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OPERATION OF Federal Reserve Bank of Kansas City 1923 NINTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD ANNUAL REPORT of the Federal Reserve Agent of the Tenth Federal Reserve District to the Federal Reserve Board COVERING THE CALENDER YEAR I923 M. L. MCCLURE Chairman and Federal Reserve x^ LETTER OF TRANSMITTAL March 1st, 1924 Sir: I have the honor to transmit herewith the ninth annual report of the Federal Reserve Bank of Kansas City covering the year 1923. Respectfully yours, M. L. MCCLURE Chairman and Federal Reserve Agent HON. D. R. CRISSINGER, Governor, Federal Reserve Board, Washington, D. C. DIRECTORS AND OFFICERS OF THE FEDERAL RESERVE BANK OF KANSAS CITY FOR 1924 DIRECTORS CLASS A I. C. MITCHELL (1924), Denver, Colo. FRANK W. SPONABLE (1925), Paola, Kan. E. E. MULLANEY (1926). Hill City. Kan. CLASS B THOMAS C. BYRNE (1924), Omaha, Neb. J. M. BERNARDIN (1925), Kansas City. Mo. H. W. GIBSON (1926). Muskogee. OkU. CLASS C HEBER HORD (1924), Central City, Neb. FRED O. ROOF (1925), Denver, Colo. M. L. MCCLURE (1926) Chairman, Kansas City. Mo. MEMBER ADVISORY COUNCIL E. F. SWINNEY, Kansas City, Mo. OFFICERS M. L. MCCLURE, Chairman Board of Directors and Federal Reserve Agent W. I. BAII.EY, Governor C. A. WORTHINGTON, Deputy Governor C. K. BOARDMAN, Assistant Federal Reserve Agent and Secretary S. A. WARDELL, Auditor A. E. BOLT, Assistant Auditor H. H. RHODES, Assistant Auditor JOHN PHILLIPS, Jr. Assistant Cashier E. P. TYNER, Assistant Cashier G. E. BARLEY, Assistant Cashier M. W. E. PARK, Assistant Cashier A. G. FROST, Assistant Cashier HEBER HORD, Deputy Chairman JAMES E. GOODRICH, Counsel I. W. HELM, Cashier A. M. MCADAMS, Assistant Cashier G. H. PIPKIN, Assistant Cashier OMAHA BRANCH DIRECTORS AND OFFICERS GEO. E. ABBOTT, Cheyenne WM. J. COAD, Omaha R. O. MARNELL, Nebraska City J. E. MILLER,.Lincoln L. H. EARHART, Omaha L. H. EARHART, Manager G. A. GREGORY, Cashier W. D. LOWER, Assistant Cashier WM. PHILLIPS, Assistant Cashier T. GORDON SANDERS, Assistant Auditor DENVER BRANCH DIRECTORS AND OFFICERS A. C. FOSTER, Denver C. C. PARKS, Denver JOHN EVANS, Denver MURDO MACKENZIE, Denver J. E. OLSON, Denver ALBERT J. CONWAY, Cashier JOHN A. CRONAN, Assistant Cashier J. E. OLSON, Manager R. W. SMITH, Assistant Auditor OKLAHOMA CITY BRANCH DIRECTORS AND OFFICERS WM. MEE, Oklahoma City P. A. JANEWAY, Oklahoma City E. K. Thurmond, Oklahoma City WALTER FERGUSON, Oklahoma City C. E. Daniel, Oklahoma City C. E. DANIEL, Manager R. O. WUNDERLICH, Cashier O. A. LEAMON, Assistant Auditor R. L. MATHES, Assistant Cashier OPERATIONS OF THE FEDERAL RESERVE BANK OF KANSAS CITY IN 1923 GENERAL BUSINESS CONDITIONS HTHE returns from industry and trade in the Tenth Federal •*• Reserve District covering the year just ended furnish statistical evidence of a high record of production, an increase in the aggregate of new wealth created, an enormous volume of consumers' goods distributed,and, consequently a betterment of the general economic situation. Farm production outran that of 1922 both in quantity and value, notwithstanding there was a severe drought which seriously affected crops in the entire southern half of the area embraced in the Tenth Federal Reserve District. The wheat crop in the District was 66,508,000 bushels less than the previous year, which was offset by an increased yield of 120,965,000 bushels of corn, an increase of 31,867,000 bushels of oats and increases for all other crops except apples, peaches, potatoes and cotton. With prices for the year averaging higher than in 1922, there was a substantial improvement in the financial condition of the agricultural sections, except those devoted entirely to the raising of wheat. Livestock from the farms and ranges moved into market channels in numbers which greatly exceeded those of the previous year. Meat packing operations increased correspondingly under improved foreign demand and larger domestic consumption resulting from high rate of employment. Late returns indicated a larger number of cattle, sheep and hogs on feed in the corn producing states of the District than at the end of 1922. Cattle feeders, under prevailing prices for fed stock, received fairly good returns on their investment. However, value of beef breeding cows on farms and ranges slumped heavily during the latter part of the year and at the close was disproportionately low. The sheep industry is relatively in better condition with market values well sustained and high prices of wool. Flockmasters have been able to decrease their financial obligations and increase their breeding flocks, and conditions generally are looking good to the sheep men. While there was a very substantial increase in pork production throughout the District, during the latter part of the year drought conditions forced exceptionally heavy marketing from sections affected, with the result that at the end of the year the number of hogs on farms in the District was 3.5% less than at the beginning of the year. The drop in hog prices during the last half of the year, with prices of corn relatively high, left but little if any margin for feeders. The petroleum industry in four producing states of the District felt the depressing effects of low prices for crude oil due to overproduction. Efforts to curtail the output of wells were only fairly successful in Oklahoma and Kansas, while in Wyoming production increased at a rapid rate during the year. The year's flow of crude oil in the District was 13% larger than that of 1922. Increased export trade in petroleum products, coupled with growing demand for gasoline due to constantly increasing numbers of automobiles in use, led to a somewhat optimistic feeling among producers and refiners concerning the future of the petroleum industry. The tonnage of soft coal mined in six states of the District was about 20% greater than in 1922 and more than was mined in the year 1921. Mining operations were retarded to a very great extent by lack of market demand, while there was apparently no loss of operation on account of car shortage as was the case in previous years. Zinc ore production in the Oklahoma-Kansas and Missouri district