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7 OPERATION OF FEDERAL RESERVE BANK OF CHICAGO 1923 SEVENTH FEDERAL RESERVE DISTRICT NINTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD OPERATION OF FEDERAL RESERVE BANK OF CHICAGO 1923 SEVENTH FEDERAL RESERVE DISTRICT NINTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK OF CHICAGO DIRECTORS AND OFFICERS FOR 1924 CLASS A—DIRECTORS George M. Reynolds, Chicago, Illinois Charles H. McNider, Mason City, Iowa Elbert L. Johnson, Waterloo, Iowa CLASS B—DIRECTORS August H. Vogel, Milwaukee, Wisconsin Stanford T. Crapo, Detroit, Michigan Robert Mueller, Decatur, Illinois CLASS C—DIRECTORS William A. Heath, Evanston, Illinois Frank C. Ball, Muncie, Indiana James Simpson, Chicago, 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 DIVISION OF BANK RELATIONS Everett L. Harris, Manager DIVISION OF RESEARCH AND STATISTICS Frank M. Huston, Manager DIVISION OF AUDIT Francis1 R. Burgess, Auditor Walter A. Hopkins, Assistant Auditor COUNSEL Charles L. Powell MEMBER FEDERAL ADVISORY COUNCIL John J. Mitchell, Chicago, Illinois DETROIT BRANCH DIRECTORS Emory W. Clark Julius Haass Charles H. Hodges James Inglis John W. Staley* OFFICERS John G. Baskin, Assistant Federal Reserve Agent William C. Schrader, Acting Assistant Federal Reserve Agent George T. Jarvis, Assistant Auditor William R. Cation, Manager John B. Dew, Cashier Herbert H. Gardner, Assistant Cashier Harlan J. Chalfont, Assistant Cashier Henry M. Butzel, Assistant Counsel DEPARTMENTS OF OPERATION OFFICERS James1 B. McDougal, Governor John H. Blair, Deputy Governor Charles R. McKay, Deputy Governor LOANS AND CREDITS Kent C. Childs, Controller of and Credits Allen R. LeRoy, Manager, (Iowa) Ralph H. Buss, Manager, (Michigan and. Wisconsin) count Department. Frank R. Hanrahan, Manager, (Illinois and Indiana) Eugene A. Delaney, Manager, Department Loans Loans DisLoans Credit 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. ADMINISTRATION James H. Dillard, Controller of Administration Robert J. Hargreaves, Manager, Personnel Department Louis G. Meyer, Manager, Service Department Frank A. Lindsten, Manager, Disbursing Department Walter A. Hanson, Manager, Accounting Department Richard C. Huelsman, Manager, Planning Department FISCAL AGENCY Don A. Jones, Controller of Fiscal Agency Functions John H. Rumbaugh, Manager, Government Bond Department *To fill a vacancy in this directorate caused by the death of James T. Keena. Loans FEDERAL RVE C H I C AGO RESE OF BANK Chicago, January 12, 1924 the honor to submit herewith the ninth annual report of the Federal Reserve Bank of Chicago, covering the year 1923. GENTLEMEN: hav e I Respectfully, W. A. HEATH, Chairman and Federal Reserve Agent FEDERAL RESERVE BOARD Washington, D. C. FEDERAL RESERVE BANK OF CHICAGO Comparative Volume of Operations in Principal Departments 1923, 1922 and 1921 NUMBER OF PIECES HANDLED 1923 1922 1921 Bills discounted: 29,349 51,656 21,196 Applications 140,994 94,971 245,885 Notes discounted 20,326 10,819 20,241 Bills purchased in open market for own account 268,485,138 200,648,371 187,789,755 Currency received and counted 165,914,172 161.447,983 206,613,000 Coin received and counted .' 78,509,000 68,943,000 Checks handled 88,649,000 Collection items handled: 13,898,456 17,644,076 10,458,817 U. S. Government coupons paid i 378,234 *411,897 All Other 442,271 U. S. Securities—issues, redemptions, and ex **4,054,353 **6,180,208 (b) 22,041.349 changes by Fiscal Agency department 178,246 213,565 Telegraphic transfers of funds 246,453 ..(a) (c) 6,147,573 Envelopes received and dispatched 7,460,018 (In thousands of dollars) AMOUN.TS HANDLED 1,581,004 4,168,477 2,508,032 Bills discounted 1 138,276 253,464 265,360 Bills purchased in open market for own account 1,133,869 1,172,217 1,501 901 Currency received and counted 15,694 17,273 Coin received and counted 28,843 14,054,405 14,661,227 Checks handled 23,074,243 Collection items handled: 97.607 89,443 U. S. Government coupons paid 89,818 480,383 605,026 All Other 763,273 U. S. Securities—issues, redemptions, and ex 1.765,445 1,934,493 changes by Fiscal Agency department 1,116,402 9.284.101 13.904.999 Telegraphic transfers of funds 15.588.668 * This figure represents the individual coupons, whereas 1922 and 1923 figures show the number of coupon collections. **War Savings and Thrift Stamps counted by certificates as number of stamps were not available. (a) Data not available. (b) Large increase due to redemption of War Savings securities which matured J a n . 1, 1923. (c) Partly estimated and no figures available for the Detroit Branch. Movement of Assets and Liabilities Federal Reserve Bank of Chicago—1920 to 1923 Inclusive LIABILITIES ASSETS 500 500 400 • 400 100 100 1920 1 2 1922 91 1920 1921 1922 1923 OPERATION OF THE FEDERAL RESERVE BANK OF CHICAGO IN 1923 PERATIONS of the Federal Reserve Bank of Chicago during 1923 reflected the continued expansion of production and trade in the Middle West. Borrowings of member banks in 1923 averaged higher but increased to a lesser degree than production and trade. This reflected an improved condition which enabled many member banks to meet the needs of their customers with less extensive recourse to the Federal Reserve Bank. An important development during the year was the continued progress in agricultural sections toward the liquidation of slow loans, a movement under way at the close of the preceding year. Departments of the Bank as a whole carried an increased volume of work, exercising their functions, however, with no increase in personnel, thus reflecting greater efficiency in operation. Details of these operations are shown with comparisons in the following pages. O FINANCIAL RESULTS OF OPERATIONS IN 1923 business activity 1923 and resultant demand for banking bills on hand, inR EFLECTING theonaccommodation,intotal aggregated $137,cluding rediscounts December 31, 1923, 771,447 compared with $88,436,129 on December 30, 1922, and total cash reserves changed from $562,253,274 to $553,389,771. While a slight decline in deposits took place between these dates throughout the year they were on a higher level than in 1922. The trend of the principal items of assets and liabilities from the beginning of 1920 through 1923 is presented in the charts on the opposite page. Net earnings during the year 1923 were $1,178,355 compared with $1,405,215 in 1922. Franchise tax paid to the United States absorbed $246,586, resulting in net profits for the year of $931,769 compared with $929,104 in the preceding year. DISCOUNT OPERATIONS IN 1923 HE higher average traceable largely to operations larger centers T financialdemand, the ofinloans in 1923 was and the increasing commercial requirements of country banks steadily NINTH ANNUAL REPORT FEDERAL RESERVE BANK OF CHICAGO MILLIONS OF DOLLARS MILLIONS OF DOLLARS 600 600 F. R. NOTE CIRCULATION 500 500 400 400 300 300 200 200 100 100 200 200 1 PUF CHASED B l LLS 1 1 I 100 200 200 UNITED STATES SECURITIES 100 100 500 500 DISCOUNTS FOR OWN MEMBERS 400 400 300 300 200 200 100 100 1921 1922 1923 FEDERAL RESERVE BANK OF CHICAGO decreasing from the first of the year until the middle of September, when seasonal needs reversed the trend. Generally speaking, crops were good, and corn as well as hogs and cattle brought fair prices. Improvements in volume and price of dairy products have been material factors in betterment of the agricultural situation in some sections of the district. Loans in industrial and commercial centers have shown an increasing trend. Detailed statistics are shown in the Appendix, Schedule 2. Loans on January 3 aggregated $77,791,000 and on December 26 were $105,167,432. In 1922 on January 4 loans were $189,127,000 and on December 27 had tapered off to $88,100,000. The high point in 1923 occurred on October 31, with an aggregate of $118,527,000, whereas in the preceding year the figure on January 4 marked the point of greatest aggregate loans, and the highest figure during the normal period of seasonal autumn expansion was $102,585)^000 recorded on December 6. A total of 973 member banks were accommodated during 1923 compared with 1,129 in 1922. The aggregate of loans this year reached $2,508,082,000 and the corresponding figure for 1922 was $1,581,004,000. The discount rate, which was reduced to 4 ^ per cent from 5 on March 25, 1922, was maintained at that figure during the entire year 1923. Loans to Member Banks—Federal Reserve Bank of Chicago IOWA ILLINOIS •• •1 m 1 1 • • • • • JUY 1, 1921 DEC 50,1922 JUNE 50,1925 DEC.SI.W •• • •EC.^1,1921 JULY 1, 1922 MICHIGAN •• •••• • • 1• DEC .51,1920 • • 0 10O 200 700 400 500 ) I DEC5.1921 • 100 200 500 400 500 1 r DEC.51,1925 100 200 500 400 500 ) 200 500 400 5OO •i •• •• ••• 1 1 1 ) 100 ••••• DEC.5O.I922 JUNE JC0 925 0 TOTAL • • • • JULY 1.1927. 