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NINTH ANNUAL REPORT
OF THE
FEDERAL RESERVE
BOARD
COVERING OPERATIONS
FOR THE YEAR 1922
WASHINGTON
GOVERNMENT PRINTING OFFICE
1923
TABLE OF CONTENTS.
Page.
PART I. Report of the Federal Reserve Board, with exhibits
1-280
PART II. Statistical tables, arranged by Federal reserve districts
281-404
PART III. Recommendations of the Federal Advisory Council to the Federal
Reserve Board for year 1922
405-413
Description of Federal reserve districts
414^20
P A R T I.
TEXT OF REPORT:
Trend of business activity
Member bank borrowings in relation to basic discount line
Cooperative marketing
Branch banking
Banking developments
Loans and investments of member banks
Credit in industrial and rural counties
Loans and deposits
Gold movements and foreign exchange
Discount rates during 1922
Earnings, expenses, and volume of operations of Federal reserve b a n k s . . .
Branches of Federal reserve banks and their operations
Building operations of the Federal reserve banks
Gold settlement fund
State bank membership
Check clearing and collection
Trust powers of national banks
Kern amendment to Clayton Antitrust Act. .
Amendments to Federal reserve act
Amendments to regulations of the Federal Reserve Board
Federal Advisory Council, meetings of
Conferences held by the board
Board's organization, staff, and expenditures
1
3
4
5
6
7
8
10*
13
14
18
25
26
28
29
30
33
35
36
37
38
3$
39
EXHIBITS.
DISCOUNT AND OPEN-MARKET RATES:
No.
No.
No.
No.
No.
No.
1. Changes during 1922 in Federal reserve bank discount rates
2. Average rates charged by Federal reserve banks on bills
discounted
3. Annual rates of earnings on discounted bills held by the Federal
reserve banks
4. Changes during 1922 in minimum authorized rates of Federal
reserve banks on bankers' and trade acceptances bought in open
market
5. Average rates charged by Federal reserve banks on bankers' and
trade acceptances bought in open market
6. Annual rates of earnings on bankers' and trade acceptances bought
in open market and from other Federal reserve banks
HI
42
43
44
44
46
47
IV
TABLE OF CONTENTS.
DISCOUNT AND OPEN-MARKET RATES—Continued.
No. 7. Annual rates of earnings on bills discounted and on bills purchased
by each Federal reserve bank, 191&-1922
No. 8. Annual rates of earnings on United States securities held by the
Federal reserve banks
No. 9. Annual rates of earnings on total earning assets and on municipal
warrants held by the Federal reserve banks
Page.
48
50
51
CONDITION OF FEDERAL RESERVE BANKS:
No. 10. Earning assets of all Federal reserve banks combined, 1914-1922..
No. 11. Reserves, deposits, and note circulation of all Federal reserve
banks combined, 1914-1922
No. 12. Resources and liabilities of all Federal reserve banks combined
on the last business day of each month, December, 1921-December, 1922
No. 13. Resources and liabilities of all Federal reserve banks combined.
by weeks, during 1922
No. 14. Deposits, Federal reserve note circulation, required reserves,
excess reserves, and reserve percentages of all Federal reserve
banks combined, by weeks, during 1922
No. 15. Daily average figures for all Federal reserve banks combined of
cash reserves, total earning assets, deposits, and Federal reserve
note circulation, also daily average reserve percentages, by
months, during 1919-1922
".
No/16. Average daily holdings of all classes of earning assets of each Federal reserve bank, by months
Holdings of bills discounted—
No. 17. Average daily holdings of each Federal reserve bank, by
months
No. 18. Classification of paper held by each Federal reserve bank on
December 30, 1922
No. 19. Classification of paper held by all Federal reserve banks combined at the end of each month
No. 20. Maturity distribution of paper held by each Federal reserve
bank on December 27, 1922
No. 21. Maturity distribution of paper held by all Federal reserve
banks combined on the last report date of each month
No. 22. Classification of bills secured by United States Government
obligations held by each Federal reserve bank on December
27, 1922, and December 28, 1921
No. 23. Classification of bills secured by United States Government
obligations held by all Federal reserve banks combined on
the last report date of each month
JBills bought in open market (bankers' and trade acceptances)—
No. 24. Average daily holdings of each Federal reserve bank, by
months
No. 25. Held by each Federal reserve bank on December 30, 1922,
by classes of accepting institutions
No. 26. Held by all Federal reserve banks combined at the end of
each month during 1922, by classes of accepting institutions.
No. 27. Held by each Federal reserve bank on December 30, 1922, by
No. 28. Held by all Federal reserve banks combined at the end of
each month during 1922, by classes
52
58
62
64
71
75
76
77
79
80
81
82
83
84
85
86
87
TABLE OF CONTENTS.
V
CONDITION OF FEDERAL RESERVE BANKS—Continued.
Bills bought in open market—Continued.
Page.
No. 29. Maturity distribution of bills held by each Federal reserve
bank on December 27, 1922
90
No. 30. Maturity distribution of bills held by all Federal reserve banks
combined at the end of each month
91
Municipal warrants—
No. 31. Arerage daily holdings of each Federal reserve bank, by
months
92
United States securities—
No. 32. Average daily holdings of each Federal reserve bank, by
months
93
No. 33. Classification of United States securities held by each Federal
reserve bank on December 30, 1922
94
FEDERAL RESERVE NOTES:
No. 34. Accounts of each Federal reserve agent on December 30, 1922, and
December 31, 1921
No. 35. Outstanding, held by each bank, and in actual circulation, also
gold and eligible paper pledged as collateral for outstanding
notes—Monthly figures for each Federal reserve bank
No. 36. Collateral (gold and eligible paper) pledged with Federal reserve
agents as security against notes outstanding—Weekly figures for
all Federal reserve banks combined
No. 37. Issued and retired by each Federal reserve agent, by months
No. 38. Outstanding, held by Federal reserve agent, and on hand in Washington on December 30, 1922—By banks and denominations
No. 39. Received from Comptroller of the Currency, returned to comptroller for destruction; issued to Federal reserve banks, and
returned by Federal reserve banks during 1922—By banks and
denominations
No. 40. Issued and retired by all Federal reserve agents combined during
1920, 1921, and 1922, and amounts outstanding on December 31,
1919, 1920, 1921, and 1922, by denominations
No. 41. Interdistrict movement during 1922
95
97
100
103
105
107
110
110
FEDERAL RESERVE BANK NOTES:
No. 42. Issued and redeemed during 1922 and outstanding on December 30,
1922, by banks and denominations
112
CURRENCY RECEIPTS AND PAYMENTS:
No. 43. Received from and paid to member and nonmember banks by each
Federal reserve bank, by months
114
DISCOUNT AND OPEN-MARKET OPERATIONS:
Total volume—All classes—
No. 44. For each Federal reserve bank during 1922, with totals for 1921
and 1920, distributed by classes
No. 45. For all Federal reserve banks combined, by months during
1922, distributed by classes
No. 46. For each Federal reserve bank, by months during 1922, with
totals for 1921 and 1920
Bills discounted—
No. 47. Discounted by each Federal reserve bank, by months during
1922, with totals for 1921 and 1920
116
117
118
119
VT
TABLE OF CONTENTS.