exceeded that of any year since the peak of war activities, and under high prices prevailing through the year to August, recorded an increase of about 40% in the value of ore sold. Lead ore production during the first eight months of the year was at a high rate of activity, though production was curtailed during the latter part of the year on account of a decline in prices. Gold and silver mining operations in Colorado were very active and the year's output exceeded that of 1922, having been influenced by world demand for both metals and also stabilization of prices of silver, together with high prices of base metals. Operations in the manufacturing industry during the year were active. The volume of mercantile trade, both wholesale and retail, was larger than in 1922, and with underlying conditions sound. Building operations throughout the District continued at a high rate of activity, exceeding that of the previous year and in many cities and towns, overcoming the housing shortage which had existed since the World War. Highway building and public improvement made rapid progress, although many improvements were withheld due to increased taxation and high cost of material and labor. MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES The movement of principal asset and liability items as reported on weekly statements during 1923 is shown in Schedule 2. According to that schedule, earning assets fluctuated between $49,050,000.00 and $80,293,000.00. An average of the total earning assets as reported was $63,943,000.00, compared with an average of $68,270,000.00 for 1922, and $102,485,000.00 for 1921. The bank's holdings of bills discounted for member banks, which on January 3rd were $34,733,000.00, materially decreased in the following weeks, as shown by the schedule, and the low point of the year, $16,609,000.00, was reported on January 31st. From that date an almost uninterrupted increase is shown for the first half of the year and on July 3rd bills discounted are reported as $53,405,000.00. During the second half of the year there was considerable fluctuation in the amount of bills under discount, accounted for almost entirely by the discounting of bills secured by U. S. Government obligations, as it will be ndted that other bills discounted show a steady increase—with very few exceptions—from January 31st, when the amount stood at $13,671,000.00, to the high point reached on November 21st—$37,445,000.00, following which there was a gradual decline, the last report in the year showing $31,052,000 00. The volume of bills bought in open market was slightlv in excess of the previous year—the largest amount shown being $2,247,000.00. The most noticeable change in the statements of the bank was the decrease in amount of U. S. securities held. As the needs of our member banks increased our holdings of government securities decreased. Beginning on the first report with $45,158,000.00, holdings of U. S. securities declined steadily until on August 1st they were only $7,267,000.00. For several weeks following, there was an increase in these investments to $11,766,000.00 on October 3rd. The amounts as shown then again decreased—the low point of $6,779,000.00 being reached on November 21st. The closing statement of the year showed $13,018,000.00 on hand. There was a wide fluctuation in the cash reserves. of $108,666,000.00 was reached on February 14th, the reserve position was 69.3. The low point of was reached on May 29, when the reserve ratio lowest reported during the year. The high point at which time $72,128,000.00 was 49.6—the The last statement of the year shows a decrease of $1,334,000.00 of Federal Reserve notes in circulation from the amount reported on January 3rd, and a decrease in total deposits of $19,601,000.00, of which $9,728,000.00 was in member banks' reserve deposits. The schedule shows a strong reserve position on the closing statement—63.4%. DISCOUNT AND INVESTMENT TRANSACTIONS There was a material increase in the volume of loans handled at the head office and branches, although fewer banks were accommodated. Loans aggregating $901,126,000.00 were discounted for 653 banks as against loans of $328,019,000.00 discounted for 733 banks in 1922 and $944,074,000.00 for 920 banks in 1921. The number of notes discounted, however, was less than for the two years previous—67,667 against 70,249 for 1922 and 110,067 for 1921. The daily average amount of paper under discount was $39,861,000.00, compared with an average of $30,127,000.00 for 1922 and $84,660,000.00 for 1921. Bankers acceptances purchased in open market total $2,016,000.00, against $1,849,000.00 for 1922 and $5,558,000.00 for 1921. The total of U. S. securities purchased was $107,858,000.00, with sales and redemptions $132,629,000.00, whereas in 1922 purchases amounted to $85,122,000.00 and sales and redemptions $60,187,000.00, and in 1921 purchases were only $9,949,000.00 and sales and redemptions only $17,384,000.00. The average holdings of U. S. securities for the year were $23,347,000.00 compared with average holdings of $38,247,000.00 for 1922 and $17,728,000.00 for 1921. Discount and open market operations as shown on Schedule 3 total $1,011,266,000.00 for the year 1923, compared with $414,990,000.00 in 1922 and $960,337,000.00 in 1921. The volume of bills discounted for member banks in each state is shown by months on Schedule 4. There was no change in the discount rate of 4>£%, which continued throughout the year on all classes of paper. CUSTODY OF SECURITIES The volume of business handled in the Custody Department shows a decided increase, due, no doubt, to member banks becoming more familiar with this service; and the number of robberies caused many banks to lodge their securities with the Federal Reservie Bank to reduce the risk of loss and cost of insurance. Securities held in custody on December 31, 1923, amounteJ to $50,778,318.65, against $22,552,905.60 held on December 30, 1922. WAR FINANCE CORPORATION During the past three years $42,353,325.61 was loaned in the Tenth Federal Reserve District by the War Finance Corporation through this bank and its branches as fiscal agents, of which $2,631,894.13 was loaned in 