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SIXTH ANNUAL REPORT
OF THE
FEDERAL RESERVE
BOARD
COVERING OPERATIONS
FOR THE YEAR 1919
WASHINGTON
GOVERNMENT PRINTING OFFICE
1920
TABLE OF CONTENTS.
Page.
PART I.—Report of the Federal Reserve Board, with exhibits
1-296
PART II.—Report of Federal Reserve Agents to the Federal Reserve Board. 297-508
PART III.—Recommendations of the Federal Advisory Council to the Federal
Reserve Board for year 1919
511-532
PART I.
Text of report:
Introductory review
Interbank purchases of acceptances and rediscount operations
Discount rates approved by the Board
Movement of principal assets and liabilities of all Federal Reserve Banks
during the year 1919
Condition during 1919 of member banks in principal cities
Acceptances
Imports and exports
Fiscal agency operations
Membership of State bankB and trust companies
Rates of earnings of Federal Reserve Banks, by classes of assets
Distribution of earning assets at the opening and close of the year
Earnings and expenses of the Federal Reserve Banks
Permanent buildings for Federal Reserve Banks
Branches of Federal Reserve Banks and their operations
Federal Reserve clearing and collecting system
Gold settlement fund
Federal Reserve bank notes
Regulation and control of foreign exchange
Exports of coin, bullion, and currency
Foreign branches of American banks
Meetings of the Federal Advisory Council
Law division
Amendments to the Federal Reserve Act
Fiduciary powers granted to national banks
Board's organization, staff, and expenditures
Permanent quarters for Board and its staff
Recommended amendment to act, permitting national banks to establish
branches
Federal Reserve notes and credit expansion
Discount policy and credit control
1
5
8
12
17
21
23
25
28
31
32
34
37
38
40
44
46
47
50
53
56
56
58
62
62
63
64
65
67
EXHIBITS.
Exhibit A—Discount rates
Exhibit B—Federal Reserve notes
Exhibit C—Statement of condition of Federal Reserve Banks
Exhibit D—Investment operations of Federal Reserve Banks
Exhibit E—Gold settlement fund
Exhibit F—Operations of the Federal Reserve clearing system
76
80
112
157
212
222
in
IV
Exhibit
Exhibit
Exhibit
Exhibit
Exhibit
Exhibit
Exhibit
Exhibit
Exhibit
Exhibit
CONTENTS.
G—Earnings and expenses of the Federal Reserve Banks
H—Receipts and disbursements of the Federal Reserve Board
I—State banks and trust companies admitted to membership
J—Foreign branches authorized
K—Fiduciary powers granted to national banks
L—Banks granted authority to accept up to 100 per cent of capital and
surplus
M—Personnel and salaries:
Salaries of officers and employees of Federal Reserve Banks...
Salaries of officers and employees of Federal Reserve Board...
Salaries of bank examiners
N—Directory of the Federal Reserve Board and Federal Reserve
Banks
O—Federal Advisory Council
P—Amendments to the Federal Reserve Act
Page.
229
236
239
260
260
269
274
277
279
282
288
289
CHARTS.
Movement of earning assets of all Federal Reserve Banks during calendar year
1919
Net deposit liabilities, Federal Reserve note circulation, cash reserves, and
reserve ratio of all Federal Reserve Banks during calendar year 1919
Required and excess reserves:
(1) Gold reserves required against Federal Reserve notes in circulation...
(2) Cash reserves required against Federal Reserve note and net deposit
liabilities combined
(3) Total cash reserves held by Federal Reserve Banks
Average daily holdings of each class of earning assets by Federal Reserve Banks :
During calendar year 1918
During calendar year 1919
Operations through gold settlement fund, by weeks, during calendar year 1919..
Operations of the New York Federal Reserve Bank through gold settlement
fund, by weeks, during calendar year 1919
Number of banks on par list, also average daily number and amount of items
handled by Federal Reserve Banks, 1917-1919
120
124
125
125
125
134
135
216
217
226
PART II.
Reports of Federal Reserve Agents to the Federal Reserve Board
District No. 1—Boston
District No. 2—New York
District No. 3—Philadelphia
District No. 4—Cleveland
District No. 5—Richmond
District No. 6—Atlanta
District No. 7—Chicago
District No. 8—St. Louis
District No. 9—Minneapolis
District No. 10—Kansas City
District No. 11—Dallas
District No. 12—San Francisco
297-508
299
317
333
351
367
383
403
423
439
457
473
491
PART III.
Recommendations of the Federal Advisory Council, 1919
Description of Federal Reserve districts
511
533
PART I.
REPORT OF THE FEDERAL RESERVE BOARD,
WITH EXHIBITS.
THE FEDERAL RESERVE BOARD.
1919.
CARTER GLASS, ex officio.
i
Secretary of the Treasury, Chairman. |
JOHN SKELTON WILLIAMS, ex officio,
Comptroller of the Currency.
!
VI
W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.
A. C. MILLER.
CHARLES S. HAMLIN.
HENRY A. MOEHLENPAH.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BOARD,
Washington, February 2, 1920.
SIR: The Sixth Annual Report of the Federal Reserve Board
covering operations for the calendar year ended December 31, 1919,
is submitted herewith.
INTRODUCTORY REVIEW.
The past year has witnessed the return and demobilization of
troops, the readjustment of commercial and industrial activities to a
peace basis, and the removal of most of the war-time restrictions. It
has, moreover, been a year marked by industrial unrest, by economic
confusion, by reduced production, increased domestic consumption,
high prices, and unprecedented extravagance.
In the exercise of its functions, the Federal Reserve Board has
been confronted with problems of peculiar difficulty, not admitting
of treatment either by methods necessary or permissible in time of
war, nor by recourse to means which would naturally suggest themselves under normal economic conditions.
A consideration of these problems makes necessary a brief review
of the financial exigencies of the war and of the manner in which they
were met. It must be remembered at the outset that war financing
necessarily involves credit expansion unless private consumption is
curtailed at a rate commensurate with the increase of Government
requirements. Such curtailment is at best a gradual process; with
us it had been brought under a gratifying degree of control when the
armistice was signed. The War Industries Board through priority
orders and price fixing, and the Food and Fuel Administrations by
rationing, voluntary cooperation, and price fixing had limited consumption, and as a consequence expenditure; and these limitations,
had the war continued, wrould have shown striking results in our
ability to place further Liberty bond issues with investors. To the
extent, however, that what was accomplished in saving fell short of
actual requirements, there was a margin of bonds that could not be
paid for immediately out of savings and which it became necessary
for the banks to carry, either directly or indirectly through loans to
purchasers. This expansion of bank loans must be kept in mind in
order to understand the situation. Failure to understand it leads
to the impression held by many that Liberty bonds could all have
been sold to investors had they borne a higher interest rate. No
rate within reason could have accomplished this end, as the invest
l
2
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
ment funds to absorb these enormous issues in their entirety simply
did not exist and their growth could not have been induced to an
adequate degree by higher rates.
In order that the member banks might carry the burden of undigested Government securities they were obliged to rediscount with
Federal Reserve Banks, and in order that such rediscounting should
not involve them in heavy loss it was essential that as long as the
banks were lending to bond subscribers at coupon rates the rediscount rate should be related to the bond rate. The rediscount rates
of Federal Reserve Banks, therefore, instead of being higher than
the market rates, as in theory and in normal practice they should
have been, were made lower than the market rates. This circumstance is enough to prevent a normal functioning of a Federal
Reserve Bank, whose rates should be so fixed that resort thereto
is unprofitable to the borrowing institution and thus has a tendency
to check expansion.
The remedy for this condition is the absorption by investors of
the undigested securities. This process could not be accelerated, as
in normal times, by sharp declines in value, as the large volume to be
digested precluded that possibility. Absorption can be brought about
only by time and saving; and it often happens that a rising price
causes better absorption than a falling quotation. A consideration
of these facts makes it clear that abnormalities were imposed on the
banking system by the war and that a restoration of normal conditions must be brought about through the gradual elimination of wTar
paper from the banks. It was necessary to cooperate with the
Treasury in every way to facilitate first .the sale of Government
securities and then their absorption by investors. For the full understanding of the Treasury's position as the most important factor in
the money market, it is necessary to touch briefly on its issues of
certificates of indebtedness. The principal issues of such certificates
were loan issues and tax issues. On May 5, 1919, there were outstanding $6,467,525,000 of certificates, which was the maximum at
any time outstanding. On December 31, 1919, there were outstanding $3,262,184,500; at the date of this report there were
outstanding but $3,124,757,500, whereof about $550,000,000 mature
March 15 and will be paid off out of tax receipts due that day. It
will be seen that there has thus been a very substantial reduction of
the floating debt represented by the certificates of indebtedness.
Certificates now outstanding mature on March 15, June 15, September 15, and December 15, 1920, these being the dates on which taxes
become payable and they will then be paid off out of tax receipts.
It is estimated that receipts from income and excess profits taxes
payable during the calendar year 1920 will be more than ample to
redeem all tax certificates outstanding at present, and that
portion of these taxes will be available to cover current
Digitized foraFRASER
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
6
expenditures.
The amount by which other current receipts
fall short of meeting current expenditures may then be covered
by further issues of tax certificates maturing on tax dates in 1921.
Such issues will, it is estimated, be for amounts appreciably smaller
than the issues now outstanding. The volume of certificates being
steadily reduced, the new issues of certificates should be readily
absorbed. It is estimated that over 60 per cent of present tax issues
are held by taxpayers and investors and only 40 per cent by the banks.
Distribution of the certificates has been effected through the Federal
Reserve Banks, with the cooperation of the member banks—a vast
organization which can not be duplicated—the member banks buying
the certificates in the first instance and then gradually selling them to
their costumers. This could not have been accomplished if member
banks had not had the assurance that their investments in certificates
pending distribution could, if necessary, be carried in Federal Reserve
Banks without loss. In making rates for rediscounting loans on
Government securities the policy was to avoid loss to the banks,
which were necessarily the distributing media.
As Treasury operations became gradually a less determining
factor in the money market, the situation as to commodity prices
became more important. The purchasing power of the public growing
out of high wrages and large profits is greater than it has ever been
before; and this purchasing power, competing with export demands
arising out of the necessities of Europe, has raised prices to a point
that takes no account of prudence. Every element of increased cost
is added to price, and there is, therefore, no incentive to manufacturers
to produce cheaply or to hold back because of any element of cost,
whether of credit, labor, or material, as they can always sell their
output at a profit. There is practically unlimited demand for credit
not only for the manufacture and distribution of goods, but also for
speculation in commodities and in the securities representing ownership of the industries producing those commodities and which profit
by their production and sale.
From the facts set forth above, it is evident that an advance in
discount rates while the Government had an unwieldy floating debt
and Liberty bonds were still largely unabsorbed would have added
to the difficulties of Government financing. While regulation and
control of credit have been as desirable since the war restrictions were
removed as before, the Board was convinced that to attempt this
control through premature adjustments of rates would be so detrimental to the Treasury's position as to offset, if not prevent entirely,
the results sought.
Early in December, howTever, after the program of the Treasury
for the adjustment of the floating debt had advanced to a stage
where it could no longer be seriously affected by the adoption of a
4
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
more normal banking policy, the Board notified the Federal Reserve
Banks that it was ready to consider their suggestions for rate changes,
and that it would approve an advance in the rates for paper secured
by Government obligations other than Treasury certificates of indebtedness. As the highest rate borne at that time by the certificates
was 4J per cent and as they were held largely by banks, the Board
felt that in view of all the circumstances the existing rate on notes
secured by Treasury certificates as collateral should be maintained for
a limited time. The Treasury, however, on December 29, announced
that it would offer on January 2, 1920, certificates bearing interest at
the rate of 4f per cent payable on December 15, 1920, and the Board
thereupon took steps to advance the rate on notes secured by Treasury certificates to 4f per cent.
At the close of the year, at a majority of the Federal Reserve
Banks, rates on paper secured by Government obligations of every
kind had been advanced to the same level as the rates then ruling for
commercial paper, while the other Federal Reserve Banks announced
their readiness to comply with the Board's wishes as soon as meetings
of their directors could be held.
No advance in the discount rate on commercial paper had been
made up to December 31, chiefly because it was deemed desirable to
ascertain to what extent the seasonal licjuidation, beginning usually
in January, would proceed without the added stimulus of higher rates
and partly, too, because at some of the most important financial
centers rates of interest on bank balances were based on the 90-day
discount rate of the Federal Reserve Bank, and were subject to an
automatic increase should that rate be advanced. Such increase
might easily lead to a disturbing scramble for deposits. While there
is no obligation on the part of either the Board or the Federal Reserve
Banks to consider interest rates allowed by commercial banks on
deposits in establishing discount rates, it was the Board's view that
this fact should be understood by the banking community, and
that the banks in the centers affected should be given an opportunity
in anticipation of future rate changes to modify their rules. Accordingly, on December 29, the Board invited clearing-house associations
to send representatives to a conference to be held in Washington
on January 6, 1920, for a discussion of the matter.
It was the Board's conviction, however, at the close of the year,
that a substantial advance in all discount rates was necessary and
that it should not be long delayed.
The act of September 7, 1916, amended section 13 of the Federal
Reserve Act by providing that "any Federal reserve bank may
make advances to its member banks on their promissory notes for
a period not exceeding 15 days at rates to be established by such
Federal Reserve Bank, subject to the review and determination of
Federal Reserve Board, provided such promissory notes are
Digitized forthe
FRASER
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
5
secured by such notes, drafts, bills of exchange, or bankers' acceptances as are eligible for rediscount, or for purchase by Federal
reserve banks under the provisions of this act, or by the deposit or
pledge of bonds or notes of the United States." Until recently it
has been the policy of the Federal Keserve Banks to establish,
and of the Federal Reserve Board to approve, preferential rates for
paper, including member banks' collateral notes, maturing within 15
days, and a very large proportion of the invested assets of the Federal Reserve Banks have been represented bj r paper of this class.
This amendment was suggested by the Board at a time wrhen
borrowings by member banks were very small, and when much of
the limited demand wras for a short period only. Banks having
occasion to use funds for a few days found frequently that eligible
paper in their portfolios had a longer time to run than the period
covering their requirements, and the result was either that no offering was made or that the loans were taken up before maturity with
request for rebates.
During the period when the success of offerings of Government
bonds and of Treasury certificates depended so largely upon the cooperation of the banks the ability of member banks to discount at
preferential rates at Federal Reserve Banks their short-time notes
secured by Government obligations proved of great value, but now
that Treasury financing is no longer the paramount factor in the
money market it is the view of the Board that there should be no
preferential rates given to member banks' collateral notes.
INTERBANK
PURCHASES OF ACCEPTANCES AND REDISCOUNT
TIONS.
OPERA-
The rediscoxmting between Federal Reserve Banks of bills purchased and of discounted paper has been continuous throughout
the year, due both to the movement of funds in connection with
fiscal operations of the Treasury and also to seasonal requirements
for the movement of crops and the purchase of raw materials by
industries.
The Board has carried out its policy of equalizing as far as practicable the reserve position of the several Federal Reserve Banks.
All rediscount transactions and sales between Federal Reserve Banks
have been arranged by the Board under authority of section 11 of
the Federal Reserve Act, which provides that a Federal Reserve
Bank may be permitted or, upon the affirmative vote of at least
five members of the Federal Reserve Board, required to rediscount the discounted paper of another Federal Reserve Bank at
rates of interest fixed by the Federal Reserve Board. There has,
however, been such a spontaneous spirit of cooperation between the
Federal Reserve Banks that all transactions suggested by the Federal
Reserve Board have been made voluntarily, and in no case has the
6
AXNTJAL BEPORT OF THE FEDERAL RESERVE BOARD.
Board found it necessary to exercise its statutory power to require
such operations. By means of the Federal Reserve leased-wire system rediscount transactions have been consummated almost instantaneously. All payments have been made on the day the transactions were completed by direct transfers through the gold settlement
fund, through book entries at the banks and at the office of the
Board, without involving any physical transfer of gold.
There has been during the year a continuous increase in the amount
of open-market purchases of acceptances made chiefly h}r the Federal
Reserve Banks located in New York and Boston, which cities are
the principal acceptance markets.
The Federal Reserve Banks of Cleveland, Chicago, Minneapolis,
Kansas City, and San Francisco have participated daily in the
open-market purchases of the Federal Reserve Bank of New York
under an agreement approved by the Federal Reserve Board.
Other Federal Reserve Banks have undertaken to care for acceptances originating in their own districts which have been sold in the
New York market. The total purchases of acceptances by the
Federal Reserve Bank of New York amounted to $1,950,898,000, of
which $739,499,000 were immediately allotted in the amounts indicated to the Federal Reserve Banks in the cities named below:
Cleveland
Chicago
St. Louis
Minneapolis
Kansas City
San Francisco
$179, 592, 000
160,173, 000
500, 000
88, 696, 000
22, 461, 000
288, 077, 000
.•
The growth of the acceptance business and the great increase in
the volume of acceptances purchased by Federal Reserve Banks are
indicated in the following table.
Acceptances bought by Federal Reserve Banks.
[In thousands of dollars.]
Bought from other Federal
Reserve Banks.
Bought in open market.
Federal Reserve
Bank.
1916
1917
3,230
52,377
123,406
53,122
27,542
11,313
12,544
27,061
20,681
13,539
8,191
3,543
32,776
86,481
445,307
70,710
51,007
54,759
25,388
61,142
22,788
16,397
17,561
9,743
48,018
194,158
360,784
945,498 1,211,399
77, 686
14,049
122,800
261,750
70,766
52,977
45,477
51,661
122,787
292,012
26,096
87,503
13,903
108,714
14,691
26,086
25,024
12,415
150,653
345,827
5,047
19, 659
15,204
40,102
3,367
1,005
5,572
6,944
16,675
9,264
25,333
20,249
6,709
50,182
42,321
54,199
331
2,514
100,077
4,551
25,911
19,047
8,242
22,506
55,300
5,080
5,065
95,477
40,320
19,282
45,099
10,077
133,050
64,845
386,095
909,301 1,809,539 2,825,177
168,411
336,590
424,577
1915
Boston
New York
Philadelphia
Cleveland .
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis
Kansas Citv
Dallas . . .
San Francisco
Total
14,105
25,834
7,565
2.963
250
72
5,782
1,801
1,455
1,788
1918
1919
1917
1918
1919
15,827
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
7
In order to maintain an open market for bankers' acceptances the
Federal Reserve Banks of Boston and New York have been called
upon constantly to make very heavy purchases, and it has been
necessary for these banks in order to sustain their reserves to make
large sales of acceptances. Other Federal Reserve Banks have had,
from time to time, surplus funds and with the approval of the Federal
Reserve Board have purchased bankers7 acceptances from these
eastern banks. In cases where Federal Reserve Banks have of their
own initiative purchased bankers' acceptances from other Federal
Reserve Banks with the approval of the Board, the indorsement of
the selling bank has not been given as a rule, but whenever the
Board has requested a Federal Reserve Bank to rediscount bankers'
acceptances for another the selling bank has been required to indorse
the bills sold.
The Federal Reserve Banks of Cleveland, Chicago, St. Louis,
Minneapolis, and San Francisco are the only banks which have neither
rediscounted nor sold paper during the past }rear. Rediscount
operations between Federal Reserve Banks including straight
purchases of bankers' acceptances during the }rear have amounted to
$2,658,254,000, as compared with $660,638,000 during the year 1918.
In addition to these transactions the Federal Reserve Bank of New
York has purchased and allotted to other Federal Reserve Banks
$730,866,000 of bankers' acceptances, making a total interdistrict
movement of bills discounted and acceptances purchased and
allotted to other Federal Reserve Banks of $3,389,120,000. The
figures in detail appear in the following table:
Interdistrict movement of bills discounted or purchased by Federal Reserve Banks during
the period from Jan. 1 to Dec. 31, 1919.
[In thousands of dollars.]
Rediscounts and sales between Federal
Reserve Banks.
Federal Reserve
Banks.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Acceptances purchased for account
of other Federal
Reserve Banks.
Interdistrict
movement of
discounted and
purchased paper.
RedisExcess Excess of Amount Amount Excess
Discounted counted or of redis- discounts
purchased movepuror sold purchased counts
and
for acment
chased
by—
and sales. purchases. by— count of— from—
by—
131,165
312,740
55,827
8^6,521
284 317
842,946
5,080
82,690
10,065
i 124 1,493,815
180.529
i 78
447,895
56,500
50,099
404,975
67,577
1515
133,050
2,658,254
131,165
256,913
826,521
837,866
72,625
6,401
337,398
2,658,254 2,468,889
739,499
284 317
179,592
1.423,691
'180,529
447 817
160,173
500
88 696
22,461
132,535
288 077
2,468,889
739,499
Excess
movement
to—
131,165
996,412
826 521
837,866
72 625
337,398
739,499 3,£01,987
463,909
1,583,864
181,029
536,513
16,060
420,612
3,201,987
1
Acceptances purchased in the open market through the Federal Reserve Bank of New York and
returned to that bank before maturity.
ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD.
The reserve position of the 12 Federal Reserve Banks at the close
of business on the last Friday of the year, December 26, and the
amount of unmatured rediscounts and paper sold to other banks
are shown below:
Reserve position of the 12 Federal Reserve Banks, also amount of paper rediscounted with
or sold to and held by other Federal Reserve Banks as at close oj business, Dec. 26, 1919.
[In thousands of dollars.]
Ratio of total reserves to combined net
deposit and Federal Reserve note
liabilities.
Bills discounted
for or purchased
from other Federal R e s e r v e
Banks.
Bills rediscounted
with or sold to
other Federal
Reserve Banks.
Banks.
Boston
New York
Philadelphia
Cleveland
Richmond
\tlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Actual.
Per cent.
69,899
58,201
27,615
After adjustment
of reserves by
deducting
amount of bills
rediscounted
with or sold to
other F e d e r a l
Reserve Banks
and a d d i n g
amount of bills
discounted for or
purchased from
other
Federal
Reserve Banks.
13,000
9,S05
32,123
15,265
44.0
40.0
40.8
46.3
40.9
52.8
50.6
46.5
39.4
43.1
49.4
54.9
16S,715
168,715
44.8
i2,265
5,080
5,065 j
60,090
29,022
.-
Per cent.
24.3
36.2
32.7
49.4
43.5
55.2
58.8
60.5
39.4
41.3
77.0
59.3
44.8
Changes in discount rates approved by the Board for the Federal
Reserve Banks were, during the first 11 months of the year, unimportant, but in order to complete the record tables, showing the
changes and the dates on which they became effective are subjoined
hereto.
Changes in discount rates on paper secured by United States Treasury certificates of indebtedness, maturing within 15 days, including member banks'1 collateral notes.
Boston
1 4
New York
4
Philadelphia... 4
4
Cleveland
•I 1 . ..
Richmond
1 4
4 . . . . 1....
Atlanta
Chicago
4
St Louis
4
Minneapolis
Kansas City
4
Dallas
San Francisco
cc
_ 1
Sept.
1919
Nov.
1919
Nov.
1919
Nov.
1919
Nov.
1919
Nov.l
1919
Nov.l
1919
Dec. 1
1919
Dec. 1
1919
Dec. 1
1919
Dec. 1
1919
Dec. 1
1919
Dec. 1
1919
Dec. 26,
1919.
Dec. 3
1919
Jan. 1,
1919.
Apr. 2
1919
Apr. 2
1919
Effective—
Federal Reserve
Bank.
oT
CD
CO
cc"
CO
0
OJ
Ml
141
24*
2
*4i ....
4*
341
:'::
41
1412
4 4 '.
..
4 *4|
4*
41
1 41
2
M§
41
t
I
. . . . 1 41
41
41r
141
4+
4i
I
1
8 Rate of 4J per cent on mper secured by 4J per cent Treasury certificates.
8 Applies only to member banks' collateral notes; no rate on customers' paper.
Rate of 4J per cent on member banks' collateral notes secured by 4J- per cent Treasury certificates.
'Applies only to member banks7 collateral notes; rate of 4J per cent on customers' paper.
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
Changes in discount rates on paper secured by United States Treasury certificates of
indebtedness maturing within 16 to 90 days.
EffectiveFederal
Reserve
Bank.
Boston
_
New York
1
Philadelphia
Cleveland
Richmond .
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
SanjFrancisco. j
Dec. Dec. Dec. D e c . Dec. Dec. D e c .
Jan. Nov. Nov. Nov. Nov. Nov. Nov.
1,
1919.
4,
1919.
$
14J
(2)
5,
1919.
1919.
1919.
10,
1919.
15,
13,
1919. 1919.
17,
1919.
14*
A
4J
4£
4i
\i
i 4*
a
26,
30,
1919. 1919.
19,
919.
4*
4i
i4i
i4i
41
17,
1919.
4J
4J
4£
16,
1919.
4£
4J
4*
X
4£
X
4£
4i
4§
1 Rate of 4i per cent on paper secured by Treasury certificates bearing interest at 4J per cent.
2
Rate discontinued.
Changes in discount rates on paper secured by Liberty bonds and Victory notes maturing
within 15 days, including member banks' collateral notes.
Effective-
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Loin's
Minneapolis
Kansas City .
Dallas
San Francisco
j ^
Jan. ]
1919.
Federal Reserve
Bank.
01
^
^oJ
OS
!§
. OS
fiOS ftOS
1 ^
"
. O S ! .OS
^OS : ^OS
.OS
.OS
0
^
j -
. OS I
.OS
^oJ
'"'OS
OS
4_L
1-1
OS
34
p
4
4
4
4
1-1
?;os
s
43
7-1
^
OS
^
p
^ OS
^ ^
p
0 ot
ft
4*
4a
4f
41
42
4a
4
4
4
41
4*
4a
41
4
2
4
4
4L
4}-
41
43
4*
43
41
4f
4i
5
41
!
43
1
Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted had been
taken
by discounting bank at rate not exceeding coupon rate on bonds.
2
Rate applies to member banks' collateral notes; rate of 4 per cent on customers' paper.
Changes in discount rates on paper secured by Liberty bonds and Victory notes maturing
within 16 to 90 days.
Boston
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
4i
4i
4i
4i
a
4
4i
4i
4*
4*
44
4i
1
1
Dec. 3
1919
Dec. ]
1919
4|
i4f
5
5
4|
4}
4|
4f
4i
4£
Dec. ]
1919
1919
4f
4f
4*
4?
41
cT
4i
1
1 U
%
Dec, ]
1919
if?
4J
...........
4J
CO*
Dec.
Nov.
1919
1919
Nov.
1919
Nov.
cT
Dec. ]
1919
Nov. 7,
1919.
Nov. 6,
1919.
Nov. 5,
1919.
Nov. 4,
1919.
Jan. 1,
1919.
EffectiveFederal
Reserve
Bank.
4|
Rate of 5 per cent for maturities 61 to 90 days.
NOTE.—Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted
was taken at rate not exceeding coupon rate, established during 1918 at the following banks, was discontinued on the dates given: Boston, Feb. 15,1919; Chicago, Apr. 21,1919; Richmond, Apr. 25,1919; St. Louis,
5, 1919; Atlanta, July 17, 1919; Kansas City, June 19, 1919.
Digitized forJune
FRASER
10
AI\TIsTUAL REPORT OF T H E FEDERAL RESERVE BOARD.
Changes in discount rates on commercial paper maturing within 15 days,
member .hanks collateral notes secured by such paper.
including
Effective—
Federal Reserve Bank.
Boston
New York
Philadelohia.
Cleveland.
Richmond
Atlanta
Chicago..
St Louis
Minneapolis
Kansas Ci
Dallas
San Francisco
Jan. Apr. Nov. Nov.! Nov. Nov. Nov. Nov. Dec. Dec. ! Dec. D e c .
17,
15, ! 19, 26,
4, i 5, ! 6,
/, , 10.
1,
13,
1919. 1919. 1919. 1919.; 1919. j 1919. 1919. 1919. 1919. 1919. 1919. 1919.
4a
4
i
!
4
4
. ..
i 4J
< 44
• 1
1
4*
4
4
44
;
44
! 44
4\
fcy
4J
5
'
41
'
"
!
.
1
;
\
i
i
i
4
!
4s
3
4?
4 21
4f
!
4|
i
. !
vAthin 16 to 90 days.
Effective—
Nov. 10. Dec. 26,
1919. ' 1919.
Jan. 1,
1919.
Federal Reserve
Bank.
Jan. 1,
1919
Chicago .
St. Louis
i Minneapolis
i Kansas Citv
Delias
San Francisco
4f
42
44 |
4f
4}
1
Nov. 10,
1919.
•If
1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Dec. 26
1919.
1
1 43
1
i
5
41
Rate of 5 per cent for maturities 61 to 90 days.
Changes in discount rates on paper secured by War Finance Corporation bonds
within 90 dans.
Federal Reserve Bank.
4|
44. per cent on member banks' collateral notes.
Effective—
Boston
New Y o r k . . . .
Philadelphia
Cleveland
Richmond
Atlanta
4
!
i
44
Changes in discount rates on commercial paper maturing
Federal Reserve
Bank.
43
5
!
3
!
maturing
Rates on paper secured
by War Finance Corporation bonds established on dates given I Federal Reserve Bank.
below at 1 per cent in
excess of rates on commercial paper of corresponding maturities.
Rates on p?«per secured
by War Finance Corporation bonds established on dates given
below at 1 per cent in
excess of rates on commercial paper of corresponding maturities.
Apr. 11, 1919.
Do.
Do.
Apr. 4, 1919.
Do.
Do.
Apr. 4, 1919.
Do.
Do.
Do.
Do.
Apr. 9, 1919.
:; Chicago
St. Louis
; Minneapolis
i Kansas Citv
; Dallas
San Francisco
Changes in discount rates on agricultural and live-stock paper maturing within 91 to
180 days.
EffectiveFederal Reserve Bank.
Boston
New York..
Philadelphia
Cleveland...
Richmond..
Atlanta
Effective
Jan. 1, j Nov. 10,
1919. ; 1919.
Federal Reserve Bank.
. Chicago..
! St. Louis.
Minneapolis
, Kansas City...
. . . . | | Dallas
54, 11 San Francisco.
Jan. 1, I Nov. 10,
1919. i 1919.
54,
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
11
Changes in discount rates on trade acceptances maturing within 15 days.
EffectiveFederal Reserve Bank.
Jan. Apr. Nov. Nov. Nov. Nov. Nov. Nov. Dec. ! Dec. Dec. Dec.
26,
21,
4,
7,
10,
17,
12, ; 16,
30,
1,
1919. 1919. 1919. 1919. 1919. 1919. 1919. 1919. 1919. 1 1919. 1919, 1919.
4
4
4
Boston
New York 1
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas .
San Francisco
4J
41
4J
4J
14*
4
4-L
4
4
41
4^
4i
4£
4i
4i
4J
41
4i
4l
5
5
4f
1 4J
1
Rates apply also to discounted bankers' acceptances.
Changes in discount rates on trade acceptances maturing within 16 to 90 days.
EffectiveFederal Reserve
Bank.
Jan. 1,
1919.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Shicago
Ct. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4*
»44
4*
4*
N o v . 4,
1919.
2
Nov. 10,
1919.
Nov. 17,
1919.
Dec. 12,
1919.
Dec. 16,
1919.
1919.
Dec. 30,
1919.
4!
4i
2 4|
4i
Mi
. .. .1
44*
Dec. 26,
-
5
4|
44
5
5
4*
1 Bankers* acceptances discounted, 4£ per cent for maturities 16 to 60 days; 4* per cent for maturities 61
to 90 days.
c 2 Rate applies also to bankers' acceptances discounted.
Open market rates on bankers' acceptances maturing within three months.
Effective
Jan. 1,
1919—
minimum
rate.
Federal Reserve Bank.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
.
. .
4
4
4
4
4
Federal Reserve Bank.
Chicago
St Louis
Minneapolis. .
Kansas City
Dallas
San Francisco
. . . .
Effective
Jan. 1,
1919—
minimum
rate.
4
4
4
4
4
4
NOTE.—Whenever application is made by msmber banks for renewal of 15-day paper, the Federal Reserve Banks may charge a rate not excaeding that for 90-day paper of the same class.
178983—20
2
12
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
MOVEMENT OF THE PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL
RESERVE BANKS DURING THE YEAR 1919.
During the year the activities of the Federal Reserve Banks
continued in undiminishing scope and in even greater volume than
heretofore. As stated in the opening paragraph of this report, the
cessation of actual hostilities did not end the war work of the banks,
and participation in the financial operations of the Treasury involving
the flotation of the last of the popular war loans and the placing of
the several issues of loan and tax certificates, continued to be an
important function of the Federal Reserve Banks. The work performed by the Federal Reserve Banks during the year involved the
collection, concentration, and disbursement on Government account
of $15,669,000,000, of which $4,491,500,000 represents the total of
the Victory loan allotted; $6,754,400,000 the combined amounts of
eight series of certificates issued during the year in anticipation of
the Victory loan, and of four series of the so-called loan certificates;
and $4,423,000,000 the total of 11 series of certificates issued in
anticipation of income and excess profits taxes due in 1919 and 1920*
The reported holdings by Federal Reserve Banks of wTar paper
aggregated slightly more than $1,400,000,000 at the close of the
year 1918, and reached a maximum of $1,863,500,000 on May 16
1919, about the time of the flotation of the Victor}7 loan, when paper
secured by Government obligations constituted 91.4 per cent of the
total discounted paper of the Federal Reserve Banks. After this
date there was a gradual decline to $1,383,900,000, or 84.1 per cent
of their total discounted paper on September 19. Between that
date and November 14 the amount of war paper held by the Federal
Reserve Banks increased to $1,700,618,000, but since the latter date,
as the result of rate revision during the months of November and
December, the amount of such paper held by Federal Reserve
Banks was reduced to $1,510,400,000, or 68.8 per cent of their total
holdings of discounted paper on December 26. Of this amount
$732,400,000, or 48.5 per cent were secured by Liberty bonds,
$337,700,000, or 22.3 per cent by Victory notes, and $440,300,000, or
29.2 per cent by Treasury certificates. Other discounts, which aggregated $302,500,000 at the close of the year 1918, continued at a comparatively low level during the greater part of the year 1919. It was
not until the latter part of September that the discounts of ordinary
commercial paper began to show a material increase. On December
26 holdings of such paper amounted to $684,500,000, and constituted
31.2 per cent of the Federal Reserve Banks7 total holdings of discounted
bills as against less than 18 per cent a year earlier. Acceptances held,
which amounted to $303,700,000 on December 27, 1918, moved
within moderate limits during the first half of the calendar year,
and not until the end of June was the total amount in excess of
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
13
$300,000,000. During the months of November and December the
volume and amount of acceptances held by the Federal Reserve
Banks increased very rapidly, and the total held by the banks on
the last Friday of the year 1919 ($585,200,000) was over 21 per
cent of their total bills held as compared with 15 per cent on the
corresponding date of the previous year.
During the year ending December 26 the Federal Reserve Banks'
holdings of United States bonds decreased from $28,900,000 to
$26,800,000, this amount being made up mainly of bonds purchased
to secure Federal Reserve bank notes, and of 3 per cent conversion
bonds, the amount of Liberty bonds held being comparatively negligible. The increase during the year of $159,194,500 in the holdings
of Treasury certificates represents largely the banks7 holdings of
one-year 2 per cent certificates to secure Federal Reserve bank note
circulation issued to replace silver certificates and silver dollars withdrawn under the operation of the Pittman Act. The total of earning
assets increased during the same period from $2,346,200,000 to
$3,080,500,000, or nearly 33 per cent.
During the first half of the year, while the gold embargo was still
in force and also in the period between August and November, the
gold reserves of the Federal Reserve Banks were increased by net
importations and deposits of gold and by the purchase of German
gold from the United States Grain Corporation and its transfer to
the Bank of England where it is held as a special deposit available
for shipment to this country at any time. These gains were practically offset, however, by gold withdrawn for foreign shipments,
principally to Spain, Argentina, and the Far East, the net result
being that the gold reserves held by the Federal Reserve Banks on
December 26, 1919, amounted to $2,078,400,000, or $11,800,000 less
than the amount held on December 27, 1918. The total cash reserves
held by the Federal Reserve Banks on December 26 show a corresponding decline from $2,146,200,000 to $2,135,500,000.
As compared with the moderate changes in the banks' aggregate
reserves, their net deposits, because of additions to membership and
in consequence of the general credit expansion, increased during the
year from $1,552,900,000 to $1,704,500,000. Federal Reserve notes
in circulation on the last Friday in the year 1918 amounted to
$2,685,200,000. During the early months of the year 1919 there
was a very appreciable contraction of the note circulation, the amount
outstanding on January 31 being $2,450,729,000, on August 1
$2,506,820,000, and on September 26 $2,655,354,000. Between that
date and December 26 the volume of Federal Reserve notes in circulation increased by over $400,000,000 to $3,057,646,000, the
average weekly rate of increase being more than $30,000,000. There
has, in addition, been an increase during the year of $143,900,000
14
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
of Federal Reserve bank notes in circulation, all of which, however,
have been issued to take the place of silver certificates withdrawn
from circulation and of silver dollars broken up and exported under
the provisions of the act of April 23, 1918, commonly known as the
Pittman Act.
The peak in Federal Reserve note circulation during the year 1918
was attained on December 27 and the high point for the year 1919
was reached on December 26. From December 27, 1918, to January
31, 1919, the note issues declined by $234,515,000 and similar
reduction may be expected during the opening weeks of the year 1920.
The reserve position of the banks until the close of September
shows but little change, the ratio of cash reserves to aggregate
deposit and note liabilities during the entire period, except on July
11, continuing above 50 per cent. Substantial growth of deposit
liabilities during October and November and the large note issues
during the last two months, coupled with a simultaneous loss of
about 70 millions in reserves, account for the considerable decline in
the reserve ratio during the latter part of the year. On the l^ast
Friday of 1919 the reserve ratio stood at 44.8 per cent, compared with
50.6 per cent on the corresponding date in 1918.
The following table shows in detail the changes in the principal
assets and liabilities of the Federal Reserve Banks, week by week,
throughout the year.
Movement of principal assets and liabilities
of all Federal Reserve Banks during the calendar year 1919.
[In thousands of dollars.]
Resources.
Liabilities.
10
Discounted
Total
paper
Other
Bills
Total
bills
secured
disPer cent Per cent
bought discounted
discounted
by Govern- counted
in open
(Ito3). (Ito5).
paper.
and
ment war paper.
market.
bought.
obligations.
Jan. 3
Jan.10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 20
Feb. 28
Mar. 7
Mar. 14
Mar. 21
Mar.28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29
June 6
June 13
June 20
June 27
July 3
1,534,670
1,484,847
1,347,088
1,497,500
1,357,571
1,451,147
1,603,052
1,596,458
1,667,965
1,701,487
1,702,351
1,691,678
1,691,010
1,674,916
1,767,459
1,720,960
1,760,672
1,788,068
1,795,735
1,863,476
1,762,487
1,802,893
1,620,994
1,695,576
1,621,928
1,573,483
1,632,639
295,194
273.229
254,263
264,533
243,557
243,254
233,849
221,996
211,855
186,240
184,012
189,861
195.230
193,066
200,465
201,314
189,740
178,715
172,568,
175,464VI
176,379
186,499
190,130
182,598
215,512
244,557
262,389
1,829,864
1,758,076
1,601,351
1,762,033
1,601,128
1,694,401
1,836,901
1,818,454
1,879,820
1,887,727
1,886,363
1,881,539
1,886,240
1,867,982
1,967,924
1,922,274
1,950,412
1,966,783
1,968,303
2,038,940
1,938,866
1,989,392
1,811,124
1,878,174
1,837,440
1,818,040
1,895,028
290,269
277,896
273,607
284,539
281,293
282,702
275,068
269,920
276,919
273,493
262,139
261,924
248,107
240,790
218,590
196,885
185,822
195,284
182,036
184,717
193,187
183,650
198,307
234,537
274,736
304,558
330,679
2,120,133
2,035,972
1,874,958
2,046,572
1,882,421
1,977,103
2,111,969
2,088,374
2,156,739
2,161,220
2,148,502
2,143,463
2,134,347
2,108,772
2,186,514
2,119,159
2,136,234
2,162,067
2,150,339
2,223,657
2,132,053
2,173,042
2,009,431
2,112,711
2,112,176
2,122,598
2,225,707
83.9
84.5
84.1
85.0
84.8
85.6
87.3
87.8
88.7
90.1
90.2
89.9
89.7
89.7
89.8
89.5
90.3
90.9
91.2
91.4
90.9
90.6
89.5
90.3
88.3
86.6
86.2
72.4
72.9
71.8
73.2
72.1
73.4
75.9
76.4
77.3
78.7
79.2
78.9
79.2
79.4
80.8
81.2
82.4
82.7
83.4
83.8
82.6
82.5
80.7
80.2
76.8
74.4
73.3
Total
cash
reserves.
Ratio of
cash
Federal
reserves
Federal
Reserve
to net
Reserve
Bank
deposit and notes
Net
notes
in
Federal circulation,
deposits.
in
Reserve
actual
net
note
circulation.
liabilities liability.
combined.
2,152,154
2,161,898
2,170,163
2,168,387
2,179,646
2,175,614
2,185,318
2,191,532
2,188,723
2,205,462
2,196,737
2,208,578
2,210,524
2,218,628
2,211,989
2,230,859
2,240,152
2,237,219
2,242,784
2,245,857
2,247,933
2,255,106
2,270,343
2,261,988
2,234,459
2,216,256
2,195,353
1,551,209
1,575,867
1,592,450
1,685,981
1,659,457
1,614,161
1,744,662
1,730,796
1,796,729
1,802,090
1,769,445
1,768,646
1,741,425
1,703,366
1,777,915
1,735,070
1,752,094
1,774,950
1,765,309
1,865,315
1,797,505
1,830,920
1,712,118
1,794,770
1,771,329
1,750,694
1,772,003
2,647,605
2,590,681
2,513,089
2,466,556
2,450,729
2,454,165
2,468,388
2,466,248
2,472,307
2,488,537
2,503,095
2,510,687
2,521,776
2,547,670
2,548,588
2,543,704
2,549,552
2,549,040
2,556,749
2,532,039
2,504,253
2,519,292
2,513,037
2,499,265
2,488,253
2,499,180
2,552,348
51.3
51.9
52.9
52.3
53.0
53.5
51.9
52.2
51.3
51.4
51.4
51.6
51.9
52.2
51.1
52.1
52.1
51.7
51.9
51.1
52.3
51.8
53.7
52.7
52.5
52.1
50.8
120,267
123,466
125,011
126,810
129,445
131,315
132,291
133,465
134,042
136,591
139,479
142,442
145,540
149,449
151,560
155,074
158,848
161,450
164,415
168,045
167,208
168,427
169,246
170,937
173,775
177,185
181,570
P
g
s
w
W
I
w
o
Movement of principal assets and liabilities of all Federal Reserve Banks during the calendar" year 1919—Continued.
[In thousands of dollars.]
Liabilities.
Resources.
10
Discounted
paper
secured
by Government war
obligations.
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
1,684,940
1,579,728
1,616,210
1,612; 639
1.608,583
1.522,992
1,563,048
1,609,296
1,635,233
1,524,521
1,383,896
1,572,503
1,654,166
1,672,797
1,698,885
1,666,055
1,681,082
1,771,028
1,700,618
1,673,890
1,736,033
1,603,313
1,588,417
1,414,950
1,510,364
Other
discounted
paper.
251,367
248,347
251,392
235,300
225,535
220,347
211,262 I
205,838
212,185
230,317
261,985
309,779
361,771
401,058
422,842
416,084
447,465
418,461
439,000
450,747
478,176
504,795
550,999
580,162
684,514
Total
discounted
paper.
1,936,313
1,828,075
1,867,602
1,847,039
1,834,118
1,743,339
1,774,310
1,815,134
1,847,418
1,754,838
1,045,881
1,882,282
2,015,937
2,073,855
2,121,727
2,082,139
2,128,547
2,189,489
2,139,618
2,124,637
2,214,209
2,108,108
2,139,416
1,995,112
2,194,878
Bills
bought
in open
market.
360,035
372,353
375,556
374,791
381,241
374,375
362,911
363,138
354,607
362,005
353,817
342,491
326,667
326,852
342,938
368,846
394,355
433,586
455,653
480,043
495,595
514,219
541,551
566,266
585,212
Total
bills
discounted
and
bought.
2,296,348
2,200,428
2,243,158
2,222.730
2,215; 359
2,117,714
2,137,221
2,178,272
2,202,085
2,116,843
1,999,698
2,224,773
2,342,604
2,400,707
2,464,665
2,450,985
2,522,902
2,623,075
2,595,271
2,604,680
2,709,804
2,622,327
2,680,967
2,561,378
2,780,090
Per cent
(Ito3).
87.0
86.4
86.5
87.3
87.7
87.4
88.1
88.7
88.5
86.9
84.1
83.5
82.1
80.7
80.1
80.0
79.0
80.9
79.5
78.8
78.4
76.1
74.3
70.9
68.8
Per cent
(Ito5).
73.4
71.8
72.0
72.5
72.0
71.9
73.1
73.8
74.2
72.0
69.0
70.7
70.6
69.7
68.9
68.0
66.6
67.5
65.5
64.3
64.1
61.1
59.2
55.2
54.3
Total
cash
reserves.
2,180,211
2,177,481
2,161,023
2,156,327
2,152,118
2,151,723
2,142,701
2,135,976
2,136,870
2,138,499
2,162,057
2,187,505
2,205,511
2,202,100
2,199,185
2,214,561
2,205,592
2,187,369
2,200,106
2,186,972
2,159,666
2,154,095
2,160,405
2,154,911
2,135,536
Net
deposits.
1,842,433
1,769,496
1,796,561
1,766,181
1,820,817
1,688,675
1,621,147
1,629,797
1,624,J17
1,618,216
1,499,914
1,634,074
1,726,266
1,743,850
1,796,159
1,792,402
1,850,518
1,870,510
1,858,258
1,846,800
1,889,399
1,761,521
1,786,424
1,610,924
1,704,470
11
Ratio of
cash
reserves
Federal
Reserve
to net
notes
deposit and
Federal
in
Reserve
actual
note
circulation.
liabilities
combined.
2,538,127
2,512,048
2,504,497
2,500,820
2,532,057
2,540,904
2,553,534
2,580,029
2,011,097
2,621,228
2,621,258
2,655,354
2,708,186
2,741,684
2,752,569
2,753,457
2,752,876
2,800,759
2,808,450
2,817,173
2,852,277
2,881,359
2,907,435
2,988,894
3,057,640
49.8
50. 9
50. 2
50. 5
49.4
50. 9
51.3
50. 7
50. 4
50.4
52.5
51. 0
49. 7
49.1
48.3
48.7
47.9
46.8
47. I
46.9
45. 5
46.4
46.0
46.8
44.8
12
Federal
Reserve
Bank
notes in
circulation,
net
liability.
O
w
H
O
184,800
180,911
193,849
200,945
205,318
201), 709
215,795
219,815
223,565
228,109
232,594
239,451
241,937
247,170
249,075
251,590
254,933
257,572
257,281
257,080
250,793
257,480
258,444
259,975
261,039
•§
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
17
CONDITION DURING 1919 OF MEMBER BANKS IN PRINCIPAL CITIES.
The Board receives reports on Friday of each week from member
banks in leading cities showing the principal items of resources and
liabilities. The subjoined table shows the number of reporting banks
and the weekly changes in their resources and liabilities.
In making a comparison between the consolidated figures for
reporting member banks on various dates throughout the year, it
should be borne in mind that the number of reporting banks has
increased gradually from 763 to 797 as a result of accession of new
members in the reporting cities.
The total of United States securities owned by the reporting banks
shows a decrease during the year of 433.5 millions, from 2,383.3 to
1,929.8 millions, notwithstanding the inclusion since June 6 of
Victory notes under this general heading. Holdings of Treasury
certificates, which were 1,269.9 millions on the first Friday of the year,
reached a maximum of 2,328 millions on May 2, shortly before the
close of the Victory loan campaign. Since October 10 these holdings
have been below 1,000 millions, and at the close of the year stood at
789.9 millions, or 480 millions less than the total shown at the beginning of the year. Holdings of United States bonds other than those
available for circulation—principally Liberty bonds—declined during
the year from 827.6 to 632.8 millions, while Victory notes, holdings
of which appeared for the first time on June 6, declined from 447.9
millions to about 238 millions.
Between June 6 and the end of the year the net liquidation of United States securities by reporting banks amounted to 938.7 millions.
Loans secured by United States war obligations, which amounted
to about 1,220 millions on January 3, exclusive of rediscounts with the
Federal Reserve Banks, showed a downward trend until the flotation
of the Victory loan. During the month of June these loans increased
considerably, reaching the high point of 1,438.2 millions on June 20,
Since the latter part of October holdings of war paper show a perceptible decrease, the total of such holdings at the close of the year,
1,020.4 millions, being about 200 millions less than at the beginning
of the year. Since August 15 loans secured by miscellaneous stocks
and bonds have been segregated in the weekly statements of member
banks. These loans on the whole have followed an upward course
during the five months for which data are available, and the total
on December 26, 3,300.4 millions, shows an increase of 373.5 millions
over the total reported on August 15.
Total loans and investments, including ordinary commercial
discounts and acceptances, but excluding bills rediscounted at Federal
Reserve Banks, show an increase for the year from 13,697.8 millions
to 15,621 millions, the latter figure being the high point for the year,
The rediscounts of these reporting banks with the Federal Reserve
Banks amounted to 466.2 millions on January 3 and declined
to 226 millions on May 23. During the last three months
gradually
18
AST:NTUAL REPORT OF THE FEDERAL RESERVE BOARD.
of the year the movement has been upward, and the total amount
held under rediscount by the Federal Reserve Banks for the reporting
banks on December 26, 899.6 millions, was nearly double the amount
held at the beginning of the year. In addition to rediscounts, the
Federal Reserve Banks extended accommodation to member banks
by discounting their notes secured by United States war obligations, by customers' paper secured by such obligations, and to a much
smaller extent by other eligible paper. The total of collateral notes
held under rediscount by Federal Reserve Banks for reporting banks,
which was 972.2 millions at the beginning of the year, reached its
maximum of 1,312.1 millions on May 16, the Friday preceding the
allotment of the Victory loan. During November and December,
owing largely to the elimination of the differential between rates on
war paper and ordinary commercial paper, the amount of member
banks' collateral notes discounted by the Federal Reserve Banks
shows some decline, the total on December 26 of 933.6 millions being
38.6 millions below the aggregate on January 3. Of the total amount
of bills held by the Federal Reserve Banks under discount and
rediscount for the reporting member banks on December 26, 1,236.5
millions, or about two-thirds, was secured by war paper, and 596.7,
or about one-third, by commercial paper.
Government deposits showed wide fluctuations in connection wTith
the various operations of the Treasury, mainly the flotation of the
Victory loan, the issue and redemption of the various loan and tax
certificates series, and the collection of the quarterly installments of
income and excess profits taxes. The high point, 1,180.6 millions,
was reached on June 6 following the allotment of the Victory loan.
Large deposits are shown also on dates following the payment of
tax installments and the redemption by the Treasury of outstandingcertificates. Government deposits held by the reporting banks were
considerably smaller during the last quarter of the year than during
the preceding months. Other net demand deposits show an upward
movement paralleling the increase in the loans and investments of
the reporting banks. Except in the first quarter of the year, when
demand deposits fell below 10,000 millions, the movement was
upward, reaching its high point of 11,404 millions on December 12.
Time deposits, partly as the result of accession to membership of
trust companies with large savings departments, show an almost
steady upward course, except for the few weeks in May preceding
the placing of the Victory loan, and on December 26 reached a maximum total of 2,302.3 millions, or about 750 millions more than the
total at the beginning of the year.
Reserve balances of the reporting banks carried with the Federal
Reserve Banks fluctuated within the narrow limits of 1,225.2 millions on February 7 and 1,461.6 millions on November 7. Cash in
vault shows maximum amounts of about 429 millions' at the opening
and close of the year, and a minimum of 336.5 millions on the
Digitized forthird
FRASER
Friday in February.
Principal resources and liabilities of member banks in leading cities on each Friday during the calendar year 1919.
[In thousands of dollars.]
Number of
reporting
banks.
Other
United United
States
United
bonds bonds, States
to se- includ- Victory
cure
notes.
ing
circulation. Liberty
bonds!
Jan.3
Jan. 10
Jan. 17
Jan.24
Jan. 31
Feb. 7
Feb. 14....
Feb. 2 1 . . . .
Feb. 2 8 . . . .
Mar. 7
Mar. 14....
Mar. 21
Mar. 2 8 . . . .
Apr. 4
Apr. 1 1 . . . .
Apr. 18
Apr. 2 5 . . . .
May 2
May 9
May 1 6 . . . .
May 2 3 . . . .
May 2 9 . . . .
June 6
June 1 3 . . . .
June 20
June 27....
July 3
July 1 1 . . . .
July 18
July 2 5 . . . .
Aug. 1
Aug. 8
Aug. 15....
763
769
768
772
772
771
771
772
771
771
772
772
772
773
773
773
772
771
773
773
773
772
770
771
""
772
773
771
769
769
—
770
773
265,774
263,184
262,742
262,785
263,047
263,214
263,111
262,760
263,523
264,375
j265!735
~"~ ~~~
267,081
267,756
268,883
268,950
268,779
268,823
269,287
|268,188
268,095
1268,215
1268,378
1269,153
268,566
268,540
269,264
269,314
1269; 614
1269,001
269,622
269,743
270,231
827,569
797,991
825,595
799,999
769,727
739,108
723,713
698,676
695,678
675,632
|676,095
i665,441
1660,825
646,365
647,493
637,264
657,697
669,736
678,617
682,490
864,846
852,944
636,978
636,292
638,781
628,427
635,170
628,734
650,083
636,510
645,116
641,315
644,195
447,884
424,665
388,738
374,822
349,918
341,030
368,189
353,751
337,239
328,671
|329,442
United
States
certificates of
indebtedness.
1,269,948
1,300,888
1,467,026
1,457,219
1,514,776
1,463,955
1,742,993
1,729,178
1,998,658
1,994,256
2,241,182
2,022,018
1,900,673
1,841,783
2,109,440
2,079,489
2,046,358
2,328,124
2,260,432
2,222,332
1,777,868
1,739,582
1,514,452
1,422,736
1,040,664
916,739
1,001,415
978,081
930,124
896,685
1.134,206
1,160,302
1,200,736
Total
United
States
securities
owned.
2,363,291
2,362,063
2,555,363
2,520,003
2,547,550
2,466,277
2,729,817
2,690,614
2,957,859
3,934,263
2,183,012
2,954,540
2,829,254
2,757,031
3,025,883
2,985,532
2,972,878
3,267,147
3,207,237
3,172,917
2,910,929
2,860,904
2,868,467
2,752,259
2,336,723
2,189,252
2,255,817
2,217,459
2,217,397
2,156,568
2,386,304
2,400,519
2,443,361
Loans
Loans se- secured
cured by by stocks All other
United
loans and
and
States
investbonds
war obliments.1
other
gations. than U.S.
bonds.
1,220,040
1,165,451
1,182,721
1,189,351
1,183,245
1,198,353
1,170,031
1,158,500
1,174,124
1,133,193
1,118,067
1,123,551
1,121,818
1,106,751
I,110,132
1,093,982
1,099,898
1,085,333
1,072,498
1,080,080
1,179,537
1,194,722
1,420,581
1,416,615
1,438,204
1,380,628
1,369,948
1,384,579
1,382,145
1,363,764
1,353,109
1,326,286
1,304,031 2,926,989
10,114,469
10,131,141
10,135,468
10,092,149
10,100,720
10,006,011
10,072,938
9,975,131
10,039,003
10,069,172
10,201,559
10,233,563
10,252,960
10,218,294
10,237,377
10,266,712
10,264,007
10,326,851
10,369,872
10,428,511
10,515,096
10,561,604
10,656,381
10,772,909
10,711,859
10,780,317
10,873,648
10,901,086
10,891,032
10,859.247
11,057,662
11,040.854
",274,832
Total
loans and
investments.
Bills
Bills
Reserve
Net
redisbalances
demand
Govern- payable counted
with
ment
with
Cash in deposits on Time
with
deFederal Federal
Federal vault. which re- deposits.
posits. Reserve Reserve
Reserve
serve is
Bank.
Bank.
computed.
Bank.
13,697,800 ,295,849
13,658,655 ,295,723
13,873,552 ,298,874
13,801,503 ,275.623
13,831,515 ,307', 454
13,670,641
225,219
255,438
13,972,786
225,462
13,824,245
253,166
14,170,986
262,249
14,136,628
298,.29O
14,502,638
236,335
14,311,654
244,821
14,204,032
267,552
14,082,076
252,477
14,373,392
275,986
14,346,226
288,044
14,336,783
273,146
14,679,331
299,739
|14,649,6O7
317,760
14,681,508
298,008
14,605,562
285,891
14,617,230
303,769
14,945,429
257,523
14,941,783
268,989
14,486,786
323,333
14,350,197
269,102
14,499,413
335,133
14,503,124
300,919
14,490,574
318,281
14,379,579
353,542
14,797,075
14,767,659 - 353,345
14,949,213 11' 360,554
428,791
411,603
386,621
368,296
353,950
353,177
361,138
336,514
337,698
346,035
348,814
347,755
350,048
349,579
|356,145
; 349,952
353,173
347.320
1360,887
|360,596
1359,184
344,662
1368,882
!374,450
|358,588
1351,599
343,185
383,808
364,823
355,910
338,966
351,220
347,145
10,145,058
10,066,502
'10,080.102
9,995,791
9,952,408
9,786,907
9,911,667
9,945,267
9,988,464
10,035,620
10,311,435
10,058,842
10,054,438
10,097,465
10,047; 102
10,186,109
10,209,754
10,322,632
10,486,764
10,571,547
10,370,747
10,442,847
10,375,244
10,587,031
10,321,405
10,286,406
10,511,628
10,646,627
10,716,098
10,543,056
10,776,645
10,744,722
10,879,079
1,552,301
1,565,326
1,605,064
1,587,597
1,611,721
1,616,452
1,624,454
1,633,657
1,646,174
1,646,620
1,668,533
1,674,992
1,684,259
1,691,971
1,698,117
1,714,216
1,717,842
1,720,352
1,742,095
1,718,894
1,715,542
1,729,689
1,727,163
1,729,575
1,736,134
1,756,963
1,758,103
1,763,207
1,766,815
1,789,774
1,861,519
1,882,694
1,896,770
972,220
431,604
880,286
499,022
811,749
658,956
998,545
489,447
838,230
693,681
933,753
581,969
644,536 , 039,467
552,634 ,078,992
680,105 ,157,121
546,190 ,188,026
670,239 ,175,463
;690,045 ,131,300
1608,561 ,140,828
J452,831 ,140,253
1723, 775 ,210,425
652,671 ,159;498
525,735 ,164,126
727,905 il ,244,113
551,099 !l ,254,624
434,848 il',312,063
627,897 1 ,226,986
541,247 |l , 250,202
1,180,592 ,084,182
945,738 ,119,496
823,236 ,062,494
782,610 ,025,844
601,481 ,113,102
516,420 ,154,341
412,925 ,068,817
405,161 ,100,684
517,149 ,092,941
551,406 ,088,510
624,744 ,006,902
466,163
446,707
402, 730
360,773
352,525
372,888
376,113
323,153
316,738
292,831
290,087
293,717
282,109
276,737
293,428
281,472
244,995
243,671
244,031
248,002
225,953
235,772
251,215
274,187
300,522
325,067
335,750
354,341
349,978
340,096
337,123
338,810
320,560
i Prior to Aug. 15 loans secured by stocks and bonds were included in this classification.
I—1
CO
Principal resources and liabilities of member banks in leading cities on each Friday daring the calendar year
1919—Continued.
[In thousands of dollars.]
United Other
United
Num- States United
States United States
ber of bonds bonds,
States
certifireport- to se- includ- Victory cates
of
ing
cure
notes.'
ing
indebtbanks. circu- Liberty
edness.
lation. bonds
Aug. 22....
Aug. 29
Sept. 5
Sept. 12....
Sept. 19....
Sept. 26....
Oct. 3
Oct. 1 0 . . - .
Oct. 1 7 . . . .
Oct. 2 4 . . . .
Oct. 31
Nov. 7
Nov. 14....
Nov. 2 1 . . . .
Nov. 28....
Dec. 5
Dec. 12....
Dec. 19....
Dec. 26....
775
774
774
774
776
776
776
776
778
783
784
783
782
794
795
796
796
796
797
268,959
269,252
269,393
269,551
270,365
269,706
269,656
269,539
269,365
268,689
268,612
268,209
268,997
269,073
269,097
269; 425
269,850
269,188
269,113
642,182 321,955
637,382 319,282
636,804 316,489
632,065 312,628
624,434 1312,726
619,968 302,930
615,624 304,608
611,714 J305,181
615,062 '305,866
632,321 1302,887
636,066 1298,637
633,950 =292,410
631,730 1278,659
634,368 275,522
628,221 265,981
631,374 256,465
628,728 251,624
626, 297 241,910
632,776 237,997
1,187,316
1,155,560
1,334,416
1,111,850
1,125,677
1,050,339
1,008,016
992,791
945,549
930,126
904,623
847,558
831,281
821, 016
816,540
862,017
792,722
844,309
789,882
Total
United
States
securities
owned.
I
Loans
Loans se- secured
cured by by stocks All other
Total
loans and loans and
United
and
investStates
bonds
investments.
war obli- other
ments.
than U.S.
bonds.
2,420,412 1,307,872
2,381,476 1,302,062
2,557,102 1,294,285
2,326,094 1,309,370
2,333,202 1,343,049
2,242,943 1,333,697
2,197,934 11,318,944
2,179, 225 11,321,076
2,135,842 1,302,128
2,134, 023 1,252,406
2,107,938 1,234,057
2,042,127 1,141,049
2,010,667 1,061,438
1,999,979 1,060,216
1,979,839 1,053,663
2,019,281 1,023,107
1,942,924 1,020,574
1,981,704 1,022,633
1,929,768 1,020,384
2,943,553
2,915,491
2,956,596
3,012,523
3,027,173
3,053,110
3,122,614
3,105,934
3,141,026
3,166,168
13,246,059
13,246,138
13,202,988
J3,220,937
13,222,622
13,204,845
3,249,062
13,270,511
3,300,373
8,292,637
8,369,878
8,425,179
8,497,269
8,602,211
8,667,708
8,751,950
8,870,046
8,854,567
8,984,507
9,023,666
9,141,277
9', 147,264
9,182,416
9,195,138
9,186,687
9,246,697
9,339,958
9,370,426
to
O
Bills
Reserve
Bills
Net
redisbalances
demand
Govern- payable count
ed
with
Cas]sh in deposits on Time
ment
with
Federal vault which re- deposits.
deFederal with
Reserve
serve is
posits. Reserve Federal
Bank.
computed
Bank. Reserve
Bank.
964,474 286,616 350,507 10,794,660
968,907 325,776 345,605 10,802,505
233,162 342,058 365,330 10,901,999
145.256 383,481 368,649 11,220,961
305,635 249,379 358,276 10,973,284
297,458 332,919 |349,780 10,839,154
391,442 363,437 353,950 11,019,486
476,281 369,653 370,745 11,062,811
433,563 | 396,123 I3ti8,385 11,153,523
537,104 jl 382,356 374,581 11,179,529
611,720 II 403,171 358,771 11,284,902
570,591 11 461,651 ! 382,679 11,284,244
422,357 " 417,123 1381,503 11,354,900
463,548 409,113 1386,046 11,343,085
451,262 414,856 I3S4,543 11,337,614
438,920 406,193 395,987 11,203,994
459.257 1 . 402,429 393,558 11,404,289
614,806 il ,316,937 403,554 11,195,085
620,951 il ,347,175 429, 712 11,174,249
1,900,776
1,923,494
1,921,549
1,928,472
1,978,118
1,994,216
2,002,595
2,024,097
2,037,688
12,173,538
|2,194,156
2,209,169
'2,224,042
(2,288,186
2,288,133
2,270,678
2,283,673
2,293,384
2,302,344
573,213
524,017
686,443
505,296
1770,864
: 692,335
'604,485
1612,268
1482,804
438,955
1355,360
,330,843
285,803
231,701
183,053
415,003
295,962
647,898
580,452
1,086,341
1,123,709
1,147,401
1,037,148
925,339
1,096,072
1,168,574
1,181,395
1,214,751
1,187,969
1,194,489
1,166,815
1,065,540
1,054,532
1,107,935
985,128
977,054
846,103
933,603
o
t-TJ
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Q
H
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o
g
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
21
ACCEPTANCES.
Reference has already been made to the efforts to develop an acceptance market in this country, and notwithstanding adverse conditions there has been a substantial growth in the use of the acceptance
as a credit instrument especially adapted to financing the movement
of goods between the United States and foreign countries, from one
foreign market to another, and between localities within the United
States. Incorporated banks were first permitted to accept about
10 years ago under the laws of some of the States in which they were
domiciled, and the Federal Reserve Act authorizes member banks
to accept drafts and bills of exchange having not more than six
months' sight to run, exclusive of days of grace, which grow out of
transactions involving the importation or exportation of goods;
or which grow out of transactions involving the domestic shipment
of goods, provided shipping documents conveying or securing title
are attached at the time of acceptance; or which are secured at the
time of acceptance by a warehouse receipt or other such document
conveying or securing title covering readily marketable staples.
The law also permits any member bank to accept drafts or bills of
exchange drawn upon it having not more than three months7 sight
to run, exclusive of days of grace, drawn under regulations to be
prescribed by the Federal Reserve Board, by banks or bankers in
foreign countries or dependencies or insular possessions of the United
States for the purpose of furnishing dollar exchange as required by
the usages of trade in the respective countries, dependencies, or insular possessions. There is a restriction, however, which applies to
all three classes of acceptances, that no member bank may accept
bills for any one person, firm, or corporation to an amount equal at
any time in the aggregate to more than 10 per cent of its paidup and unimpaired capital stock and surplus, unless the bank is
secured either by attached documents or some other adequate
security growing out of the same transaction as the acceptance, and
no bank shall accept such bills to an amount equal at any time in
the aggregate to more than one-half of its paid-up and unimpaired
capital stock and surplus.
The Federal Reserve Board is, however, authorized, under such
general regulations as it may prescribe to be applicable to all banks
alike, to permit any member bank to accept bills growing out of
transactions involving the importation or exportation of goods to
an amount not exceeding at any time in the aggregate 100 per cent of
its paid-up and unimpaired capital stock and surplus, but in no event
shall a member bank's acceptances growing out of domestic transactions or for the purpose of furnishing dollar exchange exceed in the
aggregate 50 per cent of its capital stock and surplus. The Federal
22
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Reserve Banks are authorized to discount acceptances of the kinds
just described, which have a maturity at the time of discount of
not more than three months' sight, exclusive of days of grace, and
which are indorsed by at least one member bank, and they are also
permitted under rules and regulations prescribed by the Federal
Reserve Board to purchase and sell in the open market at home or
abroad either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers1 acceptances and
bills of exchange of the kinds and maturities made eligible for rediscount, with or without the indorsement of a member bank.
Under the law the Board appears to have some latitude of discretion in the matter of permitting Federal Reserve Banks to discount
renewal acceptances, and this authority was granted in a few instances
and for comparatively small amounts during the war and immediately following the cessation of hostilities. The Board had repeated
applications during the first half of the year for authority to discount
renewal acceptances growing out of various foreign transactions,
but has consistently declined to admit the eligibility of renewals
except in cases where owing to delay in transportation or for other
reasons it was clear that the renewal bill would meet all requirements
applicable to the original acceptance, and that the goods covered by
the acceptances were still in existence unconverted in form and
capable of ready identification.
In its last annual report the Board discussed the subject of acceptances at length and pointed out that there was not in this country
any broad acceptance market such as exists in London. The development of such a market is necessarily a slow process and the burden
of its support has fallen during the year 1919, as in previous years,
upon the Federal Reserve Banks. This condition will doubtless
continue until banks generally begin to invest funds temporarily idle
in acceptances and until this method of employing funds appeals to
the private investor. The Federal Reserve Banks most actively
engaged in the purchase of acceptances in the open market deemed it
necessary in the beginning to establish a more favorable rate both for
the discount of these bills for member banks and for their purchase
in the open market than was established for the discount of commercial paper. This policy merely involved a recognition of the high
quality of these credit instruments and was adopted the more readily
in order to stimulate the development of a new business with which
the American bankers were, as a rule, unfamiliar and which was
regarded as essential in upbuilding the Federal Reserve system and
in financing the foreign commerce of the United States by American
banks instead of by foreign banks.
In establishing preferential rates for acceptances recognition was
given to the fact that bills drawn against actual shipments of com
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
23
modities and accepted hy the strongest banks and bankers of the
country were credit instruments of greater value and could therefore
command a lower rate than the average of commercial paper coming
from miscellaneous banks in the ordinary course of their discount
operations. The Federal Reserve Banks in their open-market
purchases have adopted the policy of keeping their buying rates
more closely in line with the rates at which bills were offered in the
open market by purchasing only at or slightly below those rates,
taking into consideration the value of the bank indorsement required
by Federal Reserve Banks, but which the bills did not bear ordinarily when they were sold on the outside. For example, when
prime 90-day bills unindorsed were sold at 4J per cent, the Federal
Reserve Banks would buy prime bills of like maturity well indorsed
at 4 | to 4£ per cent, and as outside rates advanced the}" would
advance their buying rates so that in December prime 60 to 90 day
bills with good indorsements were bought by the Federal Reserve
Banks at the rate for commercial paper, 4f per cent, although the
same bills may have been offered by dealers in the open market
without indorsement at 4$ to 5 per cent. A differential in favor of
prime bills indorsed and rediscounted by member banks will be a
necessary step in the further development of a broad and dependable
acceptance market.
The fact that exports from the United States during the year 1919
reached unprecedented figures, and exceeded imports in value by
about $4,000,000,000, has aroused inquiry as to what expedients have
been resorted to in the financing of exports. Goods have been sent out
of the country in large volume, notwithstanding high prices, and the
utter demoralization in the exchanges of many of the importing countries, conditions which ordinarity would greatly restrict our exports.
Although there has been the largest trade balance in our favor in our
history; our net visible outgo of gold for the year was $291,651,202,
or, if the amount of gold held on December 31, 1919, for Federal
Reserve account by the Bank of England is deducted, a net total of
$160,330,713. These circumstances point to credit transactions on a
large scale, the nature of which it is difficult even measurably to
ascertain. The acceptances purchased by the Federal Reserve Banks
are based mainly upon imports, and it appears that exporters have
generally used their own capital and credit in financing their credit
transactions abroad.
IMPORTS AND EXPORTS.
In considering the figures of our foreign commerce, it is necessary
to realize that the great volume of our exports at present goes to
countries to which sale is, in most cases, possible only if coupled with
arrangements for extending credit, while the balance of trade is ad-
24.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
verse to this country with countries in a position to pay by their
own exports or in gold. Our foreign commerce for the 12 months
ending December 31, 1919, showed a balance of exports amounting
to $4,017,745,000. If this balance is subdivided so as to show sep
arately our trade with countries where, broadly speaking, credit
must be extended and countries which, in general, are in position to
pay, either through exports or by the shipment of gold, the figures
result as follows:
Imports into the United States and exports from the United States in the trade with
leading foreign countries during the calendar year 1919.
[In thousands of dollars.]
Imports.
Group A—Allied and associated countries:
United Kingdom.
Canada.
Newfoundland and Labrador
France
Belgium
Italy
*
Portugal
Roumania
Serbia, Montenegro, and Albania.
O-reece
Russia in Europe.
Russia in A s i a . . .
. .
Total
Total.
.
.
.
.
Group C—Neutral, including inactive belligerent countries:
(a) Neutral countries in E u r o p e Netherlands . . .
Sweden...
Norway. .
Denmark
Spain...
Switzerland
Total
(&) Non-European neutrals and inactive belligerents—
Argentina
Brazil
Chile
Cuba. .
China
British East Indies.
Japan
Total
...
AH other countries
Grand total
1
Excess of
exports.
2,279,178
734,267
15,190
893,369
377,876
442,677
19,962'
6,588
2,928
42,884
27,758
54,679
1,969,989
239,573
9,829
769,498
370 176
383,629
13,547
6,588
2,928
14,273
24,805
47,969
1,044,552
4,897,356
3,852,804
2,391
10,624
2,098
42,212
92,761
1,788
39, 821
82,137
1310
15,113
136,761
121,648
75,507
13 826
7,371
6,202
49,392
27,688
255,134
133 063
135,135
163,965
102,820
76,146
179,627
119,237
127,764
157,763
53 428
48,458
179,986
866,263
309,189
494,694
5,361
123,871
7,700
59,048
6,415
28,611
2,953
6,710
Group B—Former enemy countries:
Austria- Hungarv
Germany.
Bulgaria
Exports.
686,277
1
199,158
233 571
82,442
418,610
154,154
322,148
409,853
155,968
114,656
53,472
278,391
105,515
81,514
366,365
43,190
i 118,915
i 28,970
1140,219
i 48,639
i 240,634
i 43,488
1,819,936
1,155,881
1664,055
844,819
865,890
21,071
3,904,406
7,922,151
4,017,745
Excess of imports.
To make possible these large exports to countries not in a position
to pay cash, credit or capital must have been advanced in one shape
or another. The nature of these transactions can not, of course,
be accurately analyzed. Between January 1, 1919, and December
1919, the Government of the United States made advances to
Digitized for31,
FRASER
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
25
allied and associated powers amounting to $1,757,989,481.95, and
various loans were placed in the American market by foreign Governments. The remainder was undoubtedly covered in many ways*
A large part, approximately $2,000,000,000, has probably fallen,
directly or indirectly, upon the commercial banks throughout the
country, and to this fact is to be attributed in corresponding measure
the expansion of bank credit experienced during the year. While
such credits would not be eligible for rediscount at Federal Reserve
Banks, the banks extending them have undoubtedly in whole or
in part recouped themselves through the rediscount of eligible paper
with the Federal Reserve Banks. The Board has frequently expressed itself as opposed to the financing of exports which require
long-term credit through banking operations as distinguished from
appeals to the securities market, and takes occasion to repeat that
view in this summary of general conditions.
FISCAL AGENCY OPERATIONS.
Although the conclusion of the armistice ended the more strenuous
stage of Treasury financing, there has been no slackening of the duties
imposed upon the Federal Reserve Banks as fiscal agents of the
Government. These banks, as heretofore, have handled all details
connected with the sale, allotment, distribution, and redemption
of Treasury certificates of indebtedness among member and nonmember banks of their respective districts, have received subscriptions to the Victory loan, collected all note and certificate payments,
and redeposited the funds with depositary banks, withdrawing them
as required by the Treasury. They have also effected the various
exchanges of bonds and redemptions of certificates and have paid
and canceled coupons of war securities as they have fallen due and
have been presented.
By means of interclistrict settlements through the gold-settlement
fund, the Treasury has continued to be able to leave funds with designated depositary banks throughout the country until actually
required, transfers being made by telegraph to Federal Reserve
Banks in cities where Government disbursements are made. These
transfers have involved very large sums, and the number of transfers
to New York alone over the wires of the Federal Reserve System
amounted in 1919 to 2,883.
The subjoined table presents a detailed statement of the year's
operations covering Victory notes, Treasury certificates of indebtedness issued in anticipation of Victory notes, certificates issued in
anticipation of tax payments, and loan certificates.
Allotments of Victory notes and Treasury certificates from Jan. 1 to Dec. 81> 1919.
to
Treasury certificates issued.
In anticipation of—
Federal Reserve Bank.
Victory notes.
Grand total.
Victory loan.
*
Total
.1371, 910,150
1,318. 041,150
376, 290,100
443, 802,250
210, 8S9,300
133, 0S0,800
694, 330,000
201, 787,600
170, 076,650
192, 429,300
84, 002,500
294, 905,050
i 4,491,544,850
$382,881 000
$156, 158,000
1,056, 238,500
1,833,198'; ooo
335,797! 000
101, 194,500
452,061,500 [ 292, 972,000
148,981' 500
75, 856,000
56, 515,000
115,362! 000
772,990! 500 j
337, 976,000
53, 700,500
199,737, 000
39, 601,000
172,115, 500
30, 878,500
145,851, 500
45 664,000
85,349, 500
111 720,000
308,075, 000
4,952,400,000
2,358 474,000
Total
certificates.
>
Total tax
certificates.
1919 taxes.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
Loan
certificates.
Tax payments.
$117,145,500
926,614,500
133", 223,500
172,204,000
45,30(), 000
55,243,000
267.842,500
65', 929,500
39' 303,000
40,959,500
65,296,500
135,381,500
2,064,482,000
w
$273,303,500
1,982,883,000
234,418,000
465,176,000
121,165,000
111,758,000
605; 818,500
119,630,000
78,904,000
7.1,838.000
110,960,500
247,101,500
$146,092,000
690,074,500
111,296,500
137,716,000
36,428,500
58,870,000
228,736,500
68,972,500
59,114,000
66,238,500
65,709,500
132,725,000
$802, 276,500
4,506' 155 500
681, 511,500
1,054, 953,500
' 306;575,000
285, 990,000
1,607. 545,500
388',339,500
310, 133,500
283, 928,000
262 019.500
687'.901; 500
$1,174 186,650
5,824! 196,650
1,057! 801,600
1,498! 755,750
517, 464,300
419;070,800
2,301,875,500
590, 127,100
480, 210,150
476,357. 300
346,022,000
982; 806,550
4,422,956,000
1,801,973,500
11,177,329,500
15,668,874,350
o
w
H
o
i Excluding $1,181,792,000 of Treasury certificates in anticipation of the Victory loan allotted through the Federal Reserve-Banks during 1918.
NOTE.—Above figures are exclusive of $154,668,000 of 2 per cent 1-year certificates sold to Federal Reserve Banks to secure bank-note circulation, also of special temporary
!ertificates sold to Federal Reserve Banks, none of which were outstanding on Dec. 31, 1919.
o
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
27
The detail work accomplished by the several Federal Reserve
Banks in their respective operations as fiscal agents of the Government has been very heavy and has required the services, in the aggregate for the 12 banks, of about 2,500 officers and employees. The
number of banks, members and nonmembers, through which subscriptions to the Victory loan were received by the Federal Reserve
Banks was 28,120, and the Federal Reserve Banks secured subscriptions to Treasury certificates of indebtedness from 21,895
member and nonmember banks. During the year there passed
through the Federal Reserve Banks and branches 32,899,724 Government checks amounting to $14,518,470,830; the banks received, paid
and cancelled Liberty bond coupons and Victory note coupons to
the number of 102,139,832, aggregating $515,924,896; and they
redeemed Treasury certificates of indebtedness to the extent of
$10,590,458,500. Payments for subscriptions to the Victory loan
were received as follows: In cash, $1,050,974,052; in credit upon
the books of designated depositaries, $2,043,163,341; in certificates of
indebtedness, $1,397,200,508. The balance reported unpaid on
December 31, 1919, was $206,949. Payments for subscriptions to
Treasury certificates in anticipation of 1920 taxes were received as
follows: In cash, $198,641,103; in credit, $1,512,281,397; maturing
certificates of former issues, $353,559,500. Payment for subscriptions
to Treasury loan certificates were received as follows: In cash, $199,173,116; in credit, $1,377,629,384; certificates of former issues, $225,171,000. The number of bank depositaries designated by the Secretary of the Treasury through the Federal Reserve Banks was 7,632 on
December 31. The average daily Government balance with these
depositaries during 1919 was $737,665,000, and as security for
these deposits, the Federal Reserve Banks approved and received
collateral of the average face value of approximately $1,338,304,000.
In addition to the fiscal agency operations outlined above the
Federal Reserve Banks during the year sold Treasury savings
certificates amounting to $14,961,000; war savings stamps amounting
to $13,118,000; and thrift stamps amounting to $1,898,000.
The Treasury balances carried with the Federal Reserve Banks
have been subject to wide fluctuations owing to the constantly
changing requirements of the Treasury and to the seasonal character
of collections of internal revenue taxes made for the Treasury's
account. The following table exhibits the maximum, minimum,
and daily average amount of Government deposits in the 12 Federal
Reserve Banks during each month of 1919.
178983—20
3
28
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Government deposits held by Federal Reserve Banks.
[In thousands of dollars.]
Month.
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
Year.
Maximum. Minimum
150,
210,
292,
169,
194,
245,
185,
112,
85,
173,
106,
124,
292,147
M E M B E R S H I P O F STATE BANKS AND TRUST
Daily
average.
20,974
22,745
60,023
38,069
64,448
3,917
43,190
37,896
30,253
51,789
31,700
30,959
71,379
129,750
176,960
99,094
126,378
111,614
112,601
66,106
53,970
88,300
79,978
70,301
3,917
98,755
COMPANIES.
The movement of State banks and trust companies into the
Federal Reserve System has continued throughout the year in a fairly
satisfactory manner, although on December 31 about 8,021 eligible
State institutions were not members. The Board is cooperating with
the Federal Reserve Banks in a continuous campaign for State bank
membership, and one member of the Board has been detailed to supervise these activities. The American Bankers' Association has continued its committee on Federal Reserve membership, which has
done such effective work in impressing upon the management of
State banks the advantages to be obtained from membership in the
system.
On December 31, 1918, the total membership of State banks and
trust companies was 930, representing an aggregate capital and surplus of $759,790,000, and total resources of about $7,482,000,000.
On December 31, 1919, the membership of other than national banks
had increased to 1,181, representing a total capita] and surplus of
over $891,200,000, and total resources of about $9,913,700,000.
Favorable legislation in a number of States as well as cordial cooperation by nearly all of the State banking authorities have aided materially in obtaining these results.
The movement of State banks and trust companies into the Federal
Reserve System during 1919, as well as the percentage relationship
between the number, capital, and surplus, and total resources of
such members and of all State banks and trust companies reported
as eligible for membership, are indicated in the following tables:
29
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Number,
capital and surplus, and total resources of State banks and trust
members of the Federal Reserve System.
companies,
[Amounts in thousands of dollars.]
Federal Reserve
district.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total
Num- Capital
and
ber. surplus.
June 30, 1919.
Mar. 4, 1919.
Dec. 31, 1918.
Total resources.
31
101
29
66
37
54
288
44
70
27
97
57,656
277,492
66,588
90,857
16,002
26,424
138,827
43,970
8,259
8,489
9,083
16,143
599,596
3,488,611
324,408
597,288
110,430
249,532
1,363,695
347,683
81,861
96,796
58,254
163,959
930
759,790
7,482,113
Num- Capital
and
ber. surplus.
32
102
31
73
39
55
296
43
72
29
107
90
Total re- Num-i
sources. ber.
NnmhPr Capital and
Number.
Boston
New York
36
117
38
605,236
3,598,070
352,963
661,562
114,973
245,691
1,446,951
350,880
90,122
104,648
65,356
164,609
36
110
36
80
42
57
305
52
75
31
115
103
60,908
297,999
68,379
93,168
16,901
27,396
142,963
41,618
9,112
6,969
10,538
16,960
657,007
4,021,687
376,861
681,624
131,663
264,63S
1,556,249
333,69690,671
94,574
70,231
173,681
775,474
7,801,061 1,042
792,911
8,452,582
Dec. 31, 1919.
Total
resources
and
Number. Capital
surplus.
692,320
1,203,806
359,318
760,659
158,886
366,831
.,681,302
391,268
101,601
107,909
87,196
513,217
36
122
38
97
46
64
326
42
113
120
64,233
306,574
70,328
97,330
18,087
34,529
153,837
44,086
10,087
7,934
9,779
37,329
1,135
854,133
9,424,313
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco..
Total..
surpluSi
321
Total resources.
58,414
286,110
67,000
91,785
16,183
27,059
141,116
44,440
8,852
8,759
10,025
15,731
Nov. 17, 1919.
Federal Reserve district.
and
surplus.
Total
47
114
137
64,335
320,123
70,455
101,871
19,285
35,553
157,019
44,354
10,455
8,353
10,391
48,930
719,918
4,283,636
370,462
803,439
166,007
389,854
1,751,177
409,086
107,139
119,953
97,103
1,181
891,174
9,913,707
Statement showing comparison between the number, capital and surplus, and total resources
of(l) member banks, (2) banks eligible for membership in Federal Reserve System (including both member and nonmember banks), and (3) all banks in the United States, exclusive
of savings and private banks, as of June 30, 1919.
[Amounts in thousands of dollars.]
Capital and surplus.
1. Member banks:
National
State banks and trust companies
. .
Total
2. Banks eligible for membership:
Member banks
Nonmember banks
Total
3. All banks in the United States, exclusive of savings and private
banks:
Member banks
Nonmember banks
Total..
cent
Number. Per
of total.
Amount.
Per cent
of total.
Aggregate resources.
Amount.
Per cent,
of total.
7,780
88.2
1,989,597
71.5
20,791,147
71.1
1,042
11.8
792,911
28.5
8,452,582
28.9
8,822
100.0
2,782,508
100.0
29,243,729
100.0
8,822
8,160
52.0
48.0
2,782,508
1,074,365
72.1
27.9
29,243,729
8,547,623
77.4
22.6
16,982
100.0
3,856,873
100.0
37,791,352
100.0
8,822
17,560
33.4
66.6
2,782,508
1,376,023
66.9
33.1
29,243,729
11,209,020
72.327.7
26,382
100.0
4,158,531
100.0
40,452,749
100.0
30
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
State banks andjtrustlcompanies, members and nonmembers of the Federal Reserve System,
classified according to institutions with combined capital and surplus of (1) $1,000,000
and over, and (2) less than $1,000,000, as of June SO, 1919.
[Amounts in thousands of dollars.]
(1) BANKS AND TRUST COMPANIES WITH COMBINED CAPITAL AND SURPLUS OF
$1,000,000 AND OVER.
Members
Federal Reserve district.
Number.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis .
K a n s a s City
. .
Capital
and
surplus.
Total . . .
Total
resources.
13
45
12
15
6
10
24
12
49,850
275 667
60,100
79,200
9,700 i
18,497
100,550
33,172
536,267
3 74fi Sfifi
310.564
537,664
77,848
185,934
1.070.758
252,749
2
3,666 1
51.443
. . . .
Dallas
San Francisco
Nonmembers.
Number.
Capital
and
surplus.
8
25
28
18
14,800
91,277
56,278
38,920
36,390
1,000
21,200
6,525
4,050
*i
3
3
4,700
57,589
3
21
142
634,436
6,827,182
136
Total
resources.
113,020
683,730
269,386
209,583
173,794
9,730
181,591
41,498
14,137
10,913
564,498
4,742
43,366
318,548
2 271,880
(2) B A N K S AND T R U S T COMPANIES W I T H COMBINED CAPITAL AND S U R P L U S OF LESS
T H A N $1,000,000.
23
65
24
65|
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
47
281
Total...
900
40 j
75 !
29
115
100
11,058
22,332
8,279
13,968
7,201
8,899
42,413 !
8,446 |
9,112
3,969 I
10,538
12,260
158,475
120,740
275,321
66,297
143,960
53,815
78,704
485,491
80,947
90,671
43,131
70,231
116,092
155
238
312
533
561
720
2,016
926
687
824
397
655
28,407
48,343
70,423
73,077
55,263
53,948
160,277
63,949
40,510
49,765
34,092
77,763
315,808
491,510
514,415
613,191
403,563
366,660
1,537,193
462,665
358,906
403,445
157,980
650,407
1,625,400
8,024
755,817
6,275,743
Total number, capital and surplus, and resources of State banks and trust companies, both
member and nonmember reported as eligible for membership on basis of capital requirements; also ratios of number, capital and surplus, and resources of State bank and trust
company members to totals for all State banks and trust companies reported as eligible
for membership, as of June 30, 1919.
[Amounts in thousands of dollars.]
Number of banks.
Federal Reserve
district.
New York
Philadelphia . . .
Cleveland . .
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas .
San F r a n c i s c o . . . . . .
Total
Capital and surplus.
Members.
3. Per
cent
(2+1).
4. Total
199
373
376
631
619
778
2,331
981
765
855
515
779
36
110
36
80
42
57
305
52
75
31
115
103
18.1
29.5
9.6
12.7
6.8
7.3
13.1
5.3
9.8
3.6
22.3
13.2
104,115
437,619
195,080
205,165
108,554
82,344
324,440
112,092
53,672
56,734
49,372
138,089
60,908
297,999
68,379
93,168
16,901
27,396
142,963
41,618
9,112
6,969
10,538
16,960
58.5
68.1
35.1
45.4
15.6
33.3
44.1
37.1
17.0
12.3
21.3
12.3
9,202
1,042
11.3 1,867,276
792,911
1.
Total
eligible.
2.
eligible
banks.
6. Per
5.
Member cent
banks. (5+4).
Total resources.
7. Total
8.
9. Per
cent
eligible
banks.
Member
banks.
1,085,835
5,196,927
1,160,662
1,504,398
709,020
641,028
3,275,033
837,859
463,714
498,019
239,124
1,388,586
657,007
4,021,687
376,861
681,624
131,663
264,638
1,556,249
333 696
90,671
94,574
70,231
173,681
60.5
77.4
32.5
45.3
18.6
41.3
47.5
39 8
19.6
19.0
29.4
12.5
42.4 17,000,205
8,452,582
49.7
(8-4-7).
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
31
In the table immediately following will be found a statement of
the total resources as of June 30, 1919, of all member banks, from
which it will be seen that the resources of the State banks and trust
companies which are members of the system are but 95 millions
less than those of the nonmember banks reported as eligible for
membership, and that the total resources of all member banks
are about three and one-half times as great as those of eligible
nonmember banks. The resources of the member banks are 72.3
per cent of the total resources of all banks in the United States, exclusive of savings and private banks.
(1) Member banks:
National
State banks and trust companies
T o t a l resources .
$20, 791,147, 000
8, 452, 582,000
Total
29, 243, 729, 000
(2) Nonmember State.banks and trust companies reported as eligible
for membership in the Federal Reserve System
8, 547, 623, 000
(3) All banks in the United States, exclusive of savings and private
banks:
National
20, 791,147, 000
State banks and trust companies
19, 661, 602, 000
Total
40, 452, 749, 000
(4) Ratio of total resources of all member banks to total resources of
nonmember banks reported as eligible for membership (per
cent)
342. i
Ratio of total resources of member banks to total resources of all
banks in the United States, exclusive of savings and private
banks (per cent)
72.3
RATES OF EARNINGS BY CLASSES OF ASSETS.
Prior to the revision of discount rates in November, the rates of
earnings of the Federal Reserve Banks during the year from the
various classes of investments fluctuated between comparatively
narrow limits. Earnings from discounts showed a maximum average
rate of 4.53 per cent in December and a minimum average rate of
4.13 per cent in August. Variations in the average rate correspond
more or less to the relative volume of war paper taken during the
respective months. Average rates of earnings from acceptances
purchased in the open market because of the special preferential
treatment of war paper were slightly higher than the average rates
from, discounts, and the average rates earned by the Federal Reserve
Bank of New York were somewhat lower than corresponding rates
reported by the other banks. Earning rates were fairly level during
the first 10 months of the year, ranging from 4.19 per cent in June
to 4.29 per cent in January.
Increases in both the discount and open-market rates at the Federal
Reserve Banks are reflected in higher rates of earnings for November
32
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
and December, the rate of earnings from, discounted paper showing
a rise from 4.15 in October to 4.40 in November and 4.53 in December,
while the rate of earnings from open-market paper rose from 4.22 in
October to 4.33 in November and to 4.53 in December.
Average rates of earnings from United States securities ranged
between 2.17 per cent in September and 2.43 per cent in April.
With a steady increase in the amount of one-year 2 per cent
certificates included in the United States security holdings of the
banks, a corresponding decline in the average rate of return might
have been expected, but the average monthly rates of return did not
show such a decline for the reason that the ratio was affected by the
much larger amounts of special certificates held by the banks at
various intervals for one or more days to cover Treasury overdrafts.
The effect of these holdings is seen in the relatively low average rates
obtaining in January, February, and September.
As a result of this development the average rate of return on all
investments between January and October moved more or less in
conformity with the average monthly rate of return from discounts,
[n September, however, when the holdings of special 2 per cent
Treasury certificates were particularly heavy, the average rate of
return from all investments shows a decline notwithstanding the
simultaneous rise in the percentage of return from bills discounted.
Rates of earnings from investments of the Federal Reserve Banks.
i
BiHs
Bills dis- i bought in
counted. |
open
i market.
January
February
March
ipril
tfay
Tune
y
iusust
September
October
Sfovember
December
Average for year.
4.21
4.18
4.16
4.16 |
4.15 I
4.20 !
4.15 i
4.13 !
4.17 I
4.15 |
4.40 j
4.55 !
4.23 !
4.29
4.25
4.26
4.23
4.25
4.19
4.27
4.22
4.27
4.22
4.33
4.54
4.30
United
States
securities.
Total investments.
2.26
2.31
2.41
2.43
2 42
2.33
2.24
2.21
2.17
2.18
2.22
% 19
2.26
4.04
4.03
4.02
4.01
3.99
4.01
3.98
3.93
3.91
3.95
4.16
4.29
4.04
DISTRIBUTION" OF EARNING ASSETS AT THE OPENING AND CLOSE OF
THE YEAR.
During the past year total earning assets of the Federal Reserve
3anks increased by 805 millions, from 2,275 to 3,080 millions. All
;hree main classes of assets show considerable gains for the year—
liscounts by 365 millions, open market purchases by 293 millions,
tnd United States securities by A 45 millions.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
33
Largely as the result of the reduction during the year in the volume
of outstanding Treasury certificates, the holdings of "war paper"
(i. e., discounted and rediscounted paper secured by United States
war obligations) show a decline from 1,535 to 1,510 millions. Of the
later date total, over 75 per cent was composed of member banks'
collateral notes, as against about 50 per cent at the beginning of the
year.
Considerable gains are shown in the December 26 figures of discounted bank and trade acceptances. The largest increase, however,
under the general head of discounted bills is shown for ordinary commercial paper, the holdings of which assumed particularly large proportions during the last two months of the year, following the adoption of
revised discount rates which reduced and subsequently eliminated
in part the differential in favor of war paper maintained during the
greater part of the year.
There has been a steady and increasing flow of bank acceptances,
based on foreign trade transactions, into the portfolios of the Federal
Reserve Banks, holdings of this class of paper at the close of the
year, 452.5 millions, being 317.8 millions larger than at the beginning
of the year.
Larger holdings are also shown for trade acceptances based upon
foreign trade transactions and for dollar exchange bills, while holdings of both bank and trade acceptances based on domestic trade
transactions were smaller at the close of the year than at its opening.
As against a decrease of 3 millions in the holdings of United States
bonds (largely circulation bonds and 3 per cent conversion bonds)
the banks show an increase during the year of 148.4 millions in
Treasury certificates, the holdings of this class of securities constituting nearly 9 per cent of the total earning assets of the banks, compared
with 5.5 per cent on the first Friday of the year.
Changes in classes of earning assets during 1919.
[In thousands of dollars.]
J a n . 3, 1919. Dec. 28,1919.
Bills discounted:
Secured by Government war obligationsCustomer's paper
Member banks' collateral notes
Total
Otherwise secured and unsecured—
Agricultural paper
Live-stock paper
Member banks' collateral notes
Bankers' acceptances
Trade acceptances
Other commercial and industrial paper.
Total
Total discounted bills
Increase.
734,610
800,060
• 352,588
1,157,766
i 382,022
357, 706
1,534,670
1,510,354
124,316
28,108
27,247
18,365
1,596
16,633
203,245
24, 825
26,243
2 8,256
18,183
30,992
576,025
i 3,283
i 1,004
i 10,109
16,587
14,359
372, 780
295,194
684,524
389,330
1,829,864
2,194, 878
365,014
2
Includes $20,000 secured by War Finance Corporation bonds.
34
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
Changes in classes of earning assets during 1919—Continued.
[In thousands of dollars.]
Jan. 3, 1919. Dec. 26,1919. Increase.
Bills bought in open market:
Bankers" acceptances—
In the foreign trade
In the domestic trade
Dollar exchange bills
Total
?.
Trade acceptances—
In the foreign trade
In the domestic trade..
Total
Total bills bought in open market
United States bonds .
United States Victory notes
United States certificates of indebtedness
All other earning assets
134,703
147,830
1,647
452,460
121,169
3,914
317,757
i 26,661
2,267
284,180
577,543
293,363
3,426
2,663
5,024
2,645
6,089
7,669
1,598
i 18
1,580
290,269
585,212
294,943
26,834
64
273,507
12,990
64
148,444
3,080,495
805,462
29,824
.
125,063
13
Total earning assets. .
...
1
2,275,033
'
Decrease.
EARNINGS AND OPERATING EXPENSES OF FEDERAL RESERVE BANKS.
The number of officers and employees of each of the Federal Reserve Banks at the close of the year 1919, as compared with the
number at the end of the previous year, is as follows:
Federal Reserve Bank.
Boston
New York..
Philadelphia
Cleveland
Richmond..
Atlanta
Chicago
St. Louis . . .
IVf inneapolis
Kansas City
Dallas
San Francisco
Total
Number of Number of
officers and officers and
employees employees
Dec. 31,
Dec. 31,
1918.
1919.
585
2,657
423
589
254
317
815
385
267
480
403
755
2,896
647
626
401
386
1,199
541
287
583
505
531
567
7,706
9,393
The operating expenses of all the banks have been considerably
higher than in previous years. Member banks, private banking
firms, and corporations have drawn or attempted to draw upon the
Federal Keserve Banks for officers and employees, and the continued advance in the cost of living also has made it necessary to
raise salaries. There has been no increase in the maximum salary
paid nor have &ny salaries been approved by the Board for Federal
Reserve Bank officers as high as those paid officers of similar rank by
the larger commercial banks in the several Federal Reserve cities.
35
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
The average salary paid officers and employees by each Federal
Reserve Bank is as follows:
Federal Reserve Bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco,
Average
salary of
officers,.
Average
salary of
employees.
$8,542
10,540 |
8,318 !
7,347 I
6,215 I
5,080 '
6,666
6,331
5,985
5,554
5,400
5,700
$1,184
1,206
1,133
1,206
1,031
1,054
1,200
1,051
1,090
1,194
1,167
1,255
The Federal Reserve Banks have strengthened their auditing and
examining departments, and other necessary expenses have been
incurred in bringing the banks in closer contact with the member
and nonmember banks of their districts. The Federal Reserve
Banks also paid all costs of transportation of currency sent to and
received from member banks, and some of the Federal Reserve
Banks paid all costs of returning to member banks the collateral
lodged with them by their member banks as security for advances
made by the reserve banks. Notwithstanding the very considerable
increase in the expense accounts of the Federal Reserve Banks, the
combined current net earnings of the 12 Federal Reserve Banks for
the year 1919 amounted to $82,038,785, as compared with $55,446,979
for the year 1918, or an increase of $26,591,806. The combined gross
earnings were $102,380,583, as compared with $67,584,417 in 1918.
Provision is made for the division of earnings of the Federal Reserve
Banks in section 7 of the Federal Reserve Act, which provides in
part that "after all necessary expenses of a Federal Reserve Bank
have been paid or provided for, the stockholders shall be entitled
to receive an annual dividend of six per centum on the paid-in capital
stock, which dividend shall be cumulative." As originally enacted,
this section further provided that "after the aforesaid dividend
claims have been fully met, the net earnings shall be paid to the
United States as a franchise tax except that one-half of such net
earnings shall be paid into a surplus fund until it shall amount to
forty per centum of the paid-in capital stock of such bank." The
act of March 3, 1919, amended this section to read as follows: "After
the aforesaid dividend claims have been fully met, the net earnings
shall be paid to the United States as a franchise tax except that the
whole of such net earnings, including those for the year ending
December 31, 1918, shall be paid into a surplus fund until it shall
amount to one hundred per centum of the subscribed capital stock
of such bank, and that thereafter ten per centum of such net earnings
shall be paid into the surplus.7'
36
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
At the end of the year 1917, and before section 7 was amended,
the Federal Reserve Banks of Boston. New York, Richmond, Atlanta,
Chicago, and Minneapolis had paid all accumulated dividends to the
end of the year 1917, and after charging off all expenses and making
the depreciation allowances authorized by the Board, carried to surplus the sum of $1,134,234 and paid an equal amount to the Government as a franchise tax. The six remaining Federal Reserve
Banks not having earned a sufficient amount to pay their accumulated dividends, carried nothing to surplus and made no payment
to the Government at the end of the year 1917.
The Federal Reserve Bank of New York having provided for all
expenses and depreciation charges, and having paid all accumulated
dividends, carried to surplus out of its net earnings for the year 1919,
the sum of $23,964,678. It has therefore accumulated the maximum
proportion of surplus provided for in section 7, as amended, of ICO
per cent of its subscribed capital, plus $300,433, being 10 per cent of the
balance of its net earnings for the year. The remaining 90 per cent
($2,703,894) has been paid to the Government as a franchise tax.
The percentage of surplus to subscribed capital of all Federal
Reserve Banks at the close of business December 31, 1919, is as
follows:
Federal Reserve Bank of—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Per cent.
58. 80
100. 67
55. 84
47. 67
66. 26
68. 48
57. 87
45. 81
58. 05
76.15
44. 29
65. 56
The Board desires to call attention to the fact that the very large
earnings of the banks are due to their abnormally large volume
of discounts forced upon them first by the war and then by conditions growing out of the war. At the close of the year 69 per cent
of the loans and discounts were secured by Government war obligations. The banks have been able to maintain their reserves
while carrying this heavy loan account only because a correspondingly large volume of Federal Reserve notes has been needed to meet
the demands of commerce and business. As conditions become
more normal, and as recourse is had by member banks to Federal
Reserve Banks less constantly, and when accommodations are
sought principally for the purpose of meeting unexpected demands
or seasonal requirements, the gross earnings of the Federal Reserve
Banks will be reduced very substantially, and as it is not probable
that the expense accounts can be reduced in a corresponding degree
Digitized for
theFRASER
net earnings in future are likely to be very much smaller.
37
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
The Board takes occasion again to point out that it was not until
June 30, 1918, that all cumulative dividends were paid by all of the
Federal Reserve Banks. At the close of the year 1918 each of the
Federal Reserve Banks had set aside a reserve, out of surplus earnings,
for the Government franchise tax, the aggregate of all being $26,728,440. These reserves were transferred to the surplus funds of
the respective banks on March 5, 1919, under authority of the act
of March 3, 1919, above referred to.
The table below shows the capital and surplus of each Federal
Reserve Bank on December 31, 1919, the gross and net earnings for
the year, the dividends paid, the amounts transferred in each case to
surplus, and the payments to the Treasury for account of the Government franchise tax:
Gross
earnings.
Federal Reserve Bank.
Current net
earnings.
earnings
Miscellaneous Net
tor
deductions available
dividends,
from current
'A
net earnings. I
l
Dividend
payments.
$7,497,583
35,332,412
8,609,880
7,800,829
4,775,324
4,416,001
12,012,078
3,884,478
3,007,041
4,961,482
3,062,251
7,021,224
$5,825,758
29,598,067
6,834,695
6,404,798
3,863,397
3,443, 784
9,463,754
2, 709,685
2,450, 550
3,775,413
2,079,415
5,589,469
$48,377 j
1,638,448 I
175,526 !
311,013 I
a 13,869 !
61,387 I
887,550 i
354,531 I
116,607 i
a 147,949 i
37,551 I
202,109 i
$5,777,381
27,959,619
6,659,169
6,093,785
3, 877,266
3,382,397
8,576,204
2,355, 154
2,333,943
3', 923,362
2,041, 864
5,387, 360
$414,447
1,291,047
462,380
556,785
252,872
197,397
700, 807
234,660
180,186
228,755
196,335
296,161
Total
102,380,583
82,038,785
3,671,281 !
78,367,504
5,011,832
Federal Reserve Bank.
Paid to
Transferred ! United States Subscribed
to surplus | Government
capital
account, j as a franchise Jan. 1,1920.
i
tax.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
|
!
|
;
!
j
i
|
'
j
i
I
15,362,934
23,964,678
6,196,789
5,537,000
3,624,394
3,185,000
7,875,397
2,120,494
2,153,757
3,694,607
1,845,529
5,091,199
70,651,778
Ratio of surplus to subSurplus
scribed capiaccount,
tal on
Jan. 1, 1920.
Jan. 1, 1920.
,215,000
,781,500
,768,300
,065,900
,784,000
,856,400
694,300
128,900
147,900
031,100
841,400
499,500
$8,359,034
45,081,933
8,805,132
9,089,000
5,820,463
4,695,000
14,291,643
3,723,805
3,569,000
6,116,033
3,029,937
7,539,374
Per cent.
58.80
100.67
55.84
47.67
66.26
68.48
57.87
45.81
58.05
76.15
44.29
65.56
174,814,200
120,120,354
68.71
a Credit.
PERMANENT BUILDINGS FOR FEDERAL RESERVE BANKS.
In its report for the year 1918 the Board referred to the necessity
for providing Federal Reserve Banks with permanent and more adequate physical facilities for the transaction of their business and
called attention to the purchases of sites by eight of the banks. All of
the banks have now provided themselves with suitable building sites.
The property acquired by the Federal Reserve Bank of Boston
early in the year 1918 at a cost of $1,000,000 was found to be inade
quate
because of the increased busine ss of the bank, and a few
38
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
months ago the Board approved of the sale of this property at a net
profit of approximately $140,000 and the purchase at approximately
$1,400,000 of other real estate of nearly three times the area of that
originally acquired.
As a rule the real estate acquired by the Federal Reserve Banks
may be classified as improved property, but, except in Philadelphia,
the buildings can not be utilized permanently and will have to be
razed before work can be begun on new construction. While it is
not believed that the existing buildings add materially to the value
of the land, they are assessed separately, and in cases where new
construction has been begun or where plans have been completed the
Board has approved the charging off by the Federal Reserve Banks
of amounts equal to the assessed value of the buildings to be removed.
The real estate and building account of each of the Federal Reserve Banks at the close of business December 31, 1919, is as follows:
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$1,102, 827
3, 094, 030
500, 000
640, 392
504, 025
463, 302
2,116,149
355, 737
500, 000
461, 687
399, 399
231, 375
In order to be in position to pass more intelligently upon the expenditures which the Federal Reserve Banks propose to make in
their building operations, as well as to secure uniformity in essential
details, the Board deemed it expedient to employ a consulting
architect and secured the services of Mr. A. B. Trowbridge, of New
^ork, in this capacity. The United States Bureau of Standards of
the Department of Commerce is cooperating with the Board's consulting architect in a study of the best methods of vault construction.
BRANCHES OF FEDERAL RESERVE BANKS AND THEIR OPERATIONS.
At the end of the year 1918 there were in operation 16 branches of
Federal Reserve Banks, 5 of which had been authorized during that
year. The branch of the Federal Reserve Bank of St. Louis at Little
Rock, which was authorized during the latter part of the year 1918,
began business on January 6, 1919. During the year just ended six
additional branches have been authorized, as follows:
Houston, Tex
Nashville, Tenn,
Buffalo,. N.Y
Helena, Mont
Los Angeles, Calif
Oklahoma City, Okla.
Location.
j
Establishe^byfederal Reserve
I Dallas.
Atlanta.
New York.
Minneapolis.
San Francisco.
Kansas City.
39
ANNUAL REPORT OF T H E FEDERAL, RESERVE BOARD.
All of these were in active operation at the end of the year 1919
except those authorized to be established at Helena, Los Angeles,
and Oklahoma City. The Federal Reserve Bank of Atlanta also
established an agency for the receipt and shipment of currency at
Savannah, Ga.
The Board called attention in its last annual report to the greater
facilities afforded by the branches to member banks located in their
vicinity, as well as to the impracticability of establishing branches
merely to gratify civic pride. The policy which was adopted nearly
two years ago of giving equal facilities as far as possible to all member
banks by having the Federal Reserve Banks pay all transportation
charges on shipments of currency made to and received from member
banks has been continued with satisfactory results, and, except as
to time involved in transit, member banks located at a distance
from the Federal Reserve Bank enjoy the same facilities in the
matter of currency transfers as member banks located in Federal
Reserve cities.
The activities of the branches, except those at New Orleans,
Detroit, and in the St. Louis, Kansas City, Dallas, and San Francisco
districts, where discount operations are authorized, are devoted mainly
to the collection of checks and maturing notes and bills and to currency transfers to and from member banks.
A condensed statement of these activities of the branch Federal
Reserve Banks appears below:
Operations of Federal Reserve Branch Banks during the calendar year 1919.
Branch banks.
Opened for
business.
Average number and
amount of items
handled daily.
Amount.
Received.
Shipped.
18,944
24,907
32,940
24,581
6,489
5,822
8,830
8,184
6,110
5,535
9,141
5,472
12,368
15,437
7,482
8,847
6,593
15,010
8,533
6,751
$6,418,888
8,345,111
15,265,149
11,419,118
2,612,619
1,319,101
2,572,052
4,004,788
4,311,323
1,282,815
3,183,944
1,758,026
3,145,812
4,513,692
1,431,182
2,945,752
2,362,095
3,920,959
3,525,956
1,561,856
i $6,118,120
6,590,415
15,844,576
7,679,653
2,400,056
1,879,792
2 1,392,516
5,402,518
13,599,667
1,412,786
3,615,367
2,924,000
1,978,490
1,433,205
1,129,136
3 1,640,856
1,628,339
1,099,546
2,958,443
566,447
i $8,090,857
4,623,206
16,814,852
5,590,849
2,167,916
2,044,364
2 1,677,750
4,230,352
14,954,079
1,196,659
2,033,699
3,931,200
1,186,136
1,817,015
1,150,335
»2,823,946
2,021,613
864,533
2,473,197
693,175
237,978
85,900,238
81,293,928
<817,730
80,385,733
4 916,660
Number.
Buffalo
Cincinnati
Pittsburgh
Baltimore
Birmingham....
Jacksonville....
Nashville
New Orleans...
Detroit
Little Rock
Louisville
Memphis
Denver
Omaha
El Paso
Houston
Portland
Salt Lake City..
Seattle
Spokane
May 15,1919
Jan. 10,1918
22,1918
Mar! 1,1918
Aug. 1.1918
Aug. 3,1918
Oct. 21,1919
Sept. 10,1915
Mar. 18,1918
Jan. 6.1919
Dec. 3,1917
Sept. 3,1918
Jan. 14,1918
Sept. 4,1917
June 17,1918
Aug. 4,1919
Oct. 1,1917
Apr. 1,1918
Sept. 19,1917
July 26,1917
Total
Savannah agency..
Feb.
1 Average for 7 months.
Average for 2 months.
2
4,1919
Average monthly currency
receipts and shipments.
8
Average for 5 months.
< Average for 10 months.
40
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE CLEARING AND COLLECTION SYSTEM.
Rapid progress has been made during the year in the development
of the Federal Reserve clearing and collection system. The par
lists of the Federal Reserve Banks include all banks in the New
England States, New York, Pennsylvania, New Jersey, Delaware, Maryland, Ohio, Indiana, Illinois, Michigan, Iowa, Missouri, North Dakota,
Nebraska, Kansas, Oklahoma, Wyoming, Montana, Colorado, New
Mexico, Texas, Utah, Idaho, Nevada, and California, and a majority
of banks in all the other States except North Carolina, South Carolina, Georgia, Florida, Alabama, and Mississippi.
Opposition has developed in some localities to those provisions
which require the Federal Reserve Banks to receive from their member
banks, at par, checks and drafts payable on presentation and prescribe
that no charge for remitting for such checks shall be made against the
Federal Reserve Banks. This opposition, however, which has
gradually become less intense, except in districts Nos. 6, 9, and 10,
will, it is believed, disappear entirely within a reasonable time after
all banks in the country are placed on the par list.
Member banks are compelled by law to remit at par to Federal
Reserve Banks for checks drawn upon them, and for some years it
was the policy of the Federal Reserve Banks to decline to receive
from member banks, for credit or for collection, checks drawn upon
nonmember banks which had not agreed to remit for them at par.
Persistent efforts.were made to induce nonmember banks to make
remittances without charge to the Federal Reserve Banks for checks
drawn upon them, but as these banks were able to avail themselves
of the facilities of the system to collect their own items without
expense through some correspondent bank, they were in many cases
disinclined to render a like service and declined to give up this source
of profit. With the approval of the Federal Reserve Board several
of the Federal Reserve Banks, early in the year, undertook to collect at par on every bank in their respective districts. The Federal
Reserve Bank of Boston has for more than three years been collecting at par on all banks in its district, and other Federal Reserve
Banks felt that in justice to their member banks and to the public
no further discrimination should be made. Recourse was had in
many cases to means of collection other than banks, but as a rule
such steps were not necessary for any length of time, and of the
29,561 banks in the country, 25,565 were on December 31 remitting
to the Federal Reserve Banks at par, while 3,996 still declined to
do so. The efforts to establish a universal par remittance system
will be continued until all banks are on the par list, and it is believed
that this result will be accomplished within a comparatively short
time. Several banks in various sections of the country have protested
ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD.
41
against the means adopted by the Federal Reserve Banks with the
approval of the Board of collecting checks drawn upon banks which
refuse to remit at par to the Federal Reserve Banks for items drawn
on themselves, and in reply to formal complaints the Board has
defined its attitude as follows:
The Board's action is based upon its conception of the very evident purposes of
the Federal Reserve Act. Section 13 of the act begins as follows: "Any Federal
Reserve Bank may receive from any of its member banks and from the United States
deposits of current funds in lawful money, national-bank notes, Federal Reserve
notes, or checks, and drafts, payable upon presentation, and also, for collection,
maturing notes and bills." Even though the Federal Reserve Board has heretofore
ruled that the permissive "may" as used in the foregoing paragraph should not be
construed to mean the mandatory "shall/' nevertheless it is clear that a Federal
Reserve Bank in order to do any business whatever must exercise some of the permissive powers authorized by law. It would be impossible otherwise for a Federal
Reserve Bank to afford to its member banks many of the privileges which the law
clearly contemplates and to which the member banks are clearly entitled. But
independently of a discussion of this phase of the situation, it seems to the Board that
doubts upon this question are resolved upon a consideration of the provisions of section
16: "Every Federal Reserve Bank shall receive on deposit at par from member
banks or from Federal Reserve Banks checks and drafts drawn upon any of its depos.
itors." In this case, the obligatory "shall" is used so that there is no option in the
Federal Reserve Bank so far as checks and drafts upon its depositors are concerned.
From this it may be argued that as the depositors of a Federal Reserve Bank are
member banks there is no obligation upon the Federal Reserve Bank to receive on
deposit at par checks on nonmember banks, but even if the language of section 13
be construed as permissive there seems to be no question that the Federal Reserve
Bank has the right to receive on deposit from any of its member banks any checks or
drafts upon whomsoever drawn, provided they are payable upon presentation. The
whole purpose of the act demands that in justice to member banks they should
exercise that right.
Section 16 further provides that the Federal Reserve Board "may at its discretion
exercise the functions of a clearing house for such Federal Reserve Banks * * *
and may also require each such bank to exercise the functions of a clearing house for
its member banks." In accordance with the purpose of this paragraph, the Federal
Reserve Board, with the view ultimately of establishing a universal or national
system of clearing intersectional balances as well as bank checks and drafts, has
established a gold settlement fund through which daily clearings between all Federal
Reserve Banks are consummated and has also required each Federal Reserve Bank to
exercise the functions of a clearing house for its member banks. In order, however,
to make fully effective its facilities as a clearing house in accordance with the terms
of this section, there does not seem to be any doubt that the Federal Reserve Bank
should not only exercise its obligatory power to receive from member banks checks
and drafts drawn upon other member banks, but that it should also exercise its permissive power to receive from member banks any other checks and drafts upon whomsoever drawn, provided that they are payable upon presentation.
There are no doubt many nonmember banks without sufficient capitalization to
make them eligible for membership in the Federal Reserve System, but provision
is made for such banks in section 13 by authorizing the Federal Reserve Banks, for
purposes of exchange or of collection, to receive deposits from any nonmember bank
or trust company. But for the fact that the small country banks are able to have their
out of town items credited at par by some city correspondent, there is no doubt that
42
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
many more of them would avail themselves of the nonmember collection privilege
than have done so.
There is a proviso in section 13 which allows member and nonmember banks to
make reasonable charges "to be determined and regulated by the Federal Reserve
Board, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of
checks and drafts presented at any one time, for collection or payment of checks and
drafts and remission therefor by exchange or otherwise; but no such charges shall be
made against the Federal Reserve Banks." This has been construed by the Attorney
General of the United States as meaning that a Federal Reserve Bank can not legally
pay any fee to a member or nonmember bank for the collection and remittance of a
check. It follows, therefore, that if the Federal Reserve Banks are to give the service
required of them under the provisions of section 13 they must, in cases where banks
refuse to remit for their checks at par, use some other means of collection no matter
how expensive.
The action of the various Federal Reserve Banks in extending their par lists has
met with the cordial approval of the Federal Reserve Board, which holds the view
that under the terms of existing law the Federal Reserve Banks must use every effort
to collect all bank checks received from member banks at par. Several of the Federal
Reserve Banks are now able to collect on all points in their respective districts at
par, and new additions to the other par lists are being made every day. The Board
sees no objection to one bank charging another bank or a firm or individual the full
amount provided in section 13 of the Federal Reserve Act (10 cents per $100) and
has not undertaken to modify these charges, but the act expressly provides that no
such charge shall be made against the Federal Reserve Banks.
It is the Board's duty to see that the law is administered fairly and without discrimination and that it applies to all banks and sections alike. It will, therefore, take any
and all steps necessary to carry out the intent of the law as construed by the highest
legal authority of the administrative branch of the Government.
The marked increase during the past year in the volume and
amount of checks cleared through the Federal Reserve Banks shows
that member banks are depending more and more upon the facilities
afforded by the Federal Reserve Banks. The daily average number
of items handled by the Federal Reserve Banks during the 30 days
ending December 15, 1919, was 1,412,737, as compared with a daily average during the same period in 1918 of 912,752, and the daily average
during the entire 12 months of the year 1919 was 1,110,791, against
612,731 during the year 1918. For the monthly period between
November 16 and December 15, 1919, the daily average amount represented by the items handled by all Federal Reserve Banks was
$631,650,320, as compared with $524,407,631 for the same period
in 1918. The daily average value of items increased from about
$190,000,000 in 1917 to $420,980,209 in 1918, and $524,960,916 in
1919, an increase of nearly 25 per cent during the year 1919 as compared with the year 1918.
It should be recalled that during the year 1918 the service charge
of from 1 to 1^ cents per item previously imposed by Federal Reserve
Banks to cover overhead and other costs of collection was abolished
and the growth of the collection business during that year was due
to a gr^at extent to this fact. Further growth during the year 1919
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
43
may be attributed to the larger use of the Federal Keserve collection
system by member banks and to the greater effectiveness and value
of the par collection system because of its approach toward universality.
The following table shows the daily average number and the
amount of items collected by the 12 Federal Reserve Banks for each
30-day period from December 16, 1918, to December 15, 1919:
Daily average number and amount of items handled by the 12 Federal Reserve Banks,
during each month from Dec. 16, 1918, to Dec. IS, 1919.
Items drawn on banks
in Federal Reserve
city (daily average).
Month ending (1919).
Number.
Jan. 15
Feb. 1 5 . . .
Mar. 15
Apr. 15
May 15.
June 15
July 15
Aug. 15
Sept. 15
Oct. 15
Nov. 15
Dee. 15
!
|
i
1
'....!
j
!
|
95, 622
90,944
109,083
138,817
129,378
132,688
149,902
139,678
149,460
164,761
177, 589
182,347
Amount.
$221,889,
198,935,
168,567,
197,456,
176,737,
196,594,
218,737,
194,733,
208,529,
235,072,
236,521,
251,531,
Items drawn on banks
in district outside
Federal Reserve city
(daily average).
[Number.
Amount.
635,080 $165,386,737
599,951 156,360,759
640,346 171,714,589
686,512 167,142, 262
665,641 163,067,746
696, 457 191,330,944
737,007 194,300,102
731, 680 176,612,134
761,680 202,812,209
824,862 223,417, 562
915,794 246,055,511
975,095 254,594,746
Items drawn on Treasurer of United States
(daily average).
Number.
77,282
126,051
114,563
137,228
157,820
118,248
95,986
83,659
77,201
93,437
107,551
88,071
Amount.
$37,753,800
63,221,002
46,746,505
48,802, 574
45,278,441
48,316,599
49, 867,067
57, 868,769
51,935, 604
45,272,641
37,355,291
36,506,264
Items doubly handled.
Items handled by entire
Federal Reserve system (daily average ex- Drawn on banks in Handled by both parent
eluding duplications).
bank and branches
other districts (daily
(daily average).
average).
Month ending (1919).
Jan.15.
Feb. 15.
Mar. 15.
Apr. 15.
May 15.
June 15.
July 15.
Aug. 15.
Sept. 15
Oct. 15.
Nov. 15.
Dec. 15.
Number.
Amount.
807,984
816,946
863,992
962,557
952,839
947,393
982,895
955,017
988,341
1,083,060
1,200,914
1,245,513
$425,030,483
418,517,185
387,028,471
413,400,957
385,083,316
436,242,116
462,904, 505
429,214,521
463,276,894
503,762,815
519,932,757
542,632,239
Number.
99,828
89,972
100,963
101,329
95,541
99,349
104,997
110,817
107,279
119.387
129', 399
139,915
Amount.
$64,079,660
58,431,530
55,760,559
59,610,264
57,858,264
61,906,814
66,672,048
66,552,940
66,883,891
74,965,478
78,178,485
76,999,447
Number.
13,662
12,807
15,047
16,958
15,798
18,260
19,061
20,787
21,959
23,162
27,594
27,309
Amount.
$10,080,440
11,036,400
9,774,269
9,029,805
7,613,957
11, 626,331
10,502,207
9,119,2C3
10,984,785
11,417,988
12,683,739
12,018, 634
The table next following shows by Federal Reserve districts the
number of banks remitting at par on January 1, 1920, and the
number of nonmember banks not remitting at par, as compared
with the number on January 1, 1919/together with the additions to
the par list during the year 1919.
178983—20
4
44
ANXUAL REPORT OF THE FEDERAL RESERVE BOARD.
Number of banks remit- Non- Number of banks remitting at par on Jan. 1, member ting at par on Jan. 1,
1920.
1919.
banks
Federal Reserve
not remitting
Bank.
Nonat par Member NonMember member
Jan.
member Total.
banks. banks. Total. on
1, 1919. banks. banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
423
723
661
814
565
426
1,334
514
867
994727
644
246
339
329
728
351
209
2,392
1,046
1,169
2,200
247
1,049
669
1,062
990
1,542
916
635
3,726
1,560
2,036
3,194
974
1,693
102
411
1.156
1,345
1,805
1,600
1,743
979
947
159
432
753
678
843
585
426
1,374
538
920
1,038
756
723
Total
8,692
10,305
18,997
10,247 ;
9,066
1
245
318
415
1,C85
485
355
3,896
2,309
1,879
3,346
1,220
942
677
1,071
1,093
1,928
1,070
781
5,270
2,847
2,799
4,384
1,976
1,665
16,495 i 25,561
Net
Nonmember increase
during
banks
not re- year in
mitting number of
at par nonmember
on Jan. banks on
1, 1920. par list.
1
i 1
109
21
86
357
134
146
1,504
1,263
710
1,146
973
1
107
3,996
6,190
995
1,219
293
355
1,025
Decrease.
GOLD SETTLEMENT FUND.
There has been a continued and steady increase in the volume of
business cleared through the gold settlement fund during the past
year. This increase is due in part to the transfer of funds on
account of the Treasury's fiscal operations, including transactions
incident to the sale of certificates of indebtedness and to the flotation
of the Victor}^ loan and payment on account of income and excessprofits taxes. Heavy transfers have also been occasioned by seasonal demands for money throughout the country for the movement
of crops and for industrial purposes, and the transactions have
been increased in volume also because of the larger use by member banks
of the clearing and collection facilities of the Federal Reserve System.
There has been no important change during the past year in the
method of operating the gold settlement fund, which has been
explained fully in previous reports. The facilities of the gold settlement fund clearing have been extended to all branches of Federal
Reserve Banks which carry deposit accounts of member banks,
thus simplifying the accounting between the head offices and the
branch banks. The New Orleans branch of the Federal Reserve
Bank of Atlanta, the Baltimore branch of the Federal Reserve Bank
of Richmond, the Louisville, Memphis, and Little Rock branches
of the Federal Reserve Bank of St. Louis, the Omaha and Denver
branches of the Federal Reserve Bank of Kansas City, the El Paso
and Houston branches of the Federal Reserve Bank of Dallas, and
the Salt Lake City, Seattle, Spokane, and Portland branches of the
Federal Reserve Bank of San Francisco are now settling direct.
While this arrangement has added to the work of making the settlement in the office of the Federal Reserve Board, additional facilities
have been provided so that the settlements are now effected more
quickly for the 12 Federal Reserve Banks and 13 branches than when
Digitized forthe
FRASER
settlements were made only between the 12 Federal Reserve Banks.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
45
The gold settlement fund operations have been affected to a large
extent during the year 1919 as during the two previous years by
the operations of the Treasury. This is shown by the comparison
of the volume of clearings and transfers handled through the gold
settlement fund with the principal fiscal operations of the Treasury.
During the first quarter of the year clearings and transfers through
the fund averaged more than one billion dollars a week. The record
figure of $1,345,521,000 was established during the week ending
January 9. A large part of the volume of business handled through
the fund during this period is accounted for by the movement of
funds received by the Treasury from the sale of $4,952,400,000,
of certificates issued in anticipation of the Victory loan. For the
week ending March 20 combined clearings and transfers exceeded by
more than $200,000,000 similar transactions for the previous week.
This increase is accounted for by the movement of funds incident to
the payment of the first installment of the income and excess-profits
taxes to the Government on March 15, which amounted to more than
$1,000,000,000. Another large increase is noted for the week of May
22, which is incident to the movement of funds in connection with the
payment of the first installment on account of the subscriptions to the
Victory loan. For the week ending June 19 a new high record in the
volume of business was established and combined clearings and transfers amounted to more than $1,696,907,000, an increase of more than
$450,000,000 over the previous week's figures. This is accounted
for by the large movement of funds incident to the second installment payment of the income and excess profits taxes due on June 15.
These figures were exceeded, however, during the week ending
September 18, the combined clearings and transfers for the week
aggregating $1,729,000,000. This amount was again exceeded the
following week, when the total transfers and clearings through the
fund amounted to more than $1,940,000,000. The large volume of
transactions during this period is accounted for by the payment of
funds in connection w^ith the third installment of income and excess
profits taxes on September 15 and the unusually heavy movement
of Government funds in connection with the redemption of Treasury
certificates of indebtedness outstanding. During the last quarter of
the year the combined clearings and transfers have averaged well
above $1,500,000,000 weekly, due to continued heavy movements
of funds by the Government and to large transfers for account of
member banks.
Combined clearings and transfers through the fund during the
year 1919 aggregate $73,984,252,000, as compared with $50,251,592,000 in 1918, $27,154,704,000 in 1917, $5,533,966,000 in 1916, and
$1,052,649,000 in 1915, making a grand total of $157,977,163,000
since the operation of the fund was begun on May 20, 1915.
46
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
When it is considered that these enormous transfers are made
almost instantaneously by means of the leased wire system without
involving the physical movement of a dollar, it will be seen that the
arrangement has been of incalculable value to the Government, the
banks, and the public. The total expense of operation, including
the entire cost of the leased wires and salaries of accountants, was
approximately $250,000. This represents the basic cost of effecting
the domestic exchanges between the several Federal Reserve districts.
A charge of 10 cents per $100, if generally imposed, would have
involved an expense to the commerce of the country of $73,984,252.
FEDERAL RESERVE BANK NOTES.
On May 6, 1919, the Secretary of the Treasury announced that no
further sales of silver under the act of April 23, 1918, generally
known as the Pittman Act, except to the Director of the Mint, were
contemplated. This act, which was reviewed in the last annual
report of the Board, provides that in order to prevent contraction
of currency, the Federal Reserve Board is authorized to permit, or
require Federal Reserve Banks to issue Federal Reserve bank notes
in any denomination, including denominations of $1 and $2, in an
aggregate amount not to exceed the amount of standard silver
dollars melted or broken up, upon depositing with the Treasurer of
the United States, as security for the bank notes issued, United
States certificates of indebtedness, or United States one-year gold
notes. The total amount of standard silver dollars melted or broken
up under the provisions of this act up to May 6, 1919, the date of
final transaction, was $260,121,554, which, therefore, is the total
amount of Federal Reserve bank notes which can be issued by the
Federal Reserve Banks under the provisions of the so-called Pittman
Act without melting more silver dollars.
Up to December 31, 1919, $259,375,000 of Federal Reserve bank
notes had been issued by the Federal Reserve Banks under the
provisions of the act, principally in denominations of $1 and $2, as
shown by the following table:
Statement showing Federal Reserve
Reserve Banks under the provisions
1919.
Bank.
bank notes, by denominations,
issued to Federal
of the ''Pittman Act" up to and including Dec. SI,
$1
$2
$10
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
:....
San Francisco.
$12,788,000
33,944,000
19,196,000
13,900,000
10,524.000
12,388,000
27,608,000
9,056,000
6,012,000
6,688,000
6,432,000
8,076,000
86,728,000
13,272,000
4,664,000
4,080,000
1,736,000
1 656,000
7,344,000
2,512,000
1,648,000
1,792,000
1.368,000
2,304,000
$1,920,000
10,620,000
6,420,000
5,319,000
Total...
166,612,000
49,104,000
40,259,000
1,620,000
3,700,000
4,500,000
820,000
4,340,000
500,000
500,000
$1,440,000
960,000
1,000,000
3,400,000
Total.
$21,436,000
59,276,000
30,280,000
23,299,000
12,260,000
15,664,000
39, 612,000
17,068,000
8,480,000
12,820,000
8,300,000
10,880 000
259,375,000
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
47
Section 6 of the so-called Pittman Act provides that as and when
standard silver dollars shall be coiDed out of bullion purchased
under authority of this act the Federal Reserve Banks shall be
required by the Federal Reserve Board to retire Federal Reserve
bank notes issued under section 5 of the act, if then outstanding,
in an amount equal to the amount of standard silver dollars so
coined, and the Secretary of the Treasury shall pay off and cancel
United States certificates of indebtedness deposited as security for
the bank notes so retired. As no bullion had been purchased by
the Secretary of the Treasury on August 20, 1919, which was the date
when the first certificates deposited under the provisions of this act
as security for Federal Reserve bank notes matured, the Secretary
of the Treasury advised the Federal Reserve Banks that the oneyear Treasury certificates of indebtedness which had been purchased
to secure their bank-note circulation would be extended for one
year from that date and that all subsequent issues of certificates
of indebtedness held by the Federal Reserve Banks under the provisions of this act to secure their bank notes would be extended
for one year from date of maturity until further notice by the
Secretary of the Treasury.
REGULATION AND CONTROL OF FOREIGN EXCHANGE.
During the first half of the year the restrictions which had been
imposed on foreign exchange operations during the war, under the
authority vested in the Secretary of the Treasury and the Federal
Reserve Board by the Executive order of January 26, 1918, were
removed as rapidly as was consistent with the best interests of
the United States. Remittances were authorized to countries to
which they had formerly been prohibited, and, wherever possible,
" dealers" were allowed entire freedom in consummating exchange
transactions which had previously required the approval of the
Division of Foreign Exchange.
By the 1st of June most of the restrictions on foreign exchange
transactions had been removed, and further statistical reports were
not required from " dealers" after June 25. These reports disclose
that from February 20, 1918, when the Executive order went into
effect, to June 25, 1919, the total exchange from all sources on all
countries of the world purchased by American u dealers" was
$11,769,942,317, while the total amount sold during that period
was $11,747,071,165. The total purchases and sales of demand and
cable exchange between " dealers" in the United States for the same
period were $9,980,894,404, of which $6,882,707,401, or approximately 69 per cent, were for exchange on Great Britain. In addition
to these figures, the statement of the arbitrage operations also shows
the important position in world finance held by Great Britain.
