View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

OPERATION OF

Federal Reserve Bank
of Chicago




1921

SEVENTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD

New Home of the Federal Reserve Bank of Chicago




Nearing Completion

FEDERAL RESERVE BANK OF CHICAGO
DIRECTORS AND OFFICERS
FOR 1922
CLASS A—DIRECTORS
CHARLES H. MCNIDER, Mason City, Iowa
ELBERT L. JOHNSON, Waterloo, Iowa
GEORGE M. REYNOLDS, Chicago, Illinois
CLASS B—DIRECTORS
JOHN W. BLODGETT. Grand Rapids, Mich.
ALBERT R. ERSKINE, South Bend, Indiana
AUGUST H. VOGEL, Milwaukee, Wis.

CLASS C—DIRECTORS
FRANK C. BALL, Muncie, Indiana
JAMES SIMPSON, Chicago, Illinois
WILLIAM A.HEATH, Evanston, Illinois

OFFICERS
WILLIAM A. HEATH, Chairman and Federal Reserve
Agent
JAMES SIMPSON, Deputy Chairman
WALTER F. MCLALLEN, Secretary

DIVISION OF ISSUE
WALTER F. MCLALLEN, Assistant Federal Reserve
Agent
DIVISION OF EXAMINATIONS
WILLIAM H. WHITE, Assistant Federal Reserve
Agent, Manager
CHARLES G. RUTLEDGE, Acting Assistant Federal
Reserve Agent
MARK A. WILSON, Examiner
CHARLES F. RIDDELL, Examiner
BRUCE P. GREENE, Examiner
CLIFFORD S. YOUNG, Examiner
HARRY OLMSTEAD, Examiner

DIVISION OF BANK RELATIONS
EVERETT L. HARRIS, Manager

DIVISION OF STATISTICS AND ANALYSIS
FRANK M. HUSTON, Manager

DIVISION OF AUDIT
FRANCIS R. BURGESS, Auditor

WALTER A. HOPKINS, Assistant Auditor
COUNSEL
CHARLES L. POWELL

MEMBER FEDERAL ADVISORY COUNCIL
JOHN J. MITCHELL, Chicago, Illinois

DETROIT BRANCH
DIRECTORS
JOHN BALLANTYNE

ROBERT B. LOCKE, Chairman
EMORY W. CLARK
JULIUS HAASS

CHARLES H. HODGES

OFFICERS
JOHN G. BASKIN, Assistant Federal Reserve Agent
ROBERT B. LOCKE, Manager
HERBERT H. GARDNER,, Acting Assistant Federal
WILLIAM R. CATION, Cashier
B
g
,
R
A
J
B D
A i
Ch
Reserve Agent
JOHN B. DEW, Assistant Cashier
GEORGE T. JARVIS, Assistant Auditor

HENRY M BUTZEL, Assistant Counsel




FRANK J. MAURICE, Assistant Ca

FEDERAL RESERVE BANK OF CHICAGO
DIRECTORS AND OFFICERS, 1922—Continued
DEPARTMENTS OF OPERATION

OFFICERS
JAMES B. MCDOUCAL, Governor

JOHN H. BLAIR, Deputy Governor
CHARLES R MCKAY, Deputy Governor
STERLING B. CRAMER, Deputy Governor

LOANS AND CREDITS
KENT C. CHILDS, Controller of Loans and Credits
CLARKE WASHBURNE, Manager, Loans (Iowa)
RALPH H. BUSS, Manager, Loans (Michigan and
Wisconsin) Discount Department
FRANK R. HANRAHAN, Manager, Loans (Illinois
and Indiana)
EUGENE A. DELANEY, Manager, Credit Department
INVESTMENTS
CLARKE WASHBURNE, Controller of Investments

ALBA W. DAZEY, Manager, Investment Department
MEMBER BANK ACCOUNTS
JOSEPH C. CALLAHAN, Manager, Member Bank
Accounts Department
CASH AND CUSTODIES
OTTO J. NETTERSTROM, Controller of Cash and

Custodies
JESSE G. ROBERTS, Manager, Cash Department
ROBERT E. COULTER, Manager, Cash Custody
Department
FRED BATEMAN, Manager, Securities Department
COLLECTIONS
WILLIAM C. BACHMAN, Controller of Collections

IRVING FISCHER, Manager, Check Department
Louis G. PAVEY, Manager, Collection Department
ACCOUNTING
ARTHUR H. VOGT, Controller of Accounting
WALTER A. HANSON, Manager, Accounting De-

partment
partment

RICHARD C. HUELSMAN, Manager, Planning De-

ADMINISTRATION
JAMES H. DILLARD, Controller of Administration

WILBUR K. LYLE, Manager, Personnel Department
Louis G. MEYER, Manager, Service Department
FRANK A. LINDSTEN, Manager, Disbursing Department

FISCAL AGENCY
DON A. JONES, Controller of Fiscal Agency Functions
JOHN H. RUMBAUGH, Manager, Government Bond
Department
EVERETT L. HARRIS, Manager, Government Fi-




nancing Department

PREFACE
O better idea the major operations of the Federal Reserve
Ncharts presentedofon the following pages.be Aobtained than these
Bank of Chicago during 1921, can
from
the
brief study of
charts reveals the gradual but steady decrease in rediscounts and
borrowings. From the beginning of 1921, the peak of the year when
they were $475,562,799, they declined to $185,519,895 at its close.
Federal Reserve Notes in circulation declined from the high
point of $545,394,785 at the beginning of 1921, to $402,463,225
at the close, and gold reserves increased from $284,491,280 at the
lowest point, to $439,601;522 at the close. All this graphically
presented, as measured with the course the preceding year, portrays more clearly than words the continued easing of strained
banking credit, so much in evidence during 1920 and a part of 1921.
One notable feature in the operations of the bank is that Federal
Reserve Notes, which at the beginning of the year were gold
secured only to the extent of 40.2 per cent, are at the close protected by 91.5 per cent gold reserve.

FEATURES OF 1921 OPERATION
Loans and discounts, 245,885 items, aggregating $4,168,476,875.
Acceptances purchased, 10,819 items, aggregating $138,275,503.
Federal Reserve Notes and other paper money handled and
counted, 191,196,019 pieces, aggregating $1,240,226,409.
Shipments of currency and coin to banks outside of Chicago and
Detroit, 27,558 shipments, aggregating $184,517,577.
Checks (drawn on banks) collected, totaled 63,944,345 items,
and $13,265,744,000.
Notes and drafts, bonds and coupons, received for collection,
411,897 items, aggregating $480,382,922.
Telegraphic transfers of funds, 99,324 transfers, aggregating
$7,601,969,000.
Balances settled through gold settlement fund, $17,329,844,000.
United States Government checks and warrants handled, 4,861,837
items, aggregating $729,881,000.
Government bond department transactions 27,055,785 pieces,
aggregating $3,271,795,036.
Securities received as custodian, $515,691,896.




OPERATION OF THE

FEDERAL RESERVE BANK
OF CHICAGO
IN 1921
FEDERAL RESERVE AGENT'S REPORT

n p H E financial operations of this bank during 1921 resulted in
1 marked changes in the distribution of assets and liabilities. At
the close of 1920, only 33 per cent of the total assets consisted of
reserves; while at the close of 1921, the percentage was 60,
representing an increase of 144 millions. Bills on hand in 1920
were 53 per cent of the total assets, while in 1921, they were only
25 per cent, a decrease in dollars of over 300 millions, and an
amount less than was on hand at the close of either 1918 or 1919.
Federal Reserve Notes in circulation have decreased 143 millions,
although the ratio to total liabilities changed only from 57 to
53 per cent.
Distribution of Assets
IN MILLIONS OF DOLLARS
500

IbOO

700
////

TOTAL RESERVES
BILLS ON HAND

BEEB! U S SECURITIES
^ ^ A L L OTHER RESOURCES

IN PERCENTAGE
5p

4O

50

fcp

TO

SO

SO

100

A v ^ // '// // '// ;/ W -v W v W x v j
wft(M^

Distribution of Liabilities
IN MILLIONS OF DOLLARS

1 2 wm^smwomxs^ //////////////
3.
1

////

gg^a TOTAL DEPOSITS
eZ^ZZi FEDERAL RESERVE NOTES
[ = 1 FED. RES. BANK NOTES

//////\

^ ^ CAPITAL AND SURPLUS
E ^ ALL OTHER LIABILITIES

IN PERCENTAGE
«

so

to

70

ep

so top

// / / // // // // // // //

The Profit and Loss Statement for 1921, after payment of
$11,576,009 as the franchise tax to the Government, shows net
profits of $2,929,108.



FEDERAL RESERVE BANK OF CHICAGO
MOVEMENT OF EARNING ASSETS
DURING 1920 AND 1921
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

UNITED STATES SECURITIES
100

100

m

?/•
tf's.
•y//(^A

200

' • ' • • '

'/

• '

•'

'/,

'

. ' /

/ ' /

2OO

PURCHASED BILLS

100

1m
DISCOUNTED BILLS
(SS£ NOTE BELOW ,
600

500

400

400
300

200
100

100

700

700

TOTAL EARNING ASSETS

600

500

500

400

400
300

200

1920

1921

A - Paper secured by U. 3. Government obligations discounted for banks in district.
B - Total paper discounted for banks in dlstriot.
C - Total discounted paper held.
Space between lines B and C represents - where above line B - paper discotmted for,
and - where below line B - paper rediscoanted with, other Federal Re3arv8 Banks.




DISCOUNT OPERATIONS IN 1921
highest point for loans to member banks during 1921 as
1 shown in the weekly statements of the Federal Reserve Bank
of Chicago was reached on January 7, when borrowings were
$437,487,000; the decrease during the year was practically
continuous, reaching a low point of $176,447,000 on December 14,
a reduction of 60 per cent. On December 31, 1920 total borrowings amounted to $475,563,000, and on December 31, 1921, to
$185,520,000, a reduction of 61 per cent. The accompanying
chart shows the trend, and statistics may be found in the Appendix.
The expansion in 1920 was more than absorbed by liquidation
during 1921. Each of the five states in the district participated in
this liquidation (which continues also in the first part of 1922)
although it was heavier in some than in others. The decline in
bills discounted for Illinois and Michigan member banks reflects
the liquidation in industrial credit in the cities of Chicago and
Detroit. (The reduction of loans in Chicago banks, which had
been called upon to make advances to country banks, also reflects
liquidation in agricultural credits.) The gradual decline in loans
to member banks in Iowa reflects the steady liquidation of agricultural credit. Changes in borrowings by states at six-month
intervals appear in the following chart.
Loans to Member Banks—F. R. Bank of Chicago

UULYI.I9Z.I

DEC 31,192.1-

Loans secured by United States Government obligations have
been liquidated in about the same proportion as other loans, as will
be seen from Exhibit D of the Appendix. The percentage of
this type of loan to total borrowings on January 7 was 31.1 and
on December 28, was 30.8 oer cent. It was lowest on November 9,
27.1 per cent, and highest on May 18, 36.1 per cent.




Rediscount rates were reduced three times during the year—
on May 7, from 7 to 63^ per cent; on July 30, from 63^ to 6 per
cent; and on November 3, from 6 to 5 per cent. These reductions
did not check the gradual decline of bills rediscounted, as member
banks appreciated the importance of liquidating their borrowings
to a level which would permit them to operate once more on a
basis of seasonal requirements. The slight increase in borrowings
characteristic of the last four months of other years and caused by
demands for harvesting and the movement of crops was not apparent in 1921. This deviation may be explained in part by
advances made by the War Finance Corporation to the banks in
this district for agricultural purposes, amounting to more than
fifteen millions.
Applications for rediscounts were received during the year from
1,191 banks out of the total membership of 1,443. Comparison
by states and years is as follows:
Dills Discounted for Member Banks
1921
Number ol
banks accommodated
Illinois
Indiana
Iowa
Michigan ..
Wisconsin..
Total

1920

1919

Amount

Number of
banks accommodated

Amount

297
160
429
195
110

$1,687,313,049
273,191,803
635,256,121
1,284,463,972
288,251,930

277
155
424
171
97

$2,982,797,786
370,333,483
823,605,371
1,743,004,821
385,750,099

208
153
341
161
88

$2,254,681,713
273,937,050
547,590,970
1,216,159,567
263,942,845

1,191

$4,168,476,875

1,124

$6,305,491,560

951

$4,556,312,145

Number of
banks accommodated

Amount

During the year it was not necessary for the Federal Reserve
Bank of Chicago either to borrow from or lend to other Federal
Reserve Banks.
The decrease in the volume of Bankers' Acceptances rediscounted (from $32,095,000 in 1920 to $1,446,000 in 1921) may be
accounted for by development of the open market for these bills.
The open market rate was lower than the rediscount rate, favoring
sale rather than rediscount.
The volume of trade acceptances rediscounted decreased substantially this year, showing the total of $9,147,000 in 1921, compared with $26,290,000 in 1920.
Liquidation of member banks' bills payable during 1921 brought
about a large reduction in the amount of securities held as collateral. United States securities aggregating 310 millions were
received during the year as collateral to notes, and 383 millions
were released; while in 1920, receipts aggregated 450 millions and
releases, 432 millions.
Changes in the amount and distribution of collateral held may
be seen from the chart in the Appendix.



INVESTMENTS

of Bankers' Acceptances decreased from twentysix millions at
of the year to eight
at the
HOLDINGSfromthe beginningof the Appendix, themillionsshrinkclose. As seen
Exhibit D
large
age occurred during the first part of the year and in the latter part
increases appeared. Changes in the volume of transactions are
seen from Schedule 3. Included in the purchases and holdings
are bills bought with agreement by the seller to repurchase within
fifteen days.
The decrease in holdings of United States securities from fortyfour millions at the beginning of the year to twenty-seven millions
at the close represents almost entirely the cancellation of United
States Certificates of Indebtedness, which had been held to secure
Federal Reserve Bank note circulation. Weekly changes in
holdings are shown in Exhibit D.
The volume of transactions in purchase and sale of United
States securities since March 1, when the investment department
began operations, is shown in the following table:
AMOUNTS IN THOUSANDS OF DOLLARS
March
No. of
Trans- Amount
actions
Certificates of Indebtedness andTreasury Notes
Bought in Open Market
Sold in Open Market....
Bought with Agreement
Resold underAgreement
Jnited States Bonds
Bought in Open Market
Sold in Open Market....