1 WISCONSIN INDIANA JULY 1,1921 1 100 ZOO 500 400 In Millions of Dollars 500 0 TOO 200 300 400 500 COLLATERAL AND SAFEKEEPING OPERATIONS of collateral of ment bonds Treasury notes the major portion T HE amount andsecurities held asconstituteyear,which Governincreased during the first five months of the followed by a downward movement until September, when an upward trend NINTH ANNUAL REPORT began. At the beginning of 1923 approximately $79,000,000 of collateral was held, and on December 31 the figure was $93,000,000. The high point was recorded on June 1, with $112,766,000 and the low of $66,000,000 was shown February 15. A total of 504 member banks, or 35 per cent of the membership of the district, availed themselves of the safekeeping services of the bank in 1923, as compared with 598 in the preceding year. The high point in volume of securities entrusted for safekeeping other than those held for collateral was $130,900,000 on October 25 and the smallest amount at any time during the year was $92,000,000 on January 11. Securities Held as Collateral—1922 and 1923 Millions o f D o l l a r s c ••1 later al H Id Tot a U.S.i Jond i and Treas 120 • • • • :oiio Ural to No 'm ofMeniber — US.Securities Collateral to Rediscount 1 U.S.Treasury Certificates Collateral to totes ofM » Ban) A \ j 100 L i \' \ 80 \ \ \ V\ V V \ 20 . ^ • • " • V j 40 n lank —- s^ ••— - ^ ^ r I;. // V \ ^/ •• v\ / — — Jon Feb Mar Apr Hay June July Aug Sept Oct r Nov Dec Jan Feb XT— a— — — Mar Apr May June July Au« S.pt Oct Nov 1922 Dec 192^ NOTE—Data as of the 1st and 15th of each month INVESTMENTS 1923 Bankers' exclusive of transactions under agreement DURING point holdings ofrepurchase Acceptances afluctuated from a low of. $9,050,000 on January 18 to peak of $43,427,000 on August 2, and at the close of the year stood at $40,403,000. Bankers' Acceptances bought for account of this bank during the year amounted to $214,383,000, an increase over the previous year of $20,863,000, with the number of items increased proportionately. Sales from portfolio were only $8,000,000, as against $109,920,000 the preceding year. Transactions under agreement showed a falling off both in amount and number of items, with the result that while Acceptances purchased (including bills taken under repurchase agreements) show an in FEDERAL RESERVE BANK OF CHICAGO crease, there was a slight decrease in the aggregate of items handled from 20,326 in 1922 to 20,241 in 1923. Holdings of United States securities (including those held under agreement) reached a high point of $84,900,300 on March 15 and thereafter decreased to a low of $6,549,000 on October 8. At the close of the year the holdings were $10,757,000. Transactions show a. decrease in dollars from 1922, but an increase in number of Certificates of Indebtedness, Treasury Notes, and securities handled under repurchase agreement. The decrease in number of bond transactions is accounted for by the maturity of the Victory Notes, which contributed largely to the volume in 1922. COMPARATIVE TABLE OF GOVERNMENT SECURITY TRANSACTIONS AND 1922—AMOUNTS IN THOUSANDS OF DOLLARS 1923 Number of Transactions 1923 1922 Totals and Amount 1,006 813 2,142 2,250 76,505 73,083 198,472 211,317 684 523 2,342 1,867 171,252 88,345 243,996 237,697 3.356 9,710 43,015 23,840 1.938 20 940 92.693 83.002 19.277 Certificates of Indebtedness Notes: Market Purchases Market Sales . Bought with Agreement Sold under Agreement U. S. Bonds: Bought ...< Sold Amount Number of Transactions 626,232 28,294 916.985 Treasury NOTE.—Includes transactions for the account of member and other banks, but temporary Treasury Certificates purchased from the Treasury Department. excludes DEPOSIT AND FEDERAL RESERVE NOTE LIABILITIES; RESERVE POSITION LTHOUGH Federal Reserve note circulation averaged higher in 1923 than in 1922, it remained at a low level compared with 1919, 1920, and 1921. As shown in Schedule 2, Federal Reserve notes in circulation, which amounted to $419,333,000 on January 3, declined in volume until the end of that month when they stood at $382,693,000, the low point for the entire year. The peak in autumn expansion came on September 5 when Federal Reserve notes aggregating $417,207,000 were in circulation, an increase of $34,514,000 over January 31. The high record for the* year, which occurred on December 26, was $420,296,000. Total deposits reached their peak on May 23, when they aggregated $298,977,000. There was a downward trend in total cash reserves during February and March, after which an upward movement began to manifest itself, its climax occurring on May 29 when cash reserves totaled $574,643,000. Thereafter the trend was down- A NINTH ANNUAL REPORT ward until August, when reserves began to increase, reaching a level of $591,457,000 on September 5, the peak for the year. The reserve ratio at the beginning of 1923 stood at 79.0 per cent compared with 81.5 per cent at the close of the year. During this period reserve percentages fluctuated from 74.6 per cent on April 4 to 85.2 per cent on August 29. MEMBERSHIP IVE in this district were admitted to the Sys1923 and thirteen withdrew. In addition to seven Ftem instateonbanksmonths' notice, one institution was absorbed withdrawals six by a non-member, another was converted into a national bank, two were declared insolvent, one consolidation took place, and one state bank was rechartered, resulting in a net reduction of eight state bank members in this district during the year. Fourteen national banks, including the state member bank which became national, were admitted, and fourteen withdrew. Four of the latter number were absorbed by other national banks, one was succeeded by another national bank, five were absorbed by state banks, two were consolidated with other national banks, and two were declared insolvent. Comparative statistics of membership at the close of 1921, 1922, and 1923, are given: COMPARATIVE F I G U R E S O F M E M B E R S H I P December 31, 1923 Nat'l Illinois Indiana. Iowa Michigan Wisconsin Totals State 336 191 348 82 107 63 19 l'»7 153 24 •1,064 371 December 30, 1922 Totals Nat'l 404 210 455 235 131 333 192 351 81 107 1,435 ••1,064 December 31, 1921 State Totals Nat'l State Totals 406 212 459 234 132 332 194 353 80 107 72 20 106 153 26 404 214 459 233 133 1,443 1,066 377 1,443 73 20 108 153 25 379 *Does not include the Ogden National Bank of Chicago, which though chartered at the close of the year, was not recorded as a member until January 2, 1924, since the capital stock accounts of t >»is bank were automatically closed until that date on account of the mailing of dividend checks to member banks. **Does not include Portage Park National Bank of Chicago and First National Bank of Marion, Wisconsin, which were recorded as members January 2, 1923, though chartered at the close of 1922. FIDUCIARY POWERS TOTAL of twenty-six member banks in the Seventh District were authorized by the Federal Reserve Board to exercise fiduciary powers, and one was authorized to act as trustee only. The tabulation in the appendix (Schedule 11) shows that seven authorizations were granted to banks in Illinois, an equal number each in Indiana and Iowa, two in Michigan, and A 10 FEDERAL RESERVE BANK OF CHICAGO four in Wisconsin, the latter number including the granting of trustee powers to one institution. BANK EXAMINATIONS Division of Bank a and the field work for the year has been T HEreduced forcecredit Examinations has been operating with confined largely to examinations of member banks and to a limited number of examinations of state banks applying for membership. The volume of office work, including analysis of reports of examinations of approximately 1450 banks, shows little change. Friendly relations with and the cooperation of the Chief National Bank Examiner's Office under the Comptroller of the Currency and the five State Banking Departments continue very satisfactory. BANK RELATIONS HE policy of having the Bank Relations men visit member banks regularly has been continued during 1923, in which period 1823 calls of this kind have been made. There have also been 1658 calls made on non-member banks, the purpose being to explain membership in the System to as many as possible of the non-member state banks in the district during the year. Wherever requested a representative has also been furnished to meet with the officials and stockholders of member and non-member banks to discuss the relations between the Federal Reserve bank and its member banks. The Bank Relations Department has supervised the furnishing of speeches and other information about the System requested by member banks and outside organizations, and has sought to bring about more intimate contact and better understanding between the Federal Reserve Bank, its stockholding member banks and the citizens of the Seventh District. T THE DIVISION OF RESEARCH AND STATISTICS HE Division of and Statistics was called upon extensively to T during 1923 moreResearchFederalthan in previous years for compile information for the Reserve Board and officers of this bank. It has also met a constantly growing' demand from outside sources. Such work has been in addition to the maintenance