D I S C O U N T AND O P E N - M A R K E T
OPERATIONS—Continued.
Bills discounted—Continued.
Pa ge .
No. 48. Number of banks in each district accommodated through
discount operations, b y months during 1922, with totals
for 1921 and 1920
'.
120
No. 49. Volume, b y States, also n u m b e r of member banks in each
State and n u m b e r accommodated through discount operations during 1922, 1921, and 1920
«
121
No. 50. Discounted b y each Federal reserve bank for national banks
and for State bank and trust company members during 1922,
1921, and 1920
124
No. 51. Discounted b y each Federal reserve bank during 1922, b y
rates of discount charged
124
No.~52. Discounted b y all Federal reserve banks combined during
1922, b y months and b y rates of discount charged
125
No. 53. Average maturity (in days) of bills discounted b y each Federal
reserve bank, b y months during 1922, with average maturities for each bank and for each month of 1921 and 1 9 2 0 . . .
126
No. 54. Discounted b y each Federal reserve bank during 1922, classified b y maturities
127
No. 55. Discounted b y all Federal reserve banks combined during
1922, b y months and maturities
128
No. 56. Bills secured b y United States Government obligations, discounted b y each Federal reserve bank, by months during
1922, with totals for 1921 and 1920
129
No. 57. Trade acceptances discounted b y each Federal reserve bank,
b y months during 1922, with totals for 1921 and 1920
130
No. 58.1 Bankers' acceptances discounted b y each Federal reserve
bank, b y months during 1922, with totals for 1921 and 1920..
131
Bills bought in^open market—Bankers' and trade acceptances—
No. 59. Purchased by each Federal reserve bank, by months during
1922, with totals for 1921 and 1920
132
No. 60. Purchased in open market b y each Federal reserve bank
during 1922, with totals for 1921 and 1920, distributed b y
classes
133
No. 61. Purchased in open market b y all Federal reserve banks combined, by months during 1922, distributed by classes
134
No. 62. Purchased b y each Federal reserve bank during 1922, b y
rates of discount charged
134
No. 63. Purchased b y all Federal reserve banks combined, by months
during 1922, b y rates of discount charged
136
No. 64. Average maturity (in days) of bills purchased b y each Federal
reserve bank, by months during 1922, with average maturities for each bank and for each month during 1921 and 1920.
137
No. 65. Purchased by each Federal reserve bank during 1922, by
maturities, also average maturity for each bank
138
No. 66. Purchased b y all Federal reserve banks combined, b y months
during 1922, by maturities, also average maturity for each
month
139
TABLE OF CONTENTS.
VII
DISCOUNT AND OPEN-MARKET OPERATIONS—Continued.
United States securities—
Page.
No. 67. United States bonds and notes purchased by each Federal
reserve bank, by months during 1922, with totals for 1921... 140
No. 68. United States certificates of indebtedness purchased by each
Federal reserve bank, by months during 1922, with totals
for 1921 and 1920
141
GOLD SETTLEMENT FUND:
No. 69. Summary of transactions of each Federal reserve bank during 1922.
No. 70. Clearings and transfers for all Federal reserve banks combined, by
weeks, during 1922
142
143
FEDERAL RESERVE AGENTS' GOLD FUND:
No. 71. Summary of transactions of each Federal reserve agent during 1922.
144
CLEARING OPERATIONS:
No. 72. Operations of each Federal reserve bank in the Federal reserve
clearing system during 1922, with totals for 1921 and 1920
No. 73. Number of member banks and of nonmember banks on par list in
each Federal reserve district at the end of each month during
1922
.
145
147
OPERATIONS OP BRANCHES:
No. 74. Operations of each Federal reserve branch bank during 1922
149
EARNINGS AND EXPENSES:
No. 75. Earnings and expenses of each Federal reserve bank during 1922..
No. 76. Profit and loss account of each Federal reserve bank during 1922..
No. 77. Reimbursable expenditures of fiscal agency department of each
Federal reserve bank during 1922
151
153
155
RECEIPTS AND DISBURSEMENTS OP FEDERAL RESERVE BOARD:
No. 78. Receipts and disbursements of the Federal reserve board for 1922.
156
ALLOTMENTS OF UNITED STATES SECURITIES:
No. 79. Allotments of each series of United States bonds, notes, and certificates of indebtedness issued during 1922, by Federal reserve
districts...
160
ASSETS AND LIABILITIES OP MEMBER AND NONMEMBER BANKS:
No. 80. Abstract of condition reports of all State bank and trust company
members combined
No. 81. Abstract of condition reports of all member banks combined
No. 82. Abstract of condition reports of all member banks in New York
City
No. 83. Abstract of condition reports of all member banks in the city of
Chicago
No. 84. Abstract of condition reports of all member banks in reserve cities.
No. 85. Abstract of condition reports of all member banks outside of central
reserve and reserve cities (so-called country banks)
No. 86. Loans, investments, and deposit liabilities of national banks on
call dates, 1914-1922
No. 87. Principal resources and liabilities of about 800 reporting member
banks in leading cities, by weeks, during 1922
No. 88. Number, capital, surplus, and resources of State bank and trust
company members of the Federal reserve system, and of eligible
nonmembers as of June 30, 1922, by districts
No. 89. Nonmember State banks and trust companies eligible for membership in the Federal reserve system on June 30, 1922, by States..
No. 90. Assets and liabilities of all banks in the United States and island
possessions
161
162
163
164
165
166
167
169
171
172
174
VIII
TABLE OF CONTENTS.
DEBITS TO INDIVIDUAL ACCOUNTS:
Page.
No. 91. Debits to individual accounts as reported by banks in 141 principal
cities—Summary by months and districts, 1920-1922.
175
GOLD IMPORTS AND EXPORTS:
No. 92. Gold movement into and out of the United States, June 1, 1919December 31, 1922, by principal countries
No. 93. Total imports of gold into and exports of gold out of the United
States, by countries, 1922 and 1921
177
178
FOREIGN EXCHANGE:
No. 94. General index of foreign exchange, by months, 1918-1922
No. 95. Course of foreign exchange rates, 1919-1922
No. 96. Foreign exchange rates during 1922, by months and countries
State banks and trust companies admitted to membership
Fiduciary powers granted to national banks
Banks granted authority to accept drafts and bills of exchange up to 100 per
cent of capital and surplus
Personnel and salaries:
Salaries of officers and employees of Federal Reserve Board
Salaries of officers and employees of Federal reserve banks.
