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SEVENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD BY THE FEDERAL RESERVE AGENT FEDERAL RESERVE BANK SAN FRANCISCO FOR THE YEAR ENDED DECEMBER 31,1921 SEVENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD BY THE FEDERAL RESERVE AGENT FEDERAL RESERVE BANK SAN FRANCISCO FOR THE YEAR ENDED DECEMBER 31, 1921 LETTER OF TRANSMITTAL Federal Reserve Bank, San Francisco, California, January 3, 1922. Sir: I have the honor to submit the following report concerning the operations of the Federal Reserve Bank of San Francisco for the year ended December 31, 1921. Yours respectfully, Chairman of the Board and Federal Reserve Agent. HONORABLE W. P. G. HARDING, Governor, Federal Reserve Board, Washington, D. C. TABLE OF CONTENTS Directors and Officers Summary of Operations Earnings and Expenses Banking Operations.. Member Bank and Public Relations. Membership Examinations Monthly Report. Bank Quarters—New Building Personnel Appendix PAGE 4 7 8 8 10 10 10 11 12 12 13-37 OFFICERS AND DIRECTORS OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO DIRECTORS Class A. Class B. C. K. MCINTOSH, 1922 JOHN WILLIS BAER, 1923 M. A. BUCHAN, 1924 ELMER H. COX, 1922 A. B. C. DOHRMAN, 1923 WILLIAM T. SESNON, 1924 Class C. WILLIAM SPROULE, 1922 JOHN PERRIN, 1923 WALTON N. MOORE, 1924 OFFICERS JNO. U. CALKINS, JOHN PERRIN, Governor Chairman and Federal Reserve Agent W M . A . DAY, Deputy Governor S. G. SARGENT, Assistant Federal Reserve Agent and Chief Examiner IRA CLERK, Assistant Deputy Governor HENRY C. BRECK, Assistant Federal Reserve Agent L. C. PONTIOUS, Assistant Deputy Governor W. N. AMBROSE, Cashier W. M. HALE, Assistant Cashier CHESTER D. PHILLIPS, Assistant Cashier F. H. HOLM AN, Assistant Cashier C. E. EARHART, Assistant Cashier JAY L. REED, Assistant Cashier H. N. MANGELS, Assistant Cashier M. MCRITCHIE, Assistant Cashier G. H. SCHMIDT, Assistant Cashier H. M. CRAFT, Assistant Cashier E. C. MAILLIARD, Assistant Cashier H. S. HOUSE, Auditor J. M. OSMER, Assistant Auditor J. E. BEALE, Assistant Auditor MEMBER FEDERAL ADVISORY COUNCIL D. W. TWOHY, Spokane, Washington OFFICERS AND DIRECTORS OF BRANCHES Spokane Branch Directors Officers PETER MCGREGOR! W. L. PARTNER, Manager W. L. PARTNER* R. L. RUTTER* D. L. DAVIS, Assistant Manager EVAN BERG, Assistant Cashier G. I. ToEvsf (One vacancy)* S. A. MACEACHRON, Acting Assistant Cashier E. W. MORTON, Assistant Auditor Seattle Branch M. A. ARNOLD* C. R. SHAW, Manager M. F. BACKUS* CHARLES H. CLARKE! B. A. RUSSELL, Assistant Cashier G- H. WILLIAMS, Assistant Auditor CHARLES E. PEABODYJ C. R. SHAW* Portland Branch J. C. AINSWORTH* FREDERICK GREENWOOD, Manager EDWARD COOKINGHAM* FREDERICK GREENWOOD* NATHAN STRAUSS! R. B. WEST, Assistant Manager J. P. BLANCHARD, Assistant Cashier J. P. READ, Assistant Auditor J. N. T E A L ! Salt Lake City Branch CHAPIN A. DAY* R. B. MOTHERWELL, Manager L. H. FARNSWORTH* LAFAYETTE HANCHETT! R. B. MOTHERWELL* G. G. WRIGHT! J. C. GALBRAITH, Assistant Manager A. B. NORDLING, Assistant Manager PAUL M. LEE, Assistant Cashier J. M. LEISNER, Assistant Cashier W. F. Cox, Assistant Auditor Los Angeles Branch I. B. NEWTON! C. J. SHEPHERD, Manager H. M. ROBINSON! J. F. SARTORI* C. J. SHEPHERD* H. C. VOGELSANG, Acting Assistant Manager J. D. PAXTON, Acting Assistant Cashier L. C. MEYER, Acting Assistant Cashier A. J. WATERS* A. W. SCOUGALL, Assistant Auditor !Appointed by Federal Reserve Board. * Appointed by Federal Reserve Bank. Table A FEDERAL RESERVE BANK OF SAN FRANCISCO Comparative Statement of Condition (In thousands of dollars) RESOURCES Gold and gold certificates Gold settlement fund—Federal Board Gold with foreign agencies . Reserve Dec. 31 1921 Dec. 31 1920 Dec. 31 1919 $ $ $ 18,254 28,629 13,353 37,460 23,724 152 27,110 6,041 Total gold held by bank Gold with Federal Reserve Agent Gold redemption fund 55,714 220,433 3,356 52,505 119,060 10,368 46,504 129,050 8,639 Total gold reserves Legal tender notes, silver, etc 279,503 3,249 181,933 1,162 184,193 346 282,752 183,095 184,539 Bills Discounted: Secured by U. S. Gov't obligations.... All other Bills bought in open market 13,683 53,410 20,795 51,546 116,052 46,798 43,551 30,345 102,558 Total bills on hand U. S. bonds and notes 87,888 2,927 214,396 2,087 176,454 2,632 7,880 47 10,880 151 10,880 964 98,742 227,514 190,930 809 253 231 394 37,180 6,244 665 48,102 1,347 665 54,273 368 426,121 460,976 431,006 7,375 15,199 6,927 14,194 5,750 7,539 4,225 121,108 3,876 5,883 114,452 3,907 3,673 117,930 6,071 129,209 124,242 127,674 240,411 272,463 242,462 4,751 28,045 1,131 8,157 33,713 1,280 11,845 34,772 964 426,121 460,976 431,006 76.5 *47.9 *52.6 Total reserves U. S. Certificates of Indebtedness: One year certificates (Pittman Act).... All other Total earning assets Bank premises 5 per cent redemption fund against Federal Reserve Bank Notes Uncollected items All other resources TOTAL RESOURCES LIABILITIES Capital paid in Surplus Deposits: Government Member bank—reserve account All other Total deposits Federal Reserve Notes in actual circulation Federal Reserve Bank Notes in circulation—net liability Deferred availability items All other liabilities Total liabilities Ratio of total reserves to deposit and Federal Reserve Note liabilities combined .. *Calculated on basis'of net deposits and Federal Reserve Notes in circulation. SEVENTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO Summary of Operations: Operations of the Federal Reserve Bank of San Francisco during the year ending December 31, 1921, were substantially larger in physical volume than during any previous year. Growth in the number of transactions in the principal departments of its service to member banks is measured in the following summary table: A. % Increase or Decrease (—) 1921 over 1920 1920 1921 CLEARINGS AND COLLECTIONS: 1. Number of checks and other cash items 28,180,000 handled 41,123,000 2. Total amount such items $7,599,026,000 $8,120,081,000 3. Number of telegraphic transfers bought and 65,944 29,291 sold 4. Total amount such transfers $4,247,855,000 $3,043,193,991 B. CURRENCY—Total amount received and shipped to banks C. DISCOUNTS 1. Number of offerings 2. Amount such offerings from 125.1 39.6 $ 877,569,000 16.3 92,781 116,380 $2,823,018,000 $2,965,647,000 25.4 -4.8 $1,020,384,000 D. FISCAL AGENCY:— 1. No. of U. S. Government checks and warrants paid 1,523,000* 2,106,000* 2. Total amount such items $1,319,864,000* $1,726,996,000* 3. Number of subscriptions received for offerings of U. S. Certificates of Indebtedness 5,915 and Treasury Notes 5,726 4. Total amount allotted thereunder $261,569,000 $204,197,000 5. Number of Government Security Coupons 8,621,582 5,313,675 paid $52,481,038 $29,898,000 6. Amount such coupons E. BANK EXAMINATIONS—Number made . . . . 45.9 -6.4 216 153 38.3 -23.6 -3.2 -21.9 62.2 72.2 41.2 *Included in totals under A., 1 and 2. Comparative balance sheets showing the condition of this bank as at close of business December 31 for the past three years are published in Table A opposite. The noteworthy changes during the year were: 1. A decline of $128,772,000 or 56.6% in the amount of earning assets held. Among the several items of earning assets, the principal decline was in the amount of bills discounted for member banks, which declined from $167,598,000 on December 31, 1920, to $67,093,000 December 31, 1921, a decrease of 60%. 