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NINTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF RICHMOND FOR THE YEAR ENDED DECEMBER 31, 1923 WM. W. HOXTON and Federal Reserve NINTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF RICHMOND FOR THE YEAR ENDED DECEMBER 31, 1923 WM. W. HOXTON Chairman and Federal Reserve Agent FEDERAL RESERVE BANK OF RICHMOND March 3, 1924. FEDERAL RESERVE BOARD, Washington, D. C. GENTLEMEN: I have the honor to submit herewith the ninth annual report of the Federal Reserve Bank of Richmond, for the year ended December 31, 1923. Respectfully, WM. W. HOXTON, Chairman of the Board and Federal Reserve Agent. Table of Contents PART I. PAGE GENEKAL BUSINESS CONDITIONS 9 VOLUME OF BUSINESS 10 FINANCIAL RESULTS OF OPERATION 12 EXPENSES OF OPERATION 13 DISCOUNT OPERATIONS 17 BANKERS' ACCEPTANCES 18 TRADE ACCEPTANCES 19 CLEARING OPERATIONS _ 20 NON-CASH COLLECTIONS 20 GOLD SETTI,EMENT FUND 21 WIRE TRANSFER OPERATIONS 22 NOTE ISSUES _ .-. 23 CURRENCY AND COIN SERVICE 24 CUSTODY OF SECURITIES FOR MEMBERS 24 RESERVE POSITION 25 CHANGES IN MEMBERSHIP 26 BANK RELATIONS DEPARTMENT 27 BANK EXAMINATION DEPARTMENT 28 PAR COLLECTIONS 29 INTERNAL ORGANIZATION 31 PERSONNEL SERVICE : 33 MEMBER FEDERAL ADVISORY COUNCIL 34 BALTIMORE BRANCH 34 FIDUCIARY POWERS 36 BANKS AUTHORIZED TO ACCEPT UP TO 100% OF CAPITAL AND SURPLUS.... 36 MONTHLY REVIEW OF BUSINESS AND AGRICULTURAL CONDITIONS 37 FISCAL AGENCY OPERATIONS 38 TREASURY SAVINGS ORGANIZATION 39 WAR FINANCE CORPORATION. 39 APPENDIX 1—LIST OF STATE MEMBER BANKS IN FIFTH DISTRICT ! 41 APPENDIX 2—LIST OF NATIONAL BANKS IN FIFTH DISTRICT AUTHORIZED TO E X ERCISE FIDUCIARY POWERS '. 43 PART II CHART—MOVEMENT OF FEDERAL RESERVE NOTES AND EARNING ASSETS DURING 1921,1922, AND 1923 49 EXHIBIT A—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923 50 SCHEDULES SCHEDULE 1 52 Comparative Statement of Condition December 31, 1923, and December 31, 1922. SCHEDULE 2 Comparative Statement of Profit and Loss, Dividend and Surplus Accounts for the Years Ending December 31, 1923, and December 31, 1922. 54 FEDERAL RESERVE BANK OF RICHMOND PAGE SCHEDULE 3 56 Comparative Analysis of Current Expenses for. the Years 1923 and 1922. SCHEDULE 4 57 Gross Earnings (Classified), Expenses, Net Earnings and Dividends Accrued During the Year 1923 by Months. SCHEDULE 5 58 Average Daily Holdings of Earning Assets (Classified), Daily Earnings Thereon and Rate of Earning by Months for the Year 1923. SCHEDULE 6-6f 59 Daily Average Amount of Outstanding Accommodation to Member Banks, Through the Discount of Paper, in Each State of the Fifth District, by Calendar Months During 1923, 1922 and 1921. SCHEDULE 7 66 Loans and Investments During the Year 1923 Compared with 1922, 1921 and 1920 by Months, and the Total of 1919. SCHEDULE 8 67 Total Amount of Bills Discounted During 1923 Classified as to Kind of Paper and Shown by States. SCHEDULE 9 68 Total Bills Discounted for Member Banks During Each Month of 1923, Shown by States. SCHEDULE 10 69 Number of Member Banks in Each State Accommodated Each Month Through the Discount of Paper During 1923. SCHEDULE 11 70 Total Amount of Bills Discounted and Bought During Each Month of 1923, Classified According to Maturities at Time: of Discount or Purchase SCHEDULET12 71 Total Amount of Bills Purchased During Each Month of 1923, Distributed According to Classes of Institutions From Which Purchased. SCHEDULE 13 72 Distribution by Maturities of Each Class of Paper Held at Close of Business December 31, 1923. SCHEDULE 14 _ 73 Discount Rates During the Year 1923. SCHEDULE 15 74 Total Reserve Accounts of All Member Banks, Reserves of Discounting Member Banks and Liability of Discounting Banks for Paper Discounted, by States, with the Number of Member Banks and the Number of Discounting Member Banks with Outstanding Balances OQ June 30 and December 31, 1923. SCHEDULE 16 75 Daily Average by Months of Deposits and Federal Reserve Notes in Circulation, Reserves and Reserve Percentages for the Year 1923. SCHEDULE 17 __ 76 Daily Average Deposits of Member Baaks and U. S. Treasurer by Months, 19i8 to 1923. SCHEDULE 18 77 Analysis of Capital Stock Account for the Year 1923. SCHEDULE 19 78 Federal Reserve Notes Issued. Retired and in Actual Circulation by Months During the Year 1923. SCHEDULE 20 - Denominations of Federal Reserve Notes Issued and Retired During the Year 1923 and Outstanding at Close of Years 1923 and 1922, 79 NINTH ANNUAL REPORT OF THE PAGE SCHEDULE 21 80 Federal Reserve Agent's Record of Federal Reserve Notes Received, Issued to Bank and Returned to Comptroller During the Year 1923, by Denominations. SCHEDULE 22 81 Federal Reserve Agent's Statement of Federal Reserve Notes From Organization to December 31, 1923. SCHEDULE 23 _ 82 Statement of Federal Reserve Bank Notes Received and Redeemed and Balance in Retirement Account on December 31, 1923. SCHEDULE 24 „ 84 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 1923. SCHEDULE 25 83 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 1923, by Months. SCHEDULE 26 86 Non-Cash Collection Items Handled During the Year 1923, by Months. SCHEDULE 27 87 Gold Settlement Fund Transactions During the Year 1923. SCHEDULE 28 88 Total Amount Received From and Paid to Each Other Federal Reserve Bank Through the Gold Settlement Fund on Account of Daily Clearings During the Year 1923. SCHEDULE 29 89 Total Amount Received From and Paid to Each Other Federal Reserve Bank Through the Gold Settlement Fund on Account of Daily Clearings of Federal Reserve Notes During 1923. SCHEDULE 30 90 Currency and Coin Received From and Delivered or Snipped to Member and Non-Member Banks in the Fifth District During the Year 1923. SCHEDULE 31-31a 92 Receipts and Payments of Paper Currency During the Years 1923 and 1922. SCHEDULE 32-32a 94 Receipts and Payments of Coin During the Year 1923. SCHEDULE 33 96 Private Wire Operations—Total Number of Messages Sent and Received Over Private Leased Wires During the Year 1923. SCHEDULE 34 _ 97 Wire Transfers of Funds Over Private Wires to and From Other Federal Reserve Districts for Account of Member Banks of the Fifth District During 1923, by Months. SCHEDULE 35 98 Wire Transfers of Funds Over Private Wires to and From Other Federal Reserve Districts for Account of Member Banks of the Fifth District During 1923, by Federal Reserve Districts. SCHEDULE 36 99 Transfers of Funds for Member Banks During 1923, by Months. SCHEDULE 37 Bond Coupons Cut for Banks by Custodian of Securities During Each Month of 1923. 100 FEDERAL RESERVE BANK OF RICHMOND PAGE SCHEDULE 38 101 Interest Coupons From U. S. Securities Paid by Federal Reserve Bank of Richmond and Charged to Treasurer of U. S. During the Year 1923, by Months. SCHEDULE 39-39b 102 United States Fiscal Agency Operations During 1923. SCHEDULE 40 106 Analysis of United States Treasurer's General Account for the Year 1923. SCHEDULE 41 107 Number of Pieces of Registered Mail Handled During 1923, by Months. SCHEDULE 42 108 Salaries of Officers and Employees of the Federal Reserve Bank of Richmond SCHEDULE 43 Sundry Data and Comparisons for the Years 1923, 1922 and 1921. 109 OFFICERS AND DIRECTORS OF THE FEDERAL RESERVE BANK OF RICHMOND For Year 1924 Directors Class A Class B CHAS. E. RIEMAN, 1924, Baltimore, EDMUND STRUDWICK, 1924, Md. Richmond, Va. JOHN F. BRUTON, 1925, Wilson, N. C. L. E. JOHNSON, 1926, Alderson, W. Va. D. R. COKER, 1926, Hartsville, S. C. Class C WM. W. HOXTON, 1926, Chairman of the Board, Richmond, Va. FREDERIC A. DELANO, 1924, Deputy Chairman, Washington, D. C. ROBERT LASSITER, 1925, Charlotte, N. C. OFFICERS GEORGE J. SEAY, Governor. WM. W. HOXTON, Chairman of the CHAS. A. PEPLE, Deputy Governor. R. H. BROADDTJS, Deputy Governor. r, , ,, T c, „ , T J. S. WALDEN, JR., Controller. Board and Federal Reserve Agent. j G F R Y > A s s i s t a n t Federal Reserve Agent. R. H. LEE, Assistant Federal Reserve Agent. GEORGE H. KEESEE, Cashier. HUGH LEACH, Auditor. ALBERT S. JOHNSTONE, Manager, Personnel and Service. JOHN T. GARRETT, Manager, Bank Relations Dept. C. V. BLACKBURN, THOMAS MARSHALL, JR., W. W. DlLLARD, EDWARD WALLER, JR., GEORGE S. SLOAN, Assistant Cashiers. Counsel MAXWELL G. WALLACE Member Federal Advisory Council JOHN M. MILLER, JR., 1924, Richmond, Va. BALTIMORE BRANCH Directors (1924) A. H. DUDLEY, Baltimore, Md. WM. H. MATTHAI, Baltimore, Md. H. B. WILCOX, Baltimore, Md. EDMUND P. COHILL, Hancock, Md. CARTER G. OSBURN, Baltimore, Md. Officers A. H. DUDLEY, Manager. E. G. GRADY, Cashier. CHARLES N. DULEY, Assistant Federal Reserve Agent. HENRY SCHUTZ, Auditor. F. McC. LEEKE, M. F. REESE, T W ^ O T W.^O L HOMAS L H A Y S > Assistant Cashiers. NINTH ANNUAL REPORT FEDERAL RESERVE BANK OF RICHMOND GENERAL BUSINESS CONDITIONS The year 1923 witnessed continued progress in most lines of business in the Fifth Federal Reserve District, and in some lines marked progress was made toward a recovery from the depression of 1921 and early 1922. Dun's Review reports a decrease of 34.7 per cent in the number of business failures in the District as compared with 1922, and a decrease of 21.9 per cent in the amounts involved. Building activity was very noticeable, and lumber dealers, hardware merchants, and other dealers in building materials enjoyed a large business. Retail and wholesale trade were better than in 1922, reflecting the improved financial status of the public. Agricultural returns considerably exceeded those of 1922, due to larger crops and higher prices for farm products. Business during the first third of 1923 was unusually active, but it became evident in May that the rate was too rapid to be maintained. Business men were more cautious during the remainder of the year, kept stocks within reasonable limits and were careful as to credit risks. As a result, the volume of business declined somewhat, but at the same time the situation became sounder and settled down on a more solid basis. As reflecting the volume of banking transactions, debits to individual accounts reported by clearing house banks in twenty three cities of the District were 10.9 per cent greater during 1923 than during 1922, every city reporting showing an increase. According to reports from 76 regularly reporting member banks demand deposits increased during the year 1.03 per cent, time deposits increased 3.31 per cent, while loans and discounts increased 1.25 per cent. Banking conditions generally in the District were greatly strengthened during the year. By contrast with the previous year, the improvement was especially notable in South Carolina where largely increased returns from agricultural products resulted in the liquidation of a considerable volume of debts previously incurred, thus enabling South Carolina member banks to repay practically all of their borrowings from the Federal Reserve Bank. South Carolina suffered terribly from boll weevil ravages during 1922. In 1923, however, the cotton crop NINTH ANNUAL REPORT OF THE 10 totalled 795,000 bales, valued at $127,200,000 at December 1st prices, compared with 493,000 bales grown in 1922, with a value of $59,843,000. The tobacco crop of the state increased from 54,400,000 pounds in 1922, with a value of $12,512,000, to 74,460,000 pounds in 1923, with a value of $17,870,000. Corn, wheat, potatoes, and peanuts showed corresponding gains. Total values of the leading crops in South Carolina amounted to $215,227,000 in 1923, compared with $128,676,000 in 1922, and $120,311,000 in 1921. North Carolina and Virginia also enjoyed increased returns from agricultural products as compared with the year 1922. The total values of the leading crops in North Carolina amounted to $375,710,000, compared with $298,044,000 in 1922, while in Virginia the leading crops were valued at $160,245,000, compared with $150,439,000 in 1922. North Carolina's tobacco crop exceeded by 133,900,000 pounds, or 53 per cent, the amount grown in 1922, and the cotton crop of North Carolina exceeded by 20 per cent the amount of cotton produced in 1922, which was the previous record year for cotton production. Jut) Q£he important industries in the Fifth District were experiencing a slump as the year closed, textile mills suffering from a lack of forward orders in the face of high cotton prices and production of coal mines falling off materially. With the exception of these two industries, however, the year ended with satisfactory business prospects, and with business leaders expressing confidence in general conditions. VOLUME OF BUSINESS (Reference—Schedule 43) The following table shows the volume of work handled in the principal departments of the Bank during the year 1923, as compared with the year 1922. Per cent of 1923 1922 Increase(+)or Decrease (—) BILLS DISCOUNTED AND BOUGHT: Number Amount 85,472 78,524 $ 2,921,330,152 $1,433,027,-154 —8.13 + 103.86 42,884,054 8.762,818,547 +10.13 +49.63 CHECKS HANDLED BY TRANSIT D E PARTMENT: Number Amount 47,226,755 13,111,823,500 FEDERAL RESERVE BANK OF RICHMOND 11 Per Cent of 1923 1922 Increase (+) or Decrease (—) NON-CASH COLLECTIONS HANDLED'. Number Amount 203,919 195;802 233,433,485 $ 213,232,479 +4.15 +9.47 133,810,226 98,415,454 584,910,865 $ 425,519,096 +35.96 +37.46 CURRENCY RECEIVED AND COUNTED: Number of Pieces Amount .'. COIN RECEIVED AND COUNTED: TELEGRAPHIC 183,292,615 14,166,680 +4.94 +2.91 84,565 75,122 2,747,662,426 $2,455,199,463 +12.57 +11.91 192,355,861 14,578,729 Number of Pieces Amount TRANSFERS OF FUNDS: Number Amount. FISCAL AGENCY—UNITED SECURITIES RECEIVED, STATES ISSUED, REDEEMED, CANCELLED OR E X CHANGED: Number Amount 775,971 219,499,208 536,127 295,949,301 +44.74 —25.83 It will be noted that there was a decrease of 8.13 per cent in the number of notes and acceptances handled, while the amount involved increased 103.86 per cent, indicating a more rapid turn over; the increase in the average amount of each item reflecting the larger volume of business and to some degree higher prices. The increase of 44.74 per cent in the number of securities handled by the Fiscal Agency Department is accounted for by the redemption of an enormous volume of War Savings Certificates in small denominations. In other respects the work of the Fiscal Agency Department shows a substantial decrease. In all other activities referred to in the table increases are noted. Notwithstanding this notable increase in the volume of business there was a decrease of $80,200 in current expenses, and an increase of only two in the clerical force, taking December 31st of each year as comparative dates. Schedule 43 gives in comparative form, for the years 1923, 1922 and 1921, information with reference to the volume of transactions in the various departments of the Bank, and other information with respect to earnings, expenses, disposition of profits, capital, reserves, etc. NINTH ANNUAL REPORT OF THE 12 FINANCIAL RESULTS OF OPERATIONS (References—Schedules 1 to 5, Inclusive) The gross earnings of the Bank for the year 1923 were $2,878,896, as compared with $2,832,944 for 1922, an increase of $45,952. Approximately 93 per cent, or $2,681,590, of the total gross earnings resulted from the discount of paper for member banks. The average rate of earnings on all earnings assets during 1923 was .0444, as compared with .0457 during 1922, the average rate for 1923 being the lowest since 1919. The Bank continued the policy of not purchasing Government securities for the sake of income. The current expenses were $1,551,156, as compared with $1,631,356 for 1922, a decrease of $80,200. A comparative analysis of expenses for the two years is given in Schedule 3. The current net earnings for 1923 were $1,327,741, as compared with $1,201,588 for 1922, an increase of $126,153. After paying dividends to member banks and deducting depreciation and reserves for specific purposes there remained $750,547 available for surplus and franchise tax, which was distributed as follows: Transferred to surplus account _.... $384,404 Paid to the United States Gbvernment as Franchise Tax.... 366,143 The following is a condensed statement of earnings, expenses, dividends and surplus accounts for the year 1923: Average Daily Holdings Average Daily Earnings Total Earnings Bills discounted..... $59,590,168 Bills purchased. 1,469,188 U. S. securities 1,677,064 Penalties and miscellaneous earnings $7,347 172 108 $2,681,590 62,794 39,542 260 94,970 Totals._ Current Expenses $7,887 $ 2,878,896 $ 1,551,156 Current Net Earnings. Net deductions from earnings, account of reserves, depreciation, etc. Net earnings available for dividends, surplus, and franchise tax...., .... % 62,736,420 $ 1,327,740 234,898 $ 1,092,842 Annual Rate of Earnings .0450 .0427 .0236 FEDERAL RESERVE BANK OF RICHMOND Average Daily Holdings Average Daily Earnings Total Earnings 13 Annual Rate of Earnings 342,295 366,143 384,404 Dividends paid Franchise tax paid to Gov't.. Transferred to surplus acc't. $ 1,092,842 EXPENSES OF OPERATION The expenses of conducting the operations of the Federal Reserve Bank of Richmond for the year 1923, divided according to functions, were as follows: CURRENCY AND COIN The cost of receiving and handling 133,810,226 pieces' of currency aggregating $584,910,865, of which 80,984,999 pieces had been in circulation and had to be sorted and counted; paying or shipping out 135,633,729 pieces of currency aggregating $586,208,299; receiving and handling 192,355.861 pieces of coin aggregating $14,578,729; paying or shiping out 199,589,442 pieces of coin aggregating $15,012,623, was- $120,286.05 The shipping charges o'n currency and coin to and from out-of-town members amounted to $ 86,284.40 Assessments by the Treasury Department to cover the cost of printing and maintaining an adequate supply of new Federal Reserve Notes and the cost of redeeming and destroying Federal Reserve Notes and Federal Reserve Bank Notes unfit for circulation plus the shipping charges thereon between the Bank and Washington and the shipping charges on fit F. R. Notes between the Bank and other Federal Reserve Banks amounted to $ 67,168.75 Total cost LOANS, REDISCOUNTS AND INVESTMENTS The cost of making discounts and advances to 453 member banks. 77,959 notes aggregating $2,910686,699 were received, examined and discounted; 9,931 pieces of marginal or excess collateral aggregating $37,534,107 were received, examined and $j273,739.20 14 NINTH ANNUAL REPORT OF THE handled; 565 bankers' acceptances aggregating $10,643,454 were purchased in the open market, examined and handled; 907 transactions in the purchase and sale (in the open market) of government securities for out-of-town banks aggregating $4,602,637 were effected. Also includes the cost of credit investigations, securing and analyzing commercial and bank statements, maintaining credit files, etc $ 67 111.18 The cost of receiving, verifying and holding securities pledged as collateral to notes, and for safe keeping, and maintaining the proper records thereof as follows: receiving from outside sources 32,030 pieces aggregating $74,490,124; shipping 35,491 pieces aggregating $77,181,428; holding in our vaults throughout the year securities ranging from $66,828,000 to $91,046,500, cost— 10,241.84 Total cost $ 77,353.02 TRANSIT AND COLLECTIONS Handling and collecting 45,895,227 checks, aggregating $12,926,721,700, cost :. Receiving, examining, paying and listing according to Treasury regulations 1,331,528 Government checks, aggregating $185,101,800, and shipping them to Washington, cost.... Handling 694,978 checks aggregating $58,108,948 returned unpaid for various reasons, cost Handling 203,919 non-cash collection items (maturing notes, drafts, coupons, etc.), aggregating $233,433,485, cost Total cost ACCOUNTING This function includes: The general books, capital stock records, issuing and recording official checks, and the transcript of the general account of the Treasurer of the United States. The member bank accounts—both reserve accounts and deferred accounts, and the calculation of deficiencies in reserve, if any, and the assessments of penalties for deficiencies as prescribed by law. The accounts with other Federal Reserve Banks, and the operation of the Gold Settlement Fund $267,852.34 8,802.28 26.768.67 42,284.63 $ 345,707.92 FEDERAL RESERVE BANK OF RICHMOND through which $13,002,223,000 was received from and paid to other Reserves Banks and Branches, the Treasurer of the United States and the Federal Reserve Agent. The transfers of funds for account of member banks of which there were 84,565 aggregating $2,747,662,426. The accounting involved in making all the expenditures of the bank. Planning new accounting forms and systems and making changes in old forms as the need therefor arises Total cost 15 $ 129,310.03 FISCAL AGENT OF THE UNITED STATES Services rendered as Fiscal Agent of the U. S. Government and the War Finance Corporation: Receiving, proving and crediting to banks, preparing schedules, cancelling and shipping to Washington 2,083,444 government coupons aggregating $17,731,651, cost Fiscal Agency work for the U. S. Government principally relating to the issue of 31,348 pieces of government securities amounting to $79,335,200; the redemption of 140,388 pieces amounting to $56,557,300; the exchange and transfer of 68,514 pieces amounting to $23,957,100; the issue of treasury saving securities, 7,660 pieces aggregating $1,233,100; the redemption, of war savings and thrift stamps, 5,563,295 pieces amounting to $26,604,306; the receipt of subscription and payments for new issues, the handling of the war loan depositary accounts, the custody of a stock of securities ranging from $83,603,900 to $147,665,900, and the conduct of the Treasury Department's publicity program in connection with the treasury savings securities; cost. Work in connection with the advances made by the War Finance Corporation; custody of the notes and the collateral therewith (notes, warehouse receipts, etc.); forwarding notes for collection, substituting new for old collateral, etc.; and keeping appropriate records; cost Total : Reimbursed by the Treasury Department and the War Finance Corporation Total cost to the Bank $ 6,477.53 81,578.22 18,337.97 $106,393.72 42,727.98 $ 63,665.74 16 NINTH ANNUAL REPORT OF THE GENERAL EXPENSES—NOT ALLOCATED TO THE ABOVE FUNCTIONS Official salaries and supervisory expenses Director's fees and traveling expenses Governors', Federal Reserve Agents' and Federal Advisory Council conferences Our proportion of the expenses of the Federal Reserve Board Operation of the banking houses at Richmond aod Baltimore (includes salaries of superintendents, mechanics, fireman, janitors, elevator operators, etc., and light and power, heat, taxes, fire insurance, repairs and alterations, etc.) The provision of personnel—Hiring employees and employee's records; educational and welfare work including the services of a resident nurse and assistant Legal expenses Maintaining the general audit of the bank Work of the Federal Reserve Agent's Department, including issuance of Federal Reserve notes, custody of collateral therefor, custody of reserve stock of Federal Reserve Notes, the examination of member banks, preparing and publishing the Monthly Review of Business and Agricultural Conditions, assembling various statistical data, etc „ Bank relations work, visiting, and advising and conferences with member and non-member banks _ .