48
AXXUAL REPORT OF THE FEDERAL RESERVE BOARD.
Exchange on Great Britain was sold in the United States by foreign
holders from February 20, 1918, to June 25, 1919, in an aggregate
amount of $927,664,000, and exchange on Great Britain was purchased from American "dealers" for foreign account to a total of
$904,693,000. Of these amounts residents of the. United States
bought from British banks sterling to the equivalent of $540,020,000,
while we sold to British banks the equivalent of $232,758,000 in
sterling bills. The total arbitrage transactions of American "dealers"
for this period were as follows:
Foreign exchange purchased from other countries by the United
States
$1, 606, 710, 000
Foreign exchange sold to other countries by the United States
1, 296, 454, 000
During the period under discussion the total debits and credits to
dollar accounts in the United States of European allied countries
were $39,949,417,757, of European countries other than our Allies
$5,498,186,496, of Asia $4,310,229,078, and South America
$3,230,701,836. Purchases of securities in this country for foreign
account for the same period were made to the value of $777,031,000,
while sales here for foreign account aggregated $701,367,000. Securities held in this country for foreign account at the close of business
June 25, 1919, amounted to $1,990,808,000, while securities held
abroad for American account on the same date were $112,982,000.
EXCHANGE ON CENTRAL EUROPE.
On April 22 the Division of Foreign Exchange prohibited "dealers"
from purchasing exchange, except from the American Relief Administration, upon any of the following countries: Finland, Czechoslovakia, Jugo-Slavia, Roumania, Poland, German Austria, Serbia,
Bulgaria, and Turkey.
On April 30 Germany was added to this list by virtue of a license
issued by the War Trade Board. This regulation was issued for the
purpose of enabling the American Relief Administration to make use
of such foreign currencies in the countries concerned as were received
by it for food being shipped and to employ the dollar equivalent in the
purchase of food in the United States for shipment to those countries,
and was of great service in getting food into those territories. The
arrangement continued in effect until June 30, on which date the
American Relief Administration went out of existence.
The President issued an order on June 26, 1919, which revoked
and canceled all previous proclamations prohibiting the exportation
of coin, bullion, and currency and controlling transactions in foreign
exchange and the power and authority for those purposes vested
in the Secretary of the Treasury and in the Federal Reserve Board,
and all orders, rules, and regulations issued or prescribed in connection therewith, except that such proclamations, orders, rules and
were continued in force and effect in so far as they were
Digitized forregulations
FRASER
ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD.
49
necessary to enable the Secretary of the Treasury and the Federal
Reserve Board effectively to control: (1) All exportations of coin,
bullion, and currency to that part of Russia now (then) under the
control of the so-called Bolshevik government, (2) any and all dealings or exchange transactions in Russian rubles, (3) the transfer of
credit or exchange transactions with that part of Russia now (then)
under the control of the so-called Bolshevik government, (4) any and
all transfers of credit or exchange transactions with territories in
respect of which such transactions were then permitted only through
the American Relief Administration. On August 12 the Federal
Reserve Board announced the issue of a general license permitting the
exportation from the United States of Russian rubles, provided that
notice of exportation be given to the Customs Division of the Treasury
and to the Division of Foreign Exchange of the Federal Reserve
Board. As the War Trade Board section of the Department of State
issued on July 14 a general enemy trade license opening Germany to
trade and communication and took similar action with regard to
Hungary on'September 2, all restrictions have been removed from the
exportation of coin, bullion, and currency, and from transactions in
foreign exchange, except as to (1) transactions with or for persons in
that part of Russia now under the control of the so-called Bolshevik
government, and (2) the importation of or exchange transactions in
Russian rubles.
Continued and insistent demand for silver in China and the Orient
generally led to a gradual increase in the price of silver, which on
November 25, 1919, sold as high as $1.3875 per ounce. The bullion
value of the silver content of the standard silver dollar is equal to
$1 when silver sells at $1.2929 per fine ounce. The bullion value
of the silver content of our subsidiary coinage is equal to its face
value when silver sells at $1.38. It is evident, therefore, that when
silver rises appreciably above $1.29 per ounce, our standard silver
dollars can be exported at a profit, and that should silver remain for
any length of time above $1.38 our subsidiary silver coinage would
be subject to export. Standard silver dollars must, of course, be
delivered on presentation for redemption of silver certificates, which
are in effect trust receipts calling for the delivery of a specified number of standard silver dollars. Apart from silver so held, however,
there is a considerable number of standard silver dollars free in
the Treasury. In order to protect our subsidiary coinage from export it was deemed advisable to utilize the standard silver dollars
free in the Treasury in order, so far as possible, so to control the
rates of exchange with silver standard countries as not to permit the
export of our subsidiary silver coinage to become profitable. The
Board, in cooperation with the Treasury Department, accordingly
arranged with American banks having their own branches in the
50
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Orient, and included in the arrangement all American banks so
situated, whereby these banks under the direction of the Division
of Foreign Exchange of the Federal Reserve Board, will be enabled
to utilize such standard silver dollars in meeting Oriental demands.
This arrangement was announced by the Board on December 6, 1919,
in a statement reading as follows:
Announcement was made to-day that under arrangements made between the
Treasury and the Federal Reserve Board, standard silver dollars that are free in the
Treasury will until further notice be delivered against other forms of money to the
Division of Foreign Exchange of the Federal Reserve Board, which will, through the
Federal Reserve Bank of New York, cooperating with the branches of American
banks in the Orient, employ such dollars in regulating our exchanges with silverstandard countries.
This arrangement does not, of course, affect the redemption of outstanding silver
certificates in standard silver dollars.
EXPORTS OF COIN, BULLION, AND CURRENCY.
The report of the Board for the year ended December 31, 1918,
contained a complete statement of the operation of the gold export
committee up to that date.
On May 6, 1919, the Board announced that thereafter licenses for
the export of silver bullion or silver coin of foreign mintage would
be granted freely and without condition. This was followed on
June 9, 1919, by the announcement that, with the approval of the
President, the control previously exercised over transactions in
foreign exchange and over the exportation of coin, bullion, and
currency would be terminated except as to the importation or exportation of ruble notes or exchange transactions with that part of Kussia
under the control of the so-called Bolshevik government, and except
as to exchange transactions with territories with which such transactions were at that time permitted only through the American
Relief Administration. At the same time it was announced that
until formal action was taken by the President, applications for the
export of gold would, like applications for the export of silver, be
granted freely, irrespective of amount or destination except as above
stated, and that during that interim licenses required to consummate
specific transactions in foreign exchange would be granted freely
with the exceptions indicated above.
The President's order of June 26, 1919, removed all restrictions
upon transfers of credit and exchange transactions and exports of
coin, bullion, and currency except as to those parts of Eussia controlled by the so-called Bolshevik government.
On August 12, the Board announced the issuance of a general
license permitting the exportation from the United States of Russian
rubles, provided that notice of such exportation be given to the
Customs Division of the Treasury and to the Board's Division of
Foreign Exchange. With these exceptions, there is now no control
Digitized forover
FRASER
the export of coin, bullion or currency.
51
ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD.
The following table shows the amounts represented by licenses
issued by the Board from September 7, 1917, to June 7, 1919, for
exports from the United States of coin, bullion, and currency, as
well as the countries to which shipments were authorized. Approximately 1,142 licenses were issued for the shipment of gold, 1,500
licenses for the shipment of silver, and 1,817 licenses for the shipment
of currency other than United States gold and silver certificates.
There were disapproved 775 applications of all classes.
Amounts represented by licenses granted by the Federal Reserve Board from Sept. 7, 1917,
to June 7,1919, covering exports from the United States of coin, bullion and currency.
Gold.
Silver.
United
States
currency.
Currency of
the country
to which
exported.
Other
currency.
Total.
North America:
Canada
Mexico
West Indies
$32,639,277.87 $9,656,011.43 S3,900,946. 42$:521,439,382.48
48,033,946.96
9,924,964.99 23,969,947.58 1,394,090.66
6,467.56
177,531. o n
610,180.67 78,107,189.00
$674,059.48 $68.1,309,677.68
51,445.81 83,374,396.00
206,854.00 79,108,223.03
Total..
80,850,756.63 20,191,157.09 105,978,083.00 22,839,940.70
932,359.29 230,792,296.71
Central America:
Panama
Other points
Total..
South America:
Argentina
Bolhia
Brazil
Chile
Colombia
Equador
Peru
Uruguay
Venezuela
Other points
Total
Europe:
Denmark
France
Great Britain...
Holland
Italy
Norway
Portugal
Russia
Spain
Sweden
Switzerland
Other points
Total..
Asia:
China
India
Japan.
Other points
Total.
Africa
Australasia:
Australia
Java
Philippines...
Other points
98,175.00
33,250.00
238,019.10
2,150,257.38
4,189,756.45
5,370,910.00
'8,175.00
271,269.10
6,340,013.83
5,000.00
19,108.60
43.60
1,321.00
4,886.70
192.25
500,005.00
448,323.75
1,414. ""
1,552.00
5,000.00
30,810.00 17,594,346.27
785,043.60
70,208.50
15,558,789.05
620,365.10 14,434,027.95
573,405.00
250." 66 6,133,632.12
217,614.80
7,525,181.69
176,163.07
1,713,700.00
981,847.70
651,425.10 63,068,412.05
75,000.00
25.00 1,453,638.00
61,673.92 10,467,855.00 49,340,730.00
74,460.46 56,347,426.49 1,648,311.72
2,000.00
357.50 1,700,000.00
500,300.00
4,278.00
2,232,272.69
15,500.00
10,000.00
52,959.14 1,657,000.00
5,723.00
200.00
500.00
4,455,294.00
883,852.80
160.00
460,032.00
100.00
225.00
368,000.00
112,700.00
1,340.00
11,826.00
2,084,093.33
1,896,950.92
53,591.81
4,603,536.88 74,476,836.12 52,851,541.72
4,624,900.67
5,386,454.64 141,943,270.03
2,007.38
6,586.35
94,000.00! 2,021,000.00
497,066.00! 3,349,910.00
8,593.73
591,066.00
| 17,510,142.95
!
785,000.00
1,142.50
15,553,902.35
I 13,152,520.60
400.00
4,620,058.37
11,534.72
22,750.00
""2," 745.'66
'65,'666.'66
53,000.00
607,950.00
73,000.00
940,000.00
6,683,629.69
157,074.07
125,000.00
216,200.00
840,000.00
9,089.00
I 58,463,870.53
1,257,568.72
90,261.00 1,630. 750.00
158,282.00 62,112; 634.25
4,254,509.20 64,221, 658.79
4,450.00 1,760, 399.31
504! 578.00
27,460.00
392,073.64 2,667: 306.33
438.00
10] 438.00
102,142.50
5QO'.66 1,818. 324.64
280.00
4,456: 274.00
180,675.00 1,104; 097.91
39,410.11
482, 065.00
8,708.00
13,000.00
400,000.00
292,703.80 1,174. 743.80
197,717.10 62,150,467.90
'"1,704,003.35
3,888,272.00 338:
500,000.00
1,344,789.70
357,962.50 4,328,179.76
' "6"6,"566."66
55,100.00
2,630.20
810.00
101,535.43
61,500.00
563,391.52 62,929,892.72
2,786,025.52 345,379,110.87
598,790.00 2,605,615.13
31,250.00 4,833,992.26
5,788,741.30 405,682,651.01
131,286.00
166,475.63
3,979,457.04 415,748,610.98
15,686.00
1,598.00
13,330.00
81.00
697.50
250.00
15,956.50
20.00
2,608,639.30
2,167.50
537,500.00
5,650.00
400.00
45,802.87
4,264.20
10,815.88
370,747.00
64,456.25
3,521,550.50
3,727.00
728,985.00
150.00
1,025,022.00
1,759,104.00
2,609,879.30
Total
Grand total... 152,326,976.37 502,756,003.44
735,035.00
50,217.07
1,406,584.88
5,345,110.75
1,220.00
543,394.50
166,780,636.72 28,762,254.27 12,627,800.05 863,253,670.85
52
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Gold imports for the year just ended amounted to 76.5 millions
compared with 62 millions for the calendar year 1918, while gold
exports aggregated 368.2 millions, compared with 40.8 millions exported in 1918. Net gold exports for 1919 amounted to 291.7 millions,
as against net imports of 21.1 millions the year before. The figures
for 1919 are, however, exclusive of 173.4 millions of gold received from
the Reichsbank for foodstuffs sold to the German Government.
This gold is held at present in London with the exception of %42.1
millions which by arrangement have been delivered in London by
the Federal Reserve Banks in place of gold that would otherwise
have been withdrawn in the United States for export. Counting
the 131.3 millions held on December 31 by the Bank of England for
the Federal Reserve Banks as an offset against the net exports above
shown, the net loss of gold through transfer abroad is reduced to
160.4 millions. Of the gold imports over three-fourths is credited
to Canada, Hongkong, the United Kingdom, and Mexico, while of
the gold exports 94.1 millions were consigned to Japan, and over 125
millions to the other Far Eastern countries, i. e., China, Hongkong,
British India, Straits Settlements, and Dutch East Indies; 56.6
millions to Argentina, 33 millions to other South American countries, 29.8 millions to Spain, and 10.4 millions to Mexico.
Silver imports during 1919 amounted to 89.4 millions, compared
with 71.4 millions in 1918, while silver exports during 1919 were
about 239 millions compared with 252.8 millions the year before.
By far the larger portion of the silver exported in 1919 was consigned
to the Far East, British India being credited with 109.2 millions,
China with 77.6 millions, and Hongkong with 10.2 millions. The
three countries named account for over 80 per cent of the total value
of silver shipped to foreign destinations during the past calendar
year. Exports of silver to India, which constituted by far the
larger portion of the total foreign silver shipments during 1918 and
1919 to September 10, have practically ceased since that date, and
have been superseded by large gold shipments to that country during
the latter part of the year. The recommendations of the committee
now considering Indian currency problems are awaited with interest,
as any change in Indian currency arrangements may have an important influence on the movement of money metals to that country.
The countries from which gold and silver were received by the
United States and to which exports of these metals were made as
well as the amounts in each instance, are shown in the following table:
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Country.
Belgium
Denmark.. .
Finland.
France
Gibraltar
Greece
Italy
Netherlands
Norwav.
Portugal
.
Spa^n
Sweden
.
Switzerland
United Kingdom—England
Canada . .
Newfoundland...
Costa Rica
Guatemala
Honduras
British Honduras
Nicaragua. .
Panama. . . .
Salvador
Mexico.
Jamaica
Trinidad
Other British West Indie?
Cuba. .
Danish West Indies (Virgin Islands of U. S.)...
Dominican Republic
Dutch West Indies. .
Argentina
Bolivia...
Brazil
Chile
Colombia
E cuador. .
British Guiana.
Dutch Guiana....
Peru
Uruguay.
Venezuela..
China
Chosen (Korea). .
Hongkong
Dutch East Indies ..
British India
Straits Settlements
Japan
Russia (Asia)
New Zealand
Philippine Islands
British Fast Africa .
British South Africa
British West Africa
Portuguese Africa
Total....
1
Gold
imports.
5831,002
Silver
imports.
Gold
|
:
:
exports.
$31,900
2,002,666
53
Silver
exports.
$1,797 !
i
75 524
2 400
4 152,533
$684,713
17 438
6 588 197
95,000
• 454, 925
15.000
4.055, 739
44', 487,390
61
616 583
29 267
258,255
1,424,217
3,401
1,140,911
4 464 140
1,947
IS, 838
29 778 000
661 1
67,570
2,091.066
5,706,428 !
!
2i.300
12.000
16,500
1.390,000
3,124,020
10 357,619
7.940
9 593
525
61,746
7,171,469
11
163,665
8
2,621,645
269,276
769,921
89, 273
1,555,969
63 303,437
4.639
37
1,549
82,837
1,105
25,000
5,200
102.721
2 582
26 200
233 837
556 572
379,911
139,159
20,144
814, 583
381 981
1,714
10,017, 550
3 851 075
1,354, 578
581,924
8,150
56,560,000
2 500 000
525 000
100 000
5, 268,620
5,005
19,795
3,383,369
9,205,000
12 052 220
39,109, 769
40,085.969
7, 365, 111
34 300 666
4,209,667
94 114 189
23,000
102, 500
240
2,094,084
1 219 430
1,950
228
194,526
172 203
15,635,386
7,854,378
5 900
205,600
363 250
1, 500
1 926 433
10,328
2 300
161
150 000
300
64,433
132 785
2 155
1 927324
'271,274
13.670
121
265
8,862, 537
2 52i
3,328
20,000
1,773,584
3, 867
2 498*
2,656
3,193
5 063
850 000
77 583,367
10, 245,351
109,180,718
3 946 453
52, 759
1.566
12,327
76,822
17,777
619,296
76, 534,046
68,698
368,185,248
89,410,018
239,021,051
FOREIGN BRANCHES OF AMERICAN BANKS.
The operations of American banking corporations principally engaged in international or foreign banking have been extended during
the past year and in addition to those to which reference was made
in the Board's last annual report, the corporations named below
have entered into the necessary agreements with the Federal Reserve
Board to permit the purchase of their stock by national banks under
the provisions of section 25 of the Federal Reserve Act.
The French American Banking corporation is incorporated under
the laws of the State of New York. One-half of the stock of this
corporation is owned by the Comptoir National D'Escompte of
54
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Paris and the other half is divided equally between the First National
Bank of Boston and the National Bank of Commerce in New York.
The activities of this corporation are devoted more particularly to
the development of trade relations between the United States and
France. The Comptoir National D'Escompte has about 200 branches
in France and also has branches in Great Britain, Spain and Belgium,
and in other countries, besides affiliations with some of the French
colonial banks.
The Park-Union Foreign Banking Corporation, which is owned
jointly by the National Park Bank of New York and the Union Bank
of Canada, is especially active in the development of trade between
the United States and the Dominion of Canada and of their commerce
with the Orient. It has established branches in Yokohama, Tokyo,
Shanghai, Paris, San Francisco, and Seattle.
The Foreign Credit Corporation, the character of whose business is
indicated by its title, is controlled by the Chase National Bank of
New York.
The Shawmut Corporation was recently organized by the National
Shawmut Bank of Boston. No foreign branches have been opened,
but an office is maintained in New York City.
In the following table are given the names, capital and surplus,
and resources of the domestic corporations principally engaged in
foreign banking which have filed the necessary agreements with the
Board and which number national banks among their stockholders.
As of Dec. 31, 1919.
Name of corporation.
American Foreign Banking
Corporation, New York
City.
Mercantile Bank of the Amer• icas, New York City.
Asia Banking Corporation,
New York City.
International Banking Corporation, New York City.
Park-Union Foreign Banking
Corporation, New York
City.
French American Banking
Corporation, New York
City.
Foreign Credit Corporation,
New York City.
First National Corporation,
Boston, Mass.
Shawmut Corporation, Boston, Mass.
Organized under
laws of State of—
Resources
(head
office).
New York
$4,575,000
$46,570,000
Connecticut
10,000.000
69,000,000
New York
5,100,000
22,100,000
8
9
17
s
1
Connecticut
8,500,000
94,428,000
27
1
New York
2,250,000
12,698,000
4
2
do
2,500,000
22,309,000
do
6,000,000
11,410,000
Massachusetts...
i With 26 offices.
Subsidiary or
Foreign Domestic
affiliated branches.
branches.
institutions.
Capital
and
surplus.
do
1,800,000 * 14,736,000
1
23,444,000
1
2,280,000
1
Includes figures for domestic branch.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
55
It will be noted that these corporations are all organized under
State laws. The Federal Reserve Board in two previous reports to
Congress recommended that section 25 of the Federal Reserve Act
be amended so as to provide for the Federal incorporation of associations solely engaged in international or foreign banking, which would
operate under general supervision of the Federal Reserve Board and
stock in which might be owned by national banks. This recommendation has been acted upon and provision is made for the Federal
incorporation of corporations organized for the purpose of engaging
in international or foreign banking and other international or foreign
financial operations, as set forth in the act approved December 24,
1919, generally known as the Edge Act. This act contemplates the
organization both of corporations to engage in foreign commercial
business and of corporations to undertake long-time financing, and
in connection therewith to issue securities to be sold to investors.
It is expected that some existing corporations and others to be
organized will avail themselves of the privileges of this act.
The act approved September 17, 1919, amended section 25 of the
Federal Reserve Act by permitting the investment by any national
bank until January 1, 1921, without regard to the amount of its
capital stock and surplus, of not more than 5 per cent of its paid-in
capital and surplus in the capital stock of corporations organized
under the laws of the United States or any State principally engaged
in such phases of international or foreign financial operations as may
be necessary to facilitate the export of goods, wares and merchandise
from the United States or any of its dependencies or insular possessions
to any foreign country. Provision is made also in the so-called Edge
Act for the Federal incorporation of financial institutions of this
character.
The Federal Reserve Board is charged generally with the same
duties and responsibilities as to the organization, supervision and
liquidation of corporations organized under the new law as those
which devolve upon the Comptroller of the Currency in the case of
national banks, and it is now engaged in the preparation of rules and
regulations governing their operation, as prescribed by the act*
The new law authorizes all national banks to invest to the limited
extent set forth above in the stock of corporations organized to facilitate export transactions and, through the instrumentality of the corporations, to cooperate with exporters, producers, and manufacturers
in extending their connections abroad. Corporations contemplated
by the so-called Edge Act will be permitted under the supervision of
the Federal Reserve Board to invest in foreign securities of various
kinds and to offer their own obligations specifically secured by their
foreign collateral to American investors. They will therefore be the
means of utilizing private capital in the financing of exports on long
56
AJSTSTUAL REPORT OF THE FEDERAL RESERVE BOARD.
credits, not by the commercial banks but through the investment
market. More extended reference to the Edge Act is made below
under the caption "Law Division."
The only national banks operating branches abroad are the National
City Bank of New York and the First National Bank of Boston.
MEETINGS OF THE FEDERAL ADVISORY COUNCIL.
The Federal Advisory Council has held during the year four meetings in Washington as required by section 13 of the Federal Reserve
Act, and in addition there was a conference between the executive
committee of the Council and the Federal Reserve Board on June
20,1919.
The report of the proceedings of the Council and its recommendations will be found in the appendix.
The following statement was issued by the Board on June 20, 1919:
The Federal Reserve Board had to-day a conference with the executive committee
of the Federal Advisory Council (Mr. James B. Forgan, of Chicago, Mr. L. L. Rue, of
Philadelphia. Mr. Daniel G. Wing, of Boston, and Mr. W. S. Rowe, of Cincinnati) to
consider problems relating to the financing of the f 3reign trade of the United States.
There wa3 discussion as to what unusual features attached to this trade and the
bearing thereof upon the American banking situation. The Board and the committee
of the Council were in entire accord that the matter of providing long-term advances
for Europe presented an investment rather than a banking problem and that the
necessary funds must therefore come from the investment market. It was. however,
the opinion of the conference that as a step toward supporting plans for the financing
of our foreign trade it would be well to add a new paragraph to section 25 of the Federal
Reserve Act so as to permit national banks until January 1, 1921, without regard to
the amount of their capital and surplus, to invest not exceeding in the aggregate
5 per cent of their capital and surplus in the stock of one or more corporations
principally engaged in such phases of international or foreign financial operations
as may be necessary to facilitate the export of goods from the United States. The
Board voted to recommend this legislation to Congress.
LAW DIVISION.
The general character and scope of the functions of the Law Division
were set forth in the Board's last annual report. Although it is
unnecessary to restate these activities in detail certain features of the
current work of the Law Division should be mentioned.
State laws.—Under the terms of the Federal Reserve Act, State
banks and trust companies which become members of the Federal
Reserve System retain their full charter and statutory rights and,
subject to the provisions of the Federal Reserve Act and the regulations of the Board, are permitted to continue the exercise of all
corporate powers granted to them by the States in which they were
organized. Because of the lack of uniformity in the laws of the 48
States the Law Division is frequently called upon to analyze those
laws in so far as they affect the operations of banks and trust com-
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
57
panies and to render opinions defining their scope and effect in various
cases presented to the Board for consideration. The Law Division
has had the very helpful cooperation of the counsel for the several
Federal Reserve Banks in the preparation of those analyses of the
State laws which have from time to time been published in the
FEDERAL RESERVE BULLETIN. During the past year the general enabling act prepared by the Law Division and recommended by the
American Bankers' Association for enactment by State legislatures
has been adopted in slightly different forms by the legislatures of
seven States. The purpose of this act is to aid in effecting the
standardization of State banking laws and a coordination of Federal
and State banking powers. A number of State legislatures other than
the seven above referred to have enacted laws which include the substance of some of the recommendations embodied in the enabling act.
The Law Division has also endeavored to keep up to date its file
of State laws affecting banking and other related subjects. These
laws and opinions of State officials or State courts construing them
have from time to time been published in the BULLETIN.
Membership of State banks and trust companies.—During the past
year the Board has approved 280 applications of State banks and
trust companies for membership in the Federal Reserve System.
Each of these applications is first submitted to the Law Division for
its consideration and report. This involves an examination of the
application itself and the various exhibits accompanying it in order
to determine whether the bank is technically eligible for membership
and whether under the terms of the State law it possesses any unusual
dowers which should be restricted by the Board in its conditions of
membership.
Trust 'powers of national banks.—Under the terms of section 11 (Jc)
of the Federal Reserve Act the Board is authorized to permit national
banks to exercise trust powers when not in contravention of State
or local law. During the past year 509 national banks have been
granted trust permits under the terms of this section (372 of these
were original applications and the remaining 137 were supplementary)..
The application of each of these banks has been examined by the Law
Division. As a result of the amendment of September 26, 1918, making certain State laws applicable to the exercise of trust powers by
national banks, many intricate questions of law and policy have arisen
in connection with the approval of applications submitted to the Board
under the terms of section 11 (k). These questions are referred to the
Law Division for its report before final action is taken by the Board.
A new set of regulations governing the exercise of trust powers by
national banks necessitated by the amendment to section 11 (Jc) above
referred to, has been prepared and issued by the Board.
Clayton Antitrust Act.—Since the issue of its last report, the Board
received and considered 281 applications presented to it under the
Digitized forhas
FRASER
58
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
so-called Kern amendment to section 8 of the Clayton Antitrust Act,
relating to interlocking bank directorates. These applications have
in each case been investigated and reported upon by the Law Division.
In addition to those applications which are received by the Board the
Law Division has also investigated many cases of alleged violations
of the law to which its attention has been called by reports of national
bank examiners. In such cases the directors involved have been
requested either to resign from the banks coming within the inhibitions of the Clayton Act or to file a formal application with the Board
for its consent to continue to serve on the banks concerned under the
provisions of the Kern amendment.
Opinions and rulings.—The Law Division is required constantly to
pass upon questions and to prepare memoranda involving the interpretation of the Federal Reserve Act, the National Bank Act, the
Negotiable Instruments Law, and the laws of the several States relating
to the operations of national banks and State banks or trust companies which have become members of the Federal Reserve System
and also to draft rulings denning the proper application of the law or
the regulations of the Board to specific cases arising in the administration of the Federal Reserve Banks or in the operations of their
member banks. Such of these opinions or rulings as are of general
interest to member banks are published each month in the BULLETIN,
The Law Division has recently undertaken the preparation of a codification of all the opinions and rulings of the Board which are now in
force. It is believed that this codification, when complete, will be of
great assistance in the administration of the reserve banks and their
members.
AMENDMENTS TO THE FEDERAL RESERVE ACT.
The Federal Reserve Act has been amended three times during the
past year. Each of these amendments, which will be discussed in
order, was recommended by the Federal Reserve Board, and the Law
Division, under the directions of the Board, assisted in the preparation of each of the bills presented.
By an act approved. March 3, 1919, sections 7, 10, and 11 of the
Federal Reserve Act and section 5172 of the Revised Statutes were
amended as follows: Section 7 was amended so as to provide that the
net earnings of the Federal Reserve Banks shall be paid into a surplus
fund until that fund amounts to 100 per cent of the subscribed capital
and thereafter 10 per cent of the net earnings shall be paid into the
surplus fund and the balance shall be paid to the United States as a
franchise tax. Previously the maximum surplus provided for was 40
per cent of the paid-in capital. That part of section 10 which made
members of the Board ineligible to hold office, position, or employment in a member bank during the time they are in office and for two
years thereafter, was amended so as to provide in substance that no
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
59
appointive member shall be thus ineligible after completing his full
term of office.
Section 11 was amended by the substitution of a new subsection
(m). This amendment authorizes the Federal Reserve Board upon
the affirmative vote of not less than five of its members, to permit
Federal Reserve Banks to discount for any member bank the paper
bearing the signature or indorsement of any' one borrower in excess
of the amount theretofore permitted by sections 9 and 13 of the
Federal Reserve Act, but in no case to exceed 20 per cent of the
member bank's capital and surplus. It is provided, however, that
all of the paper discounted for any member bank in excess of the
amount theretofore permitted by law shall be secured by not less
than a like face amount of bonds or notes of the United States issued
since April 24, 1917, or by certificates of indebtedness of the United
States. This amendment, which is designed to broaden the discount
powers of the Federal Reserve Banks to correspond to the lending
power of the national banks as enlarged by the act of September 24,
1918, lapses after December 31, 1920.
Section 5172 of the Revised Statutes also was amended by the act
approved March 3, 1919, so as to authorize the issue of national-bank
notes in denominations of $500 and $1,000 and to permit these notes
to be attested by the written or engraved signatures of the president
or vice president and cashier of the national bank which issues them.
In view of the fact that Federal Reserve Banks are permitted under
the terms of section 18 of the Federal Reserve Act to issue Federal
Reserve bank notes under the same terms and conditions that are
applicable to the issue of national bank notes, this amendment relates
to Federal Reserve Banks as well as to national banks. By permitting the signatures of the officers of the issuing bank to be engraved
on the notes before they are delivered much inconvenience and expense incident to the issue of the notes will be avoided.
By an act approved September 17, 1919, section 25 of the Federal
Reserve Act was amended so as to permit any national banking
association, until January 1, 1921, without regard to the amount of
its capital and surplus, to apply to the Federal Reserve Board for
its permission to invest an amount not exceeding in the aggregate
5 per cent of its capital and surplus in the stock of one or more corporations chartered or incorporated under the laws of the United States
or of any State thereof and principally engaged in such phases of
international or foreign financial operations as may be necessary to
facilitate the export of goods, wares, or merchandise. Before this
amendment any national banking association possessing a capital
and surplus of $1,000,000 was permitted to invest in the stock of
corporations principally engaged in international or foreign banking
or banking in a dependency or insular possession of the United States.
178983—20
5
60
AXXUAL REPORT OF THE FEDERAL RESERVE BOARD.
There was some doubt, however, whether the law would authorize
a national bank to invest in a corporation engaged in financial
operations other than those strictly defined as commercial banking
operations. Under the terms of this amendment a national bank,
regardless of the amount of its capital and surplus, may invest in the
stock of a corporation principally engaged in a foreign investment
business, whether organized under State or Federal law. This
5 per cent limit was changed by the enactment of section 25 (a) r
discussed below, so far as corporations organized under Federal law
are concerned.
By an act approved December 24, 1919, commonly known as the
Edge Act, section'25 of the Federal Reserve Act was amended b}^ the
addition of a subsection (a). This amendment provides for the
Federal incorporation of institutions for the purpose of engaging in
international or foreign banking or in other international or foreign
financial operations. By the enactment of this amendment Congress
has provided for the Federal incorporation of that character of institutions in which it had previously authorized national banks to
invest. Without the enactment of this Federal incorporation law,
however, national banks could organize their foreign banking corporations only under State laws, although it was apparently contemplated in section 25 as amended on September 7, 1916, that they
should be permitted to invest in the stock of corporations organized
under either Federal or State law. Thus by the amendment approved
December 24, 1919, Congress has completed the machinery designed
in its earlier acts, and national banks may now under the terms of
section 25 (a) of the Federal Reserve Act, regardless of the amount
of their capital and surplus, invest in the stock of a corporation
organized under Federal law, either for the purpose of engaging in
international or foreign banking or for the purpose of engaging in other
international or foreign financial operations. It is provided under
section 25 (a) that no national bank may invest in the aggregate more
than 10 per cent of its capital and surplus in the stock of corporations doing a foreign business. It should be noted, however, that
although the amendment to section 25, approved September 17, 1919,
heretofore discussed, limits the aggregate amount of the investments
of any one national bank in the stock of corporations engaging in
foreign financial operations (as distinct from foreign banking operations) to 5 per cent of its capital and surplus, nevertheless under the
terms of section 25 (a) a national bank may invest as much as 10 per
cent of its capital and surplus in any corporation organized under
that section, even though engaged in the foreign investment business, provided that the aggregate of all investments made by that
national bank under the terms of section 25 and section 25 (a) do not
exceed 10 per cent of its capital and surplus. In effect, this permits
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
61
a national bank to make a larger investment in a corporation organized under the terms of section 25 (a) for the purpose of engaging in
foreign financial operations than in a similar corporation organized
under State law. It is contemplated under the terms of the law that
any corporation in which a national bank makes an investment and
any corporation organized under the provisions of section 25(a),
whether or not a national bank is an investor in its stock, shall
operate under rules and regulations to be prescribed by the Federal
Reserve Board. A draft of these regulations is now in preparation.
Other amendments.-—There have been certain other acts of Congress
enacted during the past year, which, though not amending the
Federal Reserve Act, are of general interest to banks. One of these
is an act approved December 24, 1919, which was recommended by
the Federal Reserve Board and which provides that gold certificates
of the United States, payable to bearer on demand, shall be a legal
tender in payment of all debts and dues, public and private. The
purpose of this legislation was to give to gold certificates the same
legal-tender qualities as attach to gold which they represent and for
which in substance they are a warehouse receipt issued by the Government and payable to bearer on demand.
Another act of interest to member banks is the act approved
October 22, 1919, amending section 5200 of the Revised Statutes so
as to permit a national bank to lend to any one borrower in excess of
10 per cent of its capital and surplus, but not to exceed 25 per cent,
provided that the loans over and above 10 per cent are represented
by notes secured by shipping documents, warehouse receipts, or other
such documents conveying or securing title covering readily marketable, nonperishable staples, including live stock; and provided further, that the actual market value of the property securing the obligation is not at any time less than 115 per cent of the face amount
of the loan; and provided further, that the property is fully covered
by insurance. It is specified in the act, however, that this privilege
of lending in excess of 10 per cent of the bank's capital and surplus
upon notes secured in the manner described, shall not apply to any'
one borrower for more than six months in any consecutive 12 months.
The same act amended section 5202 of the Revised Statutes by
excepting from the limitations upon the amount for which any
national bank may be liable at any one time those "liabilities created
by the indorsement of accepted bills of exchange payable abroad,
actually owned by the indorsing bank and discounted at home or
abroad." This amendment does not increase the lending power of
the Federal Reserve Banks.
62
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FIDUCIARY POWERS.
Applications for permission to exercise fiduciary powers under the
Federal Reserve Act as amended September 26, 1918, continue to be
received and passed upon by the Board. It is the practice of the Board
in each instance, before granting permission for the exercise of fiduciary powers, to satisfy itself that the bank making application is in
good condition and standing and its management safe and capable.
During the year 372 original and 137 supplemental applications
have been approved. The total number of banks now holding permits is 1,074, a list of which, with the powers granted, appears in the
appendix.
BOARD'S ORGANIZATION, STAFF, AND EXPENDITURES.
The general readjustment in practically all branches of commercial
and governmental activities during the past year has been reflected
n an unusual number of changes in the organization and staff of the
Board.
Early in the year Mr. Strauss, vice governor of the Board, spent
about two months in France in an advisory capacity for the Treasury
Department in connection with financial questions coming up for discussion at the peace conference. In February Mr. L. C. Adelson,
assistant secretary of the Board, resigned to become deputy governor
of the Federal Reserve Bank of Atlanta. On March 1 Mr. Geo. L.
Harrison, formerly assistant counsel, was appointed general counsel
of the Board to succeed Mr. M. C. Elliott, who since the organization
of the Board had served as its principal counsel and who resigned
to resume the general practice of law, although continuing temporarily as consulting counsel of the Board. During the summer the
work of the Division of Foreign Exchange, which had its headquarters in New York, was practically completed, Mr. F. I. Kent,
director, resigned, and the employees of the division were released.
Mr. J. E. Crane became acting director in charge of the remaining
activities of that division.
Mr. J. A. Broderick, who had been chief examiner and chief of the
division of audit and examination since the organization of the
Board in 1914, and also secretary of the Board since September, 1918,
tendered his resignation to become effective September 1, 1919. At
this time a reassignment of duties was decided upon by the Board
and the following appointments were made: Mr. W. T. Chapman,
secretary; Mr. R. G. Emerson, assistant secretary; Mr. W. W.
Hoxton, executive secretary; and Mr. W. W. Paddock, chief of the
Division of Operations and Examination.
Mr. Henry A. Moehlenpah was appointed a member of the Board
by the President, and took office on November 10, to fill the unexpired
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
63
term of Mr. F. A. Delano, whose resignation to enter military service
abroad was noted in the last annual report.
The total cost of conducting the w^ork of the Board during the year
1919, including salaries of members, expenses involved in printing
and circulating the BULLETIN, and the cost of operating the Division
of Foreign Exchange was $558,560.61. During the year two assessments were levied against the Federal Reserve Banks aggregating
$594,668.63, or approximately 412 thousandths of 1 per cent of their
average paid-in capital and surplus for the year.
Further details relating to the operations of the Federal Reserve
Board, and the annual reports of the Federal Reserve Agents, appear
as exhibits in the appendix.
PERMANENT QUARTERS FOR THE BOARD AND ITS STAFF,
Ever since its organization the Federal Reserve Board, although
it is not a Treasury bureau but an independent establishment, has
had its headquarters in the Treasury Building, the Secretary of the
Treasury being authorized by a clause in section 10 of the Federal
Reserve Act "to assign offices in the Department of the Treasury
for the use of the Federal Reserve Board." There is nothing in
the act, however, that makes such assignment obligatory upon the
Secretary of the Treasury or that requires the Board to be located
in the Treasury Building. Members of the Board have been provided with rooms for their own use, and during the first two years
of operation quarters in the Treasury Building were allotted to the
Board for the use of its entire staff. The development of the Federal Reserve System and the continuous increase in the volume of
the Board's wrork have made new divisions necessary. The number
of the Board's officers and employees has increased from 66 on January 1, 1916, to 324 on December 31, 1919.
Owing to the great expansion of its own business the Treasury
Department has been obliged to remove many of its bureaus from
the Treasury Building. While the Treasury authorities have shown
a most accommodating spirit, it has been impossible for them to
allot to the Board anything like the space required for the proper
organization and efficient conduct of its work. Consequently
arrangements had to be made to take care of some of the Board's
divisions outside of the Treasury Building, so that there are now
located in that building only the offices of the Board members, their
secretaries and stenographers, a small- room for meetings of the
Board, which is entirely inadequate and unsuitable for the frequent
hearings and conferences which must be held, the office of the Secretar}^ of the Board, the office of the General Counsel, and the Gold
Settlement Division, which is located on the floor above the other
rooms used by the Board. The important Division of Reports and
Digitized forStatistics
FRASER is located in the Southern Building, two squares from
64
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
the Treasury, in rooms held without lease for an indeterminate
period. The Division of Operations and Examination is located
in the National Metropolitan Bank Building, as is also the Board's
assembly room where are held its conferences with the Federal
Advisory Council, the Governors of the Federal Reserve Banks,
and with the Federal Reserve Agents, and also its public hearings.
The Division of Analysis and Research is in New York City.
The physical separation of the Board's working force in this manner
militates against good organization and efficient operation. The
inconvenience occasioned has been accepted cheerfully as unavoidable because of conge?ted conditions. The time has come, however,
when provision should be made for the housing of the Board and its
employees under one roof. In making arrangements consideration
should be given to the relations of one division to another in order
that the business may be conducted with the maximum smoothness,
promptness, and efficiency. Each division should have sufficient
space to allow for continued growth and for the installation of
necessary modern office equipment, including an adequate filing
system and essential vault facilities. Quarters suitable for the
Board's purposes can not be secured by lease, and while amounts
required for the payment of rentals can be included in the assessments which the Board is authorized to levy semiannually upon the
Federal Reserve Banks, it appears that specific authority is necessary
to enable the Board to levy an assessment upon the banks for the
funds required for the construction of a building suitable for its use.
The Board recommends, therefore, that Congress authorize
the Board to levy an assessment upon the Federal Reserve Banks
or the funds necessary to provide adequate and permanent quarters.
The acquisition of a site and the preparation of plans will require a
considerable time. The Board would not, however, expect to begin
construction work until conditions for building are more favorable.
BRANCHES OF NATIONAL BANKS.
The Board has on several occasions recommended to Congress that
the Federal Reserve Act be amended so as to permit national banks
under certain conditions to establish branches within the corporate
limits of /the cities in which they are located. Under the present law
national banks can not afford the same facilities to the public as are
given by State banks having branches, except in cases where State
banks and trust companies operating branches have merged with
national banks, when existing branches may be continued by the
national banks. The Senate has passed a bill authorizing national
banks located in cities of not less than 500,000 inhabitants and having
a capital and surplus of $1,000,000 or more to establish branches not
exceeding 10 in number within the corporate limits of the cities in
Digitized forwhich
FRASERthey are located, provided tha law« of the State extend a
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
65
similar privilege to banking institutions operating under State charters. While the Board, would prefer to have this privilege extended
to national banks in cities of not less than 100,000 inhabitants, or,
failing that, have the population limit raised to 200,000. it wishes
to point out that the limit fixed in the Senate bill does not affect the
principle involved, and it therefore respectfully recommends once
more that national banks be permitted to establish branches in the
cities in which they are located under such limitations as in the
wisdom of Congress may be deemed desirable.
FEDERAL RESERVE NOTES AND CREDIT EXPANSION.
On December 27, 1918, Federal Eeserve notes in actual circulation amounted to $2,685,244,000. As the result of the return of
notes to the banks after the seasonal demands for currency had
slackened, the volume in circulation had been reduced by February 7, 1919, to $2,454,165,000. Notwithstanding the expansion
of credit incident to the notation of the Victory loan in May, there
was no appreciable increase in the volume of Federal Reserve notes
until the crop movement became general in August. The increase in
note circulation between February 7 and August 1 was only
$52,655,000. The peak of Federal Reserve note circulation was
reached on December 26, 1919, on wThich date the amount in actual
circulation was $3,057,646,000, the increase for the year, as compared
with the high point attained by Federal Reserve note circulation
in the year 1918, having been $372,402,000. Indeed the increase in
Federal Reserve note circulation must be regarded as moderate and
as an incident of the general credit expansion and as having clearly
been occasioned by crop moving and other seasonal needs—among
which the requirements of the extraordinary holiday trade of the
year just closed held an important place. Moreover this expansion
of Federal Reserve note circulation was accompanied by a reduction of $155,542,000 in other money in circulation outside the Treasury
and the Federal Reserve Banks, of which about 140 millions represents the amount of gold withdrawn from use, presumably for shipment to foreign countries.
A general idea of the degree of expansion in banking operations
during the last four months of the year 1919 as compared with the
same period in the year 1918 may be gained from a comparison of
total debits against individual accounts (all deposit accounts except
those of other banks) reported by banks in about 140 leading cities
for corresponding weeks in the two years. The figures for the
New York banks are presented separately and are included also
with those for the other centers. The separate figures for New York
reflect to a considerable extent changes in the volume of stock
exchange transactions; thus, for example, the appreciable increases
the New York figures early in November, 1919, were caused by
Digitized forinFRASER
66
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
the activity of the stock market and the large volume of share
transactions. Tax payments are effected chiefly in the large centers,
and consequently the increase in the total debits reported about the
middle of September, 1919, as compared with the corresponding
period in 1918, as well as with the weeks immediately preceding,
is much more pronounced in New York City and in other large
financial centers than in smaller financial communities.
It will be seen from the table which follows this paragraph that
for the period including August 21 to December 31, 1919, totals
reported by the New York banks show an increase over the figures
for the same period in 1918 about twice as great as the increase in
corresponding totals for the other cities. The number of banking centers which have reported to the Board in both years varies from week
to week, and in order to test the validity of conclusions based upon
the changes indicated in Table A an exhibit has been added giving
total debits for 36 of the larger centers, including New York, for
which comparative data are available for the entire period in both
years. It will be seen that the changes for the corresponding weeks
in the two years and in the totals for the period under review do not
differ essentially from those indicated in the last column of Table A,
and that if the figures for New York are eliminated from those shown
in Table B, a comparison of the 1918 and 1919 totals for the 36
cities with the average of about 140 cities in Table A leads to practically the same conclusion.
TABLE A.—Debits to individual account as reported by clearing-house banks in leading'
cities for each week beginning with the week ended Aug. 27, 1919, and JOT each corresponding week in 1918.
[In millions of dollars.]
New York City.
Week ending—
Aug. 27-281
Sept. 3-4
Sept 10-11
Sept. 17-18.
Sept. 24-25
Oct. 1-2..
Oct. 8-9
Oct. 15-16
Oct. 22-23.
Oct. 29-30
Nov. 5-6
Nov. 12-13.
Nov. 19-20
Nov. 26-27
Dec. 3-4
Dec. 10-11
Dec. 17-18.
Dec. 24
Dec. 31
Total
All other reporting centers.
Per
cent Number
increase centers 1919
in1919
over cluded.
1918.
1919
1918
. , 4,253
3,434
4,214
5,394
4,993
5,366
5,414
4,680
5,712
5,713
5,438
6,314
6,028
5,365
5,047
5,069
5,784
5,591
5,389
3,085
2,998
3,513
3,015
3,077
3,831
3,407
3,454
4,222
4,820
3,459
3,779
4,053
4,160
3,608
3,700
3,816
3,501
3,563
37.9
14.5
20.0
78.9
62.3
40.1
58.9
35.5
35.3
18.5
57.2
67.1
48.7
29.0
39.9
37.0
51.6
59.7
51.2
99,198 69,061
43.6
Per
cent Numinber
1918 crease centers 1919
1919
inover cluded.
1918.
1918
2,658
2,529
2,826
3,298
3,219
3,373
3,306
3,409
3,758
3,774
3,379
3,618
4,034
4,035
3,496
3,690
3,831
3,445
3,341
19.3
17.9
27.2
31.6
17.3
13.6
25.8
19.3
21.4
5,743
5,527
6,339
6,313
6,296
7,204
6,713
6,863
7,980
8,594
6,838
7,397
8,087
8,195
7,104
7,390
7,647
6,946
6,904
29.2
16.1
23.2
54.2
39.3
27.7
42.6
27.4
28.8
14.6
44.7
45.1
36.6
22.3
34.0
28.0
43.5
50.1
41.8
80,450 65,019
23.7
179,648 134,080
34.0
3,170
2,981
3,594
4,341
3,775
3,833
141 4,159
143 4,066
142 4,563
140 4,133
142 4,453
141 4,416
143 5,021
143 4,657
145 4,473
146 4,394
146 5,187
146 4,836
147 4,398
110
118
121
132
141
140
Totals for all reporting centers.
9.5
31.8
22.1
24.5
15.4
27.9
19.1
35.4
40.4
31.6
Ill
119
122
133
142
141
142
144
143
141
143
142
144
144
146
147
147
147
148
7,423
6,415
7,808
9,735
8,768
9,199
9,573
8,746
10,275
9,846
9,891
10,730
11,049
10,022
9,520
9,403
10,971
10,427
9,787
1
The second date represents the end of the corresponding week in 1918.
Per
cent
increase
1919
over
1918.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
67
These figures, however, throw very little light upon the relative
importance of the several factors responsible for the larger volume
of bank transactions during the past year. It will be difficult to
determine what proportions of the increased volume of bank transactions may be ascribed to the higher price level, to the larger turnover of merchandise bought and sold, and what proportion, if any, is
due to greater physical volume of goods in trade. It is evident that
the increase in the price level—wholesale prices for 1919 averaging
about 8 per cent higher than in 1918—is not great enough to
account for the increase of over 20 per cent in the volume of bank
transactions outside of New York City, and it is reasonable to assume
that to the other factor mentioned, viz, the larger turn-over owing to
the greater volume of speculative dealings, must be ascribed much of
the increase in the volume of bank transactions shown in the tables.
reported by 36 leading cities
TABLE IS.—Aggregate debits to individual account as reported
(including Nevj York City) for which figures are available for each week beginning
v:ilh
the iveekk ended
i*7,
week in 1918.
ilh th
dd Aug.
A
i*7 1919,
1919 as wellll as Jor
J each
h corresponding
di
[In millions of dollars.]
Week ending—
Aug. 27-28 1
Sept. 3-4
Sept. 10-11
Sept. 17-18
Sept. 24-25
Oct. 1-2
Oct 8-9 .
Oct. 15-16
Oct. 22-23
Oct. 29-30
Nov. 5-6
Nov. 12-13
Nov. 19-20
Nov. 26-27
Dec. 3-4
Dec. 10-11
Dec. 17-18
Dec. 24.
Dec. 31
.
1919
6,903
5,883
7,125
8,872
7,953
8,355
8,522
7,699
9,145
8,830
8,650
9,434
9,659
8,726
8,215
8,177
9,548
9,055
8,498
..
. .
...
159,249
Total
1
1918
5,324
5,092
5,769
4,607
5,567
6,475
5,879
5,993
7,032
7,685
5,875
6,363
6,919
7,000
6,087
6,297
6,519
5,936
5,880
116,299
Per cent
increase
1919 over
1918.
29.7
15.5
23.5
92.6
42.9
29 0
45.0
28.5
30.0
14.9
47.2
48.3
39.8
24.7
35.0
29.9
46.5
52.5
44.5
37.4
The second date represents the end of the corresponding week in 1918.
DISCOUNT POLICY AND CREDIT
CONTROL.
The experience of the past three years has demonstrated the
expansive power of the Federal Reserve System. It should be understood, however, that an elastic system of reserve credit and note issue
implies capacity to control and the ability to curtail credit. The
ability of the system to check expansion under present circumstances
and to induce healthy liquidation is now to be tested.
Owing to the abnormal ease of money throughout the year 1915
and during the greater part of the year 1916 the Board had little
opportunity to test the efficiency of what it conceived to be the
68
ANXUAL REPORT OF THE FEDERAL RESERVE BOARD.
correct discount policy. The principle had been adhered to consistently that the Federal Reserve Banks should not encourage rediscounting by members for the sake of profit, but that their own
resources should be kept liquid and their reserve position strong.
Although section 5202 of the Revised Statutes, which provides that
no national banking association shall at any time be in anyway
liable for borrowed money to an amount exceeding the amount of its
capital stock, had been amended by excepting liabilities incurred
under the provisions of the Federal Reserve Act, it was not contemplated by the Board that the member banks would, except to meet
seasonal requirements or emergencies, avail themselves of this amendment in order to extend their rediscount lines beyond the original
limitations. It was the Board's view also that as a rule the discount
rates of the Federal Reserve Banks should be higher than current
market rates, thus offering no incentive to member banks to rediscount for the sake of making a profit in the transaction.
Because of this policy and of the conditions which prevailed up to
the time when it began to appear that the United States would be
drawn into the war, the reserve position of the Federal Reserve
Banks was so strong as to suggest an analogy between the system
and a safe-deposit vault.
In his address to Congress, urging the declaration of a state of war
with Germany, the President pledged all the resources of the Nation—
which, of course, include its man-power, money, credit, and goods—
to the successful conduct of the war. By an overwhelming vote the
Congress of the United States carried out the recommendations of the
President, thus committing the country to the principles and policies
outlined in his address.
Normal policies had to be subordinated, just as private business
was subordinated, to Government business, and discount rates were
of necessity fixed with the primary object of assisting the Treasury
operations. How effective this policy was is now a matter of history.
As has already been pointed out, the Federal Reserve Banks became
great bond-distributing organizations; firms and corporations, large
and small, men and women in every walk of life, were urged to subscribe for bonds, and the credit facilities of the Federal Reserve
Banks were placed at the disposal of member and nonmember banks
in order that they might lend freely on bonds for which the subscribers were unable to pay. The public was urged to borrow and
buy, and it w^as found after the close of the Victory loan in May,
1919, that more than 20,000,000 subscriptions had been received in
response to this appeal.
But in addition to the appeal to borrow and buy there was also
added the injunction to save and pay. To assist this process, during
the 18 months when the war was in progress there was established a
ANNUAL KEPORT OF THE i'EDEKAL RESERVE BOARD.
69
rigid control of such credits as were not essential, directly or indirectly,
to the prosecution of the war, and the American people proved their
ability to economize and to cooperate in the nation-wide policy of
conservation. As a result of this control of nonessential credits, and
of the cooperation of the banks and the public, the Treasury was able
to float within a period of two years $25,000,000,000 of interest-bearing obligations without reducing the reserves of the Federal Reserve
Banks below a point which in normal pre-war times would have
been regarded as a very strong reserve for a central bank.
The combined reserves of the 12 Federal Reserve Banks on January 3, 1919, amounted to 51.3 per cent of their liability for deposits
and note issues. Due partly to the gold embargo, this percentage
was well maintained during all the period of uncertainty which preceded the flotation of the Victory loan and for some time thereafter,
for not until July 9, after the gold embargo had been removed, did
the reserves fall even fractionally below 50 per cent. On September
26 the reserves stood at 51 per cent, after which date they show a
steady and continuous decline to 44.8 per cent on December 26.
Although the period of war financing did not terminate with the
year 1918 and the Federal Reserve System was consequently under
the continued strain of war finance, that strain had to be met without
the aid of war restrictions. The safeguards afforded by these restrictions were removed, for it was impracticable to continue them in time
of peace. There is no longer an embargo on exports of gold nor any
regulation or control of foreign exchange, with the trifling exceptions
already noted; the controls set up over exports and imports, production and consumption, with a view of conserving the national resources and reducing waste, have practically disappeared. As a
result the problems of the Federal Reserve System have been greatly
increased, more particularly the problem of controlling credit.
The Federal Reserve System has met the requirements of war and
readjustment by expanding without, however, encroaching upon its
legal reserves; it is capable, if need be, of expanding still further
without having recourse to the emergency provisions of the act,
and very much further by availing itself of those provisions. But
the time has come for it to demonstrate its power to move in the
opposite direction, and to prove its ability to do so without shock
and with a minimum disturbance of business and industry.
Fortunately the condition of the Treasury is such that the Board
can now feel free to inaugurate discount policies adjusted to peacetime conditions and needs. The large volume of Government bonds
looking for permanent ownership during the year was, however,
an important factor in the situation and retarded the adoption of a
normal discount policy. Until the absorption of Liberty bonds is
fairly complete the Federal Reserve System will be in a transition
70
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
stage and normal banking policies can not be made entirely effective.
The absorption by investors of Government bonds, as indicated by
the figures cited earlier in this report, is a gratifying step in this
direction. It should, however, be repeated that the time has come
for the system, in the interest of commerce and business, to exercise
ts power to regulate and control the credit situation.
The normal and traditional method of credit control has been the
discount rate; its efficacy, however, presupposes normal conditions.
An advance in rate operates under normal conditions not only to
diminish the demand for credit by making certain activities unprofitable but as well to increase the supply of credit by attracting it
from other centers or countries. The conditions that make this
traditional control effective do not all exist at the present time.
The United States stands almost alone as an important free gold
market. Other countries are seeking and have obtained large credits
m the United States, as is evidenced by the fact that our exports
exceeded imports during the year by about four billions of dollars,
and we have paid our adverse balances in gold. It should be recognized that credits extended to Europe create a demand for commodities that competes with the domestic demand and this competition
is one of the potent causes of high prices. The demand for commodities from domestic as well as foreign sources is so far in excess of the
supply that the increased cost of credit due to an advance in rates is
absorbed in the price, and speculation, anticipating large profits, is
not checked by any reasonable advance in rates of interest. These
conditions are all adverse to an easy and effective operation of credit
control by means of discount rates.
Nevertheless, the discount rate is an indispensable factor in the
regulation and control of credit. When there are legal limitations
on the rates member banks may charge, a high reserve bank rate has
a restraining influence upon them and upon their customers.
Although there are no specific limitations imposed upon the amount
of borrowings by member banks at the Federal Reserve Banks, there
is a potential limitation provided for in the act. In that part of
section 4 which relates to the duties of the board of directors of a
Federal Reserve Bank there is the following: "Said board shall
administer the affairs of said bank fairly and impartially and without
discrimination in favor of or against any member bank or banks and
shall, subject to the provisions of law and the orders of the Federal
Reserve Board, extend to each member bank such discounts, advancements, and accommodations as may be safely and reasonably
made with due regard for the claims of other member banks."
Should all the member banks of a Federal Reserve Bank be borrowers, and should all ask for accommodations proportionate to those
which may have been advanced to a few, the Federal Reserve Bank
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
71
would not be able out of its own resources to meet the demand.
Therefore it is possible to determine theoretically what a fair line of
accommodation for any member bank would be; that is, what
amount of accommodation can be granted " safely and reasonably
:
* * * with due regard for the claims of other member banks."
Any attempt, however, to control credit by the application of this
rule is subject to serious administrative difficulties. If the paper
offered is eligible and good, it would be better for a reserve bank to
grant accommodation at a price rather than to refuse it entirely, but
the act, subdivision (d), section 14, provides that a Federal Reserve
Bank shall have power to establish from time to time, subject to
review and determination of the Federal Reserve Board, rates of discount to be charged by the Federal Reserve Bank for each class
of paper, which shall be fixed with a view of accommodating commerce and business. There is no authority, however, for establishing
graduated rates based upon the total borrowings of a member bank,
and consequently when it becomes necessary to advance the discount
rate in order to curb the demands of those banks rediscounting with
the Federal Reserve Banks in very large amounts, the same rate
would have to apply to the moderate requirements of other member
banks who may rediscount with the Federal Reserve Banks infrequently and never excessively. Thus the application of rate
advances as a corrective or deterrent to certain banks tends to raise
the level of current rates to all.
The Board, therefore, recommends to Congress that an additional
power be granted it, by adding to subdivision (d), section 14, a
proviso that each Federal Reserve Bank may, with the approval of
the Federal Reserve Board, determine by uniform rule, applicable to
all its member banks alike, the normal maximum rediscount line of
each member bank and that it may submit for the review and determination of the Federal Reserve Board graduated rates on an ascending scale to apply equally and ratably to all its member banks rediscounting amounts in excess of the normal line so determined. In this
way, in the opinion of the Board, it would be possible to reduce
excessive borrowings of member banks and to induce them to hold
their own large borrowers in check without raising the basic rate.
The Federal Reserve Banks would thus be provided with an effective
method of dealing with credit expansion more nearly at the source
than is now practicable and without unnecessary hardship to banks
and borrowers who are conducting their affairs within the bounds of
moderation.
The expansion of credit set in motion by the war must be checked.
Credit must be brought under effective control and its flow be once
more regulated and governed with careful regard to the economic
welfare of the country and the needs of its producing industries.
72
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Deflation, however, merely for the sake of deflation and a speedy
return to "normal"—-deflation merely for the sake of restoring
security values and commodity prices to their prewar levels without
regard to other consequences, would be an insensate proceeding in the
existing posture of national and world affairs.
It must never be forgotten that productive industry is profoundly
affected by credit conditions. Modern business is done on credit
One of its life-giving principles is credit. The mood and temper of
the business community are deeply affected by the state of credit
and may easily be disturbed by ill-considered or precipitate action.
A system of credit control must always be judged by what it does to
maintain a healthy condition of mind on the part of all sections and
classes of the producing community. The ultimate test of the functioning of a credit system must be found in what it does to promote
and increase the production of goods. True in general, the truth of
this observation deserves to be particularly emphasized in the present
deranged state of world industry and world trade when production
is the crying need of the hour everywhere.
Too rapid or too drastic deflation would defeat the very purpose
of a well-regulated credit system by the needless unsettlement of
mind it would produce and the disastrous reaction that such unsettlement would have upon productive industry.
Radical and drastic deflation is not, therefore, in contemplation^
nor is a policy of further expansion. Either course would in the end
lead only to disaster and must not be permitted to develop. The
credit situation in the United States is at bottom sound and safe.
Our economic and financial position is essentially strong. There need
be no occasion for apprehension as to our ability to effect the transition
from war-time to peace-time conditions if reasonable safeguards against
the abuse of credit are respected. There is, however, no need for
precipitate action or extreme measures. Extremes must be avoided,
the process of adjusting the volume of credit to a normal basis should be
effected in an orderly manner, and its rapidity must be governed by conditions and circumstances as they develop. Much will depend upon
the cooperation of the business and general community. Indeed
without such cooperation progress can be neither rapid nor substantial. Much will depend also upon the rapidity with which the unabsorbed portion of the outstanding issues of war securities passes into
the hands of permanent holders. As the national debt is thus
absorbed and as it is reduced through the operation of the sinking
fund, the loan accounts of the banks should be reduced correspondingly until the proper balance between the volume of credit and the
volume of concrete things, which credit helps to produce and which
are the normal basis of credit, is restored. This equilibrium, it can
not be too frequently or too emphatically stated, can be restored
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
73
only by speeding up the processes of production, by the orderly
distribution of goods, by the avoidance of wasteful consumption,
and by the increased accumulation of savings. These are the fundamental economic processes upon which the proper functioning of the
Federal Reserve Banks must depend. The Federal Eeserve System
can do much to assist these processes but it can not of itself and alone
compel them. Efficacious action along these lines involves the
intelligent and earnest cooperation of the business and general community. While the Federal Reserve Board will always be mindful
of the interdependence of credit and industry and of the influence
exerted on prices by the general volume of credit, the Board nevertheless can not assume to be an arbiter of industry or prices. Its
primary duty, as the guardian of the Nation's ultimate banking reserve,
is to see that the banks under its supervision function effectively and
properly as reserve banks.
By direction of the Federal Reserve Board.
W. P. G. HARDING,
Governor.
The SPEAKER OF THE HOUSE OF REPRESENTATIVES.
EXHIBITS.
178983—20
6
75
Exhibit A.—DISCOUNT RATES.
No. 1.—Discount rates (high and low) in force during the period from Nov. 16, 1914, to Dec. 31, 1919.
MATURITIES.
Within
10 days.
Federal Reserve Bank.
Within
lo days,
11 to 30 including
member
days.
banks'
collateral
notes.
16 to 30
days.
31 i1 60
da
01 to 90
days.
3
w
Boston:
Nov. 16, 1914, to Dec. 31, 1915.
Jan. 1,1916, to Dec. 31,1916...
Jan. 1, 1917, to Dec. 31, 1917...
Jan. 1,1918, to Dec. 31,1918...
Jan. 1, 1919, to Dec. 31,1919...
N e w York:
Nov. 16,1914, to Dec. 31,1915.
4f
51 |
Jan. 1, 1916, to Dec. 31, 1916...
Jan. 1,1917, to Dec. 31,1917...
Jan. 1,1918, to Dec. 31,1918...
Jan. 1,1919, to Dec. 31,1919...
Philadelphia:
Nov. 16,1914, to Dec. 31,1915.
4
4f
3i
6
4
5
4
4
4
5
4!
4f
41
4
Jan. 1,1917, to Dec. 31,1917...
Jan. 1, 1919, to Dec. 31,1919...
5
5
6
5
5 | 4
5
4|
4! 4 |
5
5
5
5
5
6
5
5
5
5
5
5
5
34
3
4
34
4
34
4
5
5
4!
4
41
4i
...
.
5
5
5
5
5
Trade
acceptances
til to 90
days.
Commodity
pa DC iwithin
90 days.i
w
34 j 34
34
4
4
34 I 3
3§
4
34
4
34
41
4
4f
4
4|
4
34
34
4
34 ! 34
34
3
4
4
34
4|
4
41
4f
3J 1
4 i
W
41
6
44
44
Trade
acceptances
within
60 days
(see
note 1).
J
4 j4
Jan. 1,1916, to Dec. 31,1916...
Jan. 1,1918, to Dec. 31,1918-..
III
o
Secured by United
States Government
Agriwar obligations.
cultural
and live- Within
stock
15 days,
paper
including 10 to 90
over 90 member
days.
banks 7
clays.
collateral
notes.
....
3*
4
41
o
3 I 3
3 | 3i
3§ ! 3*
4
3
3
34
!
44 !
.-
I
Cleveland:
Nov. 16,1914, to Dec. 31, 1915
Jan. 1,1916, to Dec. 31,1916
Jan. 1,1917, to Dec. 31,1917
Jan. 1, 1918, to Dec. 31,1918
Jan. 1, 1919, to Dec. 31, 1919
Richmond:
Nov. 16,1914; to Dec. 31,1915
Jan. 1, 1916, to Dec. 31,1916
Jan. 1,1917, to Dec. 31,1917
Jan. 1,1918, to Dec. 31,1918
Jan. 1,1919, to Dec. 31,1919
Atlanta:
Nov. 16,1914, to Dec. 31, 1915
Jan. 1, 1916, to Dec. 31,1916
Jan. 1,1917, to Dec. 31,1917
Jan. 1,1918, to Dec. 31,1918
Jan. 1,1919, to Dec. 31,1919
Chicago:
Nov. 16, 1914, to Dec. 31,1915
Jan. 1,1916, to Dec. 31,1916
Jan. 1,1917, to Dec. 31,1917
Jan. 1,1918, to Dec. 31, 1918
Jan, 1,1919, to Dec. 31,1919
St. Louis:
Nov. 16,1914, to Dec. 31,1915
Jan. 1,1916, to Dec. 31,1916.
Jan. 1,1917, to Dec. 31,1917
Jan. 1,1918, to Dec. 31,1918
Jan. 1, 1919, to Dec. 31,1919
1 6
| 31
31
6
41
41
4f
4f
I
4f
4|
41
5
4|
41
4f
61
41
4
4
4
4|
4!
41
4f
6
4
4
4
4
4|
41
4
4
4
6
4
31
4
4
4
41
4i
4f
4f
6
4
41
4?
4f
41
4i
4
4
4
41
4f
6
44
41 41
41 44
4| 41
4f 4|
6
5
5
6
4
4*
5
4*
4
4
4
41
41
41
5
5
6*
4
4
4
4
61
41
41
4f
6
4*
5
5
4f
6
4
41
4f
4|
41
4i
41
41
41
4|
4|
4
4
4
44
4
31 | 4i
4 , 4i
Si
51
31
4
4i
6
5
4*
31
31
4
4
3§
4
4f
41
31
4
4
51
6
5
51
51
51
31
4|
4
4
6
5
51
51
31]
31
4|
4i
31
4
4
31 4
4
3
3
4
•31
4
4
41
41 41
4
4
41
4
31 4
31
31 4
31 4
31
4
4i 4
41 41 41
31
31
31
41
41
31 31
31 31
31 4
4
41
41 41
31
31
41
41
31
31
31
41
31
31
31
31
31
31
31
5
5
5
4 * | 51
31
31
4
41
4
4
44
41
3
3
4
41
31
4
31
4
41
41
41
4
31
31
4
31
31
31
41
41
41
41
4
»Commodity rates were established during September and October, 1915, and merged with those for commercial paper of corresponding maturities in November and
December, 1917.
No. 1,—Discount rates (high and loiv) in force during the period from Nov. 16, 1914, to Dec. 31, 1919—-Continued.
00
MATURITIES—Continued.
High.
01 to 90
days.
64
4
4
4
%
4|
4
44
41
44
44
44
44
5
4i
4*
4*
5
54
54
54
4
61
4
5
44
44
54
5
5^
4
6*
4*
5
w
Minneapolis:
Nov. 16, 1914, to Dec. 31, 1915.
Jan. 1,1916, to Dec. 31, 1916...
Jan. 1,1917, to Dec. 31, 1917...
Jan. 1, 1918, to Dec. 31,1918...
Jan. 1,1919, to Dec. 31,1919...
Kansas City:
Nov. 16, 1914, to Dec. 31, 1915.
Jan. 1, 1916, to Dec. 31,1916...
Jan. 1, 1917, to Dec. 31, 1917...
Jan. 1, 1918, to Dec. 31, 1918...
Jan. 1, 1919, to Dec. 31, 1919...
Dallas:
Nov. 16, 1914, to Dec. 31, 1915.
Jan. 1, 1916, to Dec. 31,1916...
Jan. 1,1917, to Dec. 31,1917...
Jan. 1,1918, to Dec. 31,1918...
Jan. 1, 1919, to Dec. 31, 1919...
31 to 00
days.
Secured by United
States Government
Agriwar obligations.
Trade
cultural
Trade
acceptand live- Within
acceptances
stock
15 days,
ances
within
including 10 to 60 00 days
paper
01 to 00
over 90 member
days.
(see
note).
days.
days.
banks'
collateral
notes.
Low.
Federal Reserve Bunk.
16 to 30
days.
i
igh.
Within
11 to 30
10 davs. I days.
Within
15 days,
including
member
banks'
collateral
notes.
W
4
4
4£
4
4i
5k
5
4*
5
i
44
4*
5
4
4
34
44
4
41
42-
5
44
5
5
5
4
4
44
4f
44
51
5
•5}
Commodity
papur
within
90 days.
•s, !
3
....
34
34
34 I 34
44
4i
3
34
44
San Francisco:
Nov. 16, 1914, to Dec. 31, 1915.
Jan. 1, 1916, to Dec. 31,1916...
Jan. 1,1917, to Dec. 31, 1917...
Jan. 1, 1918, to Dec. 31, 1918...
Jan. 1, 1919, to Dec. 31,1919...
31
41
5
5
31
41
4
4
3i
41
61
41
41
5
5
41
41
4i
41
4f
51
51
51
51
31
4*
31
31
31
4
3
3
4
3
3
3
4|
5
4
31
31
4
31
3
4
4!
1
Maximum rate during 1919 for maturities 16 to 60 days, 4| per cent.
2 Commodity paper rates for bills maturing within 30 days, 31 per cent; 31 to 60 days, 4 per cent; 61 to 90 days, 4J per cent.
*Oct. 20, 1917, rate of 3J per cent for commodity paper maturing within 60 days and 4 per cent for paper maturing after 60 days but within 90 days.
NOTE 1.—In cases during 1918 and 1919 where the 60-day trade acceptance rate was higher than the 15-day discount rate, trade acceptances maturing within 15 days were taken
at the lower rate.
NOTE 2.—Rates on paper secured by War Finance Corporation bonds, established by all Federal Reserve Banks between Apr. 4 and 11,1919, are 1 percent higher than on
commercial paper of corresponding maturities.
X
W
I
o
o
d
15
Exhibit B.—FEDERAL RESERVE NOTES.
o
N o . 2.—Net amount of Federal Reserve notes received from the Comptroller of the Currency, issued to each Federal Reserve Bank and in actual circulation;
gold and eligible paper held by each Federal Reserve agent; also amounts of Federal Reserve notes held by each Federal Reserve Bank on the last Friday
in each month during the calendar year 1919.
[In thousands of dollars.]
Boston.
Federal reserve notes received from the
Comptroller of the Currency less notes
returned for destruction:
Jan.31
Feb. 28
Mar. 28
Apr. 25
May 29
June 27
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
,
Federal Reserve notes issued to Federal
Reserve Banks (net amount):
Jan.31
Feb. 28
Mar.28
Apr.25
May29
June 27
July 25
New ! Philadel- CleveYork. i phia.
land.
Richmond.
Atlanta, j Chicago. | St. Louis. Minneapolis.
Kansas
City.
Dallas.
San Francisco.
Total.
188,464 931,171 | 253,059
188,542 929,765 | 244,994
196,966 937,789 237,732
211,632 957,763 235,896
202,680 961,659 223,123
205,802 959,788 241,192
215,110 963,249 237,364
229,731 965,368 248,711
264,352 972,475 254,177
274,109 954,382 260,807
276,476 966,849 261,810
284,349 1,035,663 | 270,778
283,127
281,710
278,833
270,883
267,987
259,177
260,089
269,120
280,233
283,915
288,329
300,955
159,701
156,427
159,816
157,968
149,008
142,944
136,717
136,364
145,636
169,152
169,797
174,170
169,703
171,067
174,995
177,119
177,012
181,088
182,618
177,830
179,676
194,520
202,072
203,254
492,607
485,004
480,401
482,858
483,859
476,452
486,166
494,233
514,972
529,285
528,146
539,058
130,226
132,731
136,331
139,108
137,338
135,143
136,503
146,981
153,590
167,362
180,374
187,515
103,280
101,169
99,110
100,713
100,969
99,787
96,866
95,348
97,151
96,383
93,660
96,476
126,517
123,477
120,102
116,991
116,434
114,290
113,367
109,753
111,993
110,477
113,753
115,695
78,663
76,964
74,764
72,489
71,493
70,104
69,029
67,190
69,811
88,045
85,426
90,347
226,277
224,663
224,539
223,928
221,733
222,445
232,070
230,029
243,115
249,851
264,723
278,951
3,142,795
3,116,513
3,121,378
3,147,348
3,113,295
3,108,212
3., 129,148
3,170,658
3,287,181
3,378,288
3,431,415
3,577,211
767,671
772,365
794,189
814,163
818,059
818,788
823,649
254,562
141,466
132,862
130,456
129,508
120,020
113,676
110,429
114,958
115,341
120,080
119,319
117,117
120,799
122,334
444,167 121,411
436,724 121,366
444,561 120,161
452,418 118,528
453,179 117,958
453,372 116,623
457,726 121,
91,830
89,569
88,120
87,973
85,829
84,547
82,806
112,897
108,957
105,722
103,611
102,054
100,490
100,017
56,948
52,704
51,449
49,184
47,788
48,529
48,854
217,277
213,663
218,539
215,928
215,733
216,445
221,470
2,703,420
2,678,606
2,705,708
2,732,403
2,708,447
2,694,640
2,723,601
162,564
163,221
171,826
184,172
178,160
181,902
188,950 j
217,669
222,894
215,532
216,536
217,083
213,112
215,884
248,940
245,073
241,063
235,467
226,357
230,189
i
w
w
o
Aug. 29
!
Sept. 26
|
Oct. 31
!
Nov. 28
j
Dec. 26
|
Gold and gold certificates deposited with !
or to credit of Federal Reserve agents: j
Jan. 31
!
Feb. 2 8 . . . .
I
Mar. 28
|
Apr.25
]
May 29
j
toe 27...
|
July 25
j
Aug. 29
j
Sept. 26
|
Oct. 31
j
Nov. 28
:
Dec. 26
j
Eligible paper held by Federal Reserve !
agents:
Jan. 31
|
Feb. 28
!
Mar. 28
Apr.25
May29
|
June 27July 25
Aug. 29
Sept. 26
Oct. 31
Nov.28
Dec. 26
206,231
221,452
222,229
228,196
253,669
830,368
841,475
S21,382
845,849
929,663
220,531
227,397
232,327
233,830
249,438
245,340 | 108,327 j 117,130
252,013 ! 120,428 ! 124,277
254,935 ! 143,454 j 145,955
264,509 146,779 ! 153,207
284,335 155,232 j 162,809
463,233
477,732
491,205
499,786
533,738
125,191
132,560
150,252
161,494
167,515
79,638
84,371
85,703
85,550
88,916
98,293
102,253
102,267
107,443
111,005
49,555
54,386
64,040
72,436
77,977
223,329
236,915
244,951
260,573
277,801
2,767,166
2,875,259
2,958,700
3,059,652
3,292,098
52,220
48,954
54,059
60,405
56,893
57,135
59,163
68,544
67,965
73,242
62,090
73,782
260,979
257,256
268,301
276,335
286,920
292,311
287,952
281,659
288,849
281,912
282,877
307,385
78,632
68,566
55,305
76,069
68,375
68,205
70,576
75,923
75,889
72,519
78,522
82,491
140,744
135,947
140,971
138,796
130,019
115,510
119,522
130,573
137,686
133,388
105,502
125,048
304,032
296,589
269,506
255,723
266,485
261,677
266,031
266,538
318,957
282,430
247,491
245,883
64,267
68,316
40,737
40,393
56,804
53,729
61,069
62,987
46,436
73,388
69,100
65,920
58,174
54,563
51,104
28,207
40,263
36,581
33,660
33,142
35,445
36,077
34,354
35,570
51,230
4g,101
38,725
34,614
29,957
25,113
30,770
39,356
34,596
35,980
38,917
39,858
22,206
19,765
17,565
16,789
16,594
15,904
15,780
16,040
16,831
21,615
24,996
27,878
125,553
^101,739
" 93,915
107,404
105,269
112,901
88,466
101,965
99,751
101,526
104,399
130,447
1,253,330
1,187,760
1,113,070
1,109,949
1,131,725
1,113,824
1,108,051
1,142,589
1,196,325
1,205,576
1,148,724
1,240,032
145,637
155,443
169,345
172,138
166,352
173,354
167,542
161,447
176,265
170,627
198,776
211,342
717,489
830,363
732,816
755,970
774,782
721,939
809,390
794,178
741,482
917,586
956,361
977,365
143,199
156,559
161,480
142,687
151,084
149,503
147,127
156,096
153,784
161,113
159,400
176,867
138,602
167,619
153,228
148,517
158,956
161,133
168,720
166,510
169,543
175,609
227,862
222,792
184,286
211,245
255 859
236,938
274,317
262,625
271,855
251,899
261,276
295,648
364,958
383,370
59,921
64,259
84,702
86,486
63,987
66,339
65,433
67,852
95,535
87,208
106,739
115,098
43,509
46,924
58,989
61,143
49,774
59,992
58,889
49,558
57,880
64,458
66,115
69,456
78,615
83,013
99,389
89,497
89,917
93,655
83,824
74,767
103,517
107,701
105,586
107,359
53,193
58,346
53,094
56,754
53,652
53,874
58,955
58,819
56,209
64,100
57,991
61,795
54,106 I
41,187
47,374 | 40,590
40,763 I 42,119
31,515 | 43,699
42,592
31,554
32,090 j 42,668
30,863 | 44,199
23,951 | 41,911
30,763 j 43,157
51,501
41,998
53,553
46,923
64,734
41,036
87,500
102,968
105,152
102,398
92,418
93,340
100,549
94,892
| 95,796
j 102,588
| 100,780
| 120,967
76,857
80,834
78,973
80,278
83,681
84,250
95,073
91,735
82,989
109,097
102,356
106,172
94,677
118,929
127,201
111,300
120,361
114,463
144,017*
127,808
140,277
171,390
171,606
115,593
1,823,485
2,076,502
2,080,228
2,044,106
2,079,281
2,031,467
2,171,374
2,095,561
2,134,553
2,427,125
2,618,530
2,711,898
00
N o . 2.—-Net amount of Federal Reserve notes received from the Comptroller of the Currency, issued to each Federal Reserve Bank and in actual circulation;
gold and eligible paper held by each Federal Reserve agent; also amounts of Federal Reserve notes held by each Federal Reserve Bank on the last Friday
in each month during the calendar year 1919—Continued.
[In thousands of dollars.]
Boston.
Federal Reserve notes held by banks:
Jan.31
Feb. 28
Mar. 28
Apr. 25
May 29
June 27
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
Federal Reserve notes in actual circulation:
Jan. 31
Feb. 28
Mar.28
Apr. 25
M,ay29
June 27
July25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta. Chicago. St. Louis
Minneapolis.
Kansas
City.
FranDallas. San
cisco.
Total.
12,999
3,669
4,952
6,435
5,989
5,743
8,469
7,264
13,623
10,133
7,368
7,214
119,758
94,746
71,029
75;351
75,669
81,351
84,484
78,085
88,340
70,667
78,451
104,719
7,748
12,126
9,446
9,943
11,349
9,409
14,191
7,779
14,818
16,034
10,779
9,165
23,409
15,871
12,431
10,468
11,868
11,694
11,395
14,204
9,733
11,195
13,498
11,451
5,396
4,267
4,258
4,117
4,536
4,046
4,694
3,654
5,328
4,862
5,223
6,539
3,567
4,556
4,105
3,986
3,767
5,137
5,499
3,499
3,265
3,979
4,640
6,210
39,141
25,918
27,015
25,963
30,852
31,700
34,333
23,489
27,684
30,808
24,724
23,720
12,044
12,528
12,146
14,433
13,778
13,763
16,564
18,039
19,168
19,492
20,485
19,063
1,302
1,410
1,062
1,492
1,935
2,515
3,167
2,004
1,972
1,855
1,766
1,441
7,304
7,348
6,107
5,191
6,469
6,813
7,869
5,760
6,991
6,696
5,694
5,905
1,572
1,537
1,342
1,456
1,520
1,592
2,297
2,952
2,394
2,888
3,260
3,091
18,451
22,323
30,039
24,016
21,423
21,697
26,142
19,808
26,589
27,215
31,487
35,934
252,691
206,299
183,932
182,851
189,155
195,460
219,104
186;537
219,905
205,824
207,375
234,452
149,565
159,552
166,874
177,737
172,171
176,159
180,481
198,967
207,829
212,096
220,828
246,455
647,913
677,619
723,160
738,812
742,390
737,437
739,165
752,283
753,135
750,715
767,398
824,944
209,921
210,768
206,086
206,593
205,734
203,703
201,693
212,752
212,579
216,293
223,051
240,273
231,153
233,069
232,642
230,595
223,599
214,663
218,794
231,136
242,280
243,740
251,011
272,884
136,070
128,595
126,198
125,391
115,484
109,630
105,735
104,673
115,100
138,592
141,556
148,693
111,391
110,785
115,975
115,333
113,350
115,662
116,835
113,631
121,012
141,976
148,567
156,599
405,026
410,806
417,546
426,455
422,327
421,672
423,393
439,744
450,048
460,397
475,062
510,018
109,367
108,838
108,015
104,095
104,180
102,860
104,729
107,152
113,392
130,760
141,009
148,452
90,528
88,159
87,058
86,481
83,894
82,032
79,639
77,634
82,399
83,848
83,784
87,475
105,593
101,609
99,615
98,420
95,585
93,677
92,148
92,533
95,262
95,571
101,749
105,100
55,376
51,167
50,107
47,728
46,268
46,937
46,557
46,603
51,992
61,152
69,176
74,886
198,826
191,340
188,500
191,912
194,310
194,748
195,328
203,521
210,326
217,736
229,086
241,867
2,450,729
2,472,307
2,521,776
2,549^552
2,519,292
2,499,180
2,504,497
2,580,629
2,655,354
2,752,876
2,852,277
3,057,646
00
No, 3.—Federal Reserve notes outstanding (i. e., net amount issued to Federal Reserve Banks), in actual circulation, and gold and paper collateral held
by Federal Reserve agents against outstanding notes.
[In thousands of dollars.]
Paper collateral for notes issued.
Gold cover for notes issued.
Federal
Reserve
notes out- Coin and
standing. certificates
in vault.
In gold
In redemption settlement
fundfund—
United
Federal
States
Reserve
Treasurer.
Board.
Total.
Amount
required.
Amount
actually
held.
1,604/664
1,606,271
1,481,196
1,475,724
1,450,090
1,460,693
1,473,339
1,479,852
1,490,846
1,507,063
1,508,420
1,583,606
1,592,638
1,613,916
1,641,653
1,650,865
1,622,454
1,626,575
1,601,600
1,590,362
1,585,966
1,576,722
2,069,228
1,993,694
1,813,066
1,978,084
1,823,485
1,920,051
2,037,506
2,022,006
2,076,502
2,101,419
2,080,990
2,084,708
2,080,228
2,037,260
2,111,610
2,064,724
2,044,106
2,069,765
2,087,062
2,135,541
2,052, 784
2,079,281
Excess
paper
held.
Federal
Reserve
notes
held by
issuing
banks.
Federal
Reserve
notes in
actual circulation.
1919.
Jan.
3
10
17
24
31
Feb.
7
14
20
28
Mar. 7
14
21
28
Apr. 4
11
18
25
May 2
9
16
23
866,047
844,516
770,301
730,916
,703,420
,691,859
690,702
677,835
678,606
670,903
679,021
696,544
705,708
714,089
724,097
736,384
72-2,403
731,274
735,798
741,265
725,791
708,447
246,315
254,656
249,707
241,527
240,527
225,147
225,147
225,147
229,147
232,146
240.146
243,006
245.147
237,747
235,747
232,747
236,498
230,498
232,498
240,498
228,498
228,498
84.632 I
82,599
80,598
77,193
80,142
84,562
83,758
83,379
87,438
79,457
78,718
78,005
78.633
88,520
84,539
75,595
84,829
84,094
84,133
85,084
81,219
87,251
930,436
900,990
958,800
936,472
932,661
921.457
908.458
889,457
871,175
852,237
851,737
791,927
789,290
773,906
762,158
777,177
788,622
790.107
817,567
825,321
830.108
815,976
1,261,383
1,238,245
1,289,105
1,255,192
1,253,330
1,231,166
1,217,363
1,197,983
1,187,760
1,163,840
1,170,601
1,112,938
1,113,070
1,100,173
1,082,444
1,085,519
1,109,949
1,104,699
1,134,198
1,150,903
1,139,825
1.131,725
464,564
387,423
331,870
502,360
373,395
459,358
564,167
542,154
585,656
594,356
572,570
501,102
487,590
423,344
469,957
413,859
421,652
443,190
485,462
545,179
466,818
502,559
218,442
253,835
257,212
264,360
252,691
237,694
222,314
211,587
206,299
182,366
175,926
185,857
183,932
166,419
175,509
192,680
182,851
182,234
179,049
209,226
221,538
189,155
2,647,605
2,590,681
2,513,089
2,466,556
2,450,729
2,454,165
2,468,388
2,466,248
2,472,307
2,488,537
2,503,095
2,510, 687
2,521,776
2,547,670
2,548,588
2,543,704
2,549,552
2,549,040
2,556,749
2,532,039
2,504,253
2,519,292
1
1
w
IS
00
CO
N o . 3.—Federal Reserve notes outstanding {%. c, net amount issued to Federal Reserve Banks), in actual circulation, and gold and paper collateral held
by Federal Reserve agents against outstanding
notes—Continued.
[In thousands of dollars.]
Gold cover for notes issued.
Federal
Reserve
notes outstanding.
Coin and
certificates
in vault.
In reIn gold
demption settlement
fund—
fund—
United
Federal
States
Reserve
Board.
Treasurer.
Paper collateral for notes issued.
Total.
Amount
required.
Amount
actually
held.
Excess
paper
held.
Federal
Reserve
notes
held by
issuing
banks.
Federal
Reserve
notes in
actual circulation.
1919.
June 6..
13..
20..
27..
July 3 . .
ll..
18..
Aug.
25..
1
8..
15..
22..
29..
Sept. 5.
12.
19.
26.
Oct. 3 . .
10..
17..
24..
31..
2,722,606
2,709,895
2,693,198
2,694,640
2,740,893
2,760,288
2,728,902
2,723,601
| 2,715,374
2,725,263
2,734,254
2,748,740
2,767,166
2,794,100
2,830,146
2,851,622
2,875,259
2,899,122
2,949,244
2,970,132
2,980,610
2,958,700
231,498
224,998
218,998
219,998
83,713
824,297
81,222
86,817
81,024
228,998
231,998
223,598
93,817
88,576
89, 745
84,912
811,750
821,401
812,802
832,463
842,494
820,830
801,891
81,549
84,764
768,510
776,035
221,248
221,248
223,248
227,248
226,248
236,248
236,248
243,248
245,408
247,248
87,962
104,350
803,684
796,430
94,160
100,075
812,181
835,845
854,431
861,632
242,248
93,608
849,144
830,542
244,248
242,248
88,108
854,341
91,949
867,105
864,686
879,659
242,248
242,249
93,090
101,921
99,933
90,999
83,668
1,139,508
1,117,970
1,127,216
1,113,824
1,155,278
1,163,068
1,134,173
1,108,051
1,071,307
1,084,047
1,118,894
1,127,028
1,142,589
1,172,168
1,190,769
1,208,961
1,196,325
1,583,098
1,591,925
1,565,982
1,955,496
2,001,203
2,010,144
2,034,467
2,150,698
1,580,816
1,585,615
1,597,220
1,594,729
1,615,550
1,644,067
2,210,078
2,112,717
2,171,374
2,140,965
1,641,216
2,150,291
1,615,360
1,642,661
1,678,934
2,037,471
2,039,265
2,095,561
2,107,324
2,025,994
1,913,595
2,134,553
1,621,712
1,624,577
1,621,932
1,639,377
372,398
409,278
444,162
453,651
209,569
210,630
565,083
204,945
195,460
188,545
612,858
517,988
555,824
222,161
216,854
219,104
496,898
509,075
208,554
193,206
422, 111
417,553
470,984
485,392
193,350
195,206
386,617
270,934
208,918
230,364
219,905
1,166,398
1,186,697
1,732,724
2,264,643
455,619
531,919
1,762,547
2,312,574
550,027
1,201,302
1,768,830
2,371,047
602,217
1,197,933
1,782,677
2,366,692
584,015
1,205,576
1,753,124
2,427,125
674,001
186,537
182,403
2,513,037
2,499,265
2,488,253
H
2,499,180
2,552,348
2,538,127
2,512,048
2,504,497
2,506,820
2,532,057
2,540,904
2,553,534
2,580,629
2,611,697
2,621,228
190,936
2,621,258
2,655,354
2,708,186
207,560
217,563
2,741,684
2,752,569
227,153
205,824
2,753,457
2,752,876
W
O
Nov.
7
14
21
28
Dec. 5.
12.
19.
26.
3,000,867
3,036,690
3,031,492
3,059,652
3,108,377
3,148,740
3,220,560
3,292,098
238,248
238,248
236,248
236,248
249,648
244,848
244,648
244,148
93,368
105,267
98,821
99,461
98,158
90,489
110,000
103,575
875,659
850,804
831,017
813,015
824,385
853,006
847,006
892,309
1,207,275
1,194,319
1,166,086
1,148,724
1,172,191
1,188,343
1,201,654
1,240,032
1,793,592
1,842,371
1,865,406
1,910,928
1,936,186
1,960,397
2,018,906
2,052,066
2,530,781
2,509,360
2,519,660
2,618,530
2,536,068
2,615,646
2,494,034
2,711, 898
737,189
666,989
654,254
707,602
599,882
655,249
475,128
659,832
194,108
228,234
214,319
207,375
227,018
241,305
231,666
234,452
2,806,759
2,808,456
2,817,173
2,852,277
2,881,359
2,907,435
2,988,894
•6,057,64b
CO
00
N o . 4.—Federal Reserve notes in actual circulation and per cent of gold cover therefor during the calendar year 1919.
[In thousands of dollars.]
Total cash
reserves.
Balance
Gold
available
reserve
Reserves
Federal
as
reserve
against
required
against
Reserve
Federal
against net
Federal
notes in
Reserve
deposits—
Reserve
35 per cent. notes in cir- circulation. notes in
circulation,
culation.
1919.
Jan.
Feb.
Mar.
Apr.
May
3..
10..
17..
24..
31..
7..
14..
20..
28..
7..
14..
21..
28..
4..
11..
18.
25.
2.
9.
16.
23.
2,152,154
2,161,898
2,170,163
2,168,387
2,179,646
2,175,614
2,185,318
2,191,532
2,188,723
2,205,462
2,196,737
2,208,578
2,210,524
2,218,628
2,211,989
2,230,859
2,240,152
2,237,219
2,242,784
2,245,857
2,247,933
2,255,106
543,028
551,553
557,369
537,838
580,810
564,956
610,632
605,779
628, 855
630,732
619,306
619,026
609,499
596,178
622,270
607,275
613,233
621,233
617,858
652,860
629,127
640,822
1,609,126
1,610,345
1,612,794
1,630,549
1,598,836
1,610,658
1,574,686
1,585,753
1,559,868
1,574,730
1,577,431
1,589,552
1,601,025
1,622,450
1,589,719
1,623,584
1,626,919
1,615,986
1,624,926
1,592,997
1,618,806
1,614,284
2,647,605
2,590,681
2,513,089
2,466,556
2,450,729
2,454,165
2,468,388
2,466,248
2,472,307
2,488,537
2,503,095
2,510,687
2,521,776
2,547,670
2,548,588
2,543,704
2,549,552
2,549,040
2,556,749
2,532,039
2,504,253
2,519,292
Per cent.
60.8
62.2
64.2
66.1
65.2
65.6
63.8
64.3
63.1
63.3
63.0
63.3
63.5
63.7
62.4
63.8
63.8
63.4
63.5
62.9
64.6
6,4.1
Total cash
reserves.
Balance
available
Reserves
Federal
as
reserve
required
Reserve
against
against net
notes
in
Federal
deposits—
Reserve circulation.
35 per cent. notes
in cir-
culation.
1919.
July
Aug.
Sept.
Oct.
Nov.
3
11
18
25
1
8
15
22
29
5
12
19
26
3
10
17
24
31
7
14
21
28,.,..
2,195,353
2,180,211
2,177,481
2,161,023
2,156,327
2,152,118
2,151,723
2,142,701
2,135,976
2,136,870
2,138,499
2,162,057
2,187,505
2,205,511
2,202,100
2,199,185
2,214,561
2,205,592
2,187,369
2,200,106
2,186,972
2,159,666
620,201
644,852
619,324
628,796
618,163
607,440
591,036
567,401
570,331
568,441
566,376
524,970
571,926
604,193
610,348
628,656
627,341
647,681
654,679
650,390
646,380
661,290
1,575,152
1,535,359
1,558,157
1,532,227
1,538,164
1,544,678
1,560,687
1,575,300
1,565,645
1,568,429
1,572,123
1,637,087
1,615,579
1,601,318
1,591,752
1,570,529
1,587,220
1,557,911
1,532,690
1,549,716
1,540,592
1,498,376
2,552,348
2,538,127
2,512,048
2,504,497
2,506,820
2,532,057
2,540,904
2,553,534
2,580,629
2,611,697
2,621,228
2,621,258
2,655,354
2,708,186
2,741,684
2,752,569
2,753,457
2,752,876
2,806,759
2,808,456
2,817,173
2,852,277
Gold
reserve
against
Federal
Reserve
notes in
circulation.
Per cent.
61.7
60.5
62.0
61.2
61.4
61.0
61.4
61. 7
60.7
60.1
60.0
62.5
60.8
59.1
58.1
57.1
57.6
56.6
54.6
55.2
54.7
52.5
>
o
H
O
hrj
H
w
t=3
w
O
§
June 6
13
20
27.
2,270,343
2,261,988
2,234,459
2,216,256
599,241
628,170
619,965
612,743
1,671,102
1,633,818
1,614,494
1,603,513
2,513,037
2,499,265
2,488,253
2,499,180
66. S
65.4
64.9
64.2
Dec.
5.
12.
19.
26.
2,154,095
2,160,405
2,154,911
2,135,536
616,532
625,249
563, 824
596,563
1,537,563
1,535,156
1,591,087
1,538,973
2,881,359
2,907,435
2,988,894
3,057,646
53.4
52.8
53.2
50.3
00
N o , 5.—Federal Reserve notes, by denominations,
Bank.
Boston:
Printed..
Shipped.
printed, shipped to Federal Reserve agents and United States subtreasuries since organization of banks,
and on hand in reserve vault Dec. SI, 1919.
Fives.
Tens.
Twenties.
Fifties.
Hundreds.
$105,280,000
102,500,000
$204,880,000
203,000,000
$140,880,000
136,000,000
$38,800,000
21,000,000
$33,600,000
20,400,000
Five hundreds.
Thousands.
Five thousands.
Ten thousands.
$8,400,000
2,600,000
$30,400,000
6,800,000
$12,000,000
4,000,000
$16,000,000
8,000,000
$590,240,000
504,300,000
Total.
On hand.
2,780,000
1,880,000
4,880,000
17,800,000
13,200,000
5,800,000
23,600,000
8,000,000
8,000,000
85,940,000
New York:
Printed..-.
Shipped...
428,260,000
428,200,000
698,640,000
696,560,000
550,080,000
511,440,000
126,800,000
125,000,000
208,000,000
181,600,000
34,600,000
18,800,000
79,600,000
46,400,000
26,000,000
6,000,000
52,000,000
12,000,000
2,203,980,000
2,026,000,000
On hand.
60,000
2,080,000
38,640,000
1,800,000
26,400,000
15,800,000
33,200,000
20,000,000
40,000,000
177,980,000
Philadelphia:
Printed
Shipped...
98,580,000
96,700,000
162,520,000
160,280,000
220,320,000
214,400,000
44,000,000
34,200,000
40,000,000
30,000,000
11,000,000
1,000,000
12,400,000
2,400,000
10,000,000
24,000,000
622,820,000
538,980,000
On hand.
1,880,000
2,240,000
5,920,000
9,800,000
10,000,000
10,000,000
10,000,000
10,000,000
24,000,000
83,840,000
Cleveland:
Printed
Shipped...
62,920,000
61,360,000
114,040,000
108,760,000
209,360,000
204,080,000
84,600,000
83,200,000
23,600,000
23,600,000
5,000,000
3,000,000
5,200,000
3,200,000
4,000,000
2,000,000
8,000,000
4,000,000
516,720,000
493,200,000
2,000,000
2,000,000
2,000,000
4,000,000
23,520,000
On hand.
1,560,000
5,280,000
5,280,000
1,400,000
Richmond:
Printed
Shipped...
62,060,000
58,060,000
92,880,000
86,040,000
114,400,000
103,760,000
35,600,000
28,400,000
26,400,000
19,600,000
11,600,000
1,600,000
12,400,000
2,400,000
8,000,000
2,000,000
8,000,000
4,000,000
371,340,000
305,860,000
On hand.
4,000,000
6,840,000
10,640,000
7,200,000
6,800,000
10,000,000
10,000,000
6,000,000
4,000,000
65,480,000
Atlanta:
Printed....
Shipped...
70,640,000
65,460,000
117,880,000
103,040,000
152,000,000
118,480,000
16,200,000
12,800,000
18,000,000
14,800,000
2,200,000
200,000
2,800,000
800,000
2,000,000
4,000,000
385, 720,000
315,580,000
On hand.
5,180,000
14,840,000
33,520,000
3,400,000
3,200,000
2,000,000
2,000,000
2,000,000
4,000,000
70,140,000
oo
oo
o
to
H
H
H
ft
w
o
Chicago:
Printed
Shipped
-
-.
On hand
St. Louis:
Printed
Shipped
On hand
Minneapolis:
Printed
Shipped
On hand
Kansas City:
Printed
Shipped
162,940,000
155,360,000
298,920,000
279,720,000
364,560,000
327,680,000
68,800,000
56,800,000
42,800,000
29,200,000
10,200,000
2,200,000
13,200,000
6,000,000
10,000,000
2,000,000
8,000,000
979,421,000
858,960,000
7,580,000
19,200,000
36,880,000
12,000,000
13,600,000
8,000,000
7,200,000
8,000,000
8,000,000
120,460,000
75,540,000
73,880,000
105,400,000
102,720,000
124,480,000
108,160,000
17,400,000
16,000,000
11,200,000
10,400,000
5,000,000
1,000,000
6,000,000
2,000,000
4,000,000
2,000,000
8,000,000
4,000,000
357,020,000
320,160,000
1,660,000
2,680,000
16,320,000
1,400,000
800,000
4,000,000
4,000,000
2,000,000
4,000,000
36,860,000
59,560,000
50,040,000
66,560,000
57,360,000
59,040,000
48,080,000
4,400,000
2,600,000
5,600,000
4,400,000
1,400,000
400,000
6,800,000
1,200,000
203,360,000
164,080,000
9,520,000
9,200,000
10,960,000
1,800,000
1,200,000
1,000,000
5,600,000
39,280,000
86,800,000
67,740,000
79,680,000
66,960,000
86,080,000
68,720,000
10,600,000
7,800,000
10,400,000
8,000,000
4,000,000
600,000
4,000,000
1,200,000
281,500,000
221,020,000
60,540,000
On hand
Dallas:
Printed
Shipped
19,060,000
12,720,000
17,360,000
2,800,000
2,400,000
3,400,000
2,800,000
47,380,000
37,680,000
67,680,000
49,920,000
70,960,000
54,720,000
8,400,000
6,000,000
7,600,000
4,800,000
3,000,000
400,000
6,000,000
800,000
6,000,000
12,000,000
229,020,000
154,320,000
On hand
9,700,000
17,760,000
16,240,000
2,400,000
2,800,000
2,600,000
5,200,000
6,000,000
12,000,000
74,700,000
San Francisco:
Printed
Shipped
82,280,000
82,140,000
99,520,000
96,720,000
189,600,000
184,320,000
28,400,000
28,400,000
41,200,000
41,200,000
6,200,000
3,200,000
9,200,000
9,200,000
8,000,000
6,000,000
12,000,000
8,000,000
476,400,000
459,180,000
On hand
140,000
2,800,000
5,280,000
2,000,000
4,000,000
17,220,000
1,342,240,000 2,108,600,000
1,279,120,000 2,011,080,000
2,281,760,000
2,079,840,000
484,000,000
422,200,000
468,400,000
388,000,000
102,600,000
35,000,000
188,000,000
82,400,000
90,000,000
24,000,000
152,000,000
40,000,000
7,217,600,000
6,361,640,000
97,520,000
201,920,000
61,800,000
80,400,000
67,600,000
105,600,000
66,000,000
112,000,000
855,960,000
3,000,000
X
K
w
I—I
H
W
VAULT BALANCE
Total printed
Total shipped
. . .
Total on hand
63,120,000
CD
No,
6,—Federal Reserve notes, by denominations, on hand Dec. 31, 1918, received, issued to the banks, and returned to the comptroller for
during calendar year 1919, and on hand Dec. 81, 1919, as reported by Federal Reserve agents.
destruction
CO
o
IN HANDS OF FEDERAL RESERVE AGENTS DEC. 31, 1918.
Federal Reserve agent at—
Boston
New York
...
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Fives.
$3,640,000
15,000,000
2,760,000
1 320 000
-. . . . .
Total
8,070,000
5,840,000
2,590,000
1,880,000
1,120,000
4,715,000
46,935,000
Tens.
Hundreds.
Five
hundreds.
Five
thousands.
Ten
thousands.
Twenties.
Fifties.
$3,160,000
28,000,000
2,200,000
3,640,000
1,000,000
15,061,000
10,680,000
$4,240,000
16,800,000
5,680,000
4,080,000
720,000
10,220,000
20,320,000
$3,500,000
40,000,000
4,000,000
5,100,000
2,900,000
6,492,000
4,800,000
2,360,000
1,880,000
4,860,000
1,840,000
2,000,000
4,020,000
$3,300,000
10,000,000
3,000,000
8,200,000
1,600,000
4,872,000
4,600,000
400,000
90,000
1,540,000
1,605,000
280,000
980,000
2,430,000
$17,840,000
109,800,000
17,640,000
22,340,000
G, 220,000
44,715,000
46,240,000
2,990,000
6,450,000
7,520,000
17,630,000
72,841,000
69,920,000
39,207,000
70,482,000
299,385,000
Thousands.
Total.
$44,860,000
159,400,000
37,960,000
23,320,000
23,600,000
19,480,000
62,320,000
33,860,000
$97,520,000
241,200,000
58,160,000
37,080,000
32,840,000
31,920,000
101,760,000
41,440,000
$64,560,000
182,720,000
67,040,000
59,280,000
35,440,000
44,960,000
94,880,000
42,320,000
$8,600,000
42,600,000
9,800,000
23,800,000
6,200,000
1,600,000
17,600,000
7,200,000
$3,200,000
25,200,000
10,000,000
4,800,000
3,200,000
2,800,000
800,000
4,400,000
$2,400,000
18,800,000
1,000,000
3,000,000
1,600,000
200,000
2,200,000
1,000,000
W
I
RECEIVED FROM COMPTROLLER OF THE CURRENCY.
Boston
New York..
Philadelphia
Cleveland...
Richmond..
Atlanta
Chicago
St. Louis....
o
w
H
$6,400,000
38,400,000
2,400,000
3,200,000
2,400,000
800,000
6,000,000
2,000,000
$2,000,000
6,000,000 j
2,000,000
$4,000,000
12,000,000
2,000,000
43 000,000
4,000,000
2,000,000
2,000,000
A, 000,000
$233,540; 000
726,320,000
186,360,000
160,480,000
111,280,000
101,760,000
287,560,000
138,220,000
w
o
%
Minneapolis..,
Kansas City...
Dallas
San Francisco.
12,040,000
17,560,000
10,500,000
36,120,000
6,840,000
17,240,000
13,040,000
36,840,000
6,320,000
10,160,000
15,040,000
60,240,000
400,000
400,000
3,200,000
7,200,000
400,000
400,000
800,000
6,800,000
400,000
600,000
400,000
2,200,000
1,200,000
1,200,000
800,000
5,600,000
2,000,000
Total....
481,020,000
715,880,000
682,960,000
128,600,000
62,800,000
33,800,000
70,400,000
18,000,000
4,000,000
27,600,000
47,560,000
43,780,000
161,000,000
32,000,000 2,225,460,000
RETURNED BY FEDERAL RESERVE BANKS.
m
x
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$33, 025,750
146,830,510
36, 740,190
21, 973,015
31, 265,850
29,392,185
56, 046,620
23,482,580
14,245,575
21, 514,145
7,594,685
30, 722,120
$62,307,560
244,452,730
59,712,110
37,994,900
47,689,000
46,435,190
86,993,270
33,594,220
22,023,410
21,484,190
14,113,610
32,074,990
$35,477,900
172,511,340
82,653,680
64,683,480
55,746,600
59,396,640
83,465,940
33,776,320
13,033,720
21,949,540
14,216,220
53,304,640
$4,969,550
35,223,200
6,444,800
18,955,150
13,703,900
5,116,450
10,351,150
4,773,600
460,900
1,622,200
624,300
5,513,250
$3,922,100
30,649,100
4,026,300
2,652,100
10,206,500
5,720,000
2,888,300
2,350,700
505,200
1,087,500
941,200
7,609,400
$10,500
384,000
4,000
5,500
606,500
200,000
16,500
102,500
Total...
452,833,225
708,875,180
690,216,020
107,758,450
72,558,400
3,000
1,000
303,500
$55,000
2,319,000
. 54,000
19,000
1,302,000
850,000
37,000
146,000
3,000
1,000
90,000
711,000
1,637,000
5,587,000
$50,000
$139,768,360
632,419,880
189,635,080
146,283,145
162,070,350
147,110,465
239,798,780
98,425,920
50,271,805
67,661,575
37,581,015
135,543,900
$500,000
1,050,000
100,000
100,000
1,805,000
3,500,000
2,405,000
4,700,000 2,046,570,275
33
W
w
p
j
o
02
CO
N o . 6.—Federal Reserve notes, by denominations, on hand Dec. 31, 1918, received, issued to the banks, and returned to the comptroller for
during calendar year 1919, and on hand Dec. SI, 1919, as reported by Federal Reserve
agents—Continued.
ISSUED TO FEDERAL RESERVE BANKS.
Federal Reserve agent at—
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco.
Total..
Tens.
I
Twenties.
Fifties.
$44,500,000
167,400,000
37,010,000
23,425,000
33,185,000
36,150,000
67,640,000
35,695,000
14,540,000
18,580,000
11,400,000
38,140,000
$91,920,000
271,200,000
58,880,000
38,710,000
49,330,000
57,736,000
110,920,000
39,890,000
11,820,000
20,720,000
17,435,000
39,000,000
$63,680,000
189,520,000
75,970,000
64,680,000
55,130,000
74,340,000
112,560,000
44,500,000
11,630,000
15,760,000
19,320,000
68,940,000
$11,400,000
46,400,000
9,600,000
27,600,000
11,820,000
6,098,000
19,800,000
7,650,000
350,000
990,000
4,080,000
527,665,000
807,561,000
796,030,000
PTundreds.
Five
hundreds.
Thousands.
$700,000
13,800,000
600,000
800,000
702,500
210,000
2,200,000
500,000
230,000
300,000
215,000
9,800,000
$6,600,000
28,400,000
11,600,000
6,850,000
8,390,000
7,839,000
3,200,000
3,900,000
420,000
1,050,000
2,890,000
11,500,000
2,500,000
$5,300,000
28,400,000
2,000,000
1,000,000
2,500,000
1,225,000
6,000,000
1,340,000
1,000,000
500,000
390,000
6,300,000
155,588,000
92,639,000
22,757,500
55,955,000
Five
thousands.
Ten
thousands.
$400,000
2,000,000
$1,000,000
200,000
550,000
300,000
1,170,000
2,000,000
200,000
350,000
3,650,000
6,500,000
9,000,000
6,000,000
destruction
Total.
$225,500,000
753,120,000
195,660,000
163,565,000
162,777,500
183,598,000
324,320,000
134,025,000
39,990,000
57,900,000
55,730,000
186,330,000
$33,025,750
136,830,510
35,990,190
21,688,015
20,020,850
15,212,185
56,046,620
22,317,580
12,405,575
20,894,145
$62,308,560
238,452,730
56,712,110
36,364,900
28,969,000
23,525,190
86,993,270
30,384,220
15,073,410
19,204,190
$35,475,900
162,511,340
73,402,680
61,923,480
32,776,600
24,436,640
83,305,940
28,176,320
8,603,720
17,629,540
$3,271,050
31,423,200
6,445,800
17,755,150
7,803,900
1,195,450
10,351,150
2,373,600
320,900
682,200
$2,821,600
27,449,100
4,026,300
2,302,100
2,776,500
703,000
2,888,300
850,700
365,200
637,500
$10,500
384,000
4,000
5,500
6,500
$55,000
2,319,000
54,000
19,000
52,000
16,500
2,500
37,000
6,000
3,000
1,000
3,000
o
15,320,000 2,482,515,500
RETURNED TO COMPTROLLER FOR DESTRUCTION.
Boston
New York...
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
CO
$50,000
$136,968,360
599,419,880
176,635,080
140,058,145
92,405,350
65,072,465
239,638,780
84,110,920
36,771,805
59,051,575
I
1w
o
Dallas
San Francisco
Total
6,639,685
28,702,120
».-
409,773,225
9,948,610 !
29,914,990 j
637,851,180
9,596,220
44,604,640
534,300
2,913,250
251,200
2,909,400
1,000
3,500
11,000 j
582,443,020
85,069,950
47,980,900
437,000
2,557,000 i
26,971,015
109,063,900
$5,000 J.
5,000 I
50,000
1,766,167,275
4,000,000
$3,000,000
6,000,000
1,800,000
1,950,000
3,700,000
3,880,000
1,900,000
3,750,000
150,000
1,000,000
$28,680,000
116,000,000
21,340,000
25,480,000
24,387,500
44,915,000
9,640,000
21,500,000
7,560,000
5,790,000
16,290,000
1,150,000
21,330,000 I
322,732,500
IN HANDS OF FEDERAL RESERVE AGENT DEC. 31,1919.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total.
$4,000,000
17,000,000
4,460,000
1,500,000
1,660,000
5,580,000
520,000
1,920,000
1,220,000
720,000
4,770,000
43,350,000
$8,760,000 ;
4,000,000 |
4,480,000
3,640,000 ;
3,230,000 j
12,155,000
1,520,000
4,760,000
4,330,000
680,000
4,630,000
52,185.000
$5,120,000
20,000,000
6,000,000
1,440,000
4,000,000
15,800,000
2,800,000
3,420,000
960,000
720,000
4,360,000
64,620,000
$2,200,
10,000,
3,200,
5,600,
1,880,
4,295,
2,400,
2,350,
280
1,890
815
34,910,000
SI, 200,000
40,000,000
2,400,000
3,400,000
5,140,000
6,470,000
2,400,000
2,000,000
400,000
780,000
1,030,000
65,220,000
$1,700,000 I
5,000,000
400,000
2,200,000
1,497,500
190,000
600,000
170,000
300,000
185,000
12,242,500 i
%1,100,000
10,000,000
400,000
2,200,000
1,150,000
$1, 600,000
425,000 j .
800,000
200,000
700,000
500,000
17,475,000
11,400,000
X
i
RECAPITULATION.
On hand Dec. 31, 191S
Received from Comptroller
Returned by bank
Total
Issued to banks
Returned for destruction
On hand Dec. 31, 1919
Total
$46,935,000
481,020,000
452,833,225
172,841,000
715,880,000
708, 876,180
$299,385,000
2,225,460,000
2,046,570,275
$69,920,000
682,960,000
690,213,020
$39,207,000
128,600,000
107,760,950
$70,482,000
62,800,000
72,557,900
$33,800,000
1,637,000
$70,400,000
5,587,000
$18,000,000
2,405,000
$32,000,000
4,700,000
980,788,225 1,497,597,180 1 443 093 020
275,567,950
205,839,900
35,437,000
75,987,000
20,405,000
36,700,000
4,571,415,275
527,665,000
409,773,225
43,350,000
796,030,000
582,443,020
64,620,000
155,588,000
85,069,950
34,910,000
92,639,000
47,980,900
65,220,000
22,757,500
437,000
12,242,500
55,955,000
2,557,000
17,475,000
9,000,000
5,000
11,400,000
15,320,000
50,000
21,330,000
2,482,515,500
1,766,167,275
322,732,500
980,788,225 1,497,597,180 1,443,093,020
275,567,950
205,839,900
35,437,000
75,987,000
20,405,000
36,700,000
4,571,415,275
807,561,000
637,851,180
52,185,000
I
CO
CO
No. 7.—Federal Reserve notes issued and redeemed by each Federal Reserve Bank, by months, during the calendar year 1919.
February.
January.
Federal Reserve Bank.
Outstanding
Jan. 1, 1919.
Issued.
Redeemed.
March.
Redeemed.
Issued.
Issued.
April.
Redeemed.
Issued.
Redeemed.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
S168,986,330
819,015,835
241,870,745
266,519,915
150,997, 770
123,620,285
450,938,010
129,119,875
98,724,410
120,317,330
60,495,080
229,238,335
$2,300,000
10,100,000
1,250,000
2,000,000
7,720,000
5, 715,000
4,240,000
2,600,000
800,000
2,000,000
2,185,000
1,600,000
$8,722,305
61,445,365
25,451,420
13,957,930
17,251,495
14,376,845
11,011,320
10,309,150
7,694,160
9,420,725
5,732,050
13,560,930
$10,960,000
45,300,000
18,290,000
3,795,000
4,260,000
9,550,000
9, 880,000
5,090,000
1,350,000
1,100,000
360,000
2,600,000
$10,302,940
40,605,375
13,065,590
9,417,105
12,864,040
9,166,860
17,322,335
5,135,170
3,610,765
5,039,195
4,603,740
6,214,160
$17,500,000
84,900,000
5,900,000
4,210,000
10,255,000
13, 965,000
21,560,000
7,425,000
2,310,000
1,700,000
1,775,000
9,700,000
$9,122,760
66,156,010
14,302,435
10,106, 855
12,119,920
10, 810,365
13, 835,635
5, 969,685
3,689,155
5,328,485
3,253,660
9,398, 775
$21,500,000
77,600,000
14,240,000
7,920,000
11,450,000
11,115,000
21,800,000
4,160,000
2,450,000
2,350,000
740,000
18,680,000
$10,315 730
52,544 400
14,386 250
11,505, 140
14,138,030
12,536,030
15,209,960
8,334,240
3,548, 740
4,288,490
2,857,850
14,637,860
Total, 1919.
Total, 1918.
2,859,843,920
1,350,624,225
• 42,510,000
56,015,000
198,933,695
39,780, 780
112,535,000
104,140,000
137,347,275
28,910,110
181,200,000
156,385,000
164,093,740
34,503,930
194,005,000
122,985,000
164,302,720
35,986, 115
May.
June.
July.
August.
o
w
H
O
September.
Federal Reserve Bank.
Boston
New York..
Philadelphia
Cleveland...
Richmond..
Atlanta
Chicago
Issued.
Redeemed.
Issued.
Redeemed.
Issued.
$7, 700,000
53,400,000
20,240,000
7,680,000
3,272,500
14,140,000
20,400,000
$12,655,235
51,905,000
18,793,660
12,283,895
12,200,375
14,250,505
19,339,680
$16,500,000
61,800,000
17,200,000
5,900,000
5,670,000
13,806,000
25,720,000
$12,343,870
64,229,900
19,743,645
13,876,080
12,093,170
11,143,665
25,153,205
$19,820,000
63,000,000
17,800,000
14,700,000
6,440,000
10,015,000
24,520,000
Redeemed.
Issued.
Redeemed.
$11,235, 770 $28, 700,000 $14, 732,285
63,397, 700 67,140,000 51,603,700
15,389,785 21,900,000
17,157,325
12,562,065 30,220,000 15,301,635
9,818, 700 16,910,000 16,219,400
8,802,500
7, 797,000 12,007,245
21,386,550 33,360,000 26,710,210
Issued.
Redeemed.
27,400,0000
63,340,000
19,400,000
23,160,000
24,010,000
20, 754,000
39,240,000
$10,423,930
50,113,900
14,884,230
11,578,795
11,753,615
10,268,070
22,160,650
w
o
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
Total, 1919
8,270,000 |
10,098,500 |
6,240,000
6, 747,585
3,800,000!
5,709,835
2,900,000
4,084,510
3,250,000 I
1,975,000 I
9,240,000 I
5,022,965
3,294,510
11,510, 785
3,080,000
3,490,000 j
10,080,000 j
5,008,940
2,556,160
9,564,630
153,367,500 j 177,064,945
135,430,000
49,850, 265
Total, 1918
172,386,000
161,970,000
186,545,360
50,937,580
12,810,000
1,480,000
3,870,000
2,715,000
19,460,000
8,066,045
3,838, 815
4,570,940
2,631,495
17,065,675
12,800,000
2,050,000
5,940,000
3,815,000
17,360,000
196,630,000
178,766,040
40,975,415
247,992,000
247, 750,000
216,540,000
10,356,903
20,000,000
8,080,000
3,194,590
9,920,000 | 5,839,240
8,663,425
4,050,060
6,683,975
2,765,810 j
9,385,000 I
2, 735,575
12,676,660 j 19, 800,000
9, 734,875
188,571, 730 I 284,489,000
163,044,400
41,778,950
45,056,320 | 341,380,000
X
October.
November.
December.
Total.
Outstanding
Dec. 31, 1919.
Federal Reserve Bank.
Issued.
Redeemed.
Issued.
Redeemed.
Issued.
Redeemed.
Issued.
Redeemed.
3
s
(—t
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
•115,900,000
44,480,000
22,300,000
13,120,000
34,110,000
32,084,000
37,600,000
22,900,000
5,050,000
o, 430,000
9,525.000
21,260,000
$15,122,195
66,692,700
191,286,590
28,986,905
Total, 1919.
i
263, 759,000
Total, 1018
!
209,285,000
14, 889,320
13,700,225
13,182, 245
13,243, 785
25,923,785
7,481,860
3,870,295
5, 487,190
1,989,540
9, 703,45.0
$22,800,000
60,920,000
12,500,000
19,960,000
16,120,000
20,867,000
30,440,000
18,530,000
3,570,000
11,240,000
11,065,000
28,150,000
$14, 152,220
36, 452,800
10, 997,135
11, 731,370
12, 795,005
13, 515,235
21, 858,230
287,985
723,150
160,310
670,815
127,255
24,640,000
30,900,000
22,560,000
23,790,000
55,560,000
13,200,000
6,150,000
8,020,000
8,700,000
28,400,000
256,162,000
151,471,510
48,982,635
377, 480,000
223,945,000
119,870,000
$34,420,000
S10,639,120
121,140,000
27,273,030
10,574,285
10,262,050
17,634,355
16,989,360
19,887,220
9,975,345
3,257, 730
4, 811,120
2,489,810
11,348,845
145,142,270
140, 726,300
S225,500,000
753,120,000
195,660,000
163,565,000
162, 777,500
183,598,000
324,320,000
134,025,000
39,990,000
57,900,000
55,730,000
186,330,000
2,482,515,500
2,095,695,000
$139,768, 360
632,419, 880
189,635, 080
146, 283, 145
162,070, 350
147,110, 465
239, 798, 780 I
98,425, 920 I
50,271,
67,661,
37,581,
135,543,
2,046,570,275
586,475,305
$254, 717,970
939,715,955
247, 895,665
283,801,770
151, 704,920
160,107,820
535,459,230
164, 718,955
88,442,605
110,555,755
78,644,065
280,024,435
H
W
o
3,295, 789,145
2,859,843,920
CO
N o . 8.—Federal Reserve notes issued and redeemed, byldenominationsy
$5
$10
$20
$50
$100....
$500....
$1,000..
$5,000..
$10,000.
Total.
during the calendar year 1919.
Outstanding
|
J a n . 1, 1919.
|
$440,840,850 !
870,561,950 j
1,114,942,220 i
210,444,900 |
215,054,000 •
8,000,000 |
2, 859, 843,920 J
Issued.
Redeemed.
a
Outstanding
Dec. 31,1919.
$527,665,000 j
$452, 832,225
$515,673,625
807,561,000
708; 872,180
690; 220,020
107, 758,450
72; 558,400
1, 637,000
5, 587,000
405,000
700,000
969,250,770
1,220,752,200
258,274,450
235,134,600
796,030,000
155,588,000
92,639,000
22,757,500
55,955,000
9,000,000
15,320,000
2,482,515,500
2,046,570,275
21,120,500
58,368,000
o
10,620,000
H
O
3,295,789,145
H
6,595,000
W
CO
W
O
EXHIBIT B
FEDERAL RESERVE NOTES.
97
Bfo. 9.—Total cost of Federal Reserve notes, including paper, preparing plates,
printing, but exclusive of shipping charges, for the calendar year 1919.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
and
$249, 740. 82
560, 529. 57
181,403.08
117,477.71
103,171.11
129,998.75
340,059. 72
147, 782.40
52,778.14
105,341. 50
75,430. 60
136,133. 97
2,199, 847. 37
N o , 10.—Federal Reserve agents' accounts at close of business Dec. 31, 1919.
Boston.
New York.
Philadelphia.
00
Cleveland.
Richmond.
Atlanta.
$24,387,500.00
$44,915,000.00
*3
151,704,920.00
160,107,820. 00
^
2,500,000.00
fcd
RESOUBCES.
Federal Reserve notes on hand
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
Gold redemption fund
Gold settlement fund—Federal Reserve Board
Eligible paperAmount required
Excess amount held
Total.
$28,680,000.00
254,717,970.00
$116,000,000.00
939,715,955.00
$21,340,000.00
247,895,665.00
$25,480,000.00
283,801,770.00
13,510,970.00
60,000,000.00
183,740,280.00
13,015,935. 00
110,000,000.00
14,558,905.00
74,389,260.00
37,025,000.00
16,769.225. 00
75,000,000.00
1,998,970.00
38,000,000.00
3,003,220.00
§
58,000,000.00
g
632,959,740.00
358,584,450.09
158,947,500.00
111,705,950.00
3,392,277.05
o
6,244,517.51
155,007,545.00
55,726,284.97
98,604,600.00
25,480,726.26
12,740,067. 98
^
563,596,666.26
2,354,016,360.09
523,375,847.51
648,809,824.97
331,189,617.05
377,870,707.98
476,300,000. 00
192,902,030.00
2,001,000,000.00
945,284,045. 00
510,780,000.00
241,544,335. 00
484,320,000. 00
175,038,230.00
305,860,000.00
129,767,580.00
298,000,000.00
92,977,180. 00
283,397,970. 00
1,055,715,955.00
269,235,665.00
309,281,770. 00
176,092,420. 00
205,022,820. 00
181,207,000.00
LIABILITIES.
Federal Reserve notes received from comptroller—gross
Less amounts returned for destruction
Net amount of Federal Reserve notes received from
Comptroller of the Currency
Collateral received from Federal Reserve Bank:
Gold
Eligible paper
Total.
73,510,970.00
306,756,215.00
39,998,970.00
63,503,220.00
991,544,190.09
88,948,165.00
165,192,017.51
128,794,225.00
206,687,726.26
210,733,829.97
115,098,227.05
109,344,667.98
563,598,666.26
2,354,016,360.09
523,375,847.51
648,809,824.97
331,189,617.05
377,870,707.98
O
Minneapolis.
Kansas City.
$9,640,000.00 $21,500,000.00
535,459,230. 00 164,718,955. 00
$7,560,000.00
88,442,605.00
$5,790,000. 00 $16,290,000. 00 SI, 150,000.00
110,555,755.00
78,644,065.00 280,024,435.00
4,000,000. 00
3,694,115.00
53,930,600.00
13,052,000.00
2,994,605.00
19,800,000.00
2,048,970.00
37,360,000.00
8,831,000.00
4,229,580.00
14,484,000.00
18,831,935.00
110,218,500.00
249,148,280.00
103,116,160.00
886,326,860.00
W
291,855,000. 00 103,094,240.00
87,480,182.28
7,263,830.82
52,596,000.00
21,564,777.53
71,146,785.00
40,873,559.86
51,099,485.00
13,012,559.59
150,974,000. 00
12,924,308.13
2,057,197,845.00
645,287,542. 07
W
H
W
1,168,038,642.28 358,201,740.82
206,009,987.53
267,775,069. 86 186,590,689.59
574,123,178.13
7,559,598,332.07
143,700,000. 00 409,920,000. 00
48,765,935. 00 128,745,565. 00
6,119,540,000. 00
2,501,018,355.00
..Chicago.
St. Louis.
Dallas.
San Francisco.
Total.
RESOURCES.
Federal Reserve notes on hand
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
Gold redemption fund
Gold settlement fund—Federal Reserve Board
Eligible p a p e r Amount required
Excess amount held
Total.
Federal Reserve notes received from comptroller—gross
Less amounts returned for destruction
Net amount of Federal Reserve notes received from
Comptroller of the Currency
Collateral received from Federal Reserve Bank:
Gold
Eligible paper
Total-
8,459,730.00
235,144,500.00
14,720,000.00 299,600,000. 00 152,080,000. 00 203,260,000.00
19,620,770. 00 113,381,045.00 56,077,395.00
86,914,245.00
$322,732,500.00
3,295,789,145.00
186,218,955. 00
96,002,605.00
116,345,755.00
94,934,065.00
281,174,435. 00
3,618,521,645.00
243,604,230. 00 61,624,715.00
379,335,182.28 110,358,070.82
35,846,605.00
74,160,777.53
39,408,970. 00
112,020,344.86
27,544,580.00
64,112,044.59
129,050,435. 00
163,898,308.13
1,238,591,300.00
2,702,485,387.07
1,168,038,642.28 358,201,740.82
206,009,987.53
267,775,069. 86 186,590,689.59
574,123,178.13
7,559,598,332.07
545,099,230.00
o
H
m
CO
CO
No. 11.—Amounts of Federal Reserve notes received from and returned to other Federal Reserve Banks for redemption or credit during the calendar
year 1919 and totals for 1918 and 1917.
Boston.
Received.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Boston
New York...
Philadelphia
Cleveland...
Richmond..
$2,439,250
18,361,150
3,617,500
3,434,950
8,699,750
Cleveland.
Returned
Received.
Returned
Received.
$59,860,250
$45,236,150 $59,738,000
4,247,000 6,872,600 59,310,500
2,325,250 4,427,450 22,815,150
2,237,750 4,392,150 22,394,000
1,607,830 2,470,650 12,802,160
3,681,000 6,369,450 28,768,500
1,073,035 1,219,550 9,962,820
420,000 1,378,050 3,414,000
522,400 1,621,300 4,883,200
509,100 3,178,600
306,605
1,062,445 1,294,600 8,018,610
$33,280,800
$4,370,700
47,221,750
$3,382,000
59,800,500
54,441,950
24,882,550
24,859,000
14,603,700
29,202,250
5,983,050
4,091,350
5,489,350
2,522,950
11,028,250
$4,528,700
35,792,100
11,133,500
10,451,000
7,180,750
1,874,200
3,906,900
1,123,805
395,000
571,100
392,800
811,880
8,798,000
7,897,500
3,510,500
5,633,000
1,477,000
1,068,500
1,452,500
512,500
993,050
90,292,900 235,407,790 210,385,200
37,931,700 118,050,470 118,629,200
12,012,900 29,997,052 24,799,975
78,299,885
39,531,305
8,066,790
Atlanta.
Received.
Returned.
Philadelphia.
Received.
62,719,465
21,660,305
4,278,835
Total: 1919..
1918..
1917.
New York.
Returned.
$1,584,360
14,014,420
2,770,980
4,948,010
6,271,540
Chicago.
Received.
$6,311,850
40,400,150
6,951,510
19,259,550
8,873,310
Returned.
$3,908,000
28,930,000
6,150,000
19,071,000
5,490,500
St. Louis.
Received.
$1,207,350
7,747,100
1,526,500
1,993,200
2,582,000
Returned.
$1,098,565
10,234,335
2,037,755
6,237,965
2,705,855
Richmond.
Returned.
Received.
Returned.
$1,655,100 $4,367,850
21,783,650 31,924,350
9,567,500 9,899,870
6,876,600
9,771,000 5,728,850
4,605,380
3,060,400
6,217,370
19,028,500 16,439,300 5,425,000
6,225,265 1,703,850
2,662,005
1,099,000
1,515,550
524,000
1,716,20b
1,762,250
1,001,200
894,700
480,600
575,250
1,881,210
866,850 1,332,320
$2,250,250
22,233,259
13,156,250
9,627,500
70,805,815
31,113,635
6,450,175
72,911,000
26,603,050
2,080,430
94,525,050 96,675,555
62,354,660 40,366,135
14,960,902 5,175,740
64,563,900
21,249,450
2,534,070
Minneapolis.
Received.
$1,405,650
5,693,250
1,124,500
1,804,550
2,069,250
Returned.
$451,000
3,376,000
556,500
1,104,500
524,000
O
o
8,539,250
8,955,500
2,597,000
2,027,750
2,146,000
757,500
620,750
d
o
w
H
O
w
Kansas City.
Received.
$1,618,950
7,450,700
1,504,000
2,080,850
2,148,500
Returned.
$522,400
4,908,700
858,200
1,721,200
1,019,500
w
o
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco..
Total: 1919.
1918.
1917.
6,792,795
6,340,000 |
6,145,500
9,271,360
571, 500
1,677,400
2,820,850
1,357,935
6,975,840
9,506,250
1,063,500
2,381,450
4,139,000
965,310
25,007,785
15,834,500
10,335,250
2,310,850
7,900,180
58,397,145
21,107,515
6,210,710
54,620,660
20,438,925
4,650,150
149,977,730
49,708,155
5,129,265
Dallas.
Received.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Total: 1919.
1918.
1917.
!
Returned.
$494,200
3,581,350
548,000
606,700
734,750
3,857,150
3,229,500
5,458,235
339,000
3,945,150
$356,800
3,092,900
509,000
811,300
595,700
2,824,450
2,112,950
2,738,850
415,350
2,973,800
1,971,060
1,742,500
24,765,095
11,083,945
5,765,280
18,173,600
11,855,210
3,506,950
Received.
| 550,000
15,714,000
950,000
1,871,705
9,093,880
5,495,840
2,157,445
2,402,
392,
3,377,
2,510,000
378,500
3,589,000
3,208;
5,345,
4,015,150
4,201,550
75,559,285
37,557,760
7,979,770
39,606,
14,296,
5,537,
29,703,500
9,115,300
1,351,000
51,607,
33,604,
7,783,
39,801,900
6,320,605
1,118,755
9,518,855
25,107,085
13,137,000 i
18,418,000 |
14,621,500 |
3,270,000 |
10,269,500 i
953,500
8,200,400
2,805,705
1,550,095
129,605,500 1
51,456,600 j
15,268,500!
50,469,925
15,019,535
3,344,960
San Francisco.
Returned.
[1,617,500
10,335,250
8,200,400
2,402,050
1,017,
18,446,
1,873,
8,802,075 |
13,102,000 |
Total, 1919.
Total, 1918.
fi§[2,040,
14,637,
9,053,
2,518,
Total, 1917.
Received. | Returned.
Received.
Returned.
Received.