2. A decline of $32,052,000, or 11.8% in the amount of Federal reserve notes in actual circulation; 3. An increase of $99,657,000, ($97,570,000 of which was gold) or 54.4% in the total money reserves held; and 8 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 4. A resulting increase of 28.6% in the ratio of total reserves to combined deposit and Federal reserve note liabilities. This reserve ratio was 76.5% on December 31, 1921, as compared with 47.9% on December 31, 1920. Earnings and Expenses. In response to changes in credit conditions and prospects during the year 1921, the discount rate of this bank was lowered by two reductions of one-half per cent from 6%, the rate in effect on January 1, 1921, to 5%, the rate in effect on December 31, 1921. (See table C on page 16). These reductions in rates, accompanying a steady decline during the year in amount of bills discounted and other earning assets, resulted in a decrease of $3,522,000, or 27.7%, in total earnings for 1921 as compared with 1920. Summarized, these earnings and their disposition for the past three years were as follows: (For detailed table B see page 14): Total Earnings Total Current Expenses Net Earnings Available for Dividends, etc Dividends Paid Transferred to Surplus Fund Franchise Tax Paid U. S. Government. . . 1921 1920 1919 $9,184,413 3,816,964 $12,706,667 2,502,586 $7,021,224 1,431,755 4,920,500 435,361 1,254,824 3,230,315 10,108,822 384,713 6,654,854 5,387,360 296,161 5,091,198 3,069,254 Q Banking Operations. In the following tables annexed to this report appear detailed figures concerning the operations during 1921, with comparisons for 1920, of the principal departments of this bank and its branches: Discount Distribution of discount operations Volume of Paper Discounted and Bought Clearings and Collections Table D " E Operations of Clearing System Number and Amount of Telegraphic transfers h a n d l e d . . . Currency Issues Currency Receipts from and shipments to member and non-member banks Federal reserve notes issued and redeemed (by denominations) Fiscal Agency Dealings in U. S. Government bond coupons, Certificates of Indebtedness and Liberty Bonds, and Victory Notes Distribution by issues of Certificates of Indebtedness and Treasury Notes Sale of Treasury Savings Certificates " " F G " H " 1 " J " " K L A chart showing the movement of the principal asset and liability items of this bank during the years 1921 and 1920 is published herewith. Tables and charts covering in detail the same movement during the year 1921 appear in Table M and accompanying charts. W E E K L Y C H A N G E S I N P R I N C I P A1. ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK OF SAN FRANCISCO REPORTING MEMBER BANKS-TWELFTH DISTRICT 1 2 3 4 5 RESERVE R A T I O TOTAL DEPOSITS CASH R E S E R V E S FEDERAL RESERVE NOTE CIRCULATION U.S.SECURITIE5 6 DISCOUNTS SECURED BY U . S . GOV'T OBLIGATIONS 7 TOTAL BILLS HELD (BOUGHT IN OPEN MARKET) 8 TOTAL DISCOUNTS 9 TOTAL EARNING ASSETS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 300 300 9 V- 250 -\ 150 \, 100 r -*. V 8 V -^ % \ v v 50 250 \ ~> 200 A s~ \ -*• - A ~— "8 0 MILLIONS Z "V, b \ —^-—A ——' 250 - 200 ISO 100 ,- - ... -- -- <~^ ? \ i /^ V, / r •, \ /*" j \/\ /-^ ,f<^ 3« j \ /' —^ 50 0 1 2 3 4 5 6 7 8 9 10 II 12 1 2 3 4 5 6 7 8 9 10 II 12 1920 1921 MILLIONS OF DOLLARS \ 4 / 1200 MILLIONS OF DOLLARS A ^"—i 1300 1300 • \. I 1200 1100 150 1000 100 900 900 50 800 800 RESERVE RATIO 4 ACCOMODATION AT FEDERAL RESERVE BANK U.S.OBLIGATIONS AND LOANS SECURED THEREBY NET DEMAND DEPOSITS TOTAL LOANS AND INVESTMENTS 200 —^ 0 OF DOLLARS 1 2 3 4 MOO 1 1000 700 600 r 700 3 /* — .^ —i 600 A/ PERCENT 500 500 80 400 400 60 300 40 200 20 100 0 300 2 -A —/ ••• 200 , >_ / —*< \ 0 «^—> 1 100 • — - N , '—/ i 2 3 4 5 6 7 8 9 10 II 12 1 2 3 4 5 6 7 8 9 10 II 12 0 10 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. A chart showing the movement during 1920 and 1921 of the demand deposits, combined loans and investments, and borrowings from the Federal Reserve Bank, of the principal reporting member banks is produced herewith. Detailed statistics by weeks of 1921 appear in Table N. Member Bank and Public Relations. Membership. On December 31, 1921, member banks of the Federal Reserve Bank of San Francisco numbered 841, with capital and surplus of $240,596,579, compared with a membership on December 31, 1920 of 831 banks having capital and surplus of $231,244,454. Membership by states of this Federal Reserve District appears in the following table: (Detailed figures in Table P). ALL BANKS—NATIONAL AND STATE: December 31, 1921 No. December 31, 1920 Capital and Surplus No. Capital and Surplus Alaska Arizona California Idaho Nevada Oregon Utah Washington 0 1 15 352 119 11 130 64 150 $ 2,294,500 162,650,155 10,481,600 2,021,300 22,097,908 12,721,666 28,329,450 15 346 129 11 119 64 146 25,000 2,342,000 153,808,118 11,024,802 2,001,300 19,358,033 13,245,706 29,439,495 District 841 $240,596,579 831 $231,244,454 0 $ On December 31, 1921, there were pending applications for membership from ten State banks with combined capital and surplus of $3,161,950. Examinations. Independent examinations of all State banks in this district applying for membership in the Federal reserve system during 1921 have been made by the examining department of this bank, in order that necessary adjustments in the affairs of applicant banks might be incorporated in the conditions of membership. The work entailed by these examinations for admission, and by the examination of certain State members more than once, prevented this department, notwithstanding especial endeavor, from examining each State bank member at least once during 1921. Reports of examinations made by State banking departments have been received for all State bank members in the examination of which this department could not participate. Examiners of the national and State banking departments in this district have cordially cooperated to the fullest extent. 11 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. On January 1, 1921, there were in this district 199 State member banks. During the year, 38 additional banks have been admitted, and 16 have been lost to the System through withdrawals, liquidations, conversions and consolidations, making a net increase of 22 for the year, and a total of 221 State members on December 31, 1921. The following table shows the number and character of examinations conducted during the year, as compared with the year of 1920: 1920 1921 State banks for admission, jointly with State authorities... . State banks for admission, independently State bank members, jointly with State authorities State bank members, independently State banks, non-members, examined for absorption by member banks National banks, jointly with National examiners National banks, independently 8 44 60 31 11 39 97 46 6 4 3 13 7 Total number of examinations conducted 153 216 79 74 98 118 153 216 Summary Independent examinations Joint examinations Total On February 28, 1921, there was held in San Francisco a conference of the Directors, including the Managers, of the five branches of this bank, and the Directors and Senior Officers of the Head Office. Extended discussion of credit conditions was had, with particular reference to means of assisting member banks in financing the growing, harvesting, and marketing of the agricultural products of the District then in course of production. Monthly Report. Circulation of the monthly report on agricultural and business conditions in the Twelfth Federal Reserve District increased from 4600 in December, 1920, to 8025 in December, 1921. This growth has been unsolicited. The three following special reports were prepared for publication and distribution during 1921 by the Division of Analysis and Research: Special Report No. 1—Disposition and carry over of 1920 Crop of Barley in California—April 16, 1921. Special Report No. 2—Cotton in the Twelfth Federal Reserve District—July 1, 1921. Special Report No. 3—Sheep Raising Industry in the Twelfth Federal Reserve District—^November 7, 1921. 