Second Quarter
No, of
Trans- Amount
actions

25
184

4,060
4,015

75
366

12,497
12,433

76
431

340
3,036

205
1,584
2,230

542
10,631

Third Quarter
No. of
Trans- Amount
actions
124
535
156*
166*
181
1,640

12,161
12,203
11,484
9,902*
744
6,009

Fourth Quarter
No. of
Trans- Amount
actions

88
219
695
553

4,565
12,461
52,534
48,328

633
3,805

15,966
21,200

5,993 155,054
Total
36,103 2,802
52,503
716
11,451
•From July 25, only.
Note: Includes transactions for the account of member and other banks, but excludes temporary
Treasury Certificates purchased from the Treasury Department.

Purchases and sales of Liberty Bonds have consistently grown in
volume. Toward the end of the year the establishment of more
active trading in Certificates of Indebtedness in the local market
caused a reduction in the volume of transactions through this
bank.
Practically the only market for short-term United States
Government obligations prior to this year has been in New York.
As conditions in the money market became easier after the first
half of the year, it seemed desirable that a better market for these
securities should be developed in Chicago. This bank, therefore,
adopted the policy of purchasing United States Certificates and
Treasury Three-Year Notes under repurchase agreement by the
dealers in order that a stock of the various issues could be kept on
hand so that sales could be made for immediate delivery in
Chicago.



FEDERAL RESERVE BANK OF CHICAGO
DEPOSITS, F.R.NOTE CIRCULATION, CASH RESERVES
AND RESERVE RATIOSJ92O-1921
PER CENT

PERCENT
ACTUAL

RESERVE

RATIOS

/4 DUUSTED

r

p

A

^~- -A.

A-

\
r-f-*

'—

|

•

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS
400

DEPOSITS

1O0

• R

NC>TE Cl R C

JLJ

ON
600

200

i i lb
i1
I1
I 1 % i If 1 i I i iiii i i ii it
-1
1 1 1 II1 1 F1
iiii
i i 1i
i
i 1 l
1
;i i 1 i i I ii

900
DEPOSIT AND F.R.NOTE LIABILITIES, L, AND TOTAL RESERVES.C

1920

1921

Adjuataa percentages are oaloulated after redaning or Increasing reserves held by
;iie amount of aaaooncdation reoelred from or extended to other Federal Reserve banlcs.
The deposit ourre i s bated on "net deposits" up to March 11. 1921, and on
"total deposits" thereafter•




10

There are now five dealers actively engaged in trading in
Certificates and Notes who publish daily quotations. Prior to
the establishment of the market here last July there were no
dealers in Chicago who published firm bid and asked prices for
Certificates of Indebtedness and Treasury Notes. A large and
increasing volume of business is being handled by these dealers,
and since the market has been established, two eastern houses
have opened branches in Chicago to handle this class of business.
As a result of this development of the market in short-term
Government obligations, a. call money market has been established
in Chicago, whereby banks are enabled to loan money to dealers
on sharp call secured by United States Certificates of Indebtedness, Treasury Notes, and Bankers' Acceptances.
DEPOSIT AND FEDERAL RESERVE NOTE LIABILITIES;
RESERVE POSITION

marked improvement in the reserve
of
is
chart.
reserves
THEclearly shown in the accompanying 7, positionCashthis bank
increased from 329 millions on January
to 458 millions on
December 28. Deposits showed an increasing trend till March,
after which time fluctuations were irregular, with no marked
tendency. The peak shown by the weekly statements was
reached on June 15, with $264,082,000; the low point reached on
September 28 was $231,641,000; on December 28 the item stood
at $239,739,000. Federal Reserve Notes in circulation decreased
almost continuously from $535,075,000 on January 7, to
$409,355,000 on December 28, a decrease of 23.5 per cent.
The rapid increase in the percentage of cash reserves to deposit
and Federal Reserve note liabilities combined, caused by these
changes, indicates the improved financial condition of this bank.
A change was made in the method of computation on March 18,
using total deposits instead of net deposits, as formerly. On
the basis used since March 18, the reserve percentage was 41.6 on
January 7, and 70.6 on December 28. This increase was fairly
steady, although on April 1, a drop to 40.9 per cent occurred.
GROWTH OF MEMBERSHIP

'T~"*HE names of twenty-four state bank members added during
1 1921 will be found in the Appendix. Five state banks withdrew from the system owing to consolidations or changes in status
which prevented their continued membership.
Eleven new national banks were added to the membership,
while eight surrendered their stock. Comparative figures of



11

membership at the close of 1921, compared with the two preceding
years, follow:
Comparative figures of membership
December 31, 1921
Illinois
Indiana „
Iowa
Wisconsin
Totals

Nat'l
332
194
353
80
107
1,066

December 31, 1920

State

Totals

Nat'l

State

Totals

72
20
106
153
26
377

404
214
459
233
133

325
194
358
80
106

1,443

1,063

65
20
101
146
26
358

December 31 1919
Nat'l

State

390
214
459
226
132

319
194
3 54
76
105

1,421

1.048

61
22
80
139
24
326

Totals
380
216
434
215
129
1,374

FIDUCIARY POWERS

S

CHEDULE 8 lists the national banks whose applications for
trust powers under Section 11, (K) of the Act, were approved
during 1921. There were four of these banks in Illinois, four in
Indiana, nine in Iowa, one in Michigan, and four in Wisconsin.
Of these applications, two were for supplementary fiduciary
powers.
BANK EXAMINATIONS
RESENT banking conditions and examinations in connection
with membership applications have increased substantially
the number of bank examinations made by the Federal Reserve
Bank of Chicago during 1921. The examining staff has been
increased to meet these requirements. Examinations have been
made independently and also in cooperation with other banking
departments.
Close cooperation with National, State, and Clearing House
Examination departments has characterized the year's work in
the interest of constructive banking.

P

BANK RELATIONS
T~*HE policy of sending representatives trained in Federal
J. Reserve practice to call upon the member banks was continued
during 1921. A total of 2,679 calls were made and every member
bank in the district was visited at some time during the year.
Particular attention has been given to the explanation of requirements for paper eligible for rediscount, and to methods of keeping
records of transactions in Federal Reserve accounts, so as to
maintain the required legal reserve. In order to place the statements of reserve accounts in the hands of member banks at the
earliest possible moment, these statements have been sent at the
close of each day's business during 1921.
The trend of each member bank's business at the Federal
Reserve Bank has been followed for the purpose of assisting them
in their use of the facilities afforded by this bank.
12
r




Non-member banks have been visited, and by special request
representatives of this bank have explained the requirements and
uses of membership to meetings of stockholders and directors.
The field work has also included cooperation in the distribution of
United States Certificates of Indebtedness and Treasury Notes,
and a broadening of the bankers' acceptance market.
PART PLAYED IN GOVERNMENT FINANCING IN 1921

D

URING the year 1921, the Seventh Federal Reserve District
continued its active part in Government financing, through
purchase by the banks of $138,847,000 "Loan" United States
Certificates of Indebtedness, 11 !/£ per cent of the total amount
purchased by banks of the entire country; and $194,945,000 Tax
Anticipation United States Certificates of Indebtedness, 11% per
cent of the total amount of such certificates sold in the entire
country.
Practically all of these certificates and $63,860,900 United States
Three-Year Notes were distributed among investors in this district, being 11 per cent of the total amount sold in the United
States. All of the Certificates of Indebtedness have matured or
have been retired except $64,179,000 "Loan," and $135,869,500
Tax Anticipation Certificates.
The banks have been the agencies for secondary distribution to
the public and several investment houses have also assisted in the
development of a broad market by opening special departments
for active trading in United States Notes and Certificates of
Indebtedness. During the year the proper use of Tax Anticipation Certificates and the investment possibilities of United States
Notes have been personally discussed with practically every
member bank in this district by a representative of this bank.
Transactions of exchange for other denominations of United
States Securities increased materially owing largely to appreciation
in the market value of these securities.
In its Fiscal Agency function this bank acts as custodian of
securities pledged as collateral for credit taken in War Loan
Deposit account. Deposits of securities are also accepted as
security for balance payment due on Government oil land leases,
as well as deposits of securities for account of the Alien Property
Custodian. As Fiscal Agent of the War Finance Corporation,
advances were made to 426 banks, amounting to $15,517,582.
Treasury Savings Securities are put out on consignment accounts, the collateral pledged as security for such consignment
being held by this bank.
The exchange of temporary bonds for permanent bonds was
practically completed during 1921. Conversion of bonds to those
13



bearing a higher rate of interest and conversion of Victory Notes
of one rate to another made up a considerable part of the operations of the Bond Department. A decrease is shown in the number of coupons redeemed, which may be owing to the gradual
decrease in the number of small denominations remaining in
circulation, as well as to the increase in registered bonds.
Detailed statistics of the operations of the Fiscal Agency Department will be found in schedules of the Appendix.
GOVERNMENT SAVINGS SECURITIES
HE Government Savings organization of the Seventh Federal
Reserve District operated during the year 1921 on practically
the same basis as in previous years, having in view (1) the sale of
Government Savings Securities, (2) developing permanent habits
of regular savings and investments in these securities, (3) the
development and protection of a secondary market for Liberty
Bonds and Victory Notes. This work was carried on through
industries, schools, clubs, fraternal organizations, and the press.
As heretofore, the postal system has been the chief agency for
the sale of these securities. The general conditions throughout
the country, during 1921, and the relatively low interest rate
caused a decrease in sales. In accordance with the policy adopted
by the Treasury department, the Savings organization in this
district was materially reduced on July 1, 1921.

T

NEW ACCOUNTS
INCE March 25, Pittman certificates, which were on deposit
with the Treasurer of the United States to secure Federal
Reserve Bank Note circulation, have been separated from other
investments in the weekly press statements.
On May 11, a new account was introduced, Reserve for Government Franchise Tax, representing accrual on the statement dates
of surplus earnings payable to the Government as a franchise tax
at the close of the year.

S

GOLD SETTLEMENT FUND
ERVICES rendered in settling balances between Federal
Reserve districts are shown by the volume of daily settlements
through the Gold Settlement Fund, as given in Schedule 21 of the
Appendix. Debits in settlements amounted to $8,866,614,000 and
credits were $403,384,000 less. Gains were shown in all of the
four-week periods except that ending on December 1, when a
small loss was shown. When transfers amounting in debits to
$33,700,000, and credits to $235,000,000 are taken into account,
losses are shown to the Gold Settlement Fund for the four-week
periods ending March 24, June 16, October 6, and December 29.
14

S




Deposits and withdrawals together with these settlements and
transfers increased the Gold Settlement Fund from $36,048,000
at the beginning of the year, to $79,130,000 at the close.
POSITION OF MEMBER BANKS
HE accompanying chart based on reports of member banks in
leading cities of the Seventh Federal Reserve District during
the year 1921 indicates the changes in the financial position of
these member banks during the year. The number of member
banks reporting at the first of the year was 115, including 52 banks
in Chicago, 13 in Detroit, and 50 in other selected cities; while
at the close of 1921, there were 51 in Chicago, 13 in Detroit, and
48 in other selected cities, making a total of 112. However, the
reduction in the number reporting does not affect the trends, for
a large part of the assets and liabilities of the banks which discontinued reporting are shown in the figures of the reporting banks
which took over or consolidated with the banks that dropped out.

T

Principal Resource and Liability Items of Reporting Member Banks, Seventh
Federal Reserve District.

LOAM5

MARCH

WRIL

Loans and discounts, including bills rediscounted with the
Federal Reserve Bank, decreased almost continuously during the
year; while investments were practically constant, although at
times the results of Government financing caused the aggregate
to fluctuate. Demand deposits fluctuated considerably during
the year without indicating any marked trend. Practically no
change is shown in time deposits during the year. Cash in vaults
and balances with the Federal Reserve Bank show fluctuation at
times, but were fairly steady during the year. Bills rediscounted
and bills payable with the Federal Reserve Bank both show large
reductions during the year, as noted elsewhere in the report.
15



In the analysis of the reserve accounts of member banks, it is
found that throughout the year the aggregate of reserve balances
maintained by member banks with this bank has been in excess of
the legal requirements. The excess ranged from a high point of
3.90 per cent for January, to a low point of 2.25 percent for March.
CASH AND CURRENCY OPERATIONS
HE operations of the Cash Department have been increased
over last year by functions of the Subtreasury taken over in
November, 1920. Prior to that time only a very small amount of
coin was handled by this bank. During 1921 there was received
for deposit $15,027,000 in coin, while shipments to banks in this
district and to Washington amounted to $12,529,000. Accumulated in the vaults is circulated coin amounting to $3,832,000.
This reflects a very marked decrease during the last year in the
demand for subsidiary and minor coins and contrasts with the
three years prior to 1921, when the mints operating twenty-four
hours a day had difficulty in supplying the demand, and during
which time practically no circulated coin accumulated in the
Subtreasury in Chicago.

T

The total amount of currency received was $1,105,761,000 as
compared with $1,088 281,000 in 1920. New currency amounting to $377,699,000 was paid out. Total payments in 1921
amounted to $959,969,000 compared with $1,121,098,000 in 1920.
The extent to which member banks are availing themselves of
the opportunity of shipping currency to and from the Federal
Reserve Bank, without expense to them, is indicated by 67,665
shipments made during 1921 compared with 50,327 in the previous
year.
CLEARINGS AND COLLECTIONS
N the check-clearing operations of this bank for the year 1921,
the total number of items handled shows an increase of 14.1
per cent over the preceding year. The number of items on Chicago and Detroit banks increased 15.1 per cent; checks on banks
in the Seventh Federal Reserve District outside of Chicago and
Detroit, 12.7 per cent; checks on banks in other Federal Reserve
Districts, 1.2 per cent; and Government checks, 41.0 per cent.
The larger ratio of increase shown last year over the preceding
year was due to the fact that during the first three months of 1920
and the last two months immediately preceding, approximately
1,000 banks located in this Federal Reserve District were added
to the par list, resulting in a heavy increase in the number of items
received.