1923, $25,616,883.06 in 1922 and $14,104,548.42 in 1921. There was $7,712,525.51 outstanding at the close of the year. FEDERAL RESERVE NOTES The contraction and expansion of Federal Reserve notes during the year was almost uniform with that of 1922. From Schedule 2, it will be noted that the amount of such currency in circulation on the date of the first weekly report of the year was $70,328,000.00, as compared with $68,577,000.00, as shown for the first week in the Annual Report for last year. There was a steady contraction during the first half of the year and the low point was reached on June 13th —$59,745,000.00, whereas the low point for 1922 was $57,267,000.00 reached on June 28th. During the second half of the year the circulation increased to $68,994,000.00, as shown on the last report of the year, which was $3,236,000.00 less than the outstanding circulation for the last report of the previous year. The Federal Reserve Agent received Federal Reserve notes aggregating $46,140,000.00 from the Comptroller of the Currency in 1923, compared with $54,240,000.00 received in 1922. The agent issued to the Federal Reserve Bank during 1923, $39,830,000.00 in Federal reserve notes, against the pledge of gold and eligible paper, as compared with $45,180,000.00 issued in 1922. CLEARING AND COLLECTION OPERATIONS There was a gain in the volume of business in the Transit Department, especially through the City and Country Collection Departments, there being 238,000 collection items handled amounting to $193,652,000.00, compared with 215,000 items for $166,830,000.00 in 1922 and 136,000 items for $144,271,000.00 in 1921. The increase in the number of checks handled, as compared with the two preceding years, is shown in Schedule 6. The number of unpaid items was considerably more, although their aggregate was approximately the same as in 1922. During 1923 there were 113,000 wire transfers of funds, against 113,000 in 1922 and 114,000 in 1921. Funds so transferred in 1923 were $3,189,812,000.00, compared with $3,753,239,000.00 in 1922, and $2,690,017,000.00 in 1921. FISCAL AGENCY OPERATIONS Operations in the Fiscal Agency Department show a decrease of about 30% compared with 1922. Most of this reduction was in the volume of business handled during the last six months of the year. During the first half of the year the redemption of War Savings Certificates—Series 1918—and the redemption and exchanges of Victory notes, kept the Agency fully occupied. Six issues of Treasury certificates and two of Treasury notes were handled, for which subscriptions were received aggregating $93,795,100.00 against which the Treasurer allotted $57,868,800.00. The increase in the exchange of coupon bonds for registered bonds, indicates a trend of capital from temporary to permanent investments, which is also reflected in the decrease in number of registered bonds exchanged for coupon bonds, presumably in order that bonds may be sold on the market. There were 50,666 coupon bonds, having a value of $22,399,666.00, surrendered for exchange for registered bonds, compared with 35,378 coupon bonds, having a value of $13,592,650,00, exchanged for registered bonds in 1922, and 23,710 registered bonds, having a value of $8,099,700.00, were exchanged for coupon bonds, against 50,114 registered bonds, having a value of $17,023,700.00 exchanged for coupon bonds in 1922. These exchanges resulted in a net increase of $12,591,700.00 in favor of the issuance of registered bonds. The amount of transfers in 1923 of registered bonds—reissued in registered form in other names—slightly exceeded the amount of transfers in 1922, though fewer in number, there being 18,922 pieces having a value of $6,494,050.00 so transferred in 1923, against 19,375 bonds having a value of $5,717,750.00 transferred in 1922. There was an increase in purchases and sales of government securities for individuals and member and non-member banks over the previous year, 680 transactions totaling $1,991,400.00 having been made against 503 transactions for a total of $1,153,250.00 in 1922. Sales of Treasury Saving certificates in the Tenth Federal Reserve District during the year 1923, amounted to $28,445,700.00 compared with $21,635,337.00 in 1922. The District now leads the other eleven Federal Reserve Districts in per capita sales and ranks third in the amount of cash received from sales. CURRENCY AND COIN TRANSACTIONS The practice of absorbing the cost of shipping currency to member banks and from member banks to this bank, was continued during the year. Currency transactions showed a considerable increase in volume over previous years, although the amounts involved showed a decrease. The number of bills received and counted by the head office and branches, in 1923, was 48,265,119, an increase of more than 6,000,000 billsover 1922 and 9,000,000over 1921. Coin transactions were slightly less in number and amount than for the two previous years. A schedule for the head office and branches follows showing currency and coin received and counted during the last two years: 10 Kansas City... Omaha. Denver Oklahoma City Kansas City._ Omaha Denver Oklahoma City C U R R E N C Y RECEIVED AND COUNTED 1922 1923 No. Notes Amount No. Notes Amount 28,055,402 $185,880,700 33,256,483 $163,936,196 4,488,354 36,807,700 5,184,532 28,374,894 5,250,813 37,443,856 5,969,500 44,186,700 3,693,092 28.088,500 3,854,604 19,802,050 41,487.661 $288,220,756 COIN RECEIVED AND COUNTED (Excluding cold coin) No. Coins Amount 51,563,194 $ 6,766.684 4,765,308 1,139,140 8.974,830 2,138,422 5,776,612 965,478 71,079,944 $ 11,009,724 48,265,119 No. Coins 51.015.738 2,953,349 7,748,670 4,407,130 66,124,887 $256,299,840 $ $ Amount 6.350,293 1,149,749 1,279.026 793.696 9,572.764 OPERATION OF BRANCHES OMAHA BRANCH The volume of transactions shows an increase over previous years in nearly all departments. The average holdings of discounts for 1923 was $13,110,000.00 compared with $9,559,000.00 in 1922. The low point, $7,113,404.14, was reached on March 3rd and the high point, $20,747,245.38, on December 4th. The volume of business handled by the Transit Department during 1923 constitutes a high record since the opening of the