of the statistical reporting service, in which continued care has been taken to avoid duplication of available statistics gathered elsewhere. Besides the Business Conditions report, with its circulation of 22,000, the department has compiled each month detailed statistical summaries. With the April 1 issue of Business Conditions, presentation of the statistical data in index form was begun—a change made 11 NINTH ANNUAL REPORT possible by the work of previous years, and adopted to furnish a constant base for monthly comparisons. It is now possible beginning with the January, 1924, returns to include in this index a yearly comparison month by month of agricultural machinery data. The Reference Library, connected with the Division of Research and Statistics, was enlarged during the year by purchases of recent publications, by gifts from the Board's duplicate stock, and by deposits from the Chicago Public Library. This commercial and financial library is being brought together for use by all departments of the bank, as well as by member banks and the business public. The Reference Library staff has supervision also of the Recreational Library, a project of the Personnel Department to assist employees in obtaining general and periodical collateral reading. PART TAKEN IN GOVERNMENT FINANCING in years, this its with financing in during which A StionpreviousGovernment bank continued1923,work in connecperiod $141,349,000 of United States Treasury Certificates of Indebtedness, $138,633,200 of Treasury Notes, and $2,889,125 of Treasury Savings Certificates were distributed. In the exercise of its capacity as Fiscal Agent, there were surrendered to the bank in 1923 for exchange, conversion, redemption, etc., Government securities amounting to $1,162,202,270 numbering 32,559,156 pieces. Against these surrenders the bank has delivered 433,091 pieces amounting to $910,222,775. The largest operation of the year was the redemption and exchange of War Savings Certificates, Series of 1918, which matured on January 1, 1923. While a large part of the work in connection with this came during December, 1922, it extended well into the new year, and is reflected in the 1923 figures. In handling this work, the bank redeemed a total of $91,344,588, representing 20,141,266 stamps. A number of banks and brokers find the telegraphic transfer of securities through the office of the Commissioner of the Public Debt a great convenience, and during the year the bank has accepted for telegraphic transfer $260,783,900 and delivered $276,104,000 of Government securities against receipts by other Federal Reserve banks. Practically no new business was handled for the War Finance Corporation, only four loans amounting to $221,817 being made during the year. This bank, however, made 220 renewals involving an aggregate of $5,358,000 and handled a little over $23,000,000 of collateral against these loans. 12 FEDERAL RESERVE BANK OF CHICAGO GOVERNMENT SAVINGS ORGANIZATION of Treasury Savings in the Seventh District approximated the volume SALES during 1923however, Certificatesrepresents last year, $26,000,000, of which, $8,000,000 certificates issued in exchange for the 1918 Series of War Savings Stamps. Cash sales show decreased volume this year because the 1923 certificates were sold at a lower interest rate. On December 1, 1923, a new issue was placed on sale yielding 4^4 per cent per annum, compounded semi-annually if held until maturity, and the bank's sales of this issue during December were $6,000,000. GOLD SETTLEMENT FUND HE volume of balances settled through the Gold Settlement Fund increased in 1923. Receipts from other Federal Reserve banks aggregated $12,928,473,000 compared with $11,346,028,000 in the preceding year. Payments to other Federal Reserve banks were $12,936,848,000 resulting in a net loss of $8,375,000 from transactions between this district and other Federal Reserve districts, as compared with a net gain of $66,396,000 in 1922. Schedule 7 of the Appendix presents the weekly figures of these transactions. The Gold Settlement Fund increased from $77,261,000 on December 30, 1922, to $106,900,072 December 31, 1923, the result of these transactions and a large volume of deposits. T POSITION OF MEMBER BANKS RADUALLY increasing volume of time deposits and a downward movement in demand deposits are the outstanding developments shown by the tabulation in the appendix (Schedule 8), giving principal assets and liabilities of reporting member banks in leading cities. The separate statistics for member banks in Chicago (Schedule 8-a) exhibit similar movements in both time and demand deposits, as well as a shrinkage in holdings of Government securities. The reporting member banks in leading cities represent approximately 64 per cent of member bank resources and more than 40 per cent of the total banking resources of the district; the members reporting in Chicago comprise 98 per cent of member bank resources and about 77 per cent of the total banking resources of the city. Payment by check at 21 centers in the district aggregated $55,366,897,000 in 1923, an increase of over 6 billion or 12 per cent above the total in the preceding year, as shown in Schedule 9, "Debits to Individual Accounts." As was the case during 1922, the aggregate average reserve balances maintained by all member banks of the district were above the total legal requirement throughout the year. The percentage of excess showed a downward trend from a high point of 4.16 in January to 2.63 per cent in November. G 13 NINTH ANNUAL REPORT CLEARINGS AND COLLECTIONS HE combined total of checks handled during 1923 by the Detroit Branch and the Chicago bank was over 88,000,000, representing about $23,000,000,000 as compared with 78,344,000 items in the preceding year, involving $14,608,408,000. The percentage of increase over the corresponding period of 1922 in the aggregate number of checks handled by this bank and the Detroit Branch was 12.9. The number of items on Chicago and Detroit banks increased 4.7 per cent, and checks on banks outside these cities increased 15.9 per cent, while a gain of 4.5 per cent in the number of Government checks was shown. On August 15 participation by non-member banks in the par check collection system was placed on a voluntary basis and the use of agents other than banks for the purpose of making par collections of checks upon non par-remitting banks discontinued. Since that time only 1J4 per cent of the total number of banks in this district have withdrawn from the par list because of a desire to return to the former practice of deducting exchange from checks drawn upon them. The combined resources of such banks amount to only 24/1,000 of one per cent of the combined resources of all banks in the district as of June 30, 1923. Collections of non-cash items by this bank in 1923 also showed considerable gain over 1922, amounting to 771,148 separate items totaling $763,272,927. In the preceding year the corresponding figures were 624,895 items and $605,025,864. T NUMBER OF COLLECTION ITEMS HANDLED Drawn on Received from Seventh Federal Reserve District Other Commercial Items discount Department.... Member Banks,District 7 Member Banks, Other Districts Other Federal Reserve Banks Total: 1923 1922 Bonds and Coupons Commercial Items 2,989 77,671 0 85,812 12,881 83,895 16,441 29,770 761 160.069 240,289 1.206 257,170 228.832 355,871 • 281,201 98,743 82.739 Total Districts Bonds and Coupons 0 58,686 169 509 59,364 32,123 1923 15.870 306,064 1922 9,221 227,026 47,141 73,821 402,073 314,827 771,148 624,895 Note—The number of coupons has been counted separately in the table above, whereas in the table showing the volume of operations each coupon collection is treated as a single item. CASH AND CURRENCY OPERATIONS HE year 1923 showed an increase of receipts and payments of currency and coin of approximately 30 per cent over 1922. Currency received amounted to $1,489,837,000 as com- T 14 FEDERAL RESERVE BANK OF CHICAGO pared with $1,175,234,000 for the year 1922, payments totaling $1,473,976,000 as compared with $1,168,900,000 for the previous year. The demand for currency and coin was quite large throughout the year, and the number of shipments to and from out-of-town banks increased from 76,750 in 1922 to 84,571 during 1923. The Federal Reserve note circulation of this bank reached the high point in December, the net outstanding circulation amounting to $423,600,000, which was $10,000,000 below the high of 1922. During the year a considerable amount of gold certificates was paid out, which probably reduced the Federal Reserve note circulation by $40,000,000. TRANSFER OF FUNDS TOTAL of $12,741,394,000 was transferred over the leased wires in 1923, representing 151,413 transactions. All other transfers numbered 95,040, resulting in a total of 246,453 compared with 213,565 tra-nsfers in 1922. The aggregate of $15,588,668,000 transferred in 1923 compares with $13,904,999,000 the preceding year. A INTERNAL ORGANIZATION URING 1923 there was but one change in the personnel of the Board of Directors. The vacancy caused by the resignation of Albert R. Erskine necessitated a special election in the early part of the year for a Class B director, at which Robert Mueller, of Decatur, Illinois, was elected to fill the unexpired term. Elbert L. Johnson, Class A, and" Robert Mueller, Class B, whose terms expired at the end of 1923, were re-elected. James Simpson, Class C, whose term also expired at the end of 1923, was reappointed by the Federal Reserve Board. The Directors for the year 1924 will consist of the following: D CLASS A—Elbert L. Johnson, Waterloo, Iowa; Charles H. McNider, Mason City, Iowa; George M. Reynolds, Chicago, Illinois. CLASS B—Stanford T. Crapo, Detroit, Michigan; Robert Mueller, Decatur, Illinois; August H. Vogel, Milwaukee, Wisconsin. CLASS C—Frank C. Ball, Muncie, Indiana; James Simpson, Chicago, Illinois ; William A. Heath, Evanston, Illinois. William A. Heath was again designated by the Federal Reserve Board as Chairman and Federal Reserve Agent for 1924, and James Simpson Deputy Chairman. The Executive Committee for 1923 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. 