Salaries of national-bank examiners
Directory:
Federal Reserve Board
Federal Advisory Council
Officers and directors of Federal reserve banks and branches
Amendments to Federal reserve act
Regulations of Federal Reserve Board
Paper of cooperative marketing associations
Court opinions in par clearance cases:
Atlanta case
North Carolina case
Cleveland case
:
San Francisco case
Court opinions on exercise of fiduciary powers:
Supreme Court of Rhode Island
Superior Court of Pennsylvania
180
181
181
188
214
229
232
235
238
240
241
241
248
249
255
258
261
265
271
274
277
CHARTS.
Annual rates of earnings on discounted and purchased bills, 1916-1922
49
Federal reserve banking developments, 1917-1922
57
United States securities, purchased bills, discounted bills, and total earning
assets for all Federal reserve banks
69
Reserve ratio, deposits, Federal reserve note circulation, and total reserves for
all Federal reserve banks
70
Reserve ratio for each Federal reserve bank
74
Average daily holdings of discounted bills and of other earning assets by Federal
reserve banks during 1921 and 1922
78
United States gold imports and exports, 1918-1922
178
Foreign exchange index, 1918-1922
180
Federal reserve note circulation and holdings of bills discounted, bills purchased, and United States securities
285,
295, 304,314, 324,334,344,356,365,375,386,396
TABLE OF CONTENTS.
IX
PART II.
Statistical tables, arranged by Federal reserve districts:
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.
Page.
283
293
302
312
322
332
342
354
363
373
384
394
PART III.
Recommendations of the Federal Advisory Council, 1922.
Description of Federal reserve districts
Map of Federal reserve districts
407
414
420
PART I
.
REPORT OF THE FEDERAL RESERVE BOARD,
WITH EXHIBITS.
THE FEDERAL RESERVE BOARD.
DECEMBER 31, 1922.
A. W. MELLON, ex oflicio,
Secretary of the Treasury, Chairman.
D. R. CRISSINGER, ex officio,
Comptroller of the Currency.
XII
-, Governor.
EDMUND PLATT, Vice Governor.
ADOLPS C. MILLER.
CHARLES S. HAMLIN.
JOHN R. MITCHELL.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
WASHINGTON, January 16, 1923.
Sir: In compliance with the requirements of section 10 of the
Federal reserve act, the Federal Reserve Board submits herewith its
ninth annual report, which covers operations for the calendar year
ended December 31, 1922.
The year 1922 has been a year of almost continuous recovery from
the disorganized markets and depressed business conditions resulting
from the abrupt price decline of 1920. When the last annual report
of the Federal Reserve Board was written, at the close of the year
1921, recovery had already begun, the resumption of business activity
being indicated in the larger volume of production and trade even
while prices were still declining. During the latter half of 1921 the
price level was relatively stable, and so even before the opening of
the year 1922 business men and manufacturers began to feel that
they could go forward and make commitments for the future. In
consequence of this reviving demand prices of many commodities
advanced, and higher prices were accompanied by larger output and
by fuller employment of labor. Prices and production both increased
during 1922, but the production of basic commodities increased at a
more rapid rate than the level of prices, and at the end of the year the
output of industry was greater than at any time since early in 1920.
While the revival of 1922 has been primarily industrial in character,
there has also been a decided improvement in the agricultural situation. The farm value of most of the important crops was larger than
in the previous year, owing both to greater yields and higher prices.
Prices of agricultural products are still out of line with other prices,
but a readjustment has been in progress during the year. Cotton at
the close of the year was two and one-half times its low price of
March and April, 1921, but its high price was due to reduced stocks
and a short crop, while in the cereals generally good crops were
bringing to the farmer considerably larger sums than last year, even
though their recovery of price has not been so great as in cotton.
Price recovery among the cereals has been greatest in the case of the
cheaper grains—corn, rye, and oats—which Europe, with its present
curtailed buying power, has imported in increased quantities. Our
relatively decreased exports of wheat have been reflected in a more
moderate advance in price. The incompleteness of agricultural
revival as compared with the recovery which has recently taken place
in the industrial world is partly explained by the disorganization of
l
2
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
European markets, since the prices of agricultural products are more
dependent on export demand than prices of other classes of commodities.
During more than half of the year, while prices advanced steadily,
the discounts of the Federal reserve banks continued the decline
which had prevailed throughout the preceding year, and the same
was true of the loans of member banks. In 1920 two-thirds of the
tremendous decline in prices took place while Federal reserve loans
and currency issues were increasing, and in 1922 practically the
entire advance in prices took place while Federal reserve loans were
declining. The discounts of the Federal reserve banks—the advances made to member banks, omitting acceptances bought in
the open market—reached their low point July 26, 1922, at $380,000,000, when they were no less than 86 per cent below their maximum
of $2,827,000,000 reached on November 5, 1920. It is noteworthy
that Federal reserve discounts and note issues lagged behind the
advance in prices of the past year by much the same interval of time
as on the downward turn of prices in 1920. A decline in business
activity and in prices has been followed by a reduction in loans and
currency issues by the Federal reserve banks, and an advance in
production and prices has been reflected in an increase of loans and
currency required to transact the larger volume of business. This
sequence of events shows that the Federal reserve banks, through
their loans and currency issues, are responsive to the needs of business.
The long period of liquidation came to an end shortly after the
middle of the past year, and in the early autumn renewed demands of
business and agriculture caused increased borrowings both at member
banks and at Federal reserve banks. It may be noted that the low
point of reserve bank discounts on July 26 was still much above the
level of discounts at any time before the United States entered the
World War. The increase of loans since July 26, while so far rather
moderate, appears to be more than seasonal, for it started earlier than
at crop-moving time and continued to the end of December, standing
at the close of the year $250,000,000 above the low point. If we were
not so accustomed to talking in war figures this expansion would
seem considerable.
