

2,349 %

Includes our own Federal Reserve Notes (Fit) received from other Federal Reserve Banks, approximately $28,000,000.00.




SCHEDULE No. 31b
RECEIPTS AND PAYMENTS OF PAPER CURRENCY DURING THE YEARS 1922 AND 1921
Paid Out and Returned for Redemption
PAID OUT IN THE ORDINARY RETURNED TO THE F E D -SHIPPED TO THE TREASURER
COURSE OF BUSINESS TO SRAL RESERVE AGENT FOR OF THE UNITED STATES FOR
B A N K S , BANKERS, E T C . TEMPORARY RETIREMENT REDEMPTION & DESTRUCT'N

No. of
Notes

Amount

No. of
Notes

Amount

No. of
Notes

Amount

TOTAL 1922

No. of
Notes

Amount

TOTAL 1921

No. of
Notes

Amount

NEW CURRENCY:

Federal
R< serve
Notes
(0ur0wn5-E)
Federal Reserve Bank Notes
United S t a t es Notes
(Legals, etc.)
Silver Certificates
Total New Currency.

7,242,703 $
2,048,440
9,181,581
21,555,814

68,721,575
3,116,880

115,000 $ 1,350,000

7 357,703 $
2,048,440

10,051,831
21,911,666

9,181,581
21,555,814

40,028,538 $ 103,801,952

115,000 t 1,350,000

9,232,504 $ 114,203,400

340,328 $ 6,131,500

70,071,575
3,116,880
10,051,831
21,911,666

7,847,829 $
4,616,081
12,690,250
11,340,245

76,201,080
4,933,205
13,931,500
11,540,245

40,143,538 $ 105,151,952

36,494,405 $ 106,606,030

14,152,515 $ 166,513,375

17,638,332 $ 219,865,120

FIT AND UNFIT CURRENCY:

Federal
Reserve
(OurOwn5-E)
Federal
Reserve
Others'
Federal Reserve Bank
National Bank Notes
United S t a t e s
(Legals, etc.)
Silver Certificates
Gold Certificates

Notes
4,579,683 $

46,178,475

3,267,9/7*
3,056,191
2,005,521

39,034,700*
3,797,968
17,235,490

3,267,977
4,138,591
4,987,297

39,034,700
5,792,968
49,074,790

4,780,091
7,015,507
1,492,860

60,021,500
8,055,744
15,244,000

14,871,970
14,523,819
876,480

13,239,458
18,104,395
69,705

37,695,370
20,680,143
1,273,930

15,797,586
2,641,630
99,987

21,461,052
3,581,950
1,577,100

Notes
Notes

1,082,400
2,981,776

1,995,000
31,839,300

4,284,269
5,113,833
20,893

22,823,400
6,156,324
397,450

Notes
8,955,189
12,990,562
48,812

Total Fit and Unfit
Currency

22,715,675 $ 177,414,874

340,328 $ 6,131,500

34,903,935* $ 136,518,902*

57,959,938 $ 320,065,276

49,465,993 $ '329,806,466

Total New, Fit and
Unfit Currency...

62,744,213 $ 281,216,826

455,328 S 7,481,500

34,903,935* $ 136,518,902*

98,103,476 $ 425,217,228

85,960,398 $ 436,412,496

Includes Federal Reserve Notes of other Federal Reserve Banks returned to the Bank of Issue for Redemption (1,453,860 Notes $19,048,050).




00

SCHEDULE No. 32
PRIVATE WIRE OPERATIONS—TOTAL NUMBER OF MESSAGES SENT AND RECEIVED OVER
PRIVATE LEASED WIRES DURING THE YEAR 1922

Sent to
Boston
New York
Philadelphia
Cleveland
Richmond f
Baltimore}:
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Washington
Total for 1922
Total for 1921
Total for 1920
t Messages Sent to and Received from Richmond Head Office by Baltimore Branch.
X Messages Sent to and Received from Baltimore Branch by Richmond Head Office.