-. Handling incoming and outgoing ordinary and registered mail Protection—Salaries of special officers and watchmen and for other protective services Other general services, including purchasing of supplies and equipment, operating the office supplies and stationery stock room, telephone service, filing and caring for old records, operating duplicating processes, salaries of general office boys, operation of automobile trucks, and repairs to equipment Shipping charges on securities Postage on ordinary mail Insurance—Employees' group life, Employees' Fidelity, Workmen's Compensation, Casualty and general liability, Fire—equipment and supplies, and automobile Total cost Total Operating Expense* ... $ 92,103.21 6,514.98 1.139.26 36,448.74 114,416.67 20,379.61 9,680.47 46,427.90 64,185.32 37,572.89 24,842.42 41,403.60 65,337.64 4,539.74 73,369.60 19,977.39 $ 658,339.44 $1,548,115.35 FEDERAL RESERVE BANK OF RICHMOND 17 *NOTE: The total Operating Expense during 1923 was $3,040.23 less than the total amount of expenditures charged to the Current Expense account of the Bank during the year. The difference represents the excess of office supplies, printing and stationery, and postage purchased during the year and charged to Current Expense over the amount of such supplies actually used, which were charged to the proper functions in the above statement of Operating Expenses. DISCOUNT OPERATIONS (References—Schedules 5 to 14, Inclusive) The total amount of paper discounted and purchased during 1923 was $2,921,330,152, as compared with $1,433,027,154 discounted and purchased in 1922, an increase of $1,488,302,998, or 103.86 per cent. There were 78,524 notes and acceptances handled, which was a decrease of 8.13 per cent in number, as compared with 1922. The average amount of each note handled increased from $16,766 in 1922 to $37,203 in 1923. There is included in the above figures $10,643,454 of bankers acceptances purchased in the open market, an analysis of which will be found under the caption "Bankers Acceptances." It is interesting to note that 86.73 per cent of the paper discounted was secured by Government obligations, the proceeds, however, being used for commercial purposes, .54 per cent was otherwise secured, leaving only 12.73 per cent unsecured. The total amount of paper discounted during the year is shown in the following table by States, and in comparison with 1922: STATES Maryland.— District of Columbia Virginia .... West Virginia North Carolina South Carolina 1923 1922 Per cent of Increase ( + ) or Decrease (—) $ 485,142,597 $ 269,905,225 613,041,324 284,790,652 1,235,750,754 526,888,285 172,053,775 108,938,244 358,457,545 131,469,691 46,240,704 102,574,575 + $ 79.75 + 115.26 + 134.54 + 57.94 + 172.65 — 54.92 $2,910,686,699 $1,424,566,672 +$104.32 It will be noted that there was a substantial increase in the accommodations to member banks in all of the States of the District, with the exception of South Carolina, in which there was a decrease of 54.92 per cent. 18 NINTH ANNUAL REPORT OF THE The daily average amount of outstanding accommodation to member banks during 1923 was at its lowest point in February, $40,973,965; gradual increases carried the average to its highest point in September, $75,638,450; then the average declined to $55,346,638 during December. It will be noted from Schedule 6-f that the volume of discounts followed the opposite course from that followed during 1922, an explanation of which will be found under the caption "Reserve Position". On December 31, 1923, the Bank held under discount paper aggregating $52,022,259, of which over 43 per cent represented advances made to member banks on their own promissory notes for a period of fifteen days and less secured by Government obligations. At the close of the year 245 of the 631 member banks were discounting, while during the year 453 banks were accommodated. The discount rate of 4 ^ per cent, which was established on April 14, 1922, for all classes of paper, remained unchanged during the year. BANKERS' ACCEPTANCES (References—Schedules 7, 8, 11, 12 and 13) Since November 8, 1922 the bank has purchased in the open market only those bankers' acceptances bearing a satisfactory endorsement. The discontinuance of the practice of purchasing acceptances direct from accepting banks, brought this Bank in line with the policy and practice of other Federal Reserve Banks, and has resulted in a wider distribution of this class of paper in the open market, as was intended. Bankers' acceptances amounting to $589,759 have been rediscounted during the year at 43^ per cent, the regular rate for commercial paper, while acceptances aggregating $10,643,454 were purchased in the open market at rates varying from 4 - ^ per cent to 4-3/g per cent. Of the latter amount $9,778,748, or 92 per cent, were purchased from acceptance dealers, $326,706 were purchased from member state banks and trust companies, and $538,000 were purchased from National banks. The rate at which bankers' acceptances are purchased depends upon the market rates, although the rates must be within the minimum and maximum rates established by the Bank and approved by the Federal Reserve Board. It has been the policy of the Bank to buy FEDERAL RESERVE BANK OF RICHMOND 19 acceptances at rates slightly above the market rates in order to insure as wide a distribution of acceptances through the open market as possible, and at the same time to avoid competition with member banks, which would otherwise result. In other words, the open market purchases by this bank during the year have been made for the purpose of supporting the market and absorbing that portion of the acceptances executed by banks in this District, which for any reason could not be readily placed in the market at going rates, in order to stimulate their use and to develop the market, rather than for income purposes. On December 31, 1923, the Bank held bankers' acceptances aggregating $2,078,338, which had been purchased in the open market, $782,617 of which represented foreign transactions, and $1,295,721 domestic transactions. The average rate of earnings on acceptances held in 1923 was .0427 as compared with .0482 for the year 1922. TRADE ACCEPTANCES (References—Schedules 8, 13 and 14) Trade acceptances, aggregating $7,768,070, were discounted for member banks during 1923, as compared with $5,538,901 discounted during 1922, an increase of $2,229,169. At the close of business December 31, 1923, the Bank held $730,221 of this class of paper, which represented only 1.40 per cent of all classes of paper held. The following table shows the amount of trade acceptances rediscounted for member banks in the several States of the District during 1923 and 1922. 1923 1922 Maryland District of Columbia Virginia West Virginia North Carolina South Carolina _ ; •_ $ 579,009 $ 70,043 70,725 28,526 2,119,085 740,821 372,184 392,774 3,798,682 3,922,379 828,385 384,358 Total $7,768,070 $5,538,901 The volume of trade acceptances discounted by the Federal Reserve Bank can hardly be taken as an exact measure of the extent 20 NINTH ANNUAL REPORT OF THE of the growth or decrease in the use of trade acceptances, because the amount received by the Federal Reserve Bank^depends upon the necessity for rediscounting on the part of member banks. It is felt, however, that the use of trade acceptances is becoming gradually more general and abuses in practice are declining in proportion to the increase in knowledge and appreciation of proper methods and practices. CLEARING OPERATIONS (References—Schedules 24 a n d 25) • The volume of cash items handled by the Transit Department during 1923 broke all previous records of the Bank. Including Baltimore Branch transactions there were handled 47,226,755 items, aggregating $13,111,823,500, representing an increase of 4,342,701 in the number of items handled and $4,349,004,953 in amount, as compared with t h e year 1922. T h e daily average number of items handled in 1923 was 156,900, amounting to $43,560,875, compared with a daily average of 142,000 items, aggregating $29,015,955 handled in 1922. The average amount of each check handled increased from $204.34 in 1922 to $277.64 in 1923. A new high record at the head office in Richmond was established on November 13, 1923, when 190,621 items were handled t h a t day. Of the 47,226,755 items handled during the year 3,781,293 were forwarded to other Federal Reserve Banks and branches and 1,331,528 were drawn on the Treasurer of the United States. In addition to the above, member banks in the Fifth District forwarded direct to other Federal Reserve Banks and Branches for collection and credit to the member banks' account with this bank, 176,970 cash letters, containing items amounting to $1,680,471,380, which was an increase over 1922 of 19,145 in number of letters, and $301,180,064 in amount. This immense volume of check clearings, aggregating 14,792 million dollars, has resulted in a great saving to the business public, and is rendered without cost by the Federal Reserve Bank; appreciation of this service by the banks in the District is evidenced by the continually increasing volume of such transactions. NON-CASH COLLECTIONS (Reference—Schedule 26) There was a further increase during the year in both the number FEDERAL RESERVE BANK OF RICHMOND 21 and amount of non-cash collection items handled for member banks. A total of 203,919 items were handled, amounting to $233,433,485, as compared with 195,802 items, amounting to $213,232,479, handled in 1922. Of the notes, drafts, etc., handled during 1923, 164,685, or approximately 81 per cent, were paid, aggregating $217,763,063. This collection service is rendered by the Federal Reserve Bank without charge. However, when a remitting bank makes an exchange or service charge, the charge is passed on to the depositing bank. A charge of fifteen cents for each item returned unpaid and unprotested is made by the Federal Reserve Bank for the purpose of discouraging the sending of "dunning" drafts, which were increasing in volume prior to the adoption of this charge several years ago. Appreciation of this service by member banks is evidenced by the continuous growth in the volume of transactions, which has increased since 1920 by 285 per cent in number of items, and 87 per cent in amount. Schedule 26 shows in detail the monthly activities of the non-cash collection department during 1923, with comparative totals for 1922 and 1921. GOLD SETTLEMENT FUND (References—Schedules 27, 28 and 29) A larger volume of balances was settled through the Gold Settlement Fund of this Bank during 1923 than in 1922. Receipts from Federal Reserve Banks and other sources amounted to $6,507,784,000, compared with $5,354,803,000 in 1922, while payments aggregated $6,494,439,000, as against $5,346,279,000 in 1922. The excess of receipts over disbursements resulted in a net gain for the year of $13,345,000, leaving a balance of $40,963,000 in the Fund at the close of business December 31, 1923. Transactions settled through the Gold Settlement Fund include the balances between Federal Reserve Banks arising from check collections, which constitute the major portion, non-cash collections, Federal Reserve Note clearings, transfers of funds for member banks and their customers, and for the United States Treasury, transfer of gold between the Bank and the Federal Reserve Agent, and other transactions. As inter-district settlements through the Gold Settlement Fund indicate in a measure the volume of business transacted between 22 NINTH ANNUAL REPORT OF THE this and other Federal Reserve Districts, it is interesting to note from a study of Schedules 28 and 29 that 45.36 per cent of. the total settlements between Federal Reserve Banks were made with New York, Philadelphia following second with 16.48 per cent and Cleveland third, with 14.39 per cent. The following table shows the total receipts from and payments to other Federal Reserve Banks on account of daily clearings, including Federal Reserve Note clearings, with percentages of the total: (000) omitted) NAME Boston New York Philadelphia Cleveland . Atlanta _ Chicago St. Louis..... Minneapolis Kansas City Dallas San Francisco..— Settlements between Head Office & Branch Richmond Baltimore Percentage of Total Payments Total Settlements $ 142,833 1,872,470 649,557 642,688 370,293 267,251 102,465 12,390 27,645 30,979 36,664 $ 154,238 1,893,944 718,890 552,539 305.360 272.248 158,734 8,465 25,659 25,377 32,783 $ 297,071 3,766,414 1,368,447 1,195,227 675.. 653 539,499 261,199 20,855 53,304 56,356 69,447 3.58 45.36 16.48 14.39 8.14 6.50 3.14 .25 .64 .68 .84 $4,155,235 $4,148,237 $8,303,472 100 $1,185,285 1,030,377 $1,030,377 1,185,285 $ 2,215,662 2,215,662 $6,370,897 $6,363,899 $12,734,796 Receipts It will also be noted that the receipts from Cleveland and Atlanta greatly exceeded the payments, while our payments to Philadelphia and St. Louis exceeded by a wide margin the receipts from those banks. WIRE TRANSFER OPERATIONS (References—Schedules 33 to 36, Inclusive) The facilities for the telegraphic transfer of funds were used to a much larger extent during 1923 than in any previous year. Inter-district transfers for and to member banks in this District numbered 38,966, and amounted to $1,779,882,254, representing an increase over the preceding year of 24 per cent in number and 9 per cent in amount. FEDERAL RESERVE BANK OF RICHMOND 23 In addition, 19,660 transfers, involving $50,600,048 were made for member banks to the Treasurer of the United States for the five per cent Redemption Fund, and 25,939 other intra-district transfers were made for member banks, aggregating $917,180,124. The total of all transfers for the year was 84,565 for $2,747,662,426 as compared with 75,122 for $2,455,199,463 made during 1922. This service, which is provided without cost to member banks, is facilitated by the operation of the private leased wire connecting all Federal Reserve Banks and branches, and the Federal Reserve Board. There were 104,402 telegrams sent and received by this Bank over the private wire during the year, or a daily average of 347. NOTE ISSUES (References—Schedules 16, 19, 20, 21, 22, 23 and 29) The circulation of Federal Reserve Notes declined seasonally from a daily average of $93,373,299 in January, to an average of $78,236,303 in June, which was the lowest for the year. The daily average increased only slightly during July and August, and then the usual fall expansion carried the December average to $106,749,525, the highest for the year. The expansion and contraction of Federal Reserve Notes in circulation followed the same general course as in 1922, except that in 1922 the lowest daily average was reached in August, as compared with June in 1923, although the fluctuations in July and August of 1923 were nominal. The daily average of notes in circulation for the year was $88,187,848, as compared with $90,924,033 for 1922, and $125,312,466 for 1921. Exhibit A shows the amount of Federal Reserve Notes in actual circulation at the close of each week during the period under review,, and it will be noted that the notes in circulation reached the lowest point for the week ending July 25th, being $77,012,000, although the lowest daily average for any month was in June. Schedules 19 to 22, inclusive, furnish complete information with respect to Federal Reserve Notes received, issued and redeemed during the year, and the amount on hand at the end of the year, while schedule 29 shows the inter-district movement of Federal Reserve Notes, the settlements being made through the Gold Settlement Fund. In 1922, the Bank discontinued the issue of Federal Reserve Bank Notes, which were in one and two dollar denominations. 24 NINTH ANNUAL REPORT OF THE Schedule 23 shows that out of a total of $35,856,000 of these notes received from the Comptroller of the Currency $35,257,195 had been delivered to the Comptroller for destruction up to December 31, 1923, leaving a balance outstanding of only $598,805. CURRENCY AND COIN SERVICE (References—Schedules 30 to 32-a, Inclusive) Currency and coin amounting to $411,063,195 was received from member and non-member banks during the year, and there was paid and shipped to banks during the same period $376,115,608, making a total of $787,178,803 received from and paid to banks, which is an increase of approximately 39 per cent over the amount handled during 1922. The following table shows to what extent the volume of work in the Money Department increased as compared with the preceding year: 1923 1922 Per cent of Increase CURRENCY RECEIVED AND COUNTED: Number or pieces Amount 133,810,226 ..$584,910,865 98,415,454 $425,519,096 35.96 37.46 183,292,615 $14,166,680 4.94 2.91 COIN RECEIVED AND COUNTED: Number of pieces Amount 192,355,861 $ 14,578,729 The cost of shipping currency and coin to and from member banks is absorbed by the Federal Reserve Bank. The Bank also pays the cost of shipments by non-member banks in settlement for cash letters, but the expense of all other shipments to and from nonmember banks is borne by the banks involved. CUSTODY OF SECURITIES FOR MEMBERS At the close of business December 31, 1923, the bank held approximately $58,000,000 of Government and other securities for member banks, $38,000,000 of which represented collateral for discounts, Government deposits, and Government Savings consignments, the remaining $20,000,000 being held for safe-keeping. Approximately 90 per cent of the securities held were Liberty Bonds and other Government securities. FEDERAL RESERVE,BANK OF RICHMOND 25 The safe-keeping for member banks of Government securities owned by them, which service is performed without charge, has resulted in a considerable saving of expense on the part of the member banks by the elimination of frequent shipments as well as the hazard involved in such shipments. In addition to this service, the Federal Reserve Bank clips maturing coupons on all such bonds held, unless specifically requested not to do so, and credits the proceeds to the depositing banks' accounts. It will be noted from schedule 37 that during the year 140,877 coupons, amounting to $2,852,766, were clipped and accounted for. RESERVE POSITION (References—Schedules 6-f, 16 and 17) i The reserve position of the bank is reflected very comprehensively in Schedule 16. The daily average of total deposits was highest for the month of March, being $65,742,369, and lowest for June, with $60,402,489, then rising to an average of $65,045,274 during December. Federal Reserve Notes in circulation declined from a daily average of $93,373,299 for January to $78,236,303 for June, and rose steadily to an average of $106,749,525 for the month of December. The Combined deposit and Federal Reserve Note liability was, therefore, lowest during June, with a daily average of $138,638,792, and highest for December, with an average of $171,794,799. Actual cash reserves were likewise highest in December, averaging $118,994,476. The daily average of outstanding accommodations to member banks, as shown in Schedule 6-f increased from $40,973,965 in February, which was the lowest average, to $75,638,450 for September, and then declined to $55,346,638 for December. The daily average ratio of cash reserve against combined note and deposit liability increased from .7145 in January to .7520 in February, gradually declined to .5208 in September, and then rose to .6927 in December. It is interesting to note that the changes in reserve followed the opposite course from that followed during 1922, when the reserves were at the lowest point at the beginning of the year, rose gradually until August, and then declined during the remaining months. Fluctuations in reserve during 1923 followed a more normal course 26 NINTH ANNUAL REPORT OF THE than those in 1922. As agriculture is the principal industry in the Fifth District the reserve ratio of the Federal Reserve Bank in normal years declines during the spring and summer on account of increased accommodations to member banks for the purpose of financing the planting, cultivation and marketing of farm products. Conversely, the reserve ratio rises during the fall and winter as the crops are marketed and member banks are placed in funds with which to pay their borrowing from the Federal Reserve Bank. The reversal of the normal course during the year 1922 was due to several causes. There was a lessened demand for money from agricultural sections during the spring and summer, due to efforts on the part of the farmers to plant and cultivate their crops with a minimum of credit, and there was some liquidation in manufacturing centers. Toward the close of the year, however, the greatly increased activity of general business, especially in the construction field, brought greater demands for credit. The following table shows the daily averages for the years 1923 and 1922: 1923 1922 Total Deposits..... $ 63,510,341 $ 59,178,451 Federal Reserve Notes in Circulation.... $ 88,187,848 $ 90,924,033 Combined Deposit and Federal Reserve Note Liability $151,698,189 $150,102,484 Actual Reserves Held $ 94,731,422 $ 99,933,925 Percentage of Reserve Against Combined Liability .6245 .6657 Schedule 17 shows daily average deposits of member banks and the United States Treasurer, by months, for the past six years, from which it will be noted that the daily average of members' reserve deposits was lowest for the month of January, 1918, being $42,715,000, and highest for the month of November, 1919, being $64,076,000, which was greater than the highest average in 1923 by only $668,000. CHANGES IN MEMBERSHIP (Reference—Schedule 18) During the year 1923, nine, new national banks were organized in this District, three of which were conversions fron non-member state banks, and one was organized to take over the business of another national bank. FEDERAL RESERVE BANK OF RICHMOND 27 Ten national banks left the system during the year, two of which were converted into state banks, one was merged with a state member bank, one was merged with a non-member state bank, one was consolidated with another national bank, one was taken over by a newly organized national bank, one is being liquidated and three failed. The following state member banks were admitted to membership during the year: Name Location Date Resources Hardy County Bank.