$38,274,400
112,964,740
64,559,000
20,926,210
20,947,940
53,422,845
38,591,215
9,435,930
5,525,100
14,782,020
7,631,520
$22,594,955
114,610,170
47,705,480
39,974,500
31,546,690
21,385,120
48,857,010
15,431,645
13,906,250
25,886,340
11,614,220
15,094,765
$11,941,700
25,374,715
14,515,907
2,528,325
2,070,680
4,654,345
15,079,650
8,022,765
1,327,000
1,110,855
3,536,050
1,933,625
$4,219,425
30,324,987
8,010,485
4,999,655
6,392,235
6,117,975
5,006,115
3,418,680
5,508,090
7,895,375
5,760,020
4,456,440
411,124,010
408,607,145
92,095,617
92,109,482
$1,277,800
14,769,350
1,044,500
1,044,950
635,250
940,855
10,172,000
2,128,495
3,921,000
4,175,550
2,280,850
$1,075,745
8,018,955
1,280,495
1,866,410 j
1,356,250 j
1,346,100
7,783,965
1,529,745
3,592,310
5,389,250
2,027,590
$87,882,550 j $49,565,020
258,177,400 j 236,130,710
100,907,380 ! 98,201,230
72,692,750 j 83,495,885
67,326,310 | 60,840,845
50,558,270 ! 54,381,405
126,542,400 j 134,628,590
73,840,035 j 49,042,695
29,989,500 j 37,844,115
39,429,900 j 49,441,280
19,167,660 i 24,108,730
34,608,625 | 37,728,805
42,390,600
15,582,545
4,355,640
35,266,815
5,094,685
1,843,080
961,122,780 I 915,409,310
24,063,090
Returned.
M
W
h-i
W
H
W
N o . 1%*—Federal Reserve bank notes, by denominations,
Bank.
Ones.
Boston:
Printed
Issued
On hand
Now York:
Printed
Issued
On hand
Twos.
Fives.
Tens.
Twenties.
Fifties.
Total.
$18 380,000
17,096,000
$11 104 000
8,184,000
$2,200,000
2,180,000
$31 684,000
27,460,000
1,284,000
2,920,000
20,000
4,224,000
61,712,000
51,604,000
16,120,000
13,928,000
32,000,000
13,840,000
$2,000,000
1,440,000
114,832,000
80,812,000
13,108,000
2,192,000
18,160,000
560,000
34,020,000
26,032,000
25,940,000
6,056,000
5,856,000
8,320,000
7,000,000
440,000
$240,000
41,088,000
38,796,000
92,000
200,000
1,320,000
440,000
240,000
2,292,000
18 508 000
18,456,000
5 000;000
4,808,000
9,000,000
5,440,000
2,000,000
2,000,000
36,508,000
28,704,000
52,000
192,000
3,560,000
2,000,000
2,000,000
7,804,000
12,096,000
12,040,000
2,880,000
1,914,000
3,500,000
400,000
400,000
19,276,000
13,984,000
56,000
936,000
3,500,000
400,000
400,000
5,292,000
i
w
."Philadelphia:
Print or]
Issued
. . .
.
On hand
Cleveland:
Printed
Issued
On hand
-
Richmond:
Printed
Issued
On hand
printed, issued by the Comptroller of the Currency since organization of banks, and on hand
Dec. 31, 1919.
.
w
o
>
Atlanta:
Printed
Issued
14,780,000
14,488,000
2,336,000
2,112,000
4,640,000
2,240,000
480,000
360,000
480,000
160,000
400,000
23,116,000
19,360,000
On hand
292,000
224,000
2,400,000
120,000
320,000
400,000
3,756,000
Chicago:
Printed. .
Issued
32,516,000
32,456,000
9,080,000
8,064,000
16,600,000
7,820,000
3,800,000
2,760,000
1,600,000
1,600,000
On hand
60,000
1,016,000
8,780,000
1,040,000
14,300,000
13,744,000
3,640,000
2,736,000
5,000,000
4,980,000
1,000,000
1,000,000
On hand
556,000
904,000
20,000
Minneapolis:
Printed-..
Issued
9,292 000
7,532,000
1 752 000
1,688,000
4,820,000
920,000
2 680 000
18,544,800
10,140,000
On hand
1,760,000
64,000
3,900,000
2,680,000
8,404,000
9,996,000
9,548,000
2,504,000
2,048,000
12,360,000
11,140,000
5,040,000
5,040,000
448,000
456,000
1,220,000
1
St. Louis:
Printed
Issued
Kansas City:
Printed
Issued
On hand
63,596,000
52,700,000
•
10,896,000
480,000
400,000
200,000
24,620,000
22,860,000
80,000
200,000
1,769,000
3,600,000
3,600,000
33,500,000
31,376,000
0
3
g
I
2,t24,000
o
CO
No. 12,—Federal Reserve bank notes, by denominations, printed, issued by the Comptroller of the Currency since organization of banks, and on hand
Dec. SI, 1919—Continued.
Bank.
Ones.
Twos.
Fives.
Tens.
$8,076,000
7,808,000
$2,168,000
1,416,000
$4,140,000
2,000,000
$2,400,000
1,960,000
$2,000,000
1,760,000
$18,784,000
14,944,000
On hand
268,000
752,000
2,140,000
440,000
240,000
3,840,000
San Francisco:
Printed
Issued
14 280 000
9,804,000
3 544,000
2,736,000
7,660,000
4,280,000
1,960 000
1 360 000
28 804 000
16,820,000
4,476,000
808,000
3,380,000
1,960,000
1,360,000
11,984,000
242,968,000
220,516,000
66,184,000
55,520,000
110,240,000
61,840,000
22,200,000
12,560,000
12,160,000
7,520,000
$600,000
454,352,000
357,956,000
22,452,000
10,664,000
48,400,000
9,640,000
4,640,000
600,000
96,396,000
Dallas:
Printed ..
Issued
. . . .
On hand
Twenties.
Fifties.
Total.
RECAPITULATION.
Total printed
Total issued
Total on hand
o
N o . 13.— Total amount of Federal Reserve bank notes issued to Federal Reserve Banks, also amounts redeemed and outstanding, Dec. 31, 1919.
Bank.
Boston:
Issued
Redeemed
Outstanding
Tens.
Twos.
Fives.
$17,096,000
3,751,472
$8,184,000
1,357,728
$2,180,000
1,002,800
$27,460,000
6,112,000
13,344,528
6,826,272
1,177,200
21,348,000
51,604,000
9,299,408
13,928,000
2,883,342
13,840,000
9,134,150
$1,440,000
755,100
80,812,000
22,072,000
42,304,592
11,044,658
4,705,850
684,900
58,740,000
25,940,000
3,878,228
5,856,000
659,622
7,000,000
4,010,150
38,796,000
8,518,000
22,061,772
5,196,378
2,989,850
30,248,000
18,456,000
1,921,370
4,808,000
466,630
5,440,000
3,181,000
28,704,000
5,569,000
16,534,630
4,341,370
2,259,000
23,135,000
12,040,000
1,532,510
1,944,000
211,490
10,507,490
1,732,510
Ones.
Twenties.
Fifties.
Total.
n
w
New York:
Issued
Redeemed
. . .
Outstanding
1-3
W
Philadelphia:
Issued
Redeemed
Outstanding
Cleveland:
Issued
Redeemed
Outstanding
Richmond:
Issued
Redeemed
Outstanding
. .
o
13,984,000
1,744,000
12,240,000
========
O
N o . 13. — Total amount of Federal Reserve bank notes issued to Federal Reserve Banks, also amounts redeemed and outstanding, Dec. 31, 1919—Con.
Atlanta:
Issued
Redeemed
Outstanding
Chicago:
Issued
Redeemed
Outstanding
St. Louis:
Issued
Redeemed
Outstanding
Minneapolis:
Issued
Redeemed
Outstanding
Kansas City:
Issued
Redeemed.
Ou standing
.
o
Twos.
Fives.
$14,488,000
1,878,380
$2,112,000
261,620
$2,240,000
1,398,400
$360,000
$160,000
$19,360,000
3,538,400
12,609,620
1,850,380
841,600
360,000
160,000
15,821,600
32,456,000
4,504,290
8,064,000
875,710
7,820,000
3, 718,940
2,760,000
1,293,780
1,600,000
209,480
52,700,000
10,602,200
o
w
27,951,710
7,188,290
4,101,060
1,466,220
1,390,520
42,097,800
o
13,744,000
2,327,848
2,736,000
570,302
4,980,000
2,422,650
1,000,000
519,200
400,000
22; 860,000
5,840,000
11,416,152
2,165,698
2,557,350
480,800
400,000
17,020,000
7,532,000
999,490
1,688,000
291,010
920,000
461,500
10,140,000
1,752,000
6,532,510
1,396,990
458,500
8,388,000
9,548,000
1,514,200
2,048,000
301,800
11,140,000
4,295,630
5,040,000
3,374,830
3,600,000
1,689,540
31,376,000
11,176,000
8,033,800
1,746,200
6,844,370
1,665,170
1,910,460
20,200,000
Ones.
Bank.
Tens.
Twenties.
Fifties.
Total.
H
H
W
%
d
Dallas:
Issued
Redeemed
7,808,000
845,780
1,416,000
226,220
2,000,000
943,370
1,960,000
1,102,290
1,760.000
861,940
14,944,000
3,979,600
6,962,220
1,189,780
1,056,630
857,710
898,060
10,964,400
^ S a n Francisco:
to
Issued
I
Redeemed
9,804,000
1,185,588
2,736,000
358,162
4,280,000
2,028,250
16,820,000
3,572,000
Jo
8,618,412
2,377,838
2,251,750
13,248,000
w
220,516,000
33,638,564
55,520,000
8,463,636
61,840,000
32,596,840
12,560,000
7,045,200
7,520,000
2,760,960
357,956,000
84,505,200
H
W
186,877,436
47,056,364
29,243,160
5,514,800
4,759,040
273,450,800
go
Outstanding
00
Outstanding
RECAPITULATION.
td
Total issued
Total redeemed 1
Total outstanding
1
M
Exclusive of $4,328,000 received for destruction but not assorted by denominations.
g
m
i
No.
14.—Currency receipts and shipments of each Federal Reserve Bank, by months, during the calendar year 1919.
Boston.
New York.
Philadelphia.
Cleveland.
Richmond.
O
00
Atlanta.
Month.
Receipts.
January
February
March
April
May
June
July
August
September.
October
November.
December..
Total.
|
Shipments.
Receipts.
Shipments.
Receipts.
Shipments.
Receipts.
Shipments.
Receipts.
$47, 000,000
28, 280,000
33, 842,000
40, 293,000
47, 230,000
41, 987,000
47, 230,000
38, 688,000
39, 525,000
53, 832,000
36, 890,000
51, 056,000
$17,172,800
26,440,000j
26,579,000
27,674,000
17,761,625
31,536,000
37,408,000
38,885,000
37,980,000
41,164,000
39,076,000
60,664,000
$84,177,000
97,106,000
139,214,000
128,419,000
137,036,000
204,635,000
195,979,000
157,341,000
138,395,000
150,323,000
170,904,000
230,942,000
$47,191,945
32,030,619
28,172,620
39,959,215
40,681,745
37,295/
38,394,924
33,425,219
36,468,581
37,026,356
30,064,643
43,763,463
$18,370,300i $47,863,327
25,761,1501 22,812,524
25,565,400! 24,350,299
27,421,050! 27,562,003
27,192,000j
32,194,425
26,538,600|
31,149,143
32,617,025! 36,798,066
36,287,240;
25,940,074
34,991,090|
28,415,754
41,637, OOOj 35,668,486
43,312,472
27,879,607
49,575,732
42,662,296
$16,629,866
26,415,774
22,259,917|
24,625,774!
19,313,854
21,191,348
29,193,882
40,329,582
40,159,578
34,733,156
36,242,091
51,028,532
$24,463,225
13,560,105
13,295,267
15,936,101
15,117,504
13,213,401
13,672,641
10,359,626
8,526,287
11,181,903
12,350,608
17,599,750
505,853,000
402,340,425 1,654,156,799 1,834,471,000
444,475,010
389,269,059
362,123,354
169,276,418
$173,022,018
90,711,068
94,967,955
121,521,898
137,293,989
142,255,416
156,222,645
135,234,802
139,255,009
157,523,946
127,139,007
179,009,046
383,296,004
Shipments.
Receipts.
$8,019,600 $22,046,434
10,004,996!
12,266,576
9,452,3471 16,273,899
17,522,876
8,408,193;
20,081,941
9,266,502;
16,758,229
9,603,695J
20,410,755
11,223,655J
17,350,369
14,505,900|
13,440,796
22,760,610
16,936,221
34,882,479
17,623,546
17,688,320
28,653,391
21,504,290
177,320,587
Shipments.
$6,478,050
7,802,525
9,579,600
8,842,550
10,756,969
9,984,660
9,291,960
o
3
13,627,593
23,765,016
32,814,774
20,082,141
w
22,427,375
219,365,033 175,453,213
W
O
Chicago.
Month.
Receipts.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Shipments.
St. Louis.
ShipReceipts. | ments.
$70,026,304 $24,125, 274 $28, 205,817
29,798,731 36,352, 010! 16,233,817
34,679,881j 42,705, 348| 18, 621,616
I 44,528,303i 43,008, 564 24, 215,53lj
I 56,342,781! 38,658; 687 22, 762,239
54,307, 036| 41,723; 003| 24, 163,503
64,181, 283i 49,328. 576J 26, 441,329
45,640, 36lJ 66,852; 899; 21,066,539
51,399; 991 49,093. 997| 23,372,992
64,344; 690 68,545; 1971 26,258,479
56,150, 431 62,872 ,099| 24, 654,489
702,077 90,922,,456 32, 741,115
76,702.
Minneapolis.
meX
Kansas City.
Receipts.
$5,975,505 56, 992,573,11; 833,910 £11,693,026
9,434,9751 3, 144,993J 2, 885,020 7,682,068
ll,102,060| 3, 043,424! 3 ; 606,75; 7,960,790
8,489,470| 4,878,647 3 ; 269,227 8,288,225
12,065,088j 6,898,862 2} 341,980 10,997,385
11,307,7941 4,902,963J 3, 357,280 11,542,070
13,774,305j 6,,588,758! 2. 889,635 13,474,045
18,527,654 4,:306,731; 3. 773,300 10,843,909
23,827,274 361,536j 8. 226,550 11,764,731
32,870,931 854,718| 7; 010,146 14,123,099
29,541,084
257,845! 5. 949,470 10,270,138
28,531,008! 4,116,039i 7. 682,977 14,594,798
Shipments.
Dallas.
Receipts.
San Francisco.
Receipts.
$2,314,563 $11,710,299 $2,104,108 $30,290,657
4,757,611 6,876,183 3,556,432 15,783,076
6,367,226 5,343,083 4,712,700 15,050,793
5,450,230 5,482,689 4,343,472j 14,303,083
6,188,085 4,975,116 4,581,155J 18,288,574
6,269,993 3,578,568 7,182,435! 16,747,331
9,172,601 5,952,929 6,505,384j 22,918,132
11,808,110 4,775,854 7,147,3911 15,067,142
13,483,933 4,933,440 14,096,3401 16. 298,689
10,729,309 6,327,253 14,804, OOoj 19. 907,681
12,935,188 5,116,973 13,470,784 15, 618,219
13,690,725 10,715,869 12,214,053 24, 820,307
Shipments.
$7,855,270
9,817,300
11,248,1
15,311,625
14,095,975
14,940,506J
15,715,445|
21,266,165!
23,325,043;
21,602,635j
29,848,445,
30,554,665!
Total.
Receipts.
$520,505,625
279,179,760
295,601,627
364,491,571
412,864,561
397,900,340
452,285,507
362,698,626!
376,762,806J
447,984,832J
368,015,506|
526,434,151!
Shipments.
$195,056,246
260,333,793
312,392,441
305,263,155
299,257,920
388,270,314
413,099,468
430,351,834
430,104,431
491,116,632
481,922,094
619,737,813
H
648,101,869,614,188,110288,737,466 205,447,148:57,347,08952,826,250 133,234,284 103,167,574 75,788,256 94,718,259225,093,684 215,581,162 4,804,724,91214,626,906,141
o
CD
N o . 15.—Currency receipts from and shipments to member and nonmember banks during calendaf year 1919.
Shipments.
Receipts.
Federal Reserve Bank or branch.
Boston
New York
Buffalo
Philadelphia...
(leveland
Cincinnati..
Pittsburgh.
Richmond
Baltimore..
•Ulanta.
Birmingham
Jacksonville
Nashville
New Orleans
Savannah (agency)..
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Kansas City
Denver
Omaha
From member
From nonmember banks.
banks.
$462,144,
1,412,385,
37,766,
430,627,
111,189,
78,580,
187, 865,
76,561,
91,712,
89,565,
27,532,
22,151,
4,399,
$43,708,906
193,401,002
10,603,714
64,657,
173,050
13,847,011
2,886,821
504,910
2,269,024
559,356
443,606
1,033,547
1,268,453
405, 881
77,120,581
92,155, 837
90,599,358
28,800,671
22,557,502
4,399,982
$401,317,115
1,727,348,000
46,099,000
389,045,559
102,945, 982
54,924,164
200,867,129
110,017,324
66,958,584
61,116,037
26,014,993
24,514,362
3,817,000
50,609,221
9,166,600
429,660,144
179,445,443
To nonmember banks.
$1,023,310
48,452,000
12,572,000
18,000
26,014,993
24,532,362
213,079
483,949
57,347,089
764,305
92,293,943
66,628, 724
236,300
375,100
501,034
17.329
23,741,879
17,198,462
14,046,230
21, 786,346
187,400
17, 840
64,947
12,132,962
385,106
63,530
20.330
$402,340,425
131,600
42,000
223,500
1,920,671
554,310
911,098
2,958,009
6,638,672
163,131. 052
181,178, 675
Total.
1,775,800,000
58,671,000
389,269,059
104,866,653
55,478, 474
201,778,227
110, 230,403
67,090,184
61,158,037
116,986,993
14,065,411
24,316,042
46,938,100
52,451,150
478,267, 198
43,320; 876 !
32,129, 988
56, 863, 140
91,529, 638
23, 724, 550
17,178, 132
$505,853,000
1,605,786,206
48,370,593
444,475,010
114,076,129
79,084,971
190,134,904
To member
banks.
64,830,220
8,177,300
484,905, 870
163,195,999
193,311,637
16,953,426
43,384,406
35,087,997
8,177,
j
I
16,568, 320 j
Total.
Excess.
155,000
5,079,023
3,500
2,521,452
294,500
88,350
3,817,000
50,764,221
9,166,600
434, 739,167
179,448,943
119,508,445
14,359,911
24,404,392
47,174,400
52,826,250
Receipts.
$103,512,575
$170,013,794
10,300,407
55,205,951
9,209,476
23,606,497
o
11,643,323
33,109, 822
H
O
w
25,065,653
29,441,321
2,785,678
1,974,860
582,982
14,065,999
50,166, 703
16,252,944
73,803,192
2,593,515
18,980,014
12,086,403
4,520,839
67,129,758
25,164,185
14,233,630
9,508,249
21,804,186
Shipments.
4,605,724
to
o
Dallas
El Paso
Houston
San Francisco
Portland
Salt Lake City.
Seattle
Spokane
52,931,363
12,364,589
7,284,534
136,774,081
19,452,705
13,109,751
34,549,588
0,704,213
1,102,983
1,185,039
919,748
13,286,307
87,368 |
84,795 j
951,723 j
93,153
54,034,346
13,549,628
8,204,282
150,060,388
19,540,073
13,194,546
35,501,311
6,797,366
66, 448, 740
11, 846,224
11,850,030
135,263,610
24,080,456
8,144, 250
26,390,900
7,990,500
345, 765
1,957, 800
2,269, 700
7,687,331
178,900
2,230,150 |
3,287,465
327,600
66,794,505 !
13, 804,024 i
14,119, 730 |
142,950,941 I
24,259,356
10,374,400
29,678,365
8,318,100
12,760,159
254,396
5, 915, 448
7,109,447
4,719,283
2,820,146
5,822,946
1,520,734
fej
Total
4,492,379,37(
312,345,536
4, 804, 724,912 4,533,100,363
93,805,778
4,626,906,141
X
177,818, 771
W
.
w
H
W
o
Exhibit C—STATEMENTS OF CONDITION OF FEDERAL RESERVE BANKS.
No. 16.—Combined resources and liabilities of all Federal Reserve Banks as at close of business on the last Friday of each month during the calendar
year 1919.
RESOURCES.
[In thousands of dollars.]
Gold and gold certificates
Gold settlement fund, Federal Reserve Board.
G old with foreign agencies
Total gold held by b a n k s —
Gold with Federal Reserve agents.
G old redemption fund
Jan. 31.
Feb. 28. I Mar. 28. Apr. 25.
May 29.
June 27.
July 25.
Aug. 29. j Sept. 26.
338,916
422,686
5,828
345,762 326,791
463,484 | 563,577
5,829 ! 5,829
346,618
586,742
314,135
597,046
270,601
591,532
244,231 | 239,168
563,640 I 502,506
79,370
340,022
605,809
Oct. 31.
Nov. 28.
254,027 j 235,348
444,126 | 440,286
129,923 ! 135,696
Dec. 20.
229,445
352,785
134,320
767,430 815,075 896,179 945,831 933,360 911,181 862,133 807,871 821,044 828,076 811,330
716,550
1,253,330 1,187,760 1,113,070 1,109,949 1,131,725 1,113,824 1,108,051 1,142,589 1,196,325 1,205,576 1,148,724 1,240,032
91,346 120,163 133,038 113,436 122,658 122,779 124,967 116,328 100,485 104,348 133,587
121,850
w
8
Total gold reserves.
Legal-tender notes, silver, etc
Total reserves
2,112,106 2,122,998 2,142,305 2,169,216 2,187,743 2,147,784 2,095,151 2,066,788 2,117,854
70,936 I 67,363
68,219
65,872
69,188
65,725
68,472
69,651
I 67,510
|2,179,646
,138,000 2,093,641 2,078,432
67,592
57,104
66,025
;8,723 2,210,524 2,240,152 |2,255,106 2,216,256 2,161,023 2,135,976 2,187,505 2,205,592
2,135,536
Bills discounted:
Secured by Government war obligations*
All other
Bills bought in open marketf
j
jl,357,571 1,667,965 1,691,010 1,760,672 il,802,893 1,573,483 1,616,210 ,609,296 1,572,503
j 243,557 211,855 195,230 189,740 186,499 244,557 251,392 205,838 309,779
I 281,293 276,919 248,107 185,822 183,650 304,558 375,556 363,138 342,491
Total bills on hand
United States Government bonds
United States Victory notes
United States certificates of indebtedness
All other earning assets
jl, 882,421 2,156,739 2,134,347 2,136,234 |2,173,042 2,122,598 2,243,158 2,178,272 2,224,773 2,,522,902 2,709,804 2,780,090
27,135 j 27,131
27,086
27,096
27,094
27,138
27,130
26,845
j 28,252
27,097
26,848
26,834
335
286
198
137
84
\
64
57
j 266,532 155,688 173,797 191,501 I 201,800 204,104 212,028 243,411 251,081 274,325 288,032
273,507
3
4
4
Total earning assets
,681,082 jl, 736,033 1,510,364
447,465 478,17b
684,514
585,212
394,355 495,595
2,177,209 2,339,525 2,335,285 2,354,870 2,402,056 2,354,167 2,482,558 2,448,977 2,503,088 2,824,156 3,024,741 3,080,495
g
o
Bank premises
Gold in transit or in custody in foreign countries.
Uncollected items and other deductions from gross
deposits
691,454
5 per cent redemption fund against Federal Reserve
bank notes
j 6,767
All other resources
11,631
Total resources.
* Includes bills discounted for other Federal Reserve
Banks, viz
t Includes bankers' acceptances bought from other
Federal Reserve Banks:
With their indorsement
Without their indorsement
9,713
", 712
10,574
10,986
11,257
11,784
12,796
107,119
13,146
80,246
653,465
660,066
630,614
634,639
686,063
690,495
709,394
827,404
6,813
8,497
7,067
7,274
8,176
8,301
8,963
10,035
9,714
10,551
10,613
9,898
11,580
9,995
11,503
13,357
19,242
12,878
13,002
855,795 1,013,426 1,075,100
13,333
7,869
12,671
6,659
13,237
8,062
5,075,355 5,206,736 5,229,928 5,252,687 5,321,785 5,288,008 5,366,371 5,435,837 5,631,890 5,939,344 6,230,041 6,325,432
46,073
53,816
74,409
90,964
112,865
122,607
84,900
53,655
70,195
28,948
23,500
40,615
16,918
2,112
25,841
14,400
4,098
32,390
7,159
26,380
858
26,429
5,062
27,456
48,579
39,432
31,702
45,864
40,474
96,440
58,201
82,589
49,466
82,764
49,466
83,317
81,087
84,926
81,087
85,296
81,087
86,013
81,087
87,001
81,087
87,339
81,087
Government deposits
64,928 210,547 168,147
61,276 I 100,465
98,157
73,614 116,038
54,494
91,726 141,479
Due to members—reserve account..
1,693,132 1,620,972 1,631,167 1,664,320 1,656,118 1,713,030 1,718,396 1,729,950 1,731,413 ll, 833,481 1,844,434
Deferred availability items
472,042 494,653 484,906 491,605 517,638 534,420 535,178 563,387 653,381 j 693,766 861,436
Other deposits, iacluding foreign government credits. 120,809 124,022 117,271 135,057 150,324 115,693 117,444
95,654
97,843
98,798
98,479
72,357
1,786,874
822,680
97,659
LIABILITIES.
Capital paid in.
Surplus
80,913
22,738
81,452
22,738
81,641
49,466
82,015
49,466
Total gross depo its
2,350,911 2,450,194 2,401,491 2,382,708 12,465,559 2,436,757 2,487,056 2,446,310 2,541,724 2,725,555 2,902,825 2,779,570
Federal Reserve notes in actual circulation
2,450,729 2,472,307 2,521,776 2,549,552 2,519,292 2,499,180 2,504,497 2,580,629 2,655,354 2,752,876 2,852,277 3,057,646
Federal Reserve bank notes in circulation—net
261,039
liability
129,445 134,042 145,540
158,848 168,427 177,185 193,849 219,815 239,451 254,933 256,793
30,014
36,452
58,751
All other liabilities
40,619
50,058
46,003
30,098
42,656
16,565
28,978
38,880
23,070
Total liabilities
5,075,355 5,206,736 5,229,928 5,252,687 5,321,785
5,366,371 5,435,837 5,631,890 5,939,344 6,230,041 6,325,432
No. 16.—Combined resources and li<
of all Federal Reserve Banks as at close of business on the last Friday of each month during the calendar
year 1919—Continued.
LIABILITIE S—Continued.
[In thousands of dollars.]
Jan. 31.
Feb. 28.
Mar. 28.
Apr. 25.
May 29.
June 27.
July 25.
46,073
53,816
74,409
90,964
112,865
122,607
84,900
16,918
25,841
4,098
7,159
858
5,062
Aug. 29. Sept. 26.
Oct. 31.
N o v . 28.
Dec. 26
MEMORANDA.
Contingent liability as indorscr o n Discounted paper reciiscountcd with other
Federal Reserve Banks . . .
.
Bankers'acceptances sold to other Federal Reserve
Banks
53,655
70,195
28,948
23,500
40,615
40,474
69,899
DISTRIBUTION OF BILLS ON HAND BY MATURITIES.
I
Bills discounted:
Within 15 days
Over 15 but within 30 days..
Over 30 but within 60 days..
Over 60 but within 90 days..
Over 90 days
1,511,355 1,529,010 1,648,426 1,727,796 1,484,822 1,532,918 1,519,814 1,532,058 1,770,521 1,582,690 1,484,790
35,738 123,334 103,924
57,883 168,881
74,823
53,870 120,183 103,418 135,642
244,890
202,040 115,670
80,574 141,123 122,083
99,788 152,545 154,918 143,943 293,789
292,715
60,509
86,221
51,427 123,022
99,017 183,448
56,531 109,773
68,568
79,889
152,125
24,226
22,321
21,252
11,648
23,567
31,270
18,640
21,199
6,555
9,016
20,358
1,886,240 1,950,412
Total
Bills bought in open market:
Within 15 days
Over 15 but within 30 days..
Over 30 but within 60 days..
Over 60 but within 90 days..
Over 90 days
Total
281,293
9,392 1,818,040 1,867,602 1,815,134 1,882,282 2,128,547 2,214,209 2,194,878
82,025
76,479
93,348
25,067
78,660
71,998
81,882
15,567
60,702
51,327
52,688
21,105
52,301
39,711
69,632
22,006
75,449
64,136
113,389
51,584
74,463
81,152
146,190
73,751
95,517
79,732
137,296
50,593
108,414
85,982
112,931
35,164
83,577
90,740
159,536
60,502
89,003
85,807
203,037
117,566
182
123,727
100,060
209,278
152,147
276,919
248,107
185,822
183,650
304,558
375,556
363,138
342,491 I 394,355
495,595
585,212
No. 17.—Principal resources and liabilities of all Federal Reserve Banks at close of business on each Friday, Jan. 3 to Dec. 26, 1919.
[In thousands of dollars.]
Gold
Gold and
gold certificates.
settlement
fund.
338,717
334,552
334,696
343,692
338,916
348,605
347,764
350,417
345,762
341,070
332,749
329,741
326,791
333,384
335,162
346,145
340,022
346,707
345,797
335,224
346,997
346,618
398,997
430,730
387,572
407,698
422,686
419,050
437,278
457,889
463,484
511,227
501,078
566,864
563,577
612,711
610,196
612,365
605,809
600,989
569,082
548,954
572,001
586,742
Gold
with
foreign
-agencies.
Gold with
Federal
Reserve
agents.
Gold redemption
fund.
5,829
5,828
5,828
5,828
5,828
5,829
5,829
5,829
5,829
5,829
5,829
5,829
5,829
1,263,383
1,238,245
1,289,105
1,255,192
1,253,330
1,231,166
1,217,363
1,197,983
1,187,760
1,163,840
1,170,601
1,112,938
1,113,070
1,100,173
1,082,444
1,085,519
1,109,949
1,104,699
1,134,198
1,150,903
1,139,825
1,131,725
84,268
84,715
85,368
88,907
91,346
103,533
111,113
112,923
120,163
117,513
119,277
125,470
133,038
104,682
115,078
118,128
113,436
114,223
125,271
140,756
119,916
122,658
Bills discounted.
Total cash
reserves,
Total gold including Secured by
reserves. legal ten- Governder notes, ment war All other.
silver, etc. obligations.
Bills
bought
in open
market.
United United
States
States
Govern- Victory
ment
notes.
bonds.
United
States
certificates of
indebtedness.
Total
United
States
securities.
1919
Jan.
3
10
17
24
31
Feb.
7
14
20
28
7
14
21
28
Apr. 4
11
18
25
May 2
9
16
Mar.
23
29
2,091,194
2,094,070
2,102,569
2,101,317
2,112,106
2,108,183
2,119,347
2,125,041
2,122,998
2,152,154
2,161,898
2,170,163
2,168,387
2,179,646
2,175,614
2,185,318
2,191,532
2,188, 723
2,139,479 I
2,129,534 |
2,140,842 I
2,205,462
2,196,737
2,208,578
2,142,305 I 2,210,524
2,150,950
2,218,628
2,142,880
2,211,989
2,162,157 I 2,230,859
2,169,216
2,240,152
2,166,618
2,237,219
2,174,348
2,242,784
2,175,837 I 2,245,857
2,178,739 2,247,933
2,187,743 i 2,255,106*
1,534,670
1,484,847
1,347,088
1,497,500
1,357,571
1,451,147
1,603,052
1,596,458
1,667,965
1,701,487
1,702,351
1,691,678
1,691,010
1,674,916
1,767,459
1,720,960
1, 760,672
1,788,068
1,795,735
1,863,476
1,762,487
1,802,893
295,194
273.229
254,263
264,533
243,557
243,254
233,849
221,996
211,855
186,240
184,012
189,861
195.230
193,066
200,465
201,314
189, 740
178,715
172,568
175,464
176,379
186,499
290,269
277,896
273,607
284,539
281,293
282,702
275,068
269,920
276,919
273,493
262,139
261,924
248,107
240,790
218,590
196,885
185,822
195,284
182,036
184,727
193,187
183,650
29,824
28,821
28,571
28,571
28,252
28,250
28,101
28,095
27,094
27,057
27,223
27,222
27,138
27.134
27.136
27.137
27.135
27,132
27,144
27,131
27,149
27,131
125,063
175,809
271,173
147,398
266,532
139,501
141,204
147,123
155,688
159,835
168,348
172,471
173,797
•178,646
185,711
189,038
191,501
194,262
202,363
204,082
199,748
201,800
154,887
204,630
299,744
175,969
294,784
167,751
169,305
175,218
182,782
186,892
195,571
199,693
200,935
205,780
212,847
216,175
218,636
221,394
229,507
231,232
226,914
229,014
No. 17.—Principal resources and liabilities of all Federal Reserve Banks at close of business on each Friday, Jan. 3 to Dec. 26,
1919—Continued.
[In thousands of dollars.]
Gold and
gold certificates.
Gold
settlement
fund.
354,969
355,811
332,676
314,135
282,943
279,545
273,810
270,601
263,275
262,745
250,651
260,507
244,231
243,238
231,609
230,047
239,168
242,405
245,485
251,954
248,375
254,027
581,055
582,675
581,238
597,046
564,290
554,812
591,190
591,532
641,896
618,636
591,206
579,480
563,640
542,310
537,723
512,080
502,506
516,335
496,904
461,193
465,535
444,126
Gold
Gold with Gold rewith
Federal
Total gold
Reserve demption
reserves.
foreign
fund.
agents.
agencies.
Bills discounted.
Total cash
reserves,
Bills
including Secured by
bought
legal tenin open
Governder notes, ment war All other. market.
silver, etc.
obligations.
United
States I United
Govern- States
ment
bonds.
United
States
certificates of
indebtedness.
Total
United
States
securities.
1919.
June
July
Aug.
Sept.
Oct.
6
13
20
27
3
11
18
25
1
8
15
22
29
5
12
19
26
3
10
17
24
31
45,479
79,370
108,892
108,123
106,917
132,983
129,923
1,139,508
1,117,970
1,127,216
1,113,824
1,155,278
1,163,068
1,134,173
1,108,051
1,071,307
1,084,047
1,118,894
1,127,028
,142,589
., 172,168
., 190,769
,208,961
,196,325
,166,398
16,697
1,201,302
1,197,933
1,205,576
126,272
137,418
124,595
122,779
126,435
114,399
112,927
124,967
111,997
119,328
121,836
107,270
116,328
109,336
108,766
95,399
100,485
101,252
94,119
107,077
101,779 |
104,348 !
2,201,804
2,193,874
2,165,725
2,147,784
2,128,946
2,111, 824
2,112,100
2,095,151
2,088,475
2,084,756
2,082,587
2,074,285
2,066,788
2,067,052
2,068,867
2,091,966
2,117,854
2,135,282
2,131,328
2,128,443
2,146,605
2,138,000
2,270,343
2,261,988
2,234,459
2,216,256
2,195,353
2,180,211
2,177,481
2,161,023
2,156,327
2,152,118
2,151,723
2,142,701
2,135,976
2,136,870
2,138,499
2,162,057
2,187,505
2,205,511
2,202,100
2,199,185
2,214,561
2,205,592
1,620,994
1,695,576
1,621,928
1,573,483
1,632,639
1,684,946
1,579,728
1,616,210
1,612,639
1,608,583
1,522,992
1,563,048
1,609,296
1,635,233
1,524,521
1,383,896
1,572,503
1,654,166
1,672,797
1,698,885
1,666,055
1,681-082
190,130
182,598
215,512
244,557
262,389
251,367
248,347
251,392
235,300
225,535
220,347
211,262
205,838
212,185
230,317
261,985
309,779
361,771
401,058
422,842
416,084
447,465
198,307
234,537
274,736
304,558
330,679
360,035
372,353
375,556
.374,791
381,241 j
374,375
362,911
363,138
354,667 |
362,005
353,817
342,491 |
326,667
326,852
342,938
368,846
394,355
27.129
27.130
27.131
27,130
27.130
27.131
27,084
27,086
27,094
27.095
27,098
27,098
27,096
27,096
27.096
27,095
27,097
27,095
27,096
27,097
27,095
26,845
333
333
333
335
377
374
363
286
280
280
274
209
198
197
192
192
137
136
133
87
86
84
227,553
204,405
201,883
204,104
200,068
206,054
209,941
212,028
217,982 |
229,724 |
295,727
237,847
243,411
250,223
341,655
322,986
251,081
263,148
267,551
269,414
273,585
274,325
255,015
231,868
229,347
231,569
227,575
233,559
237,388
239,400
245,356
257,099
323,099
265,154
270,705
277,516
368,943
350,273
278,315
290,379
294,780
296,598
300,766
301,254
Nov. 7.
14.
21..
Bee.
28..
5..
12..
19..
26..
244,836
248,601
248,012
235,348
234,622
243,148
241,325
229,445
429,429
440,078
444,547
440,286
428,812
404,066
399,935
352,785
127,165
146,176
142,195
135,696
132,935
140,910
137,717
134,320
1,207,275
1,194,319
1,166,086
1,148,724
1,172,191
1,188,343
1,201,654
1,240,032
110,860
104,086
118,475
133,587
118,704
119,821
115,182
121,850
2,119,565
2,133,260
2,119,315
2,093,641
2,087,264
2,096,288
2,095,813
2,078,432
2,187,369
2,200,106
2,186,972
2,159,666
2,154,095
2,160,405
2,154,911
2,135,536
1,771,028
1,700,618
1,673,890
1,736,033
1,603,313
1,588,417
1,414,950
1,510,364
418,461
439,000
450,747
478,176
504,795
550,999
580,162
684,514
433,586
455,653
480,043
495,595
514,219
541,551
566,266
585,212
26,846
26,846
26,847
26,848
26,848
26,847
26,846
26,834
84
79
57
57
54
54
54
64
273,199
278,538
285,341
300,129
305,463
312,245
288,032
283,853
314,937
310,755
273,219
303,558
273,507
300,120
330,458
300,405
W
M
w
?
H
Q
O
s
O
o
I
>
N o . 17.—Principal resources and liabilities of all Federal Reserve Banks at close of business on each Friday, Jan. 3 to Dec. 26,
1919—Continued.
00
[In thousands of dollars.]
All other
earning
assets.
Total
earning
assets.
1919.
Jan. 3...
10..
17...
24...
31...
Feb. 7..
14..
20..
28..
Mar. 7..
14..
21.
28..
Apr. 4..
11..
18..
25..
May 2..
9..
16..
23..
29..
2,275,033
2,240,615
2,174,706
2,222,545
2,177,209
2,144,858
2,281,278
2,263,596
2,339,525
2,348,116
2,344,077
2,343,160
2,335,285
2,314,555
2,399,383
2,335,334
2,354,870
2,383,461
2,379,846
2,454,889
2,358,967
2,402,056
Uncollected
items and Total reCapital
other
and paid
in.
deductions sources
from gross liabilities.
deposits.
828,849
712,381
816,914
716,588
691,454
624, 861
701,465
633,806
653,465
599,197
683,017
797,303
660,066
644,959
636,384
655,446
630,614 j
653,926 |
628,034 '
709,355
679,798
634,639 |
5,285,868
5,141,431
5,187,193
5,132,658
5,075,355
4,970,615
5,194,528
5,113,192
5,206,736
5,178,134
5,247,803
5,373,425
5,229,928
5,202,385
5,272,634
5,248,646
5,252,687
5,302,226
5,276, 723
5,440,243
5,316,234
5,321, 785
80,792
80,812
80,510
80,820
80,913
81,061
81,211
81,406
81,452
81,490
81,562
81,612
81,641
81,658
81,750
81,774
82,015
82,198
82,228
82,397
82,553
82,589
to
Govern- m Due
Deferred
e m b e r s - availabilment
Surplus.
reserve
deposits. account. ity items.
22,738
22, 738
22,738
22, 738
22,738
22, 738
22,738
22,73 8
22,738
49,466
49,466
49,466
49,466
49,466
49,466
49,466
49,466
49,466
49,466
49, 466
49,466
49,466
89,821
37,291
48,996
146,381
64,928
96,809
192,970
205,675
210,547
195,559
150, 783
285,785
168,147
85,008
169,972
106,561
91,726
143,273
89,761
185,841
99,999
141,479
1,602,901
1,640,729
1,694,960
1,624,415
1,693,132
1,590,441
1,623,158
1,563,912
1,620,972
1,626,076
1,675,045
1,604, 719
1,631,167
1, 655,298
1,628,693
1,655,860
1,664,320
1, 644,434
1,688,906
1,713,341
1,697,524
1,656,118
569,055
495,354
537,172
511,899
472,042
439,221
517,726
480,257
494,653
456,289
509,112
555,383
484,906
487,593
487,153
496,788
491,605
512,703
483,501
549, 702
537,642
517,638
Other
deposits,
including Total gross
foreign
Govern- deposits.
ment
credits.
118,581
114,874
128,236
113,429
120,809
112,551
112,273
114,758
124,022
123,363
117,522
120,062
117,271
120,426
128,481
131,307
135,057
128,466
129,175
125, 786
142,138
150,324
2,380,358
2,288,248
2,409,364
2,396,124
2,350,911
2,239,022
2,446,127
2,364, 602
2,450,194
2,401,287
2,452,462
2,565,949
2,401,491
2,348,325
2,414, 299
2,390,516
2,382,708
2,428,876
2,391,343
2,574, 670
2,477,303
2,465,559
Federal
Reserve
notes in
actual
circulation.
2,647,605
2,590,681
2,513,089
2,466,556
2,450,729
2,454,165
2,468,388
2,466,248
2,472,307
2,488,537
2,503,095
2,510,687
2,521, 776
2,547,670
2,548,588
2,543,704
2,549,552
2,549,040
2,556,749
2,532,039
2,504,253
2,519,292
Federal
Reserve
bank
notes in
circulation—net
liability.
120,267
123,466
125,011
126,810
129,445
131,315
132,291
133,465
134,042
136,591
139,479
142,442
145,540
149,449
151,560
155,074
158,848
161,450
164,415
168,045
167,208
168,427
June 6.
2,264,446
2,344,579
2,341,523
2,354,107
2,453,282
2,529,907
2,437,816
2,482,558
2,468,086
2,472,458
2,440,813
2,402,375
2,448,977
2,479,601
13.
20.
27.
July 3 . .
11..
18..
25..
Aug. 1..
15
22
29
Sept. 5
12
19
26
Oct. 3
10
1
|
|
1
!
17..
24..
31..
Nov. 7..
14..
21..
28..
Dec.
5..
12..
19..
26..
|
|
!
;
2,485,786
2,349,971
2,503,088
2,632,983
2,695,487
2, 761,263
2,751,751
2, 824,156
2,923,204
2,900,734
2,916,925
3,024,741
2,933,082
2,981,087
2,891,836
3,080,495
650, 757
835,362
848,157
686,063
742,527
740,994
857,194
690,495
739,617
793,301
928,030
865,927
816,513
934,964
031,298
139,260
907,650
908,310
900,013
162,167
937,250
875,037
937,178
023,574
000,288
013,426
920,299
983,527
140,224
,075,100
5,215,442
5,472,146
5,455,450
5, 288,008
5, 423,108
5,483,197
5,504,405
5,366,371
5,395,952
5,450,301
5,553,188
5,444,096
5,435,837
5,584,921
5,691,076
5,686,609
5,631,890
5,782,131
5,832,049
6,161,812
5,938,630
5,939,344
6,081,606
6,159, 760
6,137,541
6,230,041
6,041,396
6,159,241
6,224,604
6,325,432
82,652
82,674
82,756
82, 764
82,811
82,851
82,958
83,317
83,532
83,807
84,400
84,730
84,926
84,996
85,140
85,208
85,296
85,350
85,391
85,540
85,863
86,013
86,267
86,769
86,885
87.001
86,973
87.002
87,049
87,339
49,466
49,466
49,466
49,466
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
81,087
26,058
245,245
161,495
73,614
136,328
151,190
137,090
116,038
68,357
108,686
58,590
103,330
54,494
59,110
33,584
78,134
61,276
78,832
80,067
133,639
83,984
100,465
63,687
77,912
102,805
98,157
39,798
89,503
64,459
72,357
1, 705,104
1,633,583
1,648, 630
1, 713,030
1,687,608
1,726,329
1, 712, 796
1,718,396
1,742,478
1,756,807
1,778,365
1,679,834
1,729,950
1, 757,641
1,802,791
1,651,426
1,731,413
1,765,863
1, 777,859
1,841,101
1,813,563
1,833,481
1,906,867
1,863,379
1,837,540
1,844,434
1,830,037
1,817,406
1,733,013
1,786,874
497,349
623, 739
682,097
534,420
561,896
591,230
651,735
535,178
581,232
555,485
670,539
605,812
563,387
643,194
679,043
802,715
653,381
691,968
688, 734
882,156
733,227
693, 766
739,384
842,047
811,204
861,436
717,852
759,554
848,607
822,680
134,364
127,565
127,264
115,693
128,698
114, 678
125,069
117,444
113,731
107,882
109,210
98,098
98,479
99,136
134,096
106,899
95,654
97,913
97,203
101,430
98,878
97,843
97,750
98,494
95,539
98, 798
94,133
103,488
105,069
97,659
2,362,875
2,630,132
2,619,486
2,436,757
2,514,530
2,583,427
2,626,690
2,487,056
2,505,798
2,528,860
2,616,704
2,487,074
2,446,310
2,559,081
2,649,514
2,639,174
2,541,724
2,634,576
2,643,863
2,958,326
2,729,652
2,725,555
2,807,688
2,881,832
2,847,088
2,902,825
2,681,820
2,769,951
2,751,148
2,779,570
2,513,037
2,499,265
2,488,253
2,499,180
2,552,348
2,538,127
2,512,048
2,504,497
2,506,820
2,532,057
2,540,904
2,553,534
2,580,629
2,611,697
2,621,228
2,621,258
2,655,354
2,708,186
2,741,684
2,752,569
2,753,457
2,752,876
2,806,759
2,808,456
2,817,173
2,852,277
2,881,359
2,907,435
2,988,894
3,057,646
169,246
170,937
173,775
177,185
181,570
184,806
186,911
193,849
200,945
205,318
209,709
215,795
219,815
223, 56^
228,169
232,594
239,451
241,937
247,176
249,675
251,590
254,933
257,572
257,281
257,680
256,793
257,480
258,444
259,975
261,039
120
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
MOVEMENT OF EARN/NO ASSETS
OF ALL FEDERAL RESERVE BANKS
DURING CALENDAR YEAR 1919.
11
UNITED STATES SECURITIES,
750
SQO
250
inin
0
750
500
2S0
0
mi
iil
ACCEPTANCES B0U6HT:
W
too
60
80
60
60
40
20
20
O
O
PERCENTA6E OF WAR PAPER TO TOTAL DISCOUNTS, IY+D.
2500\
1
1
1
1
1
1
F
1
1
1
'
\2500
2000
2000
1500
1500
IOOO
IOOO
500
500
TOTAL BILLS• DISCOUNTED, "D;AND WAR PAPER,'
3000
3000
2500
\
2000
^ ^
2500
•
mi M l
Ilii
1000
I P ft
»
lHHIPi
1500
MiH i in
iHpn i i i
ni
sPl
p i IS
iip
in
2000
1500
i n iitt
IOOO
pj
500
iiti
0
TOTAL EARNING ASSETS.
JAN. FEB. MOt. APRL MAY JUHt JULY Am SEPT. OCT. IfOtt PEC
No. 18.—Required reserves against net deposit and Federal Reserve note liabilities and amounts of gold held in excess of required reserves.
[In thousands of dollars.]
Net deposits.
Federal Reserve notes in !
circulation.
i
Total net
I deposits and
Amount.
Required
reserve
of 35
per cent.
8
Amount, j ^ f J J
I per cent.
liabilities.
Total
amount of
required
reserve.
Total cash
reserves
held.
Gold in
excess of
required
reserves
(free
gold).
Ratio of
total cash
reserves
to net
deposits
and
Federal
Reserve
note
liabilities
combined.
W
s
Ta
o
1919.
Jan.
3..
10.
17
21
31
Feb.
7.
14... .
20
28
Mar. 7.
14.
21
28
Apr. 4
11.
18
25
1,551,509
1,575,867
1,592,450
1,679,536
1,659,457
1,614,161
1,744,662
1,730,796
1,796,729
1,802,090
1,769,445
1,768,646
1,741,425
1,703,366
1,777,915
1,735,070
1,752,094
543,028
551,553
557,358
587,838
580,810
564,956
610,632
605,779
628,855
630,732
619,306
619,026
609,499
596,178
622,270
607,275
613,268
2,647,605
2,590,681
2,513,089
2,466,556
2,450,729
2,454,165
2,468,388
2,466,248
2,472,307
2,488,537
2,503,095
2,510,687
2,521,776
2,547,670
2,548,588
2,543,704
2,549,552
1,059,042
1,036,272
1,005,236
986,622
980,292
981,666
987,355
986,499
988,923
995,415
1,001,238
1,004,275
1,008,710
1,019,068
1,019,435
1,017,482
1,019,821
4,199,114
4,166,548
4,105,539
4,146,092
4,110,186
4,068,326
4,213,050
4,197,044
4,269,036
4,290,627
4,272,540
4,279,333
4,263,201
4,251,036
4,326,503
4,278,774
4,301,646
1,602,070
1,587,825
1,562,594
1,574,460
1,561,102
1,546,622
1,597,987
1,592,278
1,617,778
1,626,147
1,620,544
1,623,301
1,618,209
1,615,246
1,641,705
1,624,757
1,633,089
2,152,154
2,161,898
2,170,163
2,168,387
2,179,646
2,175,614
2,185,318
2,191,532
2,188,723
2,205,462
2,196,737
2,208,578
2,210,524
2,218,628
2,211,989
2,230,859
2,240,152
550,084
574,073
607,569
593,927
618,544
628,992
587,331
599,254
570,945
579,315
576,193
585,277
592,315
603,382
570,284
606,102
607,063
51.3
51.9
52.9
52.3
53.0
53.5
51.9
52.2
51.3
51.4
51.4
51.6
51.9
52.2
51.1
52.1
52.1
O
i
N o . 18.—Required reserves against net deposit and Federal Reserve note liabilities and amounts of gold held in excess of required
reserves—Continued.
to
[In thousands of dollars.]
Net deposits.
Amount.
Required
reserve
of 35
per cent.
Federal Reserve notes in
circulation.
Amount.
Required
reserve
of 40
per cent.
Total net
Total
deposits and amount
of
Federal
required
Reserve note
reserve.
liabilities.
Total cash
reserves
held.
Gold in
excess of
required
reserves
(free
gold).
Ratio of
total cash
reserves
to net
deposits
>•
fe
^
_
Federal
Reserve
note
liabilities
combined.
p
^
£rf
g
hi
and
1919.
May
June
July
Aug.
Sept.
2
9
16
23
29
6
13
20
27
3
11
18
25
1
8
15
22
29
5
12
19
26
1,774,950
1,765,309
1,865,375
1,797,505
1,830,920
1,712,118
1,794,770
1,771,329
1,750,694
1,772,003
1,842,433
1,769,496
1,796,561
1,766,181
1,820,817
1,688,674
1,621,147
1,629,797
1,624,117
1,618,216
1,499,914
1,634,074
621,233
617,858
652,860
629,127
640,822
599,241
628,170
619,965
612, 743
620,201
644,852
619,324
628,796
618,163
637,286
591,036
567,401
570,429
568,441
566,376
524,970
571,926
2,549,040
2,556,749
2,532,039
2,504,253
2,519,292
2,513,037
2,499,265
2,488,253
2,499,180
2,552,348
2,538,127
2,512,048
2,504,497
2,506,820
2,532,057
2,540,904
2,553,534
2,580,629
2,611,697
2,621,228
2,621,258
2,655,354
1,019,616
1,022, 700
1,012,816
1,001,701
1,007,717
1,005,215
999, 706
995,301
999,672
1,020,939
1,015,251
1,004,819
1,001,799
1,002,728
1,012,823
1,016,362
1,021,414
1,032,252
1,044,679
1,048,491
1,048,503
1,062,142
4,323,990
4,322,058
4,397,354
4,301,758
4,350,212
4,225,155
4,294,035
4,259,582
4,249,874
4,324,351
4,380,560
4,281,544
4,301,058
4,273,001
4,352,874
4,229,578
4,174,681
4,210,426
4,235,814
4,239,444
4,121,172
4,289,428
1,640,849
1,640,558
1,665,676
1,630,828
1,648,539
1,604,456
1,627,876
1,615,266
1,612,415
1,641,140
1,660,103
1,624,143
1,630,595
1,620,891
1,650,109
1,607,398
1,588,815
1,602,681
1,613,120
1,614,867
1,573,473
1,634,068
2,237,219
2,242,784
2,245,857
2,247,933
2,255,106
2,270,343
2,261,988
2,234,459
2,216,256
2,195,353
2,180,211
2,177,481
2,161,023
2,156,327
2,152,118
2,151,723
2,142,701
2,135,976
2,136,870
2,138,499
2,162,057
2,187,505
596,370
602,226
580,181
617,105
606,567
665,887
634,112
619,193
603,841
554,213
520,108
553,338
530,428
535,436
502,009
544,325
553,886
533,295
523,750
523,632
588,584
553,437
51.7
51.9
51.1
52.3
51.8
53.7
J3
O
H
o
^
Hj
W
ft
52.7
g
52.5
W
52.1
p
50.8
49.8
50.9
50.2
50.5
49.4
H
g
«*j
H
W
50.9
9
w
51.3
§
50.7
P
50.4
50.4
52.5
51.0
Oct.
3,
10
17
24
31
Nov. 7,
14
21
28
Deo. 5
12
19
,726,266
,743,850
,796,159
,792,402
,850,518
,870,510
,858,258
,846,800
,889,399
,761,521
,786,424
,610,924
,704,470
604,193
610,348
628,656
627,341
647,681
654,679
650,390
646,380
661,289
616,532
625,248
563,823
596,565
2,708,186
2,741,684
2,752,569
2,753,457
2,752,876
2,806,759
2,808,456
• 2,817,173
2,852,277
2,881,359
2,907,435
2,988,894
3,057,646
1,083,274
1,096,674
1,101,028
1,101,383
1,101,150
1,122,704
1,123,382
1,126,869
1,140,911
1,152,544
1,162,974
1,195,558
1,223,058
4,434,452
4,485,534
4,548,728
4,545,859
4,603,394
4,677,269
4,666,714
4,663,973
4,741,676
4,642,880
4,693,859
4,599,818
4,762,116
1,687,467
1,707,022
1,729,684
1,728,724
1,748,831
1,777,383
1,773,772
1,773,249
1,802,200
1,769,076
1,788,222
1,759,381
1,819,623
2,205,511
2,202,100
2,199,185
2,214,561
2,205,592
2,187,369
2,200,106
2,186,972
2,159,666
2,154,095
2,160,405
2,154,911
2,135,536
518,044
495,078
469,501
485,837
456,761
409,986
426,334
413,723
357,466
385,019
372,183
395,530
315,913
49.7
49.1
48.3
48.7
47.9
46.9
45.5
46.4
46.0
48.8
44.8
W
O
g
s
1
5W
in
to
CO
124
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
i
NET DEPOSIT LIABILITIES,
F.RMOTE CIRCULATION,
CASH RESERVES, AMD RESERVE RATIO,
Of ALL FEDERAL RESERVE BANKS.
DURING CALENDAR YEAR 1919.
e
70
£7
SO
40
60
*****
SO
40
-
30
do
20
20
10
JRESERVE HAT 10,
(PERCENTAGE OF C+L)
6000
6000
SOOO
scoo
4000-..
4000
3000
2000
2000
am
IOOO
IOOO
P&QSITANDF.RMOTZLIABILITIES,*L\
AliPTOTALRESZ
3000
£000
2000
IOOO
4000
3000
2000
IOOO
F.R. NOTE
CIRCULATION.
JAH. 1 FEB\MC'ri\AFRL \MAY\JUHE\JULY\AU6. \SEPT\ OCT\!iOV\DEC\
EXHIBIT 0—CONDITION OF FEDERAL RESERVE BANKS.
I
REQUIRED AND EXCESS RESERVES.
/, 6oldL<3ie$en>e$ requird
-4
MAY\jU!tE\JU^^
&fr
125
N o . 19.—Average daily holdings of discounted bills, by months, during the calendar year 1919 and totals for 1918 and 1917.
Federal Reserve Bank.
Boston
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
.
...
Total—1919 '.
1918
1917
March.
April.
May.
June.
July.
to
August.
January.
February.
$128,211,454
684,720,582
177,059,450
110,101,482
89,084,194
77,734,791
165,739,209
64,624,598
32,371,000
66,559,290
49,464,836
88,984,131
$142,420,149
734,456,855
185,697,842
98,136,063
91,829,939
74,524,548
158,132,792
51,105,261
18,848,000
68,737,839
51,646,675
87,690,495
$144,540,609
7*45,545,361
187,159,835
109,910,115
94,647,814
77,776,512
182,414,143
69,442,450
23,395,000
79,744,405
52,494,357
94,461,038
$157,110,903
695,762,071
188,689,151
130,431,335
96,059,641
81,157,557
214,742,954
79,496,332
43,713,500
86,558,049
51,047,393
94,691,840
$152,233,040
753,166,858
192,374,942
132,273,443
93,118,887
84,215,540
220,888,776
68,153,931
48,169,000
87,150,314
51,370,232
90,811,118
$147,152,859
652,929,328
192,524,439
126,757,331
92,134,519
84,557,609
222,734,967
65,693,621
46,051,000
86,591,646
50,720,031
74,264,601
$144,812,282
739,789,808
188,589,796
112,873,258
89,912,879
83,313,601
216,904,077
57,095,404
37,856,400
84,358,300
55,496,471
56,918,061
$125,573,386
685,519,941
193,261,632
118,212,830
89,217,576
90,154,929
205,291,991
68,098,301
33,561,000
71,733,184
54,836,900
66,425,634
1,734,655,017
1,763,226,458
1,861,531,639
1,919,460,726
1,973,926,081
1,842,111,951
1,867,920,337
1,801,887,304
611,235,224
20,876,802
531,541,333
17,900,040
567,474,932
18,190,769
769,259,187
24,902,567
902,101,974
42,710,392
938,441,967
151,233,725
1,165,649,422
147,797,115
1,337,701,494
134,987,615
W
w
o
Federal Reserve Bank.
September.
October.
November.
December.
Year 1919.
Year 1918.
$76,415,140
439,075,629
75,556,041
73,080,025
54,299,950
41,159,081
150,018,487
51,755,325
33,463,611
55,732,674
32,083,680
57,413,505
$121,518,581
651,052,987
196,612,074
123,713,210
90,225,882
95,306,288
186,297,025
74,701,186
39,309,700
72,820,622
55,831,494
69,944,873
$127,392,286
788,495,509
204,075,941
142,712,525
99,203,720
105,477,500
228,308,375
82,545,493
56,007,000
99,300,520
60,404,714
79,492,060
$147,255,981
829,776,757
205,069,357
150,177,449
98,848,446
106,329,831
242,933,736
70,056,523
55,021,800
100,757,092
49,661,464
89,742,205
$170,522,598
759,737,480
206,825,892
162,522,519
106,920,025
95,766,349
293,668,441
72,393,861
65,132,000
90,817,568
48,653,660
84,060,930
$142,385,669
726,894,981
193,194,965
126,649,267
94,545,750
87,909,543
209,114,369
68,688,026
41,758,732
83,002,885
52,666,018
81,387,347
Total—1919
1,777,333,922
2,073,415,643
2,145,630,641
2,157,021,323
1,908,197,552
1918
1917
1,603,152,988
182,439,407
1,709,766,375
313,771,389
1,768,745,862
568,352,241
1,749,155,925
664,153,799
Boston
.
New York
Philadelphia
Cleveland
Richmond
Atlanta
.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
- .
Year 1917.
$12,812,843
78,622,402
9,923,917
9,531,459
10,720,028
5,812,100
24,407,209
9,314,101
7,370,500
10,635,571
4,666,809
6,468,358
1,140,053 148
190,285,297
M
W
S
?a
o
o
3
I
1
w
to
N o . 20.—Discounted paper held by each.Federal Reserve Bank on Dec. 26, 1919, distributed by maturities; also totals for the sijstem on the last Friday
in December, 1918 and 1917.
to
GO
Maturities.
Federal Reserve Bank.
Within 15
days.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
Total—1919.
1918.
1917.
From 16 to 30
days.
From 31 to 60
days.
From 61 to 90
days.
$74,539,560
630,489,445
125,246,255
127,022,500
80,953,043
66,136,970
157,353,593
52,365,495
29,229,450
46,058,821
44,185,422
51,209,378
$41,825,037
61,313,832
47,404,648
11,812,705
10,128,477
8,113,410
28,709,423
8,221,535
9,812,912
8,641,698
3,135,747
5,769,936
$49,856,282
75,354,377
23,479,638
20,063,550
13,190,324
11,470,423
44,720,520
13,662,703
15,773,905
13,637,426
2,676,861
8,830,343
$28,599,679
21,032 843
12,005,760
8,564,389
4,382,299
4,452,085
40,576,680
3,898,190
12,045,412
9,707,142
2,466,872
4,394,583
1,484,789,932
244,889,360
266,107,544
57,367,000
292,716,352
166,876,852
175,006,000
152,125,934
1,149,955,240
355,373,000
Total.
Percent.
Over 90 days.
d
>
93,062,065
83,974,000
$15,715
3,090
4,122
114,269
49,223
3,909,117
87,692
3,195,333
9,387,778
1,596,116
1,990,102
$194,836,273
788,193,587
208,140,423
167,577,413
108,660,749
90,222,111
275,269,333
78,235,615
70,057,012
87,432,865
54,061,018
72,194,342
8.9
35.9
9.5
7.6
4.9
4.1
12.5
3.6
3.2
4.0
2.5
3.3
20,359,163
26,939,547
8,986,000
2,194,880,741
1,702,941,248
608,706,000
100.0
F
o
o
w
o
N o . 21.—Acceptances purchased and held by each Federal Reserve Bank on Dec. 26, 1919, distributed by maturities; also totals for the system on the last
Friday in 1918 and 1917.
Maturities.
Federal Reserve Bank.
Within 15
days.
Boston
New York
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total—1919..
1918.
1917..
Total.
Per cent.
M
From 16 to 30
days.
From 31 to 60
days.
From 61 days
to 3 months.
$4,609,791
33,910,815
44,784
20,414,816
1,805,900
1,858,700
12,284,178
16,043,506
4,172,587
4,782,242
1,347,877
22,447,848
$3,198,782
25,942,357
101,256
8,094,626
4,954,082
3,478,666
21,469,450
10,247,117
2,695,035
5,796,088
184,640
13,899,115
$4,533,982
71,043,643
1,848,140
15,687,429
6,048,185
7,788,777
36,637,327
6,808,264
7,202,291
6,844,792
6,166,009
38,670,706
$4,163,620
60,415,691
2,703,575
12,725,609
3,223,238
3,104,765
37,961,541
3,836,3.85
331,433
2,558,184
35,000
21,089,265
$16,506,175
191,312,506
4,697,755
56,922,480
16,031,405
16,230,908
108,352,496
36,935,272
14,401,346
19,981,306
7,733,526
96,106,934
2.8
32.7
1.3
§
16.4
jp
123,723,044
104,435,581
40,321,000
100,061,214
73,913,956
61,177,000
209,279,545
104,879,834
105,132,000
152,148,306
20,443,854
68,736,000
585,212,109
303,673,225
275,366,000
100.0
j>
S
•8
Q
j
o
9.7
2.8
2.8
18.5
6.3
fe
g
H
g
^
2.5
g
3.4
u.
>
W
CO
N o , 22.—Acceptances purchased and held by each Federal Reserve Bank on Dec. 31, 1919, distributed by classes of accepting
institutions.
GO
[In thousands of dollars.]
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
Dec. 31,1919..
Nov. 30,1919..
Oct. 31,1919...
Sept. 30,1919..
Aug. 31,1919..
July 31,1919...
June 30,1919..
May 31,1919...
Apr. 30, 1919..
Mar. 31,1919..
Feb. 28,1919..
Jan. 31,1919...
Dec. 31,1918..
Dec. 31,1917..
Dec. 30,1916..
Member
banks.
Nonmern- Nonmember trust
ber State
companies.
banks.
12,518
123,413
4,494
30,051
15,717
14,481
84,788
25,739
12,516
12,791
5,538
63,293
170
2,302
405,339
347,852
271,701
208, 784
264,827
269,568
233,519
136,741
140,034
185,207
219,323
224,237
238,257
227, 717
66,803
O
Private
banks.
3,467
19,232
250
7,025
342
258
487
33,519
378
6,743
196
466
1,139
3,256
19
2,040
197
11,970
2,868
14
1,638
883
13,938
5,121
6,446
8,021
8,255
3,111
8,935
9,225
2,853
2,975
2,172
2,418
2,178
2,745
8,163
34,625
60,213
48,798
36,707
24,821
32,665
31,928
29,361
18,729
12,321
15,561
15,110
11,986
10,442
3,179
1,502
55,537
55,876
42,677
33,420
43,815
42,593
29, 648
14,628
14,196
15,263
22,062
22,163
20,385
20,137
18,224
76
100
875
868
275
Foreign
bank
branches
and
agencies.
Trade acceptances.
Total.
Domestic.
Foreign.
Total
368
1,934
12,321
16,978
198,028
5,157
48,278
16,405
16,639
92,650
32,804
12,599
18,691
6,42,1
101,719
81
758
839
16,405
16,639
92,650
32,804
12,599
18,691
6,421
102,558
40,159
36,358
28,511
21,873
20,955
18,967
12,654
10, 612
8,230
12,885
13,586
15,119
13,444
7,657
566,369
495,330
387,617
297.153
365,373
371,991
314,407
183,563
177,756
231,088
272, 499
275,683
285,273
266,853
2,540
1,646
1,740
591
561
576
382
136
58
319
730
1,871
2,536
5,194
4,934
4,998
2,385
1,229
673
1,204
1,857
2,505
4,207
3,691
3,739
4,388
7,734
6,580
6,738
2,976
1,790
1,249
1,586
1,993
2,563
4,526
4,421
5,610
6,924
6,383
4,585
574,103
501,910
394,355
300,129
367,163
373,240
315,993
185,556
180,319
235,614
276,920
281,293
292,197
273,236
125,739
19,562
35
4,383
50
817
5,063
Total
bankers'
acceptances.
792
666
50
1,964
121.154
157
1,303
2,941
20
172
1,671
4,875
20
329
18,649
202,903
5,177
48,607
o
W
o
N o . 23.— United States securities held by each Federal Reserve Bank on Dec. 31, 1919, distributed by classes and maturities.
United States certificates of indebtedness.
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
2 per cent
consols of
1930.
2 per cent
Panamas 4 per cent
loan of
of
1925.
1936-1938.
3 per cent
3 per cent
conloan of
version
1961.
bonds of
1946-47.
$750
$529 000
1,255,400
549,200
414,800
$100
• 915,100
240,600
1,862,500
100
7,155,000
2,450,900
2,428,750
15,053,700
237,000
21,000
367,300
260
20,000
281,500
$1,768,000
10,300
427,400
1,153,300
500
114,800
825,000
838,500
$6,850
$400
11,850
16,200
42,850
16,650
500
797,150
37,850
87,050
51,000
$2,700
1,000
26,600
402,400
1,500
2,593,000
900
6,526,300
20,400
18,573,860
1
27,150
114,900 1,007,050
$15,980,860
2,593,000
Total
Total
United
States
bonds.
$539,210
1,256,800
1,384,900
833,400
1,234,300
375,600
4 477 100
1,153,400
6,050
927,160
4 per cent 41 per
Liberty
cent
Liberty
loan of
loan.
1942-1947.
8,400
115,560
8,867,300
3 966 000
170,500
2,632,450
1,233,600
Amount of United States bonds with circulation privilege:
2 per cent consols and Panamas
4 per cent loan of 1925
$400
Sh per
cent
Liberty
loan of
1947.
613,100 26,836,020
Victory
notes.
2 per cent
to secure
circulation
of Federal
Reserve
bank notes.
All
other.
M
H
$369,000 $21,805,000
8,445,500 67,721,500
407,000 30,687,000
284,000 23,583,000
12,260,000
1,000 15,655,000
176,000 39,788,000
170,000 17,238,000
8,480,000
2,247,000 15,067,000
9,065,000
765,000
963,500 11,843,500
$22,344,400
69,028,300
32,071,900
24,426,650
13,494,600
16,044,200
44,265,100
18,391,400
8,598,435
23,934,750
13,031,000
14,475,950
67,575 259,375,000 13,828,000 273,203,000
300,106,685
$100 $21,436,000
59,276,000
30,280,000
10,250 23,299,000
300 12,260,000
3,600 15,664,000
39,612,000
17,068,000
8,480,000
2,875
450 12,820,000
8,300,000
10,880,000
50,000
W
w
a
Amount of United Stages securities without circulation privilege:
3 per cent loan of 1961
3 per cent conversion bonds
3* per cent Liberty loan
*
4~per cent Liberty loan
4 j per cent Liberty loan
3f per cent Victory notes
42 per cent Victory notes
2 per cent certificates of indebtedness 1
Other Treasury certificates of indebtedness
Total
Circulation privilege for Federal Reserve bank notes only.
Total.
Total
United
States
securities.
$900
6,526,300
114,900
1,007,050
613,100
10,100
57,475
259,375,000
13,828,000
. 281,532,825
H
o
w
i
N o . 24.— United States securities held by each Federal Reserve Bank on Dee. 31, 1918, distributed by classes and
maturities.
CO
to
U. S. certificates of
indebtedness.
Federal Reserve
Bank.
Boston
cent
per cent 4 per cent 3 per 3 per
2 per cent 2Panamas
concent
version
consols of
loan
of
of
loan of bonds of
1925.
1930.
1936-1938.
1961.
1946-47.
$529,000
1,255,400
549,200
414,800
$750
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
$100
915,100
240,600
1,862,500
100
7,155,000
2,450,900
2 428,750
15,053,700
237,000
21,000
367,300 $1,768,000
260
20,000
281,500
927,160
10,300
$400
427,400
500
1,153,300
114,800
838,500
1,233,600
825,000
2,593,000
900
6,526,300
Amount of United States bonds with circulation privilege:
2 per cent consols and Panamas
4 per cent loan of 1925
3 | per 4 per cent
cent
Liberty Liberty
loan of
loan of 1942-1947.
1947.
$140,350
11,850
266,200
42,850
16,750
19,950
600
5,050
$6,600
2 $568,880
797,150
37,750
183,700
83,050
26,600
403,550
1,500
81,400
850
1,100
4,970
8,000
22,100
27,150
503,600 1,136,500
$15,980,860
2,593,000
Total
4-1- per
cent
Liberty
loan.
18,573,860
1,117,850
Circulation privilege for Federal Reserve bank notes only.
2
3 per cent
1-year
2 per cent
Treasury
to secure
notes. 1
circulation
of Federal
Reserve
bank notes.
$1,105,230
1,395,750
1,384,900
1,084,550
1,234,200
553,750
4,509,500
1,153,400
120,530
8,866,450
3,989,800
2,460,950
$666,000
521,000
825,000
1,202,000
899,000
667,000
1,445,000
27,859,010
9,301,000 104,707,000
530,000
821,000
725,000
1,000,000
All
other
Total U. S.
certificates and
Treasury
notes.
Total
u. s.
securities.
g
$6,750,000
34,955,000 $93,374,500
353,000
8,855,000
1,065,500
9,458,000
3,885,000
5,297,000
102,000
14,167,000
6,568,000
4,350,000
266,500
3,499,000
58,000
3,175,000
500,000
3,748,000
976,000
96,695,500
$7,416,000
128,850,500
10,033,000
11,725,500
4,784,000
6,066,000
15,612,000
6,568,000
5,146,500
4,378,000
4,400,000
5,724,000
$8,521,230
130,246,250
11,417,900
12,810,050
6,018,200
6,619,750
20,121,500
7,721,400
5,267,030
13,244,450
8,389,800
8,184,950
210,703,500
238,562,510
Amount of United States securities without circulation privilege:
3 per cent loan of 1961
3 per cent conversion bonds
3 | per cent Liberty loan
4~per cent Liberty loan
4J per cent Liberty loan
3 per cent 1-year notes i
2 per cent certificates of indebtedness i
Other Treasury certificates of indebtedness
Total
1
Total
U. S.
bonds.
$900
6,526,300
503,600
1,136,500
1,117,850
9,301,000
104,707,000
90,695,500
219,988, 65Q
Includes unpaid portion of bonds sold on partial payment plan to individual subscribers, other than employees.
1
W
o
N o . 25.—Average daily holdings of each class of earning assets, by Federal Reserve Banks, during the calendar years 1918 and 1919.
[In thousands of dollars.]
Discounted bills.
Purchased bills.
United States securities.
Federal Reserve Bank.
Total, 1919.
1919
1918
1919
1918
1919
1918
Total, 1918
(including
municipal
g
£
^
warrants)
gj
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
,
St. Louis
Minneapolis...
Kansas City..,
Dallas
San Francisco.
142,386
726,895
193,195
126,649
94,546
87,910
209,114
68,688
41,759
83,003
52,666
81,387
76,415
439,076
75,556
73,080
54,300
41,159
150,018
51,756
33,464
55, 733
32,084
57,413
25,350
78,282
1,581
44,148
7,687
8,038
49,458
12,940
20,682
7,811
2,366
66,889
22,217
133,096
18,375
27,175
6,411
7,200
29,575
5,407
4,851
3,707
4,289
26,119
18,217
74,104
23,263
20,389
9,206
11,289
35,003
15,288
8,678
17,960
10,133
10,524
3,648
50,390
7,135
17,722
3,392
3,746
11,560
3,627
3,814
12,069
6,040
5,089
185,953
879,281
218,039
191,186
111,439
107,237
293,575
96,916
71,119
108, 774
65,165
158,800
102,280
622,632
101,067
117,977
64,103
52,174
191,167
60,790
42,129
71,509
42,609
88,621
Total...
1,908,198
1,140,054
325,232
288,422
254,054
128,232
2,487,484
11,557,058
1
H
Q
|
Q
§
t
H
C
^
O
^
^
t
te
S
Includes $350,630 of municipal warrants.
I
w
CO
134
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
AVERAGE DAILY HOLDINGS
Of EACH CLASS Or EARNING ASSETS
BYFEDERAL RESERVE BANKS
DURING CALENDAR YEAR 1918.
*3 Olker&LrnuigJls$et$9inel. CCS.Securities.
s1
900
300
6VO
800
700
TOO
600
600
500
500
EXHIBIT C
CONDITION OF FEDERAL RESERVE BANKS.
135
AVERAGE DAILY HOLDINGS
OF EACH CLASS OFEARNING ASSETS
-4
BY FEDERAL RESERVE BANKS
DURING CALENDAR YEAR 1919.
1
HI
J3Ms®iscotinted.
?'•%& jfccefUuncesJBovujhttti Often^Market\
H i Oth/r&urtungjlssets, incl. U.S.Securities.
1
5:
900
300
€00
€00
POO
POO
600
600
500
500
400
400
300
300
200
200
100
100
O
1
1
s
I
s
! I
I
I 1 i1
Q
N o 26.—Average amounts of earning assets held by each Federal Reserve Bank during 1919, earnings from each class of earning assets, and annual rales
of earnings.
Average balances for the year of the several classes of earning assets.
Federal Reserve Banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919.
1918
Purchased
bills.
United
States
securities.
$142,385,669
726,894,981
193,194,965
126,649,267
94,545,750
87,909,543
209,114,369
68,688,026
41,758,732
83,002,885
52,666,018
81,387,347
350,
281,
581,
147,
686,
038,
457,
939,
,682,
,810,
,366,
$18, 216,892
74, 103,968
23, 262,740
20, 388,887
9, 206,479
11, 288,704
35, 002,957
15, 288,098
8, 677,696
17, 960,085
10, 132,800
10, 523,781
1,908,197,552
1,140,053,148
325,231,333
288,422,390
254,053,087
128,232,322
Discounted
bills.
Municipal
warrants.
$1,410
1,410
350,630
Total.
$185, 952,688
879, 280,644
218, 038,952
191, 186,028
111, 439,054
107, 237,760
293, 574,699
96, 915,514
71, 118,910
108; 773,706
65; 165,257
158; 800,170
2,487,483,382
1,557,058,490
CO
Earnings from—
Discounted
bills.
Purchased
bills.
$6,003,
29,935,
7,987,
5,341,
4,
3,735,
8,915,
2,918,
1,829,
3,888,
2,443,
3,667,
$1,077,691
3,326,839
67,019
1,882,985
351,418
367.338
2,141,789
564,495
882,564
340,875
113,397
2,870,368
80,768,144
48,343,852
13,986,778
11,939,786
o
H
O
H
W
ft
i
W
o
5
Average rates of earnings o n -
Earnings from—
Federal Reserve Banks.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total—1919..
1918..
United
States
securities.
$369,
1,888,
495,
450,
185,
228,
736,
320,
213,
405,
229,
238,
5,761,300
3,828,801
Municipal
warrants.
885
85
14,222
Total.
Discounted
bills.
Purchased
bills.
MuniciUnited
pal
States
securities. warrants.
$7,450,400
35,151,247
8,550,651
7,675,078
4,636,664
4,331,414
11,793,857
3,803,369
2,925,526
4,635,114
2,786,283
6,776,704
Per cent.
4.21
4.12
4.13
4.22
4.34
4.25
4.26
4.25
4.33
4.68
4.64
5.41
Per cent.
4.25
4.25
4.24
4.27
4.57
4.57
4.33
4.36
4.27
4.36
4.79
4.29
Per cent. Per cent.
2.03
2.55
2.13
2.21
2.01
5.00
2.03
2.10
2.10
2.46
2.26
2.26
2.27
Per cent.
4.01
4.00
3.92
4.02
4.16
4.03
4.02
3.92
4.11
4.26
4.28
4.26
4.23
4.30
4.14
5.00
4.06
4.04
4.12
100,516,307
64,126,661
4.24
2.26
2.99
Total.
g
e
N o . 27.—Average rates (per cent) of earnings on total earning assets for each Federal Reserve Bank, by months, during the calendar year 1919.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919.
1918.
January. February.
March.
April.
May.
June.
July.
August.
3.97
3.91
4.01
4.08
4.18
4.19
4.10
4.02
4.03
4.33
4.34
4.33
3.95
3.09
3.98
4.06
4. i f
4.07
4.09
3.92
4.08
4.33
4.42
4.29
3.92
3.96
3.96
3.99
3.96
4.01
4.07
3.95
3.88
4.26
4.36
4.35
3.92
3.93
3.92
3.96
4.17
3.99
4.00
3.88
4.08
4.36
4.33
4.30
3.95
3.93
3.87
4.00
4.15
3.97
4.00
3.79
4.04
4.22
4.28
4.27
3.96
3.96
3.87
3.99
4.13
3.96
4.03
3.81
4.02
4.33
4.37
4.23
3.96
3.93
3.81
3.95
4.13
3.96
3.99
3.87
4.07
4.24
4.15
4.22
3.92
3.96
3.78
3.90
4.09
3.90
3.85
3.74
3.87
4.07
4.11
4.14
4.04
3.75
4.03
3.81
4.02
3.86
4.01
4.07
3.99
4.29
4.01
4.20
3.98
4.31
3.93
4.27
Septem- October. Novem- December.
ber.
ber.
Total,
1919.
3.78
3.81
4.07
3.91
3.73
3.85
4.04
4.21
4.14
4.23
3.96
3.90
3.77
3.90
4.05
3.99
3.93
3.87
4.08
4.11
4.11
4.19
4.13
4.21
4.02
4.15
4.15
4.11
4.16
4.08
4.20
4.22
4.20
4.23
4.30
4.37
4.22
4.27
4.30
4.27
4.32
4.17
4.52
4.44
4.32
4.43
4.01
4.00
3.92
4.02
4.16
4.03
4.02
3.92
4.11
4.26
4.28
4.26
3.91
4.21
3.95
4.13
4.16
4.19
4.29
4.14
4.04
Total,
1918.
4.02
3.97
4.19
4.14
4.29
4.17
4.19
4.17
4.45
4.35
4.30
4.41
4.12
w
N o . 28.—Statement showing condition of each Federal Reserve Bank on Dec. 81, 1919.
RESOURCES.
h) [Detailed figures shown for each bank in first column represent items as reported to the Board; figures in second column, printed in italics, indicate results of consolidation
3o
according to methods used in the compilation of the Board's weekly statement.]
r
X
Boston.
W
Philadelphia.
New York.
I—i
Gold bullion and coin
Gold certificates (including clearing-house certificates)
Gold and gold certificates
Gold settlement fund, Federal Reserve Board
Gold with foreign agencies
34,350,523.48
9,586,375.44
$7,959,000
34,351,000
9,586,000
14,976,859.68
48,194,795.30
$154,234,000
14,977,000
48,195,000
Total gold held by banks
Gold with Federal Reserve Agents.
Gold redemption fund
73,510,970.00
26,342,440.00
51,896,000
73,511,000
26,342,000
306,756,215.00
25,000,000.00
217,406,000
306,756,000
25,000,000
Total gold reserves
Legal-tender notes (including clearing-house certificates)
Silver certificates (including clearing-house certificates)
Silver coin
Legal-tender notes, silver, etc
$4,310,070.00
3,649,000.00
151,749,000
1,940,311.00
1,995,738.00
100,568.00
Total reserves..
Member banks' collateral notes, secured by Government war obligations..
Other discounted bills secured by Government war obligations
Bills discounted, secured by Government war obligations
Member banks' collateral notes, secured otherwise than by Government
war obligations
Other discounted bills secured otherwise than by Government war obligations and unsecured
Bills discounted, all other
Bills bought in open market
Total bills on hand.,
$93,534,518.73
60,699,240.00
w
$55,340.00
1,138,700.00
31,678,751.93
10,505,616.91
\, 948,165.00
!, 448,460.00
$1,194,000
31,679,000
10,505,000
43,378,000
88,948,000
8,449,000
140,775,000
549,162,000
4,037,000
46,194,000
589,000
155,786,000
595,356,000
141,364,000
425,496,832.83
136,593,009.62
124,529,000
o
II
1-3
t—i
O
3
o
447,000.00
109,565.00
32,546.05
43,770,842.00
2,221,257.00
201,551.50
54,582,400.00
69,946,815.70
1
87,908,591.66
86,541,067.11
174,450,000
562,090,000
1
112,154.66
228,713,445.79
63,397,695.36
18,648,660.54
63,610,000
18,649,000
206,688,000
202,902,609.54
35,405,303.29
228,713,000
202,903,000
993,706,000
5,177,538.86
35,405,000
5,177,000
215,032,000
CD
N o . 28.—Statement showing condition of each Federal Reserve Bank on Dec. 31,
1919—Continued.
RESOURCES—Continued.
Boston.
United States Government bonds
United States Victory notes
One-year certificates of indebtedness (Pittman Act).
Other certificates of indebtedness
United States certificates of indebtedness
$539,400.00
New York.
$589,000
21,436,000.00
369,000.00
$1,256,800.00
$1,257,000
50,000.00
59,276,000.00
8,445,500.00
50,000
21,805,000
$1,384,900.00
$1,385,000
30,280,000.00
407,000.00
67,721,000
12,000
Total earning assets.
Philadelphia.
30,687,000
1,062,734,000
247, 104, 000
o
H
Bank premises
Due from foreign banks
National-bank notes
Federal Reserve notes of other Federal Reserve Banks
Unassorted currency
Transit items
Checks and other cash items
Exchanges for clearing house
Deferred items, Treasurer United States
Uncollected items and other deductions from gross deposits
Five per cent redemption fund against Federal Reserve bank notes
Other resources:
Reimbursable expenditures—
War-loan expenses
War Finance Corporation
1,102,826.56
191,518.60
5.64
Deferred charges
5,958.41
333.12
69,407.42
New building account
United States Liberty loan bonds held against participation certificates
500,000.00
500,000
O
1,072,000
), 055,000
2,900,000.00
977,835.29
6,985.91*
17,870.59
38,910.83
',,900,000
1,475,000.00
106,576.83
40,650.00
92,971,000
1,475,000
117,805.33
11.60
W
3,246.00
o
523.01
298.32
50.03
277,149.43
1,454.32
w
132,000.00
6,171,000.00
71,597,476.61
6,330,921.60
8,739,332.58
189,140,539.09
15,889,091.99
38,642,925.19
575,373.52
85,424,000
1,071,800.00
3,994,000
4,666,000-00
73,237, 200.55
132, 519.66
4,223, 644.32
11,432.50
Nickels and cents
Overdrafts—member banks
3,994,081.72
1,141,326.31
H
480, 000.00
600, 000.00
6,751, 000.00
Liberty bonds—unpaid installments due from employees
Difference account
1,103,000
All other resources
Total resources
280,000
1,189,000
899,000
472,697,000
1 916,228,000
483, 813, 000
Gold bullion and coin
Gold certificates (including clearing-house certificates)
Gold and gold certificates
Gold settlement fund Federal Reserve Board
Gold with foreign agencies
$5,346,000
43,848,000
10,768,000
25,201,328.28
6,434,690.37
$2,420,000
25,201,000
6,484,000
19,333,518.51
4,727,527.61
$8,413,000
19,333, 000
4,728,000
128,794,225.00
1,872,462.24
59,962,000
128,794,000
1,872,000
39,998,970.00
7,196,777.49
34,055,000
39,999,000
7,197,000
63,503,220.00
7,940,425.13
82,474,009
63, 503, 000
7,941,000
595,288.00
109,493.00
8,089.45
Total reserves
Member banks 7 collateral notes, secured by Government war obligations..
Other discounted bills secured by Government war obligations
.
Sills discounted secured by Government war obligations
Member banks' collateral notes, secured otherwise than by Government
war obligations
.
.
Other discounted bills secured otherwise than by Government war obligations and unsecured
Sills discounted, all other .
Total bills on hand.
United
States
Government
.
bonds..
United States Victory notes
103,918,000
163,325.00
117,580.00
709,806.30
713,000
190,000
990,000
191, 341, 000
81,441,000
104,908,000
67,520,380-00
13,986,311.34
114,525,000
1
O
'A
O
1
61,832,680.00
4,558,955.09
81 506 000
66,392,000
113,000.00
150,000.00
635,000.00
49,878,647.04
23,345,584.34
26,025,232.73
1
w
48,606,679.40
49,992,000
48,606,000
16,404,904.82
833,400.00
10,250.00
213,123,000
8S4,000
10,000
1,234,300.00
300.00
. . . .
..
81,251,000
122,000.00
68,229.00
110.55
101,361,120.00
13,164,365.85
...
Bills bought in open market
$1,930 767.62
6,482,040.00
43,848,018.81
10,768,257.35
190,628,000
.
X
M
w
NDITIOl
Total gold reserves
Legal-tender notes (including clearing-house certificates)
Silver certificates (including clearing-house certificates) .
Silver coin
.
...
Legal-tender notes, silver, etc
$459,945.00
1,959,780.00
$2 667 677.50
2,677,920.00
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Atlanta.
Richmond
Cleveland
23,496,000
16,405,000
121 407,000
1,235,000
26,660,000
16,639,000
16,639,000.16
I
375,300.00
3,900.00
109,691,000
375,000
4,000
W
w
No. %S.—Statement showing condition of each Federal Reserve Bank on Decfjl, 1919—Continued.
RESOURCES—Continued.
Cleveland
1284,000.00
23,299,000.00
One-year certificates of indebtedness (Pittman Act)
Other certificates of indebtedness
United Stales certificates of indebtedness
237,550,000
Total earning assets
894,683.73
1 270 055.00
10,230.00
2,176,355.00
3,185,787.00
67,974,177.20
21,122.78
7,870,166.85
1,190,000.00
1,122,000.00
O t h e r resources:
Reimbursable expenditures—
W a r - l o a n expenses
W a r F i n a n c e Corporation
Deferred charges
...
.
Nickels a n d cents
..
Overdrafts m e m b e r b a n k s
.
.
.
.
.
.
.
. .
.
.
All other resources
.
.
.
. . . .
New building a c c o u n t . .
D i v i d e n d a c c o u n t , i n c l u d i n g p r e m i u m ' o n s u r r e n d e r e d stock
Total resources
.
.
Atlanta.
#12,260,000.00
$23,583,000
Bank premises
.
. . .
National bank notes
Bank notes of other Federal Reserve Banks
Federal Reserve notes of other Federal Reserve Banks
Unassorted currency
Transit items
Checks and other cash items
TCxchfvngftS far ^tearing honsA
, , .
Domestic transfers purchased
Uncollected items and other deductions from gross deposits
Five per cent redemption fund against Federal Reserve bank notes
Difference a c c o u n t
to
Richmond.
895,000
83,698,000
1,122,000
328,957.01
1,428.97
1,970.09
723.76
1,376.15
39,976.71
392.19
280,236.67
524,024.50
113,250.00
35,000.00
376,370.00
4,217,494.00
84 182,455.68
154,714.81
5,113,094.03
643,300.00
$15,664,000.00
1 846 00
$12,260, 000
$15,666,000
134,902,000
125,736,000
524,000
94, 193, 000
643,000
514,860.47
486,926.88
367,700.00
449,700.00
1,278,455.00
7,181,806.00
36,319,680.10
67,064.23
2,602,513.91
878,550.00
487,000
48,267,000
878,000
121,786.25
.47
9,269.68
3,088.67
6,170.35
10,049.31
735.60
4,817.48
13.93
557,198. 65
g
W
O
655,000
1, 078,000
151,000
515,261,000
312,781,000
280,4m, 000
Chicago.
Gold bullion and coin
Gold certificates (including clearing-house certificates)..
Gold and gold certificates
Gold settlement fund, Federal Reserve Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal-tender notes (including clearing-house certificates).
Silver certificates (including clearing-house certificates)...
Silver coin
Legal-tender notes, silver, etc
Total bills on hand
United States Government bonds
One-year certificates of indebtedness (Pittman Act)
Other certificates of indebtedness
United States certificates of indebtedness
Total earning assets
$237.50
2,756,890.00
$160,000.00
24,021,000.00
$2,099,845.00
6,175,430.00
76,478,739.40
15,627,105.15
$24,181,000
76,479,000
15,627,000
17,887,751.75
6,172,049.99
$2,757,000
17,888,000
6,172,000
4,872,374.56
3,545,645.72
S8,275,000
4,872,000
3,546,000
243,604,230.00
19,533,109.59
116,287,000
243,604,000
19,533,000
61,624, 715.00
6,132,620.00
26,817,000
61,625,000
6,132,000
35,846,605.00
205,448.00
16,693,000
35,847,000
205,000
379,424,000
1,049,900.00
755,524.00
115,019.00
Total reserves
Member banks' collateral notes, secured by Government war obligations..
Other discounted bills, secured by Government war obligations
Bills discounted, secured by Government war obligations
Member banks' collateral notes, secured otherwise than by Government I
war obligations
Other discounted bills, secured otherwise than by Government war obligations and unsecured
Bills discounted, all other
Bills bought in open market
Minneapolis.
St. Louis.
94,574,000
1,164,189.50
176,580.00
1,013,126.00
2,354,000
66,000
96,928,000
53,811,000
18,842,643.67
3,488,669.47
45,068,000
560,010.19
135,941,860.97
379,559,000
4,477,000
32,803,679.36
1,153,400.00
17,068,000.00
170,000.00
o
'2,331,000
1
1,120,000.00
32,051,235.84
'6,090,000
% 650,000
S
4
37,047,050.00
8,021,177.23
148,000.00
O
O
1,921,000
150,819,000
4,477,100.00
39,612,000.00
176,000.00
48,730.00
14,669.00
1,850.00
381,345,000
143,949,500.00
6,868,814.23
92,650,234.57
52,745,000
50,405, 778.55
32,611,000
32,804,000
110,483,000
1,153,000
39,788,000
17,
',3,824,000
«, 874,000
12,599,452.47
115,561.00
8,480,000.00
51,526,000
12,600,000
86,457,000
115,000
95,052,000
1
s
N o . 28.—Statement showing condition of each Federal Reserve Bank on Dec. 81,
1919—Continued.
RESOURCES—Continued.
Chicago.
2?anfc premises
$2,936,149.26
National bank notes... 1
Bank notes of other Federal Reserve Banks
Federal Reserve notes of other Federal Reserve Banks
Unassorted currency
Transit items
Checks and other cash items
Exchanges for clearing house
Domestic transfers purchased
Unmatured Government coupons
Uncollected items and other deductions from gross deposits
Five per cent redemption fund against Federal Reserve bank notes
Other resources:
Reimbursable expenditures—
War-loan expenses
War Finance Corporation
Furniture and equipment
Deferred charges
'
Difference account
Nickels and cents
Overdrafts—member banks
United States Liberty loan bonds held against participation certificates
Dividend account, including premium on surrendered stock
All other resources
Total
resources..
Minneapolis.
St. Louis.
$2,936,000
1,151,517.00
60,000.00
5,486,572.17
105,213,721.14
$355, 736.50
747, 310.00
71, 192.00
1,957, 805.00
5,888 ; 621.00
61,374 327. 97
343,
13,019,211. 23
3,460,
$356,000
$600,000.00
36,890.00
$600,000
541,385.00
134,500.00
20,415,770.08
195,414.11
1,945,609.22
1,136,265.19
283.18
255. 75
3,570,000.00
111.81
1,888,150.00
28,501,000
1,888,000
672,800.00
73,843,000
673,000
400,350.00
532,481.16
105,203.98
1,252.95
131,700.81
93.26
11,255.50
17,263.35
1.00
. . 7,685.42
2,141.84
6,648.78
113,486.98
1,046.64
24, !fi®> 000
• 400,000
5,069.20
10.75
o
2,850.00
92,353.86
555,000
238,000
237,000
939,049,000
300,912,000
173,506,000
Kansas City.
Gold bullion and coin
Gold certificates (including clearing-house certificates)
Gold and gold certificates
Gold settlement fund, Federal Reserve Board
Gold with foreign agencies
Total gold held by banks
G Id with Federal Reserve agents.
Gold redemption fund
Total gold reserves
Legal-tender notes (including clearing-house certificates)
Silver certificates (including clearing-house certifiSilver coin
Legal-tender notes, silver, etc..
$40,375.00
150,850.00
Total bills on hand
San Francisco.
$191,000
25,933,000
6,304,000
39,408,970.00
4,374,862.20
8,000
39,409,000
4,375,000
Total.
$11,070,025.00
2,283,290.00
$326,500.00
6,143,050.00
25,932,982.00
6,303,370.16
$116,655,301.35
118,137,190.00
17,073,569.26
3,414,325.49
$6,469,000
17,073,000
3,415,000
27,109,565.22
6,040,729. 73
$13,353,000
27,110,000
6,041,000
27,544,580.00
3,711,624.90
26,957,000
27,545,000 129,050,435.00
3,712,000
8,638,655.00
46,504,000
129,050,000
8,639,000
76,212,000
338,743,982.88
131,320,489.22
$234,792,000
338,744,000
131,321,000
1,238,591,300.00
119,396,884.55
704,857,000
1,238,591,000
119,397,000
184,193,000
4,000
167,600.00
72,895.00
228,660.00
49,770,740.50
20,000.00
177,099.60
132,220.00
992,313.50
91,099.00
26,123.25
5,811,954.00
3,378,203.20
Total reserves..
Member banks' collateral notes, secured by Government war obligations
Other discounted bills, secured by Government war
obligations
Bills discounted, secured by Government war obligations.
Member banks' collateral notes, secured otherwise
than by Government war obligations
Other discounted bills, secured otherwise than by
Government war obligations and unsecured
Bills discounted, all other
Bills bought in open market
Dallas.
40,815,
I
1,197,000
346,000
58,961,000
59,411,000
184,539,000
2,121,806,000
4,474, 907.16
40,624,550.00
472,078.51
45,290,000
5,670, 968.49
42,419, 386.57
18,691, 464.20
O
364,000
38,904,309.30
48,090,000
18,692,000
112,072,000
351,042,994.02
), 552,000
62,500.00
467,500.00
18,877,031.14
29,877,085. 76
18,940,000
6,421,000 102,558,190.86
6,420,648.92
1,118,885,525.90
2,926,822. 71
'9,376,000
4,737,000
3
',845,000
76,576,000
. 44
W
w
1,469,928,000
9,039,133.34
736,338,287.38
\344,OOO
\ 558,000
176,454,000 L
574,103,063.70
745,377,000
574,104,000
19,000
1
No. £8.—Statement showing condition of each Federal Reserve Bank on Dec. 31,
1919—Continued.
RESOURCES-Continued.
Kansas City.
United States Government bonds
United States Victory notes
3ne-year certificates of indebtedness (Pittraan Act)..
3ther certificates of indebtedness
United States certificates of indebtedness
Total earning assets..
$8,867,300.00
450.00
12,820,000.00
2,247,000.00
$8,868,000
$3,966,000.00
San Francisco.
$8,966,000
15,067,000
$2,632,450.00
9,065,000
136,007,000
399,000
227,140.00
3,250.00
402,650.00
1,882,346.00
48,180,320.89
1,324,456.08
789,288.35
8,515,395.13
213,594.00
19,300.00
)0,000
242,304.00
29,455.00
4,017,563.00
5,521,980.00
34,854,858.76
177,907.39
2,581,634.50
6,847,502.00
558,000
$26,835,911.00
64,900.00
228,060,000.00
45,143,846.00
3,089,518,000
12,655, 514.56
1,141, 326.31
211,737.81
11.22
12,656,000
4,966, 666.00
675, 927.00
22,423; 655.17
43,673, 835.00
870,291, 290.58
24,865, 374.05
90,512, 000.79
21,259, 162.32
575, 373.52
111.81
54,273,000
665,000.00
$26,836,000
64,000
273,204,000
190,980,000
400,000.00
61,325,000
558,200.00
$2,632,000
11,844,000 ..
77,768,000
399,398.65
Total.
10,880,000.00
963,500.00
9,065,000.00
462,000
Bank premises
461,686.76
Due from foreign banks
National bank notes
330,500.00 |
Bank notes of other Federal Reserve Banks
17,100.00 j
Federal Reserve notes of other Federal Reserve Banks.
788,500.00 |
Unassorted currency
2,739,301.00
Transit items
77,800,762.51 !
Checks and other cash items
228,878.16 |
Exchanges for clearing house
1,524,324.86
Domestic transfers purchased
Deferred items, Treasurer United States
CJnmatured Government coupons
83,429,000
Uncollected items and other deductions from gross deposits
Five per cent redemption fund against Federal Reserve
18,000
bank notes
957,460.00
Dther resources:
Reimbursable expenditures—
407,176.18 |.
War-loan expenses
War Finance Corporation
Liberty bonds—unpaid installments due from
employees
5,772.50 '
Dallas.
665,000
1,080,385,000
13,232,610.00
3,854,656.89
2,804.11
39,751.00
13,282,000
O
Cost of Federal Reserve currency
Furniture and equipment
Deferred charses
•
Diffprpnpe account
....
Adjustment a/c subscriptions Fourth Liberty loan
Nickels and cents
Overdrafts—member banks
New building account
United States Liberty ]oan bonds held against participation certificates
-•..
....
Dividend account, including premium on surrendered stock
Profit and loss
Suspense
A11 other resources
...
46.45
10,278.21
96.94
40,143.08
42,856.28
4,649.54
82,984.41
112,194.92
83,232.69
8,986.70
558.83
12,415.39
789.02
20,680.25
112,194.92
83,233.69
80,911.88
32,903.36
12 415.39
277 149.92
1,040,044.78
106,969.02
43,500.00
372,590.53
7,421.06
21,096.50
7,421.06
21,096.50
Total resources
496,000
360,000
450, 000
297,928,000
199,821,000
431,257,000
6,088,000
6,323 680 000
1
1
LIABILITIES.
New York
Boston.
Capital paid in by members
Capital paid in by applicants for membership
5,205,759.33
.17,884,150.00
$22,390,750. 00 . . . .
$7,103,900.00
3,600.00
Capitnl paid in
Surplus
Philadelphia
$7 108,000
5,206,000
32,922,051.13
$22,391,000
82,922,000
5,311,335.94
$7,884,000
5,311,000
—
U. S. Treasurer—general account:
Collected funds
Uncollected funds
Government deposits
Due to jnerribers—reserve account
Gold settlement fund—suspense
Government transit items
....
117,083,126.15
21,725,206.44
1,123,000
117,083,000
755,951,452. 59
72,964,615.44
-••
5,188,851.06
4,091,625. 67
1,756,767.83
1,122,752.48
.
•
5,848,000
755,952,000
110,541,160.68
23,447,942.14
5,875,753.00
5,189,000
110,541,000
N o . 28.—Statement showing condition of each Federal Reserve Bank on Dec. SI,
1919—Continued.
co
LIABILITIES-Continued.
Boston.
All other transit items
Deferred availability items
Foreign G overnment credits
Nonmembcrs—clearing account
Cashiers' checks
Federal Reserve exchange drafts
Federal Reserve transfer drafts , .
Other deposits, including foreign Government credits
$45,468,617.21
5,277,466.11
3,500.00
149,813.01
32,866.84
379 566.50
Total deductions
200,721,000
976,066,000
247,895,665.00
8,124,500.00
2,500,900.00
126,285,385.00
5,814,600.00
9,677,915.00
1,167,100.00
10,625,400.00
132,099,985.00
10,845,015.00
807,616,000
58,200,000.00
29,052,000.00
200.00
3,527,000.00
260,249.00
3,041,516.00
802,007.42
15,678,039.09
2,157,089.28
H
W
28,792,000
54,673,000
1,311,644.06
H
O
237,051,000
20,912,000.00
242,303. 70
o
9,359,000
939,715,955.00
20,912,000
I
3,486,814.95
88,358.81
45,396,000
24k, 092,000
. . .
$75,632,000
5,783,524. 49
254,717,970.00
Federal Reserve bank notes in actual circulation—net liability
27,569,776.45
11 655 844 36
6,170,350.28
6,843,000
Federal Reserve notes in actual circulation
Federal Reserve bank notes outstanding
Less:
Held by banks and branches
$46,308,843.84
$168,870,000
191,243,000
Federal Reserve notes outstanding
Less:
Held by banks and branches
Forwarded for redemption
Philadelphia.
$95,905,112.17
$67,194,000
Total gross deposits
Other liabilities:
Profit and loss
Earnings:
Discount on bills discounted
Discount on bills purchased
New York.
258,741.65
4,184,193. 99 : : : : : :
32,212.20
W
O
313,559.80
16,013.11
565.00
960,715.01
31,281.02
54,406.20
4,779.43
75,543.97
4,087,071.81
876,376.87
18,961,854.00
3,035,886.09
4,560,519.02
959,189.06
Current net earnings
Deduct—dividends paid in current year..
3,210,694.94
15,925,967.91
674,187. 71
3,601,329.96
232,835.41
Net earnings available for dividends, surplus, and franchise tax.
Reserved for taxes other than franchise tax
Reserved for sundry expenses
Self insurance reserve
Reserve against undetermined liabilities
Depreciation reserve on United States bonds
Suspense credits
Gold in transit or in custody—withheld for expense account
Participation certificates and contract—Liberty loan bonds
Unearned discount
3,210,694.94
1,659.51
3,368,494.55
54,495.49
222.57
807,179.11
15,251,780.20
3,637.20
104,375. 00
51,474.12
200,000.00
200,880.00
30,305.45
3,192,092.38
20,130.00
2,737,510.26
4,358,825.13
222,145.92
23,103,828.67
543,500.33
4,347,128.36
292,903. 89
Interest on United States securities.
Penalties on deficient reserves
Income and expenses—real estate...
Discount profit on bills sold
Miscellaneous
Gross earnings
Less current expenses
Total
Less interest accrued on United States securities.
AII other liabilities
Total liabilities.
229,188. 74
13,794.65
92,697.48
4,290.39
14,539.92
W
s
116,131.00
4,580.85
I
544,462.25
4,136,000
22,560,000
4,054,000
472,697,000
1,916,228,000
483,813,000
§3
W
CO
No. 28.—Statement showing condition of each Federal Reserve Bank on Dec. Si, 1919—Continued.
LIABILITIE S—Continued.
Cleveland
Capital paid in by members
Capital paid in bv applicants for membership
Capital paid in
Surplus
U. S. Treasurer—general account:
Collected funds
Uncollected funds
Government deposits
Due to members—reserve account
Gold settlement fund—suspense
Government transit items
All other transit items
Deferred availability items
Foreign Government credits.
Nonmembers—clearing account
Cashiers' checks
Federal Reserve exchange drafts
Federal Reserve transfer drafts
Other deposits, including foreign Government credits
,
5,859,600.00
129,415,061.66
24,836 625.39
622,632. 79
46,144,272.82
Total deductions
$9,583,000
5,860,000
3,799,846.22
$3,425,650.00
2,550.00
$4,392,000
8,800,000
2,839,730.49
1,675,000
129,415,000
71,603,000
5,928,112. 60
173,841.58
25,966.06
208.00
2,805,000.00
2,840,000
62,712,122.52
62,712,000
33,800,592.08 . . . .
1 551 849 08
39,970,579.66
75,828,000
3 542 408. 75
69 642 70
2,917.62
58; 388,305. 76
5,862,338.16
*
$3,428,000
2,805,000
2,707,000
58,888,000
30,287,211.48
37,148,000
6,128,000
8,615,000
2,779,000
208,821,000
144,490,000
101,022,000
160,107,820.00
17,355,115.00
1,709,065.00
5,298,000.00
641,600.00
4,108,635.00
488,250.00
19,064,180.00
5,939,600.00
4,596,885.00 . . .
264,738,000
145,765,000
12,216,000.00
w
2 602 586 02
12,498.22
163,501.14
151,704,920.00
22,491,000.00
-•••••-
2,474,263.27
232 728 11
283,801,770.00
Federal Reserve notes in actual circulation
Federal Reserve bank notes outstanding
Atlanta.
14,392,000.00
1,675,111.23
Total gross deposits
Federal Reserve notes outstanding.
Less:
Held by banks and branches
Forwarded for redemption
Richmond
$9,532,950.00
!
w
o
155,511,000
15,777,600.00
w.
Less:
Held by banks and branches
Forwarded for redemption
Total deductions
460,010.00
23,500.00
158,050.00
216,300.00
483,510.00
158,050.00
216,300.00
Federal Reserve bank notes in actual circulation—net liability
Other liabilities:
Profit and loss
Earnings:
Discount on bills discounted
Discount on bills purchased
Interest on United States securities
Penalties on deficient reserves
Domestic transfers bought and sold—net..
Profit on United States securities
Miscellaneous
22,007,000
I
15,561,000
12,058,000
252,200.15
178,991.05
94,401.24
2,894,597.08
1,098,596.55
276,400.89
37,365.69
29,362.64
2 350.00
5,775.09
2,101,839.95
188,301.48
115,671.33
61,457.28
2,069,466.98
196,308.42
140,608.60
48,596.56
753.84
6,391.62
4,344,447.94
764,236.86
2,468,023.88
510,661. 72
2,461,372.18
559,059.05
Current net earnings . ..
Deduct—dividends paid in current year
3,580 211.08
1,007.85
1 957,362.16
128,811.94
1,902,313.13
101,012.73
Net earnings available for dividends, surplus, and franchise tax..
Reserved for taxes other than franchise tax
Reserved for sundry expenses
Depreciation reserve on United States bonds
Participation certificates and contract—Liberty loan bonds
Deferred credit—war loan expenses
Unearned discount
3,579,203.23
30,101.94
1,801,300.40
25,583.24
49,378.20
5,402.23
582,891.31
1,828,550.22
19,970.00
20,316.50
63,186.30
1,839.37
9,520.00
260,184.59
4,528,803.42
226,732.80
2,382,558.03
106,576.81
2,235,738.63
135,903.92
Gross earnings
Less current expenses
Total
Less interest accrued on United States securities
A11 other liabilities
Total liabilities
*
!
H
W
M
H
I
O
O
84,406.79
3
o
1
1
259,673.32
3
W
4,302,000
2,276,000
2,100,000
515,261,000
812,781,000
280,427,000
No. 28.—Statement showing condition of each Federal Reserve Bank on Dec. 31, 1919—Continued,
Or
LIABILITIES—Continued.
Chicago.
$12,347,150.00
Capital paid in by members
Capital paid in
Surplus
United States Treasurer—General account:
Collected funds
Uncollccted funds
. .
Government deposits
Due to members—reserve account
Gold settlement fund—suspense
Government transit items
Ail other transit items
Domestic transfer^ sold
Deferred availability items
Foreign G overnment credits
Nonmembers—clearing account
Cashiers' checks
Federal Reserve exchange drafts
Federal Reserve transfer drafts .
Other deposits, including foreign Government credits
9,710,581.44
. .
257,978,903.15
43,258,856.55
1,899,176.02
55 467 389.26
200 000.00
Total deductions
Federal Reserve notes in actual circulation
2,589,495.50
$3,073,950.00
$4,064,000
2,689,000
1,576,568.34
775,815.62
350,000
257,979,000
72,282,788. 29
22,401,610.62
3,561.59
30,975,608.33
100,825,000
8,602,992.69
525,711.41
826,704.59
10,000.00
10,000.00
2,319,601.04
2 353 000
72,283,000
53,827,751. 78
6,087,509.78
107,856.45
7,976,836.89
W
1,951 939.52
115,000.00
191,259.44
4,088.25
2,262,000
8,947,000
164,718,955.00
88,442,605.00
30,238,330.00
5,082,225.00
17,589,880.00
1,830,745.00
896,665.00
359,250.00
35,320,555.00
19,420,625.00
1,255,915.00
145,298,000
=====
ft
i
70,865,000
181,964,000
535,459,230.00
500,139,000
513,000
53,828,000
14,262,000
68 381 000
369,180,000
$3,074,000
2,320,000
513,187.11
3,397,820.65
348,498.56
199,436.62
1,879.26
53.19
9,976,000
Total gross deposits
Federal Reserve notes outstanding .
Less:
Held by banks and branches
Forwarded for redemption
Minneapolis
$4,064,450.00
$12,847,000
9,710,000
350,003.59
.
to
St. Louis.
w
o
87,187,000
Federal Reserve bank notes outstanding
Less:
Held by banks and branches
.
41,289,800.00
16,608,000.00
8,288,000.00
340,000.00
1,109,676.00
87,925.00
Federal Reserve bank notes in actual circulation—net liability
Other liabilities:
Profit and loss
..
»
Earnings:
Discount on bills discounted
Discount on bills purchased
Interest on United States securities
Penalties on deficient reserves
Domestic transfers bought and sold—net
Interest earned—bills of lading drafts
Miscellaneous
40,950,000
8, W0,000
15,498,000
366,037.28
109,550.80
100,484.16
4,873,548.83
1,404,763.69
486,781.19
26,234.32
81,338.37
1,540,175.19
366,713.57
192,740.99
26,464.85
9,152.96
11,052.95
9,389.02
1,070,128.60
448,447.84
91,894.86
14,565.47
28,629.73
244.02
1,269.03
6 883 719.35
1,421,459.05
2,144,636.58
980,479.74
1,655,179.55
298,477.19
Current net earnings
Deduct—dividends paid in current year
5,462,260.30
360,339.61
1,164,156. 84
119,878.48
1,356,702.36
11,173.75
Net earnings available for dividends, surplus, and franchise tax..
Reserved for sundry expenses
Depreciation reserve on United States bonds .
.
Difference account
Participation certificates and contract Liberty loan bonds
Unearned discount
5,101,920.69
151,495.19
97,571.50
40,296.63
2,850.00
1,393,585.65
1,044,278.36
56,180.04
172,997.00
226.57
1,357,876.11
18,813.39
53,610.82
296,691.41
408,542.58
7;, 153,756.94
380,865.65
1,679,924.18
181,755.28
1,939,327.06
79,271.98
Gross earnings
Less current expenses
Total
Less interest accrued on United States securities
All other liabilities
Total liabilities
6,778,000
989 049 000
1 Interest received.
H
o
1
5
1,499,000
1,860,000
800,912,000
178,506,000
00
N o . 28.—Statement showing condition of each Federal Reserve Bank on Dec. 31,
1919—Continued.
LIABILITIES—Continued.
Kansas City.
$4,015,550.00
Capital paid in by members
Capital paid in by applicants for membership
Capital paid in
Surplus
3,957,137.55
United States Treasurer—general account:
Collected funds
Uncollected funds
Government deposits
Due to members—reserve account
Gold settlement fund-suspense
Government transit items
All other transit items
Domestic transfers sold
„
,
$4,016,000
3,957,000
2,028,868.33
1,790,000
90,406,000
63,371,988.44
1.0,168,008. 46
29,179,114.99
56,008,696.35
500,000.00
3,470,114. 70
3,749.57
249,940. 45
10. 98
Total deductions
Federal Reserve notes in actual circulation
$3,421,000
2,029,000
1,879,645. 46
156,554. 78
4,577,547.49
$87,137,950.00
269,150.00
$5,749,000
4,578,000
81,086,823.97
%
$87,407,000
81,087,000
d
fe
g
24,326,178.62
6,634,296.83
2,900,000
63,372,000 117,929,882.55
7,688,511.54
1 907 445 81
25,174,902.17
1,000.35
39,347,000
3,325,526.59
1,575,364.38
985,638.38
20,159. 44
3,673,000
117,930,000 1,889,888,975.08
283,490,824.79
13 056 457 87
508,867,185.17
701,000.35
34,772,000
73,331,914.03
14,240,166.50
12,823,497.92
186,247.26
395,963.07
5,906,000
30,961,000
1,889,889,000
100,978,000
G§
162,281,000
2,827,943,000
<j
3,724,000
2,043,000
163,678,000
107,662,000
110,555,755.00
Total.
3,434,902.39
237,991.43
6,135. 38
Total gross deposits
Federal Reserve notes outstanding
Less:
Held by banks and branches
Forwarded for redemption
$5,486,750.00
263,000.00
245,397.19
2 654 949 74
67 758 000
Foreign Government credits
Nonmernbers—clearing account
Cashiers' checks
. .
Federal Reserve exchange drafts
Federal Reserve transfer drafts
Other deposits, including foreign Government credits....
San Francisco.
$3,420,700.00
813,785.80
976,044.10
90,406,431.51
11,249,008.19
Dallas.
280,024,435.00
78,644,065.00
c
^
w
806,115,000
^
2
w
3,295,789,145.00
O
5,263,450.00
1,203,050.00
3,118,890.00
594,850.00
35,056,575.00
2,506,100.00
263,013,340.00
23,897, 735.00
6,466,500.00
3,713,740.00
37,562,675.00
286,911,075.00
104,089,000
74,930,000
242,462,000
3,008,878,000
Federal Reserve bank notes outstanding
Less:
Held by banks and branches
»!q
Forwarded for redemption
22
CD
00
CO
Total deductions
19,980,000.00
10,972,400.00
13,200,000.00
268,986,800.00
447,300.00
511,050.00
1,355,095.00
8,472,855.00
23,500.00
447,300.00
511,050.00
1,355,095.00
8,496,355.00
h-l
j!$ Federal Reserve bank notes in actual circulation—net
*? liability
JL Other liabilities:
M
Profit and loss
Earnings:
Discount on bills discounted
Discount on bills purchased
Interest on United States securities
Penalties on deficient reserves
Commissions
Domestic transfers bought and sold— net
Profit on United States securities
Income and expenses—real estate
Discount profits on bills sold
Interest earned—bills of lading drafts
Miscellaneous
Gross earnings
Less current expenses
Current net earnings
\
Deduct—dividends paid in current year
Net earnings available for dividends,
surplus, and franchise tax
Reserved for taxes other than franchise tax
Reserved for sundry expenses
X
W
10,461,000
19,533,000
170 634.53
260,490,000
11 845 000
236,596.93
3,321,585.55
2,041,071.78
156,321.16
241,693.16
64,039.84
1,269,176.88
70,285.50
128,544.13
37,923.67
92,935.89
115,895.16
1,689,866.24
1,923,956.53
126,345.56
33,844.66
48.33
111,689.26
19,412.13
322.47
2.25
42,453,620.61
8,845,003.64
3,304,144.26
411,581.12
48.33
469,004.01
2,350.00
54,406.20
4,779.43
244.02
145,017.29
2,615,473.96
658,069.06
1,622,147.81
595,836.93
3,885,752.83
588,265.23
55,690,198.91
11,247,996.85
1,957,404.90
116,943.77
1,026,310.88
3,297,487.60
U7,392.87
44,442,202.06
1,716,450.88
1,840,461.13
1,026,310.88
19,481.36
1,622.25
3,314,880.47
966.55
2,377.58
42,725,751.18
155,895.29
442,982.01
38,201.29
1
w
h1
s
o
g
Interest received.
Cn
No* 28,—Statement showing condition of each Federal Reserve Bank on Dec. 81, 1919—Continued.
LIABILITIES—Continued.
Kansas City.
Self insurance reserve
Reserve against undetermined liabilities
Depreciation reserve on United States bonds
Difference account
Suspense credits
Gold in transit or in custody —withheld for expense account
Participation certificates and contract Liberty
loan bonds
Deferred credit—war loan expenses
War Finance Corporation
Unearned discount
Total
Less interest accrued on United States securities
All other liabilities
Total liabilities
$220,734.00
San Francisco.
Dallas.
$240,662.50
Total.
$51,474.12
200,000.00
1,433,936.07
41,637.71
39,176.69
$85,656.45
1,114.51
3 192 092 38
400.00
549,091.77
3,823.67
137, 725.42
813,812.31
25,219.37
9,520. 00
3,823.67
8,791,349.98
2,819,522.72
164,385.32
1,429,626.08
112,152. 07
4,455,404.80
113,199.31
60,434,444.02
2,559,393.28
$2,655,000
$1,318,000
$4,342,000
$57,875,000
297,928,000
199,821,000
431,257,000
6,328,680,000
Exhibit D.—INVESTMENT OPERATIONS OF FEDERAL RESERVE BANKS.
No. 29.—Bills discounted for member banks during each month in 1919, distributed by maturities, and totals for 1919, 1918, and 1917.
PAPER MATURING WITHIN 15 DAYS.
X
July.
January.
February.
March.
April.
May.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$311, 273,713
3,398, 475,347
665, 577,813
194, 140,669
269, 866,081
155, 743,585
295, 547,561
133, 609,519
16, 554,472
82, 872,805
73, 189,260
152, 445,998
$322, 149,332
2,628,995,396
634, 486,873
191, 790,359
266, 088,494
102, 699,669
256, 787, 724
112, 104,716
031,200
76, 546,682
79, 970,053
154, 337,332
$320, 114;049
2,613,267,364
829, 649,998
240, 864,416
323, 231,765
137, 792,237
332, 880; 925
177, 244,541
20, 699,576
108, 498,591
94, 351,851
163,
$436,840,788
2,644, 177,339
906, 514,792
221, 085,899
350, 133,113
143, 507,225
341, 147,153
192, 518,199
72, 076,398
125, 176,472
106, 725, 726
173, 460,437
$419, 500,722
4,026,657,505
942, 806,595
234, 154,805
356, 051,299
158, 127,833
396, 959,732
200, 850,120
444,565
132; 642,066
120. 603,080
172, 133,515
$324,455,859
3,052,318,144
1,076,377,278
216,488,479
386,520,481
152,629,857
368,517,225
165,035,232
36,693,625
112,788,027
105,568,044
142,068,912
$353,077,945
3,909,040,887
1,028,780,503
279,197,860
405,606,197
170,558,544
345,285,844
138,108, 763
26,345, 775
98,405,520
92,712,166
117,296,204
Total...
Per cent
5,749,296,823
7.6
4,837,987,830
6.4
5,362,279,921
*7.0
5, 713,363,541
7.5
7,237,931,817
9.5
6,139,461,173
8.1
6,962,415,208
9.2
Federal Reserve Bank.
June.
W
w
H
o
3
W
Xfl
en
No. £9.—Bills discounted for member banks during each month in 1919,'distributed by maturities, and totals for 1919, 1918, and 1917—Continued.
00
PAPER MATURING WITHIN 15 DAYS-Continued.
September.
August.
Federal Reserve Bank.
October.
November.
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$217,863,707
3,483,588,766
920,489,149
266,846,514
369,532,334
171,855,326
357,850,380
144,315,176
37,332,607
96,168,135
89,309,602
124,111,221
$283, 850,412
3,460, 922,800
1,001, 506,921
289, 118,643
328, 061,052
195, 965,443
320, 726,014
186, 915,887
55; 354,335
119, 635,335
105, 412,808
135, 785,568
$336, 369,850
4,439; 070,914
1,142, 672,864
291, 611,582
304, 667,490
183, 856,237
341, 469,716
206, 084,642
76, 927,602
149, 768,912
125, 978, 562
161, 048,024
$352, 813,001
4,321, 518,142
609, 362,351
266, 143,965
249, 647,419
147, 354,424
352, 411,768
163, 011,260
Total...
Per cent
6,279,262,917
6,483,255,818
7,759,526,395
0, 754,179
8.2
8.5
10.1
9.0
63, 993,209
112, 994,512
65, 606,885
155, 897,243
December.
Total.
Per cent.
$453,306, 413 $4,131,615, 791
3,791,687, 787 41,769, 720,391
803,063,687 10,561,288,824
290,850,077 2,982,293,268
349,676,464 3,959,082, 789
136,599,842 1,856,690,232
358,299,033 4,067,883,075
152,818,631
1,972,614,686
56,046,873
551, 500,237
114,929,515 1,328,427,572
54,457,932 1,113, 885,949
184,613,854 1,836, 882,916
5.4
54.9
13.9
3.9
5.2
2.5
5.3
2.6
.7
1.7
1.5
2.4
6,746,350,108 76,131,885,730
8.9
100.0
PAPER MATURING AFTER 15 DAYS BUT WITHIN 30 DAYS.
January.
Federal Reserve Bank.
$1,926,086
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
1,579,894
728,240
-
2,144,894
2, 401,932
1,627,618
-
2,117,189 ;
February.
March.
April.
$1,683,158
1,295,504
439,500
448,229
2,122, 726
1,020,676
$3,017,752
$3,792,930
1,566,077
1,313,404
387, 780
664,404
532,669
408,246
544,188
629,767
1,113,872
1,081,706
3,043,174
2,098,344
2,362,587
2,332,746
1,029,477
1,819,328
1,086,816
693,037
933,947
978,182
2,362,395
1,903 002
5, 730,842
June.
July.
$1,015,736
$3,343,399
1,178,225
2,370,413
$5,334,420
4,577,975
568,286
885,136
2,532,312
906 214
May.
3,740,995
d
o
3
s
o
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
978,898
101,065
726,864
1,509,376
777,429
559,396
85,504
1,051,930
1,241,637
677,203
1,627,630
12,469
1,994,075
858,797
480,143
28,819
2,669,980
757,274
506,431
597,503
1,390,649
1,409,814
844,205
392,384
887,880
65,149
2,907,028
798,975
999,733
2,634,442
311,428
1,308,532
692,576
358,565
Total....
Percent.
16,619,485
4.3
11,318,500
2.9
15,495,509
4.0
16,233,182
4.2
14,286,855
3.7
22,829,119
5.9
23,850,911
6.18
September.
October.
Federal Reserve Bank.
August.
974,319
November.
December.
Total.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
$1,380,099
2,704,162
208,923
1,117,042
2,294,025
1,467,872
1,716,573
1,186,864
150,058
647,053
384,850
549,570
$3,426,776
2,289,110
701,013
3,732,433
4,999,705
3,488,150
8,796,866
4,596,101
2,048,305
2,649,935
2,295,979
1,020,132
$4,651,347
2,800,415
695,106
5,623,856
3,673,499
2,995,011
14,475,872
2,175,644
3,982,504
2,615,616
1,303,652
2,194,037
$8,726,269
8,467,179
6,373,917
5,246,435
4,988,766
3,513,553
19,243,671
3,120,522
2,603,369
5,657,075
713,695
2,879,245
$10,450, 741
14,671,908
6,520,128
8,438,106
7,516,022
2,953,793
24,833,663
5,864,154
6,711,119
3,981,701
693,886
1,722, 785
$48, 748,713
44,814,266
18,228,212
31,005,664
40,365,868
23,811,510
85,623,232
25,203,353
17,490,438
27,619,603
12,094,902
12,557,657
Total
Per cent.
13,807,091
3.6
40,044,505
10.3
47,186,559
12.2
71,533,696
18.5
94,358,006
24.3
387,563,418
W
M
g
Per cent.
12.6
11.6
4.7
8.0
10.4
6.2
22.1
6.5
4.5
7.1
3.1
3.2
O
UI
o
100.0
>
W
ui
Or
CD
No. 29.—Bills discounted for member banks during each month in 1919, distributed by maturities, and totals for 1919, 1918, and 1917—Continued.
PAPER MATURING AFTER 30 DAYS BUT WITHIN 60 DAYS.
Federal Reserve Bank.
January.
February.
March.
April.
May.
June.
July.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City...
Dallas
San Francisco..
$2,970,940
2,257,823
960,042
3,455,681
3,678,795
4,468,260
3,577,377
1,390,901
225,909
3,341], 659
4,920,465
1,774,711
$1,592,828
8,800,937
989,950
3,170,261
3,076,399
2,313,666
1,329,587
801,749
130,484
2,710,888
4,080,668
1,309,320
$1,227,400
9,038,657
376,911
6,252,226
4,445,243
2,020,293
2,771,497
2,099,582
68,854
5,560,392
3,080,663
1,594,910
$10,659,562
2,386,016
613,128
1,818,117
2,656,456
1,921,353
2,326,337
1,355,844
367,445
4,702,539
2,444,017
1,634,744
$2,178,454
6,881,053
713,766
1,455,230
4,181,574
2,104,681
4,079,406
1,122,615
355,533
3,505,382
2,176,409
1,439,511
$10,186,948
15,027,809
742,229
1,776,965
3,599,810
3,318,934
10,359,044
2,398,553
90,145
5,256,395
1,558,013
1,021,519
$7,765,776
15,918,988
434,807
3,834,790
3,507,292
1,760,843
5,260,017
1,970,787
1,077,406
3,082,777
1,235,063
1,791,097
Total
Per cent..
33,022,563
30,306,737
4.2
3.8
38,536,628
4.9
32,885,558
4.2
30,193,614
3.8
55,336,364
7.0
47,639,643
6.0
Federal Reserve Bank.
Boston
New York...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
August.
$2,927,287
4,396,247
466,695
1,879,218
4,348,580
3,831,614
7,230,744
2,114,860
358,464
September.
$5,852,537
5,151,462
766,374
3,925,592
5,827,650
6,279,124
21,831,576
6,540,559
7,005,187
October.
$9,544,049
7,592,438
1,879,378
6,452,956
3,645,788
8,279,001
31,524,480
3,017,904
9,823,940
November.
$17,962,540
39,225,540
9,227,538
8,649,464
2,819,501
9,290,337
25,938,586
4,787,584
13,575,620
December.
$17,770,705
23,069,837
15,312,829
10,654,436
9,272,018
4,679,447
52,363,232
9,914,246
10,863,933
Total.
$90,639,026
139,746,807
32,483,647
53,324,936
51,059,106
50,267,553
168,591,883
37,515,184
43,942,920
d
3
W
Per cent.
11.4
17.7
4.1
6.7
6.5
6.4
21.3
4.7
5.6
w
o
Kansas City
D alias
San Francisco
2,825,792
1,709,359
1,805,711
9,301,589
4,617,276
1,788,269
6,056,407
4,397,527
4,322,909
9,678,368
1,570,153
4,520,694
8,472,976
1,076,702
3,379,533
64,495,164
32,866,315
26,382,928
Total...
Percent
33,894,571
4.3
78,887,195
9.9
96,536,777
12.2
147,245,925
18.6
166,829,894
21.1
791,315,469
8.2
4.1
3.3
100
PAPER MATURING A F T E R 60 DAYS BUT WITHIN 90 DAYS.
February.
March.
Boston
,
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City..
Dallas
San Francisco.
$54, 788,341
65, 744,893
16, 455,153
4 232,889
7, 341,516
7, 897,279
6, 923,724
3, 176,136
116,878
4, 796,324
6, 397,090
6, 108,445
$30, 315,141
28, 679,130
4,686,953
2, 187,744
5,352,147
2 570,483
3,669,099
2, 058,393
90,708
5,304,304
4 415,744
5,379,706
$7,048,939
7,842,205
2,576,991
1,608,741
4,415,977
3,079,190
4,279,678
3,998,507
88,589
5,693,841
3,296,062
5,084,048
$53,946,779
30,170,926
8,245,933
1,138,660
8,098,993
4,303,870
5,410,851
2,224,259
166,943
5,630,997
4,066,996
2,874,525
$21,235,255
32,332,152
1,425,998
3,086,761
5,140,977
3,530,008
7,803,855
2,397,620
231,657
3,716,872
2,671,215
3,388,193
$25,023,505
33,070,504
2,048,866
2,405,899
5,509,624
3,159,608
9,015,965
2,476,344
128,465
7,195,442
1,666,860
2,584,692
$39,878,469
59,935,257
2,290,625
2,042,544
8,032,475
3,945,029
8,814,698
3,976,974
401,712
5,549,924
2,881,922
2,434,611
Total...
Per cent
183,978,668
10.6
94,709,552
5.4
49,012,768
2.8
126,279,732
7.3
86,960,563
5.0
94,285,774
5.4
140,184,240
8.1
April.
May.
January.
Fe&eral Reserve Bank.
June.
July.
9
O
1
No. 29,—Bills discounted for member banks during each month in 1919', distributed by maturities, and totals for 1919,1918, and 1917—Continued.
o
to
PAPER MATURING AFTER 60 DAYS, BUT WITHIN 90 DAYS—Continued.
Federal Reserve Bank.
August.
September.
October.
November.
December.
Total.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-..
Kansas City...
Dallas
San Francisco.
$23,201,630
38,013,193
1,610,519
3,873,096
6,742,023
4,177,461
9,980,359
4,709,705
227,696
3,478,511
2,248,984
4,218,177
$20,921,341
27,337,722
740,670
3,633,588
5,994,198
6,889,027
25,142,848
10,238,945
2,151,011
6,547,116
3,889,188
5,038,392
$35,207,810
22,959,777
6,544,409
6,101,096
7,041,742
10,665,295
20,494,312
8,980,617
8,994,455
8,868,547
4,692,743
6,871,693
$47,417,477
96,995,285
58,672,986
12,017,208
6,613,393
13,830,711
47,562,740
9,116,512
6,954,259
12,461,958
1,846,114
9,637,718
$45,336,452
52,051,477
19,123,633
16,559,789
8,463,033
6,895,534
68,069,137
10,733,094
20,606,340
13,567,264
2,418,066
7,130,299
$404,321,139
495,132,521
124,422,736
58,888,015
T78,746,098
JO, 943,495
217,167,266
64,087,106
40,158,713
82,811,100
40,490,984
60,750,499
Total....
Per cent.
102,481,354
5.9
118,524,046
6.8
147,422,496
8.5
323,126,361
18.6
270,954,118
15.8
1,737,919,672
Per cent.
23.3
28.5
7.1
3.4
4.5
4.1
12.5
3.7
2.3
4.8
2.3
3,5
o
100.0
AGRICULTURAL AND LIVE-STOCK PAPER MATURING AFTER 90 DAYS.
Federal Reserve Bank.
Boston
New York....
PhiladelphiaCleveland
Richmond-.-.
Atlanta
Chicago
St. Louis
January.
$318
1,326
1,500
67,729
98,494
780,222
45,581
February.
March.
$600
17,087
April.