Received
from

Total

837
10,068
3,028
2,620
7,292
5,049
3,122
2,578
1,199
404
680
1,037
1,145
5,943

1,532
10,891
3,642
6,719
5,049
7,292
3,241
1,972
1,177
281
453
541
789
6,631

2,369
20,959
6,670
9,339
12,341
12,341
6,363
4,550
2,376
685
1,133
1,578
1,934
12,574

45,002
44,004
37,138

50,210
47,610
39,232

95,212
91,614
76,370

U No. 33
WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO AND FROM OTHER FEDERAL RESERVE DISTRICTS
FOR ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING 1922, BY MONTHS
Transfers to Other F. R. Districts by
Member Banks of Fifth District
No. of
Number
Banks
of
Making Transfers
Transfers
January...
February..
March
April
May
June
July
August —
September.
October
November.
December.
Total for 1922.
Total for 1921.
Total for 1920.



80
74
92
86
87
88
78
90
87
93
101
91

Amount of
Transfers

993
789
996
944
1,115
1,152
1,014
1,112
1,052
1,201
1,286
1,295

38,376,720
33,708,901
42,438,078
45,061,824
66,099,107
66,330,158
57,061,347
53,894,518
53,067,111
54,540,152
51,131,196
60,083,178

12,949
9,856
8,304

621,792,290
423,020,019
439,472,350

Transfers to Members in Fifth District
by Banks in Other F. R. Districts
Number
of Banks Number
of
Receiving Transfers
Transfers
119
107
117
118
120
131
135
132
127
128
130
119

Amount of
Transfers

TOTAL ALLTRANSFERS

Number
of
Transfers

Amount
of
Transfers

1,316
1,290
1,477
1,343
1,620
1,617
1,537
1,567
1,538
1,817
1,558
1,689

67,798,662
69,778,237
81,022,701
70,823,850
105,279,471
107,168,501
81,564,818
81,721,554
88,756,821
91,324,665
78,136.692
80,877^807

2,309
2,079
2,473
2,287
2,735
2,769
2,551
2,679
2,590
3,018
2,844
2,984

106,175,382
103,487,138
123,460,779
115,885,674
171,378,578
173,498,659
138,626,165
135,616,072
141,823,932
145,864,817
129,267,888
140,960,985

18,369
15,274
13,532

1,004,253,779
726,697,680
807,388,808

31,318
25,130
21,836

1,626,046,069
1,149,717,699
1,246,861,158
00

SCHEDULE No. 34
WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO AND FROM OTHER FEDERAL RESERVE DISTRICTS
FOR ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING
1922, BY FEDERAL RESERVE DISTRICTS
TRANSFERS FROM OTHER F. R.
TRANSFERS TO OTHER F. R.
DISTRICTS BY MEMBER BANKS OF DISTRICTS FOR ACCOUNT OF MEMBER
BANKS OF FIFTH DISTRICT
FIFTH DISTRICT

TOTAL OF ALL TRANSFERS

District
Number
Boston
New York
Philadelphia
Cleveland
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL FOR 1922
TOTAL FOR 1921




Amount

177 $
6,123
1,280
1,048
1,841
1,410
291
174
94
325
186

2,452,000
484,086,000
14,685,000
24,122,000
35,360,000
42,780,000
7,602,000
1,929,000
2,022,000
2,839,000
3,915,000

12,949 $
9,856

621,792,000
423,020,000

Number
686 $
7,302
1,990
5,076
1,682
861
540
19
32
28
153

Amount

Number

Amount

13,375,000
749,274,000
66,389,000
109,066,000
25,493,000
23,433,000
10,990,000
236,000
937,000
494,000
4,567,000

863 $
15,827,000
13,425
1,233,360,000
3,270
81,074,000
6,124
133,188,000
3,523
60,853,000
2,271
66,213,000
831
18,592,000
193
2,165,000
126
2,959,000
353
3,333,000
339
8,482,000

18,369 $ 1,004,254,000
15,274
726,698,000

31,318 $ 1,626,046,000
25,130
1,149,718,000

SCHEDULE No. 35
BOND COUPONS CUT FOR BANKS BY CUSTODIAN OF SECURITIES DURING EACH MONTH OF 1922
Number of
Banks
Accommodated
January...
February..
March
April
May
June
July
August....
September.
October
November.
December.
T O T A L F O R 1922.
T O T A L F O R 1921.