-Mooreneld, W. Va 3-12-23 $ 147,000 Atlantic Exchange Bank and Trust Co.Baltimore, Md 12-31-23 $26,955,000 The combined capital and surplus of the new state bank members on December 31, 1923, was $2,052,000, with resources aggregating $27,120,938. During the year, four state members, with combined capital and surplus of $605,105, withdrew from membership; one merged with a national bank, the other three withdrawing their membership. One state member bank was admitted with four branches, making a total of twenty-six branches operated by state member banks in this District. On December 31, 1923, the membership consisted of 565 national banks and 66 state banks and trust companies, being a net loss of 3 as compared with December 31, 1922. The aggregate stock subscriptions increased during the year from 111,909 shares to 116,318 shares, the net increase in the paid up capital of the Bank being $220,450. BANK RELATIONS DEPARTMENT The work of the Bank Relations Department was further developed during the year 1923 along the lines described in previous reports. A total of 472 visits was made by representatives from the Home Office and the Baltimore Branch as follows: HOME OFFICE Visits to member banks Visits to non-member banks.. ' 300 57 BALTIMORE BRANCH Visits to member banks Visits to non-member banks _ 64 51 28 NINTH ANNUAL REPORT OF THE During the latter part of the year, visits were made from the Branch only in special cases. While a number of the visits made by representatives of the Bank Relations Department were for special reasons, nevertheless, our representatives endeavored in every instance to bring about a clearer understanding and appreciation of the functions and underlying principles of the Federal Reserve System. One or more representatives from this bank have attended the annual bankers' conventions of the various states in this district, and addresses have been made from time to time before group meetings and civic clubs throughout the district. Due to the improved condition of the banks in the district, fewer special investigations were made by our representatives, and more visits were made for the purpose of developing cordial relations between the member banks and the Federal Reserve Bank. BANK EXAMINATION D E P A R T M E N T There has been no change during the year in the personnel of t h e Examination Department, the work being conducted by four examiners, one assistant examiner, a clerk and two stenographers, under the supervision of an Assistant Federal Reserve Agent. Close contact has been maintained between the examiners and the officers of the Bank, and the credit investigations, which cover every line of importance in the bank under consideration, have proven of great value to the Credit D e p a r t m e n t and the Discount Committee, in passing upon paper offered for rediscount. Prior to May 1, 1923, the costs of examinations of member banks were borne by the Federal Reserve Bank, and it was the policy of the Examination Department to make periodic examinations of state member banks, at least once a year, and in some cases oftener. T h e Federal Reserve Board ruled that, in compliance with the Federal Reserve Act, the expenses of examinations, other than credit investigations, should be borne by the banks examined on and after M a y 1st. The credit investigations, which have been made by this Bank since May 1st have been conducted jointly with the State Banking Departments, with which the most cordial relations have existed for a number of years. It has not been necessary to make anyindependent examinations the costs of which were assessable against the banks. FEDERAL RESERVE BANK OF RICHMOND 29 Examinations and credit investigations have been made during t h e year as follows: • State bank members examined jointly with State authorities Credit investigations made a t time bank was being examined by State Bank examiners Independent credit investigations of state member banks State banks examined in connection with their application for membership in the Federal Reserve System Independent credit investigations of National Banks Credit investigations made a t time bank was being examined by National B a n k examiners __ Total 36 55 5 2 4 2 104 PAR COLLECTIONS In our report for 1922, we gave a short history of the suit brought against us by certain non-member state banks in North Carolina which had refused to remit at par, and had claimed the benefits of an act of the Legislature of North Carolina, entitled, "An Act to Promote the Solvency of State Banks". In that report we stated that the Supreme Court of North Carolina had held the law unconstitutional, but that the state banks had applied to the Supreme Court of the United States for a writ of ceftiorari to review the decision of the North Carolina court. The writ was allowed and the case was heard by the Supreme Court of the United States, which, by a decision announced on June 11, 1923, reversed the Supreme Court of North Carolina and sustained the Act as constitutional. By the opinions filed in this case, and in a suit brought by certain non-member state banks in Georgia against the Federal Reserve Bank of Atlanta, which was decided at the same time, the following points were established: 1. Federal Reserve Banks may receive for collection any checks drawn upon either member or non-member banks, provided the checks are payable in cash upon presentation. 2. Federal Reserve Banks may not pay any exchange charge to the banks upon which checks are drawn (in consideration for remitting for checks sent to them), but may adopt any other lawful and ordinary means of collecting checks, including the presentation at the counters of the drawee banks for payment in due course of business. 30 NINTH ANNUAL REPORT OF THE 3. Federal Reserve Banks are not compelled to receive for collection checks upon non-member state banks, especially if such checks cannot be collected without unusual trouble or expense, or if such checks are not payable in cash upon presentation, as is the case with ordinary checks drawn upon non-member state banks in North Carolina, which checks, under the statute of North Carolina, are not payable in cash only, but may be paid at the option of the drawee bank in drafts drawn upon the reserve deposits of such drawee bank wherever kept. Under the above decisions, we cannot receive for collection checks drawn upon any non-member state bank in North Carolina, unless such bank will agree to waive its right under the North Carolina statute and remit at par in acceptable funds for checks sent through the mails. If a non-member state bank will not agree to remit at par, we can only present checks upon it at its counter for payment, and when so presented we cannot insist upon payment in money or even upon payment in acceptable funds, but would have to accept any draft drawn upon any reserve depository of the nonmember state bank wherever located. The risk and expense of such method of collection is obviously too great to be undertaken. In the other states of this district, there is no s t a t u t e similar to that in force in North Carolina. While the Supreme Court made it clear that the Federal Reserve Bank could present checks by agents at the counters of non-member state banks, if the checks are payable on presentation and can in fact be collected consistently with the legal rights of the drawees without paying exchange charges, it also made it clear that there was no duty or obligation upon the Federal Reserve Bank to accept for collection, checks which could only be collected by this method, and t h a t the Federal Reserve Bank could refuse to'handle checks upon non-member state banks which refused to remit at par. Since the existence in several southern and western states of statutes similar to that in force in North Carolina will prevent the establishment of a universal system for the collection of all checks at par, at least for the present time, this bank has adopted the policy of refusing to handle checks upon any non-member state bank which refuses to remit at par, and at the direction of the Federal Reserve Board has discontinued the use of agents other than banks for the purpose of making collections at par of items drawn upon non-par banks. As a result of this policy, there has been some increase in the number of non-par banks in this district, the situation as of FEDERAL RESERVE BANK OF RICHMOND 31 December 31st being that Maryland and the District of Columbia were all-par; in West Virginia, there were 3 non-member state banks which refused to remit at par; in Virginia, 37; in North Carolina, 310; in South Carolina, 289. On December 31, 1923, there were 2,133 banks in the District, of which 1,494, or 70 per cent, were par. INTERNAL ORGANIZATION The Board of Directors met monthly during the year. The following figures indicate the attendance. 3 2 2 1 1 Directors Directors Directors Director Director attended 12 meetings attended 11 meetings attended 10 meetings attended 9 meetings attended 7 meetings On September 15th, Mr. Wm. W. Hoxton, formerly Secretary of the Federal Reserve Board, was appointed by the Federal Reserve Board as a Class C Director, and Chairman of the Board and Federal Reserve Agent to fill the unexpired term of Mr. Caldwell Hardy, who died very suddenly on August 26th. In the annual fall election, member banks in Group 3 re-elected Mr. L. E. Johnson, President, First National Bank, Alderson, W. Va. as a Class A Director, and member banks in Group 2 re-elected Mr. D. R. Coker, Merchant and Planter, Hartsville, S. C , as a Class B Director, both to serve for a term of three years from January 1, 1924. The Federal Reserve Board reappointed Mr. Wm. W. Hoxton, as a Class C Director for a term of three years from January 1, 1924, 1924, and redesignated him as Chairman of the Board and Federal Reserve Agent for the year 1924. Mr. Frederic A. Delano was redesignated Deputy Chairman of the Board for 1924. Mr. E. G. Grady, formerly Controller of Accounts, was elected Cashier of the Baltimore Branch, effective March 1, 1924, to fill the vacancy caused by the resignation of Mr. Charles H. Wyatt, Cashier at the Branch since its organization in March, 1918. The office of "Controller of Accounts" will not be filled for the present at least. It was decided to abolish the title "Assistant to Governor", inasmuch as other Reserve Banks had discontinued the title from time to time, substituting titles of a more specific nature. Mr. J. S. 32 NINTH ANNUAL REPORT OF THE Walden, Jr., formerly "Assistant to Governor", was given the title "Controller", and the title of Mr. A. S. Johnstone, formerly "Assistant to Governor", was changed to "Manager, Personnel and Service", both effective January 1, 1924. The following table summarizes the changes in personnel during the year, (including the Baltimore Branch) from which will be noted that on December 31, 1923, the officers and the employees whose salaries are paid by the Bank, numbered 697, as compared with 695 as of December 31, 1922. There was a decrease of 15 in the number of employees at the Richmond office, and an increase of 17 at the Baltimore Branch. The employees, for whose salaries the Bank is reimbursed by the Treasury Department, War Finance Corporation, and other agencies, increased from 27 to 41, making a total of 738 officers and employees at the close of the year. Schedule 40 gives a classified summary of the number of officers and employees, with their aggregate salaries on December 31, 1923, as compared with corresponding dates in the four previous years. A complete list of officers and directors for the year 1924 appears on page 8. PERSONS WHOSE SALARIES ARE1 PAID BY THE BANK Richmond Office: Male Female Total Baltimore Branch: Male Female Total Both Offices combined: Male Female. Total. Dec. 31, 1923 261 250 254 242 —7 -8 —2,7 —3.2 511 496 —15 —2.9 83 101 85 116 184 201 +2 +15 +17 +2.4 +14.9 +9.2 344 339 351 358 695 697 5 +7 +2 1.5 +2. + .3 PERSONS FOR WHOSE SALARIES THE BANK IS REIMBURSED: Fiscal Agency Department (Reimbursed by the Treasury Department of the U.S.): Male Female Total Net Change Number Per Cent Dec. 31, 1922 - 5 4 9 16 +4 +12 9 25* +16 +80. +300. +177.8 FEDERAL RESERVE BANK OF RICHMOND PERSONS WHOSE SALARIES ARE PAID BY THE BANK War Finance Corporation (Reimbursed by the Corporation): Male Female. Total Cafeteria (Reimbursed from income of cafeteria): Male. Female Total By all three agencies: Male Female Total Grand Totals: Male..... Female- _ _ _ Dec. 31, 1922 Dec. 31, 1923 Net Change Number Per Cent 4 5 —2 —33.3 +1 +25. 10 9 —1 —10. 3 5 2 5 —1 —33.3 8 7 —1 —12.5 14 13 15 26 +1 +13 +7.1 +100. 27 . 41 + 14 +51.9 6 4 358 364 354 384 —4 +20 722 738 +16 (—) Denotes decrease. (+) Denotes increase. * Includes one male employee at the Baltimore Branch. Total —1.1 +5.5 +2.2 PERSONNEL SERVICE The physical welfare of the employees while on duty is looked after by a trained nurse, who is in charge of a specially equipped hospital room. Her entire time is devoted to administering first aid, preventing the spread of epidemics, inspecting sanitary conditions of the premises, and visiting employees who have been detained at their homes by illness. In the cafeteria, luncheon is served to the employees on a cost basis, which enables them to obtain a well balanced meal at a minimum cost. The Federal Reserve Club, which was organized in 1922, and which includes in its membership all of the officers and approximately 65 per cent of the employees, continued its activities during the year. Its activities include the encouragement of employees to participate in the courses of the American Institute of Banking, and other educational work, publishing of a monthly magazine, and the organization of various athletic teams. The operation of the Club has resulted in an increased spirit of co-operation, which is felt in the various 34 NINTH ANNUAL REPORT OF THE departments of the Bank. While the Federal Reserve Club is operated and governed solely by the employees, mention of its activities is made here because of its close association with and benefit to the Bank. MEMBER FEDERAL ADVISORY COUNCIL At a meeting of the board of directors, held on December 13th, Mr. John M. Miller, Jr., President of the First National Bank, Richmond, Virginia, was re-elected a member of the Federal Advisory Council from the Fifth Federal Reserve District for the year 1924. The directors designated Mr. Charles E. Rieman, President of the Western National Bank of Baltimore, as an alternate for the same term to attend meetings of the Council whenever Mr. Miller for any reason may not be able to be present. BALTIMORE BRANCH The territory served by the Baltimore Branch comprises the State of Maryland and the following counties in Northern West Virginia: Barbour Berkley 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 469 banking offices in this territory of which 163 are member banks. The physical volume of business as well as the dollar value of transactions conducted through the Baltimore Branch during the year 1923 was considerably larger in practically all major departments than in any previous year. The volume of currency and coin handled by the Branch during 1923 was half again as large as the volume handled during 1922, and the number of checks collected increased more than 10 per cent over the year 1922, and more than 33 per cent over the year 1921. The actual number and amount of Branch transactions are included in the aggregate volume reported by the Head Office. The number of employees increased from 184, including officers, on January 1, 1923, to 202 at the close of the year, 116 of whom are FEDERAL RESERVE BANK OF RICHMOND 35 women and 86 are men. T h e increase in the clerical force was necessitated by the materially increased volume of checks collected and currency and coin handled. A close relationship between the member banks and the Baltimore Branch has been established through personal visits from a representative of the bank relations department of the Baltimore Branch, and the banks in its territory generally evidence a spirit of hearty co-operation. T h e 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. Effective September 15, 1923, Mr. C. P. Hammond, Assistant Cashier of the Baltimore Branch in charge of the money department since January 15, 1921, when the Branch assumed the functions of the United States Sub-Treasury, resigned and was succeeded by Mr. Thos. I. Hays, Assistant Cashier, formerly in charge of the bank relations department at the Branch. Mr. Chas. H. Wyatt, Cashier of the Baltimore Branch from the date of its establishment, resigned, effective March 1, 1924, and Mr. Eugene G. Grady, an officer at the Head Office, with the title Controller of Accounts, who also served the Branch as Assistant Manager for a considerable time during 1923, was elected to succeed him as Cashier of the Branch. T h e terms of Messrs. Waldo Newcomer and William Ingle, Directors of the Baltimore Branch from the date of its establishment, as appointees of the Federal Reserve Board, expired on December 31, 1923. T h e Federal Reserve Board having announced its purpose to choose its appointees from among business representatives other than bankers appointed as their successors, each for a term of one year, Messrs. Wm. H. Matthai and Edmund P. Cohill. T h e following will be the staff of directors and officers of the Baltimore Branch for the year 1924: DIRECTORS (1924) ALBERT H. DUDLEY, (Chairman) Manager, Baltimore Branch. H. B. WILCOX, Vice-President, Merchants National Bank, Baltimore, Md. CARTER G. OSBURN.- President, Farmers and Merchants National Bank, Baltimore, Md. WM. H. MATTHAI. Vice-President, National Enameling and Stamping Co., Baltimore, Md. E. P. COHILL, President, Maryland Agricultural Society and Maryland Farm Bureau Federation, Hancock, Md. 3G NINTH ANNUAL REPORT OF THE OFFICERS (1924) ALBERT H. DUDLEY, Manager. EUGENE G. GRADY, Cashier. F. McC. LEEKE, Assistant Cashier. M. F. REESE, Assistant Cashier. THOS. I. HAYS, Assistant Cashier. CHAS. N. DULEY, Assistant Federal Reserve Agent. HENRY SCHUTZ, Auditor. FIDUCIARY POWERS Application of the following national banks for permission to exercise fiduciary powers under authority of Section 11 (k) of the Federal Reserve Act, as amended, were approved during the year: Name Location District National Bank National Bank of Washington.National Exchange Bank Easton National Bank Merchants National Bank First National Bank Planters National Bank Colonial National Bank Farmers National Bank... Kanawha National Bank First National Bank Second National Bank National Bank of Commerce First National Bank Columbia National Bank Washington, D. C Washington, D. C. Baltimore, Md.. Easton, Md Hampton, Va Harrisonburg, Va.._ Richmond. Va Roanoke, Va Salem, Va Charleston, W. Va Parkersburg, W. Va Parkersburg, W. Va Asheville. N. C Salisbury, N. C Columbia, S. C Powers Granted (a) Jan. 8, 1923 (c) May 16, 1923 (b) Feb. 13, 1923 (b) Dec. 17, 1923 (b) May 16, 1923 (d) Feb. 20, 1923 (b) Oct. 25. 