Just as the liquidation in 1921 first affected the large cities of the
East and was slow in gathering momentum in agricultural districts,
where the member banks carried a large volume of frozen loans
and the Federal reserve banks helped them to extend all possible
accommodation to their customers, even though it required rediscounting with eastern Federal reserve banks, so the increased borrowing of the past five months has been most marked in the eastern
industrial sections. The differences between the various sections of
the country in the process of liquidation and of renewed loan activity
are discussed in more detail in a subsequent portion of this report.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
3
At the end of 1921, after liquidation had been under way for more
than a year, there were still 906 member banks whose borrowings
from the Federal reserve banks were no less than three times as large
as their normal basic line, that is to say, these banks were receiving
at least three times as much accommodation as their pro rata share
of the lending power of the reserve banks. The total borrowings of
these banks constituted 494 per cent of their basic line, while the
total borrowings of all the member banks were only 40 per cent of
their basic line. The largest number of banks borrowing at least three
times their basic line was shown for the Chicago, Minneapolis, and
Atlanta districts, where there were 185, 160, and 141 such banks. In
the Richmond, Dallas, and San Francisco districts the number of
banks with excess borrowings was also considerable. By the end of
November, 1922, only 376 banks were borrowing as much as three
times their basic lines. In the Boston, New York, Philadelphia, and
Cleveland districts the number of such banks was negligible. The
largest number, 94, was shown for the Chicago district, and the next
largest, 88, for the Minneapolis district. But for the system as a
whole total discounts were only 20 per cent of the basic line and in
no district did the ratio exceed 42 per cent. The marked improvement which took place during the year was due in a large measure to
increased prices for farm products, coupled with good crops in
nearly all sections of the country. Funds received by the farmers
for their crops enabled them to pay off a considerable portion of
their borrowings from the local banks, which in turn were able to
liquidate their indebtedness to the Federal reserve banks.
M E M B E R B A N K BORROWINGS IN RELATION TO BASIC DISCOUNT L I N E D U R I N G r 1 5 - D A Y
P E R I O D E N D I N G NOVEMBER 30, 1922 AND 1921.
Banks borrowing at least three times
basic line.
Federal reserve district.
1922
B oston
New York
Philadelphia
Cleveland.
Richmond.Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
D alias
San Francisco
Total
Ratio of average
borrowings to
basic line.
Number.
1921
1
1
3
2
31
48
94
14
88
10
35
49
1
4
21
7
115
141
185
39
160
24
107
102
376
906
1922
1921
All member banks.
Ratio of borrowings
to basic line.
1922
1921
Per cent. Per cent. Per cent. Per cent.
434
365
36
32
397
12
550
18
326
441
29
46
414
45
340
20
484
521
105
42
462
572
39
134
466
44
470
20
496
27
403
61
573
616
26
82
21
65
526
364
15
72
604
507
531
21
34
594
518
494
20
40
4
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
In the first part of the year the reserve banks purchased considerable amounts of Government securities, which offset the reduction
in discounts and maintained earning assets at a fairly steady level.
These purchases increased the amount of funds in the market and
thus indirectly enabled member banks to continue the liquidation
of their borrowings. After June 14, when Government security
holdings reached a total of $630,000,000, the banks allowed maturing
Government obligations to run off without the substitution of new
securities. At the end of the year Government security holdings
of reserve banks stood at $458,000,000. In this connection it is
to be noted that Pittman Act certificates, which were issued during
the last year of the war as security for Federal reserve bank notes,
have been entirely paid off, the last $12,000,000 having been canceled
at the close of the year. They stood at the beginning of the year
at $113,000,000.
Acceptance holdings of the reserve banks, which had reached a
maximum of $585,000,000 in December, 1919, declined rapidly
after that time, partly as a result of the decrease in the volume of
foreign trade and partly because, as the investing public became
more familiar with acceptances and appreciated their safety and
liquidity, a larger proportion found their way into the hands of
savings banks, insurance companies, and other large-scale investors.
At the end of July, 1921, the total of acceptances held by the reserve
banks fell short of $20,000,000. In 1922, however, and especially
in the second half of the year, the stiffening of money rates increased
the volume of acceptances offered to the reserve banks, and at the
end of the year their total reached $246,000,000. It is noteworthy
that these holdings were more widely distributed among the several
Federal reserve banks than in previous years, only about one-fifth
of the total being held by the Federal Reserve Bank of New York.
The Federal reserve banks made considerable progress during the
year in their program of economy and efficiency. There was continued effort on the part of the reserve bank organizations to cut
down expenses wherever possible without reducing the efficiency of
the organizations or their ability to meet future emergencies, and
without discontinuing any of the important free services, such as the
par collection of checks and the still very large volume of fiscal agency
operations, for which there is only partial reimbursement. Because of
these free services the Federal reserve banks have to maintain a
large staff of employees, but owing to increased efficiency and to
improved methods of operation, together with the reduction in the
cost of Federal reserve currency, it has been possible to effect a reduction in total expenses during the year of about $6,500,000.
The Federal Reserve Board has watched with interest the development of cooperative marketing associations in districts where staple
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
5
agricultural products are produced in quantity for the general market,
and in response to requests made from time to time has greatly
broadened its rulings and regulations with regard to the rediscount
of the paper of these marketing associations. The board has gone
as far in this direction in ruling upon questions presented to it as
the law appears to allow and has furthermore approved certain
amendments in the direction of still further broadening its powers,
which are now pending in the so-called Capper and Lenroot bills,
now before the United States Senate. These bills extend the privilege of rediscount to nine months paper, which by some critics
will be held to be contrary to sound reserve bank principles. The
board believes, however, that the extension of this privilege will not
greatly increase the average maturities of the paper in the portfolios
of the Federal reserve banks. Under the proposed legislation, unsecured nine months paper can not be used as collateral for issues of
Federal reserve notes until it comes within six months of maturity.
One of the developments in banking which has attracted considerable attention during the past year has been the establishment
of branches by some of the larger State banks. Attention was
drawn to this development largely because it had gone so far in a
few States, notably California, and in a few large cities, including
New York, Cleveland, and Detroit, as to reduce greatly the
number of national banks. In view of this fact, and of the fact
that the national banking act does not prohibit the opening of
additional offices of a national bank within the limits of the city
mentioned in its charter, the Comptroller of the Currency has been
permitting such banks to open additional offices in States where
State banks are given the privilege of establishing branches. This
does not meet the situation in California and does not fully meet it
in the cities mentioned, and an amendment to the national banking
act allowing national banks the same privilege given State banks in
States where branch banking is permitted is much to be desired.
There has been some discussion of branch banking in connection with
the discussion over rural credits legislation. The Joint Commission
of Agricultural Inquiry in Chapter VIII of Part 2 of its report, entitled
"Credit," published in 1922, recognizes the fact that our independent
banking system, with its 30,000 units, "makes impossible the full
utilization of the resources of some banks in the locality to relieve a
situation where other banks of the same locality are extended to the
full limit consistent with safety to their depositors," and adds U A
system of limited branch banking might furnish a possible solution
of this problem." Such systems are in fact already established in
some sections of our country, notably in California, and appear to
have gone far toward solving the problem. Branch banking has
lowered the rate of interest in some of the leading agricultural sec28971—23
2
6
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
tions of California and at the same time has provided added security
for the deposits of the farmers. There are interesting neighborhood
branch banking groups in other States, which appear to be serving
their communities well. State-wide branch banking is permitted in
several southern States, but has not yet been developed on an
extensive scale. In the absence of laws permitting branch banking,
there has been in eertain sections a considerable development of
so-called " chain banks"—banks owned or controlled in groups by
individuals or by holding companies. The largest of these systems
includes some 175 small banks.