12 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. Bank Quarters and New Building. The bank occupies the six-story building, 73 x 104 feet, which remains on the site of the bank's new building, the block, 119 feet six inches, by 275 feet, bounded by Sansome, Sacramento, Battery and Commercial Streets. It also occupies the former Sub-Treasury building on Pine and Sansome Streets, and rents quarters on the second, third and fourth floors, and in part of the basement of the building at 440 Sansome Street (approximately 20,160 square feet of floor space.) The branches occupy rented quarters. Construction of the new building of this bank has progressed throughout the year and on December 31, 1921, the steel frame work had been completed for that portion of the building (about 78% of the whole) which is to be erected before the present quarters are evacuated. An eight-story structure is now in course of erection. The foundation and steel work of the building are designed to accommodate an ultimate structure of thirteen stories, should additional space be required in the future growth of the bank. Personnel. Notwithstanding the expansion in physical volume of operations reflected in the tables following, the staff of the bank on January 3, 1922 (1228) numbered but 96 more than it did on December 31, 1920, (1132), an increase of 8.5%. Detailed figures relating to personnel appear in full in table Q. During the early part of the year, appointments were made to the offices of Assistant Deputy Governor and Assistant Federal Reserve Agent at the Head Office to fill vacancies caused by resignations in the latter part of 1920. Mr. L. C. Pontious was appointed Assistant Deputy Governor on March 1, 1921, and Mr. Henry C. Breck was designated Assistant Federal Reserve Agent on January 20, 1921. Besides filling these vacancies, there was a net increase of three in the official staff of the bank during the year 1921. An additional Assistant Cashier was added to the Head Office Staff; one Acting Assistant Cashier was added to the staffs of the Los Angeles and Spokane branches, an additional Assistant Manager was added to the Salt Lake City Branch, and the office of Assistant Manager at the Seattle Branch was discontinued. ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 13 APPENDIX Tables Letter Title B. Earnings and Expenses during 1921, 1920 and 1919 C. Discount Rates D. Distribution of Discount Operations E. Volume of Paper Discounted and Bought F. Operation of Clearing System G. Telegraphic Transfers and Collection Items H. Currency Receipts and Payments I. Federal Reserve Notes Issued and Redeemed J. Fiscal Agency Operations K. Certificates of Indebtedness (Distribution of Issues) L. Treasury Savings Securities M. Principal Assets and Liabilities N. Principal Resources and Liabilities of Member Banks 0 . Operations of Offices P. National and State Bank Membership Q. Personnel of Bank R. Comparative Statement of Banking Resources 14 16 16 17 18 19 20 22 23 24 , . . . 25 26 30 34 35 36 37 CHARTS Number Title Page 1. Operations of Check Clearing and Collection Department 21 2. Currency Receipts from Member and Non-member Banks 21 3. Currency Payments to Member and Non-member Banks 21 4. Movement of Earning Assets 28 5. Deposits, Federal Reserve Note Circulation, Cash Reserves, and Reserve Ratios 29 14 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. Table B. FEDERAL RESERVE BANK OF SAN FRANCISCO Earnings and Expenses 1921 1920 1919 130,254 26,123 $8,259,664 3,890,556 322,787 87,707 130,157 15,797 $3,667,951 2,870,368 238,385 178,410 65,970 140 ), 184,413 $12,706,668 $7,021,224 I 225,480 1,687,043 74,174 88,954 1,407 1,929 2,312 12,413 35,115 I 188,017 1,018,812 33,150 38,691 1,272 1,683 1,417 11,099 32,193 136,807 491,627 13,757 19,005 2,498 1,105 2,594 7,223 16,729 52,375 6,509 45,964 4,545 33,790 3,199 66,733 30,197 20,636 108,927 46,494 202,751 119,671 178,489 10,415 70,615 88,080 4,912 27,929 130,105 98,205 498,762 219,398 187,486 74,963 40,600 28,411 43,485 113,438 46,283 81,963 35,400 46,197 Total current expenses. $3,816,964 $2,502,586 $1,431,755 Current net earnings.. $5,367,449 $10,204,082 $5,589,469 EARNINGS Discounted bills Purchased bills United States securities Transfers—net earnings Deficient reserve penalties.. Miscellaneous Total Earnings. CURRENT EXPENSES Salaries: Bank officers Clerical staff Special officers and watchmen All other Governors' conferences Federal Reserve Agents' conferences Federal Advisory Council Directors' meetings Traveling expenses* Assessments for Federal Reserve Board expenses Legal fees Insurance (life, fidelity, casualty, workmens' compensation and general liability) Banking House: Taxes and fire insurance Light, heat and power Repairs arid alterations All other Rent, including light, heat and power and minor alterations Fire Insurance—Furniture and equipment Furniture and equipment Printing and stationery (including office and other supplies) Telephone Telegraph Security shipments Currency and coin shipments Postage and expressage (other than on money and security shipments) Federal reserve currency: Original cost, including shipping charges Cost of redemption, including shipping charges Taxes on Federal Reserve bank—note circulation All other expenses r,965,583 825,577 236,870 6,773 7,488 25,497 137,766 2,263 155,031 205,095 16,915 100,108 13,008 60,262 101,666 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 15 Table B. Earnings and Expenses—(Cont'd). PROFIT AND LOSS ACCOUNT Earnings Current expenses Current net earnings Additions to current net earnings: Amounts deducted from Reserve for depreciation on U. S. bonds Assessment account expenses Federal Reserve Board, previously chargec to profit and loss. . . All other 1921 1920 1919 $9,184,413 3,816,964 $12,706,668 2,502,586 $7,021,224 1,431,755 $5,367,449 $10,204,082 $5,589,469 $ $ 78,876 27 1,497 45,964 417 $ 80,373 $ 46,381 $ $ 16,512 500,000 $ 123,570 $ 168,625 10,810 12,658 5,412 33,306 1,172 $ 527,322 $ 141,640 $ 203,103 Net deductions from current net earnings. $ 446,949 $ 95,259 $ 202,109 Net earnings available for dividends, surplus and franchise tax $4,920,500 $10,108,823 $5,387,360 Dividends paid Transferred to surplus account Franchise tax paid U. S. Government $ 435,361 1,254,824 3,230,315 $ 384,713 6,654,855 3,069,255 $ 296,161 