15 NINTH ANNUAL REPORT These Committees will serve the Board of Directors in 1924 as constituted during the past year. The Building Committee, which was composed of the Governor, the Federal Reserve Agent, George M. Reynolds, James Simpson, and August H. Vogel, rendered their final report during the year upon completion of the new building. There were three resignations in the official staff during the year: Sterling B. Cramer, Deputy Governor, resigned in February. No appointment was made to fill this vacancy. A. H. Vogt, Controller of Accounting, resigned in February-. The office of Controller of Accounting was assumed by the Controller of Administration, in addition to his other duties. W. K. Lyle, resigned as Manager Personnel Department in June. R. J. Hargreaves, Chief Employment Division, was promoted to this position. Detroit Branch HE Board of Directors for the year 1923 was composed of John Ballantyne, Emory W. Clark, Julius Haass, Charles H. Hodges, and up to April 1, R. B. Locke, who resigned on that date and was succeeded by James T. Keena as a director. W. R. Cation, Cashier, was promoted to Manager of the Branch to succeed Mr. Locke and J. B. Dew, Assistant Cashier, assumed the duties of cashier. F. J. Maurice, Assistant Cashier, resigned in April. H. H. Gardner, Acting Assistant Federal Reserve Agent, and H. J. Chalfont were promoted to assistant cashiers. W. C. Shrader was appointed Acting Assistant Federal Reserve Agent and assumed his new duties in June. T OPERATIONS AT THE DETROIT BRANCH operations at Detroit reflect improved conditions in branch. THE loans the nineteen counties served by the creditcent Aggregate for the year show approximately 50 per increase over 1922. The number of items handled decreased as compared with 1922, as did the number of banks accommodated. Nearly every department of the branch showed an increased volume of operations. Non-cash collection items payable at the City of Detroit were 25 per cent in excess of 1922. and items drawn payable to country banks expanded 10 per cent. The transit department handled 20 per cent more items than in the preceding year, and bills received and counted by the Currency Department increased 25 per cent, the amount of silver handled increased greatly, while new currency issued practically doubled in amount over 1922. Gross earnings are approximately sixty thousand above 1922, resulting from larger holdings of bills discounted. Increased rental expense resulting from the leasing of additional space to care for greater volume of business caused a slight advance in total expenses for the year. Net earnings show a slight increase over the preceding, year. 16 FEDERAL RESERVE BANK OF CHICAGO APPENDIX SCHEDULE 1—Comparative Statement of Condition IN THOUSANDS OF DOLLARS Dec. 31, 1923 RESOURCES Dec. 30, 1922 Dec. 31, 1921 Gold with Federal Reserve agent Gold redemption fund with L. S. Treasury Gold held exclusively against F. R. notes. Gold settlement fund with F. R. Board Gold and gold certificates held by bank 384,917 4,196 410,108 2,199 312,163 26,284 389,113 106900 49,091 412,307 77,261 50,981 338.447 79,130 22,025 Total gold reserves Reserves other than gold 545,104 8,286 540,549 21,704 439,602 15,870 553,390 562,253 455,472 48,866 46,468 24.875 48,996 59,832 125,688 95,334 42,437 73,871 14,565 185.520 8,489 4,425 4,868 1,464 4,426 #10,855 47,552 4,490 #5,115 17,039 Total reserves Non-reserve cash Bills discounted: Sec. by U. S. Government obligations. Other bills discounted 7,500 Total bills discounted . Bills bought in open market U. S. Government Securities: Bonds Treasury notes Certificates of indebtedness Total U. S. Government securities. 10,757 Total Resources 220,653 665 98.525 8,288 702 1.665 77,273 7,010 1,521 784.373 5% Redemption fund—F. R. Bank notes. Uncollected items Bank premises All other resources 26,644 151,269 66,451 8,264 240 Total 'Earning Assets 62,833 148,528 821.702 763.594 LIABILITIES F. R. notes in actual circulation F. R. Bank notes in circulation—net. Deposits: Member bank—reserve account ... Government Other deposits 406,901 420,506 402,463 7,386 268,212 2,745 1,052 282,901 1,294 2,659 237,012 9,849 2,353 Total deposits Deferred availability items Capital paid in Surplus All other liabilities 272,009 58.611 15,179 30,426 1,247 286,854 68,248 14,772 30,398 924 249,214 57,201 14,307 29,025 3,998 Total Liabilities Ratio of total reserves to deposit and F. R. note labilities combined Contingent liability on bills purchased for foreign correspondents 784.373 821.702 763.594 81.5% 79.5% 69.9% 2,640 4.093 3,808 *Not shown separately prior to 1923. #Including Victory notes. 17 SCHEDULE 2—Movement of Principal Assets and Liabilities During 1923 AMOUNTS IN THOUSANDS OF DOLLARS Total Earnings Assets Date (2+5+6) Bills Discounted for Member Banks Total Bills Secured bv U. S. Govt. Obligations 1 Jan. Jan. Tan. Tan. Tan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. May May May May May Tune Tune Tune Tune Tuly Tuly Tuly July Aug. Aug. Aug. Aug. Aug. 3 10 17 24 31 7 14 21 28 7 14 21 28 4 11 18 25 2 9 16 23 29 6 13 20 27 3 11.... 18 25 1 8 15 22 29 _... 2 3 150,684 151.277 136,742 126,034 134,133 144,420 145.534 153,295 178,024 179,952 182,558 179,816 173,152 188,406 155,750 160,257 151,879 161,991 148,509 150,683 145,584 135,667 136,595 131,759 136,993 157,252 146,384 133,369 141,742 133.006 140.089 133,610 129,731 123,182 121.333 77,791 64,477 60,988 67,380 56,666 55,619 56,534 61.697 75,682 76,753 79,898 92,742 96,986 112,202 78,683 83,711 89,746 101,302 88,412 91,068 83,778 80,554 82,795 73,830 84,367 101,347 91,023 82,250 86,113 77,403 81,490 78,392 75,515 72,249 68,635 31,246 22,105 23,420 29,232 19,875 22,012 23,394 28,332 41,620 45,770 46,804 53,822 50,602 57,884 40,124 43,128 43,563 46,724 35,417 36,636 32,949 33,984 39,193 33.281 38.112 50,760 43,896 31,902 36,296 31.254 38.714 28,474 26,668 28,300 32.548 Other Bills Discounted 4 46,545 42,372 37,568 38,148 36,791 33,607 33,140 33,365 34.062 30,983 33,094 38,920 46,384 54,318 38,559 40,583 46.183 54,578 52,995 54,432 50,829 46.570 43,602 40,549 46,255 50,58? 47,127 50,348 49,817 46.149 42,776 49,918 48,847 43,949 36,087 Bills Bought in Open Market 5 16,098 16,055 9,850 10,039 9,502 13,863 13,821 17,194 27,841 29,499 28,375 28,400 31,112 32,696 33.452 33,853 .'6,320 35,017 33,783 33.906 33.354 29,859 28,343 31,055 41,471 43.043 44,144 39.141 43,161 45,575 47,346 45,152 44,690 42,071 43.081 United States Securities t> 56,795 70,745 65,904 48,615 67,965 74,938 75,179 74,404 74,501 73,700 74,285 58,674 45,054 43,508 43,615 42,693 25,813 25,672 26,314 25,709 28,452 25,254 25,457 26,874 11,155 12,862 11,217 11,978 12,468 10,028 11,253 10,066 9,526 8,862 9,617 Total Cash Reserves 7 547,395 541,477 557,393 559,128 " 551,692 539,050 538,022 542,802 512,153 513,490 509,722 517,757 515,415 509,314 538,588 536,514 535,583 532,477 548,155 547,257 566,787 574,643 571,093 566,571 548,094 543,410 565,821 568,995 559,933 556,362 555,242 570,058 575,099 571,261 586.497 Member Banks' Reserve Deposits 8 269,917 276,817 284,192 278,797 283,330 278,166 275.902 281,931 279,117 280,978 281,017 277,022 269,434 280,477 277,572 281,988 271,744 277,670 281,919 275,632 292,137 278,287 276,940 281,643 271,169 276,172 281,752 278,474 281,238 269,127 270,650 274,586 281,424 264,270 273.910 Total Deposits 9 273,617 280,151 287,625 283,002 288,659 281,430 280,779 288,057 282,975 286.420 285",423 295,054 274.784 287,097 281,091 287,441 275,511 287,216 284,545 289.340 298',977 287,307 294,780 283.629 272,855 280,879 284,575 282,393 287,305 272.588 279,482 ?78,529 284,364 267,555 278.779 Federal Reserve Reserve Notes in Percentage Circulation 10 419,333 406,086 395,522 389,307 382,693 383,252 386,353 389,883 392,898 394,691 391,487 391,856 393,330 395,330 395.284 395,506 394,382 394,132 396,092 396.287 396,773 402,403 401,993 399,386 400,752 404,058 413,982 410,779 404,928 400,976 401,106 406,102 407,970 408,953 409.967 11 79.0 78.9 81.6 83.2 82.2 81.1 80.6 80.1 75.8 75.4 75.3 75.4 77.1 74.6 79.6 78.6 80.0 78.2 80.5 79.8 81.5 83.3 82.0 83.0 81.4 79.3 81.0 82.1 80.9 82.6 81.6 83.3 83.1 84.4 85.2 2 c > r pa w o - SCHEDULE 2—Continued Sept. 5 Sept. 121 Sept. 19 ' Sept. 26 Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 Nov. 7 Nov. 14.... Nov. 21 Nov. 28 Dec. 5. Dec. 12 Dec. 19 Dec. 26 Daily Average... 