Branch. Business transacted for the United States Treasury continued active and the volume exceeded last year's figures by approximately $34,000,000.00. Included in the total receipts of $98,600,168.80 for the general account of the United States Treasurer, $12,958,094.58 was deposited by Internal Revenue Collectors, $21,269,703.43 by other Government agents, $13,294,650.39 for credit of Postmasters, and $36,000,000.00 was transferred from the head office. During the year 174 banks took advantage of the service afforded by the Currency Department, and while fewer banks were accommodated than in 1922, the volume of transactions shows an increase. The current expenses of the Branch were slightly less than for 1922, and, with gross earnings considerably more, the year's net earnings amounted to $347,001.96, compared with $207,991.59 for 1922. A bill i3 now pending in congress for permission to erect a much needed modern bank building for the Branch. DENVER BRANCH During the past year, 98 of the 159 member banks assigned to this Branch were accommodated through the discount of paper— the amount of paper accepted being $140,845,000.00. On January 3rd loans held by the Branch were $9,602,522.79, which was the high point of the year, and the low point was reached on April 26th, —$2,008,418.72. At the close of business on December 31st, the loans carried amounted to $2,985,624.09, as compared with $7,255,616.41 at the close of the last day's business for the previous year. The Transit Department handled 8,119,606 items, aggregating $1,408,095,989.93, as compared with 7,607,353 items, aggre- 11 gating $1,197,550,701.47, handled in the year 1922. There were 110,528 items, amounting to $41,282,915.62, received from governmental agents for the credit of the Treasurer of the United States. In the Collection Department 36,691 items were handled, having a total value of $34,935,631.81, which was an increase of more than 50% over the volume of business handled in this department for 1922. Shipments of currency to member banks aggregated $32,329,550.00, and receipts from member banks amounted to $44,186,700.00. The amount of coin shipped was $1,584,430.00, and coin received amounted to $1,607,519.00. The current expenses of the Branch were less than for 1922, and with gross earnings slightly more, the year's net earnings amounted to $25,692.33 compared with $8,270.42 for 1922. The operations of the Branch were conducted in the same location, but due to the inadequate and unsafe vault facilities, it became necessary during the year to rent space in vaults of several of the largest barks in Denver for the deposit of currency and securities. An appeal has been made to congress, now in session, for permission to erect a bank building on the four lots which were acquired last year at the corner of 17th and Arapahoe Streets, for a permanent home for the Branch. OKLAHOMA CITY BRANCH For the first four months of the year, the operations of the Branch were conducted in the Continental Building, located at Second and Broadway, and in the rented vault space of the American National Bank, some four blocks away, at which latter location the operations of the Currency Department were conducted. On April 30th the Branch moved to its new location, 226 West 3rd Street, occupying its own newly constructed building, and with the ample vault facilities thus afforded, was able to furnish the service of the custody of securities for member banks. The Branch also assumed the additional duties of rhe redemption of maturing government coupons. Member banks continued transacting their business either at the Branch or direct with the head office—Kansas City. Those electing to do business with the Branch were accommodated by the rediscounting of notes in the total amount of $6,412,265.42, and by loans on member bank collateral notes secured by Government issues in the amount of $6,514,150.00. Acceptances totaling $725,000.00 were purchased for the account of the head office. The number of checks handled during the year 1923 was 14,420,733, having a value of $1,733,582,314.94, as against a total of 13,111,008 handled in 1922, having a value of $1,564,587,234.93, the daily average being 47,437 items against an average of 44,554 in 1922. Deposits received for the general account of the Treasurer 12 of the United States amounted to $38,382,685.40, as against $31,703,493.18 in 1922. The volume of transfers for the accounts of member banks increased approximately 16% over 1922. The Collection Department shows a slight decrease in the number and amount of City and Country Collections handled, the figures for 1923 being 56,873 collections amounting to $38,668,672.26, as against 59,099 collections for the year 1922, amounting to $41,011,184.90. MOVEMENT OF MEMBERSHIP There was a net decrease in membership of six State bank members, the number of National banks within the District remaining the same, as shown in the following schedule: State Colorado Nebraska New Mexico* Oklahoma*. Wyoming Total -Within District No. 10. Total 12-30-22 148 274 55 198 14 412 51 1,152 ADDITIONS WITHDRAWALS Total Nat'l State Total Nat'l State Tota 112-31Banks Banks 1 23 Banks Banks 146 1 3 0 1 2 1 9 1 5 2 4 7 278 1 1 1 51 5 2 6 2 5 3 1 1 194 0 13 1 1 0 0 0 0 4 415 18 1 14 20 21 49 0 2 0 2 0 0 30 4 34 30 10 40 1,146 It will be noted from the schedule that there were more changes in Oklahoma than in all the other states, although the result was an increase of only 3 members. There was, however, a net increase of 99 members in Oklahoma since 1919, due mostly to the operation of the Depositors' Guaranty Fund of that state, which became so involved, through the failure of State banks, that many of the larger State banks surrendered their charters and became National banks. During the year 22 National banks were organized to succeed State banks, 4 National banks were organized to succeed National banks, one organization being the result of a consolidation of two National banks, and three other National charters issued being primary organizations. As to withdrawal of National banks, Federal Reserve Bank stock of 8 failed banks was cancelled, 12 National banks were consolidated