May.
$1,409
June.
July.
$20,896
$459
10,457
$3,737
1,600
14,313
397,366
678,226
1,645,288
197,686
5,294
335,623
875,419
847,746
245,601
3,972
229,909
1,014,345
553,005
138,191
$5,075
35,953
111, 993
568,258
53,611
71,439
178,387
301,280
1,022,100
156,681
28,783
277,966
386,203
998,589
54,442
o
Minneapolis...
Kansas City...
Dallas
San Francisco.
318,751
4,602,020
4,061,704
1,487,081
152,084
1,886,268
2,703,593
1,096,070
111,607
3,158,890
2,258,129
963,148
318,940
5,968,473
3,188,842
1,407,891
1,730,061
6,105,834
3,577,635
2,092,902
884,480
8,942,870
2,921,230
1,929,921
417,155
3,575,044
2,064,050
1,344,063
Total
Percent.
11,464,726
9.1
6,612,895
5.3
8,239,348
12,639,627
10.0
16,460,207
13.1
16,999,100
13.6
9,345,071
7.5
August.
September.
X
Federal Reserve Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
$5,889
$618
2,472
82,986
313,340
838,712
93,678
123,973
958,994
987,057
809,252
Total
Percent..
4,216,353
3.4
October.
November.
$2,977
929
1,000
16,905
38,669
166,982
1,512,678
73,208
292,157
1,827,582
1,096,761
417,133
$43,492
1,500
277
19,343
7,554
54,478
3,266,634
27,213
884,670
3,869,562
859,003
612,016
129,606
11,583
44,011
3,026,490
74,886
1,679,156
5,142,978
934,586
791,012
5,443,693
4.3
9,645,742
7.7
11,838,214
9.5
December.
$14,078
15,265
4,000
52,359
25,323
20,021
1,986,967
49,489
1,515,037
6,204,679
955,405
1,537,842
12,380,465
9.9
Total.
$73,577
77,149
11,852
344,486
1,689,048
4,064,792
17,046,689
1,210,267
8,428,071
52,243,184
25,607,995
14,488,331
Per cent.
W
M
w
3
0.1
.1
9
1.3
3.2
13.6
1.0
6.7
41.7
20.4
11.6
O
g
125,285,441
100.0
g
CO
No. 29.—Bills discounted for member banks during each month in 1919, distributed by maturities, and totals for 1919, 1918', and 1917—Continued.
TOTAL BILLS DISCOUNTED.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919....
1918....
1917....
Percent—1919
^1918
1917
January.
February.
March.
April.
May.
June.
July.
August.
September.
$370,959,398
3,468,059,283
683,722,748
203,974,133
283,356,053
169,835,236
308,946,073
139,201,035
17,317,075
96,339,672
90,077,895
162,593,664
$355,740,459
2,667,770,967
640,608,351
197,596,593
276,675,719
108,716,487
263,047,705
115,577,865
12,489,980
87,500,062
92,411,695
162,799,631
$331,408,740
2,631,731,390
832,991,680
249,341,010
335,314,546
144,222,477
341,888,147
185,126,941
20,981,095
124,905,789
103,845,502
171,806,857
$505,241,468
2,678,055,774
916,038,257
224,701,226
363,264,872
151,937,979
350,861,112
197,127,063
72,958,545
144,148,461
117,182,855
179,884,028
$443,930,167
4,067,069,831
945,479,028
239,824,981
368,133,803
165,527,564
412,850,676
. 205,165,544
81,152,465
147,379,968
129,872,524
179,446,505
$363,010,170
3,102,797,327
1,079,576,619
221,758,343
398,298,284
161,886,830
394,470,822
171,043,610
37,861,864
137,089,762
112,513,122
148,604,777
$406,060,347
3,989,474,707
1,032,074,221
285,964,302
419,908,215
178,184,975
363,654,559
146,827,157
28,553,476
109,922,797
99,585,777
123,224,540
$245,378,612
3,528,702,368
922,775,286
273,718,342
382,999,948
181,645,613
377,616,768
152,420,283
38,192,798
104,078,485
94,639,852
131,493,931
$314,051,684
3,495,701,094
1,003,715,978
300,427,161
344,921,874
212,788,726
378,009,982
208,364,700
66,850,995
139,961,557
117,312,012
144,049,494
5,994,382,265
868,229,619
18,326,286
7.6
2.2
.2
4,980,935,514
762,444,698
22,408,604
6.3
1.9
5,473,564,174
754,933,533
26,788,982
6.9
1.9
.3
5,901,401,640
2,172,580,139
50,055,801
7.4
5.5
7,385,833,056
2,993,019,346
91,413,473
9.3
7.5
1.0
6,328,911,530
3,137,225,829
750,269,838
8.0
7.9
8.4
7,183,435,073
3,343,458,151
460,733,354
9.1
8.4
5.1
6,433,662,286
3,762,259,098
220,939,974
8.1
9.4
2.5
6,726,155,257
4,685,139,704
548,164,104
8.5
11.8
6.1
O
H
1
tei
Federal Reserve Bank.
Boston
.
New York
Philadelphia
Cleveland
Richmond...
Atlanta -.
Chicago
St. Louis
Minneapolis .
Kansas City
Dallas.
.
San Francisco..
.
. .
October.
November.
December.
Total, 1919.
Total, 1918.
Total, 1917.
$385,816,548
4,472,425,044
1,151,792,034
309,808,833
319,036,073
205,850,022
411,231,014
220,286,020
100,613,171
171,179,044
137,231,487
175,048,679
$426,922,264
4,466,207,075
683,636,792
292,186,678
264,080,662
174,033,036
448,183,255
180,110,764
88,805,613
145,934,891
70,671,433
173,725,912
$526,878,389
3,881,496,274
844,024,277
326,554,767
374,952,860
151,148,637
505,552,032
179,379,614
95,743,302
147,156,135
59,601,991
198,384,313
$4,675,398,246
42,449,491,134
10,736,435,271
3,125,856,369
4,130,942,909
2,005,777,582
4,556,312,145
2,100,630,596
661,520,379
1,555,596,623
1,224,946,145
1,951,062,331
$1,760,284,933
24,535,538,457
1,833,598,274
1,386,117,996
2,159,845,371
930,130,087
3,265,850,010
1,085,137,254
433,791,800
833,520,562
587,677,766
941,441,337
$350,919,310
6,511,274,920
223,416,008
211,176,106
401,220,685
95,114,744
521,872,103
181,117,652
80,154,716
237,690,768
52,052,600
102,981,206
8 060,317,969
5,903,962,877
2,681,165,854
10.2
14.9
29.9
7 414,498 375
5,154,597,322
3,206,486,771
9.4
13.0
35.7
7,290,872,591
6,215,083,531
937,433,413
9.2
15.6
9.9
79,173,969,730
Per cent, Per cent, Per cent,
1917.
1918.
1919.
5.9
53.6
13.6
3.9
5.2
2.5
5.8
2.7
.8
2.0
1.5
2.5
4.5
61.8
4.6
3.5
5.4
2.3
8.2
2.7
1.1
2.1
1.4
2.4
3.9
72.6
2.5
2.3
4.4
1.1
6.0
2.0
.9
2.6
.6
1.1
w
s
H
T
3
o
Ul
Total—1919
1918
1917
Per cent—1919
1918
1917.
. . .
o
39,752,933,847
8,968,990,818
100
100
100
Ul
3
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Ul
o\
No. 30,—Bills discounted by each Federal Reserve Bank, distributed by States; also number of banks in each State and number accommodated
through the discount of paper during 1919.
States.
Maine
New Hampshire
-
Rhode Island
Connecticut:
District No. 1
DistrictNo 2
Number
of
member Number
accombanks modated
in each
State on during
1919.
Dec. 31,
1919.
65
55
48
187
20
57
15
42
46
41
165
14
40
12
Total amount
of paper
discounted.
$77,747,271
99,425,477
53,314,620
4,108,983,608
133,014,312
202,912,958
110,454,312
313,367,270
574
419
41,223,866,583
164
81
115
63
1,115,170,239
212,880,702
245
178
1,328,050,941
23
14
41,369,786
Pennsylvania:
District No. 3
DistrictNo 4
574
314
417
144
10,482,184,783
1,712,941,061
Total
888
561
12,195,125,844
439
226
1,324,416,220
New York
New Jersey:
Disfrirt No 2
Tnfal
72
States.
215
41
161
12
$1,216,159,567
6,908,664
Total
256
173
1,223,068,231
129
53
88
20
263,942,845
5,557,230
182
108
269,500,075
Dfsjf-n'pt N o Q
Total
434
341
547,590,970
Illinois:
DistrictNo. 7
DistrictNo. 8
380
169
208
93
2,254,681,713
71,573,791
Total
549
301
2,326,255,504
216
63
153
23
273,937,050
45,962,325
279
176
319,899,375
100
61
65
35
1,100,474,774
632,952,518
161
100
1,733,427,292
Indiana:
TH<a+rir>f W n 7
Delaware
Ohio
Total amount
of paper
discounted.
Michigan:
DistrictNo.7
District No. 9
Wisconsin:
DistrictNo. 7
52
Total
Number
of
member Number
accombanks modated
in each
State on during
1919.
Dec. 31.
1919.
DistrictNo. 8
Total
Missouri:
DistrictNo. 8
District No. 10
Total...,..,...,
,
„.,
W
i
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o
>
Kentucky:
District No. 4.
District No. 8.
Total.
141
29
59,145,705
461,520,385
65
520,666,090
Wyoming
West Virginia:
District No. 4.
District No. 5.
16
110
Total.
126
15
102
170
92
District of Columbia.
Maryland
Virginia
North Carolina
South Carolina
29,353,383
46,837,583
Nebraska
Colorado
Kansas
56
76,190,966
10
68
124
74
92
105,260,815
1,000,475,362
2,195,062,920
356,205,945
427,100,284
Oklahoma:
District No. 10.
District No. 11.
Tennessee:
District No. 6
District No. 8 . . . .
578,661,484
256,578,507
108
Total.
;
Georgia
Florida
Alabama
: •
-
•
120
61
109
70
Total
Total.
119
46
25
15
47
Total
101
335
179
144
168
46
207
135
255
65
174
80
88
101
26
173
79
124
152,289,846
570,419,991
18,411,910
45,963,050
14,259,534
5,042,339
436,358,614
89,303,884
98,168,831
320
36
235
35
$286,724,555
19,835,586
£
356
270
306,560,141
H
835,239,991 | Texas.
s
O
New Mexico:
District No. 10.
District No. 11.
Total.
X
7,045,882
17,511,220
54
42
24,557,102
655
518
1,144,804,118
o
•
Mississippi:
District No. 6.
District No. 8.
Louisiana:
District No. 6 . .
DistrictNo.il.
Arkansas
Minnesota
North Dakota..
South Dakota..
Montana
35
568,548,042 | Arizona:
DistrictNo.il.
106,732,880
District No. 12.
167,698,880
Total.
32,536,019
Utah
12,230,968 |
Nevada
44,766,987 California
Oregon
551,600,277 | Idaho
37,424,551 Washington..
Alaska
589,024,828
Grand total.
5,370,670
6,029,421
11,400,091
22
54
10
311
101
111
123
334,276,321
20,000
42
1
151
50
86
82
1,034,429,134
74,143,102
142,506,562
359,657,791
5,993
79,173,969,730
1
9,066
w
W
Ul
No, 31.—Member banks' collateral notes, also customers' paper secured by Government war obligations (war paper), discounted by each Federal Reserve
Bank, by months, during the calendar year 1919, and totals for 1918,
Federal Reserve Bank.
Boston . .
New York. „
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919
1918
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
January.
February.
March.
April.
May.
Members'
Customers'
paper.
collateral notes.
Members'
Customers'
paper.
collateral notes.
Members'
Customers'
paper.
collateral notes.
Members'
Customers'
paper.
collateral notes.
Customers'
Members'
paper.
collateral notes.
$305,441,850
3,303,157,768
617,370,301
183,103,000
266,933,014
135,331,686
276,499,667
128,158,850
16,478,140
69,864,098
70,948,810
148,384,462
$57,552,105
65,434,147
35,788,437
10,877,844
7,063,780
5,488,116
5,651,524
1,556,204
6,418
315,052
812,410
1,685,136
$317,960,300
2,518,274,955
596,245,257
181,619,800
264,232,811
99,313,600
246,929,273
107,401,737
11,986,700
67,657,823
79,109,964
150,389,070
$31,255,392
40,627,613
20,450,724
7,484,120
5,858,837
1,138,803
2,782,685
966,087
42,031
1,168,513
533,504
. 2,199,766
$317,994,060
2,539,834,662
788,215,567
235,031,600
318,440,638
130,975,650
323,238,826
168,920,450
20,693,700
100,485,139
93,877,680
158,511,026
$9,613,744
23,259,904
18,750,461
8,721,389
4,286,367
920,623
3,551,591
2,857,375
1,125
897,852
339,594
2,121,314
$432,594,700
2,581,314,859
860,065,571
208,522,500
345,869,655
137,352,350
328,750,576
187,029,473
62,047,950
116,228,588
106,263,330
170,402,275
$68,444,366
39,543,639
28,573,304
2,639,169
7,712,417
3,314,616
2,594,409
656,227
1,280
1,470,742
605,811
1,812,714
$414,642,050
3,945,329,542
901,388,419
225,789,200
353,649,227
151,400,675
393,232,013
192,378,989
70,593,800
126,139,850
119,943,750
168,701,200
$22,943,483
43,828,151
18,830,235
4,992,978
5,434,110
2,176,444
2,873,184
1,309,347
241,079
1,112,213
377,088
2,059,524
5,521,671,646
333,892,976
192,231,173
44,614,222
4,641,121,290
261,755,660
114,508,075
138,280,849
5,196,218,998
251,445,794
75,321,339
63,669,906
5,536,441,827
1,768,938,819
157,368,694
37,730,096
7,063,188,715
2,431,571,106
106,177,836
91,934,430
June.
July.
August.
September.
October.
Members'
Customers'
collateral notes.
paper.
Customers'
Members'
paper.
collateral notes.
Customers'
Members'
paper.
collateral notes.
Members'
Customers'
collateral notes.
paper.
Members'
Customers'
paper.
collateral notes.
$315,892,288
2,942,788,252
1,015,119,754
207,002,150
378,907,595
$34,540,365
54,166,545
26,915,972
4,417,749
5,745,900
$346,164,950
3,700,706,910
958,011,339
258,371,450
399,873,756
$50,728,823
105,340,085
28,931,497
9,589,447
7,450,766
$210,973,650
3,375,900,068
855,176,865
248,007,050
364,584,337
$24,652,827
50,247,623
26,623,749
9,455,438
7,843,623
$270,424,246
3,282,979,949
928,134,397
267,276,380
321,730,670
$32,126,812
41,329,289
21,821,228
7,232,883
4,357,478
$320,011,100
4,147,487,334
1,045,504,216
257,958,715
300,113,720
$48,616,479
38,337,625
34,599,579
15,914,237
7,417,856
OO
o
w
H
o
o
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919.
1918
143,179,659
363,861,538
156,768,528
35,443,125
101,286,495
104,749,760
136,795,402
2,036,732
2,178,555
1,439,360
. 4,670
1,326,633
226,336
1,484,346
163,735,433
336,348,458
131,851,909
26,323,275
86,499,064
91,245,130
110,906,890
2,905,538
2,395,150
3,947,165
75,572
1,832,472
258,473
1,494,084
168,999,124
348,490,000
139,488,089
36,971,203
87,107,211
87,873,553
115,991,135
2,177,602
4,220,208
3,187,891
4,958
592,671
218,223
1,995,372
182,040,760
302,664,200
179,143,487
54,050,800
98,807,348
103,036,973
125,533,090
3,137,658
4,321,217
3,356,958
109,588
2,231,991
553,820
1,900,002
160,082,789
314,164,100
191,134,029
71,598,000
113,284,881
124,073,785
139,306,400
3,639,097
5,997,954
2,516,477
1,724,754
2,663,660
590,755
2,204,367
5,901,794,546
2,574,561,810
134,483,163
46,569,980
6,610,038,564
2,391,811,025
214,949,072
77,574,241
6,039,562,285
3,007,485,670
131,220,185
119,847,633
6,115,822,300
4,021,888,543
122,478,924
56,008,637
7,184,719,069
5,129,044,297
164,222,840
179,237,274
Federal Reserve Bank.
November.
December.
Members'
Customers'
paper.
collateral notes.
Customers'
Members'
paper.
co llateral no tes.
Total.
Members'
collateral notes.
Grand total.
Customers'
paper.
1919
1918
o
GO
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919.
1918.
$340,468,760
4,077,121,327
550,862,817
240,665,940
245,872,700
135,408,300
330,954,550
149,007,353
62,095,885
99,889,664
65,087,719
136,547,100
$37,427,227
156,816,670
91,297,964
8,346,251
7,656,906
3,043,184
8,645,278
4,963,899
889,773
3,400,507
130,339
4,941,644
$445,343,550
3,321,651,381
708,969,108
261,223,690
345,054,060
128,959,975
340,611,100
130,880,580
49,327,350
101,055,325
53,925,419
158,271,500
$30,340,410
58,414,777
32,334,764
9,197,134
6,510,418
2,899,987
4,089,135
6,325,716
1,269,847
2,943,265
277,425
2,321,457
$4,037,911,504
39,736,547,007
9,825,063,611
2,774,571,475
3,905,262,183
1,736,780,001
3,905,744,301
1,862,163,474
517,609,928
1,168,305,486
1,100,135,873
1,719,739,550
$448,242,033
717,346,068
384,917,914
98,868,639
77,338,458
32,878,400
49,300,890
33,082,706
4,371,095
19,955,571
4,923,778
26,219,726
$4,486,153,537
40,453,893,075
10,209,981,525
2,873,440,114
3,982,600,641
1,769,658,401
3,955,045,191
1,895,246,180
521,981,023
1,188,261,057
1,105,059,651
1,745,959,276
6,433,982,115
4,350,206,812
327,559,642
251,041,418
6,045,273,038
5,619,803,199
156,924,335
141,165,494
72,289,834,393
32,142,405,711
1,897,445,278
1,247,674,180
74,187,279,671
$1,550,310,782
22,254,444,699
1,504,636,670
1,060,687,150
1,625,616,690
631,032,371
2,139,330,599
777,982,270
242,826,420
475,659,106
447, 833,088
679,720,046
33,390,079,891
o
fed
No.
32.—Total amounts
of member banks' collateral notes discounted by each Federal Reserve Bank by months, during the calendar year 1919
and totals for 1918.
Federal Keserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
Total—1919.
1918.
January.
February.
March.
April.
May.
June.
$305,456,850
$318, 180,300
3,303,157,768 | 2,518, 274,955
617,370,301
596, 245,257
183,103,000
181, 619,800
267,642,514
264, 240,311
136,094,486
99, 378,600
277,595,494
248, 778,943
128,783,850
107, 401,737
16,521,340
11, 991,700
82,266,225
76, 185,408
72,763,360
79, 772,964
148,390,462
150, 389,070
$318,157,060
2,539,834,662
788,215,567
235,031,600
320,365,638
131,007,650
326,281,497
169,020,450
20,693,700
108,234,293
94,206,180
158,549,026
$433,310,700
2,581; 314,859
860, 165,571
208, 867,500
347, 183,655
137, 412,350
332, 077,658
187,459,473
72, 047,950
124, 433,372
106, 658,330
1
170,,'567,275
$416,101,750
3,945,329,542
901,433,419
225,939,200
354,590,227
152,142,714
393,388,763
192,563,989
77,350,800
132,430,812
120,447,836
169,207,450
$318,016,288
2,942,788,252
1,015,182,754
207,028,350
381,802,095
144,401,272
365,276,038
156,953,528
36,643,125
111,909,501
105,270,903
136,795,402
$347,476,450
3,700,706,910
958,324,339
258,371,450
402,233,856
165,364,156
340,448,458
132,051,909
26,323,275
96,031,629
92,562,267
111,036,890
5,539,145,650
481,942,377
5,209,597,323
310,478,386
5,561,498,693
1,799,119,597
7,080,926,502
2,502,693,369
5,922,067,508
2,660,201,285
6,630,931,589
2,554,685,811
4,652,459,045
306,662,397
July.
w
fed
I
Federal Reserve Bank.
Total, 1919.
Total, 1918.
August.
September.
October.
November.
!~,Boston
§§NewYork
ooPhiladelphia
I Cleveland
O Richmond
Atlanta
I Chicago
^ S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco....
$211,978,650
3,375,900,068
855,179,865
248,373,550
367,508,837
169,635,483
352,905,000
139,782,589
37,288,203
95,813,154
89,184,710
116,314,135
$271,217,246
3,282,979,949
928,159,897
267,498,380
325,449,670
184,779,260
303,071,310
179,309,487
54,165,800
118,466,305
104,993,473
125,533,090
$321,659,100
4,147,487,334
1,045,507,216
258,145,715
302,563,220
161,227,059
315,742,761
192,024,029
73,551,148
147,196,319
125,827,785
139,436,400
$341,724,844
4,077,121,327
550,865,817
240,665,940
246,322,700
136, 818,300
332,257,730
149,024,353
62,391,415
110,245,857
65,456,369
136,762,100
$445,704,705 $4,048,983,943
3,321,651,381 39,736,547,007
708,969,108 9,825,619,111
261,436,690 2,776,081,175
346,511,607 3,926,414,330
131,734,975 1,749,996,305
340,937,100 3,928,760,752
131,830,580 1,866,205,974
50,224,094
539,192,550
113,720,115 1,316,932,990
54,286,619 1,111,430,796
158,861,500 1,721,842,800
$1,346,143,638
21,810,005,187
1,329,253,568
993,593,567
1,538,747,984
629,504,816
2,569,555,091
765,663,931
276,916,606
619,134,694
459,888,553
669,380,595
Total-1919
1918,
6,059,864,244
3,063,893,999
6,145,623,867
4,058,567,522
7,230,368,086
5,182,814,264
6,449,656,752
4,415,279,882
6,065,868,474 72,548,007,733
5,671,449,341
33,007,788,230
December.
w
3
o
w
o
4
N o . 33,—Trade acceptances discounted by each Federal Reserve Bank, by months, during the calendar year 1919, and totals for 1918 and 1917,
5
to
Federal Reserve Bank.
January.
February.
March.
April.
May.
June.
July.
August.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
$1,470,858
3,189,254
182,126
1,129,610
721,168
987,686
612,710
558,573
6,107
830,397
410,718
805,006
$1,211,748
3,907,288
113,663
693,731
568,851
371,794
237,317
370,525
9,631
540,233
144,898
709,758
$510,189
3,597,027
396,659
427,305
850,340
606,231
267,882
335,582
18,376
699,096
109,681
743,033
$459,033
3,944,232
197,797
603,332
632,700
438,940
84,140
510,293
29,097
734,594
72,261
364,949
$106,740
3,766,408
157,829
391,912
850,077
526,196
136,263
367,761
13,255
501,236
108,217
135,441
$358,275
3,196,586
218,366
779,365
941,394
455,288
164,616
258,794
10,796
1,484,710
28,047
49,895
$305,814
4,101,953
139,625
1,068,762
540,651
310,647
292,124
7,500
864,408
49,974
516,531
$128,777
2,747,381
191,924
944,905
292,559
335,619
215,162
416,385
6,772
509,567
3,896
634,464
Total— 919
1918.
• 1917.
10,904,213
13,998,454
574,464
8,879,437
19,217,453
856,078
8,561,401
16,230,557
762,820
8,071,368
11,120,947
678,022
7,061,335
13,165,738
1,767,702
7,946,132
14,810,953
2,521,374
8,504,928
13,822,069
1,077,607
6,427,411
12,762,403
1,6
1
I
W
o
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919,
1918
1917,
September.
October.
November.
$348,356
3,567,082
270,787
1,495,015
466,194
522,391
484,222
674,714
99,953
384,550
58,465
2,236,593
$386,620
7,220,020
381,084
1,572,906
670,753
1,968,217
468,857
1,330,184
134,066
479,476
120,142
1,331,959
$2,237,225
10,608,322
20,917,189
1,125,834
16,064,284
23,519,494
4,354,747
December.
Total, 1919.1
959,873
2,031,238
536,361
1,017,726
2,268,244
1,168,770
78,422
69,350
435,844
1,361,975
$3,297,357
8,136,966
543,565
2,953,262
2,011,330
693,112
1,334,383
1,662,475
151,139
388,698
344,859
1,950,176
$10,820,992
57,133,089
3,753,298
14,091,343
9,082,378
8,233,847
6,580,735
7,946,180
565,114
7,486,315
1,887,002
10,839,780
21,923,920
16,190,679
6,959,770
23,467,322
11,616,643
15,424,651
U38,420,073
Total, 1918.
$10,287,131
70,676,912
5,650,053
24,894,291
13,389,109
11,697,196
9,033,011
15,681,201
799,371
10,400,938
2,056,758
12,806,608
$6,115,127
6,863,800
726,078
4,400,590
3,160,449
4,562,494
429,845
3,114,503
363,673
2,646,322
177,953
5,210,298
w
w
II
O
Ul
o
187,372,579
i Includes foreign trade acceptances as follows: Boston, $2,483,516; New York, $15,936,065; Atlanta, $50,547; Dallas, $74,052; San Francisco, $304,125.
Total, 1917
37,771,132
I
l
6
w
Ul
o?
N o . 34.— Total bills discounted, by months, during the calendar year 1919, distributed by classes of member banks.
January.
Federal Reserve
Bank.
Boston
New York...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total...
State banks
and trust
companies.
National
banks.
National
banks.
National
banks.
$52,032,619 $270,959,061
627,550,668 1,933,364,120
134,149,707
676,446,144
69,625,108
159,198,612
18,953,164
311,669,971
29,249,999
104,332,563
94,196,734
241,652,703
96,373,624
64,938,533
19,201,054
1,272,714
117,501,381
3,101,780
95,927,759
6,332,471
153,862,942
13,485,339
1,267,862,222 3,871,100,079
1,114,888,836 4,180,489,934
July.
June.
Federal Reserve
Bank.
State banks
and trust
companies.
National
banks.
State banks
and trust
companies.
National
banks.
State banks
and trust
companies.
State banks
and trust
companies.
National
banks.
National
banks.
$60,449,679
698,367,270
156,545,536
90,142,398
23,644,575
39,889,914
100,235,444
88,753,317
1,780,041
7,404,408
7,917,743
17,943,915
$438,719,759
1,997,908,420
744,544,451
170,451,215
334,403,771
112,047,000
238,095,359
99,960,074
69,148,620
134,282,116
107,191,237
160,349,731
1,293,074,240
4,607,101,753
August.
State banks
and trust
companies.
May.
April.
March.
$57,667,841 $303,707,840
733,430,305 2,040,220,299
506,458,644
124,843,668
127,971,485
55,030,662
257,722,555
17,738,159
47,353,304
79,466,488
168,850,971
124,578,700
50,639,332
80,073,529
11,217,266
1,911,115
84,398,282
4,705,374
91,132,625
6,032,203
149,314,292
14,497,362
$313,291,557
2,734,628,978
558,879,080
14S,943,471
265,617,894
122,481,932
184,367,373
59,127,506
15,405,960
91,634,298
84,045,692
148,096,302
4,726,520,043
February.
State banks
and trust
companies.
State banks
and trust
companies.
$390,391,994
3,320,699,274
806,526,373
160,635,880
337,548,680
126,758,427
261,781,704
100,927,954
75,110,846
140,649,340
112,984,431
153,582,928
$53,538,173
746,370,557
138,952,655
79,189,101
30,585,123
38,769,137
151,068,972
104,237,590
6,041,619
6,730,628
11,834,692
25,863,577
1,294,299,887 5,987,597,831
1,393,181,824
$66,521,709
680,147,354
171,493,806
54,250,011
28,861,101
39,890,979
112,765,753
97,166,989
3,809,925
9,866,345
9,991,618
19,534,297
September.
National
banks.
National
banks.
State banks
and trust
companies.
o
i
October.
National
banks.
State banks
and trust
companies.
W
o
Boston
New York..
Philadelphia
Cleveland...
Richmond..
$315,844,179
2,548,527,973
900,679,601
165,913,775
366,266,960
$47,165,991 $349,556,293
554,269,354 3,201,056,209
178,897,018
833,404,090
55,844,568
180,694,630
32,031,324
384,460,508
$53,504,054 $201,668,015
788,418,498 2,947,565,691
767,442,786
198,670,131
105,269,672
185,153,800
351,695,051
35,447,707
$43,710,597 $275,609,012
581,136,677 2,795,478,550
155,332,500
847,442,670
88,564,542
222,008,834
31,304,897
320,346,694
$38,442,672 $338,861,090
700,222,544 3,671,788,669
156,273,308 1,003,293,351
78,418,327
229,696,205
24,575,180
297,868,455
$46,955,458
800,636,375
80,112,628
21,167,618
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
121,497,546
220,092,173
79,204,476
34,065,169
132,622,673
103,394,959
123,194,857
40,389,284
174,378,649
91,839,134
3,796,695
4,467,089
9,118,163
25,409,920
5,111,304,341
1,217,607,189
31,836,725
179,118,312
78,981,115
4,026,398
2,425,284
9,604,730
16,462,232
165,675,611
245,958.856
98,214,274
62,241,616
132,577,844
107,051,634
124,591,337
47,113,115
132,051,126
110,150,426
4,609,379
7,383,713
10,260,378
19, 458,157
132,588,683
287,164,554
119,537,478
92,896,788
159,767,995
127,917,001
149,737,454
73,261,339
124,066,460
100,748,542
7,716,383
11,411,049
9,314,486
25,311,225
5,672,746,781 1,510,688,292 5,211,158,277 1,222,504,009
5,397,196,932
1,328,958,325
6,611,117,723
1,449,200,246
142,547,831
184,972,455
75,028,109
26,019,482
102,571,576
88,584,927
103,850,671
35,637,144
178,682,104
71,799,048
2,533,994
7,351,221
11,000,850
19,373,869
149,808,888
198,498,456
73,439,168
34,166,400
101,653,201
85,035,122
115,031,699
November.
Federal Reserve Bank.
National banks.
December.
State banks
State banks
and trust National banks. and trust
companies.
companies.
3
Total.
National banks.
State banks
and trust
companies.
All member
banks.
H
O
Ul
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
$364,692,049
3,758,956,649
607,829,457
205,906,474
242,049,476
115,989,224
327,412,209
103,891,199
84,049,670
138,149,854
65,097,987
140,608,384
$62,230,215
707,250,426
75,807,335
86,280,204
22,031,186
58,043,812
120,771,046
76,219,565
4,755,943
7,785,037
5,573,446
33,117,528
$440,188,026
3,181,117,946
768,450,673
212,705,507
349,107,998
105,582,800
368,611,413
109,216,637
91,257,292
135,770,313
54,979,342
170,718,320
$86,690,363
700,378,328
75,573,604
113,849,260
25,844,862
-45,565,837
136,940,619
70,162,977
4,486,010
11,385,822
4,622,649
27,665,993
$4,003,488,875
34,131,312,778
9,021,397,320
2,169,279,888
3,818,758,013
1,478,776,993
2,927,458,226
1,065,559,831
614,780,163
1,471,578,873
1,123,342,716
1,692,938,917
$671,909,371
8,318,178,356
1,715,037,951
956,576,481
312,184,896
527,000,589
1,628,853,919
1,035,070,765
46,740,216
84,017,750
101,603,429
258,123,414
$4,675,398,246
42,449,491,134
10,736,435,271
3,125,856,369
4,130,942,909
2,005,777,582
4,556,312,145
2,100,630,596
661,520,379
1,555,596,623
1,224,946,145
1,951,062,331
Total....
6,154,632,632
1,259,865,743
5,987,706,267
1,303,166,324
63,518,672,593
15,655,297,137
79,173,969,730
X
H
o
4
5
Ul
N o . 35.—Average rate (per cent) charged on all paper discounted by each Federal Reserve Bank, by Months, during the calendar year 1919.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Systom—1919
1918.
January.
February.
March.
April.
May.
June.
July.
Novem- Decem- Average, Average,
August. SeptemOctober.
1918.
ber.
ber.
ber.
1919.
4.05
4.07
4.12
4.19
4.28
4.21
4.17
4.17
4.39
4.82
4.65
4.54
4.13
4.03
4.08
4.13
4.28
4.18
4.14
4.15
4.28
4.68
4.52
4.49
4.09
4.02
4.07
4.13
4.31
4.18
4.15
4.18
4.19
4.72
4.42
4.47
4.18
4.03
4.09
4.11
4.44
4.16
4.17
4.13
4.22
4.77
4.47
4.46
4.14
4.03
4.07
4.13
4.25
4.19
4.21
4.15
4.41
4.66
4.46
4.50
4.17
4.04
4.07
4.13
4.26
4.22
4.26
4.20
4.40
4.82
4.45
4.51
4.20
4.06
4.01
4.08
4.20
4.13
4.17
4.15
4.29
4.57
4.38
4.44
4.18
4.05
4.01
4.08
4.20
4.13
4.18
4.16
4.10
4.40
4.30
4.41
4.18
4.04
4.01
4.12
4.31
4.19
4.36
4.29
4.38
4.55
4.36
4.39
4.22
4.03
4.02
4.14
4.28
4.24
4.40
4.22
4.50
4.60
4.34
4.47
4.56
4.49
4.34
4.55
4.46
4.51
4.61
4.52
4.74
4.91
4.55
4.58
4.64
4.63
4.61
4.68
4.64
4.61
4.69
4.64
4.88
5.02
4.80
4.62
4.25
4.14
4.13
4.24
4.32
4.25
4.35
4.26
4.54
4.74
4.46
4.50
4.18
4.02
4.14
4.02
4.15
4.08
4.18
4.23
4.16
4.35
4.19
4.42
4.14
4.37
4.12
4.25
4.18
4.24
4.19
4.21
4.53
4.67
4.18
4.26
4.20
4.17
4.06
4.09
4.21
4.38
4.06
4.24
4.27
4.72
4.80
4.55
4.54
W
4.26
td
o
N o . 36.—Average rate (per cent) charged on all paper purchased by each Federal Reserve Bank, by months, during the calendar year 1919.
Federal Reserve Bank.
Boston
..
New York
Philadelphia
Clereland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
January.
February.
March.
April.
May.
4.20
4.22
4.26
4.27
4.56
4.56
4.36
4.26
4.23
4.33
4.62
4.34
4.17
4.19
4.13
4.22
4.56
4.56
4.26
4.21
4.21
4.19
4.67
4.29
4.19
4.18
4.17
4.19
4.56
4.56
4.21
4.21
4.20
4.38
4.57
4.33
4.15
4.20
4.20
4.21
4.56
4.56
4.22
4.23
4.17
4.26
4.63
4.28
4.17
4.19
4.23
4.20
4.56
4.56
4.28
4.39
4.20
5.07
4.65
4.23
4.28
4.24
4.24
4.24
4.24
June.
4.18
4.23
4.33
4.22
4.56
4.56
4.27
4.25
4.22
5.07
4.56
4.26
4.24
July.
4.22
4.25
4.23
4.23
4.56
4.56
4.21
4.23
4.24
4.65
4.25
4.25
August.
Septem- October. Novem- Decem- Average,
ber.
1919.
ber.
ber.
4.24
4.23
4.27
4.22
4.56
4.56
4.28
4.22
4.22
5.00
4.50
4.24
4.19
4.22
4.26
4.23
4.56
4.56
4.25
4.26
4.21
4.25
4.67
4.24
4.25
4.25
4.25
4.24
4.31
4.23
4.56
4.56
4.24
4.32
4.22
4.45
4.45
4.34
4.46
4.57
4.56
4.50
4.49
4.47
4.77
4.53
4.92
4.81
4.75
4.84
4.82
4.60
4.87
4.80
4.75
4.79
5.01
4.88
4.36
4.37
4.38
4.32
4.60
4.57
4.38
4.31
4.25
4.51
4.68
4.40
4.73
4.23
4.47
4.84
4.36
4.26
a
8
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1
N o . 37.—Average maturity
(in days) of all paper discounted by each Federal Reserve Bank, by months, during the calendar year 1919.
oo
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
System—1919.
1918.
January.
February.
March.
April.
May.
June.
July.
August.
Septem- October. November.
December.
Average, Average,
1918.
1919.
17.72
7.20
9.85
13.70
10.79
18.04
16.67
13.93
16.83
24.23
26.62
16.65
12.44
8.68
8.46
14.84
10.75
17.15
15.95
13.42
17.09
22.26
23.07
15.99
8.27
8.36
7.28
12.28
9.98
16.64
16.28
12.87
15.42
21.87
20.22
16.58
14.68
8.61
7.71
14.10
10.56
17.56
16.33
12.29
15.28
23.30
21.70
16.25
9.15
6.58
7.27
14.42
10.88
16.73
16.71
11.00
17.95
21.76
20.43
16.96
12.06
7.31
6.94
13.99
10.29
16.35
17.10
10.91
17.13
27.09
19.23
16.42
13.87
7.05
7.10
13.14
11.30
16.91
16.84
13.52
18.07
22.41
19.43
16.42
14.45
6.67
7.31
14.22
11.51
16.85
17.40
12.39
15.42
17.97
17.94
17.14
11.85
6.49
6.69
13.16
9.79
16.95
20.29
14.10
19.66
20.76
18.91
16.41
13.38
6.32
6.93
15.35
10.50
19.70
21.31
13.16
25.00
22.31
17.89
16.49
15.61
7.12
14.32
17.77
10.90
21.79
24.53
13.50
26.73
27.33
19.14
17.04
13.28
7.40
9.04
17.61
9.93
18.70
27.04
16.73
35.23
27.66
19.46
15.28
13.12
7.20
7.29
14.66
10.60
17.83
19.33
13.12
22.27
23.41
20.25
16.42
10.34
18.90
10.74
27.73
10.15
22.25
11.07
11.25
9.13
12.59
9.79
10.09
9.41
12.85
9.33
12.70
9.44
10.38
9.54
11.17
11.36
12.37
11.52
8.54
10.13
18.93
7.31
16.51
17.51
10.40
19.01
18.59
19.89
32.78
30.76
27.00
25.31
I
11.81
o
N o . 38,—Average maturity (in days) of all paper purchased by each Federal Reserve Bank, by months, during the calendar year 1919.
Federal Reserve Bank.
Boston
New Y o r k . . . .
Philadelphia.
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
System.
January.
February.
62.27
44.74
67.04
33.29
38.80
33.88
51.93
65.48
73.56
58.39
48.63
57.56
53.01
62.80
54.71
55.51
45.67
44.84
43.70
39.71
78.14
69.78
73.70
71.12
March.
34.10
April.
May.
June.
July.
August.
Septem- October. November.
ber.
December.
Average,
1919.
43.10
42.64
57.00
59.82
56.41
62.38
64.43
42.16
60.14
61.24
47.38
61.93
50.45
29.52
36.65
49.70
49.93
36.38
59.45
60.50
48.67
54.42
76.25
58.10
54.86
41.12
42.24
82.78
54.39
58.90
68.14
54.67
21.42
60.16
55.53
46.83
79.08
65.07
71.64
63.55
67.73
46.68
70.67
41.20
63.61
50.80
44.09
44.56
52.50
37.63
54.73
65.22
41.02
57.60
88.00
29.00
57.55
50.54
58.28
49.40
66.78
55.49
48.31
74.12
66.39
67.74
66.54
71.26
61.65
73.27
65.26
36.80
73.39
51.21
50.73
46.15
48.36
55.55
57.11
39.38
46.57
69.82
66.65
53.26
36.52
57.64
58.48
52.76
60.58
34.22
35.18
41.47
45.60
62.83
60.40
56.07
34.17
47.22
47.96
56.34
55.29
24.55
38.47
73.24
47.19
62.26
60.60
70.35
35.05
57.04
36.77
49.16
58.74
34.92
37.65
47.63
52.95
45.80
45.38
65.71
44.94
59.92
82.84
23.01
60.91
34.47
45.46
67.02
57.12
46.62
55.80
67.27
44.51
64.96
42.69
42.00
45.80
45.60
W
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3
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o
I
N o . 39,—Number of banks, by districts, accommodated through the discount of paper during each month in 1919.
Federal Reserve
district.
January.
February.
March.
April.
May.
June.
July.
August. SeptemOctober. November.
ber.
December.
Total,
1919.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta ..
Chicago...
. .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
191
395
351
153
242
245
416
176
Id8
334
419
226
152
403
322
143
266
236
301
167
128
313
403
257
208
403
341
177
263
214
597
171
142
366
421
272
230
426
346
19£
281
223
651
190
180
400
465
288
245
423
391
207
312
262
560
191
235
418
508
283
250
504
432
229
320
265
551
168
212
410
426
280
250
402
413
199
321
233
497
190
151
381
398
250
243
381
389
213
299
241
468
185
1KB3
295
341
242
231
378
388
222
387
255
494
205
164
351
420
227
244
396
389
245
297
247
614
223
224
391
359
210
265
405
375
282
252
185
613
211
280
354
235
192
277
434
405
276
255
173
586
205
270
365
200
213
348
546
494
409
414
347
951
305
475
679
607
418
Total—1919
1918
1917
3 ; 316
1,432
309
3,091
1,353
262
3,575
1,568
315
3,875
2,100
384
4,035
2,793
590
4,047
3,021
900
3,685
3,462
960
3,460
3,671
990
3,722
3,839
3,610
1,140
3,649
3,667
1,574
3,659
3,288
1,701
5,993
3,464
953
OO
Total,
1918.
269
522
457
320
373
327
850
278
580
554
548
415
o
Total,
1917.
218
322
201
160
246
228
541
149
284
364
258
156
g
5,493
3,127
si
w
o
No.
40.—Acceptances bought in open market during the calendar year 1919, distributed by classes.
Bankers' acceptances.
Month.
In the
foreign
trade.
In the
domestic
trade.
Dollar
exchange.
Trade acceptances.
Total.
In the
foreign
trade.
In the
domestic
trade.
Grand total.
Total.
5
January
February..
March
April
May
June.
July
August
September.
October
November.
December..
$100,580,386
81,381,667
84,757,707
89,420,640
106,705,776
227,983,824
213,595,045
155,751,303
153,415,849
248,045,528
252,695,143
306,555,328
$96,180,827
61,804,082
54,254,477
47,451,019
37,889,464
62,218,856
60,379,550
36,653,358
48,546,581
81,818,557
82,849,782
86,378,589
$1,698,770
1,468,980
405,265
406,114
1,158,490
67,557
841,327
381,250
312,468
408,637
1,463,650
2,693,252
$198,459,983
144,654,729
139,417,449
137,277,773
145, 753,730
290,270,237
274,815,922
192,785,911
'202,274,898
330,272,722
337,008,575
395,627,169
$1,935,145
2,255,982
3,963,834
3,114,337
1,621,293
983,940
940,450
1,157,435
2,293,845
3,051,436
2,897,336
3,073,839
$1,096,578
499,382
280,273
246,799
275,169
661,269
728,458
267,279
479,592
1,937,554
789,594
2,007,085
$3,031,723
2,755,364
4,244,107
3,361,136
1,896,462
1,645,209
1,668,908
1,424,714
2,773,437
4,988,990
3,686,930
5,080,924
$201,491,706
147,410,093
143,661,556
140,638,909
147,650,192
291,915,446
276,484,830
194,210,625
205,048,335
335,261,712
340,695,505
400,708,093
Total
2,020,888,196
756,425,142
11,305,760
2,788,619,098
27,288,872
9,269,032
36,557,904
2,825,177,002
w
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o
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o
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i
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oo
No, 41,—Acceptances bought in open market during each month in 1919; also totals for 1918 and 1917.
00
to
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919...
1913...
1917...
Per cent—1919
1918
1917
September.
January.
February.
March.
April.
May.
June.
July.
August.
$24,383,920
75,582,937
883,390
31,770,316
4,083,668
4,088,494
15,436,290
10,199,890
10,457,484
6,048,056
2,062,000
16,495,261
$20,341,094
56,351,764
1,541,652
13,278,112
2,502,650
1,817,889
13,573,765
11,345,794
4,563,902
3,190,558
943,000
17,959,913
$13,227,576
53,250,195
1,828,063
13,331,247
3,365,168
3,171,230
13,631,397
9,925,288
12,462,554
4,476,105
1,080,000
13,912,733
$17,239,328
61,605,656
1,918,792
14,238,451
3,904,855
3,064,032
14,497,266
5,353,983
5,386,625
1,401,481
678,000
11,350,440
$18,501,331
60,721,633
534,512
15,472,166
2,791,242
2,788,678
22,025,711
5,546,649
4,596,780
9,595
830,000
13,831,895
$31,701,356
137,454,889
134,911
29,127,647
4,567,752
5,620,163
26,299,097
8,684,572
16,604,013
1,999
734,000
30,985,047
$24,972,461
129,118,992
278,963
30,233,112
5,538,112
4,802,064
30,434,172
7,445,974
10,776,667
627,822
32,256,491
$42,565,466
64,910,476
509,732
16,755,025
5,492,600
2,286,371
23,529,003
7,469,809
7,642,665
21,115
499,659
22,528,704
$20,353,090
64,460,086
687,216
23,450,835
5,226,079
3,950,570
24,031,764
7,213,275
12,698,615
600,000
1,025,272
41,351,533
201,491,706
130,619,509
20,617,180
7.1
7.2
1.9
147,410,093
148,275,106
70,640,679
5.2
8.1
143,661,556
138,996,364
28,152,638
5.1
7.6
2.6
140,638,909
108,515,517
41,312,691
5.0
6.0
3.8
147,650,192
115,913,940
82,544,372
5.2
291,915,446
89,580,022
135,229,697
10.3
4.9
12.5
276,484,830
123,573,644
66,864,065
194,210,625
162,796,413
72,122,802
205,048,335
183,132,122
109,046,466
7.2
10.1
10.1
7.7
6.7
I
1-3
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te3
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o
>
No. 41.—Acceptances bought in open market during each month in 1919; also totals for 1918 and 1917—Continued.
Per cent.
Total.
Federal Reserve Bank.
October.
November.
December.
1919
Boston.. .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
.
.
.
.
.
Kansas City
Dallas
San Francisco
Total—1919
1918
1917
Per cent—1919
1918
1917
1,912,400
42,463,246
$39,438,586
210,272,820
2,678,026
27,622,483
6,743,120
6,019,116
42,017,209
5,381,753
1,547,985
10,337,197
940,460
47,709,338
$360,783,757
1,211,398,977
14,048,450
261,750,317
52,977,382
51,661,193
292,011,808
87,502,626
108,714,435
26,086,106
12,415,233
345,826,718
340,695,505
195,697,512
186,218,728
12.1
10.8
17.3
400,708,093
155,733,438
178,069,009
14.2
8.6
16.5
2,825,177,002
$44,081,751
145,060,466
220,704
27,417,732
4,956,924
9,686,840
32,835,029
3,610,303
11,327,226
$63,977,798
152,609,063
2,832,489
19,053,191
3,805,212
4,365,746
33,701,105
5,325,336
10,649,919
1,082,620
54,982,117
335,261,712
256,705,208
86,894,182
11.9
14.6
8.1
1918
$194,157,686
945,497,423
77,686,322
122,800,420
70,765,491
45,477,368
122,787,257
26,096,120
13,902,579
14,690,587
25,024,122
150,653,420
1917
$91,528,205
464,965,602
85,913,798
91,109,193
58,116,061
26,392,564
66,714,061
29,732,271
33,072,316
26,825,413
35,076,917
68,266,108
1919
12.8
42.9
.4
9.3
1.9
1.9
10.3
3.1
3.9
.9
.4
12.2
1918
10.7
52.0
4.3
6.7
3.9
2.5
7.2
1.4
.8
.8
1.4
8.3
1917
8.5
42.9
7.9
8.4
5.4
2.4
6.2
2.7
3.1
2.5
3.2
6.8
M
B
U
02
1,809 538 795
1,077,712,509
100.0
100 0
100.0
i
W
oo
CO
No. 4£«—Acceptances bought in open market during each month in 1919, distributed by maturities.
00
MATURITIES.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Total—1919
1918
1917
Within 15
days.
From 16 to
30 days.
From 31 to
60 days.
From 61 to
90 days.
$27,192,062
26,214,072
22,886,198
32,819,728
34,396,176
75,037,208
63,916,450
34,977,827
40,798,778
72,022,506
63,079,659
85,410,188
$61,483,057
23,394,980
32,397,835
25,629,438
25,172,762
48,801,795
25,443,507
29,547,930
48,627,506
56,552,913
34,869,917
43,867,155
$46,851,121
67,650,245
60,215,753
59,148,103
50,699,368
79,513,349
70,265,490
67,276,021
52,288,254
89,997,199
87,498,710
75,922,791
$65,565,466
30,150,796
28,151,770
23,041,640
37,381,886
88,563,094
116,859,383
62,408,847
63,333,797
116,665,011
155,247,219
195,507,959
$400,000
578,750,852
161,963,856
32,048,198
455,788,795
276,656,397
128,893,138
807,326,404
466,589,072
267,034,882
982,876,868
876,539,062
613,295,256
434,083
27,790,408
36,441,035
Over 90
days.
10,000'
24,0
Total, 1919.
Total, 1918.
$201,491,706
147,410,093
143,661,556
140,638,909
147,650,192
291,915,446
276,484,830
194,210,625
205,048,335
335,261,712
340,695,505
400,708,093
$130,619,509
148,275,106
138,996,364
108,515,517
115,913,940
89,580,022
123,573,644
162,796,413
183,132,122
256,705,208
195,697,512
155,733,438
Total, 1917.
$20,617,180
70,640,679
28,152,638
41,312,691
82,544,372
135,229,697
66,864,065
72,122,802
109,046,466
86,894,182
186,218,728
178,069,009
w
2,825,177,002
1,809,538,795
1,077,712,509
I
W
o
N o . 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year 1919,
CHRONOLOGICAL TABLE.
Rediscounted or sold by Federal Reserve Bank of—
w
Discounted or purchased by
Federal Reserve Bank of—
i
Chicago
Minneapolis
,
Chicago
Kansas City
Chicago
Minneapolis
Do
Chicago
Minneapolis
Chicago
Do
Do
Cleveland
Chicago
New York
Minneapolis
Chicago
Minneapolis
Chicago
Do
Cleveland . .
Minneapolis
San Francisco
Date.
Boston.
New York.
Philadelphia.
Richmond.
Atlanta.
Chicago.
Discounted Purchased Purchased Discounted Discounted Discounted Purchased
bills.
bills.
bills.
bills.
bills.
bills.
bills.
.
Jan. 2 . . .
Jan. 3 . . .
...do
..do ...
$5,009,980
Jan. 6 . .
...do
Jan.10..
Jan. 15 .
...do
Jan.17,.
Jan.20..
Jan.22..
. . d o . . $10 017 300
Jan. 23..
...do
Jan. 28..
..do ...
Jan. 29..
Jan. 30..
Jan. 31..
do . .
Feb 3
...do
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
S
Purchased Discounted Discounted Purchased
bills.
bills.
bills.
bills.
$5 000,000
$6,013,000
5,000,000
$5,000 000
9
O
5,190,000
5 000 000
5,000,000
1 000 000
7 500 000
7 500 000
5,000,000
2 500 000
5 000 000
i
$45.853
$10 000 000
10 004 000
$5 052 808
5,000 000
5,000,000
5,088,039
5 036 913
5,010,687
8
oo
N o . 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year
1919—Continued.
oo
CHRONOLOGICAL TABLE—Continued.
Rediscounted or sold by Federal Reserve Bank of—
Discounted or purchased by
Federal Reserve Bank of—
1
Chicago
Cleveland
Chicago
Minneapolis
Cleveland
Chicago
Do
St. Louis
San Francisco
Chicago
Minneapolis
Chicago
San Francisco
Chicago
Do
Do
San Francisco
Kansas City
Do
Chicago
Date.
Boston.
Discounted Purchased
bills.
bills.
Feb 3 . . .
Feb. 4...
Feb. 6...
Feb. 7...
...do
Feb. 8 . .
Feb. 11..
...do
do
Feb. 14.
Feb. 17..
,..do
Feb. 18..
Feb. 19.. $10,028,000
Feb. 20..
Feb. 24..
Feb. 25..
Feb. 27..
...do
...do
Mar. 1...
Mar. 3 . . .
Mar. 4...
New York.
Philadelphia.
Richmond.
Atlanta.
Chicago.
Purchased Discounted Discounted Discounted Purchased
bills.
bills.
bills.
bills.
bills.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
Purchased Discounted Discounted Purchased
bills.
bills.
bills.
bills.
$5,000,000
$10,100 167
5 000 000
$10,000,000
W
$5,034,384
5 000 000
5 057,259
5 071,020
2,538,884
$10,000,000
10,000,000
5,001,156
10 000 000
5,163,305
5 000 000
5 000 000
7 500 000
5,016 061
10,000 000
5,060,295
15 000,000
10 000 000
1,182 893
5,000,000
W
O
New York
St. Louis
Kansas City
Chicago
;
Do
Minneapolis
Do
Chicago
Do
St. Louis
Kansas City
Chicago
Cleveland
Do
Chicago
Do
Minneapolis
Do
Cleveland
Chicago
Do
Minneapolis
Chicago
Minneapolis
Cleveland
Chicago
Cleveland
New York
Cleveland
Chicago
New York
Cleveland
Chicago
Do
Minneapolis
..do..
...do....
..do....
Mar. 7..
Mar. 10.
...do....
Mar. 13.
...do....
Mar. 14.
...do....
...do....
Mar. 17.
Mar. 18.
Mar. 19.
...do....
Mar. 20.
...do....
Mar. 24.
...do....
..do....
Mar. 27.
Mar. 28.
..do....
Mar. 31.
..do....
..do
Apr. 1...
Apr. 2...
Apr. 3...
..do..
..do..
Apr. 9..
...do
Apr. 10
...do
100,000
2,500,000
2,500,000
5,000,000
5,000,000
10,000,000
3,008,010
20,079,153
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
2,500,000
2, 500,000
5,000,000
6,000,000
5,000,000
5,000,000
5,000,000
5,000,000 10,000,000
2,500,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000 10,000,000
5,000; 000
10,048,2
5,000,000
5,000,000
5,000,000
10,000; 000
10,000,000
5,000,000
5,000,000
10,000,000
10,000,000
5,000,000
5,000,000
5,000,000
10,000,000
N o . 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year 1919—Continued .
00
oo
CHRONOLOGICAL TABLE—Continued.
Rediscounted or sold by Federal Reserve Bank of—
Discounted or purchased by
Federal Reserve Bank of—
Date.
New York.
Philadelphia.
Richmond.
Atlanta.
Chicago.
Discounted Purchased Purchased Discounted Discounted Discounted Purchased
bills.
bills.
bills.
bills.
bills.
bills.
bills.
i
Cleveland
Chicago ...
Ban Francisco
New York
Chicago
Cleveland .
Chicago
Do
Cleveland
Chicago
Do
Minneapolis
San Francisco
New York
Cleveland . .
Chicago
Do
Cleveland
Chicago
San Francisco
Chicago
Do
San Francisco
Boston.
Apr. 11
...do....
...do....
Apr. 12
do.. .
Apr. 14
...do
Apr. 16
-Apr. 17
.do. ..
Apr. 18
Apr. 21
...do
Apr. 22
...do....
...do
Apr 23
Apr. 24
.do.. .
.do....
Apr. 26
Apr. 28
...do
Minneapolis .
Kansas
City.
Dallas.
San
Francisco.
!
Purchased i Discounted Discounted Purchased
bills.
bills.
bills.
bills.
1
i
$5,000,000
10,000,000
$2,827,239
IJKIO.000 000
i
$5 000 000
$5,000,000
5,000,000
W
7,500 000
5,000 000
6.000.000
10 000 000
5 000,000
5,000,000
10 000 000
ft
5,036,461
i
10,000,000
5,000,000
2,500,000
10,000,000
5,000,000
5 000 000
2 500 000
5,000,000
5,000,000
7,500 000
5,000 000
5,046,506
5,000,000
w
o
Cleveland
Chicago
Do.........
San Francisco..
Minneapolis
Chicago
Do
Cleveland
Chicago
Do
Cleveland
Chicago
Do
Do
Do
San Francisco..
Minneapolis—
Cleveland
Chicago
Do
Do
Cleveland
Chicago
Minneapolis
Chicago
Do
Cleveland
San Francisco.
Cleveland
Chicago
Do
Cleveland
Minneapolis
Cleveland
Chicago...... r . . . , . . . , . . r . . T . . .
Apr. 29
..do
Apr. 30
..do
May 1
...do
May 2
...do
May 3
May 5
...do
May 6
May 7
May 8
May 9
...do
May 12
May 13
...do.....
May 14
May 15
...do
May 16
...do.....
May 17
May 19
May 20
...do....
May 21
!... do
| May 22
!.. .do
I.. .do
| May 23
| . . . do
10,000,000
5,000,000
2,500,000
4,500,000
5,010,3
X
10,000,000
3,000,000
5,000,000
W
w
I—I
10,000,000
H
6,000,000
5,000,000
O
5,000,000
5,000,000
2,500,000
5,000,000
5,000,000
4,000,000
10,000,000
O
3,244,941
10,000,000
5,000,000
10,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
4,000,000
3,000,000
4,000,000
5,000,000
5,000,000
5,000,000
5,021,553
5,000,000
3,000,000
6,000,000
5,000,000 5,000,000
10,000,000
5,000,000
i, 200,000
oo
No. 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year 1919—-Continued.
CHRONOLOGICAL
CD
O
TABLE—Continued.
Rediscounted or sold by Federal Reserve Bank of Discounted or purchased by
Federal Reserve Bank of—*
Bos ton.
Date.
Discounted Purchased
bills.
bills.
St Louis
Cleveland
Minneapolis
Chicago
Do
Cleveland
Do
Chicago
Cleveland
Chicago
Minneapolis
(TlPVeland
St Louis
Minneapolis
Chicago
St Louis
Richmond.
Atlanta.
Chicago.
Minneapolis.
Purchased
bills.
Kansas
City.
Dallas.
San
Francisco.
Discounted Discounted Purchased
bills.
bills.
bills.
o
$10 000 000
...do
*]
$4,000,000
10 000 000
Mav 29
.do....
June 2
do
do
June 3
do
do .
June 4
do
San Francisco
H
O
$5 000 000
5,000,000
10,000,000
do
CVIIORPO
Philadelphia.
Purchased Discounted Discounted Discounted Purchased
bills.
bills.
bills.
bills.
bills.
May 23
May 26
...do
.do....
Mav 28
June
...do
June
June
June
do
Chicago
Minneapolis
San Francisco
Chicago
Cleveland
New York.
5,004,000
5,000,000
10,000,, 000
5 000 000
W
2,500,000
13 000 000
4,000,000
5 000 000
CO
5 000,000
5 000 000
7,000,000
5
6
7
9
5,000,000
5,000,000
5,000,000
H
5,000,000
w
o
10 000 000
5,000,000
$5 120 057
2 500 000
5,000,000
5,000,000
3,318,585
Chicago
Do
Cleveland
Chicago
Minneapolis
Cleveland
Chicago
St. Louis
Minrieapoli s
Chicago
Cleveland
Chicago
Minneapolis
Chicago
Cleveland
Chicago..
Sin Francisco
Clpveland
Chicago
Cleveland
St Louis
Minneapolis
San Francisco
Chicago
Minneapolis
Chicago
MinnpaDOlis
Nrexv York
Chicago
j)o
Do
Minneapolis
Do
Do
Chicago
June 10
June 11
June 12
...do
..do
June 13
. ..do..
...do..
do
June 14
June 16
.do.
.do.
June 18
June 19
...do
5 000 000
2,500 000
5,000,000
10,000,000
5,000,000
3,500 000
8,000,000
4 000 000
8 000 000
5,000 000
5,000,000
1
4,000 000
15
1
iI
6,000,000
o
1
10,000,000
5 000 000
do
H
7,000,000
10,000,000
5,000,000
5,041,472
I—I
M
5,000,000
do.
w
w
5 000 000
5,000,000
5,000,000
June 20
2,775,000
10,000,000
June 23
10,000,000
do
15,000,000 i
...do.
5,028,319
do
10,000,000
June 24
June 25
June 26
10,000,000
do
June
.do
June
June
. do
July
July
...do
4,000,000
2,500,000
8,000,000
27
28
30
1
2
5,000,000
10,000,000
5 000 000
1
j
i
1
$5,061,566
5,000,000
5,000,000
10.000,000
5,000,000
3,000,000
5,000,000
5,000,000
10,000,000
10 000 000
5,000,000
>
No. 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year
1919—Continued.
CD
to
CHRONOLOGICAL TA BLE—Continued.
Rediscounted or sold by Federal Reserve Bank of—
Discounted or purchased by
Federal Ret; ye Bank of—
Date.
I
Chicago
1)0
Do. .
Minneapolis ..
Do
Chicago
Do
Minneapolis
San Francisco .
Chicago
Son Francisco
Do
Chicago .
Cleveland
Chicago
St. Louis
Chicago
Minneapolis
Do
Chicago
Do
St Louis
Chicago
Boston.
New Y ork.
Philadelphia.
Atlanta.
Richmond.
Chicago.
Discounted Purchase:! .Purchased Discounted Discounted Dir-scounted Purchased
bills.
bills.
bills.
bills.
bills.
bills.
bills.
July 3
July 7
July 10
. .do..
July 11
do
July 12
Kansas
City.
Dallas.
$4,000,000
i
San
Francisco.
Purchased Discounted Discounted Purchased
bills.
bills.
bills.
bills.
S20 000.000 $10,000 000
15,000,000
5,000,000
5,000,000
10 000 000
5,000,000
o
O
2 000 000
5,000,000 I
!
10,000,000
do
July 14
July 15
do
July 16
. .do..
July 17
...do....
...do
July 21
...do..
July 22
July 25
July 28
do
July 30
Minneapolis.
$10,013,383
5 000 000
10,022,763
7,006,406
3,000,000
Ul
10,011,871
20,000,000
15,000,000
14,000,000
..7.000,000
3,500,000
10,000,000
5,000,000
5,000,000
15,000 000
10,000,000
5 000 000
10,000,000
5,000,000
w
o
>
i
2,000,000
::::::::::::
Do
St. Louis
Minneapolis
Do
St. Louis
Chicago
Do
St. Louis
Do
Minneapolis
Do
Do
St. Louis
Chicago
Do
St. Louis
Minneapolis
Do
St. Louis
Chicago
,
Minneapolis
Chicago
St. Louis
Do
Chicago
San Francisco
Do
Chicago
St. Louis
Minneapolis
Chicago
St. Louis
Minneapolis
Chicago
D®
July 31
..do....
...do....
Aug. 1
..do....
Aug. 4
Aug. 7
...do....
Aug. 8
...do....
Aug. 9
Aug. 11
...do....
...do....
..do....
Aug. 12
..do....
Aug. 14
..do...
.do.
Aug. 15
...do....
..do....
Aug. 18
...do....
...do....
Aug. 19
...do....
Aug. 20
Aug. 21
..do....
.do.
Aug. 22
Aug. 23
Aug. 25
18,000,000
5,000,000
10,000,000
10,000,000
5,000,000
5,000,000
5,000,000
10,000,000
5,000,000
100,000
2,000,000
2,000,000
I
2,000,000
',000,000
10,000,000
5,000,000
5,000,000
3
5,000,000
5,000,000
1,000,000
1,409,000
o
5,000,000
100,000
2,000,000
10,000,000
5,000,000
10,000,000
5,010,163
5,018,288
17,000,000
136,500
5,000,000
10,000,000
5,000,000
200,000
5,000,000
2,000,000
1,000,000
CD
CO
No. 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year
1919—Continued.
CO
CHRONOLOGICAL TABLE—Continued.
Rediscounted or sold by Federal Reserve Bank of—
Discounted or purchased by
Federal Reserve Bank of—
Date.
1
St. Louis
Kansas City
Chicago
Do
Do
Do
Minneapolis
Kansas City
San Francisco
St. Louis
Chicago
Kansas City
Cleveland
Chicago
Do .
Minneapolis
New Y o r k . . . .
Chicago
St. Louis
Chicago
Do
San. Francisco
Chicago
Boston.
New York.
Philadelphia.
Richmond.
Atlanta.
Chicago.
Discounted Purchased Purchased Discounted Discounted Discounted Purchased
bills.
bills.
bills.
bills.
bills.
bills.
bills.
....
Aug. 25
...do
Aug 28
Aug 29
Aug. 30
Sept. 2
..do. .
.. do. ..
Sept 3
Sept. 4
Sept. 5
. . d o . ..
Sept 6
Sept 8
Sept. 11
Sept. 12
...do....
.. do
Sept. 15
Sept. 17
Sept. 18
Sept. 19
...do....
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
Purchased Discounted Discounted Purchased
bills.
bills.
bills.
bills.
$10,000 000
$10,012,883
$5,000,000
5,000,000
5,000,000
$2,000,000
1,500,000
$5,000,000
1(5,000,000
w
10,000 000
10,001,499
4,294,113
5,000,000
5,000,000
2 000 000
5,008,191
3,000,000
10,000,000
2,000,000
15,000,000
W
$21,667
o
3,000,000
7,000,000
5,000 000
3,000 000
15,000,000
2,000,000
2,000,000
2, 794,293
5,000,000
3,500,000
Sept. 22
Minneapolis
Chicago
Do
Minneapolis
Chicago
Do.
Minneapolis
Chicago
5 000 000
7,000,000
Sept. 29
Sept. 30
Oct. 1
Oct. 3
. . do
DoDo .
Minneapolis
Chicago
Oct
Do
Chicago
Do..
5,000,000
...do....
Sept 24
. . do
Sept. 25
Sept. 26
Sept. 27
Do
Minneapolis
Chicago
Do...
Oct. 15
. . do
San Francisco
Chicago
Do...
Do
Do
Do
Do
Do
Do
Do
Do
St. Louis...
Cleveland
Oct
Opt.
San F r a n c i s c o . . . .
Chicago , . „ . . „ , . , . . . „
..do
.do
Oct. 30
4,000 000
3,000,000
4,000,000
5 000 000
3 000 000
2,500,000
1,000,000
2 000 000
3 176 075
6 000 000
3 500 000
5,000,000
5 000 000
1,000,000
10,000,000
5,000,000
H
b
I
>
O
m
O
5 000 000
3 000 000
X
H
w
I—I
2,000 000
2, 500,000
2,500,000
3,177,012
16
17
Oct. 18
Oct. 20
Oct. 21
Oct. 22
Oct. 23
Oct 27
Oct. 28
. . Oct. 29
.do... .
4,000,000
4 000 000
2,500,000
2,500,000
10,000,000
4
Oct
6
Oct
7
Oct. 9
Oct 11
Oct 13
Oct. 14
. .
5 000 000
5,000,000
10,000,000
3,500,000
4,500,000
1 500 000
2 500 000
5,000,000
3,000,000
4,000,000
4 000 000
1,500,000
3 000 000
2 000 000
5 000 000
8,000,000
1,000,000
20,032, 021
4,000,000
I
5 014 052
10 042 517
5 032 618
4,000,000
CO
N o . 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year
1919—Continued.
CHRONOLOGICAL TABLE—Continued.
Rediscounted or sold by Federal Reserve Bank of— Continued.
Discounted or purchased by
Federal Reserve Hank of— *
Dare.
Discounted Purchased
bills.
bills.
i
Chicago New York
Cleveland
St. Louis
Chicago
Do
Do
Do
Do
Do
St. Louis
Chicago
Do
St. Louis
Dallas
Chicago
Do.
Do.
Do.
Richmond
St. Louis
Dallas
Chicago
Boston.
Oct. 31
...do
Nov. 3
...do
...do
Nov. 4
Nov. 6
Nov. 10
Nov. 12
Nov. 13
...do
Nov. 14
Nov. 17
...do
Nov. 19
Nov. 20
. .. Nov. 21
Nov. 22
Nov. 24
...do
...do
...do
Nov. 26
New York.
Philadelphia.
Richmond.
Atlanta.
Chicago.
Purchased Discounted Discounted Discounted Purchased
bills.
bills.
bills.
bills.
bills.
$2,500,000
Minneapolis.
Kansas
City.
San
Francisco.
Dallas.
Purchased Discounted Discounted Purchased
bills.
bills.
bills.
bills.
$1 500,000
$24,083
$9,824
$15,022,249
10,056,382
25,002,073
w
1,000,000
10,000,000
10,000,000
2,500,000
$10,164,346
10,081,040
1,500,000
5,000,000
4,500,000
5,012,134
4,000,000
3 000,000
5 000,000
5,045,896
5,079,873
5,036,679
5,065,649
2,500,000
1
g
Kansas City
St. Louis
Chicago.
Do
Do.
Do..
Dallas
Do.
Chicago
Do.
Dallas...
Do
Atlanta
Chicago
St. Louis.
San Francisco
Chicago
NGW York
Dallas
Chicago
Dallas.
Atlanta .
Chicago
Dallas
New York
.
Cliicago
Dallas
...do....
Nov 28
...do
Dec. 1
Dec. 2
Dec. 5
Dec. 8
..do.
Dec. 12
Dec. 13
Dec. 18
...do
Dec. 19
...do...
...do...
...do
. do
Dec. 20
Dec 22
- do
Dec. 23
Dec. 24
Dec. 29
.do
...do...
Dec. 30
do
[
10,005,496
5 000 000
4,000,000
10,000,000
4,500,000
2,000,000
3,000,000
5,000,000
9,000,000
4,500,000
4,000,000
4,000,000
X
|
S
j
3
$7 000 000
5,061,648
10,097,U<
5,061,11.'
10,081,286
O
in
o
7,000,000
$500,000
9,000,000
4,500,000
6 000 000
3,000,000
4,000,000
$5,000,000
5 000 000
6 000 000
15,280
7 000 000
Dec. 31
7 500 000
1
CD
N o . 43.—Rediscounts and sales of discounted and purchased paper between Federal Reserve Banks during calendar year
1919—Continued.
CO
oo
MONTHLY RECAPITULATION.
[In thousands of dollars.]
Rediscounted or sold by Federal Reserve Bank of—
New
York.
Boston.
Month.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
Dallas.
San Francisco.
Total.
1
Discounted
bills.
January
February
10,017
10,028
March
April
Purchased
bills.
5,010
20,223
10,048
May
June
5,062
July
August
September
October . .
N ovember
40,473
30,304
December
Total
20,045
111,120
Purchased
bills.
Discounted
bills.
Discounted
bills.
TO 000
10,141
37,867
24,270
22,921
8,266
18 508
16,017
30,000
. 60,000
91,000
80.004
140 000
155 000
37,055
20,041
114,000
47,000
63,000
48,000
57 000
165 000
137,946
80 500
10 000
826,521
842,946
22,098
46,475
65 098
312,740
Discounted
bills.
Purchased
bills.
Purchased
bilks.
Discounted
bills.
Discounted
bills.
46
36,190
70,000
25,000
100
30,000
...
26,000
19,500
1 000
24
. . !
22 . . .
10
67,000
63 200
59 775
16,500
11 000
i
30 000
34,000
26 500
82,690
124
78
56,500
515
404,975
Discounted
bills.
104,724
107,528
173,500
253,000
258,204
354,775
295 500
32 500
37 500
53 500
30 000
60 000
65.000
115.000
Purchased
bills.
195 946
189,000
126,500
58,000
117,000
515 2,233,677
Purchased
bills.
15,197
58,090
24,370
32,969
8,266
23,570
37,055
20,041
22,120
46,509
105,571
30,819
424,577
o
W
1
W
o
SUMMARY FOR T H E YEAR.
[In thousands of dollars.]
Total.
Rediscountcd or sold by Federal Reserve Bank of—
Discounted
bills.
1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
D alias
San Francisco
Total
New
York.
Boston.
Discounted or purchased by Federal
Reserve i3ank of—
Purchased
bills.
Purchased
bills.
Philadelphia.
Discounted
bills.
Cleveland.
Richmond.
St.
Atlanta. Chicago. Louis.
DisDiscounted counted
bills.
bills.
Minneapolis.
Purchased
bills.
Purchased
bills.
124
78
Kansas
Cky.
Dallas.
San
Francisco.
DisPurDiscounted cou nted chased
bills.
bills.
bills.
Discounted
bills.
Purchased
bills.
Grand
total.
x
W
w
H
!
! 15.110
10,017
10,028
5 035
5 080
5,065
30,364
25,250
10,070
5 065
10,081
!
20,045
111,120
10.000
50 2fi.r>
120,000
65,113 575,008
15,070 53,500
19,282 37,013
35,029
5,012
31,000
122,969
312,740
826,521
85,000
30,000
515
11 000
3,000
5,000
300,137 72,190
86 709
361 100^ 7,500
5,000
23,000
26 500
842,946
82,690
124
56,500
404,975
15,827
55,827
229,017
55,300
5,080
5,065
95,477
40,320
19,282
45,099
10,077
133,050
284,317
5,080
10,065
1,423,815
180,529
447,895
50,099
67,577
133,050
424,577
2,658,254
• 5,000
1,328,338
140,209
428,613
5,000
57,500
370 975
78
40,000
515
2,233, 677
g
ui
I
CO
N o . 44.—Amounts of United Stales bonds and Victory notes (par value) purchased by Federal Reserve Banks during each month
1918 and 1917.
Federal Reserve Bank.
January.
February.
Boston
New York
March.
April.
$1,300
May.
June.
$16,250
July.
in 1919 and totals for
August.
to
o
o
September.
$13,500
50,000
$1 000
Philadelphia
2,000
Cleveland
*•
$10 100
Richmond
Atlanta
Chicago
7,600
$146,000
St Louis
Minneapolis
12,050
$150
Kansas City
Dallas
San Francisco
100'
$100
100
50
$50
200
261,800
50,000
300
150
50
w
7,025
1,007,000
100
165,000
Percent—1919.
1,014,175
14,337,638
2,431,390
57.76
146,200
14,746,700
144,950
8.32
1918
1917
19.38
2.98
19.93
.18
166,050
9,823,400
8,640,510
9.45
13.28
10.60
Total—1919
1918.
1917..
1,300
3,239,550
2, 870,040
.07
85,900
15,831,825
52,000
4.89
277,600
13, 047, 750
1,241,900
15.79
60,250
1,141,700
18,366,650
3.43
4.38
3.52
21.40
17.63
1.52
1.54
22.53
.06
200
284,650
3,825, 460
.01
.38
4.69
300
106, 950
20, 830, 650
.02
.14
25.55
Classes of securities purchased each month:
3 | per cent bonds
4 pfir Qcnt bonds
4 | per cent bonds
Victory notes
1,000
200
o
1, 000, 000
14,175
%
fei
146,200
165,050
1,300
85,900
50
277, 550
100
60,250
100
100
Per cent.
Total.
Federal Reserve Bank.
October.
November.
December.
1918
1919
Boston
New York.. .
Philadelphia
Cleveland
Eichmond
Altanta
Chicago
St. Louis. .
Minneapolis
Kansas City
Dallas
$350
$300
Total—1919
1918
1917
Per cent—1919
1918
1917
Classes of securities purchased each month:
3$ per cent bonds
4 per cent bonds
4 J per cent bonds
Victory notes
100
500
500
153,800
500
3 250
$50
San Francisco
50
50
1,305,750
190,400
1.76
.23
350
93 550
1,546,946
.02
.13
1.90
4,200
36,850
21,396,420
.24
50
300
3 250
323,850
850
7,025
1,172,150
103,900
3,900
19,482,250
$1,418,116
7 646 600
12,274,250
4 159 700
1,137,500
7,924 900
94,000
40,985,760
8,520,400
28,200
91,950
2,050,600
650 050
615,650
1,187,240
1,3S4,950
2,142,600
1918
1917
1.79
11.53
1.74
2.90
32.59
14.83
9.38
.11
.58
.03
8.75
.03
.14
.01
26.33
.13
.18
18.44
.05
.41
66.73
11.51
.04
.12
2.77
15.05
5.10
1.39
9.72
50.27
.80
.75
1.46
1.71
2.63
73,996,313
81, 537,316
100.00
100. 00
100. 00
26.24
350
3,350
$8,529,063
24 119,000
10,973, 050
1919
1,756 575
.05
500
50
$31,400
51 000
2,000
10 250
1917
1,700
1,000,000
327,325
427,550
N o . 4:5.—Total amounts
of United States certificates of indebtedness purchased by Federal Reserve Banks during each month in 1919.
Federal Reserve Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco.
Total—1919.
1918.
March.
April.
S3, 000,000
317, 375,500
1, 000,000
1, 550,000
76,000
1, 000,000
$2,000,000
49,386,500
4,550,000
2,772,500
$2,944,000
62,263,000
2,660,000
3,322,000
1,010,000
1,000,000
994,000
166,000
725,000
50,543,000
2,500,000
24,370,000
873,500
500,000
165,500
731,000
500,000
3,000,000
2,500,000
2,450,500
924,000
500,000
2,778,500
828,447,000
511,542,000
326,327,000
518,192,000
88,693,500
1,089,231,860
83,842,000
321,326,300
January.
$7,666,000
716,083,000
1,860,000
16,485,000
15,414,000
1,167,000
6.457,000
500,000
8,989,500
2,557,500
February.
May.
June.
July.
$1,000,000
114,359,000
8,579,500
1,271,000
3,500,000
1,050,000
3,000,000
5,122,000
$4,520,000
204,727,000
1,670,000
800,500
5,019,000
796,000
6,311,500
718,000
580,500
500 000
912,000
86,537,500
184,425,500
150,808,500
415,800,500
232,845,000
21, 797,000
$75,311,500
1,500,000
1,259,500
500,000
735,000
2,030,000
2,000,000
878,000
653,500
2,152,000
3,179,500
1,550,000
6,000
14,000,000
d
t
w
w
o
Federal Reserve Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total—1919.
1918.
August.
$100,000
99,464,000
2,707,000
4,044,000
1,100,000
2,000,000
61,193,500
September.
$31, 170,000
858, 955,000
16, 087,500
179, 754,500
16, 600,000
19, 000,000
652, 755,000
October.
$2,498,000
43,431,000
3,144,500
607,000
1,100,000
1,100,000
11,240,000
31,000
November.
$1,516,000
35,948,000
3,343,000
3,163,000
200,000
1,101,000
2,845,000
1,275,000
176,000
December.
$4,257,000
555,628,000
5,336,000
67,199,000
400,000
1846
$76,620, 000
5,003,904, 500
56,199, 000
52, 919,500
284, 607,000
4,736,162,846
53,393,000
409,500
000,000
28,963,000
180,874,000
30,221,500
1,870,087,500
72,452,500
56,887,000
758,361,346
85,582,000
631,044,500
219,309,000
1,747,880,000
1
$60, 671,000
3,132, 931,500
92,002,500
3,857,500
5,548,500
5,406,500
3,575,000
15,150,500
6,165,000
800,000
610,500
2,000,000
4,510,000
810,000
Total, 1918.
40, 440,000
28, 669,846
848, 523,000
18; 785,500
101, 891,500
31, 791,500
19; 406,000
115, 526,500
2,690,000
883,500
1,036,500
500,000
6,881,000
Total, 1919.
257,443, 000
32,719, 000
20,756, 100
146,295, 060
6,568, 000
87,570, 500
11,103, 000
22,570, 500
54,603, 500
X
M
w
I—I
5,776,352,160
United States war savings certificate.
•a
1
E
w
to
o
N o . 46.—Amount of 1-year 2 per cent certificates of indebtedness purchased under the provisions of the Pittman Act by Federal Reserve Banks during
each month in 1919 and deposited with the United States Treasurer as security for Federal Reserve bank notes.
Month.
January —
February..
March
April
May
June
July
August
September.
October....
November..
December..
Boston.
$2,666,000
3,000,000
New York.
Philadelphia.
$2,521,000
$1,825,000
1,000,000
4,500, 000
2,000,000
1,500,000
3,000,000
2,000,000
2,500,000
500,000
1,500,000
1,100,000
$1,202,000
499,000
2,600,000
1,500,000
1,000,000
1,040,000
1,000,000
2,000,000
3,000,000
,399,000
13,841,000
9,458,000
8,375,000
3,885,000
2,000,000
2,500,000
4,520,000
500,000
500,000
3,600,000
6,200,000
6,300,000
4,000,000
300,000
Cleveland.
400,000
Total- -1919.
14,686,000
24,321,000
21,425,000
1918.
6,750,000
34,955,000
8,855,000
Richmond.
76,000
Atlanta.
SI, 167,
1,000,
to
o
Chicago.
$2,445,000
1,000,
500,000
500,000
500,000
100,000
600,000
100,000
200,000
400,000
500,
500,
1,000,
2,000,
1,000,
1,100,
1,100,
10,367,000
5,297,000
3,000,000
2,000,000
3,000,000
3,000,000
6,000,000
4,000,000
2,000,000
n§
25,445,000
14,167,000
w
o
Month.
St. Louis.
January...
February
March...
April
May
June
Tuly
August
$500,000
1,000,000
2,500,000
2,500,000
2,000,000
2,000,000
Kansas City.
$1,030,000
SI, 821,000
$725,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
September
October..
500,000
...
500,000
500,000
3,000,000
1,500,000
1,000,000
November
December
.
Total—1919
1918
. . . .
Dallas.
Minneapolis.
4,130,000
4,350,000
$1,000,000
1,000,000
500,000
500,000
800,000
1,000,000
500,000
100,000
832,000
1,500,000
2,600,000
200,000
100,000
10,500,000
6,568,000
San Francisco.
9,321,000
3,499,000
5,125,000
3,175,000
7,132,000
3,748,000
Total, 1919.
118,301,000
6,575,000
14 100 000
13,000,000
10,000 000
12,040,000
17,452,000
24,100,000
20,900,000
14,300,000
2,800,000
1,100,000
Total, 1918.
X
$6,000,000
20,000,000
35,217,000
12,495,000
30,995,000
154,668,000
104,707,000
N O T E . -Figures for 1919 do not include certificates whose maturity was extended for one year by the Secretary of the Treasury.
U2
to
o
Or
No, 47.—Discount mid open market operations of Federal Reserve Banks diirini 1919, by classes of investments.
[Figures are exclusive of rediscounts and sales of discounted and purchased paver between Federal Reserve Banks.]
United States securities.
es bought in open market.
Bills discounted for member banks.
Bonds.
Federal Reserve Bank.
Secured by
Government
war
obligations.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919
1918
Trade acceptances.
All other.
$4,486,153,537 $10,820,992 $178,423,
40,453,893,075 57,133,089 1,938,464,
10,209,981,525
3,753,298
522,700,
2,873,440,114 14,091,343
238,324,
3,982,600,641
9,082,378
139,2C9,
1,7 658,401
8,233,847
227,885,
3,955,045,191
6,580,735
594,686,
1,895,246,180
7,946,180
197,438,
521,981,023
565,114
138,974
1,188,261,057
7,486,315
359,849,
1,105,059,651
1,887,002
117,999,
1,745,959,276 10,839,780
194,263,
Total.
Bankers'.
675,398,246 $356, 634,133
449,491,134 1,191, 492,283
736,435,271
14, 028,450
125,856,369
257, 361,390
130,942,909
52, 977,382
005,777,582
51, 661,193
556,312,145
291, 950,839
100,630,596
87, 502,626
661,520,379
108, 714,435
555,596,623
26, 086,106
224,946,145
415,233
9.51,062,331
337, 795,028
174,187,279,671 138,420,073 4,848,269,986 79,173,969,730 \2, 788,619,098
33,390,079,891 187,372,579 6,175,481,377 39,752,933,847 1,748, 502,825
Trade.
Total.
3 per
cent.
3 \ per
cent.
!
{
4 per
cent.
$4,149,624 1360,783,757
19,906,694 1,211,398,977
20,000
14,048,450
4,388,927
261,750,317
52,977,382
60,969
51,661,193 |
292,011,808
87,502,626 j
$1,550
1,000
$200 j .
345,826,718
36,557,904 2, 825,177,002 !
61,035,970 1,809,538,795 ! $455,000
w
500 ! .
108,714,435
26,086,106
12,415,233
8,031,690
200
146,000
400
1,000 .$1,000,000
7,025
171,150
1,700 ; 1,000,000 !
327,325
7,578,050 44,230,988 j 21,732,275
1
w
O
Municipal warrants.
United States securities.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco
Total—1919
1918
Victory
notes.
$29,850
50,000
2,000
10,250
300
7,600
3,250
323,850
450
427,550
..
Certificates of
indebtedness.
Total.
City.
State.
All other.
Total.
Total.
1919
1918
X
$60,671,000
3,132,931,500
52,919,500
284;607,000
40,440,000
28,669,846
848,523,000
18,785,500
101,891,500
31,791,500
19,406,000
115,526,500
$60,702,400
3,132,982,500
52,921,500
284,617,250
40,440,500
28,823,646
848,523,500
18,788,750
102,215,350
31,792,350
19,413,025
116,698,650
4,736,162,846
25,776,352,160
4,737,919,421
5,850,348,473
$1,000
$1,000
. 1,000
547,373
$300,000
$862,229
1,000
1,709,602
$5,096,884,403
46,793,872,611
10,803,405,221
3,672,223,936
4,224,360,791
2,086,263,421
5,696,847,453
2,206,921,972
872,450,164
11,613,475,079
1,256,774,403
2,413,587,699
$2,039,591,682
30,509,109,901
1,978,466,646
1,766,465,316
2,263,333,762
1,016,112,678
3,536,026,327
1,117,801,374
543,785,279
859,342,349
635,746,546
1,148,748,857
M
h-i
W
i—i
1-3
3
o
86,737,067,153
47,414,530,717
1 Exclusive of $22,000 War Finance Corporation bonds held temporarily pending payment by subscribers.
2
Includes $520,000 of 1-year Treasury notes.
>
j
W
GO
to
o
No. 48.—Discount and open market operations of Federal Reserve Banks during 1919 and 1918, by months and classes of investments.
to
o
Acceptances bought in open market.
Bills discounted for member banks.
Month and year.
Fanuary...
February
March
kpril
May
Tune
Fuly
August
September
3ctober
November
December
Total—1919
1918
Secured by
Trade
Government
war obligations. acceptances.
All other.
Total.
Bankers'.
Trade.
$5,713,902,819
4,755,629,365
5,271,540,337
5,693,810,521
7,169,366,551
6,036,277,709
6,824,987,638
6,170,782,470
6,238,301,224
7,348,941,909
6,761,541,757
6,202,197,373
$10,904,213
8,879,437
8,561,401
8,071,368
7,061,335
7,946,132
8,504,928
6,427,411
10,608,322
16,064,284
21,923,920
23,467,322
$269,575,233 $5,994, 382,265
216,426,712 4,980, 935,514
193,462,436 5,473, 564,174
199,519,751 5,901, 401,640
209,405,170 7,385, 833,056
284,687,689 6,328, 911,530
349,942,509 7,183,435,073
256,452,405 6,433,662,286
477,245,711 6,726, 155,257
8,060,317,969
695,311,776
631,032,698 7,414, 498,375
1,065,207,896 7,290; 872,591
$198,459,983
144,654,729
139,417,449
137,277,773
145,753,730
290,270,237
274,815,922
192,785,911
202,274,898
330,272,722
337,008,575
395,627,169
$3, 031,723
2 755,364
4 244,107
3 361,136
1, 896,462
1 645,209
1 668,908
1 424,714
2, 773,437
4 988,990
686,930
5, 080,924
74,187,279,671
33,390,079,891
138,420,073 4,848,269,986 79,173,969,730
187,372,579 16,175,481,377 39,752,933,847
2,788,619,098
1,748,502,825
36,557,904
61,035,970
Total.
United States bonds,
3 per
cent.
$201,491,706
147,410,093
143,661,556
140,638,909
147,650,192
291,915,446
276,484,830
194,210,625
205,048,335
335,261,712
340,695,505
400,708,093
2,825,177,002
1,809,538,795 $455,000
3* per
cent.
$1,000
00
d
>
o
200
mo
1,700
7,578,050
F
w
o
4 percent. 4J per cent.
Total.
Municipal warrants.
United States bonds.
Month and year.
Victory United States
Total
notes. certificates of United States
indebtedness.
securities.
City.
State.
Allother.
Total.
1919
1918
X
January
February.
March.. .
April
May
June
July
August
September
October
November
December
$1,000,000
....
$14,175
146 200
165,050
1,300
50
100
.
....
Total—1919
1918
50
50
350 !
1,000,000
44,230,988
327,325
21,732,275
$85,900
277,550
60,250
100
100
300
3.350
427,550
1
$828,447,000
326,327,000
88,693,500
83,842,000
86,537,500
150,808,500
232,845,000
180,874,000
1,870,087,500
72,452,500
56,887,000
758,361,346
$829,461,175
326,473,200
88,859,550
83,843,300
86,623,400
151,086,100
232,905,250
180,874,200
1,870,087,800
72,452,550
56,887,350
758,365,546
$1,000
4,736,162,846
5,776,919,160
4,737,919,421
5,850,348,473
1,000
547,373
$1,000
$300,000
$862,229
1,000
1,709,602
$7,025,336,146 $1,525,984,729
5,454,818,807
1,443,795,053
5,706,085,280
1,993,080,060
6 125 883 849 2 605 719 776
7,620,106,648 3,309,207,111
6,771,913,076
3,655,663,674
7,692,825,153 3,490,037,616
6,808,747,111 3,955,611,937
8,801,291,392
4,953,969,540
8,468,032,231
6,793,018,635
5,569,708,767
7,812,081,230
8,118,733,819
8,449,946,230
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86,737,067,153
47,414,530,717
i Includes $520,000 of 1-year Treasury notes.
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No. 49.— Total discount and open market operations of each Federal Reserve Bunk, by months, during 1919.
O
Federal Reserve Bank.
Boston
New York
Philadelphia.....
Cleveland
,
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919
1918
January.
February.
March.
April.
May.
June.
July.
36, 764,059
104, 945,378
92, 871,920
230, 638,925
$379,081,553
3,041,498,231
643,150,003
212,424,705
279,254,369
111,680,376
276,621,470
127,923,659
18,047,882
90,856,720
93,354,695
180,925,144
$346,636,316
2,734,369,085
839,369,743
265,444,757
338,679,714
148,403,707
355,519,544
197,552,229
57,813,649
130,255,444
105,425,502
186,615,590
$525, 426,096
2,801, 924,430
920, 617,049
242; 261,677
367, 169,727
155, 502,011
368, 358 378
204, 981,046
80, 795,670
i 146, 473,942
118, 360,855
194, 012,968
$462,447,748
4,203,152,964
947,513,540
256,556,647
371,425,045
169,058,842
436,906,387
212,712,193
86,639,295
148,043,063
130,702,524
194,948,400
$395,725,026
3,354,611,216
1,088,293,030
252,156,990
406,366,036
168,556,993
423,769,919
184,850,182
55,528,177
142,111,061
114,043,122
185,901,324
$435,552,808
4,323,320,699
1,034,505,184
319,387,014
426,996,327
182,993,039
408,088,731
154,273,131
40,098,143
110,503,447
100,713,599
156,393,031
7,025,336,146
1,525,'984,729
5,454,818,807
1,443,795,053
5,706,085,280
1,993,080,060
6,125,883 849
2,605,719,776
7,620,106,648
3,309,207,111
6,771,913,076
3,655,663,674
7,692,825,153
3,490,037,616
$403, 009,318
4,259, 725,220
686, 466,138
252, 229,449
302, 853,721
175, 091,730
330, 839,363
149, 900,925
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Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total—1919
1918
August. *
September.
October.
$288, 044,078
3,693. 076,844 I
925. 992,018
294, 517,467
389, 592,648 j
18.5, 931,984 i
462. 339,271 |
159, 890,092
48, 525,463
110, 264,600
95, 939,511
154 633,135
$365,574,774
4,419, 116,180
1,020,490,694
503, 632,546
366, 747,953
235, 739,496
1,054,796,746
215,577,975
132,942,610
146,971,107
125,337,284
214,364,027
$432, 396,299
4,660, 916,510
1,155, 157,238
337, 833,565
325, 092,997
216, 636,862
455, 306,043
223, 927,323
112, 823,897
172, 215,594
138, 814,107
236, 911,796
6,808,747,111
8,801,291,392
3,955,611,937
4,953,969,540
8,468,032,231
6,793,018,635
November.
,416,062
4,654, 764,138
689, 8-12,281
314, 402,869
268, 086,174
179, 499,782
484, 729,360
186, 711,100
99, 631,532
147, 934,891
77, 093,833
216, 999,208
7,812,081,230
5,569,708,767
Exclusive of $22,000 War Finance Corporation bonds held temporarily pending payment by subscribers.
December.
Total.
$570, 574,325
4,647, 397,094
852; 038,303
421, 376,250
382, 096,080
157, 168,599
639, 572,241
188, 622,117
102; 839,787
162, 899,832
64, 117,451
261, 244,151
$5,096, 884,403
46,793, 872,611
10,803, 405,221
3,672, 223,936
4,224, 360,791
2,086, 263,421
5,696, 847,453
2,206, 921,972
872, 450,164
1,613, 475,079
1,256, 774,403
2,413, 587,699
8,449,946,230
8,118,733,819
86,737,067,153
47,414,530,717
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Exhibit E.—GOLD SETTLEMENT FUND.
to
N o . 50.—Summary of transactions, Jan. 1 to Dec. 31, 1919.
GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Aggregate Interbank transfers.
deposits
drawals and
Gold
trans- fers transfrom
deposits. and
fers to
agent's
agent's
fund.
Debits.
fund.
Credits.
Balance
Dec. 31,
1918.
Gold
withdrawals.
37,293
66,790
37,413
52,126
14,254
6,302
106,772
15,974
23,774
23,237
6,935
11,056
280
80,120
1,400
61,800
3,318
1,625
170
27,902
250
559
6,139
208,730
47,054
220,000
177,279
48,468
81,852
72,904
244,681
78,616
41,641
18,456
21,711
71,642
50,780
165,120
185,400
86,800
89,318
102,025
433,610
216,402
47,750
10,559
25,939
458,230
401,926
392,293
1,124,304
1,871,933
50,554
738,233
225,550
230,000
392,958 3,297,644
193,176
561,261 1,028,191
78,468
918,369
132,122
101,852
949,399
845,347
86,904
133,651
131,127
476,681 2,115,191 1,052,986
191,116
397,140
119,576
75,141
682,927
357,671
31,456
331,356
106,364
22,711
460,125
488,930
261,685
250,249
145,351
1,799,744
7,930,859
7,930,859
Summary of changes
Settlements from Jan. 1,1919. to Dec. 31, 1919, Balance
in ownership of
in fund
both inclusive.
gold by banks
at close
through transfers
• of busi- and settlements.
ness
Dec. 31,
Net
Total
Total
Net
1919.
debits.
debits.
credits.
credits.
Decrease. Increase.
3,030,399
480,440
15,435
3,526,274
5,263,553
20,434,208
6,889,785
4,776,924
5,472,082
1,967,295
7,833,044
4,809,048
1,320,379
3,350,391
1,970,174
1,966,510
5,773,519
17,403,809
6,409,345
5,563,225
5,574,547
1,997,971
8,821,885
5,113,822
1,599,342
3,557,182
1,954,739
2,284,007
66,053,393
66,053,393
509,966
2,717
125,713
13,510
317,497
34,351
5,957
31,679
43,848
25,201
19,333
76,479
17,898
4,872
25,933
17 077
27,109
3,526,274
329,737
281,385
786,301
102,465
30,676
988,841
304,774
278,963
206,791
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1,587
28,152
73,364
>
27,210
46,293
18,201
13,370
212,599
281,385
C
FEDERAL RESERVE AGENTS' FUND.
[In thousands of dollars.]
Federal Reserve agent at—
Boston
New York...
Balance,
Gold
Dec.31,1918. withdrawals.
Gold
deposit?.
133,000
45,000
166,000
11,500
88,000
65,670
243,000
81,200
35,000
54,000
25,500
63,500
100,000
Philadelphia.
Cleveland....
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
46,000
80,000
72,287
90,000
60,000
37,270
270,704
59,131
40,800
51,360
6,684
114,261
Total...
928,497
1,011,370
165,000
1,500
6,000
43,000
14,500
Deposits
Withdrawals
through
Total
for transfers
withdrawals.
transfers
to bank.
from bank.
3,500
10,000
15,897
30,000
20,000
14,000
232,000
112,500
33,500
13,000 j
1,000 |
190,043 I
675,440
Total
deposits.
150,500
85,000
184,000
26,500
86,000'
100,400
Balance at
close of
business,
Dec.31, 1919.
50,500
85,000
184,000
25,000
86,000
100,400
433,440
188,500
47,500
10,000
19,800
249,500
136,500
55,000
181,897
41,500
108,000
79,670
475,000
193,700
68,500
67,000
26,500
253,543
188,500
47,500
53,000
34,300
249,500
60,000
110,000
74,390
75,000
38,000
58,000
235,144
53,931
19,800
37,360
14,484
110,218
1,479,640
1,686,810
1,644,640
886,327
439,440
X
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CO
N o . 51.—Weekly operations throujh the gold settlement fund during 1919.
[In thousands of dollars.]
Transactions, all Federal Reserve
Banks.
Week ending—
Total
clearings
(debits
only.)
Total
transfers
(debits
only).
Total
combined
clearings
and
transfers.
Transactions, Federal Reserve Bank of New York.
Gross
debits in
clearings.
Clearings and transTransfers Transfers
Clearings.
Transfers.
fers combined.
from other to other
Gross
credits in Federal
Federal
clearings. Reserve Reserve
Banks.
Banks. Net debit. Net credit.! Net debit. Net credit.
1919.
Jan.
30.
6.
13.
20.
27..
Mar. 6.
13.
20..
27..
Apr. 3 .
10.
17.
24.
May 1.
8.
15.
22.
29.
Feb.
1,014,823
1,155,677
1,020,725
1,139,184
1,009,724
1,010,963
788,963
1,117,683
896,434
1,013,443
976,960
1,114,020
1,102,339
1,086,410
1,026,768
1,083,304
1,014,720
1,050,756
1,042,949
1,022,076
1,179,312
1,079,781
218,876
192,844
65,942
192,810
80,909
179,521
61,162
103,760
79,672
92,500
150,000
216,496
201,926
214,007
51,000
150,500
103,967
140,014
131,180
112,790
209,591
191,964
1,233,699
1,348,521
1,086,667
1,331,994
1,090,633
1,190,484
850,125
1,221,443
976,106
1,105,943
1,126,960
1,330,516
1,304,265
1,300,417
1,077,768
1,233,804
1,118,687
1,190,770
1,174,129
1,134,866
1,388,903
1,271,745
400,905
455,265 |
337,491
411,451
362,917
342,889
288,205
357,494
281,722
326,035
320,736
384,205
402,118
350,726
368,547
345,858
292,696
330,136
333,923
327,025
343,954
339,172
243,630
293,486
286,575
265,818
255,733
257,463
180,530
317,139
234,027
269,543
250,667
292,448
250,263
310,495
255,207
299,192
279,886
283,613
288,306
274,888
321,129
285,971
181,111
155,395
36,496
140,383
54,771
152,521
41,000
63,500
50,131
70,500
120,000
160,000
165,000
119,000
25,000
70,000
21,000
36,361
26,895
5,000
95,000
70,000
157,275
161,779
45
50,916
145,633
107,184
85,426
496
30,007
1,967
1,954
1,641
1,963
401
107,675
40,355
47,695
56,492
70,069
91,757
151.854
40,231
113,340
46,666
12,810
46,523
45,617
52,137
22,825
53,201
181,111
155,395
36,496
140,338
54,771
152,521
41,000
63,500
50,131
70,500
120,000
159,504
165,000
88,993
25,000
70,000
21,000
34,394
24,941
3,359
93,037
12,129
20,676
48,778
70,212
16,398
June 5 . . .
12...
19...
26...
July 3 . . . .
10...
17....
24...
31....
Aug. 7 . . . .
14...
21....
28...
Sept. 4 . . .
11....
18....
25...
2...
9...
16...
23...
30....
Nov. 6 . . .
13...
20...
26...
Dec. 4 . . .
11...
18...
24...
31...
Oct.
Total
1,010,089 |
1,145,978 |
1,433,166 !
1,359,793
1,324,223
1,025,728
1,411,078
1,400,774 |
1,213,926
1,310,594
1,328,100
1,434,295
1,303,133
1,083,871
1,391,775
1,487,666
1,634,744
1,458,773
1,463,637
1,371,694
1,745,586
1,577,673
1,432,615
1,521,155
1,758,322
1,409,957
1,783,514
1,478,042
1,704,302
1,452,209
1,481,085
66,884,511
180,320
100.131
263,741
285,722
361,192
119,493
239,556
176,282
272,020
160,114
223,925
185,178
108,036
136,878
180.132
242,195
305,375
138,630
147,090
62,101
116,489
104,330
101,218
75,548
36,327
48,754
94,023
75,348
51,117
244,639
135,761
1,190,409
1,246,109
1,696,907
1,645,515
1,685,415
1,145,221
1,650,634
1,577,056
1,485,946
1,470,708
1,552,025
1,619,473
1,411,169
1,220,749
1,571,907
1,729,861
1,940,119
1,597,403
1,610,727
1,433,795
1,862,075
1,682,003
1,533,833
1,596,703
1,794,649
1,458,711
1,877,537
1,553,390
1,755,419
1,696,848
1,616,846
288,274
328,942
442,905
422,536
387,281
317,766
419,593
397,382
359,740
441,848
451,345
411,916
404,325
301,519
411,629
406,195
565,566
460,585
468,698
378,772
472,749
469,232
427,809
414,723
473,992
390,832
504,102
430,784
488,237
454,472
458,696
262,349
319,229
369,115
354,936
362,761
282,656
424,650 I
393,659 !
341,724 |
299,022 !
319,430!
383,637 !
327,028 I
306,634 |
394,563 |
423,843 |
381,166 I
390.192 !
365,750 !
347,177 I
493,097 |
392,227 |
351,266 j
432,133 I
485, 726 I
372,906 |
493,376 |
371,901 |
445,750
348.193
366,074
34,000 i...
1,420
113,000
842
87,000 j
1,512
75,000 j 147,150
21,700
46,347
107,000
68,000
72,000
33,934
27,942
24,000 |
85,000 I
68,789
147,953
74,455
34,000
25,000
33,163
41,000
65,000
27,180
300
30,000
20,621
10,200
150,269
66,198
8,113,096 74,997,607 20,755,915 ! 17,598,179 3,448,115
I
I
58,612 I.
2,551 |
!
1,420 j
|
!
72,150 !
25,
9,
73,
67,
24,
35,
5,057
3,032
18,940
31,020
16,800
13,563
4,387
750
664
1,936
1,747
I.
|
|.
I
|
|
i
|.
I
|
5,115
17,066
17,648
184, 400 !
70, 393 |
102, 948 !
31, 595
20,348
|
77, 005
76, 543
2,667
3,634
17,
10,
2,229
58,
9,670
2,020 | 42,
106,
6,151
92,
1,898
392,958 3,235,048
17,410
11,734 |
11,133
96,670
35,110
31,855
1
2,367 j
3,634
43,796 !
107,000 I
68,000 !
51,300 j
33,345 I
27,942 I
20,968!
66,060
37,769 I
131,153 |
60,892 j
29,613 |
24,250 |
32,499 ;
39,064 |
63,253
27,180 !
40,073
88,984
74,826
80,615
5,066
49,355
26,083
48,994
55,417
53,247
9,501
73,335
7,345
3
Ii
52,847
37,941
13,290
44,590
9,367
, 21,560
27,772
10,950
8,180
144,118
64,300
77,312
38,368
17,888
112,158
85,488
36,912 i
723 |
016 j
142, 826 j
20,700 ! 131,
589 | 28,
8,075
34,000'
I
|
|
\
|
17,045
47,933
34,307
37,839
28,322 I
116,483 3,171,640 1,021,455
918,876
to
216
II
ANNUAL REPORT 01' THE FEDERAL RESERVE BOARD.
OPERATIONS THROUGH
GOLD SETTLEMENT FUND BY WEEKS
DURING CALENDAR YEAR 1919.
i
2000 I
0ROSS DEBITS Iti THEFUIiD THROUGH SETTLEMENTSAM) TRANSFERS.
GROSS TRANSFERS THROUGH FUPID.
1800
1800
1600
1600
1400
1400
1200
1200
1000
1000
eoo
600
600
400
400
200
200
GROSS DEBITS Iff SETTLEMEPITS.
JAN. FEB. MCH. AFRL MAY JUNE JULY AUG. SEPT OCT. HOV. DEC.
EXHIBIT E
i
500
400
300
200
100
O
100
200
300
400
S00
600
217
GOLD SETTLEMENT FUND.
OPERA TIONS Or THE HEW WRK BANK
THROUGH THE GOLD SETTLEMENT FUND
BY WEEKS, DURING CALENDAR YEAR1919.
«D: GROSS DEBITS THROUGH SETTLEMENTS AMD TRANSFERS.
-Cl GROSS CREDITS THROUGH SETTLEMENTS AND TRANSFERS.
^
NET GAIN OR LOSS THROUGH SETTLEMENTS AND TRANSFERS.
GROSS DEBITS THROUGH TRANSFERS.
6R0SS CREDITS THROUGH TRANSFERS.
S00
soo
"D«- GROSS DEBITS IN SETTLEMENTS.
»C"- GROSS CREDITS IN SETTLEMENTS.
I NET LOSS OR GAIN THROUGH SETTLEMENTS.
400
300
200
100
0
100
200
300
400
SOO
600
JAN. r£B. MCH.APRL MAY JUNE JULY AU6. SOT. OCT. MOV. DEC.
N o . 52.—Gold settlement fund—Changes in ownership of gold throu h transfers and settlements) by weeks.
OO
[ In thousands of dollars.]
New York.
Boston.
Philadelphia.
Cleveland.
Atlanta.
Richmond.
Week ending—
Decrease.
Increase.
Decrease.
Increase.
Decrease.
Increase.
Decrease.
Increase.
Decrease.
Increase.
Decrease.
Increase.
1919.
Jan. 2 (1 dav only)
1 285
8 729
16
7,047
1,771
23
30
Feb. 6
Mar. 6
13
20
23,145
2,436
14,008
49,931
67,747
13,144
48,762
. . .
7 909
3,334
Apr
13,239
. . . .
88,340
2,097
9,131
23,334
8,190
325
i
15
22
1,210
9,055
6,863
12,949
3,429
10,613
19
26
17,731
3,228
809
1,903
5,956
3,110
1,455
11,133
38,368
17,888
2,887
866
177
1,289
16 876
9,314
5,595
7 333
1 458
20,440
1,664
8.861
4,536
1,648
3,506
6,682
. ...'. ...
19.103
4,746
5,970
6,403 i
9,020
12 947
29,115
67
411
3,543
416
572
8,510
1 225
*
12,927
6,175
315
6 450
3 4lfi
7,144
i
4 507
3,365
10, 762
1 699
7,163 !
1,842
6,372
6,218
6,150
824
5,493
2,919
6,392
2,508
719
2,211
9,975
o
800
3,918
18,138
535
12,823
2,075
2,764
1,753
6,259
2 743
8 492
2,955
8,525
15,037
....I
3,635
2 421
1 957
9,786
20,396
5 881
70,212
16,398
8,075
9,671
29.
June 5
12
12,129
20,676
48,778
3,040
7,943
51
3,263
1,503
7,040
2,634
11,797
1 338
8,147
1,559
2,342
6,730
66,675
3,076
160
20,814
2,948
13,471
67,095
11,315
1,722
4,679
27
3
10
17
24
May 1
8
6,384
14,420
5,295
52,413
15,418
13
20
534
8,222
704
747
9 .
860
1 030
1 791
w
o
3,034
686
2,803
11,714
5,552
July 3
2,044
19,987
6,071
10,458
M
-3
10
17
24
§g
31..
......
12,496
22,920
306
1,005
14
21
28
I- Sept.
4...
F
1
8,622
2,360
12,265
Oct.
2
9
16..
23...
. ..
1,098
772
15,151
16,471
Nov. 6
13..
20...
1,201
8,368
. . .
26
Dec.
4
11
18
24
31
...
Total
Net increase
Net decrease
359
17 269
1,760
217,071
2 717
5,752
4,523
26,083
48,994
55,417
53,247
9,501
73,335
7,345
5,002
3,167
2,648
6,176
2,957
21,560
47 933
34 307
5,162
5,390
28,322
214,354
1,021,455
125 713
879
7,611
3,452
18,990
8,270
111,905
13 510
98,395
1,812
15,630
1,139
6,058
3,689
6,581
5 484
8,712
253,705
54
W
w
8,101
H
I—I
800
6,462
2,914
2,233
2,344
5,822
2,955
1,438
2,136
146
7,222
8,364
4 762
115,038
2,470
5,039
494
2,612
8,996
831
1,575
17,552
253,651
2,153
3,557
3,188
348
1,227
4,069
113,451
81,390
14 919
19 741
575
6,816
895,742
9,248
15,879
14,631
5 145
827
37,839
4,671
4,025
1,634
4 060
3,440
1 833
2,134
17 045
242
3,620
422
4,357
13,217
1 760
6,750
44,500
9,367
2 625
7,438
758
11,600
7,986
3 152
2,865
2 093
4 323
37,941
13 290
810
4,663
3 372
3,448
7,527
2 590
15 317
2,793
1 737
1,508
52,84?
7,286
30
6,557
3 428
12,155
14 078
3 024
5 835
5,066
28,937
25
797
49,355
8,163
11
18
5 414
6,045
3,397
2,445
3,818
2,957
26
24,627
15,211
708
74,826
80,615
11,362
Ol
3,550
40 073
88,984
19,823
w Aug. 7
b
9
96,670
35,110
31,855
ui
n
1
109,542
28,152
1 £87
to
CD
No. 52.—Gold settlement fund—Changes in ownership of gold through transfers and settlements, by weeks—Continued.
to
o
[In thousands of dollars.]
Chicago.
St. Louis.
Minneapolis.
Kansas City.
Dallas.
San Francisco.
Total.
Week ending—
Decrease. Increase. Decrease. Increase. Decrease. Increase. Decrease. Incroase. Decrease. Increase. Decrease Increase.
1919.
4 973
10,029
Jan. 2 (1 day only)
9.
16
23
30
Feb. 6
13
20
27
Mar. 6
. . .
40,430
32,437
..
19 835
2 388
29,639
. . . .
21,998
859
6,491
13
20
27
. . . .
Apr. 3
16 290
20 213
21 187
15,188
10
28,182
2,766
17
. .
5,772
16,466
30,026
8,814
3,963
22,033
7,665
1,051
5,161
11,735
2,209
3,612
8,284
13 123
4,201
2,468
8,056
276
164
10,901
* 5,034
12,151
1,837
439
5,399
8,796
2,368
10,574
6,544
3,855
2,883
4,690
6,422
5,092
19,721
5,365
860
5,287
3,977
5,154
7,410
14,545
9,407
4,091
3,988
1,735
1,165
. 14,708
4,095
2,883
4,072
4,581
4 224
2,377
3,286
3,682
5 509
485
1,811
2 475
5,209
717
1,163
15 967
7,445
1,248
1 959
1,347
7,616
554
5,287
4,099
1 145
1,840
2,952
5,365
679
7,292
9,313
659
4 836
276
4 174
2,452
1,059
2,355
701
395
3,558
5 162
2,797
16,782
10,623
2 212
10,553
8,506
7,002
2,262
1 577
2,963
6 409
6,502
11 261
12, 724
4 258
3,394
6,097
4,003
448
4,490
2,660
511
2,571
5 034
2,492
1 777
12,717
15,553
1,918
2 743
4,908
2,856
10,087
990
21,768
2 387
24
May 1
8
15
22
29
JunB 5
12
19
26
2,506
568
6,602
2 472
10,244
2,259
183
5,860
811
4,055
2,833
1 490
6,837
12,257
15,128
26,112
51,333
40,366
62,686
72,137
76,163
39,191
21,413
36,699
57,416
96,712
46,945
56,491
94,376
35,046
29,454
24,047
42,985
59 481
75,304
47,964
31,274
27,891
60,415
63,776
July 3.
10.
17..
24
31
Aug. 7..
...
. . .
66
19,755
2,182
4,301
2,068
38,596
20,819
.
10,335
3,590
10,485
14
21.
28..
Sept. 4
11
18
....
17,578
25
3,806
9,603
4,966
1,432
. .
.„
7,659
41,485
. .
..
Bee 4
15,530
40,981
11,566
17 909
11
18
24
31
Total
Net increase
Net decrease
2 868
2,637
4 792
32,405
1,691
10,212
469,728
73,364
584
1,580
762
314
2,666
7,450
794
12,629
7,196
2 960
261
1,739
2,826
396,364
128,785
3,711
5,280
10,573
22,104
2 242
4,230
3 973
1 740
155,995
27,210
154,021
46 293
180,166
18,201
2,359
19,345
10,333
557
4 618
29,397
7,548
9,486
3,287
1,042
456
4,705
716
14,464
499
2,254
1,208
9 821
2,934
5,162
107,728
5,449
314
16 604
11,456
7 321
690
5,730
1 681
10,898
8,243
9,456
345
4 763
5,595
12,684
17,876
5 594
1 076
981
3,026
4,920
1,118
31,120
2,183
81
3 321
1,307
10,154
8,306
3,181
12,905
1,752
2,424
2,803
7,165
20 343
1 531
1,377
16,566
6 420
5,593
1 911
518
2,845
18,770
4 507
4,550
2,370
3,455
5 475
3,563
26,722
16
3 659
3 918
5 913
12,880
3,810
9.
9 522
4,429
6,991
3 612
21,064
26,005
6,083
3,957
19,930
6,099
Oct. 2.
23
30
Nov 6.
13
20
26
17,645
5,741
43,997
161,965
17,481
15,118
9,155
218
1,363
4,920
22,371
14,837
5,974
12,467
16,414
13,331
18,297
9,583
14,974
6,330
1,420
1 079
2 740
5 513
7 880
4,679
71,112
4,562
6,772
84,482
13,370
123,723
336,322
212,599
106,771
56,141
60,822
05,962
89,541
77,970
91,926
33,715
58,614
42,245
67,758
71,047
64,426
21,440
84,157
30,182
72,564
50,788
64,770
79,871
26,568
37,956
46,090
79,059
58,684
55,518
42,657
2,928,047
281,385
281,385
to
to
to
Exhibit F.—CLEARING OPERATIONS.
N o . 53.—Operations of the Federal Reserve clearing system Jan. 1 to Dec. SI, 1919.
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Items drawn on banks
in F e d e r a l R e s e r v e
Bank city.
Number.
Amount.
5,941,776
7,359,215
12,051,043
2,073,358
852,423
1,061,425
6,499,319
2,003,865
1,865,012
2,002,947
603,014
892,688
$7,295,404,959
22,658,510,132
8,907,672,377
2,447,238,428
2,163,826,000
1,001,447,360
8,207,773,000
2,867,534,767
1,502,509,473
3,392,275,702
863,236,590
1,173,663,890
Items drawn on banks
in Federal Reserve
branch cities.
Amount.
Number.
Items drawn on banks
in district outside Federal Reserve Bank and
branch cities.
Items f o r w a r d e d
direct to banks in
other Federal Reserve districts.
Items drawn on United
States treasurer.
Number.
Number. Amount.
Number.
27,427,592
$623,292,894 41,866,397
15,379,260
4,439,940,802 19,994,217
1,817,519,340 15,196,386
1,031,494,078 7,971,684
981,781,000 23,274,806
1,314,007,992 12,886,664
8,021,304
1,229,091,504 22,004,489
281,020,111 9,591,545
1,397,567,072 10,562,938
893,748
3,971,168
1,772,463
1,325,039
1,420,996
1,711,435
1,491,838
547,925
1,697,871
Amount.
$4,109,154,120
19,594,682,115
2,129,201,167
3,402,145,518
3,092,406,700
1,502,571,449
3,382,981,000
1,393,981,053
772,659,605
3,122,524,234
2,697,697,933
1,140,899,386
43,206,085 62,481,092,678 14,832,483 13,115,714,793 214,177,282 46,340,904,280
40,977
1,486
61
897
cj
Amount.
Number.
2,203,930 $724,044,603 35,573,298
13,052,056 7,653,564,995 63,171,416
2,117,101
923,192,809 29,547,404
$13,578,423 1,928,493
509,262,826 28,008,213
786,155
165,877,305 18,607,427
1,485,934
396,820,055 11,844,082
4,231,417
918,985,000 35,426,538
2,224,362
286,874,571 18,826,326
357,880
21,433,878
66,960,349 10,245,682
1,009,583 1,751,252
166,155,176 27,250,587
1,264,544
157,168,692 12,007,028
1,218,211 1,496,600 2,549,564,449 14,650,994
Amount.
$12,128,603,682
50,530,050,136
11,960,066,353
10,812,165,997
7,239,629,345
3,932,332,942
13,491,520,000
5,862,398,383
2,363,563,305
7,911,056,199
3,999,123,326
6,262,913,008
w
3
g
43,421 37,240,095 32,899,724 14,518,470,830 305,158,995 136,493,422,676
1
1
Total, i
Represents total of items handled exclusive of duplications.
1
2
forwarded to other
Items forwarded to branches Items forwarded to head Items
Federal Reserve Banks and
office by branches.
in own district.
branches.
Federal Reserve Bank.
Number.
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.. .
Minneapolis . . _ t
Kansas City
Dallas. .
San Francisco
•.
. .
Total....
Amount.
Number.
Amount.
Grand total.
Number.
Amount.
$926,195,000
5,791,991,010
2,806,870,819
1,141,488,326
1,844,390,100
926,446,065
481,111,000
146,137,487
406,445,334
1,595,553,631
686,845,129
477,349,713
36,234,271
74,463,917
37,003,869
29,788,929
20,934,355
14,255,861
37,592,321
19,413,795
10,747,696
30,801,474
14,149,392
16,208,587
$13,054,798,682
56,540,748,116
14,766,937,172
12,456,799,189
9,304,179,945
5,487,105,017
14,125,543,000
6,110,659,652
2,770,008,639
10,112,923,116
4,865,992,227
7,305,320,712
17,230,823,614
341,594,427
156,901,015,467
238,776
$100,489,001
158,869
$118,217,969
508,916
43,593
1,100,122
88,268
196,141
404,944,059
104,219,100
252,123,984
95,674,000
71,498,334
206,928
79,230
258,007
43,740
109,979
98,200,807
115,941,400
376,202,026
57,238,000
30,625,448
1,022,556
512 020
1,133,551
419,011,545
123,371,930
485,495,520
197,610
224,851
46,792
187,301,741
56,651,842
79,562,471
660,973
10,894,856
7,456,465
1,064,872
2,204,105
1,053,650
2,033,775
281,309
502,014
2,330,721
1,405,493
377,250
4,843,943
2,056,827,473
1,326,006
1,119,941,704
30,265,483
Number.
Amount.
X
M
2
s
3
O
fcO
to
CO
No. 54.—Growth of the Federal Reserve clearing system, by monthly periods, from Apr. 15, 1917, to Jan. IS, 1920, inclusive.
Average daily number of items handled.
Average daily amount of items handled.
Drawn on—
Drawn on—
Banks in
Federal
Reserve
city.
Banks in
district
outside
Federal
Reserve
city.
31,162
33,767
37,898
38,476
36,727
36,306
40,591
47,574
47,678
168,607
171,093
179,193
182,622
175,625
182,191
212,935
232,723
240,756
12,582
15,925
16,344
19,100
19,533
23,492
26,797
30,426
33,806
48,549
46,207
51,408
55,034
49,569
51,055
63,549
50,229
55,123
64,931
82,434
85,174
253,458
227,312
259,531
271,506
287,061
295,056
391,264
406,330
441,979
495,441
550,484
590,685
38,130
48,224
58,991
59,228
60,771
77,750
82,536
81,323
87,213
106,539
98,168
135,173
Treasurer of
Total
Total
number number
of
nonof
member
member banks
on
banks. par list.
Banks in
Federal
Reserve
city.
Banks in
district
outside
Federal
Reserve
city.
Treasurer
of United
States.
Total.
212,351
220,785
233,435
240,198
231,885
241,989
280,323
310,723
322,240
$60,288,002
87,370,859
97,322,883
109,722,256
98,075,919
100,331,694
128,271,466
166,552,773
171,723,439
$32,666,959
36,473,163
38,599,461
41,004,720
40,353,278
41,323,621
47,476,204
64,296,210
84,441,761
$2,643,408
3,597,865
4,414,508
11,637,899
9,701,569
11,006,515
13,518,566
17,496,974
27,179,053
$95,598,369
127,441,887
140,336,852
162,364,875 j
148,130,766 |
152,661,830 I
189,266,236
248,345,957 j
283,343,253 j
7,625
7,634
7,651
7,666
7,683
7,718
7,747
7,826
7,823
8,607
8,926
8,789
8,805
8,837
9,934
9,052
9,210
9,321
340,137
321,743
369,930
385,768
397,401
423,861
537,349
537,882
584,315
666,911
731,086
811,032
148,033,108
153,847,568
153,701,375
159,441,188
178,372,385
164,539,000
192,220,658
172,600,132
182,321,867
208,639,006
231,014,467
219,162,199
89,065,135
80,248,466
113,134,162
98,201,962
114,099,520
113,407,619
143, 751,620
131,047,263
145,374,804
169,025,374
191,310,103
167,471,893
21,116,293 I
21,316,033 I
25,827,757 |
31,563,675 !
30,928,185 |
39,054,003 j
47,181,467 i
41,063,646 j
45,695,643 j
51,048,149 '
52,790,232
60,766,938
258,214,536
255,412,067
292,663,294
289,206,825 j
323,400,090 j
317,000,622 |
383,153,745 j
344,711,041 j
373,392,314 |
428,712,529
475,114,802
447,401,030 |
7,909
7,972
8,013
8,059
8,113
8,165
8,212
8,294
8,428
8,510
8,584
8,612
9,268
9,319
9,425
9,450
9,475
9,710
9,761
10,206
10,549
10,318
10,219
10,409
Total.
United
States.
1917.
Apr.15
May 15
June 15
July 15
Aug. 15
Sept. 15
Oct. 15
Nov. 15
Dec. 15
1918.
Jan. 15
Feb. 15
Mar. 15
Apr.15
May 15
June 15
July 15
Aug. 15
Sept. 15
Oct. 15
Nov. 15
Dec. 14
1919.
Jan. 15
Feb. 15
Mar.15
Apr. 15
May 15
June 15
July 15
Aug. 15
Sept. 15
Oct. 15
Nov.15
Dec. 15
98,584
90,944
109,083
138,817
129,378
132,688
149,902
139,678
149,460
164,761
177,569
182,347
632,118
599,951
640,346
686,512
665,641
696,457
737,007
731,680
761,680
824,862
915,794
975,095
77,282
126,051
114,563
137,228
157,820
118,248
95,986
83,659
77,201
93,437
107,551
88,071
807,984
816,946
863,992
962,557
952,839
947,393
982,895
955,017
988,341
1,083,060
1,200,914
1,245,513
224,904,918
198,935,424
168,567,377
197,456,121
176,737,129
196,594,573
218,737,336
194,733,618
208,529,081
235,072,612
236,521,957
251,531,229
162,371,765
156,360,759
171,714,589
167,142,262
163,067,746
191,330,944
194,300,102
176,612,134
202,812,209
223,417,562
246,055,511
254,594,746
37,753,800
63,221,002
46,746,505
49,329,926
45,278,441
48,316,599
49,869,067
57,868,769
51,935,604
45,272,641
37,355,291
36,506,264
425,030,483
418,517,185
387,028,471
413,928,309
385,083,316
436,242,116
462,906,505
429,214,521
463,276,894
503,762,815
519,932,759
542,632,239
8,702
8,724
8,735
8,758
8,786
8,825
8,848
8,894
8,920
8,955
9,007
9,050
10,246
10,483
10,718
11,060
11,288
11,782
12,071
12,578
12,962
13,852
14,861
15,851
197,562
1,028,259 I
78,160
1,303,981
270,143,956
264,521,801
29,612,240
564,277,997
9,089
16,986
1920.
Jan. 15
t
T
O
a
§
rn
to
226
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
NUMBER OF BANKS ON PAR LIST,
ALSO AVERAGE DAILY NUMBER A?W AMOUNT
OF ITEMS HANDLED BYHR.BANKS, I9P-I9I9.
600
500
400
300
200
100
0
^*
f
i 1I i i m mk
H
SJ
^!
W ///
m WA i i w i i
i1 m
i iii1 M
w,
AVERAGE PAILTAMOUNTOFITEMS HARPLED DURIttG EACHMONTH;W' MILUOHSOF DOLLARS
=«*
•y/4
V.M//A
%
WM
600
500
400
300
ZOO
too
0
Items
droMntbn3anJCsvn.JTJi.ScinJC(Xties.
MSM Items <tra»H,orLjB<vdCs ou&sidefJZ. Sajvfc Ccties.
WMMtznts dr<um<m,U.S. Treasurer.
1.4O0.OOO
*-<
1200000
A
1000.000
600.000
400.000
m
H
2O0.OQ0
O
400.CW
%
%m
1918
'Cu
1919
200-000
0
wY.
c
TOTAL NUMBER OF BANKS ON PAR LIST.
Member Xante.
JTonrJfcmber San/cs
191?
600.000
600000
i
ShWiPLEP PUHll\(6
mA6 ELWLY DUMBER01at/7EM
rtJ
J8aru\:6 itit V.
HM It em
vmsdra* 'it in.2a. nJCtouts cde
Sa
emsd >m on, a^ r SCO-er
AU
1.000.000
W\
4 f
%
800.000
1.200.000
ii
N o . 55.—Number of member banks in district; also number of nonmember banks on par list in each Federal Reserve district, by months, for the
calendar year 1919.
Month.
Jan. 15.
Feb. 15.
Mar. 15.
Apr. 15.
May 15
June 15
July 15
Aug. 15
Sept. 15
Oct. 15.
Nov. 15
Dec. 15.
Dec. 31.
Philadelphia.
New York.
Boston.
Cleveland.
Richmond.
Chicago.
Atlanta.
NonNonNonNon- Member
NonNon- Member
Non- Member
Member member
Member member
Member member
Member member
member banks
member
member banks
banks in banks
banks in banks
in banks on banks in banks
in banks
banks in banks
banks in banks
on
on
on
on
on
on
district. par list. district. par list. district. par list. district. par list. district. par list. district par list. district. par li^t.
424
244
424
244
424
244
425
243
426
243
429
241
429
241
429
241
430
242
430
242
429
244
431
245
432
245
721
722
722
725
729
734
735
740
744 |
746
751
751
753
322
321
320
322
319
318
319
317
319
322
321
319
322
666
666
666
665
666
667
669
670
670
674
676
677
678
314
322 !
i
350
356
361
406
406
409
409
411 |
414 |
415
814
819
821
819
822
825
826
832
837
841
841
842
843
738
778
786
790
797
833
911
956
1,014
1,025
1,063
1,079
1,085
565
568
568
569
570
572
574
572
573
575
582
584
585
353
312
329
295
299
339
349
395
418
443
450
466
485
424
422
422
423
424
424
424
428
431
431
429
426
426
290
289
295
310
301
329
333
351
349
348
347
348
355
1,338
1,338
1,340
1,342
1,346
1,351
1,356
1,364
1,363
1,363
1,366
1,374
1;374
2,414
2,500
2,599
2,804
2,925
3,080
3,067
3,192
3,184
3,211
3,522
3,700
3,896
I
i—i
O
izi
w
to
to
to
No. 55.—Number of member banks in district; also number of nonmember banks^ on par list in each Federal Reserve district, by^months, for the to
00
calendar year 1919—Continued.
Minneapolis.
St. Louis.
Month.
Jan. 15
Feb. 15
Mar. 15
Apr. 15.
May 15
June 15
July 15
Aug. 15
Sept. 15
Oct. 15
Nov. 15
Dec. 15
Dec. 31.
Member
banks in
district.
513
511
512
515
519
526
519
527
527
530
533
535
538
Nonmember
banks on
par list.
1,035
1,184
1,248
1,333
1,356
1,483
1,606
1,653
1,731
1,848
2,127
2,222
2,309
Member
banks in
district.
871
873
875
875
909
915
920
920
Nonmember
banks on
par list.
1,191
1,207
1,233
1,292
1,293
1,307
1,318
1,463
1,485
1,504
1,493
1,874
1,879
Kansas Citv.
Member
banks in
district.
994
995
999
1,003
1,002
1,007
1,013
1,017
1,019
1,028
1,037
1,038
Dallas.
San Francisco.
Nonmember
banks on
par list.
Member
banks in
district.
Nonmember
banks on
par list.
Member
banks in
district.
Nonmember
banks on
par list.
2,171
2,161
2,167
2,170
2,248
2,279
2,290
2,371
2,502
2,828
3,038
3,138
3,346
728
734
736
739
741
744
746
748
748
748
757
756
756
247
245
244
240
240
301
321
320
392
750
905
1,105
1,220
648
655
656
662
665
669
676
678
681
689
700
713
723
927
920
915
911
911
911
910
913
917
922
940
941
942
Total.
Member
banks.
8,702
8,724
8,735
8,758
8,786
8,825
8,848
8,894
8,920
8,955
9,007
9,050
9.066
Nonmember
banks on
par list.
10,246
10,483
10,718
11,060
11,288
11,782
12,071
12,578
12,962
13,852
14,861
15,851
16,499
g
o
EXHIBIT G
EARNINGS AND EXPENSES.
229
Exhibit G.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS FOR 1919.
Total earnings of the Federal Keserve Banks for the calendar
year 1919 were $102,380,583, compared with $67,584,417 for the
calendar year 1918, while total current expenses were $20,341,798,
compared with $12,137,438 for the earlier year. Current expenses
for the year under review include, besides $15,439,194 of expense of
operation proper, $3,016,823, the cost, including expressage, insurance, and other expenses incident to the issue and retirement of
Federal Reserve notes; $872,326, taxes on Federal Reserve bank note
circulation; $938,791, the cost of furniture and equipment purchased
during the year, and $74,664, the cost of repairs and alterations of
bank premises.
As a result of increased borrowings by member banks and the
higher discount rates adopted, the earnings of all the Federal Reserve
Banks show considerably higher totals for the last three months than
for the earlier months of the year.
Total current expenses shown above are exclusive of the expenses
of the fiscal agency departments. These expenses are treated separately, being reimbursable by the Government. During the past
calendar year the Federal Reserve Banks acting as fiscal agents,
largely in connection with the Victory loan and the several certificate issues, expended a total of $16,626,016. There was also due
to the banks from the Treasury at the beginning of the year a total
of $9,573,832, expended by the banks during the year 1918. Reimbursements received during the year from the Government amounted
to $22,612,681, leaving thus a reimbursable balance at the end of
1919 of $3,587,167.
Current net earnings of the banks—i. e., the excess of earnings
over current expenses—totaled $82,038,785, compared with $55,446,979 for 1918. Calculated on an average aggregate paid-in capital
for the year of $83,513,000 the net earnings for 1919 constitute 98.2
per cent, as compared with 72.6 per cent on the average paid-in
capital in 1918.
To the current net earnings above shown should be added $219,575,
the amount by which the reserve set aside in previous years to take
care of depreciation of United States bonds owned has been reduced,
and $40,857 representing largely amounts carried directly to profit
and loss during the past year. This gives total gross profits of
$82,299,217. Deductions from this total, $3,931,713, comprise the
following items: Depreciation allowances of $2,649,819 on bank
premises (especially large in New York City and Chicago); additional
reserve against depreciation of United States bonds, $34,156; a
special reserve of $525,741 set aside by the New York bank to cover
losses and take care of future contingencies; an amount of $493,928,
assessed against the banks for the support of the Federal Reserve
Board during the first six months of 1920, and miscellaneous deductions of $228,069. This leaves net earnings available for dividends,
surplus, and franchise taxes of $78,367,504. Dividends at the rate
of 6 per cent paid during the year by all the Federal Reserve Banks
amounted to $5,011,832.