123,521 118,505 130,108 135,826 153,153 150,525 164,196 158,316 165,283 151,227 131,816 142,832 162,147 151,396 143,417 134,137 156,720 148.766 74,148 66,054 75,251 87,122 105,286 101,096 115,062 111,951 118,527 105,382 82,545 92,702 114,025 104,432 93,579 86,159 105,167 86,046 37,145 26,857 29,481 38,427 53,002 49,714 59,335 56,574 62,515 52,891 39,033 46,663 62,968 57,261 47,708 40,914 53,292 37,003 39,197 45,770 48,695 52,284 51,382 55,727 55,377 56,012 52,491 43,512 46,039 51,057 47,171 45,871 45,245 51,875 39,897 41,932 43,955 40,257 40,188 42,659 42,155 37,751 37,087 36,957 39,453 41,871 39,107 39,365 39,940 38,354 40,602 34.228 9,476 10,519 • 10,902 8,447 7,679 6,770 6,979 8,614 9,669 8,888 9,818 8,259 9,015 7,599 9,898 9,624 10,951 28.492 591,457 579,597 562,631 564,638 557.784 554,747 547,986 544,650 528,259 550,668 576.351 560,732 542,974 554,446 568,983 564.115 564,900 552.282 267,141 271,723 269,634 267,618 268,229 266,221 277,769 268,524 264,272 270,186 283,980 277,146 269,285 272,870 281,008 266,496 271,265 275,636 278.890 274,556 274,828 272,593 277,556 269,404 284,083 273,145 266,756 272,716 287,724 281,758 274.312 279,404 284,395 268,849 276,541 280.953 417,207 414,481 412,134 412,250 415,011 415,859 412,236 410,865 406,302 407,790 404,136 401,919 405,089 406,311 405,855 409,723 420,296 403,605 85.0 84.1 81.9 82.4 80.5 81.0 78.7 79.6 78.5 80.9 83.3 82.0 79.9 80.9 82.4 83.1 81.1 80.7 SCHEDULE 3—Volume of Discount and Open Market Operations Bills Bought in Open Market Month Total AgriculSecured by U. S. Bankers' Trade tural and Govern- Accept- Accept- Live Stock ances ances ment Paper Obligations Tanuary 142,685 110,666 February 162,007 119,165 March 251,530 171,270 April 212,954 162,624 May 212,300 159,036 Tune 214,158 153,338 July -. 206,526 151,666 195,874 149,131 August 207,283 151,482 September 242,094 177,755 October 229,722 174,275 November December 230,949 187,379 Total: 1923.. 2,508,082 1,867,787 1922... 1,581,004 996,767 1921... 4.168,477 2,323,715 "so 50 75 1.446 184 64 206 89 162 344 204 277 61 201 185 109 2,086 1,321 9,147 4,481 3,621 7,436 4,954 5,373 5,104 3,708 3,097 4,920 7,325 6,113 7.161 63,293 105,376 192,620 M S3 53 w in IN THOUSANDS OF DOLLARS Bills Discounted w o w U. S. Securities Purchased Total Discount and Open Market Operations J3 < w td All Other Total Bankers' Dollar Trade ExAcceptAcceptchange ances ances Bonds Certifiand cates of Notes Indebtedness 1923 1922 1921 n 27,354 39,157 72,568 45,287 47,729 55,372 50,948 43,369 50,820 56,813 49,149 36,300 574,866 477,465 1,641,549 15,438 15,123 26,354 25,530 22,303 20,492 19,496 18,280 11.385 10,800 25,786 24,726 29,373 27,558 16,830 16,698 26,609 25,923 22,154 21,384 22,224 21,693 27.408 26.383 265,360 254,590 253,464 249,637 138,276 132,825 315 824 1,811 1,216 585 1,060 1,815 132 686 770 531 1.025 10,770 3,827 5.451 7,070 10,808 9,546 6,240 9,398 11,465 13,729 8,924 7,988 4,630 8,626 8.685 107,109 158,198 21,214 408,518 244,003 474,436 243,325 208,453 195,692 405,294 9,284 321,810 204,015 556,911 38,431 244,291 166,841 387,789 5,601 146,747 426,025 242,409 9,326 303,277 182,778 455,443 51,868 106,017 331,867 263,837 14,209 232,019 148,930 312,805 10,391 181,859 333,920 261,404 19,524 274,592 218,640 294,722 5,714 267,419 214,084 250,410 6,847 28860? 421.621 308.820 21.560 436,080 3,316,631 2,431,227 438,561 210.475 4,538.442 S o > o o NINTH ANNUAL REPORT SCHEDULE 4—Volume of Bills Discounted for Member Banks in Each State AMOUNTS IN THOUSANDS OF DOLLARS Month lanuary February March April May June Tuly "August September October November December 'Michigan 'Illinois! *Indiana Iowa 48,941 : 95,943 ; 141,510! ! 110,615! ' 107.8S7J 114,625 96.270] 86,975 ! 108,434 i 117,999 101,753 101,260 9,434 8,584 16,900 17,146 14,684 15,704 17,915 15,364 15,742 17,262 10,281 13,014 9,639 5,340 7,986 8,630 14,216 12,440 15,729 15,034 15,874 23,509 27,852 25,147 71,302 47,026 71,264 66,853 61,590 53,577 66,415 67,531 54,378 67,469 75,167 78,696 •Wisconsin NumNumber of ber of member member banks banks accomin dis- modated trict at during end of the month month Total 3,369 142,685 1,442 5,114 162,007 1,441 13,870 251,530 1,441 9,710 212,954 1,438 13,953 212,300 1,438 17,812 214,158 1,440 10,197 206,526 1.438 10,970 195,874 1,440 12,855 207,283 1,440 15,855 242,094 1,440 14,669 229,722 1,437 12,832 230,949 1,435 598 444 502 451 512 521 515 511 521 568 594 604 Total: 1923 11,232.182 172,030 181,396 781,268 141 ,206 2,508,082 1922 i 628,790 138,051 198,467 532,518 83,178 1,581,004 1921 1,687,314 273,191 635,256 1,284,464 288,252 4,168,477 Number of member ! banks at end of year: 235 131 1.435 1923 ! 404 210 455 132 1,443 234 1922 406 212 I 459 133 1,443 233 1921 404 ! 214 j 459 Number of member banks accommodated: 167 82 973 1923 244 I 147 333 194 1,129 1922 282 I 155 I 400 1.191 195 1921 297 I 160 I 429 * Figures in this column relate only to that part of the State located in the Seventh district. SCHEDULE 5—Operations of Federal Reserve Clearing System (Figures include cash items only) NUMBERS IN THOUSANDS; AMOUNTS IN THOUSANDS OF DOLLARS Month Items drawn on banks in own District Number January February.. March April May June July August September October November. December. Total: 1923 1922 1921 6,470 5,364 6,706 6,211 6,549 6,783 6,319 6.283 6,270 7,203 6,661 7,367 Amount 1,435.126 1,548,670 2,175,606 1,868,267 1,922,193 1,983,118 1,791,011 1,756,448 1,722,200 1,973,201 1,800,630 1 843,235 78 186 21,819,705 69,617 13,547,006 60,411 12,850,573 Items forwarded to other F. R. Banks and their Branches Number Amount 432 370 504 396 417 463 416 412 428 466 428 518 Items drawn on Treasurer of United States "Total Number Amount Number Amount 41,712 38,162 50,955 44,098 46,438 50,970 41,712 43,054 46,412 46,023 37,792 39,556 481 395 477 501 445 355 323 298 413 545 426 357 77,913 57,891 57,486 54,358 52,987 60,305 45,542 44,321 52,430 59,150 54,823 57,444 7,383 1,554,751 6,129 1,644,723 7,687 2,284,047 7.108 1,966,723 7,411 2.021,618 7,601 2.094,393 7,058 1,878,265 6,993 1.843,823 7,111 1,821,042 8,214 2,078,374 7,515 1,893,245 8.242 1,940,235 5,250 526,884 3,927 432,250 3.533 415,171 5,016 4,800 4,862 674.650 629,152 729.881 88,452 ?3,021,239 78.344 14,608,408 68.806 13.995.625 •Exclusive of duplications on account of items handled by both parent bank and branch. 20 FEDERAL RESERVE BANK OF CHICAGO SCHEDULE 6—Earnings and Expenses 1923 EARNINGS 1922 1921 $3,872,139 1,420,395 1,049,666 37,573 131,586 Total Earnings $3,862,291 518,829,302 547,339 374,864 2,081,340 858,205 49,761 123,250 208,132 196,549 $6.511.359 Discounted Bills Purchased Bills United States Securities Deficient Reserve Penalties Miscellaneous $6.748.863 $20,382,170 $ 332,875 1.947,951 108.696 344,363 711 363 1,007 9,094 31,780 97,426 S 367,156 1,907,058 155,333 236,665 309 348 992 8,221 42,083 98,307 1,387 332,652 1,888,877 138,792 156,492 615 244 1,099 11,731 48.131 105,227 38.601 56,083 230,455 49,602 88.308 42.176 144,239 112,922 30,164 62,125 207.994) 55,244) 67,400 48,424 76,128 24,663 205,729 83,090 109,172 31,328 62,168 245,014 273,625 120.847 128,770 31,872 71,621 237,238 210,993 57,752 2,006 110,094 95,378 82,631 33,425 198,439 768,220 106,811 98.655 •229,948 CURRENT EXPENSES Salaries: Bank Officers Clerical Staff Special Officers and Watchmen All Other Governors' Conferences Federal Reserve Agents' Conferences Federal Advisory Council Directors' Meetings # Traveling Expenses : Assessments for Federal Reserve Board Expenses Legal Fees Insurance (other than on currency and security shipments) Insurance on Currency and Security Shipments Taxes on Banking House Light, heat and power Repairs and alterations Banking House Re i t Office and other supplies. Printing and Stationery Telephone Telegraph Postage E 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. $4,373,024 1923 PROFIT AND LOSS ACCOUNT $4,080,057 $ 4,852,258 1922 1921 $6,511,359 4,373,024 $6,748,863 $20,382,170 4,080,057 4,852,258 $2,138,335 $2,668,806 MS.529.912 $ 11,957 $ 144,554 300,000 127,465 $ 4,826 41.903 $ 572.019 $ 4.826 $ 451,044 363.586 166.662 20,591 $1,400,000 $ 145,000 500,000 $1,001,883 $1,835,610 $ 1.029.621 Net Deductions from Current Net Earnings $ 959.980 $1,263,591 $ 1.024.795 Net Earnings available for dividends, surplus and franchise tax Dividends paid Transferred to Surplus Account Franchise Tax Paid United States Government $1,178,355 $ 904,371 27,398 246.586 $1,405,215 <U4.505.117 $ 876203 $ 853,785 **52.901 2,075.323 **476.111 11.576.009 Current Net Earnings Additions to Current Net Earnings: Amounts deducted from Reserve for Depreciation on United States Bonds All other Total Additions Deductions from Current Net Earnings: Depreciation allowances on bank premises Reserve for probable losses Furniture and Equipment All other Total Deductions $ 29,946 238,923 196,687 t 384,621 # Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. *Includes $118,158 for Furniture and Equipment which since 1921 has been charged direct to profit and loss. tlncluded with current expenses prior to 1922. **Bank also charged its surplus account and paid the United States Government $710,190 as an additional franchise tax for 1921. 