1923 (b) Oct. 25, 1923 (b) Jan. 23, 1923 (b) Feb. 28, 1923 (b) March, 16, 1923 (b) April 18, 1923 (b) Feb. 28, 1923 (b) March 21, 1923 (b) Sept. 25, 1923 (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 the State in which the 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) Application amended to include all powers under (a) (d) Application amended to include all powers. As of December 31, 1923, there were 79 national banks in this District authorized to exercise full fiduciary powers, and 45 authorized to exercise special powers. A complete list of these banks appears on page 43 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, 1923, which have received permission from the Federal Reserve Board to accept FEDERAL RESERVE BANK OF RICHMOND 37 drafts and bills of exchange up to 100% of their capital and surplus. There were no changes in the list during the year: Baltimore Commercial Bank Baltimore Trust Company Citizens National Bank '. Drovers & Mechanics National Bank Farmers & Merchants National Bank Maryland Trust Company Merchants National Bank National Bank of Baltimore National Marine Bank National Union Bank of Maryland Western National Bank First National Bank .-. 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 Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Baltimore, Md. Danville, Va. 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 REVIEW OF BUSINESS AND AGRICULTURAL CONDITIONS The publication of a monthly review of business and agricultural conditions in the Fifth Reserve District was continued during 1923. The report is carefully compiled from direct sources, and gives a general summary of conditions and detailed statistics relating to several of the chief business indicators. Care is taken to present the facts without color or prejudice, and no forecasts are made. Tables are regularly carried in the report to show the following information:— Number and valuation of building permits issued each month in "twenty-five of the leading cities of the District; bank debits in twentythree of the largest cities; business failures in this District and in the eleven other Federal Reserve Districts; principal items of con 38 NINTH ANNUAL REPORT OF THE dition of seventy-six regularly reporting member banks: percentage of increases or decreases in sales m a d e by more than a hundred wholesalers and jobbers; information on retail trade as indicated by sales, stocks carried, rate of turn-over, and outstanding orders in twentyseven department stores. In each of the tables, the statistics for t h e current month are shown in comparison with t h e preceding month, and the corresponding month of t h e previous year. Agricultural notes appear in season, with special attention to cotton and tobacco. Finally, a summary of national business conditions, prepared by t h e Federal Reserve Board and illustrated with four charts, is included. T h e Monthly Review is sent free to any interested person upon request, the circulation at the end of 1923 being 9,200 copies each month. FISCAL AGENCY O P E R A T I O N S ( R e f e r e n c e s — S c h e d u l e s 38 t o 40, Inclusive) T h e Bank has continued, as Fiscal Agent of the Government, to receive and disburse funds for the account of and under instructions from the United States Treasury D e p a r t m e n t ; to handle the sale and delivery of United States Certificates of Indebtedness, Treasury Notes, and Gbvernment Saving securities; t h e exchange, conversion and registration of Liberty Bonds and Victory Notes, and the redemption of all Government securities at maturity or when called for redemption. There were six issues of Certificates of Indebtedness, and two issues of Treasury Notes offered for subscription during t h e year. T h e total subscriptions to these issues amounted to. $109,513,700, or approximately 40 per cent in excess of t h e a m o u n t allotted, which was $77,894,600. Including deliveries, redemptions and exchanges, Certificates of Indebtedness and Treasury N o t e s numbering 38,869, amounting to $117,498,300, were handled during the year. T h e exchange, conversion, and redemption of Liberty Bonds, Victory N o t e s and F a r m Loan Bonds required the handling of 235,561, securities, amounting to $74,163,525. Treasury Savings Stamps, numbering 7,660, with a cash value of $1,233,100,. were sold during the year, while the Government savings certificates redeemed and prepared for redemption numbered 493,881 (5,563,295 stamps), with a cash value of $26,604,306. Interest coupons from United States securities numbering 2,083,444, aggregating $17,731,651, were paid by the Bank during the year, and charged to the account of the Treasurer of the United States. FEDERAL RESERVE BANK OF RICHMOND 39 The analysis of the United States Treasurer's general account with us for the year 1923 (schedule 40) shows total receipts $931,148,232, total disbursements $930,206,728, and balance.at close of business December 31, 1923, $1,801,122. There has been a considerable decrease in the volume of work of the Fiscal Agency Department during the year. TREASURY SAVINGS ORGANIZATION This is the organization for this District of the United States Government Savings System, whose object is to encourage thrift and saving by the sale of Treasury Saving Certificates, issued in denominations of $25, $100, and $1,000; it is part of the purpose of this organization to combat the spread of fraudulent speculations or investments. Since January 30, 1923, this work has been an integral part of the work assigned to the Federal Reserve Bank as Fiscal Agent of the United States. Its seperate organization has been preserved within the Fiscal Agency Department because of the distinct character of its work but under the general supervision of the Governor of the Bank. The Bank is reimbursed for all expenditures connected with the work. The organization consists of a Director, appointed by the Treasury Department, two clerical assistants, and a multigraph operator, with all necessary duplicating, addressing, folding, and sealing devices for the dissemination of information to stimulate the sale, largely through Post Offices, of these small Government securities. During 1922, the sale of Treasury Savings Certificates in the Fifth District was in excess of Ten Million Dollars, being almost ten times greater than in the year 1921. The sales increased during 1923 to over eleven million dollars, most of which were made through Post Offices. WAR FINANCE CORPORATION This Bank continued during the year 1923 to act as Fiscal Agent for the War Finance Corporation. In the capacity of Fiscal Agent the 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 especially appointed in different localities, and by the directors of the Corporation in 40 NINTH ANNUAL REPORT OF THE Washington. Upon receipt of proper authority, we accept from the bank, corporation, or other person to whom a loan has been granted the obligation and collateral which have been accepted by the directors of the War Finance Corporation, and upon their specific authority, we pay 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. Since April 17, 1922, which was the high point of advances, aggregating $18,620,671, there has been a steady decline in the loans outstanding, due to general improvement in banking, and business conditions. Advances numbering 158, amounting to $10,268,608.72, were made during the year 1923, as compared with 603 advances, aggregating $18,385,052.35, made during the year 1922. The total loans outstanding on December 31, 1923, numbered 73, and amounted to $1,730,900-50, all of which represented advances to banks. Approximately half of the amount of the advances made during the year were to co-operative associations to assist in the financing and marketing of tobacco, cotton and peanuts. On December 31, 1923, the number of employees in this department had been reduced to nine, and there has since been a further reduction, due to gradual decreases in the volume of work handled. The salaries of the employees are paid by the War Finance Corporation. FEDERAL RESERVE BANK OF RICHMOND 41 Appendix I LIST OF STATE MEMBER BANKS IN FIFTH DISTRICT December 31, 1923 Name of Bank Location Date Admitted Maryland Baltimore Commercial Bank _ Liberty Bank of Baltimore County Baltimore Trust Company Maryland Trust Company The Hamilton Bank._, Farmers & Merchants Bank Forest Hill State Bank. Atlantic Exchange Bank and Trust Co Baltimore Baltimore Baltimore Baltimore Hamilton Salisbury Forest Hill Baltimore Nov. 14,1917. July 15, 1918. Nov. 9, 1917. Jan. 7, 1918. Sept. 20, 1918. Dec. 1, 1921. Mar. 3, 1922. Dec. 31, 1923. District of Columbia Continental Trust Company Washington. \ Nov. 2, 1914. Blackstone Chase City Kenbridge Norfolk.. Petersburg Richmond Richmond Richmond. Rural Retreat Richmond Victoria Galax Nov. 15, 1919. Sept. 22, 1917. May 27, 1921. Dec. 5, 1917. July 6, 1920. June 2, 1919 Nov. 2, 1914. Sept. 6, 1918. Mar. 13, 1920. June 30. 1922. May 12, 1922 Sept. 13, 1920. Virginia Citizens Bank & Trust Company.Peoples Bank & Trust Company Bank of Lunenburg._ Citizens Bank of Norfolk Petersburg Savings & Trust Company..— Bank of Commerce & Trusts Savings Bank The Union Bank Peoples Bank State & City Bank & Trust Company Bank of Victoria Peoples State Bank West Virginia The Berwind Bank. Kanawha Valley Bank The Franklin Bank...Farmers Bank of Pendleton Grafton Banking & Trust Co.._ Putman County Bank Shenandoah Valley Bank & Trust Co..The Peoples Trust Company Potomac Valley Bank Berwind Charleston Franklin.Franklin '. Grafton Hurricane Martinsburg Martinsburg Petersburg 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. , 42 NINTH ANNUAL REPORT OF THE Pleasants Qounty Bank__ Merchants & Producers Bank. Bank of Harper's Ferry Hardy Co. Bank St. Mary's Salem Harper's Ferry. Moorefield..._ July 16, 1921. Oct. 3, 1921. Sept. 5, 1922. Mar. 12, 1923. North Carolina Farmers Bank Farmers Commercial 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 Farmers Banking & Trust Company Bank of Washington Wachovia Bank & Trust Company Belhaven :..May 27, 1921. Benson Nov. 29, 1922. 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. Tarboro Feb. 27, 1920. Washington Jan. 25, 1921. Winstou-Salem July 1, 1918. 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 Co Bank of Georgetown Peoples Bank Bank of Hartsville Citizens Bank & Trust Company..., Farmers Bank The Home Bank The Peoples Bank... Nicholson Bank & Trust Co_ 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. FEDERAITRESERVE BANK OF RICHMOND 43 Appendix II A LIST OF ALL BANKS IN FIFTH FEDERAL RESERVE DISTRICT AUTHORIZED TO EXERCISE FIDUCIARY POWERS Under Section 11 Ck) of the Federal Reserve Act, as Amended, as of December 31, 1923 Maryland Name Location Drovers and Mechanics National Bank Farmers and Merchants National Bank Merchants National Bank National Bank of Baltimore Western National Bank..Second National Bank Easton National Frederick County National Bank Farmers and Mechanics National Second National Bank First National Bank First National Bank Citizens National Bank National Bank of Rising Sun _ Montgomery County National Bank Salisbury National Bank Baltimore Baltimore Baltimore Baltimore Baltimore Cumberland Easton Frederick Frederick Hagerstown Hyattsville New Windsor Pocomoke City Rising Sun Rockville Salisbury (b) (b) (b) (b) (b) (b) (b) (b) (a) (b) (a) (a) (b) (a) (a) (b) District of Columbia Commercial National Bank. District National Bank Farmers and Mechanics Nat'l. Bank of Georgetown Federal American National Bank Lincoln National Bank National Metropolitan Bank. National Bank of Washington Riggs National Bank Second National Bank Washington Washington Washington Washington Washington Washington Washington Washington Washington , (a) (a) (a) (a) (a) (a) (a) (a) (a) Virginia First Nati onal4Bank Citizens National Bank First National Bank Abingdon Alexandria Alexandria (b) (a) (a) 44 NINTH ANNUAL REPORT OF THE First National Bank National Bank of Charlottesville Peoples National Bank First National Bank First National Bank Clifton Forge National Bank First National Bank Citizens National Bank Covington National Bank American National Bank , First National Bank The Citizens National Bank Planters National Bank First National Bank Merchants 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 Planters National Bank American National Bank Colonial National Bank First National Bank National Exchange Bank Peoples National Bank Farmers National Bank Boston National Bank Planters & Merchants National Bank Augusta National Bank National Valley Bank Fauquier National Bank Farmers and Merchants National Bank Shenandoah Valley National Bank. Appalachia Charlottesville • Charlottesville ....Chase City Chatham : Clifton Forge Clifton Forge Covington Covington , Danville Danville Emporia Fredericksburg Harrisonburg Hampton Leesburg Lexington Martinsville Newport News Norfolk Norfolk Petersburg Portsmouth Pulaski Pulaski Richmond Richmond Richmond Richmond ; Richmond Roanoke Roanoke l....Roanoke Roanoke Rocky Mount Salem South Boston South Boston Staunton Staunton Warrenton . Winchester Winchester (a) (a) (b) (b) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) (b) (a) (a) (a) (b) (a) (a) (b) (b) (a) (b) (b) (b) (b) (a) (b) (b) (b) (a) (b) (b) (a) (b) (b) (b) (b) (a) West Virginia Beckley National Bank. First National Bank Flat Top National Bank.__ Charleston National Bank Beckley Bluefield Bluefield Charleston (b) (b) (b) (b) FEDERAL RESERVE BANK OF RICHMOND Kanawha 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.__ First National Bank Parkersburg National Bank Second National Bank First National Bank First National Bank 45 Charleston Clarksburg Clarksburg Fairmont Fairview Grafton Huntington Huntington Madison Martinsburg Pakersburg Parkersburg Parkersburg St. Mary's ....Welch (b) (a) (a) (b) (a) (b) (b) (b) (a) (b) (b) (b) (b) (b) (b) North Carolina American National Bank National Bank of Commerce. Charlotte National Bank _ Commercial National Bank._ Merchants & Farmers National Bank Union National Bank First National Bank 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 First National Bank Farmers National Bank and Trust Co. Asheville Asheville Charlotte Charlotte Charlotte Charlotte Durham Elizabeth City Goldsboro Graham High Point Mooresville New Bern Oxford Raleigh Raleigh Rocky Mount Salisbury Winston-Salem (b) (b) (b) (b) (b) (b) (b) (b) (b) (b) (a) (b) (a) (a) (b) (b) (b) (b) (b) South Carolina Atlantic National Bank Peoples National Bank : Columbia National Bank. National Loan and Exchange Bank First National Bank First National Bank Norwood National Bank Peoples National Bank The Woodside National Bank. The First National Bank Charleston Charleston Columbia Columbia Elloree Greenville Greenville Greenville Greenville Holly Hill . (b) (a) (b) (b) (b) (b) (b) (a) (b) (a) 46 NINTH ANNUAL REPORT OF THE Farmers & Merchants National Bank. Edisto National Bank. National Union Bank Central National Bank First National Bank (a) Limited or specified powers. (b) Full powers. Lake City Orangeburg Rock Hill Spartanburg Spartanburg (a) (b) (b) (a) (b) P A R T 11. Schedules Reflecting the Operations OF THE Federal Reserve Bank of Richmond During 1923 AND Showing the Financial Condition at the Close of Business December 31, 1923 FEDERAL RESERVE BANK OF RICHMOND MILLIONS OF DOLLARS MILLIONS OF DOLLARS ZOO 200 PURCHASED BILLS UNITED STATES SECURITIES i 20 0 20 •727*7* DISCOUNTS FOR OWN MEMBERS 1921 1922 1923 EXHIBIT A MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923 (Amounts in thousands of dollars) Bills Discounted for Member Banks Total Earning Assets Date '2+5+6) Total Bills Other Secured by U. S. GovBills ernment Discounted Obligations Bills Bought in Open Market United States Securities Total Cash Reserves Member Banks' Reserve Deposits Total Deposits Federal Reserve Reserve Notes in Percentages Circulation 10 January 3 . . . January 10.. January 17.. January 24.. January 31.. February 7.. February 14. February 21. February 28. March 7 March 1 4 . . . March 2 1 . . . March 2 8 . . . . April 4 April 11 April 18 April 25 May 2 May 9 May 16 57,293 53,172 44,462 41,286 39,935 40,836 40,159 44,642 45,299 43,409 45,583 53,950 52,663 54,430 56,205 60,046 62,410 62,224 63,813 67,263 49,843 42,919 37,862 39,239 37,863 39,029 38,367 43,081 43,793 41,388 43,462 51,834 50,366 52,063 53,148 56,927 58,940 58,704 60,200 63,713 19,824 15,407 13,159 15,481 15,624 15,981 16,009 18,024 18,937 16,027 17,754 23,329 20,906 21,053 22,340 24,020 24,459 23,228 23,981 26,582 29,659 27,512 24,703 23,758 22,239 23,048 22,358 25,057 24,856 25,361 25,708 28,505 29,460 31,010 30,808 32,907 34,481 35,476 36,219 37,131 1,519 962 759 706 731 406 451 220 165 680 780 775 956 1,026 1,716 1,778 2,129 2,179 2,272 2,209 6,291 9,291 5,841 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1.341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 105,618 107,685 1'4,387 119,142 119,849 117,743 117,753 112,920 114,471 112,493 110,819 100,428 101,585 96,484 96,303 90,849 84,498 89,037 84,615 SO,121 62,859 63,290 61,769 66,326 61,252 63.435 62,425 60,813 63,806 62,313 61,349 60,595 59,088 60,262 61,328 61,642 57,748 59,412 60,126 60,478 64,210 64,186 62,727 67,778 65,015 64,683 64,875 62,494 66,384 64,112 65,859 67,267 64,305 61,515 63,012 62,152 59,447 65,072 61,616 61,581 64.9 93,899 92,104 90,582 88,985 89,536 89,034 89,011 87,735 86,855 84,976 84,063 83,528 83,662 82,909 82,195 80,513 80,334 79,562 78,885 68.1 73.9 75.2 77.8 76.3 76.5 74.5 74 3 74.5 73.5 66.4 68.7 66. S 66.0 62.9 60.4 61.2 59.9 57.0 > p M H O H May 23 May 29 June 6 _ June 13 Junj 20 June 27 July 3 July 11 July 18 July 25 August 1 August 8 August 15 August 22 August 29 September 5 September 12.... September 19.... September 26.... October 3 „ October 10 October 17 October 24 October 31 November 7 November 14 November 21 November 28 December 5 .... December 12.. December 19 ... Decemb3r 26 ... Daily Average... 66,843 66,300 66,137 67,780 68,219 69,105 69,270 67,391 70,290 70,820 68,082 68,532 70,056 73,063 72,036 73,592 . 74,596 80,289 79,269 77,881 76,216 76,045 73,654 74,541 65,587 65,199 62,187 58,808 56,063 57,288 63,269 59,165 62,736 63,225 62,789 62,851 64,539 65,128 65,986 65,676 64,118 67.012 67,598 64,955 65,473 67,397 70,449 69,741 71,528 72,547 78,470 77,380 76,045 73,960 73,563 71,047 71,434 62,370 61,496 58,523 54,839 52,763 53,752 60,074 55,503 59,590 • 24,140 25,717 26,177 28,562 27,659 27,903 26,083 27,613 30,045 29,795 28,312 27,160 29,311 30,622 28,423 28,756 28,724 30,952 30,897 28,925 28,632 28,130 26,874 26,935 22,458 24,857 24,401 21,914 22,284 24,826 29.518 26,740 39,085 37,072 36,674 35,977 37,469 38,083 39,593 36,505 36,967 37,803 36,643 38,313 38,086 39,827 41,318 42,772 43,823 47,518 46,483 47,120 45,328 45,433 44,173 44,499 39,912 36,639 34,122 32,925 30,479 28,926 30,556 28,763 2,277 2,170 1,945 1,900 1,750 1,778 2,253 1,932 1,937 1,881 1,786 1,718 1,318 1,273 954 723 708 478 548 495 915 1,141 1,266 1,766 1,876 2,362 2,323 2,628 1,959 2,195 1,854 2,321 1,469 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 1.341 1,341 1,341 1,341 1,341 1,341 1,341 1,341 4,341 1,341 1,341 1,341 1,341 1,341 1,341 1,677 78,928 81,797 81,030 77,870 77,459 78,665 75,968 79,615 74,341 78,234 79,' 183 79,529 79,214 77,080 79,890 76,896 77,912 72,508 80,963 83,719 91,805 93,975 96,252 99,468 109,548 109,005 109,638 119,576 123,218 122,161 113,634 116,173 94,731 59,608 62,339 61,073 58,431 58,323 59,875 60,638 58,889 58,124 59,697 59,005 58,881 59,693 59,118 .59,074 59,869 59,224 59,101 58.549 6?,637 63;591 63,605 61,635 62,031 63,780 63,295 61,489 63,277 65,002 63,519 60,955 58,139 60,829 61,329 65,358 62,477 59,121 61,067 61,452 61,308 59,827 59,466 62,489 62,066 60,768 61,406 61,367 61,963 61,719 61,024 59,789 62,845 63,286 61,907 66,615 63,901 64,685 64,613 66,791 63,188 67,038 66,558 64,998 61,845 60,685 63,510 77,653 77,243 77,997 78,223 77,128 77,251 78,916 79,351 78,124 77,012 77,036 78,254 79,453 80,108 80,480 82,493 82,955 85,049 88,320 92,738 95,046 96,787 97,166 99,518 101,149 101,824 100,907 102,809 104,015 105,205 108,119 109,265 88,188 56.8 57.4 57.7 56.7 56.1 56.7 54.2 57.2 \r 54.0 t 56.1 ^ 56.9 57.2 r 56.2 JH |_) 54.5 56.1 £ a 53.3 £ 54.1 50.1 53.6 < £ tg 53.7 . >• 57.4 57.5 59.8 & O 60.6 66.1 64.6 66.8 ^ pi ^ Hjj 70.4 g 72.2 71.8 66.9 68.4 62.4 C ^ 0 SHCEDULE No. 1 COMPARATIVE STATEMENT OF CONDITION DECEMBER 31, 1923 AND DECEMBER 31, 1922 RESOURCES D e c e m b e r 31, 1923 D e c e m b e r 31, 1922 RESERVES: Gold Gold Gold Gold Coin and Certificates • Settlement Fund—Federal Reserve Board.. with Federal Reserve Agent Redemption Fund—Federal Reserve Notes. Total Gold Reserves Legal Tender Notes, Silver, etc. 5,235,407.50 40,963,133.12 70,146,100.00 2,818,286.04 $119,162,926.63 4,284,165.00 5,728,690.00 27,617,928.96 64,064,865.00 4,578,610.52 $101,990,094 48 9,922,254.80 $123,447,091.66 TOTAL RESERVES NON-RESERVE CASH: National Bank Notes Federal Reserve Bank Notes Subsidiary Silver, Nickels and Cents (a) $ S $ 2,344,470.00 24,843.00 675,731.77 $ TOTAL NON-RESERVE CASH ARNING A8SETS: H $111,912,349.28 1,703,905.00 519,991.00 170,064.86 3,045,044.77 2,393,960.86 Bills Discounted—Secured by United States Government Obligations. Bills Discounted—All other Bills Purchased in Open Market $ 23,051,965.96 28,970,292.86 2,078,338.16 8 22,092,104.50 31,192,470.74 1,734,289.49 w w Total Bills Discounted and Bought United States Government Bonds and Notes. $ 54,100,596.98 1,340,900.00 $ 55,018,864.73 1,290,900.00 3 S 55,441,496.98 TOTAL EARNING ASSETS UNCOLLECTED ITEMS: Transit Items Exchange for Clearing House Other Cash Items Federal Reserve Notes of other Federal Reserve Banks. $ 52,231,549.03 836,520 52 84,812.87 1,184,850.00 TOTAL UNCOLLECTED ITEMS MISCELLANEOUS: Interest Accrued on United States Securities. Fiscal Agency Expenses, Reimbursable Bank Premises Claims Account Closed or Suspended Banks. All Other Resources ] < i11 MISCELLANEOUS ASSETS. TOTAL RESOURCES $ 56,309,764.73 $ 52,684,250.36 1,967.673.74 88,193.07 902,795.00 $ 54,337,732.42 6,857.67 6,260.19 2,527,816.06 365,985.13 30,580.65 $ 55,642,912.17 7,280.78 6,359.60 2,617,486.63 322,474.96 62,379.36 $ 2,937,499.70 $239,208,865.53 $ 3,015,981.33 $229,274,968.37 H O H M LIABILITIES CAPITAL: Capital Paid In. Surplus TOTAL CAPITAL DEPOSITS: United States Treasurer !