5,091,199 Total additions Deductions from current net earnings: Depreciation allowances on Bank Premises Reserve for possible losses Assessment account expenses Federal Reserve Board All other Total deductions 967 994 *Other than those connected with Governors' and Agents' conferences and meetings of directors and of the Advisory Council. Table C. DISCOUNT RATES All Classes of Paper, All Maturities January 3, 1921... January 24,1921.. July 25,1921 November 2, 1921 Minimum purchasing Rate, Bankers' Acceptances 5% 5% 5% 4%t •Except that the rate on rediscounts and member banks' collateral notes secured by United States Certificates of Indebtedness was the same as the rate borne by the certificates offered as security but in no case less than 5H%tRate effective October 13, 1921. Table D. DISTRIBUTION OF DISCOUNT OPERATIONS 1921 Number of members—December 31st Number of members discounting Per cent of members discounting Number discount offerings accepted.. Total amount discounted 841 617 71.99% 116,380 $2,823,018,000 1920 1919 831 578 68.81% 92,781 $2,965,647,000 718 421 58.63% 37,687 $1,951,062,000 Table E. VOLUME OF PAPER DISCOUNTED AND BOUGHT (In thousands of dollars) Purchased Paper Discounted Paper Month Total January.... February... March April May June July August September.. October.... November.. December.. TOTAL: 1921 1920 1919 Secured by Gov't obligations S 205,933 163,788 299,274 290,265 337,203 338,662 226,647 186,605 179,651 219,192 186,657 189,141 $ 143,484 105,785 212,970 219,556 271,485 262,177 156,030 119,439 110,907 135,709 123,150 98,690 $2,823,018 2,965,647 1,951.062 $1,959,397 2,120,625 1,745,959 Bankers' acceptances $ 526 603 1,165 504 381 433 464 5 149 134 203 25 $ 4,592 33,608 361; Trade acceptances $ 1,547 979 1,980 2,067 2,309 2,325 1,749 982 808 744 279 1,119 $16,888 24,800 10,840 Agricultural and livestock paper $ 9,556 7,775 9,670 11,556 11,249 11,419 8,638 7,467 4,884 6,213 5,151 5,953 All other $ 50,280 48,646 73,483 56,582 51,779 62,308 59,766 58,712 62,903 76,392 57,865 83,354 $ 99,531 $742,610 786,614 193,898 Total $ 8,674 29,765 7,382 5,136 8,570 6,928 5,393 7,128 6,983 6,507 16,460 21,535 $130,461 364,845 345,829 Total discounted and purchased paper Bankers' acceptances Dollar Exchange Trade acceptances $ $ $ 8,443 27,797 6,697 4,907 7,690 6,691 5,271 6,548 6,353 6,144 15,892 20,710 $123,143 346,997 337,526 175 1,883 564 155 735 228 75 580 574 363 568 685 56 85 121 74 145 9 47 56 140 733 $6,585 $ 13,567 4,281 8,032 271 1921 $ 214,607 193,553 306,656 295,401 345,773 345,590 232,040 193,733 186,634 225,699 203,117 210,676 1920 $ 266,495 178,605 282,287 361,506 336,827 252,860 266,439 250,761 289,657 262,023 251,126 331,906 1919 $ 179,089 180,760 185,720 191,237 193,278 179,590 155,481 154,023 185,401 230,030 216,189 246,093 $2,953,479 $3,330,492 $2,296,891 Table F. OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM (Figures include cash items only) (Numbers in thousands; amounts in thousands of dollars) Items drawn on banks in own district Located in F. R. Bank Located outside F. R. bank and branch cities and Branch cities Period Jan. 1—15 Jan. 16—Feb. 15 Feb. 16—Mar. 15 Mar. 16—Apr. 15 Apr. 16—May 15 May 16—June 15 June 16—July 15 July 16—Aug. 15 Aug. 16—Sept. 15 Sept. 16—Oct. 15 Oct. 16—Nov. 15 Nov. 16—Dec. 15 Dec. 16—Dec. 31 TOTAL: 1921 1920 Number Amount Number 291 605 553 801 721 776 726 765 760 791 814 853 447 $159,003 292,696 288,490 339,594 303,146 307,792 298,546 287,355 303,019 337,895 331,777 347,977 182,905 1,137 2,177 2,034 2,405 2,155 2,294 2,204 2,164 2,282 2,526 2,619 2,772 1,417 8,903 5,175 $3,780,195 3,910,813 28,186 20,277 Amount $ Items drawn on Treasurer of United States Number 97,950 163,455 153,382 176,224 158,539 165,908 158,489 158,601 167,365 188,667 199,230 206,320 97,673 81 143 148 172 173 188 178 185 189 188 185 191 85 §2,091,803 l,90S,843 2,106 1,523 Amount Total Number* 1921 Number Amount 62,424 81,784 128,193 132,150 75,831 127,867 117,237 90,903 123,390 114,923 95,846 88,687 80,629 99 176 165 182 152 150 149 147 145 145 154 161 103 $21,311 39,672 38,018 42,292 35,294 35,490 32,304 31,234 33,173 26,501 27,884 28,746 15,245 1,608 3,101 2,900 3,560 3,201 3,408 3,257 3,261 3,376 3,650 3,772 3,977 2,052 $1,319,S64 1,726,996 1,928 1,205 $407,164 573,429 41,123 $ •Exclusive of duplications on account of items handled by both parent bank and branch. Items forwarded to other F. R. Banks and their branches 1920 832 1,730 1,922 2,114 2,017 2,096 2,219 2,331 2,606 2,736 2,792 3,071 1,714 28,180 Total Amount* 1921 $340,688 577,607 608,083 690,260 572,810 637,057 606,576 568,093 626,947 667,986 654,737 671,730 376,452 $7,599,026 1920 $303,927 539,796 579,441 828,641 559,536 648,229 755,938 603,105 666,956 726,795 690,960 812,977 403,774 $8,120,081 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 19 Table G NUMBER AND AMOUNT OF TELEGRAPHIC TRANSFERS BOUGHT AND SOLD EACH MONTH DURING 1921 Number 1921 January February March April May June July August September October November December Total Amount 4,659 4,221 5,176 5,028 4,972 5,200 5,024 5,722 5,898 6,583 6,593 6,868 $323,449,000 287,506,000 354,821,000 348,862,000 302,654,000 318,063,000 314,271,000 332,156,000 348,748,000 381,237,000 427,910,000 508,178,000 65,944 $4,247,855,000 NUMBER AND TOTAL AMOUNT OF COLLECTION (Non Cash) ITEMS HANDLED Number outstanding December 31, 1920 Received for collection during 1921 Number returned unpaid Number collected Number outstanding December 31, 1921 1,756 134,926 12,932 120,187 3,563 Amount Collected $203,262,055.34 BANKS USING COLLECTION AND CLEARING FACILITIES OF FEDERAL RESERVE BANK Member Banks Clearing Non-Member Banks. Dec. 31, 1920 Dec. 31, 1921 447 16 508 21 to Table H o CURRENCY RECEIPTS FROM AND PAYMENTS TO MEMBER AND NON-MEMBER BANKS (In thousands of dollars) Receipts Month From member banks From non-member banks To member banks To non-member banks 1921 1920 1919 1921 1920 1919 $36,250 20,714 24,788 24,884 25,310 27,933 38,471 28,343 30,899 31,454 31,482 58,222 $30,291 15,783 15,051 14,303 18,288 16,747 22,918 15,067 16,299 19,908 15,618 24,820 $38,312 34,042 33,890 37,175 46,828 35,676 52,834 29,632 42,927 44,036 34,727 75,902 $13,518 18,883 24,953 38,388 30,531 44,271 45,032 50,626 57,917 49,918 57,104 67,678 $7,855 9,817 11,248 15,312 14,096 14,941 15,715 21,266 23,325 21,603 29,848 30,555 January... February. March April. . . . May June July August... September October.. November December. $56,204 38,430 43,718 38,646 40,195 41,918 45,798 38,999 37,760 36,875 38,339 48,817 $591 660 1,276 560 1,693 532 385 582 314 563 1,074 473 $36,876 32,528 32,702 34,249 45,658 34,327 52,277 29,359 40,216 43,263 34,258 75,249 $1,436 1,514 1,188 2,926 1,170 1,349 557 273 2,711 773 469 653 556,795 39,090 44,994 39,206 41,889 42,450 46,183 39,581 38,074 37,438 39,413 49,290 Total: 1921 1920 1919 $505,699 356,823 210,590 $8,704 21J927 14,503 $490,962 382,241 201,870 $15,019 116,578 13,711 $514,403 Total Payments Total Receipts Payments $505,981 378,750 498,819 225,093 215,581 CHECK CLEARINGS AND COLLECTIONS AND CURRENCY RECEIPTS AND PAYMENTS THOUSANDS THOUSANDS MILLIONS OF DOLLARS M I L L I O N S OF D O L L A R S MILLIONS OF DOLLARS MILLIONS OF DOLLARS 75 75 1 1 \j 55 I / 4000 45 \ j 1921 / / 3500 3500 \ 40 / \ \ / 3000 — / 2500 / y / 2000 / 3000 ZSOO 192$, / 2000 . \ !920 25 \ \ \ / L\ / 15 - ^ 1919 / 45 / / ~~—. 