21 NINTH ANNUAL REPORT SCHEDULE 7—Clearings and Transfers Through the Gold Settlement Fund IN THOUSANDS OF DOLLARS Week Ending January 4 (three days). January 11 January 18 January 25 February 1 February 8 February 15 February 21 March 1 March 8 March 15 March 22 March 29 April 5 April 12 April 19 April 26 May 3 May 10 May 17 May 24 May 31 Tune 7 Tune 14 June 21 Tune 28 July 5 July 12 July 19 July 26 August 2 August 9 August 16 August 23 August 30 September 6 September 13 September 20 September 27. October 4 October 11 October 18 October 25. November Novembe Novembe Novembe Novembe Decembe Decembe Decembe Decembe Dec. 28-31 (three days) Total: 1923 1922 1921 Payments to other F. R. Banks Receipts from other F. R. Banks 156,859 259,543 258,480 262,994 279,139 212,415 1^9,305 213,905 316,505 228,230 251,869 248,943 241,665 231,696 226,015 259,690 272,765 277,291 223,758 259,322 266,158 229.836 261,307 238.530 296,745 268.510 253,624 225,268 270,206 256,019 247,665 215,172 197,362 246,020 217.646 188.079 229,047 288,768 251,567 245,843 238,666 241,947 269,707 259,395 220,380 235,083 300,199 212.671 257,403 240,917 289,093 237.902 159.724 139,898 245,888 274,082 271,192 251,464 213,264 211,087 205,780 280,605 242,789 235,143 264,288 255,883 230,425 233,404 256,607 284,222 259,975 235,363 256,337 295,458 242,722 248,299 237,385 286,409 273,303 263,418 239,863 249,315 259,562 242,028 231,096 205,620 242,095 228,375 188,396 228,284 265,390 252,990 244,089 228,621 236,256 269,341 248,790 243,341 236,060 282,493 212.271 272,323 238,221 293,408 246,075 149.480 12,936,848 11.279,632 8.698.247 12,928,473 11,346,028 8.900.334 Net Loss 16,961 13,655 27,675 8,125 35,900 16,726 1,271 3,083 17,316 '£985 13,008 1,145 10,336 20,891 """5,637 3,925 763 23,378 1,754 10,045 5,691 366 10,605 15,602 8,198 849 11,782 14,559 15.345 14,218 7,389 Tl7457 11,605 29,300 12,886 4,793 9,794 14,595 3,543 15,924 8,258 10,729 317 1,423 22,961 977 17,706 400 14,920 2,696 8,375 Net gain in ownership of gold since establishment of fund in 1915. 22 Net Gain 4,315 8,173 66,396 202.087 271,579 SCHEDULE 8—Principal Assets and Liabilities of Reporting Member Banks as of the Last Report Date in the Month In Leading Cities IN THOUSANDS OF DOLLARS LastReport Date in Total Loans and Discounts including Loans and Discounts Investments Rediscounts with secured by Stocks Federal Reserve and Bonds other All Other U. S. Securities Bank than U. S. Bonds 1923 lanuary February March April May Tune July August September October November December 1,661,539 1,684,768 1,736,300 1,755,672 1,782,316 1,776,695 1,749,334 1,742,505 1,759,893 1,780,667 1,765,241 1,757.418 Net Demand Deposits Time Deposits Accommodation at F . R. Bank U 1922 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 1,565,270 1,573,108 1,546,502 1,534,654 1,586,510 1,550,619 1,562,886 1,576,323 1,573,982 1,624,909 1,599,000 1,609,200 539,754 542,358 548,045 552,066 584,887 584,018 585,652 573,127 579,630 588,236 587,949 592,150 435,471 445,514 422,754 426,514 484,871 484,141 499,847 528,071 519,930 552,361 543,436 539,093 319,468 300,189 286,800 273,708 279,874 289,699 280,734 295,508 273,066 264,946 255,052 284,270 123,950 144,992 142,974 167,969 185,109 212,037 209,502 243,097 245,846 252,647 256,353 295,202 359,748 362,354 370,367 367,495 358,607 348,113 354,777 342,664 340,384 337,456 342,051 349,770 382,457 384,686 388,188 391,155 404,225 401,532 402,093 408,320 405,146 407,299 419,044 432,776 1.527,981 1,517,589 1,470,340 1,487,567 1,516,121 1,480,302 1,485.725 1,495,870 1,453,740 1,458,622 1,436,241 1.470,801 1,260,480 1,320,730 1,288.998 1,336,576 1,422,458 1 400,916 1,440,402 1,440,503 1,437,964 1,439,081 1,434.443 1,467,033 757,734 759,810 771,486 773,061 785,341 787,171 783,683 779,960 781,944 790,046 798,630 801,341 648,472 658,773 657,473 659,041 667,576 681,109 682,359701,687 700,355 731,179 732,092 744,470 19,177 44,108 63,952 54,872 44,120 63,243 41,475 36,605 52,881 77,065 69,895 59,722 56,804 27,290 33,677 17,991 15,877 10,020 7,196 19,665 17,443 25,669 40,360 38,244 w W < W NOTE.—Figures are for about 106 banks, which submit weekly reports to the Federal Reserve Board, located in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Peoria, Milwaukee, and Sioux City. SCHEDULE 8A—In Chicago j January February March April May. Tune July August September October November December 066,883 082,872 126,871 140,475 166,556 156,081 124.582 119,407 132,774 ,154,436 ,136,472 .129.923 1,046,182 1.056,963 1,037,515 1,026,633 1,082,025 1,049,000 1,052,049 1,066,013 1,063,343 1,101,574 1,068.641 1,075,246 407,277 407,902 413,570 415,026 447,605 440,276 437,250 423,629 430,234 440,545 439,416 440,290 319,626 329,845 303,439 310,389 365,780 360,484 373,041 400,369 394,786 424,850 414,965 408,470 176,906 158,554 143,282 126,931 127,067 138,011 122,531 143,918 124,991 121,549 114,088 146.506 40,127 60,964 57,609 79,678 93,825 [12,734 107,937 [33,330 132,374 [30,024 136,818 162,254 186,264 186,686 191,798 190,384 179,937 171,844 177,649 163,550 166,339 163,975 166.786 171.468 173,519 176,144 176,425 177,728 185,422 181,261 176,799 175,726 171,682 172,417 180,520 193,538 n 1,036,336 870,020 1,030,135 921,926 995,110 878,356 1,002,877 916,070 1,029,031 986,569 997,832 959,519 981,590 993,046 997,652 1,000,820 990,053 971,908 995,441 983,175 990,967 970,116 1,003,369 1,008,717 367,254 367,688 376,425 370,831 375,673 373,107 369,333 363,946 365,201 371.100 372,891 378.930 NOTE.—Figures are for about 49 banks located in Chicago, which submit weekly reports to the Federal Reserve Board. o •aj IN THOUSANDS OF DOLLARS 312,419 315,973 311,474 310,959 315,083 324,492 322,781 334,514 328,505 352,616 350,499 361,276 8,047 26,186 40,956 34,232 16,795 38,944 17,484 17,187 29,483 44,088 31,626 29,536 15,817 6,307 19,720 3,460 9,274 5,979 2,442 6,225 8,500 8,648 11,081 14,763 X I—I n > o o NINTH ANNUAL REPORT SCHEDULE 9—Debits to Individual Accounts IN THOUSANDS OF DOLLARS Month * Summary for 21 Centers 1923 January February.. March April May Tune Tuly August September October November December 1922 4,810,899 4,383,817 4,828,041 4,737,859 4,899,390 4,772,812 4,509,455 4,240,633 4,208,411 4,660,972 4.428,485 4,886,123 *l?ay City, Mich. * Mlooniington, 111 'Cedar Rapids, Ta 3,858,652 3,523,914 4,389,187 3,945,171 4,097,957 4,326,058 3,995,629 3,991,612 4,070,134 4,438,210 4,051,955 4,615,171 Total. 55.366,897 January February.. March April May June Tuly August September October November. December.. 1922 1923 1922 11,481 10.397 15,970 11,997 11,233 1 1,562 10.734 10,398 10,918 11,204 9,564 11,281 8,917 8,849 13,409 10,617 9,200 9,553 9,751 9,538 9,799 9,953 9,442 11,702 27,139 21,693 31,246 28,189 28,696 29,241 27,296 25,862 27,877 31,626 25,306 28,630 37,646 29,794 27,799 22,606 21,228 22,830 29,693 21,342 21,899 23,555 20,814 24,255 49,303,650 127.677 121,152 136.739 120,730 332.821 303,461 Total.. 35.278.972 'Detroit, Month January February.. March April May Tune July August September October.:... November. December. *Davenport, la. 1923 *Decatur. 111. *Des Moiiies, la. 1922 1923 1922 37,548 32,348 36,377 35,404 38,235 34.292 31,746 30,294 30,129 33,949 31.650 33,847 29,002 30,170 34,649 31,904 35,194 33,817 36,136 30,667 35,576 36,210 34,933 38,111 14,488 12,611 16,684 15,478 15,608 16,423 15.754 16.054 15,076 14,986 14,165 14,363 11,831 11,245 14,610 12,664 13,290 13,908 14,310 15,430 13,897 14,583 13,525 15,520 82,322 67,298 95,650 86,655 85,332 103.416 79,815 73,404 72,223 83,406 72,249 74,312 64,246 56,738 78,201 65,997 68,229 71,587 67,217 64,690 68,510 72,384 73,028 75,536 32,331,033 405.819 406,369 181.690 164,813 976.082 826.363 1922 1923 3,153,458 2,929,918 3,069,933 3,054,525 3,100,634 2,941,388 2,859,024 2,644.705 2,631.379 2,929,548 2,812,412 3,152,048 1922 9,998 8,959 10,082 9,713 10,449 10,026 9,804 10,019 10,115 10,598 10,043 11,346 'Chicago, 111. Month 1923 10,303 8,442 9,876 9,180 10,362 10,591 10,043 10,797 10,438 12,848 11,686 13,111 2,628,922 2,377,977 2,937,013 2,625,014 2,688,686 2,866,520 2,526,494 2,551,243 2,630,976 2,929,346 2,618,619 2,950,223 - Mich. 1923 1922 *Dubuque, la. 1923 *Flint, Mich. 1922 Fort Wayne, Ind 1923 1922 1923 1922 1923 1922 1923 623,392 583,430 684,043 672,530 709,107 720,921 638,497 630,679 628,324 675,990 654,044 697,177 443,087 403,803 516,859 490,190 526,023 542,982 574,030 588,363 548,708 554,040 545,937 651,296 16,806 12,267 15.807 14,391 14,425 15,174 14.423 12,945 13,162 14,932 14,306 15,500 11,935 11,660 13,718 12,554 12,888 12,992 12,241 11,632 12,782 13,151 12,457 15,068 31,00^ 27,218 33,655 34.149 34,619 35,413 28.412 30,141 31,039 34..057 32,325 34,610 19,558 17,087 22,787 32,369 28,074 27,278 22,286 24,466 24,781 26,740 27,099 28,547 35,643 31,500 38,447 35,579 48,989 46,975 41,142 37,442 35,643 39,922 39,441 40,788 27,986 26,261 30,350 28,311 30,213 31,941 6,385,318 174.138 153,078 386.645 301,072 471,511 367,999 Total.. 