77
67
429
375
378
437
56
48
391
290
288
369

Number of
Coupons
Cut

Value of
Coupons
Cut

2,222
1,666
21,743
36,362
18,546
14,675
2,190
1,021
12,685
22,067
16,520
10,844

43,090 62
37,186 33
315,210 81
408,424 54
286,950 82
204,861 61
35,979 77
24,879 37
179,958 95
295,275 87
304,730 23
148,294 70

160,541
304,192

2,284,843 62
4,004,557 29

SCHEDULE No. 36
INTEREST COUPONS FROM U. S. SECURITIES PAID BY FEDERAL RESERVE BANK OF RICHMOND AND
CHARGED TO TREASURER OF U. S. DURING THE YEAR 1922, BY MONTHS
First
Liberty
Loan
Bonds
January
February
March
April

NUMBER 1922
NUMBER 1921
VALUE 1922...
VALUE 1921...

Third
Liberty
Loan
Bonds

Fourth
Liberty
Loan
Bonds

Victory
Notes

Treasury
U. S. Certifi- Notes and
cates of
Other Gov.
Indebtedness Obligations

Total
Total
Federal
Value
Number of
Land Bank Coupons Paid Coupons of
Paid

33,180
9,800
9,928
8,123
6,476
57,662
20,218
8,985
7,168
6,222
4,324
39,601

39,350
14,598
15,716
12,437
111,622
55,865
24,676
13,668
11,125
9,669
92,984
48,896

37,637
16,250
137,558
76,203
52,304
37,293
21,602
14,724
105,324
66,065
36,083
33,253

53,753
24,570
24,553
195,032
101,844
59,237
31,545
19,748
17,670
159,251
69,876
52,047

78,312
20,334
20,949
14,764
12,510
100,633
45,787
20,631
16,606
13,643
9,179
73,586

547
1,848
3,085
534
620
2,686
230
779
1,329
438
133
971

734
335
1,304
359
342
1,892
662
268
5,314
1,110
499
2,725

242
56
143
1,053
9,612
773
148
173
35
44
15,686
1,095

211,687
261,939
1,144,775 $
1,255,027

450,606
553,939
3,567,288 $
3,967,867

634,296
762,234
3,019,837 $
3,393,293

809,126
1,026,467
5,587,062 i
6,587,572

426,934
614,833
2,172,570 $
3,966,106

13,200
27,741
903,289 S
2,157,744

15,544
3,763
888,398 $
130,352

29,060
12,695
791,971
302,708

June
July
August
September
October
November
December
TOTAL
TOTAL
TOTAL
TOTAL

Second
Liberty
Loan
Bonds

S

243,755 S 943,241 12
362 242 79
87 791
213,236 1,605,924 14
308,505 2,393,338 28
295,330 2,336,488 52
316,041 2,020,424 00
583,609 35
144,868
272,888 76
78,976
164,571 1,439,481 78
256 442 2,237,397 87
228,764 2,224,857 09
252,174 1,655,296 27
2,590,453
3,263,611
$ 18,075,189 97
21,760,669 15

NOTE: It will be noted that Federal Land Bank Coupons are included in this Schedule. These are not chargeable directly to the Treasurer of the United States.




SCHEDULE No. 37
UNITED STATES FISCAL AGENCY OPERATIONS DURING 1922
Liberty Loan Bond and Victory Note Transactions
RECEIVED

Number of
Pieces
Coupon bonds received and exchanged for registered bonds of same issue
Registered bonds received and exchanged for coupon bonds of same issue
Registered bonds received for transfer of ownership
4% coupon bonds received and converted into 4 j % registered bonds
4% coupon bonds received and converted into 4|% coupon bonds
4% registered bonds received and converted into \\% registered bonds
4f% Victory notes received and converted into 3f Victory notes
Temporary coupon bonds received and exchanged for permanent bonds of same
issue ..
Bonds of one denomination received and exchanged for other denominations
of same issue
Mutilated coupon bonds received and exchanged for perfect coupon bonds of
same issue..
Victory notes received for redemption
Liberty bonds and Victory notes received in payment of taxes
Liberty bonds and Victory notes purchased for Treasury Department
TOTAL




Amount

9,905 $ 5,246,750
8,866
5,999,650
4,934
2,211,400
37
6,800
3,719
390,350
57
8,750
42
100,050

DELIVERED

Number of
Pieces

Amount

5,499 % 6,347,050
5,973,900
8,698
2,292,300
2,484
6,800
37
407,450
3,798
8,350
52
100,050
42