BANKING DEVELOPMENTS.
During the year 1922, as already stated, credit liquidation, which
had been under way since October, 1920, first slackened, then came to
a halt, and finally in midsummer gave way to an unmistakable upward
turn. The course of credit demand in the larger cities can be followed
by observing the changes in total loans and investments of about 800
reporting member banks. This figure, rather than loans alone, measures the extent of the public's demand for bank credit, and during the
past year changes in loans and investments combined have been the
most significant indicator of credit trends. This total reached its
peak in the middle of October, 1920, declined rapidly for the rest of
that year and during the first nine months of 1921, when seasonal
requirements temporarily arrested or obscured the course of liquidation, thereafter resumed its downward trend in 1922, and reached its
lowest level early in March of that year. Beginning with March a
recovery is shown for the rest of the year, though considerable fluctuations have occurred.
This general trend of total loans and investments is the resultant
of two distinct movements—that of loans and that of investments.
Loan liquidation of these member banks did not come to an end until
about the end of July, when the total of loans was $10,739,000,000—
more than $2,500,000,000 below the maximum figure reached in the
fall of 1920. This continuous and drastic liquidation of loans was
accompanied, beginning in September, 1921, by increases in both
demand and time deposits. Funds were pouring into the member
banks in the form of Federal reserve notes retired from circulation
and of gold imported from abroad. The banks first applied these
funds to the reduction of their indebtedness at the Federal reserve
banks, but as early as the fall of 1921 there were many member banks
which had entirely paid off their obligations to the reserve banks,
and such banks began to invest their funds in Government and other
securities. Security holdings of member banks thus began to increase
in September, 1921, and grew almost continuously from that time
until the end of 1922. The larger part of the increase was in Govern
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
7
ment securities bought chiefly by the banks in money centers, while
the smaller part of the additional investments was in corporate
securities, most of which were acquired by member banks outside of
the reserve cities. This growth of the investment account, representing as it did the placement of excess funds by the member banks,
became much less pronounced after the end of July, 1922, when renewed demands on the banks for loans were caused by seasonal requirements and by increasing industrial and commercial activity.
LOANS AND INVESTMENTS OF MEMBER BANKS.
The distribution of the loan and investment account of reporting:
member banks on significant dates is shown in the table below.
Loans and discounts of reporting member banks declined consistently from January 7, 1921, the first date for which figures for loans
are available, to July 26,1922, but advanced decidedly after that date.
The proportion that loans constituted of total loans and investments
decreased from 79.8 per cent on January 7, 1921, to 70.7 per cent on
July 26, 1922, and 70.1 per cent at the end of the year. Investments,
on the other hand, began to increase in the late fall of 1921 and increased steadily after that time. Their proportion of the total loans
and investments continued to rise until July 26, 1922. Loans secured
by Government obligations and "all other" loans, which comprise
the bulk of commercial loansj followed about the same course both
relatively and absolutely as total loans. But loans secured by stocks
and bonds, which represent in part stock-exchange loans, show
a different course of development. After declining between January
and September, 1921, they increased for the rest of the period, and
their proportion of total loans and investments, which was only 18.9
per cent on January 7, 1921, rose to 22.8 per cent on July 26, 1922,
and to 23.3 per cent at the end of the year. Among the increases in
investments the most notable is the rise in investments in GovernREPORTING MEMBER
BANKS.
Amount (in millions of dollars).
Per cent of total loans and investments.
Jan. ; Sept. I Mar. j July Dec. Jan. ; Sept. i Mar. July Dec.
7,1921. J7,1921. ! 8,1922. 26,1922.27,1922.j7,1921. ;7,1921. |8,1922. 26,1922.27,1922",
Loans and discounts, total
Secured by United States
obligations
Secured by stocks and
bonds
All other
Investments, total
United States securities...
Allother
Total loans and investments
Accommodation at Federal
reserve banks
13,219 11,482 10,896 110,739 11,329 i 79.8 78.0
868
605
3,127
9,224
3,342
1,313
2,029
2,921
7,956
3,244
1,221
2,023
419 I 261
3,111
7,366
3,631
1,571
2,060
3,460
7,018
4,450
2,126
2,324
16,561 14,726 14,527 15,:
2,050
979
255
290 ! 5.2 j 4.1
3,775
7,264
4,823
2,549
2,274
18.9
55.7 :
20.2 !
7.9 |
12.3
16,152 100.0
370 12.4
19.8
54.1
22.0
8.3
13.7
75.0
70.7
2.9
1.7
1.8
21.4
| 50.7
i 25:0
10.8
| 14.2
22.8
46.2
29.3
14.0
15.3
23.3
45.0
29.9
15. &
14.1
100.0
100.0
.6
2. a
100.0 100.0
6.7
1.8
70.1
AXXUAL REPORT Of* THE FEDERAL RESERVE BOARD.
ment securities, which advanced from $1,221,000,000 on September
7, 1921, to $2,549,000,000 on December 27, 1922, or from 7.9 per cent
of the total loans and investments to 15.8 per cent. Investments in
corporate securities rose by about $300,000,000 between the beginning of September, 1921, and the end of July of the past year, but
receded by about $50,000,000 during the latter part of the year.
Their proportion of the total rose until July, when it was 15.3 per
cent, and then declined to 14.1 per cent at the end of the year.
Accommodation received by the reporting member banks from the
Federal reserve banks shrank until the end of July of the past year,
but recovered during the latter part of the year. From 12.4 per cent
of total loans and investments, this proportion declined to 0.6 per
cent at the end of July, but recovered to 2.3 per cent at the end of
the year. Figures for New York City banks alone tell substantially
the same story as those for all reporting banks in leading centers, the
difference being merely one of degree. The changes and tendencies
just pointed out are merely somewhat more emphasized in the case
of the New York banks.
CREDIT IN INDUSTRIAL AND RURAL COUNTIES.