35 / ' " ^ . — • \ / / Dec 15 0ecl6-3l Nov 15 Oct 15 Sept. 15 Aug.15 July 15 May 15 JunelS Mar.15 Apr 15 Feb.15 Jan.l-15 Total Number of Operations of Check Clearing and Collection Department, 1920-1921 50 , 45 1 1 I \ \ 10 \ 35 1 / -^191 / \ 55 1 U9 I \ \ \ \ / ?5 / ?n / / 10 500 /\ 21 / v / \ /A 7 / / fin 1 \ — - , / /V 20 1000 / / \ 1 / \ / 1500 \ 55 50 50 4000 l\ \ 60 60 15 |O t; 5 0 3 4 5 6 7 8 9 10 II 12 Total Currency Receipts from Member and Non-Member Banks, 1919-1921 i 2 3 4 5 6 7 8 9 10 II \l i Total Currency Payments to Member and Non-Member Banks, 1919-1921. to Table I. bO FEDERAL RESERVE NOTES ISSUED AND REDEEMED BY FEDERAL RESERVE AGENT DURING 1921 g (By Denominations) Fives Year 1920 1921 Tens Twenties Fifties Hundr eds $ 45,420,220 50,140,000 $ 56,671,550 46,200,000 $ 131,883,000 90,080,000 $ 21,988,100 11,200,000 $ 35,554,200 19,200,000 Outstanding Dec. 31, 1920, plus issued during 1921.. $ 95,560,220 55,346,625 Notes redeemed $ 102,871,550 55,004,190 $ 221,963,000 109,161,620 $ 33,188,100 14,238,050 $ 54,754,200 17,575,000 $ 40,213,595 $ 47,867,360 $ 112,801,380 $ 18,950,050 $ 37,179,200 Thousands Five Thousands Ten Thousands Outstanding December 31 Issued during 1921 Outstanding December 31 Table I.—Continued. Five Hundreds Year 1920 1921 $ 3,743,000 2,000,000 $ Outstanding Dec. 31, 1920, plus issued during 1921. . $ Notes redeemed 5,743,000 1,240,500 $ 14,389,000 2,891,000 $ 4,502,500 $ 11,498,000 Outstanding December 31. . . . Issued during 1921 Outstanding December 3 1 . . 9,889,000 4,800,000 $ 3,995,000 8,000,000 $ Total 4,000,000 10,000,000 $ 313,144,070 241,620,000 $ 12,295,000 10,000 $ 14,000,000 20,000 $ 554,764,070 255,486,985 $ 12,285,000 $ 13,980,000 $ 299,277,085 Table J. STATISTICS OF FISCAL AGENCY OPERATIONS No. Pieces Redeemed I. U. S. Government Coupons II. U. S. Certificates of Indebtedness III. U. S. Liberty Bonds and Victory Notes. 8,621,582 74,730 Amount Redeemed B.—Exchanges (1) Reg. Delivered for Coupon Surrendered (2) Coupon Delivered for Reg. Surrendered (3) Interchange (4) Temporary Permanent Exchange C.—Transfer of Ownership (1) Transfer C.—All other Transactions (1) Reg. Conversion. .. , (2) 1st Loan Allotment. (3) Coupon Mutilated.. (4) Reg. Mutilated (5) U. S. R. A GRAND TOTAL. V. VI. U. S. Liberty Bonds and Victory Notes Purchased for Treasurer U. S. Liberty Bonds and Victory Notes received in payment of inheritance tax War Savings Securities (a) Sold (b) Redeemed No. Pieces Delivered Amount Delivered 54,901 2,002 833 1,702 56,950 164 1,379 $6,358,f»r.O 248,350 221,900 4,218,700 36,271 21,944 428,136 1,842,246 18,000 22,216 38,720 1,325,253 15,468,550 14,030,850 80,930,350 351,797,400 2,243 2,287 1,776,000 779 73 834 94 64 3 421,350 7,500 6,200 200 4,900 2,391,289 1,468,143 $475,490,900 No. Sold Amount $52,481,037.98 206,022,000.00 A. —Conversion (1) Temporary Surrendered Permanent Delivered (2) Permanent for Permanent (3) W\% Surrendered 3% % Delivered (4) 3H% Surrendered A.%% Delivered IV. No. Pieces Received 67 3 89 8,696,312 $258,503,037.98 1,275 1,789,000.00 1,407 1,302,500.00 2,297,723 11,385,249.50 2,090 106,521 $218,730.75 to Table K. DISTRIBUTION BY ISSUES OF CERTIFICATES OF INDEBTEDNESS National ] Banks' Subscriptions Date of Issue 1921 Date of Maturity Issue Symbol Jan. 15 Jan. 15.. .. Feb. 15.... Mar. 1 5 . . . Mar. 15.. . Apr. 15.... May 16.... June 15.... Aug. 1 Aug. 1 . . . . Sept. 1 5 . . . Sept. 1 5 . . . Nov. 1 Nov. 1 . . . . Dec. 15.... Dec. 15.... April 15, 1921 Oct. 15, 1921 July 15, 1921 Sept. 15, 1921 Mar. 15, 1922 Oct. 15, 1921 Feb. 16, 1922 June 15, 1922 Mar. 15, 1922 Aug. 1, 1922 March 15, 1922 Sept. 15, 1922 Sept. 15, 1922 April 1, 1922 June 15, 1922 Dec. 15, 1922 E-1921 F-1921 G-1921 TS-2-1921 TM-1922 H-1921 A-1922 TJ-1922 TM-2-1922 B-1922 TM-3-1922 TS-1922 TS-2-1922 C-1922 TJ-2-1922 TD-1922 Other Member Banks' Subscriptions Amount Non-Member Banks' Subscriptions Amount Individuals' Subscriptions Amount Rate No. Amount 5M 63 136 118 111 164 123 134 108 70 190 68 95 49 32 51 93 $3,013,000 4,277,500 4,049,500 8,815,500 9,196,000 5,663,500 7,362,000 8,937,000 . 2,420,500 9,556,500 7,025,500 9,602,500 7,546,500 4,554,500 3,681,500 7,644,500 16 33 33 23 42 43 33 26 21 86 25 38 20 15 11 34 $2,853,000 1,611,000 4,555,000 1,760,000 2,821,000 3,012,000 4,443,500 1,219,500 2,610,500 4,427,500 2,078,500 953,500 634,500 1,049,000 1,389,000 1,618,000 48 86 53 48 96 78 56 56 22 79 41 43 16 14 16 43 $2,567,000 2,426,500 660,500 3,488,500 2,841,000 3,230,000 1,739,000 1,790,000 247,500 1,082,500 938,500 1,258,500 226,500 117,500 428,000 2,162,500 69 213 112 84 279 201 194 137 31 214 41 100 48 27 34 125 $562,000 960,000 285,000 451,000 1,439,000 469,500 995,500 953,500 335,000 950,000 557,500 1,285,500 142,500 179,000 786,500 845,000 1605 $103,346,000 499 $37,038,500 795 $25,204,000 1909 $11,196,500 53^ 5J"i! 5% 534 534 5M 534 5 534 434 4M 414 TOTAL No. No. No. Total Subscriptions No. 196 468 316 266 581 445 417 327 144 569 175 276 133 88 112 295 Allotment Amount Amount $8,995,000 9,275,000 9,550,000 14,515,000 16,300,000 12,375,000 14,540,000 12,900,000 5,613,500 16,016,500 10,600,000 13,100,000 8,550,000 5,900,000 6,285,000 12,270,000 $8,995,000 9,275,000 9,550,000 14,515,000 16,300,000 12,375,000 14,540,000 12,900,000 5,613,500 16,016,500 10,600,000 13,100,000 8,550,000 5,900,000 6,285,000 12,270,000 _ 4808 $176,785,000 $176,785,000 DISTRIBUTION BY ISSUE OF TREASURY NOTES June 15... Sept. 15.. June 15, 1924 Sept. 15, 1924 A-1924 B-1924 5% 117 143 4,196,400 9,477,800 1,841,100 6,543,100 1,043,400 1,318,900 244 192 1,330,900 1,660,200 475 443 8,411,800 19,000,000 8,411,800 19,000,000 o Table L. TREASURY (WAR) SAVINGS SECURITIES TRANSACTIONS Sale of Thrift Stamps Sale of Treasury Saving Stamps Sale of War Savings Stamps Sale of Treasury Savings Certificates Filled Thrift Cards exchanged for War Savings Certificate Stamps Treasury Savings Stamps exchanged for War Savings Certificate Stamps Treasury Savings Stamps exchanged for Treasury Savings Certificates... War Savings Certificates exchanged for Treasury Savings Certificates. . . Redemption of War Savings Securities from February 18, 1920, to December 31, 1920, amounted to $20,791,828.67. January 1, 1921 to December 31, 1921 1921 1920 $ 19,614.75 951.00 133,365.00 64,800.00 18,392.00 100.00 40.00 -0- $ 48,661.25 -0460,770.00 365,300.00 62,960.00 -0-01,100.00 1919 $ 126,993.00 -01,538,550.00 1,428,400.00 186,740.00 -0-07,400.00 $11,385,249.50 to Table M. FEDERAL RESERVE BANK OF SAN FRANCISCO MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1921 (Amounts in thousands of dollars) BILLS DISCOUNTED FOR MEMBER BANKS I N T H I S DISTKICT 1 Date January 7 14 21 28 February 4 11 18 25 March 4 11 18 25 April 1 8 15 22 27 May 4 11 18 25 June 1 8 15 22 29 July 6 13 20 27 Total earning assets (2+5+8) Total Secured by U. S. Govt. obligations Per cent (3-J-2) PURCHASED BILLS Total held (6+7) Bought from other F. R. Banks net 2 Reserve percentages * Purchased in open market (5—6) U. S. securities Total cash reserves Total deposits F. R. notes in circulation Actual Adjusted * 7 8 9 10 11 12 13 4 5 $53,339 47,782 43,634 41,386 31.1 30.0 28.7 28.4 $40,994 33,508 31,138 