39,594

3,617,950

36,598

4,112,900

124,222

18,018,800

10,309

20,273,500

18
102,217
284
708

2,550
46,730,850
556,050
240,750

17

2,500

294,603 $83,130,700

67,534 $ 39,524,800

fcO

SCHEDULE No. 37—Continued
UNITED STATES FISCAL AGENCY OPERATIONS DURING 1922
Certificate of Indebtedness and Treasury Note Transactions
Amount
Total sales during 1922
Total redemptions during 1922
Total denominational exchanges during 1922:
Received
Delivered
Total Certificates of Indebtedness and Treasury Notes handled during 1922




123,483,600
28,215,500

SCHEDULE No. 37—Continued
WAR SAVINGS SECURITIES TRANSACTIONS
Number of
Certificates

SALES DURING

Number of
Stamps

Cash Value

Maturity
Value

1922:

Treasury Savings Stamps
Treasury Savings Certificates.

172 $
5,500

1,138,654 $

1,411,972

1922:

War Savings Stamps
Thrift Stamps
Treasury Savings Stamps
Total Redeemed
War Savings Stamps, series 1918, received and handled during 1922,
for redemption on January 1, 1923
Total War Savings Securities handled during 1922.




172
1,411,800

5,672 $

Total Sales
REDEMPTIONS DURING

172
1,138,482

26,079
4,373
14

255,842
38,132
156

1,206,628
9,533
156

1,279,210
9,533
156

30,466

294,130

1,216,317

1,288,899

75,386

1,235,066

6,175,330

6,175,330

1,534,868 $

8,530,301 $

8,876,201

105,852

CO
CO

SCHEDULE No. 38
ANALYSIS OF U. S. TREASURER'S GENERAL ACCOUNT FOR THE YEAR 1922
Balance to Credit of U. S. Treasurer, December 31, 1921

$

4,455,600 80

RECEIPTS :

Sales of Government Securities (including accrued interest)
$ 127,554,353 64
Sales of Certificates of Indebtedness (Special One Day)
32,000,000 00
Withdrawals of War Loan Deposits
84,491,012 33
Deposited by Collectors of Customs and Internal Revenue, Postmasters, Disbursing Officers,
etc
270,216,302 41
Deposited for the credit of War Finance Corporation
17,147,706 89
Proceeds of Collections for account of U. S. Treasurer
38,420,086 80
Transfers of Funds
260,015,546 85
All other Credits to U. S. Treasurer's account
660,165 35

^
£
~
>

Total Receipts

830,505,174 27

3
d
>

$ 834,960,775 07
DISBURSEMENTS :

Government Securities purchased and redeemed, including Interest
U. S. Certificates of Indebtedness Redeemed (Special One Day), including Interest
U. S. Certificates of Indebtedness Redeemed (Pittman Act), including Interest
Interest Coupons Paid
Deposited with War Loan Depositary Banks
Transfers of Funds
Checks and Warrants paid
All other Disbursements

= = = = = =

$ 76,314,664
32,002,739
394,375
17,283,218
87,142,500
462,766,071
157,967,916
229,670

56
73
90
66
00
99
20
73

Total Disbursements
Balance to Credit of U. S. Treasurer, December 31, 1922



^

£j
*1
g
W

834,101,157 77
$

859,617 30

SCHEDULE No. 39
NUMBER OF PIECES OF REGISTERED MAIL HANDLED DURING 1922, BY MONTHS
Incoming Outgoing

Total

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

5,588
4,773
6,091
5,128
5,224
5,879
4,789
4,847
4,566
5,641
5,124
17,680

8,246
7,708
8,846
7,893
8,508
8,957
8,613
8,247
8,879
9,376
8,631
9,770

13,834
12,481
14,937
13,021
13,732
14,836
13,402
13,094
13,445
15,017
13,755
27,450

TOTAL FOR 1922
TOTAL FOR 1921

75,330
72,379

103,674
124,437

179,004
196,816




CO

SCHEDULE No. 40
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF RICHMOND
(Including Baltimore Branch)
NUMBER