Tendencies reported for the member banks in leading cities are good
indications of credit developments in industrial and financial centers,
but they do not afford an adequate basis for judging developments in
smaller towns and in country districts. A study made in 1921 classified loans by member banks in accordance with whether the banks
were located in agricultural, semiagricultural, or in nonagricultural
counties. The figures showed that between May, 1920, and April,
1921, considerable liquidation had been effected in nonagricultural
counties, while agricultural counties showed only a slight change, the
proportion of all the loans in agricultural counties increasing during
the period. The accommodation extended to these banks by the
Federal reserve banks, which for nonagricultural counties had declined by 28.5 per cent, showed an increase of 56.6 per cent for agricultural counties. A similar tabulation has been made for March 10,
1922, and the table below presents a comparison of the changes that
have occurred in the three classes of banks in the two yearly
periods.
M E M B E R B A N K S GROUPED BY CHARACTER OF C O U N T I E S .
[In millions of dollars.]
Accommodation at Federal
reserve banks.
Loans.
Character of counties.
May 4, | Apr. 28, Mar. 10,
1920. 1 1921.
1922.
Agricultural
Semiagricultural
Nonagricultural
3,190 !
1,484 i
14,791 |
i
3,154
1,465
13,964
2,933
1,367
12,846
Mav 4,
1920.
226
138
2,207
Apr. 28,
1921.
353
138
1,578
Mar. 10,
1922.
241
68
310
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Loan liquidation at member banks during the period between the
spring of 1921 and the spring of 1922 proceeded at an approximately
equal rate in agricultural and nonagricultural counties, but the member banks in agricultural counties did not reduce their borrowings from
the reserve banks at anything like the same rate as did the members
in urban centers. Federal reserve accommodation to banks in agricultural counties shows a decline of about one-third for the period,
while in nonagricultural counties the reduction amounted to more
than four-fifths.
Credit trends in New York City, in other central reserve and
reserve cities, and outside of such cities for so-called country banks
are shown in the table below. In using the figures shown in the
table it should be remembered that a substantial percentage of the
so-called country national banks are located in large industrial centers
that are not classified as reserve cities.
In New York City loan liquidation appears to have come to an
end by May 5, 1922. During May and June there was a slight
recovery, but between June and September loans declined again by
about $150,000,000. In other central reserve and reserve cities
loans declined consistently until the end of June, but increased by
September 15. In country banks the recovery began after May 5
and continued through both the subsequent calls. But more significant than this is the fact that in New York City and in other
reserve cities investments in Government securities increased practically without interruption from September, 1921, to the latest
report date. At country banks, on the other hand, Government
security holdings declined from the beginning of 1921 to June 30,
1922, and increased only moderately during the period preceding
the latest call. Holdings of corporate securities, which show a
decrease in New York City and only a slight increase in other reserve
NATIONAL
BANKS.
[In millions of dollars.]
Loans and discounts.
Call date.
Feb. 21
Apr. 28
June 30
Sept. 6
Dec. 31
New
York.
I United States securities.
Other
central
reserve | Country New
and i banks, York.
reserve
cities.
Other
central
reserve Country
and
banks.
reserve
cities.
Other investments.
New
York.
Other
central
reserve Country
and
banks.
reserve
cities.
1921.
,
1922.
Mar. 10
May 5
June 30......
Sept. 15
2,553
2,348
2,203
2,117
2,166
4,674
4,471
4,319
4,167
4,034
5,610
5,549
5,491
5,410
5,315
251
237
297
193
322
546
532
506
475
509
1,250
1,*233
1,216
1,194
1,145
224
261
252
225
265
411
448
460
455
478
1,220
1,282
1,294
1,294
1,338
2,039
2,019
2,063
1,910
4,014
3,936
3,918
4,012
5,240
5,240
5,277
5,326
334
406
504
526
555
609
1,143
1,110
1,094
1,125
247
274
309
265
478
497
526
531
1,362
1,391
1,443
1,494
752
10
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
centers during the period between the two latest calls, show a practically uninterrupted growth at country banks for the entire two-year
period. From $1,220,000,000 on February 21, 1921, country bank
holdings of corporate securities increased to $1,494,000,000 on
September 15, 1922—an increase of $274,000,000. These figures
indicate that country banks were not only investing their additional
idle funds in corporate securities, but were to some extent disposing of
their holdings of United States Government securities and investing
funds thus released in other securities bearing more attractive
interest rates.
In connection with the differences in the process of liquidation
between urban and rural centers, it is interesting to compare the
trend of reserve bank accommodation to reporting member banks
in leading cities and to nonreporting member banks outside of the
leading cities. A table showing this comparison is given below:
DISCOUNTS OF F E D E R A L R E S E R V E B A N K S FOR REPORTING AND FOR NONREPORTING
MEMBER BANKS.
[Amounts in millions of dollars.]
Oct. 15, July 26,
1920.
Total discounts
Discounts for reporting members
Discounts for nonreporting members
Eatio of discounts for reporting banks to total discounts (per cent)
2,774
2,249
525
81.1
1922.
25.8
Dec. 27,
1922.
630
370
260
58.7
On October 15, 1920, about four-fifths of the discounts of reserve
banks were discounts for reporting member banks in leading cities.
On July 26, 1922, the more rapid liquidation of loans in the cities
reduced this proportion to 25.8 per cent. Since then increased
borrowing, chiefly in New York City, has raised the ratio to 58.7 per
cent.
LOANS AND DEPOSITS.
The following statement shows for significant dates changes in
loans and in deposits of reporting member banks:
REPORTING M E M B E R B A N K S .
[Amounts in millions of dollars.]
Jan. 7,
1921.
Loans and discounts
Net demand deposits
Timedeposits
Ratio of net demand deposits to loans (per cent)
I
!
I
:. i
13,219 |
10,938!
2,909 j
82.7 j
Sept. 7,
1921.
11,482!
9,982 i
2,914 j
86.9 I
July 26,
1922.
10,739
11,043
3,515
102.8
Dec. 27,
1922.
11,329
11,255
3,708
99.3
Member banks derived the funds for the liquidation of their
obligations to the reserve banks and for investment in United States
Government and in other securities from the growth of demand and
time deposits during the period of loan liquidation. While loans
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
11
declined until the end of July, 1922, deposits began to increase as
early as September, 1921. Between September 7, 1921, and July
26, 1922, net demand deposits of reporting member banks in leading
cities increased by $1,061,000,000, or by about 11 per cent. Loans
declined by $743,000,000, or about 6 per cent, and the ratio of net
demand deposits to loans rose from 82.7 per cent on January 7,
1921, to 102.8 per cent on July 26, 1922. The increase in loans and
the less rapid increase in deposits during the last part of the year
reduced this ratio to 99.3 per cent. Time deposits, on the other
hand, grew consistently throughout the period and stood at the end
of December, 1922, at $3,708,000,000, or about $799,000,000 above
their level at the opening of 1921.
FEDERAL RESERVE BANKS.
At the end of January, 1922, the liquidation of Federal reserve
bank assets, which had begun in November, 1920, slackened decidedly.