I




16

The total number of items handled during 1921 was almost
sixty-nine millions, amounting to nearly fourteen billion dollars;
19.1 per cent were drawn on Chicago and Detroit banks, 68.7 per
cent on banks in this district outside of Chicago and Detroit, 5.1
per cent on banks in other districts, and 7.1 per cent on the United
States Treasurer. Detailed statistics appear in Schedule 22 of the
Appendix.
It is seen that while the number of items increased over preceding years, the amount represented was less than the amount
in 1920. This indicates a decrease in the size of the average check,
owing, in a measure, to the decrease in amounts of individual
money transactions that has occurred. The decrease was practically steady from January, 1920, when the average check (drawn
on banks) handled was $318.39, to December, 1921, when the
average was $190.59. The average check (drawn on banks)
handled for the year 1919 was $392.84 and for the year 1920,
$320.14, while for 1921, it was $207.46. The largest volume of
items handled in a single day since the establishment of the
system, was on October 13, 1921, when a total of 397,671 items,
amounting to $71,789,000 was handled.
Operations related to the collection of non-cash items are shown
in the accompanying table, indicating the services to member
banks in the collection of notes and drafts, both those discounted
at Federal Reserve banks, and those sent by member banks for
collection.
Number of Collection Items Handled—1921
Drawn on

Discount Department
Vlember Banks, District 7
Vlember Banks, Other Districts
Other Federal Reserve Banks..
Totals

Other Districts

Commercial Bonds and
Items
Coupons

Received from

Seventh Federal
Reserve District

Commercial Bonds and
Items
Coupons

Total
All Items

5,535
42,857
19,226
123,563

25,700
6,879
118,064

4,815
49,291
71
84

15,038
10
764

10,350
132,886
26,186
242,475

191,181

150,643

54,261

15,812

411,897

Amounts represented by these items aggregated $480,382,922.
There were also protested notes, drafts, and checks to the number
of 5,871.
TRANSFER OPERATIONS
HE services performed by the Federal Reserve Bank in the
transfer of funds by telegraph and by draft are shown in
Schedule 17 of the Appendix. The total transfers bought was 14.7
per cent less than for 1920, while the total transfers sold was 58.2
per cent more. Of the total amount transferred 92.8 per cent
was by telegraph and made without charge.

T




17

INTERNAL ORGANIZATION

changes occurred during
year 1921 in the
of
Board
Federal Reserve Bank
NOthe and but of Directors ofthethe official staff. personnel of
Chicago,
three changes in the
The Board of Directors for the year 1922 will be constituted as
follows:
Class "A"—Elbert L. Johnson, Charles H. McNider, and
George M. Reynolds; Class "B"—John W. Blodgett, Albert R.
Erskine, and August H. Vogel; Class "C"—Frank C. Ball,
William A. Heath, and James Simpson. William A. Heath was
again designated by the Board as Chairman and Federal Reserve
Agent for 1922. James Simpson was again designated as Deputy
Chairman.
The Executive Committee for 1921 was composed of James B.
McDougal, Governor, William A. Heath, Federal Reserve Agent,
Charles H. McNider, George M. Reynolds, James Simpson, and
August H. Vogel. The Membership Committee was composed
of the Federal Reserve Agent, the Governor, and August H. Vogel.
The Building Committee was composed of the Governor, the
Chairman of the Board, George M. Reynolds, James Simpson, and
August H. Vogel. These committees will serve as constituted
during the year 1922.
John H. Blair, formerly Vice-President of the Iowa National
Bank of Des Moines, Iowa, was elected to the office of Deputy
Governor, assuming his duties July first. Irving Fischer was
elected Manager of the Check Department, assuming his duties
September first.
A vacancy in the official staff was caused through the death of
Frank J. Carr, Controller of Member Bank Accounts, on August
20, 1921. No appointment has as yet been made to fill the
vacancy.
In 1921 efforts to reduce the personnel have resulted in a net
reduction of 114 in the number of employes from the high point
of the year.




DETROIT BRANCH
'"T^HE year 1921 has been one of gradual and orderly liquidation
1 by member banks in the territory covered by the Detroit
Branch. They have, apparently, exerted every effort consistent
with the welfare of their communities, to bring about a reduction
in outstanding loans and a corresponding decrease in bills payable
and rediscounts. The high mark for member bank rediscounts
was reached early in April, $80,000,000, from which point there
had been effected a decrease of 58 per cent on December 31, 1921.
During the closing weeks of the year, the effects of seasonal borrowings were reflected in increased discount operations. Offerings have been considered and proper standards maintained,
without subjecting member banks to unreasonable restrictions.
Transit operations for the year show an increase of 33 per
cent in the number of items handled while the aggregate amount
shows a decrease of 21 per cent from the previous year. These
figures indicate the degree to which member banks have availed
themselves of the services of the Federal Reserve Clearing System.
The increase in volume as against a pronounced decrease in
amount can be partially accounted for by the gradual downward
trend in prices applicable to practically all commodities, which
characterized the year 1921.
The use by member banks of the collection privilege has
increased, but here, also, the amount in dollars is not commensurate with the number of items handled. The number of noncash items handled in 1921 shows an increase of 101 per cent with
an increase of 16 per cent in dollars over the previous year.
Transfer activities show an increase in dollars of 15 per cent in
transfers bought and a decrease of 3 per cent in those sold.
Fiscal Agency operations present a decided decrease from the
previous year as is noted in the following table:
Decrease
In
Number
25%
39%

Coupons Redeemed
War Savings Stamps
Certificates of Indebtedness.

In
Amount
11%
38%
60%

Currency operations for the year show 11 per cent less receipts
and a decrease of 38 per cent in payments from the previous year.
Country member banks appreciative of this privilege have increased the demand in number of shipments 37 per cent, while a
decrease of 13 per cent in amount is noticeable.



19

A representative of the Detroit Branch visited every member
bank in the district during the year. An effort has been made at
such times to establish a closer relationship between the member
banks and the Branch, and to enlist the interest of member banks
in availing themselves of such forms of service as are applicable
to their needs. Results of this policy are increasingly apparent.
The membership of the Board of Directors remained unchanged during the year, the following members, who constitute
the Board of Directors, having been reappointed for the year 1922:
Robert B. Locke, Chairman; John Ballantyne, Emory W. Clark,
Julius H. Haass and Charles H. Hodges. There was no change in
the official staff during the year.
It has been apparent for some time that the quarters at present
occupied by the Branch are inadequate to the increasing requirements of member banks in its very active territory. Late in
the year the Directors of the Branch recommended to the parent
bank the purchase of a site upon which permanent quarters
for the use of the Branch might be erected. This recommendation was approved by the parent bank and by the Federal Reserve
Board and the proper y has been acquired.

APPENDIX
FEDERAL RESERVE BANK OF CHICAGO
EXHIBIT A—Profit and loss statement
1921

1920

1919

$20,382,170 $3

Earnings
Current Expenses-

4,453,240

Current Net Earnings..

2,548,324

$15,529,912 $25,849,978 $ 9,463,754

Additions to Current Net Earnings:
Amounts deducted from Reserve for depreciation on U. S.
bonds
Assessment account expenses Federal Reserve Board previously charged to profit and loss
All other

66,764
2,543

4,826 $

Total Additions..
Deductions from Current Net Earnings:
Depreciation allowances on bank premises
Reserve for possible losses
Reserve for depreciation on U. S. bonds
Assessment account expenses Federal Reserve Board.
All other

4,826

69,307

145,000
500,000

29,062

820,000

384,621

14,474

66,764
786

$ 1,029,621 $

Total Deductions
Net Deductions from Current Net Earnings.

1,024,795

43,536$

887,550

25,771

887,550

Net Earnings Available for dividends, surplus, and franchise
tax
$14,505,117 $25,875,749 $ 8,576,204
Dividends Paid
Transferred to Surplus Account
Franchise Tax Paid U. S. Government.




$
853,785 $ 792,769 $ 700,807
$ 2,075,323 $14,688,500 7,875,397
$11,576,009 $10,394,480

20

EXHIBIT B—Statement of earnings and expenses
Comparative statements for the years 1921, 1920, and 1919.
1920

1921
EARNINGS
Discounted Bills
Purchased Bills
United States Securities
Transfers—net earnings
Deficient Reserve Penalties
Miscellaneous

1919

$18,829,302 $25,726,750 $ 8,915,827
374,864
2,989,035 2,141,789
858,205
995,377
736,241
162,555
374,000
143,495
123,250
174,470
44,569
33.994
43,586
30,157
$20,382,170 $30,303,218 $12,012,078

Total Earnings.....
CURRENT EXPENSES
Salaries:
Bank Officers
Clerical Staff
Special Officers and Watchmen
AllOther
Governors' Conferences
Federal Reserve Agents' Conferences
Federal Advisory Council
Directors' Meetings
Traveling Expenses*
Assessments for Federal Reserve Board Expenses
Insurance (life, fidelity, casualty, workmens' compensation
and general liability)
Rent, (including light, heat and power and minor alterations.)
Fire Insurance—Furniture and Equipment
Printing and Stationery (including office and other supplies)
Telephone
Telegraph
Security Shipments
Currency and Coin Shipments
Postage and Expressage (other than on money and security
shipments)
Furniture and Equipment

332,652
1,888,877
138,792
156,492
615
244
1,099
11,731
48,131
105.227

224,041
1,672,550
94,494
123,324
474
559
1,046
9,591
39,667
101,568

163,583
881,142
64,752
80,785
523
84
816
6,754
28,147
80,170

68,987
273,625
7,141
249,617
31,872
71,621
13,033
107,502

45,610
300,242
4,535
240,727
19,283
63,875
114,767

16,513
145,913
253
114,448
9.793
24,216
66,144

145,446
118,158

125,770
289,064

105,116
98,080

768,220
106,811
98,655
107,710

550,291
102,672
174,252
154,838

400.418
62,558
133,970
64,146

4,852,258

4,453,240

2,548,324

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
Current Net Earnings

$15,529,912 $25,849,978 $ 9,463,754

•Other than those connected with Governors' and Agents' conferences and meetings of directors of the Advisory Council.

Fiscal Agency Department expenses, amounts reimbursed by the Treasury Department
and balances reimbursable at the end of the calendar years 1921, 1920 and 1919.
1921

1920

1919

Total Disbursements during year
Amounts Reimbursable January 1

$

393,239 $1,066,647 $2,649,936
84,243
471,211 1.261,885

Total
Reimbursements received during year

$

477,482 $1,537,858 $3,911,821
465,994 1,453,615 3,440,610

Balance Reimbursable December 31,




.

$

21

11,488 $

84,243 $

471.211

EXHIBIT C—Comparative statement of financial condition
IN THOUSANDS OF DOLLARS
Dec. 31,
1921
RESOURCES
Gold Coin and Gold Certificates
Gold Settlement Fund—F. R. Board...
Gold with Foreign Agencies

Dec. 31,
1920

Dec. 31,
1919

22,025
79,130

29,016
36,048
393

24,181
76,479
15,627

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

101,155
312,163
26,284

65,457
198,162
33,461

116,287
243,604
19,533

Total Gold Reserves
Legal Tender Notes, Silver, etc.
Total Reserves..

439,602
15,870

297,080
14,440

379,424
1,921

455,472

311,520

381,345

59,832
125,688
8,489

140,429
335,134
25,741

tl50,819
136,090
92,650

194,009
9,605

501,304
4,490

379,559
4,477

12,667
4,372

39,612

39,612
176

220,653
7,010
1,665
77,273
1,521

545,406
2,351
1,778
88,997

423,824
2,116
1,888
128,501
936

763,594

951,041

938.610

14,30
29,025

12,347
14,292

9,849
237,012
2,35

13,913
28,980
12,532
249,771
1,867

350
257.979
9,975

249,214
402,463

264,170
545,395

268,304
500,139

7,386
57,201
3,998

38,856
55,911
3,816

40,950
100,826
1,752

763,594

951,041

938,610

69.9

*40.1

*51.5

Bills Discounted:
Secured by U. S. Government Obligations..
AllOther
Bills Bought in Open Market
Total Bills on Hand
U. S. Bonds and Notes
U. S. Certificates of Indebtedness:
One Year Certificates (Pittman Act).
AllOther
Total Earning Assets..
Bank Premises
5% Redemption Fund against F. R. Bank Notes
Uncollected Items
All Other Resources
Total Resources..
LIABILITIES
Capital paid in
Surplus
Deposits:
Government
Member Bank—Reserve Account.
AllOther
Total Deposits
F. R. Notes in Actual Circulation...
F. R. Bank Notes in Circulation—
Net Liability
Deferred Availability Items
All Other Liabilities
Total Liabilities..
Ratio of Total Reserves to Deposit and F. R. Note Liabilitie
Combined

•Calculated on basis of net deposits and F. R. notes in circulation,
tincludes $19,270,000 rediscounted for other Federal Reserve Banks.




22

FEDERAL RESERVE BANK OF CHICAGO
EXHIBIT D—Movement of principal asset and liability items during 1921
AMOUNTS IN THOUSANDS OF DOLLARS

DATE

Total
Earning
Assets

(2+5+8)

Bills Discounted for Member
Banks in this District*

Total

Secured by Per Cent
U.S.Govt.
(3+2)
Obligati'ns

Purchased Bills
Total
Held
(7-6)

Sold to
other
F. R.
Banks

Purchased
in Open
Market

U. S.
Securities

Total
Cash
Reserves

Feb
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
June
June

22
27
4..
11
18
25 .
I..

June
June
June
Continued Next Page




505,942
487,629
468,130
444.943
426,382
419,009
423,124
442,202
424,140
432,308
434,788
469,636
482,669
450,410
422,036
425,638
414,594
411,889
377,031
361,696
356,550
355,450
3 56,789
359,020
359,888
363 722

F R
Notes
in Circulation

Reserve
Percentage t
Actual

(5+6)

Adjusted!
13

10

1

Jan.
Jan.
Jan.
Jan.