Under section 7 of the original act the banks had to carry to surplus one-half of their net earnings up to 40 per cent of their paid-in
230
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
capital and had to pay the other half to the Government as a franchise
tax. In accordance with this provision the banks at the close of
1918 carried to surplus $21,605,901, and under instructions from the
Reserve Board, concurred in by the Treasury, set aside the balance
of their net earnings, $26,728,440, as a special reserve for payment
of the franchise tax. On March 3, 1919, an amendment to section 7
was enacted whereby all net earnings, after deduction of 6 per cent
dividends, were to be paid into a surplus fund until this fund should
have reached 100 per cent of the total subscribed capital, and that
thereafter 10 per cent of such net earnings were to be carried to surplus, while the remainder was to be paid as a franchise tax to the
Government. This amendment was made applicable to the net
earnings for the calendar year 1918, and accordingly the Federal
Reserve Banks transferred to surplus account the amount of
$26,728,440 reserved at the close of the year for franchise tax.
At the end of 1919 net earnings, after payment of dividends,
amounted to $73,355,672, and of this amount $70,651,778 was carried
to surplus, while the balance was paid to the Government as franchise
tax by the New York bank, whose surplus is in excess of 100 per cent
of its subscribed capital. For the other banks the ratios of surplus
to subscribed capital stand as follows:
Per cent.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
58.
100.
55.
47.
66.
68.
57.
8
7
8
7
3
5
9
Per cent.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
45. 8
58. 0
76. 1
44. 3
65. 3
System
68. 7
Of the total earnings of the banks, about 78.9 per cent, as against
71.5 per cent in 1918, came from discounts, largely war paper; bills
purchased in open market contributed about 13.7 per cent of the
total earnings, as against 17.7 per cent in 1918; United States securities, chiefly Treasury certificates, 5.6 per cent, as against 5.7 per cent
the year before; transfer operations yielded about 0.8 per cent of the
annual earnings, compared with 1.5 per cent in 1918, while the
balance of the earnings represent penalties including interest on
deficient reserves, collection charges, profits on sales of foreign coin,
and sundry smaller profits.
Of the total expenses of operation of the banks proper, exclusive of
their fiscal agency departments,
$7,103,547, or about 46 per cent, as
against 42 per cent the }rear before, went as compensation to the
clerical staff, and $1,418,144, or about 9 per cent, as against 11.5 per
cent in 1918, as salaries to bank officers. Compensation of special
officers and watchmen, also of extra help, overtime pay, and supper
money account for $1,375,311, or about 9 per cent of the total expenses of operation; $902,547, or 6 per cent, as against 10 per cent
the year before, went for postage and expressage, and $829,178, or
about 5.5 per cent, for printing and stationery. Contributions of
the banks for the support of the Federal Reserve Board totaled
$594,818, as against $382,641 the year before, and constitute about
4 per cent of the banks' total operating expenses, compared with
4.5 per cent for 1918.
EXHIBIT G—EARNINGS AND EXPENSES.
231
Rent paid by the banks totaled $613,988, compared with $369,122
in 1918, the New York and Chicago banks reporting the largest increases under this head. All the banks have invested in bank premises, but most of them for the present find it necessary to transact the
bulk of their business in rented quarters. Total book value of investments in bank premises at the close of the year, after allowing
$2,649,819 for depreciation, stood at $10,156,3*18, compared with
$8,081,841 at the beginning of the year.
to
CO
to
Earnings and expenses of each Federal Reserve Bank for the calendar year 1919.
EARNINGS.
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta. Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
FranDallas. San
cisco.
Total.
16,003,252 $29,935,911 $7,987,864 $5,341,785 $4,099,953 $3, 735,033 $8,915, 827 $22,918,462
$1,829,46113,888,839 $2:,443,80( £3,667,951 $80,768,144
Discounted bills
;
1,077,691 3,326,839
67,019 1,882,985 351,418 367,338 2,141,78y 564,495 882,564
Purchased bills
340,875 113,39' 2,870,368 13,986,778
United. States securities
369,457 1,888,497 495,768 450,308 185,293 228,958
736,241 320,412 213,501| 405,400 229,080 238,385 5,761,300
Municipal warrants
85
85
Transfers—net earnings
830,309
45,607
8,356
10,570
143,495
51,461 198,749 193,661
178,410
Deficient reserve penalties (including
interest)
727,844
27, 836
36,405
25,673
44,569
26,3821 106,705
66,x 442 125,192
81,984
52,373
68,313
65,970
Profits realized on United States securities
2,355
5
2,350
Sundrv profits
303,768
140
3,672
19,347
144,760
323
7,913
33,556
11,352
18,166
13,468
30,157
20,914
I
Total earnings.
7,497,583 35,332,412 8,609,880 ',800,829 4,775,324
,416,001 12,012,078 3,884,478 3,007,041 4,961,482 3,062,251 7,021,224 102,380,583
CURRENT EXPENSES.
Expense of operation:
Assessments, account expenses
Federal Reserve Board
Federal advisory council (fees and
traveling expenses)
Governors' conferences (including
traveling expenses)
Federal Reserve agents' conferences (including traveling expenses)
SalariesBank officers
Clerical staff
Special officers and watchmen.
All other
Directors' fees
Per diem allowance
Traveling expenses
Officers' and clerks' traveling expenses
Legal fees
Rent
Taxes and fire insurance
Telephone
Telegraph
$45,619
$181,875
$49,059
$58,676
$29,535
$22,391
$80,170
$24,981
$20, 209
$28,151
$20,362
$33,790
$594,818
500
1,150
381
1,035
736
470
816
1,150
\}274
300
992
2,594
11,398
2441
316
2io|
499
254
575
523
553
83
498
788
2,498
7,041
109
139
255
43
133
84
229
341
361
109
1,105
2,908
96,929
577,104
44,688
59,228
4,059
650
1,278
99, 815
494,639
17,444
71,687
2,600
930
1,989
74,796
326,746
7,497
16,283
3,400
820
1,999
116,952
289, 855
10,037
12,934
3,013
4,085
3,025
158,083
881,142
64, 752
80,785
4,915
590
1,249
95,040
400,860
13,408
20,289
5,970
2,290
3,326
61, 014
208,171
8,726
3,530
3,870
980
1,9651
91,604
453,258
14,423
11,698
6,735
6,438
5,102
87,212
390,993
6,363
11,883
2,220
740
1,487
136,807
491,627
13,757
19,005
5,879
1.344
1,418,144
7,103,547
274,581
1,100,730
70,556
20,007
27,466
5,421
1,941
1, 500
15,775
14,423
7, 578
16,304
3,000
53,525
533
6,445
15,084
8,689
570
7,941
11,452
2,447
10,032
9,113
4,495
14,018
8,268
2,988
24,326
28,147
5,500
97, 477
253
9,793
24,216
22,933
61
36,020
701
3,548
15,609
5,531
3,380
14, 295
851
2, 2W3
2, 752
13,959
1,825
31,820
646
3,734
12,233
14,578
2,400
5,526
1,746
3,189
21.772
16,729
3,199
3,256
5,672
4,912
27,929
179,127
41,438
613,988
49,451
98,047
202,724
105,097
294,795
606,345 1,982,807
12,278
61,208
12,111
781, 297
24,345
3,550
1,1401
2,661
3,385
8,708
3,817
58 367
3,554
11,855
7,958
29 015
11, 250
290, 243
32 490
33, 235
Postage
Expressage
Insurance and premiums on fidelity bonds
Light, heat, and power
Printing and stationery
Repairs and alterations
Cost of currency shipments to and
from member and nonmember
banks
Allother
Total expense of operation
Cost of Federal Reserve currency (including expressage, insurance, etc.)..
Miscellaneous charges, account note
issues
Taxes on Federal Reserve bank note
circulation
•
Furniture and equipment
Bank premises
Total current expenses.
Current net earnings, year 1919
Per cent of average paid-in capital
34,781
78,769
2,468
39,883
25,556
V, 193
4,538
778,758
123,789
8,692
25,228
6,352
20,806
4,546
49, 782
11,508
13,308
3,365
41,009
13,194
20,636
5,852
88,080
18,620
306,955
73,960
829,178
297,930
47, 789
18,673
7,906
11,255
27,075
40,881
25,519
41,348
46,474
46,197
546,266
666, 747
775,542 1,047,693
15,439,194
78,621
3,416
116,072
54,395
60,780
7,804
70,916
2,028
48,262
2,809
49, 906
8,831
98,723
54,853
4,586
19,104
16, 771
41,478
16, 722
98,817
2,859
236,653
130,718
45,848
17,616
78,477
31,581
33,088
3,937
46,952
9,560
9,718
5,093
39,083
11,393
8,881
3,889
46,294
2,619
8,736
8,087
101,4;66
40,349
18,961
1,945
34,676
5,314
78,824
82,115
103,905
142,251
35,354
102,559
33,790
31,552
41,504
21,008
31,982
44,003
66,144
84,905
4,613,220 1,260,243 1,076,278
682,110
723,083
1,853,298
833,765
434,378
918, 620
285,917
642,430
209,419
168, 867
119,347
148, 735
400,418
188,617
56, 273
131,339
85, 719
187,486
2,624,567
31, 774
105,167
45,411
16,981
28,582
11,536
62,558
20,313
17,002
16,493
8,028
28,411
392,256
89,422
43,748
169,514
204,014
98,132
100,868
61,112
80,491
53,414
32,468
49,420
41,561
46,844
458
133,970
98,080
58,300
73,798
24,912
23,926
65.327
54^ 290
42,829
70,718
35,400
119,671
13,094
872,326
938,791
74,664
5,734,345 1,775,185 1, 396,031
911,927
972,217
982,836j 1,431,755
20,341,798
9,463,754 2,709,685 2,450,550 3, 775,413 2,079,415 5,589,469
99.0
63.5
113.3
69.3
81.0
81.6
82,038,785
98.2
1,220,964
1,671,825
5,825,758 29,598,067 6,834,695 6,404,798 3,863,397 3,443,784
84.3
91.7
104. 8
137.5
89.1
69.0
2,548,324 1,174,793
556,491 1,186,069
IISCAL AGENCY DEPARTMENT EXPENSES OF EACH FEDERAL RESERVE BANK, AMOUNTS REIMBURSED BY THE TREASURY DEPARTMENT'
AND BALANCES REIMBURSABLE AT THE END OF THE CALENDAR YEAR 1919.
Boston.
$1,166,763
Total disbursements during 1919
558,932
Amounts reimbursable Jan. 1,1919
1,725,695
Total
Reimbursements received during 1919.. 1,539,918
Balance reimbursable Jan. 1,1920 185,777
New
York.
Philadelphia.
Cleveland.
$4,963,642 $1,005,050 $1,494,163
3,049,530
758,096
766,785
8,013,172 1,763,146 2,260,948
7,035,337 1,645,329 1,930,562
977,835
117,817
330,386
Richmond.
$577,099
226,076
Atlanta.
$712,656 $2,711,206
458,650 1,261,885
803,175 1,171,306
550,352 1,049,519
252,823
Chicago.
121,787
Minneapolis.
Kansas
City.
Dallas.
$921,819
450,342
$606,534
150,212
$752,044
451,220
$553,058 SI,161,982 $16,626,016
508,669
9,573,832
933,435
3,973,091 1,372,161
3,440,610 1,265,704
532,481
San Francisco.
St.
Louis.
106,457
756,746 1,203,264 1,061,727 2,095,417
848,133 1,883,668
796,088
627,461
129,285
407,176
213,594
211,749
Total.
26,199,848
22,612,681
T
Ul
X
Ul
Ul
3,587,167
to
CO
CO
Earnings and expenses of each Federal Reserve Bank for the calendar year
to
1919—Continued.
P R O F I T AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK FOR THE CALENDAR YEAR 1919.
Boston.
New
York.
Philadelphia.
CleTiBland.
Richmond.
Atlanta. • Chicago.
St.
Louis.
Minneapolis.
Kansas
City.
FranDallas. San
cisco.
Total.
,021,
$102,!, 380,583
;, 609,880 $7',800,829 $4,775,324
4,775,
$4;, 416,001 $12,012,078 $3,1,884,478 $3,007,041 $4,961,482 $3,1,062,251 $7,021,224
Earnings
$7,497, 583 $35,,332,412 $8,
1,671,825 5,734,345 1,775,185 1,396,031 911,927
972,2171 2,548,324 1,174,793 556,491 1,186,069 982,836 1,431,755 20,341,798
Current expenses.
Current net earnings for year
5,825,758 29,598,067 6,834,695 6,464,798 3,863,397 3,443,784 9,463,754 2,709,685 2,450,550 3,775,413 2,079,415 5,589,469 82,038,785
Credits to current net earnings on
account of—
Amounts previously reserved for
depreciation on United States
27
219,575
13,096
bonds
58,606
147,846
40,8.'>7
3,584
470
967
All other
940
103
3,697
31,096
Total
Deductions from current net earnings
on account of—
Bank premises
Reserve for depreciation United
States bonds
Assessment account expenses Federal Reserve Board, Jan.-June,
1920
Special reserves
All other
Total deductions.
Net earnings available for dividends,
surplus, and franchise tax, Dec. 31,
1919
Dividends paid
Transferred to surplus fund
Franchise tax paid United States
Government
5,825,758 29,629,163 6,838,392 6,404,798i 3,922,943 3,460,464
9,463,754 2,709,685 2,450,550 3,923,362 2,079,885 5,590,463
82,299,217
=====
168,625
2,649,819
I
W
900,032
254,684
29,112
5,044
20,000
51,478
820,000
335,000
100,000
34,156
16,167
33,306
21,854
1,172
493,928
525,741
228,069
38,021
203,103
3,931,713
5,777,381 27,959,619 6,659,169 6,093,785 3,877,266 3,382,397
8,576,204 2,355,154 2,333,943 3,923,362 2,041,864 5,387,360
78,367,504
414,447i 1,291,047
462,380
556,785 252,872
197,397
5,362,934| 23,964,678 6,196,789 5,537,000 3,624,394 3,185,000
196,335 296,161
228,755
234,660
180,186
700,807
7,875,397 2,120,494 2,153,757 3,694,607 1,845,529 5,091,199
5,011,832
70,651,778
168,612
525,741
75,089
41,828
46,555
25,531
20,302
66,764
19,520
9,711
108,283
4,730
146
6,287
786
11
48,377
1,669,544
179,223
311,013
45,677
78,067
887,550
354,531
38,666
j 2,703,894
16,607
116,607
2,703,894
W
O
Earnings and current expenses of each Federal Reserve Bank, by months, for the calendar year 1919.
EARNINGS.
Boston. New York. Philadelphia. Cleveland.
Richmond.
Atlanta.
Chicago.
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
$525,055 $2,806,299
506,592 2,576,420
567,475 2,843,565
587,362 2,648,937
619,839 2,908,549
604,188 2,586,788
631,738 3,064,518
583,143 2,896,848
629,460 2,623,409
655,413 3,155,511
745,500 3,400,023
841,818 3,821,545
$385,481
354,977
394,719
396,212
398,218
377,693
380,629
366,955
383,302
416,300
420,958
499 880
$349,756
288,668
324,003
318,467
338,776
334,959
344,191
352,294
383,043
446,108
451,996
483,740
$823,055
693,832
865,435
853,765
934,037
958,234
1,022,300
988,782
931,560
1,076,905
1,290,014
1,574,159
Total
7,497,583 35,332,412
7,800,829 4,775,324
4,416,001
$658,171
616,446
690,973
674,815
706,261
702,695
702,684
718,959
707,226
756,681
793,629
881,340
$579,072
542,338
597,250
570,417
590,570
576,734
619,051
646,465
621,130
700,893
845,449
911,460
Kansas
St. Louis. MinneapoCity.
lis.
$282,051
226,019
327,022
330,224
288,564
285,962
284,508
311,286
343,458
368,794
385,860
450,730
$204,303
193,851
224,985
259,045
240,428
229,249
239,952
216,553
241,666
300,369
299,549
357,091
$382,520
340,310
413,774
413,795
400,104
395,505
391,880
351,139
436,133
458,344
456,273
521,705
12,012,078 3,884,478 3,007,041 4,961,482
Dallas.
$265,073
227,487
246,157
232,809
234,943
233,634
255,115
242,681
256,967
295,663
259,549
312,173
San Francisco.
Total.
$509,295 $7,770,131
466,167 7,033,107
577,361 8,072,719
508,416 7,794,264
566,630 8,226,919
507,603 7,793,244
575,207 8,511,773
588,572 8,263,677
607,390 8,164,744
663,666 9,294,647
707,021 10 055,821
743,896 11,399,537
$105,759
92,402
177,414
125,801
97,283
152,789
105,782
139,303
124,664
106,449
106,062
338,117
$345,502
306,935
411,008
354,288
531,778
654,433
388,537
374,970
371,320
361,698
536,922
1,096,954
$79,011
94,606
117,851
91,920
84,591
348,017
121,370
108,115
102,211
101,998
102,584
422,911
$93,863
115,527
119,519
83,108
90,258
114,565
98,212
88,644
84,975
93,261
93,366
320,733
$50,214
70,201
77,650
67,434
63,803
71,964
47,665
48,388
63,915
63,598
59,945
227,150
$57,207
75,445
74,446
76,463
69,099
64,140
56,868
79,218
61,986
67,561
78,867
210,917
$136,033
135,033
181,500
206,763
237,633
229,903
165,619
207,021
181,992
284,410
171,480
410,937
Total
1,671,825
5,734,345
1,775,185
1,396,031
911,927
972,217
2,548,324
w
w
o
3,062,251 7,021,224 102,380,583
CURRENT EXPENSES.
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.,
X
O
GO
$73,798
63,199
97,658
75,704
68,598
150,356
73,337
73,731
84,297
76,931
82,425
254,759
$33,423
35,580
32,358
32,402
33,708
90,543
37,577
39,690
41,007
40,590
44,315
95,298
$87, 111
63,002
116,995
102,430
74,957
83,505
81,115
82,284
81,547
90,376
99,277
223,470
1,174,793
556,491
1,186,069
$62,652
46,422
80,096
54,775
65,456
75,598
63,574
98,181
76,558
81,354
87,848
190,322
$77,595 $1,202,168
75,109 1 173,461
89,342 1,575,837
84,950 1,356,038
78,494 1,495,658
221,873 2,257,686
78,314 1,317,970
72,185 1,411,730
82,513 1,356,985
85,638 1,453,864
104,499 1,567,590
381,243 4,172,811
1,431,755
20,341,798
1
CO
236
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
Exhibit H.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL
RESERVE BOARD.
There is here given a statement of receipts and expenditures of the
Federal Reserve Board in 1919. The total expenses of the Board
for the year are shown on the detailed statement of commitments to
have been $558,560.61.
RECEIPTS.
Assessments, 1919
Bulletin, subscriptions to
Reimbursements
Miscellaneous
$594, 668. 63
3, 360.94
28, 397. 26
5, 836. 85
Total
$632, 263. 68
Deficiency, Jan. 1, 1919
6, 202. 21
Total available
626, 061.47
DISBURSEMENTS.
By fiscal agent
Auditor's settlements
Total disbursements
Balance ''Expenses trading-with-the-enemy act, Federal
Reserve Board," transferred to "Executive expenses,
trading-with-the-enemy act''
524, 332.10
61,015. 59
585, 347. 69
4. 62
585, 352. 31
Balance Dec. 31, 1919, with Treasurer of the United States
to credit of—
Federal Reserve Board
Fiscal agent
38, 926. 66
1, 782.50
40, 709.16
626,061.47
GENERAL STATEMENT.
Total available
Reimbursable expenditures
Balance to credit reimbursable account
626, 061. 47
$24, 763. 29
779.14
Commitments for general expenses, 1919
Commitments, 1918, paid in 1919
Balance, ''Expenses trading-with-the-enemy act, Federal
Reserve Board," transferred to "Executive expenses,
trading-with-the-enemy act''
Unincumbered balance, Jan. 1, 1920
Unpaid commitments, Dec. 31, 1919
Balance to credit reimbursable account
Unexpended balance
25,542.43
558, 560. 61
25, 694. 66
4. 62
600,519. 04
584,259.89
16, 259.15
23,670.87
779.14
40, 709.16
Detailed statement of commitments.
January.
February.
$6,229.14
3,764.99
1.563.32
5,284.70
3,694.11
'837.82
1,360.80
$6,315.84
3,790.00
1,983.00
5,091.66
3,902.35
865.84
1,434.17
March.
April.
May.
June.
July.
August.
Septem- October.
ber.
Novem- j December. i ber.
Total.
PERSONAL SERVICES.
Board members and their staff
Secretary's office
Counsel's office
Division of operations and examination
Division of reports and statistics
Division of gold settlement
Division of analysis and research
Division of architecture
Division of Federal Reserve issue and redemption
Messengers
«
Charwomen
Employees detailed t o National bank redemption agency,
office of Treasurer of the United
States
Redemption division, office of Comptroller of the Currency
Total.
$6,433.52 $6, 439.14
3,594.01 3.59632
2, 060.85 2^089.98
5,120.86 5,224.98
4,149.62 4,290.79
865.84
865 82
1,520.86 1,379.82
780.56
$6,391.50
3,595 00
2, 090.00
5,224.99
4,296 51
865.84
1,337.50
1,080-55
2, 526.99 2, 697.50 2,839.85 2,883.83 3,128.49
729.99
671.01
696.01
735-00
750.65
77.13
78.00
78.00
78.00
78.00
$6,179.19 $6,274.15 $6,397.91 $6,390.44 $6,390.40 $7,183.96 '$7,613.78
3,867.83 4,174.98 4,457.50 3,631.68 3,961.38 4,615 00 4,615 02
2,090.01 2,520.52 2,631.67 2, 631.69 2,631-64 2,566 67 2,501.69
5,225 03 5,807-20 6,018.33 6,201.70 6,301 63 6,314.99 6,501.71
4,596 05 4,765 99 5, 347.51 5.113.83 5,06100 5, 340 03 5, 485.07
$78,238.97
47,663.71
27,361.04
68,317.78
56,042 86
941.67 10,083.33
858.32
858.34
1.714.70 1,891.09 2.078.35 17,880.76
888.88 '888.90 7,150.01
644.84
1,422 84
555.56
762.32
1,38394
555.55
858.34
1,059.17
622.23
'858.34
1,297.52
4,676.89
735 67
78.00
4,951.49
853.32
96.00
4,931.02
843.32
96.00
4,837.84 5, 432.35 3,057.66 i 5,99335 50,957.26
858.34
888.34 9, 440.81
833 34
845.82
96.00
81.05 1,028.18
96.00
96 00
384.18 2,984.08 5,748.95 6,159.25 15,276.46
1,389.55 2,747.39
4,136.94
26,068.99 26,829.37 27,398.41 28,379.89 28,784.39 30,071.91 32,145.46 33,263 00 133,165.45 37,166 21 43,809.46 46,495.57 393,578.11
NONPERSONAL SERVICES.
Transportation and subsistence:
Board members and their staff
62.40
189 66
148. 22
12044
552.11
168.9
201.50
5509
1.60
141.26
392.90 2,162.69
128.52
267.82
Secretary's office
5.50
6.08
93.00
118.77
15.56
1641 I 11.25
1.25
Division of operations and examination 1,254.39 2,852 02 3,307.95 3, 230.86 2,801.41 3,150.46 2,809.62 1,710.37 I 2,624.98 3,214.43 1,818.65 1,910.51 30,685.65
100.67
Division of reports and statistics
70.36
30.31
708.70
Division of analysis and research
29.62
56.90
32.54
55 77
22 03
115.00
65.30
148.62
75 58
35 51
48.57
23.26
24.34
60.71
Counsel's office
I
21.56
14.81
12.50
71.25
Messengers
j
"5*66
"o"6n
5 00
18.75
5 00 i
'"h'.oo
5 00
5 00
5.66
Communication service:
i
229.66 2,477.55
167-41
Telephone
j 209.60
189.34
160 92
210,54
232.22
228.97
194.35
223 57
226.83
204.14
142 06
265 00 3,013.86
Telegraph
244.45
215 06
279. 25
265.14
301.22
276.93
239.97
255 54
270.90
258.34
17.50
201.50
Postage
19.50
14.00
15 00
17 00
34.00
15 50
43 50
600
19.50
Printing, binding, etc
7,447.01 2,550 95 3, 239 57 2,312 35 2,185.30 1,85816 2,984.52 2,371.23 2.540.18 2. 515.65 3,397.77 3,387.47 36, 790.16
242.04
Contract repairs
1.75
55.20
3.60
8.00
19.30
17
10
I
14.10
3 60
375
3.12
85 64
' 26.88
422.40
Electricity (light and power)
35.20
35 20
35.20
3520
35.20
35 20
35 20
35.20
35.20
35.20
35.20
35.20
216.30
Steam (heat)
30.90
30.90
30.90
30.90
30.90
30.90
30.90
Other nonpersonal service
429.81
397.27 4,229.36
232.56
416.35
221.00
246.36
355.01
364.22
405.95 I 295.02
581.48
284.33
Detailed statement of commitments—Continued.
to
00
February.
May.
June.
July.
August.
$312.55
36.00
216.06
$321.76
663.81
$803.80
9.57
191.14
$977.95
97.50
61.37
$413.11
18.00
38.24
$347.82
11.50
229.45
$829.30
29.50
73.57
372.35 1 640.36
26 41
3.47
692.42
692.42
682.57
11-12
692.42
681.00
53.00
739.56
666.38
18.90
814.56
923.11
2.98
814.56
930.63
55.87
814.56
6,555.34
5,778.48
3,485.58
953.07
21,371.24 17,638.92 17,524.21 15,887.94 16,251.24 14,617.08 13,012.85
8,111.59
March.
Supplies:
Stationery
$492.23 $300.85 $569.54
23.35 fc 36.70
12.75
Periodicals
109.70
247.84
96.15
Other
Equipment:
408.43
Furniture and office..
804.79
223.30
62.50
3.37
40.75
Books .
564.03
593.76
571.95
Rent
..
.. .
Division of foreign exchange (including
10,020.53 9,381.43 8,198.98
salaries)
Total
Grand total
Septem- October. November.
ber.
April.
January.
7,589.76
142.09
$427.49
72.70
130.17
December.
Total.
$453.97 $6,250.37
719.72
372.15
215.65 2,273.15
1,714.87 1,239.08
82.27 2, 705.47
825.56
814.56
10,286.87
3,066.11
8,630.36
52,105.26
8,681.33 9,658.38 9,681.22 12,546.50 164,982.50
n
. . . 47, 440.23 91,909.52 44,922.62 44,267.83 45,035.63 44,688.99 45,158.31 41,374.59 41,846.78 46,824.59 53, 490.68 59,042.07 558,560.61
H
W
o
>
239
EXHIBIT 1—STATE BANK MEMBERSHIP.
Exhibit I.—STATE BANKS AJNli TKUST COMPANIES ADMITTED.
The following is a list of State banks and trust companies members
of the Federal Reserve system, showing capital, surplus, and total
resources as compiled from figures available on December 31, 1919.
One thousand one hundred and eighty-one State institutions are
now members of the system, having a total capital of $421,653,766,
total surplus of $447,553,603, and total resources of $9,608,710,574.
Surplus. 1
Total
resources. l
DISTRICT NO. I.
CONNECTICUT.
New Britain—New Britain Trust Co
New Haven—Union & New Haven Trust Co.
South Manchester—Manchester Trust Co
Waterbury—Colonial Trust Co
Banffor—Merrill Trust Co
Portland—Fidelity Trust Co..
$400,000
650,000
100,000
400,000
$200,000
650,000
50,000
500,000
$4,954,861
4,845,388
2,057,737
8,569,696
300,000
400,000
400,000
400,000
7,401,911
14,501,467
MASSACHUSETTS.
Arlington—Menotomy Trust Co
BostonAmerican Trust Co
Beacon Trust Co
Commonwealth Trust Co
International Trust Co
Liberty Trust Co
Market Trust Co
Metropolitan Trust Co
New England Trust Co
Old Colony Trust Co
State Street Trust Co
United States Trust Co
CambridgeCharles River Trust Co
Harvard Trust Co
Fitchburg—Fitchburg Bank & Trust Co
Gloucester—Gloucester Safe Deposit & Trust Co
Greenfield—Franklin County Trust Co
Holyoke—Hadley Falls Trust Co
Lawrence—Merchants Trust Co
Lynn—Security Trust Co
New Bedford—New Bedford Safe Deposit & Trust Co.
Newton—Newton Trust Co
Norwood—Norwood Trust Co
Salem—Naumkeag Trust Co
Waltham—Waltham Trust Co
Winchester—Winchester Trust Co
Worcester—Worcester Bank & Trust Co
25,000
1,634,136
2,000,000
1,200,000
500,000
1,500,000
300,000
100,000
400,000
2,000,000
9,000,000
2,500,000
1,000,000
29,309,782
22,468,280
33,458,171
32,342,230
7,125,776
2,568,339
9,250,740
28,727,006
164,351,082
41,439,721
18,906,488
200,000
200,000
500,000
200,000
200,000
500,000
300,000
200,000
200,000
400,000
200,000
250,000
200,000
100,000
.,250,000
200,000
100,000
350,000
200,000
100,000
250,000
150,000
200,000
300,000
400,000
8,000
150,000
100,000
25,000
500,000
4,345,827
5,206,079
5,196,119
4,842,245
2,905,766
6,110,352
7,248,243
8,416,446
5,760,592
7,030,205
2,887,604
5,348,903
4,806,562
983,962
30,254,870
3,000,000
3,000,000
1,000,000
4,000,000
3,500,000
500.000
80,817,308
61,602,439
14,643,505
30,475,000
33,758,000
692,319,838
1,000,000
200,000
300,000
131,000
10,060,300
3,404,025
125,000
L, 000,000
600,000
L 000,000
L, 500,000
200,000
400,000
500,000
[,000,000
•,000,000
1,000,000
L, 000,000
RHODE ISLAND.
ProvidenceIndustrial Trust Co
Rhode Island Hospital Trust Co
Union Trust Co
Total.
DISTRICT NO. 2.
CONNECTICUT.
Bridgeport—Bridgeport Trust Co
,
South Norwalk—South Nor walk Trust Co.
NEW JERSEY.
100,000
Asbury Park—Seacoast Trust Co
75,000
2,213,172
200,000
150.000
Bayonne—Bayonne Trust Co
5,248,516
200,000
100,000
Bloomfield—Bloomfield Trust Co
4,286,866
75,000
25,000
Boonton—Farmers & Merchants Bank.
639,839
100,000
20,000
Cranford—Cranford Trust Co
1,801,598
i A mounts shown represent capital, surplus, and total resources as of Nov. 17,1919, except in the case
of banks admitted since that date, for which figures as of the date of admission were used.
240
ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD.
Total
resources.
DISTRICT NO. 2—Continued.
NEW JERSEY—continued.
East Orange —
Savings Investment & Trust Co
East Orange Bank
Elizabeth—Elizabethport Banking Co
Franklin—Sussex County Trust Co
Glen Ridge—Glen Ridge Trust Co
Hackensack—Peoples Trust & Guaranty Co
Hoboken—Jefferson Trust Co
Jersey C i t y Commercial Trust Co. of New Jersey
The New Jersey Title Guarantee &'Trust Co
Montclair—
Bank of Montclair
Montclair Trust Co
Morristown—Morristown Trust Co
Newark—
Federal Trust Co
Ironbound Trust Co
Nutley—Bank of Nutley
Orange—Trust Co. of Orange
Passaic—
Passaic Trust & Safe Deposit Co
Peoples Bank & Trust Co
•
Paterson—Hamilton Trust Co
Plainfield—Plainfield Trust Co
Rahway—Rahway Trust Co 5
Ridgefield Park—Ridgefield J ark Trust Co
Rutherford—Rutherford Trust Co
Westfield—
Peoples Bank & Trust Co
Westfield Trust Co
West Hoboken—Hudson Trust Co. of West Hoboken..
$300,000
25,000
50,000
20,000
20,000
300,000
50,000
$8,385,242
1,902,757
4,739,350
402,030
1,193,377
6,893,777
4,764,214
1,500,000
1,000,000
34,764,301
17,333,216
80,000
100,000
300,000
3,047,186
5,100,725
9,443,058
500,000
100,000
35,000
25,000
12,350,793
9,048,197
1,538,980
1,162,945
100,000
300,000
400,000
300,000
25,000
25,000
25,000
8,945,909
6,815,993
12,351,991
9,010,872
1,087,750
1,579,494
1,487,275
80,000
20,000
1,000,000
2,346,002
2,768,934
26,516,497
75,000
50,000
100,000
100,000
100,000
1,374,760
716,225
3,004,377
1,454,449
5,675,099
2,066,861
L, 500,000
1,000,000
1,000)000
L, 000.000 I 500,000
L, 600,000 j 800,000
L, 200,000 j 1,200,000
49,419,480
34,543,434
44,559,342
43,857,404
37,824,472
1,000.000
500,000
1,250,000
1,000,000
1,000,000
600,000
25,000
8,000
50,000
47,969,225
16,602,852
28,472,624
22,066,511
37,048,764
17,946,195
661,243
170,6C6
1,527,112
25,000
37,500
400,000
10,000
25,000
225.000
ioo;ooo
50,000
80,000
100,000
25,000
25,000
60,000
350,000
50,000
75,000
11,250,000
6,000,000
250,000
15,000,000
500,000
6,000,000
700,000
600,000
1,498,420
1,283,367
8,679,382
60,000
1,037,760
4,135,279
1,309,260
1,161,633
1,294,964
3,512,582
4,194,344
336,550
1,626,614
5,374,090
796,138
2,482,330
$498,200
150,000
250.000!
100,000
100,000
500,000
200,000
1,000,000
1,000,000
100,000 i
300,000 I
600,000 !
1,000,000
200,000
100,000
100,000
200,000
200,000
500,000
300,000
100,000
100,000
100,000
100,000
100,000
1,000,000
I
;
j
I
j
!
I
I
NEW YORK.
Adams—Citizens Trust Co
Amityville—Bank of Amityville
Amsterdam—Montgomery County Trust Co
Batavia—The Bank of Gehesee
Binghamton— Peoples Trust Co
Brooklyn—
Brooklyn Trust Co
Franklin Trust Co
Manufacturers Trust Co
Mechanics Bank
Peoples Trust Co
BuffaloBank of Buffalo
Buffalo Trust Co
Citizens Commercial Trust Co
Fidelity Trust Co
Liberty Bank of Buffalo
Peoples Bank of Buffalo
Canisteo—First State Bank
Cape Vincent—Citi/ens Bank of Cape Vincent
Chatham—State Bank of Chatham
East AuroraBank of East Aurora
Erie Count.: Trust Co
Elmira—Chennme Canal Trust Co
Endicott—State Bank of Endicott
Floral Park — i loral Park Bank
Geneva—Geneva Trust Co
Gloversville—Trust Co. of Fulton County
Hammondsport—Bank of Hammond sport
Hicksville—Bank of Ficksville
Ithaca—Ithaca Trust Co
Johnson City—Workers Trust Co
Katonah—Northern Westchester Bank
Kingston—Kingston Trust Co
Little Falls—Herkimer County Trust Co
Millbrook—Bank of Millbrook".
Mineola—Nassau County Trust Co
New York—
Bankers Trust Co
Bank of America
Bank of United States
Central Union Trust Co
Columbia Bank
Columbia Trust Co
Commercial Exchange Bank
Commonwealth Bank of the City of New York.
140,000
25,000
200,000
100,000
500,000
i
1
!
i
J, 500,000 j
500.000 I
L,250;000
L, 000,000
L500,000 I
600,000 I
50,000 '
50.000
50,000
100,000
100,000
600,000
50,000
25,000
250,000
200,000
50,000
25,000
200,000
100,000
50,000
150,000
350,000
50,000
100,000
000,000
500,000
000,000
500,000
000,000
000,000
200,000
400,000
380,486,721
92,023,675
28,964,148
256, 750, 201
27,339,047
118,968,522
11,065,899
12,125,436
241
EXHIBIT I—STATE BANK MEMBERSHIP.
Total
DISTRICT NO. 2—Continued.
NEW YORK—continued.
New York—Continued.
Continental Bank
Corn Exchange Bank
Equitable Trust Co
Fanners Loan & Trust Co
Fidelity Trust Co
Fifth Avenue Bank
Fulton Trust Co
w
Guaranty Trust Co
Irving Trust Co
Lincoln Trust Co
Manhattan Co
Mercantile Trust Co
Metropolitan Bank
Metropolitan Trust Co. of the Citv of New York
Mutual Bank
New Netherland Bank
New York Trust Co
Pacific Bank
United States Mortgage & Trust Co
United States Trust Co. of New York
W. R. Grace & Co.'s Bank.
Yorkville Bank of New York City
Niagara Falls—Power City Bank
Nya'ck—Rockland County Trust Co
Ogdensburg—St. Lawrence Trust Co
Olean—Olean Trust Co
Oneida—Madison County Trust & Deposit Co
Orchard Park—Bank of Orchard Park
Oyster Bay—Oyster Bay Bank
Perry—Citizens" Bank. .*
Port Chester—Mutual Trust Co. of Westchester County.
Rochester—Alliance Bank
Rome—Rome Trust Co
Schenectady—Sehenectady Trust Co
Stony Brook—Bank of Suffolk County
Syracuse—
Citv Bank Trust Co
First Trust & T eposit Co
Syracuse Trust Co
Trumansburg—State Bank of Trumansburg
UticaCitizens Trust Co
Oneida County Trust Co
Utica Trust & I eposit Co
Warsaw—Trust Co. of Wyoming County
Watertown—Northern New York Trust Co
Westbury—Bank of Westbury
White Plains—County Trust Co
$1,000,000
4,200,000
6,000,000
5,000,000
1,000,000
500,000
500,000
25,000,000
3,000,000
1,000,000
2,500,000
1,000,000
2,000,000
2,000,000
200,000
600,000
3,000,000
500,000
2,000,000
2,000,000
500,000
200,000
300,000
100,000
100,000
100,000
200,000
30,000
50,000
50,000
300,000
1,000,000
300,000
300,000
25,000
$500,000
6,800,000
12 000,000
10,000,000
1,000,000
2.000,000
250,000
25,000,000
1,000,000
600,000
7,000,000
500,000
2,000,000
4,000,000
400,000
650,000
10,000,000
1,000,000
4,000,000
12,000,000
700,000
400,000
300,000
25,000
25,000
20,000
120,000
6,000
50,000
50,000
60,000
500,0C0
60,000
62,500
15,000
$27,236,031
224,393,312
287,206,150
194,428,340
17,596,219
27.700,896
10,497,592
883,900,180
83,625,357
29,255,250
179,024,483
21,502,713
58,472,268
50,761,526
15,201,059
11,369,059
105,554,951
32,637.687
80,404,420
63,406,235
10,381,084
14,405,985
8,327,708
2,460,182
1,538,058
1,370,281
3,147,374
406,844
1,203,568
1,279,726
2.866,488
19)300,375
3,988,319
8,527,020
451,752
1,500,000
2,500,000
1,500,000
25,000
658,000
1,000,000
750,000
15,000
21,402,905
42,227,596
28,911,917
399,713
500,000
250,000
800,000
100,000
400,000
25,000
100,000
500,000
250,000
600,000
20.000
400,000
5,000
50,000
15,614,564
2,904,226
14.976,897
789,466
8, 638,980
582, 214
3,248,794
138, 803, 200
Total.
168,184, 861 4,207,562,560
DISTRICT NO. 3.
DELAWARE.
Mil ford—Milford Trust Co
WilmingtonEquitable Trust Co
Security Trust & Safe Deposit Co
Wilmington Trust Co
1,077,829
5,477,122
7,083,707
17,874,975
NEW JERSEY.
Atlantic C i t y Bankers Trust Co
Equitable Trust Co
Burlington—Burlington City Loan & Trust Co
Camden—Camden Safe Deposit & Trust Co
Gloucester City—Gloucester City Trust Co
Princeton—Princeton Bank & Trust Co
Riverside—Riverside Trust Co
Swedesboro—Swedesboro Trust Co
100,000
200,000
100,000
500,000
100,000
100,000
100,000
100,000
100,000
100,000
800,000
30,000
150,000
100,000
20,000
546,534
3,166,687
1,748,440
12,657,162
1,176,581
2,272,164
2,039,889
945,662
250,000
125,000
300,000
175,000
200,000
300,000
6,036,853
2,173,667
4,071,310
100,000
125,000
500,000
75,000
4,918,393
2,933,057
PENNSYLVANIA.
Chester—Cambridge Trust Co
Dubois—Union Banking & Trust Co
Harrisburg—Dauphin Deposit Trust Co
Hazleton—
Markle Banking & Trust Co
Peoples Savings & Trust Co
242
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 3—Continued.
PENNSYLVANIA—continued.
Honesdale—Wayne County Savings Bank
Huntingdon—Grange Trust Co
Lewistown—Lewistown Trust Co
Lykens—Miners Deposit Bank
PhiladelphiaColonial Trust Co
Commercial Trust Co
Fidelity Trust Co
Girard Trust Co
Logan Trust Co
Pennsylvania Co. for Insurance on Lives and Granting
Annuities
Philadelphia Trust Co
Provident Life & Trust Co. of Philadelphia
Rittenhouse Trust Co
West Philadelphia Title & Trust Co
Reading—Berks County Trust Co
Schuylkill Haven—Schuylkill Haven Trust Co
Scranton—American Bank of Commerce
Wilkes-Barre—Dime Deposit Bank
Williamsport—
Northern Central Trust Co
Susquehanna Trust & Safe Deposit Co
Williamstown—Williams Valley Bank
Total
$200,000
125,000
125,000
50,000
$325,000
12,500
25,000
110,000
$4,032,119
706,752
752,153
857,854
300,000
2,000,000
5,000,000
2,500,000
1,000,000
275,000
2,750,000
16,000,000
7,500,000
250,000
5,708,643
24,405,222
61,681,333
57,861,550
13,967,406
2,000,000
1,000,000
2,000,000
250,000
500,000
250,000
125,000
300,000
200,000
5,000,000
4,000,000
5,000,000
50,000
500,000
155,000
55,000
60,000
150,000
39,201,186
26,203,174
119,897,970
2,616,743
8,361,313
3,917,502
1,307,027
1,460,189
1,991,776
500,000
400,000
50,000
200,000
300,000
47,000
4,465,701
3,209,687
511,837
23,225,000
47,102,000
359,317,169
25,000
105,000
40,000
15,000
60,000
8,000
332,151
1,006,468
523,837
150,000
500,000
150,000
30,000
150,000
50,000
1,758,857
2,451,414
906,864
500,000
300,000
200,000
200,000
500,000
300,000
75,000
100,000
15,094,027
7,707,219
4,101,875
7,325,259
150,000
100,000
25,000
100,000
75,000
25,000
200,000
100,000
150,000
100,000
15,000
25,000
40,000
3,250
140,000
40,000
4,158,486
2,944,665
321,510
1,814,585
820,623
233,167
4,061,570
1,153,896
200,000
1.400,000
1,000,000
500,000
200,000
1,000,000
2,000,000
500,000
6,895,844
16,604,806
23,664,396
12,768,736
4,000,000
3,000,000
3,000,000
600,000
500,000
1,000,000
50,000
700,000
100,000
4,000,000
3,000,000
3,000,000
400,000
1,000,000
400,000
25,000
150,000
70,000
79,516,947
86.997,285
78,022,394
14,666,924
18,032,880
17,127,309
716,072
5,872,965
1,850,737
50,000
100,000
575,000
35,000
25,000
100,000
5,500
32,000
506,250
2,675
38,000
74,000
635,936
1,743,671
17,061,785
424,166
607,352
1,371,871
DISTRICT NO. 4.
KENTUCKY.
Brooksville—Farmers Equity Bank
Georgetown—Farmers Bank & Trust Co
Independence—Bank of Independence
LexingtonGuaranty Bank & Trust Co
Security Trust Co
Richmond—State Bank & Trust Co
OHIO.
Akron—
Central Savings & Trust Co
Depositors Savings & Trust Co
Firestone Park Trust & Savings Bank
Peoples Savings & Trust Co
AllianceAlliance Bank Co
City Savings Bank & Trust Co
Apple Creek—Apple Creek Banking Co
Barberton—Peoples Savings & Banking Co
Bridgeport—Bridgeport Bank & Trust Co
Buckeye City—Commercial & Savings Bank Co.
Canton—Dime Savings Bank Co
Chagrin Falls—Chagrin Falls Banking Co
CincinnatiBrighton Bank& Trust Co
Provident Savings Bank & Trust Co
Union Savings Bank & Trust Co
Western Bank & Trust Co
ClevelandCitizens Savings & Trust Co
Cleveland Trust Co
Guardian Savings & Trust Co
The Pearl Street Savings & Trust Co
Superior Savings & Trust Co
United Banking & Savings Co
Columbiana—Union Banking Co
Columbus—Citizens Trust & Savings Bank
Conneaut—Conneaut Mutual Loan & Trust C o . .
Cuyahoga F a l l s Citizens Bank
Cuyahoga Falls Savings Bank Co
Dayton—Dayton Savings & Trust Co
Eldorado—The Farmers State Bank
Frazeysburg—Peoples Bank Co
Geneva—Geneva Savings Bank Co
1
Exclusive of insurance assets of $101,408,940.
EXHIBIT I
243
STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 4—Continued.
OH io—continued.
Gibsonburg—
Gibsonburg Banking Co
Home Banking Co
Hillsboro—Hillsboro Bank & Savings Co
Hubbard—Hubbard Banking Co
Lodi—Lodi State Bank
McCutchenville—Farmers Bank
Mansfield—Farmers Savings & Trust Co
Massillon—Ohio Banking & Trust Co
Metamora—Farmers & Merchants Bank Co
Middlefield—Middlefield Banking Co
Milan—The Farmers & Citizens Banking Co
Minerva—Minerva Savings & Trust Co
Minster—Minster State Bank
Newark—Newark Trust Co
Orrville—The Orrville Savings Bank
Pandora—Farmers Bank Co
Pemberville— Pemberville Savings Bank Co
Peninsula—Peninsula Banking Co
Portsmouth—Security Bank
Rittman—Eittman Savings Bank
Rossford—Rossford Savings Bank
St. Marys—Flome Banking Co
Shady side—The Shady side Bank
Shelby—Citizens Bank
Shiloh—Shiloh Savings Bank Co
Spencer—Spencer State Bank
Steubenville—
Steubenville Bank & Trust Co
Union Savings Bank & Trust Co
Struthers—Struthers Savings & Banking Co
Toledo—
The Commercial Savings Bank & Trust Co...
Guardian Trust & Savings Bank
Upper Sandusky—Citizens Savings Bank
Vermilion—Erie County Banking Co
Wakeman—Wakeman Bank Co
Warren—Union Savings & Trust Co
Wellington— 1 irst Wellington Bank
West Lafayette—West Lafayette Bank Co
West Milton—Citizens State Bank Co
Youngstown—
City Trust & Savings Bank
Dollar Savings & Trust Co
$50,000
25,000
50,000
50,000
40,000
30,000
160,725
150,000
25,000
25,000
25,000
50,000
25,000
200,000
50,000
25,000
25,000
25,000
150,000
25,000
50,000
100,000
35,000
100,000
25,000
40,000
$18,500
10,000
15,000
25,000
60,000
900
160,725
37,500
5,500
25,000
50,000
25,000
125,000
45,000
,500
5,000
5,000
250,000
8,500
5,000
22,000
3,900
50,000
29,000
1,000
$822,950
858,167
586,036
1,088,823
774,721
126,260
1,718,627
1,723,533
348,137
442,778
471,666
1,576,234
442,510
2,868,761
853,318
206,657
539,684
239,262
2,437,502
427,930
328,297
1,086,137
290,105
1,260,124
408,955
319,573
178,100
250,000
50,000
81,860
250,000
50,000
2,155,494
3,717,300
1,653,548
200,000
200,000
50,000
50,000
25,000
300,000
85,000
100,000
30,000
100,000
200,000
30,000
10,000
10,000
300,000
85,000
50,000
6,000
7,739,953
6,962,639
804,095
603,236
304,701
5,120,770
1,400,982
1,255,579
292,217
200,000
,500,000
200,000
500,000
5,862,887
21,204,265
125,000
300,000
200,000
125,000
200,000
188,600
125,000
300,000
50,000
100,000
40,000
50,000
350,000
100,000
20,000
300,000
2,180,244
1,610,362
1,475,760
1,149,051
6,480,899
1,825,304
1,752,935
4,096,960
700,000
500,000
200,000
800,000
1,600,000
2,600,000
., 500,000 1,000,000
200,000
200,000
!, 000,000 1,000,000
500,000
75,000
,500,000 34,500,000
125,000
75,000
5,395,203
11,130,344
23,240,973
12,024,026
6,911,479
24,023,411
4,620,382
140,969,999
1,770,784
io;ooo
PENNSYLVANIA.
Ambridge—Ambridge Savings & Trust Co
Beaver—Beaver Trust Co
Beaver Falls—Federal Title & Trust Co
Bellevue— Bellevue Realty Savings & Trust Co.
Erie—Security Savings & Trust Co
Greensburg—Merchants Trust Co
Meadville—Crawford County Trust Co
New Castle—Lawrence Savings & Trust Co
PittsburghAllegheny Trust Co
City Deposit Bank
Colonial Trust Co
Commonwealth Trust Co
Oakland Savings & Trust Co
Pittsburgh Trust Co
Potter Title & Trust Co
Union Trust Co
Woodlawn—Woodlawn Trust Co
WEST VIRGINIA.
Moundsville—Marshall County Bank.
WheelingSecurity Trust Co
Wheeling Bank & Trust Co
Total.
150,000
40,000
1,214,065
300,000
160,000
200,000
520,000
2,919,582
5,487,985
36,152,425
63,597,560
782,901,856
244
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Total
resources.
DISTRICT NO. 5.
DISTRICT OF COLUMBIA.
Washington—Continental Trust Co
$1,000,000
$5,466,223
300,000
500,000
1,000,000
1,000,000
25.000
30,000
50,000
4,358,195
5,131,619
19,733,250
12,396,838
497,104
648,367
845,245
MARYLAND.
Baltimore—
American Bank
Baltimore Commercial Bank
Baltimore Trust Co
Maryland Trust Co
Gwynn Oak Junction—Liberty Bank of Baltimore County
Hamilton—Hamilton Bank
Overlea—Overlea Bank
6,000
12,500
20,000
NORTH CAROLINA.
Asheville—Battery Park Bank
CharlotteAmerican Trust Co
Independence Trust Co
High Point—Bank of Commerce
New B e r n New Bern Banking & Trust Co
Peoples Bank
Winston-Salem—Wachovia Bank & Trust Co.
100,000
100,000
3,197,831
1,050,000
500,000
100,000
375,000
250,000
16,000
13,742,624
3,965,665
1,085,707
100,000
100,000
1,250,000
25,000
50,000
750,000
1,704,486
2,335,008
31,959,672
200,000
150,000
3,582,804
110,000
100,000
100,000
100,000
125,000
50,000
10,000
75,000
50,000
30,000
978,783
670,038
1,403,583
2.129,542
1,499,196
100,000
93,300
75,000
100,000
25,000
100,000
75,000
100,000
40,700
100,000
30,490
42,500
5,600
25,000
23,000
25,000
25,000
10,500
1,251,562
673,121
1,653,165
557,391
427,826
697,320
1,045,286
1,206,884
554,260
SOUTH CAROLINA.
Charleston—Carolina Savings Bank
Cheraw—
Bank of Cheraw
Merchants & I1 armers Bank
Chester—Commercial Bank
Darlington—Bank of Darlington
Florence—Commercial & Savings Bank
Georgetown—
Bank of Georgetown
Peoples Bank of Georgetown
Harts ville—Bank of Hartsville
Rock Hill—Citizens Bank & Trust Co..
St. Matthews—The Home Bank
Sumter—Peoples Bank
Union—Nicholson Bank & Trust Co
Westminster—Westminster Bank
Woodruff—Bank of Woodruff
VIRGINIA.
Blackstone—Citizens Bank
Cambria—Cambria Bank (Inc.)
Charlottesville—Commerce Bank & Trust Co
Chase City—Peoples Bank & Trust Co.
Christiansburg—Bank of Christiansburg
Emporia—
Greensville Bank
Merchants & Farmers Bank
Harrisonburg—Peoples Bank of Harrisonburg
NorfolkCitizens Bank of Norfolk
Marine Bank
Richmond—
Bank of Commerce & Trusts
The Savings Bank of Richmond
Union Bank of Richmond
100,000
30,000
100,000
100,000
34,000
717,312
269,742
153,389
656,424
1,186,950
900,446
636,629
827,950
'207,554
2,464,117
5,394,668
2,454,672
3,434,367
WEST VIRGINIA.
Charleston—Kanawha Valley Bank
Franklin—Franklin Bank
Grafton—Grafton Banking & Trust Co
Total.
DISTRICT NO. 6.
ALABAMA.
BirminghamAmerican Trust & Savings B a n k . . .
Birmingham Trust & Savings Bank
Carrollton—Pickens County State Bank
Cullman—Alabama Bank & Trust Co
Eufaula—Bank of Eufaula
9,723,313
14,582,549
210,698
532,888
705,760
EXHIBIT I
245
STATE BANK MEMBERSHIP.
Total
resources.
DISTRICT NO. 6—Continued.
ALABAMA—continued.
Huntsville—Farmers State Bank
Marion—Marion Central Bank
MobileMerchants Bank
Peoples Bank
Union Commercial Bank
Montgomery—Merchants Bank of Montgomery.
Union Springs—American Bank
$100,000
50,000
$35,000
100,000
$942,062
644,709
200,000
200,000
200,000
100,000
50,000
300,000
200,000
6,595
20,000
5,000
7,228,622
6,092,730
1,280,100
1,329,985
299,467
100,000
200,000
30,000
100,000
100,000
50,000
250,000
30,000
100,000
20,000
11,000
1,624,850
1,063,297
521,907
1,379,280
839,270
300,051
6,150,578
223,308
FLORIDA.
D eland—Volusia County Bank
Jacksonville—American Trust Co
Leesburg—Leesburg State Bank
Miami—The Southern Bank & Trust Co
Orlando—Bank of Orange & Trust Co
Tallahassee—The Exchange Bank
Tampa—Citizens American Bank & Trust Co.
Winter Park—Union State Bank
20,000
4,000
500,000
1,500
GEORGIA.
Athens—American State Bank
AtlantaAtlanta Trust Co
Central Bank & Trust Corporation.
Georgia Savings Bank & Trust Co..
Trust Co. of Georgia
Brunswick—
Brunswick Bank & Trust Co
Glynn County Bank
Calhoun—Peoples Bank
Camilla—Bank of Camilla
Canon—The Canon Bank
Cave Spring—Bank of Cave Spring
Commerce—Northeastern Banking Co..
Grayson—Bank of Grayson
Hart well—Hart well Bank
Jackson—Jackson Banking Co
Louisville—Bank of Louisville
Metter—Citizens Bank
Sardis—Peoples Bank
Sasser—Bank of Sasser
Savannah—
American Bank & Trust Co
Citizens & Southern Bank
Citizens Trust Co
The Hibernia Bank of Savannah...
Mercantile Bank & Trust Co
Savannah Bank & Trust Co
West Point—Citizens Bank
Winder—Farmers Bank
Winterville—Pittard Banking Co
100,000
20,000
941,332
1,000,000
1,000,000
200,000
1,000,000
100,000
300,000
100,000
1,000,000
3,562,986
16,853,709
1,776,175
6,466,051
100,000
100,000
55,000
50.000
25,000
25,000
100,000
40,000
60,000
50,000
25,000
30,000
25,000
25,000
90,000
20,000
11,000
50,000
12,500
26,000
50,000
7,750
20,000
10,000
55,000
20,000
6,000
25,000
1,854,970
1,026,974
854,130
567,131
154,432
313,576
1,160,960
247,223
764,148
417,960
485,211
314,828
192,436
194,487
200,000
2,000,000
200,000
200,000
200,000
700,000
50,0C0
50,000
25,000
10,500
2,500,000
50,000
200,000
20,000
700,000
1,000
2,500
11,000
1,054,669
55,578,064
1,095,031
7,503,628
1,522,067
11,347,996
415,282
501,961
201,272
150,000
50,000
25,000
4,200
7,500
2,973,749
578,610
446,061
200,000
4,000,000
400,000
2,000,000
750,000
200,000
800,000
800,000
60,000
20,000
1,500,000
150,000
2,500,000
500,000
10,000
217,400
500,000
1,800
750,341
64,329,856
7,692,682
67,538,742
12,795,559
1,028,996
17,832,338
7,350,868
319,647
100,000
25,000
25,000
12,000
1,564,741
266,499
750,000
200,000
225,000
50,000
6,291,304
2,340,995
21,216,000
13,363,245
367,145,101
LOUISIANA.
Baton Rouge—Union Bank & Trust Co
Gretna—Jefferson Trust & Savings Bank
Iota—Bank of Iota
•
New OrleansAmerican Bank & Trust Co
Canal-Commercial Trust & Savings Bank
Citizens Bank & Trust Co. of Louisiana
Hibernia Bank & Trust Co
Interstate Trust & Banking Co
Liberty Bank & Trust Co
Marine Bank & Trust Co
Pan-American Bank & Trust Co
New Roads—Pointe Coupee Trust & Savings Bank.
MISSISSIPPI.
Laurel—Commercial Bank & Trust Co.
Summit—Union Bank of Pike
TENNESSEE.
Chattanooga—Chattanooga Savings Bank.
Nashville—Bank of Tennessee
Total
246
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
;
Total
resources.
Capital.
DISTRICT NO. 7.
Auburn—Auburn State Bank
Barrington—First State Bank
Bloomington—State Bank of Bloomington
ChicagoAustin State Bank
Capital State Savings Bank
Central Trust Co. of Illinois
Chicago Trust Co
Depositors State Bank
First Trust & Savings Bank
Foreman Brothers Banking Co
Great Lakes Trust Co
Harris Trust & Savings Bank
Home Bank & Trust Co
Hyde Park State Bank
Illinois Trust & Savings Bank
Kasper State Bank
Madison & Kedzie State Bank
Mechanics & Traders State Bank
Mercantile Trust & Savings Bank
Merchants Loan & Trust Co
Noel State Bank
Northern Trust Co
North Side State Savings Bank
Northwestern Trust & Savings Bank
Second Security Bank
Security Bank of Chicago
Standard Trust & Savings Bank
State Bank of Chicago.. ^
Union Trust Co
United State Bank of Chicago
Cicero—Western State Bank
Des Plaines—Des Plaines State Bank
Elizabeth—Elizabeth State Bank
Elmhurst—Elmhiirst State Bank
Eureka—Farmers State Bank
Evanston—
Evanston Trust & Savings Bank
State Bank & Trust Co..'
Fulton—Whiteside County State Bank
Geneva—State Bank of Geneva
Hinsdale—Hinsdale State Bank
Joliet—
Commercial Trust & Savings Bank
Joliet Trust & Savings Bank
Kewanee—Union State Savings Bank & Trust Co.
La Grange—La Grange State Bank
Magnolia—First State Bank
Marshall—Marshall State Bank
Martinsville—Martinsville State Bank
Matteson—First State Bank
Mattoon—Central Illinois Trust & Savings B a n k . .
Moline—
Moline Trust & Savings Bank
Peoples Savings Bank & Trust Co
State Savings Bank & Trust Co
Mount Carroll—Carroll County State Bank
Oak Park
Oak Park Trust & Savings Bank
Suburban Trust & Savings Bank
Oswego—Oswego State Bank
St. Charles—Stewart State Bank
Shannon—State Bank of Shannon
Springfield—Ridgely Farmers State Bank
Sycamore—Pierce Trust & Savings Bank..'
Wenona—First State Bank
$25,000
50,000
100,000
$25,000
10,000
150,000
$628,289
450,056
2,155,341
200,000
200,000
6,000,000
1,000,000
300,000
5,000,000
1,500,000
3,000,000
2,000,000
300,000
200,000
5,000,000
500,000
200,000
200,000
250,000
5,000,000
300,000
2,000,000
200,000
600,000
200,000
400,000
1,000,000
1,500,000
1,500,000
200,000
100,000
50,000
40,000
60,000
100,000
65,000
20,000
1,000,000
300,000
100,000
5,500,000
1,500,000
600,000
3,000,000
75,000
50,000
10,000,000
300,000
50,000
50,000
75,000
9,000,000
100,000
3,000,000
20,000
150,000
100,000
250,000
500,000
4,000,000
2,000,000
30,000
25,000
35,000
15,600
25,000
5,000
4,348,870
1,761,225
73,572,011
12,380,096
4,862,887
90,329,060
30,287,496
9,734,107
38,644,349
4,918,706
2,934,437
141,144,803
10,319,227
2,930,597
2,648,821
5,158,154
137,569,158
4,451,032
44,375,938
2,650,153
13,681,848
3,356,262
6,541,206
12,045,797
44,288,118
49,883,354
1,339,094
1,518,617
761,804
549,781
959,369
696,092
100,000
300,000
50,000
50,000
50,000
10,600
300,000
5,500
10,000
25,000
100,000
100,000
150,000
50,000
25,000
60,000
50,000
25,000
100,000
5,000
35,000
25,000
25,000
5,000
5,000
20,000
10,000
75,000
1,098,002
1,059,790
1,637,238
1,272,475
233,974
359,215
491,042
160,917
1,089,851
225,000
250,000
300,000
50,000
85,000
200,000
165,000
35,000
3,964,545
6,254,758
5,560,396
1,075,196
200,000
100,000
50,000
100,000
25,000
600,000
100,000
50,000
50,000
10,000
10,000
50,000
18,500
150,000
75,000
35,000
3,120,557
667,018
421,733
1,297,817
419,363
7,509,719
969,731
635,793
40,000
25,000
25,000
400,000
27,500
150,000
25,000
30,000
10,000
16,000
2,000
35,100
75,000
7,000
7,500
230,669
298,085
209,370
2,763,242
163,885
3,797,616
229,545
432,756
70,000
50,000
45,000
35,500
662,462
487,238
*
1,276,515
6,017,898
513,128
694,123
592,563
INDIANA.
Angola—Steuben County State Bank
Bargersville—Farmers State Bank
Colfax—Farmers State Bank
Connersville—Fayette Bank & Trust Co.
Cromwell—Sparta State Bank
Elkhart—St. Joseph Valley Bank
Hillsboro—Hillsboro State Bank
Jamestown—Citizens State Bank
Kentland—
Discount & Deposit State Bank
Kent State Bank
247
EXHIBIT I—STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 7—Continued.
INDIANA—continued.
La Fontaine—Farmers State Bank
Marion—Grant Trust & Savings Bank
North Liberty—North Liberty State Bank..
Peru—Peru Trust Co
Richmond—Dickinson Trust Co
Rochester—United States Bank & Trust Co.
South B e n d American Trust Co
St. Joseph Loan & Trust Co
South Whitley—Gandy State Bank
Terre Haute—Terre Haute Trust Co
Tip ton—Farmers Loan & Trust Co
Winamac—First Trust & Savings Bank
Algona—County Savings Bank
Alta Vista—Alta Vista Savings Bank
Ames—Story County Trust & Savings Bank
Audubon—Iowa Savings Bank
Avoca—Avoca State Bank
Barnes City—Farmers Savings Bank
Battle Creek—Battle Creek Savings Bank
Bellevue—Bellevue State Bank
Blairsburg—State Bank of Blairsburg
Brighton—Brighton State Bank
Britt—Commercial State Bank
Cedar Falls—Security Trust & Savings Bank
Cedar Rapids—Iowa'State Savings Bank
Chariton—State Savings Bank
Charter Oak—Farmers State Bank
Cherokee—Cherokee State Bank
Clinton—Peoples Trust & Savings Bank
Davenport—American Commercial & Savings Bank.
Decorah—
Citizens Savings Bank
Wirmeshiek County Bank
Des Moines—
Bankers Trust Co
Central State Bank
First Trust & Savings Bank
Iowa Loan & Trust Co
Elberon—Farmers State Bank
Eldora—Citizens Savings Bank
Elkader—Elkader State Bank
EllsworthFarmers State Bank
State Bank of Ellsworth
Fairbank—Fairbank State Bank
Fairfield—Iowa State Savings Bank
Fort Madison—American State Bank
Fostoria—Citizens Savings Bank
Garwin—Garwin State Bank
Gilbert—Gilbert Savings Bank
Gilman—Citizens Sayings Bank
Grant—Farmers Savings Bank
Humboldt—Peoples State Bank
Jefferson—Jefferson Savings Bank
Knoxville—Guaranty State Bank
Lakota—Farmers & Drovers State Bank
Leon—Farmers & Traders State Bank
Lockridge—Lockridge Savings Bank
Logan—State Savings Bank
Lowden—Lowden Savings Bank
Lytton—Farmers Savings Bank
Malcom—Malcom Savings Bank
Mapleton—Mapleton Trust & Savings Bank
,
Marshalltown—Marshalltown State Bank.. 4
Mason City-—Commercial Savings Bank
Mediapolis—Commercial State Bank
Missouri Valley—State Savings Bank
Mondamin—Mondamin Savings Bank
Monticello—
Lovell State Bank.
Monticello State Bank
Moville—Moville State Bank
New Hampton—State Bank
Newton—
Citizens State Bank
Jasper County Savings Bank
$35,000
100,000
50,000
100,000
200,000
75,000
$491
160,000
10,000
25,000
125,000
25,000
$138,927
1,982,928
351,752
1,398,810
3,090,949
808,950
200,000
200,000
25,000
350,000
50,000
40,000
128,000
100,000
12,000
200,000
50,000
1,000
3,634,718
3,424,492
347,303
6,450,195
911,385
228,794
100,000
30,000
50,000
50,000
50,000
35,000
40,000
30,000
25,000
50,000
60,000
50,000
100,000
50,000
40,000
75,000
300,000
700,000
25,000
11,000
12,500
20,000
15,000
60,000
18,000
8,500
25,000
60,000
8,000
28,000
50,000
8^000
75,000
300,000
700,000
2,113,139
499,746
860,572
342,367
794,319
569,759
886,707
1,050,970
293,792
682,171
1,340,151
435,621
2,491,936
912,160
463,717
1,390,865
5,293,603
17,410,330
50,000
150,000
50,000
50,000
703,645
2,234, 310
1,000,000
250,000
200,000
500,000
40,000
50,000
50,000
200,000
250,000
17,122
250,000
20,000
15,000
25,000
5,089,403
7,092,000
1,657,797
9,868,911
783,213
240,950
1,080,838
18,000
10,000
35,000
7,000
12,000
6,000
7,500
15,000
10,000
12,000
10,000
30,000
9,000
50,000
25,000
17,500
10,000
7.000
203,883
318,796
565,759
2,010,258
1,250,388
214,598
548,785
340,123
550,456
302,149
909,214
554,672
502,764
291,502
986,283
445,275
492,001
467,464
470,034
542,363
713,516
2,648,163
1,763,271
665,417
559,127
397,726
200,000
200,000
35,000
50,000
100,000
200,000
20,000
40,000
1,360,960
2,268,660
395,132
822,020
60,000
100,000
15,000
50,000
627, 761
1,510,567
25,000
35,000
26,000
100,000
100,000
25,000
50,000
50,000
25,000
25,000
100,000
50,000
50,000
30,000
100,000
25,000
50,000
25,000
30,000
50,000
75,000
100,000
100,000
50,000
50,000
35,000
10,000
24,000
100,000
8,000
4,000
25,000
248
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Total
resources.
DISTRICT NO. 7—Continued,
low A—continued.
Ogden—City State Bank.
Osage—Home Trust & Sayings Bank
Ottumwa—Ottumwa Savings Bank
Perry—Peoples Trust & Savings Bank
Remsen—Farmers Savings Bank
Riceville—Riceville State Bank
Roland—Farmers Savings Bank
Royal—Home State Bank
Sac CityFarmers Savings Bank
Sac County State Bank
Sibley—Sibley State Bank
Sioux Center—Sioux Center State Bank
Sioux City—Bankers Loan & Trust Co
Sutherland—First Savings Bank
Terril—Terril Savngs Bank
Thompson—State Bank of Thompson
Tipton—Farmers & Merchants .Savings Bank..
Ute—State Savings Bank.
Vail—Farmers State Bank
Wapello—Wapello State Savings Bank
"Waterloo—Waterloo Bank & Trust Co
$50,000
50,000
100,000
50,000
50,000
25,000
35,000
25,000
$10,000
25,000
30,000
1,500
17,000
10,000
25,000
2,500
$593,358
613,702
1,575,033
497,300
629,325
249,472
552,570
242,174
50,000
75,000
50,000
25,000
100,000
50,000
25,000
30,000
50,000
50,000
50,000
30,000
200,000
25,000
75,000
15,000
35,000
8,000
5,000
1,500
8,000
15,000
15,000
8,000
10,000
50', 000
763,289
1,218,958
783,175
347,358
655,468
423,923
179.385
295,062
617,033
361,365
364,468
563,252
1,782,126
120,000
110,000
150,000
100,000
30,000
50,000
2,262,880
1,565,559
2,276,838
50,000
75,000
100,000
40,000
40,000
125,000
1,106,027
1,023,737
3,791,254
150,000
150,000
75.000
150,000
2,289,788
3,574,736
25,000
25,000
16,000
8,500
425,881
325,322
250,000
100,000
400,000
25,000
100,000
250,000
25,000
400,000
5,000
29,000
5,401,627
1,575,933
10,743,815
154,196
1,821,730
50,000
50,000
40,000
25,000
112,500
25,000
25,000
40,000
100,000
10,000
25,000
15,000
14,000
87,500
5,000
5,000
2,350
20,000
801,910
1,161,340
1,106,007
511,780
1,449,951
360,319
481,228
414,394
1,213, 274
25,000
40,000
25,000
25,000
30,000
25,000
100,000
25,000
40,000
12,500
1,600
6,000
6,000
150,000
705,936
882,361
625,325
356,103
568,256
518,694
4,939,094
500,000
000,000
000,000
750,000
000,000
500,OuO
500,000
000,000
500,000
000,000
30,000
35,000
50,000
40,000
200,000
350,000
200,000
750,000
300,000
1,000,000
4,000,000
1, 300, COO
175,000
4,000,000
8,500
15,000
10,000
20,000
13, 644,876
21,321,231
17,907,902
25,843,603
14,417,698
38,134,998
119,690,469
38,093,426
6,517,627
80,174,511
473,047
344,598
792,878
603,707
MICHIGAN.
AdrianAdrian State Sayings Bank
Commercial Savings Bank
Lenawee County Savings Bank
AlbionAlbion State Bank
Commercial & Savings Bank
Alpena—Alpena County Savings Bank
Ann ArborFarmers & Mechanics Bank
State Savings Bank
ArmadaArmada State Bank
Farmers State Bank
Bay CityBay City Bank
Farmers State Sayings Bank
Peoples Commercial & Savings Bank
Bellevue—Farmers State Bank
Benton Harbor—Benton Harbor State Bank
Big RapidsBig Rapids Savings Bank
Citizens State Bank
Birmingham—First State Savings Bank
Caledonia—State Bank of Caledonia
Caro—State Savings Bank
Carson City—Farmers & Merchants State Bank...
Carsonville—The First State Bank
Cassopolis—Cass County State Bank
Charlotte—Eaton County Savings Bank
ChelseaFarmers & Merchants Bank
Kempt Commercial & Savings Bank
Coloma—State Bank of Coloma
Coopersville—Peoples Savings Bank
Croswell—First State Savings Bank
Davison—Davison State Bank
Dearborn—Dearborn State Bank
DetroitAmerican State Bank
Bank of Detroit
Central Savings Bank
Detroit Savings Bank
First State Bank
Peninsular State Bank
Peoples State Bank of T etroit
The Dime Savings Bank
United Savings Bank
Wayne County and Home Savings Bank. ...
Edmore—Edmore State Bank
Elk Rapids—Elk Rapids State Bank
Evart—First State Savings Bank
Farmington—Farmington State Savings Bank...
Fenton—
Commercial Savings Bank
Fenton State Savings Bank
25,000
25,000
13,500
12,000
559,262
762,438
249
EXHIBIT I—STATE BANK MEMBERSHIP.
Surplus.
Total
resources.
DISTRICT NO. 7—Continued.
MICHIGAN—continued.
FlintCitizens Commercial & Savings Bank
Genesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank
Flushing—Peoples State Bank
Fountain—Bank of Fountain
Frankenmuth—Frankenmuth State Bank
FremontFremont State Bank
Old State B ank
Grand Haven—
Grand Haven State Bank
Peoples Savings Bank
Grand RapidsCity Trust & Savings Bank
Commercial Savings Bank
Grand Rapids Savings Bank
Kent State Bank
Peoples Savings Bank
Greenville—Commercial State Savings Bank
Hart—Oceana County Savings Bank
Highland Park—Highland Park State Bank
Hillsdale—Hillsdale Savings Bank
HollandFirst State Bank
Holland City State Bank
Holly—First State & Savings Bank
Hopkins—The Hopkins State Bank
Howell—First State & Savings Bank
HudsonBoise State Savings Bank
Thompson Savings Bank
Imlay City—
Lapeer County Bank
•
Peoples State Bank
Ionia—State Savings Bank
Jackson—
Central State Bank
Jackson State Savings Bank
Jonesville—Grosvenor Savings Bank
Lake Odessa—Lake Odessa State Savings Bank
Lakeview—
Commercial State Savings Bank
Farmers & Merchants State Bank
Lansing—Lansing State Savings Bank
Lapeer—Lapeer Savings Bank
Lenox and Richmond—The Macomb County Savings Bank
Lowell—City State Bank
Ludington—Ludington State Bank
Manchester—
Peoples Bank
Union Savings Bank
Manistce—Manistee County Savings Bank
Marcellus—G. W. Jones Exchange Bank
Marshall—Commercial Savings Bank
Mason—
The Farmers Bank
First State & Savings Bank
Midland— Chemical State Savings Bank
Milan— Milan State Savings Bank
Milford—First State Bank
Monroe—B. Dansard & Sons State Bank
Morenci—Waken eld State Bank
Mount Clemens—Ullrich Savings Bank
Mount PleasantExchange Savings Bank
Isabella County State Bank
Nashville—
Fanners & Merchants Bank
State Savings Bank
Niles City—Niles City Bank
Northville—Lapham State Savings Bank
Onsted—Onsted State Bank
Paw Paw—Paw Paw Savings Bank
Petersburg—The H. C. McLachlin & Co. State Bank
Petoskey—First State Bank
Pontiac—
American Savings Bank
First Commercial Bank
Pontiac Savings Bank
$150,000
500,000
250,0C0
100,000
25,000
25,000
50,000
$210,000
300,000
250,000
160,000
15,000
5,000
25,000
$4,839,972
10,792,676
10,702,208
5,513,784
329,887
190,298
977,288
25,000
50,000
25,000
25,000
650,405
1,018,241
75,000
50,000
75,000
22,000
1,938,211
810,362
200,000
300,000
400,000
500,000
200,000
50,000
40,000
1,000,000
60,000
40,000
60,000
350,000
500,000
100,000
15,000
13,000
700,000
25,000
2,769,424
3,309,304
11,626,312
11,355,949
2,551,847
976,331
619,126
22,975,650
1,036,180
100,000
100,000
30,000
25,000
75; ooo
20,000
50,000
60,000
5,000
15,000
2,283,967
1,775,915
i; 437,916
495,819
591,510
75,000
100,000
25,000
50,000
820,332
1,475,230
50,000
50,000
100,000
10,000
10,000
100,000
1,117,493
767,430
1,596,172
100,000
100,000
50,000
25,000
26,000
100,000
25,000
12,500
1,986,627
2,715,606
584,300
392,830
25,000
25,000
150,000
50,000
50,000
25,000
100,000
3,250
5,000
100,000
10,000
10,000
10,000
20;000
236,424
297.827
4, 479,584
774,743
894,872
685,028
1,600,343
25,000
25,000
100,000
40,000
100,000
15,000
50,000
100,000
20,000
20,000
563,755
813,303
2,236,988
619,254
1,195,517
50,000
25,000
50,000
25,000
25,000
100,000
50,000
100,000
10,000
15,000
5,000
8,000
6,000
20.000
30) 000
100,000
576,790
671,090
827,035
356,256
637.828
1,964,986
921,857
2,381,062
50,000
60,000
30,000
9,000
1,152,846
1,370,529
30,000
25,000
100,000
50,000
25,000
40,000
25,000
60,000
35,000
5,750
25,000
15,000
6,000
10,000
5,000
12,000
761,350
411,603
923,707
721,595
296,144
466,574
500,640
985,617
200,000
200,000
500,000
50,000
90,000
100,000
2,559,143
4,473,244
7,313,744
250
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 7—Continued.
MICHIGAN—continued.
Port Huron—Federal Commercial & Savings Bank.
Redford—Redford State Savings Bank
Rochester—Rochester Savings Bank
Rogers City—Presque Isle County Savings Bank....
Romeo—Romeo Savings Bank
Royal OakFirst Commercial State Bank
Royal Oak Savings "Bank
Saginaw—
American State Bank
Bank of Saginaw
Saline—Saline Savinss Bank
St. Charles—St. Charles State Bank
St. Clair—Commercial & Savings Bank
Saugatuck—Fruit Growers State Bank
South Haven—Citizens State Bank
Suttons Bay—Leelanau County Savings Bank
Tecumseh—
Lilley State Bank
Tecumseh State Savings Bank
Traverse City—Traverse City State Bank
Vicksburg—
Farmers State Bank
First State Bank
Warren—State Savings Bank of Warren
Washington—Washington Savings Bank
Wayne—Wayne Savings Bank
Williamston—
Crossman & Williams State Bank
Williamston State Bank
$150,000
25,000
50,000
35,000
50,000
$50,000
10,500
10,000
15,000
30,000
$5,428,410
657,819
636,576
843,166
1,321,556
25,000
40,000
15,000
20,000
888,289
1,189,570
200,000
500,000
25,000
25,000
50,000
50,000
100,000
25,000
100,000
700,000
25,000
5,000
10,000
15,000
50,000
10,000
3,501,657
17,507,720
505,025
481,213
996,456
699,924
1,369,701
346,908
40,000
26,000
200,000
20,000
26,000
100,000
645,765
864,726
2,988,624
25,000
30,000
25,000
25,000
50,000
5,000
3,500
25,000
10,000
50,000
484,557
405,666
707,601
336,718
1,061,250
40,000
50,000
12,000
10,000
426,642
492,418
100,000
125,000
50,000
50,000
25,000
100,000
60,000
300,000
50,000
25,000
10,000
25,000
10,000
14,000
15,000
60,000
1,924,125
1,795,826
573,826
1,016,132
430,562
2,133,313
993,135
2,809,417
,000,000
200,000
.,000,000
,000,000
100,000
45,000
25,000
50,000
200,000
10,000
1,000,000
1,000,000
50,000
25,000
10,000
10,000
8,820,159
2,610,846
24,500,721
31,522,962
1,830,710
582,152
337,289
1,261,358
100,000
125,000
40,000
32,500
1,241,485
1,385,294
100,000
200,000
50,000
50,000
100,000
25,000
200,000
125,000
10,000
3,000
40,000
9,500
4,314,938
3,084,727
1,876,348
739,417
1,294,894
509,792
WISCONSIN.
Baraboo—Bank of Baraboo
Burlington—Bank of Burlington
Clinton—Citizens Bank
Dela van—Citizens Bankof D elavan
Green Lake—Green Lake State Bank
Kenosha—Merchants & Savings Bank
Kewaunee—State Bank of Kewaunee
Madison—Bank of Wisconsin.
MilwaukeeAmerican Exchange Bank
Badger State Bank
Marshall & Ilsley Bank
Second Ward Savings Bank
Mineral Point—Iowa County Bank
Mosinee—State Bank of Mosinee
Oakfield—Bank of Oakfield
Platteville—State Bank of Platteville
Plymouth—
P lymouth E xchange B ank
State Bank of Plymouth
Sheboygan—
Bank of Sbeboygan
Citizens State Bank
Sturgeon Bay—Bank of Sturgeon Bay
Waupun—State Bank of Waupun
Wausau—Marathon County Bank
Winneconne—Union Bank
Total
•.
83,022,000
71,011,363 1,683,694,386
DISTRICT NO. 8.
ARKANSAS.
Arkansas City—Desha Bank & Trust Co
Batesville—
Citizens Bank & Trust Co
Union Bank and Trust Co
Blytheville—Farmers Bank & Trust Co
Dardanelle—Dardanelle Bank & Trust Co
Dumas—Merchants & Farmers Bank
El Dorado—Bank of Commerce
England—Citizens Bank & Trust Co
Helena—Security Bank & Trust Co
Jonesboro—
Bank of Jonesooro
Jonesboro Trust Co
Lake
Village—Chicot Bank & Trust Co
100,000*
100,000
1,384,430
50,000
75,000
50,000
50,000
50,000
50,000
100,000
100,000
15,000
12,000
35,000
10,000
15,000
5,000
10,000
50,000
578,065
1,373,673
906,970
557,489
476,657
131,927
691,795
2,058,994
150,000
100,000
100,000
150,000
50,000
21,000
3,533,192
1,646,547
955,274
251
EXHIBIT I—STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 8—Continued.
ARKANSAS—continued.
Little R o c k American Bank of Commerce & Trust Co.
Bankers Trust Co
Southern Trust Co
,
Union & Mercantile Trust Co
W. B. Worthen Co., Bankers
MagnoliaColumbia County Bank
Farmers Bank & Trust Co
Pine Bluff—Cotton Belt Savings & Trust Co..
Prescott—First State Bank
Texarkana—Merchants & Planters Bank
Warren—Warren Bank
$750,000
250,000
500,000
400,000
200,000
$150,000
25,000
100,000
200,000
200,000
$14,394,354
3,964,766
6,009,694
6,575,055
2,035,483
50,000
50,000
100,000
50,000
200,000
75,000
11,500
30,000
40,000
1,500
14,000
20,000
593,714
1,086,435
1,010,028
340,976
1,234,884
577,849
400,000
4,115,464
60,000
50,000
36,000
10,000
15,000
30,000
5,000
10,000
7,500
5,227,813
2,733,136
896,611
1,017,231
771,013
1,412,506
320,497
863,068
225,254
166 296
9,273,119
ILLINOIS.
Belleville—Belleville Savings Bank
East St. L o u i s Illinois State Bank
Union Trust & Savings Bank
Edwardsville—Citizens State & Trust Bank.
Effingham—Effingham State Bank
Gillespie—Gillespie Trust & Savings Bank...
Greenville—State Bank of Hoiles & Sons
Lebanon—State Bank of Lebanon
Litchneld—Litchfield Bank & Trust Co
Louisville—Clay County State Bank
Madison—Union Trust Co
Quincy—State Savings Loan & Trust Co
150,000 I
400,000
200,000
60,000
50,000
50,000
100,000
50,000
100,000
25,000
50,000
1,000,000
200 000
INDIANA.
Evansville—Mercantile Commercial Bank..
Paoli—Paoli State Bank
200,000
25,000
100,000 1
1 750 i
1
100,000
21,000 !
2,549,260
403,705
KENTUCKY.
Harrcdsburg—State Bank & Trust Co
LouisvilleKentucky Title Savings Bank & Trust Co.
Liberty Insurance Bank
Lincoln Savings & Trust Co
Owensboro—Central Trust Co
Bowling Green—Pike County Bank
Clayton—Farmers & Commercial Savings B a n k . .
Jefferson City—Exchange Bank of Jefferson City..
Lexington—Lafayette County Trust Co
Linn Greek—Camden County Bank
Macon—State Exchange Bank of Macon
Maplewood—Bank of Maplewood
Marshall—Wood & Huston Bank
St. L o u i s American Trust Co
Farmers & Merchants Trust Co
Franklin Bank
International Bank of St. Louis
Lafayette South Side Bank
Liberty Bank
Mercantile Trust Co
Mississippi Valley Trust Co
U n i t e ! States Bank
Versailles—Bank of Versailles
Waynesville—Bank of Waynesville
682,754
350,000
500,000
500,000
200,000
70,000
750, 000
100,000
40,000
7,866,749
14,134,528
3,142,808
1,747,485
25,000
75,000
100,000
75,000
25,000
100,000
50,000
100,000
6,750
7 500
20,000
15,000
35.000
20,000
7,200
150,000
326,713
229,132
1 312,041
307,285
322,890
1,001,647
555,185
2,037,632
1,000,000
200,000
600,000
500,000
800,000
1,500,000
3,000,000
3,000,000
1,000,000
75,000
25,000
128,000
30 000
800,000
500,000
400, 000
1,000,000
7,000,000
3,500,000
700,000
7,000
5 000
9,770,405
3,337,187
11.311,079
9,137,875
16,531,746
20 869,508
63,343,189
39 333,195
15 998,957
577,984
562,378
200,000
40,000
50,000
20 000
18 941
50 000
1 890,063
385,093
1 380,171
1 500,000
350,000
500,000
1 800.000
1,500 000
175 000
30 500
500 000
24 400,000
19,797 141
TENNESSEE.
Brownsville—First State Bank
Dyer—The Farmers & Merchants Bank.
Dyersburg—Citizens Bank
Memphis—
Bank of Commerce & Trust Co
Commercial Trust & Savings Bank..
Guaranty'Bank & Trust Co
Union & Planters Bank & Trust Co.
Total.
178983—20
17
28 944,780
7 290,960
5,179', 142
40 805,303
392 409,088
252
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 9.
MICHIGAN.
Gladstone—Gladstone State Savings Bank.
Gwinn—Gwinn State Savings Bank
Iron Mountain—Commercial Bank
Laurium—State Savings Bank
Menominee—The Commercial Bank
Sault Ste MarieyCentral Savings Bank
Sault Savings Bank
$50,000
25,000
100,000
100,000
100,000
$15,000
15,000
50,000
125,000
20,000
SI,210,750
352,115
1,365,807
I", 288,920
717,494
100,000
100,000
20,000
35,000
956,817
1,532,398
50,000
50,000
25;ooo
50,000
25,000
50,000
50,000
200,000
300,000
500,000
50,000
125,000
30,000
50,000
10,000
10,000
50,000
30,000
10,000
10,000
1,545,254
1,041,544
383,034
851,239
897,673
580,667
727,533
200,000
100,000
30,000
10,000
60,000
30,000
5,971,419
5,402,091
2,582,253
683,621
1,477,854
219,570
200,000
456,422
300,000
40,000
74,060
60,000
2,873,458
895,493
2,747,397
100,000
125,000
50,000
25,000
1,987,173
446,881
25,000
30,000
25,000
25,000
100,000
5,000
30,000
8,500
8,000
20,000
335,285
742,664
441,036
294,926
1,974,990
400,000
200,000
100,000
50,000
4,771,830
3,802,531
MINNESOTA.
Benson—Swift County Bank
Clarkfield—Clarkfield State Bank
Jeffers—State Bank of Jeffers
Lake City—Lake City Bank of Minnesota
Lewistori—Security State Bank
Luverne—Rock County Bank
Madelia—State Bank of Madelia
Minneapolis—
North American Bank
St. Anthony Falls Bank
Wells-Dickey Trust Co
New Richland—State Bank of New Richland..
Red Wing—First Security Bank
Revere—State Bank of Revere
St. P a u l Central Bank
Midland Trust & Savings Bank
Peoples Bank
South St. P a u l Drovers State Bank
Exchange State Bank
Spring ValleyFarmers State Bank
First State Bank
Waconia—Farmers State Bank
Westbrook—Citizens State Bank
Willmar—Kandiyohi County Bank
Winona—
Deposit Bank of Winona
Merchants Bank of Winona
MONTANA.
Billings—Security Trust & Savings Bank
Bozeman—
Gallatin Trust & Savings Bank
Security Bank & Trust Co
Broadus—Powder River County Bank
Denton—Denton State Bank
Dillon—
Beaverhead State Bank
Security State Bank
Ennis—Southern Montana Bank
Hamilton—Ravalli County Bank
HelenaConrad Trust & Savings Bank
Union Bank & Trust Co
Hingham—Hingham State Bank
Hinsdale—Valley County Bank
Inverness—Inverness State Bank
Laurel—American Bank of Laurel
Lewistown—
Bank od Fergus County
Empire Bank & Trust Co
Lewistown State Bank
Missoula—American Bank c'c Trust Co
Nashua—State Bank of Nashua
Opheirn—First State Bank 01 Opheim
Park City—Park City State Bank
R eed Point—It eed Point State 13 ank
Roundup—Citizens State Bank
Sidney—Yellowstone Valley Bank & Trust Co
White Sulphur Springs—Central State Bank
100,000
100,000
100,000
25,000
25,000
j
j
j
I
1,034,349
4,000
995,522
270,554
196,702
210,676
50,000
50,000
25,000
50,000
3,700
20,000
12,500
271,522
234,530
398,854
672,449
200,000
250,000
35,000
25,000
25,000
25,000
100,000
150,000
6,000
5,000
3,000
2,500
2,511,780
5,298,137
290,687
203,497
185.391
162; 669
250,000
100,000
50,000
100J000
25,000
25,000
40,000
25,000
50,000
100,000
GO, 000
250.000
20,000
20,000
11,500
3,000
5,000
5,000
35,000
10,000
15,000
3,73(5,661
1,040,729
443,S89
1,887,218
277,361
254,319
359,379
188,368
841,224
629.691
409; 027
50,000
100,000
25,000
25,000
10,000
25,000
5,000
5, 000
582,204
2,261,024
354,767
444,871
25,000
N O R T H DAKOTA.
Enderlin—Enderlin State Bank
Fargo—Northern Savings Bank
Ilettinger—Hettinger State B ank
Noouan—Security State Bank
I
|
I
EXHIBIT I
253
STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 9—Continued.
SOUTH DAKOTA.
Belle Fourche—Butte County B a n k
Brookings—Bank of Brookings
C a m p Crook—Little Missouri B a n k
Chamberlain— Brule State B a n k
Groton—Brown County Banking Co
Hecla—Farmers & Merchants State B a n k
Mitchell- Commercial T r u s t & Savings B a n k
Newell—Reclamation State B a n k
Sioux F a l l s Commercial & Savings B a n k
Sionx Falls Savings Bank
S o u t h Shore—South Shore B a n k
Stratford—First State B a n k
T i m b e r Lake—Stock Growers S t a t e B a n k
Webster—Security B a n k & T r u s t Co
$25,00C
25,00C
5,00C
10, OOf
10,00C
5,00C
10,000
2,00C
$1,386,611
3,228,105
711,737
885,993
774,138
357,789
1,353,187
301,343
32,000
3,500
1,000
5,000
25,000
1,578,355
6.332,140
286,779474,122
340,537
1,811,57'L
50,000
25,000
30,000
50,000
42,000
50,000
100,000
35,000
30,000
30,000
7,500
5,000
5,300
15,000
600
3,000
35,000
15,000
7,500
6,000
724,155
297,162
451,593
1,119,911
375,792
685,918
1,622,173
835,811
557,940
551,585
8,033,422
2,360,160
104,794,215
500,000
500,000
25,000
193,500
500,000
5,000
7,669,261
13,421,652
453,437
25,000
30,000
100,000
100,000
50,000
200,000
1,500
17,000
32,000
50,000
17,000
55,200
174,605
302,644
1,692,413
1,162,173
515,068
2,444,872
200,000
200,000 1
100,000 i
50,000
20,000
50,000
2,115,997
1,786,824
1,846,893
$75,000
150,000
25,000
50,000 i
25,000
25,000
100,000
25,000 I
500,000
300,000
25,000
30,000
25,000
60,000
|
!
i
|
WISCONSIN.
Arcadia—'Bank of Arcadia
Balsam Lake—Polk County Bank.
Boyceville—Bank of Boyceville
Ellsworth—Bank of EllsworthGlenwood City—First State Bank
Grantsburg—First Bank of Grantsburg
Merrill—Lincoln County Bank
New Richmond—Bank of New Richmond.
West Salem—La Crosse County Bank
Whitehall—Peoples State Bank
Total.
DISTRICT NO. 10.
COLORADO.
DenverAmerican Bank & Trust Co
International Trust Co
Fort Lupton—Fort Lupton State Bank.
KANSAS.
Anthony—Home State Bank
Fairview—Fairview State Bank
Fort Scott—Fort Scott State Bank
Hiawatha—Morrill & Janes Bank
Liberal—The Citizens State Bank
Topeka—Kansas Reserve State Bank
WichitaSouthwest State Bank
The State Savings & Mercantile Bank.
Winfield—State Bank of Winfleld
MISSOUEI.
Joplin—Conqueror Trust Co
Kansas City—
Commerce Trust Co
Live Stock State Bank
Savannah—The Wells-Hine Trust Co
South St. Joseph—St. Joseph Stock Yards Bank..
150,000
75,000
2,380,562
1,000,000
200,000
100,000
250,000
1,000,000
37,500
3,000
100,000
41, 465,657
2,148,802
688,938
4,894,006
30,000
35,000
25,000
50,000
50,000
80,000
25,000
25,000
50,000
100,000
25,000
25,000
35,000
85,000
25,000
100,000
50,000
30,000
6,000
7,000
25,000
10,000
15,000
20,000
1,250
5,100
1,713
288,296
534,538
665,833
780,807
455,910
1,009,447
231,008
299,747
381,007
956,576
258,890
567,355
520,161
747,597
257,139
1,348,161
1,182,246
'350,800
NEBRASKA.
Allen—Farmers State B a n k
Broken Bow—Ouster State B a n k
Chappell—Chappell S t a t e B a n k
Cozad—Farmers State B a n k
D a v i d City—Butler County S t a t e B a n k .
Elgin—Elgin State B a n k
Genoa—Farmers State B a n k
Kilgore—Kilgore State B a n k
Lewellen—Bank of Lewellen
Lincoln—American State B a n k
Neligh—Security State B a n k
N o r t h Bend—First State B a n k
Ord—Nebraska State B a n k
P e n d e r — P e n d e r State B a n k
St. E d w a r d — F a r m e r s State B a n k
Sidney—American B a n k
Wayne—State B a n k of W a y n e
Western—Saline County B a n k
5,000
15,000
12,000
19,000
1,250
25,000
15,000
30,000
254
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 10—Continued.
NEW MEXICO.
Aztec—The Citizens Bank
Santa Fe—Capital City Bank
$40,000
50,000
$10,000
10,000
$267,895
378,877
50,000
50.000
30,000
25,000
25,000
200,000
200,000
60,000
300,000
6,000
5,500
3,000
2,500
8,500
50,000
20,000
6,000
15,000
739,919
698,095
449,902
190,244
230,098
5,171,057
2,619,633
301,305
2,538,794
OKLAHOMA..
Chelsea—Bank of Chelsea
Clinton—The First State Bank
Cordell—Cordell State Bank
Goltry—Bank of Goltry
Locust Grove—First State Bank
Oklahoma City—Tradesmens State Bank
Okmulgee—Guaranty State Bank
Pawhuska—Stockgrowers State Bank
Ponca City—Security State Bank
WYOMING.
100,000
20,000
517,969
2,576,513
110,103,110
33,000
30,000
40,000
10,000
740,902
349,745
250,000
300,000
62,500
50,000
2,119,517
3,988,581
100,000
30,000
30,000
25,000
25,000
50,000
5,000
50,000
10,000
5,000
935,369
162;287
310,690
229,02&
263,769
Fort Towson—First State Bank
Valliant—Farmers State Guaranty Bank-
50,000
50,000
15,000
21,000
560,935
674,792
Alpine—Alpine State Bank
Alto—Alto State Bank
Anson—Anson State Bank
A very—A very State Bank
Ballinger—Ballinger State Bank <fe Trust Co....
Beaumont—
Guaranty Bank & Trust Co
Texas Bank & Trust Co
Beeville—Beeville Bank & Trust Co
Bomarton—First State Bank
Bonham—
Fannin County Bank
First State Bank of Bonham
Bremond—First State Bank
Brownfield—Brownfield State Bank
Canyon—First State Bank
Childress—Farmers & Mechanics State B a n k . . .
Collinsville—First Guaranty State Bank
Colorado—First State Bank
Commerce—Citizens State Bank
Corsicana—First State Bank
Crowell—First State Bank
Cuero—First State Bank & Trust Co
Dallas—Central State Bank
DeKalb—First State Bank
Denison—Denison Bank & Trust Co
Denton—First Guaranty State Bank
Edgewood—Farmers & Merchants State Bank.
El Paso—El Paso Bank & Trust Co
Ferris—Farmers & Merchants State Bank
Flatonia—Flatonia State Bank
Franklin—First State Bank
t—The Citizens State Bank
30,000
25,000
35,000
25,000
60,000
35,000
10,000
11,000
5,000
10,000
385,721
244,809
788,780
173,088
343,769
100,000
250,000
50,000
25,000
20,000
127,500
27,000
2,500
1,891,960
3,394,636
427,832
418,637
100,000
200,000
50,000
25,000
32,000
50,000
25,000
30,000
25,000
100,000
30,000
100,000
500,000
50,000
160,000
50,000
35,000
200,000
50,000
50,000
30,000
25,000
50,000
100,000
11,000
25,000
1,000
40,000
7,000
3,000
5,000
20,000
23,000
42,000
131,000
25,000
42,500
5,000
5,500
10,000
12,000
1,502,051
1,450,642
399,188
386,804
343,286
1,247,962
369,346
254,541
329,899
1,233,188
497,926
703,181
5,657,809
586,076
3,328,644
437,344
244,311
2,484,798
301,494
485,235
367,323
321,543
Cheyenne—Cheyenne State Bank
5,705,000
Total
DISTRICT NO. 11.
Sarlord—Bank of Safford
Tombstone—Cochise County State Bank.
Monroe—Central Savings Bank & Trust Co.
Shreveport—Continental Bank & Trust Co.
NEW MEXICO.
Albuquerque—American Trust & Savings Bank.
Corona—Stockmen's State Bank
Lovington—First Territorial Bank
MQuntainair—Mountainair State Bank
Portales—Security State Bank
OKLAHOMA.
10,000
50,000
EXHIBIT I
255
STATE BANK MEMBERSHIP.
Capital.
Surplus .5
Total
resources.
DISTRICT NO. 11—Continued.
TEXAS—continued.
Galveston—South Texas State Bank
Gatesville—Guaranty State Bank & Trust Co
Gilmer—Gilmer State Bank
Goldthwaite—Trent State Bank
Gonzales—-Gonzales State Bank & Trust Co
Graford—First State Bank
Grand PrairieFirst State Bank
Guaranty State Bank
Hamlin—First State Bank
Henderson—First State Bank
Hereford—First State Bank & Trust Co
Hillsboro—First State Bank
Italy—Farmers State Bank
JacksonvilleFarmers Guaranty State Bank
First Guaranty State Bank
Junction—Junction State Bank
Kerens—First State Bank
Killeen—First State Bank
Kirkland—First State Bank
Ladonia—First State Bank
Lamesa—First State Bank
Leonard—First State Bank
Lockney—Lockney State Bank
Loraine—First State Bank,
Lorenzo—First State Bank
Lubbock—
Lubbock State Bank
Security State Bank & Trust Co
,
Memphis—Citizens State Bank
Mount Calm—First State Bank
Mount Pleasant—Guaranty State Bank
Nacogdoches—Commercial Guaranty State Bank...
Normangee—First State Bank
Paducah—First State Bank
Palmer—First Guaranty State Bank
Pampa—Gray County State Bank
Paris—
First State Bank
Lamar State Bank & Trust Co
Pecos—Pecos Valley State Bank
Post City—First State Bank
Quanah—First Guaranty State Bank
RailsFirst State Bank
Guaranty State Bank & Trust Co
Reagan—First State Bank
Richardson—Citizens State Bank
Rockwall—Guaranty State Bank
Royse—First State Bank
Rusk—Farmers & Merchants State Bank
Sabinal—First State Bank
San Augustine—Commercial Guaranty State Bank.
Santa Anna—First State Bank
Savoy—First State Bank
Seymour—First Guaranty State Bank
Shamrock—Farmers & Merchants State Bank
Sinton—Bank of Commerce
Snyder—First State Bank & Trust Co
Spearman—Guaranty State Bank
Stamford—First State Bank
Sweetwater—Texas Bank & Trust Co
Terrell—First State Bank
Tioga—First Guaranty State Bank
Trenton—Guaranty State Bank
Troup—Guaranty State Bank
TylerGuaranty State Bank
Peoples Guaranty State Bank
Valley View—First Guaranty State Bank
Weatherford—First State Bank.
Wellington—Wellington State Bank
Wharton—Security Bank & Trust (Co..
White Deer—First State Bank.
Winnsboro—Merchants & Planters State Bank.
Wolfe City—First State Bank
Wylie—First State Bank
Total.
$150,000
50,000
50,000
50,000
75,000
50,000
$30,000
8,000
13,500
25,000
25,000
10,000
$3,389,578
490,268
310,852
886,400
572,291
291,712
40,000
25,000
40,000
25,000
50,000
150,000
50,000
20,200
10,000
15,000
50,000
15,000
15,000
298,553
108,675
538,438
242,842
662,670
720,110
550,364
50,000
62,500
50,000
50,000
25,000
25,000
25,000
30,000
50,000
25,000
30,000
25,000
12,000
15,625
60,000
30,000
8,000
15,000
12,500
20,000
7,500
10,000
15,000
700
334,182
531,726
827,847
419,627
487,451
508,142
581,278
685,052
480,014
582,506
475,010
527,795
100,000
100,000
75,000
25,000
60,000
100,000
25,000
50,000
25,000
25,000
25,000
37,500
10,000
20,000
25,000
25,000
50,000
15,000
1,338,715
587,162
1,058,633
162,059
812,247
1,557,644
223,707
695,147
225,308
293,769
150,000
150,000
110,000
25,000
100,000
75,000
25,000
32,000
300
50,000
1,963,398
3,522,750
674,426
190,767
1.266,356
25,000
60,000
25,000
35,000
35,000
50,000
25,000
30,000
50,000
35,000
25,000
35,000
50,000
25,000
50,000
25,000
55,000
100,000
100,000
30,000
25,000
25,000
2,500
1,000
10,000
500
2,500
25,000
17,500
30,000
3,000
13,000
6,500
3,150
50,000
12,500
25,000
3,000
15,000
75,000
65,000
10,000
6,500
20,000
257,670
594,100
169,984
272,762
848,216
258,660
444,762
367,103
315,183
425,533
229,858
171,956
539,924
381,407
382,422
74,723
1,125,468
767,655
1,514,824
282,080
151,665
318,125
200,000
100,000
25,000
125,000
50,000
50,000
25,000
30,000
50,000
50,000
60,000
30,000
10,000
17,000
40,000
7,000
500
30,000
25,000
25,000
1,406,428
916,928
' 163,792
1,728,190
904,831
453,469
570,569
803,298
659,692
401,380
7,432,500
2,658,475
89,315,563
*
256
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 12.
Buckeye—Buckeye Valley Bank.
Phoenix—The Valley Bank
$25,000
500,000
$3,500
100J 000
$170,881
6,456,256
236,300
25,000
50,000
125,000
25,000
4,228,830
346,183
67,042
1,500,000
1,500.000
l.SOOJOOO
25,000
53,000
75,000
25,000
25,000
1,000,000
1,725,000
1,100,000
10,000
71,000
29,500
3,000
28,216,489
36,001,546
62,634,439
407,185
1,391,659
812,899
27,500
172,009
1,500,000
6,000,000
1,000,000
1,000,000
1,000,000
1,500,000
632,500
700,000
1,500,000
250,000
142,500
2,300,000
1,625,000
175,000
24,428,237
131,862,820
14,836,458
11,404,786
63,118,056
47,132,254
7,376,160
140,000
114,500
50,000
640,000
61,000
17,700
7,000
220,000
2,301,621
1,577,811
615,839
6,411,752
CALIFORNIA.
Alameda—Alameda Savings B a n k
T
Cedarville—Surprise Valley B a n k
Fullerton—Standard B a n k of Orange County
Los Angeles—
'Guaranty T r u s t & Savings B a n k
ILos Angeles T r u s t & Savings B a n k
Security T r u s t & Savings B a n k
Norwalk—Bank of Norwalk
Placerville—The A. Mierson Banking Co
S t . Helena—Bank of St. Helena
S a n Bruno—California B a n k of San Mateo County
S a n Fernando—The San F e r n a n d o Valley Savings B a n k .
S a n Francisco^Anglo-California T r u s t Co
B a n k of Italy
French American Ba,nk of Savings
I t a l i a n American B a n k
T h e San Francisco Savings & Loan Society
Savings Union B a n k & Trust Co
S a n t a Barbara—Commerical Trust & Savings B a n k
Santa MonicaB a n k of Santa Monica
Ocean P a r k B a n k
Sausalito—Bank of Sausalito
Stockton—Farmers & Merchants B a n k
Arco—Butte County B a n k
Ashton—Security State B a n k
Bellevue—Bellevie State B a n k
Blackfoot—Blackfoot City B a n k
Cambridge—Peoples B a n k
Drummond—First State B a n k
Eagle—Bank of Eagle
E m m e t t — B a n k of E m m e t t
Filer—Farmers & Merchants B a n k
Genesee—Genesee Exchange B a n k
Gooding—Citizens State B a n k
Grangeville—Bank of Camas Prairie
Idaho F a l l s Anderson Bros. B a n k
Farmers & Merchants B a n k
Kimberly—Bank of Kimberly
K a y — U n i o n Central B a n k
Menan—Jefferson State B a n k
Meridian—Meridian State B a n k
Murtaugh—Bank of Murtaugh
Nezperce—Union State B a n k .
Oakley—Farmers Commercial & Savings B a n k .
Orofino—Bank of Orofino
Picabo—Picabo State B a n k
Pocatello—
Citizens B a n k
'
Stockgrowers B a n k & T r u s t Co
Potlatch—Potlatch State Bank
Rexburg—Farmers & Merchants B a n k
S t . Anthony—St. A n t h o n y B a n k & T r u s t C o . . .
Star—The Farmers B a n k
Sugar City—Freemont County B a n k
Sweet—Farmers & Stockgrowers B a n k
T e t o n City—First State B a n k
T w i n Falls—Twin Falls B a n k & Trust Co
Victor—Victor State B a n k
Astoria—Scandinavian American B a n k .
Enterprise—Enterprise State B a n k
H o o d River—Butler B a n k i n g Co
Joseph—First B a n k of Joseph
Marshfield—
B a n k of Southwestern Oregon
Scandinavian American B a n k
25,000
50,000
30,000
50,000
40,000
25,000
25,000
60,000
25,000
25,000
25,000
50,000
15, 000
8, 000
10, 000
4, 000
1,250
15,000
12,500
12,500
50,000
28,750
625,980
322,011
627,356
434,909
86,872
248,625
921,913
240,386
824,643
509,196
927,076
100,000
150,000
35,000
30,000
25,000
25,000
25,000
50,000
25,000
25,000
25,000
100,000
15,000
11,000
1,700
100,000
155,500
50,000
50,000
30,000
25,000
25,000
25,000
30, 000
100,000
25,000
20,000
14,000
10,000
10,000
24,000
5,000
4,000
350
50,000
2,500
1,612,815
2,094,324
873,663
466,232
733,526
278,192
312,693
174,271
114,405
2,719,395
210,068
100,000
50,000
100,000
50,000
15,000
15,000
20,000
10,500
1,942,311
630,878
1,399,617
435,255
100.000
25,000
12,500
5,000
1,077,747
334,292
2,500
10,000
10,000
5,000
2,500
2,767,315
2,194,794
490,218
134,255
157,894
238,648
153,133
413,681
304,076
430,272
209,140
257
EXHIBIT I—STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 12—Continued.
OREGON—continued.
Moro—Farmers State Bank
North Portland—Live Stock State Bank
Oregon City—Bank of Oregon City
Pendleton—The Inland Empire Bank
Portland—
Hibernia Savings Bank
Ladd & Tilton Bank
Tillamook—Tillamook County Bank
$25,000
100,000
100,000
250,000
$3,900
25,000
50,000
$352,133
2,370,276
1,817,366
946,203
200,000
1.000,000
40,000
100,000
1,000,000
10,000
5,051,535
30,100,367
673,554
50,000
15,000
729,233
75,000
50,000
25,000
25,000
50,000
50,000
65,000
2,500
6,000
2,500
25,000
70,000
710,865
262,614
423,606
225,941
524,059
478,435
100,000
100,000
150,000
25,000
25,000
25,000
150,000
50,000
23,000
17,500
50,000
3,000
2,500
10,000
150,000
25,000
1,168,529
573,082
1,869,328
171,126
101,779
275,665
1,946,656
896,118
89,569
50,000
6,671
60,000
314,888
879,818
100,000
300,000
5,000
25,000
1,128,731
2,659,286
50,000
45,000
40,000
45,000
1,003,592
786,450
500,000
600,000
222,600
300,000
500,000
50,000
60,000
300,000
120,000
103,500
25,329
100,000
10,000
15,000
6,133,613
14,330,453
733,062
2,113,206
13,178,239
387,987
625,200
25,000
6,000
182,639
50,000
25,000
100,000
150,000
50,000
50,000
10,000
6,000
10,000
100,000
15,000
50,000
589,513
294,864
618,683
2,480,069
591,889
1,684,726
25,000
30,000
25,000
100,000
6,250
10,000
5,000
15,500
486,240
686,502
371,978
1,252,625
60,000
30,000
25,000
25,000
75,000
37,500
50,000
30,000
6,045
5,000
3,000
25*000
10,000
20,000
801,351
208,737
329,286
412,457
946,951
714,487
732,602
25,000
25,000
25,000
25,000
5,000
2,500
5,000
4,000
684,907
94,138
500,893
412,637
400,000
200,000
200,000
1,000,000
100,000
100,000
50,000
100,000
500,000
70,000
8,158,744
800,124
4,781,785
22,839,881
2,071,342
UTAH.
Brigham City—Security Savings Bank
Cedar C i t y Bank of Southern Utah
Iron Commercial & Savings Bank
Delta—Delta State Bank
Duchesne—Bank of Duchesne
Helper—Helper State Bank
Kaysville—Barnes Banking Co
LoganCache Valley Banking Co
Farmers & Merchants Savings Bank
Thatcher Bros. Banking Co
Magna-Magna Banking Co
Monticello—Monticello State Bank
Myton—The Myton State Bank
Ogden—Ogden Savings Bank
Payson—Pay son Exchange Savings Banks
Price—
Carbon County Bank
Price Commercial & Savings Bank
Provo—
Farmers & Merchants Bank
Knight Trust & Savings Bank
Richfield—
James M. Peterson Bank
State Bank of Sevier
Salt Lake City—
Deseret Savings Bank
McCornick & Co., Bankers
Tracy Loan & Trust Co
Utah Savings & Trust Co
Walker Bros., Bankers
Spanish Fork—Commercial Bank
Vernal—Bank of Vernal
WASHINGTON".
Albion—Albion State Bank
Almira—
Almira State Bank
Farmers State Bank
Centralia—Centralia State Bank
Chehalis—Ooffman Dobson Bank & Trust Co.
Colfax—First Savings & Trust Bank of Whitman County
Ellensburg—The Farmers Bank
-•.
Enumclaw—
Peoples State Bank
State Bank of Enumclaw
Farmington—Bank of Farmington
Hoquiam—Lumbermans Bank
Lacrosse—
First State Bank
Security State Bank
Molson—Molson State Bank
Odessa—Farmers & Merchants Bank
Port Townsend—Merchants Bank
Pullman—Pullman State Bank
Reardan—Farmers State Bank
Renton—
The Citizens Bank of Renton
Renton State Bank
Rosalia—Bank of Rosalia
St. John—Farmers State Bank
SeattleDexter Horton Trust & Savings Bank
The Marine Bank
Metropolitan Bank
Scandinavian American Bank
South Bellingham— Northwestern State Bank
258
ANNUAL REPORT OP THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 12—Continued.
WASHINGTON—continued.
Spokane—
Spokane & Eastern Trust Co
The Washington Trust Co
Stanwood—
Bank of Stanwood
Citizens State Bank
Tekoa—
Citizens State Bank
Tekoa State Bank
Toppenish—
Central Bank of Toppenish
Traders Bank
Walla Walla—Farmers Savings Bank
Wilbur—The State Bank of Wilbur
Yakima—Yakima Valley Bank
Total
SI, 000,000
200,000
$200,000
40,000
$15,218,957
1,196,810
25,000
25,000
10,000
2,500
691,943
105,720
25,000
30,000
12,000
15,000
582,481
539,605
50,000
25,000
200,000
50,000
100,000
20,000
10,000
40,000
10,000
23,000
662,174
858,787
2,254,332
729,059
2,364,388
31,596,469
15,757,195
655,576,800
Statement showing membership of State banks and trust companies in the Federal Reserve
System up to and including Dec. 31, 1919, classified by districts as to number of banks,
capital, surplus, and resources.
District.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City..
11—Dallas
12—San Francisco
Total
Number
of
banks.
Capital.
Surplus.
122
38
97
46
64
326
68
86
47
114
137
$30,475,000
138,803,200
23,225,000
36,152,425
11,592,750
21,216,000
83,022,000
24,400,000
8,033,422
5,705,000
7,432,500
31,596,469
$33,758,000
168,184,861
47,102,000
63,597,560
7,387,090
13,363,245
71,011,363
19,797,141
2,360,160
2,576,513
2,658,475
15,757,195
1,181
421,653,766
447,553,603
36
Total resources.
$692,319,838
4,207,562,560
359,317,169
782,901,856
163,570,888
367,145,101
1,683,694,386
392,409,088
104,794,215
110,103,110
89,315,563
655,576,800
9,608,710,574
259
EXHIBIT I—STATE BANK MEMBERSHIP.
Abstract of condition reports of State bank and trust company members of the Federal
Reserve system as of Dec. 31,1918, Mar. 4, June 30, Nov. 17 and Dec. 31,1919.
[In thousands of dollars.]
Dec. 31,
1918—
930 banks.
Nov. 17,
Dec. 31.
Mar. 4,
June 30,
1919—
1919—
1919—
1919—
969 banks. 1,042 banks. 1,135 banks. 1,181 banks.
RESOURCES.
Loans and discounts
Overdrafts. . .
Customers' liability under letters of credit.
Customers' liability account of acceptances.
Liberty bonds (exclusive of Liberty bonds
borrowed).
.
. . . .
Other United States bonds (exclusive of
United States bonds borrowed)
United States Victorv notes
United States certificates of indebtedness..
War savings and thrift stamps actually
owned.
Stock of Federal Reserve Bank
Other bonds, stocks, etc. (exclusive of
securities borrowed)
Banking h o u s e . . . .
Furniture and fixtures.. . . .
Other real estate owned
Lawful reserve with Federal Reserve Bank.
Items with Federal Reserve Bank in process of collection.
Due from banks and bankers
Gold coin and certificates
All other cash in vault
Exchanges for clearing house, also checks
on banks in same place
Outside checks and other rash items
Approximate interest earned but not collected
< )ther assets
Total
3 630 678
3,383
12,959
168,713
3,731,973
3,120
8,352
168,964
4 318,722
3,944
11,768
179,925
5,046,940
5,827
1,193
196,090
5,249,833
5,362
1,016
231,019
375,045
311,424
293,548
329,800
335,752
3, 883
6;547
321,977
819,012
15,897
191,633
360,286
5,954
150,909
293,217
9,851
131,057
307,026
1,714
22,545
1,145
22,983
975
23,661
1,254
25,384
1,327
25,850
1,097,597
105 050
7,401
22 046
474,579
1,132,795
106,510
7,860
23 084
4&3,426
1,131,988
115,219
9,263
22,937
514,805
1,268,888
129,154
10,624
25,119
562,813
1,300,952
132,434
11,164
25,748
591,702
61,498
543,316
?0,4?8
133,592
64,106
497,151
17,091
111,582
82,197
545,838
18,955
116,780
l?l,010
610,039
18,002
135,679
122,640
676,704
17,692
165,756
307,918
35,395
181,024
22,230
364,918
36'. 152
374,116
56,561
146,317
64,653
17,170
115,226
16 ?85
64,397
21,169
72,002
20,635
35,105
24,257
35,595
7,482,113
7,801,061
8,452,582
9,424,313
9,913,707
350,110
409,680
360,468
415,006
371,979
420,934
412,869
441,264
436,244
454,930
93,315
99,991
110,351
135,458
115,321
8,111
15,007
9', 156
1,109
628,139
8,753
18,570
12,241
2,606
606,0:9
11,191
19,569
10,512
964
676,852
13,660
18,694
20,865
2,167
722,618
15,809
15,681
10,592
1,324
755,303
3,851,970
1,361,020
160,464
342,009
137,844
3,717,482
1*440,371
295,228
461,768
222,423
4,09?,481
1,558,940
337,432
376,995
276,343
4 592,270
1,996,405
117,977
395,417
303,064
4 834,830
2,165,786
201,710
309,197
18,963
8,624
9,852
15,504
14 311
16,335
175,523
41,202
7,588
182,093
26,400
7,8?4
194,551
29,73?
7,121
206,567
49,114
8,087
233,379
38,139
7,482,113
7,801,061
8,452,582
9,424,313
9,913,707
228,044
138 854
175 934
270 334
326 289
11.0
11.0
10.8
10.4
10.4
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes
paid
Approximate interest and discount collected but not earned
, ... .
Amount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve B a n k . . .
Due to banks and bankers
Certified and cashiers' or treasurers' checks
outstanding....
....
Demand deposits
Time deposits
United States deposits. .
Bills payable with Federal Reserve Bank..
Bills payable other than with Federal
Reserve Bank
Cash letters of credit and travelers' checks
outstanding.
Acceptances
Other liabilities
Total
Liability for rediscounts, including: those
with Federal Reserve Bank
Ratio of reserve with Federal Reserve Bank
to net deposit liability (per cent)
1
1
Includes certified and cashiers' or treasurers' checks outstanding.
260
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Exhibit J.—FOREIGN BRANCHES AUTHORIZED.
The Federal Reserve Board, during the year 1919, authorized the
establishment of foreign branches and subbranches of national banks
as follows:
National City Bank, New York, N. Y.:
Spain—
Madrid
Subbranch—Barcelona
Cuba—
Subbranches—Santa Clara, Ciego de Avila, Caibarien, and
Sancti Spiritus
Subbranches—Havana (2), Union del Reyes, Pinar del Rio,
Colon, Bayamo, Remedios, Placetas, Neuvitas, Cruces,
Artemisa, and Yaguajay
Argentina—
Subbranches—Rosario and Buenos Aires (2)
Brazil—
Subbranches—Porto Alegre and Rio Grande do Sul
Australia—
Sydney
Subbranch—Melbourne
British South Africa—
Cape Town
Subbranches—Durban, Port Elizabeth, and Johannesburg.
Venezuela—
Subbranch—Ciudad Bolivar
TrinidadPort of Spain
Jamaica—
Kingston
Dutch West Indies—
Island of Curacao
EgyptAlexandria
Colombia—
Bogota
Subbranches—Medellin, Antioquia, Cartagena, Barranquilla, and Buenaventura
Uruguay—
Subbranch—Montevideo
Exhibit K.—FIDUCIARY POWERS GRANTED
BANKS.
TO
Date authorized.
Jan. 15,1919
Jan. 15,1919
Jan.
24,1919
Mar. 17,1919
Jan.
29,1919
Jan.
29,1919
Mar. 12,1919
Mar. 12,1919
Mar. 12,1919
Mar. 12,1919
Mar. 12,1919
Mar. 12,1919
Mar. 12,1919
Mar. 12,1919
Mar. 17,1919
June
4,1919
June
4,1919
June 10,1919
NATIONAL
The following is a complete list of national banks which have been
granted fiduciaiy powers to December 31, 1919. For a description
of the powers granted see footnotes on page 269.
The Federal Reserve Act, as amended September 26, 1918, after
naming certain powers which may be granted to national banks,
when not in contravention of State or local law, authorizes the
Federal Reserve Board under such circumstances to grant permission to act in any other fiduciary capacity in which State banks,
trust companies, or other corporations which come into competition
with national banks are permitted to act under the laws of the State
in which located. Where this general power has been granted in
addition to certain specific powers, the footnote describing the powers
is followed by an asterisk.
EXHIBIT K—FIDUCIARY POWERS GRANTED.
DISTRICT NO. 1—Continued.
DISTRICT NO. 1.
MASSACHUSETTS—continued,
CONNECTICUT.
(See also District No. 2.)
Ansonia
Bristol
Hartford
Middletown
Naugatuck
New Britain
New Haven
New London
Torrington
Wallingford
Waterbury
1
Ansonia National Bank.
Bristol National Bank. 2
First National Bank.* 1
Phoenix National Bank.
Middletown National Bank. 3
Naugatuek National Bank. 3 1
New Britain National2 Bank.
First National Bank.
Merchants National Bank. 2 3
National Tradesmens Bank.
Second National Bank. 1
Yale National Bank. 3
National Bank of Commerce.25
New London
City National
Bank. 9
Torrineton National 1Bank.10
First National Bank.
Citizens National Bank.11
1
ManufacturerfNational Bank.
Waterbnry National Bank. 1
MAINE.
Bangor
Bar Harbor
Bath
Belfast
Lewiston
Norway
Portland
First National Bank.12
First National Bank.5
Bath National Bank. 2
City National Bank.*
M a n u f a c t u r e r s ISiational
Bank "
2
Norway National Bank.
1
Canal National Bank.
First National Bank.1* 12
Portland National Bank.
Plymouth
Provincetown
Reading
Salem
Southbridge
Springfield
Tisbury
Turner Falls
Wareham
Watertown
Webster
Worcester
Woburn
Uxbridge
Dover
Keene
Manchester
Nashua
Arnherst
Beverly
Boston
Brockton
Edffartown
Fall River
Fitchburg
Foxboro
Gardner
Gloucester
Great Barrington
Haverhill
Holyoke
Lawrence
Leominster
Lowell
Lynn
Marlboro
Methuen
New Bedford
Newburyport
North Adams
Northampton
Pittsfield
2
First National Bank.
11
Gra. lock National Bank.
First National Bank.1
Beverly National Bank.*
Boylston National Bank. 1
First National Bank.11
Fourth-xVtlantic
National
Bank. 1
Merchants National Bank. 1
National Shawmut Bank.-'
National Union Bank.3 3
Peoples National Bank.1
Second National Bank.
Webster1 & Atlas National
Bank.
Brockton National Bank.i
Home National Bank. 3
Edgartown National Bank. 4
Massasoit
Pocasset National
Bank. 1
Metacomet National Bank. 1 1
Safety Fund National Bank.
1
Foxboro National Bank.
First National Bank. 1
Cape Ann National Bank.i
National Mahaiwe Bank. 1
Essex National Bank."
First National Bank.3
Merrimack National 3 Bank.3
City National Bank.
Holyoke National Bank.;! 1
Bay State National Bank. 3
Leominster National Bank.
Merchants National Bank."*6
Old Lowell National Bank.
Central National Bank.2
1
ManufacturersNationalBank.
National City Bank.133
First National Bank.
Peoples National
Bank of
Marlborough.1
2
National Bank of Methuen.
First National Bank. 1
Merchants National Bank.i2
Merchants National Bank.
North Adams National Bank.11
Northampton National Bank.2
Agricultural National Bank.
Pittsfield National Bank.3
Plymouth National Bank. 3
First National Bank.i3
First National Bank.
Merchants National Bank.i
Southbridge National Bank.i
Chapin National Bank. 1
Chicopee National Bank.i 2
Springfield National Bank.
Martha's Vinevard National
Bank.2
Crocker National Bank. n
National Bank of Wareham. 3
Union Market National
Bank.*
First National Bank. 3
Mechanics National Bank. 31
Merchants National Bank.3
Worcester National Bank.
Woburn National Bank.14
Blackstone National Bank.*
NEW HAMPSHIRE.
Berlin
Claremont
Concord
MASSACHUSETTS.
Adams
261
Newport
Wolfeboro
City National Bank.6
Claremont National Bank. 3
First National Bank. 1
Mechanics National Bank. 15
National15 State
Capital
Bank.
Merchants National Bank.34
Strafford National Bank. 15
Ashuelot National Bank.
Keene National Bank. 3
Amoskeag National Bank. 156
Manchester National Bank.15
Merchants National Bank.
Indian 4 Head
National
Bank.
Second National Bank. 1515
Citizens National Bank. 15
Wolfeboro National Bank.
RHODE ISLAND.
Newport
Aqtiidneck National Bank.*
VERMONT.
Barre
Bennington
Brattleboro
Bellows Falls
Brandon
Montpelier
Poultney
St. Albans
Springfield
Windsor
Peoples National Bank. 11
County National Bank. 1
Peoples National Bank.
Vermont National Bank. 2
National
Bank of Bellows
Falls.4
First National Bank. 33
First National Bank.
Citizens National Bank. 33
Welden National Bank.
First National Bank. 3
State National Bank. 4
DISTRICT NO. 2.
CONNECTICUT.
(See also district No. 1.)
Bridgeport
City National Bank.i
Connecticut National Bank.i
First-Bridgeport
Nationa
Bank. 1
Danbury
City National Bank. 1 1
Danbury National Bank. 1
G reenwich
Greenwich National Bank.3
Norwalk
National Bank of Norwalk.
Ridgefleld
First National Bank.3 1
Soufti Norwalk
City National Bank. 1
Stamford
First National Bank.
NEW JERSEY.
(See also district No. 3.)
Asbury Park
Merchants National Bank.i
Atlantic Highlands. .Atlantic4 Highlands National
Bank.
Belvidere
Belvidere National Bank. 2 3
Bloomfield
.Bloomfield National Bank.
1
Boonton
Boonton National Bank.
Boundbrook
First National Bank. 33
Cranbury
First National Bank.
262
ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
DISTRICT NO. 2—Continued.
DISTRICT NO. 2—Continued.
NEW JERSEY—continued.
Dover
Elizabeth
Frenchtown
Hoboken
Jersey City
Lambertville
Long Branch
Morristown
Newark
New Brunswick
Orange
Passaic
Paterson
Perth Amboy
Phillipsburg.*
Plainfield
Red Bank
Rutherford
Somerville
South River
Sussex
National Union Bank.3
National State Bank."
Union National Bank.is
First National Bank.3
First National Bank.1
Lambertville National
Bank.1
Citizens National Bank.*
First National Bank.3
First National Bank.1
National Iron Bank.*
Merchants National Bank.3
National Newark & Essex
Banking Co.1
National State Bank.1
North Ward National Bank.s
National Bank
of
New
Jersey.1
Peoples National Bank.3
Orange National Bank.2
Second National Bank.1
Passaic National Bank.1
First National Bank.™
Paterson National Bank.1
Second National Bank.1
First National Bank.i
Phillipsburg
National
Bank.2
City National Bank.3
Second National Bank.1
Rutherford National Bank.3
Second National Bank.3
First National Bank.1
Farmers National Bank.3
NEW YORK.
Albany
Amsterdam
Auburn
Brooklyn
Buffalo
Canandaigua
Canton
Carthage
Catskill
Clayton
Cooperstown
Corning
Cuba
Dunkirk
Edwards
Elmira
Far Rockaway
Geneva
Glens Falls
Gloversville
Goshen
Granville
Hempstead
Herkimer
Hoosick Falls
Homell
Hudson
Ilion
Ithaca
First National Bank.&
National Commercial Bank.2
New York State National
Bank.5
First National Bank.1
Cayuga
Countv
National
Bank.a
National Bank of Auburn.5
First National Bank.1
Nassau National Bank.1
Manufacturers
&
Traders
National Bank.1
Canandaigua
National
Bank.1
First National Bank.1
St. Lawrence County National Bank."
Carthage National Bank.1
Catskill National Bank.2
National Exchange Bank.5
First National Bank.1
Second National Bank.2
First National Bank.2
Cuba National Bank.1
Lake Shore National Bank.1
Merchants National Bank.i
Edwards National Bank.5
Merchants National Bank.™
Second National Bank.1
National Bank of Far Rockaway.5
Geneva National Bank.s
Merchants National Bank.2
City National Bank.i
Fulton
County
National
Bank.1
National Bank of Orange
County.1
Farmers National Bank.5
Washington County National
Bank &
.
F irst N ational B ank. 1
Herkimer National Bank.2
Peoples National Bank.2
Citizens National Bank.i
Farmers National Bank.i
First National Bank.i
Tlion National Bank.i
First National Bank.i
NEW YORK—continued.
Jamestown
National Chautauqua County
Bank. 2
Round out National Bank.i
Little Falls National Bank.1
National Exchange Bank.i
Niagara
County
National
Bank.i
Middletown
Merchants National Bank.1
Mineola
First National Bank.&
Morristown
Frontier National Bank.5
Mount Vernon
First National Bank.i
New York Citr
American Exchange National
Bank.i
Atlantic National Bank.i
Bank of New York NBA.1
Bronx National Bank.5
Chase National Bank.i
Chatham & Phenix National.*
Chemical National Bank.2
Citizens National Bank.2
Coal & Iron National Bank.*
First National Bank.1
Garficld National Bank.i
Gotham National Bank.i
Hanover National Bank.2
Harriman National Bank.i
Irving National Bank.i
Liberty National Bank.i
Lincoln National Bank.i
Mechanics & Metals National
Bank.*
Merchants National Bank.i
National Bank of Commerce.2
National City Bank.i
National Park Bank.i
Seaboard National Bank.i
North Tonawanda... State National Bank.i
Norwich
Chenan?o National Bank.2
National Bank of Norwich.1
Nyack
Nyack National Bank.i
Ogdensburg.
National Bank of Ogdensburg.2
Oneida
Oneida
Valley
National
Bank.i
Oneonta
Citizens National Bank.i
Wilber National Bank.i
Ovid
First National Bank.0
Peekskill
Peekskill National Bank.i
Westchester County Nation
Bank.i
Plattsburg
City National Bank.s
Plattsburg National Bank.1
Port Chester
First National.1
Port Jervis
First National Bank.i
National Bank of Port Jervis.*
Poughkeepsie
Fallkill National Bank.i
Farmers & Manufacturers
National Bank.i
Richfield Springs
First National Bank.*
Riverhead
Suffolk
County
National
Bank.5
Rochester
Lincoln National Bank.*
Rome
Farmers National Bank.i
Saratoga Springs
First National Bank.*
Southampton
First National Bank.2
Stapleton
Richmond Borough National
Bank.&
Tarrytown
Tarrytown National Bank.7
Troy
Union National Bank.i
Utica
Oneida National Bank.i
Utica City National Bank.i
Vernon
National Bank of Vernon.«
Walton
First National Bank.i
Watertown
Jefferson County National
Bank.i
Watertown National Bank.4
Westfield
National Bank of Westfield.5
Kingston
Little Falls
Lockport
DISTRICT NO. 3.
DELAWARE.
Frederica
Laurel
Milford
Seaford
First National Bank.s
Peoples National Bank.2
First National Bank.i
First National Bank.'
EXHIBIT K—FIDUCIARY POWERS GRANTED.
DISTRICT NO. 2—Continued.
DISTRICT NO. 2-Continued.
NEW JERSEY.
(See also district No. 2.)
Atlantic Citv
Union National Bank.4
A tlantfr Citv National Bank.'
1
Burlington
Mechanics National Bank.
Camden
National State Bank.1
Cape May
Merchants National Bank.s
Elmer
First National Bank.1
Haddonfield
Haddonfield National Bank.1
Princeton
First National Bank.3
Salem
Salem National Banking Co.1
Swedesboro
Swedesboro National Bank.1
Trenton
Broad Street National Bank.3
First National Bank.1
Mechanics National Bank.1 1
Ventnor City
Ventnor City National1 Bank.
Woodbury
First National Bank.
PENNSYLVANIA.
(See also district No. 4.)
