The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FOURTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO FOR THE YEAR ENDED DECEMBER 31, 1918 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 FOURTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO FOR THE YEAR ENDED DECEMBER 31, 1918 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 IjE T T E R of transmittal . F edera l R eser v e B a n k , San Francisco Col., January 15, 1919 , . Sir: I have the honor to submit the following report concerning the operations of the Federal Reserve Bank of San Francisco and the Twelfth Federal Reserve District for the year ended December 31,. 1918. Yours, very truly, J o h n P e r r in , Chairman and Federal Reserve Agent. Hon. W. P. G. H a r d in g , Governor, Federal Reserve Board, Washington, D. C. T A B L E OF C O N T E N T S . Page. Financial results of operation....................................................................................... 5-7 Comparative statement.......................................................................................... 5 Earnings, expenses, and dividends..................................................................... 5 General business conditions.......................................................................................... 5-7 Discount operations........................................................................................................ 7-8 Rediscounts—Commercial paper.......................................................................... 7 7 Rediscounts—Liberty loans..... ........................................................................... Trade acceptances.......................................................................................................... 7 Bankers’ acceptances..................................................................................................... 8 Reserve position............................................................................................................. 8 Movement of membership............................................................................................. 9-10 National banks....................................................................................................... 9 State banks............................................................................................................... 9-10 Relations with national bank members...................................................................... 10 Discount operations................................................................................................ 10 Fiduciary powers granted.......................... ........................................................... 10 Permission to accept to 100 per cent................................................................... 10 Relations with State banks and trust companies......................................................10-11 Discount operations...............................................................................................10-11 Examinations........................................................................................................... 11 Reserves.................................................................................................................... 11 Fiscal agency operations for Treasury Department.................................. ..............11-14 Allotment of Treasury certificates among banks............................................... 11-12 Deposits of Treasury funds with banks and their withdrawal........................ 12 Flotation of Liberty loans..................................................................................... 12 Work in connection with war savings certificates. .......................................... 12-13 War Finance Corporation...................................................................................... 13 Capital Issues Committee.......................................................................... .......... 13-14 Note issues....................................................................................................................... 14-15 Federal Reserve notes............................................................................................ 14-15 Federal Reserve Bank notes................................................................................. 15 Position of commercial banks as a result of war........................................................ 16 Increase of their obligations.................................................................................. 16 Effect on commercial paper of district................................................................ 16 Relation to and effect upon general business.................................................... 16 Policy to be pursued in restoring liquidity of banks............................................... 16-17 Operations of Federal Reserve Bank branches......................................................... 17-18 Internal organization..................................................................................................... 18 Clearing house settlements............................................................................................ 18 Collections............................................................................... ........................................ 18-19 Gold settlement fund..................................................................................................... 19 Banking quarters............................................................................................................ 19 3 4 TABLE OF CONTENTS. E X H IB IT S . Page. A. Movement of earning assets during calendar year...........................................20-21 B. Movement of cash reserves, net deposits, etc.................................................. 22-23 SC H ED U LES. 1. Comparative statement..................................................................................... 24 2. Earnings, expenses, and dividends................................................................. 24 3. Estimated value of all crops in district........................................................... 25 4. Production of principal cereal and vegetable crops, by States..................... 25-26 5. Carload shipments of deciduous fruits out of California................................ 26 6. Bank clearings of principal cities in district................................................... 26 7. Building permits of principal cities in district............................................... 27 8. Exports and imports......................................................................................... 27 9. Movement of national bank membership during 1918................................... 27 10. State bank members of Federal Reserve Bank............................................... 28-29 11. Comparative statement of number, capital, and resources of State members with all State banks...................................................................................... 29-30 12. Member banks authorized to accept up to 100 per cent............................... 30 13. Certificates of indebtedness—Third Liberty loan........................................... 30 14. Certificates of indebtedness—Fourth Liberty loan............................................ 15. Certificates of indebtedness—Tax issues............................................................. 31 31 16. Sales of Liberty loan bonds, by States and cities........................................... 31-32 17. Subscriptions to third and fourth Liberty loans, by denominations............. 32 18. Purchases of Liberty loan bonds...................................................................... 33 19. Payments for third Liberty loan bonds........................................................... 33 20. Payments for fourth Liberty loan bonds......................................................... 33 21. Character of Liberty loan payments..................................................................... 33 22. Sales, by months, of thrift and war savings stamps....................................... 34 23. Analysis of business transacted by district committee on capital issues...... 34 24. Federal Reserve notes issued and redeemed.................................................. 34 25. Comparative table of banking resources of district........................................ 35-36 FOURTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO, F in a n c ia l R e s u l t s o f O p e r a t io n s . COMPARATIVE STATEMENT. The expansion of the Federal Reserve Bank of San Francisco during the period from April 6, 1917, when the United States de clared war, to December 31, 1918, is shown in the comparative state ment in Schedule 1. Deposits of member banks have increased from $38,497,162 to $73,235,000; bills discounted for member banks from $340,372 on April 6, 1917, to $25,780,201 on December 31, 1917, and to $78,759,000 on December 31, 1918; gold reserves from $41,030,130 on April 6, 1917, to $94,018,470 on December 31, 1917, and to $150,973,000 on December 31, 1918; Federal Reserve note circulation from $15,398,695 on April 6, 1917, to $67,744,305 on December 31, 1917, and to $212,243,000 on December 31, 1918. EARNINGS, EXPENSES, AND DIVIDENDS. Net earnings of $547,043.86 in 1917 rose to $2,869,164.14 in 1918. Dividends at the rate of 6 per cent per annum for the period January 1, 1917, to December 31, 1918, were paid, amounting to $497,674.40, and $2,448,175.11 credited, half to surplus account and half to the United States Government as a franchise tax. A comparative state ment of earnings and expenses is given in Schedule 2. G e n e r a l B u s in e s s C o n d it io n s . Unprecedented agricultural, commercial, and industrial activity, with equally unprecedented profits, has prevailed throughout this district during the war, the largest industrial development having been in shipbuilding. Of 408 ships, aggregating 2,376,362 tons dead weight, built and delivered to the United States Shipping Board between August, 1917, and October 1, 1918, 162, of 1,149,685 tons, were built in this district, the estimated value of ships produced on the Pacific coast during 1918 being oyer $500,000,000. In spite of the armistice, steel shipbuilding is proceeding at an undiminished pace, but wood shipbuilding has practically ceased for the time being. 6 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN* FRANCISCO. Agriculture remains the principal industry of the district, produc tion during the war having been increased to some extent by urgent need and high prices. The Department of Agriculture estimates the value of the agricultural products of this district during 1918 at $851,427,000, as compared with $822,579,000 in 1917. That this increased value is partly the result of increased yield is evidenced by the iollowing examples: In this district production of wheat totaled 79,584,000 bushels as compared with 70,899,000 bushels in 1917; of sugar beets more than 2,600,000 tons, as compared with 2,400,000 in 1917; of California rice approximately 400,000,000 pounds, as compared with 280,000,000 in 1917; of beans in Cali fornia 8,868,000 bushels as compared with 8,091,000 in 1917; the area planted to cotton in Arizona 92,000 acres, as compared with 46.000 in 1917, and in California 194,000, as compared with 117.000 in 1917. Shipments of California deciduous fruits totaled 28,204 cars, as compared with 24,961 in 1917. The year has. been generally favorable for agricultural products, as shown in the comparative statement of production in Schedules 3, 4, and 5. The salmon pack of the Pacific Northwest is estimated at 9,300,000 cases, which is approximately 825,000 less than in 1917. The south ern California fish pack, chiefly of tuna and sardines, was 52,000 cases in excess ot the 1917 pack, amounting this year to 1,075,000 cases. Change in statistical methods makes accurate comparison of changes in stored stocks of California petroleum impossible. Stored stocks, which on December 31,1917, totaled 30,450,465 barrels, were reported on October 31, 1918, as 37,400,859. This increase is due almost entirely to exclusion of refinery stocks from the former figures and their inclusion in the latter, production having approximated con sumption. Stored stocks, exclusive of refinery stocks, amounted on December 31, 1915, to 57,147,051 barrels and on December 31, 1916, to 44,036,190 barrels. The lumber situation has been exceptionally complex, due to labor problems, changed character of demands, car shortage, and the uncer tainty regarding wooden ships. However, the volume of production and of consumption has been practically normal. Following the signing of the armistice, all Government lumber contracts were can celed, causing temporarily upset conditions, but as the year closes the situation is favorable. Labor has been fully employed at an unprecedently high level of wages. There has been some agitation and dissatisfaction, but labor disturbances have been at a minimum during the year. Building permits throughout the district have shown a decided decrease, due to the request of the Government that all unnecessary building be postponed until after the termination of the war. 7 Bank clearings have ranged between 25 per cent and 30 per cent in excess of those of 1917. Import and export trade, in spite of shortage of shipping space, is at record point in values. Washington (Seattle and Tacoma) foreign trade exceeds that of California (San Francisco and Los Angeles), the totals for the first 10 months of 1918 amounting to $493,393,000 and $404,333,000, respectively. Imports and exports from Oregon ports totaled $12,784,000. Comparative statements of building permits, bank clearings, and foreign trade are given in Schedules 6 to 8. Money rates have been stable, there being a steady and active demand, with rates firm at 6 per cent in industrial centers and 7 per cent in agricultural communities. ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. D isc o u n t O p e r a t io n s . REDISCOUNTS— COMMERCIAL PAPER. Discounts which, during 1916, aggregated $1,973,355 expanded to a total of $102,981,205 during 1917 and $941,441,337 during 1918. Rediscounts of commercial paper exceeded discounts of collateral notes during the major portion of the year. Holdings of such redis counts increased from $24,211,000 on January 1 to $34,326,000 on July 5, the first date on which they exceeded $30,000,000. They reached their peak, $49,152,000, on September 13, after which date they gradually decreased, amounting on November 30 to $30,038,000 and on December 31 to $33,732,000. Particular assistance was granted in the Northwest in handling the grain crop and the wool clip. A steadily growing tendency to offer short maturities has been manifested. REDISCOUNTS— LIBERTY LOANS. Holdings of member banks’ notes, practically all secured by Gov ernment obligations, totaled $2,533,000 on January 1. These gradu ally increased until on April 26 the amount held reached $10,904,000, the daily holdings fluctuating during the succeeding months between $10,000,000 and $20,000,000, reaching $22,299,000 on August 2 and increasing from that date until October 10, when they were $61,561,000. Following the close of the fourth Liberty loan campaign, holdings of such paper gradually declined, amounting to $44,136,000 on November 30 and $45,027,000 on December 31. TRADE ACCEPTANCES. There has been increased interest in trade acceptances and their volume is expanding, several conventions of retail and wholesale dealers and various credit men's associations on the Pacific coast having indorsed their use. Chambers of commerce and associations of merchants have made greater efforts than bankers to secure their adoption. 8 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. BANKERS’ ACCEPTANCES. This bank has bid consistently for all offerings of prime bankers' acceptances originating in this district, whether offered locally or from other districts, thereby maintaining a market for them in this district as constant and stable as that of New York for acceptances originating there. The rates bid have been, as nearly as ascertainable, identical with those prevailing in New York. The principal market being in New York, and the obligation resting upon the whole Federal Reserve system to maintain an open market under all conditions for bankers7 acceptances, this bank has regularly participated pro rata in the purchases of acceptances by the Federal Reserve Bank of New York, and on occasions has also made purchases from other Federal Reserve Banks needing to replenish reserves. Some banks in this district are buyers of acceptances from time to time, but their purchases are usually made either when offered by their customers for discount or through purchases in the New York market. With only a small volume of bankers’ acceptances originat ing in this district and even these being offered intermittently, it has been obviously more convenient for a bank in this district to adjust its investments from day to day by purchases in the New York market where there is a sufficient volume to make daily purchases possible, but in some cases this bank has sold bankers’ acceptances to its member banks and is disposed to extend this service more generally with a view to broadening the market. RESERVE POSITION. Exhibit B shows the reserve position throughout the year. The heavy demands of member banks resulted in a considerable decrease in the reserve percentages. On January 11 the reserve percentage, 73.1 per cent, was the highest at any time during the year. At that time gold held equaled $104,939,000, and combined deposit and Federal Reserve note liability, $144,125,000. In spite of the large increase in gold holdings there was a gradual reduction in the reserve percentage, the lowest point being reached on October 25, when $126,114,000 of gold held amounted to only 46.2 per cent of $272,809,000 combined deposit and Federal Reserve note liability. After the latter date, reserves increased somewhat, rising to 57.4 per cent on December 31, when the gold holdings were $150,973,000 and combined deposit and Federal Reserve note liability $262,939,000. During a large part of the year reserves ranged between 57 and 67 per cent. That they did not fall below 46.2 per cent is due to the cooperation of the banks of this district in forwarding their gold to the Federal Reserve Bank for its reserve. ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 9 M o v em en t o f M e m b e r sh ip . NATIONAL BANKS. During the past year the number of national banks in this district has increased from 530 to 554." This increase consisted of 14 newly organized banks and 15 conversions of State banks, and was par tially offset by the liquidation of 5 banks. Of these, two were absorbed by State banks, two by national banks, and one failed. A statement showing the movement in membership by States appears in Schedule 9. STATE BANKS. The number of State member banks in this district increased from 17 on December 31, 1917, with combined capital and surplus of $5,820,000 and resources of $65,697,000, to 86 on December 31, 1918, with combined capital and surplus of $16,061,000 and resources of $160,690,000. A list of State member banks, with capital, surplus, and resources, appears in Schedule 10. Active and definite inclination for membership has been mani fested in Washington, Idaho, Utah, and Oregon, in which four States 81 of the 86 State member banks are located. With the opening of a branch of the Federal Reserve Bank in Salt Lake City on April 1, 1918, all eligible State banks in that city immediately applied for membership, followed by other banks in the sections served by this branch. On April 16, 1918, Mr. R. L. Rutter, president of the Spokane & Eastern Trust Co., Spokane, Wash., a member bank, was appointed Twelfth Federal Reserve District member of the Federal Reserve membership campaign committee of the American Bankers Asso ciation, a committee having for its purpose the conduct of a campaign of education to make clear to nonmember banks the advantages of membership. His effective efforts have led to a considerable increase in State bank membership. The resources of California State banks approximate half those of all State banks in this district, but, in spite of the appeal of the President that all eligible State banks as a patriotic duty join the Federal Reserve system, only four California State banks, with ap proximately eight-tenths of 1 per cent of the total resources of Cali fornia State banks, have become members, the provisions of the Cali fornia bank act being unfavorable. Representatives of State banks of San Francisco, Los Angeles, and Oakland, having deposits aggre gating more than $500,000,000, have held conferences during 1917 and 1918 to consider the situation, and in May, 1918, the California Bankers Association referred to its legislative committee the matter of recommending amendments to the California bank act to enable California State banks to avail themselves of the advantage of 116027—19-----2 10 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. Federal Reserve membership, which is fundamentally an increase of power to render service and incidentally a corresponding increase in profits. Such proposed amendments will be considered by the legis lature convening in January, 1919. Schedule 11 gives by States a comparative statement of the num ber, capital, and resources of State member banks on November 1, 1918, as compared with all State banks in the district. R e l a t io n s N a t io n a l B a n k M e m b e r s . DISCOUNT OPERATIONS. w it h The major portion of the discounts of the Federal Reserve Bank have naturally been for national-bank members. Three hundred and fifty-seven national banks out of a total of 554 have discounted with the Federal Reserve Bank during the year, as compared with 156 out of a total of 530 during 1917. Discounts for national banks totaled approximately $887,400,000 during 1918. FIDUCIARY POWERS. During 1918 permission was granted to seven banks to exercise fidu ciary powers. Subsequent to the amendment of the Federal Reserve Act, broadening the fiduciary powers to be exercised by national banks, 15, as follows, have applied to the Federal Reserve Board for the required permission: Capital Number. of applying banks. State. Surplus of applying banks. Resources of applying banks. California.................................................................... Idaho..................................................................____ Washington................................................................ 7 1 7 $10,650,000 50,000 4,175,000 $8,000,000 22,500 1,205,500 $125,753,000 582,000 60,572,000 Total................................................................. 15 14,875,000 9,228,000 186,907,000 PERMISSION to a c c e pt TO 100 PER CENT o f c a pit a l a n d s u r p l u s . Four banks in Seattle and three in Spokane were granted permis sion to accept drafts and bills of exchange up to 100 per cent of capital and surplus during 1918. Such powers were required pri marily for the purpose of assisting the United States Grain Corpora tion in its transactions in the Pacific Northwest. A list of banks having authority to accept to 100 per cent is given in Schedule 12. R e l a t io n W it h S t a t e B a n k s a n d T r u s t C o m p a n ie s . DISCOUNT OPERATIONS. State bank members during the first 11 months of 1918 discounted with the Federal Reserve Bank $54,037,000, of which $14,836,000 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 11 represented rediscounts and $39,201,000 collateral notes secured by Government obligations. During the same period nonmember State banks availed themselves of the privilege of borrowing through member banks on their collateral notes secured by Government obligations to the extent of $4,230,092.94. EXAMINATIONS. The Federal Reserve Bank, in accordance with agreements with ther clearing-house associations, has conducted the clearing-house exami nations in the four branch cities (Spokane, Seattle, Portland, Salt, Lake City), and has also examined five State-bank members during the year and 29 State banks applying for membership. State banking departments have shown for the most part a spirit of cordial cooperation. Examinations have been made in California, Idaho, Utah, and Washington jointly with State banking depart ments, and copies of reports of examinations by State banking departments have been furnished. For further cooperation, arrange ments are now being made for State-bank members to authorize the interchange of examiner’s reports, reports of condition, etc., be tween State authorities and the Federal Reserve Bank. In addition, there has been considerable discussion with a view to establishing uniformity of forms of the several State banking departments and those of the Federal Reserve Board. Such uniformity would not only simplify but would add materially to the value of statistical tabulations. The Federal Reserve Bank has created a department of examina tions, appointing as manager Mr. S. G. Sargent, former superinten dent of banks in the State of Oregon. While it may cease conduct ing the clearing-house examinations in the four branch cities, it is expected that the examinations made will be of increasing effective ness and value. RESERVES. State member banks’ required reserve deposits with the Federal. Reserve Bank on November 1 amounted to $6,539,000, being 8.7 per cent of the total member banks’ reserve accounts on that date. As a general rule the required reserves have been maintained. F isc a l A