Total
Deposits

437,487
416,842
410,502
389,666
370,235
362,756
368,264
386,602
369,451
378,713
379,497
415,240
427,441
397,992
369,439
373,937
365,107
363,384
333,355
312,210
311,807
310,217
311,901
296,579
315,580
319 822

13 5,868
133 550
138,530
138,589
126,280
126,908
131,353
128,523
128,470
128 921
127,680
129,745
128,391
127,644
123,798
126,814
120,356
120,923
117,775
112,594
112,004
110,324
109,303
104,924
107.380
107,019

31.1
32.0
33.7
35.6
34 1
35.0
35.7
33.2
34.8
34 0
33.6
31.2
30.0
32.1
33.5
33.9
33.0
33.3
35.3
36 1
35.9
35.6
35.0
35.4
34.0
33.5

24,353
21,654
13,470
11,083
12,020
12,147
10,508
11,431
10,535
9,490
10,309
10,294
12,049
9,298
9,950
8,991
8,037
7,373
2,977
2,686
3,996
4,557
4,219
4,924
3,590
3,223

1 ,000
1,000
1 ,000
1,000
1,000
50

24,353
21,654
13,470
11,083
12,020
12,147
10,508
11,431
11,535
10,490
11,309
11,294
13,049
9 348
9,950
8,991
8,037
7,373
2,977
2,686
3,996
4,557
4,219
4,924
3,590
3.223

44,102
49,133
44,158
44,194
44,127
44,106
44,352
44,169
44,154
44,105
44,982
44,102
43,179
43,120
42,647
42,710
41,450
41,132
40,699
46,800
40,747
40,676
40 669
57,517
40,718
40.677

328,510
334 926
345,450
367,587
372,211
388,399
376,458
371,892
374,989
368,979
349,013
315,899
296,468
330,175
351,512
347,657
349 974
359,328
387,277
398,836
398 605
398,473
386,784
391,773
366,829
364,481

11

12

253,958
254,683
250,736
254,121
248,270
258,811
253,912
260,189
261,795
263,874
248,285
253,898
247,781
245,489
246,851
249,253
239,266
245,107
245,225
248,387
243,054
245,695
239,535
264,082
233.525
234,507

535,075
517,474
512,612
506,053
501,877
498,251
496,143
497,763
495,914
489,484
485,349
480,345
476 592
478,326
473,559
473,814
470,823
469,877
465,267
458,934
456,793
459,808
454,846
448,997
444,851
443.802

43.6
45.1
47.0
500
51.5
53.0
51.9
50.3
51.7
50.7
47.6
43.0
40.9
45.6
48.8
48.1
49.3
50.3
54.5
56.4
57.0
56.5
55.7
54.9
54.1
53.7

51.5
50.5
47.4
42.9
40.8
45.6

EXHIBIT D—Continued
AMOUNTS IN THOUSANDS OF DOLLARS

DATE

Total
Earning
Assets

(2+5+8)

Bills Discounted for Member
Banks in this District*
Total

Secured by
U.SGovt.
Obligati'ns

Per
Cent

(3+2)

Purchased Bills
Total
Held
(7-6)

Sold to
other
F. R
Banks
6

1
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

6
13
20
27
3...
10
17
24
31
7
14
21
28
5
11
19
26
2
9
16
23....
30
7
14
21...
28

2

3

4

5

367,864
340,441
330,559
322,581
284,459
263,897
260,224
262,024
251,297
252,814
231,717
265,896
260,077
249,951
245,214
239,074
226,654
230,826
218,689
222,245
212,848
210,091
209,825
201,182
224,695
231.888

324,901
297,812
287 078
279,612
241,937
219,390
218,004
218,390
210,268
213,234
195,466
226,209
226,112
215,042
211,023
204 388
193,542
194,640
182,126
189,133
183,616
179,535
182,009
176,447
196,618
196 053

106,366
100,414
96,591
90,469
83,986
74,089
71,198
72,084
70,403
67,653
63,392
69,047
69,949
69,795
64,748
65,918
55,268
60,081
49,278
52,510
52,353
52,194
54,759
50,646
55,636
60.344

32.7
33.7
33.6
32.4
34.7
33.8
32.7
33.0
33.5
31.7
32.4
30.5
30.9
32.5
30.7
32.3
28.6
30.9
27.1
27.8
28.5
29.1
30.1
28.7
28.3
30.8

2,306
1,918
2,842
3,280
2,713
3,656
2,985
3,313
3,054
2,656
1,559
3,387
1,494
3,907
3,709
3,706
3,130
3,561
4,161
3,350
1,891
5,195
4,536
3,975
4,289
5,296

Purchased
in Open
Market

U.S.
Securities

Total
Cash
Reserves

Total
Deposits

F. R.
Notes
in Circulation

Actual

(5+6)
7

2,306
1,918
2,842
3,280
2,713
3,656
2,985
3,313
3,054
2,656
1,559
3 387
1,494
3,907
3,709
3,706
3,130
3,561
4,161
3,350
1,891
5,195
4,536
3,975
4,289
5,296

Reserve
Percentage

8
40,657
40,711
40,639
39,689
39,809
40,851
39,235
40,321
37,975
36,924
34,692
36,300
32,471
31.002
30,482
30,980
29,982
32,625
32,402
29,762
27,341
25,361
23,280
20,760
23,788
30,539

9
374,281
392,549
400,360
401,260
445,581
467,988
470,114
461,986
473,194
478,012
496,550
444,770
441,317
462,794
468,648
462,265
464,914
467,939
480,234
475,554
473,796
471,910
477,619
492,388
469,022
458,498

Adjusted};

13

10

11

12

238,390
239,784
243,792
240,326
248,523
247,008
247,192
244,094
244,507
246,252
253,556
243,240
231,641
244,062
245,566
243,869
234,611
243,193
239,563
247,907
236,974
234,812
238,868
240,217
246,368
239,739

454,379
444,363
438,846
433,613
435,339
433,830
433,247
430,920
431,431
438,117
429,888
427,286
423,703
423,145
423,688
416,129
411,710
410,396
410,311
405,658
405,720
401,583
401,812
402,140
409,983
409,355

54.0
57.4
58.6
59.5
65.2
68.7
69.1
68.4
70.0
69.8
72.7
66.3
67.3
69.4
70.0
70.0
71.9
71.6
73.9
72.8
73.7
74.2
74.5
76.7
71.5
70.6

*No bills were discounted for or with other F. R. Banks.
fPrior to March 18, net deposits as given below werp used in calculating reserve percentages:
7
$218,936,000
Feb.
4
$220,635,000
Mar.
4
$229,595,000
14...
225,194,000
Feb. 11....
234,073,000
Mar. 11
238,516,000
21
222,498,000
Feb. 18...
228,679,000
28
229,150,000
Feb. 25
241,627,000
^Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other F. R. Banks.
A blank (—) in this column indicates that no accommodation was extended to or received from other F. R. Banks.

Jan.
Jan.
Jan.
Jan.




Securities Held as Collateral to Notes at Close of the First
Business Day of Each Month.
190

tao

RM. Hf\ B;—
--—-~

TTY17M

no

s ^

A. t o
\

1.50

\

140

\

V30
U.S.BC MOS

TO MOT -S OT ME H B t R B/ M M

CO

\

120

~ ~

110

.

\

s

N

100

\

s

30
00
Si

•s.

70

>

<oO

50
40
cm i

3-0

ATFRA\

in

NTS
OTHrR

ZO
10
JAN.

Vi

FTB

MAR.

APR.

MAY

JUML

JULY

Oil ATFR

CERTfS C 31-LftTtRAV. TO MOTELS or

AUG. SEPT.

OCT.

titnat

NOV.

DEC. JAM.

SCHEDULE 1—Discount Rates—Federal Reserve Bank of Chicago, 1921
CHANGES EFFECTIVE
Rates in
Rates in
Effect
Effect
Jan. 1 Jan. 31 May 7 June 25 July 30 Nov. 3 Jan. 1
1921
1921
1921
1922
1921
1921
1921
Paper maturing within 90 days
Secured by
U. S. Certificates of Indebtedness
Liberty Bonds and Victory
Notes
U. S. Treasury Notes
Trade Acceptances
Bankers' Acceptances
All other
.,
Paper maturing within 91 days
to 6 months
Agricultural and Live Stock..

6K
6

X

6
bX

6K

* Discount rate to correspond to interest rate borne by certificates pledged as collateral with
minimum of 5X per cent.




SCHEDULE 2.—Customary money rates in Chicago at commercial banks in 1921
January
Demand money
7
Commercial Paper
7
Brokers' 6 months' paper
7
Year money
7
Acceptances . ..
5K@7K
Notes secured by Certificates of Indebtedness
7

February

March

7

7

April

May

June

7
7@7H
7@7H
7

7
7@8
7@8
7
5V2@b

7
7@8
7@8
7

7@7H
7®7H

7

7

5K@8
7

July

August

September

October

7

Demand money
"ommercial Paper
Brokers' 6 months' paper
Year money
Acceptances
Motes secured by Certificates of Indebtedness

7@7H
7@7H
7
5%@7%

7
7@7H
7@7H

bVi@7
(>X@7H
b@7H
7
4X@bVs

b%@7
b%@,7
b@7
b'A@7
4lA@7

b%@7
b@7
b@,b%
bX@7
4V$@5X

7

7

b%@7

b@7

7@8
7@8
5@bX
7

5Vs@8

5Vs@bV8

7

7

November December

b@b%
6
6K@7
4H@4K

Spread of Money Rates in Chicago at Commercial Banks During 1921
and Two Years Preceding
PER CEMT

ftPR.

JULY

OCT.




JAM.

APR.

JULY

26

OCT.

JAO.

APR.

JULY

OCT. DK,

SCHEDULE 3 —Volume of Bills Discounted and Bought
IN THOUSANDS OF DOLLARS

Month
Total

January
February....
March
April
May
June
July

Secured
Bankers'
by Govern- Accepment
tances
Obligations

Trade
Acceptances

Agricultural and
LiveStock
Paper

All Other

1,404
842
1,053
1,756
889
933
364
323
295
698
361
229

13,819
13,498
24,657
15,283
15,830
16,686
11,403
13,242
18,288
16,638
16,849
16,427

149,728
152,564
233,307
131,582
140,880
187,516
128,953
112,800
129,652
108,178
72,412
93,977

192,620

1,641,549

423,044
386,882
519,190
374,274
379,304
418,783
323,184
293,919
310,432
272,259
214,202
253,004

257,587
219,978
259,850
225,461
221,645
213,481
182,464
167,534
162,197
146,570
124,577
142,371

- 4,168,477

2,323,715

1,446

9,147

6,305,492
4,556,312

3,816,381
3,955,045

32,095

26,290
6,581

August.
September..
October
NovemberDecember..

506
323
192
60
167
20
175
3

TOTAL DISCOUNTED AND
PURCHASED PAPER

PURCHASED PAPER

DISCOUNTED PAPER

Total

17,656
16,200
15,023
11,423
10,998
8,332
7,856
9,815
6,665
10,626
12,287
11,395

Bankers'
Acceptances
16,894
14.863
14.228
10,888
10,248
8,297
7,856
9,715
6,173
10,626
12,267
10,770

Dollar
Exchange

Trade
Acceptances

1921

1920

1919

100
492
20
625

440,700
403,082
534,213
385,697
390,302
427,115
331,040
303,734
317,097
282,885
226,489
264,399

433,063
508,423
669,482
553,261
538,131
596,346
523,910
545,603
654,010
514,770
531,999
581,515

324,382
276,622
355,519
365,358
434,877
420,770
394,089
401,146
402,042
444,066
481,884
547,569

4,306,753

762
1,337
795
535
750
35

TOTAL
1921
1920...
1919....




2,430,726
594,686

138,276

132,825

5,451

345,021
292,012

341,314
291,951

3,707
61

6,650,513
4,848,324

SCHEDULE 4 — New National Banks, 1921
LOCATION

BANK

ILLINOIS
Braidwood.
Chicago

First National Bank*
Alliance National Bank
Kenwood National Bank
National Bank of Woodlawn
West Englewood National Bank
First National Bank
First National Bank*
First National Bank

Grant Park.
Maroa
Palatine
INDIANA
East Chicago'.

United States National Bank
of Indiana Harbor

IOWA
Farnhamville..

First National Bank

WISCONSIN
Burlington

Burlington National Bank*

*These banks were organized in 1920, but made payment on their F. R. Bank stock in 1921.

SCHEDULE 5.—National Banks Liquidated in 1921
Location

Name of Bank

ILLINOIS
Mattoon

Disposition

State National Bank

Absorbed by State Bank

First National Bank

INDIANA
Ambia
IOWA
Belmond
Chariton
Emmetsburg
Marcus
Mason City

Receiver

Taken over by State Bank
Consolidation, Lucas County National Bank
Receiver
Receiver
Consolidation,City Commercial Savings Bank
Commercial National Bank.... Voluntary Liquidation
First National Bank
Chariton National Bank
Emmetsburg National Bank..
First National Bank
City National Bank

Storm Lake

SCHEDULE 6.—State Banks—Liquidations and withdrawals—1921
Location
ILLINOIS
Bloomington.

Bank

Date

State Bank of Bloomington
Great Lakes Trust Co

July 18, 1921..

IOWA
DesMoines...

First Trust & Savings Bank.

July 1, 1921

Sioux City.

Union Trust & Savings Bank.

May 10, 1921..

Oakland County Savings Bank....

June 16, 1921..

Chicago

MICHIGAN
Pontiac




2<S

Nov 30, 1921..