OF O F F I C E R S AND
EMPLOYEES

1918

1919

1920

1921

1922

1 $
1
24
613
16
20
47

10,000 $
15,000
22,959
179,888
3,602

12,000 $
18,000
65,400
310,138
11,900

15,000 S
18,000
118,850
601,090
18,960
40,350
85,726

15,000 $
18,000
138,400
715,410
59,010
40,530
49,400

15,000
18,000
137,500
717,370
31,860
38,070
65,450

745

722 S

286,379 $

480,768 $

21

3
2

3 8
10
8

4,380 $

29,670 $

29,596 $

7,640 S
3,240

7,640
14,160
5,970

23

21

5

21 $

4,380 $

29,670 S

29,596 $

10,880 %

27,770

378

646

740

701 1

281,999 $

451,098 $

868,380 $ 1,024,870 %

995,480

1918

Governor
Other Officers
Federal Reserve Agent's Department
Fiscal Agency Department
TOTAL

Included in thf above are the following Employees who were not
actually Employees of the Bank, and whose Salaries were not
Expenses of the Bank:
Liberty Loan and Government Savings Organization (reimbursad
by U. S. Treasury Department) ..

TOTAL
ACTUAL O F F I C E R S AND EMPLOYEES OF THE B A N K




SALARKS

1919

1920

1921

1
1
8
201
3

1
1
15
323
7

40

54

1
1
22
539
11
22
71

1
1
24
632
28
22
37

254

401

667

2

23

2
252

1922

54,930

63,330

897,976 $ 1,035,750 S 1,023,250

SCHEDULE No. 41
SUNDRY DATA AND COMPARISONS FOR THE YEARS 1922, 1921 AND 1920
1922

Gross Earnings
Expenses
Current Net Earnings
Net Earnings Available for Dividends, Surplus and Franchise Tax.
Dividends Paid
Franchise Tax Paid to Government
Total Resources, December 31st
Capital, December 31st
Surplus, December 31st
,
Members Reserves, December 31st
Total Deposits (Immediately Available), December 31st
Gross Deposits, December 31st
Net Deposits, December 31st
Federal Reserve Notes in Circulation December 31st
Deposit and Federal Reserve Note Liability, December 31st
Daily Average for Year
Reserve against Deposits and Federal Reserve Notes:
December 31st
Daily Average for Year
Reserve Percentage, December 31st
Daily Average for Year




1921

2,832,944
1,631,356
1,201,588
867,447
333,321
480,714
229,274,968
5,595,450
11,288,078
61,527,058
62,959,609

6,729,679
1,127,174
4,602,505
4,393,627
322,203
3,398,090*
224,228,204
5,428,550
11,029,848
56,127,602
61,021,408

101,146,680
164,106,289
150,102,484

107,100,690
168,122,098
182,350,239

111,912,349
99,933,925
68.18%
66.57%

71,557,384
78,856,137
42.56%
43.24%

1920

6,909,143
1,521,948
5,387,195
5,238,506
293,052
204,585
283,488,225
5,269,300
10,561,332
57,085,285
100,473,874
40,598,696f
155,169,290
195,767,9861
182,519,441t
87,151,600
79,126,702

44.52%f
43.35%f
CD

CO

SCHEDULE No. 41—Continued
SUNDRY DATA AND COMPARISONS FOR THE YEARS 1922, 1921 AND 1920
1922

Federal Reserve Bank Notes in Circulation December 31st
Productive or Earning Assets :
Holdings December 31st
Average Daily Holdings for year
Earnings on Productive Assets:
Total Earnings for year
Average Daily Earnings during year
Average Rate of Earnings per anum
Average Daily Amount of Outstanding Accommodation to Member Banks
Bills Discounted—Government Secured
Bills Discounted—Otherwise Secured and Unsecured
Bankers' Acceptances
Total Average Dailj r Accommodation
Discount Operations:
Total Amount Bills Discounted
Total Amount Bills Bought
Total Amount Discounted and Bought
Average Daily Amount Bills Discounted and Bought
Total Amount of Bills Rediscounted with other Federal Reserve Banks:
Number of Member Banks Accommodated
Total Investment Operations (including discounts)