Discounted paper in the hands of the reserve banks declined until
the end of July, but the liquidation of discounts was largely offset
by the purchase of Government securities and in the latter part of
the year by investment in acceptances. Total reserve bank funds in
the market remained fairly steady throughout the year, the lowest
level being reached on August 9, when earning assets were down nearly
to $1,000,000,000. From that time they gradually advanced to
$1,334,000,000 at the end of the year. By the end of the year
Government security holdings of the reserve banks had declined
$172,000,000 below their peak and stood at $216,000,000 above the
figure at the beginning of the year, while discounts had decreased by
$550,000,000 and acceptances increased by $132,000,000, the decrease
in total earning assets thus being $202,000,000. The table below
shows changes in the principal items of the Federal reserve bank
statement, and the charts on pages 69 and 70 illustrate these
changes graphically.
FEDERAL RESERVE BANKS.
[In millions of dollars.]
Date.
Cash
1920.
Jan. 25...
Feb. 21..
Mar. 29..
Apr. 26..
May 3 1 . .
June 28..
July 26..
Aug. 30..
Sept. 27..
Oct. 25...
Nov. 29..
Dec. 27..
Accept- Govern- Federal
Total Reserve
ment
ances. securities. notes. deposits. ratio.
2,155
Oct. 15..
Jan. 7...
Dec. 28.
Discounts.
1921.
1922.
2,774
320
329
3,353
2,277
2,992
2,607
1,180
235
114
288
241
3,270
2,443
1,916 |
j
1,846 j
1,765 |
83
83
103
83
118
154
156
172
238
258
259
246
250
355
441
567
603
557
541
498
451
409
304
458
2,184
2,174
2,182
2,158
2,141
2,124
2,127
2,153
2,243
2,299
2,330
2,464
1,779
1,772
1,805
1,833
1,870
939
1,888
1,882
1,840
1,842
860
1 900
^
3,059
3,081
3,103
3,125
3,130
3,148
3,181
3,196
3,203
3,212
3,203
3,149
850
721
636
500
471
469
380
404
420
469 |
650 !
630 i
Per cent.
42.7
46.4
71.1
77.2
78.1
77.8
78.3
78.0
77.5
79.2
79.2
78.4
77.6
76.
72.
12
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
This year of relative stability in reserve bank assets; accompanied
by a readjustment between the different classes of assets, also
witnessed a gradual increase in reserves. This increase was much
less than in 1921, but still amounted to about $157,000,000 and
reflected net gold imports of $238,000,000 for the year. The
increase in the gold reserves of the reserve banks thus absorbed a
large proportion of the imported gold, but, in accordance with the
Treasury policy of paying out gold, a certain amount was added to
circulation, the total gold coin and gold certificates in circulation
at the end of tho year being $96,000,000 larger than at the
beginning. In 1921 the available funds which the imported gold
added to our reservoir of credit were entirely absorbed through the
reduction of reserve bank earning assets, the decline of which exceeded
the net imports of gold by about $1,000,000,000. In 1922, on the other
hand, the reduction in earning assets of the reserve banks was about
$36,000,000 less than net gold imports.
Federal reserve note circulation declined during the first six
months of the year, the lowest figure of $2,123,000,000 being reported
on June 14, when reserve bank discounts were also at low ebb. During
the remainder of the year Federal reserve notes increased and stood
at the close of the year at $2,464,000,000, or about $21,000,000 above
their level at the close of 1921. Deposit liabilities of the reserve
banks underwent considerable short-time fluctuations, as is their
custom, but generally speaking they show an upward tendency for
the year in accord with the general upward tendency in member
bank deposits. The year has been one of relative stability of the
reserve ratio, which has varied between 70 and 80 per cent. The
lowest ratio is recorded for January 4 and the highest for August 9,
when the earning assets of reserve banks were at their low level for
the year.
A large part of the increase in Federal reserve bank borrowings
during the latter part of the year was at the Federal Reserve Bank of
New York and was borrowed on collateral notes secured by United
States Government obligations. The increasing business activity and
credit demands of the country were reflected first in the withdrawal of
balances by banks in the interior from their New York correspondents. The amounts due to other banks by the reporting member
banks in New York City show a downward trend throughout the latter
half of the year. It is largely these withdrawals of funds from the
large banks in New York City that have caused the recent increased
borrowings from the New York reserve bank by these metropolitan
banks. This movement of funds from the financial center is partly
seasonal in character and is often an early indication of the revival
of loan activity in the interior.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
13
GOLD MOVEMENTS AND FOREIGN EXCHANGE.
Gold imports to the United States, which have proceeded on a
large scale since September, 1920, continued in 1922, though in reduced
volume, net imports for the year being $238,000,000, compared with
$667,000,000 in 1921. Since the lifting of the gold embargo the
United States has received a net addition of about $698,000,000 in
gold, chiefly from Great Britain, France, Sweden, Canada, and the
Netherlands. On the other hand, net gold losses are shown in our
dealings with Argentina and the Orient. The losses of gold occurred
during the first 15 months of the period, when balances accumulated
during the war were being withdrawn by South America, Japan,
China, and India. During the period from September, 1920, to the
end of 1922 this country has gained gold from nearly all the countries
of the world, Japan being the only important country to which a net
export is shown. The net gain in gold during the period of two and
one-third years was $1,083,000,000, wiping out the loss of $385,000,000
during the first 15 months after the removal of the embargo and
adding $698,000,000 to our gold stock.
Continuous investment in foreign securities on a considerable
scale, together with the movement of gold to this country, has been
reflected in a general rise in exchange rates on principal countries.
During the year the rise in our price level, which, was not accompanied
by corresponding increases in the price levels of some of the European
countries, has also contributed to the rise in exchange rates.
The pound sterling reached its lowest level of $3.38 in February,
1920, and has since advanced to $4.61 in December, 1922. Throughout the past year the advance in sterling has been consistently sustained, and at the end of the year the pound was only about 5 per
cent below parity, much the highest level reached since early in
1919. The French franc and the Italian lira reached their lowest
levels at the end of 1920. In the early part of 1921 they advanced,
but declined again before the end of the year. In 1922 their course
has been similar to that in the preceding year but on a somewhat
higher level. Toward the end of the year a decided decline in the
franc is noted, though it recovered somewhat during the last few
weeks. The average for December, 1922, was 7.23, compared with
7.84 in December, 1921. In the case of the lira a slight net improvement is shown for the year. Nearly all European neutrals
show improved rates at the end of 1922. Among the South
American currencies the Argentine and Chilean pesos rose during
the year, while the Brazilian milreis declined. Poor trade conditions
in China have been reflected in a decline in the price of silver and in
a corresponding drop in the tael. The Indian rupee, on the other
hand, shows the result of better trade conditions and of the rise in
14
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
sterling exchange by an advance from less than 27 cents to about
31 cents. The Japanese yen also rose somewhat during the year
and was within 3 per cent of par in December.