Disposition
Taken over by First
National Bank
Taken over by the
Central Trust Co.
Taken over by Des
Moines National
Bank
Receiver
Consolidation, Pontiac Commercial
& Savings Bank

SCHEDULE 7—State bank membership in Federal Reserve Bank of Chicago by
states and cities with year of admission
City
Argenta
Auburn
Barrington
Blandinsville
Chicago

Cicero
Cowden
Des Plaines
Divernon
Eureka
Evanston
Fulton
Geneva
Hinckley
Hinsdale
Joliet
Kewanee
La Grange
Magnolia....
Marshall
Martinsville
Matteson
Mattoon
Moline




ILLINOIS
Bank
The Gerber State Bank
....Auburn State Bank
First State Bank of Barrington
Huston Banking Company
...Adams State Bank
Austin State Bank
Capital State Savings Bank
Central Trust Company of Illinois
Chicago Trust Company
Depositors State Bank
Drexel State Bank
First Trust & Savings Bank.
Foreman Bros. Banking Company
Harris Trust & Savings Bank
Home Bank & Trust Company
Hyde Park State Bank
Illinois Trust & Savings Bank
Z
Independence State Bank
Kaspar State Bank
Madison & Kedzie State Bank
Mechanics & Traders State Bank
Mercantile Trust & Savings Bank.
Merchants Loan & Trust Company..
Noel State Bank
The Northern Trust Company
North-Western Trust & Savings Bank
Reliance State Bank
Second Security Bank
Security Bank of Chicago
South Side Trust & Savings Bank.....
2
Standard Trust & Savings Bank
State Bank of Chicago
Union Trust Company
United State Bank
Wood'awn Trust & Savings Bank
Morton Park State Bank
Western State Bank of Cicero
State Bank of Cowden
Des Plaines State Bank
First State Bank
Farmers State Bank..
Evanston Trust & Savings Bank.....
z
State Bank & Trust Company....
Whiteside County State Bank
State Bank of Geneva
Hinckley State Bank
Hinsdale State Bank
Commercial Trust & Savings Bank
Joliet Trust & Savings Bank
Z
.Union State Savings Bank & Trust Company
2
The La Grange State Bank...
First State Bank.
The Marshall State Bank
Martinsville State Bank
First State Bank
.Central Illinois Trust & Savings Bank
>
Moline Trust & Savings Bank
2
Peoples Savings Bank & Trust Company
z
State Savings Bank 82 Trust Company
29

Admitted
1921
1918
1918
1920
..1921
1917
..1918
1914
1917
...1918
1921
1917
1917
1917
1918
1917
..1918
...1920
..1917
1918
.1918
1918
1917
1917
1918
...1918
1921
...1919
1918
1921
..1917
1917
1917
1917
1920
1920
1917
...1920
1918
..1920
1918
...1918
1917
..1919
1918
1921
.1918
1915
..1917
1917
..1918
1918
1918
1917
1918
1918
1918
1918
1918

SCHEDULE 7—State bank membership in Federal Reserve Bank of Chicago by
states and cities with year of admission.
ILLINOIS—Continued
Carroll County State Bank
First State Savings Bank
Oak Park
...Oak Park Trust & Savings Bank
Suburban Trust & Savings Bank
Oswego
_
Oswego State Bank
Polo
Polo State Bank
Rock Island....
First Trust & Savings Bank
St. Charles
Stewart State Bank
Seneca
Farmers Trust & Savings Bank
2
State Bank of Seneca
Shannon
State Bank of Shannon
Springfield
Ridgely-Farmers State Bank
Wenona
First State Bank of Wenona
INDIANA
Angola
Steuben County State Bank
Bargersville
Farmers State Bank
Colfax
Farmers State Bank
Connersville.
Fayette Bank & Trust Company..
Cromwell
Sparta State Bank....
Elkhart
..St. Joseph Valley Bank
Hillsboro
Hillsboro State Bank*
Jamestown
Citizens State Bank
Kentland
.....Discount & Deposit State Bank
Kent State Bank
Lafontaine
Farmers State Bank
Marion
Grant Trust & Savings Company
North Liberty
.North Liberty State Bank
Richmond
...Dickinson Trust Company
Rochester
United States Bank & Trust Company
South Bend
..American Trust Company
St. Joseph Loan & Trust Company
South Whitley..
..Gandy State Bank
Terre Haute
The Terre Haute Trust Company
Tipton..
Farmers Loan & Trust Company
IOWA
Algona
County Savings Bank
Alta Vista
Alta Vista Savings Bank
Ames
Story County Trust & Savings Bank
Armstrong
State Bank of Armstrong
Audubon
Iowa Savings Bank
Avoca
Avoca State Bank
Barnes City.
Farmers Savings Bank
!
Battle Creek
Battle Creek Savings Bank
Bellevue
Bellevue State Bank..
Bennett....
Bennett Savings Bank
Blairsburg.....
State Bank of Blairsburg
Brighton
Brighton State Bank
Britt
Commercial State Bank
Cedar Falls..
Security Trust & Savings Bank
Cedar Rapids
.Iowa State Savings Bank
Chariton.....
State Savings Bank
Charter Oak
Farmers State Bank...
Cherokee
Cherokee State Bank
Clearfield
Taylor County State Bank
Clinton..
Peoples Trust & Savings Bank
Corwith
Peoples State Bank
Corydon.
Wayne County State Bank
Davenport..
American Commercial & Savings Bank
*\Vithdrew from membership February 9, 1922.
Mount Carroll




30

1918
1920
1918
1917
1918
1921
1920
1918
1921
1921
1918
1919
1918
1918
1918
1919
1918
1918
1917
..1918
1918
1917
1918
1919
1918
..1918
1918
1919
1918
1918
1918
1918
1918
1918
1918
1918
1921
1918
1918
1918
1918
..1918
1920
...1918
1918
1918
1917
1918
1918
...1918
1918
1920
1917
1920
1922
1918

SCHEDULE 7—State bank membership in Federal Reserve Bank of Chicago by
states and cities with year of admission.
Decorah
Des Moines
Dexter..
Early
Elberon
Eldora
Elkader
Ellsworth
Fairbank
Fairfleld
Farragut.
Fort Madison...
Fostoria
:
Fremont....
Garwin
Gilbert
Gilman
Grand River
Grant
Greenfield
Hudson
Humboldt
Jefferson
Knoxville
Lake View
Lakota
Leon
Lockridge..
Logan
Lowden
Lytton
Magnolia
Malcom
Mapleton.....
Marshalltown..
Mason City....
Mechanicsville
Mediapolis
Missouri Valley
Mondamin
Monticello....
Moorhead
Moville
New Hampton
Newton
Ogden....
Osage.
Osceola...
Ottumwa
Perry
Remsen...
Riceville...




IOWA—Continued
Citizens Savings Bank
Winneshiek County State Bank
Bankers Trust Company
Central State Bank.....
Iowa Loan and Trust Company
Iowa State Bank
Citizens State Bank....
State Bank of Early
Farmers State Bank
Citizens Savings Bank
Elkader State Bank
Farmers State Bank
State Bank of Ellsworth
....Fairbank State Bank
Iowa State Savings Bank
...Commercial Savings Bank
....American State Bank
Fort Madison Savings Bank
Citizens Savings Bank.....
State Bank of Fremont
....Garwin State Bank
Gilbert Savings Bank
Citizens Savings Bank
Farmers State Bank.._
Farmers Savings Bank..
...Greenfield Savings Bank
....Hudson Savings Bank
Peoples State Bank
.
Jefferson Savings Bank
Guaranty State Bank
Lake View State Bank
Farmers & Drovers State Bank.
...Farmers & Traders State Bank
Lockridge Savings Bank
State Savings Bank
...Lowden Savings Bank
Farmers Savings Bank
Magnolia Savings Bank
Malcom Savings Bank...
....Mapleton Trust & Savings Bank
Marshalltown State Bank
....City-Commercial Savings Bank
...Mechanicsville Trust & Savings Bank...
Commercial State Bank.
State Savings Bank
Mondamin Savings Bank
..Lovell State Bank.
Monticello State Bank
Moorhead State Bank.
Moville State Bank
State Bank of New Hampton
Citizens State Bank
lasper County Savings Bank
.City State Bank.
The Home Trust & Savings Bank
.Iowa State Bank
....Ottumwa Savings Bank
..Peoples Trust & Savings Bank
Farmers Savings Bank
Riceville State Bank
31

1918
1918
....1918
1918
1917
1920
1920
1920
1918
1918
1918
1918
1918
...1918
1918
1920
1919
...1920
1918
1921
..1918
1918
1917
1920
1919
1920
1920
....1918
1918
1918
....1921
1918
1918
.1918
1918
1918
1919
1920
....1918
1918
1918
..1917
1920
1918
1918
1918
1918
1918
.1921
1919
1918
1918
1918
.1918
1918
1920
1917
1918
1918
1918

SCHEDULE 7—State bank membership in Federal Reserve Bank of Chicago by
states and cities with year of admission.
IOWA—Continued
Roland
Royal
Sac City
Schaller
Shenandoah
Sibley
Sioux Center
Solon
Storm Lake
Strawberry Point
Sutherland
Terril
Thompson
Tipton
Ute
Vail
Van Wert
Victor
Wapello
Waterloo..
Webster City..
Winterset

Farmers Savings Bank....
Home State Bank
Farmers Savings Bank
Sac County State Bank.
....Schaller Savings Bank
..Security Trust & Savings Bank
Sibley State Bank
....Sioux Center State Bank
UlchBros. State Bank
Security Trust & Savings Bank
Strawberry Point State Bank
First Savings Bank
...Terril Savings Bank
State Bank of Thompson
Farmers & Merchants Savings Bank
.Farmers Savings Bank
State Savings Bank
Farmers State Bank
Van Wert State Bank
Victor Savings Bank
Wapello State Savings Bank.....
..Waterloo Bank & Trust Company
Hamilton County State Bank
Madison County State Bank

.1918
1918
1918
...1918
1920
1920
1919
1918
....1921
1920
1921
1917
1918
1918
1918
1920
1918
1917
1920
1921
1918
1918
1920
1920

MICHIGAN
Adrian
Albion
Alpena
Ann Arbor
Armada
Bay City
Bellevue
Benton Harbor
Big Rapids
Birmingham
Blanchard
Blissfield.
Britton
Caledonia
Caro
Carson City
Carsonville
Cass City
Cassopolis
Charlotte
Chelsea
Coloma
Constantine

...Adrian State Savings Bank
Commercial Savings Bank
Lena wee County Savings Bank....
Albion State Bank
Commercial 8z Savings Bank...
Alpena County Savings Bank
Farmers & Mechanics Bank
State Savings Bank.
Armada State Bank
Farmers State Bank
Bay City Bank
Farmers State Savings Bank
Peoples Commercial & Savings Bank
Farmers State Bank
Benton Harbor State Bank.....
Big Rapids. Savings Bank..
Citizens State Bank.
First State Savings Bank
Blanchard State Bank
Blissfield State Bank
...Peoples State Savings Bank
State Bank of Caledonia
State Savings Bank
....Farmers & Merchants State Bank
The First State Bank
..The Pinney State Bank.
.....Cass County State Bank
_
Eaton County Savings Bank
..Farmers & Merchants Bank
Kempf Commercial & Savings Bank
....State Bank of Coloma...
Commercial State Bank




32

...1918
...1918
....1918
1918
1915
..1918
1918
....1918
1919
1918
1918
..1918
1918
1919
....1918
1918
1918
1919
1921
1921
1920
1919
1919
1918
1919
.1921
....1918
1917
1918
1919
...1918
1920

SCHEDULE 7—State bank membership in Federal Reserve Bank of Chicago by
states and cities with year of admission.
MICHIGAN—Continued
...Peoples Savings Bank
First State Savings Bank
State Bank of Croswell
Davison
Davison State Bank.
Dearborn
....Dearborn State Bank....
Detroit
American State Bank
Bank of Detroit
Central Savings Bank
Detroit Savings Bank
Dime Savings Bank
First State Bank of Detroit
Peninsular State Bank
Peoples State Bank
The United Savings Bank of Detroit
Wayne County & Home Savings Bank
Eaton Rapids
.....Michigan State Bank
Edmore
Edmore State Bank
Elk Rapids
.....Elk Rapids State Bank
Evart
...First State Savings Bank
Farmington.
Farmington State Savings Bank
Fennville
Old State Bank
Fenton
..Commercial State Savings Bank
Fenton State Savings Bank
Flint
Citizens Commercial & Savings Bank
>
Genesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank
Flushing
Peoples State Bank..
Fountain
Bank of Fountain
Frankenmuth
Frankenmuth State Bank
Fremont
Fremont State Bank
Old State Bank
Grand Haven
Grand Haven State Bank
Peoples Savings Bank
Grand Rapids
....City Trust & Savings Bank*....
Commercial Savings Bank
Grand Rapids Savings Bank...
Kent State Bank.....
Peoples Savings Bank
Greenville
Commercial State Savings Bank
Hart
..Oceana County Savigns—Bnak
Highland Park
American State Bank
Highland Park State Bank
Hillsdale
Hillsdale Savings Bank
Holland
...First State Bank
Holland City State Bank
Holly
-First State & Savings Bank...
Hopkins
Hopkins State Savings Bank
Howell
...First State & Savings Bank
Hudson..
Thompson Savings Bank
Imlay Citv
....Lapeer County Bank
Peoples State Bank...
Ionia
....State Savings Bank
Jackson
Central State Bank....
Jackson State Savings Bank.
Jonesville
Grosvenor Savings Bank
Lake Odessa
Lake Odessa State Savings Bank
Lakeview
Commercial State Savings Bank
Farmers & Merchants State Bank
*Nationalized February 1, 1922.
Coopersville
Croswell




33

_

_

1918
1919
1921
....1918
1918
1917
1918
1917
1917
1917
1917
...1917
1917
1918
....1917
1921
.....1918
1918
1919
1918
.1921
1918
1918
1917
1918
1917
1917
1918
1919
1918
1918
1918
1917
1918
1918
1918
1917
1917
1919
..1918
1917
1921
1917
1918
1918
1918
1919
1919
1919
1918
1918
1918
1918
1917
1918
1918
1919
1918
1918

SCHEDULE 7—State bank membership in Federal Reserve Bank of Chicago by
states and cities with year of admission.
MICHIGAN—Continued
Lansing
Lapeer
Lenox
Lowell
Ludington
Manchester
Manistee
Marcellus.....
Marshal!
Marysville
Mason
Midland
Milan
Milford
Monroe
Montague...
Morenci
Mt. Clemens
Mt. Pleasant
Nashville
New Haven
Niles..
Northville
Onsted
Paw Paw
Petersburg.
Petoskey
Pinconning
Pontiac ...
Port Huron
Redford
Rochester
Rogers City..
Romeo
Royal Oak
Saginaw
St. Charles
St. Clair
Saline
_
Saugatuck.....
Sebewaing....
South Haven
Sparta
Spring Lake
Suttons Bay
Tecumseh.
Traverse City
Vicksburg....
Warren

American State Savings Bank...
Lapeer Savings Bank
Macomb County Savings Bank
City State Bank
Ludington State Bank
The Peoples Bank
The Union Savings Bank
Manistee County Savings Bank
_...G. W. Jones Exchange Bank....
.Commercial Savings Bank
Marysville Savings Bank
Farmers Bank
First State & Savings Bank
Chemical State Savings Bank
Milan State Savings Bank
First State Bank
Dansard State Bank
Farmers State Bank
Wakefield State Bank
The Ullrich Savings Bank
Exchange Savings Bank....
Isabella County State Bank..
Farmers & Merchants Bank
State Savings Bank
New Haven Savings Bank
Niles City Bank
Lapham State Savings Bank
Onsted State Bank
_ Paw Paw Savings Bank...
......H. C. McLachlin & Co. State Bank
First State Bank of Petoskey...
Pinconning State Bank
American Savings Bank
Pontiac Commercial & Savings Bank..
Federal Commercial & Savings Bank
..Redford State Savings Bank
Rochester Savings Bank
Presque Isle County Savings Bank
Romeo Savings Bank
First State Bank
Royal Oak Savings Bank
Bank of Saginaw..
The American State Bank
St. Charles State Bank
.....Commercial & Savings Bank
Saline Savings Bank
.....Fruit Growers State Bank
Farmers & Merchants State Bank
>
Citizens State Bank
Sparta State Bank
Spring Lake State Bank.
....Leelanau County Savings Bank
Lilley State Bank
Tecumseh State Savings Bank
Traverse City State Bank
Farmers State Bank
First State Bank
.State Savings Bank of Warren...