g e n c y O p e r a t io n s f o r T r e a s u r y D e p a r t m e n t . ALLOTMENT OF TREASURY CERTIFICATES AMONG BANKS OF THE DISTRICT. The financing of Liberty loan subscriptions and tax payments by purchase of Treasury certificates of indebtedness has been of great value in avoiding the strain that would otherwise have been felt throughout the district from the withdrawal at one time of the 12 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. large sums involved. In the earlier issues the quota for this district was not reached, but later the oversubscription was enough to over come the earlier deficiency. Mr. E. W. Wilson, vice president of the Anglo and London Paris National Bank, San Francisco, has acted as director of sales. Schedules 13 to 15 show in detail the amount of these certificates subscribed through the Federal Reserve Bank for each of the issues during 1918. DEPOSITS OF TREASURY FUNDS WITH BANKS AND THEIR WITHDRAWAL. Of the 1,866 banks in this district, 433 have qualified as Govern ment depositaries for war loan deposit accounts, making payment by credit on their books for their subscriptions to Treasury certificates and Liberty loans, the deposits being gradually withdrawn as needed by the Government. Out of total subscriptions of $287,975,000 to the third Liberty loan, payments by credit, aggregating $105,950,000, were made by 326 qualified depositaries. Out of the $305,020,000 of Treasury certificates of indebtedness sold in this district in anticipation of the fourth Liberty loan, payment for $191,685,000 was made in this manner. Fifty-four banks purchasing Treasury certificates in anticipation of income and excess profit taxes qualified for and received redeposits aggregating approximately $39,000,000. FLOTATION OF LIBERTY LOANS. The general plan of organization followed during the Liberty loans in 1917 was continued for the third and fourth loans in 1918. The district quota for the third Liberty loan was $210,000,000. Sub scriptions received totaled $287,975,000, every State, county, and city exceeding its quota. Similarly the quotas for the fourth Liberty loan were exceeded in every State, county, and city, the quota for the district being $402,000,000, and final subscriptions $462,250,000. Distribution of Liberty loan purchases by States and principal cities, methods of payment for bonds taken, etc., are shown in Schedules 16 to 21. WORK IN CONNECTION WITH WAR-SAVINGS CERTIFICATES. The Federal Reserve Bank has acted as agent of the Government in selling war-savings stamps and certificates to banks and trust companies in the district and to individuals who qualified as collateral agents by the deposit of Liberty bonds as security against the with drawal of stamps. Prior to September, the campaign was handled by the National War Savings Committee in Washington, which appointed State directors who reported directly to Washington. In September this committee retired and the governor of the Federal Reserve Bank was placed in charge of the war-savings campaign in ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 13 this district. The same directors and their organizations were retained. A statement of sales of thrift stamps and war-savings certificates through the Federal Reserve Bank is given in Schedule 22* W A R F IN A N C E C O R P O R A T IO N . In this district only five applications for loans from the War Finance Corporation? were received, one of these for $10,000 being approved. C A P IT A L IS S U E S C O M M IT T E E . The Capital Issues Committee, created by act of Congress, approved April 5,1918, took office on May 17, succeeding an informal committee constituted by the Federal Reserve Board in January. The present district committee was appointed by the Capital Issues Committee late in May and entered upon its duties as the successor to a subcom mittee which had been serving in the district under the informal committee. The district committee terminated its work on Decem ber 31, 1918. The district committee was composed of 26 members, four in Los Angeles, two each in Portland and Seattle, and one each in Tacoma, Spokane, Boise, Salt Lake City, Elko (Nev.), and Phoenix (Ariz,). In San Francisco there were 13 committeemen, six of whom, together with one of the Los Angeles members, constitute the execu tive committee of seven, which has met on Friday morning of each week. The chairman of the board and the governor of the Federal Reserve Bank were respectively the chairman and vice chairman of the district committee and of the executive committee. The committee men investigated the applications referred to them, reporting with recommendations to the executive committee. The detail work of digesting information for presentation at executive committee meet ings, and of conducting the correspondence, was performed by a force consisting of the secretary, assistant secretary, a stenographer-clerk, and three stenographers. All of the committeemen served with out pay. During 1918 the district committee and its predecessor together considered a total of 543 applications for approval of security issues amounting to $386,145,257, of which 384 applications, amounting to $194,015,197, were approved, and 137 applications, amounting to $163,155,490, were disapproved. The remainder, or 22 applications, amounting to $28,974,570, were reported to the Capital Issues Com mittee, Washington, without recommendation. In addition, 30 applications for approval of issues, amounting to $24,000,000, arising in the district, were acted upon directly by the Capital Issues Com mittee without reference to the district committee. Of the total con sidered, 185 applications, amounting to $91,322,823, represented public issues; that is to say, the issues of States or subdivisions thereof. 14 ANNUAL REPORT OE FEDERAL RESERVE BANK OF SAN FRANCISCO. and 358 applications, amounting to $294,822,434, represented issues of private corporations or individuals. In addition to the business transacted at its meetings, the effectiveness of the committee is further illustrated by the fact that 61 projects, the issues of which would have amounted to $75,000,000, were discouraged at their inception as nonessential. Schedule 23 gives an analysis of the business transacted by the committee. N o te I s s u e s . FED ERAL RE SE RV E NOTES. The substitution of paper for gold as the ordinary currency of this district has been greatly accelerated during the past year. For almost three years after the establishment of the Federal Reserve Bank small need developed for the use of Federal Reserve notes, the amount outstanding on April 6, 1917, being only $15,398,695. Dur ing the latter part of 1917 the need for a greater volume appeared, the amount in the hands of the public on December 31, 1917, being $67,744,305. Especially during 1918 the need for increasing the gold reserve of the Federal Reserve Bank led to substitution of Federal Reserve notes for gold as the principal circulating medium with the result that, in this district, where gold has been the tradi tional currency, paper money now circulates almost exclusively, the amount of Federal Reserve notes of this bank in circulation on Decem ber 31, 1918, being $212,243,000. The gold has been mobilized in the Federal Reserve Bank. Many banks and treasurers of public funds have cooperated in building up the gold reserve of the Federal Reserve Bank by exchanging gold for Federal Reserve notes. It has been through such aid that the Federal Reserve Bank has been able to maintain so strong a position in the face of the large calls made upon it tor assistance. From April 9, 1918, to December 27 the following shipments of gold were received by the Federal Reserve Bank from throughout this district: Source. Amount. National banks........................................................... ........................................................... State banks.............................................................................................................................. State, city, and county treasurers.......................................................................................... $25,688,655 26,682,985 3,391,645 Total............................................................................................................................... Number of shipments................ . .............. ................................................... ....................... 55,763,285 4,367 In all States except California the response of State banks to the request to exchange gold for Federal Reserve notes was as prompt .as that of national banks. In California the bank act provided that ;a certain proportion of the reserves must be carried in gold coin, gold certificates, or United States notes, and as Federal Reserve notes ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 1 5 were not construed by the State banking department as United States notes, State banks did not feel free to release any of their gold except that held*in excess of reserve requirements, their gold holdings decreasing only $7,000,000 between June 29 and August 31, from $26,640,000 to $19,623,000. Because of this, on August 28, the Superintendent of Banks wrote to the Chairman of the Board of the Federal Reserve Bank, stating that, under the discretion vested in him by the bank act, he would waive the right to impose penalties upon State banks which held their reserves on hand in Federal Reserve notes. The publication of this communication resulted in considerable shipments to the Federal Reserve Bank, the gold hold ings of California State banks decreasing to $12,245,000 on November 1. Between April 9 and December 21, California State banks have shipped $22,752,000 in gold and gold certificates to the Federal Reserve Bank. If proposed amendments to the California bank act are approved, it is to be expected that California State banks will release further amounts of gold. That the major portion of the increase in Federal Reserve note circulation during 1918 resulted from issues in exchange for gold is strikingly illustrated by the fact that on January 1 Federal Reserve notes in the hands of the public were $67,744,305 and net deposits $69,922,002, amounting together to $137,666,307, gold reserve amounting to $94,018,470, or 68.69 per cent, while on December 1 Federal Reserve notes in circulation ha<J increased to $201,404,000 and net deposits to $76,102,000, the gold reserve increasing to $172,217,000, or 62.59 per cent, a decrease of 6.10 per cent, while on December 31 the net circulation of Federal Reserve notes amounted to $212,243,000; net deposits, $50,696,000; and combined gold reserve, $150,973,000, or 57.41 per cent. A statement of Federal Reserve notes issued and redeemed during the year is contained in Schedule 24. FEDERAL RESERVE B A N K NOTES. As provided by the Pittman Act, the Federal Reserve Board is requiring Federal Reserve Banks to issue Federal Reserve bank notes to take the place of $350,000,000 standard silver dollars now being melted to ship to the Orient as bullion, the allotment of the Federal Reserve Bank of San Francisco being approximately 6§ per cent of the entire issue. The first shipment of $5 Federal Reserve bank notes was received on June 10, of $1 notes on October 9, and of $2 notes on October 28. Those received are being gradually put into circulation, the total outstanding on December 31 being $6,253,000. 