• Member Banks—Reserve Accounts. Foreign Banks Officers' Checks and Drafts TOTAL DEPOSITS DEFERRED AVAILABILITY CREDITS: United States Treasurer Federal Reserve and Member Banks. Miscellaneous $ 5,815,900.00 11,672,482.57 $ 5,595,450.00 11,288,078.27 $ 17,488,382.57 1,801,121.84 65,582,138.30 84,604.58 114,647.36 $ 16,883,528.27 $ 859,617.30 61,527,057.96 49,000.00 523,933.66 I 304,749.56 47,234,110.04 342,738.31 $ 67,582,602.08 $ 1,232,671.82 47,813,715.30 305,478.14 TOTAL DEFERRED AVAILABLE CREDITS NOTE CIRCULATION: Federal Reserve Notes in Actual Circulation $ 62,959,608.92 $ 49,351,865.26 S 47,881,597.91 1104,158,260.00 $ 101,146,680.00 MISCELLANEOUS: 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 Collections Account Claims Against Closed Banks All Other Liabilities 6,476.03 5,606.12 100,000.00 150,000.00 139,971.12 6,470.46 150,000.00 200,000.00 128,318.25 139,565.21 3,401.70 1,500.00 627,755.62 TOTAL MISCELLANEOUS LIABILITIES. TOTAL LIABILITIES $239,208,865.53 (a) Subsidary silver is included in the amount set against "Legal Tender Notes, Silver, etc." on December 31, 1922. S 403,553.27 $229,274,968.37 SCHEDULE No. 2 COMPARITIVE STATEMENT OF PROFIT AND LOSS, DIVIDEND AND SURPLUS ACCOUNTS FOR THE YEARS ENDING DECEMBER 31, 1923 AND DECEMBER 31, 1922 PROFIT AND LOSS ACCOUNT 1922 1923 GROSS EARNINGS: Discount on Bills Discounted Discount on Bills Purchased Interest on United States Securities Penalties on Account Deficient Reserves Miscellaneous $ 2,681,589.91 62,794.73 39,541.70 83,614.15 11,355.75 TOTAL GROSS EARNINGS EXPENSES: Current Expenses Paid Reserved for Expenses Accrued and Unpaid Reserve for Taxes other than Franchise Tax $ 2,569,886.83 74,654.74 95,378.14 87,080.54 5,943.63 $2,878,896.24 $2,832,943.88 1,551,155.58 $ 1,619,273.69 6,476.03 5,606.12 1,631,355.84 $1,327,740.66 $1,201,588.04 $ 1,544,685.12 6,470.46 % CURRENT NET EARNINGS DEBITS & CREDITS TO CURRENT NET EARNINGS (Profit & Loss Account): Debits—Depreciation on Real Estate Reserve for Self Insurance Reserve for Undetermined Losses Net Expense—"Other Real Estate" Net Expense—Cafeteria Furniture and Equipment Sundry Entries during the vear (net debit) TOTAL DEBITS $ 89,670.57 50,000.00 50,000.00 $ 3,002.77 43,216.54 42.48 $ 235,932.36 $ 178,358.33 50,000.00 50,000.00 239.14 1,712.92 64,710.24 345,020.63 d > f d O o a Credits—Net Income "Other Real Estate" Reduction in Depreciation Reserve on U. S. Bonds Sundry Entries during the year (net credit) TOTAL CREDITS $ 1,034 40 3,618.44 7,261.57 . .*. $ $ 1,034 .40 10,880.01 NET DEBIT TO CURRENT NET EARNINGS $ 234,897 .96 $ 334,140.62 NET EARNINGS AVAILABLE FOR DIVIDENDS, SURPLUS AND FRANCHISE TAX $1 ,092,842 70 $ 867,447 42 DIVIDENDS: Interest Paid on Stock Surrendered Dividends Paid $ 888 341,406 .87 BALANCE OF NET EARNINGS AVAILABLE FOR SURPLUS AND FRANCHISE TAX r. $ 342,295 .22 s 2,098 86 331,221.85 333,320.71 534,126.71 750,547 .48 fcd > DISPOSITION OF BALANCE OF NET EARNINGS: Transferred to Surplus Account Paid to Government as Franchise Tax $ $ 384,404 .30 366,143 .18 $ 750,547 .48 53,412.67 480,714.04 1 534,126.71 Q O • SCHEDULE NO. 3 COMPARATIVE ANALYSIS OF CURRENT EXPENSES FOR THE YEARS 1923 AND 1922 1923 1922 SALARIES: 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 (other than on currency and security shipments) Insurance on currency and security shipments Taxes on banking house Light, heat and power Repairs and alterations, banking house Rent Office and other supplies Printing and stationery Telephone Telegraph Postage Expressage Federal Reserve currency: Original cost, including shipping charges Cost of redemption, including shipping charges. Taxes on Federal Reserve bank note circulation. .. . All other expenses Total Current Expenses. 166,791.50 729,497.21 38,586.75 70,547.26 344.64 131.89 662.73 6,514.98 19,617.71 36,448.74 3,207.38 22,289.38 32,996.38 41,830.82 10,723.77 7,882.59 1,185.71 31,488.62 43,926.05 6,057.09 40,488.59 126,823.25 24,063.15 155,466.74 760,883.39 33,189.34 78,738.58 165.77 123.10 628.81 5,795.06 23,101.44 37,402.22 12,217.62 24,928.24 19,782.70 40,900.89 10,988.68 24,854.25 4,340.80 39,174.28 48,431.39 5,944.20 34,934.32 115,004.40 19,451.98 41,328.47 25,840.28 21,880.64 68,357.87 24,733.64 13,184.41 28,631.72 $ 1,551,155.58 $ 1,631,355.84 3 H O H X SCHEDULE No 4. GROSS EARNINGS (CLASSIFIED), EXPENSES, NET EARNINGS AND DIVIDENDS ACCRUED DURING THE YEAR 1923 BY MONTHS Bills Purchased Bills Discounted U.S. Securities Deficient Reserve Penalties and Miscellaneous Earnings Total Gross Earnings January February March April May June July August September October November December $ $ 3,578.60 $ 1,403.44 2,529.88 5,765.01 8,065.07 6,822.54 7,475.87 5,110.64 2,300.78 3,875.22 7,981.93 7,885.75 10,075.33 $ 2,422.17 2,681.30 2,576.86 2,649.24 3,520.01 2,628.83 2,628.53 2,544.89 2,632.84 2,548.39 2,633.31 10,928.51 f 4,601.58 4,237.19 4,883.32 8,144.02 10,037.14 8,726.58 7,189.39 7,388.00 8,912.37 9,079.52 10,842.28 186,034.13 $ 149,145.46 185,929.43 220,038.89 257,655.08^ 261,627.82 274,181.45 277,955.01 291,426.36 294,094.67 247,349.04 233,408.90 TOTAI„ TOTAl „ TOTA „ •TOTA]„ TOTA]„ TOTA]>. TOTAl „ TOTA]„ ToTAl ,, S $ 2,681,589.91 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(d) 62,794.73 $ 74,654.74 184,592.51 477,556.88 351,418.22 273,633.68 201,008.34 29,171.24 39,541.70 $ 95,378.14 196,298.91 276,990.82 185,292.74 83,437.18 96,143.20 39,175.18 94,969.90 $ 93,024.17 182,310.56 233,702.96 138,659.69 231,554.75 105,415.10 50,899.29 1,084.44 2,878,896.24 $ 2,832,943.88 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 * 1,654,830.34 $ 1,012,257.87 $ 1,131,620.86 $ 28,579,912.02 $ 1923 1922 1921 1920 1919 1918 1917 1916 1914 and 161,501.69 140,718.27 176,481.06 206,813.70 238,796.75 241,248.13 255,350.17 263,026.45 279,192.69 278,674.24 227,739.20 212,047.56 m i •> TOTAL SINCE ORGANIZATION $ 24,781,202.95 Total Expenses 125,698.43 127,067.87 129,714.48 124,196.94 128,840.58 127,699.69 125,144.22 127,786.85 131,264.55 130,070.85 141,436.95 132,234.17 Net Earnings $ 60,385.70 $ 22,077.59 56,214.95 95,841.95 128,814.50 133,928.13 149,037.23 150,168.16 160,161.81 164,023.82 105,912.09 101,174.73 1,551,155.58 $ 1,327,740.66 $ 1,631,355.84 1,201,588.04 2,127,174.38 4,602,505.00 1,521,947.89 5,387,195.55 911,927.42 3,863,396.47 625,574.82 2,353,472.72 280,536.71 540,658.79 147,530.71 186,571.78 144,619.71(e) 174,959.95 8,941,823.06 $ 19,638,088.96 S Dividends Accrued 27,997.23 28,122.41 28,300.06 28,399.82 28,527.04 28,623.25 28,545.77 28,688.19 28,822.18 28,704.38 28,777.21 28,787.68 342,295.22 333,320.71 322,202.95 293,051.90 252,871.85 232,431.94 24O,944.5O(a) 197,922.34(b) 151,939.69(c) 2,366,981.10 (a) 6% Dividend, for period November 1, 1916 to June 30, 1917, paid June 30,1917, and 6% Dividend, for period July 1,1917to December 31,1917, paid December 31, 1917. (b) 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. (c) 5% Dividend, for period November 16, 1914 to December 31, 1915, paid December 31, 1915. (d) Includes Earnings on Bills Purchased. (e) Includes Organization Expense i O SCHEDULE No 5 AVERAGE DAILY HOLDINGS OF EARNING ASSETS (CLASSIFIED), DAILY EARNINGS THEREON AND RATE OF EARNING BY MONTHS FOR THE YEAR 1923 .a s — Q January February March April May June July August September October November December $ Year of 1923 Year of 1922 Year of 1921 Year of 1920 S S "3 2 ej'3 OS H s"l "8'a w *l TOTALS UNITED STATES SECURITIES BILLS PURCHASED BILLS DISCOUNTED • M oc ••jjj 42,253,491 $ 5,209.73 5,025.65 40,762,170 5,692.94 46,176,046 6,893.79 55,916,323 7,703.12 62,478,752 8,041.60 65,226,211 8,237.10 66,812,041 8,484.72 68,885,057 9,306.42 75,418,736 8,989.49 72,914,743 7,591.31 61,572,195 6,840.24 55,482,015 .0450 $ .0450 .0450 .0450 .0450 .0450 .0450 .0450 .0450 .0450 .0450 .0450 1,010,141 $ 115.44 50.12 439,071 81.61 712,208 192.16 1,671,499 260.16 2,234,046 227.42 1 935,144 241,16 2,042,960 L64.86 1,396,462 76.69 649,620 125.01 1,058,523 266.06 2,250,066 254.38 2,151,136 .0417 .0417 .0418 .0419 .0425 .0429 .0431 .0431 .0431 .0431 .0431 .0432 59,590,168 $ 7,346.82 7,040.78 53,751,269 104,096,935 16,894.46 104,111,152 16,177.30 .0450 $ .0478 .0592 .0569 1,469,188 $ 172.04 204.53 1,547,226 505.73 3,062,702 8,319,757 1,304.80 .0427 $ .0482 .0603 .0574 $ *o c '3'S PS w 5'3 —s °l 0a 5'3 °l 1,847,352 $ 325.01 ,340,900 86.50 ,340,900 86.49 ,340,900 85.90 1,340,900 85.46 1,807,567 1:7.33 1,340,900 84.80 ,340,900 84.79 ,340,900 . 84.83 ,340,900 84.93 ,340,900 84.95 ,340,900 84.95 .0245 $ .0236 .0235 .0233 .0233 .0237 .0231 .0231 .0231 .0231 .0231 .0231 48,110,984 $ 5,650.18 42,542,141 5,162.27 48,229,154 5,861.04 58,928,722 7,171.85 66,053,698 8,048.74 68,968,922 8,386.35 70,195,901 8,563.06 71,622,419 8,734.37 77,409,256 9,467.94 75,314,166 9,199.43 65,163,161 7,942.32 £8,974,051 7,179.57 .0429 .0443 .0443 .0445 .0445 .0444 .0445 .0445 .0446 .0446 .0445 .0444 1,677,064 $ 108.33 4,632,297 261.31 9,620,036 537.81 13,773,047 756.81 .0236 $ .0206 .0204 .0201 62,736,420 S 7,627.19 59,930,792 7,506.62 116,779,673 17,938.00 126,203,956 18,238.91 .0444 .0457 .0561 .0529 The above "Daily Holdings" are not calculated for calendar months, but are the holdings on which the amounts credited to Earnings are calculated; each month, therefore, includes the last day of the proceding month but excludes the last day of the current month. "S"3 a > tr1 a g H C SCHEDULE No. 6 DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMODATION TO MEMBER BANKS, THROUGH THE DISCOUNT OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1923, 1922 AND 1921 MARYLAND BILLS DISCOUNTED Secured by Government Obligations Otherwise Secured and Unsecured d TOTAL TOTAL TOTAL 1923 1922 1921 so H ID $ 3,958,230.81 6,354,862.50 6,956,575.76 7,161,912.90 6,442,080.21 5,919,732.65 7,405,697.88 7,993,634.19 8,536,623.00 6,018,984.03 4,615,003.00 4,975,184.84 $ 1,922,261.04 2,666,718.35 4,451,425.29 6,470,972.33 6,344,936.91 5,331,596.73 5,711,357.67 5,424,721.61 6,360,066.17 6,954,912.87 5,585,654.77 3,841,445.81 $ 5,880,491.85 9,021,580.85 11,408,001.05 13,632,885.23 12,787,017.12 11,251,329.38 13,117,055.55 13,418,355.80 14,896,689.17 12,973,896.90 10,200,657.77 8,816,630.65 Average for Year 1923 . $ 6,359,441.96 $ 5,099,451.26 $ 11,458,893.22 January February March April May. June July August September October November December Average for Year 1922. 4,488,272.06 2,479,638.15(a) Average for Year 1921. (a)Includes Banker's Acceptances purchased from member banks. (b)Includes paper under rediscount with other Federal Reserve Banks. $ 16,868,557.25 13,376,381.86 11,028,197.49 7,433,900.04 4,589,601.69 3,031,898.16 2,746,185.55 2,677,113.77 3,324,717.57 3,598,490.00 6,829,620.96 8,496,513.39 $ 27,121,917.69 26,457,004.12 28,264,614.08 29,364,774.60 29,954,176.41 29,017,575.61 25,637,642.88 25,692,316.05 26,423,917.57 23,653,962.65 22 ,.567,940.84 19,980,145.87 t ft) i—i o o d $ 6,967,910.21(a) $26,168,412.10(a-b) SCHEDULE No. 6a DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMODATION TO MEMBER BANKS, THROUGH THE DISCOUNT OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR MONTHS/DURING 1923, 1922 AND 1921 DISTRICT OF COLUMBIA BILLS DISCOUNTED Otherwise Secured and Unsecured Secured by Government Obligations January February March April.... May June July August September October November December $ 2,522,258.08 2,006,821.43 1,991,000.00 2,731,266.66 2,739,612.90 4,228,166.67 4,919,677.42 •• 4,990,806.45 4,082,066.66 3,404,451.61 3,453,866.67 4,533,580.65 Average for Year 1923. $ 3,477,246.57 Average for Year 1922.. 2,016,341.09 TOTAL TOTAL 1923 1922 1921 833,894,49 464,682.91 434,566.88 552,119.50 461,676.52 659,283.68 777,625,18 759,248.98 1,844,472.77 2,500,098.19 2,362,263.74 2,280,900.97 $ 3,356,152.57 2,471,504.34 2,425,566.88 3,283,386.16 3,201,289.42 4,887,450.35 5,697,302.60 5,750,055.43 5,926,539.43 5,904,549.80 5,816,130.41 6,814,481.62 $ 1,164,503.18 $ 4,641,749.75 $ 2 I—I a, 885,749.30(a) Average for Year 1921.. (a) Includes Bankers' Acceptances purchased from member banks, (b). Includes paper under rediscount with other Federal Reserve Banks. TOTAL $ 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 $ 3,912,482.20 3,220,020.17 3,163,986.83 3,253,215.49 3,053,908.46 3,248,755.02 3,649,707.27 3,203,382.37 2,863,541.16 3,911,.405.31 4,070,699.97 5,293,826.77 $ 2,902,090.39(a) $ 3,575,607.10(a-b) M O H O a SCHEDULE No 6b DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMODATION TO MEMBER BANKS, THROUGH THE DISCOUNT OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1923, 1922 AND 1921 VIRGINIA BILLS DISCOUNTED Secured by Government Obligations January February March April Mav June July August September October November December Otherwise Secured and Unsecured TOTAL TOTAL TOTAL 1923 1922 1921 $ 11,166,291.24 9,299,331.06 11,234,517.76 13,906,323.37 15,413,892.27 14,407,958.94 13,372,968.46 13,963,422.56 17,406,229.96 17,272,132.46 14,092,918.93 12,272,861.53 $ 14,625,280.66 13,651,336.60 17,258,952.28 21,319,590.62 23,495,824.78 23,043,667.61 22,169,676.40 21,387,755.85 25,066,775.39 25,797,614.79 21,859,382.73 19,817,367.69 Average for Year 1923.. $ 7,155,297.75 $ 13,672,227.07 $ 20,827,524.82 6,412,125.64 ll,824,208.75(a) Average for Year 1921 (a) Includes .Bankers' Acceptances purchased from member banks. (b) Includes paper under rediscount with other Federal Reserve Banks. an 3 $ 3.458,989.42 4,352,005.54 6,024,434.52 7,413,267.25 8,081,932.51 8,635,708.67 8,796,707.94 7,424,333.29 7,660,545.43 8,525,482.33 7,766,463.80 7,544,506.16 Average for Year 1922.. 1 $ 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 $ 18,236,334.39(a) $37,579,567.95(a-b) > a n x I SCHEDULE No. 6c DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMODATION TO MEMBER BANKS THROUGH THE DISCOUNT OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1923, 1922 AND 1921 WEST VIRGINIA BILLS DISCOUNTED Otherwise Secured and Unsecured Secured by Government Obligations 2,814,860.32 1,538,460.10 1,491,431.05 1,905,446.00 2,538,678.88 3,499,030.74 4,165,020.78 4,530,268.69 4,397,876.16 4,749,364.17 5,269,426.47 5,266,770.43 $ Average for Year 1923.. $ 3,527,338.32 $ Average for Year 1922.. 2,921,465.31 January February March April May June July August September October November December $ 1,328,901.35 865,974.56 672,540.05 943,794.08 1,403,313.37 1,845,537.49 2,372,556.31 2,129,291.04 1,983,309.14 2,288,749.12 2,651,045.50 2,821,853.07 $ 1,782,167.69 $ TOTAL TOTAL 1923 1922 1921 4,143,761.67 2,404,434.66 2,163,971.10 2,849,240.08 3,941,992.25 5,344,568.23 6,537,577.09 6,659,559.73 6,381,185.30 7,038,113.29 7,920,471.97 8,088,623.50 $ 5,272,382.15 4,462,390.10 4,760,779.88 5,197,740.11 4,949,528.85 4,817,193.70 5,003,888.29 4,294,514.19 4,295,358.50 4,560,390.18 4,656,236.52 4,771,333.42 $ 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 5,309,506.01 1,834,535.00(a) Average for Year 1921 (a) Includes Bankers' Acceptances purchased from member banks. (b) Includes paper under rediscount with other Federal Reserve Banks. TOTAL $ 4,756,000.31(a) $ 4,027,978.11(a-b) 3 o SCHEDULE No. 6d DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMODATION TO MEMBER BANKS, THROUGH THE DISCOUNT OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1923, 1922 AND 1921 NORTH CAROLINA j U BILLS DISCOUNTED Otherwise Secured and Unsecured Secured by Government Obligations TOTAL TOTAL TOTAL 1923 1922 1921 v. January February March April May. June July August September October November December $ Average for Year 1923.. $ - Average for Year 1922.. 2,067,985.81 2,034,406.61 2,170,344.84 3,568,835.34 4,783,899.22 4,529,075.83 2,958,978.22 3,961,549.64 4,846,169.72 4,450,893.19 2,647,435.47 2,725,614.84 $ 3,401,112.64 $ 2,345,016.29 6,836,414.88 6,647,791.92 7,191,171.72 7,908,835.20 10,223,180.33 11,492,602.39 11,401,640.53 12,171,710.54 13,698,971.98 13,437,150.40 10,587,656.69 7,341,266.15 $ 9,927,284.20 $ 8,904,400.69 8,682,198.53 9,361,516.56 11,477,670.54 15,007,079.55 16,021,678.22 14,360,618.75 16,133,260.18 18,545,141.70 17,888,043.59 13,235,092.16 10,066,880.99 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 26,385,392.16 26,536,110.86 26,954,759.61 25,802,289.97 23,103,894.31 20,387,647.93 13,328,396.84 8,972,593.01 (a) Average for Year 1921 (a) Includes Bankers' Acceptances purchased from member banks. (b) Includes paper under rediscount with other Federal Reserve Banks. $ $ ll,317,609.30Ca) 8 25,292,869.40(a-b) a > o *4 IH o I SCHEDULE No. 6e DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMODATION TO MEMBER BANKS, THROUGH THE DISCOUNT OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1923, 1922 AND 1921 SOUTH CAROLINA BILLS DISCOUNTED Secured by Government Obligations January February March April May $ June July August September October November December Average for Year 1923.. $ Average for Year 1922.. 974,963.65 1,003,457.96 684,289.59 547,570.00 901,640.97 1,236,693.33 680,536.77 650,541.62 484,348.17 517,560.48 391,152.33 525,641.77 714,740.16 2,389,651.73 Otherwise Secured and Unsecured TOTAL TOTAL 1923 1922 1921 a $ 4,048,384.67 . 3,739,452.39 3,237,522.59 2,985,411.64 3,194,479.35 3,711,006.49 4,154,438.98 5,063,205.99 4,337,771.29 2,541,686.69 1,642,115.98 1,217,011.51 $ 5,023,348.32 4,742,910.35 3,921,812.18 3,532,981.64 4,096,120.32 4,947,699.82 4,834,975.75 5,713,747.61 4,822,119.46 3,059,247.17 2,033,268.31 1,742,653.28 $ 3,320,965.62 $ 4,035,705.78 8,505,718.47(a) Average for Year 1921 (a) Includes Bankers' Acceptances purchased from member banks. (b) Includes paper under rediscount with other Federal Reserve Banks. TOTAL $ 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 $23,090,779.72 22,667,751.12 22,207,989.09 21,879,968.67 21,613,140.12 21,216,187.91 21,484,359.08 21,322,756.85 21,257,423.24 20,510,727.48 20,552,269.49 20,014,425.42 $ 10,895,370.20(a) $21,477,923.40(a-b) a o o H SCHEDULE No. 6f DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMODATION TO MEMBER BANKS, THROUGH THE DISCOUNT OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1923, 1922 AND 1921 TOTAL FOR THE FIFTH DISTRICT BILLS DISCOUNTED Otherwise Secured and Unsecured Secured by Government ' Obligations Januarv February March April May June.. .. _ July August September October November December $15,797,288.09 17,290,014.14 19,318,075.76 23,328,298.15 25,487,844.69 28,048,407.89 28,926,619.01 29,551,133.88 30,007,629.14 27,666,735.81 24,143,347.74 25,571,298.69 Average for Year 1923.. $24,635,177.40 Average for Year 1922.. 20,572,872.12 . TOTAL TOTAL 1923 1922 1921 a $26,136,147.67 23,683.951.19 27,221,744.29 32,767,456.12 37,041,478.75 37,447,985.72 37,790,587.13 39,511,600.72 45,630,821.31 44,994,729.73 36,921,655.61 29,775,339.04 $41,933,435.76 40,973,965.33 46,539,820.05 56,095,754.27 62,529,323.44 6S.496.J93.61 66,717,206.14 69,062,734.60 75,638,450.45 72,661,465.54 61,065,003.35 55,346,637.73 $34,966,599.02 $59,601,776.42 34,502,442.68(a) Average for Year 1921 (a) Includes Bankers' Acceptances purchased from member banks. (b) Includes paper under rediscount with other Federal Reserve Banks. TOTAL $90,006,614.61 80,501,005.28 75,227,109.44 66,045,528.06 55,155,411.61 43,128,659.51 38,918,617.92 35,900,739.07 38,880,492.61 42,952,883.22 44,267,936.78 51,476,793.08 $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 H zn o o g $55,O75,314.8O(a) $118,122,358,06(a-b) 8 SCHEDULE No. 7 LOANS AND INVESTMENTS DURING THE YEAR 1923 COMPARED WITH 1922, 1921 AND 1920 BY MONTHS, AND THE TOTAL OF 1919 Bills Discounted For Member Banks January February... March April May June July August September October November December $ 113,295,904.83 $ 144,805,411.22 225,345,372.99 244,916,901.65 264,312,702.10 317,253,096.40 310,044,167.67 290,577,726.92 272,642,936.39 274,434,261.33 207,740,612.66 245,317,605.24 TOTAL TOTAL TOTAL TOTAL TOTAL $2,910,686,699.40 $ 1,424,566,671.87 2,749,670,915.68 3,346,321,598.45 4,130,942,910.24 1923 1922 1921 1920 1919 Bills Bought In Open Market 215,000.00 S 1,150,893.50 1,660,734.35 819,133.79 927,933.63 1,028,000.00 250,900.00 205,000.00 1,495,506.28 1,473,108.55 1,417,243.17 U.S. Certificates of Indebtness 90,500,000.00 $ 10,000,000.00 10,643,453.27 S 100,500,000.00 $ 8,460,482.14 32,000,000.00 25,345,484.08 37,000,000.00 51,711,557.16 84,002,000.00 58,057,255.41* 40,440,000.00 U.S. Bonds and Notes Total 1923 Total 1922 Total 1921 Total 1920 50,000.00 S 204,060,904.83 $ 205,839,710.03 $ 247,729,047.62 $ 323,243,859.16 277,406,600.97 226,994,635.65 159,622,316.34 144,805,411.22 351,353,025.94 307,639,193.89 167,679,535.13 226,496,266.49 327,562,267.44 295,358,122.44 88,618,802.03 246,577,636.00 296,817,490.45 213,117,651.62 72,719,586.96 265,131,835.89 290,865,000.60 247,186,656.01 72,184,827.88 328,181,030.03 262,499,955.50 211,058,778.23 57,456,421.10 311,072,167.67 271,092,720.73 216,409,922.84 45,486,566.75 290,828,626.92 284,901,704.84 226,412,844.25 76,416,057.09 272,847,936.39 248,615,499.37 202,541,329.69 112,458,812.62 275,929,767.61 252,646,664.98 200,050,165.50 150,947,194.73 209,213,721.21 295,030,365.63 217,518,152.02 255,697,323.35 246,734,848.41 Cj 50,000.00 $3,021,880,152.67 $1,465,127,154.01 $2,812,016,499.76 $3,482,035,155.61 1,465,127,154.01 100,000.00 100.00 2,812,016,499.76 3,482,035,155.61 4,229,440,665.65 500.00 H Includes $5,079,873.14 of acceptances in other districts purchased from the Federal Reserve Bank of Boston. 