34

1917
1917
1919
....1918
1918
...1918
...1918
1918
1918
1918
1920
1919
1919
....1919
1918
1918
....1917
1920
1918
1918
1917
1918
..1918
1919
1920
1917
1919
1918
1918
1917
1918
1920
1918
1918
.1917
1918
....1917
1918
1917
...1918
1918
1918
1919
1919
..1917
.....1918
...1915
1921
1918
1920
1920
1918
1918
1918
....1918
1919
1919
1918

SCHEDULE 7—State bank membership in Federal Reserve Bank of Chicago by
states and cities with year of admission.
MICHIGAN—Continued
Washington Savings Bank
Wayne Savings Bank
..Crossman & Williams State Bank
Williamston State Bank

Washington
Wayne
Williamston

1918
1919
1919
1918

WISCONSIN
Bank of Baraboo
Bank of Burlington
Citizens Bank..
....Citizens Bank of Delavan
Green Lake State Bank
Bank of Southern Wisconsin
Merchants & Savings Bank
State Bank of Kewaunee....
Bank of Wisconsin..
American Exchange Bank
Badger State Bank
Marshall & Ilsley Bank......
Second Ward Savings Bank..
Iowa County Bank
State Bank of Mosinee ..—
Barik of Oakfield....
State Bank of Platteville...
Plymouth Exchange Bank
State Bank of Plymouth
.Farmers & Merchants State Bank
Citizens State Bank
...Stratford State Bank
Bank of Sturgeon Bay
State Bank of Waupun.
....Marathon County Bank
Union Bank of Winneconne
.
_

Baraboo
Burlington
Clinton
Delavan
Green Lake
Janesville
Kenosha
Kewaunee
Madison
Milwaukee

Mineral Point
Mosinee
Oakfield
Platteville
Plymouth
Seneca
Sheboygan
Stratford..
Sturgeon Bay
Waupun
Wausau
Winneconne

1918
1918
1917
1919
1918
..1920
1918
1919
1914
1917
1915
1917
1918
1918
1918
1918
1918
1918
1918
1920
..1918
1920
1918
.1918
1918
1918

SCHEDULE 8.—Member banks authorized and approved in 1921 to exercise
fiduciary powers
ILLINOIS
Belvidere
Joliet
Marengo
Peoria

IOWA
First National Bank
Will County Nat'l Bank
First National Bank
Merchants and Illinois Nat'l Bk.

INDIANA

Keokuk
Remsen
Ruthven
Shenandoah
Sidney
Sioux City

Indiana Harbor Indiana Harbor Nat'l Bk. of E C . MICHIGAN
Indianapolis
Indiana National Bank
First National Bank
Montpelier
Lansing
•Home National Bank
Thorntown
WISCONSIN

Keokuk National Bank
First National Bank
First National Bank
The Farmers Nat'l Bank
National Bank of Sidney
First National Bank

*City National Bank

IOWA

Graettinger
Grinnell
Griswold

Darlington
Milwaukee
Racine
Sparta

First National Bank
Citizens National Bank
Griswold National Bank

First National Bank
National Bank of Commerce
First National Bank
Farmers National Bank

•Granted supplementary fiduciary powers.

SCHEDULE 9.—Member banks authorized during 1921 to accept up to 100
per cent of their individual capital and surplus.
Location
Brazil, Indiana
Peoria, Illinois

Application to accept 100%
Riddell National Bank
Merche nts & Illinois Nationa 1 Bank




35

Approved
Apr.
, 1921
Nov. 1 1921

SCHEDULE 10.—Conversion transactions during year 1921
AMOUNTS IN DOLLARS
Number of
Pieces

Total Receipts

$29,022,500

Number f Number of
Shipments
Pieces

DELIVERIES

Issue

$ 1,756,450
8,035,500
12,737,500
6,493,050

119,645

First 4% Bonds for 4 % % Bonds
Second 4% Bonds for 4%% Bonds
Victory 3K% Notes for 4J<% Notes..
Victory 4H% Notes for 3%% Notes..

Par
Value

17,269
74,386
6,508
21,482

RECEIPTS

Transactions

First 4]4% Liberty Loan Converted Coupon Bonds
Second 4%% Liberty Loan Converted Coupon Bonds
First and Second 4%% Liberty Loan Converted Registered
Bonds
Victory 3J^% Liberty Loan Coupon Notes
Victory 4f£% Liberty Loan Coupon Notes
Victory 3 % % Liberty Loan Registered Notes
Victory 4J<% Liberty Loan Registered Notes
First 4% Liberty Loan Adjustment Coupons
Second 4% Liberty Loan Adjustment Coupons

Par
Value

3,901
12,997

14,148
64,694

$ 1,591,600
8,624,600

2,523
206
119
10
5

5,028
6,862
2,804
46
30
45,004
214,401

1,172,200
6,386,250
12,565,800
407,300
132,800
93,781
451,613

Total Deliveries..
Total Receipts....

19,761

353,017
119,645

$31,425,944
29,022,500

Grand Total

19,761

472,662

$60,448,444

SCHEDULE 11.—Certificates of Indebtedness and Treasury Notes
AMOUNTS IN

DOLLARS

SUBSCRIPTIONS
Series

Number Number
of Subof
scribers Shipm'ts

E-1921
F-1921
G-1921
TS-2-1921..
TM-1922....
H-1921
A-1922
TJ-1922
B-1922
TM-2-1922
TM-3-1922
TS-1922
TS-2-1922..
C-1922
TD-1922....
TJ-2-1922..
A-1924
B-1924
Total

301
607
514
386
749
516
540
568
593
218
359
472
261
132
448
170
770
744

339
684
5 57
440
848
599
631
682
664
249
381
559
328
175
501
194
912
928

8,348

9,671

Issue

Number
of
Pieces
3,401
6,630
4,246
4,566
7,503
5,163
7,065
8,102
4,994
3,944
3,823
6,567
4,683
2,330
5,143
2,029
13,024
13,876

MANNER OF PAYMENT
Total Subscriptions

Certificates
of Indebtedness

16,445,000 $ 124,500
18,764,500
144,000
16,526,500
21,879,500
2,1627500
20,536,500
2,854,000
22,932,000
1,064,500
29,989,000
631 500
33,774,500
2,715,500
26,127,500
681,500
17,636,000
216,500
15,856,000
792,000
26,778,500
605,000
21,288,000
8,062,500
27,318,500
837,500
9,877,500
47,500
20,650,200
1,870,500
43,210,700
2,428,000

107,089 $397,652,900 $17,157,000

Credit
12,771,000
14,301,000
13,776,000
16,043,500
13,739,500
17,001,500
24,345,500
24,590,500
20,628,000
13,391,000
13,513,000
21,787,000
20,141,000
7,539,000
24,114,000
8,474,000
14,080,300
32,498,371

Cash Redemptions
Certificates of Indebtedness
Philippine 4's
3 % Bonds of 1908
War Finance Corporation

Par
Value

92,259
104
9
1

$298,899,000
1.040,000
900
1,000

92,373

Total Cash Redemptions
Certificates surrendered in payment of Income and
Profits Taxes, Series of 1921
Bonds accepted in payment of Estate and Inheritance
Taxes
Victory 4J4% Notes Redeemed account Franchise Tax
Certificates of Indebtedness applied

$299,940,900

795

4,024,000
2,751,050
3,500,000
17,175,000
$327,390,950
397,652,900
$725,043,850

Total Redemptions..
Total Subscriptions..

353
9,671

3,689
731
5,760
103,348
107,089

Grand Total

10,024

210,437




3.549,500
4.319,500
2.750,500
3,673,500
3,943,000
4,866,000
5,012,000
6,468,500
4,818,000
4,028,500
1,551,000
4,386,500
1,147,000
523,500
2,367,000
1,356,000
4,699,400
8,284,329

$312,734,171 $67,743,729

Number of Number of
Pieces
Shipments

REDEMPTIONS

Cash

36

SCHEDULE 12.—Treasury Savings Transactions during year 1921
AMOUNTS IN DOLLARS
Number of Number of
Shipments
Pieces

TRANSACTION

Par Value

SALES
215
104
318
1,594

Total Sales.

25,705
19,839
10,267
7,304

25,705
4,960
51,335
900,450

2,231

Treasury Stamps
Thrift Stamps
War Savings Stamps
Treasury Savings Certificates.

63,115 $

982,450

EXCHANGES
War Savings Certificates issued in exchange for filled
Thrift Cards.
Treasury Savings Certificates exchanged for War Savings
sury sa
Ce rtincat
"
Total Exchanges

1,466 $

7,330

27

2,700

1,493 $

10,030

REDEMPTIONS
Treasury Savings Cards redeemed for Agents
Treasury Savings Cards redeemed for Postmasters
Filled Thrift Cards redeemed for Agents
Filled Thrift Cards redeemed for Postmasters
Thrift Stamps redeemed for Agents
Treasury Savings Stamps redeemed for Agents
War Savings Certificates redeemed for Postmaster
War Savings Stamps redeemed for Agents
Treasury Savings Certificates redeemed for Agents

66 >
5,456
1,300
22,780
1,055
4,220
78,313
313,252
5,644
22,576
4,240
4,240
235,237 10,166,709
11,881
59,405
639,725
5,525

429

Total Redemptions..
Total Sales
Total Exchanges

429
2,231

360,193 $11,221,431
63,115
982,450
1,493
10,030

Grand Total.

2,660

424,801 $12,213,911

SCHEDULE 13.—Denominational Exchanges during year 1921
AMOUNTS IN DOLLARS
Number of
Pieces

RECEIPTS

Issue

First 3^2% Liberty Loan Bonds
First 4% Liberty Loan Converted Bonds
First 4J4% Liberty Loan Converted Bonds
First A/i% Liberty Loan Second Converted Bonds..
Second 4% Liberty Loan Bonds
Second 4%°/c Liberty Loan Converted Bonds
Third A%% Liberty Loan Bonds
Fourth 4%% Liberty Loan Bonds...
Victory 3K% Liberty Loan Notes
Victory 4J^% Liberty Loan Notes
Certificates of Indebtedness
U. S. Treasury Notes
Total Receipts.
Transactions

DELIVERIES

36,792
123

50,040
7
1,412
203,546

348,522
384,365
2,949
539,627
45,565
4,044

Par Value
3,513,450
12,400
5,691,050
1,500
132,100
24,830,700
37,020,350
46,190,850
2,320,700
61,242,500
51,977,000*
8,304,500*

$ 241,237,100*
1,616,992
Number of Number of Number of
Par
Window
Shipments Deliveries
Pieces
Value

Delivered against receipts by other Federal Reserve Banks' Certificates of Indebtedness and Treasury Notes
27
94 ; 1.247,500
2,613
Denominational Exchange
167,648
219,564,600
21,553
Total Deliveries..
2,640
167,742 $220,812,100
21,553
Total Receipts....
1,616,992 241,237,100*
Grand Total
Total..
2,640
21,553
1,784,734 $462,049,200
•Includes receipts against delivery by other Federal Reserve Banks Such receipts aggregated $21,672,500, of which $19,329,500 were Certificates of Indebtedness and $2,280,000 U. S.
Treasury Notes.




37

SCHEDULE 14.—Miscellaneous exchanges during year 1921
AMOUNTS IN DOLLARS
Issue

Number Coupon Registered Transfer
of
for
for
of
Pieces Registered Coupon Ownership

RECEIPTS

First 3K% Liberty Loan Bonds
First 4% Liberty Loan Converted
Bonds
First 4%% Liberty Loan Converted
Bonds
First 4%% Liberty Loan Second
Converted Bonds
Second 4% Liberty Loan Bonds
Second4*4% Liberty Loan Converted
Bonds
Third 414% Liberty Loan Bonds
Fourth 4%% Liberty Loan Bonds
Victory 3J4% Liberty Loan Notes
Victory 4%% Liberty Loan Notes
Registered and Coupon Mutilated
Exchanges
U. S. R. R. Administration Exchanges
Total Receipts
Transactions

Total

9,221 $ 6,870,100$ 5,113,400$ 4,892,800$ 16,876,300
52

100

5,850

7,567

1,573,400

899,900

298,900

2,772,200

75
775

1,500
1,100

13,700
155,600

6,600
300

21,800
157,000

36,227 11,228,050 5,187,100
82,979 16,315,450 8,169,850
179,061 33,404 750 15,142,300
592
928,700
751,050
66,355 7,965,800 11,435,150

1,912,350
3,121,050
6,120,800
384,200
3,013,600

18,327,500
27,606,3 50
54,667,850
2,063,950
22,414,550

5,950

45
5,242

7,850
531,700

388,191 $78,288,950 $46,873,900 $19,750,600 $145,453,000
Number of
Shipments

DELIVERIES

Coupon for Registered Exchanges.
Registered for Coupon ExchangesTransfer of Ownership

Number
of Pieces

Par Value

27,715
32,647
13,828

79,105
115,156
31,687

Total Deliveries..
Total Receipts....

