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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

Ij T T E R
E

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* banks. member banks.
)er

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

Total cash
reserves.

1
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..........................................................




Net
deposits.

Federal
Reserve
notes in
actual
circula­
tion.

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

1915

average.

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. Bushels.
454
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

1,102
264

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

1916

S c h e d u l e 6.

| 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 j
I 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
598,000

880,000

Num­
ber of
banks.

Capital.

*240,'666’

Total..

Liquidations.

Arizona...
California.
Idaho.......
Nevada...
Oregon....




Dec. 31,1918.
Num­
ber of
banks.

10
68
10
84

Capital.

25
81

$705,000

25,000

705,000

$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..........

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

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.

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

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.




17

110,000

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

10,000
5.000
1.000
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

10,000

50.000

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

4,440,000

1,601,000 i 66,868,000

100,000

&

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
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 member
State
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.....................................

&

,

June
May
Apr.
May
May
Apr.

$1,300,000

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

&

7,1916
15,1915
27,1915
15,1915
1,1915
27,1915

July
Nov.
July
July

1..

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.

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

Total, subscrib­
ers’ allotment.

Num­ Amount. Num­ Amount.
ber.
ber.

Num­ Amount.
ber.

Individual sub­
scriptions.

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
108
133
125
120
70
212
37

Num­ Amount.
ber.

$360,000

1.135.500
1.144.500
171.000
137.000
1,451,000
241.000
17
25 2.317.500

Total, subscribe
ers’ allotment.

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

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
ment due. payments re­
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
ture and ex­ Other
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,M
2

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 O FEDERAL RESERVE BANK O SAN FRANCISCO.
F
F

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
and fix­ change. sources. Total.
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
Capital. and un­ Due to
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 O FEDERAL BESEBYE BANK O SA FRANCISCO.
F
F N

State and bank.

Stocks,
Num­ Loans bonds,
and
ber of and dis­ other
banks. counts. securi­
ties.

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