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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,
THOMAS L H W S ^ O
W ^ O T AY.
L

>
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'.

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

Number
Amount

+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

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

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

+$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)
Percentage
of Total

Settlements between
Head Office & Branch
Richmond
Baltimore

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

$4,148,237

$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

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

Payments

$4,155,235

NAME

$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.

Female-

Net Change
Number Per Cent

_

_

_

4
5

—2

—33.3

+1

+25.

10

9

—1

—10.

3
5

2
5

—1

—33.3

7

—1

—12.5

14
13

Total
By all three agencies:
Male
Female
Total

Dec. 31,
1923

8

Total
Cafeteria (Reimbursed from income
of cafeteria):
Male.
Female

Grand Totals:
Male.....

Dec. 31,
1922

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
^
Hj
j

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

$ 62,959,608.92

$ 49,351,865.26

Federal Reserve Notes in Actual Circulation

S 47,881,597.91

1104,158,260.00

TOTAL DEFERRED AVAILABLE CREDITS
NOTE CIRCULATION:

$ 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
$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

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

$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

sl
"

"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

d
TOTAL

Secured by
Government
Obligations

Otherwise
Secured and
Unsecured

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
TOTAL

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

1922

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

1921

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

1923

Otherwise
Secured and
Unsecured

Secured by
Government
Obligations

$ 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
TOTAL

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

TOTAL

1923

Otherwise
Secured and
Unsecured

TOTAL

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

$ 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

$ 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

$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

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

$

TOTAL

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

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

1923

Otherwise
Secured and
Unsecured

Secured by
Government
Obligations

$

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
TOTAL

TOTAL

TOTAL

1923

Otherwise
Secured and
Unsecured

Secured by
Government
Obligations

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
TOTAL

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

TOTAL

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

$ 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

$ 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

1923

Otherwise
Secured and
Unsecured

$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

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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
TOTAL

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

$24,635,177.40

Average for Year 1922..

20,572,872.12

1921

a

.

$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

1922

$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

$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..

TOTAL

1923

Otherwise
Secured and
Unsecured

Secured by
Government
' Obligations

$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
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$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.




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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:




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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

>

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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.




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634

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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.



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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

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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

61,107.50

$

8

$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




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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

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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.



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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

RATIO OF LIABILITY TO

Liability of
Discounting
Member Banks

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

1922

1921

1920

181%
160%

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%

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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

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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

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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




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RECAPITULATION

Withdrawals on account of:
Liquidations
Mergers
Redaction of Capital and Surplus ..
Relinquishment of Membership

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72

1

76
157

2

2
2

87

1

233

2

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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




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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

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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

Twenties

Five
Hundreds

Thousands

Five
Thousands

1,625

397

Fives

Fit 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




640,000

412,000

148,000

48,000

2,800,000

Notes on hand December 31, 1922
New Notes Received from Comp-

Tens

2,400,000

1,640,000

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

Ten
Thousands

156,000

Fifties

Hundreds

59,500

2,139

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

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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.

H
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




150,559,290

375,356,160

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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.

Two-Dollars

Total
Value

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

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

28,384,000

Total Received

292,000
680,000
1,428,000
208,000
1,128,000
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
Letters Containing Items
on F. R. Bank and
Branch Cities
Number
of
Letters
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
outside of F. R. Bank
and Branch Cities
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
16,973
16,013
17,430
16,511
16,819
17,543
16,597
15,789
16,336
16,708
18,079
19,399

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. .




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.




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

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

Daily
Average Amount

(gross)
1923. .
1922..
1921.

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

3
o

160,525
150,274
154,976
156,172
156,296
159,748
151,695
140,882
147,927
156,408
173,317
175,855

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
n ,855,670
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

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FEDERAL RESERVE BANK OF RICHMOND

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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

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No. of Notes

Amount

6,865,847
59,560

$ 74,556,660
119,120

4,709,436
30,300,718

No. of Notes

Amount

Amount

No. of Notes

Amount

$ 74,956,660
119,120

7,357,703
2,048,440

$ 70,071,575
3,116,880

4,709,436
30,300,718

Amount

No. of Notes

6,873,847
59,560

6,311,403
41,746,966

No. of Notes

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

H

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

CO

14,152,515 $ 166,513,375
3,267,977
39,034,700
4,138,591
5,792,968
4,987,297
49,074,790

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.




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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

Amount

$ 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




200,000

$ 50,000.00

Number

Amount

Number

Amount

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

138,122,590
1,311,000

Uncurrent
Standard Silver Dollars
New
Current
Uncurrent
Gold
New
Current
Uncurrent

TOTAL

6,700,000
2,100,000

Number

Nickels and Cents
New
Uncurrent
Subsidiary Silver
New

RECEIVED FROM THE UNITED
STATES MINT

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

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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

SHIPPED TO OTHER FEDERAL
RESERVE BANKS AND BRANCHES

Number
Nickels and Cents
New
Current
Uncurrent...
Subsidiary Silver
New

Current..
Uncurrent
Standard Silver Dollars
New

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

1,640,200
38,997,995

290,500.00
7,927,436.90

10,000
574,794

Number

Amount

38,370.00

4,391,000
146,087,169
1,485,000

$ 190,270.00
4,342,953.85
38,370.00

1,640,200
43,647,995
1,579,200

290,500.00
8,392,436.90
388,000.00

W
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82,200.00

10,000
574,794
82,200

10,000.00
574,794.00
82,200.00

o

Amount

10,000.00
$

10,000.00
574,794.00

4,300,000

430,000.00

350,000
1,579,200

82,200

Uncurrent...

I

35,000.00
388,000.00

Number

1,485,000

TOTAL

Gold
New

2,225

89,659

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
<

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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.



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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
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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

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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

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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

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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
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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

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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

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o

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.




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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

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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




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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
8
66,338 ,024 . 5
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
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5
z
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




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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

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Schedule No. 42
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF RICHMOND
(Including Baltimore Branch)

2
11
—

NUMBER OF OFFICERS AND
EMPLOYEES

1919

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.




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




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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
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(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

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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

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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

$

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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.




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