3 O X SCHEDULE No. 8 TOTAL AMOUNT OF BILLS DISCOUNTED DURING 1923 CLASSIFIED AS TO KIND OF PAPER AND SHOWN BY STATES CLASSIFICATION Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Total BILLS DISCOUNTED: Secured by Government War Obligations: $434,082,075.00 $604,534,000.00 $1,012,899,294.00 $158,991,305.00 $283,922,970.00 Members' own Notes 587,772.82 315,278.85 1,060,453.92 959,461.12 Customers' Notes rediscounted Otherwise Secured: Members' own Notes secured by Customers' 5,384,800.00 3,786,600.00 1,310,000.00 paper Customers' Notes secured by Agricultural 666,750.00 Products 2,006,974.20 144,393.09 85,202.45 Customers' Notes secured by Live Stock. . . Bil1 of Lading Drafts 360,608.39 372,183.80 70,725.41 2,119,084.64 579,008.83 Trade Acceptances 3,798,682.28 92,515.20 8,500.00 Bankers' Acceptances—Foreign 300,000.00 171,000.00 17,743.91 Bankers' Acceptances—Domestic 213,556,144.48 12,289,804.59 47,931,559.05 ,418,854.61 63,622,249.50 Unsecured Commercial and Agricultural Paper. Total Bills Discounted $26,991,150.00 $2,521,420,794.00 2,948,016.46 25,049.75 589,546.26 11,070,946.26 1,383,142.36 4,056,866.56 229,595.54 360,608.39 7,768,070.14 101,015.20 488,743.91 362,242,042.94 828,385.18 16,423,430.71 $485,142,596.80 $613,041,323.93 $1,235,750,754.23 $172,053,774.69 $358,457,545.49 $46,240,704.26 $2,910,686,699.40 Secured by Government War Obligations. Otherwise Secured Unsecured $435,142,528.92 $604,534,000.00 $1,013,487,066.82 $159,306,583.85 $284,882,431.12 6,195,943.09 85,202.45 6,154,182.59 1,310,000.00 216,067,744.32 48,690,067.88 12,661,988.39 8,507,323.93 67,420,931.78 $27,016,199.75 $2,524,368,810.46 15,718,016.75 1,972,688.62 370,599,872.19 17,251,815.89 Total Bills Discounted. $485,142,596.80 $613,041,323.93 $1,235,750,754.23 $172,053,774.69 $358,457,545.49 $46,240,704.26 $2,910,686,699.40 RECAPITULATION: H 2! W o I I o s o o SCHEDULE NO. 9 TOTAL BILLS DISCOUNTED FOR MEMBER BANKS DURING EACH MONTH OF 1923, SHOWN BY STATES Maryland January.... February... March April May June July August September.. October.... November.. December.. TOTAL TOTAL TOTAL TOTAL TOTAL 1923. 1922. 1921. 1920. 1919. District of Columbia 14,746 570.24 $ 44,382,932.73 33,639,437.02 30,789 058.71 43,518,391.76 42,352 ,173.79 34,441,635.11 39,551 ,335.31 39,416,124.26 40,585 ,127.72 77,110,671.59 50,266 244.28 77,829,226.32 58,149 574.67 80,063,559.12 51,090 675.44 48,005,135.49 46,845 263.62 38,877,647.53 38,177 323.92 36,427,577.21 36,402 914.39 59,328,985.79 36,186 334.71 Virginia 26,533 537.25 55,223 118.21 108,245 673.30 124.018 140.91 119,133 427.78 124,724 130.92 125,402 942.61 103,760 794.95 112,778 781.15 133,816 216.22 97,079: 680.08 105,034, 310.85 West Virginia North Carolina South Carolina 8,672 706.16 5,312 955.51 6,240 419.30 6,779 105.96 11,146 970.97 15,894 752.08 18,253 452.75 17,532 481.42 17,231 623.90 23,359 225.74 17,814, 453.39 23,815, 627.51 14,038 ,413.96 15,290 ,710.35 21,939 ,409.63 36,357 570.65 49,264 672.83 41,835 096.30 25,558 988.58 35,144 768.27 45,448 889.10 37,582 002.97 17,499 068.05 18,497 954.80 4,921 ,744.49 4,550 ,131.42 3,049 ,305.21 3,769 113.71 4,766 ,378.54 7,422 201.23 4,849 982.74 2,985 447.72 2,333 243.13 2,621 844.95 2,516 919.54 2,454 391.58 113 ,295,904.83 144 ,805,411.22 225 ,345,372.99 244 ,916,901.65 264 ,312,702.10 317 ,253,096.40 310 ,044,167.67 290 ,577,726.92 272 ,642,936.39 274 ,434,261.33 207 ,740,612.66 245 ,317,605.24 Total 1922 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, 057.0 111,922, 429.0 150,312 194.7 223,477 323.3 I 485,142,596.80 $613,041,323.93 $1,235,750,754.23 $172,053,774.69 $358,457,545.49 $ 46,240,704.26 $2,910,686,699.40 $1,431,545,770.4 271,686,394.85 284,847,311.23 529,202,794.27 108,938,244.19 131,469,690.81 105,401,335.13 1.431.545.770.48 86,695,923.13 313,513,067.63 257,617,224.88 2,775,016,399.76 583,459,991.73 99,327,773.14 1,434,402,419.25 45,885,775.24 311,559,802.54 310,861,039.74 3,397,708,155.61 853,352,756.56 126,076,891.05 1,749,971,890.48 46,837,582.33 362,378,461.00 436,772,620.29 4,183,920,292.51 1,014,911,761.05 105,610,815.70 2,217,409,052.14 NOTE—Amounts for 1919-1922 include Bankers' Acceptances bought from members in tnis District. Total 1923 > C SCHEDULE No 10 NUMBER OF MEMBER BANKS IN EACH STATE ACCOMODATED EACH MONTH THROUGH THE DISCOUNT OF PAPER DURING 1923 Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Total 1923 Total 1922 Total 1921 Total 1920 Total 1919 395 375 398 387 370 356 347 328 328 322 289 288 352 335 347 373 394 413 415 411 421 430 413 410 264 243 282 317 353 377 390 371 356 340 343 373 242 266 263 281 312 320 321 299 303 297 252 255 > January February March April May. June July August September October November December 37 41 42 49 49 52 46 41 43 42 41 48 7 6 8 9 11 10 11 10 9 10 8 9 76 72 76 93 104 108 116 104 112 116 105 107 39 25 26 33 36 38 43 43 48 49 48 50 41 49 51 57 66 68 65 65 64 55 40 37 55 51 40 55 59 51 63 55 40 31 24 23 255 244 243 296 325 327 344 318 316 303 266 274 Accommodated during the year 1923 Number of member banks 1923* Accommodated during the year 1922 Number of member banks 1922* Accommodated during the year 1921 Number of member banks 1921* Accommodated during the year 1920 Number of member banks 1920* Accommodated during the year 1919 Number of member banks 1 9 1 9 * . . . . 62 94 72 94 76 97 70 98 68 102 12 15 11 15 10 16 10 16 10 15 146 195 150 192 146 190 140 185 124' 169 65 127 77 125 68 120 36 116 46 110 87 97 85 104 96 103 85 97 74 92 81 103 96 104 98 100 96 98 92 96 453 631 *At the close of the year. ,... r w I CO > o 491 634 X I 494 626 o 437 610 411 584 SCHEDULE No. 11 TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF 1923, 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 TOTAL TOTAL TOTAL $ 16 to 30 Days 31 to 60 Days 61 to 90 Days 102,741,774 $ 2,472,387 $ 4,032,391 $ '3,944,025 $ 4,251,478 131,662,943 3,451,512 5,077,784 6,700,826 204,747,466 5,978,676 8,621,191 9,339,849 223,102,876 5,098,299 8,171,328 8,208,920 242,699,245 5,089,245 8,289,228 9,530,787 295,528,800 4,292,480 7,909,016 8,752,197 292,536,305 3,050,802 6,071,149 7,869,681 269,212,009 4,366,342 9,027,443 10,774,990 248,191,553 4,380,068 9,150,178 9,560,174 255,194,337 3,046,350 7,730,727 5,878,883 196,055,808 2,787,801 4,350,051 7,471,386 228,470,844 3,954,816 6,713,444 FOR 1923.. $2,690,143,960 FOR 1922.. 1,223,356,887 FOR 1921.. 2,329,572,416 FOR 1920.. 2,945,139,418 91 Days to 6 Months 320,328 361,694 448,108 847,281 840,764 919,947 661,715 353,152 202,618 197,900 117,286 124,358 Demand From 6 to and Sight 9 Months Drafts $ $ 18,003 4,434 150 11,943 Total $ 113,510,905 144,805,411 226,496,267 246,577,636 265,131,836 318,181,030 311,072,168 290,828,627 272,847,936 148,529 27S,929,767 200,129 209,213,722 11,950 246,734,848 $47,968,778 $ 85,143,930 $ 92,283,196 $ 5,395,151 $ 34,530 $ 360,608 $2,921,330,153 41,864,821 7,445,617 1,433,027,154(a) 80,185,390 80,174,439 76,986,873 169,719,236 185,317,951 13,419,924(b) 2,775,016,400(b) 90,579,429 179,078,632 177,121,929 6,113,748 3,398,033,156 (a) Includes $1,481,383.53 Bankers' Acceptances purchased from other than member banks. (b) 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. d H X SCHEDULE No. 12 TOTAL AMOUNT OF BILLS PURCHASED DURING EACH MONTH OF 1923, DISTRIBUTED ACCORDING TO CLASSES OF INSTITUTIONS FROM WHICH PURCHASED National Banks Member State Banks and Trust Companies All Others January Total 215,000 215,000 $ 220,000 930,894 1,150,894 45,000 1,615,734 1,660,734 May 819,134 819,134 June 927,934 927,934 23,000 1,005,000 1,028,000 125,000 125,900 250,900 205,000 205,000 $ 276,706 1,093,800 1,495,506 50,000 1,423,109 1,473,109 1,417,243 1,417,243 I t1 February.... March April July August September... October. . .. 125,000 November.. December. ., Total, 538,000 326,706 $ 9,778,748 $ 10,643,454 W o*i i—i o S o SCHEDULE No 13 DISTRIBUTION BY MATURITIES OF EACH CLASS OF PAPER HELD AT CLOSE OF BUSINESS DECEMBER 31, 1923 15 Days or less CLASSIFICATION 31 to 60 Days 16 to 30 Days 91 Days to 6 Months 51 to 90 Days Total BILLS DISCOUNTED: Secured by Government War Obligations: Members' own Notes Otherwise Secured: $22,765,075.00 68,400.96 $ 102,600.00 Total of Bills Discounted held December 31, 1923 BILLS PURCHASED: $33,419,234.19 $ Bankers' Acceptances—Domestic Total of Bills Bought held December 31, 1923 RECAPITULATION $ 66,885.29 356,000.00 422,885.29 $ 7,000.00 2,967,28 243,389.38 5,115,621.89 5,195.48 298,565.53 10,161,548.97 17,848.25 Bankers' Acceptances 118,832.50 38,550.00 $ 38,000.00 12,185.19 55,155.23 4,060,453.48 92,515.20 t 5,487,811.05 1 665,731.45 $ 4,296,859.10 $ $ 1,021,394.94 8 61,107.50 $22,765,075.00 286,890.96 55,500.00 5,278.00 133,110.93 243,148.13 100,000.00 102,600.00 130,500.00 54,427.16 730,221.07 27,742,181.18 210,363.45 $ 28,801 21 161,408 71 190,209 02 $ 8 628,144.56 50,000.00 484,057.93 $ 100,000.00 5 534,057.93 $ 100,000.00 118,832.50 9,967.28 5,359,011.27 $ 38,550.00 50,185.19 4,208,123.91 $ 61,107.50 90,778.00 476,259.06 $ 28,801. 21 161,408. 71 $23,051,965.96 287,527.16 28,682,765.70 $ 4,296,859.10 534,057.93 $ 8 628,144.56 100,000.00 $ 190,209. 92 $52,022,258.82 2,078,338.16 355,663.49 $ $52,022,258.82 $ 782,616.74 1,295,721.42 $ 2,078,338.16 $22,833,475.96 107,795.48 10,477,962.75 •5 $33,419,234.19 422,885.29 $ 5,487,811.05 1,021,394.94 Total Bills Discounted and Bought, held December 31, 1923. $33,842,119.48 i 6,509,205.99 $ 4,830,917.03 $ 8 728,144.56 $ 190,209. 92 $54,100,596.98 Total Bills Discounted and Bought, held December 31, 1922. $31,757,872.03 Total Bills Discounted and Bought, held December 31, 1921. $54,169,629.61 $ 8,560,867.68 $16,402,744.11 $ 9,178,565.40 $18,953,325.44 $ 5,174,510.22 $ 8,089,692.68 $ $ 347,049. 40 610,676. $55,018,864.73 $98,226,068.30 Unsecured Total Bills Discounted held December 31, 1923. . . Total Bills Bought held December 31, 1923 8 2 > 2 c > f # •a c H C H X K SCHEDULE No. 14 DISCOUNT RATES DURING THE YEAR 1923 • Effective January 1, 1923 Established April 14, 1922] MEMBER BANKS' COLLATERAL NOTES: P f Secured by U. S. Cfts. of Indebt. and Treasury Notes Secured by Liberty Bonds Secured by Eligible Paper OTHER PAPER SECURED BY U. S. SECURITIES: Secured Secured Secured Secured by U. S. Cfts. of Indebt. and Treasury Notes, IS days or less by U. S. Cfts. of Indebt. and Treasury Notes, 16 to 90 days by Liberty Bonds IS days or less by Liberty Bonds 16 to 90 days td w TRADE ACCEPTANCES: o 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 *From 6 to 9 months •Made eligible March 4, 1923. I—I o 4K B o o SCHEDULE No 15 TOTAL RESERVE ACCOUNTS OF ALL MEMBER BANKS, RESERVES OF DISCOUNTING MEMBER BANKS AND LIABILITY OF DISCOUNTING BANKS FOR PAPER DISCOUNTED,BY STATES, WITH THE NUMBER OF MEMBER BANKS AND THE NUMBER OF DISCOUNTING MEMBER BANKS WITH OUTSTANDING BALANCES ON JUNE 30 AND DECEMBER 31, 1923 Total Number of Member Banks Total of all Reserve Accounts Number of Discounting Member Banks Total Reserves of all Discounting Member Banks Liability of Discounting Member Banks RATIO OF LIABILITY TO RATIO OF LIABILITY TO DISCOUNTING BANKS' TOTAL OF ALL RESERVE RESERVES ACCOUNTS 1923 District of Columbia June 30 District of Columbia December 31 Virginia June 30 West Virginia June 30 West Virginia December 3 1 . . North Carolina June 30 North Carolina December 31 South Carolina June 30 South Carolina December 31 TOTAL June 30, 1923 TOTAL December 31, 1923 TOTAL December 31, 1922 TOTAL December 31, 1921 TOTAL December 31, 1920 TOTAL December 31, 1919 93 94 15 15 194 195 127 127 103 97 103 103 $13,583,484.89 15,149,745.02 7,117,686.68 7,518,620.28 15,410,670.83 16,718,273.81 7,926,366.78 8,082,729.19 8,171,945.79 11,665,976.53 4,579,007.83 6,446,793.47 46 34 11 8 109 101 38 50 67 35 52 17 $10,177,807.00 6,957,429.94 5,243,767.47 4,955,375.67 12,070,032.66 11,297,085.05 3,758,295.92 4,352,361.55 5,8 9,308.31 4,089,935.76 1,621,014.65 967,323.53 $13,705,650.29 6,703,890.90 7,405,862.20 6,724,837.40 22,747,495.87 20,870,129.36 5,901,083.80 8,802,193.72 •15,833,031.81 7,861,082.31 4,533,619.99 1,060,125.13 135% 96% 141% 136% 188% 185% 157% 202% 269% 192% 280% 110% 635 631 634 626 610 $56,789,162.80 65,582,138.30 61,527,057.96 56,127,601.96 57,085,285.27 62,712,122.52 323 245 275 391 361 $38,760,226.01 32,619,511.50 31,368,852.70 39,531,978.30 38,475,402.91 42,566,976.41 $70,126,743.96 52,022,258.82 53,831,225.24 98,226,068.30 130,521,365.40 125,957,307.36 181% 160% 1922 1921 1920 129% 160% 230% 135% 126% 117% 192% 244% 371% 138% 191% 99% 246% 404% 558% 206% 582% 658% 1923 1922 1921 1920 101% 44% 6 1 % 141% 190% 104% 89% 85% 84% 7 3 % 148% 125% 113% 176% 270% 74% 109% 54% 74% 14% 194% 67% 110% 259% 446% 99% 16% 101% 464% 601% 123% 79% 87% 172% 175% 248% 339% 296% 229% 201% > f C H O SCHEDULE No 16 DAILY AVERAGE BY MONTHS OF DEPOSITS AND FEDERAL RESERVE NOTES IN CIRCULATION, RESERVES AND RESERVE PERCENTAGES FOR THE YEAR 1923 January February March April May June July August September October November December $ 63,408,099.35 61,236,807.13 61,476,863.56 59,861,383.01 60,066,926.98 58,602,966.81 59,677,013.80 59,246,250.19 59,541,491.42 61,330,358.51 62,695,945.53 62,758,815.55 S Year 1923 Year 1922 Year 1921 $ 60,828,981.83 56,155,468.24 53,629,289.10 $ All Other Immediately Available Deposits Government Deposits Members' Deposits 1,348,054.70 2,163,776.18 3,975,983.81 2,375,588.30 2,478,109.29 1,240,020.02 2,322,853.32 2,464,423.10 2,908,509.99 2,838,279.05 2,597,086.89 2,111,553.81 S 2,405,311.94 2,692,442.32 2,934,986.77 t Percentage of Reserve Against Combined Liability Total Deposits Federal Reserve Notes in Circulation Combined Deposit and Federal Reserve Note Liability Actual Reserves Held 489,525.54 158,942.48 289,521.44 236,156.55 560,754.07 559,502.01 202,174.75 154,087.49 163,490.89 148,516.37 164,282.26 174,904.76 $ 65,245,679.59 63,559,525.79 65,742,368.81 62,473,127.86 63,105,790.34 60,402,488.84 62,202,041.87 61,864,760.78 62,613,492.30 64,317,153.93 65,457,314.68 65,045,274.12 $ 93,373,298.87 89,533,468.39 85,760,744.68 82,597,890.83 79,125,684.68 78,236,303.33 78,698,505.00 79,984,387.58 85,500,250.33 96,675,208.39 102,006,869.17 106,749,524.68 $ 158,618,978.46 153,092,994.18 151,503,113.49 145,071,018.69 142,231,475.02 138,638,792.17 140,900,546.87 141,849,148.36 148,113,742.63 160,992,362.32 167,464,183.85 171,794,798.80 $ 113,331,706.42 115,126,279.84 107,058,167.29 91,139,095.34 81,620,503.36 76,304,428.21 77,715,670.17 77,460,646.07 77,133,278.21 92,399,994.51 109,670,438.11 118,994,476.28 .7145 .7520 .7066 .6282 .5739 .5504 .5516 .5461 .5208 .5739 .6549 .6927 276,047.56 330,540.52 473,496.94 $ 63,510,341.33 59,178,451.08 57,037,772.81 $ 88,187,847.93 90,924,033.24 125,312,466.28 $ 151,698,189.26 150,102,484.32 182,350,239.09 $ 94,731,422.24 99,933,925.13 78,856,137.39 .6245 .6657 .4324 CO W o w I—I Q a o o SCHECULE No. 17 DAILY AVERAGE DEPOSITS OF MEMBER BANKS AND U. S. TREASURER BY MONTHS, 1918 TO 1923 (THOUSANDS OF DOLLARS - 000 OMITTED) MEMBER BANKS—RESERVE ACCOUNTS 1923 1922 1921 1920 1919 UNITED STATES TREASURER—GENERAL ACCOUNT 1918 1923 1922 1921 1920 1919 1918 H January.. February March April. . May June July August September October November . December FOR THE YEAR $63,408 $54,163 $58,646 $62,576 $53,572 $42,715 $ 1,348 $ 2,425 $ 1,994 $ 959 $ 2,491 $ 6,193 2,164 3,358 3,442 61,237 53,602 57,914 61,430 53,693 43,792 1,983 1,220 3,222 3,976 61,477 53,359 56,670 59,930 53,342 45,476 3,466 4,897 2,418 2,631 8,908 2,376 59,861 53,834 53,983 58,563 52,672 44,093 2,290 5,372 1,026 3,510 1,489 60,067 58,603 59,677 59,246 59,542 61,330 62,696 62,759 54,702 56,241 57,598 57,048 57,014 58,397 59,346 58,372 53,780 52,492 52,393 51,701 50,514 51,029 51,555 53,096 58,263 57,100 57,317 58,172 58,302 58,252 58,064 57,269 52,513 52,134 53,655 55,279 55,033 57,104 64,076 61,105 42,953 43,059 42,891 45,205 47,456 50,053 51,336 53,081 2,478 1,240 2,323 2,464 2,908 2,838 2,597 2,112 4,800 3,443 3,207 2,335 2,500 1,766 2,236 1,374 2,233 1,732 1,777 2,944 3,807 3,776 3,234 3,259 1,145 3,740 1,076 1,564 5,715 1,269 1,120 4,399 3,538 7,869 4,554 2,807 2,801 4,208 2,783 5,058 5,210 10,304 8,212 5,436 6,731 8,313 7,704 2,263 $60,829 $56,155 $53,629 $58,764 $55,355 $46,022 $ 2,405 $ 2,692 $ 2,935 $ 2,134 $ 4,184 $ 6,249 > 21 2i d > 3 H O H X SCHEDULE No. 18 ANALYSIS OF CAPITAL STOCK ACCOUNT FOR THE YEAR 1923 DISTRICT or COLUMBIA MARYLAND WEST VIRGINIA VIRGINIA Total NORTH CAROLINA SOUTH CAROLINA Banks Shares Banks Shares Banks Shares Banks Shares Banks Shares Banks Shares Banks Shares 94 23,582 15 8,823 192 35,463 125 13,162 104 17,424 104 13,455 634 111,909 2 656 1,221 4 1,217 96 2 977 70 1 1 055 39 2 469 360 11 5,088 1,786 Total... Withdrawals on account Liquidations, Mergers or Reductions of Capital or Surplus by Members.. 96 25,459 196 36,776 127 14,209 105 18,518 106 14,284 645 118,783 2 87 1 233 859 3 1,284 14 2,465 Balance December 31, 1923 94 25,372 15 9,537 195 36,543 127 14,207 97 17,659 103 13,000 631 116,318 National Banks State Banks and Trust Companies 86. 8 21,031 4,341 14 1 8,877 660 183 12 31,513 5,030 lit 13 12,220 1,987 84 13 13,183 4,476 81 19 11,092 1,908 565 66 97,813 18,402 Total December 31, 1923 94 25,372 15 9,537 195 36,543 127 14,-207 97 17,659 103 13,000 631 116,318 3 2 1 2 171 870 243 4 4 3 252 330 151 126 6 423 1,200 487 355 8 859 3 14 2,465 Balance January 1, 1923 Additional Allotments on Increased Capital and Additions to Membership during the year 714 15 9,537 2 8 MEMORANDUM: Total Withdrawals during 1923 21 w RECAPITULATION Withdrawals on account of: Liquidations Mergers Redaction of Capital and Surplus .. Relinquishment of Membership fcd o o 3 o Si 15 72 1 76 157 2 2 2 87 1 233 2 1,284 o SCHEDULE No. 19 FEDERAL RESERVE NOTES ISSUED, RETIRED AND IN ACTUAL CIRCULATION BY MONTHS DURING THE YEAR 1923 Issued During Month January February March April May June July August September October November December Retired During Month Outstanding at End of Month Held by F. R. Bank at End of Month In Actual Circulation at End of Month 1923 1922 1921 1920 $ 1,380,000 $13,742,400 $ 99,701,415 $ 10,716,500 $ 88,984,915 $ 98,451,690 $ 150,409,730 $ 130,503,730 9,597,035 96,884,380 9,149,180 87,735,200 6,780,000 95,745,980 150,142,740 129,081,735 92,632,025 7,119,440 85,512,585 6,400,000 10,652,355 93,424,980 143,110,180 125,821,880 9,362,925 88,109,100 7,008,985 81,100,115 4,840,000 91,338,640 136,135,980 124,643,780 9,113,350 85,355,750 7,498,615 77,857,135 6,360,000 85,770,920 126,497,565 121,133,435 8,089,770 84,345,980 5,022,500 79,323,480 7,080,000 82,379,850 119,678,620 124,487,275 7,906,500 84,019,480 6,965,075 77,054,405 7,580,000 78,565,005 113,023,810 125,352,145 89,169,680 6,519,945 82,649,735 15,960,000 10,809,800 79,877,805 107,006,105 132,949,775 9,561,300 97,188,380 5,154,005 92,034,375 17,580,000 89,425,800 109,833,215 140,852,620 109,941,780 10,423,945 99,517,835 23,020,000 10,266,600 95,453,375 107,908,125 145,327,780 8,845,130 112,006,650 7,667,170 104,339,480 10,910,000 96,958,195 106,659,025 144,875,285 117,875,050 13,716,790 104,158,260 17,220,000 11,351,600 101,146,680 107,100,690 155,169,290 2j d SCHEDULE No. 20 DENOMINATIONS OF FEDERAL RESERVE NOTES ISSUED AND RETIRED DURING THE YEAR 1923 AND OUTSTANDING AT CLOSE OF YEARS 1923 AND 1922 O Outstanding Dec. 31, 1922 DENOMINATIONS Fives Tens... Twenties.. . Fifties. . . .„ Hundreds Five Hundreds Thousands Five Thousands. .. . Ten Thousands.... TOTAL Number Amount Issued During Year Number Amount 4,263,399 $ 21,316,995 26,628,440 2,662,844 40,606,280 2,030,314 12,119,900 242,398 80,762 8,076,200 376,000 752 2,905 2,905,000 1 5,000 30,000 3 4,788,000 $ 23,940,000 3,764,000 37,640,000 2,372,000 47,440,000 218,000 10,900,000 44,000 4,400,000 $ 112,063,815 $ 125,110,000 700 700,000 9 90,000 Retired During Year Number Amount 5,306,215 $ 26,531,075 33,420,030 3,342,003 42,009,860 2,100,493 10,159,100 203,182 47,187 4,718,700 126,000 252 2,234,000 2,234 10 Outstanding Dec. 31, 1923 Number Amount 100,000 3,745,184 $ 18,725,920 30,848,410 3,084,841 46,036,420 2,301,821 12,860,800 257,216 7,757,500 77,575 250,000 500 1,371,000 1,371 1 5,000 20,000 2 $ 119,298,765 $ 117,875,050 DO H > w. o o B o 2j • SCHEDULE No. 21 FEDERAL RESERVE AGENT'S RECORD OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO BANK AND RETURNED TO COMPTROLLER DURING THE YEAR 1923, BY DENOMINATIONS Notes on hand December 31, 1922 New Notes Received from CompFit Notes Received from Federal Reserve Bank and U. S. Treasurer Unfit Notes Received or Credited from Other Sources . TOTAL . . . Fit Notes Issued to Federal Reserve Bank Unfit Notes Returned to Comptroller of Currency for Destruction Balance Notes December 31, 1923 TOTAL Twenties Five Hundreds Thousands Five Thousands 1,625 397 Fives Tens 640,000 412,000 148,000 48,000 2,800,000 2,400,000 1,640,000 156,000 1,936,000 1,380,000 820,000 90,000 11,000 200 1,200 3,370,215 1,962,003 1,280,493 113,182 36,187 52 1,034 8,746,215 6,154,003 3,888,493 407,182 106,687 2,391 3,859 4,788,000 3,764,000 2,372,000 218,000 44,000 3,370,215 588,000 1,962,003 428,000 1,280,493 236,000 113,182 76,000 36,187 26,500 52 2,339 1,034 2,125 8,746,215 6,154,003 3,888,493 407,182 106,687 2,391 3,859 Fifties Hundreds 59,500 2,139 Ten Thousands Total Amount in Dollars 395 S 27,259,500 78,600,000 10 46,880,000 72,418,765 405 S 225,158,265 9 $ 125,110,000 397 396 72,418,765 27,629,500 397 405 S 225,158,265 397 700 H O SCHEDULE No. 22 FEDERAL RESERVE AGENT'S STATEMENT OF FEDERAL RESERVE NOTES FROM ORGANIZATION TO DECEMBER 31, 1923 Tens Twenties Fifties Received from Comptroller(New Notes) . 