with, succeeded or absorbed by other National banks, 9 National banks were absorbed or succeeded by State banks and 1 National banks went into voluntary liquidation. There was no special campaign made for State bank members and the only State banks admitted to membership during 1923 were: Farmers Reserve State Bank, St. Marys, Kansas; Sedan State Bank, Sedan, Kansas; Security State Bank, Sallisaw Oklahoma, and the Federal Trust Company, Kansas City, Missouri. Four State bank members voluntarily withdrew from the System and four were converted into or succeeded by National banks. The consolidation of the Bankers Trust Company of Denver, Colorado, 13 with a National bank, and the failure of the Capital City Bank, Santa Fe, New Mexico, were the only other changes in State bank memberships—there being at. the close of the year 38 State bank and trust company members, as shown on Schedule 8. FINANCIAL RESULTS OF OPERATION The gross earnings from operations for the year were $2,993,919.41, current expenses $1,928,119.36, leaving net earnings from operations $1,065,800.05, which amount does not include miscellaneous income of $4,547.60. Approval was granted by the Federal Reserve Board to charge off $393,983.67 as depreciation allowances on bank premises and set aside an additional reserve of $128,085.99 for probable losses. Permission was also granted to charge off $ 12,178.29 depreciation on U. S. securities, $60,378.46 of furniture and equipment purchased during the current year, and an additional sum of $126,434.42, representing building alterations and improvements for tenants, and $1,575.36, sundry profit and loss items. Dividends were paid amounting to $275,313.51, and $7,239.80 was transferred to surplus fund, leaving $65,158.15, which was paid to the government as a franchise tax. After closing the books for the year, the capital and surplus accounts were as follows: Subscribed capital, January 1, 1924 ._. $9,111,300 00 Paid-in capital, January 1, 1924._ 4,555,650.00 Surplus, January 1, 1924 9,495,539.69 The Federal Reserve Bank of Kansas City has now paid the Government as Franchise Taxes, $5,270,757.28, to be used to supplement the gold reserve held against outstanding United States notes or to apply to the reduction of the outstanding bonded indebtedness of the United States. Of the total gross earnings of the head office and branches, $1,793,861.47 was from bills discounted, $29,360.70 from discounts on bills purchased, $2,066.04 interest on municipal warrants, $971,270.97 interest on U. S. securities, $37,373.66 penalties on deficient reserves and $159,986.57 miscellaneous earnings. A detailed statement of earnings and expenses and of the profit and loss account showing distribution of 1923 earnings, together with comparative figures covering the years 1922 and 1921, is given in Schedule 5. PERSONNEL Asa E. Ramsay resigned as Chairman of the Board of Directors and Federal Reserve Agent, effective May 1, 1923, and was succeeded by M. L. McClure for the unexpired term—to December 31, 1923. The Federal Reserve Board reappointed M. L. McClure 14 as a Class C Director for a term of three years and reappointed him as Chairman of the Board of Directors and Federal Reserve, Agent. Heber Hord was reappointed Deputy Chairman and C. K. Boardman reappointed Assistant Federal Reserve Agent. Member banks re-elected E. E. Mullaney of Hill City, Kansas, as a Class A Director and H. W. Gibson of Muskogee, Oklahoma, as a Class B Director each for a term of three years. The only changes in the directorates of the three branches were the appointments of P. A. Janeway and Walter Ferguson as directors of the Oklahoma City Branch to succeed Dorset Carter and T. P, Martin, Jr. E. F. Swinney was reappointed a member of the Advisory Council and James E. Goodrich was renamed Counsel of the bank until such e time as his successor could be appointed. C. A. Burkhardt, Manager of the Denver Branch, resigned, effective June 15, 1923, and J. E. Olson was promoted from Cashier to Manager; A. J. Conway was promoted from Assistant Cashier to Cashier, and John A. Cronan was promoted to, Assistant Cashier. The only other change in the official staff of the Bank and Branches was the transfer of T. Gordon Sanders, Assistant Auditor of the head office, to the Omaha Branch. The number of employees was again largely decrease j , particularly at the head office, where the total number, excluding building help and dining room employees, was reduced from 474 at the end of 1922 to 369 on December 31, 1923. The greatest reduction was in the Fiscal Agency Department, where the number of employees was reduced from 126 to 73. The number of officers and employees at the end of the year, at the head office and three branches, was 760, as compared with 83 5 at the end of the previous year. CHANGES IN CONDITION OF MEMBER BANKS IN RESERVE CITIES OF THIS DISTRICT All member banks located in reserve cities of this District, continued reporting weekly figures of principal asset and liability items, which figures were published by the Federal Reserve Board, together with figures from member banks in selected cities of the other Districts. The reports for the last date of each month are compiled in Schedule 7, the outstanding features of which are briefly reviewed as follows: Total loans and discounts at the end of the year are shown as $428,175,000.00, a decline of $21,124,000.00 from the figures shown in the last report in December 1922 and a decrease of almost $84,000,000.00 from the figures published for January 1921 in the last Annual Report, the total loans and discounts at that time being $512,090,000.00. Investments in Government securities decreased approximately $10,000,000.00 in 1923, from $90,027,000.00 to $80,164,000.00, as 15 compared with a steady increase in 1922 of over $48,000,000.00. There was a slight decrease—less than $ 1,000,000.00—in the amount of investments other than Government securities, against an increase of over $11,000,000.00 during 1922. The almost uninterrupted increase in net demand deposits for the twelve months of 1922 continued through January and February, the February figures being $469,637,000.00. A steady decline is noted for the remainder of the year, the figures for the last report in December being $396,110,000.00. Time deposits, which showed such a steady increase during 1922, made a further gain in 1923 of almost. $9,000,000.00. Accommodations granted by the Federal Reserve Bank, as shown on the last report in January, amounted to only $4,066,000.00, as compared with $17,034,000.00 for the last report in the previous month This amount, however, steadily increased until the high point was reached in November, at which time the reserve city banks of this District were borrowing from the Federal Reserve Bank $41,772,000 00, which amount was reduced to $33,199,000.00, as shown by the December figures. 