39,698 $4,273 2,263 6,698 16,063 $36,721 31,245 24,440 23,635 $14,402 14,074 14,015 13,933 $190,087 194,777 206,108 197,772 $126,330 122,461 127,365 125,191 $275,123 260,068 255,304 253,831 49.1 52.4 55.2 53.9 50.2 53.0 57.0 58.2 140,723 139,581 141,266 145,319 36,799 38,209 40,471 44,230 26.1 27.4 28.6 30.4 37,442 44,980 46,449 44,825 15,654 13,891 10,615 7,792 21,788 31,089 35,834 37,033 12,704 12,832 12,938 13,265 202,997 195,225 191,866 183,638 118,116 121,747 126,945 120,516 253,532 247,303 245,983 243,143 55.9 53.9 53.0 51.6 60.2 57.8 56.0 53.8 199,562 192,371 177,062 194,912 148,065 149,248 144,127 163,096 44,676 47,812 47,815 53,597 30.2 32.0 33.2 32.9 38,792 30,276 20,149 18,954 5,827 4,369 2,426 1,285 32,965 25,907 17,723 17,669 12,705 12,847 12,786 12,862 182,191 190,098 199,781 193,147 117,574 120,102 123,304 131,010 242,321 239,809 236,180 232,532 52.0 54.1 55.6 53.1 53.7 55.4 56.2 53.5 190,986 189,737 183,556 179,372 183,728 161,689 163,139 159,466 155,346 160,771 48,339 49,250 50,158 46,045 50,226 29.9 30.2 31.5 29.6 31.2 16,718 14,030 11,497 11,595 10,566 - 9 - 9 - 9 -25 -25 16,727 14,039 11,506 11,620 10,591 12,579 12,568 12,593 12,431 12,391 189,349 191,837 195,876 197,688 199,070 124,882 126,947 128,308 120,234 123,492 231,853 231,266 230,225 231,532 232,220 53.1 53.6 54.6 56.2 56.0 53.1 53.6 54.6 56.2 56.0 189,558 186,127 180,591 183,010 166,927 166,028 161,759 165,661 50,022 49,558 51,660 53,447 30.0 29.8 31.9 32.3 10,270 7,738 5,965 5,440 -25 -25 10,295 7,763 5,965 5,440 12,361 12,361 12,867 11,909 194,666 198,813 196,671 195,709 117,321 120,966 118,333 120,497 239,307 238,673 236,061 234,895 54.6 55.3 55.5 55.1 54.6 55.3 182,311 181,636 171,828 162,575 162,445 164,483 165,439 149,889 148,174 150,163 53,896 52,087 43,394 42,600 40,722 32.8 31.5 29.0 28.7 27.1 5,498 5,391 3,853 2,503 2,093 5,498 5,391 3,853 2,503 2,093 12,330 10,806 18,086 11,898 10,189 192,497 192,713 201,786 207,198 202,941 116,895 118,818 127,920 120,545 114,038 233,699 231,731 229,983 227,210 232,249 54.9 55.0 56.4 59.6 58.6 171,389 159,252 155,807 153,644 159,744 146,934 142,603 141,299 45,121 38,082 39,659 37,452 28.2 25.9 27.8 26.5 1,459 2,229 2,866 2,250 1,459 2,229 2,866 2,250 10,186 10,089 10,338 10,095 208,950 213,703 215,904 216,445 117,787 118,010 115,417 118,002 241,165 237,218 234,178 229,463 58.2 60.2 61.8 62.3 1 2 $227,057 206,647 197,178 199,482 $ 171,661 159,065 152,025 145,851 190,869 197,393 200,653 203,409 3 6 Table M.—Continued FEDERAL RESERVE BANK OF SAN FRANCISCO MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1921 (Amounts in thousands of dollars) BILLS DISCOUNTED FOR MEMBER BANKS I N T H I S DISTRICT ' Date Total earning assets (2+5+8) 1 August 3 10 17 24 31 September 7 14 21 28 October 5 11 19 26 November 2 9 16 23 30 December 7 14 21 28 Total 2 Secured by U. S. Govt. obligations 3 PURCHASED BILLS Per cent (3+2) Total held (6+7) 4 5 Bought from other F. It. Banks net 2 6 Purchased in open market (5—6) U. S. securities Total cash reserves Total deposits F. R. notes in circulation Actual Adjusted* 7 8 9 10 11 12 13 3,252 3,057 3,311 3,830 3,393 3,252 3,057 3,311 3,830 3,393 10,347 10,353 10,227 10,086 9,120 215,306 217,990 222,783 226,778 219,533 120,075 120,303 119,550 121,296 114,347 229,626 227,821 225,944 224,549 225,722 61.6 62.6 64.5 65.6 64.6 40,205 34,558 38,096 44,490 27.3 27.6 29.3 29.8 29.8 31.2 28.9 32.6 35.2 3,519 3,655 2,705 3,297 3,519 3,655 2,705 3,297 9,094 9,095 9,751 9,945 225,496 235,737 236,236 233,718 118,623 122,404 122,300 125,191 230,407 228,674 226,263 227,170 64.6 67.1 67.8 66.3 124,519 118,621 109,694 105,470 44,495 42,189 40,730 35,629 35.7 35.6 37.1 33.8 3,045 3,834 3,441 4,038 3,045 3,834 3,441 4,038 8,471 8,277 8,084 8,086 236,382 240,255 249,526 248,309 120,189 119,387 121,559 118,890 232,192 232,685 229,389 225,479 67.1 68.2 71.1 72.1 105,496 88,029 81,376 77,970 73,271 35,156 30,201 26,813 28,235 25,010 33.3 34.3 32.9 36.2 34.1 31.1 30.0 31.3 29.4 4,458 6,628 5,429 10,942 10,833 4,458 6,628 5,429 10,942 10,833 8,085 8,173 8,101 8,084 8,089 251,375 269,443 279,101 270,487 281,114 120,707 126,704 129,745 125,290 130,396 227,221 224,357 225,139 222,511 223,876 72.2 76.8 78.6 77.8 79.3 224,549 231,268 237,239 244,252 81.6 79.3 78.2 76.8 155,282 147,746 143,269 141,204 141,247 141,683 134,336 129,731 127,288 128,734 38,680 37,047 38,017 37,904 38,300 141,508 132,147 129,373 139,595 128,895 119,397 116,917 126,353 136,035 130,732 121,219 117,594 118,039 102,830 94,906 96,996 92,193 11,713 8,589 21,147 126,404 286,261 11,713 22,223 8,089 284,116 22,223 19,184 127,050 22,420 8,258 284,870 22,420 20,513 126,818 20,822 10,680 283,758 20,822 20,961 125,268 1 —No bills were discounted for or with other Federal reserve banks. 2 —Minus sign indicates net amounts sold to other Federal reserve banks. *—Prior to March 18, net deposits, as given below were used in calculating reserve percentages: January 7 $112,252,000 February 4 $109,859,000 14 111,723,000 11 114,622,000 4 $108,053,000 21 118,145,000 18 115,778,000 March 11 111,347,000 28 113,349,000 25 112,868,000 1 —Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received Digitized forAFRASER blank in this column indicates that no accommodation was extended to or received from other Federal reserve banks. 88,346 94,362 96,122 102,764 Reserve percentages 3 68,044 64,050 65,444 71,262 to from other Federal reserve banks. 28 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. FEDERAL RESERVE BANK OF SAN FRANCISCO MOVEMENT OF EARNING ASSETS DURING 1920 AND 1921 MILLIONS OF DOLLARS 100 MILLIONS OF DOLLARS UNITED STATES SECURITIES 50 50 0 777,777t A, 777,777,777.'77/777.777.777 >////»/. '777, TA 250 PURCHASED BILLS 200 200 150 150 100 100 50 50 0 300 DISCOUNTED BILLS '•SEC NOTE BELOW ' 250 250 200 200 150 150 100 100 50 50 O 0 350 350 TOTAL EARNING ASSETS 300 3OO 250 250 200 200 150 150 100 100 50 50 1920 1921 A - Paper sectxred by U. S. Government obligations discounted for banks in d i s t r i c t . B . Total paper discounted for banks i n d i s t r i c t . 0 - Total dleoounted paper held. . , • Spaoa between lines B and C represents paper disoounted for other Federal Beserve banks. ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. 