30,012,000 Received from Federal Reserve Bank (Fit Notes).. 11,929,000 Received from Treasurer U. S.(Fit Notes) 2,860 Received by Comptroller from Treasurer of U. S. for destruction and credit of Federal Reserve Agent's Account (Unfit Notes): (a) From other Federal Reserve Banks 7,131,882 (b) Direct from reporting Federal Reserve Bank and from other sources 18,546,934 18,368,000 11,564,000 1,192,000 316,000 8,007,500 1,270 4,710,250 220 550,700 44 245,700 20 Fives Hundreds Thousands Five Thousands Ten Thousands 3,200 7,600 400 400 $ 671,420,000 1,563 6,175 108 123 294,756,500 35,600 Five Hundreds Total Amount in Dollars. GO 4,185,008 2,680,350 271,264 56,616 46 195 10,670,151 6,345,829 587,520 155,309 315 3,909 2 2 67,622,676 41,231,929 25,300,649 2,601,528 773,645 5,124 17,879 510 525 S 1,492,127,550 41,355,860 Issued to Federal Reserve Bank Returned to Comptroller of Currency for destruction, including notes returned by U. S. Treasury for credit of Federal • 25,678,816 Reserve Agent's account, .-r 588,000 Notes on hand December 31, 1923 25,948,770 16,038,470 1,666,744 535,220 2,424 11,650 111 127 $ 938,582,600 14,855,159 428,000 9,026,179 236,000 858,784 76,000 211,925 26,500 361 2,339' 4,104 2,125 2 397 2 396 525,915,450 27,629,500 67,622,676 41,231,929 25,300,649 2,601,528 773,645 5,124 17,879 510 525 $1,492,127,550 TOTAL TOTAL H 150,559,290 375,356,160 a x s o 3 SCHEDULE No. 23 STATEMENT OF FEDERAL RESERVE BANK NOTES RECEIVED AND REDEEMED AND BALANCE IN RETIREMENT ACCOUNT ON DECEMBER 31, 1923 NUMBER OF PIECES One-Dollar Received Received Received Received Received from from from from from Comptroller of Currency during 1918. Comptroller of Currency during 1919. Comptroller of Currency during 1920. Comptroller of Currency during 1921. Comptroller of Currency during 1922. Total Received Two-Dollars Total Value 3,708,000 8,332,000 11,260,000 4,104,000 980,000 292,000 680,000 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 3,736,000 $ 35,856,000 '•a c Delivered Delivered Delivered Delivered Delivered Delivered to Comptroller to Comptroller to Comptroller to Comptroller to Comptroller to Comptroller of of of of of of Currency for Currency for Currency for Currency for Currency for Currency for destruction destruction destruction destruction destruction destruction during 1918. during 1919. during 1920. during 1921. during 1922. during 1923. Total Redeemed Balance in Retirement Account December 31, 1923—deposited with Treasurer of Unitec States against outstanding notes 16,000 1,524,590 11,990,000 10,822,000 3,116,490 592,115 113,705 1,202,000 1,040,000 570,255 672,040 16,000 1,752,000 14,394,000 12,902,000 4,257,000 1,936,195 28,061,195 3,598,000 $ 35,257,195 598,805 $ 35,856,000 H C SCHEDULE No. 25 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 1923, BY MONTHS January February March April May June July August September October November December TOTAL FOR 1923 TOTAL FOR 1922 TOTAL FOR 1921 Average Amount per Letter 1923 Average Amount per Letter 1922 Average Amount per Letter 1921 Letters Containing Items on F. R. Bank and Branch Cities Letters Containing Items outside of F. R. Bank and Branch Cities Number of Letters Number of Letters Amount Amount TOTAL Number of Letters Amount I ,485 ,558 ,617 ,319 ,802 ,738 ,249 ,498 ,035 ,558 ,200 ,331 116,088,121 95,171,830 117,685,009 106,689,755 123,434,830 108,309,678 103,944,479 100,810,315 101,842,252 123,949,357 118,087,919 117,046,133 6,542 5,723 6,308 5,998 6,253 6,162 5,592 5,857 5,480 6,598 6,343 6,724 26,623,372 23,459,383 28,842,612 27,207,854 30,901,857 32,273,876 28,574,544 27,632,612 28,865,413 33,029,650 29,688,168 30,672,361 15,027 13,281 14,925 14,317 15,055 14,900 13,841 14,355 13,515 16,156 15,543 16,055 142,711,493 118,631,213 146,167,621 133,897,609 154,336,687 140,583,554 132,519,023 128,442,927 130,707,665 156,979,007 147,776,087 147,718,494 103,390 88,555 81,467 51,333,059,678 1,090,718,244 1,099,154,326 73,580 69,270 68,392 347,411,702 288,573,072 278,140,934 176,970 157,825 149,859 $1,680,471,380 1,379,291,316 1,377,295,260 12,893.51 12,316.85 13,492.02 4,721.55 4,165,92 4,066.86 9,495.80 8,739.37 9,190.61 o o § SCHEDULE No. 24 CLEARING OPERATIONS—DAILY AVERAGE NUMBER OF ITEMS, DAILY AVERAGE AMOUNT AND AMOUNT PER ITEM HANDLED BY F. R. BANK OF RICHMOND (BALTIMORE BRANCH INCLUDED) DURING EACH MONTH OF 1923 ITEMS DRAWN ON BANKS IN RICHMOND ITEMS DRAWN ON BANKS IN FIFTH DISTRICT AND BALTIMORE OUTSIDE OF BANK AND BRANCH CITIES Daily Average No. 1923 Daily Average Amount Average Amount per Item Daily Average No. Daily Average Amount Average Amount per. Item ITEMS HANDLED B Y BOTH HEAD OFFICE AND BRANCH Daily Average No. Daily Average Amount Average Amount per Item > 2j January February March April May June July August September October November December Total No. and Amount Handled during year Handled during year Handled during year (gross) 1923.. 1922. . 1921. . 16,973 16,013 17,430 16,511 16,819 17,543 16,597 15,789 16,336 16,708 18,079 19,399 14,600,500 19,952,935 20,984,856 20,519,432 21,406,743 21,910,352 20,061,928 19,598,577 22,099,637 24,658,752 26,658,643 26,281,956 860.22 1,246.05 1,203.95 1,242.77 1,272.77 1,248.95 1,208.77 1,241.28 1,352.82 1,475.86 1,474.56 1,354.81 5,121,314 4,631,605 4,103,070 $6,485,327,500 3,234,784,700 3,158,710,700 $ 1,266.34 698.42 769.85 16,151,624 14,672,070 15,290,155 15,529,672 15,541,550 15,882,132 15,361,496 14,384,288 16,491,213 18,567,722 20,073,413 18,145,936 135.45 130.09 131.75 132.51 131.48 131.34 134.54 136.03 148.30 157.64 153.25 138.25 35,481,984 $ 4,913,941,200 4,026,097,900 32,346,894 3,912,914,800 29,981,628 138.49 124.47 130.51 119,246 112,785 116.059 117,196 118,205 120,921 114,174 105,744 111,199 117,789 130,989 131,257 4,902 4,468 4,050 4,922 4,955 5,186 5,288 5,025 4,928 5,124 5,523 5,269 731,696 650,943 636,204 703,796 716,073 716,612 774,080 785,350 698,096 731,244 764,700 786,168 1,510,636 S 218,081,000 1,394,949 201,486,000 1,413,153 242,600,800 149.26 145.69 136.82 142.99 144.52 138.18 146.38 156.29 141.66 142.71 138.46 149.21 $ 144.36 144.44 171.69 d > f H O X ITEMS DRAWN ON BANKS IN OTHER ITEMS DRAWN ON T TOTAL R E A S U R E R OP UNITED STATES FEDERAL RESERVE DISTRICTS 1923 Daily Average No. January February March April May June July August September October November December Total No. and Amount Handled during year Handled during year Handled during year (gross) 1923. . 1922.. 1921. Daily Average Amount Average Amount per Item Daily Average No. 13,866 12,999 12,578 12,470 11,906 12,060 11,691 10,760 10,977 11,919 13,911 15,850 4,210,392 3,787,456 4,047,096 3,911,864 3,862,496 4,301,440 4,178,652 4,078,200 4,629,825 5,148,844 5,306,400 4,771,612 303.87 291.37 321.76 313.70 324.42 356.67 357.42 379.01 421.78 431.99 381.45 301.05 5,548 4,009 4,259 5,073 4,411 4,038 3,945 3,564 4,487 4,868 4,815 4,080 3,781,293 3,250,025 2,472,532 $1,309,372,000 1,142,482,500 1,101,377,900 % 346.28 351.53 445.36 1,331,528 1,260,581 1,290,049 Daily Average Amount $ Average Amount per Item 1,236,088 501,483 421,933 719,728 ' 677,415 667,004 501,596 492,700 482,058 531,167 577,600 577,856 222.79 125.09 99.07 141.87 153.57 165.18 127.15 138.24 107.43 109.11 119.96 141.63 185,101,800 157,967,447 205,283,930 $ 139.01 125.31 159.13 Daily Average No. Daily Average Amount Average Amount per Item 36,930,300 39,564,887 41,380,244 41,384,492 42,204,277 43,477,540 40,877,752 39,339,115 44,400,829 49,637,729 53,380,756 50,563,528 230.05 263.29 267.01 264.99 270.03 272.16 269.47 279.23 300.15 317.36 307.99 287.53 47,226,755 $13,111,823,500 42,884,054 8,762,818,547 39,260,432 8,620,888,130 S 277.64 204.34 219.58 160,525 150,274 154,976 156,172 156,296 159,748 151,695 140,882 147,927 156,408 173,317 175,855 3 o II o o SCHEDULE No. 26 NON-CASH COLLECTION ITEMS HANDLED DURING THE YEAR 1923, BY MONTHS Number of Items Received January February March. .. April May June July August September October November December TOTAL FOR 1923 TOTAL FOR 1922 TOTAL FOR 1921 Number of Items Paid Amount Paid Number of Items Ret'd Unpaid Amount Returned 18,680 14,255 18,008 17,361 18,124 17,784 17,043 15,718 15,508 17,288 16,884 17,056 15,101 11,661 13,952 13,903 15,188 14,340 14,704 12,718 12,076 14,197 13,455 13,390 $ 21,096,571.30 15,547,686.40 17,491,060.65 15,514,811.37 20,307,975.11 19,410,789.72 18,857,700.42 14,301,029.53 15,793,716.05 19,739,766.49 20,251,185.13 19,450,776.45 4,081 2,971 3,322 3,100 3,304 3,181 3,453 3,129 3,122 3,400 3,031 3,140 $ 1,588,308.61 1,184,262.50 1,492,625.72 1,163,607.25 1,394,563.47 1,081,049.30 1,353,423.89 1,524,586.64 1,172,404.38 1,624,814.19 981,274.92 1,109,501.30 203,709 199,081 100,776 164,685 152,397 81,311 $ 217,763,063.22 194,801,247.41 134,535,010.06 39,234 43,405 18,311 $15,670,422.17 18,431,231.31 13,051,743.96 2 > s H O SCHEDULE No. 27 GOLD SETTLEMENT FUND TRANSACTIONS DURING THE YEAR 1923 (in even thousands) Balance in Gold Settlement Fund at close of business December 31, 1922 $ 27,618,000 RECEIPTS: $ 2 Total amount received from other Federal Reserve Banks through daily Gold Fund Clearings Total amount received from other Federal Reserve Banks on account of daily Federal Reserve Note Clearings Amounts received from other Federal Reserve Banks by direct transfers for credit of Treasurer United States Amounts received from other sources by direct transfers: From Treasurer United States From Treasurer United States in exchange for Gold Coin a n d Certificates From "Gold Redemption Fund—Federal Reserve Notes" From Federal Reserve Agent—Excess collateral to Federal Reserve Notes $ 6,323,317,000 47,580,000 47,000,000 r~ tn ^. ^ &> S 3 H 59,200,000 15,687,000 5,000,000 10,000,000 w Total Receipts $ 6,507,784,000 >• DISBURSEMENTS: $X\ Total amount paid to other Federal Reserve Banks through daily Gold Fund Clearings Total amount paid to other Federal Reserve Banks on account of daily Federal Reserve Note Clearings Amount ; paid to other Federal Reserve Banks by direct transfers for account Treasurer United States Amounts paid to other accounts by direct Transfers: To Treasurer United States in exchange for Gold Coin To Federal Reserve Agent—Collateral to Federal Reserve Notes $ 6,319,847,000 44,052,000 52,000,000 O W Q W ^ 40,000 78,500,000 O Total Disbursements $ 6,494,439,000 3 ____L_L___ Excess of Receipts over Disbursements Balance in Gold Settlement Fund at close of business December 31, 1923 O $ 13,345,000 $ 40,963,000 SCHEDULE No. 28 TOTAL AMOUNT RECEIVED FROM AND PAID TO EACH OTHER FEDERAL RESERVE BANK THROUGH THE GOLD SETTLEMENT FUND ON ACCOUNT OF DAILY CLEARINGS DURING THE YEAR 1923 Amount Received from Boston New York Philadelphia Cleveland Richmond (a) Baltimore (b) Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco TOTAL FOR 1923 TOTAL FOR 1922 TOTAL FOR 1921 $ Amount Paid to Excess Received Excess Paid Net Excess Paid $ 12,115,698.24 140,380,474.53 $ 152,496,172.77 $ 17,899,813.30 1,862,335,550.20 1,880,235,363.50 75,570,930.88 710,353,302.42 634,782,371.54 543,350,334.85 631,886,735.56 88,536,400.71 1,185,284,534.04 1,030,377,466.18 154,907,067.86 154,907,067.86 1,030,377,466.18 1,185,284,534.04 300,533,748.82 65,915,678.34 366,449,427.16 269,568,381.24 5,478,117 14 264,090,264.10 157,289,438.43 55,731,728.84 101,557,709.59 8,271,423.12 12,215,391.65 3,943,968.53 25,231,034.99 27,292,834.60 2,061,799.61 25,027,837.72 30,706,077.53 5,678,239.81 31,828,158.60 35,957.721.24 4,129,562.64 $6,323,316,557.92 $6,319,847,196.68 $325,172,717.50 $321,703,356.26 $ 3,469,361.24 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 (a) Represents amounts received from and paid to Richmond Head Office by Baltimore Branch. (b) Represents amounts received from and paid to Baltimore Branch by Richmond Head Office. Net Excess Received 3 S 3 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 OF FEDERAL RESERVE NOTES DURING 1923 Amounts Received in Payment for F. R. Notes of Other F. R. Banks Shipped $ Boston New York.. . Philadelphia Cleveland. . . Atlanta Chicago St. Louis.. .. Minneapolis Kansas City Dallas San Francisco TOTAL TOTAL TOTAL TOTAL TOTAL FOR FOR FOR FOR FOR 1923 1922 1921 1920 1919 $ Amounts Paid to Other F. R. Banks in Redemption of Our F. R. Notes Shipped 2,452,600 10,134,500 14,774,600 10,801,000 i 3,843,600 3,160,900 906,900 174,300 351,900 273,400 706,700 $ 47,580,400 38,726,450 60,320,250 69,994,240 72,911,000 $ Excess Paid Excess Received 1,741,500 13,708,700 8,537,000 9,188,500 4,826 600 2,680,000 1,444,200 194,000 427,400 349,100 954,700 $ 711,100 44,051,700 51,382,385 87,360,125 71,452,705 70,805,815 $9,042,100 1,364,500 2,490,750 12,397,205 14,690,460 $ 6,237,600 1,612,500 ,574,200 Net Excess Received Net Excess Paid $. $. . < 981,000 480,900 537,300 19,700 75,500 75,700 248,000 $5 ,513,400 14 ,020,435 ,530,625 ,855,670 n 12 ,585,275 o •sfl $3,528,700 $. 12,655,935 27,039,875 1,458,465 2,105,185 NOTE—The separate clearing for Federal Reserve Notes, through which payment is effected daily for shipments, was not established until February 1, 1922. In the figures above for 1919 to 1922 the amounts in the second column represent the amounts actually received rather than actual shipments of those years, whether received or not, as the 1923 total does. ( 1 o 1 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 1923 MON-MEMBERS MEMBERS RECEIVED Januarv February.. March. . . . April May June July. .. August... . September October. November December TOTAL TOTAL TOTAL TOTAL RECIEVED RECEIVED RECEIVED RECEIVED In Richmond 1 and Baltimore In Richmond and Baltimore Fifth District Outside Bank and Branch Cities Total Members $ 21,067,518 16,110,973 18,044,201 20,617,462 22,359,082 20,472,406 20,357,335 19,411,201 18,130,804 23,582,886 21,227,785 26,417,788 $ 12,456,593 7,989,322 10,223,130 10,406,398 10,217,122 10,397,547 10,516,009 10,400,428 9,720,971 11,919,616 12,132,860 15,244,835 $ 33 ,524,111 24 ,100,295 78 ,267,331 31 ,023,860 3? ,576,204 30 ,869,953 30 ,873,344 79 ,811,629 17,851,775 35 ,502,502 33 ,360,645 41 ,662,623 $ 1923.. $247,799,441 1922. . 185,414,845 1921.. 177,588,780 1920.. 133,904,124 $131,624,831 73,960,587 68,389,296 49,782,476 $379 ,424,272 259 ,375,432 245 ,978,076 183 ,686,600 $ 4,885, 318 5,397, 634 Fifth District Total Outside Bank and Branch Non-Members Cities GRAND TOTAL H 353, 902 $ 2 ,628,385 1,839,004 366, 007 ? ,208,484 371, 674 1 ,937,083 388, ?00 7 ,181,924 453, 41 ^ 1,939,956 393, 280 ? ,212,297 396, 33? ? ,308,647 345, 373 1 ,896,724 332, 464 ? ,342,829 432, 3?1 ? ,356,293 439, 980 2 ,901,979 612, 420 $ 2, 982,287 2, 205,011 2, 580,108 2, 325,283 2, 635,339 2, 333,236 2, 608,629 2, 654,020 2, 229,188 2, 775,150 2, 796,273 3, 514,399 $ 36,506,398 26,305,306 30,847,439 33,349,143 35,211,543 33,203,189 33,481,973 32,465,649 30,080,963 38,277,652 36,156,918 45,177,022 $ 26 ,753,605 18 ,838,894 18 ,827,362 10 ,811,777 $ 31,638,923 24, 236,528 18, 827,362 10, 811,777 $411,063,195 283,611,960 264,805,438 194,498,377 pi o H O •-l(N N (N < O O :CNIOO(S f o ON • * 1 O O < OO ON > r~- o ON T*I 00 ON •J-l CN >-O O < O ^o i OO ^O < ON ON —i oo ON oo _ • - - • (U D <L> O .— U IJ U U o o o > > > CJ SEE U D a c c a, ON UN ON ON f> " ^ « FEDERAL RESERVE BANK OF RICHMOND )§ I i—IVOVO>-I'-O0N0NO00>J-)0000 COtNCSOOtNINMOOOOO O O O O ^ O T —l-^ti—lOsONOO'—i O O N O • ON ON ON ON _ < o u ou X X X X KKWH 91 SCHEDULE No. 31 RECEIPTS AND PAYMENTS OF PAPER CURRENCY DURING THE YEARS 1923 AND 1922 CURRENCY RECEIVED RECEIVED IN THE ORDINARY COURSE OF BUSINESS RECEIVED FROM THE FEDERAL RESERVE AGENT No. of Notes No. of Notes Amount Amount RECEIVED FROM THE TREASURER OF THE UNITED STATES No. of Notes Amount Total 1923 Total 1922 No. of Notes Amount No. of Notes Amount 6,916,000 $ 75,340,000 7,327,703 2,108,000 $ 70,688,500 3,236,000 4,104,000 $ 5,788,000 28,908,000 39,748,000 4,104,000 28,908,000 5,788,000 39,748,000 9,852,000 21,828,000 10,540,000 22,808,000 6,916,000 175,340,000 33,012,000 $45,536,000 39,928,000 $ 120,876,000 41,115,703 $ 107,272,500 678,709 $11,570,000 170,532 $ 2,497,600 15,385,338 $ 203,888,835 4,005,054 47,580,400 1,603,837 2,536,685 9,426,204 95,407,975 13,990,878 $ 165,389,765 3,267,977 39,034,700 4,098,166 5,735,268 4,989,462 49,135,840 NEW CURRENCY: Federal Reserve Notes (Our Own 5-E) Federal Reserve Bank Notes. United States Notes (Legals, etc) Silver Certificates 6,916,000 $75,340,000 Total New Currency FIT AND UNFIT CURRENCY: Federal Reserve Notes (Our Own 5-E) 14,536,097 $ 189,821,235(a) Federal Reserve Notes Others' 4,005,054 47,580,400 Federal Reserve Bank Notes.. 1,603,837 2,536,685 National Bank Notes 9,426,204 95,407,975 United States Notes (Legals, etc) 16,965,912 33,106,825 Silver Certificates 41,734,633 61,903,855 Gold Certificates 885,248 15,734,290 Total Fit and Unfit Currency 89,156,985 $ 446,091,265 Total New, Fit and Unfit Currency (a) (b) 89,156,985 $ 446,091,265 1,762,000 2,114,000 1,762,000(b) 18,727,912 2,114,000 (b) 43,848,633 885,248 12,718,624 18,029,130 205,514 34,496,020 20,607,093 3,847,910 678,709 $11,570,000 4,046,532 $ 6,373,600 93,882,226 $ 464,034,865 57,299,751 $ 318,246,596 7,594,709 $86,910,000 37,058,532 $51,909,600 133,810,226 $ 584,910,865 98,415,454 $ 425,519,096 Includes $27,086,000 of our own Federal Reserve Notes received from other Federal Reserve Banks. Includes $802,000 United States notes and $1,498,000 Silver Certificates received from other Federal Reserve Banks and Branches. 34,868,825 64,017,855 15,734,290 SCHEDULE No. 31a. RECEIPTS AND PAYMENTS OF PAPER CURRENCY DURING THE YEARS 1923 AND 1922 PAID OUT AND RETURNED FOR REDEMPTION PAID OUT IN THE ORDINARY COURSE OF BUSINESS RETURNED TO THE FEDERAL SHIPPED TO THE TREASURER RESERVE AGENT FOR OF THE UNITED STATES FOR TEMPORARY RETIREMENT REDEMPTION AND DESTRUCTION Total 1923 Total 1922 j O W No. of Notes Amount 6,865,847 59,560 $ 74,556,660 119,120 4,709,436 30,300,718 6,311,403 41,746,966 No. of Notes Amount No. of Notes Amount No. of Notes Amount No. of Notes Amount 6,873,847 59,560 $ 74,956,660 119,120 7,357,703 2,048,440 $ 70,071,575 3,116,880 4,709,436 30,300,718 6,311,403 41,746,966 9,181,581 21,555,814 10,051,831 21,911,666 NEW CURRENCY: Federal Reserve Notes (Our Own 5-E) Federal Reserve Bank Notes.. United States Notes (Legals, Silver Certificates Total New Currency 41,935,561 $ 122,734,149 8,000 $ 400,000 8,000 $ 400,000 634,410 $8,280,000 41,943,561 $ 123,134,149 40,143,538 $ 105,151,952 $ 49,033,335 15,273,270 $ 202,726,420 47,580,400 47,580,400 (c) 4,005,054 1,618,537 2,567,435 1,961,235 9,398,379 95,181,275 38,247,185 14,152,515 $ 166,513,375 3,267,977 39,034,700 4,138,591 5,792,968 4,987,297 49,074,790 CO H FIT AND UNFIT CURRENCY: Federal Reserve Notes (Our Own 5-E) 9,948,453 $ 145,413,085 Federal Reserve Notes Others'. Federal Reserve Bank Notes.. 606,200 281,525 National Bank Notes 5,185,727 56,934,090 United States Notes (Legals, etc.) 6,927,891 16,239,500 17,405,346 30,623,055 Silver Certificates 4,087 89,700 Gold Certificates 4,690,407 4,005,054 1,337,012 4,212,652 11,778,672 26,370,892 908,040 18,706,563 18,611,975 43,776,238 33,283,450 912,127 16,170,940 (d) 34,851,475 63,906,505 16,260,640 13,239,458 18,104,395 69,705 37,695,370 20,680,143 1,273,930 Total Fit and Unfit Currency 39,753,029 $ 249,905,630 634,410 $ 8,280,000 53,302,729 $ 204,888,520 93,690,168 $ 463,074,150 57,959,938 $ 320,065,276 Total New, Fit and Unfit Currency 81,688,590 $ 372,639,779 642,410 $ 8,680,000 53,302,729 $ 204,888,520 135,633,729 $ 586,208,299 98,103,476 $ 425,217,228 (c) (d) Includes Federal Reserve Notes of other Federal Reserve Banks returned to the bank of issue for redemption (1,479,937 notes $19,982,000). Includes $8,625,000 of fit notes returned for redemption only. o a o d SCHEDULE No. 32 RECEIPTS AND PAYMENTS OF COIN DURING THE YEAR 1923 RECEIVED RECEIVED IN THE ORDINARY COURSE OF BUSINESS Number Amount RECEIVED FROM OTHER FEDERAL RESERVE BANKS AND BRANCHES Number Amount Nickels and Cents New 138,122,590 1,311,000 $ 4,187,816.62 33,990.00 37,312,767 1,514,500 7,445,529.45 372,500.00 559,524 76,300 559,524.00 76,300.00 50,021 2,159 514,467.50 18,601.00 Total New Current Uncurrent 176,044,902 2,903,959 12,707,337.57 501,391.00 200,000 Grand Total...... 