16 FEDERAL RESERVE BANK OF KANSAS CITY SCHEDULE No. 1—Comparative Statement of Condition (IN THOUSANDS OF DOLLARS) Dec. 31 1923 Dec. 30 1922 Dec. 31 1921 41,920 3,390 45,310 47,054 3,142 95,506 3,241 98,747 55,031 2,354 57,385 30,768 2,682 90,835 3,902 94,737 28,042 3,474 31,516 33,764 2,517 67,797 6,861 74,658 3,044 * * 11.203 30,664 7,352 19,192 17,839 52,140 41,867 26,544 69,979 545 402 1,337 6,332 7,572 514 14,418 4,091 23,468 11,630 39,189 56,830 34,346 4,595 570 .198,132 66,135 200 47,968 4,695 665 214,400 8,867 tl 5.386 14,254 150 85,720 889 40,926 4,40o 5j_g 207,111 67,165 69,887 69,044 2,066 10,615 74.923 2,138 749 77,810 38,493 4,556 9,496 612 198,132 82,782 1,283 3,286 87,351 40,575 4,623 9,488 4K) 214,400 71,997 6,053 758 78,808 33,532 4.570 9,646 896 207.111 Ratio of total reserves to deposit and Federal Reserve note liabilities combined..68.1 % Contingent liability on bills purchased for foreign correspondents.... 817 60.3% 1^651 50.5% 1,536 RESOURCES Gold with Federal reserve agent Gold redemption fund with U. S. Treasury Gold held exclusively against F. R. notes Gold settlement fund with F. R. Board Gold and gold certificates held by bank. Total gold reserves Reserves other than gold Total reserves Non-reserve cash Bills discounted: Secured by U. S. Government obligations Other bills discounted Total bills discounted Bills bought in open market U. S. Government securities: Bonds Treasury notes Certificates of indebtedness Total U. S. Government securities Municipal warrants. Total earning assets 5% Redemption fund—F. R. Bank notes Uncollected items.... Bank premises _ All other resources Total Resources LIABILITIES F . R. Notes in actual circulation F . R. Bank notes in circulation—net Deposits: Member bank—reserve account Government Other deposits Total deposits Deferred availability items Capital paid in.Surplus All other liabilities Total Liabilities . *—Not shown separately prior to 1923. t—Victory notes. 17 FEDERAL RESERVE BANK OF KANSAS CITY SCHEDULE No.2-Movement of Principal Assets Liabilities During 1923 (AMOUNTS IN THOUSANDS OF DOLLARS) BILLS DISCOUNTED For Member Banks DATE jan. 103............................................ ............................................ ... 00 17............................................ t~: an . 24 ............................................ an. 31 ............................................ eb. 7............................................ Feb . 14............................................ Feb. 21 ............................................ Feb. 28............................................ Mar. 7............................................ Mar. 14............................................ Mar. 21 ............................................ Mar. 28 ............................................ April 4............................................ ApriIIL .......................................... April 18............................................ l gii May May May June June June June July 2l:::::::::::::::::::::::::::::::::::::::::::: 16............................................ 23 ............................................ 29............................................ 6 ............................................ 13 ............................................ 20 ............................................ 27............................................ 3............................................ Total Earning Assets \2-5-6) I I 80,293 68,271 62 ,653 57,181 55,2 15 56,682 56,684 60,225 63,984 65,573 68,487 66,915 61,312 66 ,288 60,310 66,974 67,276 69,422 69,146 74 ,711 78,425 79 ,678 74,521 70,254 74,762 74,194 67,319 Total 18;«"'-1 2 34,7J J 25 ,046 19,049 18,572 16,609 18,074 18,076 17,687 17,851 18.784 21.898 27 ,035 22,818 28,157 22,329 29,033 31.144 33,810 34,026 39,844 45,079 46,404 46,134 44,735 49,722 49,484 53,405 =- cured by Bill. U . S. Gov. Discounted obligations 15,978 8,380 2,954 4,768 2,938 3,324 4,328 4,181 4,683 5,416 7,883 11,268 6,816 12,514 7,412 11 ,193 12,378 12,624 11,661 15,666 18,774 19,324 17,954 16,232 19,534 19,544 23,601 Bills Bought in open Market 4 5 I 18,755 16.666 16,OQ5 13,804 13,671 14,750 13,748 13,506 13,168 I J,368 14,015 15,767 16,002 15,643 14,91 7 17,840 18,766 21 ,186 22 ,365 24,178 26, 305 27,080 28,180 28,503 30,188 29.940 29,804 402 III 85 85 85 85 85 85 75 1,077 1,077 1,077 1.077 225 75 75 ........ ........ 129 129 129 129 129 129 129 26 26 United States Securities b I 45,158 43,114 41,519 38,524 38,521 38,523 38,523 42,453 46,058 45,712 45,512 38.803 37,417 37,906 37,906 37,866 36,132 35,612 34,991 34,748 13,21 7 33 ,145 28,258 25,JOO 24,911 24,684 13,888 Total Cash Reserves 7 90,522 99,205 100,700 104,892 106,649 105,141 108,666 100,789 97,277 96,336 94,110 96,128 94,144 93,739 %.203 91 ,364 86,651 84,366 84,502 79,957 75,678 72,128 75,868 77.457 73,893 73,872 82,176 M ember Banks' Reserve Deposits 8 I 84,968 83,377 80,Qb8 80,449 77,846 82,071 87,540 82,460 81,%0 82,459 83,895 81,233 80,295 84,920 79,744 82,504 79,938 78,721 80,621 80,Qb8 82.066 81,060 79,287 79,712 79,754 77,569 80,336 T otal Deposits 9 %,976 92.267 87,801 86,606 84,012 86,424 00,921 85,008 85,500 86,408 88,459 89,472 82,675 87,814 82,872 85,658 82,820 81,529 82,775 85,549 88,257 85,550 82,229 81,779 81,918 79,794 82,327 Fed.ral Reserve notes In Reserve C irculaPercentlation alles II 10 I 70,328 54 .1 68,532 61.7 67,215 65.0 66,701 68 .4 65,677 7U 66,580 68 .7 65,981 69 .3 65,684 66.5 65,298 64 .5 63 .5 65,234 64,539 61.5 