29 FEDERAL RESERVE BANK OF SAN FRANCISCO DEPOSITS, F.R.NOTE CIRCULATION, CASH RESERVES AND RESERVE RATIOS, 1920-1921 PER CENT 100 80 70 60 40 - ^ -^" -•s 50 —f 50 / \ 4-0 30 20 — MILLIONS OF DOLLARS 200 MILLIONS OF DOLLARS 200 DEPOSITS 150 150 100 100 5O 50 O 0 350 350 F. R. NOTE CIRCULATION 300 300 250 250 200 200 150 150 100 100 50 50 0 O 500 500 450 DEPOSIT AND F.R.NOTE LIABILITIES, L, AND TOTAL RESERVES, C 4-5O 400 400 350 350 300 300 250 250 200 200 150 150 100 100 50 50 O 0 1920 1921 Adjusted peroentagaa ara oaloulated after reduoins or lnoreasing reserves held by the amount of accommodation reoeivad from or extended to other Federal Reserve banks. The deposit curve is based on "net deposits" up to March 11, 1921, and on "total deposits" thereaftar. Table N. PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921 (In thousands of dollars) LOANS* AND INVESTMENTS EXCLUSIVE OF U. S. SECURITIES UNITED STATES SECURITIES Mumhpr RpRprvp. of Reporting Banks Total Bonds Victory Notes C. of I. 69 69 69 69 $123,825 127,484 127,270 126,796 $94,592 99,739 96,681 97,229 $17,651 15,629 17,025 17,189 $11,582 12,116 13,564 12,378 $1,162,830 1,138,774 1,131,017 1,129,334 $34,048 31,919 32,534 31,445 $152,879 152,943 152,196 152,049 69 69 69 69 125,996 123,926 130,023 128,199 96,095 95,301 96,099 95,268 17,210 17,251 17,478 17,262 12,691 11,374 16,446 15,669 1,129,752 1,135,602 1,130,770 1,126,911 31,585 31,849 31,401 30,705 69 69 69 69 125,405 127,483 133,718 134,434 93,166 93,985 97,468 97,988 17,048 17,125 17,390 18,006 15,191 16,373 18.S60 18,440 1,119,870 1,124,210 1,131,079 1,133,331 1 8 15 22 27 69 69 69 69 69 133,104 133,834 138,465 136,078 140,572 99,374 99,909 99,751 98,987 103,004 18,059 18,719 19,067 18,830 19,102 15,671 15,206 19,647 18,261 18,466 4 11 18 25 69 69 C9 68 138,860 139,356 139,674 137,687 103,535 102,691 102,100 101,442 18,566 17,925 17,331 16,950 1 8 15 22 29 68 68 68 68 68 138,350 138,307 141,567 135,702 134,942 101,971 101,834 104,801 102,308 101,740 16,992 17,031 17,651 15,104 15,384 DATE January—1921 7 14 21 28 February 4 11 18 25 March 4 11 18 25 •Including rediscounts with Federal Reserve banks. Balance with F. R. B. Cash in Vault $975,903 953,912 946,287 945,840 $ 77,744 71,751 78,346 78,103 $28,249 28,141 27,030 26,651 152,361 152,044 151,565 152,861 945,806 951,609 947,804 943,345 76,100 75,653 76,444 75,016 26,129 24,638 24,716 26,005 31,213 29,998 29,186 29,578 153,049 152,681 152,922 150,380 935,608 941,531 948,971 953,373 71,494 70,308 72,484 77,195 25,998 27,627 25,519 24,406 1,133,090 1,128,001 1,128,332 1,121,850 1,125,769 29,088 29,620 29,229 28,942 31,119 150,604 150,828 148,713 149,792 150,865 953,398 947,553 950,390 943,116 943,785 70,797 74,220 72,790 70,007 74,082 23,264 24,181 23,271 23,558 23,984 16,759 18,740 20,243 19,295 1,125,641 1,122,614 1,115,851 1,113,316 30,013 29,627 28,752 28,636 149,921 149,586 150,772 150,323 945,707 943,401 936,327 934,357 70,353 75,449 73,521 72,657 24,430 24,740 24,315 24,967 19,387 19,442 19,115 14,682 14,927 1,103,901 1,103,463 1,103,866 1,097,207 1,104,950 28,639 30,336 29,545 29,255 28,862 148,776 148,595 150,700 150,359 149,409 926,486 924,532 923,621 917,593 926,679 68,744 72,734 81,410 74,259 69,401 24,992 25,141 23,657 22,407 30,938 U. S. Treasury Notes .'. $ 3,608 2,891 Total Loans Secured Loans By Stocks Secured and Bonds by U. S. War other than Obligations U. S. Bonds All Other Table N.—Continued PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921 (In thousands of dollars) LOANS* AND INVESTMENTS EXCLUSIVE UNITED STA OF U. S. SECU Number of Reporting Banks Total Bonds 13 20 67 67 67 67 $132,958 133,015 133,201 128,725 $102,370 102,290 102,591 98,427 $13,746 14,843 16,082 15,939 $14,425 13,597 12,503 12,291 $2,417 2,285 2,025 2,068 $1,103,154 1,090,804 1,085,248 1,085,281 $28,944 28,879 26,990 28,688 8146,757 144,213 143,549 145,076 $927,453 917,712 914,709 911,517 S73.231 74,288 73,840 75,074 $29,448 26,337 27,070 24,800 10 17 24 67 67 66 66 66 136,083 140,362 137,431 137,929 136,402 97,551 97,521 96,296 97,436 97,695 1,087,533 1,083,192 1,083,913 1,079,135 1,088,316 1,086,458 1,086,264 1,080,284 1,081,429 23,418 22,728 22,680 22,399 22,297 26,938 27,231 26,710 26,790 146,523 145,635 141,736 141,986 913,851 909,443 910,864 900,607 916,939 912,997 913,398 911,838 912,653 72,130 75,701 77,269 71,855 71,126 97,593 97,613 99,212 101,735 4,192 3,804 3,361 3,094 2,883 2,887 2,594 7,671 7,443 146,458 146,712 146,522 144,424 144,674 135,776 133,421 145,699 145,116 19,059 23,236 21,876 20,109 19,349 19,238 16,514 23,247 20,646 27,224 27,037 26,527 34,104 26,702 66 66 66 65 15,281 15,801 15,898 17,290 16,475 16,058 16,700 15,569 15,292 76,314 77,091 74,462 75,231 23,648 24,199 22,769 23,625 65 65 65 65 148,584 144,376 139,140 134,184 102,568 99,369 100,736 100,811 19,048 18,854 16,475 16,046 20,204 19,618 15,202 10,556 6,764 6,535 6,727 6,771 1,085,207 1,087,475 1,095,773 1/ 35,578 26,692 26,313 26,171 26,406 142,427 141,420 143,849 144,426 916,088 919,742 925,753 914,746 74,030 75,780 77,519 72,928 23,010 23,433 23,270 24,812 65 65 65 65 65 143,464 136,006 136,568 139,659 136,453 101,074 98,136 98,809 101,600 97,064 16,871 15,629 15,359 15,725 17,063 16,659 14.0S5 14,177 14,689 14,052 8,860 8,156 8,223 7,645 8,274 1,083,001 1,080,814 1,089,056 1,088,618 1,086,615 26,034 25,115 25,145 24,713 25,515 144,160 143,642 143,268 145,198 143,475 72,978 78,629 81,713 80,194 79,716 24,081 25,071 25,649 23,836 23,176 64 64 64 64 141,225 141,998 146,161 143,268 102,692 101,909 101,175 101,231 16,431 17,266 17,314 15,198 13,663 14,479 18,569 17,344 8,439 8,344 9,103 9,495 1,102,298 1,103,464 1,108,679 1,107,160 24,007 24,156 23,829 24,507 145,323 144,281 146,837 147,230 912,807 912,057 920,643 918,707 917,625 932,968 935,027 938,013 935,423 80,219 80,151 81,506 73,426 22,956 23,386 22,532 26,236 DATE July—1921 6 27 August 3 31 September 7 14 21 28 October 5 11 19 26 .N ovBmbcr 2 9 16 23 30 Dcc6int)cr 147 21 28 Victory Notes •Including rediscounts with Federal Reserve Banks. C. of I. U.S. Treasury Notes Total LoansServK ( Loans By Stocks Secured and Bonds by U. S. War than U. S. Obligations Bonds All Other Reserve Balance with F. R. B. Cash in Vault Table N.—Continued PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921 DATE Number of Reporting Banks 1921 Jan. *"" ' 7 14 21 28 Feb. M- • • 11. 18 25 Mar. 4 11. 18 25 April 1 8 15. 22 27 May 4. 11. 18 June 25.. . 1 8. 15 22. . 29 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 68 68 68 68 68 68 ACCOMMODATION AT FEDERAL RESERVE BANK DEPOSITS Net demand on which Reserve Computed Time $606,227 618,276 614,668 604,457 602,992 604,686 597,511 591,113 587,571 589,786 591,834 571,130 566,021 564,723 565,342 565,557 564,344 553,890 562,111 563,266 554,033 550,759 555,612 567,522 564,213 553,319 $541,771 533,091 532,963 542,824 542,961 539,015 540,414 538,857 542,683 539,592 535,225 539,587 539,256 538,640 545,886 541,652 541,423 542,478 541,813 540,639 537,374 541,530 533,983 539,391 540,257 542,170 Government $ 4,044 2,729 5,083 7,006 2,465 1,429 7,883 7,451 6,254 2,780 14,946 13,632 12,678 12,468 12,145 9,978 9,904 8,316 6,701 9,159 5,182 2,705 897 6,950 7,005 5,824 Total $117,101 103,070 95,699 88,334 83,706 83,061 85,698 90,113 93,059 94,338 89,200 106,230 103,767 103,145 101,934 97,216 100,174 106,424 105,140 99,914 99,119 98,821 100,811 85,883 83,447 85,669 Paper Secured Paper Otherby U. S. War wise Secured Obligations or Unsecured $ 34,611 28,689 24,685 22,277 17,880 19,811 22,324 26,071 26,660 29,740 29,634 35,797 30,531 31,392 33,102 29,198 31,833 33,034 32,960 34,705 36,349 37,521 36,038 27,496 26,951 25,347 $ 82,490 74,381 71,014 66,057 65,826 63,250 63,374 64,042 66,399 64,598 59,566 70,433 73,236 73,753 68,832 68,018 68,341 73,390 72,180 65,209 62,770 61,300 64,773 58,387 56,496 60,322 00 Table N.—Continued PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921 DEPOSITS DATE Number of Reporting Banks 192! July 6 13 20 27 Aug. 3 10 17 24 31 Sept. 7 14 21 28 Oct. 5 11 19 26 Nov. 2 9 16. . 23.. 30. Dec. 7 14.. 