Allentown
Allentown National Bank.1
Merchants National Bank.2
Annville
Annville National Bank.3
Atglen
Atglen National Bank.*
Belleville
Belleville National Bank.*
Bethlehem
Bethlehem National Bank.1
Lehigh Valley National Bank.2
Bloomsburg
Bloomsburg National Bank.1
Blossburg
Miners National Bank.s
Boyertown
National Bank of Boyertown.s
Catasauqua
National
Bank of Catasauqua.1
Clearfield
Clearfield National Bank.i
County National Bank.1
Danville
First National Bank. * 1
DuBois
Deposit National Bank.
DuBois National Bank.3
1
Emaus
Emaus National Bank.
Emporium
First National Bank.1
Ephrata
Farmers National Bank.*
Greencastle
First National Bank.1
Harrisburg
Merchants National Bank, a
Hazleton
Hazleton National Bank,
a
Huntingdon
First National Bank.1 2
Union National Bank.
Jenkintown
Jenkintown National2 Bank.4
Johnstown
First National Bank.
4
Lancaster
Conestoga National Bank.
Fulton National Bank.1
Lansdale
First National Bank.3
Lititz
Farmers National Bank.'
Mahanoy City
Union National Bank.2 1
Manheim
Keystone National Bank.
Marietta
Exchange National Bank.a
Maytown
Maytown National Bank.3
Mount Carmel
Union National Bank.1
Mountville
Mountville National Bank.3
Myerstown
Myerstown National Bank.3
Nanticoke
First National Bank.3 1
Nazareth
Nazareth National Bank.
Newville
First National Bank.3 1
Oxford
National Bank of Oxford.
Patton
First National Bank.s
Pen Argyle
First National Bank.s
Philadelphia
CornExchangeNationalBank.1
Eighth National Bank.3
Fourth Street National Bank.*
National
Bank of Germantown.2
Ninth National Bank.11
Penn National Bank.
Philadelphia National Bank.1
Quaker City National Bank.s
Southwark National Bank.3
Textile National Bank.1
Union National Bank.2 1
Philipsburg
Moshanan National Bank.
Pittston
First National Bank.1
1
Pottstown
National Bank of Pottstown.
National Iron Bank.1 1
Reading
Reading National Bank.
Penn National Bank.3 1
Red Lion
Red Lion National Bank.
Scranton
Third National Bank.1
Spring City
National Bank of SpringCity.1
263
PENNSYLVANIA—continued.
Stroudsburg
Sunbury
Tamaqua
Tioga
Topton
West Chester
First National Bank.3
First National Bank.1
Tamaqua National Bank.1
Grange National Bank.s
National Bank of Topton.3
First National Bank.1
National 1Bank of Chester
County.
West Grove
National Bank ofWestGrove.3
Wilkes-Barre
Second National Bank.1 1
Wyoming National Bank.
Williamsport
First National Bank.1
West Branch National Bank.'1
Williamsport National1 Bank.
Wrightsville
First National Bank.
York
Industrial National Bank of
West York.s
Western National Bank.1
DISTRICT NO. 4.
KENTUCKY.
(See also district No. 8.)
Brooksville
First National Bank.3
Mount Sterling
MountSterlingNationalBank.s
Newport
American National Bank.19
Paris
First National Bank.i19
Somerset
First National Ban*.
Williamsburg
First National Bank.3
OHIO.
Akron
Bellaire
Bucyrus
Canton
Cincinnati
Cleveland
Columbus
Coshocton
Dayton
Defiance
Fostoria
Gallon
Hamilton
Hillsboro
Lebanon
Mansfield
Marietta
Massillon
Painesville
Ravenna
Sidney
Steubenville
Tiffin
Toledo
Troy
Urbana
Wilmington
Youngstown
Zanesville
First-Second NationalBank.w
National City Bank.20
First National Bank.20
First National Bank.so
First National Bank.s
Atlas National Bank.20
Citizens National Bank.11
Fifth-Third National Bank.w
First National Bank." 1
Second National Bank.
'
First National Bank.1*
National City Bank.11
Union 11Commerce National
Bank.
City National Bank.1*
Commercial National Bank.s1
Huntington National1 Bank. '
Ohio National Bank. *
2
Commercial National B ank.
°
Merchants National Bank.20
Winters National Bank.20
First National Bank.20 20
Merchants National Bank.
Union National Bank.11
Citizens National Bank.20
First National Bank.20
Merchants National Bank."
Lebanon National Bank.20
Citizens National Bank.o
20
Central National Bank.
First National Bank.2" 20
Merchants National Bank. 1
Painesvilte National Bank. *
Second National Bank.206
Citizens National Bank. 11
National Exchange Bank.
Tiffin National Bank.11
Northern National Bank.s
First National Bank.11
Citizens National Bank.6
Clinton County National
Bank.20
First National Bank.25
First National Bank. o
Old Citizens National Bank.i
PENNSYLVANIA.
(See also district No. 3.)
Ellwood City
First National Bank.1
Franklin
Iamberton National 1Bank.1
Greensburg
First National Bank.
Greenville
First National Bank.s
Grove City
First National Bank.6
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 4—Continued.
DISTRICT NO. 5—Continued.
VIRGINIA—continued.
PENNSYLVANIA—continued.
1
New First National Bank.
**
First National Bank. 1
First National Bank.e 1
Oil City National Bank.
Bank of Pittsburgh N. A.i
Duquesne National Bank. 1
Monongahela National Bank.s
National Bank of America.3
Peoples National Bank.&
Second National Bank of
Allegheny.1
Third National Bank. 11
Union National Bank. 1
Western National Bank.
Punxsutawney
National
Bank. 1
McDowell National Bank.3
Second National Bank. 1
Warren National Bank.11
Citizens National Bank. *
, First National Bank. 1 3
Peoples National Bank.
Meadville
New Castle
Oakmont
Oil City
Pittsburgh
Punxsutawney
Sharon
Titusville
Warren
Washington
Zelienople
WEST VIRGINIA.
(See also district No. 5.)
New Cumberland
Wheeling
First National
National
Bank of West Virginia.1
Charlottesville
Chatham
Clifton Forge
Covington
Danville
Harrisonburg
Lexington
Martinsville
Newport News
Norfolk
Petersburg
Reedville
Richmond
Roanoke
Rocky Mount
South Boston
Staunton
Warrenton
Winchester
DISTRICT NO. 5.
DISTRICT OF COLUMBIA.
Washington
National
Bank of Washington. 3
National Metropolitan Bank.2
MARYLAND.
Baltimore
Cumberland
Frederick
Hagerstown
Hyattsville
New Windsor
Rising Sun
Rockville
Salisbury
Merchants-Mechanics
First
National Bank. 1
Second National Bank. 21
Second National Bank.
Farmers & Mechanics
National Bank. 3
Second National Bank. 1
First National Bank.3
First National Bank. 3
National Bank of Rising Sun. 3
Montgomery County National
Bank. *
Salisbury National Bank. 1
NORTH CAROLINA.
Charlotte
Elizabeth City
High Point
Goldsboro
New Bern
Oxford
Commercial National Bank. 1
Merchants & 1 Farmers National Bank.
First &1 Citizens National
Bank.
3
Commercial National Bank.
Wayne National Bank. 1
National Bank of New
Bern. 3
First National Bank. 3
SOUTH CAROLINA.
Charleston
Columbia
Greenville
Lake City
Orangeburg
Rock HiJl
Spartanburg
York
Atlantic National Bank.31
Peoples National Bank.
National1 Loan & Exchange
Bank.
First National Bank. 1 3
Fourth National Bank. 3
Peoples National Bank.
Farmers & Merchants
National Bank. 3
Edisto National Bank.11
National Union Bank. 3
Central National Bank.
First National Bank. 3
VIRGINIA.
Abingdon
Alexandria
Appalachia
First National Bank. 1 3
Citizens National Bank.
First National Bank. 3
First National Bank.e
National Bank of Charlottesville.3
1
Peoples National Bank.
First National Bank. 4
Clifton Forge National1 Bank. 3
First National Bank.
Citizens National Bank. 3 3
Covington National Bank.
First National Bank. 3
First National Bank.4
1
Rockbridge National Bank.
Peoples National Bank. 3
First National Bank. 3
3
National Bank of Commerce.
Seaboard National Bank.4 1
Virginia National Bank
Commonwealth
N a t i o n al
Bank.4
3
American National Bank.
First National Bank. 1
Merchants National Bank.31
American National Bank. 1
National Exchange Bank.
Peoples National Bank. 3
Planters & Merchants
National Bank. 3
1
Augusta National Bank.
National Valley Bank. 3 1
Fauquier National Bank.
Shenandoah
Valley National
Bank. 3
WEST VIRGINIA.
(See also district No. 4.)
Clarksburg
Empire National Bank. 3
Union National Bank. 3
1
Fairmont
National Bank of Fairmont.
Fairview
First National Bank.13
Grafton
First National Bank.
Huntington
First National Bank. 1
Madison
Madison National Bank. 3 1
Parkersburg
Parkers burg National Bank.
DISTRICT NO. 6.
ALABAMA.
Anniston
Bessemer
Birmingham
Cullman
Florence
Gadsden
Mobile
Montgomery
Piedmont
Selma
Talladega
Tuscaloosa
Anniston National Bank.11
First National Bank.3JS 3
Bessemer National Bank.
First National Bank. 1 3
Leeth National Bank.2
First National Bank.
First National Bank 42
First National Bank.
First National Bank. 15
First National Bank.24
City National Bank.
Talladega National Bank. 3
City National Bank. 22
First National Bank.
FLORIDA.
Bradentown
First National Bank. 3
DeFuniak Springs...First National Bank. 3 3
Jacksonville
Barnett National Bank.
15
Pensacola
National Bank of Commerce.
4
St. Petersburg
Central National Bank.
First National Bank.23
Tampa
First National Bank.
GEORGIA.
Atlanta
Fitzgerald
La Grange
Macon
Quitman
Winder
Lowry National Bank. 3
Exchange National Bank.23
LaGrange National Bank.
3
Fourth National Bank.
First National Bank.17 1
Winder National Bank.
LOUISIANA.
(See also district No. 11.)
Alexandria
First National Bank. 2
Crowley
First National Bank of Acadia
Parish .10
Lake Charles
Calcasieu National Bank
of
Southwest Louisiana.21
EXHIBIT K—FIDUCIARY POWERS GRANTED.
DISTRICT NO. 7—Continued.
DISTRICT NO. 6—Continued.
INDIANA—continued.
MISSISSIPPI.
(See also district No. 8.)
Biloxi
Canton
Laurel
Meridian
First
First
First
First
National
National
National
National
3
Bank.
Bank. 31
Bank.
Bank. 2
TENNESSEE.
(See also district No. 8.)
10
Citizens National Bank.
Elk National Bank.22
Manufacturers
National
Bank.3
City National Bank. 6 17
Peoples National Bank.
American National Bank. 13
Broadway National Bank.
Cumberland
Valley National
Bank. 3
Fourth 2 & First National
Bank.
Tennessee-Hermitage
N a tional Bank.a
Dickson
Fayetteville
Harriman
Knoxville
McMinnville
Nashville
DISTRICT NO. 7.
ILLINOIS.
(See also district No. 8.)
Old Second National Bank. 1
Second National Bank. 31
Canton National Bank.
First National Bank. 3
National Trust Bank. 1
Corn Exchange
National
Bank. 5
First National
Bank of Engle3
wood.
National City Bank. 11
First National Bank. 1
First National Bank.
Citizens National Bank. 13
Milliken National Bank. 3
National Bank of Decatur.
Dixon National Bank. 1
Woodford
County National
Bank. 1
First National Bank.1 1
First National Bank. 3
First National Bank.
Joliet National Bank.3 1
City National Bank. 1
First National Bank. 3
LaSalle National Bank.
1
Union National Bank.
First National Bank. 3
4
National Bank of Mattoon.
State National Bank.11
First National Bank.
First National Bank. 4
Central National Bank. 1
Manufacturers
National
Bank. 1
3
Rockford National Bank.
Third National Bank.2
Aurora
Belvidere
Canton
Casey
Charleston
Chicago
Chillicothe
Danville
Decatur
Dixon
El Paso.
Freeport
Galesburg
Joliet
Kankakee
Kewanee
LaSalle
Macomb
Marseilles
Mattoon
Monticello
Moweaqua
Peoria
Rockford
(See also district No. 8.)
Batesville
Brazil
Brookville
Cambridge City
Crawfordsville
Dana
Dublin
Dyer
First National Bank. 3 10
Citizens National Bank.
First National Bank. 3
Riddell National Bank. 3
Franklin3 County National
Bank.
3
National Brookville Bank.
First National Bank.2 3
Citizens INational Bank.
E 1st on National Bank. 2
First National Bank.44
First National Bank. 3
First National Bank.
265
Edinburg
Elkhart
Fort Wayne
Franklin
Goshen
Greencastle
Hammond
Indianapolis
Kokomo
LaPorte
Liberty
Logansport
Marion
Michigan City
Mishawaka
Monrovia
Muncie
New Carlisle
New Castle
Richmond
Rochester
Rockville
Rushville
Russiaville
Sheridan
South Bend
Thorntown
Tipton
Valparaiso
Wabash
Whiteland
Wilkinson
Winamac
Farmers National Bank. 3
1
First National Bank.
Old National Bank. 1
Franklin National Bank. 3
City National Bank. 14
First National Bank.
First National Bank.*
Fletcher-American
National
Bank.11
Citizens National Bank. 31
Howard National Bank.
First National Bank. 3
Union 4 County
National
Bank.
City National Bank. 23
First National Bank.
First National Bank. 3 1
Marion National Bank.
1
Merchants National Bank.
First National Bank. 33
First National Bank.
Delaware
County National
Bank. 1
3
Merchants National Bank.
First National Bank. 4
First National Bank.11
First National Bank. 3
Second National Bank.
First National Bank.24
Rockville National Bank. 3 3
Rush County National Bank.
3
Rushville National Bank.
First National Bank. 4 2
Farmers National Bank.
First National Bank. 3
First National Bank. 3 4
Home National Bank.
Citizens National Bank. 33
Farmers National Bank.
Farmers & Merchants
National Bank. 3
3
Whiteland National Bank.
4
Farmers National Bank.
First National Bank. 2
IOWA.
Arlington
Boone
Burlington
Cedar Rapids
Charter Oak
Cherokee
Clarence
Clinton
Coon Rapids
Council Bluffs
Decorah
Des Moines
Dubuque
Elkader
Emmetsburg
Everly
Fairfleld
Fonda
Glad brook
Greenfield
Hawarden
Humboldt
Independence
Indianola
Kanawha
Le Mars
Linn Grove
Manchester
Marengo
Marshalltown
Miliord
Moniezuma
Muscatine
Newell
New Sharon
Odebolt
4
American National Bank.
First National Bank. 3
Merchants National Bank. 1 1
Cedar Rapids National Bank.
3
Merchants National Bank.
First National Bank.22
First National Bank. 13
First National Bank.
City National Bank. 3
2
Merchants National Bank.
&
First National Bank.34
City National Bank. 1
First National Bank.
National Bank of Decorah.33
Des Moines National 1 Bank.
First National Bank.
First National Bank. 1
Emmetsburg National
Bank. 8
First National Bank.10
First National Bank. 23
First National Bank.4
First National Bank.19
First National Bank. 17
First National Bank.
First National Bank. 33
First National Bank.4
First National Bank.
First National Bank. 4
First National Bank. 41
First National Bank. 3
First National Bank. 3
First National Bank.
First National Bank.44
First National Bank.
First National Bank.13
First National Bank. 1
First National Bank.10
First National Bank. 3
First National Bank.
266
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO,8-Continued.
DISTRICT NO. 7—Continued.
IOWA—continued.
ILLINOIS—continued.
4
Oskaloosa National Bank.
First National Bank.33
First National Bank.
First National Bank." 4
Citizens National Bank.
First National Bank.4
Continental National4 Bank.10
First National Bank.
First National Bank.3 1
Citizens National Bank.
First National Bank.3
Washington National Bank.83
Commercial National Bank.
Leavitt 3& Johnson National
Bank.
First National Bank.3 3
Farmers National Bank.
First National Bank.1
Oskaloosa
Peterson
Red Oak
Rippey
Royal
Sibley
Sioux City
Sioux Rapids
Stanton
Storm Lake
Story City
Washington
Waterloo
Waverly
Webster City
MICHIGAN.
(See also district No. 9.)
Battle Creek
Central National Bank.a
Old National Bank.1
First National Bank.8
Farmers & Merchants
National Bank.1
Birmingham
First National Bank.43
Boyne City
First National Bank.
2
Detroit
National Bank of Commerce.
3
Flint
First National Bank.
1
Grand Rapids
Old National Bank. *
Hillsdale
First National Bank.3
Jackson
National Union Bank.13
Lansing
Capital National Bank.
Petoskey
First National Bank.3
Port Huron
First National Bank.33
Rochester
First National Bank.
Saginaw
Second National Bank.3 3
St. Claire Heights.. -Michigan National Bank.
Traverse City
First National Bank.4
Bay City.
Bent on Harbor
Nashville
Nokomis
O'Fallon
Pittsfield
Quincy
Sparta
Vandalia
INDIANA.
(See also district No. 7."*
Farmersburg
Jeffersonville
Mitchell
Mt. Vernon
New Albany
Princeton
Seymour
Tell City
KENTUCKY.
(See also district No. 4.)
Bowling Green
Danville
Elizabethtown
Glasgow
Harrodsburg
Henderson
Hopkinsville
Lawrenceburg
Lebanon
Antigo
Appleton
Beaver Dam
Fond du Lac
Hartford
Janesville
Marinette
Monroe
Oshkosh
Waukesha
West B*nd
1
Langlade National Bank.1 ?
Citizens National Bank.
Old National Bank.3
Commercial National11Bank.1
First National Bank.
First National Bank.3
First National Bank.13
First National Bank.
City National Bank.3
3
National Exchange Bank.
First National Bank.1
DISTRICT NO. 8.
Bedford National Bank.7
City National Bank.3
Old State National Bank.1
First National Bank.27
First National Bank.13
First National Bank.
First National Bank.3
1
New Albany National Bank.
Farmers National Bank.18
Peoples 2 American National
Bank.
First National Bank.1 1
Seymour National Bank.
Citizens National Bank.'
Bedford
Evansville
WISCONSIN.
(See also district No. 9.)
Farmers & Merchants
National Bank.1
First National Bank.i 4
Nokomis National Bank.
First National Bank.13
First National Bank.
Ricker National Bank.1
First National Bank.26
First National Bank.2
Louisville
Morganfield
Owensboro
Paducah
American National Bank.^
Citizens National Bank.12
Farmers National Bank.
1
First-Harden National Bank.
3
Farmers National Bank.
1
First National Bank.
3
Henderson National Bank.
First National Bank.1 7
Anderson National Bank.
Lawrenceburg
National
Bank.2
Citizens National Bank.83
Marion National Bank.
Louisville National
Banking
Company.5
National Bank of Kentucky.13
Morganfield National B ank.4
United States National
Bank.
City National Bank.14
First National Bank.
MISSISSIPPI.
(See also district No. 6.)
Greenville
First National Bank.3
MISSOURI.
ARKANSAS.
Batesville
Eldorado
Fordyce
Fort Smith
Hot Springs
Jonesboro
Little Rock
Mariana
Newport
Texarkana
First National Bank.11 1
Citizens National Bank.
First National Bank.3
Merchants National Bank.1 1
Arkansas National Bank.
7
Citizens National Bank.
First National B ank.1
England National Bank.* 3
Lee County National Bank.
First National Bank.21
State National Bank.
(See also district No. 10.)
Carrollton
Chillicothe
Columbia
Hannibal
Kirksville
Ridgeway
St. Louis
ILLINOIS.
CSe8 also district No. 7.)
Anna
First National Bank.'2
Belleville
First National Bank.
Edwardsville
Edwardsville
National
Bank.1*
3
Jacksonville
Ayers National Bank.
Metropolis
City National Bank.33
Mount Sterling:
First National Bank.2
Murphysboro
First National Bank.
Sedalia
Springfield
Versailles
First National Bank.2
First National Bank.1
Boone 3County N a t i o n a l
Bank.
Exchange National Bank.13
Hannibal National Bank.
Citizens National Bank.2
.First National Bank.1
Merchants - Laclede National
Bank.s
1
National Bank of Commerce.
State National Bank.1
First National Bank.3 3
Citizens National Bank.
3
Union National Bank.
First National Bank.4
TENNESSEE.
(See also district No. 6.)
Memphis
Central State National Bank .;
EXHIBIT K—FIDUCIARY POWERS GRANTED.
DISTRICT NO. 10—Continued.
DISTRICT NO. 9.
COLORADO—continued.
MICHIGAN.
Denver
(See also district No. 7.)
3
Manistique
Negaunee
First National Bank.
Neeaunee National Bank.*
MINNESOTA.
2
Albert Lea
Austin
First National Bank.
Austin National Bank. 1
First National Bank.*
First Natonal Bank. 1
Merchants National Bank.2
American National Bank.2
City National Bank.*
First National Bank.2
Fergus Falls National Bank. 2
Metropolitan National Bank.t
Midland National Bank.2
Northwestern National
Bank. 5
First National Bank. 1
National Farmers Bank. 7
Goodhue County National
Bank.i
First National Bank.2
First National Bank.i 1
Farmers National Bank.
First National Bank.i
Winona National Bank. 1
Bemidii
Crookston
Duluth
Fergus Falls
Minneapolis
Owatonna
Red "Wing
St. Peter
Stillwater
Waseca
Wells
Winona
MONTANA.
Merchants National Bank. 3
Montana National Bank.i 3
Commercial National Bank.3
Great Falls National Bank.
First National Bank.310
First National Bank.
First National Bank. 1
Western2 Montana National
Bank.
Billings
Bozeman
Great Falls
Kalispell
Lewistown
Miles City
Missoula
NORTH DAKOTA.
First National Bank.43
First National Bank. 1
First National Bank.
Ellendale
Fonnan
Grand Forks
Eagle
Englewood
Fort Collins
Fort Morgan
Grand Junction
Greeley
Hugo
Idaho Springs
Las Animas
Longmont
Loveland
Sterling
Trinidad
Walsenburg
Aberdeen National Bank.3
First National Bank. 31
First National Bank.
First National Bank. 3
First National Bank. 34
First National Bank.11
First National Bank.
3
Minnehaha National Bank.
Security National Bank. 3 2
Sioux Falls National Bank.4
American National Bank.
First National Bank.41
First National Bank.
Spearfish
Watertown
Webster
WISCONSIN.
Topeka
Troy
Winfield
Ashland National Bank. 1
11
Northern National Bank.
First National Bank. 43
First National Bank.
National Manufacturers Bank.4
First National Bank.™
Barron
Clintonville
Neenah
Superior
MISSOURI.
Cameron
Carthage
Kansas City
Neosho
St. Joseph
Boulder
Canon City
Center
Colorado Springs
Boulder National Bank.»
Citizens National Bank. 10
Freemont
County National
Bank. 3
First National Bank. 3
Exchange National Bank.i
First National Bank. 1
178983—20
18
First National Bank. 4
Central National Bank. 4
Commonwealth
National
Bank. 11
Drovers National Bank. 3
Fidelity National Bank &
Trust Co.i
First National Bank.^
Interstate National Bank. 1
Midwest National Bank &
Trust Co.2
New England National
Bank.i
First National Bank. 1
3
American National Bank.
Burnes National Bank. 3
Tootle-Lacy National Bank. 2
NEBRASKA.
Butte
Decatur
Lyons
Norfolk
Omaha
DISTRICT NO. 10.
COLORADO.
First National Bank. 3
First National Bank.22 11
Citizens National Bank. 3
Farmers National Bank.
First National Bank. 3
First National Bank. 3
Commercial National 4 Bank. 1
First National Bank.
Lawrence National Bank.*
First National Bank. 4
Peoples National Bank. 3
National Bank of Commerce.'
3
National Bank of Sabetha.
Farmers National Bank. 3
National Bank of America
'
3
Farmers National Bank.
First National Bank.4
First National Bank, i
(See also district No. 8.)
(See also district No. 7.)
Ashland
1
Colorado National Bank.
1
Denver National Bank.
1
First National Bank.
United States National Bank.*
First National
Bank of Eagle
County.3
First National Bank. 33
First National Bank.
Poudre
Valley
National
Bank."
First National Bank. 3
Grand Valley National1 Bank. 1
First National Bank. 1
Greeley National Bank.
Union National Bank. 3
First National Bank. 34
First National Bank.3
First National Bank.
1
American National Bank.
First National Bank. 18 10
Loveland National Bank.1
Farmers National Bank.
First National Bank. 4
First National Bank.i
KANSAS.
Anthony
Coffeyville
Fort Scott
Goodland
Horton.
Hutchinson
Independence
Jewell City
Lawrence
Luray
Ottawa
Pittsburg
Sabetha
Salina
SOUTH DAKOTA.
Aberdeen
Arlington
Brookings
Colman
Flandreau
Lake Preston
Rapid City
Sioux Falls
267
Ord
Utica
First National Bank.*4
First National Bank.
First National Bank. 4 4
Norfolk National Bank.
First National Bank. 3
Merchants National Bank. ?
United States National
Ban k. •
First National Bank. 3
First National Bank.2*
NEW MEXICO.
(See also district No. 11.)
Las Vegas
Raton
Santa Fe
San Miguel National Ban k
First National Bank. 11
First National Bank. 1
l
268
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 10—Continued.
OKLAHOMA.
(See also district No. 11.)
Ada
First National Bank.io
Lawton
City National Bank.is
McAlsster
American National Bank.6
Muskogee
First National Bank.*
Oklahoma City
American National Bank.™
Farmers National Bank.13
Liberty National Bank.
Security National Bank.2
Pond Creek
Farmers National Bank.3
Shawnee
National Bank of Commerce.4
Tulsa
Central National Bank.i
Exchange National Bank.is
First National Bank.412
Woodward
First National Bank.
WYOMING.
Basin
Buffalo
Casper
Cheyenne
Cody
Evanston
Kemmerer
Laramie
Powell
Rawlins
Rock Springs
Sheridan
Shoshoni
First National Bank.™
First National Bank.3
Casper National Bank.3 3
Wyomin.2; National Bank.
Citizens National Bank.i
First National Bank.i
Stock Growers National
Bank.i
Shoshone National Bank &
i
First National Bank.*
First National Bank.34
First National Bank.
First National Bank.2
First National Bank.i 4
Rawlins National Bank.
First National Bank.2
Rock Springs National Bank.i
First National Bank.i
First National Bank.2
DISTRICT NO. 11.
ARIZONA.
Nogales
Tucson
First National Bank.2
Arizona National Bank. 1
Consolidated National Bank.3
LOUISIANA.
(See also district No. 6.)
Shreveport
Commercial National Bank 3
First National Bank.3
NEW MEXICO.
(See also district No. 10.)
Albuquerque
State National Bank.3
Carlsbad
First National Bank.i 4
Roswell
Citizens National Bank.
First National Bank.4
Silver City
Silver City National Bank.31
TEXAS.
Abilene
Amarillo
Austin
Beaumont
Bonham
Brownwood
Campbell
Colorado
Corsicana
Dallas
Denison
El Paso
Fort Worth
Citizens National Bank.&
First National Bank.3
American National Bank.4
First National Bank.3
First National Bank. <
Citizens National Bank. 1
Campbell National Exchange
Bank.*
City National Bank.3
Corsicana National Bank 3
City National Bank.i
National Bank of Commerce.3
Tenison National Bank.3
State National Bank.i
City National Bank.i
First National Bank.12
Fort Worth National Bank. 3
Stock Yards National3 Bank.3
First National Bank.
First National Bank.32
Gal vest on
Granger
DISTRICT NO. 11—Continued.
TEXAS—continued.
Greenville
Greenville
National Exchange
Bank.3
Houston
National Bank of Commerce.!1
McKinney
First National Bank.43
Marshall
First National Bank.
Marshall National Bank.3
Orange
First National Bank.i 3
Palestine
Royal National Bank.
Port Arthur
First National Bank.s
San Angelo
Central National Bank.3
First National Bank.i
San Angelo National Bank.4
Western National Bank.i
San Antonio
Lockwood National Bank.
1
Sealy
Sealy National Bank.3
Sherman
Commercial National4 Bank.i Stanton
First National Bank.
Texarkana
Texarkana National Bank.i
Troup
First National Bank.e
Tyler
Citizens National Bank.43
Victoria
Victoria National Bank.
Waco
First National Bank.2
Wichita Falls
City National Bank.i
National Bank of Commerce.3
First National Bank.i
DISTRICT NO. 12.
ALASKA.
Fairbanks
First National Bank.i
CALIFORNIA.
Bakersfield
Calexico
Chico
Fresno
Fullerton
Los Angeles
Mountain View
Oakland
Orland
Pasadena
Pleasanton
Redwood City
Sacramento
San Francisco
Santa Barbara
Visalia
Wilmington
First National Bank.i
First National Bank.s
Butte County National Bank.i
Farmers National Bank.i
Farmers & Merchants National Bank.5
Continental National Bank.6
Farmers & Merchants National Bank.i
First National Bank.5
Central National Bank.i
First National Bank.5
National Bank & Trust Co. *
First National Bank.5
First National Bank of Mateo
County.so
Capital National Bank.i
National Bank of D. O. Mills
& Co.11
American National Bank.5
Bank of California, N. A.i
First National Bank.i
First National Bank.5
First National Bank.s
IDAHO;.
Boise
Boise City National Bank.6
First National Bank of Ida-
Hagerman
Hailey
Moscow
Payette
Weiser
First National Bank.6 4
Hailey National Bank.
First National Bank.3
First National Bank.i
First National Bank.i
ho.25
NEVADA.
Tonopah
Nevada First National Bank.OREGON.
Ashland
Corvallis
Eugene
Harrisburg
Junction City
Marshfield
Medford
Milton
Ontario
First National Bank.13
First National Bank.
First National Bank.43
First National Bank.
First National Bank.is
First National Bank of Coos
Bay.i
1
Medford National Bank.
i ,
3
First National Bank.29
j
First National Bank. ^
EXHIBIT L—ACCEPTANCES TO 100 PER CENT.
DISTRICT NO. 12—Continued.
DISTRICT NO. 12—Continued.
WASHINGTON—continued.
OBEGON—-continued.
Salem
American National Bank.3
First National Bank.33
First National Bank.
1
United States National Bank.
Capital National Bank.1
Salt Lake City
Continental National Bank.*
Pendleton
Portland
269
Ellensburg
Everett
Mount Vernon
Oroville
Pullman
Seattle
UTAH.
Deseret National Bank.3
WASHINGTON.
Washington National Bank.4
First National Bank.i4
First National Bank.
First National Bank.*10
First National Bank.
Dexter 1 Horton
National
Bank.
First National Bank.3
1
National Bank of Commerce.
National City Bank.3 1
Seattle National Bank. "
Union National Bank.1
Exchange National Bank.1
Vancouver National Bank.3 1
Baker Boyer National1 Bank.
First National Bank.
Third National Bank.23
Spokane
Vancouver
Bellingham National Bank.3
Walla Walla
First National Bank.33
Clarkston
First National Bank.1 3
Colfax
Farmers National
Bank.of stocks and bonds, guardian of estates, assignee, receiver,
1
Trustee, executor, administrator,
registrar
and committee of estates of lunatics.*
* Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver,
and committee of estates of lunatics.
3
Trustee, executor, administrator, and registrar of stocks and bonds.
4
Trustee,
executor, and administrator.
5
Registrar of stocks and bonds.
6
Trustee.
7
Trustee, executor, administrator, guardian of estates, assignee, receiver, and committee of estates of
lunatics.*
8
Trustee, executor, administrator, and guardian of estates.*
9
Trustee,
executor, administrator, guardian of estates, and receiver.*
0
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver.
1
Trustee,
executor,
administrator, registrar of stocks and bonds, guardian of estates, assignee, and receiver.*
2
Trustee, executor, and registrar of stocks and bonds.
3
Trustee,
executor,
administrator, registrar of stocks and bonds, guardian of estates, and receiver.
14
Trustee, executor, administrator, assignee, and receiver.*
5
Trustee
and
registrar
of stocks and bonds.
6
Trustee, executor, administrator, registrar of stocks and bonds, assignee, and receiver.
17
Trustee, executor, administrator, guardian of estates, assignee, receiver, and committee of estates of
lunatics.
•8 Trustee, executor, administrator, guardian of estates, assignee, and receiver.*
" Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, receiver, and committee of estates of lunatics.*
20
Trustee, and registrar of stocks and bonds.*
31
Trustee, executor, administrator, guardian of estates, assignee, receiver, and committee of estates of
lunatics.*
22
Trustee, executor, administrator, and guardian of estates.
23
Trustee,
administrator, and registrar of stocks and bonds.
24
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, and receiver.*
25
Trustee,
executor, administrator, registrar of stocks and bonds, and guardian of estates.
26
Trustee, executor, administrator, guardian of estates, assignee, and receiver.
27 Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and committee of estates of lunatics.
28
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, and assignee.
29
Executor and administrator.
30
Trustee, executor, administrator, guardian of estates, receiver, and committee of estates of lunatics.*
31
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, and committee of estates of lunatics.*
s2 Trustee and executor.
33
Trustee, executor, administrator, registrar of stocks and bonds ,and guardian of estates.*
Bellingham
Exhibit L.—ACCEPTANCES TO 100 PER CENT.
The following banks have been granted authority by the Federal
Reserve Board to accept drafts and bills of exchange up to 100 per
cent of their capital stock and surplus:
DISTRICT NO. 1.
Connecticut:
Hartford
Norwich
Maine:
Portland
Hartford Aetna National Bank.
Phoenix National Bank.
Thames National Bank.
Canal National Bank.
Portland National Bank.
270
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Massachusetts:
Boston
Dedham
Fall River
Fitchburg
New Bedford
Springfield
Worcester
Rhode Island:
Providence
Beacon Trust Co.
Commonwealth Trust Co.
First National Bank.
Fourth-Atlantic National Bank,
International Trust Co.
Merchants National Bank.
National Shawmut Bank.
National Union Bank.
Old Colony Trust Co.
Second National Bank.
State Street Trust Co.
Webster & Atlas National Bank.
Dedham National Bank.
Massasoit-Pocasset National Bank.
Safety Fund National Bank.
First National Bank.
New Bedford Safe Deposit & Trust Co.
Springfield National Bank.
Merchants National Bank.
Blackstone Canal National Bank.
Merchants National Bank.
National Bank of Commerce.
Providence National Bank.
DISTRICT NO. 2.
Connecticut:
Bridgeport
New Jersey:
Hoboken
Newark
New Brunswick
Paterson
New York:
New York
City National Bank.
First National Bank.
National Newark & Essex Banking Co.
National Bank of New Jersey.
Hamilton Trust Co.
Paterson National Bank,
American Exchange National Bank.
Atlantic National Bank.
Bankers Trust Co.
Bank of America.
Bank of Manhattan Co.
Bank of New York, N. B. A.
Central Union Trust Co.
Chase National Bank.
Chemical National Bank.
Citizens National Bank.
Columbia Trust Co.
Corn Exchange Bank.
Equitable Trust Co.
Farmers Loan & Trust Co.
Fifth Avenue Bank.
First National Bank.
Franklin Trust Co.
Guaranty Trust Co.
Harriman National Bank.
Importers & Traders National Bank.
Irving National Bank.
Liberty National Bank.
Mechanics & Metals National Bank.
Mercantile Bank of the Americas.
Mercantile Trust & Deposit Co.
Merchants National Bank.
National Bank of Commerce.
National City Bank.
National Park Bank.
New Netherlands Bank.
Scandinavian Trust Co.
EXHIBIT L—ACCEPTANCES TO 100 PER CENT.
New York—Continued.
New York
Utica
Seaboard IM ational Bank.
Second National Bank.
U. S. Mortgage & Trust Co.
W. R. Grace & Co.'s Bank.
First National Bank.
Utica Trust & Deposit Co.
DISTRICT NO. 3.
Pennsylvania:
Philadelphia
Bank of North America.
Corn Exchange National Bank.
First National Bank.
Fourth Street National Bank.
Girard National Bank.
Market Street National Bank.
Philadelphia National Bank.
Tradesmen's National Bank.
DISTRICT NO. 4.
Kentucky:
Lexington
Ohio:
Akron
Cincinnati
Cleveland
Toledo
Pennsylvania:
Pittsburgh
Phoenix & Third National Bank.
First-Second National Bank.
Fifth-Third National Bank.
Central National Bank.
Cleveland Trust Co.
First National Bank.
Guardian Savings & Trust Co.
Superior Savings & Trust Co.
Union Commerce National Bank.
Guardian Trust & Savings Bank.
Bank of Pittsburgh, N. A.
First National Bank.
Mellon National Bank.
Peoples National Bank.
Pittsburgh Trust Co.
Union National Bank.
Union Trust Co.
DISTRICT NO. 5.
Maryland:
Baltimore
North Carolina:
Wilmington
South Carolina:
Charleston
Orangeburg
Rock Hill
Virginia:
Danville
Hampton
Norfolk
Baltimore Trust Co.
Drovers & Mechanics National Bank.
Farmers & Merchants National Bank.
Merchants-Mechanics First National Bank.
National Bank of Commerce.
National Exchange Bank.
National Marine Bank.
National Union Bank of Maryland.
Second National Bank.
Murchison National Bank.
Bank of Charleston, N. B. A.
Peoples National Bank.
Edisto National Bank.
Peoples National Bank.
First National Bank.
Merchants National Bank.
Citizens Bank.
Marine Bank.
National Bank of Commerce.
Norfolk National Bank.
Seaboard National Bank.
Virginia National Bank.
271
272
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD.
Virginia—Continued
Richmond
American National Bank.
Bank of Commerce & Trusts.
First National Bank.
Merchants National Bank.
National State and City Bank.
Planters National Bank.
DISTRICT NO. 6.
Alabama:
Albany
Decatur
Huntsville
Troy
Florida:
Jacksonville
Pensacola
Georgia:
Atlanta
Cordele
Macon
Savannah
Valdosta
Louisiana:
' New Orleans
Mississippi:
Vicksburg
Tennessee:
Chattanooga
Clarksville
Central National Bank.
City National Bank.
Henderson National Bank.
Farmers & Merchants National Bank.
Atlantic National Bank.
Citizens & People's National Bank
Atlanta National Bank.
Fourth National Bank.
Lowry National Bank.
American National Bank.
Fourth National Bank.
Macon National Bank.
Citizens Trust Co.
Citizens & Southern Bank.
Hibernia Bank.
National Bank of Savannah.
Savannah Bank & Trust Co.
First National Bank.
Canal Commercial National Bank.
Canal Commercial Trust & Savings Bank.
Hibernia Bank & Trust Co.
Interstate Trust & Banking Co.
Marine Bank & Trust Co.
New Orleans National Bank.
Whitney-Central National Bank.
Merchants National Bank.
Hamilton National Bank.
First National Bank.
DISTRICT NO. 7.
Illinois:
Chicago
Indiana:
Indianapolis
Michigan:
Detroit
Wisconsin:
Milwaukee
Mississippi:
http://fraser.stlouisfed.org/
Canton
Federal Reserve Bank of St. Louis
Chicago Trust Co.
Continental & Commercial National Bank.
Corn Exchange National Bank.
Drovers National Bank.
First National Bank.
Fort Dearborn National Bank.
Harris Trust & Savings Bank.
Illinois Trust & Savings Bank.
Live Stock Exchange National Bank.
Merchants Loan & Trust Co.
National Bank of the Republic.
National City Bank.
Union Trust Co.
Fletcher American National Bank.
First & Old Detroit National Bank.
First National Bank.
DISTRICT NO. 8.
First National Bank.
EXHIBIT L
Missouri:
St. Louis
Tennessee:
Memphis
Minnesota:
Minneapolis
St. Paul
Kansas:
Hutchinson
Missouri:
Kansas City
St. Joseph
Arizona:
Nogales
Texas:
Austin
Brownwood
Dallas
Fort Worth
Gainesville
Hillsboro
Honey Grove
Houston
Navasota
Paris
San Angelo
Terrell
Waco
Waxahachie
California:
San Francisco
_
Oregon:
Portland
ACCEPTANCES TO 100 PER CENT.
First National Bank.
Liberty Bank.
Mercantile Trust Co.
Merchants-Laclede National Bank.
Mississippi Valley Trust Co.
National Bank of Commerce.
Union & Planters Bank & Trust Co.
Central State National Bank.
DISTRICT NO. 9.
First & Security National Banlsv
Northwestern National Bank.
Capital National Bank.
First National Bank.
DISTRICT NO.
10.
First National Bank.
First National Bank.
Commerce Trust Co.
National Bank of Commerce.
First National Bank.
DISTRICT NO. 11.
First National Bank.
American National Bank.
Brownwood National Bank.
American Exchange National Bank.
City National Bank.
Tenison National Bank.
.American National Bank.
Fort Worth National Bank.
National Bank of Commerce.
Stockyards National Bank.
First National Bank.
Citizens National Bank.
State National Bank.
First National Bank.
Houston National Exchange Bank.
Lumbermans National Bank.
National Bank of Commerce.
South Texas Commercial National Bank.
Union National Bank.
First National Bank.
Lamar State Bank & Trust Co.
First National Bank.
.First National Bank.
American National Bank.
First National Bank.
Waxahachie National Bank.
DISTRICT NO.
12.
American National Bank.
Anglo & London-Paris National Bank.
Bank of California, N. A.
Crocker National Bank.
First National Bank.
Wells Fargo-Nevada National Bank.
First National Bank.
Ladd & Tilton Bank.
Northwestern National Bank.
United States National Bank.
273
274
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Washington:
Seattle..
.Dexter Horton National Bank.
First National Bank.
National Bank of Commerce of (Seattle.
Seaboard National Bank.
Seattle National Bank.
.Spokane & Eastern Trust Co.
Old National Bank.
Exchange National Bank.
Spokane.
Exhibit M.—PERSONNEL AND SALARIES.
Salaries of officers and employees of Federal Reserve Banks.
FEDERAL RESERVE BANK OF BOSTON.
Number of officers and
employees.
Salaries.
Departments.
1919
1915
1916
1917
1918
1
1
1
8
160
29
126
1
1
2
8
223
32
187
$10,000
15,000
$10,000
20,000
$12,000
20,000
$15,000
8,500
6,100
3,100
2,100
10,900
15,260
11,360
24,460
17,500
57,700
16,530
24,964
$12,000
20,000
11,000
32,975
134,283
27,343
75,635
1915 1916 1917 1918
Chairman and Federal Reserve agent
Governor
Deputy governor
Other officers
Banking department
Bookkeeping department...
Transit department
Federal Reserve agent's department
Fiscal agency department
General
Total
1
1
1
1
1
1
2
4
3
3
3
13
12
25
5
55
17
30
1919
25;ooo
24,000
38,500
265,200
33,240
188,240
2
3
15
211
30
3
14
262
25
3,680
13
4
112
23
2,500
4
3,580
10,280
7,100
106,200
26,378
17,400
252,873
23,477
2,095
21,780
347,980
23,460
20
71
248
585
755
50,880
105,940
288,372
609,081
982,400
FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH).
Chairman and Federal Reserve agent
Governor
Deputy governor
Other officers
Banking department
Bookkeeping department...
Transit department
Federal Reserve agent's department
Fiscal agency department...
Capital issues
General
Total.
1
1
1
1
2
4
27
17
892 1,297
78
42
614
446
299 1,219
5
42
22
73
173
$16,000 $16,000 $20,000 $20,000 $30,000
30,000 15,000 30,000 30,000
50,000
20,000 45,000 81,000
51,000
32,800 42,000 56,200 89,400 195,700
60,588 97,552 301,648 945,360 1,608,220
4,620 10,700 15,360 47,680 100,560
6,430 36,480 94,480 338,430 580,700
26
713
137
829 -2,657 2,896
5,540
9,520 17,860
360,932 1,501,840
11,720
8,460 37,440 21,540
49,980
955,888
160,320
155,978 246,192 970,580 3,104,830 3,782,368
FEDERAL RESERVE BANK OF PHILADELPHIA.
Chairman and Federal Reserve agent
Governor
Otherofflcers
Banking department
Bookkeeping department...
Transit department
Federal Reserve agent's department
Fiscal agency department...
General
Total.
1
1
7
143
36
423
1
1
9
134
26
186
$10,000
20,000
5,000
14,400
3,300
5,880
11
63
216
647
77,036
$10,000
20,000
10,200
15,940
9,360
24,180
$10,000 $10,000
20,000 20,000
21,250 37,000
34,084 137,740
18,080 47,540
47,790 79,560
$15,000
25,000
51,500
173,060
29,700
176,904
5,976
7,140
12,480
14,672
8,060
7,880
23,160 102,240
16,848 32,080
27,130
76,640
237,440
111,492 199,272
474,040
812,374
275
EXHIBIT M—PERSONNEL, AND SALARIES.
Salaries of officers and employees of Federal Reserve Banks—Continued.
FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING PITTSBURGH AND
CINCINNATI BRANCHES).
Number of officers and
employees.
Salaries.
Departments.
1919
1915 1916 1917 1918
1919
1915
1916
1917
1918
1
1
11
129
1
1
13
175
$10,000
18,000
7,000
16,900
5,160
1,080
$10,000
20,000
10,750
13,430
4,380
23,370
$12,000
20,000
21,050
23,800
19,080
52,710
$15,000
20,000
48,850
155,418
35,280
130,150
$20,000
25,000
65,199
232,819
41,580
179,620
7,820
87,180
16,440
16,080
321,884
22,800
32,480
184,589
66,045
260,080 765,462
847,332
Chairman and Federal Reserve agent
Governor
Other officers
Banking department
Bookkeeping department...
Transit department
Federal Reserve agents' department
Fiscal agency department...
General
169 | 211
17
105
65
3,500
3,780
6,900
8,040
589 ! 626
68,540
93,750
10
203
26
Total.
65
211
FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH,
OPENED MAR. 1, 1919).
Chairman and Federal Reserve agent
1
Governor
1
Other officers
2
Banking department
10
Bookkeeping department... 3
Transit department
7
Federal Reserve agent's department
1
Fiscal agency department...
5
General
Total .
30
1 $10,000 $10,000 $10,000 $10,000
1 10,000 12,000 15,000 15,000
11
5,978
9,428 14,550 16,359
82 12,742 13,956 22,880 76,953
13
4,748
5,520
4,980
9,640
157
2,278 11,599 21,954 59,485
1
1
2
11
5
36
1
1
4
18
6
43
1
1
6
63
12
79
1
2
20
14
4
40
48
9
54
73
945
916
6,439
8,819
63 109
254
401
53,130
72,238
6
2,400
21,024
8,540
$12,000
18,000
50,800
93,410
14,540
125,228
7,202
54,930
36,810
19,900
63,330
83,560
121,328 286,379
480,768
FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE, NASHVILLE, AND NEW ORLEANS BRANCHES).
Chairman and Federal Reserve agent
Governor
Other officers
Banking department
Bookkeeping department...
Transit department
Federal Reserve agent's department
Fiscal agency department...
General
Total.
65
132
1
1
18
98
32
109
$7,500
9,000
13,100
23,928
3,600
1,260
10
71
46
3,200
4,380
3,180
4,080
64,768
81,348
317
$9,000 $10,000 $10,000
9,000 10,000 10,000
12,060 11,380 53,400
21,828 37,690 92,770
6,480 17,100
5,100
15,900 20,180 53,790
5,220
61,010
3,120
$10,000
15,000
76,600
113,850
33,000
98,400
9,180
102,240
25,598
21,250
82,980
36,288
165,080 374,078
487,368
FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH).
Chairman and Federal Reserve agent
Governor
Other officers
Banking department
Bookkeeping department...
Transit department
Federal Reserve agent's department
Fiscal agency department...
General
Total.
$10,000
20,000
17,500
31,880
8,700
30,240
$10,000
24,000
33,500
47,880
9,520
49,280
$12,000
24,000
79,000
180,910
25,100
109,160
$18,000
30,000
132,000
387,682
38,580
207,236
7,200
7,800
11,134
20,985
13,800
215,930
61,130
17,120
354,370
183,800
33,460
365,538
274,091
1
1
18
155
24
124
1
1
25
301
31
11
292
189
17
277
247
815 1,199
96,560
147,105
$10,000
20,000
14,000
21,426
4,100
8,700
465,040 985,460 1,586,587
276
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Salaries of officers and employees of Federal Reserve Banks—Continued.
FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS, AND
LITTLE ROCK).
Number of officers and
employees.
Salaries.
Departments.
1915 1916 1917 1918
Chairman and Federal Reserve agent..
Governor
Other officers
Banking department
Bookkeeping department...
Transit department
Federal Reserve agent's department
Fiscal agency department.
General
Total
1
1
1919
1915
1916
1917
1918
$10,000
20 000
35,500
44,500
5,900
34,620
$10,000
20,000
55,500
123,292
12,000
57,540
$15,000
20,000
66,300
261,850
25,650
72,350
3 340
7,920
65 840 132,620
4,920
47,000
10,950
156,700
24,100
1
1
8
43
7
50
1
1
13
117
11
60
1
1
14
225
23
114
$10,000
20,000
13,500
12,820
6,200
9,660
$10,000
20 000
13,500
17,180
6,260
16,140
2
59
6
5
126
51
8
104
51
5,900
5 900
4
2,820
2,820
53
177
385
541
80,900
91,800
1 I T
2
8
5
14
2
12
6
24
3
3
5
39
224,620
1919
465,872
652,900
$12,000
12,000
FEDERAL RESERVE BANK OF MINNEAPOLIS.
Chairman and Federal Reserve agent
Governor
Deputy governor
Other officers
Banking department
Bookkeeping department
Transit department
Federal Reserve agent's department
J
Fiscal agency department...|
Total
$ 9,000
15,000
$10,000
18,000
3,000 i 3,500
11,940 15,850
2,460 ] 5,540
2,000 j 19,460
12,500
29,120
6,040
24,040
$10,000
18,000
",000
16,210
56,629
6,078
33,243
4,580
51,180
5,636
65,721
28,300
72,360
155,460 ! 217,517
347,360
S 7,500
15,000
5
88
13
101
14 j
5,520
4,080
64
20
54 127
267
287 j 47,420 I 72,430
FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING
BRANCHES).
Chairman and Federal Reserve agent
Governor
Other officers
Bookkeeping department...
Transit department
Federal Reserve agent's department
Fiscal agency department...
General
Total.
15
40
17,900
104,380
14,560
85,860
OMAHA AND DENVER
1
1
12
16
139
1
1
15
18
199
$7, 500
7,500
6,000
6,120
10,980
$7,500 $7,500 $9,000
10,000 12,500 15,000
8,800 I 17,400 60,000
4,500 | 5,340 20,180
18,780 | 22,960 108,360
$12,000
18,000
64,400
26,860
206,160
5
201
105
4,080
157
186
13,460
5,760
4,380
7,680
! 93,190 219,810
18,460 ! 27,020 122,880
9,100
194,890
239,060
583
55,640
72,420 i 193,590 560,990
770,470
52 ! 153
FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON
BRANCHES, THE LATTER OPENED AUG. 4, 1919).
Chairman and Federal Reserve agent
1
Governor
1
Other officers
1 2
Banking department
11
Bookkeeping department...! 2
Transit department
| 2
Federal Reserve agent's de- j
partment
j 2
Fiscal agency department... •
General
I 10
Total
! 31
1
1
4
31
7
39
1
1
8
113
13
86
1
1
15
165
23
173
$7,500
10,000
11,000
17,140
1,620
2,100
2
75
12 j 10
5
162
14
16
89
22
63
403
505
170
$9,000
10,000
15,000
17,760
5,100
20,760
$10,000 $10,000 i $14,000
12,000 12,000
15,000
19,700 38,200 ! 62,800
39,300 136,200 i 202,460
6,360 12,840 ! 24,780
33,140 74,400 I 178,000
7,400
3,700
9,060
ii, 680
3,700 10,860 ; 25,260
60,690 191,104 118,260
7,580 10, 960 ; 21,000
65,820
93,000
192,470 ! 496,564 j 661,560
277
EXHIBIT M—PERSONNEL AND SALARIES.
Salaries of officers and employees of Federal Reserve Banks—Continued.
FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING SPOKANE, PORTLAND,
SEATTLE, AND SALT LAKE CITY BRANCHES).
Number of officers and
employees.
Salaries.
Departments.
1915 1916 1917 1918
Chairman and Federal Reserve agent
Banking department
Bookkeeping department...
Transit department
Federal Reserve agent's deFiscal agency department
Capital issues
Total
1
1
1
3
31
5
15
1
1
10
77
17
31
3
2
1
1
2
10
2
2
4
3
122
11
22
62
273
1919
i
1915
1916
1917
1918
$12,000
15,000
12,200
30,230
4,620
11,640
$14,000
18,000
39,500
101,046
18,240
28,740
$14,000
18,000
68,280
190,560
30,960
62,940
$18,000
18,000
117,900
270,480
40,740
108,720
1919
1 I
1
18
157
27
64
1
1
25
196
33
100
$12,000
15,000
10,200
14,820
2,520
780
10
207
41
5
16
142
53
7,000
1,620
1,800
4,620
3,420
146,100
980
16,224
253,140
60,320
12,600
33,560
145,140
79,000
531
567
64,120
91,930
370,026
727,024
831,540
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE
BOARD AS OF DECEMBER 31, 1919.
OFFICE OF THE SECRETARY.
W. T. Chapman, secretary
R. G. Emerson, assistant secretary
Staff:
1 at $3,600
1 at $2,500
1 at $2,240
1 at $2,000
5 at $1,800
2 at $1,700
1 at $1,680
3 at $1,500
6 at $1,440
3 at $1,320
1 at $1,200
1 at $1,100
1 at $1,020
1 at $600
1 at $360 (part time employee)
1 at $120 (part time employee)
$6,000. 00
3, 600. 00
-
3, 600. 00
2, 500. 00
2, 240. 00
2, 000. 00
9, 000. 00
3, 400. 00
1, 680. 00
4, 500. 00
8, 640. 00
3, 960. 00
1, 200. 00
1,100.00
1, 020. 00
600
360
120
$55, 520. 00
OFFICE OF GENERAL COUNSEL.
Geo. L. Harrison, general counsel
Milton 0. Elliott, consulting counsel
Walter S. Logan, assistant counsel
Staff:
1 at $3,300
1 at $2,600
1 at $2,200
1 at $1,680
1 at $1,500
,. - 8, 500. 00
5, 000. 00
5,000. 00
3, 300. 00
2, 600. 00
2, 200. 00
1, 680. 00
1, 500. 00
29,780
EXECUTIVE SECRETARY.
W. W. Hoxton
W. li. imiay
,
10,000
FISCAL AGENT.
-
4, 000. 00
278
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
ARCHITECTS.
A. B. Trowbridge, consulting architect
O. W. Ten Eyck, assistant architect.
$8, 663. 66
4,000. 00
. $10, Wifi H6
OFFICES OF MEMBERS OF THE BOARD.
Staff:
1 at $3,025
2 at $3,000
1 at $2,800
$1 at $2,600
1 at $2,500
1 at $2,400
3 at $1,440
%
3, 025. 00
6,000.00
2, 800. 00
2, 600. 00
2, 500. 00
2, 400. 00
4, 320. 00
23,645.00
DIVISION OF REPORTS AND STATISTICS.
Morris Jacobson, statistician and chief of division
E. L. Smead, assistant chief of division
E. A. Goldenweiser, assistant statistician
Staff:
1 at $2,250
1 at $2,240
3 at $2,000
1 at $1,920
1 at $1,800
1 at $1,650
2 at $1,600
1 at $1,520
3 at $1,500
4 at $1,400
8 at $1, 320
1 at $1,200
2 at $1,100
1 at $1,000
1 at $960
1 at $840
1 at $660
6,000. 00
4.000. 00
3, 300. 00
2, 250. 00
2, 240. 00
6, 000. 00
1, 920. 00
1, 800. 00
1, 650. 00
3, 200. 00
1, 520. 00
4,500.00
5, 600. 00
10, 560. 00
1, 200. 00
2, 200. 00
1,000. 00
960. 00
840. 00
660. 00
61^ 400. 00
DIVISION OF OPERATIONS AND EXAMINATION.
W. W. Paddock, chief of division
Examiners:
John A. Will, chief Feder?l Reserve examiner
James F. Herson, chief Federal Reserve examiner
W. J. Donald
George L. Hamilton
James Buchanan, jr
George A. Augherton
Ralph M. Chapman
5, 500. 00
7,000. 00
5, 500. 00
4, 200. 00
4, 200. 00
3, 600. 00
3,000.00
3,000. 00
40,000.00
Assistant examiners:
2 at $2,700
1 at $2,500
5 at $2,400
1 at $2,200
1 at $2,100
2 at $2,000
1 at $1,800
Office staff:
2 at $1,440
2 at $1,320
1 at $1,200
1 at $960
1 at $120 (part-time employee).
5,400. 00
2,500.00
12,000. 00
2, 200. 00
2,100. 00
4,000.00
1,800.00
2, 880. 00
2, 640. 00
1, 200. 00
960.00
120. 00
30,000.00
7,800. 00
77, 800. 00
EXHIBIT M-—PERSONNEL AND SALARIES.
279
DIVISION OF ANALYSIS AND RESEARCH.
H. Parker Willis, director
Staff:
1 at |2,750
1 at $2,500...
1 at $2,400
1 at $2,000
1 at $1,800
4 at $1,500
1 at $1,440
1 at $1,320
2 at $1,200
1 at $1,080
1 at $1,000
$5, 000. 00
2, 750. 00
2,500. 00
2,400. 00
2,000.00
1, 800.00
6,000. 00
1, 440. 00
1, 320. 00
2,400. 00
1,080. 00
1,000.00
$29, 690. 00
DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION.
Willard E. Buell, chief of division
Staff:
1 at $2,250
1 at $1,800
2 at $1,560
2 at $1,440
1 at $1,320
1 at $1,260
5 at $1,200
9 at $1,140
38 at $1,020
1 at $720
3,000. 00
2,250.00
1, 800.00
3,120. 00
2, 880. 00
1,320.00
1, 260. 00
6,000.00
10,260.00
38, 760. 00
720. 00
71,370.00
CURRENCY COUNTERS.
Detailed to National Bank Redemption Division, office of the Comptroller
of the Currency—
33 at 1,040
34, 320. 00
Detailed to National Bank Redemption Agency, office of the Treasurer of
the United States—
78 at $1,040
81,120. 00
MESSENGERS.
1 at $1,140
2 at $1,100
2 at $1,080
4 at $840
1,140. 00
2, 200. 00
2,160. 00
3, 360. 00
8, 860. 00
CHARWOMEN.
3 at $240
720. 00
Total
464, 891. 66
SALARIES OF NATIONAL BANK EXAMINERS.
[Effective in the year ending Dec. 31,1919.]
Sidney B. Congdon, examiner at large, not assigned to any Federal Reserve
district
$4,000
DISTRICT NO. 1—BOSTON.
(397 national member banks.)
Daniel C. Mulloney, chief examiner
$7,000
3 examiners, at $3,900; 1 examiner, at $3,600; 1 examiner, at $3,300;
1 examiner, at $2,400
21,000
m
28,000
280
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
DISTRICT NO. 2—NEW YORK.
(637 national member banks.)
Sherrill Smith, chief examiner
$15, 000
1 examiner, at $4,500; 1 examiner, at $4,200; 3 examiners, at $3,600;
3 examiners, at $3,300; 1 examiner, at $3,000; 1 examiner, at $2,700;
2 examiners, at $2,400
39,900
$54, 900
DISTRICT NO. 3—PHILADELPHIA.
(643 national member banks.)
Edward I. Johnson, chief examiner
9, 000
examiner, at $4,800; 2 examiners, at $4,500; 1 examiner, at $4,000;
1 examiner, at $3,900; 1 examiner, at $3,600; 1 examiner, at $3,300;
4 examiners, at $3,000; 1 examiner, at $2,700; 2 examiners, at $2,400 48,100
57,100
DISTRICT NO. 4.—CLEVELAND.
(749 national member banks.)
Silas H. L. Cooper, chief examiner
8, 500
2 examiners, at $4,500; 1 examiner, at $4,200; 1 examiner, at $3,600;
1 examiner, at $3,300; 3 examiners, at $3,000; 1 examiner, at $2,700;
3 examiners, at $2,400
'.
39,000
DISTRICT NO. 5—RICHMOND.
(543 national member banks.)
James K. Doughton, chief examiner
8, 000
1 examiner, at $6,500; 1 examiner, at $4,200; 1 examiner, at $4,000;
2 examiners, at $3,600; 1 examiner, at $3,300; 3 examiners, at
$3,000; 2 examiners, at $2,400
39, 000
47,000
DISTRICT NO. 6—ATLANTA.
(364 national member banks.)
J. William Pole, chief examiner
6, 500
2 examiners, at $4,200; 1 examiner, at $3,900; 2 examiners, at $3,600;
2 examiners, at $3,300; 1 examiner, at $2,700; 1 examiner, at
$2,400....
31, 200
37,700
DISTRICT NO. 7—CHICAGO.
(1,049 national member banks.)
Daniel V. Harkin, acting chief examiner
5, 500
2 examiners, at $4,500; 1 examiner, at $4,200; 6 examiners, at $3,900;
4 examiners, at $3,600; 1 examiner, at $3,300; 3 examiners, at
$2,400
61, 500
67,000
DISTRICT NO. 8—ST. LOUIS.
(473 national member banks.)
John S. Wood, acting chief examiner
3, 900
2 examiners, at $4,500; 1 examiner, at $4,000: 1 examiner, at $3,600;
2 examiners, at $3,300; 2 examiners, at $3,000
29, 200
33,100
DISTRICT NO. 9—MINNEAPOLIS.
(842 national member banks.)
Fred Brown, chief examiner
,
7, 000
2 examiners, at $4,200; 1 examiner, at $4,000; 1 examiner, at $3,600;
1 examiner, at $3,300; 4 examiners, at $3,000; 3 examiners, at
$2,400
38, 500
45,500
EXHIBIT M
PERSONNEL, AND SALABIES.
281
• DISTRICT NO. 10—KANSAS CITY.
(1,001 national member banks.)
Stephen L. Newnham, chief examiner
$7, 000
1 examiner, at $4,500; 2 examiners, at $4,200; 3 examiners, at $3,900;
1 examiner, at $3,600; 2 examiners, at $3,300; 2 examiners, at
$3,000; 1 examiner, at $2,700; 3 examiners, at $2,400
50, 700
$57, 700
DISTRICT NO. 11—DALLAS.
(641 national member banks.)
Richard H. Collier, chief examiner
7, 500
1 examiner, at $4,000; 1 examiner, at $3,900; 4 examiners, at $3,600;
1 examiner, at $3,300; 1 examiner, at $3,000; 2 examiners, at $2,400. 33, 400
40,900
DISTRICT NO. 12.—SAN FRANCISCO.
(598 national member banks.)
H. R. Gaither, chief examiner
7, 500
1 examiner, at $5,000; 2 examiners, at $4,800; 2 examiners, at $3,600;
2 examiners, at $3,300; 1 examiner, at $3,000; 1 examiner, at $2,700;
1 examiner, at $2,400
36, 500
44,000
Grand total of annual salaries of examiners on Dec. 31, 1919
564, 400
RECAPITULATION.
Examining staff:
Chief examiners—
At $15,000 per annum
At $9,000 per annum
At $8,500 per annum
At $8,000 per annum
At $7,500 per annum
At $7,000 per annum
At $6,500 per annum
At $5,500 per annum
At $3,900 per annum
Total chief examiners
Salaries, chief examiners
Other examiners:
At $6,500 per annum
At $5,000 per annum
At $4,800 per annum
At $4,500 per annum
At $4,200 per annum
At $4,000 per annum
At $3,900 per annum
At $3,600 per annum
At $3,300 per annum
At $3,000 per annum
At $2,700 per annum
At $2,400 per annum
1
1
1
1
2
3
1
*1
l
1
12
$92, 400
1
1
3
10
10
2
6
15
23
18
21
6
23
,
Total other examiners
Salaries, other examiners
Total examining staff
Total salaries
1
Acting.
137
472,000
149
564,400
2 Incluies one examiner at large.
282
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Exhibit N.—DIRECTORY OF THE FEDERAL RESERVE BOARD
AND FEDERAL RESERVE BANKS.
FEDERAL RESERVE BOARD.
EX OFFIGIO MEMBERS.
GARTER GLASS,
Secretary of the Treasury, Chairman.
JOHN SKELTON WILLIAMS,
W. P. G. HARDING, Governor.
ALBERT STRAUSS, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
Comptroller of the Currency.
HENRY A. MOEHLENPAH.
GEORGE L. HARRISON, General Counsel.
W. T. CHAPMAN, Secretary.
K. G. EMERSON, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
W. W. PADDOCK, Chief, Division of
Operations and Examination.
W. W. HOXTON, Executive Secretary.
H. PARKER WILLIS,
Director, Division of Analysis and
Research.
M. JACOBSON, Statistician.
J. E. CRANE,
Acting Director, Division of Foreign
Exchange.
OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS. l
DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON.
[Frederic H. Curtiss, chairman and Federal Reserve agent; Allen Hollis, deputy chairman: Chas. A. Morss,
governor.]
Director.
Term expires.
Residence.
•
•
Class A:
Thomas P. Beal
Edward S. Kennard
F. S. Chamberlain
Class B:
Philip R. Allen
Chas. G. Washbura
Edmund R. Morse
Class C:
Frederic H. Curtiss
Allen Hollis
Jesse H. Metcalf
"
Boston, Mass
Rumford, Me
New Britain, Conn
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
East Walpole, Mass
Worcester, Mass
Proctor, Vt
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Boston, Mass
Concord, N. H
Providence, R. I
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
DISTRICT NO. 2—FEDERAL RESERVE BANK OF N E W YORK.
[Pierre Jay, chairman and Federal Reserve agent; George Foster Peabody. deputy chairman; Benjamin
Strong, governor.]
Class A:
R. H. Treman
Charles Sn ith
James S. Alexander
Class B:
W B . Thompson 2
L. R. Palmer
Charles A. Stone
Class C:
W. L. Saunders
George Foster Peabody
Pierre Jay '.
Ithaca, N. Y
Oneonta, N. Y
New York, N. Y
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Yonkers, N. Y
Croton-on-Hudson, N. Y
New York, N. Y
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
New York, N. Y
Saratoga Springs N Y
New York, N. Y
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
DISTRICT NO. 2—BUFFALO BRANCH OF THE F E D E R A L R E S E R V E BANK OF N E W YORK
[R. M. Gidney, manager.]
Harry T. Ramsdell
Elliott C. McDougal
Clifford Hubbell
Ray M Gidnev
Frank L. Bartlett
1
Buffalo. N. Y
. . do
do
do
...
Olean, N. Y
Dec. 31,1920
Do.
Do.
Do.
Do.
Includes directors elected or appointed in D e c , 1919, for the three-year term beginning Jan. 1,1920.
* Resigned Dec. 22,1919.
EXHIBIT N
283
DIRECTORY.
Officers and Directors of Federal Reserve Banks—Continued.
DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA.
[Richard L. Austin, chairman and Federal Reserve agent; H. B. Thompson, deputy chairman; E. P.
Passmore, governor.]
Director.
Class A.Joseph Wayne, jr...
Francis Douglas
M. J. Murphy
Class B:
Edwin S. Stuart
Chas.K. Haddon...
Alba B. Johnson
Class C:
Richard L. Austin..
Charles C. Harrison.
H. B. Thompson...
Residence.
Philadelphia, Pa..
Wilkes-Barre, Pa.
Clarks Green, Pa..
Philadelphia, Pa..
Camden, N. J.
Philadelphia, Pa.
Philadelphia, Pa.
do
Wilmington, Del.
Term expires.
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVELAND.
[D. C. Wills, chairman and Federal Reserve agent, Lewis B. Williams, deputy chairman; E. R. Fancher,
governor.]
Class A:
Robert Wardrop
O. N. Sams
Chess Lamberton
Class B:
T. A. Combs
John Stambaugh
R. P. Wright
Class C:
D. C. Wills
H. P. Wolfe
Lewis B. Williams
Pittsburgh, Pa
Hilisboro, Ohio
Franklin, Pa
Lexington, Ky
Youngstown, Ohio..
Erie, Pa
Cleveland, Ohio
Columbus, Ohio
Cleveland, Ohio
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
DISTRICT NO. 4—PITTSBURGH BRANCH OF THE FEDERAL RESERVE BANK OF
CLEVELAND.
[George DeCamp, manager.]
Chas. W. Brown.
James D. Gallery.
Harrison Nesbit..
R. B. Mellon
George DeCamp..
Pittsburgh, Pa.
.do.
.do.
.do.
.do.
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 4—CINCINNATI BRANCH OF THE FEDERAL RESERVE BANK OF
CLEVELAND.
[L. W. Manning, manager.]
Judson Harmon
Cincinnati, Ohio,
Dec. 31,1920
Charles A. Hinsch..
do
Do.
L. W. Manning
.do..
Do.
W. S. Rowe
..do.,
Do.
George D. Crabbs .
.do.
Do.
DISTRICT NO. 5-FEDERAL RESERVE BANK OF RICHMOND.
[Caldwell Hardy, chairman and Federal Reserve agent; James A. Moncure, deputy chairman;
George J. Seay, governor.]
Class A:
Edwin Mann
Chas. E. Rieman
J. F. Bruton
Class B:
D. R.Coker
Edmund Strudwick
James F. Oyster
Class C:
Caldwell Hardy
Howard Bruce
James A. Moncure
178983—20
Bluefield.W. Va..
Baltimore, Md.
Wilson, N. C
Hartsville, S. C
Richmond, Va
Washington, D. C
Richmond, Va
Baltimore, Md
Richmond, Va
19
Dec. 31.1920
Dec. 31.1921
Dec. 31.1922
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31,1920
31,1921
31,1922
31,1920
31,1921
31,1922
284
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Officers and Directors of Federal Reserve Banks—Continued.
DISTRICT NO. 5—BALTIMORE BRANCH OF THE FEDERAL RESERVE BANK OF
RICHMOND.
[M. M. Prentis, manager.]
Director.
M. M. Prentis
Chas.C. Homer
William Ingle
Waldo Newcomer
H. B. Wilcox
Residence.
! Baltimore, Md.
j
do
!
do
|
do
!
do
Term expires.
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA.
[Jos. A. McCord, chairman and Federal Reserve agent; Edw. T. Brown, deputy chairman;
M. B. Wellborn, governor.]
Class A:
P. R. Kittles
John K. Ottley
Oscar W. Newton
Class B:
gjLeon C. Simon
J. A. McCrary
W. H. Hartford
Class C:
Jos. A. McCord
Edw. T. Brown
W. H. Kettig
!
j Sylvania, Ga
| Atlanta, Ga
i Jackson, Miss
i
New Orleans, La
Decatur, Ga
I Nashville, Tenn
|
I Atlanta, Ga
J
do
Birmingham, Ala
Dec. 31.1920
Dec. 31.1921
Dec. 31.1922
Dec. 31.1920
Dec. 31.1921
Dec. 31.1922
Dec. 31,1920
Dec. 31.1921
Dec. 31.1922
DISTRICT NO. 6—NEW ORLEANS BRANCH OF THE FEDERAL RESERVE BANK OF
ATLANTA.
[P. H. Saunders, chairman; Marcus Walker, manager.]
New Orleans, La.
.do..
Hattiesburg, Miss.
Jackson, Miss
Mobile, Ala
New Orleans, La..
do
R. S. Hecht
Jno. E. Bouden, jr.
Frank W. Foote...
H. B.Lightcap....
A. P. Bush
P. H. Saunders
Marcus Walker
Dec. 31,1920
Do.
Do.
Do.
Do.
Do.
Do.
DISTRICT NO. 6—BIRMINGHAM BRANCH OF THE FEDERAL RESERVE BANK OF
ATLANTA.
[W. H. Kettig, chairman; A. E. Walker, manager.]
Birmingham, Ala.
.do
.do.,
.do..
.do..
Oscar Wells
T. O. Smith
W.W.Crawford.
JohnH. Frye
W . H . Kettig....
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 6—JACKSONVILLE BRANCH OF THE FEDERAL RESERVE BANK OF
ATLANTA.
[John C. Cooper, chairman; Geo. R. DeSaussure, manager.]
E. W. Lane
BionH. Barnett.
Giles L.Wilson..
Fulton Saussy...
JohnC. Cooper...
Jacksonville, Fla.
do
.do.,
.do.,
.do..
Dec. 31,1920
Do.
Do.
Do.
Do.
285
EXHIBIT N—DIBECTORY.
Officers and Directors of Federal Reserve Banks—Continued.
DISTRICT NO. 6—NASHVILLE BRANCH OF THE F E D E R A L RESERVE BANK OF
ATLANTA.
[W. H. Hartford, chairman; Bradley Currey, manager.]
Director.
P M Davis
J. E.Caldwell ..
E A Lindsey
T. A. Embry
W H Hartford
;.
Residence.
Term expires.
Nashville, Term
. . .
do
. do
Winchester, Tenn
Nashville Tenn
Dec. 31,1920
Do.
Do.
Do
Do.
DISTRICT NO. 6—SAVANNAH AGENCY OF THE FEDERAL RESERVE BANK OF
ATLANTA.
[R. J. Taylor, manager.]
DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO.
[William A. Heath, chairman and Federal Reserve agent; James Simpson, deputy chairman; James B .
McDougal, governor.]
Class A:
E. L. Johnson
Waterloo, Iowa
! Dec. 31,1920
Geo. M. Reynolds
Chicago, ill
j Dec. 31,1921
Charles H. McNider
Mason City, Iowa
j Dec. 31,1922
Class B:
Albert R. Erskine
South Bend, Ind
| Dec. 31,1920
Milwaukee, Wis
Dec. 31,1921
A. H.Vogel
John W. Blodgett
Grand'Rapids,
~ " Mich.
"" '
Dec.31,1922
Class C:
j
James Simpson
J Chicago, 111
I Dec. 31.1920
Win. A. Heath
I E vanston, 111
I Dec. 31.1921
E. T. Meredith
Des Monies, Iowa
Dec. 31.1922
DISTRICT NO. 7—DETROIT BRANCH OF THE F E D E R A L RESERVE BANK OF CHICAGO.
[R. B. Locke, manager.]
John Ballantyne...
Emory W.Clark...
Julius H. Haas
Charles H. Hodges.
R.B.Locke
Detroit, Mich.
.do.
.do.
.do.
.do.
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS.
[William McC. Martin, chairman and Federal Reserve agent; John W. Boehne, deputy chairman; David
C. Biggs, governor.]
Class A:
Walker Hill
J. C. Utterback
Sam A. Ziegler
Class B:
LeRoy Percy
Rolla Wells
W. B. Plunkett
Class C:
John W. Boehne
Wm. McC. Martin
C. P. J. Mooney
St. Louis, Mo
Paducah, Ky
Albion, 111
Greenville, Miss
St. Louis, Mo
Little Rock, Ark
Evansville, Ind
St. Louis, Mo
Memphis, Tenn
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
' Dec. 31,1920
Dec. 31,1921
• Dec. 31,1922
l
' Dec. 31,1920
Dec. 31,1921
i Dec. 31,1922
DISTRICT NO. 8-LOUISVILLE BRANCH OF THE F E D E R A L RESERVE BANK OF ST
LOUIS.
[W. P. Kincheloe, manager.]
Geo. W. Norton
W. C. Montgomery
W. P. Kincheloe
F. M. Sackett
Embry L. Swearingen
Louisville, Ky
Elizabethtown, K y .
Louisville, Ky
.do.
.do.,
Dec. 31,1920
Do.
Do.
Do.
Do.
286
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
Officers and Directors of Federal Reserve Banks—Continued.
DISTRICT NO. 8—MEMPHIS BRANCH OF THE F E D E R A L RESERVE BANK OF ST. LOUIS
[John J. Hefiin, manager.]
Director.
R. Brinkley Snowden
John D McDowell
JohnJ Heflin . .
T K Riddick
S E. Ragland
. . . .
Residence.
Term expires.
Memphis, Tenn
do
do
do
..
do...
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 8—LITTLE ROCK BRANCH OF THE F E D E R A L RESERVE BANK OF ST
LOUIS.
[A. F. Bailey, manager.]
C. A. Pratt
J. E. England, jr..
A. F. Bailey
Moorhead Wright.
G. W. Rogers
Little Rock, Ark.
do
.do.
.do.
.do.
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS.
[John H. Rich, chairman and Federal Reserve agent; Win. H. Lightner, deputy chairman; R. A. Young,
governor.]
Class A:
L. B. Hanna
W. C. McDowell
Theodore Wold
Class B:
N. B. Holter
F. P. Hixon
F. R. Bigelow
Class C:
John H. Rich
W. H. Lightner
C. H. Benedict
Fargo, N. Dak
Marion, N. Dak
Minneapolis, Minn
Dec. 31.1920
Dec. 31.1921
Dec. 31.1922
Helena, Mont
La Crosse, Wis
St. Paul, Minn
Dec. 31.1920
Dec. 31.1921
Dec. 31,1922
Minneapolis, Minn..
St. Paul, Minn
Lake Linden, Mich.
Dec. 31,1920
Dec. 31.1921
Dec. 31,1922
DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY.
Asa E. Ramsay, chairman and Federal Reserve agent; F. W. Fleming, deputy chairman; J. Z. Miller, jr.,
governor.)
Class A:
C. E. Burnham
J.C.Mitchell
W. J. Bailey
Class B:
Harry W. Gibson
T. C. Byrne
M. L. McClure
Class C.Asa E . Ramsay
R. H. Malone
F. W. Fleming
Norfolk, Nebr
Denver, Colo
Atchison, Kans
Dec. 31.1920
Dec. 31.1921
Dec. 31,1922
Muskogee, Okla
Omaha, Nebr
Kansas City, Mo
Dec. 31,1920
Dec. 31.1921
Dec. 31,1922
do.
Denver, Colo.
Kansas City, Mo.
Dec. 31,1920
Dec. 31,1921
Dec. 31.1922
DISTRICT NO. 10—DENVER BRANCH OF THE F E D E R A L RESERVE BANK OF KANSAS
CITY.
[C. A. Burkhardt, manager.]
C C
A C
C A
John
Alva
Parks
Foster
Burkhardt
Evans
Adams
Denver Colo
....do
do
.. . do
Pueblo Colo
Dec. 31,1920
Do
Do.
Do
Do.
EXHIBIT N
287
DIRECTORY.
Officers and Directors of Federal Reserve Banks—Continued.
DISTRICT NO 10—OMAHA BRANCH OF THE F E D E R A L RESERVE BANK OF KANSAS.
CITY.
[O. T. Eastman, manager.]
Director.
Residence.
Term expires.
Omaha, Nebr
Cheyenne, Wyo
Omaha, Nebr
Lincoln, Nebr
Nebraska City, Nebr
Luther Drake
Oeoreje E. Abbott
0J T. Eastman
I . L, Hall
R 0 Marnell
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS.
[W. F. Ramsey, chairman and Federal Reserve agent; W. B. Newsome, deputy chairman; R. L. Van
Zandt, governor.]
Class A:
E. K. Smith
John T. Scott
B. A. McKinney
Class B:
J J Culbertson
Frank Kell
Marion Sansom
Class C:
W F Ramsey
W. B. Newsome
H. 0 . Wooten
. . . .
Shreveport, La
Houston, Tex
Durant, Okla
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Paris Tex
Wichita Falls, Tex
Fort Worth, Tex
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Dallas Tex
do
Abilene, Tex
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
DISTRICT NO. 11—EL PASO BRANCH OF THE F E D E R A L RESERVE BANK OF DALLAS.
[R. R. Gilbert, manager.]
U. S. Stewart
A. F. Kerr
R. R. Gilbert
W. W. Turney
A. P. Coles
E1 Paso Tex .do
. . . . do
do
. . . . do
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 11—HOUSTON BRANCH OF THE F E D E R A L RESERVE BANK OF DALLAS
[Sam R. Lawder, manager.]
Frank Andrews
Guy M. Bryan
Sam R. Lawder
J. C.Chidsey
J. J. Davis
Houston, Tex
do
do
do
Galveston, Tex
1
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO.
Jon n Perrin, chairman and Federal Reserve agent; Walton N. Moore, deputy chairman; John U. Calkins,
governor.]
Class A:
J. E. Fishburn
M. A. Buchan
C. K. Mclntosh
Class B:
A. B. C. Dohrmann
J. A. McGregor
E . H . Cox
Class C:
John Perrin
Walton N. Moore
Edward Elliott
Los Angeles, Calif
Palo Alto Calif
San Francisco Calif
. . . . do
. do
. . . . do
. . .
. . . do
do
Berkelev, Calif
Dec. 31,1920
Dec. 31 1921
Dec. 31,1922
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
Dec. 31,1920
Dec. 31,1921
Dec. 31,1922
DISTRICT NO. 12—PORTLAND BRANCH OF THE F E D E R A L RESERVE BANK OF SAN
FRANCISCO.
[C. L. Lamping, manager.]
Edward Cookingham.
J. C. Ainsworth
C. L. Lamping
Nathan Strauss
Joseph N. Teal
Portland, Oreg..
.do...
...
.do.
.do.
.do.
Dec. 31,1920
Do.
Do.
Do.
Do.
288
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Officers and Directors of Federal Reserve Banks—Continued.
DISTRICT NO. 12—SEATTLE BRANCH OF THE FEDERAL RESERVE BANK OF SAN
FRANCISCO.
[C. J. Shepherd, manager.]
Director.
M. F. Backus
M. A. Arnold
C. J. Shepherd
C.H.Clarke
Chas. E. Peabody
Residence.
'
!
Seattle, Wash
do
do
do
do
I Term expires.
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 12—SPOKANE BRANCH OF THE FEDERAL RESERVE BANK OF SAN
FRANCISCO.
[Chas. A. McLean, manager.]
D. W. Twohy
R. L. Rutter
Chas. A. McLean.
Peter McGregor...
G.I. Toevs
Spokane, Wash.
do
do
Hooper, Wash..
Spokane, Wash.
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 12—SALT LAKE CITY BRANCH OF THE FEDERAL RESERVE BANK OF
SAN FRANCISCO.
[Chas. H. Stewart, acting manager.]
L. H. Farnsworth
Chas. H. Stewart
Chapin A. Day
G. G. Wright
Lafayette Hanchett
Salt Lake City, Utah.
do
! Ogden, Utah
j Idaho Falls, Utah
I Salt Lake City, Utah.
Dec. 31,1920
Do.
Do.
Do.
Do.
DISTRICT NO. 12—LOS ANGELES BRANCH OF THE FEDERAL RESERVE BANK OF SAN
FRANCISCO.i
[Ira Clerk, acting manager.]
A. J. Waters
J. F. Sartori
Ira Clerk
I. B. Newton
Henry M. Robinson
Los Angeles, Calif
do
do
do
| Pasadena, Calif
i
i Open for business Jan. 2,1920.
Dec. 31,1920
Do.
Do.
Do.
Do.
Exhibit O.—FEDERAL ADVISORY COUNCIL.
District No. 1.—Philip Stockton, president Old Colony Trust Co., Boston, Mass.
District No. 2.—A. B. Hepburn, chairman advisory board, Chase National Bank,
New York City.
District No. 3.—L. L. Rue, president Philadelphia National Bank, Philadelphia, Pa.
District No. 4.—W. S. Rowe, president First National Bank, Cincinnati, Ohio;
director Federal Reserve Bank of Cleveland.
District No. 5.—Joseph G. Brown, president City National Bank, Raleigh, N. C.
District No. 6.—Oscar Wells, president First National Bank, Birmingham, Ala.
District No. 7.—James B. Forgan, president First National Bank, Chicago, 111.;
director Federal Reserve Bank of Chicago.
District No. 8.—F. O. Watts, president Third National Bank, St. Louis, Mo.; director
Federal Reserve Bank of St. Louis.
District No. 9.—C. T. Jaffray, president First and Security National Bank, Minneapolis, Minn.
District No. 10.—E. F. Swinney, president First National Bank, Kansas City, Mo.
District No. 11.—R. L. Ball, chairman of board, National Bank of Commerce, San
Antonio, Tex.
ct No. 12.—A. L. Mills, president First National Bank, Portland, Oreg.
EXHIBIT P—AMENDMENTS TO ACT.
289
Exhibit P.—AMENDMENTS TO THE FEDERAL RESERVE ACT
AND REVISED STATUTES,
[PUBLIC—No. 329—65TH CONGRESS.]
[S. 5236.]
AN ACT To amend sections seven, ten, and eleven of the Federal Reserve act, and section fifty-one hundred and seventy-two, Revised Statutes of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That that part of the first paragraph of section seven of the
Federal Reserve act which reads as follows: ' 'After the aforesaid dividend claims have
been fully met, all the net earnings shall be paid to the United States as a franchise
tax except that one-half of such net earnings shall be paid into a surplus fund until
it shall amount to forty per centum of the paid-in capital stock of such bank," be
amended to read as follows:
"After the aforesaid dividend claims have been fully met, the net earnings shall
be paid to the United States as a franchise tax except that the whole of such net earnings, including those for the year ending December thirty-first, nineteen hundred and
eighteen, shall be paid into a surplus fund until it shall amount to one hundred per •
centum of the subscribed capital stock of such bank, and that thereafter ten per
centum of such net earnings shall be paid into the surplus."
SEC. 2. That that part of section ten of the Federal Reserve act which reads as follows: "The members of said board, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comptroller of the Currency, shall be ineligible during the time they are in office and for two years thereafter to hold any office, position,
or employment in any member bank," be amended to read as follows:
"The Secretary of the Treasury and the Comptroller of the Currency shall be ineligible during the time they are in office and for two years thereafter to hold any office,
position, or employment in any member bank. The appointive members of the
Federal Reserve Board shall be ineligible during the time they are in office and for
two years thereafter to hold any office, position, or employment in any member bank,
except that this restriction shall not apply to a member who has served the full term
for which he was appointed."
SEC. 3. That section eleven of the Federal Reserve act as amended by the act of
September iW^ifeh, nineteen hundred and sixteen, be further amended by striking
out the whole* (rf'subsection (m) and by substituting therefor a subsection to read as
follows:
"(m) Upon the affirmative vote of not less than five of its members, the Federal
Reserve Board shall have power to permit Federal Reserve Banks to discount for any
member bank notes, drafts, or bills of exchange bearing the signature or endorsement
of any one borrower in excess of the amount permitted by section nine and section
thirteen of this act, but in no case to exceed twenty per centum of the member bank's
capital and surplus: Provided, however, That all such notes, drafts, or bills of exchange
discounted for any member bank in excess of the amount permitted under such sections shall be secured by not less than a like face amount of bonds or notes of the
United States issued since April twenty-fourth, nineteen hundred and seventeen, or
certificates of indebtedness of the United States: Provided further, That the provisions
of this subsection (m) shall not be operative after December thirty-first, nineteen
hundred and twenty."
SEC. 4. That section fifty-one hundred and seventy-two, Revised Statutes of the
United States, be amended to read as follows:
"SEC. 5172. That in order to furnish suitable notes for circulation, the Comptroller
of the Currency shall, under the direction of the Secretary of the Treasury, cause
plates and dies to be engraved, in the best manner to guard against counterfeiting and
fraudulent alterations, and shall have printed therefrom and numbered such quantity
of circulating notes in blank, or bearing engraved signatures of officers as herein provided, of the denominations of $1, $2, $5, $10, $20, $50, $100, $500, and $1,000, as may
be required to supply the associations entitled to receive the same. Such notes shall
express upon their face that they are secured by United States bonds deposited with
the Treasurer of the United States, by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury; and shall also express
upon their face the promise of the association receiving the same to pay on demand,
attested by the written or engraved signatures of the president or vice president and
cashier; and shall bear such devices and such other statements and shall be in such
form as the Secretary of the Treasury shall, by regulation, direct."
Approved, March 3, 1919.
290
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
[PUBLIC—No. 48—66TH CONGRESS.]
IS. 2395.]
AN ACT Amending section 25 of the Act approved December 23, 1913, known as the Federal Reserve act,
as amended by the act approved September 7, 1916.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section 25 of the act approved December 23, 1913, known
as the Federal Reserve act, as amended by the act approved September 7, 1916, be
further amended by the addition of the following paragraph at the end of subparagraph
2 of the first paragraph, after the word "possessions ":
"Until January 1, 1921, any national banking association, without regard to the
amount of its capital and surplus, may file application with the Federal Reserve
Board for permission, upon such conditions and under such regulations as may be
prescribed by said board, to invest an amount not exceeding in the aggregate 5 per
centum of its paid-in capital and surplus in the stock of one or more corporations
chartered or incorporated under the laws of the United States or of any State thereof,
and, regardless of its location, principally engaged in such phases of international or
foreign financial operations as may be necessary to facilitate the export of goods,
wares, or merchandise from the United States or any of its dependencies or insular
possessions to any foreign country: Provided, hoivever, That in no event shall the total
investments authorized by this section by any one national bank exceed 10 per
centum of its capital and surplus."
SEC. 2. That paragraph 2 of said section be amended by adding after the word
"banking," in line three, the words "or financial," so that the sentence will read:
"Such application shall specify the name and capital of the banking association filing
it, the powers applied for, and the place or places where the banking or financial
operations proposed are to be carried on."
SEC. 3. That paragraph 3 of said section be amended by striking put the words
"subparagraph 2 of the first paragraph of this section" and inserting in lieu thereof
the word "above," so that the paragraph will read:
"Every national banking association operating foreign branches shall be required
to furnish information concerning the condition of such branches to the Comptroller
of the Currency upon demand, and every member bank investing in the capital
stock of banks or corporations described above shall be required to furnish information concerning the condition of such banks or corporations to the t ^e$£ral Reserve
Board upon demand, and the Federal Reserve Board may order special examinations
of the said branches, banks, or corporations at such time or times as it may deem best."
Approved, September 17, 1919.
[PUBLIC—No. 106—66TH CONGRESS.]
[S. 2472.]
AN ACT To amend the act approved December 23, 1913, known as the Federal Reserve act.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the act approved December 23., 1913, known as the
Federal Reserve act, as amended, be further amended by adding a new section as
follows:
"BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS.
"SEC. 25 (a). Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or
in banking or other financial operations in a dependency or insular possession of the
United States, either directly or through the agency, ownership, or control of local
institutions in foreign countries, or in such dependencies or insular possessions as
provided by this section, and to act when required by the Secretary of the Treasury
as fiscal agents of the United States, may be formed by any number of natural persons,
not less in any case than five.
*' Such persons shall enter into articles of association which shall specify in general
terms the objects for which the association is formed and may contain any other provisions not inconsistent with law which the association may see fit to adopt for the
regulation of its business and the conduct of its affairs.
'' Such articles of association shall be signed by all of the persons intending to paricipate in the organization of the corporation and, thereafter, shall be forwarded to
the Federal Reserve Board and shall be filed and preserved in its office. The person
EXHIBIT P—AMENDMENTS TO ACT.
291
signing the said articles of association shall, under their hands, make an organization
certificate which shall specifically state:
"First. The name assumed by such corporation, which shall be subject to the
approval of the Federal Reserve Board.
Second. The place or places where its operations are to be carried on.
"Third. The place in the United States where its home office is to be located.
"Fourth. The amount of its capital stock and the number of shares into which the
same shall be divided.
"Fifth. The names and places of business or residence of the persons executing
the certificate and the number of shares to which each has subscribed.
"Sixth. The fact that the certificate is made to enable the persons subscribing the
same, and all other persons, firms, companies, and corporations, who or which may
thereafter subscribe to or purchase shares of the capital stock of such corporation, to
avail themselves of the advantages of this section.
"The persons signing the organization certificate shall duly acknowledge the execution thereof before a judge of some court of record or notary public, who shall certify
thereto under the seal of such court or notary, and thereafter the certificate shall be
forwarded to the Federal Reserve Board to be filed and preserved in its office. Upon
duly making and filing articles of association and an organization certificate, and after
the Federal Reserve Board has approved the same and issued a permit to begin business, the association shall become and be a body corporate, and as such and in the
name designated therein shall have power to adopt and use a corporate seal, which
may be changed at the pleasure of its board of directors; to have succession for a
period of twenty years unless sooner dissolved by the act of the shareholders owning
two-thirds of the stock or by an act of Congress or unless its franchises become forfeited
by some violation of law; to make contracts; to sue and be sued, complain, and
defend in any court of law or equity; to elect or appoint directors, all of whom shall
be citizens of the United States; and, by its board of directors, to appoint such officers
and employees as may be deemed proper, define their authority and duties, require
bonds of them, and fix the penalty thereof, dismiss such officers or employees, or any
thereof, at pleasure and appoint others to fill their places; to prescribe, by its board of
directors, by-laws not inconsistent with law or with the regulations of the Federal
Reserve Board regulating the manner in which its stock shall be transferred, its
directors elected or appointed, its officers and employees appointed, its property
transferred, and the privileges granted to it by law exercised and enjoyed.
"Each corporation so organized shall have power, under such rules and regulations
as the Federal Reserve Board may prescribe:
"(a) To purchase, sell, discount, and negotiate, with or without its indorsement or
guaranty, notes, drafts, checks, bills of exchange, acceptances, including bankers'
acceptances, cable transfers, and other evidences of indebtedness: to purchase and sell,
with or without its indorsement or guaranty, securities, including the obligations of
the United States or of any State thereof but not including shares of stock in any
corporation except as herein provided; to accept bills or drafts drawn upon it subject
to such limitations and restrictions as the Federal Reserve Board may impose; to
issue letters of credit; to purchase and sell coin, bullion, and exchange; to borrow
and to lend money; to issue debentures, bonds, and promissory notes under such
general conditions as to security and such limitations as the Federal Reserve Board
may prescribe, but in no event having liabilities outstanding thereon at any one time
exceeding ten times its capital stock and surplus; to receive deposits outside of the
United States and to receive only such deposits within the United States as may be
incidental to or for the purpose of carrying out transactions in foreign countries or
dependencies or insular possessions of the United States; and generally to exercise
such powers as are incidental to the powers conferred by this act or as may be usual,
in the determination of the Federal Reserve Board, in connection with the transaction
of the business of banking or other financial operations in the countries, colonies,
dependencies, or possessions in which it shall transact business and not inconsistent
with the powers specifically granted herein. Nothing contained in this section shall
be construed to prohibit the Federal Reserve Board, under its power to prescribe rules
and regulations, from limiting the aggregate amount of liabilities of any or all classes
incurred by the corporation and outstanding at any one time. Whenever a corporation organized under this section receives deposits in the United States authorized by
this section it shall carry reserves in such amounts as the Federal Reserve Board may
prescribe, but in no event less than 10 per centum of its deposits.
" (b) To establish and maintain for the transaction of its business branches or agencies in foreign countries, their dependencies or colonies, and in the dependencies or
insular possessions of the United States, at such places as may be approved by the
Federal Reserve Board and under such rules and regulations as it may prescribe, including countries or dependencies not specified in the original organization certificate.
292
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
"(c) With the consent of the Federal Reserve Board to purchase and hold stock or
other certificates of ownership in any other corporation organized under the provisions
of this section, or under the laws of any foreign country or a colony or dependency
thereof, or under the laws of any State, dependency, or insular possession of the United
States but not engaged in the general business of buying or selling goods, wares, merchandise or commodities in the United States, and not transacting any business in
the United States except such as in the judgment of the Federal Reserve Board may
be incidental to its international or foreign business: Provided,, however, That, except
with the approval of the Federal Reserve Board, no corporation organized hereunder
shall invest in any one corporation an amount in excess of 10 per centum of its own
capital and surplus, except in a corporation engaged in the business of banking, when
15 per centum of its capital and surplus may be so invested: Provided further, That
no corporation organized hereunder shall purchase, own, or hold stock or certificates
of ownership in any other corporation organized hereunder or under the laws of any
State which is in substantial competition therewith, or which holds stock *or certificates of ownership in corporations which are in substantial competition with the
purchasing corporation.
" Nothing contained herein shall prevent corporations organized hereunder from
purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a loss upon a debt previously contracted in good faith; and stock so
purchased or acquired in corporations organized under this section shall within six
months from such purchase be sold or disposed of at public or private sale unless the
time to so dispose of same is extended by the Federal Reserve Board.
"No corporation organized under this section shall carry on any part of its business
in the United States except such as, in the judgment of the Federal Reserve Board,
shall be incidental to its international or foreign business: And provided further, That
except such as is incidental and preliminary to its organization no such corporation
shall exercise any of the powers conferred by this section until it has been duly authorized by the Federal Reserve Board to commence business as a corporation organized
under the provisions of this section.
"No corporation organized under this section shall engage in commerce or trade in
commodities except as specifically provided in this section, nor shall it either directly
or indirectly control or fix or attempt to control or fix the price of any such commodities. The charter of any corporation violating this provision shall be subject to forfeiture in the manner hereinafter provided in this section. It shall be unlawful for
any director, officer, agent, or employee of any such corporation to use or to conspire
to use the credit, the funds, or the power of the corporation to fix or control the price
of any such commodities, and any such person violating this provision shall be liable
to a fine of not less than $1,000 and not exceeding $5,000 or imprisonment not less than
one year and not exceeding five years, or both, in the discretion of the court.
"No corporation shall be organized under the provisions of this section with a capital stock of less than $2,000,000, one-quarter of which must be paid in before the
corporation may be authorized to begin business, and the remainder of the capital
stock of such corporation shall be paid in installments of at least 10 per centum on the
whole amount to which the corporation shall be limited as frequently as one installment at the end of each succeeding two months from the time of the commencement
of its business operations until the whole of the capital stock shall be paid in. The
capital stock of any such corporation may be increased at any time, with the approval
of the Federal Reserve Board, by a vote of two-thirds of its shareholders or by unanimous consent in writing of the shareholders without a meeting and without a formal
vote, but any such increase of capital shall be fully paid in within ninety days after
such approval; and may be reduced in like manner, provided that in no event shall it
be less than $2,000,000. No corporation, except as herein provided, shall during the
time it shall continue its operations withdraw or permit to be withdrawn, either in
the form of dividends or otherwise, any portion of its capital. Any national banking
association may invest in the stock of any corporation organized under 'the provisions
of this section, but the aggregate amount of stock held in all corporations engaged in
business of the kind described in this section and in section 25 of the Federal
Reserve act as amended shall not exceed 10 per centum of the subscribing bank's
capital and surplus.
"A majority of the shares of the capital stock of any such corporation shall at all
times be held and owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under
the laws of the United States or of a State of the United States, or by firms or companies, the controlling interest in which is owned by citizens of the United States. The
provisions of section 8 of the act approved October 15,1914, entitled 'An act to supplement existing laws against unlawful restraints and monopolies, and for other purposes/
Digitized foras^amended
FRASER by the acts of May 15, 1916, and September 7, 1916, shall be construed to
EXHIBIT P—AMENDMENTS TO ACT.
293
apply to the directors, other officers, agents, or employees of corporations organized
under the provisions of this section: Provided, however, That nothing herein contained
shall (1) prohibit any director or other officer, agent or employee of any member bank,
who has procured the approval of the Federal Reserve Board from serving at the
same time as a director or other officer, agent or employee of any corporation organized
under the provisions of this section in whose capital stock such member bank shall
have invested; or (2) prohibit any director or other officer, agent, or employee of any
corporation organized under the provisions of this section, who has procured the approval of the Federal Reserve Board, from serving at the same time as a director or
other officer, agent or employee of any other corporation in whose capital stock such
first-mentioned corporation shall have invested under the provisions of this section.
"No member of the Federal Reserve Board shall be an officer or director of any corporation organized under the provisions of this section, or of any corporation engaged
in similar business organized under the laws oi any State, nor hold stock in any such
corporation, and before entering upon his duties as a member of the Federal Reserve
Board he shall certify under oath to the Secretary of the Treasury that he has complied with this requirement.
' ' Shareholders in any corporation organized under the provisions of this section
shall be liable for the amount of their unpaid stock subscriptions. No such corporation shall become a member of any Federal reserve bank.
"Should any corporation organized here under violate or fail to comply with any of
the provisions of this section, all of its rights, privileges, and franchises derived herefrom may thereby be forfeited. Before any such corporation shall be declared dissolved, or its rights, privileges, and franchises forfeited, any noncompliance with, or
violation of such laws shall, however, be determined and adjudged by a court of the
United States of competent jurisdiction, in a suit brought for that purpose in the district or territory in which the home office of such corporation is located, which suit
shall be brought by the United States at the instance of the Federal Reserve Board
or the Attorney General. Upon adjudication of such noncompliance or violation,
each director and officer who participated in, or assented to, the illegal act or acts,
shall be liable in his personal or individual capacity for all damages which the said
corporation shall have sustained in consequence thereof. No dissolution shall take
away or impair any remedy against the corporation, its stockholders, or officers for
any liability or penalty previously incurred.
"Any such corporation may go into voluntary liquidation and be closed by a vote
of its shareholders owning two-thirds of its stock.
"Whenever the Federal Reserve Board shall become satisfied of the insolvency of
any such corporation, it may appoint a receiver who shall take possession of all of the
property and assets of the corporation and exercise the same rights, privileges, powers,
and authority with respect thereto as are now exercised by receivers of national banks
appointed by the Comptroller of the Currency of the United States: Provided, hoivever,
That the assets of the corporation subject to the laws of other countries or jurisdictions
shall be dealt with in accordance with the terms of such laws.
"Every corporation organized under the provisions of this section shall hold a
meeting of its stockholders annually upon a date fixed in its by-laws, such meeting to
be held at its home office in the United States. Every such corporation shall keep at
Us home office books containing the names of all stockholders thereof, and the names
nd addresses ot the members of its board of directors, together with copies of all reports made by it to the Federal Reserve Board. Every such corporation shall make
reports to the Federal Reserve Board at such times and in such form as it may require;
and shall be subject to examination once a year and at such other times as may be
deemed necessary by the Federal Reserve Board by examiners appointed by the
Federal Reserve Board, the cost of such examinations, including the compensation
of the examiners, to be fixed by the Federal Reserve Board and to be paid by the corporation examined,
'' The directors of any corporation organized under the provisions of this section may,
semiannually, declare a dividend of so much of the net profits of the corporation as
they shall judge expedient; but each corporation shall, before the declaration of a
dividend, carry one-tenth of its net profits of the preceding half year to its surplus
fund until the same shall amount to 20 per centum of its capital stock.
"Any corporation organized under the provisions of this section shall be subject to
tax by the State within which its home office is located in the same manner and to
the same extent as other corporations organized under the laws of that State which are
transacting a similar character of business. The shares of stock in such corporation
shall also be subject to tax as the personal property of the owners or holders thereof
in the same manner and to the same extent as the shares of stock in similar State corporations.
294
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
"Any corporation organized under the provisions of this section may at any time
within the two years next previous to the date of the expiration of its corporate existence, by a vote of the shareholders owning two-thirds of its stock, apply to the Federal
Reserve Board for its approval to extend the period of its corporate existence for a
term of not more than twenty years, and upon certified approval of the Federal Reserve Board such corporation shall have its corporate existence for such extended
period unless sooner dissolved by the act of the shareholders owning two-thirds of its
stock, or by an Act of Congress or unless its franchise becomes forfeited by some violation of law.
"Any bank or banking institution, principally engaged in foreign business, incorporated by special law of any State or of the United States or organized under the
general laws of any State or of the United States and having an unimpaired capital
sufficient to entitle it to become a corporation under the provisions of this section may,
by the vote of the shareholders owning not less than two-thirds of the capital stock of
such bank or banking association, with the approval of the Federal Reserve Board,
be converted into a Federal corporation of the kind authorized by this section with
any name approved by the Federal Reserve Board: Provided, however, That said conversion shall not be in contravention of the State law. In such case the articles of
association and organization certificate may be executed by a majority of the directors
of the bank or banking institution, and the certificate shall declare that the owners of
at least two-thirds of the capital stock have authorized the directors to make such
certificate and to change or convert the bank or banking institution into a Federal
corporation. A majority of the directors, after executing the articles of association
and the organization certificate, shall have power to execute all other papers and to
do Whatever may be required to make its organization perfect and complete as a Federal corporation. The shares of any such corporation may continue to be for the same
amount each as they were before the conversion, and the directors may continue to be
directors of the corporation until others are elected or appointed in accordance with
the provisions of this section. When the Federal Reserve Board has given to such
corporation a certificate that the provisions of this section have been complied with,
such corporation and all its stockholders, officers, and employees, shall have the same
powers and privileges, and shall be subject to the same duties, liabilities, and regulations, in all respects, as shall have been prescribed by this section for corporations
originally organized hereunder.
"Every officer, director, clerk, employee, or agent of any corporation organized
under this section who embezzles, abstracts, or willfully misapplies any of the moneys,
funds, credits, securities, evidences of indebtedness or assets of any character of such
corporation; or who, without authority from the directors, issues or puts forth any
certificate of deposit, draws any order or bill of exchange, makes any acceptance,
assigns any note, bond, debenture, draft, bill of exchange, mortgage, judgment, or
decree; or who makes any false entry in any book, report, or statement of such corpo1ration with intent, in either case, to injure or defraud such corporation or any other
company, body politic or corporate, or any individual person, or to deceive any officer
of such corporation, the Federal Reserve Board, or any agent or examiner appointed
to examine the affairs of any such corporation; and every receiver of any such corporation and every clerk or employee of such receiver who shall embezzle, abstract,
or willfully misapply or wrongfully convert to his own use any moneys, funds, credits,
or assets of any character which may come into his possession or under his control in
the execution of his trust or the performance of the duties of his employment; and
every such receiver or clerk or employee of such receiver who shall, with intent to
injure or defraud any person, body politic or corporate, or to deceive or mislead the
Federal Reserve Board, or any agent or examiner appointed to examine the affairs
of such receiver, shall make any false entry in any book, report, or record of any
matter connected with the duties of such receiver; and every person who with like
intent aids or abets any officer, director, clerk, employee, or agent of any corporation
organized under this section, or receiver or clerk or employee of such receiver as aforesaid in any violation of this section, shall upon conviction thereof be imprisoned for
not less than two years nor more than ten years, and may also be fined not more than
$5,000, in the discretion of the court.
"Whoever being connected in any capacity with any corporation organized under
this section represents in any way that the United States is liable for the payment
of any bond or other obligation, or the interest thereon, issued or incurred by any corporation organized hereunder, or that the United States incurs any liability in respect
of any act or omission of the corporation, shall be punished by a fine or not more than
$10,000 and by imprisonment for not more than five years."
Approved, December 24, 1919.
EXHIBIT P
AMENDMENTS TO ACT.
295
[PUBLIC—No. 62-—66TH CONGRESS.]
[H. R. 7478.]
AN ACT To amend sections 5200 and 5202 of the Revised Statutes of the United States as amended by
acts of June 22, 1906, and September 24, 1918.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section 5200 of the Revised Statutes of the United States
as amended by the acts of June 22, 1906, and September 24, 1918, be further amended
to read as follows:
"SEC. 5200. The total liabilities to any association of any person or of any company,
corporation, or firm for money borrowed, including in the liabilities of a company
or firm the liabilities of the several members thereof, shall at no time exceed 10 per
centum of the amount of the capital stock of such association, actually paid in and
unimpaired, and 10 per centum of its unimpaired surplus fund: Provided, however,
That (1) the discount of bills of exchange drawn in good faith against actually existing values, including drafts and bills of exchange secured by shipping documents
conveying or securing title to goods shipped, and including demand obligations when
secured by documents covering commodities in actual process of shipment, and also
including bankers' acceptances of the kinds described in section 13 of the Federal
Reserve act, (2) the discount of commercial or business paper actually owned by
the person, company, corporation, or firm negotiating the same, (3) the discount of
notes secured by shipping documents, warehouse receipts, or other such documents
conveying or securing title covering readily marketable nonperishable staples, including live stock, when the actual market value of the property securing the
obligation is not at any time less than 115 per centum of the face amount of the
notes secured by such documents and when such property is fully covered by insurance, and (4) the discount of any note or notes secured by not less than a like
face amount of bonds or notes of the United States issued since April 24, 1917, or
certificates of indebtedness of the United States, shall not be considered as money
borrowed within the meaning of this section. The total liabilities to any association, of any person or of any corporation, or firm, or company, or the several members thereof upon any note or notes purchased or discounted by such association
and secured by bonds, notes, or certificates of indebtedness as described in (4) hereof
shall not exceed (except to the extent permitted by rules and regulations prescribed
by the Comptroller of the Currency, with the approval of the Secretary of the Treasury)
10 per centum of such capital stock and surplus fund of such association and the total
liabilities to any association of any person or of any corporation, or firm, or company,
or the several members thereof for money borrowed, including the liabilities upon
notes secured in the manner described under (3) hereof, except transactions (1), (2),
and (4), shall not at any time exceed 25 per centum of the amount of the association's
paid-in and unimpaired capital stock and surplus. The exception made under (3)
hereof shall not apply to the notes of any one person, corporation or firm or company,
or the several members thereof for more than six months in any consecutive twelve
months."
SEC. 2. That section 5202 of the Revised Statutes of the United States as amended
by section 20, Title I, of the act approved April 5, 1918, be further amended so as to
read as follows:
"SEC. 5202. No national banking association shall at any time be indebted, or in
any way liable, to an amount exceeding the amount of its capital stock at such time
actually paid in and remaining undiminished by losses or otherwise, except on account
of demands of the nature following:
"First. Notes of circulation.
"Second. Moneys deposited with or collected by the association.
"Third. Bills of exchange or drafts drawn against money actually on deposit to
the credit of the association, or due thereto.
"Fourth. Liabilities to the stockholders of the association for dividends and reserve
profits.
"Fifth. Liabilities incurred under the provisions of the Federal Reserve act.
"Sixth. Liabilities incurred under the provisions of the War Finance Corporation
act.
"Seventh. Liabilities created by the indorsement of accepted bills of exchange
payable abroad actually owned by the indorsing bank and discounted at home or
abroad."
Approved, October 22, 1919.
PART II.
REPORTS OF FEDERAL RESERVE AGENTS TO
FEDERAL RESERVE BOARD.
297
DISTRICT NO. 1.—BOSTON.
FREDERIC H. CURTISS, Chairman and Federal Reserve Agent.
INTRODUCTION.
Active hostilities with the Central Powers of Europe ceased with
the signing of the armistice on November 11, 1918, but the aftereffects of the great World War dominated finance and industry in
this Federal Reserve district during the entire year of 1919. Well
into the new year the industries of New England were occupied on
Government orders and the settlement and adjustment of Government contracts, but gradually, as spring approached, industries were
able to readjust themselves from a war to a peace basis, domestic
demands bringing increasing business, so that throughout the year
almost all industries were running at top notch, which, with increasing costs in labor and raw material, called for unusually heavy credit
expansion. This demand for credit was reflected in the loans of the
Federal Reserve Bank of Boston.
During the year there was but one public offering of long-term
securities7 that of the fifth or Victory loan in April, 1919, but shorttime borrowings of the Treasury Department on loan and tax certificates of indebtedness were continuous throughout the year, and
these short-time borrowings, together with the new income and
excess-profits taxes, placed a continuous and insistent demand upon
the banks of the district which, with the increased commercial demands, made recourse to the Federal Reserve Bank heavier than in
any previous year. In order, therefore, to maintain reserves above
the legal limit this bank was obliged frequently to rediscount with
other Federal Reserve Banks of the system; on the other hand, this
bank did not rediscount for any other Federal Reserve Bank during
the entire year.
REVIEW OF INDUSTRIAL CONDITIONS DURING 1919.
The year opened with retail trade extremely good, stimulated by
patronage of wage earners who had shown no disposition to curtail
their expenditures and whose purchases included many luxuries—a
condition which offered opportunity for retailers to dispose of stocks
at prevalent high prices: but in view of uncertainty concerning the
future dealers were generally cautious in placing orders and replenishing depleted inventories.
By another month, however, there was evidently throughout the
entire district less apprehension regarding future conditions, confidence was beginning to return, and there was more general inclination to enter into future commitments; by April the turn in tke tide
was increasingly evident each week, and the impression was becoming
general that no lower commodity price level was likely to be established for some time to come. Buyers were encouraged to place
178983—20
20
299
300
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
orders with more confidence and manufacturers went ahead with less
hesitation.
The summer found manufacturers and merchants in practically all
lines doing a large business, and buyers who had withheld orders
awaiting lower prices were now purchasing heavily in anticipation
of costs advancing still further; moreover, the removal of numerous
Government restrictions had gone far toward substantiating the
belief that the price level would be no lower until production was
sufficient to fill the vacuum in inventories created during the war.
The general business situation was, nevertheless, unsettled, for, in
spite of boundless activity and surface prosperity, the industrial
unrest by the late summer overshadowed all other factors. The
constant threat of strikes, and the interference with transportatioi
facilities, traction and railroad, had begun to be a burden on all lines~*
of industry, causing a general slowing down, which, however, was
traceable more to apprehension on the part of the manufacturers
than to any direct slackening of demand for goods.
The year ended with general business conditions in the New England district reflecting unprecedented prosperity as defined in terms
of high wages and purchasing power, high prices, orders booked by
manufacturers in some cases far into 1920, projected plans for expansion of plants and equipment which in some cases are already taking
the form of actual building construction, and the absence of serious
or widespread dislocation of working relationship between employer
and employee in any of the great basic industries. Practically the
only exception to this general condition of business activity is in the
field of dwelling-house construction, which has shown no broad recovery from the stagnation of the war period.
Commercial failures have been less in number and less in volume
of liabilities than in the two previous years. Bank clearings in the
larger cities emphasize the increasing business activity of the year.
The business through the port of Boston shows some change, although
it must be borne in mind that Boston is one of the terminals for the
entire country.
BALANCE SHEET.
The comparative statement of the condition of the bank on December 31 for the years 1917, 1918, and 1919, as shown in Exhibit
C, demonstrates the large increase in the operations of the bank.
Total resources amounting to 521 million, it will be noted, are over
twice those of 1917, not including the increase in rediscounts with
other Federal Reserve Banks.
FINANCIAL RESULTS OF OPERATION.
While the heavy increase in bills discounted for member banks
and the high discount rates maintained during the year have brought
increased earnings to the bank, the increase on the other hand in
service furnished to member banks, more particularly in connection
with currency transactions and the handling of checks and other
items, has entailed heavy increases in expense. Dividends at the
rate of 6 per cent per annum were paid on the stock holdings of
member banks on June 30 and December 31 and $5,362,934.40 was
added to the surplus fund, making the total surplus fund $8,359,034.40,
DISTRICT NO. 1—BOSTON.
301
or 59 per cent of the subscribed capital of the bank. Under the
amendment to the Federal Reserve Act of March 3, 1919, Federal
Reserve Banks may accumulate a surplus fund equal to their subscribed capital, and thereafter 10 per cent of net earnings. The
success of a Federal Reserve Bank should not be measured, however,
by its earning capacity, but by the assistance it furnishes to the
commercial and agricultural interests of the community it serves.
DISCOUNT RATES.
As in the immediate war period, the policy of rates of discount
during the year 1919 has been dominated by the necessities of the
Treasury Department. Changes in rates were slight during the
year. The preferential rate of 4 per cent on loans secured by and
carrying the coupon rate of the fourth Liberty loan bonds was withdrawn February 15. The rate in connection with loans secured by
the bonds of the War Finance Corporation, automatically, in accordance with the provision of that act, went into effect April 12, with
the first offering of the bonds of that corporation, a rate so high that
it was used but to a very small extent. There were no further
changes in discount rates, even in connection with the flotation of
the fifth or Victory Liberty loan, until November 4, when the preferential rates on maturities of 15 days or less were discontinued and rates
on loans secured by long-term Government obligations slightly increased, the rates on loans secured by tax and loan certificates of
indebtedness being continued in order to assist in placing the issues
of those securities which the Treasury Department was offering from
time to time.
On December 12 the rates on all classes of paper, including trade
acceptances and loans against United States Government longterm securities, were raised to the commercial rate of 4f per cent,
the rates being still continued on loans secured by certificates of
indebtedness at the interest rate which such securities bore—4J to
4J per cent. The gradual raising of rates on loans secured by longterm Government securities has had some effect in keeping the volume
of that class of loans out of the banks, for in the latter months of
the year when the discounts of the bank increased heavily the increase
was" almost entirely in commercial paper.
LOAN AND DISCOUNT OPERATIONS.
The year 1918 ended with the loans of this bank at nearly their
maximum, a point which proved to be almost the low point of the
year 1919. The high state of industrial activity during the war
and the character of the subscriptions to the fourth Liberty loan
which had been placed under a ''borrow to buy" policy were the
principal causes for the year opening with loans high and with
reserves low.
While in 1918 there had been an improvement in general conditions,
final payments on Liberty loan bonds and further issues of certificates of indebtedness, together with the slow adjustment of payments
on account of Government contracts, soon brought loans to a new
high mark. The loans continued at a high level until the middle
of July. As payments began to come in on the Victory Liberty
302
ANHTJAL REPORT OF THE FEDERAL RESERVE BOARD.
loan, the first of which on June 3 brought in $116,000,000, it became
evident that this loan had been placed more largely in the hands of
investors than previous loans and had not been subscribed to so
large an extent on borrowed money, as partial-payment plans had
been encouraged. Financing by means of certificates of indebtedness
made it possible for banks to meet their payments without recourse
to this bank for any considerable amount of new loans. Even the
heavy tax payment of $140,000,000 in June was met easily and not
reflected in the loans, as redemption of certificates of indebtedness
provided much of the necessary money.
Ordinarily, the demands of the mills for money with which to
purchase raw materials appears in the late summer or early fall.
This year price uncertainty delayed the demand two or three months.
The same held true in the case of other seasonal demands. In August, as all indications were that this demand would hold off, and as
reserves were at the high point of the year, being 55.6 per cent on
August 15, this bank became a free buyer of acceptances. This policy
was continued until early in November when, although still in the
market, acceptance rates were raised above the discount rate.
By November a marked change had occurred in the demands made
upon banks. The ever-increasing price level, the financing of local
taxes, the heavy purchases of raw material, the final payments on
subscriptions to Victory notes, high stock exchange call rates in New
York, rates which attracted the balances the country banks had been
carrying on deposit with their Boston correspondents—all together
greatty augmented the demands made on this bank and necessitated
heavy rediscounting with other Federal Reserve Banks. From then
on to the end of the year an increasing demand on the part of commercial borrowers caused a marked change in the character of the
loans. Commercial paper discounted, which had averaged under
$10,000,000 up to November 1, rose to $63,000,000 by the end of the
year, an increase caused in part by the changes in discount rates on
November 4 and December 12, which tended to eliminate the preferential rate that had led commercial borrowers to use United States
obligations rather than their unsecured notes when seeking accommodation.
Early in December payment of $30,000,000 in this district on the
part of the United States Railroad Administration to the Boston &
Maine Railroad brought an easing of conditions which, however, lasted
but a few days, the money being rapidly distributed to other districts. From then on commercial demands and Government financing necessitated further rediscounts with other Federal Reserve
Banks. The December 15 tax payment in this district was directly
felt in the loans of this bank, which at the close of the year rose
to $289,000,000, including rediscounts, or almost $85,000,000 higher
than the previous year. This rise occurred notwithstanding the fact
that constant pressure had been brought to bear on individual banks
that were rediscounting undue amounts either for carrying Liberty
loan bonds for customers, or for purchasing paper in the open market.
As in previous years borrowings were made by banks largely on short
maturities, thus keeping the bank's investments in a satisfactory
liquid state.
DISTRICT NO. 1
BOSTON.
303
TRADE ACCEPTANCES.
Although the larger city banks are still disinclined to encourage
borrowing for commercial purposes through the use of trade acceptances, preferring the single name note, there has been a strong tendency on the part of note brokers and merchants to increase the
volume of this class of commercial obligation.
While in some cases the firms using trade acceptances have not
been those enjoying the highest credit, still merchants have found
that they could get increased credit from their banks through the
use of paper of this character, and that brokers were inclined to favor
it. During the past year a number of corporations have been organized, in some cases under the general corporation laws of the State
and in others under the State banking laws, corporations whose
principal operations are confined to the financing of automobiles, both
m connection with sales to dealers and to individual purchasers.
The relation of these corporations to member banks, to the Federal
Reserve System, and the character of the obligations which they
handle as they pertain to the development of the general acceptance
business should/ be given careful consideration.
For a short time the Federal Reserve Bank purchased in the open
market trade acceptances indorsed by member banks. Foreign-trade
acceptances have also made their appearance in this market to a
marked degree, and have been carried by the large city banks in
their portfolios. These have been purchased at somewhat higher
rates by the bank under open market operation, but only when indorsed by member banks. Inasmuch as it has been deemed desirable
to increase rates whenever possible and to bring about a closer uniformity of discount rates on all classes of paper, the preferential rate
for trade acceptances was withdrawn on December 12.
BANKERS7 ACCEPTANCES.
Increased demand for credits has produced a marked increase in
the volume of bankers' acceptances created in this Federal Reserve
district, and every encouragement has been given to the brokerage
houses and discount companies to handle and distribute bankers'
acceptances. This has led to considerable carrying of acceptances
by this bank on repurchase agreements, only acceptances being taken,
however, that this bank would purchase and these at rates slightly
above the open market. Several of the large city banks have followed the same practice. There has been evidenced as a result of
this encouragement a wider distribution of these acceptances among
commercial and savings banks during the past year than ever before.
With the Treasury out of the market for short borrowings, the banks
in this district will be in a position to carry large portfolios of bills as
secondary reserve.
During the entire year the Federal Reserve Bank has maintained
an open-market policy in connection with the purchase of these
acceptances. Banks have preferred to sell their acceptances to the
Federal Reserve Bank even at rates considerably higher than the
current discount rates rather than offer their holdings for rediscount.
As referred to elsewhere, during the months of August, September,
304
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
October, and early November the Federal Eeserve Bank was offered
large amounts of bankers' acceptances from the portfolios of member
banks due to the increasing commercial demand made by their customers. The general policy of having differential rates with reference to the character or maturity of acceptances has been maintained, but purchases of bills have been confined to those either accepted by or indorsed by member banks. The total amount of
holdings of acceptances on the part of member banks was $109,000,000
on November 17. This bank has maintained the policy of requiring
the indorsement of all acceptances rediscoanted with or for other
Federal Reserve Banks.
During the year seven member banks have beetfi given the special
privilege by the Federal Reserve Board to accept up to 100 per cent
of their combined capital and surplus, while several banks have
entered the acceptance field for the first time.
A policy has finally been adopted whereby bankers' acceptances
payable in Federal Reserve Bank cities become reserve funds to the
holding bank on the date of payment, settlement being consummated
through the gold settlement fund in Washington. This arrangement
has greatly aided the distribution of these bills among the various
districts.
UNITED STATES SECURITIES.
The principal changes in the amount of United States securities
held by this bank have been in connection with certificates of indebtedness issued under the Pittman Act, which provides for their use
as security for Federal Reserve bank notes which have been issued
to take the place of silver certificates. January 1, $666,000 of these
were purchased to replace a like amount of United States 1-year
3 per cent notes which matured on that day and had been used as
security for Federal Reserve bank notes. In addition to these
$14,020,000 certificates of indebtedness were purchased to be used
as security for additional Federal Reserve bank notes.
Anticipating receipt of funds on a few occasions the Treasury Department sold to the Federal Reserve Bank special certificates of
indebtedness maturing in one or two days and carrying 2 per cent
interest. The funds so obtained were used to meet its current obligations. The largest amount of these certificates held at one time
was $30,000,000 on September 15 and the total amounted to
$36,000,000.
CREDIT DEPARTMENT AND BANK EXAMINATIONS.
The expansion of the general credit situation has called for a more
careful scrutinizing of credits than ever before. Investigations have
been made both of notes offered for discount by member banks and
of notes and securities carried in the loans. In the past credit analysis
has been conducted in connection with the examining department,
but this work has now increased to such a point that after the first
of the year it is planned to organize a separate credit department
which will be under the immediate supervision of Frank S. Hughes,
who, for many years, has been associated with R. G. Dun & Co. The
scope of the department will be considerably extended, as it is proposed to follow more closely the different lines of commercial activity
DISTRICT NO. 1—BOSTON.
305
in New England in order that the Federal Reserve Bank may be kept
in closer touch with the credit situation and the needs of the industrial, commercial, and agricultural communities in this district.
The work of the examining department has been largely increased
during the past year in connection with both State member banks
and national banks. It has been found desirable in the case of State
banks to pursue the policy of making independent examinations not
only at the time that they apply for admission but subsequently.
This policy has been adopted not through any lack of cooperation on
the part of the various State banking departments or through lack
of confidence in their examinations, but rather in order to bring about
a uniformity of detail in the information obtained and greater regularity of making, examinations.
During the past year every State member bank has been examined
either independently or in cooperation with State banking departments, in which latter case independent reports have been made by
the Federal Reserve examiner.
It has been found necessary to keep in closer touch with the condition of all national banks and to work in even closer cooperation
with the chief national-bank examiner of this district than in previous
years, and satisfactory results have been obtained thereby.
RESERVE POSITION.
Although the reserve position of the bank would appear to show
less fluctuation than in 1918, this has been brought about only through
the adjustment of reserves by rediscounts with other Federal Reserve
Banks. The bank's reserve position has been affected quite as much
by transfers of funds by the Treasury Department out of the district
as by actual commercial demand. The transfers made from the
proceeds of the sale of Government securities were mostly to the
Federal Reserve Bank of New York. A heavy decline in the reserve
position appeared early in November, due to heavy demand on the
local banks for commercial purposes and incidental to the payment
of local taxes. Municipal obligations created in this district in anticipation of these tax payments had been largely purchased outside of
the district and on becoming due they withdrew quite an amount of
the tax money from the district. The adjusted reserve percentage—•
eliminating gold received from rediscounts with other Federal Reserve Banks—-has been unusually low except during the months of
July, August, and September, the year ending with an adjusted
reserve of 27 per cent, and on one occasion falling as low as 23 per
cent.
BANK OF ENGLAND STERLING ACCOUNT.
On April 2, 1919, final payment was received by this bank on
account of its share of the gold which had been deposited with the
Bank of England on June 27, 1917. The original amount apportioned to this bank was $3,675,000. During the summer of 1919 the
United States Grain Corporation received payment in gold for food
sold in Germany. The gold was forwarded to the Bank of England
to be held for the account of the Federal Reserve Bank of New York.
As this was received by the Bank of England and counted, the various
Federal Reserve Banks assumed a proportionate share of the total.
306
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
The first allotment of this gold was made on September 17, 1919,
and the final one brought the total allotment for this bank to
$12,638,000. However, before all adjustments had been made, the
Federal Reserve Bank of New York commenced to sell part of this
gold. The first sale was on October 2, 1919, and sales continued
during the remainder of the year. As the year closes, this account
stands at $9,600,000.
RELATIONS WITH COMMERCIAL BANKS.
Treasury financing and commercial expansion during the year have
necessitated the closest cooperation between the officials of the
Federal Reserve Bank and those of the commercial banks of the
district. In connection with the Treasury financing, it was found
necessary, in order to meet the quota of Treasury certificates placed
on this district at each issue, to allot a percentage to each commercial
bank in the district, that percentage being based upon each bank's
total resources.
Notwithstanding constantly increasing demands of their commercial customers and the tempting rates on commercial and call
money, most of the banks in this district not only took their full
quota of Treasury certificates but kept their commitments down and
met the suggestions of this bank's officials regarding their credit
lines.
The governor and chairman of the board of directors of the Federal
Reserve Bank have had meetings, when conditions seemed to make
it necessary, with the executive committee of the Boston Clearing
House, and discussed matters pertaining to the general credit situation in the district.
Seven new national banks opened for business during the year, all
but one being located outside of Boston. Four national banks went
into liquidation, all but one of these, which consolidated with another
member bank, being converted into State banks.
Five trust companies were admitted during the year, all from
Massachusetts, bringing the total number of trust company members
to 36 and the total number of member banks to 432. While there
are apparently a number of trust companies in the district that are
not members of the Federal Reserve System, a large percentage do
a character of business that probably does not warrant their joining
the reserve system.
Under the banking laws of most of the New England States, the
investments of savings departments of trust companies not only
must be segregated but are chiefly limited to investments of a character that are not eligible for rediscount purposes in the Federal
Reserve Bank, these investments being largely in real estate mortgages and securities. State laws also either require no reserves
against savings deposits or else require reserves considerably lower
than called for by the Federal Reserve Act. Of the total resources
of nonmember banks, over 135 millions, or 30 per cent, are composed of savings deposits.
Although nonmember State banks in many cases no doubt indirectly used the resources of the Reserve Bank for accommodation,
i. e., through their Boston correspondents, the effect of such borrowings on the general credit situation has been unimportant, these loans
Digitized forhaving
FRASERlargely been made at rates higher than those maintained by
DISTKICT NO. 1—BOSTON.
307
the Federal Reserve Bank, borrowings for commercial purposes being
mostly at 5§ and 6 per cent.
The deposits of mutual savings banks and savings departments of
commercial banks in this district have shown a heavy increase.
While it is difficult to give the exact figures of this increase, there is
no doubt that it will exceed 200 millions.
Forty-two national banks have been granted special authority by
the Federal Reserve Board to exercise fiduciary powers.
DEPOSITS.
The reserve accounts of member banks (collected funds) show an
increase of some 16 millions over the previous year, having expanded from 101 millions on December 31, 1918, to 117 millions on
the same date in 1919. This increase reflects the growth of deposits in member banks and also includes the reserves of trust
companies admitted during the year.
There has been greater penalizing of banks for deficient reserves
than during the previous year, probably due to the policy inaugurated on July 1 of requiring member banks to make reports of average deposit liabilities for weekly periods if located in Boston and for
semimonthly periods if located elsewhere, instead of monthly, as
heretofore. On the other hand, the policy of allowing all banks outside of Boston to remit for checks sent them for collection instead of
charging such collections to their accounts has enabled the banks to
handle their reserve accounts more satisfactorily.
The account of the Treasurer of the United States has shown great
fluctuations during the year. At times, when funds have been drawn
in from depository banks, the Treasury balances carried with this
bank have been very large, but transfers to other districts and the
payment of maturing Treasury certificates have not only at times
drawn this account very low, but have necessitated the bank purchasing Treasury certificates for a day or two to cover overdrafts.
CURRENCY.
During January currency receipts were unusually heavy, probably
due to the large expansion which occurred just previous to the Christmas holiday season. The question of properly sorting and counting
this currency presented a difficult problem, as at that time the bank
employed only a small number of money counters and its quarters
were inadequate. As rapidly as possible this force was augmented
and a new system of counting put into operation. A steadily increasing number of banks have taken advantage of the plan put in operation in October, 1918, whereby the Federal Reserve Bank absorbs
the charges for shipping incoming and outgoing currency. During
the year over $500,000,000 of currency was received and $400,000,000
paid out. The demands of December, 1919, were even heavier than
those of the same month in 1918, and it is expected that much of
this currency will speedily be returned from general circulation.
While during the earty months of the year the bank accumulated a
supply of about $500,000 in silver coin and $75,000 in nickels and
dimes, after the December demand had run its course there was less
than $25,000 of this coin in the bank's vaults, notwithstanding the
fact that heavy purchases were made all during November and
Digitized forDecember.
FRASER
308
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE NOTES.
Every year has shown a steadily increasing issue of Federal
Reserve notes by this bank, for, unlike the situation that appears in
other Federal Reserve districts, where agricultural seasonal demands
expand and contract the note issues, the demand in this Federal
Reserve district has been constant and increasing, except for fluctuations due to the Christmas retail trade.
The interdistrict movement of Federal Reserve notes has been considerably heavier than in 1918, especially with New York, Philadelphia, and Chicago, and should be given careful study by the Federal
Reserve Board. The handling, counting, and sorting oil these notes,
together with other currency, has called for a large increase in the
force and accommodations of the money department, from 71 to 104.
It has also been found necessary to increase the supply of unissued
Federal Reserve notes.
FEDERAL RESERVE BANK NOTES.