7.918.134 31,357 28,072 33,125 32,832 32,305 35,246 •Figures for only those cities which are marked with an asterisk are included in the district summary and in the national summary of 141 centers. 24 FEDERAL RESERVE BANK OF CHICAGO SCHEDULE 9—(Continued).—Debits to Individual Accounts IN THOUSANDS OF DOLLARS 'Grand Rapids, Mich. Indianapolis, Ind Month January February... March April May June July August September. October November December.. Total. 1923 1922 1923 66,383 57,098 69,493 64,583 69,715 70.870 67,208 67,594 69 300 67,279 60,650 70,626 65,334 50,124 60,011 55,950 63,232 63,344 59,983 62,156 59,104 64,155 60,868 65,870 174,96( 145,28C, 156,646 148,337 167,536 168,050 161.827 148,841 141,040 155,313 149 060 162,951 800,799 lanuary... February... March April May June Tuly August September October... November December. Total 1922 17,437 14,710 17,209 17,265 17,079 18,038 17,731 19,090 19,038 19,877 18,886 21,978 730,131 1,879.856 1.706.295 259,515 201.860 249.045 218,338 1923 1922 17,917 16,863 21,734 23,262 26,078 28,986 26,606 25,727 25,597 27,210 25,254 30,500 5 128,100 119,521 153,018 125,229 139,871 150,564 145,641 136,234 140,381 147,215 144,353 176,168 Milwaukee, Wis. *Peoria, 111. 1922 1922 1923 6.805 6,494 8.087 9,874 9,472 8,526 9,752 7,327 7,776 7,619 7,435 7,152 40,401 32.740 41,244 39,415 40,995 41,194 39.072 37.895 37.570 41,553 39.212 42,315 295,734 3.283.479 2,886,023 101.897 96,319 473.606 429,216 South Bend, Ind Springfield, 111. 1923 279,922 242,053 279,195 269,564 295,825 291.793 271,807 256,490 259,652 293,767 264,781 278,62f 1922 Moline, 111. 7,746 7,157 8.556 9.894 9,315 9,193 8,168 8,586 8,557 8.815 7,823 8,087 *Rockford, 111. 217,005 213,848 263.205 220,409 237,263 244,219 241,747 226,383 244,496 269,351 240,463 267,634 *Sioux City. la. 1923 Total 1923 22,643 17,432 21,746 20,699 21,028 22,676 21,207 19,715 19,795 21.216 19,785 21,103 Month January February... March April May Tune Tuly August September October . November December 1922 14,889 11,716 14,544 14,919 17,873 19,999 19,002 18,071 16,837 18,216 16,994 18,800 30,500 28.500 40.450 40,061 41,092 41.613 36,168 36,924 29.820 29,700 27.626 33,925 416,379 1923 Kalamazoo, Mich 24,238 16,239 20,647 21,594 22,646 23,697 21,286 23,038 23.039 22,289 18.879 21,923 * Lansing, Mich. Month 1922 Jackson, Mich. 1922 1923 24,662 16.456 28,042 24,688 25,862 26,625 24,758 22,178 21.867 24,702 22,656 25,235 18,205 16,114 20,321 20,698 19,663 20,368 20,015 19,408 19,745 22,044 19,096 23,224 74,770 63,914 86,044 76,100 76.441 78.035 72,023 70.584 69,781 80,403 71,166 78,650 287.731 238,901 897.911 1922 35,498 46,330 76,068 65,618 70,037 71,959 66,856 64,277 67,146 74,294 61,94570,660 770.688 1923 1923 1922 1923 31,210 29,854 34,988 33,090 36,646 37,435 36,191 35,077 35,265 38,735 35,706 45,019 1922 34,904 29,067 36,006 38,121 44.972 47,867 40.741 40.305 36,130 44.893 38.953 38,754 22,287 22,212 26,821 26,194 29,829 32,806 33,148 34,159 34,207 35,340 33,037 40,227 28,121 24,716 29,579 27.893 26,905 28,887 28,917 26.214 24,738 27.187 25,085 28,116 23,271 21,254 26,558 25,011 22,775 25,382 25,415 23,194 21,830 23,647 22,797 25,652 470.713 370.267 326.358 286,786 *Figures for only those cities which are marked with an asterisk are included in the district summary and in the national summary of 141 centers. 25 NINTH ANNUAL REPORT SCHEDULE 9—(Continued).—Debits to Individual Accounts IN THOUSANDS OF DOLLARS *Waterloo, la. 'Waterloo, la. Month Month 1922 1923 18,161 14,146 21,483 18,214 18,684 18,693 17.758 lanuary February March April May Tune Tuly 1923 August .September October November December 12,531 11,795 16,335 15,517 14.785 14,905 14.392 1922 17,386 17,248 19,678 17,448 18,251 217.150 Total 13,639 14,987 16,597 14,145 17,041 176.669 *Figures for only those cities which are marked with an asterisk are included in the district summary and in the national summary of 141 centers. SCHEDULE 10— Transfers of Funds AMOUNTS IN THOUSANDS OF DOLLARS Month Transfers over Leased Wires Incoming 6,452,551 6,052,083 Total Number: 1923 1922 6,288,843 5,666,421 79,984 67.555 Total Amounts: 1923 1922 632,362 478,402 505,295 499,921 548,084 577,816 525,335 474,010 447,436 536,971 507,748 555,463 71,429 57.050 All other: Total 1923 Total 1922 241,588 183,265 247,065 228,173 271,235 272,336 215,715 219,299 231,424 230,620 229,200 277.354 1,528,763 1,145,082 1,303,234 1,272,393 1,370,876 1,421,238 1,291,205 1,185,641 1,130,890 1,275,684 1,260,142 1,403,520 873,806 875,486 1,164,358 973,634 1,238,767 1,399,287 1,060.182 1,313,793 1,250,685 1,378,393 1,129,104 1,247,504 Outgoing 654,813 483,415 550,874 544,299 551,557 571,086 550,155 492,332 452,030 508,093 523,194 570,703 January February.... March April May June July August September. October November.. December... f 2,847,274 15,588,668 2,186,495 13,904,999 95,040 88,960 246,453 213,565 *Including transfers for account 5 per cent fund of National banks. SCHEDULE 11—Member Banks Authorised and Approved in 1923 to Exercise Fiduciary Powers ILLINOIS Amboy Batavia Eyanston Lincoln Rockford Sycamore Sycamore First National Bank Fjrst National Bank City National Bank Lincoln National Bank Forest City National Bank Citizens National Bank Sycamore National Bank IOWA Buffalo Center..First National Bank Davenport First National Bank Fort Dodge Fort Dod»?e National Bank Sheffield First National Bank Sioux City Security National Bank Thornton First National Bank Tipton City National Bank INDIANA Attica Central National Bank Columbus First National Bank CrawfordsvilleFirst National Bank East Chicago. United States National Bank of Indiana Harbor Gary National Bank of America Rising Sun National Bank of Rising Sun Rushville Peoples National Bank MICHIGAN Benton Harbor American National Bank Pontiac The American National Bank WISCONSIN Waukesha Waukesha National Bank Wausau American National Bank *Wausau First National Bank Wisconsin Rapids.—First National Bank "Trustee only. 26 FEDERAL RESERVE BANK OF CHICAGO SCHEDULE lZ~New National Banks, 1923 Location Bank ILLINOIS Chicago Chicago Chicago Chicago Riverside lierwyn Portage Park National Bank Broadway National Bank fackson Park National Bank Foreman National Bank First National Bank First National Bank • INDIANA Rushville IOWA Bellevue Sheffield First National Bank First National Bank MICHIGAN Pontiac : Ypsilanti Reed City American National Bank Peoples National Bank Reed City National Bank WISCONSIN Marion Kenosha First National Bank United States National Bank American National Bank NOTE.—On account of the mailing of dividend checks to member banks on December 28, 1922, in payment of dividends to December 31, 1922, the capital stock accounts of this bank were automatically closed until January 2, 1923. For this reason, the Portage Park National Bank of Chicago. Illinois, and the First National Bank of Marion, Wisconsin, chartered at the close of 1922, were not recorded as members until January 2, 1923. Similarly, the Ogdcn National Bank of Chicago was not recorded as a member until January 2, 1924. SCHEDULE 13—Consolidations, Conversions, and Liquidations of National Banks in 1923 Location Name of Bank ILLINOIS Lincoln First National Bank Gridley First National Bank Lovington First National Bank INDIANA Indianapolis Rushville Commercial National Bank Peoples National Bank IOWA Dubuque Dubuque National Bank Pella Jefferson Burlington Fort Dodge MICHIGAN Saginaw Pontiac WISCONSIN Racine Highland Disposition Absorbed by American National Bank Absorbed by State Bank of Gridley Absorbed by Hardware State Bank Absorbed by National City Bank Succeeded by American National Bank Consolidated with Second National Bank Absorbed by Security State Bank Farmers & Merchants Nationa' Bank Declared insolvent Absorbed by the First Iowa State First National Bank Trust ft Saving* Bank Webster County National Bank Absorbed by the Webster County Trust & Savings Bank Commercial National Bank Absorbed by Second National Bank National Bank of Pontiac .. Consolidated with American National Bank American National Bank First National Bank 27 Absorbed by Manufacturers National Bank Declared insolvent. NINTH ANNUAL REPORT SCHEDULE lA^-State Banks Admitted in 1923 Location Name of Bank ILLINOIS Chicago Mt. Carroll Twenty-Sixth Street State Bank First State Bank MICHIGAN Brown City Brown City Savings Bank IOWA Burlington First Iowa State Trust & Savings Bank Fort Dodge Webster County