74,190

225,948 148,764,450
388,191 145,453,000

Grand Total.

74,190

614,139 $294,217,450

43,448,150
82,283,700
23,032,600

SCHEDULE 15.—Recapitulation of Fiscal Agency Transactions during 1921
AMOUNTS IN DOLLARS
Number of
Shipments

Grand Total




38

Par
Value

69,844
19,761
74,190
24,193

6,213,573
472,662
614,139

$1,277,403,750

1,784,734

294,217,450
462,049,200

10,024
2,660
18,493

210,437
424,801
17,335,439

725,043,850
12,213,911
440,418,431

219,165

Exchange of Temporary for Permanent Bonds (Not
shown in detail)
Conversion Transactions (Schedule No. 10)
Miscellaneous Exchanges (Schedule No. [4)
Denominational Exchanges(ScheduleNo. 13)
Certificates of Indebtedness and Treasury Notes
(Schedule No. 11)
Treasury Savings Transactions (Schedule No. 12)
Miscellaneous Transactions (Not shown in detail)

Number of
Pieces

27,055,785

$3,271,795,036

60,448,444

S C H E D U L E 16—Currency receipts from and payments to member and non-member banks
IN THOUSANDS OF DOLLARS

RECEIPTS
From
Member
Banks

Month

From
Non-Member Banks

PAYMENTS
To
Member
Banks

TOTAL R E C E I P T S

To
Non-Member Banks

1921

1920
78,772
46,843
72,454
77,540
78,195
88,870
91,847
74,836
83,192
86,204
89,864
103,067

100,507
66,164
95,949
84,677
84,975
88,744
82,745
77,029
83,177
84,770
84,634
97,963

June
July

August
September.
October
November.
December.
Totals:
1921
1920
1919

1,954
1,379
1,740
1,681
1,338
1,324
1,173
1,235
1,160
1,167
1,265
1,165

52,977
62,501
77,703
80,907
77,224
76,998
74,580
77,916
77,739
79,343
81,746
106,346

497
470
536
557
422
342
297
204
340
366
442
547

102,461
67,543
97,689
86,358
86,313
90,068
83,918
78,264
84,337
85,937
85,899
99,128

1,031,334
953,048
641,398

January
February...
March
April
May

16,581
18,636
6,703

925,980
1,035,082
609,106

5,080
2,013
5,082

By

Draft
1921

1921

1919

1,047,915

70,026
29,799
34,680
44,528
56,343
54,307
64,181
45,640
51,400
64,345
56,150
76,702

B y Telegraph
1921

Total
1921

Total
1920

Total
1919

53,474
62,971
78,239
81,464
77,646
77,340
74,877
78,180
78,079
79,709
82,188
106,893

1920
60,803
80,483
84,662
90,469
85,765
87,358
89,494
91,567
94,936
89,562
79,215
102,781

1919
24,125
36,352
42,705
43,009
38,659
41,723
49,329
66,853
49,094
68,545
62,872
90,922

931,060
971,684

1,037,095
614,188

648,101

SCHEDULE 17—Transfers bought and sold'
BOUGHT
Month

TOTAL PAYMENTS

By Draft
1921

SOLD

B y Telegraph
1921

Total
1921

Total
1920

Total
1919

August
September.
October
November.
December.

113,515
104,546
74,637
26,475
35,845
31,950
21,950
19,135
18,035
18,940
10,350
16,519

303,961
233,955
290,303
310,270
324,660
325,202
318,513
422,817
390,174
385,009
378,993
438,427

417,476
338,501
364,940
336,745
360,505
357,152
340,463
441,952
408,209
403,949
389,343
454,946

466,840
394,137
472,130
443,805
415,637
478,688
488,587
435,227
454,381
504,172
413,595
440,502

358,849
303,623
315,001
333,811
332,124
379,883
505,883
465,205
462,109
468,768
422,455
523,504

1,093
1,900
3,528
3,760
1,645
2,545
7,670
8,845
7,100
9 998
16,150
33,500

262,591
219,170
296,068
242,673
275,376
298,490
258,384
325,738
316,648
314,241
310,673
359,633

263,684
221,070
299,596
246,433
277,021
301,035
266,054
334,583
323,748
324,239
326,823
393,133

255,236
202,438
298,800
199,825
131,229
172,029
163,501
143,819
155,973
204,793
168,457
164,534

106,375
66,443
79,495
66,455
96,802
84,139
189,909
181,693
237,809
229,727
252,595
256,007

Total..

491,897

4,122,284

4,614,181

5,407,701

4,871,215

97,734

3,479,685

3,577,419

2,260,634

1,847,449

January
February...
March
April
May

June
July

•Exclusive of internal transfers, i. e. between member banks in the Seventh Federal Reserve District.




S C H E D U L E 18.—Federal Reserve Notes of the Federal Reserve Bank of Chicago
received from other Federal Reserve Banks for redemption or credit, and notes
of other Federal Reserve Banks returned by the Federal Reserve Bank of
Chicago for redemption or credit
IN THOUSANDS OF DOLLARS
%

RECEIVED

RETURNED

1921

1920

1919

1921

1920

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

5,564
66,613
6,203
32,206
4,442
8,552
36,618
17,328
14,135
4,220
13,608

6,630
58,740
7,164
21,777
6,530
8,976
37,459
16,411
14,836
4,760
14,288

6,312
40,400
6,952
19,259
8,873
6,793
25,008
15,835
10,335
2,311
7,900

5,600
23,495
5,991
25,011
4,493
5,099
15,871
14,684
10,918
2,840
9,012

5,571
28,264
6,529
25,262
4,293
6,363
14,926
21,833
12,367
3,832
9,990

3,908
28,930
6,150
19,071
5,490
6,340
13,137
18,418
14,622
3,270
10,269

Total

209,489

197,571

149,978

123,014

139,230

129,605

1919

SCHEDULE 19.—Federal Reserve Notes, 1921
IN THOUSANDS OF DOLLARS
Notes
Outstanding
December 31
1920
Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
Five Thousands
Total

Notes
Issued
during
1921

80,674
178,280
271,053
50.384
33,070
5,832
10,944
4,000

71,820
82,080
100,080
17.200
8,400
1,000
400

634,237

280,980

Fit Notes
Notes
Re-issued Redeemed
during
during
1921
1921

10,000
3,000

13,000

Fit Notes
Notes
returned
to Agent Outstanding
to reduce December 31
1921
Bank's
circulation

83,660
131,742
157,625
31.963
10,063
773
1,163
10

6,000
20,000
38,000

62,834
118,618
178,508
35.621
31,407
6,059
10,181
3,990

416,999

64,000

447,218*

•Includes notes aggregating $44,755,230 held by Federal Reserve Bank of Chicago.

SCHEDULE 20.—Federal Reserve Bank Notes, 1921
IN THOUSANDS OF DOLLARS
Ones

Twos

4,400
20,984

6,100

Tens

Twenties

3,472

Fives

Total notes received during
1921 from Comptroller of
the Currency
Total notes returned during
1921 to Comptroller of the
Currency for destruction
Decrease in outstanding notes
during 1921..
Total notes outstanding December 31, 1920...

16,584

2,628

22,551*

6,428*

Total notes outstanding December 31, 1921.

5,967

3,800

1,304

Total

7,872
35,770

1,060

486

7,140

1,060

486

27,898

8,444*

1,525*

856

39,804

465

370

11.906*'

7,140

•Revised
**Includes $3,377,000 for which liability is assumed by United States Treasurer, and $1,143,000
held by Federal Reserve Bank of Chicago.




40

SCHEDULE-21.—Transactions in gold settlement fund, 1921
IN THOUSANDS OF DOLLARS

Gold
Deposits

Four Weeks Ending

Deposits
from
Agent's

Fund

Withdrawals to
Agent's
Fund

5,825
9,965
22,245
14,376
7.911
1,001
3,161
54
1,104
1
2,505
4,383
4

3,199
4,372
4,020
3,163
5 653
4,197
4,022
4,615
4,158
4,984
4,785
4,672
3,925
772

20,000
45,000
10,000
10,000
60,000
10,000
10,000

72,535

January 27*
February 24
March 24
April 21
May 19
June 16
July 14
August 11
September 8
October 6
November 3
December 1
December 29
December 30-31 (two days)
Total

Gold
Withdrawals

56,537

175,000

10,000

Gold Settlement Fund Balance December 31, 1920.
Net Gain Through Settlements
Net Loss Through Transfers
Net Gain Through Deposits and Withdrawals
Net Loss Through Transactions with Agents' Fund.
Balance December 31, 1921.
*Not including Friday December 31, 1920.




TRANSFERS
Debits
4,000
7,000
2,700
5,000
4,000
4,000
4,000
2,000
1,000
33,700

Gain (+) and

SETTLEMENTS

Credits

Debits

4,000
4,000
33,000
20,000
4,500
8,000
48,000
1,500
5,000
63,000
9,000
"35.000
235,000

Credits

Gain ( + ) and
Loss (—) by
Settlements

711,525
626,263
683,316
654,570
693,307
630,512
639,477
687,723
641,164
723,632
711,794
687,027
713,701
62,603

651,999
608,787
683,295
617,793
641,274
622,569
588,693
616,730
621,343
676 181
695,138
687,575
685,081
66,772

+ 36,777
+ 52,033
+ 7,943
+ 50,784
+ 70,993
+ 19,821
+ 47,451
+ 16.656
548
+ 28,620
- 4,169

8.866,614

8.463,230

+403,384

403.384
201,300
15.998
175.000

36,048
202.084
238,132
159,002
79,130

+
+

59,526
17,476

+

2
1

Balance
88,200
107,269
92,515
107.505
112,296
99,043
93,666
103,598
109,365
82,833
92,209
93,372
84,071
79,130

Loss (—) by
Transfers
and
Settlements
+
+
+
+

59,526
13,476
32,979
23,777
47,533
57

+
+
+
+
+
-

5.484
74,493
18,821
11,549
11,656
1,452
5,380
4,169

+ 202,084

SCHEDULE 22.—Federal Reserve Bank of Chicago, Operations of Federal Reserve Clearing System
FIGURES INCLUDE CASH ITEMS ONLY
NUMBERS IN THOUSANDS; AMOUNTS IN THOUSANDS OF DOLLARS
Items Drawn on Banks in own District
Located in F. R.
Bank and Branch
Cities

Period

Number

Jan. 1—Jan. 15
Jan. 16—Feb. 15

Amount

Located outside
F. R. Bank and
Branch Cities
Number

Amount

Items drawn on
Treasurer of
United States

Number

Amount

Items forwarded
to other F. R. Banks
and their Branches

Number

Amount

508
949
1,117
1,383
961
1,039
1,096
994
999
1,131
1,090
1,208
698

369,261
678,244
680,809
790,764
649,147
698,588
730,583
677,351
673,420
777,507
724,017
709,361
416,639

1,817
3,352
3,580
4,130
3,618
4,041
3,878
3,842
4,043
4,216
4,161
4,335
2.225

177,213
317,139
372,450
397,516
329,772
352,624
352,283
333,854
354,873
378,337
360,257
356,809
191,755

174
237
218
486
523
394
486
312
288
500
561
410
273

20,200
47,694
72,836
69,932
62,982
69,694
75,347
44,678
45,947
78,444
56,128
58,383
27,616

151
285
324
347
276
287
278
267
268
283
295
309
163

18,245
33,096
35,660
41,965
32,139
32,448
34,428
32,130
31.265
35,258
34,959
33,862
19,716

13 173
11 442
7,920

Feb. 16—Mar. 15
Mar. 16—Apr. 15
Apr. 16—May 15
May 16—June 15
June 16—July 15
July 16—Aug. 15
Aug. 16—Sept. 15
Sept. 16—Oct. 15
Oct. 16—Nov. 15
Nov. 16—Dec. 15
Dec. 16—Dec. 31

8 575 691
11 802,759
9,189,554

47,238
41,932
23,275

4 274 882
5,765,273
3,382,981

4 862
3,447
4,231

729 881
471,349
918,985

3.533
3,490
2,034

415,171
636,337
481,111

Total Amount*

Tota 1 Number*

1921

1920

2,650 2,117
4,823 4,092
5,239 4,654
6,346 5,427
5,378 5,001
5,761 4,840
5,738 5,221
5,415 4,829
5,598 5,102
6,130 5,363
6,107 5,420
6,262 5,361
3.359 2,884

1919

1,117
2,292
2,304
3,125
3,034
2,796
2,982
3,117
3,154
3,586
3,957
3,766
2,230

1921

584,919
,076,173
,161,755
,300,177
,074,040
,153,354
,192,641
,088,013
,105,505
1,269,546
1,175,361
1,158,415
655,726

1920

642,809
1,270,972
1,814,863
,835,560
,559,833
,493,970
,663,709
,495,629
,573,110
,727,862
,509,832
1,336,366
751.203

1919

523,128
1,070,290
935,445
1,137,440
1,019,520
,095,039
,146,594
,194,535
,180,366
,320,110
,299,838
,284,281
766,045

Total:
1921
1920
1919

*Exclusive of duplications on account of items handled by both parent bank and branch.