21 28 67 67 67 67 67 67 66 66 66 66 66 66 65 65 65 65 65 65 65 65 65 65 64 64 64 64 Net demand on which Reserve Computed 533,589 567,824 560,549 558,408 554,128 565,136 572,874 571,657 571,418 574,301 589,511 574,713 562,412 562,772 579,920 595,529 581,842 576,593 588,887 604,900 609,370 609,266 612,186 616,441 615,834 601,878 Time 545,327 539,840 543,791 542,711 543,137 541,650 541,707 542,057 547,955 541,682 540,449 541,347 542,372 565,413 547,273 547,655 547,903 548,999 550,271 548,476 549,820 551,946 562,113 562,303 560,388 564,718 ACCOMMODATION AT FEDERAL RESERVE BANK Government 4,833 4,009 1,881 1,437 15,431 15,326 11,448 9,235 7,896 6,535 5,836 21,587 21,498 20,668 18,601 5,533 3,004 14,420 14,410 12,626 9,977 7,801 7,094 7,093 14,465 12,342 Total 92,540 80,256 75,084 74,389 77,077 69,077 63,835 61,310 63,143 65,758 58,235 56,909 66,942 67,788 63,776 57,507 54,964 57,570 42,728 37,661 34,856 32,004 28,512 26,328 27,686 34,229 Paper Secured by U. S. War Obligations 29,233 22,517 24,716 22,227 23,393 21,748 22,787 22,602 23,429 25,920 20,032 24,357 30,654 31,263 29,244 28,580 23,907 23,560 19,734 16,375 17,970 15,273 12,622 11,488 12,554 13,074 Paper Otherwise Secured or Unsecured 63,307 57,739 50,368 52,162 53,684 47,329 41,048 38,708 39,714 39,838 38,203 32,552 36,288 36,525 34,532 28,927 31,057 34,010 22,994 21,286 16,886 16,731 15,890 14,840 15,132 21,155 CO CO 00 Table O. OPERATIONS OF OFFICES OF FEDERAL RESERVE BANK OF SAN FRANCISCO Head Office 1921 Number of Member Banks •Capital and Surplus of Member Banks. .. •Resources of Member Banks** Number Discounting Banks *Total Discounts and Rediscounts—Av. Monthly... •Currency Shipped to Banks—Av. Monthly Transit Items Handled: •Number—Av. Monthly Number Officers and Employees Dec. 31 209 207 1921 102 1920 1921 98 Portland 1920 61 1921 62 134 Salt Lake 1920 120 1921 178 Los Angeles 1920 182 1921 173 1920 171 $ 117,470 $ 108,777 $ 13,167 $ 12,724 $ 15,570 $ 16,816 $ 22,185 $ 20,782 $ 22,565 $ 22,896 $ 54,862 $ 49,888 $1,063,106 $1,099,239 $ 118,863 $ 137,681 S 186,987 $ 218,495 $ 208,561 $ 237,032 $ 164,654 $ 199,000 $ 609,333 $ 583,595 36 82 97 123 80 77 40 77 177 168 130 108 9,647 $ 10,330 $ 10,202 $ 18,135 $ 11,983 $ 17,866 $ 40,529 $ 39,977 $ 12,115 $ 15,518 970 $ 1,366 $ 11,668 $ 6,313 825 $ 1,131 $ 4,953 S 3,572 $ 2,208 $ 2,541 $ 349 283 286 454 231 198 226 703 768 490 450 1,338 $ 221,938 $ 261,293 $ 32,185 $ 37,624 $ 59,861 $ 77.S85 $ 50,653 $ 58,764 $ 66,599 $ 94,205 $ 202,015 $ 146,704 112 81 211 86 79 81 196 569 530 165 205 84 $ 150,775 $ 145,311 $ $ 21,541 $ 25,346 $ * 000's omitted. **1921 figures taken from Called reports as of June 30. Seattle Spokane 1920 NATIONAL AND STATE BANK MEMBERSHIP BY STATES! Table P. NATIONAL BANKS December 31, 1921 December 31, 1920 Capital and Surplus Capital and Surplus No. Arizona California No. December 31, 1921 December 31, 1920 No. Capital and Surplus No. NON-MEMBER STATE BANKS ALL MEMBER BANKS— NATIONAL AND STATE STATE MEMBER BANKS Capital and Surplus December 31, 1921 No. Capital and Surplus December 31, 1920 Eligible for Membership June 30, 1921 Capital and Surplus No. No. Capital and Surplus 13 $ 1,665,000 13 1,712,500 2 629.500 2 629,500 15 2,294,500 15 2,342,000 34 301 101,773,400 307 102,087,788 51 60,876,755 39 51,720,330 352 162,650,155 346 153,808,118 315 64,563 3,177,500 43 3,095,170 119 10,481,600 129 11,024,802 42 2,256 11 2,021,300 11 2,001,300 23 2,092 130 22,097,908 119 19,358,033 69 6,389 $ Idaho 76 7,304,100 86 7,929,632 43 Nevada 11 2,021,300 11 2,001,300 -0- Oregon 96 17,199,658 92 16,998,883 34 $ -0- -0- 4,898,250 27 $ -0- 2,359,150 $ $ $ 3,481 Utah 28 6,913,400 28 6,943,400 36 5,808,266 36 6,302,306 64 12,721,666 64 13,245,706 50 5,077 Washington 97 22,773,200 94 21,759,200 53 5,556,250 52 7,680,295 150 28,329,450 146 29,439,495 104 7,594 Alaska -0- -0- 1 25,000 -0- -0- -0- 1 25,000 -0- -0- TOTALS lil>2 632 $159,457,703 219 831 $231,244,454 637 $91,452 $159,650,058 Total number State Bank members, December 31, 1920. State Banks admitted to membership in 1921 -0$ 80,946,521 -0199 -0- $ 71.786.751 841 STATE BANK MEMBERS 199 38 237 18 State Bank members liquidating, consolidating, etc TOTAL NUMBER STATE BANK MEMBERS, DECEMBER 31, Total number National Banks, December 31, 1920. Newly organized National Banks in 1921 Conversions of State to National Banks in 1921.. . National Banks liquidating, consolidating, etc $240,596,579 1921 NATIONAL BANK MEMBERS 219 632 17 10 659 37 TOTAL NUMBER NATIONAL BANKS, DECEMBER 31, 1921 622 tDoes not include banks which for various reasons—suspension, liquidation or absorption by other banks—were on December 31, 1921, no longer going institutions, although Stock in Federal Reserve Bank which they held while active members had not yet been surrendered. oc 36 ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO. Table Q. NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO December 31, 1921 (Including Spokane, Portland, Seattle, Salt Lake City and Los Angeles Branches) Officers and Employees Departments Chairman and Federal Reserve Agent... . Governor Other Officers Banking Department Federal Reserve Agent's Department.... Auditing Department Fiscal Agency Department Salaries Number 1920 1921 1 1 29 842 23 53 183 1 1 33 1014 36 57 125 1921 1920 I 24,000 24,000 125,020 1,110,792 59,780 88,380 245,280 I 24,000 24,000 169,360 1,513,180 91,880 103,620 194,100 NOTE—January 1, 1922 staff reduced 39 with annual salaries aggregating $58,440. This is a net reduction considering those leaving service December 31, 1921, and those entering January 1, 1922. Table R COMPARATIVE STATEMENT OF THE BANKING RESOURCES OF THE TWELFTH FEDERAL RESERVE DISTRICT, 1920-1921 (000 omitted) National Banks Dec. 29, 1920 RESOURCES Stocks, bonds and other securities. Banking house, furniture andfixtures,other Acceptances and letters of credit Other resources... TOTAII RESOURCES LIABILITIES Surplus and undivided profits Rediscounts. Money and bonds borrowed Circulation outstanding Acceptances and letters of credit Other liabilities TOTAL LIABILITIES Or call next preceding this date. State Member Banks Dec. 31, 1921 Dec. 29, 1920 Combined State Non-Member Banks Dec. 31, 1921 *Dec. 29, 1920 Dec. 31, 1921 *Dec. 29, 1920 Dec. 31, 1921 1,032 975 1,863 1,813 633 619 198 219 $1 015,289 301,654 $ 863,699 291,574 $ 525,083 184,937 $ 587,766 205,727 $ 743,191 274,116 $ 640,449 254,711 $2,284,163 760,707 $2,091,914 752,012 43,028 312,141 18,848 26,313 44,887 305,342 10,386 11,716 21,959 118,542 2,435 11,632 30,684 136,603 2,507 6,763 36,357 165,107 4,366 22,743 34,667 136,075 4,176 23,975 101,344 595,790 25,649 60,688 110,238 578,020 17,069 42,454 $1,717,273 $1,527,604 $ 865,188 $ 970,050 $1,245,880 $1,094,053 $3,828,341 $3,591,707 $ 104,767 93,630 200,855 773,001 293,855 108,480 56,727 62,183 19,934 3,841 $ 104,560 81,573 193,494 706,039 287,715 39,713 32,462 64,293 11,335 6,420 $ $ $ $ 2,306 6,688 2,437 5,501 5,925 14,895 $ 241,958 187,556 241,903 1,437,274 1,368,483 140,183 95,232 62,183 28,165 25,404 $ 245,263 161,991 244,015 1,345,269 1,369,920 53,816 58,428 64,293 18,114 30,598 $1,717,273 $1,527,604 $ 865,188 $ 970,050 $1,245,880 $3,828,341 $3,591,707 50,526 40,530 32,936 237,402 457,275 20,837 16,708 60,705 35,400 48,085 276,801 520,625 10,257 10,239 86,665 53,396 8,112 426,871 617,353 10,893 21,770 79,998 45,018 2,436 362,429 561,580 3,846 15,727 4,342 18,677 $1,094,053 Map Showing Territories of Head Office and Branches of the Federal Reserve Bank of San Francisco . • TWELFTH FEDERAL RESERVE DISTRICT
@FedFRASER