16 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. P o sit io n of C o m m er cial B a n k s a s F in a n c in g . a R esu lt of W ar IN C R E A S E O F T H E IR O B L IG A T IO N S . With expansion of business and increase of prices, resources of the national banks of the district have increased from $1,065,191,000, on March 5, 1917, the date of the last report made by them prior to the entrance of the United States into the war, to $1,360,534,000 on November 1, 1918. During this period capital increased from $89,880,000 to $93,689,000 and surplus and profits from $61,804,000 to $70,467,000; deposits due to other banks decreased from $198,060,000 to $172,061,000; demand deposits increased from $485,149,000 to $679,494,000; time deposits from $160,421,000 to $184,282,000; rediscounts from less than $500,000 to $38,517,000; money borrowed from $704,000 to $57,780,000, practically all secured by Govern ment obligations; and loans and discounts from $559,469,000 to $691,176,000. E F F E C T ON C O M M E R C IA L P A P E R OF D IS T R IC T . Production on Government contracts has had a tendency to lessen the offerings of so-called commercial paper (that sold through brokers), many concerns which hitherto financed themselves in this manner looking to the Government for funds. On the other hand, the decreasing purchasing power of the dollar has increased the credit needs of many concerns with the result that the volume of paper offered in this district has not appreciably changed. Rates on commercial paper have remained stable and all offerings have been readily absorbed. R E L A T IO N TO A N D E F F E C T U P O N G E N E R A L B U S IN E S S . The most salutary effect of the war upon the credit situation in this district has been the curtailment of credit periods, many con cerns which formerly sold goods upon a basis of 90 days to 6 months now requiring payment within 30 days. This condition has made for curtailment of inflation. P o licy to b e P u rsued in R e st o r in g L iq u id it y of B ank s. P R O B A B L E T IM E IN W H IC H T H E Y C A N C L E A R U P T H E IR W A R PAPER. As the products of this district are primarily agricultural, the sale for which has been certain, and as there has been some tendency to shorten the time of commercial credit and enforce prompt payment, part of the loans of the banks in this district will liquidate rapidly. Borrowing upon Government obligations has extended to consider able proportions, but these loans are being gradually liquidated. In proportion to their total resources, investments by banks in Liberty ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 17 bonds are comparatively small, those of all national banks, through which practically half of the subscriptions were received, amounting to $56,854,000 on November 1, 1918, as compared with $1,360,534,000 total resources, $691,176,000 total loans and discounts, and $321,723.000 securities held. Liberty bonds held by national banks rep resent only 4.9 per cent of $1,154,345,850 of Liberty bonds sold in this district. The rate at which banks are liquidating their borrowings is shown by the reduction in rediscounts of commercial paper held by the Federal Reserve Bank from $49,289,000 on September 13 to $39,337.000 on November 8, to $30,038,000 on November 30, and $33,732,000 on December 31. This compares with $23,464,000 held on January 1, 1918. Similarly, borrowings on Government obliga tions are being reduced, member banks’ collateral notes, practically all secured by Government obligations, held by the Federal Reserve Bank decreasing from $61,561,000 on October 10 to $44,136,000 on November 30 and $45,027,000 on December 31. If the next Liberty loan is not offered before April or May, it seems probable that the principal part of the Federal Reserve Bank's present loans based on Liberty bonds will be liquidated by that time. But meanwhile new" loans will presumably appear based on the suc ceeding issues of certificates of indebtedness. It seems probable, therefore, that borrowings from the Federal Reserve Bank on paper secured by Government obligations will continue in substantial amount until after the next Liberty loan and that there will be steady liquidation of such paper thereafter. There seems reason to expect that they will be practically eliminated during the coming year. P O L IC Y OF FEDERAL RESERVE BANK TOW ARD THEM M E A N W H IL E . It is and has steadily been the policy of the Federal Reserve Bank to assist its member banks in meeting the special demands made upon them. This has been particularly true in connection with unusual requirements for handling crops. Rarely has it been neces sary to criticise the attitude of a rediscounting bank. An occasional bank, however, has shown a deliberate determination to use Federal Reserve Bank funds for extending its business by taking on new loans much as if funds obtained by rediscount were new deposits. In such cases the desirable course is pointed out, with such insistence as the case seems to require. O P E R A T IO N S O F F E D E R A L R E S E R V E B A N K BRANCH ES. During 1917 branches were established at Spokane and Seattle, Wash., and Portland, Oreg., serving, respectively, the territory of east ern Washington and northern Idaho, western Washington, and Oregon. On April 1, 1918, a branch was opened at Salt Lake City, the terri116027—19-----3 18 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. tory assigned to it being Utah, southern Idaho, and the eastern counties of Nevada, the territory served directly by the head office being California, Arizona, and western Nevada. The relative importance of the various branches may be judged from the following figures: Average monthly, 1918. Branch. Total rediscounts. Seattle.................................................... $3,220,557 18,003,304 6,433,553 6,989,709 Transit items handled. Currency shipments from head office. $1,974,160 1,093,000 2,543,750 707,500 Number. i 66,996 157,943 86,466 96,350 Earnings, excluding head office expense. Amount. $16,347,388 26,846,295 15,900,983 14,695,134 $9,239 45,599 7,074 24,423 Nov. 1,1918. Branch. Resources of SZm l Capital of ber talks. mem*)er banks. member banks. Portland......... Salt Lake City. Seattle............. Spokane.......... $12,241,000 3.425.000 10,475,000 7.625.000 $204,603,000 41,516,000 213.421.000 109.737.000 Total.... 33,766,000 569,277,000 IN T E R N A L O R G A N IZ A T IO N . An increasing volume of transactions, largely necessitated by Government financing, rendered necessary an increase in staff from 313 on January 1 to 523, of whom 275 were women, on November 30. Sixty of the most experienced men have gone into the Army and Navy and in addition the epidemic of influenza has at times tempo rarily incapacitated more than 15 per cent of the clerical force. The bank has in no case claimed exemption from the draft for any of its employees. C L E A R IN G -H O U S E SETTLEM ENTS. Clearing-house balances in Los Angeles, Ogden, Portland, Salt Lake City, San Francisco, Seattle, Spokane, and Tacoma are now settled by transfers on the books of the Federal Reserve Bank, there by decreasing in a large measure the requirements for cash in vault on the part of the clearing-house banks in these cities. C O L L E C T IO N S . Between January and November the daily average number of out-of-town checks handled increased from 14,836, for an amount averaging $2,206,441, to 29,783, for an amount averaging $6,554,231. ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 19 The increase in the number of the items between June, when the service charge of 1\ cents per item was removed, and November, was 11,139. Similarly, there was a large increase in the number of notes, bills, and collection items handled after the removal of the service charge of 10 cents per item on June 5. In both cases it was the larger banks of the district which made increasing use of collection facilities. The smaller banks are gaining information as to the benefits of the Federal Reserve Bank collection system and it seems probable that during the next year they will take increasing advantage of the facilities offered. Out of a total of 1,310 State banks in the district all but 153 were remitting at par on November 30. G O L D -S E T T L E M E N T F U N D . The system of leased wires installed early in June between all Federal Reserve Banks, their branches, and the Federal Reserve Board, has greatly increased the utility of the gold-settlement fund. As a result, daily settlements between Federal Reserve Banks were inaugurated in July, and on December 2 the branches of the Federal Reserve Bank which had previously been settling with other Federal Reserve Banks through the head office began direct settlement through the gold-settlement fund. The Federal Reserve Bank now makes telegraphic transfers for member banks free of charge and in addition absorbs all charges for telegrams to and from it in connection with such transfers, with the result that member banks are making increasing use of Federal Reserve Bank telegraphic transfers. B A N K IN G Q U A R T E R S . The Federal Reserve Bank purchased as a site for the erection of a permanent home a plot of ground 119 feet 6 inches by 275 feet, bounded by Sansome, Commercial, Battery, and Sacramento Streets. War conditions, however, deferred construction, and a six-story loft building situated on one part of the ground was over hauled and fitted up to serve temporarily for the bank’s use. This building is numbered 315 Battery Street, and on September 28 the executive and banking department and fiscal agent department were brought here. Vaults and tellers’ cages are located on the first floor; telegraphic, stenographic, purchasing, and supply depart ments on the second; executive offices, discount department, and Federal Reserve agent’s department upon the third; mail, statistical, and accounting departments upon the fourth; department of exam inations, filing, and auditing departments upon the fifth; and the accounting department of fiscal agent department upon the sixth floor. 20 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO, E x h ib it A.—Movement of principal earning assets of the Federal Reserve Bank of San Francisco during the calendar year 1918. [On thousands of dollars, i.e., 000 omitted.] Discount ed paper Other i secured by United discounted! States paper, i war obli- Jan. 4... Jan. 11.. Jan. 18.. Jan. 25.. Feb. 1.. Feb. 8.. Feb. 15. Feb. 21. Mar. 1.. Mar. 8.. Mar. 15. Mar. 22. Mar. 29. Apr. 5.. Apr. 12. Apr. 19. Apr. 26. May 3 .. May 10. May 17. May 24. May 31. June 7.. June 14. June 21. June 28. July 5 .. July 12. July 19. July 26. Aug. 2.. Aug. 9.. Aug. 16. Aug. 23. Aug. 30. Sept. 6.. Sept. 13. Sept. 20. Sept. 27. Oct. 4 .. Oct. 10. Oct. 18. Oct. 25. Nov. 1.. Nov. 8.. Nov. 15. Nov. 22. Nov. 29. Dec. 6 .. Dec. 13. Dec. 20. Dec. 27. 2,674 2,161 2,500 3,356 4,408 3,599 3,328 5,790 7,590 8,014 6,554 6,844 5,981 5,965 7,861 8,742 11,235 10,829 10,274 10,164 11.059 12,803 11.059 13,928 9,956 12,665 16,332 13,432 13,969 19,537 23.059 30,114 29,817 29,295 32,326 40,877 41,251 45,728 51,042 61,155 64,470 62,711 52,035 55,527 47,506 51,362 40,518 43,748 52,075 58,143 47,838 52,136 -------h 21,796 ! 19,978 23,326 25,996 25,639 !. 25.653 26,474 24,599 , 24,946 I 26,339 j 25,110 23,700 22,874 23,831 ! 28,592 23,022 23,764 25,755 27,516 27,959 28,835 29,094 28,707 26,572 27,189 29.175 34,158 35,671 39,379 46,289 46,900 47,352 48,274 46,430 44,230 45.654 47,375 46,439 45,664 41,746 40,594 41,075 38,987 37,858 37,537 33.175 30,210 28,776 30,185 29,927 26,911 d+2) 24,470 22,139 25.826 29.352 30,047 29,252 29,802 30,389 32.536 34.353 31,664 30,544 28,855 29,796 31,453 31,764 34,999 36,584 37,790 38,123 39,894 41,897 39,766 40,500 37,145 41,840 50,490 49,103 53,348 65.826 69,959 77,466 78,091 75,725 76,556 86,531 88,626 92,167 96,706 102,901 105,064 103,78691,022 93,385 85,043 84.537 70,728 72,524 82,260 88,070 74,749 80,175 Bills Total bills bought discounted Per cent. in open and (1+5) bought. market. 15,416 16,817 17,386 18,968 24,504 29,621 30,479 30,122 30,353 30,956 29,919 29,471 27,473 26,392 24,923 23,658 21,490 21,495 18,849 20,188 20,669 19,964 19,287 19,874 18,102 16,006 15.942 17,692 19,162 18,541 18.851 21,203 19,847 21,117 19,312 19,915 20,469 20,364 22,451 23,898 27,784 32,843 38.852 34,656 34,299 34,175 35,045 34,303 43,702 44,114 43.942 38,489 39,886 38,956 43,212 48,320 54,551 58,873 60,281 60,511 62,889 65,309 61,583 60,015 56,328 56,188 i 56,376 i 55,422 56,489 58,079 i 56,639 58,311 ! 60,563 61,861 i 59,053 60,374 55,247 57,846 66,432 66,795 72,510 84,367 88,810 98,669 97,938 96,842 95,868 106,446 109,095 112,531 119,157 126,799 132,848 136,629 129,874 128,041 119,342 118,712 105,773 106,827 125,962 132,184 118,691 118,664 6.7 5.5 5.8 6.9 8.1 6.1 5.5 9.6 12. 1 12.3 10.6 11.4 10.6 10.6 13.9 15.8 19.9 18.6 18.1 17.4 18.3 20.7 18.7 23.1 18.0 21.9 24.6 20.1 19.3 23.2 26.0 30.5 30.4 30.3 33.7 38.4 37.8 40.6 42.8 48.2 48.5 45.9 40.1 43.4 39.8 43.3 38.3 41.0 41.3 44.0 40.3 43.9 Total earning 43,845 42,961 47,223 52,341 58,594 62,965 64,514 64,799 67,183 70,031 66,152 64,523 60,874 60,669 63,781 62,849 61,004 62,661 60,855 64,038 65,591 67,090 64,301 65,685 60,503 62,840 71,426 71,287 76,975 88,832 93,398 103,528 102,797 101,303 100,349 110,918 113,570 117,018 123,811 131,557 137,666 141,522 153,637 134,436 125,723 125,194 112,222 113,291 133,011 139,631 134,181 126,851 ANNUAL REPOET OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 21 22 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. B.—Movement of cash reserves, net deposits, Federal Reserve note liabilities, and the reserve percentage of the Federal Reserve Bank of San Francisco during the calendar year 1918. [In thousands of dollars; i. e., 000 omitted.] E x h ib it Jan. 4............................................................ Jan. 11.......................................................... Jan. 25........................................................... F eb.1........................................................... Feb. 8........................................................... Feb. 15.......................................................... Feb. 21.......................................................... Mar. 1........................................................... Mar. 8........................................................... Mar. 15.......................................................... Mar. 22.......................................................... Mar. 29.......................................................... Apr. 5........................................................... Apr. 12.......................................................... Apr. 19.......................................................... May 3............................................................ May 10.......................................................... May 17.......................................................... May 24.......................................................... May 31.......................................................... June7........................................................... June 28.......................................................... July 5............................................................ July 12.......................................................... July 19.......................................................... July 26.......................................................... Aug. 9............................................................ Aug. 16.......................................................... Aug. 23.......................................................... Sept. 6.......................................................... Sept. 13......................................................... Sept. 20......................................................... Sept. 27......................................................... Oct. 4............................................................ Oct. 10.......................................................... Oct. 18.......................................................... Oct. 25.......................................................... Nov. 8........................................................... Nov. 15......................................................... Nov. 22......................................................... Nov. 29......................................................... Dec. 6............................................................ Dec. 13.......................................................... Dec. 20.......................................................... Dec. 27.......................................................... Total cash reserves. Net deposits. Federal Reserve notes in actual circula tion. 1 2 3 98,044 105,330 106,228 101,704 90,398 87,246 85,501 91,671 90,535 89,742 91,881 101,430 100,207 107,029 106,341 112,091 113,863 120,488 130,274 124,119 126,460 128, 554 137,462 137.313 136,640 131,372 120,955 137,590 135,*50 132,438 124,550 114,479 121,459 137,001 128,092 137,357 144,662 147,063 143,376 136,063 142,805 129,994 126,341 128,777 151,207 154,240 172,247 170,619 170,179 155,602 159,642 160,378 69,138 75,338 81,030 82,306 77,302 75,876 75,272 80,629 79,599 79,121 77,120 81,455 77,221 79,625 78,304 79,607 77,285 76,820 80,558 75,962 78,193 79,969 82,296 81,199 71,419 64,033 56,115 71,087 74,053 81,949 74,400 72,841 73,578 82,899 67,252 76,313 81,289 81,309 79,586 74,225 87,222 76,013 85,103 64,929 74,579 74,192 77,921 73,247 87,439 72,842 70,912 63,339 68,723 68,787 68,225 67,481 67,417 70,087 70,678 71,879 74,045 76,715 77,579 80,285 80,836 83,566 87,323 90,822 92,987 101,833 106,024 107,541 109,210 110,957 114,789 117,123 121,012 125,287 131,443 132,610 133,175 133,945 137,699 139,203 144,678 149,218 154,666 165,414 170,738 175,813 180,381 186,112 185,961 188,161 187,706 190,954 193,748 196,210 197,397 201,209 206,071 211,900 212,444 211,692 (2+3) Ratio of cash reserves to net deposit and Federal Reserve note lia bilities combined. 4 5 137,861 144,125 149,255 249,787 144,719 145,963 145,950 152,508 153,644 155,836 154,699 161,740 158,057 163,191 165,627 170,429 170,272 178,653 186,582 183,503 187,403 190,926 197,085 198,322 192,431 189,320 187,558 203,697 207,228 215,894 212,099 212,044 i 218,256 232,117 221,918 241,727 252,027 257,122 259,967 260,337 273,183 264,174 272,809 255,883 268,327 270,402 275,318 274,456 293,510 284,742 283,356 275,031 71.1 73.1 71.2 67.9 62.5 59.8 58.6 60.1 58.9 57.6 59.4 62.7 63.4 65.6 64.2 65.8 66.9 67.4 69.8 67.6 67.5 67.3 69.7 69.2 71.0 69.4 64.5 67.5 65.6 61.3 58.7 54.0 55.6 59.0 57.7 56.8 57.4 57.2 55.2 52.3 52.3 49.2 46.3 50.3 56.4 57.0 62.6 62.2 58.0 54.6 56.3 58.3 ANNUAL-REPORT OP FEDERAL RESERVE BANK OF SAN FRANCISCO. 23 24 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. S ch edule 1. —Comparative statement. Dec. 31,1918. Dec. 31,1917. Apr. 6,1917. RESOURCES. Total gold reserve....................................................................... ...................................................................... Legal tender notes $150,972,012 518,639 $94,018,470 408,823 $41,030,130 65,105 Total reserves................................................................... 151,490,651 94,427,293 41,095,235 Bills discounted, members......................................................... Mftmbp.r hanks, collateral notes_________ _______________ Bills bought in open market...................................................... 33,734,845 45,024,583 •36,279,727 23,463,513 2,316,688 17,082,456 6,882,369 Total bills on hand........................................................... 115,039,155 42,862,657 7,222,741 2,460,950 5,724,000 2.455.000 1.500.000 2,428,750 4,000,000 811,145 United States Government, long-term securities..................... United States Government, short-term securities.................... Mnrnoipal w a r r a n ts ______________ __________________ „ 340,372 123,224,105 46,817,657 14,462,636 Due from other Federal Reserve Banks, net............................ Uncollected items....................................................................... 44,671,524 5,908,934 12,809,375 1,008,437 7,763,756 Total deductions from gross deposits............................... 44,671,524 18,718,309 8,772,193 Total earning assets.......................................................... Five per cent redemption fund against Federal Reserve bank All other resources...................................................................... 356,400 1,701,065 583,807 160,547,066 64,330,064 4,162,450 3,941,000 Total resources.................................................................. LIABILITIES. Capital paid in............................................................................ .......................... ................................. ............. Surplus Government deposits................................................................. Due members’ reserve account.................................................. Other deposits, including foreign Government credits............. Collection items.......................................................................... 321,443,745 4,636,550 1,224,088 410,992 73,235,715 2,643,648 19,076,038 3,730,741 12,353,939 38,497,162 63,779,910 2,620,985 9,885,477 “ ’ ’ 2,'654*776 Total gross deposits.......................................................... 95,366,393 88,640,311 44,882,679 Federal Reserve bank notes, net outstanding.......................... Federal Reserve notes in actual circulation.............................. All other liabilities..................................................................... 6,252,055 212,244,625 1,720,034 67,744,305 15,398,695 107,690 Total liabilities................................................................. 321,443,745 S c h e d u l e 2. 160.547.066 1 64.330.064 1 —Earnings, expenses, and dividends. 1918 EARNINGS. Bills discounted for members........................................................................ Acceptances bought....................................................................................... United States securities ............................ ................................................. Municipal warrants........................................................................................ Profits realized on United States securities.................................................. Penalties for deficient reserves...................................................................... Transfers bought and sold, net...................................................................... Service charges, net........................................................................................ Sundry profits........................................................... .................................... Total ................................................................................................ EXPENSE. Current expense............................................................................................. Cost of Federal Reserve notes and Federal Reserve bank notes.................... Furniture and fixtures................................................................................... Purchase of gold . .......... .................................... Depreciation on bank premises...................................................................... Sundry items charged to profits and loss...................................................... $2,675,550.83 1,097,629.87 135,268.29 1917 293.75 96,409.28 127,387.68 19,861.84 35,383.35 $292,981.91 308,595.60 147,355.24 11,934.70 11,250.00 18,221.97 64,363.55 31,047.40 52.08 4,187,784.89 885,802.45 682,550.25 248,424.10 45,168.48 94,426.73 238,600.35 9,450.84 267,541.28 43,074.97 28,142.34 Total..................................................................................................... 1,318,620.75 338,758.59 Net earnings......................................................................................... 2,869,164.14 547,043.86 Balance profit and loss Dec. 31,1918........................................................................................... $76,685.37 Net earnings................................................................................................................................. 2,869,164.14 Total................................................................................................................................... 2,945,849.51 June 30,1918, dividend No. 5...................................................................................$362,197.80 Dec. 31,1918, dividend No. 6................................................................................... 135,476.60 ---------------- 497,674.40 Undivided profits.............................................................................................................. 2,448,175.11 The two dividends paid during the year are the accrued dividends covering the period from Jan. 1,1917, to Dec. 31,1918, inclusive. ANNUAL REPORT OP FEDERAL RESERVE BANK OF SAN FRANCISCO. 2 5 Schedule 3.—Estimated value of all crops in Twelfth Federal Reserve District. [000 omitted.] States. 1910-1914, 6-year average. 1915 1916 1917 1918 Arizona___ California... Idaho......... Nevada___ Oregon....... Utah.......... Washington $9,842 203,368 43,319 13,523 61,851 23,614 87,472 $10,262 204,747 48,735 12,988 70,679 26,865 93,634 $18,626 271,668 75,136 17,148 105,471 43,436 128,950 $27,068 432,285 94,890 25,655 108,632 49,627 , 144,422 $42,267 365,028 107,111 24,536 122,481 54,759 135,255 Total. 422,989 467,910 660,435 822,579 851,427 Schedule 4.—Production of principal cereal and vegetable crops in Twelfth Federal Re serve District, by States. [000 omitted.] States. Arizona. California. Idaho. Xevada. Oregon., Utah. Washington.. Total. Year. 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 Wheat. Barley. Oats. Bushels. Bushels. Bushels. 868 1,260 1,092 1,295 1,160 1,120 825 1,155 988 1,326 6,800 42,060 7,040 39,440 5,600 33,320 7,425 39,150 7,590 34,320 14,362 7,030 18,730 7,736 15,071 7,410 13,830 5,510 18,043 4,900 1,332 611 1,660 576 1,592 492 1,140 420 1,070 408 16,604 3,660 20,025 4,680 19,550 5,390 12,811 5,278 19,000 3,180 7,275 1,440 8,225 1,445 1,224 6,900 5,650 1,221 6,464 1,120 41,840 7,098 51,420 7,263 37,635 6,814 29,218 4,930 26,429 2,630 89,081 63,159 108,192 • 62,435 87,508 55,770 70,899 57,664 79,584 47,884 336 333 338 400 440 7,700 6,963 6,500 6,860 5,600 14,608 15,745 13,330 10,450 9,480 676 585 602 560 532 12,740 16,060 17,280 9,125 9,000 4,750 4,700 4,480 4,400 4,410 13,959 13,750 14,300 11,242 8,370 54,769 58,136 56,830 43,037 37,832 Hay. Tons.454 Bushels. 110 470 627 550 493 5,265 4,230 4,375 4,560 3,143 1,868 1,828 1,750 2,175 2,058 803 675 540 679 647 1,716 1,870 1,955 1,638 1,220 1,116 985 845 1,137 1,126 1,751 1,868 1,920 1,778 1,429 12,973 11,926 12,012 12,517 10,116 95 115 420 425 10,350 10,140 10,575 15.225 12,870 5,270 3.500 4,050 6,084 5,220 1.560 2,236 2,660 3,105 1,539 4,753 5,520 8,250 8,100 8,000 2,800 2.500 3.600 4,347 3.600 7,552 8,235 9,900 9,875 8.560 32,395 32.226 39,150 47,156 40,214 26 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. Schedule 4.