The further withdrawal of silver has resulted in the retirement of
large amounts of silver certificates by the Treasury Department.
This has called for some other circulating medium to replace that
retired, especially $1 and $2 notes. To fill this demand, the Federal
Reserve Bank has increased its issue of Federal Reserve bank notes
to $21,000,000. All these are secured by special 2 per cent certificates of indebtedness issued under the Pittman Act.
COLLECTION OF CHECKS.
From the inauguration of the collection system by the Federal
Reserve Bank, all banks in New England have remitted for their
checks at par. in the case of member banks it had been customary
to enter a deferred charge against their reserve account, while nonmember banks had the privilege of remitting for their checks after
receipt. On December 1 all banks were placed on a remittance
basis, a plan which greatly aided member banks in maintaining their
reserves at the required amounts.
Boston banks are now permitted to deposit in one package all
checks on New England banks instead of being required to prepare a
package of the checks drawn on each bank. As a result the number
of items handled per day has increased to about 100,000 and the force
handling these items has increased from 109 to 173.
INTERNAL ORGANIZATION.
There have been but few changes in the list of officers during the
past year. However, the increase in departmental work has called
for a large addition to our clerical force—an increase from 508 employees on December 31, 1918, to 629 on December 31, 1919, the
increase for the most part being in the money and transit departments, and being about evenly divided between men and women
employees.
BANKING QUARTERS.
The problem of housing the activities of the bank under one roof
and of adequately safeguarding the cash and securities which it is
upon to handle has been exceedingly difficult. The premises
Digitized forcalled
FRASER
DISTBICT NO. 1—BOSTON.
309
at 95 Milk Street, purchased in June, 1918, containing some 13,000
square feet, were subsequently found to be inadequate for the bank's
purposes, and as suitable adjoining property could not be obtained
the directors decided to sell this property and to purchase elsewhere.
It was accordingly disposed of and at a substantial net profit over
all carrying charges, a tract of some 40,500 square feet being then
purchased for $1,400,000, which has a frontage of 181 feet on Pearl
Street, 267 feet on Franklin Street, and 128 feet on Oliver Street.
This location is in close enough proximity to the banking center of
Boston and its dimensions are such as to make its use entirely adequate for the bank's purposes.
CERTIFICATES OF INDEBTEDNESS.
United States Treasury financing, while decreasing in volume as
the year 1919 drew to a close, was heavier for the first six months of
the year than in any previous similar period. The Victory Liberty
loan being the only long-term loan placed during the year, the
Treasury Department was obliged to finance itself largely through
the sale of certificates of indebtedness issued in anticipation of taxes,
and other short-time certificates of indebtedness. These certificates
were issued at frequent intervals, occasionally more than one issue
being placed on sale at the same time.
Although the committee in charge of the sale of certificates of indebtedness did splendid work, it was with difficulty, owing to the
general conditions of the investment and money markets, that quotas
were even approached. General commercial demands on the banks
were such that subscriptions had to be obtained through personal
solicitation. Most of the subscribing banks paid for these certificates
by credit, as in previous years. These deposits were gradually withdrawn to meet Government requirements.
These Government deposits, although no doubt having an important influence in the volume of certificate sales, have been, on the
other hand, a rather unsettling factor in the general credit situation.
As banks distributed these certificates to the public, they used the
money thereby obtained as a basis for granting additional credits
and when these Government deposits were later withdrawn had recourse to the Federal Reserve Bank or to their own correspondents
for money with which to meet these payments.
In connection with the different offerings of Treasury certificates
of indebtedness, the Federal Reserve Bank has during the year acted
as a medium to assist in the distribution of certificates between banks
and has placed and filled orders for them. At the close of the year
$369,000 of certificates were held for resale.
VICTORY LOAN.
The announcement made early in the year by the Secretary of the
Treasury that there would be but one more popular offering of bonds
enabled the Liberty loan committee to hold intact its volunteer
organization that had handled so successfully the four previous bond
issues, until after the flotation of the fifth or Victory loan, opened for
subscription by the Secretary of the Treasury on April 22.
The quota allotted to New England was $375,000,000 and the
received were $427,223,750, or 113 per cent, repreDigitized forsubscriptions
FRASER
310
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
sen ting subscriptions received from 817,822 individual subscribers,
as reported by banks. The amount finally allotted to the district
by the Treasury Department was $371,910,150. This Victory loan,
owing to the improvement in the organization of the Liberty loan
committee and to the fact that the Treasury Department had
announced that it would be a closed issue and that it would be the
last popular offering, was distributed as well, if not better, than any
previous loan. Banks were not encouraged to solicit subscriptions
on the "subscribe and borrow policy," as in the fourth loan, and
furthermore subscribers were encouraged to subscribe on the Government installment plan. With the subscription to the Victory notes,
the total amount of long-term Government securities subscribed for
in the New England district amounted to over $2,000,000,000.
Previous to May 20, when the initial payment of 10 per cent was due
on subscriptions, about $35,000,000 of bonds were disposed of in
advance of the issue for cash. In anticipation of the Victory loan,
Treasury certificates of indebtedness amounting to $475,792,500
had been sold in the district which could be used in payment for
Victory bonds, but only a negligible amount of these were so used,
banks preferring to hold the certificates until they matured. The
percentage of subscription to the Victory loan in the several New
England States was about equal to that of previous loans. The
Victory notes were issued in two series—4f per cent and 3J per cent,
the latter being tax exempt. The bank delivered $317,644,500 of
4f per cent notes and $54,254,650 of the 3f per cent.
WAR-SAVINGS DIVISION.
On November 15, 1918, the Secretary of the Treasury definitely
placed the distribution of all Government securities under the
governor of each Federal Reserve Bank. This included the Liberty
loan issues, Treasury certificates, and war-savings certificates. Until
that date the war-savings organization had been directly conducted
by the Treasury Department in Washington. As the various
State committees had largely resigned, this necessitated the building
up of almost an entirely new organization in this district.
CUSTODY DEPARTMENT.
This department has become of increasing importance during the
year, in connection with the collateral against notes discounted with
the bank and. collateral pledged against Government deposits. The
added activities placed on this department have called for an increase
in the clerical force. Member banks have also become accustomed
to leave securities in this department for safe-keeping. The character of the collateral pledged during the year has changed to quite
an extent, commercial paper increasing in volume and securities
other than those of the United States Government showing a material
decrease. The cutting of coupons on collateral held in this department has become an important factor in its activities. The handling
of the coupons and bonds of the Government in the bond department
has also been increasingly heavy, that department having redeemed no
less than 7,000,000 coupons, amounting to $44,000,000, during the
year. This same department during 1919 handled 961,000 odd
of the fourth loan and 1,000,000 bonds of the Victory loan and
Digitized forbonds
FRASER
DISTRICT NO. 1—BOSTON.
311
157,900 Treasury certificates. That these securities have been handled without loss demonstrates to some extent the efficiency of the
bond department. The privilege of converting Liberty loan bonds
carrying 4 per cent interest into bonds carrying 4J per cent interest
was reopened on March 9, 1919, and many holders have taken advantage of this opportunity.
FOREIGN EXCHANGE.
Under the presidential proclamation of January 26, 1918, this
bank was required to license all dealers in foreign exchange and to
obtain reports of those who were doing an active business. Before
the proclamation regulating foreign exchange was rescinded on June
26, 1919, this bank had issued licenses to over 1,600 dealers. In addition, permits to export coin and currency were issued to a number of
concerns and banks. Blanket permits also were issued covering the
shipment of Canadian currency to Canada and reports from holders
of these permits indicated that a considerable amount of money was
returned to that cquntr}r.
In order to provide means for the payment of imports from India,
arrangements were made whereby this bank was enabled to sell exchange on that country through the Federal Reserve Bank of New
York. Lesser amounts of exchange on Argentina and Peru were
also provided through the same channel. On June 26, 1919, all regulations concerning foreign exchange with only minor exceptions were
repealed and therefore this department of the bank ceased operation
on July-1, after about a year aad a half of existence.
CONCLUSION.
The Treasury financing, after the successful flotation of the Victory
loan, has been of diminishing volume, so that as the year ends it is
intimated that hereafter such financing will be so done as to divorce
the Federal Reserve Banks from its influence. The foreign exchanges, while still unsatisfactory, will, no doubt, be helped by the
relief which the Edge bill, recently passed by Congress, can afford.
The responsibility of the Federal Reserve Banks will now be very
great. The credit situation, which is far from satisfactory, must be
brought back nearer to normal, but to do that without causing
undue distress, will require the most careful judgment and foresight
on the part of the officials of those banks, and the closest cooperation
with the Federal Reserve Board. As this report shows, the demand
for credit by member banks on the Federal Reserve Bank of Boston
has been insistent &nd increasing. The year ends with the total
earning assets—investments-—at not only the highest point of the
year, but, including bills rediscounted with other Federal Reserve
Banks, they reach a total of over 300 millions against a high point
of about 200 millions the previous year, although there has been
only a slight increase in the gold reserve.
With cooperation between the Federal Reserve Bank, the local
bankers, and business men, all working together to gradually restore
more normal conditions of business, it is believed that the desired
results may be obtained without undue hardship to legitimate business. It will, however, take patience, cpurage, and complete understanding between these elements if this is to be accomplished.
312
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
E X H I B I T A.—Movement of principal earning assets of the Federal Reserve Bank of
Boston during the calendar year 1919.
[In thousands of dollars.]
Discounted
Other
paper
dissecured
by United counted
States war paper.
obligations.
Date.
Jan.
3
10
17
24
31
Feb. 7
14
20
28
Mar. 7
120.
121,
118
118!
118!
133!
146:
138!
139;
143:
144;
136
148!
148'
151
148'
157!
,
14
Apr.
21
28
May
i5s:
June
July
Aug..
Sept.
Oct.
Nov.
Dec.
21
28
12.
19.
26..
,
145:
152:
144;
146,
133,
145,
143,
144,
143,
138,
130,
134,
137,
128,
111,
107,
107,
112,
108,
115,
123,
122,
120,
121,
109,
110,
127,
130,
127,
126,
105,
128,
134,
138,
5
1+2
8,419 ! 129,194
9,035 j 130,989
126,351
7,957
8,744 ! 126, 778
7,774 j 125,856
7,844 i 141,218
153,721
7,318
7,831 ] 145,989
146,202
6,361
6,206 ! 150,007
5,245 ! 149.762
5,085 I 141^949
5,053 j 153,920
153,480
4,849
157,297
5,564
154,482
5,864
5,376 I 162,444
4,576 I 163,557
4,499 I 150,167
4,966 I 157,116
149,301
5,199
151,679
5,488
4,992 138,189
150,074
4,869
148,712
5,155
155,174
10,454
9,576 I 153.167
7,545 j 146', 222
137, 730
6,910
6,570 ! 140,571
6,986 I 144,706
8,276 i 136,412
8,433 I 120,181
8,517 ! 115,680
7; 948 i 115,692
7,441 ' 119,515
7,508 116,179
123,795
7,895
133,302
9,451
9,080 131,825
131,400
10,456
12,877 133,981
120,787
11,641
121,510
10,775
141,113
13,549
28, 7J 5 158,951
32, 763 159,841
39, 236 165,428
' 39,870 145,738
38,889 166,944
183,883
49,559
56, 630 194,836
Bills
bought
in open
market.
Per
cent.
l-f-3
93.5
93.1
93.7
93.1
93.8
94.4
95.2
94.6
95.6
95.9
96.5
96.4
96.7
96.8
96.5
96.2
96.7
97.2
97.0
96.8
96.5
96.4
96.4
96.7
96.5
93.2
93.7
94.8
94.9
95.3
9-5.1
93.9
92.3
92.6
93.1
93.8
93.5
101.8
92.8
93.1
92.0
90.4
90.4
91.1
90.4
81.9
79.5
76.2
72.6
76.7
73.0
70.9
12,538
13,689
15,354
18,088
19,781
15,588
11, 213
12,033
9,241
10,393
9,816
10,572
15,425 j
7,152
8,032
6,402
9,694
13,180
13,932
15,204
15,859
14,673 I
17,433
18,842 !!
19,056
18,180 j
19,240 j
22,720 I
23,445 I
26,971 !
26, 72.'i
26,862
25,184
35,756
45, 755
46,330
44,951
44,279
42,963
41,675
45,880
46,078
46,385
49,117
62,622
42,069
50,555
33,348
36,26(3
42,707
14, 412
16,500
I
6
Total
United
bills
Total
earning
discount- States
ed and securities assets.
bought.
141,732
144,678
141,705
144,866
145,637
156,806
164,934
158,022
155,443
160,400
159,578
152,521
169,345
160,632
165,329
160,884
172,138
176,737
164, 099
172,320
165,160
166,352
155,622
168,916
167, 768
173,354
172,407
168' 942
161,175
167,542
171,431
163,274
145,365
151,436
161,447
165,845
161,130
168,074
176,265
173,500
177,280
ISO,059
167,172
170,627
203,735
201,020
210,396
198,776
182,004
209,651
198,295
211.342
9,521
9,521
10,264
9,264
9,954
9,954
10,954
11,954
12,954
12,954
14,954
14,954
14,954
15.954
15,956
16.955
17,255
17,455
17,455
17,455
17,472
17,471
18,484
17,485
17,485
17,485
17,484
17,484
21, 993
21,993
21,993
22, 093
21,989
21,989
21,989
21,988
22, 019
21,984
21,984
22,278
23,710
22.214
22', 585
22,102
21,979
22,470
22,988
23,101
22,620
22,291
22,13'S !
22,200
151,253
154,199
151,969
154,130
155,591
166,760
175,888
169,976
168,397
173,354
174,532
167,475
184,299
176,586
181,285
177,839
189,393
194,192
181,554
189,775
182,632
183,823
174,106
186,401
185,253
190,839
189,891
186,426
183,168
189,535
193,424
185,367
167,354
173,425
183,436
187,833
183,149
190,058
198,249
195,778
200,990
202,273
189,757
192,729
225,714
223,490
233,384
221,877
204,624
231,942
220,432
233,542
313
DISTRICT NO. 1—BOSTON.
E X H I B I T B.—Movement of gold and cash reserves, Federal reserve note and net deposit
liabilities, and the reserve percentage of the Federal Reserve Bank of Boston during the
calendar year 1919.
[In thousands of dollars.]
Date.
Jan. 3
10,
17.
24.
31.
Feb. 7.
14.
20.
28
Mar. 7.
14.
21.
28.
Apr. 4.
11.
18.
25.
May 2.
9.
16.
23.
29.
June 6.
13.
20.
27.
m
\l
18.
25.
Aug. I.
15.
22.
29.
Sept. 5.
12
19.
26.
Oct. 3.
10.
17.
24.
31.
Nov. 7.
14
21.
28.
Dec. 5.
12.
19.
Gold
reserves.
99,045
109,897
102,573
113,691
110,461
105,110
109,284
110,338
118,757
112,761
107,445
102,359
116,574
107,533
121,455
116,303
112,610
103,608
111,566
124,615
113,546
122,771
112,397
115,796
117,509
108,533
105,428
130,114
121,902
130,336
128,116
136,890
159,326
159,581
155,777
149,489
154,490
123,973
142,086
146,072
159,890
160,841
171,687
167,466
145,153
144,731
132,430
149.821
163;609
140,845
152,070
152,865
Total
cash
reserves.
101,733
114,192
106,145
117,546
114,625
110,166
114,533
115,988
124,637
119,089
114,011
108,693
122,884
113,709
127,537
122,674
118,760
111,560
118,817
132,052
121,262
130,127
119,481
122.855
124,917
115,574
111,953
136,396
128,433
137,841
136,378
145,614
168,146
167,744
163,444
156,502
161,064
130,699
148,564
152.014
165,301
166,342
177,191
173,043
150,860
149,882
137,538
154,371
168,144
144,760
155,795
156,103
Federal
reserve
notes
in actual
circulation.
160,506
159,053
148,985
148,332
149,565
152,479
155,884
158,190
159,552
160,876
163,142
165,338
166,874
169,609
171,265
174,092
177,737
176,931
176,024
171,595
169,647
172,171
173,771
172,632
172,757
176,159
182,631
181,787
178,961
180,481
183,544
189.597
191,077
195,600
198,967
203,986
205,316
205,735"
207,829
211,341
213,067
215,092
213,903
212,096
215.598
218,358
216,914
220,828
223,073
226,737
238,211
246,455
Net
deposits.
76,556
93,023
92,271
105,434
102,241
105,061
114,730
107,459
112,578
110,217
102,736
87,414
116,537
96,107
112,328
100,522
103,440
102,033
97,620
123,225
107,321
115,012
92,962
109,650
109,972
102,438
91,532
113,275
104,804
117,342
115,188
108,807
111,595
112,448
115,481
107,846
106,661
82,704
106,667
104,085
120,992
121,101
120,271
120,792
126,682
120,829
119,357
120,806
115,996
115,567
103,715
108,572
(3+4.)
237,062
252,076
241,256
253,766
251,806
257,540
270,614
265,649
272,130
271,093
265,878
252,752
283,411
265,716
283,593
274,614
281,177
278,964
273,644
294,820
276,968
287.183
266,733
282,282
282,729
278,597
274,163
295,062
283,765
297,823
298,732
298,404
302,672
308,048
314,448
311,832
311,977
288,439
314,496
315,426
334,059
336,193
334,174
332,888
342,280
339,187
336,271
341,634
339,069
342,304
341,926
355,027
Katio of
cash reserves to
net deposit
and Federal
reserve note
liabilities
combined.
|
i
!
|
i
|
I
i
|
|
!
I
I
!
i
i
|
i
j
!
j
j
|
I
i
1
!
I
!
I
I
i
j
42.9
45.3
44.0
46.3
45.5
42.8
42.3
43.7
45.8
43.9
42.9
43.0
43.4
42.8
45.0
44.7
42.2
40.0
43.4
44.8
43.8
45.3
44.8
43.5
44.2
41.5
40.8
46.2
45.3
46.3
45.7
48.8
55.6
54.5
52.0
50.2
51.6
45.3
47.2
48.2
49.5
49.5
53.0
52.0
44.1
44.2
40.9
45.2
49.6
42.3
45.6
44.0
314
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
EEDERALRESERVE BANK OF BOSTON
MO/EM EN T OF EARNING ASSETS
DURING CXLEfiPAR TEAR-1919.
so
as
n
I
SO
1
LIMITED STATES SECURITIES.
PS
SO
2S
0
•PS
-Ammm
^ ^
ACCEPTANCES 30U6HT
mm
SO
as
Q
IOC
SO
60
40
20
O
too
so
60
40
20
0
PERCENTAGE OriVARPAPER TO TOTAL DISCOUNTS.
IPS
TOTAL BILLS DISCOUNTED, <D; AND WAR PAPER, «W\
250
2S0
22S
TOTAL EARNIN6 ASSETS.
JAN\FEB\MCH\APRL\MAr\J!JflE\/UUr\AU6. \SEPT\ OCT. \NOV\PEC
315
DISTRICT NO. 1—-BOSTON.
FEPERALRESERVEBANKOrBOSTON
NET PEPOSIT LIABILITY.
f.R.NOTE CIRCULATION,
CASHRESERVES.AHPRESERYERATI0.I9I9.
70
60
SO
30
20
10
O
RESERVE RATIO, CPERCEIHTAGEOFC+L)
2S0
200
/SO
100
100
SO
SO
DEPOSITANDER. HOTEUABIUTIES/L;
AW
TOTAL RE5ERYES, "€'.
JAN. FEB. MCH.APRL MAY JUNt JULY AUG. SEPT. OCT. /TOK DEC.
178983—20
21
70
60
SO
40
30
20
10
0
V
40
8
316
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
EXHIBIT C.—Comparative balance sheet.
(000 omitted.]
Dec. 31,
1919.
Dec. 31,
1918.
Dec. 31,
1917.
RESOURCES.
Earning assets:
Bills discounted, secured by United States war obligations..
Other bills discounted (commercial)
Acceptances purchased in open market
United States bonds
United States short term obligations
8124,529 $120,515
63,510
13,060
18,649
15,084
539
538
7,416
21,805
Total
Reserve cash:
Gold (coin and certificates)
Gold settlement fund.
Bank of JKngland sterling gold s
Other lawful money
Total
Reserve against Federal reserve notes—
Gold with Federal Reserve agent
Gold redemption fund
Other resources:
Interest accrued on United States securities
Due from Liberty loan subscriptions
Expense, Liberty loan, etc. (recoverable)
Items in process of collection i
Exchanges for clearing house and cash items..
Federal Reserve notes and other cash on hand.
Due from Government depositaries
Redemption fund Federal Reserve bank notes.
Real estate for bank quarters
Total.
I
I
j
$43,898
21,984
9,037
610
2,194
229,032
156,613
77,723
7,959
34,351
9,586
4,037
3,317
37, 292
408
2,288
18,691
16,977
3,675
3,574
55, 933
43,305
42,917
73,511
26,312
40,896
2,000
204
73,236
4,357
7,901
48,373
1,072
1,103
59,733
7,812
33
567
573
52,910
10,548
13,809
30,014
320
800
21
118
144
15,007
3,216
4,661
66,489
521,286
377,042
253,196
7,107
8,359
6,691
1,535
5,858
75
117, 294
21,725
45,469
1,123
48,373
566
5,277
101,806
17,467
29,269
10,499
30,014
411
82,842
3,870
13,780
2,419
66,489
20
244,093
20,912
807
93
88
168,986
6,889
467
93
1,460
750
77,296
521,286
377,042
253,196
60,121
48,962
44,477
222
LIABILITIES.
Capital fund:
Capital paid in
Surplus
Deposits:
Due to member banks, reserve account
Due to Federal Reserve banks, collected funds *
Due to banks, uncollected funds '
Due to Treasurer of the United States, general account.
Due to Treasurer of the United States, special account..
Cashier's checks, outstanding, etc
Foreign Government credits
Other liabilities:
Federal Reserve notes outstanding
Federal Reserve bank notes outstanding
Unearned discount and interest
Reserve for depreciation and interest
Reserve for franchise tax and other taxes
Mortgage on real estate
Total.
Liability for rediscounts with other Federal Reserve Banks.
1
Offsetting items to be cleared through gold settlement fund.
468
75
DISTRICT NO. 2.—NEW YORK.
PIERRE JAY, Chairman and Federal Reserve Agent.
Recourse to the credit facilities of the Federal Reserve Bank of
New York during 1919 was more constant and general and in larger
volume than during 1918. The maximum of its earning assets during
1918 was $968,000,000. In 1919 it was $1,079,000,000.
As the necessity for the banks to borrow from the Federal Reserve
Bank arose primarily from their absorption of one form or another
of Government obligations, it was natural that these obligations
should have continued to be used during the year as the chief basis
for accommodation at the Federal Reserve Bank, though loans
based on commercial paper showed a marked increase from 1918.
But the impelling reason why loans continued to be based mainly
on Government obligations was the preferential rate established
for such transactions and the greater ease and simplicity of borrowing with such security. In both 1918 and 1919, although it was
the volume of Government obligations outstanding which created the necessity for borrowing at the Federal Reserve Bank, the
fluctuations in the amount of this borrowing arose directly from the
movement of Government funds into or out of the district, as was
noted in the last annual report.
During the year the fluctuations in earning assets and the movements of Government funds effected considerable variations in the
reserve percentage of the Federal Reserve Bank of New York, as
appears in the charts accompanying Exhibits A and B. In its weekly
published statements the highest per cent of reserves against deposit
and note liabilities was 54.5, on June 20, and the lowest per cent,
40, on December 26. Changes from week to week are shown in
Exhibit B and accompanying diagram. Frequently during the year,
in order to equalize reserve percentages, this bank sold bills from
its portfolio to other Federal Reserve Banks. The volume of these
sales aggregated $312,739,000. On the other hand, as a partial offset
to this larger aggregate transfer of investments, the Federal Reserve
Bank of New York rediscounted for or purchased bills from other
Federal Reserve Banks to the aggregate amount of $55,826,561.89.
The following table shows the reserve figures of this bank and of
the Federal Reserve System when the United States entered the war
and at the close of 1918 and 1919:
Federal Reserve Bank of
New York.
All Federal Reserve
Banks.
Date.
Per cent.
Apr.6,1917
Dec. 27, 1918
Pec. 26, 1919
92.0
42.5
40.0
Amount.
$426,814,000
637,295,000
616,040,000
Per cent.
Amount.
84.7 $962,662,000
50.6 2,146,219,000
44.8 2,135,536,000
317
318
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
During the year the purchase from the Treasury of special certificates of indebtedness for short periods in order to supply the Treasury with funds to meet maturing obligations pending the transfer
of funds from other districts, or their withdrawal from depository
banks, aggregated $2,605,500,000; the largest amount of such certificates held at any one time was $260,000,000. The bank purchased
during the year $24,321,000 United States 2 per cent certificates of
indebtedness, which it hypothecated under the authority of the Pittrmn Act as security for Federal Reserve bank notes.
The custom of purchasing certificates of indebtedness from nonmember banks, with an agreement on their part to repurchase within
15 days, was continued in 1919 as a means of encouraging their
subscriptions to the issues. The largest amount of certificates held
under repurchase agreements at any one time was $35,876,500, on
May 6.
This bank has continued during the year its policy covering the
temporary purchase of bills, thereby assisting houses that deal in
such paper from time to time in carrying their portfolios. The
largest amount of bills so held at any one time was $14,288,851.73,
on November 17.
Below is a comparative summary of the discounts and advances
made in 1919, 1918, and 1917:
1918
1919
Number of applications received
23,237
Amount of apnlications accepted and discounted or advanced upon
$42,449,491,133.87
Number of pieces of paper discounted or
127,721
advanced upon
Largest piece of paper discounted or ad$120,000,000.00
vanced upon
Smallest piece of paper discounted or ad$2.81
vanced upon
Average size of notes discounted or advanced
upon
8332,361.09
Number of banks rediscounting
546
1917
14,831
2,513
$24,535,538,457.77
$6,513,225,285.60
129,038
22,484
$135,000,000.00
$147,000,000.00
$5.02
$25.00
$190,141.96
522
$289,682.67
322
ACCEPTANCES AND THE DISCOUNT MARKET.
Purchases by months of bankers' acceptances and indorsed trade
bills by this bank for its own account and for the account of other
Federal Reserve Banks have been as follows:
For our own account.
Number of
items.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
2,850
2,115
2,013
2,645
2,300
4,768
4,832
2,301
2,332
5,448
5,145
6,823
Total
43,572
Amount.
$75,628,789.75
56,351,763.56
53,350,194.52
71,653,945.23
60,721,633.14
142,516,454.53 I
129,118,992.41 I
64,910,475.76
64,481,753.02
145.060,465.83
152,643,970.06
210.788,099.84
•1,227,226,537.65
For the account of other
Federal Reserve Banks.
Number of
items.
Amount.
1,789
1,209
1,329
1,217
1,252
2,875
2,749
1,903
2,931
3,838
3,109
4,383
$46,516,341.45
31,772,303.09
34,959,972.36
33,966,815.31
34,190,164.37
81,900,544.26
73,976,160.83
46,094,342.25
76,141,468.06
98,869,452.20
79,417,045. .05
101,694,398.60
28,584
739,499,007.83
i Includes $15,826,561.89 of bills bought from other Federal Reserve Banks.
DISTRICT NO. 2—NEW YORK.
319
PURCHASES FOR MEMBER BANKS.
During the year 1919 this bank, as a service to member banks,
has also bought bills in the open market for their account. This
new service has been availed of by 38 member banks up to the
end of December 31, 1919. Bills bought for their account aggregated $8,199,947 and comprised 873 pieces. Such purchases are
made for member banks on their order, and if desired, this bank
retains custody of the paper bought, and either collects it for the
member bank's credit at maturity or makes such other disposition
of it before maturity as may be desired. This service is without
charge to members and through it several of them have become
experienced buyers of bills on their own account, and find it no
longer necessary regularly to avail themselves of the service. Others,
having surplus funds for investment only occasionally, have not yet
developed as individual buyers. From the very general interest
manifested in this new service, the outlook for increasing activity in
it is promising.
BANKERS' ACCEPTANCES.
The demand for bankers' acceptance credit continues to increase
substantially and more bills are being created than ever before.
Freer shipping facilities have promoted larger import movements,
particularly from South America and the Orient, and increased commodity prices have resulted in very large dollar drawings from those
markets. The increased price of cotton this year also has required
much greater
banking accommodation, which has largely taken
bankers7 acceptance form, with the result that many new names have
appeared in the New York market as acceptors, principally of banks
located in the South and Southwest.
The further development during the year of the business of accepting corporations and foreign trade banks has been rapid. At
the end of the year such institutions located in New York had aggregate capital and surplus in excess of $38,802,000, and their liability
for acceptances outstanding was approximately $90,000,000.
While discount houses and dealers in bills have endeavored strenuously to accomplish distribution of this increased volume of bills
and in the main have been fairly successful, the almost constant
advance in money rates made their task increasingly difficult. Not
only have they had to carry larger portfolios, often requiring for that
purpose funds obtainable only at rates equal to or higher than those
earned by their portfolios, but the higher rates for call money on
investment securities attracted to that market out-of-town funds
that would otherwise have been at the service of commercial requirements; and during the latter months of the year, as the market rates
for bills yielded along with other rates to higher levels, there developed an instability that prevented satisfactory distribution.
Under these circumstances the Federal Reserve banks absorbed an
increasing amount of bills in the open market, buying from member
banks and dealers alike at uniform rates for prime indorsed paper.
EARNINGS AND EXPENSES.
Earnings during 1919 aggregated $35,278,000, as compared with
$25,315,000 during the preceding year. These increased earnings
were due, of course, to the larger volume of discounts and advances
Digitized forwhich
FRASERwar and business financing necessitated during the year.
320
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Total expenses during 1919 amounted to $5,565,000, exclusive of
disbursements made for the account of the Government aggregating
$4,963,642.44. This latter amount includes the cost of carrying on
the departments of the bank performing fiscal agency functions for
the United States, and the Government loan and war savings organizations. These payments have been reimbursed or are now in process
of reimbursement by the Treasury Department.
The amendment to the Federal Reserve Act, approved March 3,
1919, directed that each Federal Reserve Bank should pay its net
earnings into a surplus fund until it amounted to 100 per cent of
its subscribed capital and that thereafter it should pay into surplus
each year a further 10 per cent of its net earnings, before transferring to the Treasury of the United States any of its surplus earnings as a franchise tax. This was made retroactive so as to cover
the surplus earnings of the year 1918, which had not been called
for by the Treasury Department pending the consideration of this
legislation by Congress. Accordingly, at the close of the vear the
surplus of the Federal Reserve Bank of New York is $44/781,500,
or 100 per cent of its subscribed capital, to which is added 10 per
cent of the remaining net earnings of the present year, or $300,432.63,
making in the aggregate a surplus of $45,081,932.63 to which the
United States has reversionary ownership. The amount transferred to the Treasury of the United States as a franchise tax was
$2,703,893.63.
From the total net earnings of the bank amounting to $29,713,000
deductions have been made to cover certain known items of depreciation and to provide reserves for special purposes. Thus, the appraised
valuation of the old buildings and foundations on the property
acquired during the year as a part of the site for the new bank building, has been charged off in the amount of $900,031.72. The loss in
value of the foreign exchange held by the bank as based on market
rates at the close of the year, amounting to $325,741.35, has also
been provided for, and an additional sum of $200,000 has been set
aside for the establishment of a self-insurance fund. Other charges
are $169,514.40, to cover the tax on Federal Reserve bank note circulation for 1919, and $168,681.70 to cover the assessment to be
made by the Federal Reserve Board for its expenses.
Semiannual dividends of 3 per cent were paid to stockholders on
June 30 and December 31.
NOTE ISSUES.
Exhibit B shows the movement of the Federal Reserve notes of
this bank in actual circulation during the year. The decrease during
the first month of the year reflects the normal release of currency
following the crop moving and holiday periods. The maintenance of
the circulation at a high point throughout the balance of the year,
which reached $770,000,000 on July 7, is merely indicative of great
trade activity at steadily increasing prices.
The substitution of Federal Reserve notes for gold certificates seems
to have proceeded as far as practicable. The banks of the district
are carrying very small stocks of gold certificates, and though they
continue to retire from general circulation those which are presented
over their counters, the volume of gold certificates in general circulation in the district is now very small indeed.
DISTRICT NO. 2—NEW YORK.
321
With the continuance during the early part of the year of the
export of silver to oriental countries, Federal Reserve bank notes
have been issued in increasing volume to replace silver certificates
retired from circulation. The amount of Federal Reserve bank notes
of this bank outstanding on December 31, was $58,000,000, which
compares with $33,000,000 a year ago.
COLLECTIONS AND CLEARINGS.
Check collection.—The increasing use which is being made of the
check collection facilities of the bank is indicated in the following
figures, showing the number of items handled year by year, and the
amount in dollars:
Period.
1915 (June 1-Dec. 31).
1916
1917
1918
1919
Number of
items.
Amount.
1,262,211 j $1,334,015,772
6,841,364
5,160,192,000
19,408,179 20,104,527,000
35,348,601 42,581,833,000
56,540,748,116
74,463,917
During 1919, in addition to handling an increased number of items,
progress was made in many directions. Chief among these was the
notable increase of 6,580 banks in other Federal Reserve districts
added to the par list, making the total number of such points 25,571,
out of a total estimated number of banks and bankers of 29,586.
Note collection.—The facilities of the bank in the collection of notes,
drafts, and coupons were further developed and increasingly used.
During 1919 the bank collected 83,534 notes and drafts payable in
New York City, as compared with 39,302 the year before, and about
8,000 in 1917. The collection of such items payable elsewhere than
in New York increased nearly 200 per cent during the year, aggregating 147,742 in number and $234,834,000 in amount. Through the
Buffalo branch collections of a similar nature were made for the
Buffalo territory. No charge is made by the Federal Reserve Bank
for this service, but where a charge is made by the collecting bank
it is passed back to the depositing bank.
The bulk of these noncash items, however, is collected at par.
During the year, of those payable within this district, about 97£ per
cent were collected at par, and where charges were made the average
rate was one-twelfth of 1 per cent. Of the items payable outside of
this district, about 77 per cent were collected at par, and charges,
when made, averaged about one-tenth of 1 per cent.
Coupon collections.—The collection of matured bonds and coupons
by this bank during 1919 was $25,000,000, as compared with
$17,796,000 during 1918. The extent to which the member banks
are availing themselves of this service is seen in the increase in the
number for whom collections were made from 238 during 1918 to
531 during 1919.
Gold settlement fund.—The settlements made through this fund during 1919, as compared with those of previous years, were as follows:
1919
1918
1917
1916
Digitized for1915
FRASER
$41, 932, 723,000
32,935,576,000
17,118, 917, 000
2, 335, 225, 0
556, 432, 0
322
ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
RELATIONS WITH BANKS.
The banks of the second Federal Reserve district as they were on
December 31, 1919, classified according to their charters, whether
national or State, and also according to membership in the Federal
Reserve System, are as follows:
Trust companies.
State banks.
National
banks.
Location.
Total.
Members. Nonmem- Members. Nonmem- Members. Nonmembers.
bers.
bers.
Manhattan
Rest of New York State
31
457
15
24
19
166
15
35
8
41
61
516
27
207
Total New York State
New Jersev
Connecticut....
4sS
135
13
39
5
0
185
11
1
50
26
2
49
61
15
577
166
15
234
72
16
Total for district
636
44
197
78
125
758 |
322
NEW MEMBERS OF THE SYSTEM.
The number of State banks and trust companies, which are members of the system, increased during the year from 101 to 122. Twentytwo new State bank or trust company members were admitted, and
one trust company formerly a member was merged with a national
bank. The 122 members represent 31 per cent in number, and about
79 per cent in resources of the State banks and trust companies in
the district which have sufficient capital to make them eligible for
membership.
FIDUCIARY POWERS FOE, NATIONAL BANKS.
During the year the number of national banks in the district exercising fiduciary powers—authorized by the Federal Reserve Board,
under the amendment to the Federal Reserve Act approved September 26, 1918—increased from 34 to 117. A number of these banks,
especially those in the larger cities, are actively developing fiduciary
business, but in the smaller places many of the banks have gone no
further than to obtain the Federal Reserve Board's permission to
transact it.
THE RESERVES OF MEMBER BANKS.
From the inauguration of the Federal Reserve System the reserves
of member banks in this district were calculated by this bank on
the basis of averages for monthly periods; but in other districts a
number of other plans, some on a semimonthly, some on a weekly,
and some on a daily basis were in operation. In the early fall the
Federal Reserve Board thought it desirable to establish a uniform
practice, and in conformity with general instructions issued by the
Board, this bank instituted on October 1 the Board's uniform system,
superseding the monthly reporting system in effect previously.
Under the revised method weekly reports are received from member
banks in the central reserve cities and reserve cities—that is, the
Boroughs of Manhattan, Brooklyn, and The Bronx, and the cities of
Albany and Buffalo—and semimonthly reports from members elsewhere. From these reports are computed each bank's net demand
and time deposits for the weekly or semimonthly period, as the case
may be, and the amount of reserve which each bank is required to
at the Federal Reserve Bank. The penalty rate on deficient
Digitized forkeep
FRASER
DISTRICT NO. 2—NEW YORK.
323
reserves has remained at 6f per cent throughout the }rear. Penalty
payments amounting to $36,405.58 were slightly above those of last
year, when the amount was $27,191.89.
INTERNATIONAL FINANCIAL ARRANGEMENTS.
Prior to January 1, 1919, this bank made certain financial arrangements with foreign banks or governments which were by way of
preparation for a return to more nearly normal conditions in international commerce than had existed during the war. These arrangements were outlined in this report for 1918. The operations carried
on in accordance with them during the year are summarized below:
Bank of England.—Transactions with the Bank of England under
the terms of our formal agreement have been very limited during
the past year. We have opened a current account with them which
has, however, remained inactive. The Bank of England is handling
for our account the German gold purchased from the United States
Grain Corporation, described elsewhere in this report, which involves
a very considerable amount of work on their part.
Bank of France.—Operations between this bank and the Bank of
France have been very limited, being confined largely to our opening
a current account with them and the occasional receipt of funds by
us for their credit.
Bank of Japan.—No active business has been transacted during
the past year with the Bank of Japan, although it is expected that
our relations with them may become more active in the near future.
Philippine National Bank.—Our relationship with the Philippine
National Bank has remained unchanged, there being no need for
active operations, as they have a branch in New York.
Be Nederlandsche Bank.—Our relations with this institution
during the past year have become more active and we now perform
for them many of the duties of a New York correspondent. They
have opened a current account with us and also invest in bills in
this market which are held by us in portfolio for them. The account
which we opened with de Nederlandsche Bank for the purpose of
receiving therein, for the use of the Treasury Department, the proceeds in guilders of the sale of wheat and other commodities, has been
closed out during the past year.
Norges Bank and Sveriges Rikshank.—Both of these accounts, which
were opened at the request of the Treasury Department to effect
disbursements for the War Department, have been closed out, the
former on September 24, 1919, the latter on April 10, 1919.
De Javasche Bank.—In April, 1919, a limited arrangement was
effected between ourselves and de Javasche Bank whereby we agreed
to hold United States gold coin in custody for them, open a current
account in their favor, and buy bills for them in this market. This
arrangement is now in actual operation.
Bank of Spain.—This account was opened in August, 1919, at the
request of the Treasury, to receive therein the pesetas which we purchased as fiscal agents of the United States to retire peseta certificates
of indebtedness issued by the Treasury in connection with the
250,000,000 Spanish peseta credit. Operations through this account
have been confined to such transactions.
India.—Operations under the arrangement between the United
Digitized forStates
FRASERand the British Government by which American importers
324
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
obtained rupees through the Federal Reserve Bank of New York to
>ay for imports from India were concluded on May 12, 1919, when the
ast sale was made. The total credits received by this bank under
the arrangement from November 28, 1917, when it went into operation, to May 12, 1919, were 202,500,000 rupees, all of which were
disposed of to our importers.
Argentina, Bolivia, and Peru.—Transactions under the arrangements entered into between the United States and the Argentine,
Bolivian, and Peruvian Governments, for the stabilization of exchange
between the United States and those countries, also came to an end
during the past year. The Argentine Government has withdrawn a
portion of the deposit held by us for its credit under the terms of this
agreement, but still retains a substantial amount on deposit with us.
Under the Bolivian agreement, which provided for a maximum
deposit of $5,000,000, we received $4,500,000, all of which was withdrawn during the first six months of the past year. No operations
were carried on through this bank under the Peruvian agreement.
t
GOLD IMPORTS AND EXPORTS.
From January 1, 1919, to June 9, 1919, the Federal Eeserve Bank
of New York forwarded to the Federal Reserve Board 810 applications for permission to export gold, silver, or currency, aggregating
$151,811,816.82, of which it recommended that 703 applications,
aggregating $138,258,264.62, should be granted.
While the embargo was in force the amount of gold exported from
the United States under license from the Federal Reserve Board
aggregated $14,035,672, while imports during that period were
$24,310,573, making a net gain in our gold supply from imports of
$10,274,901.
ACQUISITION OF GERMAN GOLD.
The Federal Reserve Banks received in London approximately
$173,000,000 in gold, representing payment by the German Government for foodstuffs bought in the United States. That amount was
introduced into the gold reserves of the Federal Reserve Banks and
is, therefore, tantamount to an importation. Approximately
$42,000,000 of this gold has been sold to banks for exportation to the
Far East, and would have been withdrawn from this country if it had
not been available in London.
The German gold mentioned above, which this bank purchased in
May, 1919, from the United States Grain Corporation at bullion value,
consisted of approximately 730,000,000 German marks against which
we originally made an advance to the Grain Corporation of 92 per
cent, or about $159,000,000, based upon a preliminary examination
of the gold. This advance was later increased to 98 per cent, or
approximately $170,000,000, as more accurate returns on the value
of the gold were received. Two hundred and ninety million marks of
this gold was deposited with the National Bank of Belgium, Brussels,
and the balance, 440,000,000 marks, with de Nederlandsche Bank,
Amsterdam. At our request the Bank of England undertook the
transfer of this gold from the Continent to London, and as it arrived
at the Bank of England it was introduced into our reserves and prorated among all the Federal Reserve Banks. All of the gold has
arrived at the Bank of England, and most of it has been reduced to
Digitized forbars.
FRASER
DISTRICT NO. 2—NEW YORK.
325
INTERNAL MANAGEMENT.
Throughout the year the board of directors met weekly and the
executive committee daily except on Saturdays and holidays. Other
committees of the board have held meetings as occasion required.
One of the subjects to which the directors and officers gave special
attention during the first eight months of the year was the development of a form of internal organization which would facilitate the
most effective conduct of the bank. After thorough study and analysis, a plan was adopted which went into effect on September 2. It
has as its fundamental aim the separation of the functions of operation and organization, and involves placing the responsibility for
conducting each department upon its own chief administrative
officer and requiring it to transact completely the business falling
within its province. Every activity is definitely allocated to a
specific department, and responsibility is thus more definitely fixed.
The office of cashier, through whom all operating matters, in the last
analysis, formerly had to pass, is abolished.
The officers are grouped as follows: (A) Junior officers, (B) senior
officers, and (C) general officers. The junior officers are the managers
of the various departments. Their title corresponds with the title of
assistant cashier, formerly used. Each one of these managers is
responsible for the duties of operation or organization as the case may
be, which attach to his department, and has working under him subordinates authorized to sign within specified limitations and a sufficient staff to complete all business of his department.
Each of the senior officers, called controllers, is assigned to one or
more of the functions of the bank and is responsible for the development of policies relating to his particular function and for the supervision of the departments charged with carrying out the various
aspects of such function. The controllers, therefore, do not operate
the departments of the bank, but supervise and control their policies.
The number of managers at present is 26, and the number of
controllers is 12. At present some of the controllers are a< ting as
managers and some of the deputy governors are a-v ting as controllers.
The general officers of the bank are as follows: Governor, deputy
governors, and chairman of the board of dire' tors.
These officers form the managing committee of the bank with
which certain controllers are from time to time invited to sit. The
managing committee meets daily ex* ept Saturdays. Its members
are not assigned to specific iuw tions or departments of the bank,
but are concerned with general policies of administration.
Another aim of this plan of organization is to center greater responsibility upon the junior and senior offi< ers and to open to them more
opportunities for promotion than existed under the old form of organization, where there was only one (ashiership through whith all
assistant cashiers would normally expect to receive promotion. The
plan of fixing operating responsibility has been extended even below
the rank of manager. In many of the departments there are divisions, each in charge of a (hief, and many of the larger divisions
are divided into sections, each in charge of a supervisor.
The plan of organization has now been in operation about four
months, and seems to be working satisfactorily as a means of accelerating administration and of fixing and developing responsibility.
326
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Living cost continued to increase during the year, and the
directors, with the approval of the Federal Eeserve Board, supplemented the normal compensation of employees by additional payments. From January until October this additional compensation was
25 per cent on salaries up to and including $1,500 a year; 20 per cent on
salaries of more than $1,500 up to and including $3,000; and 15 per
cent on salaries of more than $3,000 up to and including $5,000 a year.
For the last quarter the additional compensation was on the basis of 50
per cent on salaries up to and including $1,500: 40 per cent on salaries
above $1,500 up to and including $9,000, and 25 per cent on salaries
of more than $3,000 up to and including $6,000 a year; these higher
percentages being in the nature of an adjustment for the year.
THE BUFFALO BRANCH.
The first branch of the Federal Reserve Bank of New York to
be established was opened for business at Buffalo on May 15, 1919.
The purpose was to make the facilities of the Federal Reserve Bank
more readily available to banks in the western part of New York
State. The territory assigned to the branch included the counties
of Monroe, Livingston, Allegany, Orleans, Genesee, Wyoming, Cattaraugus, Niagara, Erie, and Chautauqua. It is optional with member
banks in those counties to deal with the Buffalo branch or with the
main office in New York.
The branch was placed in Buffalo, a city of more than 500,000
people, whose industries are unusually diversified, because of its
commercial and banking importance. The branch was established
at the request of the Buffalo banks and all but one of the eligible
State institutions not already members of the Federal Reserve
System applied for and were admitted to membership. At present
there are 75 member banks with capital and surplus of -131,186,000
in the branch territory, aside from 84 nonmember institutions.
Functions of the branch.—The by-laws adopted for the branch
permit it to exercise many of the functions which had been performed
at the .main office in New York; nevertheless an intimate connection
is to be maintained in all of its operations between the branch and the
bank in New York. It is permitted to receive from member banks
and other Federal Reserve Banks checks and drafts for collection on
the same terms and conditions as they are received by the Federal
Reserve Bank in New York. It sends items direct to all member and
nonmember banks on the par list in this district for payment by
remittance to the Federal Reserve Bank of New l o r k in New York
funds or, if preferred, for payment by remittance to the Buffalo
branch in Buffalo funds. In either case a single remittance may be
made for letters received from both New York and Buffalo. It
receives deposits from member banks and makes payments of money
to or through them for the account of other member banks. These
payments include the supply of currency in all denominations. It
makes telegraphic transfers without charge for the account of member banks and Federal Reserve Banks. It collects maturing notes,
drafts, bills of exchange and coupons for member banks in the Second Federal Reserve District, for the Federal Reserve Bank of New
York or for other Federal Reserve Banks. It receives from member
banks within its territory applications for discount of eligible paper,
which are sent to New York, with recommendations by the Buffalo
Digitized forbranch,
FRASER for final action and credit, or for such other disposition as
DISTRICT NO. 2—NEW YORK.
327
may be desired for the applying member bank. It pays Government
checks, Liberty bond coupons, maturing United States certificates of
indebtedness and other Government obligations, and also receives and
holds securities for safe-keeping for the account of member banks in
its territory.
FISCAL AGENCY OPERATIONS.
The sale and handling of Government issues.—The sale of the
Victory loan in the spring of 1919 was the final stage in the great
series of Treasury operations for funding the country's war indebtedness. Like its predecessors the Victory loan presented a problem
which was not limited to selling bonds, but extended to the creation
of a new public attitude toward investments.
In the 12 months of 1919 there were sold through the Federal
Reserve Bank of New York a total of $4,506,155,500 of certificates
of indebtedness, making a total of $11,019,491,000 since the war
began and approximately 42.6 per cent of all the certificates sold
in-the country since the issues were initiated.
The general participation by the banks of this district in the
purchase of certificates is shown by the fact that all but 84 out of a
total of 1,262 commercial and savings banks in the district appear
in the list of subscribers. The banks outside New York City received allotments to Victory loan certificates of 101 per cent of
their total quota, as against 108 per cent in the case of the fourth
loan certificates, and New York City banks received allotments of
126 per cent of their quota of Victory loan certificates as against
135 per cent of fourth loan certificates.
The redemption of certificates in this district has been materially
in excess of sales, indicating that many certificates sold in other districts have been sent to this market prior to their maturity dates.
The total amount redeemed through this bank up to December 31
was $4,351,057,500, of which $2,872,177,500 were redeemed in cash;
$646,031,500 were exchanged for other issues and $832,848,500 were
presented in payment for bonds and in payment of taxes.
The Victory loan.-—As in previous loans, the amount subscribed in
the second Federal Reserve district to the Victory loan exceeded the
quota assigned. Total subscriptions exceeded the quota by 31 per
cent, thus placing the New York district at the head of all districts,
not only in the total sold but in the excess subscribed above the
quota assigned. The number of subscribers was less than in either
the third or fourth loans, and the average subscription was greater
than in either of those loans. The reduction in the number of subscribers is accounted for mainly on the ground that many subscribers
on partial-payment plans were still paying on the two previous loans.
Furthermore, the sense of universal obligation present in the campaigns when the country was still at war had somewhat passed. The
increase in the size of the average subscription was a reflection of the
greater financial attractiveness of the Victory loan.
Government deposits.-—-The number of banks qualifying as depositaries increased from 867 in the fourth loan to 889 in the Victory loan.
Custodians of collateral acted in 35 cities, a reduction from the
earlier loans.
Collateral agents of the second class for the sale of Treasury savings
certificates, war-savings certificate stamps, and thrift stamps, were
appointed by the Federal Reserve Bank, which received the securities
pledged
by them as collateral.
328
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
This year internal-revenue collectors deposited with us for the
credit of the Treasurer of the United States, checks representing payments of income and excess-profits taxes, but these funds were not
redeposited with depositary banks as was the case during June, 1918.
inasmuch as the funds were required in most instances for immediate disbursement.
Government disbursements.—Disbursements hy the Treasury Department through this bank have continued in very large volume
throughout 1919. Nearly 13,000,000 Treasury checks were handled
as against 11,100,000 in 1918, but the average size has been somewhat smaller. Consequently, the total of nearly $5,000,000,000 for
a year ago was not reached. The day of largest transactions was on
April 21, when 96,153 checks were handled.
EXHIBIT A.—Classification of earning assets of the Federal Reserve Bank of New
York,
[In thousands of dollars.]
Discounted
paper se- Other
discured b v
United counted
paper.
Stales
war obligations.
Date.
3
10
. . . .
17
24
Feb
31
7
14
20
. . .
....
28
Mar
14
21
Apr.
28
4
11
18
25
May
2
9
. .
16
23
June
29
6
13
20
27
July 3
11
. . .
18
Aug.
25
1
15
22
29
Sept.
. . . .
8
. .
5
12
19
Oct.
26
3
10
17
24 .
Mov.
31
14
28
Dec. 5
12
19
. . .
691,786
644,980
56?, 446
663,904
591,242
639,721
731,071
707,364
741,979
775,574
761,365
6/6,608
661,987
628, 697
692,682
671,695
685,022
678,623
741,711
792,953
708,974
703,252
634,661
630,112
584,513
567,632
674,449
742,901
fi67,802
649,147
644,096
641,566
615,433
619,361
656,305
672,070
611,442
483,053
617J837
674 010
697,763
698,653 J
675,3?6
702,142
795,212
721,344
701 956
753,834 !
667,512 :
654 401
515,035
584,588
26
1 + 2.
736,093
684,239
602,981
710,557
633,761
688,947
782,520
754,281
787,038
804,731
790,509
708,660
691, 487
654,269
724,189
700,439
709,067
700,651
761,885
825,571
732,396
729,929
673,610
660,756
624,295
621,117
740,123
805,243
729,577
717,893
702,216
695,191
49 ^ 853 665,286
46,978 666,339
43,891 70:>, 196
52,791 724,861
49,692 661,134
45,539 528.592
47,707 665J544
72,578 746,588
104,877 802,640
116,668 815,321
105,083 780,419
130,880 833,022
109,139 904,351
98,759 820,103
88,855 790,811
107,068 860,902
119,342 786,854
144,924 799.325
143,537 658,572
203,606 788,194
44,307
39,259
33,535
46,653
42,519
49,226
51,449
46,917
45,059
29,157
29, 234
32,052
29, 500
25,572
31,507
28,744
24,045
22,028
20,174
32,618
23,422
26,677
38,949
30,644
39,782
53,485
65,674
62,342
61,775
68,746
58,120
Per cent
1-5-3.
94. 0
94.3
94. -1
93.4
87.5
92.9
93. 4
93.8
94.3
96.4
96.3
95.5
95. 7
96.1
95. 6
95.9
96.6
96. 8
97.4
96.0
96.8
96.3
94.2
95.4
93.6
91.4
91.1
92.3
91.5
90.4
91.7
92.3
92.5
92.9
93.7
92.7
92.5
91.4
92.8
90.3
86.9
85.7
86.5 I
84.3 i
87.9 |
88.0 |
88.8 |
87.5 !
72.7 '
81.9 !
78.2 :
74.2 !
Bills
bought
in open
market.
Total
bills dis- United
Totai
counted
States
earning
and
ecurities. at
bought.
76,294 812,387
79,628 763,867
84,148 687,129
93,385 803,942
83,727 717,488
64,524 753,471
54,927 837,447
41,399 795,680
43,325 830,363
40,088 844,819
16,897 807,496
27,158 735,818
41,329- 732,816
55,612 709,881
57,017 .781,206
54,730 755,169
46,903 755,970
47. 311 747,962
43,737 805,622
42,691 868,262
44,424 776,820
44.853 774,782
51J779 725,389
71,992 732,748
80,948 705,243
100,822 721,939
113,047 853,170
119,363 924,606
91,563 821,140
91,497 809', 390
98,002 800,218
106,980 802,171
111,654 776,940
105,843 772,182
94,288 794,484
71,177 796,038
70,955 732,089
73,521 602,113
76,4|01 741,945
87,682 834,270
81,400 883,040
85,315 900,636
97,925 878,344
85,373 918,395
54,323 958,674
77,896 897,999
86,379 877.190
97,021 957,923
131.865 918,719
147,'030 946,355
179,382 837,954
191,312 979,506
43,241
855,628
76,136
840,003
169,139
856,268
47,852
851,794
157,247
874,735
47,896
801,367
49,426
886,873
54,119
849,799
60,138
890,501
61,096
905,915
64,852
872,348
65,826
801,644
65,394
798,210
66,179
776,060
70,850
852,056
70,827
825,996
70,126
826,096
70,658
818,620
76,026
881,648
76.713
944,975
69,639
846,459
69,834
844,616
67,492
792,881
67,628
800,376
64,818
770,061
65,253
787,192
58,684
911,854
60,371
984,977
59,086
880,226
60,309
869,699
62,887
863,105
64,498
866,669
77,951
854,891
66,477
838,659
67,811
862,295
68,640
864,678
826,148
194,059
734,206
132,093
816,761
64,816
905,048
70,778
954,118
71,078
974,408
73,772
953,124
74,780
994,395
76,000
76,015 1,034,689
76,519
974,518
76,871
954,061
78,991 1,036,914
76.714 I 995,433
69,461 ! 1,015,816
98,800
936,754
68.654 1,048,160
329
DISTRICT NO. 2—NEW YORK.
EXHIBIT B.—Movement of gold and cash reserves, Federal Reserve note and net deposit
liabilities, etc, Federal Reserve Bank of New York.
[In thousands of dollars.]
Date.
Jan. 3.
Feb.
Mar.
Apr.
* May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
10,
17.
24.
31.
7.
14.
20.
28.
7.
14.
21.
28.
4.
11.
18.
25.
2.
9.
16.
23.
29.
6.
13.
20.
27.
3.
11.
18.
25.
1.
8.
15.
22.
29.
5.
12.
19.
26.
3.
10.
17.
24.
31.
7.
14.
21.
28.
5.
12.
19.
26.
1
Gold
reserves.
Total
cash
Federal
Reserve
notes in
actual circulation.
Net
deposits.
(3+4)
686,208
617,160
588,365
592,552
568,367
625,547
568,670
588,156
588,288
596,479
649,122
728,407
735,392
779,865
697,747
734,509
747,072
756,684
700,700
649,596
744,924
751,488
766,149
737,357
771,515
782^ 982
656,095
615,349
614,174
642,194
696,744
645,930
582,503
557,162
527,446
562,836
592,478
622,8S6
640,130
633,955
556,746
552,497
613,344
575,979
568,105
615,815
632,927
610,953
590,905
577,407
608,107
570,438
734,896
670,308
640,515
644,321
621,297
677,213
620,327
64 •"», 463
639,268
647,494
701,213
780,836
788,481
832,649
751,406
787,011
801,611
80S, 905
752,070
702,275
790,636
802,172
818,039
789,165
823,384
834,523
706,190
667,228
662,674
689,885
745,301
693,519
631,071
606,270
577,759
614,413
643,875
674,216
690,902
686,215
610,291
605,871
663,929
625,606
618,135
665,565
683,192
660,539
641,012
626,910
654,376
616,040
724,932
691,455
665,688
650,587
647,913
650,046
664,613
666,858
677.619
689', 212
710,002
715,569
723,160
736,433
738,128
738.169
738,812
741,385
751,273
742,067
735,462
742,390
736,674
736,288
735,226
737,437
762,915
751,780
742,980
739.165
745,918
745,723
748.166
749,975
752,283
758,794
752,893
747,239
753,135
761,705
759,830
758,191
750,809
750,715
763,700
755,745
758,797
767,398
774,971
778.170
806,615
824,944
795,455
747,131
759,157
771,261
772,464
751,587
765,496
745,635
776,240
787,777
786,270
789,168
780,338
793,240
786,894
796,002
808,476
805,298
800,989
822,557
825,936
822,577
792,185
770,263
774,416
800,002
769,602
814,052
713,164
730,257
770,844
807,338
643,504
598,747
590,729
620,946
615,945
558,271
636,108
720,991
694,009
714,130
754,133
754,631
772,241
765,963
757,926
808,095
738,430
740,880
660,213
714,874
1,520,387
1,438,586
1,424,845
1,421,848
1,420,377
1,401,633
1,430', 109
1,412,493
1,453,859
1,476,989
1,496,272
1,504,737
1,503,498
1,529,673
1,525,022
1,534,171
1,547,288
1,546,683
1,552,262
1,564,624
1,561,398
1,564,967
1,528,859
1,506,551
1,509,642
1,537,439
1,532,517
1,565,832
1,456,144
1,469,422
1,516,762
1,553,061
1,391,670
1,348,722
1,343,012
1,379,740
1,368,838
1,305,510
1,389,243
1,482,696
1,453,839
1,472,321
1.504,942
I', 505,346
1,535,941
1,521,708
1,516,723
1,575,493
1,513,401
1,519,050
1,466,828
1,539,818
Ratio of cash reserves to net deposits Federal Reserve note liabilities combined.
Reserve
percentage, i
48.3
46.6
45.0
45.3
43.7
48.3
43.4
45.3
44.0
43.8
46.9
51.9
52.4
54.4
49.3
51.3
51.8
52.3
48.4
44.9
51.0
51.3
53.5
52.4
54.5
54.3
46.1
42.6
45.5
46.9
49.1
44.7
45.3
45.0
43.0
44.5
47.0
51.6
49.7
46.3
42.0
41.2
44.1
41.6
40.2
43.7
45.0
41.9
42.4
41.3
44.6
40.0
330
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
So
FEDERALRESERVE BANK OF NEW YORK
MOVEMENT OFEARNING ASSETS
DURING CALENDAR YEAR 1919.
3I
200
too
•
0
unnWSTATEy SSEC
200
100
0
ACCEPTANCESB
100
*
too
'
UES.
^^
mm
dmHT.
m
200
too
o
CO
80
80
60
60
40
20
20
0
0
PERCEISrAOE OF WAR PAPER TO TOTAL DISCOUNTS.
tooo
(00O\
300
aoo
POO
TOTAL BILLS DISCOUNTED "D; AMD WAR PAPER;W".
1200
1100
1200
1100
TOTAL EARtWiG ASSETS.
331
DISTRICT NO. 2—NEW YORK.
i
FEDERALRESERVE BANKOF NEW YORK
NET DEPOSIT LIABILITY,
F.R. NOTE CIRCULATION,
CASHRESERVES,Am>RE$ERVERATIO.I9l9.
i
70
60
70
60
50
40
30
20
10
0
y
SO
V
4O
30
20
10
O
RESERVE RATIO, (PERCENTAGE OF C+L).
F.R. nOTECIRCULAT/O/1.
1800
1800
1600
1600
1400
1400
I2OO
1OOO
ft, ANPTOTAL RESERVES, "C.
JAM. FEB. MCH. APRL MAY JUtit JULY AUG. SEPT OCT. IHOY. DEC.
178983—20
332
ANNUAL REPOBT OF THE FEDERAL RESERVE BOARD.
The statement of condition of the Federal Reserve Bank of New
York as of December 31, 1919, compared with that for December 31,
1918, is as follows:
EXHIBIT C.—Statement of condition.
RESOURCES.
Reserves:
Gold w i t h Federal Reserve agent
Gold redemption fund for Federal Reserve n o t e s .
Gold settlement fund
Gold bullion
G old coin and certificates
Gold with foreign agencies
legal-tender notes
Silver certificates and coin
Total reserves.
Loans and discounts:
Bills discounted for member banks
Acceptances purchased
United States bonds
United States one-year Treasury notes
United States certificates of indebtedness
United States securities held to secure Federal Reserve B a n k n o t e s .
Total investments..
Other resources:
Federal Reserve notes and other cash
Federal Reserve B a n k notes
R e d e m p t i o n fund Federal Reserve B a n k notes
I t e m s in process of collection
Exchanges for clearing house and s u n d r y cash items
Due from foreign banks
*.
Interest accrued on United States bonds
Deferred charges and prepaid expenses
Advances made for Treasury United States account expenses
L iberty loan and war savings committee
Real estate
Total other resources.
Total resources
Capital:
Capital paid i n .
Surplus".
Total capital fund.
Deposits:
Due to United States Government
Due t o foreign G overnments and banks
Due to m e m b e r banks—reserve balances
Due to member banks—uncollected funds
Due to nonmember banks, deposit account
Due to other Federal Reserve Banks—collected funds
Due to other Federal Reserve Banks—-uncollected funds
Officers' checks outstanding
Gross deposits..
Notes:
Federal Reserve notes outstanding
Federal Reserve B a n k notes outstanding-.
Total.
Other liabilities:
Depreciation reserve account
General reserve account
Unearned discount and interest
Participation certificates Liberty loan bonds
Reserve franchise t a x
Due to United States Government as franchise tax
All other liabilities
Total other liabilities..
Total liabilities
Dec. 31, 1919.
Dec. 31, 1918.
$306 ,756,215.00
25! 000,000.00
U, 976,859. 68
9L 597,931.24
62, .635,827.49
481 194,795.30
770,842. 00
, 422,808. 50
$274,392,165.00
25,000,000.00
66,790,455.76
79,101,340.83
179,674,640.70
595,355,279. 21
672.528,785.14
790,803,288. 24
202,902,609.54
1,30(5,800.00
697,341,455.69
77,576,632.94
1,447,700.00
521,000.00
93,374,500.00
34,955,000.00
8,445,500. 00
59,276,000.00
43,038,200.00
4,531,976.85
1,062,734,197.78
905,216,288. 63
132,138,895. 83
3,527,000.00
2,900,000.00
194,382,544.39
54,532,017.18
1,141,326.31
543,500.33
164,525.49
97,048,219.95
751,000.00
1,689,250.00
145,736,177.53
36,401,491.78
6,770,374.11
172,87K. 27
150,194. 29
977,835. 29
3,094,050.00
393,401,694.82
2,051,491,171.81
3,023,724.56
2,317,692.39
294,061,002. 88
1,871,806,076.65
22,390,750.00
45,081,932.63
20,820,100. 00
8,322.040.00
67,472,682.63
29,142,140.00
5, 849,025.28
27, 569,776.45
755. 951,452.59
88: 568,032.65
11] 655,844.36
964,615. 44
72. 337,079.52
7; 170,350.28
6,
5,705, 629.16
95,976, 172.85
705,062,061.27
72,173, 899.90
5,382,207.29
78,986, 137.26
6,934, 425. 41
4,998,919.04
976,066,176.57
975,219,452.18
939,715,955. 00
58,200,000.00
819,015,835.00
33,785,000.00
997,915,955. 00
852,800,835.00
526,621.35
822,682. 42
2,737,510.26
20,130.00
205,880.00
299,375.00
1,308,769.90
34,410.00
12,795,214. 57
2, 703,893. 63
3, 225,519. 95
10, 036 357. 61
14 ,643 ,649.47
2,051, 491 171. 81
1,871 ,806 ,076.65
DISTRICT NO. 3—PHILADELPHIA.
R. L. AUSTIN, Chairman and Federal Reserve Agent.
As was to be anticipated from the reports made from time to time
as to the activity of business, the operations of the Federal Reserve
Bank of Philadelphia during the year 1919 were very much larger
than for the previous year.
GENERAL BUSINESS CONDITIONS.
At the opening of the year the business outlook was uncertain and
operations were still dominated by conditions incident to the ending
of the World War. Cancellations of Government contracts and
civilian orders also had a depressing effect. The inability of buyers
and sellers to agree on prices resulted in a decrease in the volume of
business and the appearance of some unemployment which lasted for
three or four months, but at the end of the year the majority of the
business concerns of the district report orders on hand far in excess
of the capacity to fill them. Business conditions generally, as far as
demand and supply are concerned, are good almost beyond precedent.
Skilled workers are scarce, and the disinclination of operatives to do a
full day's work is curtailing production. Prices of raw materials have
kept pace with the extremely high prices demanded for manufactured
goods, and the amount of capital required to conduct business has
greatly increased, making necessary much larger lines of credit.
EARNINGS AND EXPENSES.
Net earnings of the last fiscal year have been extraordinarily large.
Total earnings show unusual increases, and total expenses have consumed only 21 per cent of them, as compared with 25 per cent in both
1918 and 1917.
Total earnings for 1919 were $8,609,000 and current expenses were
$1,775,000, leaving net earnings of $6,834,000. The net earnings were
89 per cent of the average capital stock for the year, as compared to
46 per cent in 1918 and 12 per cent in 1.917.
After the deduction of the reserve for depreciation on United States
securities and other sundry purposes, the net amount available for
dividends and surplus was $6,6 9,000. Dividends at the rate of 6
per cent were paid for the year, and $6,196,000 was transferred to
surplus fund, bringing the total of that fund up to $8,80, ,000, or
approximately 111 per cent of the paid-in capital stock at the end
of the year. Exhibit C shows comparative statements of condition
at the ends of the last three years.
In viewing the earnings for the year, it should be borne in mind that
a large part of the lending power of the bank is derived from its noteissuing privilege, a function conferred by the Government. Had its
333
334
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
power to extend credit depended entirely upon its deposits and capital, the bank would have been of comparatively little aid to the
business community, but through its note issues, which averaged
$212,000,000 for the year and were approximately twice the average
deposits of member banks, it was able to serve the community as
it did.
RESERVE POSITION.
The reserve ratio of this bank hovered between 40 and 45 per cent
all the year, the higher percentages being prevalent early in the year.
The cash reserve in 1919 averaged approximately $130,000,000, as
compared with $150,000,000 in 1918. Federal reserve note liabilities held fairly steady at levels considerably in excess of the average
figures for 1918, and deposit liabilities were also larger.
The demands on the bank for loans and discounts to carry the large
amount of subscriptions to Government bonds, notes and certificates
received from this district, so reduced its reserve that it was compelled
to rediscount constantly throughout the year.
Exhibit B gives weekly figures showing items of interest in connection with the reserve position. An illustrative chart shows the
reserve position during the past year.
DISCOUNT RATES.
The discount rates established early in 1918 were continued in force
until November 6, 1919. In April of this year a rate was quoted on
collateral notes of member banks and rediscounts secured by bonds
of the War Finance Corporation. This rate was set at 1 per cent
above the rate prevailing on commercial paper of the same maturity,
as required by the act. On November 6 a schedule of rates was put
into effect which, in the main, removed the differential in favor of
collateral notes of member banks and paper of short maturities.
Further advances were made on December 16, at which time the rates
on loans secured by Government securities (with the exception of
certificates of indebtedness) were advanced to the level of the rates
on commercial paper.
DISCOUNT OPERATIONS.
The discount operations were influenced chiefly by the fiscal operations of the Treasury during the year. Including the Victory loan
and the various issues of loan and tax certificates there was placed
in the Third District more than $1,000,000,000 of Government
securities during the year. The banks not only bought extensively
of the certificates themselves, but they encouraged other purchasers,
and particularly so in the case of the Victory loan. They became
well loaned up, and in order to meet commercial demands they made
free use of the rediscounting privilege.
The applications for loans received were far larger than in 1918 and
increased steadily as the year progressed. Note obligations made
up the bulk of the investments. Very little commercial paper was
offered for rediscount to maturity till the last months of the year,
the banks preferring to make
use of the so-called ^rediscount under
agreement to repurchase/7 whereby they could secure advances for
335
DISTRICT NO. 3—PHILADELPHIA.
15 days at the 15-day rate. The extensive use that was made of the
short-term borrowing served to swell the totals of discount operations.
The average daily earning assets of the bank show steady advances
up to the end of the year. In December the average was $243?8097000;
as compared with $197,818,000 in December, 1918. The following
table shows the average daily holdings of the several classes of
earning assets for each month and for the year 1919, while their
movement by weeks during the year is shown in Exhibit A.
Earning assets—Average daily amount.
Bills discounted.
January
February
March
April
p
May
June
July
August
September..
October
November..
December..
1
Total.
1918
$177,059,450
185,697,841
i 187,159,834
188,689,151
$2,872,846
2,232,553
1,919,778
1,403,379
907,967
940,800
702,571
689,749
843,225
632,484
1,394,053
4,442,333
$11,812,254
12,631,828
15,524,916
18,347,500
20,312,496
23,215,560
25,307,774
27,337,016
29,304,400
30,431,803
31,663,083
32,541,238
$191,744,551
200,562,223
204,604,528
208,440,030
213,595,405
216,680,799
214,600,141
221,288,397
226,759,699
235,140,228
238,126,494
243,809,469
193,194,965
75,556,041
1,581,247
18,375,123
23,262,740
7,135,005
218,038,952
, ,
192,374,941
192,524,439
188,589,796
193,261,631
196,612,073
204,075,940
205,069,357
206,825,891
Average, 1919
Average, 1918
United
Bills bought. States securities.
i $56,592,574
53,576,334
58,196,659
63,680,782
69,155,715
77,315,535
88,626,133
102,304,319
114,640,100
138,135,408
189,486,768
197,818,495
101,067,237
Small amount of municipal warrants included.
The earnings from discounted paper and open-market purchases,
including United States securities, were $8,550,000, as compared with
$4,230,000 in 1918, though the average rate of return was only 3.94
per cent as compared to 4.19 per cent in 1918. United States securities afforded an average rate of return of only 2.13 per cent as compared with 3.27 per cent in 1918, but this is accounted for by the
large proportion of one-year notes of the United States, yielding 2
per cent, which were held to secure Federal Reserve bank notes.
Last year United States bonds and certificates formed a considerable
percentage of the total amount of United States securities held.
BILLS DISCOUNTED.
Total bills discounted during the year amounted to $10,736,435,000;
in 1918 this total was $1,857,642,000. The number of banks accommodated this year was 494. Notes secured by United States Government obligations formed a very large proportion of the investments
of the bank. On the last Friday of December the ratio of paper
secured in this manner to total discounted paper was 86 per cent of
the total paper under discount, as compared with 89 per cent on the
corresponding Friday in 1918. The increase in discount rates on
short-term paper early in November caused many of the banks to
decrease their presentations of collateral notes and substitute in their
stead their customers' paper secured in like manner. Notes secured
by War Finance Corporation bonds were discounted in small amount.
Until the end of the year the commercial paper presented was inconsiderable, but the increased rates on Government secured paper
instituted in December resulted in larger offerings. Bankers' and
336
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
trade acceptances played an unimportant part in the discount operations of the year and did not form a total at all comparable to that
of 1918. Due to the industrial predominance of the district, agricultural paper was offered only in small amounts.
Total discounted paper held at the end of the year was $209,854,000;
at the end of 1918 the figure was $178,819,000, thus indicating an
increase of 17 per cent during the year.
OPEN-MARKET OPERATIONS.
The open-market operations of this bank during the past fiscal year
Were practically negligible. The demands on its resources through
the discount of paper offered by member banks precluded the investment of large sums in paper to be purchased elsewhere. Bankers'
acceptances in foreign transactions formed the major portion of such
investments. Dollar exchange bills were bought only in the first
month. Total operations under this heading for the year were
$14,048,000; in 1918 they were $120,008,000.
FEDERAL RESERVE NOTES.
The circulation of Federal Reserve notes fell off very noticeably
during the first few months of the year and attained a low point of
$200,498,000 on June 21. Exhibit B shows the general trend during
the past year. The decrease in the beginning of 1919 can be traced
to the falling off in business. The increased activity which began
early in the year was reflected in larger circulation in August, and a
steady increase in such issues continued until almost the end of the
year.
The maximum amount of notes ($241,348,000) was in circulation
on December 24, as compared to the former high level of $235,586,000
on December 26, 1918. Immediately after Christmas the notes
began to return in large amounts.
Notes of the smaller denominations have been in greatest demand,
with $10 and $20 notes forming the bulk of those issued to the
Federal Reserve Bank. There has been very little call for notes of
higher denominations than $100, though a reserve supply is maintained to care for any need that may arise.
FEDERAL RESERVE BANK NOTES.
Demand for notes of small denominations continued throughout
the year, and was especially urgent in the month of December, due
to the great activity in retail trade. This demand was met by the
issuance of Federal Reserve bank notes in place of silver certificates
which were retired under the Pittman Act. The amount of notes in
actual circulation increased from $8,926,000 at the end of 1918 to
$28,791,000 at the end of 1919, or 223 per cent.
Melting of silver dollars authorized by the Pittman Act was discontinued in May.
COUPON DEPARTMENT.
The work of the coupon department has been more than triple that
of 1918 in the number of items handled and their total amounts.
Fourteen persons are now employed in this division. The number of
items handled has run as high as 111,000 a day, and the amount has
DISTRICT NO. 3
PHILADELPHIA.
337
been in excess of $1,700,000. The distribution of the maturities of
Government coupons over the various months of the year has created
a steady demand on the services of this department.
The total number of items handled during 1919 was 8,258,108, as
compared to 2,728,361 in 1918. The value of these coupons during
the last fiscal year was $47,063,622.79, in comparison to $11,735,022.64
in 1918.
COLLECTION DEPARTMENT.
The work of the collection department was much larger than the
previous year and increased during the year to a high point in December. No charges are made on items except the actual cost of
postage, insurance, and registration on maturing coupons, bonds, and
other securities attached to drafts sent for collection and 15 cents on
items returned unpaid to member banks.
GOLD-SETTLEMENT FUND.
The operations through the gold-settlement fund were much larger
than in 1918, record figures being reached in December of this year.
Payments received through this fund totaled $7,630,713,000 in comparison to $5,440,137,000 in 1918, and the amounts paid to other
Federal Reserve Banks were $7,636,447,000 as compared to
$5,434,826,000 in the previous year.
TRANSIT AND CLEARINGS.
The transit department reports operations for the year on a much
larger scale than in 1918. In dollars this increase is not so noticeable, the total value of all items handled this year being
$13,843,000,000, as compared with $11,292,000,000 in 1918. In
point of number of items handled, however, very large increases are
reported, the number of items passing through the department being
34,886,768 as compared with 17,133,761 in 1918. This points to a
considerable decline in the average amount of each item, and, as the
tables which follow demonstrate, this is particularly true of such
items as were drawn on Philadelphia banks. The department
handled as many as 156,000 items in a day.
The campaign to extend the par system to all banks in the district
was rewarded with complete success. At the beginning of the year
items were received without exchange charges by all member banks
and all nonmember banks with the exception of 115. Continual
efforts were made to have these 115 institutions remit at par, and by
July 1 the number had been reduced to 46. Shortly before this time
it was decided that, beginning July 1, this bank would receive and
collect all items at par, collections on institutions making exchange
charges being handled through the express companies. Further
efforts on the part of this bank resulted in the bringing of all institutions into the collection system.
338
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
OFFICERS AND DIRECTORS.
Richard J;. Austin, chairman and Federal Reserve agent; Henry B. Thompson, deputy chairman; E.
Pusey Passmore, governor; Edwin S. Stuart, deputy governor; Willliam H. Hutt, deputy governor.]
Class.
B
Group 1
Group 2
Group 3
[Group 1
| Group 2
lGroup3
Name.
Residence.
Joseph Wayne, jr., president Girard National
Bank, Philadelphia, Pa.
Francis Douglas, cashier First National Bank,
Wilkes-Barre, Pa.
M. J. Murphy, care of A. B. Leach & Co., bankers,
New York City.
Alba Johnson, vice president Southwark Foundry
& Machine Co., Philadelphia, Pa.
Edwin S. Stuart, merchant, Philadelphia, Pa
Charles K. Haddon, vice president Victor Talking
Machine Co., Camden ,N. J.
Richard L. Austin
Henry B. Thompson, president U. S. Finishing
Co., New York City.
Charles C. Harrison
Philadelphia, Pa..
Wilkes-Barre, Pa.
Clarks Green, Pa..
Rosemont, Pa
Philadelphia, Pa..
Camden, N. J
{
Term expires
Dec. 31,1920
Dec. 31,1921
Dec. 31,1919
Do.
Dec.
Dec.
Philadelphia, Pa.... Dec.
Wilmington, Del.... Dec.
Philadelphia, Pa.... Dec.
31,1920
31,1921
31,1920
31,1919
31,1921
Mr. R. M. Miller, jr., cashier of the Farmers & Mechanics National
Bank of Phoenixville, Pa., and Mr. Frank W. Labold, of this bank,
were elected assistant cashiers on May 1, and Mr. Samuel Earle, paying teller of the bank, was elected an assistant cashier on December 18.
Mr. R. D. Stockton was elected comptroller on January 2 and assumed
office on February 1.
The resignation of Mr. Thomas Gamon, jr., an assistant cashier of
the bank, was presented to the board of directors at the meeting of
December 4.
At the meeting of the board of directors on December 31, the officers were confirmed in their appointments for the coming year and
Mr. Levi Rue, president of the Philadelphia National Bank, was again
selected to represent the Third Federal Reserve District on the
Federal Advisory Council.
The terms of office of Mr. Michael J. Murphy, representing the
group 3 banks as a class A director, and of Mr. Alba B. Johnson,
representing the group 1 banks as a class B director, expired on December 31, and they were reelected for terms of three years from January 1, 1920.
The increase in the operations of the bank has necessitated many
additions to the clerical force. At the end of this year there were 627
employees and 12 officers, as compared to 419 employees and 11
officers at the end of 1918.
The increased operations of the bank not only resulted in a larger
personnel, but an increased need for space as well. About 75 per
cent of the available room in its building is occupied by the bank.
The contemplated construction of a new vault in the basement of the
main banking building made necessary the rental of the first floor of
an adjoining building.
The comfort and convenience of the clerical force has been considered as much as possible, and on July 8 a cafeteria was opened on
the premises of the bank with complete equipment furnished by the
bank. Meals are furnished at cost; its service has been satisfactory
and has proved a physical and financial benefit to those connected
with the institution.
In connection with the Federal Reserve Club, a monthly magazine
has been issued, and educational courses are being prepared.
339
DISTRICT NO. 3—PHILADELPHIA.
THE THIRD FEDERAL RESERVE DISTRICT.
The boundaries of the district remain unchanged and include all of
Delaware, that part of New Jersey south of the northern boundaries
of Mercer, Burlington, and Ocean Counties, and that part of Pennsylvania east of the western boundaries of McKean, Elk, Clearfield,
Cambria, and Bedford Counties. The total area is 36,844 square
miles, making this the smallest of the Federal Reserve districts territorially. The population at the last census was 6,632,611, or 6.4
per cent of the total population of the country at that time.
At the end of the fiscal year our records show that there were 640
national banks and 453 State institutions, 38 of the latter class being
members of this Federal Reserve Bank. The total net additions
since January 1 to the list of national banks are 13, two of which are
accounted for by the conversion of State banks into national banks.
The total resources of all banks and trust companies in the district
on November 15 were $3,011,090,000, of which the national banks
totaled $1,741,542,000, or 58 per cent. Total resources in 1918 were
$2,702,193,000, indicating an increase of 11 per cent during 1919.
The table given below analyzes the figures compiled in greater
detail by States:
Banking resources—District No. 3.
[000 omitted.]
Pennsvlvania:
National banks (546)
State institutions (371)
Total (917)
New Jersey:
National banks (73)
State institutions (45)
Total (118)
Delaware:
National banks (19)
State institutions (33)
Total (52)
Total:
National banks (638)
State institutions (449)
Total (1,087)
Undivided Individual Bank
profits. deposits. deposits.
Total resources.
Capital.
Surplus.
$72,202
80,619
$104,433
119,354
$28,625
33,418
$966,054
806', 804
$112,398
8,727
$1,583,773
1,078,833
152, 821
223,787
62,043
1,772,858
121,125
2,662,606
6, 970
5,766
7,419
6,362
3,706
1,943
109,738
90,964
1,640
895
137,256
111,591
12,736
13,781
5,649
200,702
2,535
248,847
1,429
4,721
1,532
5,362
913
2,447
15, 245
68,750
605
1,058
20,513
79,124
6,150
6,894
3,360
83,995
1,663
99,637
80,601
91,106
113,384
131,078
33,244
37,808
1,091,037
966,518
114,643
10,680
1,741,542
1,269,548
171, 707
244,462
71,052
2,057,555
125,323
3,011,090
The capital and surplus of the member banks increased somewhat
during the year. This increase amounted to $10,682,000 in the case
of national banks in the district between the dates of August 31,
1918, and September 12, 1919. The borrowings of national banks on
their bills payable increased very largely, and the percentage of these
borrowings from the Federal Reserve Bank to total borrowings on
such paper was 99 per cent in the fall of 1919, as compared to 95 per
cent in the previous year.
Member banks in Philadelphia, Scranton, Camden, and Wilmington for the past two years have been reporting to this bank weekly,
the principal resource and liability items appearing in their statements. The figures given are for the last Friday in each month of
and 1919.
Digitized for1918
FRASER
340
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Member banks in Philadelphia, Camden, Scranton, and Wilmington.
[000 omitted.]
Loans
All
! United secured other
by
States
loans
securi- United
and
States
ties
owned. securi- investments.
ties.
1918.
January
February
March
April
May
June
July
August
September
October
November
December
1919.
January
February
March..:
April
May
June
July
August
September
October
November
GovTotal Reserve
Cash
ernloans
Time
with
Net
and
ment
in
deFederal
demand
invest- Reserve vault. deposits. posits.
dements. Bank.
posits.
$34,882 $25,560 $615, 270 $675,712 $59,446 S22,490
53,890 22,527 613,004 679,421 58,607 21,974
74,820 21,488 600,504 ! 696,812 53,562 19,771
96,634 21, 213 611,090 728,937 57,349 20,419
77,459 35,849 633,752 I 747,060 54,591 20,469
66,427 38,543 630,130 I 735,100 53,300 19,841
77,633 42,571 601,371 721,575 50,060 18,974
89,504 44, 245 609, 794 743,543 55,311 18,617
114,169 45, 796 620,941 [ 780,906 65,59S 19,479
153,014 160,091 621,928 935,033 68,969 20,867
114,415 170, 278 620,611 905,304 OP-, 412 21,053
106,426 157,618 619,529 883,573 58,120 25,612
153,235
177,735
179,870
177,769
189,440
125,065
105,101
119,014
123,Of8
103,182
94,018
147,639
145,429
142,292
144, 911
165,047
176,968
172,910
165,804
161,534
153,211
123, 930
622,872 923,746
599,581 922,545
623,256 945,413
614, 232 936,912
642,082 996,569
649,120 j 951,153
645,401 923,816
665,248 j 950,066
675,998 960,630
685,688 ! 945,081
I 919,816
Number of
banks
reporting.
$567,847
569.913
566', 712
587,163
575,703
564,865
553,158
584,633
628,748
606,679
615,753
629,478
115,506
15,876
15,578
14, 965
13,796
14,427
15, 246
14,311
16,391
15,987
15,801
18, 972
$28,585
40,099
34,863
43,756
70, 865
76,313
17,359
32,066
25,742
30,179
27,910
31, 235
46
47
47
49
49
49
49
50
52
53
54
56
632, 839
638,823
653,426
654,734
651,349
635,929
646,191
664,273
663,812
675,267
666, 231
20,086
21,354
22,300
22,016
20,634
20,627
21,3C3
21,783
22,122
22,453
22,440
55, 088
45,747
38,963
27,276
62,338
48, 818
26,564
32, 213
54,732
27,484
11,366
56
56
56
56
56
56
56
56
56
56
56
64,774 19,012
67,036 19,705
61,527 19,515
67,363 19,293
65,490 18,278
63,113 18,411
65,187 17,184
69,615 16,062
74,574 16,550
69,658 17,108
60,354 18,333
An analysis of the table discloses that the movements of the various
classes of loans and investments reflect clearly the issuing of Government securities of various kinds. The peak of the United States
securities owned was reached in May, 1919, while the high point in
the loans secured by United States securities was reached in June.
The reserves held with the Federal Reserve Bank averaged higher in
1919 than in 1918, but the amount of cash in vault was smaller.
Deposits show a natural increase in keeping with the larger amounts
of loans and investments. This table includes a larger number of
banks in the year 1919 than in 1918, but the figures of the banks
added to the list do not obscure the trends to any considerable extent.
Toward the end of the period covered the banks reported their
loans and investments in greater detail and these figures for December
26, 1919, are given below:
Amount.
Percent.
United States bonds to secure circulation
Other United States bonds, including Liberty bonds
United States Victory notes
,
United States certificates of indebtedness
$11,097,000
29,426,000
12,283,000
55,836,000
1.2
3.2
1.3
6.1
Total United States securities owned
Loans secured by United States war obligations:
(a) Liberty bonds
(b) Victory notes
(c) Certificates of indebtedness
Loans secured by stocks and bonds other than United States securities.
All other loans and investments
108,642,000
11.8
74,561,000
26,992,000
858,000
207,032,000
498,123,000
8.1
3.0
.1
22,6
54.4
915,351,000
100.0
Total loans and investments
341
DISTRICT NO. 3—PHILADELPHIA.
Christmas savings funds have been conducted by many of the
banks of the district. In response to a questionnaire sent out by
this bank, returns were received from 75 to 80 per cent of the banking
institutions, and their reports indicate Christmas savings fund
deposits of $9,789,000 in 1919, as compared to $8,174,000 in 1918.
Increases in regular savings accounts were reported also.
FIDUCIARY POWERS.
Some of the national banks of the district appreciate the advantages of exercising fiduciary powers. The applications of 48 banks,
permitting them to exercise full fiduciary powers, were approved
during the year. The total number of banks in the district exercising full powers is now 59, and in addition, 38 others had been
granted partial powers under the act as originally passed. National
banks possessing such powers are located in 72 cities and towns of
the district. The following table shows their distribution by States:
T* claw are
Now Jersey
Pennsylvania
Total
. .
Full
powers.
Partial
powers.
2
10
47
2
5
31
15
78
59
38
97
Total.
POWER TO ACCEPT UP TO 100 PER CENT.
No additions were made to the list of banks authorized to accept
up to 100 per cent of capital and surplus during the past fiscal year.
The following banks, all of which are located in Philadelphia, possess
this power: Bank of North America, First National Bank, Girard
National Bank, Philadelphia National Bank, Corn Exchange National
Bank, Fourth Street National Bank, Market Street National Bank,
Tradesmens National Bank.
STATE BANK MEMBERS.
The pressure of other business has precluded the possibility of
conducting an active campaign for the membership of State banks
and trust companies during the last year. However, no opportunity
has been neglected to bring to the attention of eligible nonmember
banks the advantages of membership in the system. The number of
institutions which were admitted during the year was 11, the names
and resources being as follows:
Bank name.
Riverside Trust Co.. .•
Peoples Savings & Trust Co
Milford Trust Co
TJnion Banking & Trust Co
Berks County Trust Co
Equitable Trust Co
Burlington City Loan & Trust Co
Bankers Trust Co
X/ewistown Trust Co
Orange Trust Co
Schuylkill Haven Trust Co
Location.
Riverside, N. J
Hazleton, Pa
Milford
Du
Bois,Del
Pa
Reading, Pa
Atlantic City, N. J
Burlington, N. J
Atlantic City, N. J
Lewistown, Pa
Huntingdon, Pa
Schuylkill Haven, Pa
Admitted.
Jan.
Jan.
Mar.
Mar.
May
June
June
July
Sept.
Oct.
Oct.
3,1919
13,1919
27,1919
28,1919
1,1919
20,1919
25,1919
11,1919
27,1919
7,1919
17,1919
Total
resources.
$2,039,889
2,933,058
1,077,830
2,173,668
3,917,503
3,166,688
1,748,441
576,035
752,153
706,752
1,307,027
342
ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD.
This list brings the number of State institutions which have entered
the Federal Reserve System in this district up to 40, but, due to the
conversion of the Bank of Commerce and the Drovers & Merchants
Bank, both of Philadelphia, into national banks, the number now
stands at 38.
There are 270 eligible nonmember State institutions in the district, having total resources of approximately $668,000,000. The
member State institutions represent 41 per cent of the total resources
of all eligible member and nonmember State banks and trust companies. The table below furnishes pertinent data relative to member
State institutions as of November 17, 1919:
Member State institutions.
Number
Capital
Surplus
Undivided profits
Individual deposits
Bank deposits
Total resources
38
$23, 225, 000
47,102, 000
8, 997, 877
241, 650, 071
7, 699, 936
460, 980, 948
DEPARTMENT OF EXAMINATION.
Examinations have been made in Delaware, New Jersey, and
Pennsylvania in cooperation with the State banking departments,
which have resulted in more efficient results being obtained to the
consequent benefit of all interested.
The examinations of State institutions by their own banking
departments are recognized and accepted in applications for membership, but it frequently happens that the applicant State bank or
trust company has not recently been examined. The reports
received from the State banking department would not, therefore,
reflect the institution's true conditions at the date of application.
For this reason an independent examination has often been made
by examiners of the Federal Reserve Bank.
Every effort has been made to keep in close touch with the condition of all member banks and reports of examinations are very
carefully analyzed and valuable statistical records are compiled.
FISCAL AGENCY OPEEATIONS.
As fiscal agent for the United States the activities of the Federal
Reserve Bank were again brought conspicuously to the public attention. The year saw the sale of the last popular loan, and with it a
dissolution of the great army of loan workers through whose energetic
efforts the five Liberty loans were so successfully distributed.
With the war over and the necessity for great popular campaigns
ended, the function of conducting the sales of Government securities
is again in sole charge of officers of the reserve bank. At the beginning of the year the activities of the Liberty loan committee, the war
savings organization, and the certificate of indebtedness division were
consolidated Within the district into the war loan organization. This
organization had at its head a director with associate directors. In
this way the fiscal operations were coordinated and made more effective. At the close of the Victory loan this organization automatically
dissolved, and sales of certificates of indebtedness were handled
Digitized fordirectly
FRASER by officers of this bank.
343
DISTRICT NO. 3—PHILADELPHIA.
FINAL PAYMENTS ON FOURTH LIBERTY LOAN.
Final payments on the fourth Liberty loan were completed in January. According to the schedule of payments arranged by the Secretary of the Treasury two installments, aggregating 50 per cent, were
due in that month. So many investors paid for their bonds in full
during 1918, however, that at the end of that year payments approximated 88 per cent of the $598,768,650 allotted to this district. The
remaining 12 per cent was paid in January without disturbance to
the money market.
VICTORY LIBERTY LOAN.
The Victory Libert}^ loan was a complete success, though it was
floated at a time when the country was relaxing from the strain of
war. Subscriptions in this district amounted to $422,756,100 on
a quota given the district by the Secretary of the Treasury of
$375,000,000. The allotment to the district was $376,290,100.
The banking institutions cooperated with the Federal Reserve
Bank in every way, not only to insure the success of the loan, but
also to secure the widest possible distribution of the notes. At the
outset of the campaign the financial institutions of Philadelphia as a
unit agreed to lend Victory loan subscribers 95 per cent of the face
value of their subscriptions for 90 days at 4 | per cent, being the
coupon rate, with the privilege of renewing the loan for a similar
period of 90 days at 4f- per cent interest. This offer of the banks was
widely accepted. Details of the Victory Liberty loan follow:
Delaware
New Jersey..
Pennsylvania
Philadelphia.
Total...
Total banking
237,973
666,775
3,793,211
1,800,000
$90,769,857
210,214,658
1,023,308,193
1,074,488,676
$12,889,200
29,850,400
145,309,800
186,209,450
$13,807,650
33,368,850
167,097,400
208,482,200
6,497,959
2,398,781,384
374,258,850
422,756,100
Allotment.
Delaware
New Jersey..
Pennsylvania
Philadelphia.
Total...
ApportionSubscription.
ment.
Population.
$12,784,450
30,479,200
158,435,100
174,591,350
Per cent of Per capita
Number of population
subscripsubscribers. subscribing.
tion.
25,979
93,096
512,683
350,903
376,290,100
10.91
13.96
13.52
19.49
$58.00
50.00
44.00
116.00
15.12
65.00
SUMMARY OF LIBERTY LOANS.
The results achieved in the Third Federal Reserve District in the
five great war loans deserve recognition. The quotas assigned to
this district on the five loans aggregated $1,515,000,000, aga,inst
which total subscriptions were received of $1,996,142,750, or 132 per
cent of the aggregate quota. Allotments to this district were
$1,782,348,950.
344
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
The relation of subscriptions to quotas in each of the loans is^
given herewith.
Subscription.
Quota.
First loan
Second loan
Third loan
Fourth loan
Victory loan
..
Total
...
Per cent of
subscription to
quota
$140,000,000
250,000,000
250,000,000
500,000,000
375,000,000
$232,309,250
380,350,250
361,963,500
598, 763,650
422, 756,100
165.9
152.1
144.7
119.7
112.7
1,515,000,000
1,998,142,750
131.7
CERTIFICATES OF INDEBTEDNESS.
Sales of Treasury certificates of indebtedness continued at intervals
throughout the year. Every issue was oversubscribed where a quota
was assigned. Sales of all issues during the year aggregated
$681,511,500.
The first issue of certificates in anticipation of the Victory loan was
dated December 5, 1918, and series of certificates were issued at
fortnightly intervals until near the end of the campaign. After the
Victory loan, due to the stronger financial position of the Treasury,
flotations were made at less frequent intervals. No loan certificates
were issued between May 1 and August 1, and no certificates of any
kind were issued between September 15 and December 1.
An analysis of the subscriptions of the 10 issues of certificates in
anticipation of the Victory loan follows:
Number Per cent of
subscrib- total in
ing.
district.
National banks...
Trust companies.
State banks
Savings banks
598 I
200 j
133 I
24 I
Total banks.
Individuals..
955
38
Amount subscribed.
92.71
86.58
78.70
100.00
$272,140,000
115,377,500
20,016,000
12,155,000
9.34
419,688,500
646,000*
Total sales of tax certificates with maturities extending into 1920
were $133,223,500. The amount of each maturity sold was as follows: March 15, $28,414,500; June 15, $50,222,500; September 15.
$54,586,500.
GOVERNMENT DEPOSITS.
At the close of 1919 the total number of ban v s designated as
United States depositaries was 666, as compared to 647 at the end
of 1918. Of the .$1,080,000,000 in securities handled during the
year in connection with the securing of Government deposits municipal bonds formed 10 per cent of the total, foreign Government bonds
10 per cent, railroad and utility bonds 20 per cent, commercial paper
30 per cent, and war-time obligations of the United States 30 per cent.
The Government deposits averaged about $66,000,000 during the
year, with an average amount of collateral held to secure the same
of $118,000,000. Custodians of collateral numbered 115 at the end
the year.
Digitized forofFRASER
DISTRICT NO. 3—PHILADELPHIA.
£45
WAR SAVINGS DIVISION.
Sales of stamps and Treasury savings certificates fell off markedly
a^ter the armistice was signed and the stimulus of war was removed.
There was a smaller percentage of redemption, however. In 1918,
a year of intensified selling, the sum of $73,000,000 worth of stamps
was sold in this district and approximately 10 per cent of this total
was redeemed at post offices during the year. In 1919, when sales
were only $8,000,000, it is estimated that less than 2 per cent of the
total sales were redeemed.
Stamps have been sold to 1,000,000 persons, and it is estimated
that there are now 2,000,000 stamp owners in this district. The
average cost during 1919 was approximately 1.5 cents per dollar
raised.
Following the Victory loan and the dissolution of the war loan
organization the direction of the savings movement was taken over
by the Federal Reserve Bank and the work is now conducted as a
departmental operation of the bank.
Sales of war savings and thrift stamps by this bank during 1919
totaled $988,561 and of Treasury savings certificates $438,100.
346
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
EXHIBIT A.—Movement of principal earning assets of the Federal Reserve Bank of Philadelphia during the calendar year 1919.
[In thousands of dollars.]
Date.
Jan.
3
10
17
24
31
Feb. 7
14
20
28
Mar. 7
14
21....
28
Apr. 4
11
18
25
May 2
9
16
23
29
June 6
13
20
27
July 3
11
18
25
Au
M::::::::::::::
15
22
29
Sept. 5
12
19
26
Oct. 3
10
17
24
31
Nov. 7
14
21
28
Dec. 5
12
19
26
Discounted
paper
Other
secured
disby
counted
United. paper.
States
war obligations.
158,254
156,377
153,550
172,210
156,352
168,186
177,622
177,360
176,990
178,463
178,171
169,255
172,914
169,249
174,204
166,448
182,169
180,939
178,113
182,468
170.315
183,577
160.810
191,277
176,588
173,957
170,753
173,697
165,015
170,366
175,349
180,934
176,779
180,285 i
180 872 !
175,974
179,199
173,229
180,151
175,243
182,038
181,508
182,789
181,590
186,560
182,962
188,259
185,583
184,407
193,337
177,655
178,648
Bills
(1+2.)
177,319
19,065
171,990
15,613
15,518 169,068
187,883
15,673
15,036 j 171,388
13,175 ! 181,361
14,291 I 191,913
12,168 189,528
190,071
13,081
187,794
9,331
189,707
11,536
13,620 182.875
12,375
185,289
13,182 182,431
13,186
187,390
14,688 181,136
9,501
191,670
11,759
192,698
12,240 190,353
13,408 195.876
12,378 182,693
13,012 196,589
13,900 174,710
14,389 205,666
18,254 194,842
17,229
191,186
17,852 188,605
15,679
189,376
19,557 184,572
19,881
190,247
15,830
191,179
14,715
195,649
16,044 192,823
17,192 197,477
16,486
197,358
16,830
192,804
15,985
195,184
21,528 194,757
21,705 201,856
21,290
196,533
21,418 203,456
25,061 206,569
23,252 206,041
25,580 207,170
23,415 209;975
20,894 203,856
18,399 206,658
12,684 198,267
15,028
199,435
14,673
208,010
27,154 204,809
29,492 208,140
Total
bills
disPer cent bought
in open counted
(1-3). market.
and
bought.
89.2
90.9
90.8
91.6
91.2
92.7
92.6
93.6
93.1
95.0
93.9
92.5
93.3
92.7
93.0
91.9
95.0
93.9
93.6
93.2
93.2
93.4
92.0
93.0
90.6
91.5
91.0
91.7
89.4
89.5
92.3
92.5
91.6
91.3
91.7
91.3
91.8
88.9
89.2
89.2
89.5
87.9
88.7
87.6
88.8
89.7
91.5
93.6
92.5
92.9
86.7
85.8
3,401
3,072
2,770
2,571
2,133
2,153
2,274
2,116
1,987
1,658
1,332
2,291
2,270
3,192
1,021
914
826
691
930
922
918
1,113
972
969
864
860
711
631
759
719
660
623
673
812
762
843
1,061
811
735
645
645
618
601
656
887
1,297
1,444
3,135
3,649
4,705
4,704
4,698
180,720
175,062
171,838
190,454
173,521
183,514
194,187
191,644
192,058
189,452
191,039
185,166
187,559
185,623
188,411
182,050
192,496
193,389
191,283
196,798
183,611
197,702
175,682
206,635
195,706
192,046
189,316
190,007
185,331
190,966
191,839
196,272
193,496
398,289
198,120
193,647
196,245
195,568
202,591
197,178
204.101
207,187
206,642
207,826
210,862
205,153
208.102
201,402
203,084
212,715
209,513
212,838
United
States
securities.
11,418
11,243
11,243
12,211
12,185
12.165
12,665
12,665
13.166
13,666
15,165
16,665
16,715
17,741
17,666
18,665
18,661
19,645
20,075
20,075
21,075
21,075
27,065
22,070
23,066
23,248
24,236
25,231
25,178
26,198
26,198
27,248
27,190
27,2S7
28,625
28.566
28,616
30,054
29,567
30,067
30,178
30.567
30,573
30,687
30,600
32,431
31,746
32,856
33,145
32,303
32,519
31,914
Total
earning
assets.
192,138
186,305
183,081
202,665
185,706
195,679
206,852
204,309
205,224
203,118
206,204
201,831
204,274
203,364
206,077
200,715
211,157
213,034
211,358
216,873
204,686
218,777
202,747
228,705
218,772
215,294
213,552
215,238
210,509
217,164
218,037
223,520
220,686
225,576
226,745
222,213
224,861
225,622
232,158
227,245
234,279
237,754
237,215
238,513
241,462
237,584
239,848
234,258
236,229
245,018
242,032
244,752
347
DISTRICT NO. 3—PHILADELPHIA.
EXHIBIT B.—Reserve position.
[In thousands of dollars.]
2.
Date.
Cash
Net deI reserves. posits.
4.
3.
Net deposit and
note lia- Reserve
bilities
ratio.
(1+4).
combined
(2+3).
Federal
Reserve
note circulation.
I
Jan.
Feb.
127,889
146,513
141,128
127,138
135,252
| 135,695
132,670
128,979
129,751
134,872
__
7
14
20.
27.
Mar. 7
14..!
21
28
4
11
18
25
May 2
9
"...*...""..*.!.!
".
Apr.
'.'.".
'.'
".".[""'l
\..i
. . . .
."
-
. .
i
•
•
I 130;665
128,476
125,893
! 128,930
" " . " I 130,255
" ..*."! 126,331
126,595
"*".*" 126,521
- j 1 2 6 Q07
130,967
130967
16
23
29....:.;.;.;.;.;.;...;...:.;.;;;..;:;:::•;;;:::!
June 6
I
13
"...
20
27
]....
July 3 .
11
Aug.
18..
25..
1..
8..
15..
22..
29..
Sept. 5..
12..
19..
26..
Oct. 3 . .
10..
17..
24..
Nov. 7!'.
14..
21..
28..
Bee. 5 . .
12..
19..
178983—20
23
124,402
127,643
131,514
136,051
132,887
124,873
127,740
127,813
,
144, 755
131,461
125,192
126,357
131,620
127,987
128,463
130,006
128,542
126,861
130,007
128,731
132,118
133,958
131,122
135,026
136,342
132,150
134,055
131,487
134,734
137,637
138,880
72,661
91,171
89,604
99,205
91,818
102,530
105,315
99,441
103,283
106,296
107,540
101, 717
99,609 i
100,383
104,593
92,683
104,601
108,078
106,401
114,441
99,165
111,132
96,831
130,457
120,262
104,414
105,339
105,259
118,872
111,864
103,994
109,575
107,905
107,897
105,542
101,764
102,378
102,690
110,400
103,339
109,087
112, 779
111,283
115,902
116,139
107,846
112,384
97,128
101,747
107,674
107,906
99,840
231,372
224,109
216,301
211,250
209,920
208,865
214,301
213,258
210, 768
210,099
206.956
205,885
206,086
206,696
206,336
208,296
206,594
204,468
203.709
204,912
201,362
205, 734
207,352
203.710
200,619
203,703
203,310
204,046
201.957
201,693
203,665
204,697
208,136
208,527
212,752
212,863
213,103
211,378
212,579
213,801
216,987
219,271
216,396
216,293
219,870
220,593
219,689
223,051
222,612
229,076
233,241
240,273
304,033
315,280
305,905
310,455
301, 738
311,395
319,616
312,699 I
314,051 I
316,395
314,496
307,602
305,695
307,079
310,929
300,979
311,195
312,456
310,110
319,353
300,527
316,866
304,183
334,167
320,881
308,117
308,649
309,305
320,829
313,557
314,272
316,041
316,424
318,294
314,627
315,481
314,068
322,979
317,140
326,074
332,050
327,679
332,195
336,009
328,439
332,073
320,179
324,359
336,750
341,147
340,113
42.1
46.5
46.1
41.0
44.8
43.6
41.5
41.2
41.3
42.6
41.5
41.8
41.2
42.0
41.9
42.0
40.7
40.5
40.9
41.0
41.4
40.3
43.2
40.7.
41.4
40.5
41.4
41.3
45.1
41.9
40.7
40.2
41.6
40.4
40.4
41.3
40.7
40.4
40.3
40.6
40.5
40.3
40.0
40.6
40.6
40.2
40.4
40.2
40.5
40.0
40.3
40.8
848
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
*o
Jso
FEDERAL RESERVE BANK OFPHIL4DELFHIA
MOVEMENT OF EARNING ASSETS
DURING CALENDAR YEAR 1919.
so
so
0
UNITED STATES SECURITIES.
ISO
:
At
OUOJIT.
100
SO
SO
60
40
20
O
60
40
20
0
IOO
PERCEHTA6E OFWAR PAPER TO TOTAL DISCOUNTS.
2S0
200
SO
TOTAL BILLS DISCOUNTED, -D; AHD WAR PAPERjW*,
300
O
300
250
TOTAL EARNIN6 ASSETS.
m.\MCff\ArfiL\JWr\t/M£\JWty
DISTRICT INTO. 3—PHILADELPHIA.
349
FEDERALRESERVE BANK OFPHILADELPHIA
NET DEPOSIT LIABILITY,
F.R.NOTE CIRCULATION,
C4SHRESERVES. AMD RESERVE RATIO. 1813.
70
60
SO
40
30
20
10
70
60
SO
40
30
ZO
10
/"V
RESERVE RATIO, (PERCENTAGE OF C+L).
"
x
p5P0SITAIHD ER NOTE* LIABILITIES <L, AND TOTAL RESERVES/ C\
JAN KBL MCfiAPKL MAT JUNE JULY AUG. SEPT OCT NOV. PEC
350
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
EXHIBIT C.—Comparative statement of condition.
Dec. 31,1919.
Dec. 31,1918.
Dec. 31,1917.
$88,948,165.00
8,448,460.00
31,678,751.93
194,040.00
10,505,616.91
589,111.05
$85,583,245.00
7,900,000.00
37,412,406.54
1,459,351.21
1,667,646.00
$63,945,755.00
1,500,000.00
32,101,000.00
19,064,667.50
3,675,000.00
1,189,996.10
141,364,144.89
134,022,648.75
121,476,418.60
87,908,591.66
121,946,370.40
5,177,538.86
32,071,900.00
135,032,810.41
43,787,151.29
3,011,280.08
11,417,900.00
4,008,400.00
31,903,836.94
18,390,067.91
9,649,950.00
10,000.00
247,104,400.92
193,249,141.78
63,962,254.85
9,677,915.00
260,249.00
1,167,100.00
1,475,000.00
43,175,744.75
92,970,730.85
1,191,987.61
11,739,400.00
332,037.00
1,019,340.00
475,000.00
4,348,590.00
* 90," 852* 687*76'
1,378,783.08
22,620,777.40
265,919.66
RESOURCES.
Gold with Federal Reserve agent.
Gold redemption fund
Gold settlement fund
Gold coin and certificates
Gold with foreign agencies
Other lawful money
Total reserve.
Collateral notes—members...
Bills discounted—members..
Bills bought in open market.
United States securities
Municipal warrants
•I-
Total earning assets
Federal Reserve notes on hand
i
Federal Reserve Bank notes on hand
!
Mutilated Federal Reserve notes
Redemption fund—Federal Reserve Bank notes..
Due from depositary banks—war-loan account
Uncollected items
All other resources
Total resources.
209*09
538,387,273.02
433,069,038.29
212,674,169.60
7,884,150.00
8,805,132.41
7,562,450.00
1,304,171.92
6,142,150.00
5,188,851.06
110,541,160.68
79,115,484.23
5,039,128.17
99,720,124.95
66,740,374.64
220,238.27
5,387,488.53
103,000,930.13
435,026.60
194,845,495.97
247,895,665.00
29,052,000.00
49,051,497.75
853,331.89
538,387,273.02
171,499.627.76
241,870,745.00
9,258,200.00
108,823,445.26
97,325,755.00
LIABILITIES.
Capital
Surplus
Undivided profits
Government deposits
Due to member banks, reserve account.
Collection items, etc
Totalgross deposits
Federal Reserve notes outstanding
Federal Reserve Banknotes outstanding..
Government deposits, special account
All other liabilities
Total liabilities
1,573,843.61
162,581.01
433,069,038.29
212,674,169.60
DISTRICT NO. 4—CLEVELAND.
D. C. WILLS, Chairman and Federal Reserve Agent.
DISCOUNT OPERATIONS.
With the exception of the last two months of the year, we
maintained a very good reserve position despite the fact that we were
called upon for loans and rediscounts to a greater amount than ever
before. The total volume of loans and redicounts far surpassed the
volume for the year 1918. This is accounted for partly by the
flotation of the Victory Liberty loan in the early part of the year.
We are now lending on five issues of bonds as well as the certificates
of indebtedness periodically issued. It was necessary for the banks
to make loans to building and real estate interests whose operations
had been strenuously curtailed during the war. Other demands from
commerce and industry also arose in the course of transition from a
war to a peace basis.
The number of approved applications was 12,182 as against 5,714
the previous year. The number of banks accommodated was 409 as
against 320 for 1918. The total of loans and rediscounts was
$3,125,856,369.10 as against $1,386,000,000 in 1918. Of this amount
$2,774,571,475 were member bank collateral notes secured by United
States Government securities; and $98,868,639.20 were rediscounts of
notes to member banks, secured by United States Government
securities—a total of $2,873,440,114.20 in comparison with
$252,416,254.90 loans on, and rediscounts of, commercial, industrial,
and agricultural paper. Up to November 10, 1919, when a change in
rates went into effect, it was more advantageous for banks to get their
accommodation on paper secured by United States Government
securities, and the increase in commercial paper rediscounts from
November 10 to the close of the year was accordingly very marked.
Approximately $14,100,000 of trade acceptances was reiiscounted
for our member banks during the year and the amount, without
doubt, would have far surpassed this figure but for the preferential
rates that obtained on war loan paper during the first 10 months of
the year. The trade acceptance is gaining great headway throughout
the country and especially in this district. Every day brings new
users to our attention. The organization in Cleveland of a local
council of the American Acceptance Council has just been announced,
and other councils are in process of development in other large
centers, which should do much for the better development of the
trade acceptance system.
A comparison of various classes of rediscounts and loans made
during the years 1918 and 1919 shows that rediscounts of commercial,
industrial, and agricultural paper and trade acceptances fell off, while
the volume of paper secured by United States Government securities
increased tremendously, largely because of the preferential rates that
were in effect on paper secured by United States Government obligations, during the first 10 months of 1919.
351
352
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Owing to our splendid reserve position in the first 10 months of
1919, other Federal Keserve Banks, whose reserve positions made it
necessary, availed themselves of the rediscount facilities permitted
between Federal Reserve Banks by rediscounting paper with us to a
greater extent than ever before.
The volume of bankers' acceptances purchased during 1919 shows
a very large increase over the transactions of a similar character
during the previous year, and fully demonstrates that the banker's
acceptance is being used to a greater extent than ever before.
It is interesting to note that during the year six additional banks
have been granted authority to accept up to 100 per cent of their
capital and surplus.
Purchases of United States Government securities during the year
1919 aggregated $284,617,250, of which $262,341,000 consisted of
2 per cent certificates of indebtedness, representing loans to the
United States Government for one and two day periods at times
when the various issues of certificates were passing through the
process of redemption and the special 2 per cent certificates securing
Federal Reserve bank notes in lieu of silver certificates which were
withdrawn from circulation.
RESERVE POSITION.
During the first 10 months of 1919 the reserve position of this bank
was strong and constant, running between the 55 per cent and 65 per
cent levels, and with a total showing of $229,017,300 in rediscounted
paper for other Federal Reserve Banks.
This stabilized position was due to the absence of seasonal demands
by reason of diversified manufacturing and agricultural interests.
This condition eliminates the peaks and dips to which some districts
are subjected for crop moving purposes, such as cotton and wheat.
While it is not generally known, the agricultural wealth of this
district will compare well with that of other parts of the country.
Commencing November 1 the reserve ratio started downward. It
was quite natural that the year-end demands should greatly increase
credit requirements, and it would be a pleasing premise to believe
that this legitimate demand was the only cause for the downward
course of the reserve. A careful analysis, however, would show that
the cause was greatly aggravated by needless speculation and credit
inflation.
RESULTS OF OPERATION*
Gross earnings of the Federal Reserve Bank of Cleveland during
the year 1919 have amounted to $7,801,000, or slightly in excess of
$150,000 a week, and approximately 49 per cent in excess of gross
earnings for the previous year. The expense of operation, including expense of branches, this district's proportion of Federal Reserve
Board expense, cost of Federal Reserve currency, and all items of
equipment (which have been charged uniformly to current expenses)
have been $1,351,000, or approximately 36 per cent greater than
last year. The regular dividends were declared and paid during
the year, and after setting aside a reserve sufficient to cover all
depreciation of assets, the sum of $5,537,000 was transferred to surplus account, as provided in the act. The addition of this sum to
surplus account makes a total of $9,089,000, or 47 per cent of our
Digitized forsubscribed
FRASER
capital.
353
DISTRICT NO. 4—CLEVELAND.
The following table shows the principal charges and credits to
profit and loss account for 1919 as compared with 1918:
Comparative statement, profit and loss account, 1919 and 1918.
1919
Balance profit and loss, Dec. 30,1917
Earnings:
Discount on bills discounted
Discount on bills purchased
Income from United States securities..
Penalties on deficient reserves
Transfers bought and sold, net
Miscellaneous.
Rents received, net
Total..
$132,311.58
$5,341,785.14
1,882,984.84
450,308.07
66,441.90
45,606.92
4,569.03
9,133.18
3,130,600.29
1,135,680.37
779,133.53
66,462.03
51,213.53
63,773.86
10,829. C
5,359r175.19
Expenses:
Cost of Federal Reserve currency (including taxes on bank-note circulation)
246,983.25
Furniture and equipment (main office and branches)
53,414.55
Depreciation of property purchased for bank premises (charged off)
254,683.73
Premium on United States bonds and securities (charged off)
5,044.06
Coupoq shipment lost (charged off)
4,199.85
Operating expenses—
728,899.24
Main office
141,735.87
Cincinnati branch
179,941.98
Pittsburgh branch
530.00
Difference account
556,785.69
Dividends paid
Transferred to reserve for franchise t a x l
5,537,000. 00
Transferred to surplus account
45,055.98
Transferred to reserve for taxes Federal Reserve Bank notes
46,554.88
Transferred to reserve for Federal Reserve Board expenses 1920
Total..
1918
7,800,829.08
188,661.12
85,784.13
98,882.79
525,652.24
89,257.91
102,829.78
716,107.22
1,776,000.00
1,776,000.00
5,359,175.19
1
This amount was transferred to surplus account Mar. 3, 1919, in accordance with an amendment to
Federal Reserve Act approved Mar. 3,1919.
MOVEMENT OF MEMBERSHIP.
Eight national banks were organized during the year and 10 withdrew from the system. Of these latter three were merged with other
national banks; two were merged with State institutions; two were
consolidated, forming another national bank; one liquidated to form
a State bank; one went into the hands of a receiver and another into
voluntary liquidation. Of the new national banks organized, one
was the result of the consolidation of two other banks as above
mentioned.
Thirty-three State banks and trust companies became members of
the system during the year. There were two withdrawals of State
bank members—one, a trust company, was merged with another
State institution, and the other surrendered its membership. The
final result in membership was a loss of two national banks and a gain
of 31 State bank members, or a net gain of 29. The total number of
members on December 31 was 843.
A law passed at the last session of the West Virginia Legislature,
by means of which eligible banks in that State may enjoy the benefits and privileges of membership, became operative last July, and
as a result we have added to our member bank list three West Virginia banks having aggregate resources of $9,552,000.
With the signing of the peace treaty the patriotic call to eligible
State institutions to join the Federal Reserve System was seemingly
at an end, but the great burden placed on the United States in the
354
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
readjustment and reconstruction of the world's finances has impressed
these institutions with a further patriotic duty which many readily
see can be best fulfilled through membership, as it is evident to them
that if the Federal Keserve System is to be further strengthened it
must be done through the accession of State bank members.
The Federal Keserve Bank of Cleveland has always felt that the
best means of creating interest in membership is through personal
contact. This was carried on during the fore part of the year by our
force of field agents. After the flotation of the Victory Liberty loan
this force was very considerably reduced, and, in a great number of
cases, this contact was developed by inviting a number of officers of
eligible institutions to visit the Federal Reserve Bank of Cleveland,
at which times the requirements and benefits of membership were
discussed. There has also been carried on through the mails an
organized campaign for the purpose of placing before eligible institutions the salient points in favor of membership.
RELATIONS WITH NATIONAL BANK MEMBERS.
On account of the carrying of Government securities for customers
and the great need for extended credit by reason of high prices and
increased business activity, rediscount transactions have greatly
increased over all former records. Naturally, the large part of these
transactions has been for the account of national banks whose number
exceeds that of State bank members. Of the total volume of rediscounts about 69 per cent was for the use of national banks.
The full effect of the additional powers granted in the amendment
to section 11-k of the Federal Reserve Act approved September 26,
1918, was not immediately appreciated by the national banks, and
as a result few applications were received during the latter part of
last year. However, during this year an increased number have
realized the opportunity for increased business. In the State of
Ohio applications were further stimulated by the enactment of the
new State banking law which gave to trust companies the right to
exercise general fiduciary powers as in other States. As the Federal
Reserve Act grants only such powers as are not in contravention of
State or local law the enactment of the above law made it much
more desirable for Ohio national banks to apply for fiduciary powers.
In this district there were 51 national banks granted fiduciary powers,
distributed by States as follows: Kentucky 3, Pennsylvania 16, Ohio
31, and West Virginia 1.
As a result of war financing the national banks of the district were
brought into much closer contact with the Federal Reserve Bank.
The sales of certificates, the placing of the Liberty loan, and other
matters incident to the war financing all tended to cement and
strengthen this relationship.
The Federal Reserve Bank of Cleveland has always felt that it
owed to member banks the best possible service. Advantage has
been taken of opportunities created in our dealings with members
to show our desire to be of real assistance, and as a consequence a
more cordial feeling has resulted.
Recognizing the high value placed upon membership by our member banks, a series of advertisements concerning association with
the Federal Reserve System was prepared for publication and disDigitized fortributed
FRASER to member banks on request. In the preparation of these
DISTRICT NO. 4—CLEVELAND.
355
advertisements, local conditions were kept in mind and each series
made to fit individual needs so far as possible. Careful records
were kept of all advertisements sent out, so that duplications were
avoided in any given community. That this service is much appreciated by our members is demonstrated by the numerous requests received and by testimonials to its value from banks which
have made use of it.
A semimonthly bulletin issued by our library also aims to give
service to our member banks by listing leading articles in current
periodicals on banking and financial topics. The librarian is also
ready to make any special investigations that may be asked for,
and several banks have already availed themselves of this service
since the bulletin was first issued in September of this year.
RELATIONS WITH STATE BANKS AND TRUST COMPANIES.
As in the case of national banks, the Government financing, high
prices, and increased business activity made necessary additional
rediscounting and, as a result, the discount operations of State banks
and trust companies amounted to $957,000,000, or approximately 31
per cent of the total. While a large percentage of Government securities was used for these loans, yet it is believed, in these latter
months of the year, that a large part of the rediscounts was for business requirements, and commercial paper would have been used in
their stead if these securities were not more readily available.
Ninety-seven State banks are now members of the Federal Reserve System in this district. These institutions represent resources
of $784,636,000. As a result of their membership, many of them
have extended the scope of their business and are actively engaged
in commercial banking.
It is worthy of note that, as a class, State bank members make
more use of the service which the Federal Reserve Bank offers than
do national bank members. This is accounted for by the close
study of the system which the officers make before joining, with
a consequent greater knowledge of the facilities it affords. An
encouraging feature is the appreciation evinced by those who have
been members long enough to have made a trial of the merits of the
system, and their expressed view that membership has been of value
to them in many ways that were not anticipated on joining. It is
also noted that the more progressive
nonmember eligible banks are
much more favorably disposed towTard the system and generally express themselves to the effect that, eventually, they intend to join,
applications being withheld until a convenient season.
During the year arrangements have been completed with the banking departments of all States covered by this district to cooperate in
the examination of State bank members. In anticipation of this a
staff of examiners was secured, with Mr. William H. Fletcher as manager of the department of examination. The advantage in joining in
these examinations was primarily to instruct the member banks in a
fuller use of the services offered by the system. It was not the intention to conflict in any way with or to interfere with the State departments ' examinations which, in this district, are of a high grade
and very satisfactory. Undoubtedly this contact through the examiner will be of mutual benefit to the bank examined and the Federal
Digitized forReserve
FRASER Bank of Cleveland and also be of assistance to the State
356
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
department. The department now consists of the manager of examinations and three assistants. These will be added to as the work
develops.
FISCAL AGENCY OPERATIONS.
The successful flotation of the Victory Liberty loan and the sale of
Treasury certificates were the outstanding features of the year's
work. It is of interest to note, in connection with certificate sales,
that for all certificates for which this bank was assigned a quota, the
subscriptions were 110 per cent of the total of quotas. Member
national banks alone subscribed for an average of about 55 per cent
of all certificate issues and Victory notes. Subscriptions to the Victory loan were received from over 99 per cent of all incorporated
banks in the district, while over 70 per cent of such banks subscribed
to the various issues of Treasury loan certificates.
The report of operations of the depositaries department shows interest collected in the sum of $1,276,000, or approximately 88 per
cent of all fiscal agency expense. The largest aggregate deposit in
depositary banks during the year was $180,000,000 on June 9, and
the smallest was $18,301,000 on December 1.
A decided reduction has been made in the force of the fiscal agency
department as the result of the completion of a successful flotation
of all Liberty and Victory bond issues.
FEDERAL RESERVE NOTES.
There was little demand for Federal Reserve notes during the period
following the signing of the armistice until the industrial skies cleared
in the spring of 1919 and the resumption of commercial activity
necessitated additional issues of currency. From December, 1918,
to June, 1919, there were issued here no new notes of the $20 denomination. As business conditions returned more nearly to normal,
the demand for notes has increased, although the amount outstanding is but $17,000,000 in excess of note liability one year ago.
FEDERAL RESERVE BANK NOTES.
The circulation of Federal Reserve bank notes has been continued
and more than doubled in volume during the current year.
This increase is represented entirely by bills of $1 and $2 denominations, a reduction of over 50 per cent having taken place during
the year in the volume of $5 notes in actual circulation.
This is accounted for by the continued and insistent demand in
this district for small bills, which could not be fully supplied by
governmental issues.
POSITION OF COMMERCIAL BANKS AS A RESULT OF WAR FINANCING.
A comparison of resources and liabilities of member banks on
November 17, 1919, and December 31, 1918, follows:
357
DISTRICT NO. 4—CLEVELAND.
Comparative statement of aggregate resources and liabilities of member banks, Nov. 17,
1919, and Dec. 31, 1918.
[000 omitted.]
Nov. 17,
1919.
Dec. 31,
1918.
RESOURCES.
Loans and discounts
Overdrafts
Acceptances and letters of credit
United States securities
Liberty loan bonds
All other bonds, securities, etc
Banking house, furniture, and fixtures.
Other real estate
Reserve with Federal Reserve Bank...
Cash and due from banks
5 per cent redemption fund
Other assets
Total resources.
453,041
60, 737
10,883
129,506
318, 749
5,421
20,296
$1,162,712
790
22,466
195,450
168,393
404,628
57,385
10,631
126,320
358,125
7,455
19,272
2, 753,878
2,533, 627
158,303
158,013
58,993
90,028
237,942
., 180,444
653,496
27,265
20,325
116,827
27,132
25,110
155,250
150,440
43,869
89,687
266,312
1,083,077
2,753,878
2,533,627
,370,216
1,291
26,817
356,921
LIABILITIES.
Capital
Surplus
Undivided profits
Circulation
Due to banks and bankers
Demand deposits
Time deposits
United States deposits
Bonds borrowed
Bills payable
Acceptances and letters of credit.
Other liabilities
Total liabilities.
551,708
31,950
21,237
81,852
22,740
35,505
Liberty loan bonds included in United States securities.
While the increase in total resources, as shown in the table, is due
in part to the admission of new banks to membership, a comparison
of figures for a like number of banks on the date mentioned shows
that the member banks generally have enjoyed unusual prosperity
during the past year as a result of operations incident to war financing
and the subsequent transition to a peace basis.
The increase in member banks' obligations is the result of heavy
demands for funds in the resumption of various industries curtailed
during the war.
POLICY TO BE PURSUED IN RESTORING LIQUIDITY OF BANKS.
To enable the member banks to carry loans made to subscribers to
the fourth Liberty loan and to subscribers to the Victory loan, the
liberal loaning policy which prevailed through 1918 was continued
without an increase in rates for Government-secured paper until
November 10, 1919.
It was the judgment of our board that as the Government's requirements had been substantially provided for the time had arrived
when the differential rate between Government-secured paper and
commercial loans should be removed.
Higher rates at the Federal Reserve Bank would naturally mean
naming of higher rates to the customers by member banks, which
should bring about a gradual liquidation of loans secured by Government paper, and thereby gradually correct the inflated credit situation brought about by the exigencies of the war.
It is appreciated that the industrial activity, which has prevailed
and
is prevailing throughout the fourth Federal Reserve district,
358
ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
coupled with high costs of materials and commodities, makes for
heavy demands for credit upon our member banks.
It will be the policy of this bank to assist the demand of legitimate business in every way consistent with conservative banking
methods. It is, however, incumbent upon the member banks to
use discrimination in extending credit. While legitimate industry
should be helped and encouraged, loans for speculative purposes
should be discouraged to the point of being refused.
OPERATIONS OF FEDERAL RESERVE BANK BRANCHES IN CINCINNATI
AND PITTSBURGH.
Facilities afforded through the operations of our branches in
Cincinnati and Pittsburgh have been taken advantage of to a very
large extent by member banks located within their respective branch
territories, and have been the means of improving markedly the
feeling of member banks in those sections toward the Federal Reserve
System.
The check-collection system has been used to an increasing extent,
especially in the Pittsburgh territor}7, where the number of items
handled has shown a very marked increase over 1918. Cincinnati
has also shown a very large increase in the number of items handled
during 1919.
Money transactions have been very heavy at our branches, and
the banks have repeatedly expressed their gratification over the
facilities afforded by the branch banks.
The books covering the accounts of the banks in the branch
territories are, of course, carried at the main office, all entries being
made by means of daily transcripts and private telegraph connections.
Discount operations in the oranch cities have been very large
during the past year.
While the books covering fiscal agency operations are located at
the main office, our branches are permitted to handle all fiscal agency
operations with the exception of transactions by mail. There
would not be any particular advantage to our member banks in
permitting our branches to handle mail fiscal agency matters, as
our district is so compact that mail addressed to the main office
would reach it in as quick a time as mail addressed to either of the
branch cities.
OPERATIONS OF MONEY DEPARTMENT.
During the year there has been delivered or shipped to members
in this district currency amounting to $358,737,280.41 and to nonmember banks $3,386,069.48, or total shipments amounting to
$362,123,349.89.
The receipts of currency from member banks during 1919 totaled
$377,635,253.70 and from nonmember banks $5,660,757.79, total
receipts from the above sources amounting to $383,296,011.49.
The above figures represent only a part of the tellers' activities,
while disbursements of all kinds for the three offices for the year
1919 amounted to $628,531,886.97, and receipts of all kinds amounted
to $605,560,435.57.
CLEARING AND COLLECTION OPERATIONS.
Par list—On January 1, 1919, there were 422 banks out of a total
of 1,928 in the district whose checks we were unable to collect at
During the year substantial progress was made in adding
Digitized forpar.
FRASER
DISTRICT NO. 4—CLEVELAND.
359
banks to the par list until on December 1 there remained only 7
banks, all located in our part of Kentucky, whose names did not appear on the par list. With the close of the year arrangements were
made for the collection of checks on these banks so that we are now
able to collect checks drawn on every bank in the Fourth Federal
Reserve District at par. In a very few cases it has been necessary
to collect for a time through the American Railway Express Co. or
through private agents established in towns where banks could not
be persuaded to remit at par voluntarily. Usually a very short
experience with this method of collection has resulted in a voluntary
agreement to remit without exchange. The addition of 422 banks
to the par list during the year was very gratifying. Our member
banks are now able to collect checks on all banks in the first, second,
third, and fourth Federal Reserve districts. Out of a total of almost
30,000 banks in the United States less than 4,000 do not appear in
the par list issued by the Federal Reserve Board and this number is
rapidly decreasing.
Check collections and clearings.—With a steady increase in the par
list the check-collection system has become more useful to member
banks, and there has been a steady increase in the average number
of items handled daily. This average has increased from 75,202 in
January, 1919, to 123,983 in December. The total average value of
the items handled daily has increased from approximately $39,000,000
in January to approximately $49,000,000 in December.
Collections—city and foreign.—Departments for the handling of
purely collection items which had been operating in a rather modest
way increased rapidly during the year, owing to improvement in
the facilities for handling collections payable throughout the United
States. Because of direct communication with all other Federal
Reserve Banks and branches, we are able to offer our member banks
quicker service than they have been accustomed to receiving,
at less expense. That our member banks appreciate this service
is indicated by the steadily growing volume of collection items
handled by our three offices during the year.
PERSONNEL.
Because of the rapid expansion of the bank's operations during
1919 there were many additions to our official staff. These appointments necessitated a reorganization in our banking and fiscal agency
departments. In January Mr. M. J. Fleming and Mr. F. J. Zurlinden,
formerly assistant cashiers, were appointed assistants to the governor,
and Mr. H. G. Davis, formerly an assistant cashier, was appointed
cashier to fill the vacancy caused by the resignation of Mr. Edwin C.
Baxter, and Mr. C. W. Arnold was appointed an assistant cashier.
In August Mr. P. A. Brown was appointed assistant cashier of our
Pittsburgh branch. During December Mr. C. H. Wagner, formerly
auditor, and Messrs. G. A. Stephenson and D. B. Couser were appointed assistant cashiers. Mr. F. V. Grayson, formerly assistant
auditor, was appointed auditor.
The retiring members of the board of directors for the year were
Mr. Lyman H. Treadway, class C director; Mr. W. B. Wright, class B
director; and Mr. W. S. Rowe, class A director.