Trust & Savings Bank SCHEDULE 15—State Banks—Liquidations and Withdrawals—1923 Location ILLINOIS Chicago... Moline.. Name of Bank Disposition Date Mechanics & Traders State Hank 'Merchants Loan & Trust Companv *Illinois Trust & Savings Bank Foreman Trust & Savings Bank State Savings Bank & Trust Company Moline Trust & Savings Bank Peoples Savings Bank & Trust Company First State Savings Bank.... Consolidation December 26, 1923. Withdrawal April 6, 1923 Withdrawal Withdrawal Withdrawal Rechartered Absorbed by member Converted to a National Bank Withdrawal Declared insolvent Withdrawal Bank of Southern Wisconsin April 7, 1923 April 7, 1923 August 2, 1923. February 22, 1923. MICHIGAN Pontiac American Savings Bank February 23, 1923... IOWA Avoca Sutherland... Ogden Avoca State Bank First Savings Bank City State Bank Tuly 11, 1923 July 23, 1923 December 26, 1923. INDIANA Kentland. Discount and Deposit State Bank November 13, 1923. Mt. Carroll. WISCONSIN Janesville Withdrawal February 10, 1923. April 9, 1923 April 9, 1923 Consolidation non- Declared insolvent 'Consolidated under name of Illinois Merchants Trust Co., which retained membership in the Federal Restive System. SCHEDULE 16—Treasury Savings Transactions During Year 1923 AMOUNTS IN DOLLARS Transaction Number of Pieces SALES: Treasury Savings Certificates EXCHANGES: Treasury Savings Certificates issued in exchange for War Savings Certificates—1918 Treasury Savings Certificates issued in exchange for War Savings Certificates—1919 14,654 2,889,125 12,805 1,430,200 War Savings and Thrift Stamps Redeemed 28 :. 1,427 220,475 14,232 REDEMPTIONS: Par Value 1,650,675 20,141,266 91,344,588 FEDERAL RESERVE BANK OF CHICAGO SCHEDULE 17—United States Bonds and Notes, and Certificates of Indebtedness AMOUNTS IN DOLLARS SUBSCRIPTION' Number of Shipments Number of Pieces Total Sub- 1,230 4 469 1,242 4,742 221 1S7 839 314 223 158 852 324 111 257 7.598 112 259 17,021 57,900 3,123 3,229 7,886 5,129 2,319 5,364 50,343,300 88,289,900 14,005,000 21,839,500 34,777,500 32,792,500 13,207,500 24,727,000 7.912 101,971 279.982,200 Certificates of Indebtedness War Loan Depo it Account Cash 218,100 698,000 4.175,500 4,545,000 11,386,500 6.168,000 3,481,000 42,524.500 43,576,400 11,645,500 17,143,000 25,640,000 19.091,500 6.731,500 18,940,500 7,343,800 11,353,400 1,636,500 521,000 4,374,400 2,314,500 308,000 2,305,500 34.078.200 30.454,000 185.292.900 30,157,100 Number of Subscribers Series A-1927 B-1927 TS-2-1923 TD-2-1923 TM-1924 TM-2-1924 TJ-1924 TD-1924 Total scriptions MANNER OF PAYMENT Victory Series Notes A-1927 B-1927 Tb-2-1923 TD-2-1923 TM-1924 TM-2-1924 TT-1924 TD-1924 475,000 33,360.100 25,000 Total SCHEDULE 18—United States Bonds and Notes, and Certificates of Indebtedness AMOUNTS IN DOLLARS dumber of Pieces Total Cash Redemptions Victory Notes: Applied in payment of new issues 4^4% Applied in payment of Income and Profits Taxes Purchases for Cumulative Sinking Fund 4^4% Certificates of Indebtedness: Surrendered in payment of Income and Profit Taxes, Series 1923 Applied in payment of new issues Liberty Bonds purchased for Cumulative Sinking Fund Treasury Notes purchased for Cumulative Sinking Fund Bonds and Notes accepted in payment of Estate and Inheritance Taxes 3 % Bonds of 1908 Total Redemptions 347,000 129,139,800 210,174.000 19,000 733,790 339,679,800 64,643 7 2,058 *35,852,750 1,850 5,150,000 136 3,343 2,608 718 296,000 30,454,000 11,170,000 11,650,000 968 20 1,562.550 1,200 808.291 Cash Redemptions: Victory 3 & % Notes Victory 4J4% Notes Certificates of Indebtedness Porto Rican 4's Par Value 533 710,652 22,586 19 Redemptions 435.818.150 ^Includes $1,774,550 Victory 454% Registered Notes submitted in payment C-1925 December 15, 1922, for which assignment was released January, 1923. 29 NINTH ANNUAL REPORT SCHEDULE 19—Recapitulation of Fiscal Agency Transactions During AMOUNTS IN DOLLARS Number of Shipments Exchange of Temporary for Permanent Bonds. Conversion Transactions Registered Surrenders Exchanges Denominational Exchanges Receipts and deliveries against other Federal Reserve Banks Treasury Savings Transactions (a) War Finance Corporation Collateral. Miscellaneous Transactions. Issues and Redemption of Bonds, Notes and Certificates of Indebtedness (b) Number of Pieces 20,705 5,122 35,858 21,207 10,098,200 3,029,050 178,546,200 418,784,600 42,035 20,170,152 14,873 10,615,935 536,887,900 95,884,388 23,063,707 90,330,650 910,262 715,800,350 32,992,247 Grand Total (a) (b) Par Value 114,815 20,037 279,785 824,353 2,072.425,045 See Schedule 16 for detail. See Schedules 17 and 18 for detail. SCHEDULE 20—Currency Receipts from and Payments to Member and Non-Member Banks IN THOUSANDS OF DOLLARS Total Total Receipts 1923 1921 1922 January February.... March April May June July ... August September. October NovemberDecember... Totals 121,631 83,315 106,604 111,518 117,212 117,400 117,607 118,694 111,558 128,145 115,433 138,954 1923 . . 1922 . . 1921 . . 1923 102,461 67,543 97,689 86,358 86,313 90,068 83,918 78,264 84,337 85,937 85,899 99,128 1,388,071 103,144 66,227 80,133 86,020 87,605 91,263 87,143 86,475 87,437 97,817 97,069 119,349 87,356 103,338 115,972 113,776 123,946 126,592 111,950 129,095 115,306 121,950 129.581 154,601 Payments 1922 1921 69,646 73,445 87,292 83,843 87,281 94,060 88,069 98,393 97J49 101,625 107,359 136,266 53,474 62,971 78,239 81,464 77.646 77,340 74,877 78,180 78,079 79,709 82,188 106,893 1,433,463 1,089,682 1,125,028 1.047,915 931.060 SCHEDULE 21—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 Returned Received 1923 1922 1921 1923 1922 1921 Boston New York Philadelphia Cleveland Richmond Atlanta St. Louis Minneapolis Kansas City Dallas .... San Francisco 4,548 31,338 5,693 24,208 3,047 6,728 26,329 12,959 9,965 2,622 9,887 4,302 39,529 4,131 24,107 2,695 5,536 23,650 11,991 10,207 2,194 8,815 5,564 66,613 6,203 32,206 4,442 8,552 36,618 17,328 14,135 4,220 13,608 4,422 17,094 5,268 23,246 2,680 3,856 11,230 10,686 7,173 1,270 7,769 3,517 19,285 4,672 18,944 2,969 3,394 9,930 9,731 6,746 1,283 7,122 5,600 23.495 5,991 25,011 4,493 5.099 15,871 14,684 10,918 2,840 9,012 Total 137.324 137,157 209.489 94,694 87,593 123,014 30 SCHEDULE 22—Disposition of Federal Reserve Notes during the Year 1923 IN THOUSANDS OF DOLLARS Notes Outstanding December 31, 1922 Fit Notes Reissued during 1923 Notes Redeemed during 1923 Fit Notes Keturned to Agent to reduce Bank's Circulation Notes Outstanding December 31, 1923 73,242 130,049 181,237 37,181 30,475 6,105 10,328 1,985 TOTAL 73,560 81,840 104,240 33,600 8,000 1,800 1,600 0 0 0 0 600 500 0 800 300 65,065 95,849 113,801 28,230 7,176 841 1,247 5 0 0 0 600 500 0 200 1,300 81,737 116,040 171,676 42,551 31,299 7,064 11,281 980 470,603 FIVES TENS TWENTIES FIFTIES HUNDREDS FIVE HUNDREDS... THOUSANDS..... FIVE THOUSANDS to New Notes Issued during 1923 304,640 2,200 312,215 2,600 462,628 w tr O SCHEDULE 23—Customary Money Rates in Chicago at Commercial Banks in 1923 n January February Demand money Commercial paper Brokers' 6 months' paper Year money Acceptances Notes secured by Certificates of Indebtedness.... @sy2 5 <s>5V2 5 454(5)6 4|4@6 4^@434 4^@5 5 5 4^0414 4 @4ys 4^@5^ 4y2@sy2 March 5 @sy2 43/(5)6 4^<®5 5 @5i4 4%@4*A 4y2@5y2 April May sy2 434 @ 6 454@5 5 4ys@4y4 4y2@5*A 5^ 43/(5)6 434@5 5 4ys@4*A June sy2 5 @6 434@5 August September July 5y2 5 @6 43^@5 454 <a>5 5' 4 @4?4 4 @4i4 sy2 October November December 434(5)5 5 4 @4J4 sy2 @6 5^@6 4?4 @ 5 5 4 @4J4 5^(5)6 5 *(o>6 434@5 5 @5y2 4 @4*A 5^@6 5 @6 434@5 5 4 @4J4 4y2<a>sy2 4l/2@6 4y2@6 4y2@sy3 55* Sy2(cb6 4J4@5 5 @>5y2 4 @4J4 4y2@sy2 4y2@sy2 4y2@sy2 n > o o INDEX PAGE 8, 19 4, 17-19 11 11 6, 19 14, 30 12, 29 14, 20 7-8 14 ACCEPTANCES ASSETS AND LIABILITIES BANK EXAMINATIONS BANK RELATIONS BILLS PURCHASED CASH AND CURRENCY OPERATIONS CERTIFICATES OF INDEBTEDNESS CHECK CLEARINGS COLLATERAL AND SAFEKEEPING OPERATIONS COLLECTIONS DEBITS TO INDIVIDUAL ACCOUNTS (Volume of Checks) DETROIT BRANCH DIRECTORS OF BANK AND BRANCH DISCOUNT OPERATIONS DISCOUNT RATE EARNINGS AND EXPENSES FEDERAL RESERVE NOTES FIDUCIARY POWERS FISCAL AGENCY OPERATIONS FRANCHISE TAX GOLD SETTLEMENT FUND : - GOVERNMENT FINANCING INVESTMENTS LOANS TO MEMBER BANKS MEMBER BANKS— Changes in number of Fiduciary power granted to Position of MEMBERSHIP MONEY RATES NATIONAL BANKS— New, Consolidations and Liquidations OFFICERS OF BANK AND BRANCH OPERATIONS— Comparative volume, 1921, 1922, 1923 Detroit Branch Financial Results Schedules ORGANIZATION OF BANK PROFIT AND LOSS STATEMENT RESEARCH AND STATISTICS DIVISION RESERVE RATIO RESERVES SAFEKEEPING OF SECURITIES SCHEDULES OF OPERATIONS STATE BANK MEMBERS, CHANGES IN NUMBER OF STATEMENT OF CONDITION, 1921, 1922, 1923 TRANSFER OF FUNDS TREASURY SAVINGS CERTIFICATES UNITED STATES SECURITIES 32 13, 24-26 2, 16 2 .5-7, 19-20 7 21 6, 9, 15, 30-31 10, 26 12, 28-30 5, 21 13, 22 12-13, 28-30 8, 17-19 7 10, 27-28 10,26 13, 23 10, 27-28 31 27 2 \ 4 16 5 17-31 15-16 21 11 10 9 8 17-31 10, 28 17 15, 26 13, 28 6, 9, 12, 28-30
@FedFRASER