—Production of 'principal cereal and vegetable crops, etc.—Continued. [000 omitted.] States. Year. Arizona.. 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 1914 1915 1916 1917 1918 California.. Idaho. Utah. Total. Bice. Sugar beets.1 Bales. ; Bushels, j Bushels. Tons. Cotton. 24 !. 51 j. 50 i 29 | 44 j 67 I 48 152 72 3,875 3,868 5,576 8,091 8,800 800 2,268 3,422 5,600 7,011 100: 50 29 44 91 151 800 2,268 3,422 5,600 7,011 3,875 3,868 8,872 1,082 1,249 1,463 1,318 1,126402 340 331 330 347 565 629 708 776 1,094 1,911 2,218 2,502 2,424 2,543 i Arizona, Nevada, Oregon, and Washington not separately reported. Schedule 5.—Carload shipments of deciduous fruits out of California. Year. 1911 1912 1913 Cherries........................................................ Apricots....................................................... Peaches........................................................ Plums.......................................................... Pears........................................................... Grapes......................................................... Miscellaneous.............................................. 216 214 2,027 1,366 2,325 6,375 16 244 196 1,621 1,776 3,134 6,358 15 231 158 2,359 1,706 2,496 6,364 18 Total.................................................. 12,539 13,344 13,332 S c h e d u l e 6. 1916 | 1917 164 i 295 289 1 403 1,909 2,432 1,999 2,651 3,701 4,798 9,722 13,739 107 65 17,891 24,383 1918 351 441 3,137 2,483 4,569 16,359 77 27,417 —Bank clearings of the principal cities in the Twelfth Federal Reserve District. [000,000 omitted.] Cities. 1911 %o 1912 1913 1914 $24 $24 Bakersfield.......................................... $22 Fresno................................................. 51 53 57 Long Beach......................................... 17 Los Angeles......................................... 1,169 1,211 1,145 Oakland............................................... 173 223 189 176 Pasadena............................................. 42 48 44 47 Sacramento......................................... 78 108 103 93 134 San Diego............................................ 83 132 103 San Francisco...................................... 2,427 2,678 2,624 2,516 San Jose............................................... 30 36 36 36 Stockton.............................................. 40 45 47 46 Reno.................................................... 15 14 15 Portland.............................................. 557 596 628 577 Sait Lake City..................................... 333 315 369 Ogden.................................................. Seattle................................................. 665 553 jI 602 628 Spokane............................................... 1 225 219 203 Tacoma................................................ : 139 133 110 ............ Total.......................................... 4,966 | 6,442 6,470 6,111 1Organized 1912. 1915 1916 1917 $20 54 26 1,048 181 44 101 100 2,694 35 50 15 554 350 612 193 99 $28 72 30 1,284 223 50 126 112 3,480 44 72 21 650 513 61 790 255 115 $36 109 38 1,502 269 58 164 121 4,838 54 93 30 868 710 100 1.151 344 162 $43 124 52 1,547 335 50 203 106 5,629 55 99 31 1,323 697 100 1,860 422 244 6,176 7,926 10,647 12,880 2 Organized 1914. 1918. ANNUAL BEPOBT OF FEDEBAL BESEBVE BANK OF SAN FBANCISCO. 27 Schedule 7.—Building permits of principal cities in Twelfth Federal Reserve District. [000 omitted.] 1915 1916 ....................................................................................... 134 235 1,201 876 Fresno........................................................................................... Long Beach................................................................................... 1,058 1,368 Los Angeles................................................................................... 15,035 11,885 5,044 Oakland........................................................................................ 5,367 1,494 Pasadena....................................................................................... 1,619 1,392 Sacramento1................................................................................. 2,111 1,284 1,878 San Diego...................................................................................... 18,624 18,825 San Francisco................................................................................ San Jose......................................................................................... 716 Stockton........................................................................................ 1,169 1,018 221 446 Reno.............................................................................................. 6,299 Portland........................................................................................ 5,189 2,868 2,250 Salt Lake City............................................................................... 862 Ogden2......................................................................................... 8,480 Seattle........................................................................................... 6,471 1,574 Spokane........................................................................................ 1,291 790 1,619 Tacoma......................................................................................... Total.................................................................................... 1 No records given for August, 1918. S c h e d u le 8 70,812 60,417 First 11 months, 1918. 1917 586 2,079 1,033 16,934 4,442 1,369 1,895 904 18,172 490 536 1,353 463 3,642 2,733 1,407 6,713 2,140 1,144 296 1,795 2,722 7,966 5,100 425 1,069 1,517 8,576 512 1,022 59 5,861 1,782 245 10,613 410 2,718 67,499 52,688 2 Records incomplete. —Exports and imports in Twelfth Federal Reserve District. [000 omitted.] Imports. Exports. 1916 1917 1918. 1916 1918. 1917 San Francisco district............. Los Angeles district................. State o f Oregon........................ State of Washington................ $126,758 4,439 4,019 200,448 $175,136 7,179 6,416 196,932 $214,729 6,781 15,076 296,196 $117,128 5,463 2,435 161,780 $231,979 8,063 2,439 289,078 $245,520 9,417 3,799 300,954 Total.............................. 335,664 385,663 532,782 286,806 531,559 559,690 Schedule 9.—Movement of national bank membership during 1918. Organizations. States. Num ber of banks. Capital. Conversions. Num ber of banks. Capital. $50,000 223.000 175.000 $150,000 390,000 75,000 Washington.. 75.000 50.000 25.000 *240,'666’ Total.. 598,000 880,000 Arizona... California. Idaho....... Nevada... Oregon.... Liquidations. Num ber of banks. Capital. $705,000 25,000 705,000 Dec. 31,1918. Num ber of banks. 10 68 10 84 Capital. 25 81 $925,000 61.333.000 4.030.000 1.435.000 10.226.000 3.430.000 12.285.000 554 93.664.000 276 28 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. S c h edule 10.—State bank members of Federal Reserve Bank. City. Bank. Order of ad mis sion. Capital. Surplus. Resources. $500,000 $100,000 $4,216,000 50.000 25.000 56.000 3,000 51.000 640,000 210,000 932.000 123.000 1.526.000 5.497.000 825,000 320,000 8,078,000 20,000 10,000 2,000 10,000 473.000 594.000 346.000 540.000 ARIZONA. Phoenix............. The Valley Bank. 41 A. Mierson Banking Co.................... San Fernando Valley Savings Bank. Bank of Santa Monica........................ Farmers & Mei chants Bank............. . 75 CALIFORNIA. Placerville....... San Fernando. Santa Monica.. Stockton......... Total., Ashton........ Blackfoot.... Cambridge.. Emmett___ Filer............ Genesee-----Gooding----Idaho Falls.. Idaho Falls.. Kim berly... May. Meridan........ Murtaugh___ Nez Perce___ Oroflno.......... Parma........... Picabo........... Potlatch........ Rexburg.. . . . Rigby............ St. Anthony.. Star............... Sugar City.... Sweet............ Victor............ Security State Bank................. Blackfoot City Bank................ . Peoples Bank............................. Bank: of Emmett........................ Farmers Merchants Bank___ Genesee Exchange Bank.......... . Citizens State Bank.................. . Andeison Bros. Bank................ Farmers & Merchants Bank...... Bank of Kimberly..................... Union Central Bank.................. Jeflerson State Bank.................. Meridan State Bank.................. Bank of Murtaugh...................... Union State Bank...................... Bank of Orofino.......................... Parma State Bank..................... Picabo State Bank..................... Potlatch State Bank.................. Farmers & Merchants Bank...... Rigby State Bank . .................... St. Anthony Bank & Trust Co... Farmers Bank............................ Fremont County Bank.............. Farmers & Stockgrowers Bank.. Victor State I & Total. Astoria............... Enterprise.......... Hood River....... Joseph................ Marshfield.......... D o ............... Moro................... North Portland.. Oregon City....... Portland............ Redmond........... Tillamook.......... Scandinavian-American Bank.. Enterprise State Bank............. Butler Banking Co.................... First Bank of Joseph................ Bank of Southwestern Oregon.. Scandinavian-American Bank.. Farmers State Bank................. Livestock State Bank............... Bank of Oregon City................ Ladd & Tilton Bank................ Redmond State Bank............... Tillamook County Bank....... Total. UTAH. Delta. ......................... Delta State Bank. _ _ Kaysville.................... Barnes BankingCo. Logan......................... Thatcher Bros. Banl Magna......................... Magna Banking Co.. Ogden......................... Ogden Savings Banl__________ Pavson....................... Pavson Exchangs Savings Bank... Pnce........................... Price Commercial & Savings Bank. Provo......................... Knight Trust Savings Bank. Richfield.................... James M. Peterson Bank.. D o........................ State Bank of Sevier. Salt Lake City............i Deseret Savings Bank.. D o ,......................i Farmers & Stockgrowers Bank.. D o........................ McComick Co., Bankers........ D o........................I Utah Savings & Trust Co........... D o........................I Walker Bros., Bankers.............. & & Total.................!..................................................... 1 Newly organized. 17 110,000 25.000 50.000 40.000 60.000 25.000 25.000 25.000 100,000 150.000 35.000 30.000 25.000 25.000 25.000 50.000 25.000 100.000 25.000 50.000 50.000 30.000 30.000 25.000 25.000 25.000 25.000 1,100,000 100,000 50.000 100,000 50.000 100,000 13.000 10.000 100,000 121.000 549.000 328.000 2.075.000 1.315.000 382.000 81,000 8,000 (>1.000 111.000 0) 11,000 10,000 4,000 25,000 10,000 6,000 8,000 2.000 14,000 5.000 269,000 10,000 10,000 10,000 81,000 307.000 273.000 652.000 80,000 774.000 372.000 320.000 551.000 214.000 233.000 150.000 196.000 11,118,000 40.000 7.000 1.545.000 286,000 1.051.000 325.000 950.000 258.000 309.000 1.648.000 1.325.000 24,399,000 216.000 660,000 1,715,000 1,148,000 32,972,000 25.000 50.000 150.000 25.000 150.000 50.000 50.000 300.000 48.000 45.000 500.000 300.000 600.000 300.000 500.000 4.000 50.000 50.000 3.000 150.000 25.000 45.000 15.000 23.000 25.000 300.000 20.000 120.000 20,000 100,000 231.000 439.000 1.603.000 260.000 1.497.000 540.000 850.000 1.743.000 553.000 595.000 4.871.000 1.123.000 10,889,000 2.747.000 9.497.000 3,093,000 ! 950,000 37,438,000 20,000 10,5.000 000 1. 0 00 100,000 20,000 100,000 50,000 1,000,000 1,000,000 25.000 5.000 25.000 25.000 ANNUAL BEPOBT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 2 9 S chedule 10.— State bank members of Federal Reserve Bank— Continued. City. Order of ad mis sion. Bank. Capital. Surplus. Resources. $5,000 $110,000 WASHINGTON. Albion................ Almira............... Centralia............ Chehalis............. Colfax............... . Enumclaw......... Farmington..... Hoquiam........... LaCrosse........... Molson............... North Yakim a.. Odessa.............. . Port Townsend.. Reardan............. St. John................. Seattle.................. D o................... D o................... South Bellingham. Spokane................ Stanwood.............. Tacoma................. Tekoa.................... D o................... Toppenish............. Walla Walla......... Wilbur.................. Albion State Bank............................... Almira State Bank............................. . Centralia State Bank............................ Coffman-Dobson Bank Trust C o... First Savings & Trust Bank.............. Peoples Bank. $25,000 50.000 50.000 4,440,000 1,601,000 i 66,868,000 & 150.000 50.000 25.000 25.000 100.000 Lumbermans Bank First State Bank.................................. Molson State Bank.............................. Yakima Valley Bank........................... Farmers Merchants Bank................ Merchants Bank................................ Farmers State Bank............................ Bank of Rosalia................................... Farmers State Bank............................ Doxter-Horton Trust Savings Bank. Metropolitan Bank.............................. Scandinavian-A meriean Bank............ Northwestern State Bank.................... Spokane Eastern Trust Co............... Bank of Stanwood............................... Fidelity Trust Co................................. Citizens Stato Bank............................. Tekoa State Bank................................ Traders Bank....................................... Farmers Savings Bank........................ State Bank of Wilbur.......................... 60.000 25.000 100,000 & 25.000 75.000 25.000 25.000 25.000 400.000 & 200.000 1, 000,000 100,000 1,000,000 25.000 & 500.000 25.000 30.000 25.000 200.000 Total................. 10,000 528.000 474.000 1.954.000 15.000 343.000 376.000 5.000 243.000 15.000 990.000 15.000 703.000 4.000 227.000 18.000 1.384.000 3.000 320.000 25.000 790.000 10.000 535.000 5.000 323.000 3.000 241.000 8.231.000 4.187.000 500.000 21,026,000 60,000 1.658.000 10,579,000 549.000 300,000 7.402.000 380.000 15.000 428.000 506.000 40,000 1.705.000 7.000 676.000 100,000 10,000 100,000 6,000 100,000 100,000 200.000 10,000 10,000 10.000 11,673,000 4,388,000 ,160,690,000 Total for district Schedule 11.—Comparative statement of number, capital, and resources of State members compared with all State banks, Nov. 1, 1918. NUMBER. Percent age of All State Member State member banks. banks banks. to all. States. Arizona___ California... Idaho......... Nevada___ Oregon....... Utah.......... Washington 40 579 136 23 176 102 282 1 4 24 1.67 .69 17.65 12 8 28 6.82 7.84 9.93 Total. 1,338 77 5.75 CAPITAL. All State banks. Member State banks. Percentage of capital of member banks to all. A rizona.... California... Idaho......... Nevada___ Oregon....... Utah.......... Washington $3,058,000 70.410.000 14.362.000 1.653.000 8.719.000 *7,517,000 14.809.000 $500,000 825,000 1,050,000 16.35 1.18 24.07 1.715.000 2.525.000 4.440.000 19.67 33.59 Total. 110,528,000 11,055,000 10.00 ANNUAL REPORT OP FEDERAL RESERVE BANK OF SAN FRANCISCO. Schedule 11.—Comparative statement of number, capital, and resources of State mem bers compared with all State banks, Nov. 1, 1918—Continued. 30 RESOURCES. Percentage of resources of member banks to all. State. All State banks. Arizona................................................................................. California.............................................................................. Idaho.................................................................................... Nevada................................................................................. Oregon......... ........................................................................ Utah..................................................................................... Washington.......................................................................... $50,568,000 1,026,564,000 147.153.000 19,264,000 108.791.000 * 88,325,000 177.526.000 $4,216,000 8,078,000 10,961,000 8.34 .79 23.25 32.972.000 32.458.000 66.868.000 30.31 36.46 37.67 Total........................................................................... 1,518,191,000 155,553,000 10.25 1 Figures as of Aug. 31,1918. Member State banks. * Figures as of Oct. 5,1918. Schedule 12.—Member banks in Twelfth Federal Reserve District authorized to accept drafts and bills of exchange up to 100 per cent of capital and surplus. Capital and suiplus. Granted. San Francisco: American National Bank1......................... Anglo London Paris National Bank1. .. Bank of California, National Association Crocker National Bank1............................. First National Bank *................................. Wells Fargo Nevada National Bank1........ Portland: First National Bank *................................. Ladd Tilton Bank................................... Northwestern National Bank.................... United States National Bank.................. Seattle: First National Bank................................... National Bank of Commerce1..................... Seattle National Bank................................ Dexter Horton National Bank................... Seaboard National Bank............................ Spokane: Exchange National Bank........................... Spokane & Eastern Trust Co..................... Old National Bank..................................... & 1.. & , June May Apr. May May Apr. 7,1916 15,1915 27,1915 15,1915 1,1915 27,1915 $1,300,000 July Nov. July July 9,1915 27,1917 23,1917 17,1917 3.500.000 July 9,1918 July 18,1916 Oct. 10,1918 Dec. 4,1918 Dec. 11,1918 1.500.000 1.200.000 1.440.000 240,000 1.200.000 1,200,000 Oct. 17,1918 . . . . . d o . ! ....... Oct. 28,1918 6 000,000 15,000,000 5.000.000 4.500.000 9.500.000 2.000.000 1.250.000 2.500.000 800,000 1,450,000 59,580,000 Total. i Permission automatically canceled by an omission in the act of Sept. 7, 1916. Renewed by general resolution of Federal Reserve Board, Aug. 9,1917. Schedule 13.—Certificates of indebtedness—Third Liberty loan. National bank subscriptions. Date of issue. 1918. Jan. 22......... Feb. 8.......... Feb. 27........ Mar. 20........ Apr. 10........ Apr. 22........ Num Amount. ber. 174 357 212 348 315 204 $10,633,000 12.726.000 17.403.500 17.117.500 22.536.500 12.515.000 Other bank subscriptions. Trust company subscriptions. Individual sub scriptions. Total, subscrib ers’ allotment. Num Amount. Num Amount. Num Amount. Num Amount. ber. ber. ber. ber. 128 $6,905,000 471 7.497.000 420 7.522.000 426 9,501,500 393 10,156,000 250 7.008.000 21 45 48 46 47 26 $2,870,000 2,626,000 4.927.500 3.379.000 6.025.500 2.838.000 37 $592,000 45 2.151.000 255 3.647.000 10 252.000 60 782.000 50 1,179,500 360 918 935 830 815 530 $21,000,000 25,000,000 33.500.000 30.250.000 39.500.000 23,540,500 ANNUAL REPORT OE FEDERAL RESERVE BANK OF SAN FRANCISCO. 31 S chedule 14.—Certificates of indebtedness—Fourth Liberty loan. National-bank subscriptions. Date of issue. 1918. June 25........ July 9.......... July 23......... Aug. 6......... Sept. 3......... Sept. 17....... Oct. 1.......... Num Amount. ber. 255 350 374 364 474 375 396 $25,893,500 20,276,500 24,009,000 22,893,000 25,509,500 26,305,000 28,630,000 Other bank subscriptions. Trust-company subscriptions. Num Amount. ber. 504 468 503 537 748 698 663 $12,005,500 12,603,500 9,342,000 9,545,500 17,334,000 14,261,000 12,413,000 Individual sub scriptions. Total, subscrib ers’ allotment. Num Amount. Num Amount. ber. ber. Num Amount. ber. 52 43 53 51 58 55 53 $5,625,500 4,768,500 4,512,000 5,234,500 6,639,000 5,594,000 5,367,500 175 $4,475,500 154 1,351,500 137,000 23 77,000 23 9 17,500 11 190,000 4 9,500 986 $48,000,000 1,015 39,000,000 953 38,000,000 975 37,750,000 1,289 49,500,000 1,139 46,350,000 1,116 46,420,000 Schedule 15.—Certificates of indebtedness—Tax issues. National-bank subscriptions. Date of issue. Other bank subscriptions. Trust-company subscriptions. Num Amount. Num Amount. ber. ber. 1917. Nov. 30....... 16 $2,252,000 1918. Jan. 2.......... Feb. 15 Mar. 15 .. Apr. 15........ Mfcy 1 5 ....... Aug. 20........ Nov. 7......... 92 6.698.500 29 2.084.000 23 1.864.000 20 480,500 25 1.549.500 62 7,610,300 156 28,529,500 13 $1,285,000 30 13 13 6 19 52 218 2.724.500 378.500 608.500 213.500 734,000 1,481,700 7.025.500 Individual sub scriptions. 1 Num ! Amount. Num Amount. ber. ber. $115,000 4 $360,000 1.135.500 1.144.500 171.000 137.000 1,451,000 241.000 17 25 2.317.500 108 133 125 120 70 212 37 9.074.000 3.797.000 3.772.500 3.466.500 2.335.000 6.939.500 291,500 2 16 10 8 ! S Total, subscribe ers’ allotment. Num Amount. ber. 35 $4,012,000 246 19.632.500 165 7.404.000 169 6.416.000 150 4.297.500 120 6.069.500 343 16.272.500 436 38,164,000 Schedule 16.—Sales of Liberty loan bonds, classified by States and principal cities. STATES. Number of subscribers. Third loan Fourth loan. Amount of subscriptions. Third loan. Fourth loan. Arizona............................................................... California, Northern........................................... Southern........................................... Idaho ................................................................. Nevada............................................................... Oregon................................................................ Utah.................................................................... Washington........................................................ Alaska................................................................. Hawaii............................................................... 37,024 495,336 263,287 77,196 23,129 148,588 70,905 .258,335 9,988 17,796 53,616 723,939 426,626 111,465 29,282 213,854 125,767 407,511 12,080 18,923 $6,963,750 114,602,200 59,910,250 10,972,600 4,793,400 28,300,800 12.966.950 42.907.950 1,737,250 4,819,850 $9,531,350 204,427,000 86,707,950 16,895,150 5,996,150 38,362,550 19,878,600 70,189,650 3,180,950 7,080,650 Grand total............................................... 1,402,584 2,123,063 287,975,000 462,250,000 CITIES. Arizona: Phoenix............................................... Northern California: Alameda....................................................... Bakersfield................................................... Berkeley....................................................... Eureka......................................................... Fresno.......................................................... Oakland....................................................... Sacramento.................................................. San Francisco............................................... San Jose........................................................ Santa Cruz................................................... Stockton............. ......................................... Vallejo.......... ................................ -- . . . . 9,606 14,711 $1,490,050 I $2,363,200 7,995 6,781 13,619 4,532 11,627 53,777 17,078 149,993 12,880 3,611 11,657 3,229 13,012 12,430 21,48p 7,231 18,044 80,525 30,927 241,266 19,324 4,900 19,446 4,363 787,650 1,743,450 1,857,300 701,150 2.340.850 7,530,900 4.631.850 55,892,900 1,873,100 678,600 ! 3,916,150 398,250 j 1,342,800 2,922,950 3,070,850 1,417,700 3.888.900 13,629,550 8,860,100 110,836,150 3.597.900 1,024,800 4,980,650 815,400 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. S c h e d u l e 16.— Sales of Liberty loan bonds, classified by States and principal cities.—Continued. 32 CITIES-Continued. Number of subscribers. Third loan. Fourth loan. Southern California: Long Beach......... I. os Angeles........ P a s a d e n a ........ Pomona.............. Redlands............ Riverside............ San Bernardino.. San Diego............ Santa Ana.......... Santa Barbara... Idaho: Boise............. Nevada: Reno.......... Oregon: Astoria................ Eugene................ Medford............... Portland............. Salem.................. Utah: Ogden................. Provo.................. Salt Lake C ity ... Washington: Aberdeen............ Bellingham......... Everett............... Hoquiam............ Yakima............... Seattle................. Spokane.............. Tacoma............... Walla Walla....... Vancouver.......... S c h e d u le 13,572 155,310 11,774 1,961 2,903 2,856 3,322 17,020 4,714 3,707 4,952 4,966 14,468 246,001 12,003 3,093 3,683 5,375 7,360 25,300 5,522 7,340 6.219 2,204 1,772 60,291 4,153 Amount of subscriptions. Third loan. Fourth loan. 6,047 $2,422,850 31,404,300 3,445,400 358.000 514,950 664.000 702,800 3,380,100 902.400 1,446,000 1,101,950 958.300 $2,796,000 48.686.350 4.020.150 674,350 820.550 970,850 1.254.050 5,192,600 1,806,800 2.003.200 1.376.700 1.309.050 9,750 3,372 1,875 90,125 5,561 580,200 458.500 276,250 14,832,100 616.400 1,456,100 548,700 308,010 19,586,250 951,650 5,193 2,086 30,153 10,956 2,787 51,322 1,362,850 255,150 7,296,800 1,986,750 475,600 11,227,000 5,370 5.219 4,124 3,360 4,750 78,079 29,924 11,046 8,953 10,923 6,083 8,409 132,652 35,721 38,226 4,460 7,229 601,750 875.500 948,100 431/600 616.300 15,174,750 4.535.650 3; 630,900 1.277.650 1,459,450 1.491.200 1.484.700 1.355.350 961,450 1.463.150 29,536,050 6,958,650 6,139,850 1,383,400 739.550 22,102 3,671 4,086 17.— SubscriptionsHo third andfourth Liberty loans, by denominations. Number of subscribers, Denominations. Third loan. $50......................... $100................ $150 to $450............ Fourth loan. Total amount. Third loan. Fourth Iosb. $10,050 to $50,000.. $50,050 to $100,000. $100,050 to $200,000 Over $200,000........ 