It is with sincere regret that we announce the untimely death of
our esteemed vice chairman, Mr. Lyman H. Treadway, which
360
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
occurred in December. Mr. L. B. Williams, of the firm of Hayden,
Miller & Co., investment bankers, of Cleveland, Ohio, has been
appointed his successor by the Federal Reserve Board. Mr. R. P.
Wright was reelected as a class B director.
Mr. Chess Lamberton, of the Lamberton National Bank of Franklin, Pa., is our newly elected class A director to succeed Mr. Rowe.
Mr. Rowe was ineligible for reelection, because of the provision in the
Federal Reserve Act that a director can only be elected by the banks
which are members of the same group as the member bank of which
he is an officer or director. The regrouping of Mr. Rowe's institution
has placed that bank in a different group from the one which voted.
NEW BUILDING.
Following an exhaustive study of available building sites, the
board of directors, acting on the recommendation of the committee
appointed at the December, 1918, meeting, authorized the purchase
of the Masonic Temple property, at the northeast corner of Superior
Avenue and East Sixth Street. The area of the site purchased is
approximately 30,000 square feet, and the purchase price was
$865,000.
On November 12, 1919, a contract was entered into with local
architects to assume charge of the erection of a new building on the
site above mentioned. While no definite conclusion has been reached
as to detailed plans, it is expected that a program will be prepared
early in the coming year. It is probable that the new building will
be six or eight stories, which should provide the room to meet our
additional space requirements due to expansion of our present work,
and the possibility of taking on additional functions within the next
10 or 15 years. The type of building will be thoroughly in keeping
with the dignity of the institution.
We are at present occupying 31,250 square feet of space scattered
through the Williamson and the Thompson Buildings. The available
room is inadequate to meet even our present requirements, and the
erection of a building designed for our special needs must result in
greater convenience and, as a result, increased efficiency.
MISCELLANEOUS.
The increased activities during the past year have compelled us to
establish an accounting and planning department for the purpose
of centralizing all the accounting work and the preparing of all
necessary forms into one department. It has also been found necessary to organize a new statistical department, together with an
editorial department.
The continued increase in operations has made necessary the enlargement of the departments of loans and discounts, money, foreign
collections, analysis, and bookkeeping, and the installation of a
battery of five-additional chests in our main vault.
Operations at our Pittsburgh and Cincinnati branches have had a
proportional increase, and expansion and remodeling have been
necessary.
An especially built armored truck has been purchased to facilitate
transportation of and give better protection to our money and
security shipments to and from the post office and express offices.
DISTRICT NO. 4—CLEVELAND.
361
There is no large financial library in this district, such as those
belonging to some of the larger New York banks. Realizing the
need of a good reference library for the use of our own bank staff as
well as of our member banks, a librarian was engaged in October,
1918, to make a beginning in this direction.
The library now contains about 400 volumes of works on banking
and finance and other books for general reference, in addition to
a large file of pamphlets, circulars, and clippings. Ten daily newspapers are received and clipped. About 70 periodicals are subscribed for or received by gift. The periodicals are indexed for all
subjects which may have value for reference later. It has not been
possible as yet to lend the books and periodicals from the library
to other banks except in special cases, but many reference questions
have been answered and lists of books and references to periodicals
have been compiled. As the library increases in size and scope
there is no doubt it will prove of much value to the banks of this
district.
GENERAL BUSINESS AND BANKING CONDITIONS.
The uncertainty regarding the immediate future of business following the signing of the armistice gave way early in 1919 to a feeling
of confidence, and the resumption of activity in practically all industries was limited only by the ability to secure the necessary labor
and material. The district, as a whole, has enjoyed a fairly satisfactory degree of production, although a disposition to restrict the
output of the more essential articles, in favor of those which may
properly be classed as luxuries, is evident. In many lines in which
production was curtailed, or entirely suspended during the war period,
energetic action on the part of manufacturers has succeeded in
bringing about a partial, if not quite complete, return to the prewar
status.
The two outstanding features in the industrial life of the district
were the strikes of the steel workers and the coal miners. Both of
these disturbances struck at basic industries in this section. Certain
lines have been affected by the shortage of some forms of steel, but a
practical return to normal conditions is found in the steel trade
to-day. The strike of the mine workers caused some inconvenience;
in a number of communities coal allotment restrictions were again
brought into force and some manufacturers were forced to limit or
suspend operations. Fortunately a settlement was reached in time
to prevent what might have been a serious blow to business. Local
strikes are handicapping the efforts of some producers, but the effect
on general business is negligible. Wages continue high, and there is
employment for all who wish to work.
Farmers are enjoying unusual prosperity, the result of highly
satisfactory crops and a large money return. This is particularly
true of the Kentucky tobacco section, and expressions of appreciation
are heard of the ease with which the funds required to move the crop
were secured from the Federal Keserve Banks.
The demand for funds throughout the year has been unusually
strong, especially during the last two months. Banks throughout
the district enjoy unparalleled prosperity, and are amply able to
meet the legitimate requirements of business.
362
ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD.
EXHIBIT A.—Movement of principal earning assets of the Federal Reserve Bank of Clevefa^
land during the calendar year 1919.
[In thousands of dollars.]
!
Date.
Jan. 3
Feb.
Mar.
Apr.
May
June
Juiy
Aug.
Sept.
Oct.
Nov.
Dec.
10
17
24
31,
7.
14.
20.
28.
7.
14.
21.
28.
4.
11.
18.
25.
2.
9.
16.
23.
29.
6.
13.
20.
27.
z.
18.
25.
1.
8.
15.
22.
29.
5.
12.
19.
26.
3.
10.
17.
24.
31.
7.
14.
21.
28.
5.
12.
19.
26.
| Discounted
paper
secured Other discounted
by
United paper.
States
war obligations.
115,099
113,381
96,398
91,049
87,593
84,325
97,060
95,522
101,209
96,969
110,674
114,661
114,559
120,577
131,219
126,582
122,102
135,096
126,460
115,743
134,152
131,404
118,393
128,601
121,593
119,768
105,432
104,473
100,469
103,063
101,826
100,989
110,082
100,181
116,329
114,897
110,435
104,907
111,635
119,263
120,582
122,463
116,920
113,502
111,733
122,339
125,938
130,272
116,672
118,469
112,254
120,536
12,074 i
9,177 I
9,355 i
8,754 I
8,086 i
7,282 !
6,745 !
7,316 !
6,320 i
4.934 '
4,503 !
3,654
2,332
3,022 |
7,269 i
8,469 |
5.935 i
5,229 !
5,223 !
4,923 |
5,206 >
6,785 i
6,114
6,045 ,
6,623 !
7,201 i
8,554
8,443
9,661
11,463
10,517 !
10,710
10,810
11,110
9,656
9,601
9,549
11,888
18,475
21,464
21,526
24,960
23,793
23,438
27,473
26,744
30,194
32,966
35,463
41,245
43,951
47,041
1+2
Total
Bills bills
dis- United
Total
! Percent bought counted States earning
in open
and
securities
assets.
market. bought.
127,173
122,558
105,753
99,803
95,679
91,607
103,805
102,838
107,529
101,903
115,177
118,315
116,891
123,599
138,488
135,051
128,037
140,325
131,683
120,666
139,358
138,189
124,507
134,646
128,216
126,969
113,986
112,916
110,130
114,526
112,343
111,699
120,892
111,291
125,985
124,498
119,984
116,795
130,110
140,727
142,108
147,423
140,713
136,940
139,206
149,083
156,132
163,238
152,135 I
159,714
156,205
167,577
90.5
92.5
91.2
91.2
91.5
92.0
93.4
92.8
94.1
95.2
96.1
96.8
98.0
97.6
94.7
93.7
95.3
96.3
96.0
95.9
96.3
95.1
95.0
95.5
94.8
94.3
92.5
92.5
91.2
89.9
90.6
90.4
91.1
90.0
92.3
92.3
92.0
89.8
85.8
84.7
84.8
83.0
83.0
82.9
80.3
82.1
80.6
79.8
76.7
74.2
71.8
71.9
36,478
32,100
40,362
44,749
48,510
63,235
61,750
61,359
60,797
57,648
51,183
47,231
37,452
32,694
29,719
24,017
21,254
22,652
20,881
20,464 |
21,562
21,364 I
20,132
26,914 I
31,969
36,972
40,316
44,025
55,649 i
56,139 [
56,916
57,047
54,573
46,660
42,133
37,853
39,242
41,768
40,510
35,588
34,814
36,240
39,779
50,757
68,402 !
67,811
67,971
64,694
57,900
58,118
56,867
56,923
163,651
154,658
146,115
144,552
144,189
154,842
165,555
164,197
168,326
159,551
166,360
165,546
154,343
156,293
168,207
159,068
149,291
162,977
152,564
141,130
160,920
159,553
144,639
161,560
160,185
163,941
154,302
156,941
165,779
170,665
169,259
168,746
175,465
157,951
168,118
162,351
159,226
158,563
170,620
176,315
176,922
183,663
180,492
187,697
207,608
216,894
224,103
227,932
210,035
217,832
213,072
224,500
12,810
16,203
14,222
18,186
13,143
12,270
12,150
12,424
12,425
13,425
13,925
14,540
15,159
15,131
15,499
17,114
16,581
17,131
17,131
17,087
17,525
17,550
18,059
18,110
18,595
18,580
18,629
20,396
19,658
19,441
19,968
21,568
21,053
23,017
21,610
22,495
22,495
24,668
25,872
25,798
25,698
25,808
25,827
25,727
24,969
25,828
26,862
26,727
25,990
25,980
25,975
25,660
176,461
170,861
160,337
162,738
157,332
167,112
177,705
176,621
180,751
172,976
180,285
180,086
169,502
171,424
183,706
176,182
165,872
180,108
169,695
158,217
178,445
177,103
162,698
179,670
178,780
182,521
172,931
177,337
185,437
190,106
189,227
190,314
196,518
180,968
189,728
184,846
181,721
183,231
196,492
202,113
202,620
209,471
206,319
213,424
232,577
242,722
250,965
254,659
236,025
243,812
239,047
250,160
363
DISTRICT NO. 4—CLEVELAND.
EXHIBIT B.—Movement of gold and cash reserves, Federal Reserve note and net deposit
liabilities, and the reserve percentage of the Federal Reserve Bank of Cleveland during
the calendar year 1919.
[In thousands of dollars.]
Gold
reserves.
Bate.
Jan.
0
War
Apr.
May
June
July
Aug.
ftept
Oct.
Nov
Dec.
3
10
17
24
31
7
14
20
28
7
14
21
28
4
11
18
25
2
9
16
23
29
6
13
20
27
3
11
18
25
1
8
15
22
29
5
12
19
26
3
10
17
24
31
7
14
21
28
5
12
19
26
199,626
216,445
221,407
225,986
222,857
200,756
213,276
210,315
224,920
218, 791
208,602
222,308
226,911
212,843
218,281
204,863
214,971
212,801
210,216
228,947
208,321
204,821
213,014
215,832
197,361
183,462
202,564
216,305
197,947
201,873
186,879
189,150
192,026
201,491
208, 558
209,787
216, 704
220,264
214,671
211,942
210,480
210,320
202,224
205,923
185,120
178,356
171,100
163,953
181,572
178,324
169,118
181,253
..
.. .
. .
...
...
.. .
. .
...
.. .
.
. .
178983—20
24
Cash
reserves.
200,855
217,690
222,875
227,658
224,466
202,819
214,627
211,323
226,002
220,054
219,685
223,409
228,000
213,959
219,349
206,044
216,273
213,992
211,331
230,134
209,391
205,826
214,118
216,771
198,229
184,400
203,363
217,179
198,857
202,771
187,906
190,155
192,991
202,349
209,440
210,543
217, 556
221,142
215, 583
212,835
211,395
211,223
203,130
206,864
185,991
179,181
171,978
164,790
182,485
179,030
169,786
181,786
Federal
Reserve
notes in
actual
circulation.
248,670
249.933
239,606
235,564
231,153
232,992
233,874
228,815
233,069
230,950
229,761
229,590
232,642
229,221
233,042
227,698
230,595
228,202
227,838
225,171
224,788
223, 599
218,094
217.934
213,454
214,663
217,567
220,142
215,948
218,794
215,039
220,064
222,903
225,448
231,136
231,449
237,017
233,862
242,280
241,221
245,900
243,718
246,295
243,740
246,549
248,080
245,484
251,011
250,384
255,337
260,188
272,884
Net
deposits.
107,343
117,076
121,756
132,742
128,746
115,066
136,428
136,245
150,467
138,410
135,963
149,040
139,307
130,296
144,522
127,644
124,327
138,325
125,435
135,238
135,000
131,300
130, 530
150,693
134,872
123,163
129,461
144,485
138,189
143,402
131,031
128,989
134,577
125,210
134,978
130,292
128,134
136,101
134,374
137,628
131,296
139,857
126,384
139,675
134, 558
136,384
139,921
130,744
130,282
128,736
109,795
119,706
(3 + 4.)
356,013
367,009
361,362
368,306
359,899
348,058
370,302
365,060
383,536
369,360
365,724
378,630
371,949
359,517
377,564
355,342
354,922
366,527
353,273
360,409
359,788
354,899
348,624
368,627
348,326
337,826
347,028
364,627
354,137
362,196
346,070
349,053
357,480
350, 658
366,114
361,741
365,151
369,963
376,654
378,849
377,196
383, 575
372,679
383,415
381,107
384,464
385,405
381, 755
380,666
384,073
369,983
392, 590
Ratio of
cash reserves to
net deposit
and Federal
Reserve
note
liabilities
combined.
56.4
59.3
61.7
61.8
62.4
58.3
58.0
57.9
58.9
59.6
57.3
59.0
61.3
59.5
58.1
58.0
60.9
58.4
59.8
63.9
58.2
58.0
61.4
58.8
56.9
54.6
58.6
59.6
56.2
56.0
54.3
54.5
54.0
57.7
57.2
58.2
59.6
59.8
57.2
56.2
56.0
55.1
54.5
54.0
48.8
46.6
44.6
43.2
47.9
46.6
45.9
46.3
364
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERALRESERVE BAM OFCLEVELAND
MOVEMENT OF EARNING ASSETS
DURING CALENDAR YEAR 1919.
i s5
UMTEDSTATES SECURITIES.
too
ACCEPTANCES BOUGHT
1
"•
-
so
60
40
20
'
O
PERCENTA6E0FfVAR PAPER TO TOTAL DISCOUNTS,
200
200
ISO
TOTAL BILLS DISCOUNTED, "D;ANDIVARPAPER7m
300
250
TOTAL EARN!PIG ASSETS.
i$Ul^
365
DISTRICT NO. 4—GLEVEIAND.
13
fEDERALRESERVEBAHKOFCLEVELAND
NET DEPOSIT LIABILITY.
§
fiR.NOTE CIRCULATION,
CASH RESERVES.AND RESERVE RATIOJ9I9.
I
TO
60
PO
60
SO
SO
40
10
&
30
20
10
0
20
10
0
RESERVE RATIO. (PERCENTA6E OFC+Ll
200
r.R. NOTE CIRCULATION.
460
4S0
400
400
350
350
300
100
50
/f/YP^
JAN. FEB. MCH. APRL MAT JUKE JULT AUG. SEPT. OCT. NOV. DEC.
366
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
EXHIBIT C.—Statement of condition of the Federal Reserve Bank of Cleveland.
Dec. 31,1919.
Dec. 31,1918.
Gold redemption fund, Federal Reserve notes.
Gold with Federal Reserve agent
Gold settlement fund
Gold coin and certificates
Gold with foreign agencies
Gold in transit for redemption
$1,872,462. 24
128,704,225.00
43,848,018. 81
4,870,097.50
10,768,257.35
475,500. 00
$1,368,280.00
138,277,370.00
52,125,485.35
12,865,862.50
524,598. 71
391,322.50
Total gold reserve
Legal tender notes and silver certificates and coin.
Legals and silver in transit for redemption
190,628,560.90
'635,770.45
77,100.00
205,552, 919.06
850, 959. 55
276, 004.00
RESOURCES.
Total cash reserve.
191,341,431.35
206,679,882.61
Federal Reserve notes on hand
Federal Reserve Bank notes on hand
Nickels and cents
Our mutilated Federal Reserve notes forwarded for redemption
Due from Treasurer United States 5 per cent fund (Federal Reserve
Bank notes)
O verdraf ts
17,355,115.00
460,010.00
1,376.15
1,732,565.00
14,147. 660.00
869; 385.00
695.38
589. 720.00
1,122,000.00
39,976.71
531, 800.00
1, 725. 73
Total.
National bank notes and notes of other Federal Reserve Banks
Unassorted currency
Uncollected transit items
20,711,042.86
16,140,986.11
3,456,640.00
3,185,787.00
77,055,466.83
"58," 554^ 835.'47
83,697,893.83
62,829,954.47
63,043,012.89
101,474,120. 00
28,412, 284.55
77,339, 400.00
21,583, 497. 09
37,445, 215. 53
Total deductions from gross deposits.
Bills discounted
Member banks' collateral notes
Rediscounts for other Federal Reserve Banks
Acceptances purchased
United States bonds and securities:
2 per cent Treasury special certificates of indebtedness to secure circulation
3 per cent 1-year Treasury notes
3 per cent conversion bonds
3-J per cent Liberty loan bonds
4i per cent Liberty loan bonds
3f per cent Victory loan bonds
4| per cent Victory loan bonds
U per cent certificates of indebtedness
Total earning assets
Interest accrued on United States securities
War loan expenses advanced
Liberty loan bonds sold on installment plan to employees.
Other deferred charges
Difference account
Real estate owned
Total resources.
48,606,679. 40
23,299,000.00
414,800.00
16,200. 00
402,400.00
10,100.00
150.00
284,000.00
237,550,462. 29
226, 732. 80
330,385.98
2,362.28
193.76
640,000.00
4,275, 119.00
9,458,000.00
] , 202,000.00
414,800.00
266,200.00
403,550. 00
1,065,500.00
177,590,447.17
58,514.53
766,785.38
24,300.00
17,646.11
534,500,505.15
464,108,516.38
283,801,770.00
22,491,000.00
266,519,915.00
10,600,000.00
306,292,770.00
277,119,915.00
1,675,111.23
129,415,061.66
749,987.69
123,423.976.31
13; 128.00
196,072.59
LIABILITIES.
Federal Reserve notes outstanding
Federal Reserve Bank notes outstanding.
Total currency outstanding.
United States Government deposits
Member banks' reserve accounts
Contracts to deliver Liberty bonds sold employees.
Official checks and drafts outstanding
*
Foreign G overnment credits
Collected funds on deposit
Deferred availability items
Gross deposits
Reserved for taxes on Federal Reserve Bank notes..
Reserved for depreciation on United States bonds...
Reserved for Federal Reserve Board expenses, 1920.
Reserved for franchise tax 1
Capital paid in
Surplus fund
Unearned discount and interest
Other liabilities (difference account)
Total liabilities.
1
200,015.64
5,928,112.60
137,218,301.13
71,603,531.00
208,821,832.13
45,055.98
89,450. 85
46,554.88
124,383,164.59
49,581,406.40
173,964,570.99
84,406.79
9,532,950.00
9,089,000.00
582,891.31
1 1,776,000.00
9,072,700.00
1,776,000.00
314,121. 08
802.52
534,500,505.15
464,108,516.38
This amount was transferred to surplus account Mar. 3, 1919, as provided by an amendment to the
Digitized forFederal
FRASER
Reserve Act approved that day.
DISTRICT NO. 5.—RICHMOND.
CALDWELL HARDY, Chairman and Federal Reserve Agent.
INTRODUCTION.
The past year has been one of high prices, marked business activity and prosperity, the transactions of the Federal Reserve Bank reflecting these conditions and reaching unprecedented proportions.
This increase is the natural sequence of high prices and the corresponding growth of business among its member banks. It evidences
also the value of the service rendered to the member banks. Such
irregularities and uncertainties as have existed have had no apparent
effect in lowering prices or even checking advances in many cases.
The progress of readjustment to normal prices and conditions has
been disappointing.
The decline in Government financing has not led to the liquidation
of bank loans which should have been incident thereto. The year
closes with banking and commercial credits expanded to such unprecedented proportions as to call forth repeated warnings from the
Federal Reserve Board and banks. These have been followed by the
raising of discount rates, with the view to checking further expansion,
encouraging liquidation, and strengthening reserves.
GENERAL REVIEW OF THE SERVICES AND ACTIVITIES DURING 1919.
The discounting of paper is the most important service rendered
to member banks, and the discount operations of the Federal Reserve
Bank of Richmond during 1919 have therefore constituted the most
important part of its activities and show a very large increase over
the preceding year. At the beginning of the year 1919 there were
565 member banks. During the year there was an addition to
membership of 19, making 584 members at the close. During the
year, 415, or 72 per cent of the average number of member banks,
were accommodated through the discount or purchase of paper,
which aggregated in amount $4,184,000,000. In addition to this,
$5,000,000 of paper was purchased from other Federal Reserve Banks,
making the total volume of discount operations $4,189,000,000, as
compared with $2,231,000,000 for the year 1918, an increase of 88
per cent. Of the total volume of paper discounted and bought
during the current year, $3,983,000,000, or 95 per cent, was secured
by Government war obligations. This high percentage is due to the
fact that bills secured by Government war obligations are discounted
for not exceeding 15 days and renewals are therefore more frequent.
In evidence of this, the balance ol bills secured by Government war
obligations held at the close of business December 31, 1919, were
67 per cent of our total bill holdings. It indicates that Government
367
368
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD.
bonds have not been fully absorbed by the subscribers, loans on them
being largely responsible for the continued expansion of credits, so
much in evidence. The daily average amount of bills discounted and
bought during 1919 was $13,871,000, compared with $7,339,000 for
the year 1918.
The clearing facilities offered its members by the bank are doubtless
next in importance to the discounting privilege in point of service to
them. Total clearings during 1919 almost doubled those of the year
1918. The transit department during 1919 handLed 20,934,355 items,
amounting to a total of $9,304,179,945, as compared with 12,020,068
items, amounting to $7,113,475,300 in 1918. The average amount per
item during 1919 was $445, as compared with $59l"during 1918.
This is no doubt accounted for by collecting for a number of small
new member banks and collecting on a considerably increased
number of small banks which have been added to our par collection
list. It may also be pointed out in this connection that the above
clearing figures for 1919 do not include 79,627 cash letters containing
approximately 5,000,000 items, amounting to $1,596,000,000, which
were sent direct by our member banks to other Federal Reserve
Banks and branches. As the direct routing of letters was not as
much practiced during 1918 by our member banks, the clearing
operations have in reality increased during 1919 to a larger extent
than the above comparative figures would indicate. During 1919,
we actually handled in our transit department a daily average of
69,319 items, amounting to $30,808,543, as compared with the daily
average during 1918 of 39,540 items, amounting to $23,399,589.
The largest number handled on any one day during 1919 was 122,529.
In addition to the two foregoing functions, there are other very
important services which have been rendered to the member banks
in the fifth district in 1919, to a proportionately increased extent, viz:
(a) Receipts and shipments of currency from and to banks in
the fifth district.
(b) The use of our private leased wires for the transaction of business wherever possible to do so.
(c) Wire transfers of funds.
(d) Payment of interest coupons from United States bonds.
(e) The cutting and creditmg of interest coupons from bonds
pledged with the Federal Reserve Bank as collateral or for safekeeping.
(a) During the year 1919, the bank received $169,276,368 of currency from banks in the fifth district, and during the same period,
shipped to banks in the fifth district $177,320,587. Of the above
figures, $1,002,962 was received from nonmember banks and $344,679
was shipped to nonmember banks. It is apparent from these figures that practically all of this service was rendered to member
banks and that nonmember banks were benefited to a negligible
extent.
(b) Our private leased wires were used freely for the benefit of
our member banks, and wherever it has been possible to transact
business for them over these wires the service has been rendered
without cost to them. This system of leased wires between all
Federal Reserve Banks and branches has made possible the collection of checks all over the United States for our member banks in
approximately half the time necessary to collect items under the
DISTRICT NO. 5—RICHMOND.
369
old mail system. Checks on other Federal Reserve districts are
cleared through the gold settlement fund, which is held by the
Federal Reserve Board at Washington, in which each Federal
Reserve Bank participates, and items on Federal Reserve Bank and
branch cities are credited through this fund upon the day of receipt
by the other Federal Reserve Bank or branch. During the year
1919 we received from other Federal Reserve Banks, through daily
clearings, $5,575,000,000, and paid to other Federal Reserve Banks
for items on the fifth district, through daily clearings, $5,472,000,000.
It is also interesting to note that during the year 1918, we cleared
through the gold settlement fund checks on other Federal Reserve
Banks amounting to $2,401,000,000 and paid through this fund
checks on the fifth district amounting to $2,328,000,000. The
amount cleared in 1919 more than doubled the amount cleared in
1918 and evidences the increasing extent to which the facilities of
the Federal Reserve Banks are being used by members.
(c) During the year 1919 the Federal Reserve Bank of Richmond
sent 21,935 messages to other Federal Reserve Banks and branches
and to Government headquarters at Washington over its private
leased wires, and, during the same period, received from the same
oints 23,103 messages, making a total of 45,038 messages thus
andled during the year. Of this total number of messages, 15,105,
or 34 per cent, were messages transferring funds for account of our
member banks, comprising 6,502 transfers for our member banks
to banks in other Federal Reserve districts, amounting to
$456,000,000, and 8,603 transfers to banks in the fifth district from
banks in other Federal Reserve districts, amounting to $653,000,000.
These amounts were transferred without delay and without cost
to our members.
(d) During the year 1919 the bank received and paid in number
1,913,883 interest coupons from United States securities aggregating
$9,194,218.
(e) During the same period our custodian of securities clipped
306,747 coupons amounting to $3,010,712 from securities in his
possession, pledged by banks as collateral or for safe-keeping, and
the amounts were credited to banks owning the securities without}
trouble or expense to them.
E
FINANCIAL RESULTS OF OPERATION.
The financial operations during 1919 exceeded expectations, resulting in a very large increase in earnings. The total resources at
the close of business December 31, 1919, were $312,867,517, while
at the close of 1918 the total resources were $241,967,082, the increase during the following year being 29.3 per cent. Productive
assets at the close of business 1919 were $134,901,780, and at the
close of 1918 they were $97,724,639, an increase of 38.1 per cent.
The increase in productive assets is reflected in gross earnings, which
were $4,775,324 for 1919, as compared with $2,979,048 for 1918, an
increase of 60.3 per cent. Expenses during 1919 were $911,927 and
during 1918 expenses were $653,820, an increase of 39.5 per cent.
It is noted that the ratio of increase in expenses has not kept pace
with the ratio of increase in gross earnings. It is also interesting to
note that while gross earnings increased 60.3 per cent, the avera
370
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
annual rate of earning on productive assets was less for 1919 than
for 1918, being 0.0416 for 1919 and 0.0429 for 1918. Likewise the
average rate of discount charged on notes discounted for members
was reduced from 0.044 in 1918 to 0.043 in 1919. Surplus was increased from $1,156,270 at the close of 1918 to $5,820,463 at the
close of 1919. While this is an actual increase in surplus of $4,664,193, a part of the increase consists of $1,039,799 reserved for franchise tax at the close of business 1918, which was credited to surplus
account during 1919 because of a revision of the Federal Reserve
Act. The balance of the increase consisted of profits for the year
1919. Surplus at the close of 1919 is approximately a million and
a half dollars in excess of paid-in capital stock. Total investment
operations during the year 1919 were $4,229,440,665, compared
with $2,264,563,936 during 1918, an increase of 87 per cent.
The following is a condensed statement of earnings and expenses
for 1919:
Daily
holdings.
Bills discounted
Bills purchased
United States securities
Penalties and sundry profits..
Total..
Expenses
Daily
Total
earnings. earnings.
$94,545,750
7,686,825
9,206,479
$11,233
963
508
379
$4,099,953
351,418
185,293
138,660
111,439,054
13,083
4,775,324
911,927
Net earnings.
Annual
rate of
earning.
0.0434
.0457
.0201
3,863,397
DISCOUNT OPERATIONS.
Discount operations during 1919 aggregated $4,130,942,910, of
which $3,982,600,640, or 96.4 per cent, consisted of paper secured
by Government war obligations.
Four hundred and fifteen member banks were accommodated
during 1919 through the discount or purchase of paper, which
number is 72 per cent of the average number of member banks in
the district during the year. During 1918, 373, or 66 per cent of
member banks, were accommodated. Ninety-five per cent of
paper handled during 1919 was discounted for a period of 15 days
or less.
Demands for credit by banks in this district during 1919 were
probably heavier than in any other Federal Reserve district in proportion to the resources of the banks, and consequently the Federal
Reserve Bank of Richmond drew upon the reserves of other districts to a larger extent than any other Reserve Bank. During the
year it rediscounted
with other Federal Reserve Banks $842,945,500
of members7 notes, the maximum amount under discount at any
one time reaching $55,000,000.
Member banks' liability for paper discounted reached the highwater mark the first part of August. At the close of business, August
4, members' paper discounted by or sold to the Federal Reserve Bank
of Richmond amounted to $156,000,000, of which the bank had rediscounted $55,000,000 with other Federal Reserve Banks. On the
DISTRICT NO. 5—RICHMOND.
371
same date our members' reserves were $54,000,000, or less than onethird of their total discounts with us, and actually less than the amount
we had rediscounted with other Federal Reserve Banks. The fact is
that when the Federal Reserve Bank of Richmond had discounted
for its member banks to its full limit, without impairing its required
reserve, it was able to continue meeting the demands of its member
banks by drawing upon the reserves of other districts, where demands
were not proportionately as heavy, to the extent of $55,000,000.
The continuous increase of Federal Reserve notes outstanding from
the low point of $104,000,000 on August 21 to the peak of $149,000,000
on December 23 and some liquidation during September and October
in bills discounted enabled the bank to retire by October 27 all of
its rediscounts with other Federal Reserve Banks. Futher demands
from members necessitated rediscounting on December 29 with other
Federal Reserve Banks, and on December 31 the amount of such
rediscounts was $10,000,000.
ACCEPTANCES.
During 1919 the bank rediscounted $9,082,378 of trade acceptances, a daily average for the year of $30,074. On December 31,
1919, the balance held was $2,320,376.
Open-market purchases of bankers' acceptances amounted to
$58,057,255, $5,079,873 of which were purchased from the other
Federal Reserve Banks. The total amount is classified as follows:
Foreign, $34,454,158; domestic, $23,603,097.
RESERVE POSITION.
Exhibit B gives an analysis by weeks of net deposits, Federal Reserve notes, reserves, and reserve percentages for the year 1919. Net
deposits were highest in the month of November, while Federal Reserve note circulation was highest during the month of December.
Our reserve position was highest during November, an average percentage of 0.5036.
The following is a table of averages for the entire year of 1919:
Net deposits
Federal Reserve notes, net
$50, 852, 609
124, 318, 643
Combined deposit and note liability
175,171, 252
Actual reserves held
77, 911, 590
Percentage of reserve against combined liability
0. 4448
Percentage of reserve against Federal Reserve notes after fixing 35 per
tent against deposits
.'
,
. 4835
MOVEMENT OF MEMBERSHIP.
The number of national banks has increased in the year from 528
to 538, and State bank membership from 37 to 46. Total stock subscriptions have increased during the year from 81,244 (50 per cent
paid—$4,062,200) to 87,840 shares (50 per cent paid—$4,392,000).
State institutions have been admitted to membership as follows:
Overlea Bank, Overlea, Md.; The Citizens Bank, Blackstone, Va.;
Commerce Bank & Trust Co., Charlottesville, Va.; Merchants &
Farmers Bank, Emporia, Va.; Bank of Commerce & Trusts, Rich
372
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
mond, Va.; Independence Trust Co., Charlotte, N. C ; The Peoples
Bank, New Bern, N. C ; Citizens Bank & Trust Co., Kock Hill, S. C ;
The Home Bank, St. Matthews, S. C. The capital and surplus of the
nine new members is $1,928,000 and their total resources about
$12,000,000.
The number of nonmember banks in the district on December 31,
1919, is 1,480, of which about 600 have sufficient capital and surplus
to make them eligible for membership.
RELATIONS WITH MEMBER BANKS.
The pressure for accommodation from some members has made the
application of some restraint necessary, but all needs of the district
have been liberally taken care of.
During the year we have organized an efficient examination deartment, have established cordial relations with the various State
ank examiners of the district and also with the banks examined, and
have made the following examinations:
E
State bank members examined (joint with State authorities)
24
State bank members examined (by Federal Reserve examiners)
4
National banks examined (joint by national bank examiners and Federal Reserve
examiners)
4
Total examinations by Federal Reserve examiners
32
(This number does not include four branches of member banks which have been
examined by Federal Reserve examiners.)
We have also given special attention to visiting members, and these
visits have effected a better understanding of the Federal Reserve
System. Three hundred and twenty-seven visits to 278 banks have
been made by representatives of the Richmond bank (127 members
and 151 nonmembers). Representatives of this bank also visited
16 of the principal cities in the district and explained to the representatives of 60 member banks the use of the immediate credit symbol. The immediate credit symbol is a copyrighted device, the use
of which is granted to member banks under special contract. Customers' checks bearing the symbol are accepted for immediate credit
and charged at once to the member bank's reserve account in accordance with the terms of the special contract. Authority to use the
immediate credit symbol has been granted to 27 banks.
During the year two State bank members filed notices of withdrawal from the Federal Reserve System and a third announced its
intention of withdrawing and asked for instructions as to the procedure to be followed. In all three cases our representatives promptly
called on the officers of the banks for the purpose of discussing the
situation with them. A number of suggestions were made and a few
small difficulties smoothed out. In all three cases the banks decided
that it was to their interest to remain in the system.
During the year representatives of this bank have appeared before
the directors of five nonmember banks for the purpose of discussing
State bank membership in the Federal Reserve System. Applications were received from all five banks.
DISTRICT NO. 5—RICHMOND.
373
NOTE ISSUES,
The high-water mark with respect to Federal Reserve notes in circulation was reached on December 23 of both the years 1918 and 1919,
and declined to a slightly smaller volume by December 31 of each
year, as shown in the following table:
1918
$139,589,740
137,478,030
In circulation Dec. 23.
Balance Dec. 31
1919
$149,396,320
145,765,320
These notes declined from $139,589,740 on December 23, 1918, to
$137,478,030 on December 31, and continued to decline in volume
until August 21, 1919, when they reached $104,071,515, which was
low-water mark for the year. In 1919 they duplicated the previous
year's movement by declining from $149,396,320 on December 23 to
$145,765,320 on December 31, and it may be safely predicted that
they will continue to decline during 1920, as they did during 1919,
and reach low-water mark some time during the summer of 1920.
Federal Reserve bank notes outstanding on December 31, 1919,
amounted to $12,216,000, of which $158,050 were held by the bank,
leaving a balance of $12,057,950 in actual circulation. These were
secured by $12,260,000 United States 1-year certificates of indebtedness.
INTERNAL ORGANIZATION.
At the close of the year 1919 the number of employees of the
bank was 401, which includes 1103 at the Baltimore branch and 23
in the war loan organization. This number (401 employees) is
composed of 179 men and 222 women. The continued growth of
the bank has necessitated a corresponding expansion in its official
and clerical force. The transit department alone has doubled its
force from 79 to 157, and, in addition to other details, handled about
21,000,000 items, compared with about 12,000,000 in 1918. At the
close of 1918, there were 254 employees, including 64 at the Baltimore branch. The increase in employees at the close of business,
compared with the opening of the year, is 58 per cent.
During the year the following additions were made to the official
force: Edward Waller, jr., assistant cashier, and J. S. Walden, jr.,
auditor, vice W. E. Cadwallader, comptroller, retired.
John F. Bruton, of Wilson, N. C, was reelected a class A director
for a period of three years, to succeed himself, and James F. Oyster
of Washington, D. C, was reelected a class B director for a period
of three years, to succeed himself.
The bank has continued to occupy the two store buildings, Nos.
1107 and 1109 East Main Street, with its bond delivery department
at No. 1016 East Main Street and its war loan organization at No.
809 East Main Street. These quarters, which were referred to in
the 1918 report as being inadequate, have become increasingly so,
i The war loan organization was materially reduced at the end of the year 1919. In July of that year,
there were approximately 100 employees engaged in the work.
374
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
and necessarily hamper efficiency in the handling and dispatch of
business, to say nothing of comfort and hygienic conditions.
Plans for the erection of an adequate building at the corner of
Franklin and Ninth Streets, referred to in the last annual report,
were adopted in the spring, and the necessary expenditure of about
$1,500,000, including vaults, mechanical equipment, furniture, and
fixtures, was authorized by the Federal Reserve Board. A contract
for the work was entered into and work commenced early in June.
BALTIMORE BRANCH.
The volume of business transacted by the Baltimore branch during
the past year, which is included in the total transactions of the bank,
shows a large increase, corresponding in proportion to the general
business throughout the district. This increase has necessitated
corresponding additions to the force, which has been increased from
64 on January 1 to 101 at the close of the year, 51 of whom are men
and 50 women.
During the year 58 banks in West Virginia, chiefly along the line
of the Baltimore & Ohio Railroad, have been authorized to transact
their business with the branch, and the facilities offered these banks
and the banks in Maryland have apparently been very satisfactory
to them.
GOLD SETTLEMENT FUND.
The operations in the gold settlement fund during the year 1919
have shown an immense increase. During the year 1919 we received
through this fund $6,521,746,000 and disbursed $6,510,799,000.
These figures compare with $2,530,904,000 of receipts and $2,538,751,000 of disbursements during the year 1918. It will be seen that
the amounts for 1919 are more than two and a half times those for
1918. The Federal Reserve Bank clearings through this fund
amounted to $11,046,630,000, as compared with $4,729,196,000 for
the year 1918.
CAMPAIGN FOE PAR POINTS.
While progress in the direction of universal par collection has been
rapid in all parts of the district, there are still a considerable number
of banks in the Virginias and Carolinas that have not yet signified
their willingness to do their part in bringing about the universal par
collection of checks. The District of Columbia has been all par
since shortly after the inauguration of the Federal Reserve System,
and the State of Maryland (with 264 banks) became all par during
July, 1919.
The following statement clearly shows the present situation for
the whole country, and the progress that is being made:
Of the 29,586 banks and bankers in the country, 25,571 are on the par list. Checks
drawn on all banks and bankers situated in 31 States are now collectible at par, as
compared with 17 States a year ago. Six Federal Reserve districts out of 12 are now
all par. This means that items drawn on over 86 per cent of the total number of
banks and bankers throughout the entire country can be received for collection and
credit by the Federal Reserve Banks. During the calendar year 1919 6,581 banks
were added to the par list, leaving only 4,015, or 14 per cent of the whole, whose
checks can not yet be collected at par.
375
DISTRICT NO. 5—RICHMOND.
Summary of activities.
1919
Paper discounted and bought
Banks accommodated (number)
Investments in United States securities
Clearings with other Federal Reserve Banks through gold settlement
fund...
. . . .
. . . .
Transit operations:
Number of checks
.
Amount
Currency receipts:
From banks in fifth district
From other Federal Reserve Banks
Currency shipments:
To banks in fifth district
To other Federal Reserve Banks
Telegraphic transfers of money for member banks:
Number
..
Amount
Total number of telegrams sent and received over private wire
Bond coupons clipped for customer banks:
Number
Amount
Interest coupons from United States securities received and paid:
Number
Amount
1918
$4,189,000,165
415
$40,440,000
$2,230,942,037
373
$33,621,900
$11,046,630,000
$4,729,196,000
20,934,355
$9,304,179,945
12,020,068
$7,113,475,300
$169,276,368
$70,805,815
$31,113,635
$177,3r0,587
$72,911,000
$26,603,050
15,105
$1,108,348,803
45,038
306,747
$3,010,712
1,913,888
$9,194,218
FISCAL AGENCY OPERATIONS.
The scheme of organization for the Victory Liberty loan differed
from that followed in previous campaigns in being under the active
direction of a volunteer chairman, appointed by the governor of the
Federal Reserve Bank, and in having a much larger executive staff
of paid workers at district headquarters than in any previous campaign.
This paid organization numbered at one time approximately 100
people, including some 25 traveling representatives, together with
branch offices in Washington, Baltimore, and Huntington. After
the Victory loan was over and the war savings movement was better
organized, this paid staff was gradually reduced to 24 people, beginning with January 1, 1920.
As was the case in the fourth loan, the county was made the unit
of organization during the Victory loan, the chairmen for the counties
being appointed by the State chairmen subject to the approval of
the district chairman. Each of the county chairmen appointed committees to look after Tthe publicity, the securing of subscriptions, and
the handling of all w ork in connection with the loans in their respective counties. District chairmen were appointed by several of the
State chairmen to supervise the work in groups of counties.
Before the beginning of the Victory Liberty loan campaign each
State in the district held a conference of its Liberty loan workers and
plans of organization were thoroughly worked out and definitely
decided upon. All the State and local chairmen were volunteers,
quite a number of whom not only contributed liberally of their time
but also paid considerable portions of the expenses incident to their
work.
Apportionments to the Victory Liberty loan were assigned to all
individual banking institutions and trust companies of the district
based on total banking resources as of December 31, 1918, the latest
376
ANNUAL BEPORT OF THE FEDERAL RESERVE BOARD.
figures available. The county apportionments were based on the
total banking resources of the counties and on population.
The fifth district's quota for the Victory loan was $210,000,000;
the district's subscriptions aggregated $225,146,850, an oversubscription of 7.2 per cent. The number of subscribers totaled 574,967.
The following table gives the record of the fifth district as a whole in
each of the five Liberty loans:
Quota.
First loan
Second loan
Third loan
Fourth loan
Victory loan
Total
Subscribed.
Per cent ol
quota
subscribed.
$88,000,000
120,000,000
130,000,000
280,000,000
210,000,000
$109,737,100
201,212,500
186,259,050
352,685,200
225,146,850
124.6
167.6
143.3
125.9
107.2
828,000,000
1,075,040,700
129.8
During 1919, United States Treasury certificates of indebtedness
issued in anticipation of the Victory
Liberty loan, of 1919 taxes, of
1920 taxes, and of 1920 loans wTere sold in an aggregate total of
$306,575,000, while subscriptions to Victory notes allotted aggregated $210,889,300. War savings stamps, thrift stamps, and Treasury savings certificates were sold through the Federal Reserve
Bank (exclusive of post office sales) in an aggregate amount of
$499,383.69. This makes a total aggregate subscription to Government securities during the year of $517,963,683.69, exclusive of War
Finance bonds sold totaling $3,545,000.
GENERAL BUSINESS AND BANKING CONDITIONS.
Unprecedented prosperity has been the outstanding characteristic
of business—agricultural, commercial, and manufacturing—throughout the district during the past year. In the agricultural portion of
the district this has resulted primarily from the high prices realized
from cotton at 35 to 40 cents per pound, high grades and long staples
selling for double these prices, and tobacco at 30 to 50 cents per
pound, high grades selling up to $1 and more per pound. Cotton
products have sold at proportionately even higher prices, yielding
enormous profits to manufacturers, and mill properties and shares
have changed hands at dangerously speculative prices. Sales of
farm lands have been active at an advance over normal prices, based
on the inflated value of crop returns for the year. These operations
have created a large volume of farm paper, and more of this than is
desirable has probably found its way into the banks.
The year closes with a realization of the necessity for the curtailing
of credits, but with confidence in the fundamental soundness of
general business and the belief that conservatism in the direction of
our affairs will insure satisfactory results for the coming year.
377
DISTRICT NO. 5—RICHMOND.
EXHIBIT A.—Movement of 'principal earning assets of the Federal Reserve Bank of Richmond during the calendar year 1919.
[In thousands of dollars.]
Date.
Jan. 3
Jan. 1 0 . . . .
Jan. 1 7 . . . .
Jan. 2 4 . . . .
Jan. 3 1 . . . .
Feb. 7
Feb. 14....
Feb. 20....
Feb. 28....
Mar. 7
Mar. 14....
Mar. 21....
Mar. 28....
Apr. 4
Apr. 11....
Apr. 18....
Apr. 25....
May2
May9
May 16....
May 2 3 . . . .
May 29....
June 6
June 13....
June 20....
June 27....
July 3
July 11
July 18....
July 25
Aug. 1 . . . .
Aug. 8 . . . .
Aug. 155*.
Aug. 2 2 . . .
Aug. 2 9 . . .
Sept. 5 . . . .
Sept. 1 2 . . .
Sept. 1 9 . . .
Sept. 26...
Oct.3
Oct. 10
Oct. 17....
Oct. 24....
Oct. 31
Nov. 7
Nov. 14...
Nov. 21...
Nov. 28...,
Dec. 5
Dec. 12
Dec. 19
Dec. 26....
Discounted
paper se- Other discured by counted
United
paper.
States
war obligation?.
71,989
77,936
75,206
83,296
70,034
77,286
81,019
84,477
89,636
78,761
77,348
86,799
86,556
86,182
89,157
83,680
91,138
86,677
87,626
85,677
81,413
81,594
76,132
82,852
84,764
73,349
72,741
73,121
76,725
82,053
76,296
77,448
78,939
73,373
77,422
75,143
73,246
72,295
72,097
75,099
80,471
83,178
85,780
87,627
84,580
86,531
84,986
83,560
84.478
91,548
89,406
87,901
14,088
12,732
11,877
12,560
13,040
12,563
12,008
11,480
10,913
11,671
10,649
11,898
13,798
12,902
11,112
9,472
11,692
12,010
11,237
11,547
12.190
12,503
12,138
11,587
13,956
14,826
15,060
14,847
15,106
13,916
13,595
12,353
12,585
14,272
14,888
14,841
16,647
19,226
20.191
20,312
18,641
18,013
17,125
14,787
12,666
12,571
12,598
14,340
15,324
16,280
19,179
20,760
1+2.
86,077
90,668
78,073
95,856
83,074
89,849
93,027
95,957
100,549
90,432
87,997
98,697
100,354
99,084
100,269
93,152
102,830
98,687
98,863
97,224
93,603
94,097
88,270
94,439
98720
88,175
87,801
87,968
91,831
95,969
89,891
89.801
91,524
87,645
92,310
89,984
39,893
91,521
92,288
95,411
99,112
101,191
102,905
102,414
97,246
99,102
97,584
97,900
99.802
107,828
108,585
108,661
Per cent
1+3.
Bills
bought
in open
market.
83.6
86.0
86.4
86.9
84.3
86.0
87.1
88.0
89.1
87.1
87.8
87.9
86.2
87.0
88.9
89.8
88.6
87.8
88.4
88.1
87.0
86.7
86.2
87.7
85.9
83.2
82.8
83.1
83.5
85.5
84.9
86.2
86.2
83.7
83.9
83.5
81.5
79.0
78.1
78.7
81.2
82.1
83.4
85.5
87.0
87.3
87.1
85.4
84.6
84.8
82,3
80.9
5,943
6,470
7,134
7,433
7,614
7,714
7,619
7,085
7,134
6,568
6,610
6,932
7,155
7,420
7,170
6,705
7,474
7,578
7,555
7,740
7,083
6,760
7,393
6,961
6,661
7,744
7,194
6,987
6,711
7,868
8,290
7,978
7,473
7,425
7,002
7,254
7,212
5,982
6,329
6,022
5,663
5,577
5,357
5,883
6,469
6,835
7,175
11,810
12,004
13,241
14,394
16,031
Total
bills dis- United
Total
counted
States
earning
and
securities. assets.
bought.
92,020
97,138
94,217
103,2S9
90,688
97,563
100,646
103,042
107,683
97,000
94,607
105,629
107,509
106,504
107,439
99,857
110,304
106,265
106,418
104,964
100,686
100,857
95,663
101,400
105,381
95,919
94,995
94,955
98,542
103,837
98,181
97,779
98,997
95,070
99,312
97,238
97,105
97,503
98,617
101,433
104,775
106,768
108,262
108,297
103,715
105,937
104,759
109,710
111, 806
121,069
122,979
124,692
8,533
6,533
6,533
6,533
6,533
6.533
6; 609
6,609
6,609
6,609
6,609
6,609
6,594
6,594
6,694
6,694
7,094
7,094
10,394
7,494
7,494
7,594
7,894
8,094
8,594
8,644
9,129
9,729
9,729
9,729
10,229
10,229
10,929
11,294
11,294
11,794
12,394
12,594
12,894
12,894
12,894
13,094
13,094
13,095
13,495
13,495
13,495
13,495
98,053
105,671
100,750
109,822
97,221
104,096
107,179
109,651
114,292
103,609
101,216
112,238
114,118
113,113
114,033
106,451
116,898
112,859
113,112
111,658
107,780
107,951
106,057
108,894
112,875
103,513
102,889
103,049
107,136
112,481
107,310
107,508
108,726
104,799
109,541
107,467
108,034
108,797
109,911
113,227
117,169
119,382
121,156
121,191
116,609
119 031
117,853
122,805
125,3U1
134,564
136,474
138,187
378
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
5:
FEDERALRESERVEBAMOFniCHMOnD
MOVEMENT OFEARNING ASSETS
DURING CALENDAR YEAR 1919.
1
14
*!"
25
25
UNITED STATES SECURITIES.
UO
25
25
ACttFTAHCES BOUGHT.
zoo
80
60
40
PERCENTAGE OEWARFAPER TO TOTAL D1SCOVT1TS
TOTAL BILLS DISCOUHTED, -D/A/ID WAR PAPER;W;
TOTAL EARNINGASSETS.
\FCB\Maf\A/^L\M^
\
DISTRICT NO. 5
i
RICHMOND.
379
fEDERALRESEWE BANK OFRICHMOND
NET DEPOSIT LIABILITY.
t.R NOTE CIRCULATION.
CA5HRESERYE5.ANDRESERVERATtO.l9l9.
'/O
60
50
30
20
JO
RESERVE MT!O, (PERCENTA6E0FC+L)
PEPOSITAW FR NOTE LIABILITIES, "L\ ANP TOTAL RESERVES;C*.
178983—20
25
70
60
50
40
30
2O
10
0
380
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
EXHIBIT B.—Movement of gold and cash reserves, Federal Reserve note and net deposit
liabilities, and the reserve percentage of the Federal Reserve Bank of Richmond during
the calendar year 1919.
[In thousands of dollars.]
6
Date.
Jan. 3 . . .
Jan. 10..
Jan. 17..
Jan. 24..
Jan. 31..
Feb. 7...
Feb. 14..
Feb. 20..
Feb. 28..
Mar. 7...
Mar. 14..
Mar. 21..
Mar. 28..
Apr. 4...
Apr. 11..
Apr. 18..
Apr. 25..
May 2...
May 9...
May 16..
May 23..
May 29..
June 6...
June 13.
June 20..
June 27.
July 3 . . .
July 11..
July 18..
July 25..
Aug. 1 . .
Aug. 8 . .
Aug. 15.
Aug. 22.
Aug. 29.
Sept. 5 . .
Sept. 12.
Sept. 19.
Sept. 26.
Oct. 3 . . .
Oct. 10..
Oct. 17..
Oct. 24..
Oct. 31..
Nov. 7 . .
Nov. 14.
Nov. 21.
Nov. 28.
Dec. 5...
Dec. 12..
Dec. 19..
Dec. 26..
Gold
Cash
reserves. reserves.
79,793
78,960
71,288
70,886
77,328
72,926
79,483
76,140
72,246
84,455
87,864
94,779
74,696
73,833
73,775
72,392
68,946
71,163
73,699
70,335
71,667
68,914
66,854
69,528
79,641
67,215
66,527
65,592
68,905
65,316
65,291
65,724
66,933
65,294
67,017
64,648
72,841
74,910
73,153
76,986
80,210
83,615
90,267
96,883
104,976
104,425
99,500
99,670
93,621
91,083
93,235
81,543
79,966
79,166
71 528
71,074
77,551
73,130
79,714
76,404
72,499
84,691
88,023
95,212
75,054
74,317
74,322
72,979
69,489
71,720
74,148
70,659
72,103
69,313
67.253
69,933
80,091
67,667
66,970
66,087
69,408
65,840
65,814
66,234
67,417
65,728
67,466
65,141
73,315
75,326
73,521
77,224
80,435
83,806
90,490
97,113
105,171
104,601
99,698
99,881
93,830
91,262
93,421
81,731
Federal
Reserve
notes in
Net
actual deposits.
circulation.
137,582
137,822
136,403
133,727
136,070
133,892
130,958
130,661
128,595
128,544
127,679
127,441
426,198
128,946
127,604
125,792
125,391
123,311
121,152
118,764
115,902
115,484
114,780
112,964
110,852
109,630
109,640
107,699
106,877
105,735
105,425
105,897
104,489
104,455
104,673
107,702
108,646
111,736
115,100
121,695
126,448
131,791
135,114
138,592
141,365
141,311
142,403
141,556
142,296
143,774
147,427
148,693
33,144
37,461
25,710
36,718
29,072
32,530
45,018
44,189
46,596
48,415
50.011
68,467
51,198
47,327
48,855
42,474
49,383
49,523
53,977
52,639
51,504
49,140
45,913
52,923
69,247
48,461
-46,789
48,105
55,809
58,783
53,096
53,391
56,608
51,075
56,566
48,871
56,277
55,592
50,976
51,186
52,748
52,717
57,543
60,471
61,426
62,694
56,251
61,132
57,996
61,706
61,639
51,091
3+4.
170,726
175,283
162,113
170,445
165,142
166,422
175,976
174,850
175,191
176,959
177,690
195,908
177,396
176,273
176,459
168,266
174 774
172,834
175,129
171,403
167,406
164,624
160,693
165,887
180,099
158,091
156.429
155^ 804
162,686
164,518
158,521
159,288
161,097
155,530
161,239
156,573
164,923
167,328
166,076
172,881
179,196
184,508
192,657
199,063
202,791
204,005
198,654
202,688
200,292
205,480
209,066
199,7*4
Ratio of
cash
reserves
to net
deposit
and
Federal
Reserve
note liabilities
combined
46.8
45.2
44.1
41.7
47.0
43.9
45.3
43.7
41.4
47.0
49.5
48.6
42.3
42.2
42.1
43.4
39.8
41.5
42.3
41.2
43.1
42.1
41.9
42.2
44.5
42.8
42.8
42.4
42.7
40.0
41.5
41.6
41.8
42.3
41.8
41.6
44.5
45.0
44.3
44.7
44.9
45.4
47.0
48.8
51.9
51.3
50.2
49.3
46.8
44.4
44.7
40.9
DISTRICT NO. 5—RICHMOND.
381
EXHIBIT C.—Comparative statement of condition of Federal Reserve Bank of Richmond.
Dec. 31, 1919.
Dec. 31, 1918.
RESOURCES.
Reserves:
Gold coin and certificates
Gold settlement fund—Federal Reserve Board.
Gold with foreign agencies
Total gold held by bank
Gold with Federal Reserve agent
Gold redemption fund, Federal Reserve notes.
Total gold reserves
Legal tender notes, silver, etc.
Total reserve;
iSarning: assets:
Bills discounted—secured by Government war obligations..
Bills discounted—all other
Bills purchased in open market
Total bills discounted and bought
United States Government bonds and Victory notes.
United States certificates of indebtedness
United States 1-year Treasury notes
Total earning assets
Uncollected items:
Currency of other banks and unassorted currency.
Checks and other cash items
Exchanges for clearing house
Transit items
Total uncollected items
Miscellaneous:
Interest accrued on United States securities
Advances to Government committees
Redemption fund—Federal Reserve bank notes.
Bank premises
All other resources
Total miscellaneous assets.
Total resources
Capital:
Capital paid in.
Surplus
Total gross deposits.
Note circulation:
Federal Reserve notes in actual circulation.
Federal Reserve bank notes in circulation..
Total notes outstanding.
Miscellaneous:
Reserve for Federal Reserve Board assessment.
Reserve for expenses accrued and unpaid
Reserve for franchise tax
Reserve for other taxes
Unearned discount
All other liabilities
Total miscellaneous liabilities.
$2,358,470.00
14,253, 728.99
204,010.61
34,055, 743. 65
39,998,970.00
7,196, 777. 49
16,816,209.60
62,990.765.00
5,368,300.00
81,251,491.14
190,339. 55
85,175,274. 60
223,543.45
81,441, 830. 69
85,398,818. OS
81,506,691. 34
23,495,584.34
16,404,904.82
72,434,331.75
13,806,940. 90
5,465,166. 23
121,407,180. 50
1,234,600.00
12,260,000.00
91,706,438.88
1,234,200.00
3,885,000.00
899,000.00
134,901,780.50
97,724,638.88
4, 742,114.00
154, 714. 81
5,113,094.03
84,182,455.68
5,918,780. 00
140,093. 54
5,435,763. 87
46,207,939. 84
94,192,378. 52
57,702,577.25
106,576.81
514,860. 47
643,300.00
504,024. 50
562, 765. 66
22,159.86
345,436.19
309,900.00
290,000.00
173,551.58
2,331,527.44
1,141,047.63
312,867,517.15
241,967,081. 81
4,392,000.00
5,820,462. 63
4,062,200.00
1,156,270.50
10,212,462.63
5,218,470.50
2, 839, 730. 49
62,712,122.52
3,542,408. 75
33, S00,592. 08
72,560. 32
41,522,428.74
2,795,094.97
54,161,937. 72
12,512,777. 25
111,319.95
24,390,387. 26
144,489, 842. 90
93,971,517.15
145, 765,320.00
12,057,950.00
137,478,030.00
4,005,500.00
157, 823,270. 00
141,483,530.00
LIABILITIES.
Total capital and surplus..
Deposits:
United States Treasurer
Member banks—reserve accounts
Foreign Governments
Due Federal Reserve banks—collected funds.
Cashier's checks
Deferred availability—uncollected funds
Total liabilities
$2,419, 725.00
25,201,328. 28
6,434,690.37
25,531.16
20,316. 50
19,970. 00
260,184. 59
15,939.37
1,039,798.76
190,567.40
63,198.00
341,941. 62
1,293,564.16
312,867,517.15
241,967,081. 81
DISTRICT NO. 6—ATLANTA.
JOSEPH A. MCCORD, Chairman and Federal Reserve Agent.
INTRODUCTION.
The operations of the Federal Reserve Bank of Atlanta during the
period of readjustment since the armistice and for the year 1919
nave been more active than during the war period of 1918. Expansion in all lines had made heavy demands on the banking interests,
which, in part, have been met by the increased deposits of banks,
while it has been left for the Federal Reserve Bank of Atlanta to
make up the deficiency. The result has been an increase in the loans
to and rediscounts for member banks over the amounts held during
the latter months of 1918 and the early months of 1919.
Increase in Government-secured obligations is due partially to the
notation of the Victory loan and partially to a general demand for
commercial, industrial, and agricultural purposes, the banks using
their Government collateral for these purposes in order to secure
the lower rate of discount. Demand from the member banks for
other classes of discounts is attributed to business expansion and
higher prices rather than to a speculative demand, which so far as
has been observed is negligible throughout the district.
•
During the month of December there was considerable liquidation
by the members of this district, resulting in increased reserves for
the Federal Reserve Bank of Atlanta, and placing it in a position to
rediscount for other Federal Reserve Banks.
The increase of nearly every item on the balance sheet for 1919
is an indication of the increasing use by member banks of the facilities offered by the Federal Reserve Bank of Atlanta. More detailed
information will be given under appropriate heads and schedules.
REVIEW OF SERVICE.
Member banks throughout the district are taking advantage of the
facilities offered more than ever before. Member and nonmember
banks were advised, effective March 17, that ,when their relations
with this bank or its branches made it necessary to ship currency
for credit or in payment of cash letters, charges would be absorbed
by the Federal Reserve Bank of Atlanta, and also that charges would
be absorbed for all shipments to member banks on currency shipped
them by this bank or its branches.
On March 31, 1919, the member banks of the district were advised
that the Federal Reserve Bank would absorb the cost of telegrams
instructing charges to their accounts, viz., (a) shipments of currency;
(6) credit to another member bank; (c) and the continuance of
383
384
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
transfer of funds for credit with any member bank of any other
Federal Keserve Bank; and when certified to, charges would be
absorbed for messages instructing any member bank in the United
States to make transfer of funds through the Federal Keserve Bank
of its district to us for credit of our member.
During the year there have been many other improvements of
service to the member banks, and it is believed that the year just
ended has shown the real value of the Federal Reserve System.
FINANCIAL RESULTS OF OPERATION.
A comparative statement of the condition of the Federal Reserve
Bank of Atlanta as of December 31, 1918 and 1919, is shown in
Exhibit C of this report. The total resources at the close of business
December 31, 1919, show 37 per cent, or $76,447,455.27 increase as
compared with 1918. By referring to the exhibit mentioned it will
be noted that practically all of the items on the statement of condition
show increases.
Gross earnings for 1919 totaled $4,416,001 and show an increase
of 92 per cent, or $2,122,942.71 over the preceding year, while total
expenses, $972,217, show an increase of $331,946.07, or 52 per cent.
After deducting all expenses, dividend payments, and amounts
authorized by the Federal Reserve Board to be reserved, $3,185,000
was carried to surplus fund. This amount is an increase of $1,715,000,
or 116 per cent, as compared with the previous year.
DISCOUNT OPERATIONS.
Puring the year 1919 the discount operations of this bank have
been very active. Out of the 427 member banks in this district more
than 200 have had paper under discount at all times. During the
month of June the maximum number of banks were accommodated,
being 265. The maximum number of items handled was reached in
September, when 5,650 notes were discounted.
Exhibit A, "Movement of earning assets," shows a distribution
of earning assets by weeks and also the ratio of assets secured by
war obligations to the total holdings of discounted paper. Particular attention is called to this percentage. In January, 1919, the
percentage was 64 and gradually increased to 87 per cent on August
8; from that date on a decrease is shown in the percentage, and at
the end of December it was only 68 per cent. This reflects a gradual
liquidation of loans secured by war obligations.
The rediscounts of commercial paper for the year, while not as
heavy as that secured by war obligations, have been very active,
particularly during September, October, and November. During the
month of December there was a very decided liquidation in this
class of paper, the total amount in November being $34,000,000 and
for December only $9,000,000.
Discount holdings of this bank have been largely secured by
Liberty bonds and Treasury certificates. This, however, does not
indicate that the proceeds of the notes discounted were used entirely
for Government financing. For a greater part of the year there
has been a preferential rate of one-half to tnree-fourths per cent on
notes secured by Government obligations, and it is, therefore, obvious
DISTRICT NO. 6—ATLANTA.
385
that member banks, when in need of funds to care for the commercial
or agricultural requirements of their community, rediscounted paper
secured by war obligations instead of commercial paper because of
the differential rate.
ACCEPTANCES.
Trade acceptances.—Trade acceptances are now being generally
used throughout the district and their use is becoming broader as the
business interests recognize and appreciate the advantage of securing
acceptances in settlement of shipments, instead of opening book
accounts and giving future dating. In order to encourage the use of
trade acceptances in this district, they have enjoyed when offered to
this bank for discount a rate of one-fourth of 1 per cent less than the
prevailing rate on commercial paper.
Growth of open market for acceptances.—The development of an
open market for bankers' acceptances in this district has
not progressed to any great extent, the only market for bankers7 bills being
the Federal Reserve Bank of Atlanta. Banks that extend acceptance
credit also obligate themselves to sell the bills for the account of the
drawer. It has been difficult to educate them to the idea of lending
their credit in accepting drafts, charging the customary fee and
requiring the drawer to sell the bill in the open market.
Policy regarding acceptance purchases.—The policy of this bank
now is to purchase bankers' bills from the accepting bank, and on
account of this policy it is required that banks offering their own
acceptances for purchase must attach the documents when the amount
of such bills of one drawer is in excess of 10 per cent of the capital and
surplus of the offering bank. However, to discourage member banks
from offering their own acceptances to this bank for purchase, a
differential is made in the rate of acceptances of this kind; that is,
acceptances purchased from the accepting bank are discounted at a
rate higher than if they were offered and indorsed by a bank other
than the accepting bank. It is hoped that the difference in rate will
encourage the drawer to seek an open market for bankers' bills and
thus create and establish a real open market for bankers' bills in
this district.
RESERVE POSITION.
Due to discount accommodation required by member banks,
because of the large amount of Government securities carried, as
well as the large volume of cotton and other products awaiting ship
bottoms for export, it was necessary during the first five weeks of 1919
that our reserve position be maintained through the rediscount of bills
with other Federal Reserve Banks. Shipping then having become
available, commodities began their movement to foreign ports, with
accompanying liquidation of loans and increase in the deposits of
member banks, which in turn enabled us to liquidate our rediscounts
and to maintain our reserve position without assistance.
From the early part of February until the latter part of August
our reserve position remained steady, fluctuating between 42 per
cent and 49 per cent. After that time the discount demands of our
member banks to replenish reserves depleted by withdrawals of
deposits, together with the additional loan accommodation necessary
386
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
to aid in the movement of the new crops, again compelled us to rediscount with other Federal Eeserve Banks to maintain our reserve
position.
Toward the middle of October, a sufficient volume of the crops
having been marketed, a period of liquidation set in, which enabled
us to discharge our liability on account of rediscounts and materially
improve our reserve position. Subsequent liquidation so strengthened our position that during the last two months of the year we
were amply able to care for the abnormal demands of our member
banks located in port cities, whose reserves were temporarily frozen
by reason of loans that were necessary in order to carry cotton which
was being received at the ports, but could not be shipped because of
labor disturbances.
The close of the year found our reserve position strong, enabling us
comfortably to care for the essential needs of our own member banks,
as well as to give aid to other sections of the country if necessary.
MOVEMENT OF MEMBERSHIP.
National hanks.—On December 31, 1918, the national bank
membership was 372. During the year 13 new national banks were
added to the membership and 22 national banks withdrew by liquidation, resulting in a net loss of national bank membership of 9. Of the
13 national bank additions, 8 were new banks and 5 were State banks
converted into national banks. The decrease of 22 national bank
members is accounted for as follows: One liquidation, 1 absorbed by
a national bank, 8 absorbed by State banks, and 12 succeeded by
State banks.
State hanks.—On December 31, 1918, 54 State banks and trust
companies were reported to be members. During the year 1919 there
have been 16 additions to membership and 6 withdrawals, or a net
increase of 10 State bank and trust company members for the year.
Fifteen of the State bank admissions were new members and one was
the result of two State bank members consolidating. Besides these
two banks reported as a consolidation, one was absorbed by a national
bank and three withdrew from membership. Practically all of the
largest State banks and trust companies in the district are now
members, there being only one bank in the district with a capital and
surplus of $1,000,000 or more that is not a member. There were no
failures among the membership of the Federal Reserve Bank of
Atlanta during 1919.
RELATIONS WITH NATIONAL BANK MEMBERS.
Discount operations.—Naturally the largest part of rediscount
transactions has been for national bank members, and through
rediscount privileges the member banks have been assisted in taking
care of the increased volume of business, which almost all of them
have had.
U
Trustee powers.—Fiduciary or additional fiduciary powers authorized under section 11, subsection (fc),of the Federal Reserve Act, have
been granted to 22 national banks during the year. There is an
apparent inclination on the part of the national banks to broaden
their functions, although so far this has not been as marked under
DISTRICT NO. 6—ATLANTA.
387
the prevailing conditions of the past year as is anticipated it will
be when conditions become more normal. Fiduciary powers have
been granted to national banks in the States of the district as follows:
Alabama, 14; Florida, 7; Georgia, 8; Louisiana, 3; Mississippi, 4;
Tennessee, 10.
RELATIONS WITH STATE BANKS AND TRUST COMPANIES.
Discount operations.—In common with the national bank members,
the State bank and trust company members have rediscounted
throughout the year very freely.
Examinations.—All State banks and trust companies applying for
membership have been examined, with the exception of newly organized banks which were admitted upon their organization certificate.
The superintendents of banks have all expressed their willingness to
cooperate and are allowing the Federal Reserve Bank's examiners
to participate with their examiners in the examination of State bank
and trust company; members. This privilege has been exercised in
the case of approximately 50 per cent of the State bank members.
The arrangement with the superintendents of banks of the various
States by which we are permitted to participate in the examinations
enables the Federal Reserve Board and the Federal Reserve Bank
to obtain information not incorporated in the reports of examination
used by the State authorities. These joint examinations have been
conducted in thorough accord and harmony with the State examiners
and are appreciated by the banks, in that they are not subjected to
an additional and independent examination by the Federal Reserve
Bank. The various superintendents of banks are also furnishing
copies of their independent examinations, one each for the Federal
Reserve Board and the Federal Reserve Bank.
MEMBER BANKS' RESERVE ACCOUNTS.
The reserve balances of both State and national banks have gradually increased during the year, the gross amount being approximately
$10,000,000. The highest figure was reached during the month of
December, with an average of $58,378,256.45. The majority of the
accounts have been very active, particularly for wire transfers.
There were 7,933 charges, aggregating $421,885,452.19, transferred
to member banks of other districts and 10,936 credits, aggregating
$723,252,594.69, for transfers received for credit of our members. It
will be seen that transfers received from other districts greatly exceed
the transfers to other districts and the transferring of funds by wire
is meeting with more favor and the volume is gradually increasing.
FISCAL AGENCY OPERATIONS.
For Treasury Department.—The fiscal agency operations of the
Federal Reserve Bank of Atlanta, though somewhat reduced in total
volume as compared with the year 1918, due primarily to the partial
cessation of Government financing by the flotation of bonds, coincident with the demobilization of the Army and Navy, and the reduction of the strain on the Government's Treasury for funds for war
purposes, were, nevertheless, large in total volume, and show most
388
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
unmistakably that the banks and the people of the Sixth Federal
Reserve District stood squarely behind the Government in supporting its program for raising funds necessary to meet the obligations
incurred in the prosecution of the war.
Sales of Treasury certificates to banks.—-Ten series of Treasury certificates of indebtedness were issued in anticipation of the Victory
Liberty loan, eight in anticipation of income and profit taxes payable
in 1919, and four in anticipation of the same classes of taxes payable
in 1920; and, in addition to these issues of certificates, four other
series of loan certificates of indebtedness were issued, all of which
were subscribed to very liberalty by the banks, the total of their subscriptions being $328,838,500.
Flotation of the Victory loan.—While the Victory Liberty loan
lacked the impelling call upon the patriotism of the people that characterized previous Liberty loans issued during the period of actual
hostilities when our armed forces were engaged in the terrific struggle
with the enemy, this district subscribed practically its entire quota,
the amount of the subscription being $133,080,800.
Deposits and withdrawals of Treasury funds.—The Secretary of the
Treasury continued the established practice of permitting qualified
depositary banks to pay for subscriptions for bonds and certificates
of indebtedness by credit in special deposit accounts maintained with
the Federal Reserve Bank, the purpose being to provide for the gradual withdrawal from the banks of the funds paid to them by subscribers for bonds and certificates of indebtedness, and the funds
representing payment of their own subscriptions of the same character. This was accomplished by the balances thus created being
withdrawn by order of the Secretary of the Treasury in relatively
small installments at intervals of 15 to 30 days, until the balances in
the special deposit accounts were completely withdrawn. The total
amount held by qualified depositary banks in these special deposit
accounts during the year was $224,879,046.36.
Sale of war savings certificates.—The organization and direct charge
of all activities for the promotion of the sale of Treasury savings certificates were, during this year, known as the war loan organization.
It previously consisted of six State organizations, but was this year
consolidated into a single district organization with headquarters in
Atlanta, and was placed under the supervision of the governor of the
Federal Reserve Bank, with Mr. Silas W. Davis in direct charge as
Government director.
About $2,000,000 worth of Treasury savings certificates have been
sold in this district, and the demand is increasing from month to
month. The sales in the district will be approximately $10,000,000
in war savings and thrift stamps for this year.
Interchange and exchange of Government securities.—In connection
with the operations of the fiscal agency, growing out of the sale and
delivery of bonds and certificates of indebtedness, it is interesting to
note the extensive service rendered to the banks and other holders
of those securities, in effecting the interchange and exchange of bonds
and certificates of indebtedness, and the conversion of bonds. During
the year a total of $32,482,900 of coupon bonds of all issues were
interchanged; that is, at the option and request of the holders they
were given in exchange for bonds of any one issue, other bonds of
DISTRICT NO. 6-—ATLANTA.
389
the same issue of different denominations. This enabled the holders
of those securities to obtain bonds of larger or smaller denominations
than those initially delivered to them, without any expense to such
holders. A total of $7,459,950 of bonds were converted during the
year, in accordance with the provisions of law relating to conversion,
and a total of $7,527,150 of bonds were exchanged, coupon bonds for
registered bonds, and registered bonds for coupon bonds, at the
option and in accordance with the washes of the holders of those
securities.
War Finance Corporation.—Acting as fiscal agent for the War
Finance Corporation in this district, this bank sold $1,801,000 of
1-year 5 per cent gold bonds, issued by that corporation on April 1,
.1919: and during the course of the year consummated other transactions for account of the corporation amounting to $34,759,239.86.
Capital Issues Committee.—At the request of the Capital Issues
Committee at Washington, the district capital issues committee suspended supervision of the issue and sale of stocks and bonds at the
close of business last year, and there has been no jurisdiction exercised over the issue and sale of stocks and bonds during the year 1919.
NOTE ISSUES.
Federal Reserve notes.—During the year there has been a comparatively small amount of Federal Reserve notes issued in exchange
for gold and gold certificates, the banks and public having patriotically responded to previous appeals for the exchange of Federal
Reserve notes for gold or gold certificates; there is probably some
gold still in the hands of the banks and the public throughout the
district, though it is not believed that there is any great volume.
The average circulation of Federal Reserve notes during the year
has been greatly in excess of any previous year, which is due to the
business expansion, high prices, high wages, and larger amounts of
till and pocket money. The redemption of unfit Federal Reserve
notes has been heavy throughout the year. A large volume of fit
money was redeemed in the early months; however, with the issuance
to the Treasurer of the United States of upward of $50,000,000,
there was comparatively little fluctuation in the bank's outstanding
circulation. The demands for the crop movement from September
15 to December 25 resulted in an increase of outstanding Federal
Reserve notes of a little more than $40,000,000. The amount of fit
money returned to the Federal Reserve agent by the bank for the
year was $82,038,000, or 136 per cent of the total of $60,016,080
which had been returned from organization up to the close of business
December 31, 1918. There was issued to the bank $183,598,000 for
1919, as against $211,334,180 from November 14, 1914, to December
31, 1918, or 86.8 per cent. The redemption of unfit money increased
more than any other item. The amount redeemed was $65,072,465
for 1919, being 233.4 per cent of the total of $27,904,715 which had
been returned from organization to December 31, 1918.
Federal Reserve bank notes.—Section 4 of the Federal Reserve Act,
as approved December 23, 1913, provides that Federal Reserve
Banks may issue bond secured currency in the same manner as it is
issued by national banks, except that they are not restricted in the
issue to the amount of capital stock of the issuing bank. However,
390
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
only a small amount of this currency was issued prior to June 1, 1918.
On December 31, 1918, the Federal Reserve Bank of Atlanta had
outstanding circulating bank notes amounting to $6,085,600. During
the year 1919 Federal Reserve bank notes of $1 and $2 denominations were freely issued by all Federal Reserve Banks in order to
prevent contraction of currency caused by the redemption of silver
certificates. The demand for currency of small denomination in the
Sixth Federal Reserve District during the year was very heavy, and
the amount of notes of these denominations outstanding increased
from $6,085,600, as shown by the last annual report, to $15,777,600
at the close of business December 31, 1919. In addition to this
amount we were forced, on account of our excessive demands, to
obtain through the Federal Reserve Board notes of $1 and $2 denominations issued by other Federal Reserve Banks to the amount
of $3,324,000.
POSITION OF COMMERCIAL BANKS AS RESULT OF WAR FINANCING.
Increase of their obligations.—In view of the fact that the commercial banks were called upon to make up the full quota of the
district in the sale of Liberty bonds, Victory notes, and United
States Treasury certificates of indebtedness, it became necessary in
many instances for the commercial banks to use the bonds, notes,
and certificates issued by the Government and purchased by the
banks to build up their available resources for the handling of their
commercial business. This brought about the unavoidable result
of the banks showing in their statements of condition more rediscounts and bills payable than would have otherwise existed. This
situation was relieved by the sale of cotton and its by-products at
increased prices, the higher prices being the result of decreased production caused by unfavorable weather, the boll weevil, and labor
conditions. Deposits in the commercial banks have materially
increased during the year. On the whole, the banks in this district
are in a very strong financial position.
Effect on commercial paper of district.—Agricultural products have
brought good prices, the commercial business of the district has been
in excellent shape, and those engaged in farming have been enabled
to liquidate their obligations, thus relieving the banks, the funds
arising from this source being used in the commercial and industrial
activities of the district. The sale of commercial paper in the district by leading brokerage houses has materially increased, and
while we have no definite figures, we are of the opinion that there
is a greater amount of commercial paper being sold in this district
arising out of financing of large corporations throughout the United
States. As this paper matures, the condition of the district will
remain strong and in satisfactory shape for the future.
Relation to and effect on general business.—As a whole, we believe
general business conditions are going to be materially improved by
the purchase of commercial paper during the months when funds
can not be used profitably in the district, as these mature at a season
of the year when financing will be needed. This, in our opinion,
places the banks in a very strong and satisfactory position for the
immediate future.
DISTRICT NO. 6—ATLANTA.
391
POLICY TO BE PURSUED IN RESTORING THE LIQUIDITY OF BANKS.
A great number of the member banks in our district are carrying
large amounts of war paper for their customers, and it is not very
likely that this class of paper will be totally cleared up for several
years, unless there is a reaction in business and other investments.
When "settling u p " time comes, investors will turn to Government
securities, and those who are now borrowing from their banks on
Liberty bonds will very likely be able to dispose of a large amount of
these bonds to general investors.
It would seem to be a wise policy for the Federal Reserve Bank to
continue to raise discount rates, in order to force to some extent those
who are borrowing from member banks on Government securities to
curtail their borrowings and economize sufficiently to pay off their
obligations.
OPERATION OF FEDERAL RESERVE BANK BRANCHES.
In addition to the branches already in operation at New Orleans,
Birmingham, and Jacksonville, an agency was established at Savannah, Ga., on February 5, 1919, and a branch was established at Nashville, Tenn., on October 21, 1919.
Savannah agency.—Mr. R. J. Taylor, formerly connected with
banks in Savannah and afterwards cashier of a bank at Guy ton, Ga.,
was appointed manager of the Savannah agency, and Mr. R. N.
Groover, formerly connected with banks in Savannah, was appointed
assistant manager. The functions of this agency are limited to the
furnishing of currency to Savannah member banks, receipt of currency on deposit from Savannah member banks, and the holding of
collateral pledged as security to bills offered to and under rediscount
with the parent bank. A large percentage of the cotton and other
products grown in this district pass through the port of Savannah,
and, in order to facilitate their handling, large sums of currency and
frequent discount accommodations are needed by Savannah member
banks. It was, therefore, deemed advisable to establish an agency
there, so that the currency requirements of the member banks in
Savannah could be taken care of promptly.
Nashville branch.—Mr. Bradley Currey, who prior to his entrance in
the United States Army was an officer of the Fourth & First National
Bank of Nashville, was elected manager of the Nashville branch, and
Mr. W. T. Tyler, formerly connected with Nashville banks, was
elected assistant Federal Reserve agent. The board of directors is
composed of the following: Messrs. W. H. Hartford, chairman;
Paul M. Davis, Jas. E. Caldwell, and E. A. Lindsey, all of Nashville,
and T. A. Embry of Winchester, Tenn. There are 23 employees in
addition to the officers. The territory assigned to this branch is that
part of the State of Tennessee which is located in the Sixth Federal
Reserve District, with the exception of the city of Chattanooga. The
plan of operation of this branch is identical with that existing at
Birmingham and Jacksonville branches. The accounts of all member
banks in its zone are carried on the books of the parent bank, and all
entries relating to transactions consummated are handled promptly
over private telegraph wires.
392
ANNUAL KEPORT OF THE FEDERAL KESEKVIS BOARD.
INTERNAL ORGANIZATION.
At the January, 1919, meeting of the directors of the Federal
Reserve Bank of Atlanta it was announced that Mr. M. B. Wellborn
had been redesignated as chairman of the board and Federal Reserve
agent for the year 1919, and that Mr. J. M. Slattery had been reappointed assistant Federal Reserve agent. At that meeting Mr. Jos'.
A. McCord was reelected governor of the bank, together with the
following officers: M. W. Bell, cashier; W. B. Roper, J. L. Campbell,
W. R. Patterson, R. A. Sims, and Creed Taylor, assistant cashiers, and
Ward Albertson, general auditor.
At the February meeting of the board of directors Mr. Jos. A.
McCord resigned his position as governor of the bank, and Mr. M. B.
Wellborn resigned as class C director and chairman of the board and
Federal Reserve agent. Mr. McCord was then appointed by the
Federal Reserve Board as class C director for the term ending December 31, 1920, and was designated as chairman of the board and Federal
Reserve agent for the year 1919. Mr. M. B. Wellborn was then elected
governor of the bank, Mr. L. C. Adelson, deputy governor, Mr. J. M.
Slattery, secretary, and Mr. H. F. Conniff, assistant cashier. Mr.
Ward Albertson was appointed assistant Federal Reserve agent and
Mr. Creed Taylor was elected auditor of the bank.
At the November, 1919, meeting of the directors, Mr. Jas. E.
Zunts, of New Orleans, resigned as class B director of the Federal
Reserve Bank of Atlanta, and Mr. Leon C. Simon, of New Orleans, was
elected to fill the unexpired term caused by Mr. Zunts's resignation,
said term expiring December 31, 1920. Mr. W. H. Hartford, of Nashville, Tenn., was reelected a class B director for the three-year term
ending December 31, 1922, and Mr. F. W. Foote, of Hattiesburg,
Miss., class A director, having declined to stand for reelection, Mr.
Oscar Newton, of Jackson, Miss., was elected for the three-year term
ending December 31, 1922. Mr. W. H. Rettig, of Birmingham, Ala.,
was reappointed by the Federal Reserve Board as class C director for
the three-year term ending December 31, 1922.
At the meeting of the board of directors January 10, 1919, on petition of the banks in the city of Savannah, Ga., and upon approval of
the Federal Reserve Board, the directors voted to establish an agency
at Savannah, largely to meet the needs of that cotton port.
On petition of the banks in Tennessee, especially in the city of
Nashville, the board of directors at their meeting on August 8, 1919,
voted to establish a branch at Nashville, Tenn., which was approved
by the Federal Reserve Board; and in compliance therewith the
branch was opened at Nashville on October 21, 1919.
Owing largely to the establishment of the branch bank at Nashville,
the number of employees was increased to 386, as compared with 317
in 1918. During the year the bank and branches have strengthened
and improved their internal organization and have reached a much
higher degree of efficiency.
CLEARINGS AND COLLECTIONS.
Comparing 1919 figures with those in the 1918 annual report we
show a gain in the number of items handled of 91.4 per cent, and in
the amount of money of 54.2 per cent. The direct-sending member
DISTRICT NO. 6—ATLANTA.
393
banks have increased their volume of sendings to other Federal Reserve Banks and their branches 75 per cent. Cost per item for 1919
was $0.0119 and per thousand dollars $0.0307, against $0.0097 per
item and $0.0228 per thousand dollars for 1918. This shows an
increase in the cost per item over 1918 of $0.0022 and per thousand
dollars of $0.0079.
There has been a marked improvement in the handling of transit
operations during 1919, due to better organization and the adoption
of better methods. During the year we added to our par list 106
banks. We now have in the Sixth District 783 banks remitting
at par.
The number of items handled by the collection department has
increased to a very considerable extent during the year 1919. We
handle all items forwarded to us as collection items by other Federal
Reserve Banks and their branches, and also items from member
banks located within this district. The greater volume of items handled consists of notes, drafts, and bill-of-lading drafts. During the
year 1919 the collection department handled 21,821 items, amounting to $52,996,504.47.
GOLD SETTLEMENT FUND.
The year 1919 was the first full year's operation under the daily
settlement basis. With the volume of transactions among Federal
Reserve Banks now being handled, particularly in connection with
special transfers of funds for member banks, for the Treasurer of the
United States, and for rediscounts between Federal Reserve Banks,
the account has been very active, and it would be well nigh impossible
to conduct the business through the Federal Reserve Banks without
this fund. The handling of this account is greatly facilitated by the
private-wire system, connecting all Federal Reserve Banks, their
branches, and the Federal Reserve Board. On April 1, 1919, the
New Orleans branch was permitted to begin settling direct in common
with a number of other branches of Federal Reserve Banks.
FOREIGN ACCOUNTS.
Foreign Government credits.—The account of foreign Government
credits was opened July 17 under participation with other Federal
Reserve Banks, through the Federal Reserve Bank of New York,
and has been maintained with little fluctuation since that date. The
daily average balance of this account has been $2,761,701.19. The
maximum balance was held when the account was opened on July
17, of $3,333,408.37. The minimum balance was on October 31,
when it stood at $2,602,586.02. The average difference between the
resource item of gold with foreign agencies and the liability item of
foreign Government credits has been $416,156.07. These resource
amounts have been available as cash and part of the bank's cash
reserve.
Gold with foreign agencies.'—A balance in this account was continued from 1918, and was closed out on April 2. It was opened
again in September and maintained throughout the balance of the
year. The daily average balance during the period of activity was
$2,345,545.12; the minimum balance during; the period of activity
394
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
was from January 1 daily until April 2, when it was closed. The
maximum of $5,270,626.78 was on November 13. The amount carried over from last year was dormant until it was closed on April 2,
but since reopening the account in September it has been very active,
increasing and decreasing in varying amounts almost weekly.
BANKING QUARTERS—NEW BUILDINGS.
The Federal Reserve Bank of Atlanta has under construction in
Atlanta additions to the permanent quarters which will nearly treble
the present floor space. The total estimated cost of the new building
under construction amounts to $205,000. These additions will be
completed in May, 1920. The construction follows out the same line
of architecture as the original building. The material used is also
the same, viz, reinforced concrete, with granite exterior. The new
building will be fireproof and thoroughly modern in every way.
In June, 1919, the board of directors authorized the purchase of a
building known as the Commercial National Bank, New Orleans, La.,
for permanent quarters of the New Orleans branch. This building
is situated in the block bounded by Carondelet, Common, Baronne,
and Canal Streets. The price paid for the property was $236,250.
This property is centrally located and well adapted for the purpose
intended, and it is thought that these quarters will be entirely adequate for the New Orleans branch for a number of years.
TREASURER'S GENERAL ACCOUNT.
This account has been very active. The number and amount of
warrants and coupons redeemed have been large. The monthly average of warrants redeemed was 104,224 items, amounting to
$28,523,435.67, and the monthly average of coupons redeemed was
274,960 items, amounting to $1,097,650.33. Since the earlier months
of the year there has been a steady decline in the number and amount
of warrants redeemed, except for the months of September and October, when there was a slight increase.
GENERAL BUSINESS AND BANKING CONDITIONS.
The month of December brings to a close a year of remarkable
commercial activity and expansion in the district. The transition
from a war footing to a peace basis, while it has been marked, has
taken place with comparatively little disturbance. There was some
uncertainty in the early months of the year, occasioned by the cancellation of Government contracts and orders, but the attention of
business was at once turned to the general trade, and for several
months now manufacturing plants and jobbers have experienced
difficulty in filling orders as rapidly as received.
A slight decline in prices in the early months of the year almost
immediately gave way to a steady and continuous advance, with the
result that prices of practically all staples have for months been
higher than at any time during the war. An investigation during
the spring months developed the fact that sales by retail stores were
for cash in a much larger percentage of instances than heretofore,
and that the proportion of credit sales had decreased relatively.
DISTRICT NO. 6—ATLANTA.
395
While peace has not officially been declared, there has been a good
foreign demand for our raw and manufactured products, as well as
foodstuffs, until more recently when the decline in foreign exchange
has had the effect of somewhat curtailing this demand. Nevertheless
it has had the effect of reducing our supplies and correspondingly
increasing prices, with the result that very few articles have escaped
the general rise in prices.
The price of cotton, the principal staple product of the district,
has increased during the year from around 27 or 28 cents to around
40 cents. A large proportion of the crop was held for 35 cents, and
much cotton was held by the producer uptil the price reached 40
cents. Diversification in farming has continued to an encouraging
extent, and a large increase is shown in the production of live stock
in all the States comprising the district. A larger proportion of
farmers are raising blooded cattle, hogs, and sheep, and the average
character of the stock shows a steady improvement in quality.
The larger towns and cities of the district have experienced a
serious shortage of houses, both for renting purposes and for sale to
homeseekers, throughout the year. This has been relieved to some
extent by extensive building operations exceeding those of any previous year. The lumber market has consequently been very active
throughout the year, and prices have steadily advanced, production
being reported as below normal. The year closes with the greatest
demand for lumber and the highest prices ever known, and the outlook is for still higher prices next year.
All lines of business have had to cope with the problem of shortage
and inefficiency of labor. Upon the cancellation by the Government
of its war orders, a few manufacturing plants closed for a short time
only, others operated on a part-time basis, pending resumption of
business with the general trade. With this exception, however, there
has been little or no unemployment, and a shortage has existed in
practically all lines during the year. The shortage of farm labor has
been a serious handicap, especially during the harvesting season,
when, in some cases, fields of cotton and other crops were abandoned
because of lack of farm help.
The steel and coal strikes, while serious in their effect, have not
affected the district greatly from a standpoint of production, for the
reason that in Alabama steel plants and coal mines there is a larger
percentage of nonunion workers than union men. The production
of pig iron has increased, and all industrial plants are operating to
full capacity.
Bank clearings at the principal cities of the district have consistently shown increases from month to month over those for the same
periods of 1918, and collection conditions have been reported as
good throughout the year.
It is undoubtedly true that the average individual has had more
money this year than ever before, and while savings deposits have
been increased, the individual has spent money unrestrainedly, and
for more expensive things, than ever before. The business in automobiles, jewelry, fine furs, and expensive clothing exceeds that of
any previous year.
178983—20
26
E X H I B I T A.—Movement of earning assets.
CO
Bills discounted.
Secured by Government
war obligations.
Date.
Member
banks' collateral notes.
All other.
Otherwise secured and
unsecured.
Member
banks' collateral notes.
All other.
Per cent
Bills pursecured
chased in
by war open market
obligations
(1+2-t-l to
4, incl.).
United
States
bonds
owned.
United States
certificates Municipal
of indebted- warrants.
ness.
10
5
Jan. 3.
10.
17.
24.
31.
Feb. 7.
14
21.
28.
Mar. 7.
14.
21.
28.
Apr. 4.
11.
18.
25.
May 2.
9.
16.
23.
30.
June 6.
13.
20.
27.
July 3.
11.
18.
25.
Aug. 1.
8.
15.
22.
29.
$44,470,186
37,902,915
35,266,915
46,914,871
42,548,471
45,531,650
52,263,150
53,758,550
56,923,550
58,930,200
59,667,000
60,934,250
60,731,150
62,114,400
63,293,900
65,047,800
67,792,950
69,038,400
68,503,850
70,046,400
66,390,600
66,034,325
60,198,625
69,019,100
68,193,250
67,313,409
63,145,179
63,349,574
64,641,618
74,700,118
72,038,518
75,795,118
71,950,104
74,805,350
78,635,155
$18,280,983
7,849,007
6,749,042
4.343,832
5,899,206
5,971,178
6,279,095
6,172,001
5,884,934
5,792,113
5,238,198
4,489,221
4,524,973
4,721,127
4,658,309
3,927,511
2,889,561
3,734,103
3,737,598
3,970,854
4,518,078
4,214,740
4,447,502
4,103,286
4,212,012
4,505,625
5,049,251
4,640,991
4,438,278
4,215,447
3,739,908
3,734,692
3,273,296
3,361,962
3,829,862
$1,248,713 $18,027,026
29,717,002
1,014,000
28,839,922
25,300
26,105,837
662,800
737,500 ' 22,020,528
19,270,209
160,000
17,768,724
160,000
14,489,677
5,000
12,746,658
5,000
11,904,702
12,295,663
22,000
12,599,238
22,000
14,006,850
10,000
13,506,178
10,000
12,785,306
20,000
10,935,856
40,000
11,453,669
20,000
11,415,847
20,000
11,660,643
20,000
11,615,590
20,000
12,854,523
625,060
12,710,221
672,560
12,240,267
934,288
12,841,368
283,727
14,825,716
470,384
15,910,526
860,384
13,471,933
692,884
12,930,923
616,346
10,882,631
1,024,102
11,475,124
1,104,366
11,759,129
681,610
11,327,220
320,990
11,852,099
359,990
13,014,686
359,490
14,374,557
517,149
Per cent.
63.6
59.8
59.3
64.7
67.9
72.6
76.6
80.0
83.1
84.5
84.0
83.8
82.3
83.2
84.1
86.3
86.0
86.4
86.1
86.4
84.0
84.7
83.1
84.8
82.6
81.1
82.8
83.4
85.3
80.3
85.9
87.2
83.3
85.4
84.7
Total
earning
$11,860,337
11,920,209
11,328,831
11,106,651
10,377,277
9,619,390
8,550,318
8,008,552
7,603,362
7,503,659
7,398,219
7,223,225
6,527,441
6,166,338
5,740,591
5,576,642
5,713,021
6,033,768
6,104,098
5,640,676
5,151,063
5,296,276
5,382,340
6,344,887
7,059,036
7,173,370
6,588,860
6,725,674
6,885,339
6,991,798
6,568,372
6,034,737
5,432,071
4,860,862
4,165,137
$542,550
542,450
542,450
536,900
528,575
528,250
378,450
377,900
377,800
377,750
377,700
377,650
377,600
377,350
377,250
377,150
377,000
376,950
376,850
384,050
383,900
383,900
383,350
383,150
383,050
382,950
382,650
382,650
382,650
382,650
382,250
382,150
382,000
381,200
380,900
$6,066,000
6,566,000
6,521,000
6,521,000
6,521,000
6,964,000
6,964,000
6,964,000
7,464,000
7,464,000
7,964,000
8,474,000
8,474,000
8,474,000
8,474,000
8,474,000
8,974,000
8,974,000
9,024,000
9,634,000
9,509,000
9,584,000
10,549,000
10,599,000
10,599,000
10,599,000
10,575,000
10,575,000.
10,479,000
10,479,000
10,479,000
10,979,000
11,479,000
11,979,000
12,479,000
$13,000
13,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
3,000
3,000
$100,508,797
95,524,583
89,277,460
96,195,892
88,636,559
88,048,678
92,367,737
89,779,682
91,009,305
91,976,425
92,966,780
94,123,585
94,655,014
95,372,394
95,349,357
94,378,961
97,220,202
99,593,069
99,427,040
101,311,572
99,432,225
98,896,023
94,135,374
103,574,520
105,742,450
106,745,266
99,905,759
99,221,159
98,733,621
109,348,504
105,648,788
108,573,908
104,728,560
108,762,551
114,381,760
I
o
1-3
i
I
Sept. 5.
12.
19.
26.
Oct. 3..
10..
17..
24..
31..
Nov. 7.
14.
21.
28.
Dec. 5..
12..
19..
26..
73,675,055
71,502,305
69,589,705
66,087,555
68,370,463
66,772,463
6,5,891,203
66,548,925
64,976,555
64,582,616
63,016,150
64,573,725
61,593,680
60,457,465
58,757,665
57,101,705
56,816,660
3,960,098
4,443,877
5,281,942
5,220,206
5,296,615
5,411,597
5,638,805
4,624,904
5,158,365
4,964,856
5,149,932
4,320,803
4,036,237
5,039,436
5,120,716
4,740,788
4,562,118
537,149
320,000
368,500
1,713,500
2,376,000
1,030,000
410,270
662,230
560,000
415,000
940,000
900,000
390,000
595,000
537,500
502,500
570,000
15,228,513
19,888,226
24,144,477
25,215,191
28,734,065
30,761,564
35,512,550
33,326,121
36,491,231
35,955,361
36,750,783
37,272,017
36,151,102
34,612,690
31,852,975
30,669,861
28,273,332
83.1
79.0
75.3
72.6
70.3
69.4
66.5
67.7
65.4
65.7
64.4
64.3
64.2
65.0
66.4
66.5
68.0
I
3,923,463
3,903,329
3,736,392
5,099,537
5,981,664
6,924,434
8,564,185
10,281,473
12,209,289
12,871,524
12,519,876
12,428,328
11,911,998
11,849,406
12,186,638
17,128,584
16,230,907
380,800
380,750
380,450
380,400
380,300 i
380,300 ] i
380,000
380,000
379,950
379,700
379,700
379,700
379,700
379,700
379,650
379,550
379,300
12,979,000
12,964,000
13,464,000
13,464,000
13,464,000
13,464,000
14,464,000
14,464,000
14,564,000
15,164,000
15,665,000
15,665,000
15,665,000
15,665,000
15,665,000
15,665,846
15,665,846
110,684,079
113,402,489
116,965,468
117, 180,391
124,603,108
124, 744,359
130,861,015
130, 287,654
134,339,391
134,333,059
134,421,442
135,539,574
130, 127,718
128,598,698
124,500,145
126 188,835
122,498,164
i
3
O
T
CO
CD
398
ANNUAL BEPOKT OF THE FEDERAL RESERVE BOARD.
FEDERALRESERVEBANK OF ATLANTA
MOVEMENT OF EARNING ASSETS
DURING CALENDAR YEAR 1919.
25
PIP HP
0
UNITEDSTATES SECURITIES.
25
i
•
25
I
25
O
0
O
ACCEPTANCES BOUGHT.
no
CO
80
60
40
20
0
so
60
40
20
PERCEtiTAGEOFWAR PAPER TO TOTALDISCOURTS.
I2S
TOTAL BILLS DISCOUHTED,
D;A/1PfVARFAP£R;iV:
399
DISTRICT NO. 6—ATLANTA.
I
rEDERALRESERVEBANKOFATLANTA
NET DEPOSIT LIABILITY.
F.R.NOTECIRCULATION
CASHRESERVES A11PRESERVE RATI0J9I9.
is
70
60
SO
40
30
20
10
SO
40
30
20
10
0
RESERVE RATIO, (PERCEKTA6E0FC+L ) .
P£P05!TAtiDmtlOTnLiAB!UmS/LtANP
TOTAL RESERnS/'
400
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
E X H I B I T B.—Movement of cash reserves, net deposits, Federal Reserve note
and the reserve percentage.
liabilities,
3
Date.
Jan. 3
10
17
24
31
Feb. 7
14
20
28
Mar. 7
14
21
28
Apr. 4
11
18
25
May 2
9..
16
23
29
June 6
13
20
1
27
!
July 3
1
11
18
25
Aug. 1
8
15
i
22
29
Sept. 5
12
19
26
Oct. 3
10
1U . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
24
i
31
Nov. 7
14
21
28
Dec. 5
12
19
26.
Total cash
reserves.
Federal reserve notes
in actual
circulation.
(2+3).
Reserve
percentage
(1-5-4).
$62,890,697
$33,826,754 $119,640,310 i $153,467,064
65,575,788
33,193,465 118,136,519 | 151,329,984
64,944,812
143,932,050
117,122,615
26,809,435
41,971,460 112,741,260 j 154,712,720
68,847,419
33,117,510 111,391,190 I 144.508.700 !
66,179,618
113,065,760 j 145,654,513
32,588,753
68,584,332
110,320,025 i 152,309,581
41,989,556
70,875,328
113,009,070 1 154,056,715
74,867,408 ! 41,047,645
110,785,210 ! 152,532,611
73,076,836 ! 41,747,401
111,822,670 : 156.495,701
44,673,031
76,388,642
41,879,477 110,087,015 ; 151,066,492
71,077,919
33,646,524 112,269,070 ! 145,915,594
63,976,906
34,667,854 115,974,805 : 150,642,659
68,065,223
35,667,648 115,172,665 j 150,840,313
68,115,593
114,077,620 I 155,952,291
41,874,671
73,484,657
115,215,430 I 156,939,274
41,723,844
75,494,364
115,332,840 | 153,747,731
38,414,891
69,771,578
38,127,117 115,538,655 ! 153,665,772
67,596,166
115,854,035 | 156,422,861
40,568,826
70,595,807
45,449,774 113,171,485 ! 158,621,259
71,185,830
43,168,752 112,263,640 I 155,432,392
70,028,813
113,349,880 j 161,182,413
47,832,533
74,860,974
36,780,769 115,569,015 ! 152,349,784
72,523,030
115,128,275 i 164,902,405
49,774,130
75,954,836
42,223,567 115,995,080 ! 158,218,647
67,307,530
44,920,847 115,662,010 j1 160,582,857
68,852,891
117,319,380 162,529,692
45,210,312
77,222,246
47,112,054 118,119,130 165,231,184
80,712,018
45,706,625 119,318,040 165,024,665
81,225,766
116,835,610 170,318,671
53,483,061
76,023,667
115,933,485
43,042,585
158,976,070
68,493,745
47,324,558 116,613,295
163,937,853
71,035,926
46,489,517 115,742,490 162,232, 007
73,547,547
112,991,050 161,503,992
48,512,942
69,427,630
48,652,592 113,631,550 162,284,142
65,085,570
114,806,985
43,736,513
158,543,498
65,504,156
116,366,880 162,125,993
45,759,113
65,708,391
45,832,494 117,962,935
163,795,429
65,270,724
44,749,912 121,012,470 165,762,382
67,198,767
128,383,830 179,531,275
51,147,445
73,786,993
46,925,737 133,448,505
180,374,242
74,505,921
fXm L»UJ, C^lJL
51,881,110 137,215,255
189,096,365
77,010,222
140,943,075 189,059,326
48,116,251
78,720,356
50,923,165 141,976,333
192,899,498
78,521,267
50,080,548 150,378,970 200,459,518
86,948,763
151,376,310 201,449,621
50,073,311
87,565,621
53,815,772 149,811,480 203,627,252
89,442,550
57,493,819 148,566,960 206,060,779
97,348,393
55,016,339 150,749,279 205,765,618
98,629,187
53,152,806 150,830,590 203,983,396
101,017,764
54,720,409 153,919,980
104,430,441
54,924,094 156,599,055
211,523,149 I
111,675,788
40.9
43.3
45.1
44.5
45.7
47.0
46.5
48.6
47.9
48.8
46.8
43.8
45.1
45.1
47.1
48.1
45.3
43.9
45.1
44.9
45.0
46.4
47.6
46.0
42.5
42.6
47.5
48.8
49.2
44.6
43.0
43.3
45.3
42.6
40.1
41.3
40.5
39.8
40.5
41.0
41.3
40.6
41.6
40.7
43.3
43.4
43.9
47.2
47.9
49.5
50.1
52.8
401
DISTRICT NO. 6—ATLANTA.
EXHIBIT G.—Comparative balance sheet of Federal Reserve Bank of Atlanta, including
branches.
Dec. 31,1919.
Dec. 31,1918.
RESOURCES.
Reserves:
Goldrexemption fund—Federal Reserve notes
Gold with Federal Reserve agent
Gold settlement fund
Gold bullion and coin
Gold certificates (including clearing-house
certificates)
Gold with foreign agencies
$7,940,425.13
63.503,220.00
19,333,518.51
1,930,767.62
$6,957,760.00
42,179,185.00
6,302,193.45
1,900,488.42
6,482,040.00
4,727,527.61
6,086,890.00
174,866.23
Total gold reserves.
Legal-tender notes.
Silver certificates...
Silver coin
103,917,498.87
63,601,383.10
Total cash reserves.
Nickels and cents
5 percent fund against Federal Reserve notes.
Overdrafts
104,908,210.17 1
163,325.00
117,580.00 I
709,806.30 |
Total.
Deductions from gross deposits:
National-bank notes
Bank notes, other Federal Reserve Banks—
Federalreservenotes—Other Federal Reserve
Banks
Unassorted currency
Transit items
Checks and other cash items
Exchanges for clearing house
Otheritems
Branches
Total
Less: Interest accrued on United States
securities
6,170.35
878,550.00
10,049.31
1,336.40
310,690.00
894,769.66
312,026.40
367,700.00
449,700.00
4,119,829.00
1,278,455.00
7,181,806.00
36.319,680.10
67,064.23
2,602,513.91
Total deductions.
Earning assets:
Member banks' collateral notes, Government
secured
All other, Government secured
Member banks' collateral notes, otherwise
secured
All other, otherwise secured
Bills purchased
Victory notes
United States bonds to secure circulation
Other United States bonds
Certificates of indebtedness to secure circulation
Other United States certificates of indebtedness
War-savings certificates
Municipal warrants
Par value of earning assets
Deduct—
Unearned discount
Dep. reserve United States bonds.
36, 018, 589. 11
61,832,680.00
4,558,955.09
47,626, 800.00
635,000.00
26,025,232.73
16.639,000.16
' 3,900.00
261,600.00
113,700.00
36, 408, 710. ,93
12, 514, 685. 61
261,600.00
292,150.00
15,664,000.00
5,964,000.00
1,000.00
846.00
102,000.00
125,735,913.98
103,182,946.54
13,666.66
$259,673.32
4,686.85
$228,225.46
830.70
264,360.17
229,056.16
135,903.92
24,961.80
204,094.36
125,607,457.73
102,978,852.18
121,786.25
.47
9,269.68
463,301.88
456,208.21
594,358.28
Total resources.
16,399,909.62
122,324.66
2,876,114.04
9,981,436.18
2,518,975.61
48,266,919.24
128,456.25
Liquid value earning assets.
Miscellaneous assets:
War-loan expense
War Finance Corporation.
Deferred charges
Bank premises
165,009.00
55,544.00
16,690.50
280,271,715.08
2,'957.3'i
217,000.00
676,165.52
203,824,259.81
402
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
EXHIBIT C.—Comparative balance sheet of Federal Reserve Bank of Atlanta, including
branches—Continued.
Dec. 31,1919.
Dec. 31,1918.
LIABILITIES.
Federal Reserve notes:
Outstanding...
Less: Held by bank and branches
Forwarded for redemption
$160 107 820.00
$4,108,635
488,250
A
In actual circulation
Federal Reserve bank notes secured by Government obligations:
Outstanding...
Less: Held by bank and branches
In circulation, net liability
Deposits:
United States Treasurer—general account
Members—reserve account
Foreign government credits
Nonmembers clearing account
Cashier's checks
Deferred availability itemsGold settlement fund—suspense
Government transit items
All other transit items
Gross deposits
Miscellaneous liabilities:
Reserved for taxes
Reserved for expense
Difference account
Capital, surplus, and net earnings:
CapitalPaid in by members
Paid in by applicants for membership
Total capital
Surplus fund
Total liabilities
rnc
CQC
$123 620 285.00
$2,786,200
161,655
on
155,510,935.00
120,672,430.00
15 777,600.00
216,300.00
6 085 600.00
269,000.00
15,561,300.00
5,816,600.00
2,706,991.38
58,388,305.76
2,602,586.02
12,498.22
163,501.14
2,839,711.85
46,222,851.15
40,931.30
173,956.21
5,862,338.16
998,183.13
30,270,446.54
16,335,014.92
101,004,850.35
72,585,923.58
25,583.24
45,846.49
6,973,458.15
47,572.19
384.04
71,429.73
47,956.23
3,425,650.00
2,550.00
3,191,350.00
3,428,200.00
3,191,350.00
4,695,000.00
1,510,000.00
280,271,715.08
203,824,259.81
DISTRICT NO. 7.—CHICAGO.
W. A. HEATH, Chairman and Federal Reserve Agent.
In the first year of readjustment from a war to a peace footing,
the operations of the Federal Reserve Bank of Chicago made a
remarkable showing when measured by service rendered to the
financial community and the Government.
Features of operation, however, clearly indicate that such readjustment is a slow and hesitating process, especially in a district largely
agricultural. While world-wide conditions are closely related with
those of the Middle West, it is not easy to discover any direct reflection of them in the attitude of the people of this section as indicated
by their disposition to indulge in extravagant living, to disregard
the necessity of thrift, the imperative need for increased production,
and the conservation of credit.
The Middle West is a great producing section, largely agricultural but with manufacturing centers scattered all through it, all
contributing to feed and clothe Europe and to supply her with raw
materials and finished products. Necessarily the problems of
production, distribution, and credit present themselves, and these
involve as factors seasons of growth as well as harvest and transportation. The record of the Federal Reserve Bank of Chicago for 1919
indicates in some measure the manner in which these various problems
have been or are being met and solved.
In reviewing the operations of the Federal Reserve Bank of Chicago, attention is called to the grand total of the balance sheet at
the close of 1919, showing total resources of $974,270,255, or more
than $197,000,000 greater than the total resources at the close of
1918, $573,364,510 greater than at the close of 1917, and 8.2 times
the total resources at the end of December just preceding our participation in the war. No other single total so well expresses the magnitude of the service carried through the most critical year which has
been lived (possibly excepting the period of actual warfare) in longer
than a half century.
It has been the endeavor to render the greatest possible service
to the business community, to the end that the liquidating process
necessary to bring the country back from a war footing to a peace
basis may be accomplished with the least possible disturbance to
business interests and to the country at large.
With this in mind, loans to and rediscounts for member banks
have been carefully watched and the effort has been made to keep
in touch with the general credit situation throughout the district as
indicated by loans and discounts as shown in the reports of condition
by the commercial banks.
The Federal Reserve Bank of Chicago, in 1919, was able not only
to supply the legitimate needs of its own district but to make large
advances to other Federal Reserve Banks not so fortunately situated.
403
404
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
It also assisted materially in financing the Treasury, through the
flotation of more than its full quota of Victory bonds, the banks of
the district subscribing 18 per cent of the Victory loan, purchasing 14 per cent of the total loan anticipation certificates of indebtedness, and absorbing 13 per cent of the total tax anticipation certificates subscribed in the country.
The transition from a war toward a peace footing has been attended
so far with little business disturbance. In the early part of the year
the sudden lessening of the demand for war materials and the cancellation of war contracts by the Government, together with the
slowness of payment on these contracts, in consequence of the
magnitude of the task, involved the use of such a considerable
amount of credit as to offset, in a measure, the steady liquidation of
war obligations. All through the year, however, there has been in
evidence resistance to attempts to readjust prices and wages from a
war-time level to a prewar normal, which necessarily finds its reflection to some extent in the loan account at the banks. Higher wages
and high prices of materials call for the use of more money and credit
in the conduct of business. The statistical record of operations of
the Federal Reserve Bank of Chicago reflects the effect of high
prices, low production, speculation, and extravagance existing in
the Seventh Federal Reserve District.
The strain upon the banking system, due to conditions which to
some extent were controlled during the war, has been increased with
the relaxation from war-time economies and conservation. There
is little in the figures of the year 1919 which gives hope for an immediate return to normal conditions until production begins to overtake
consumption and savings are accumulated to take the place of wealth
lost by waste and extravagance, and to increase the available supply
of capital of which the world is so greatly in need.
FINANCIAL RESULTS OF OPERATION.
The earnings of the Federal Reserve Bank of Chicago for the year
1919 aggregated $12,012,077, while the total expenses of the bank
lor the year 1919 aggregated $2,548,324 compared with $1,495,002
the previous year. From the net earnings of 1919, there was charged
off $820,000 as the estimated value of buildings to be razed on the
property purchased at the end of 1918 as the site for the future home
of the Federal Reserve Bank of Chicago.
The balance sheet as of December 31, 1919, shows $423,823,509
total earning assets, compared with $247,091,416 at the close of the
previous year, $125,490,000 in 1917, and $26,475,000 at the end of
1916. Total resources shown were $974,270,255 on December 31
last, compared with $777,187,612 at the end of 1918, $401,905,000 in
1917, and $118,790,000 at the close of 1916.
The capital account at the close of 1919 showed $12,347,150 paid
in, compared with $11,185,050 rpaid in at the end of 1918. The
average capital paid in for the } ear was $11,685,000, compared with
$10,087,800 for 1918. The surplus account at the close of 1919 was
$14,291,642.
Total Government deposits on December 31, 1919, were $350,003
compared with $6,566,290 at the close of the previous year, $3,052,000
at the close of 1917, and $2,045,000 at the close of 1916. The "total
DISTRICT NO. 1—CHICAGO.
405
due to member banks—reserve" at the close of 1919 was $257,978,903,
against $230,604,383 at the end of the previous year, $169,174,000 at
the close of 1917, and $95,390,000 at the close of 1916.
The balance sheet also showed $500,138,675 Federal Reserve notes
in actual circulation at the end of 1919, against $428,820,115 at the
close of the previous year.
DISCOUNT OPERATIONS IN 1919.
The total earning assets standing at $259,000,000 at the beginning
of 1919 was composed of $133,000,000 notes collateraled by United
States Government securities, $48,000,000 other discounted paper,
$58,000,000 open market bills, and $20,000,000 United States
securities owned. On December 26 the total earning assets stood at
$427,000,000, composed of $147,000,000 notes collateraled by United
States Government securities, $128,000,000 other discounted paper,
$108,000,000 open market bills, and $44,000,000 United States
securities owned. In the early figures Government securities appeared as collateral in 51 per cent of total earning assets, while on
December 26, the high point reached by "total earning assets," this
percentage was 34 per cent.
Leaving out of consideration investments, which show a steady
increase from $20,000,000 at the beginning of the year to $44,000,000
at the end, the total bills discounted and bought consisted principally of notes secured by Government obligations in the early
months, the percentages showing 55 per cent at the low and 84 per
cent on May 16, the high point. From this date on this proportion
diminished and at the end of the year had declined to 38 per cent.
The removal of the preferential that had hitherto existed upon
Government obligations as collateral, accounts for the failure of notes
thus secured to play an important part in the tremendous advance
sustained in loans during the last half of the year, particularly in
October, November, and December. On July 3, the total bills discounted and bought amounted to $284,000,000, partly made up of
$208,000,000 paper secured by United States war obligations. On
December 26, total bills discounted and bought amounted to $383,000,000, of which $147,000,000 was paper secured by United States
war obligations. This involved a decline in percentage of from 73
to 38 during the last half of 1919.
During the year 1919 there were approved 28,944 applications for
rediscount for 951 banks, which compares with 22,864 applications
approved for 850 banks in 1918.
Bankers' acceptances aggregating $387,489,767 were purchased in
the open market and from other Federal Reserve Banks at rates
running from 4 to 5J per cent. The number of acceptors represented
in these acceptances was 214.
The total amount of advances to other Federal Reserve Banks
through the rediscount of their bills during the year 1919 aggregated
$1,323,338,000. This was distributed as follows:
Atlanta
Boston
Dallas
Philadelphia
Richmond
Total
$72,190, 000
10, 028, 000
370, 975, 000
575, 008, 000
300,137, 000
1, 328, 338, 000
406
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DEVELOPMENT OF THE TRADE ACCEPTANCE MARKET.
During the year 1919 the Federal Reserve Bank of Chicago made
an extensive canvass through its member banks to determine the
development of the trade acceptance movement in the Seventh
District. The barks reported the volume of trade acceptances
offered for discount, as follows: Many bills offered, 28 banks; few
bills offered, 230 banks; no bills offered, 581 banks.
As to the rate of discount accorded trade acceptances, 36 banks
granted a preferential rate and 221 banks took the bills at their
ordinary rate of discount. Among the replies received as to the
progress of the movement, 75 banks reported gains, while 713
banks reported no progress.
From another point of view the trade acceptance movement has
a more favorable appearance, namely, the trade acceptances unpaid at maturity appear to be remarkably few, and the banks generally throughout the district express a preference for trade acceptances over the commercial notes in ordinary use.
During 1919 the Federal Reserve Bank of Chicago rediscounted
approximately $6,580,000 of trade acceptances, or about $2,450,000
less than during the previous year.
OPEN MARKET FOR BANKERS* ACCEPTANCES.
The open market for acceptances is gradually developing in the
Seventh District. A number of large banks in the reserve cities and
some of the small banks outside of reserve cities are purchasing
bankers' acceptances. The Federal Reserve Bank is assisting in
the development of an open market for bankers' acceptances by
purchasing such acceptances with a 15-day option to the broker to
repurchase. The attitude, however, has been to discourage direct
offerings by member banks.
LIQUIDATION OF WAR PAPER.
It is problematical, of course, as to how long a time will be required
to enable the banks of this district to clear up their war paper, but
this is being urged and encouraged wherever possible without harassing business.
RESTRICTIONS TO CHECK SPECULATION.
The policy has been to give assistance to member banks to care
for their legitimate and seasonal requirements and Government
financing. In cases where banks have shown a disposition to borrow
continuously and heavily, efforts have been made to obtain information as to current conditions and the reasons for this unusual demand. If it is found that a bank is borrowing from the Federal
Reserve Bank in order to secure additional working capital, or for
profit, the borrowing bank is requested to liquidate its obligations.
DISTRICT NO. 7—CHICAGO.
407
TREND OF DEPOSITS.
Net deposits opened the year at $211,000,000, gaming an advance
of $85,000,000 to the high point of the year, $296,000,000 (July 18),
before a recession set in which brought the figures back to practically the place at which the upward movement had started. The
trend of deposits during the entire year was irregular and unusual,
due to the artificial conditions produced by the consistently large
borrowings of other Federal Reserve Banks. Commercial banking
experience, that deposits grow with loans, was not followed in the
Federal Reserve Bank of Chicago, due to the fact that the proceeds
of these advances to other Federal Reserve Banks were not left on
deposit as is the case when members borrow, but were transferred
through the gold settlement fund to other Federal Reserve Banks.
RESERVE POSITION CAREFULLY SAFEGUARDED.
Demands upon the Federal Reserve Bank of Chicago, both from
member banks and from other Federal Reserve Banks, were tremendous during 1919. From the highest point reached in the total
net deposit and Federal Reserve note liability in 1918, which was
$644,000,000 on Friday, December 6, this item steadily increased to
$738,000,000 on December 26, using the weekly figures exclusively.
On the date of this high record, cash reserves against net deposits
and net circulation liability, stood at 50.6 per cent. Cash reserves
against these two net liabilities for the entire year averaged 63.5
per cent, while the average for the first ten months of the year was
65.4. On three occasions during the first ten months the reserve
percentage against net deposit and note liability fell below 60 per
cent, namely, June 20—59.7 per cent, June 21—59.9 per cent, and
June 30—58.5 per cent.
The transfer of gold to other Federal Reserve Banks as proceeds
of advances made to them for acceptances bought and notes and
acceptances discounted in unusually large volume, resulted in a
rather sharp and steady decline in reserve percentage beginning
with the first week in November. The low point in the reserve
percentage against net deposits and Federal Reserve note liability
was reached December 29, when it touched 49.2 per cent. The low
weekly reserve computed on Friday was 50.6 per cent. The percentage against this combined liability at the end of the year was
51.4 per cent. The average reserve by months in 1919 was:
January
February
March
April
68. 3 May
71.1 June
67.3 July
64. 4 I August.
64.8
62.2
63.2
63. 5
September
October
November
December
64. 9
64. 4
55. 6
52. 4
GROWTH OF MEMBERSHIP.
There were 44 State banks added to the membership roll of the
Federal Reserve Bank of Chicago in 1919, while 6 State banks retired
from membership, making a net increase for the year of 38 State
banks. This class of membership stood at 326 banks on December
31, 1919. Of the 6 retiring banks, 3 became national banks. The
408
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
division of new members by States is Illinois, 5; Indiana ; 3; Iowa,
6; Michigan, 28; and Wisconsin, 2. There were 1,048 national
bank members in the Seventh District December 31, 1919.
The following tabulation gives the total State bank membership,
according to States, in the Federal Reserve Bank of Chicago at the
close of the year 1919:
Dec. 31, 1919.
National.
Illinois
Indiana..
Iowa
Michigan
Wisconsin
'
Total
State.
D e c . 31, 1918
Total.
National.
State.
Total.
319
194
354
76
105
61
22
80
139
24
380
216
434
215
129
316
194
354
74
107
57
19
77
113
22
373
213
431
187
129
1,048
326
1,374
1,045
288
1,333
FIDUCIARY POWERS.
Applications of 41 national banks in this district for authority to
exercise fiduciary powers under section 11 (k) of the Federal Reserve
Act were approved by the Federal Reserve Board during 1919.
There were 54 such applications divided among the States as follows:
Illinois, 15; Indiana, 15; Iowa, 15; Michigan, 4; and Wisconsin, 5.
Of these, 10 were applications for additional fiduciary powers. Banks
having these powers now number 146.
DEPARTMENT OF BANK EXAMINATIONS.
Owing to the fact that national banks are under the jurisdiction
of the Comptroller of the Currency and that State banks are now
and will remain under the jurisdiction of the various State banking
departments, growth of the department of examinations must of
necessity be slow. While the department has made direct examinations of both national and State member banks, the field work has
been confined largely to cooperative examinations in connection with
representatives of State banking departments, and credit examinations of State banks in connection with their applications for
membership.
During the year meetings were held separately with each of the
five State banking departments, with practically a full attendance
of every member connected with each department. These meetings
resulted in a better understanding of the various matters of mutual
interest, and the visitors gained a better knowledge of the Federal
Reserve System and the operations of the Federal Reserve Bank of
Chicago. At the same time the officers of the Federal Reserve Bank
gained a much better idea of the conditions which confront the operation of the various State banking departments. The relations
existing between the banking departments represented in the Seventh
District and our examining department are pleasant and cordial and
promise cooperation to the fullest extent in increasing the efficiency
of the work in which there is mutual interest. The plan has been to
DISTRICT NO. 1—CHICAGO.
409
lay the foundation of the examining department along correct lines,
which may be extended as demands are made upon it.
STATE BANK RESERVES.
The discrepancy existing between reserve percentage against
deposits required by State banking laws and those obligatory under
the Federal Reserve Act has been removed in the State of Iowa for
Iowa State banks which become members of the Federal Reserve
System. Thus two States in this district, Michigan and Iowa, have
given recognition through their law-making bodies of the safety of
smaller reserves for a bank which has the resources of a Federal
Reserve Bank to draw upon in case of need. The attitude of banking
departments in the three remaining States continues liberal toward
the reserve percentages carried by banks under their jurisdiction
which have become allied with the Federal Reserve System, but
actual incorporation in their State laws of sections covering this point
has not yet been accomplished.
PART PLAYED IN GOVERNMENT FINANCING IN 1919.
The Seventh Federal Reserve District was assigned a quota of
$652,500,000 of the Victory loan, or more than 14 per cent of the
total amount offered, $4,500,000,000. Total subscriptions were
$772,046,550, 118 per cent of quota. Allotments made aggregated
$694,330,000. There were 2,267,411 individual subscribers, with an
average subscription of $340. To the fourth Liberty loan there were
4,300,312 subscribers, averaging $227 for each as compared with an
average of $172 for 3,479,315 subscribers to the third loan.
Payment on the fourth Liberty loan was completed in January.
By the end of the year payments on the Victory loan had all been
completed excepting three individual accounts totaling under $1,000,
and deliveries of all notes had been made except approximately
$5,000,000 registered notes which had yet to be received from the
Treasury Department. Payments on the Victory Liberty loan were
effected as follows: By cash, $212,516,011.45; by credit in war loan
deposit account established by approved depositaries, $241,024,313.55;
and by certificates of indebtedness, $240,789,000.
The Liberty loan organization for the Seventh District functioned
satisfactorily, and the result is a fitting tribute to those tireless
workers who gave freely of their time and energy.
During the year 1919 the banks of the Seventh Federal Reserve
District purchased $1,001,727,000 " loan anticipation" certificates of
indebtedness, 14 per cent of the total amount purchased by the
banks of the entire country, and $605,818,500 tax anticipation certificates of indebtedness, 13 per cent of the total amount of tax
anticipation certificates sold in the entire country. All of these
certificates have matured or have been retired except $180,623,000
loan anticipation and $246,390,500 tax anticipation certificates. At
the present time, therefore, 7 | per cent of the total banking resources
of this district are invested in United States Treasury certificates of
indebtedness. The organization by which these certificates have
been distributed was built upon the county unit. Each of the 338
counties in the district is in charge of two prominent resident bankers,
work closely with the director of Treasury certificate sales.
Digitized forwho
FRASER
410
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
DEPOSITS OF TREASURY FUNDS WITH BANKS IN 1919.
The number of depositary banks increased during 1919 from 1,060
to 1,177. The maximum payment by credit to the war loan deposit
account during the year was $143,062,704 on the occasion of the initial
payment of the Victory Liberty loan. Total payments by credit upon
the Victory Liberty loan were $242,055,211, more than one-third of
the money required on this account. Payments for certificates of
indebtedness purchased by banks during the year were made by
credit to the amount of $1,021,000,000, which is 64 per cent of the
certificates sold.
Approved collateral held by custodians as security for deposits of
Treasury funds reached a maximum on June 11, when the five custodians, one in each State, held a total of $231,061,870. On December 1
the minimum for the year was reached—$70,399,395.
WAR SAVINGS—1919.
The work of the Federal Reserve Bank of Chicago in the sale of
war savings certificates and stamps during the year 1919 has been
chiefly concerned with education. Until August 1 the war savings
campaign was conducted on the State unit plan. Thereafter the
five State organizations were molded into one district organization
with headquarters in Chicago.
Sales during the first nine months showed a steady decrease, but
from October 1 sales showed a decided increase. During the months
of October and November sales showed approximately 100 per cent
increase over September sales. This increase is attributed to the sale
of the new Treasury savings certificates.
FEDERAL RESERVE NOTE ISSUE.
The volume of the Federal Reserve notes of the Federal Reserve
Bank of Chicago in circulation at the first of the year was $426,000,000,
a figure reached after an expansion during 1918 of over $250,000,000.
During the first half of 1919 this figure never exceeded $426,000,000.
In fact, there were two rather substantial downward trends during
this period. However, when pent-up buying power and the desire to
employ it resulted in a tremendous advance in consumption, a
great rise in commodity prices, and an increase in speculative operations, there was a correspondingly heavy demand for circulation
media. From the end of July, during which month there was a
reaction from the upward trend that developed at the end of June,
the rise in the Federal Reserve note item was sharp and continuous
until the end of the year. The net expansion for the year was
$84,000,000, with Federal Reserve notes in actual circulation standing at $510,000,000 on December 26, 1919. (See Exhibit B and
chart.)
FEDERAL RESERVE BANK-NOTE ISSUE.
On December 31, 1918, there were outstanding $18,525,800 in
Federal Reserve bank notes. At the close of the year 1919 this item
stood at $41,289,800. This expansion of more than $20,000,000 in
DISTRICT NO. 7
CHICAGO.
411
denominations of principally $1 and $2 can be traced to the Pittman
Act, to the increased demand for small bills, and to the policy of
the Treasury in withholding silver certificates from circulation in
order to use for minor coin the bullion resulting from the breaking
up of standard silver dollars back of the silver certificates.
At the close of the year there was $43,609,800 in United States
securities on deposit with the United States Treasurer as security for
outstanding Federal Reserve bank notes.
POSITION OF COMMERCIAL BANKS.
Condition of the commercial banks is fairly well reflected in the
summary of the reports of 107 selected banks in this district as of
December 26, 1919, which indicates that they were borrowing approximately 78 per cent of their reserves. They have borrowed $208,000,.
000, whereas their reserves both with Federal Reserve Bank and in
vault were $265,000,000. Considering that vault cash is not legal
reserve and that almost $78,000,000 of the above figure was
represented by vault cash, it may be seen how heavily the banks are
leaning on the Federal Reserve Bank of Chicago at this time.
The interest rate on money for business bears a close relationship
to the discount rate of the Federal Reserve Bank of Chicago and,
with a 4f per cent rate on certificates of indebtedness, it is not thought
that commercial paper will become any cheaper than 5^ per cent, at
least for several months of the new year. Other factors which no
doubt will keep money firm for the next few months are the continued
strength of commercial and agricultural demand; the stagnation of
agricultural credits that would have been liquidated with better shipping facilities; the large land settlements to be made in March—the
aftermath of tremendous speculation in land; and, finally, the completion of the readjustment of war-time industries to a peace-time
basis, though the past year has seen considerable progress in this
direction.
Meantime, there is a good market for commodities of all kinds and
the danger of excessive stocks is reduced, owing to the rapidity of the
turnover of merchandise, and the average merchant's belief that
prices may commence to recede at any time.
FEDERAL RESERVE CLEARING SYSTEM.
The operations of the clearing system of the Federal Reserve Bank
of Chicago continue to show a remarkable increase in volume. During
the year 1919 the daily average of items handled by the transit
department compared to the number handled in the same period of
the previous year, showed an increase of 106 per cent. The number
of items drawn on banks in Chicago increased 112 per cent, while the
daily average of items drawn on banks outside of Chicago increased
121 per cent.
There was an increase of 38 per cent in Government checks
handled. The turnover in December averaged daily 29,462 Chicago
items and 121,663 outside items, or a total of 151,125 which, with
7,223 Government checks, made a total average of 158,348. The
178983—20
27
412
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
largest volume in the history of the transit department was handled
on December 15, 1919, when the business comprised 240,132 items,
composed of 41,712 Chicago items, 191,405 items on banks outside
of Chicago and 7,015 Government checks.
There has been a marked increase in the number of banks on the par
list of the Federal Reserve Bank of Chicago. At the close of business
December 31, 1919, 5,271 banks out of a total of 5,564 in the Seventh
District were on the par list. Illinois, Iowa, Indiana, and Michigan
were 100 per cent par, all banks in Illinois and Iowa going on the
par list November 1 and all in Indiana December 1, while Michigan
reached the 100 per cent status December 31.
The transit department inaugurated a merit system recently for
the purpose of increasing the efficiency of the clerical force and this
has brought gratifying results in reducing the number of errors in
the sorting and listing of checks.
LEASED WIRE SYSTEM.
Owing to the volume of telegrams handled over the leased wire
system during the past year, additional facilities have been acquired
to the extent of approximately 2,500 miles, which makes the total
mileage of the system 12,500.
The Chicago-New York circuit was converted from a single wire to
a full duplex, or two-way wire (doubling its capacity); branch banks
were opened at Little Rock, Buffalo, Houston and Nashville, all being
connected with their parent banks by leased wires; new wires were
established between Chicago and Kansas City, also Richmond and
Baltimore, to provide for increased business, which is being handled
with great facility.
TRANSFER OPERATIONS.
The policy happily adopted in 1918 of promoting mail and telegraphic transfers of credit for the better mobilization of reserves,
was continued throughout 1919. Uniform rates were maintained of
15 cents discount per day per thousand—say 5 | per cent per annum—
for mail purchases and 1\ cents discount per day per thousand for
mail sales. Telegraphic transfers were made without charge and
member banks have been encouraged to avail themselves of this great
privilege for the conservation of their reserves and the effective
utilization of their cash resources in all positions.
The year 1919 showed a gain of 31.8 per cent in the total of transfers
purchased by mail and by wire, the total being $4,205,247,000,
against $3,188,602,000. Sales of transfers by mail and wire made
a total of $1,115,010,000 against $498,329,000, an increase of 123 per
cent for the year 1919. Total transfer operations, buying and selling
by wire and by mail, amounted to $5,320,257,000, against $3,686,931,000, an increase of 44.3 per cent.
COLLECTION DEPARTMENT.
The collection department of the Federal Reserve Bank of Chicago
was established on July 1, 1917, and for the balance of the year, as
well as 1918, member banks did not use the service which it provided
DISTRICT NO. 7—CHICAGO.
413
to any considerable extent. Prior to July 1, 1918, a service charge
of 10 cents per item was assessed, but, in order to add to services
made available to member banks, this charge was waived thereafter*
At the present time about 10 per cent of the member banks use our
collection facilities, though country banks thus far have not shown
much interest in the service.
The following table will afford an idea of the volume of business
handled in the department for the year 191.9:
Received from—
Federal Reserve Banks.
Chicago banks
Member banks, district No. 7, outside Chicago..
Discount department
Total
Items.
Amounts.
31,209
4,789
13,245
9,117
$81,846,903
20,313,164
12,462,949
201,459,117
58,360
316,082,133
Figures for 1918 are not available in a form which would make
a fair comparison, but with the daily increase in volume, future
reports should be very interesting. Returns at par can be made for
collections on points where there is a Federal Reserve
@FedFRASER