1921

1920

3,515,700

11,466,443

56,309,765
59,930,792

103,219,468
116,779,673

134,016,665
126,203,956

2,739,920
7,507
4.57%

6,547,369
17,938
5.61%

6,675,440
18,239
5.29%

20,572,872
33,167,536
1,334,906
55,075,314-

118,122,358-

1,424,566,672
8,460,482x

2,749,670,916
25,345,484

3,346,321,599
51,711,557^

1,433,027,154
•4,745,123

2,775,016,400
9,158,470
500,000,000
494
2,812,016,500

3,398,033,156
11,177,741
700,000,000
438
3,482,035,156

491
1,465,127,154

Number of Member Banks, December 31st:
• National Bank Members
State Bank Members
Total
Inter-district Exchange of Federal Reserve Notes:
Notes of other Districts returned
5-E Notes received from other Districts
Gold Settlement Fund Operations (including Clearings):
Total Amount of Gold Received through Fund
$
Total Amount of Gold Disbursed through Fund
Federal Reserve Bank Clearings through Gold Fund:
Received from other Federal Reserve Banks through Daily
Clearings
Paid to other Federal Reserve Banks through Daily Clearings
Currency Rece'ived from Banks in Fifth District
Currency Delivered or Shipped to Banks in Fifth District
Total of all Currency Handled by Tellers:
Received and Counted (including new):
Number
Amount
$
Paid Out and Returned for Redemption:
Number
Amount
'
$
Telegrams Sent and Received over Private Wires:
Number Sent
Number Received
Total Number Handled



566
68

560
66

554
56

634

626

610

38,726,450
51,382,385

60,320,250
87,360,125

69,994,240
71,452,705

5,354,803,000 $
5,346,279,000

6,169,589,000 $
6,170,924,000

8,076,611,000
8,081,383,000

5,193,744,029 $
5,138,232,741
283,611,960
281,644,057

5,492,010,361 $
5,541,662,406
264,805,438
244,778,495

7,140,957,000
7,246,875,000
194,498,377
243,019,912

98,415,454
425,519,096 $

87,797,344
442,367,459

t
t

98,103,476
425,217,228 $

85,960,398
436,412,496

t
X

45,002
50,210

44,004
47,610

37,138
39,232

95,212

91,614

76,370
CO

o

SCHEDULE No. 41—Continued
SUNDRY DATA AND COMPARISONS FOR THE YEARS 1922, 1921 AND 1920
1921

1920

18,369
1,004,253,779

15,274
726,697,680

13,532
807,388,808

12,949
621,792,290

9,856
423,020,019

8,304
439,472,350

1922

Wire Transfers of Funds over Private Wires:
Transfers to Member Banks from other Federal Reserve Districts:
Number
Amount
Transfers by Member Banks to other Federal Reserve Districts:
Number
Amount
Total of all Transfers :
Number
Amount
Clearing Operations by Transit Department:
Total Operations for year:
Number of Checks Handled
Total Amount Cleared
Average Amount per Item
Average Daily Operations:
Number of Checks Handled Daily
Amount Cleared Daily
Direct Routings:
Cash Letters sent direct to other F. R. Districts by 5th District
Members:
Number of Letters
Amount of Letters



31,318
1,626,046,069

25,130
1,149,717,699 $

42,884,054
3,762,818,547
204

39,260,432
5,620,888,130
220

33,731,801
11,505,945,224
341

142,000
29,015,955

129,572
28,451,776

110,960
37,848,504

157,825
1,379,291,316

149,859
1,377,295,260

151,415
2,043,114,649

21,836
1,246,861,158

Bond Coupons cut for Customer Banks:
Number of Coupons
Value of Coupons
•.
Interest Coupons from U. S. Securities Received and Paid:
Number of Coupons Paid
Value of Coupons Paid
Number of Pieces of Registered Mail Handled:
Incoming
Outgoing
Total
Daily Average
Non-Cash Collections Paid:
Number
Amount
Returned Unpaid:
Number
Amount
Total Handled:
Number
Amount
*
t
%
1
x

160,541
2,284,844

304,192
4,004,557

388,297
4,680,362

2,590,453
18,075,190

3,263,611
21,760,669

4,176,822
23,474,500

75,330
103,674

72,379
124,437

179,004
593

196,816
650

152,397
194,801,248

81,311
134,535,010

42,681
110,695,727

43,405
18,431,231

18,311
13,051,744

10,266
13,997,524

195,802
213,232,479

99,622
147,586,754

52,947
124,693,251

Revised.
Reserve Percentage calculated on basis of "Net Deposits" during 1920.
Impracticable to obtain figures.
Includes Paper under rediscount with other Federal Reserve Banks; does not include open Market purchases.
Includes $325,000 of Oriental Silver Exchanges purchased through Federal Reserve Bank of New York.
Includes $1,481,383.53 Bankers' Acceptances purchased in the Open Market.




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