63,759 62 .7 64.8 62 ,631 62,719 62 .3 62,548 66.2 61,889 61.9 61,379 60 .1 61,208 59.1 61,253 58.7 60,560 54.7 60,589 50.8 59,915 49.6 60,432 51 .2 59,745 54.7 60,371 51.9 59,946 52.9 60,989 57.3 SCHEDULE No. 2—Continued (AMOUNTS IN THOUSANDS OF DOLLARS) DATE July 11 July 18 July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Sept. 5 _I Sept. 12 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 Total Earnings Assets (2-5-6) 63,573 62.156 55.586 49,050 50,266 49,900 53,726 52,908 51.552 51,561 •57,329 •60,227 •64,786 •62,189 •65,291 •68,700 •67,380 •66,675 •66.010 67.242 67.113 70.868 66,200 65.710 63,339 63,943 •—Includes $266,000 Municipal Warrants. BILLS DISCOUNTED For Member Banks Bills SeOther Bills cured by U.S.Gov. Discounted obligations Total 49,657 50,678 44,068 41.783 40,588 38,715 40,677 39.656 39,114 38.122 43,921 46.818 50.507 49,942 52,760 56.848 56,993 58.348 58.213 59,753 59,492 62.367 57.230 57,007 49.651 39.861 19,917 19,908 13,100 10,777 10,066 8,742 11,182 10.863 10,932 10,400 14,284 15,939 20,465 19,203 20,361 24,217 24,812 23,409 21.508 22,308 23,593 27.082 22.238 22,895 18,599 29,740 30.770 30,968 31,006 30,522 29,973 29,495 28,793 28.182 27,722 29,637 30,879 30,042 30,739 32,399 32,631 32,181 34,939 36.705 37,445 35,899 35,285 34.992 34.112 31,052 Bills Bought in open Market 2.012 2.012 2.012 2,012 2.087 2.087 2.247 2,215 2.199 1,520 1,527 1,267 737 710 710 785 740 705 670 689 United States Securities 13,890 11,452 11,492 7,267 9,678 11,185 11.037 11,240 10.426 11,427 11,055 11,056 11,766 9,766 10,066 10.066 8,594 6,794 6.794 6,779 6.911 7,716 8.230 7,998 13.018 23,347 Tocal Cash Reserves 85,485 88.231 97.431 101,247 98,393 98,950 97,050 98,123 100,040 98,497 91.754 89,046 86,816 86,553 83,287 77,091 79,225 80,691 82,033 86.074 83,149 83,774 85.789 89,542 92,758 90,316 Member Banks' Reserve Deposits 81,243 79,833 82,090 79.533 79,008 78,879 80.360 78,093 81,132 77,838 77,816 78.753 79.500 75,942 78.213 75.213 73,767 75,387 73,433 77,921 72,996 76.400 75,393 76,775 75,240 80.560 Total Deposits 83.172 83,205 85,777 82,621 81,267 82,102 82.996 80,374 83,076 80,039 80.570 81.451 81,132 77.425 80,711 77.718 77,158 77.409 76,576 80,571 76.525 79,193 78.688 78,791 77.375 84.195 Federal Reserve notes in Reserve CirculaPercenttion ages 10 II 59.3 61,089 61.1 61.297 66.5 60,678 71.0 59,994 69.3 60,693 69.3 60,589 67.4 60,906 68.2 63,598 68.0 63.997 68.5 63.793 63.8 63,308 61.8 62.552 60.2 63,063 61.7 62,852 57.8 63,262 55.0 62.503 57.2 61,436 57.6 62,591 57.9 65,138 63,957 59.6 59.0 64,336 65.669 57.8 59.4 65.690 67,494 61.2 63.4 68,994 63.369 61.2 FEDERAL RESERVE BANK OF KANSAS CITY MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1<tO UNITED STATES SECURITIES DISCOUNTS FOR OWN MEMBERS 1921 1922 20 1923 FEDERAL RESERVE BANK OF KANSAS CITY SCHEDULE No. 3—Volume of Discount and Open Market Operations (IN THOUSANDS OF DOLLARS) BILLS DISCOUN TED Month Jan Feb.— March.K M> April May June. July ~. August. . September Oct Nov Dec TOTAL: 1923 1922. 1921 Total 41,374 26,494 48,663 53,932 77,662 91,864 82,173 52.766 73.098 115,850 123,119 114,131 Bills bought in open market Secured Bank- Trade AgriculDetural by U. S. ers acceptmand and live Gov. accept- ances and sight stock obligations ances Drafts All paper Other 36.649 2,966 1,759 21,065 38 2,538 2,853 37,020 5.261 10 6,372 40,788 5.909 7,235 61,064 79 7.855 8.664 74,588 50 8,963 8,263 68,333 6,578 31 7.229 2 40,444 3.577 8,660 75 10 58.314 4.819 9.956 9 96.267 8,182 11,271 108 23 102,149 9.520 10,997 145 307 96,964 6,070 10,769 6 322 901,126 328,019 944.074 733,645 206.307 630,652 75 212 467 88 4,516 72,238 59,475 121,869 673 94,028 62,149 186,825 Total U. S. Securities Purchased Municipal Bank- Dollar Trade Bonds Cert, warrants ers" acexand of puraccept- change cept- Notes Indebtances ances edness chased 1,012 75 375 260 90 883 2,902 825 6,028 2,189 1,011 632 7.323 70,003 920 3,500 510 52 1.055 47 205 1,652 28 31 903 2.016 1,849 5,558 28.952 41,298 800 78.906 43,824 9.149 75 75 129 129 1,012 75 375 260 90 2,016 1.849 5.558 6 6,717 436 266 Total Discount and Open Market Operations 1923 1922 111,383 34,131 52.674 54,442 78,726 95,821 83,045 60,011 77.280 117,264 124,042 122,447 46,254 100.742 48,225 91.629 45,558 112,114 27,361 91.178 18,770 73.095 32,619 77,410 14,641 69.109 9,550 60.347 20,286 72,916 32.618 81,730 37,443 68,476 81,665 61.591 1921 266 1,011,266 756 414.990 "9667337 FEDERAL RESERVE BANK OF KANSAS CITY SCHEDULE No. 4—Volume of Bills Discounted for Member Banks in Each State (AMOUNTS IN THOUSANDS OF DOLLARS) Month January February March April _ May June July August fcj September *•> October November December „ _ TOTAL:1923 1922 1921 Nebr. Colo. Kans. Okla* 458 221 330 657 791 800 547 308 64 151 131 634 5,092 8,955 28,863 6.868 9,396 14,870 13,660 13,061 16.945 13,391 17,853 14,237 17,379 18,746 17,001 173,407 85,134 175,230 14,662 7,732 8,287 6,616 11,303 10.610 16,398 12,825 12,522 15,231 11,621 11,570 139,377 77,258 141,255 817 686 1,999 3,085 3,011 3,248 2,580 2,771 2,420 4,016 5,378 2,915 32,926 30,200 85,460 51 55 56 49 51 51 194 198 202 146 148 146 35 38 54 27 35 39 149 146 169 89 99 105 •Mo. Wyo. 16.204 6.549 22,142 27,693 45,088 55,776 44,110 15,163 37.607 70,194 80,302 76,576 497,404 78,528 289,897 No. OF MEMBER BANKS AT END OF VEAR 1923 1922 1921 ... No.OF MEMBER BANKS ACCOMMODATED 1923 1922 19">1 •—Figures in this column relate only to that part of the State located in the tenth district. N . M. *Total 2,279 1,867 971 2,058 4.252 4.185 5.036 3.754 6.144 8,805 6,845 5,256 51,452 44.392 216,713 86 43 64 163 156 300 111 92 104 74 96 179 1,468 3,552 6,656 41,374 26,494 48,663 53,932 77,662 91,864 82,173 52,766 73,098 115,850 123,119 114,131 901,126 328,019 944,074 278 274 275 415 412 3 58 13 14 15 1,146 1,152 1,103 128 138 211 216 267 329 9 10 13 653 733 920 No. o banks i n district at enc of month ,149 ,152 .154 ,152 ,154 .154 ,155 .153 .155 .147 .147 ,146 banks accomodaed during the month 257 240 254 296 345 349 338 322 327 397 406 336 FEDERAL RESERVE BANK OF KANSAS CITY SCHEDULE No. 5—Earnings and Expenses EARNINGS Discounted bills Purchased bills United States securities __ Deficient reserve penalties