846,063 405,288 47,031 53,665 5,140 26,074 10,978 1,482 743 2,131 99 263 218 134 78 1,878 1,093 131 52 43 1,252,724 534,793 201,529 58,604 8,640 37,561 13,700 2,555 1 205 5,563 151 414 347 214 117 2,289 2,203 305 68 81 $42,303,150 26,419,700 14.109.100 22,719,300 4,113,200 44,484,950 27.446.250 5,188,3(fo 3,344,500 4,761,400 534,250 1,724,300 1.691.350 1.179.350 763,850 18,780,000 28.598.250 10,014,350 7,720, 50 22.078.100 $62,636,200 53,479,300 37.691.250 29.302.000 6,076,700 40,719,200 41.176.250 7,872,400 5,014,500 27.815.000 836,950 2,603,100 2,536,950 1,768,450 1,095,250 22.890.000 54.648.150 22.587.150 10,346,850 41,154,350 Total........... 1,402,584 2,123,063 287,975,000 462,250,000 $500....................... $550 to $950........... $1,000 to $1,950.... $2,000 to $2,950... . $3,000 to $3,950.... $4,000 to $4 9 5 0.... $5,000.................... $5,050 to $5,950.... $6,000 to $6,950.... $7,000 to $7,950.... $8,000 to $8,950.... $9,000 to $9,950... . $10,000.................. f ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. S chedule 18.—Purchases of Liberty loan bonds. Third loan. 33 Fourth loan. Through national banks................................................................................ Through other banks.................................................................................... Through trust companies.............................................................................. By individuals and corporations direct........................................................ $154,270,750 98.851.650 30.744.650 4,107,950 $244.586,150 123,243,050 79 253,050 15,167,750 Total.................................................................................................... 287,975,000 462,250,000 Schedule 19.—Payments for third Liberty loan bonds. Instal ment due. Date. May 4............................................................... May 28...................................................... July 18.............................................................. Aug. 15............................................................. Dec. 1............................................................... Total...................................................... 1 Unpaid balance. Per cent.5 20 35 40 100 Instalment Advance paypayments re* ments complet ceived. ing purchases. Bonds fully paid. 75.520.097.50 $137,573,050.00 $137,573,050.00 2?, 190,730.00 32,723,652.50 34.445.950.00 32.103.977.50 18,170,250.00 24,227,000.00 36,686,860.00 91.717.150.00 16,382.50 *11,850.00 99,508,047.50 188,466,952.50 287,975,000.00 1 Bonds on which payment was not completed. Schedule 20.—Payments for fourth Liberty loan bonds. Date. Instalment Instal re ment due. payments ceived. 10 20 20 Per cent. Oct. 19.. Nov. 21. Dec. 19.. Unpaid balance. 100 Advance pay ments com pleting pur- Bonds fully paid. 125,726,165 40,694.270 232,700 11,685 $204,983,700 48,289,770 3,212,685 $204,983,700 53,655,300 4,589,550 66,654,820 139,109,025 256,486,155 263,228,550 199,021,450 205,763,845 462,250,000 1 Payments in process of adjustment. Schedule 21.—Character of Liberty loan payments. Third loan. Cash..................................... Credit................................... Certificates of indebtedness.. Unpaid balances.................. Fourth loan. $127,885,000 104,250,000 55,840,000 $107,977; 692.22 110,157,282.78 105,006,000.00 139,109,025.00 287,975,000 462,250,000.00 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO, S c h e d u l e 22. —Sales, by months, of thrift and war-savings stamps by Federal Reserve Bank of San Francisco, December, 1917, to November, inclusive. 34 Thrift stamps. War-savings certificates. Date. Units. 1917 December.................................. Value. Maturity value. Units. Total value. 494,668 $123,667.00 127,236 $636,180 $759,847.00 August...................................... September................................. October..................................... November................................ 627,760 470,995 658,441 696,913 818,094 685,948 494,414 408,413 505,181 388,227 234,214 156.940.00 117,748.75 164.610.25 174.228.25 204.523.50 171.487.00 123.603.50 102.103.25 126.295.25 97,056.75 58,553.50 213,974 183,245 233,855 198,806 171,934 777,643 750,939 402,295 320,983 259,377 178,581 1,069,870 916,225 1,169,275 994,030 859,670 3,888,215 3,754,695 2,011,475 1,604,915 1,296,885 892,905 1,226,810.00 1.033.973.75 1.333.885.25 1.168.258.25 1.064.193.50 4,059,702.00 3.878.298.50 2.113.578.25 1.731.210.25 1.393.941.75 951,458.50 Total............................... 6,483.268 1,620,817.00 3,818,868 19,094,340 20,715,157.00 1918 January................................... February................................... March........................................ April.......................................... June........................................... S c h e d u le 23.—Analysis of business transacted by district committee on capital issues, 1918. i Classification of issue. Total. States and subdivisions........................... Commercial and financial........................ Public utilities......................................... Manufacturing.......................................... Development............................................ Total............................................... Per cent of total................................. Approved. Disapproved. No action. $91,322,823 1 46,993,474 | 111,736,844 i 60,827,434 75,264,682 $30,586,452 35,575,199 52,308,435 34,506,016 41,039,095 $37,200,896 11,918,275 57,928,409 24,071,418 32,035,492 $23,035,475 386,145,257 100 194,015,197 50 163,155,490 42 28,974,570 8 1.500.000 2.250.000 2,189,095 Total issues considered by district committee........................................................................... 1386,145,257 Projects directly discouraged at their inception which did not come up for consideration— 74,000,000 Projects indirectly discouraged................................................................................................... 26,000,000 Issues rising in the district acted upon by Capital Issues Committee directly without refer e n ce d district committee........................................................................................................ 24,000,000 Total................................................................................................................................... S c h e d u le Year. Fives. Tens. Twenties. Fifties. $14,781,090 66,820,000 6,380,100 11,579,700 146,150 175,600 81,601,090 4,503,540 $2,511,890 $1,775,800 Issued during 1917......... . 11,700,000 17,600,000 25,120,000 4,400,000 19,375,800 955,690 Outstanding Dec. 31....................... 12,482,460 77,097,550 8,000,000 (15,200,000 165,380,000 52,620,110 110,556,930 14,233,950 26,604,100 243,700 3,694,730 3,795,730 204,100 242,477,550 13,239,215 48,925,380 106,761,200 14,029,850 26,360,400 229,238,335 34,200,000 Outstanding Dec. 31, 1917, plus issued dur ing 1918........................ 38,462,460 It notes redeemed... 5,300,955 33,161,505 30,053,600 1,496,670 18,420,110 28,556,930 6,233,950 11,404,100 Issued during 1918.......... 25,980,000 Outstanding Dec. 31...................... Total. 8, 000,000 Outstanding Dec. 31___ 1917 Outstanding Dec. 31, 1916, plus issued dur ing 1917........................ 14,211,890 Unfit notes redeemed__ 1,729,430 Hundreds. $4,933,600 $1,980,100 $3,579,700 1916 1918 510,145,257 24.—Federal Reserve notes issued and redeemed by Federal Reserve agent during 1917 and 1918. 82,000,000 [In thousands of dollars; i. e., 000 omitted.] State and bank. Date. Stocks, Num Loans bonds, and ber of and dis other banks. counts. securi ties. Bank ing house, furni Cash Other ture and ex re and fix change. sources. tures, other real 68 10 10 13,402 50,568 11,297 49,877 925 3,058 675 2,996 183,698 7,459 130,007 19,382 1,026,564 208,803 20,094 791,168 993,201 142,786 21,261 61,333 70,410 59,525 66,186 3,200 13,719 3,578 15,036 123 766 2,665 680 2,393 692 462 Indi vidual depos its—de mand. 8,886 *43,390 8,149 244,253 Indi Money Circu vidual Redis lation Other and out liabili depos count.1 bonds its— bor stand ties. time. rowed. ing. 1,019 376 3 1,455 ‘ *743 49,306 120,833 403,636 86,057 47,164 22,793 217,825 640,955 48,912 133,943 394,769 84,577 47,042 20,594 210,581 625,281 24,110 1,810 6,620 126 6,180 10,387 871 687 51 *544' *44 40,192 27,623 19,427 18,242 22,520 40,*8i3 11,869 8,376 13,709 14,376 221 180 281 59,627 47,153 56,457 51,026 4,030 4,362 3,789 4,042 2,586 1,536 2,591 1,787 3,753 1,313 5,139 2,138 31,725 23,948 32,438 31,716 9,839 10,787 9,265 10,809 2,956 1,884 349 158 4,542 3,091 140 294 3,095 3,395 4,875 4,353 4,963 142 627 314 244 16,065 19,264 16,609 18,841 1.435 1,653 1.435 1,846 517 819 599 773 1,610 281 1,726 397 7,155 7,989 8,974 8,162 3,706 7,940 2,610 7,560 35 50 1,234 37,721 24,987 32,807 23,563 465 2,304 856 1,361 164,842 108,791 139,740 92,427 10,226 8,719 9,591 8,919 7,178 4,943 6,717 4,573 13,421 6,049 13,733 5,106 93,223 53,673 76,647 47,000 26,365 24,462 24,536 11,726 11,908 15,239 15,339 272 2,038 63 458 57,971 3,430 2,538 4,004 88,325 7,517 57,342 3,405 2,501 4,322 82,783 7,223 3 Rediscounts included. < Includes 150 branches. 10,208 3,512 12,467 4,242 22,977 26,448 24,121 30,247 9,600 30,343 9,939 30,007 3,021 1,215 57 232 74 358 582 50 103 6,M2 6,324 5,964 2,294 1,338 1,009 5,778 3,261 1*445 *3*236 179 16,501 228 6,742 1,418 5,313 1,082 1,581 1,435 4,497 * ’ 540' 1,110 846 6 Includes 134 branches. 35 Arizona: Nov. 1, 1918 National banks., 7,165 2,554 1,584 ... . d o . . State banks....... 26,929 8,336 Nov. 20, 1917 National banks.. 5,485 1,842 323 State banks. 27,490 5,807 1,544 ----- d o .. California: National banks.. Nov. 1, 1918 276 420,399 197,739 19,311 State banks4___ ... . d o . . 579 590,191 249,526 37,458 National banks.. Nov. 20, *19i7 270 398,593 145,917 17,761 State banks &___ ....d o . 571 575,072 218,233 35,849 Idaho: Nov. 1, 1918 National banks.. 31,687 14,040 1,810 Aug. 31, 1918 State banks____ 4,489 1,875 136 32,233 National banks.. Nov. 20 1917 1,662 63 30,571 10,234 State banks....... ... . d o . . 1,797 137 31,098 3,687 Nevada: 7,824 Nov. 1, 1918 National banks.. 4,315 State banks....... ... . d o . . 627 23 10,735 2,400 National banks. 3,457 Nov. 20, 1917* 8,068 417 State banks____ ... . d o . . 23 10,525 2,429 Oregon: Nov. 1, 1918 4,474 National banks.. 84 87,662 34,520 State banks____ 3,127 ..... d o .. 176 60,722 17,651 Nov. 20, 19i7 4,526 National banks.. 81 71,737 29,814 State banks____ ..... d o .. 178 50,244 14,074 3,185 Utah: National banks.. Nov. 1, 1918 25 28,909 14,957 2,107 State banks____ Oct. 5, 1918 102 55,816 15,018 3,545 9,764 Nov. 20, 1917 24 30,460 1,816 National banks.. 102 57,240 6,333 3,413 State banks____ Oct. 8, 1917 1 Not included in total liabilities for national banks. * Due banks, demand and time deposits included. Total. Surplus and un Due to Capital. divided banks. profits. ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. Schedule 25.—Comparative table of the banking resources of the Twelfth Federal Reserve District. 25.— Comparative table of the banking resources of the Twelfth Federal Reserve District— Continued. 36 S c h e d u le [In thousands of dollars; i. e., 000 omitted.] Washington: National banks............ State banks.............. .. National banks....... . State banks.................. Total, twelfth district: National banks............ State banks.................. National banks............ State banks......... .— Date. Nov. 1,1918 .......d o . . ........ Nov. 20,1917 .......do............ Nov. 1,1918 Nov. 20,1917 81 107,487 282 108,061 78 96,599 285 94,304 554 1,338 533 1,335 691,176 884,687 641,513 845,973 Bank ing house, furni Cash Other ture and ex re Total. and fix change. sources. tures, other real estate. 53,499 39,975 44,703 30,206 4,988 9,764 4,665 10,625 49,072 38,125 47,332 38,502 4,720 3,783 3,097 3,889 321,723 337,395 245,731 280,769 33,444 57,980 31,170 57,093 300,834 231,997 325,821 254,565 13,399 28,314 24,774 27,281 o 219,766 199,708 196,396 177,526 Surplus un Due to Capital. and divided banks. profits. 12,285 14.809 11.810 15,657 1,360,576 93,689 1,540,373 110,528 1,269,009 90,230 1,465,681 106,869 7,573 10,319 7,368 9,651 Indi vidual depos its—de mand. 21,421 111,750 10,365 90,404 23,448 96,205 10,254 77,448 Indi Money Circu lation Other vidual Redis and depos count.1 bbnds out liabili bor its— stand ties. rowed. ing. time. 47,136 67,273 47,021 60,742 5,278 2,950 518 648 70,467 172,061 679,492 184,282 71,450 44,313 463,677 783,663 69,368 190,918 641,303 178,617 70,541 42,731 449,407 758,935 38,517 11,957 9,109 1,370 9,430 2,093 2,005 715 6,785 6,680 61,402 61,578 14 254 14,087 *6i,*65i* 2,961 3,377 1,495 2,859 2,411 37,605 40,531 22,833 32,867 ANNUAL REPORT OF FEDERAL BESEBYE BANK OF SAN FRANCISCO. State and bank. Stocks, Num Loans bonds, and ber of and dis other banks. counts. securi ties.
@FedFRASER