178,948,861 $13,208,728.57 200,000 Uncurrent Subsidiary Silver New Uncurrent Standard Silver Dollars New Current Uncurrent Gold New Current Uncurrent 200,000 $ 50,000.00 RECEIVED FROM THE UNITED STATES MINT TOTAL Number Amount Number Amount 6,700,000 2,100,000 S 235,000.00 85,000.00 6,700,000 140,222,590 1,311,000 S 235,000.00 4,272,816.62 33,990.00 2,300,000 2,050,000 395,000.00 500,000.00 2,300,000 39,562,767 1,514,500 395,000.00 7,995,529.45 372,500.00 10,000 25,000 10,000.00 25,000.00 10,000 584,524 76,300 10,000.00 584,524.00 76,300.00 22,000 70,000.00 72,021 2,159 584,467.50 18,601.00 50,000.00 9,010,000 4,197,000 640,000.00 680,000.00 9,010,000 180,441,902 2,903,959 640,000.00 13,437,337.57 501,391.00 $ 50,000.00 13,207,000 $ 1,320,000.00 192,355,861 $14,578,728.57 3 3 H O *1 H a SCHEDULE No. 32a RECEIPTS AND PAYMENTS OF COIN DURING THE YEAR 1923 PAID OUT AND RETURNED FOR REDEMPTION PAID OUT IN THE ORDINARY. COURSE OP BUSINESS Nickels and Cents New Current Uncurrent... Subsidiary Silver New Current.. Uncurrent Standard Silver Dollars New SHIPPED TO OTHER FEDERAL RESERVE BANKS AND BRANCHES Number Amount Number 4,391,000 145,087,169 S 190,270.00 4,332,953.85 1,000,000 Amount S SHIPPED TO THE UNITED STATES MINT FOR REDEMPTION Number 1,640,200 38,997,995 290,500.00 7,927,436.90 10,000 574,794 10,000.00 574,794.00 4,300,000 430,000.00 350,000 1,579,200 82,200 Uncurrent... $ I Number Amount 38,370.00 4,391,000 146,087,169 1,485,000 $ 190,270.00 4,342,953.85 38,370.00 35,000.00 388,000.00 1,640,200 43,647,995 1,579,200 290,500.00 8,392,436.90 388,000.00 W > 82,200.00 10,000 574,794 82,200 10,000.00 574,794.00 82,200.00 o Amount 10,000.00 1,485,000 TOTAL Gold New 89,659 2,225 18,931.00 89,659 2,225 684,167.50 18,931.00 684,167.50 Uncurrent Total New Current. Uncurrent Grand Total 6,041,200 184,749,617 490,770.00 13,519,352.25 5,300,000 440,000.00 350,000 3,148,625 35,000.00 527,501.00 6,041,200 190,399,617 3,148,625 490,770.00 13,994,352.25 527,501.00 190,790,817 $14,010,122.25 5,300,000 $ 440,000.00 3,498,625 $ 562,501.00 199,589,442 $15,012,623.25 to < W *j to o X E o SCHEDULE No. 33 PRIVATE WIRE OPERATIONS—TOTAL NUMBER OF MESSAGES SENT AND RECEIVED OVER PRIVATE LEASED WIRES DURING THE YEAR 1923 Sent To Received From Total Boston New York Philadelphia Cleveland....... Richmond ( a ) . . . . Baltimore (b). .. . Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco... . Washington 810 ,131 ,648 ,158 ,674 ,600 ,803 ,826 ,366 407 728 ,411 ,015 ,266 1,586 12,208 4,174 7,257 5,600 8,674 4,215 2,311 1,200 396 479 486 728 6,245 2,396 23,339 7,822 9,415 14,274 14,274 8,018 5,137 2,566 803 1,207 1,897 1,743 11,511 TOTAL FOR 1923 48,843 45,002 44,004 37,138 55,559 50,210 47,610 39,232 104,402 95,212 91,614 76,370 TOTAL FOR 1922 TOTAL FOR 1921 TOTAL FOR 1920 (a) Messages Sent to and Received from Richmond Head Office by Baltimore Branch. (b) Messages Sent to and Received from Baltimore Branch by Richmond Head Office. H X W w 3 H O 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 1923, BY MONTHS Transfers to Other F . R. Districts by Member Banks of Fifth District Transfers to Members in Fifth District by Banks in Other F . R. Districts Number of Banks Making Transfers Number of Banks Receiving Transfers TOTAL ALL TRANSFERS a MONTH Number of Transfers Amount of Transfers o Number of Transfers Amount of Transfers Number of Transfers Amount of Transfers 7. w January.. . February.. March April May June July August... . September. October.. . November. December. TOTAL FOR 1923. TOTAL FOR 1922. TOTAL FOR 1921. 105 93 102 95 104 97 97 90 107 116 103 113 1,376 1,118 1,369 1,328 1,415 1,322 1,259 1,287 1,293 1,469 1,448 1,477 73,828,325 45,870,692 58,277,047 59,228/686 62,204,006 57,563,260 53,138,282 46,423,082 46,432,920 54,653,912 48,652,174 60,725,890 16,161 12,949 9,856 666,998,276 621,792,290 423,020,019 113 128 128 130 137 135 135 138 145 145 156 155 1,720 1,494 1,858 1,778 1,940 1,995 1,900 1,830 1,782 2,327 2,062 2,119 109,637,607 76,329,677 94,277,081 89,149,894 96,648,248 90,362,783 87,928,076 71,371,428 76,071,344 114,883,129 92,581,158 113,643,553 3,096 2,612 3,227 3,106 3,355 3,317 3,159 3,117 3,075 3,796 3,510 3,596 183,465,932 122,200,369 152,554,128 148,378,580 158,852,254 147,926,043 141,066,358 117,794,510 122,504,264 169,537,041 141,233,332 174,369,443 22,805 18,369 15,274 51,112,883,978 1,004,253,779 726,697,680 38,966 31,318 25,130 $1,779,882,254 1,626,046,069 1,149,717,699 PI 53 > w o SCHEDULE No. 35 WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO AND FROM OTHER FEDERAL RESERVE DISTRICTS FOR ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING 1923, BY FEDERAL RESERVE DISTRICTS Transfers to other F. R. Districts by Member Banks of Fifth District District Amount Number Boston . New York Philadelphia.. Cleveland Atlanta Chicago St. Louis Minneapol s Kansas City. Dallas San Francisco TOTAL FOR 1923 TOTAL FOR 1922 . 130 6,961 2,170 942 2,643 1,676 361 118 89 787 284 $ 16,161 12,949 $ Transfers from other F. R. Districts for Account of Member Banks of Fifth District Amount Number 3,341,000 469,534,000 23,842,000 31,504,000 51,637,000 56,487,000 9,115,000 1,896,000 1,685,000 10,101,000 7,856,000 820 8,491 2,833 5,854 2,780 1,277 559 19 19 40 113 666,998,000 621,792,000 22,805 18,369 $ Total of all Transfers Number Amount 20,929,000 748,280,000 101,403,000 138,741,000 53,594,000 33,917,000 10,489,000 1,017,000 313,000 585,000 3,616,000 950 15,452 5,003 6,796 5,423 2,953 920 137 108 827 397 $ $ 1,112,884,000 1,004,254,000 38,966 31,318 $1,779,882,000 1,626,046,000 24,270,000 1,217,814,000 125,245,000 170,245,000 105,231,000 90,404,000 19,604,000 2,913,000 1,998,000 10,686,000 11,472,000 3 H O H a SCHEDULE No. 36 TRANSFERS OF FUNDS FOR MEMBER BANKS DURING 1923, BY MONTHS (Includes Telegraphic Transfers to and from other Federal Reserve Districts) For 5% Fund of National Banks All Other Total Month Number Amount Number Amount Number Amount H CO January February March April May June July August September October November December TOTAL FOR 1923 TOTAL FOR 1922 ,924 ,646 ,711 ,588 ,660 ,420 ,503 ,416 ,542 ,084 ,613 ,553 5,415,599 4,240,307 4,394,688 4,186,641 4,014,185 3,298,992 4,142,595 4,351,294 4,223,201 4,595,694 3,813,894 3,922,958 5,075 4,349 5,277 5,105 5,513 5,357 5,192 5,158 5,223 6,565 5,986 6,105 •19,660 19,733 50,600,048 52,128,189 64,905 55,389 277,007,081 177,721,643 236,630,420 221,472,127 23 7"; 664,460 228,480,868 206,906,046 179,360,331 190,925,572 257,238,729 220,574,120 263,080,981 82,697,062,378 2,403,071,274 6,999 5,995 6,988 6,693 7,173 6,777 6,695 6,574 6,765 8,649 7,599 7,658 $ 282,422,680 181,961,950 241,025,108 225,658,768 241,678,645 231,779,860 211,048,641 183,711,625 195,148,773 261,834,423 224,388,014 267,003,939 84,565 75,122 $2,747,662,426 2,455,199,463 H o O O 3 SCHEDULE No. 37 BOND COUPONS CUT FOR BANKS BY CUSTODIAN OF SECURITIES DURING EACH MONTH OF 1923 Number of Banks Accommodated 42 22 318 313 370 325 34 24 391 424 292 327 January... February.. March April May June July August... . September. October. . . November. December. TOTAL FOR 1923. TOTAL FOR 1922. TOTAL FOR 1921. Number of Coupons Cut Value of Coupons Cut 1,661 545 14,729 24,030 18,932 9,006 1,948 1,043 17,024 24,771 18,559 8,629 40,096.45 13,508.54 293,098.64 438,468.36 387,572.54 219,607.19 48,422.59 27,485.90 413,489.69 439,252.50 331,193.25 200,569.90 140,877 160,541 304,192 2,852,765.55 2,284,843.62 4,004,557.29 W > 21 21 a C i SCHEDULE No. 38 INTEREST COUPONS FROM-U. S. SECURITIES PAID BY FEDERAL RESERVE BANK OF RICHMOND AND CHARGED TO TREASURER OF U. S. DURING THE YEAR 1923, BY MONTHS MONTH January February March April May June July August September October November December TOTAL NUMBER 1923 TOTAL NUMBER 1922 TOTAL NUMBER 1921 TOTAL VALUE 1923. . TOTAL VALUE 1922.. TOTAL VALUE 1921.. First Liberty Loan Bonds Second Liberty Loan Bonds Third Liberty Loan Bonds Fourth Liberty Loan Bonds Victory Notes United States Certificates of Indebtedness Treasury Notes and other Government Obligations Federal Land Bank Total Number of Coupons Paid O H > r 8,679 6,645 9,871 88,888 40,334 44,418 16,080 100,618 62,288 40,546 26,138 16,818 8,422 76,665 73,122 31,972 24,386 62,730 21,329 15,991 155,244 78,373 40,366 24,342 12,982 9,972 147,895 65,637 40,497 83,582 18,920 9,737 8,364 40,363 30,024 8,183 3,908 3,001 3,259 1,801 1,617 245 30 858 40 18 381 88 13 1,618 330 26 433 2,287 549 6,670 7,487 1,575 8,599 2,965 1,010 10,209 10,635 2,226 8,222 587 78 51 47 14,148 1,059 2,156 407 26 212 11,145 844 275,699 81,025 149,585 247,155 281,794 187,492 94,791 41,852 112,509 252,296 205,871 153,375 $ 1,043 233.84 256 079.52 1,453 890.44 2,421 565.86 2,646 ,359.69 1,575 ,341.18 461 ,048.88 169 ,537.67 1,545 630.17 2,508 420.98 2,198 167.90 1,452 374.87 391,832 450,606 553,939 521,473 634,296 762,234 675,358 809,126 1,026,467 212,759 426,934 614,833 4,031 13,200 27,741 62,434 15,544 3,763 30,760 29,060 12,695 2,083,444 2,590,453 3,263,611 $17,731,651.00 o $ 1,202,448 $ 3,638,498 $ 2,528,259 $ 5,219,810 3,019,837 5,587,062 3,567,288 1,144,775 3,393,293 6,587,572 3,967,867 1,255,027 S 861,902 2,172,570 3,966,106 481,863 903,289 2,157,744 $ 2,900,423 888,398 130,352 898,448 791,971 302,708 $17,731,651.00 18,075,189.97 21,760,669.15 o c 38,359 10,105 5,733 5,207 5,016 40,861 20,528 6,431 4,373 6,966 4,176 37,042 43,491 13,934 9,927 8,478 101,755 40,064 184,797 211,687 261,939 19,766 $ 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. Total Value of Coupons Paid X SCHEDULE No. 39 UNITED STATES FISCAL AGENCY OPERATIONS DURING 1923 LIBERTY LOAN, VICTORY NOTE AND FEDERAL FARM LOAN BOND 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>^% registered bonds 4% coupon bonds received and converted into 4>i% coupon bonds 4% registered bonds received and converted into 4X% registered bonds 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 Victory Notes surrendered in exchange for C. of I Liberty bonds and Victory notes received in payment of taxes Liberty bonds and Victory notes purchased for Treasury Department Federal Farm Loan bonds redeemed TOTAL 8,958 4,993 3,541 6 1,923 128 14,098 DELIVERED Amount $6,984,550 2,461,8*50 1,476,100 800 180,000 54,850 1,150,600 33,405 5,604,850 5 134,538 67 38 47 2,964 5,250 34,954,500 Number of Pieces Amount 4,477 4,558 1,908 6 1,896 115 $6,940,250 2,425,750 1,639,150 900 179,350 45,250 12,594 1,224,300 5,293 5,604,850 3 5,100 140,300 168,600 11,350 2,905,025 204,711 $56,098,625 30,850 $18,064,900 w S H O SCHEDULE No. 39a. UNITED STATES FISCAL AGENCY OPERATIONS DURING 1923 CERTIFICATES OF INDEBTEDNESS AND TREASURY NOTES TRANSACTIONS METHOD OF PATMENT Date of Issue Date of Maturity Rate Amount Subscribed Amount Allotted By Cash By Exchange of Other Issues so By Credit to War Loan Deposit Acct. SALES OF 1923 ISSUES: Certificate of Indebtedness Series TS-2 1923 Series TM 1924 Series TD-2 1923 Series TM-2 1924 Series TJ 1924 Series TD 1924 Treasury Notes Series A 1927 Series B 1927 Total Sales March 15, 1923. March 15, 1923. June 15, 1923. September 15, 1923. December 15, 1923.. December 15, 1923.. September 15, 1923. March 15, 1924 December 15, 1923.. March 15, 1924. . . . June 15, 1924 December 15, 1924.. 4,495,500 $ 4,495,500 11,269,500 11,269,500 6,095,500 8,449,500 9,053,000 16,707,000 3,142,000 4,769,000 5,739,500 12,648,500 January 15, 1923. May 15, 1923.... December 15,1927.. March 15, 1927 22,554,600 28,620,100 $ 554,000 1,783,500 343,000 366,000 65,000 333,500 105,500 609,500 16,500 1,822,000 80,000 3,836,000 8,876,500 5,736,000 6,865,000 3,077,000 5,326,000 18,246,100 19,853,500 2,000,500 2,149,200 297,000 5,695,200 15,948,600 12,009,100 so $109,513,700 $77,894,600 $7,594,700 8,625,700 $ 61,674,200 o •Does not include $501,300, balance of a 1922 issue (Treasury Notes C 1925), which was allotted in January, 1923. $ z « o I—I a SCHEDULE No. 39a (Continued) UNITED STATES FISCAL AGENCY OPERATIONS DURING 1923 CERTIFICATES OF INDEBTEDNESS AND TREASURY NOTES TRANSACTIONS Number of Pieces Amount a DELIVERIES DURING 1923: Certificates of Indebtedness Series TS-2 1923 Series TM 1924 Series TD-2 1923 Series TM-2 1924 Series TJ 1924 Series TD 1924 Treasury Notes Series C 1925 Series A 1927 Series B 1927.... ', Total Deliveries TOTAL REDEMPTIONS PURCHASED FOR VARIOUS AGENCIES TOTAL DENOMINATIONAL EXCHANGES: Total Certificates of Indebtedness and Treasury Notes handled during 1923 1,008 3,292 1,391 1,780 548 1,353 S 4,495,500 •11,269,500 6,095,500 9,053,000 3,142,000 5,739,500 1,936 5,718 14,322 1,440,600 18,246,100 19,853,500 31,348 $ 79,335,200 • 2,490 244 S 15,606,000 2,771,500 H 1,457 2,727 505 98 6,038,300 6,038,300 4,479,000 3,230,000 o 38,869 S 117,498,300 cj 3 SCHEDULE No. 39b. UNITED STATES FISCAL AGENCY OPERATIONS DURING 1923 WAR SAVINGS SECURITIES TRANSACTIONS a o Number of Certificates Number of Stamps Cash Value Maturity Value a SALES DURING 1923: Treasury Savings Certificates 7,660 $ 1,233,077 $ 1,510,950 W REDEMPTIONS DURING 1923: War Saving Stamps Thrift Stamps Treasury Savings Stamps -.. 456,258 35,254 77 5,269,228 253,003 571 26,338,019 63,251 571 26,346,140 63,251 571 Total Redeemed War Savings Stamps, series 1918, received and handled during 1923, for redemption on January 1, 1924 491,589 5,522,802 $ 26,401,841 $ 26,409,962 2,292 40,493 202,465 202,465 Total War Savings Securities handled during 1923.. 493,881 5,570,955 $ 27,837,383 $ 28,123,377 n S o D SCHEDULE No. 40 ANALYSIS OF UNITED STATES TREASURER'S GENERAL ACCOUNT FOR THE YEAR 1923 Balance to Credit of U. S. Treasurer, December 31, 1922 RECEIPTS: Sales of Government Securities (including accrued interest) Sales of Special One Day Certificates of Indebtedness Withdrawals of War Loan Deposits (including interest) Deposits by Collectors of Customs and Internal Revenue, Postmasters, Disbursing Officers, etc Deposits for Credit of War Finance Corporation Proceeds of Collections for account of U. S. Treasurer Transfers of Funds through Gold Settlement Fund direct from other Federal Reserve Banks... All other Transfers of Funds Franchise Tax payment of Federal Reserve Bank of Richmond All other Credits to U. S. Treasurer's account $ 859 617.30 $ 79,737,132 .87 100,500 ,000 .00 66,338 ,024 .85 354,185 ,426.04 14,215 ,152 83 32,747 ,763 97 47,000 ,000 00 235,905 ,323 70 366,143 18 153 264 99 Total Receipts H W >. 5z 931,148,232 43 $ 932,007,849 73 DISBURSEMENTS: Government Securities redeemed and purchased (including interest) $ 81 925 551 58 Special One Day Certificates of Indebtedness redeemed (including interest) 100 508 458 92 Coupons from Government Securities Paid , 16 833 203 43 Deposited with War Loan Depositary Banks 61 674 200 00 Transfers of Funds through Gold Settlement Fund to other Federal Reserve Banks for credit of U. S Treasurer 52 000,000 00 All other Transfers of Funds 430,793,821 35 Treasury Checks and Warrants Paid 185, 101,578.67 All other Disbursements 1,369,913.94 Total Disbursements Balance to Credit of U. S. Treasurer, December 31, 1923 1 c i-= ,5 930,206,727. 89 $ 1,801,121.84 SCHEDULE No. 41 NUMBER OF PIECES OF REGISTERED MAIL HANDLED DURING 1923, BY MONTHS Incoming January February March April May June July August September October November December , TOTAL FOR 1923 TOTAL FOR 1922 TOTAL FOR 1921 Outgoing Total 13,401 5,735 6,273 6,315 9,483 6,814 601 271 256 522 756 5,944 11,103 6,792 7,169 6,656 9,166 8,668 7,496 7,238 8,116 8,387 7,231 7,682 24,504 12,527 13,442 12,971 18,649 15,482 13,097 12,509 13,372 13,909 11,987 13,626 80,371 75,330 72,379 95,704 103,674 124,437 176,075 179,004 196,816 w o I—I Q w I Schedule No. 42 SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF RICHMOND (Including Baltimore Branch) 2 1—1 NUMBER OF OFFICERS AND EMPLOYEES Chairman and Federal Reserve Agent. Governor Other Officers Banking Department Federal Reserve Agent's Department. Auditing Department Fiscal Agency Department Total Actual Officers and Employees of the Bank. Bond Department, Government Savings Organization and War Finance Corporation Employees whose salaries are reimbursed to the Bank... Other Employees whose salaries are reimbursed to the Bank TOTAL. 1919 1920 1921 1922 1 1 15 323 7 31 1 1 22 539 11 22 50 1 1 24 632 28 22 32 1 1 24 005 10 20 28 378 04 G 740 005 SALARIES 1923 1010 1920 1921 1922 1923 1 1 23 024 14 18 10 $ 12,000 18,000 65,400 310,138 11,900 33,660 15,000 18,000 118,850 601,090 18,960 40,350 56,130 15,000 18,000 138,400 715,410 59,010 40,530 38,520 15,000 18,000 137,500 711,400 31,860 38,070 35,460 15,000 18,000 134,700 726,250 28,560 33,270 18,150 607 $ 451,098 $ 868,380 $1,024,870 $ 987,290 $ 973,930 $ 29,670 S 29,596 S 10, i $ $ S 480,768 $ 897,976 $1,035,750 23 401 667 745 722 738 29,990 5,970 $1,023,250 49,370 3,840 $1,027,140 i SCHEDULE No. 43 SUNDRY DATA AND COMPARISONS FOR THE YEARS 1923, 1922 AND 1921 1922 1921 ,878,896 ,551,156 ,327,741 ,092,843 342,295 366,143 239 ,208,866 5 ,815,900 11 ,672,483 65 ,582,138 67 ,582,602 104 ,158,260 171 ,740,862 151 ,698,189 2,832,944 ,631,356 1,201,588 867,447 333,321 480,714 229,274,968 5,595,450 11,288,078 61,527,058 62,959,609 101,146,680 164,106,289 150,102,484 6,729,679 2,127,174 4,602,505 4,393,627 322,203 3,398,O9O(a) 224,228,204 5,428,550 11,029,848 56,127,602 61,021,408 107,100,690 168,122,098 182,350,239 123 ,447,092 94 ,731,422 72.04% 62.45% 111,912,349 99,933,925 68.18% 66.57% 71,557,384 78,856,137 42.56% 43.24% ,441,497 ,736,420 56,309,765 59,930,792 103,219,468 116,779,673 1923 Gross Earnings Expenses Current Net Earnings Net Earnings Available for Dividends, Surplus and Franchise Tax Dividends Paid Franchise Tax Paid to Government v Total Resources, December 31st Capital Paid in, December 31st Surplus, December 31st Members Reserves, December 31st Total 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 Productive or Earning Assets: Holdings December 31st Average Daily Holdings for Year I I w o o o o SCHEDULE No. 43—(Continued) SUNDRY DATA AND COMPARISONS FOR THE YEARS 1923, 1922 AND 1921 1922 1923 Earning on Productive Assets: Total Earnings for Year Average Daily Earnings during Year Average Rate of Earnings per Annum Average Daily Amount of Outstanding Accommodation to Alember Banks: Bills Discounted—Government Secured Bills Discounted—Otherwise Secured and Unsecured 1921 2,783,926 7,627 4.44% $ $ 24,635,177 34,966,599 Total Average Dailv Accommodation Discount Operations: Total Amount Bills Discounted Total Amount Bills Bought $ 59,601,776 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) Number of Member Banks, December 31st: National Bank Members State Bank Members $2,921,330,152 9,705,416 $1,433,027,154 4,745,123 453 $3,021,880,153 491 $1,465,127,154 $2,775,016,400 9,158,470 500,000,000 494 $2,812,016,500 565 66 566 68 560 66 631 634 626 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 $ 2,739,920 7,507 4.57% $ $ 20,572,872 34,502,442(c) $ $ 55,O75,314(c) $ 1,424,566,672 8,460,482(e) 2,910,686,699 10,643,453 $ 47,580,400 44,051,700 6,507,784,000 6,494,439,000 $ 38,726,450 51,382,385 5,354,803,000 5,346,279,000 6,547,369 17,938 5.61% 2 I—I (b) (b) 118,122,358(c-d) 2,749,670,916 • 25,345,484 $ 60,320,250 87,360,125 6,169,589,000 6,170,924,000 s pi H SCHEDULE No.43—(Continued) SUNDRY DATA AND COMPARISONS FOR THE YEARS 1923, 1922 AND 1921 1923 Federal Reserve Bank Clearings through Gold Fund: Received from Other F'ederal Reserve Banks through Daily Clearings Paid to Other Federal Reserve Banks through Daily Clearings Currency and Coin Received from Banks in Fifth District Currency and Coin 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 Total of all Coin 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 Wire Transfers of Funds over Private Wires To and From Other Districts: 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 Inter-District Wire Transfers: Number Amount 1922 1921 ,323,317,000 ,319,847,000 411,063,195 376,115,608 15,193,744,029 5,138,232,741 283,611,960 281,644,057 55,492,010,361 5,541,662,406 264,805,438 244,778,495 133,810,226 584,910,865 98,415,454 425,519,096 87,797,344 442, 67,459 135,633,729 586,208,299 98,103,476 425,217,228 85,96), 398 436,412,496 192,355,861 14,578,729 183,292,615 14,166,680 199,589,442 15,012,623 .(b) W • (b) .(b) •(b) 48,843 55,559 45,002 50,210 44,004 47,610 to O 104,402 95,212 91,614 E 22,805 $1,112 ,883,978 18,369 ,004,253,779 15,274 $ 726,697,680 16,161 $ 666,998,276 12,949 621,792,290 9,856 $ 423,020,019 38,966 $1,779 ,882,254 31,318 ,626,046,069 25,130 $1,149,717,699 o as o SCHEDULE No. 43 (Continued) SUNDRY DATA AND COMPARISONS FOR THE YEARS 1923, 1922 AND 1921 1923 Transfers of Funds for Member Banks: For 5% Fund National Banks: Number Amount All Other (including inter-district telegraphic transfers): Number Amount Total of all Transfers (including inter-district telegraphic 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 Fifth District Members: Number of Letters Amount of Letters Bond Coupons Cut for Customer Banks: Number of Coupons Value of Coupons Interest Coupons from U. S. Securities Received and Paid: Number of Coupons ' Value of Coupons Number of Pieces of Registered Mail Handled: Incoming Outgoing Total Daily Average 19,660 50,600,048 1922 1921 19,733 52,128,189 64,905 $2,697,062,378 55,389 $2,403,071,274 (b) (b) (b) (b) 84,565 $2,747,662,426 75,122 $2,455,199,463 (b) (b) 47,226,755 ,111,823,500 278 42,884,054 ,762,818,547 204 39,260,432 ,620,888,130 220 156,900 43,560,875 142,000 29,015,955 129,572 28,451,776 $ 176,970 $1,680,471,380 $ $ $ 157,825 $1,379,291,316 140,877 2,852,766 $ 149,859 ,377,295,260 160,541 2,284,844 304,192 4,004,557 2,590,453 18,075,190 3,263,611 21,760,669 80,371 95,704 75,330 103,674 72,379 124,437 176,075 585 179,004 593 196,816 650 2,083,444 17,731,651 $ M O W H O H a SCHEDULE No. 43—(Continued) SUNDRY DATA AND COMPARISONS FOR THE YEARS 1923, 1922 AND 1921 1923 Non-Cash Collections Paid: Number Amount.. Returned Unpaid: " Number Amount Total Handled: Number Amount . . (a) (b) (c) (d) (e) 1921 1922 164,685 $ 217,763,063 $ 152,397 194,801,248 $ 81,311 134,535,010 39,234 15,670,422 $ 43,405 18,431,231 $ 18,311 13,051,744 195,802 $ 213,232,479 $ 99,622 147,586,754 $ 203,919 $ 233,433,485 Revised. Impracticable to obtain figures. Includes Bankers' Acceptances Purchased from Member Banks. Includes Bills under Rediscount with other Federal Reserve Banks. Includes $1,481,383.53 Bankers' Acceptances Purchased in the Open Market. d PS o g S5