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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