Miscellaneous Total earnings 1923 1922 1921 $1,793,861 29,361 971,271 37,374 162,052 $1,492,657 8,828 1,408,738 $5,134,004 49,148 382,855 47,215 126,434 2,993,919 3,094,660 5,712,858 161,747 821,310 76,369 148,210 589 261 707 25,850 14,999 30,296 6,040 36,202 17,057 76,594 44,288 55,007 24,143 37,490 45,216 7,850 71,530 142,083) 9,468 161,530 957,883 62,918 107,316 512 250 460 25,604 17,941 32,230 6911 31,745 16,705 15,495 28,253 25,883 18,786 32,408 45,300 9,127 73,831 156,451 160,543 1,051,627 45,976 55,097 620 211 410 25,823 28,705 32,749 6,769 45,360 * 13,654 7,781 7,088 63,964 39,475 65,507 10,984 77,611 *184,179 9,075 11,749 3,540 50,449 64,990 28,077 37,713 52,501 124,491 32,054 62,938 **267,463 1,928,119 2,010,820 2,411,079 137,222 20,417 CURRENT EXPENSES Salaries: Bank officers Clerical staff Special officers and watchmen Allother Government conferences Federal Reserve Agents' conferences Federal Advisory Council Directors meetings Traveling expensesf Assessments for Federal Reserve Board expenses.... Legal fees Insurance (other than on currency and security shipments).... Insurance on currency and security shipments Taxes on banking house Light, heat and power.... Repairs and alterations, banking house.... Rent Office and other supplies Printing and stationery. Telephone Telegraph...Postage. Expressage._ Federal Reserve Currency: Original cost, including shipping charges Cost of redemption, " ' Taxes on Federal Reserve bank-note circulation All other expenses Total current expenses f—Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. *—Insurance on currency and security shipments is included with postage and expressage. ••—Includes $183,223 for furniture and equipment which since 1921 has been charged direct to profit and loss. SCHEDULE No. 5—Earnings and Expenses (Continued) PROFIT AND LOSS ACCOUNT 1923 1922 $2,993,919 1,928,119 $3,094,660 2,010,820 $5,712,858 2,411,079 1,065,800 1,083,840 3,301,779 4,547 95,999 5,960 38,605 3,826 4,547 101,959 42,431 393,983 128,086 12,178 60,379 128,010 337,810 88,114 200,000 722,636 402,763 288,114 Net deductions from current net earnings 718,089 300,804 245,683 Net earnings available for dividends, surplus, and franchise tax.- 347,711 783,036 3,056,096 Dividends paid Transferred to surplus account Franchise tax paid United States Government.. 275,313 7,240 65,158 275,655 **50,738 **456,643 268,620 486.918 2,300,558 Earnings..Current expenses. Current net earnings 1921 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. Reserve for depreciation on United States bonds Furniture and equipment All other. „ Total Deductions 60,128 4,825 * *—Included with current expenses prior to 1922. **—Bank also charged its surplus account and paid the United States Government $208,170 as an additional franchise tax for 1921. 24 FEDERAL RESERVE BANK OF KANSAS CITY SCHEDULE No. 6—Operation of Federal Reserve Clearing System (Figures Include Cash Items Only) NUMBERS IN THOUSANDS; AMOUNTS IN THOUSANDS OF DOLLARS) Month January February March April May June July August. September...October November December TOTAL: 1923 1922 1921 Items Drawn on Banks in Own District Amount Number 652,854 4,429 525,123 3,822 691,086 4,551 635,617 4,255 636,062 4,212 615,124 4,214 604,646 4,120 589,422 4,109 587,764 3,944 668,092 4,412 617,233 4,187 637,833 4,554 50,809 46,174 49,656 7,460.856 6,882,598 7,422,353 Items r-or warded To Other F . R. Banks And Their Branches Number Amount 457 73,700 400 60,997 488 75,079 392 67,611 323 55,563 292 57,546 297 5 3,099 309 53,603 277 52,510 298 59,618 258 56,919 277 55,515 t4,063 t4.724 +5.029 t721,760 +765,807 +858,949 Items Drawn on Treasurer of United States Number Amount 140 18,262 126 16,375 188 20.451 227 19,311 181 19,265 148 22,062 132 16,229 130 15,279 181 20,669 232 21.668 174 18,054 148 20,080 Number 5,026 4,348 5,227 4,874 4,716 4,654 4,549 4,548 4,402 4,942 4,619 4,979 Total* Amount 744,8Tb 602,495 786,616 722,539 710,890 694,752 673,974 658,504 660,943 749.378 692,206 713,428 227,705 236,512 219.246 56,884 52,756 56,425 8,410,321 7,884,917 8,500,548 2,007 1,858 1,740 *—Exclusive of duplications on account of items handled by both parent bank and branch. +—Includes 12,000 items, aggregating $4,024,000; 11,000 items, aggregating $4,318,000, and 7,000 items, aggregating $4,455,000, forwarded direct to drawee banks in other districts during 1923, 1922 and 1921 respectively. FEDERAL RESERVE DISTRICT OF KANSAS CITY SCHEDULE No. 7—Prinbipal Assets and Liabilities of Reporting Member Banks in Leading Cities as of the Last Report Date in the Month. (THOUSANDS OF DOLLARS) Last Report Date Loans and Discounts Gross 1923 443,779 453,053 449,786 446,504 446,890 449,060 446,599 442,912 443,296 4*4.923 433,542 428,175 January February... March... April May._. June July. August September. October November. December.. 1922 432,403 425,953 424,626 423,895 428,026 425,061 428,666 426,234 431,210 440,338 446,538 449,299 Investments U.S. Securities 1923 1922 42,595 91,093 53,767 88,270 50,850 91,889 58,882 93,674 60,977 93,620 79.129 92,061 80,519 92,362 83,062 91,333 85,236 89,274 85,111 86,192 87.643 82,436 90,027 80,164 Accommodation All Other 1923 I 59,013 57,765 58,725 57,606 60,335 58,919 59,587 59.934 61,962 61,251 58,161 59,413 1922 47,275 46,978 48,982 50,791 53,242 56,244 59,204 60.866 62,140 59,286 59,216 60.289 Net Demand Deposits 1923 I 1922 460,828 372,034 469,637 382,424 460,539 389,659 443,341 400,618 431,957 418,750 427,529 433,281 433.675 444,067 436,266 446,858 425,867 448,209 407,442 447,825 394,263 437,060 396,110 445.741 Time Deposits 1923 1922 124,775 105,020 122,652 106,227 125,587 104,761 126,767 109,005 131,807 110,745 132,421 115,956 133,514 116,048 134,526 116,844 134,702 117,821 134,159 121,674 133,824 122,384 132,672 123,436 F R. Bank 1923 I 4.066 5.690 11,649 19,616 32,279 33,660 28,768 24.973 32,212 40,886 41,772 33,199 NOTE: Figures are for about 73 banks in Kansas City, Mo., Denver, Oklahoma City, Omaha, Kansas City, Kans., Lincoln, Muskogee, Pueblo, St. Joseph, Topeka, Tulsa and Wichita, which submit weekly reports to the Federal Reserve Bank. 1922 23,771 13,148 9,666 9,142 4.570 3.157 2,254 3,538 7,596 9,291 14,506 17,034