68.806

13 995 625
60,311

18 675,718
37,460

13.972,631

DETROIT BRANCH
The Preceding Tables Include Figures of Both Parent and Branch Banks

SCHEDULE 23.—Balance Sheet—Comparative Statement of Condition of the
Detroit Branch of Federal Reserve Bank of Chicago.
IN THOUSANDS OF DOLLARS
December 31 December 31 December 31
1921
1920
1919
ASSETS
Gold Coin and Gold Certificates
Legal Tender Notes, Silver, etc

50
1,111

97
236

Total Reserves
Bills Discounted: Secured by U. S. Govt. obligations._
Member Banks
All Other—Member Banks

80
563

333

28,347
5,421

74,784
20,309

33,768
11,313

245
14,966
6

466
11,850
212

193
6,714

60,178

Total Resources

643

52,948
21,836

33,967
10,661

Total Earning Assets.. .
F. R. Notes of parent bank held by Detroit Branch
F. R. Bank Notes of parent bank held by Detroit
Branch
Uncollected Items
All Other Resources

1,161

26,241
7,726

108,782

52,631

LIABILITIES
Due to Head Office
Deposits:
Member Bank Reserve Account
All Other
Deferred Availability Items
All Other Liabilities

15,292

51,244

33,057
102
7,371
264

10
1,323
54

60,178

Total Liabilities

67,988

33,106
30
11,677
73

108,782

52.631

SCHEDULE 24.—Profit and Loss Statement of the Detroit Branch ofFederal Reserve
Bank of Chicago covering 1921, 1920 and 1919
IN DOLLARS
1921

1920

$3,088,808

$3,720,837

3,875
26,111
431

11,230
20,617
291

Total Earnings..
Current Expenses

3,119,225
408,979

3,752,975
470,524

1,044,166
194,081

Current net earnings for year..
Miscellaneous Credits to current net earnings

2,710,246

3,282,451
7,459

850,085
19

2,710,246

3,289,910

850,104

671

2,453

193

$2,709,575

$3,287,457

$ 849,911

Earnings from
Discounted Bills
Bills Bought in Open Market.
Transfers—Net Earnings
Deficient Reserve Penalties
Sundry Profits

Total
Miscellaneous
earnings

deductions

from

current

$1,037,030
4,734
160
2,242

net

Net earnings available for distribution




1919

43

SCHEDULE 25.—Detroit Branch—Volume of Paper Discounted and Bought,
by months, during 1921, classified according to character of paper, with totals for
two preceding years.
AMOUNTS IN THOUSANDS OF DOLLARS
DISCOUNTED
PAPER
Secured
by Government
war obligations

All Other

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

109,642
91,390
96,301
91,887
87,391
85,900
74,467
61,601
73,463
60,497
48,393
66,963

Total....

947,895

TOTAL DISCOUNTED AND
PURCHASED PAPER

MONTH

1921

1920

1919

36,361
25,662
34,775
33,909
20,831
18,794
15,223
9,972
13,630
9,734
3,991
5,510

146,003
117,052
131,076
125,796
108,222
104,694
89,690
71,573
87,093
70,231
52,384
72,473

100,251
130,176
143,245
125,184
114,629
129,882
130,055
140.222
171,614
130,466
147,708
154,769

38,998
39,112
38,185
41,456
47,208
64,078
81,399
101,632
110,502
68,481
80,496
74,420

228,392

1,176,287

1,618,201

785,967

SCHEDULE 26.—Detroit Branch—Fiscal Agency Operations during the year 1921
AMOUNTS IN THOUSANDS OF DOLLARS
CERTIFICATES
OF
INDEBTEDNESS
REDEEMED

COUPONS 1REDEEMED

Amt.
Jan
Feb
MarchApril....
May
June
July
Aug
Sept
Oct
Nov
Dec

358
209
784
1,090
812
1,772
437
223
808
1,235
882
1,889

1919

1920

1921
Month

No
Items

Amt.

No
Items

123,928
55,425
140,294
190,197
130,856
217,002
82,920
45,370
108,446
168,300
130,799
218,751

429
154
1,676
1,072
630
2,493
324
145
833
1,168
638
2,236

262,858 360
72
62,016
187,760 391
288,669 711
163,811 830
288,512 435
93,049 462
59.247 162
102,175 452
212,209 654
157,811 658
286,393 2,227

Amt.

WAR
SAVINGS
STAMPS
REDEEMED
1921

1920

1919

No
Items

1921

102,958
37,252
50,519
146,619
245,145
144,118
121,440
116,775
81,707
160,891
209,900
207,362

3,854 9,065 11,641
49 6,136 6,255
3,669 40,652 12,516
83 1,394
715
3 7,176
5,151
8,651 18,253 36,259
749 3,431 22,963
14 6,243
3,561
6,338 7,474 43,076
3,762 1,512 1,082
114 1,362 4,800
5,688 18,134 18,279

Amt.
164
276
248
254
231
151
134
124
122
68
203
98

No
Items
3 5,898
56,577
52,819
53,491
51,587
33,497
30,045
25,070
26,550
15,012
43.004
21,521

Total 10,499 1,612,288 11,798 2,164,510 7,414 1,624,686 42,301 106,119 171,684 2,073 445,071




44

SCHEDULE 27.—Detroit Branch—Currency Receipts from and payments to
Member and Non-Member Banks.
IN THOUSANDS OF DOLLARS
PAYMENTS

RECEIPTS
MONTH
1921

1920

1919

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

23,182
17,464
20,576
19,666
22,335
23,763
23.472
23,785
22,495
21,995
21,064
24,553

20,290
13,635
25,147
22,801
22,250
28,299
27,486
25,552
28,248
26,205
25,884
29,953

14,487
8,363
7,732
9,614
11,206
11,635
13,274
13,212
12.051
16,161
17,458
17,931

14,576
15,987
17,860
22,219
23,554
22,435
22,365
23,640
22,164
21,234
20,784
22,994

28,018
31,021
35,946
33,926
34.330
38,134
38,635
34,038
35.209
32,502
27.545
31.727

12,498
15,584
13.031
15.617
14,314
19,056
19,917
20,692
22,447
27,949
27,801
27,222

Total....

264,350

295,750

153,124

249,812

401,031

236,128

1921

1920

1919

SCHEDULE 28 —Detroit Branch—Transfers Bought and Sold
IN THOUSANDS OF DOLLARS
1921

1919

1920

Bought

Sold

Bought

(Sold

28,449
18,061
23,054
22,807
36,577
40,023
41,824
61,824
56,682
42,539
44,129
60,180

62,253
57,951
54,360
59,255
61,792
78,394
77,205
64,301
79,322
84,216
64,068
65,284

91,710
45,096
55,058
34.159
29,837
37,575
42,778
26,490
33,780
35,746
26,590
31,934

26,985
23,990
17,715
32,730
26,245
56,007
129,529
54,839
70,110
71,568
73,423
82,827

40,814
29,128
35,945
29,053
40,356
18,085
82,631
93,748
104,631
87,203
84,344
86,501

926,666

May

June
July
August
September...
October
November...
December....
Total

Bought

50,571
51,428
62,03 5
57,929
85,728
84,996
87,086
108,596
88,389
82,256
81,944
85,708

J anuary
February
March
April

Sold

476,149

808,401

490,753

665,968

732,43

SCHEDULE 29.—Detroit Branch—Collection Items Received
AMOUNTS IN THOUSANDS OF DOLLARS
1921

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

8,549
5,769
7.156
5,276
6,244
5,911
5,101
4,796
6,112
6,177
4,684
7,798

Total

73,573

Number of
Items
2,057
557
2,882
677
3.644
866
2,520
472
3,228
1,525
4,679
1.717
4,734
1,651
6,939
1,707
7,723
2,012
9,358
1,978
8,121
2,015
7,791
2,562

Number of
Items
2,626
2,430
2,976
2,876
2,974
2,973
3,026
2,664
2,909
3,475
2,982
3,674
35,585

Amount




1919

1920
Amount

63,676

45

17,739

Amount
358
769
352
455
1,070
483
1,700
1,273
2,155
2,122
1,881
2,293
14,911

Number of
Items
181
223
112
158
245
260
387
354
452
526
526
604
4,028

SCHEDULE 30.—DetroitBranch—Operations of Federal Reserve Clearing System
FIGURES INCLUDE CASH ITEMS ONLY
NUMBERS IN THOUSANDS; AMOUNTS IN THOUSANDS OF DOLLARS
Items Drawn on Banks in own District

Period

Located in
Federal Reserve
Branch City
Number

Jan. 1—Jan. 15
Ian. 16—Feb. 15
Feb. 16—Mar. 15
Mar. 16—Apr. 15
Apr. 16—May 15
May 16—June 15

June 16—July 15

July 16—Aug. 15
Aug. 16—Sept. 15
Sept. 16—Oct. 15
Oct. 16—Nov. 15
Nov. 16—Dec. 15
Dec. 16—Dec. 31
Total:
1921
1920
1919

Amount

Located outside
F. R. Bank and
Branch Cities
Number

Amount

Items drawn on
Treasurer of
United States

Number

Amount

107
209
237
302
234
260
267
231
220
259
245
254
164

66,752
122,290
110,309
148,337
130,740
144,212
162,052
139,091
141,911
164,488
144,453
143,296
91,106

185
333
343
408
384
437
434
453
465
469
468
492
250

20,096
35,932
35,308
44,827
37,937
43,773
40,241
41,966
45,262
47,037
43,725
46,030
23,192

13
20
25
35
38
36
33
30
34
38
40
39
19

1,709,037
2.223,980
981.691

5,121
3.678

505.326
521,680
33,854

400
350
336

51,809
71,521
220.524

Number

1.038
3,082
4,521
4,375
4,454
7,555
4,883
3,551
3,890
3,741
4,395
4,460
1.864

2.989
2.367
1.421

Items forwarded
to other F. R. Banks
and their Branches

32

5
8
9
8

7

8
8
7
8
9
10
9

5

101

100

•Exclusive of duplications on account of items handled by both parent bank and branch
tRevised




Total Number*

Amount

1921

2,679
5,424
6,730
7,699
3,708
4,406
4,547
5,178
3,198
4,415
3,965
3.061
1,785

56.795
108,646

Total Amount*

1920

1919

1921

1920

1919

310

78

570

277

614
753
663
741
742
721
727
775
763
794
438

502
560

58
109
114
156
158
158
141

90,565
166,728
156,868
205,238
176,839
199,946
211,723
189,786
194,261
219,681
196,538
196,847
117.947

50,344
144,583
222,470
276,481
259,036
229,510
289,343
256,401
269,201
301,284
253,646
230,533
142.995

54,558
77,039
66,973
91,704
90,966
88,580
98,195
103,528
101,681
128,997
122,603
135,008
76,237

8.611

•541
549
586
563
598
625
640
637
339

6.495

159
152
164
167

157
96

2.322,967
l,789f

2,925,827
l,236,069t

INDEX
Acceptances—
Bankers'
Permission to accept up to 100 per cent
Trade
_
Accounts, New
Assets and liabilities
Bank Examinations
Bank Relations
Branch bank, Detroit
Cash and Currency operations
Certificates of Indebtedness
Check clearing and collection
Collateral to notes
Collections
Deposits
Chart
Detroit Branch—
Departmental Operations
Officers and directors
Statistical Tables...
Directors of Bank and Branch
Discount operations
Discount rates
Earning assets
Movement of, charts
Earnings
Examinations, Bank
Expenses
Features of Operations
Federal Reserve bank notes
Federal Reserve notes..._
Charts
Fiduciary powers granted.
Financial results of operations
Gold Settlement Fund operations
Government
financing
Government Saving Securities
Investments
Member Advisory Council.Member banks
_
Authorized to accept up to 100 per cent
Authorized to exercise Fiduciary Powers
New
Member banks, position of
._
Rediscounts and Borrowings
Relation of to Reserve Bank
State banks
Membership, Growth of.
Money rates
_
National bank members, new
47



Page
8,9,27
35
8, 17
14
5, 6, 10, 11, 22-24, 43
12
12, 13
19, 20, 43-46
16, 39, 45
13, 36, 44
16, 17, 42, 45, 46
8, 25
16, 17, 45
11, 23, 24
10

i

19, 20
2, 20
43-46
2, 3, 18, 20
7
8, 25
6, 23, 24
6
20, 21
12
20, 21
4
40
4. 10, 11, 23, 24, 40
10
12,35
5
14, 15, 41
13, 14, 21, 36-38, 44
•
14, 37
9-11
2
11,12
35
35
11,28
15
4, 6, 7, 8, 23, 24, 27
15, 16
29-35
11,12
26
_
28

INDEX—Continued

Page

Officers of Bank and Branch
Organization of Bank
Position of member banks
Profit and Loss Statement _
Reserve position
Reserves
Movement of.
Charts.,

2, 3, 18, 20
18, 20
15, 16
20, 43
4, 11, 23, 24
4
23, 24
10

Statistical Tables—
Bills Discounted for Member Banks
Purchase and Sale of U. S. Securities
Comparative Membership
Collection Items
Profit and Loss Statement
Earnings and Expenses
Comparative statement of condition
Movement of principal asset and liability items
Discount rates
Money rates in Chicago
Volume of paper discounted and bought
New National banks
National banks liquidated
State bank—liquidations and withdrawals
State bank members
Fiduciary powers granted
Member banks authorized to accept up to 100 per cent
Conversion transactions.
Certificates of Indebtedness and Treasury Notes
Treasury Savings Transactions
_
Denominational Exchange Transactions
Miscellaneous Exchange Transactions
Fiscal Agency Transactions, Recapitulation
Currency receipts and payments
Transfers bought and sold
_
Interdistrict movement of Federal Reserve notes
Federal Reserve notes.
Federal Reserve Bank notes
Gold Settlement Fund transactions
Check clearing and collection operations
Statistical Tables—Detroit Branch
Balance Sheet
Profit and Loss Statement
._
Volume of paper discounted and bought
Fiscal Agency Operations
Currency receipts and shipments
Transfers bought and sold
Collection items received
Check clearing operations
State bank members
Transfers bought and sold




8
9
12
17
20
21
22
23, 24
25
26
27
28
28
28
29-35
35
35
36
36
37
37
38
38
39
39
40
40
40
41
42

-

-

_

48

43
43
44
44
45
45
45
46
11, 12, 29-35
17, 39, 45

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