The catastrophic decline of the German mark has been the feature
of the year in foreign exchange. Throughout the period from the
armistice the mark has been pursuing a downward course, with
occasional upward trends whenever prospects of a financial settlement
became brighter. At the end of the past year the mark, worth
23.8 cents at par, was quoted at only about 1.4 cents a hundred.
The foreign exchange index, which is a weighted average of 17
leading exchange rates, not including Germany, advanced during the
year and stood in December at 70, compared with 64 in December
of the preceding year.
DISCOUNT RATES DURING 1922.
Interest and discount rates, which began to decline in the spring
of 1921, continued to fall until somewhat past midyear of 1922,
by which time the discount rates of the Federal reserve banks had
been reduced to the level obtaining at the end of the year, viz, 4
per cent at the Boston, New York, and San Francisco banks and
4J per cent at all other Federal reserve banks. In order to bring
out the general trend in interest and discount rates during the year,
there is presented below a table showing the discount rates charged
by the Federal reserve banks each month, together with openmarket rates in New York on bankers' acceptances and prime commercial paper, as well as the rates on call loans. The rates charged
to customers by member banks on paper rediscounted with the
Federal reserve banks during December, 1921 and 1922, are shown
in the table on page 16.
INTEREST AND DISCOUNT RATES.
Open-market rates in New York on-
Month.
Discount Indorsed bankers' acrates
ceptances, 60-90 days,
of
Federal
reserve
Cusbanks.
Low. High. tornary.
January...
February..
March
April
May
June
July
August—
September
October...
November.
December.
jPrime commercial paper,
j
30-60 days.
|
I
! Low. | High,
j
Customary.
Call loans.
Low.
High.
Customary.
5-6
5 -6
4-5*
4JJ*
4-
tt
4-4*
4J-5
4J5
4-5
3f-6
3|-5
4-5
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
15
In any comparison of the relation of discount rates of the Federal
reserve banks to market rates, it is evident that reserve bank rates
•can not as a rule be maintained at a level in excess of rates charged
by member banks to their customers on paper eligible for discount.
This would be clearly impracticable in sections of the country where
banks frequently charge 10 per cent and 12 per cent on such paperNor can reserve bank rates always be maintained above call-money
rates which have marked fluctuations and occasionally reach very
Tiigh levels. In this respect banking and credit conditions in this
country differ from those in England, where the official rate of the
Bank of England is a minimum rate applicable to highly standardized
Trills with well-established markets. The nearest equivalent to such
paper in this country are bankers' acceptances and prime commercial
paper which have a ready sale in the open market. Although the
market for this class of paper has been broadened considerably since
the organization of the Federal reserve system, such paper still constitutes a small fraction of the volume of bank loans in the United
States.
By reference to the foregoing table, it will be seen that the Federal
reserve bank discount rates were substantially parallel with rates on
prime commercial paper and slightly above rates on bankers' acceptances throughout the whole year, though the margin between the
discount rates at the reserve banks and the rates on bankers'
acceptances began to grow smaller beginning with September and
had practically disappeared by the end of the year. The openmarket rates on prime commercial paper also showed a distinct
upward trend during the last three months of the year.
In connection with the decline in rates of interest charged to customers by member banks which has taken place, it is important to
know whether the reduction has been more or less general throughout
the country or whether it has been confined to any particular section
or class of banks. To measure the relative changes which took place
during 1922 in interest rates charged to customers, the member banks
in each Federal reserve district have been divided into three groups,
according to the size of the cities and towns, and a calculation has
been made of the average rate charged by the member banks in each
group on paper discounted for customers and subsequently rediscounted at the Federal reserve banks. In making this classification,
banks in cities having a population of 100,000 or more have been
classed as banks in large cities; banks in cities having a population of
from 15,000 to 100,000 as banks in medium size cities; and banks in
cities and towns having a population of less than 15,000 as banks in
small cities and towns. It will be noted from the table shown below,
which gives the average rates charged by member banks on customers'
paper rediscounted with the Federal reserve banks during December,
1921, and December, 1922, that the most pronounced decline occurred
16
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
in the large cities, where the rates dropped from an average of 6.12
per cent in December, 1921, to 5.1 per cent in December, 1922; that
in medium size cities the rates have fallen off only about three-fourths
of 1 per cent, or from 7.15 to 6.4 per cent; and that in the case of
banks located in small cities and towns the rates have declined about
0.3 per cent, or from about 8 to 7.7 per cent.
AVERAGE RATES CHARGED BY MEMBER BANKS ON CUSTOMERS' PAPER REDISCOUNTED WITH FEDERAL RESERVE BANKS DURING DECEMBER, 1921 AND 1922.
Average rates charged by member banks in—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco
Total
Large cities.
Medium size
cities.
Dec,
1922.
Federal reserve
bank.
Small size cities
and towns.
Average rates
All classes of
cities.
Federal reserve
banks.
Dec,
1921.
Dec,
1922.
Dec,
1921.
Dec,
1922.
Dec,
1921.
Dec,
1922.
4.81
4.94
4.98
5.63
5.93
5.81
4.97
5.33
5.73
6.26
6.34
5.23
6.05
6.00
5.96
6.26
6.07
7.10
6.38
6.37
6.78
7.18
7.60
6.08
5.49
5.97
6.00
6.05
6.19
6.98
6.27
6.63
7.38
6.36
8.55
7.24
6.12
6.02
6.00
6.42
6.75
7.52
7.07
7.55
8.88
7.33
8.30
7.31
5.82
5.74
5.86
6.22
6.74
7.91
7.46
7.78
8.98
8.80
9.75
8.01
6.22
6.11
6.03
6.30
6.94
7.93
7.52
8.04
8.74
8.92
9.69
8.19
4.84
4.99
5.00
5.67
6.20
6.34
5.36
5.61
8.08
7.06
8.41
5.44
6.05
6.00
5.97
6.26
6.60
7.34
6.60
6.69
7.65
7.87
8.97
6.37
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.00
4.50
4.50
4.50s
5.00
5.13
5.2S
5.00
5.00
5.5a
5.00
5.50
5.00
5.10
6.12
6.41
7.15
7.69
7.97
5.38
6.50
4.30
4.91
Dec,
1921.
Dec,
1922.
Dec,
1921.
It is noteworthy that the rates charged by banks in the small cities
and towns of agricultural districts of the West and South are practically on the same level as they were a year ago. This is doubtless due
to the fact that in those sections it is the custom for banks to charge
a given rate of interest, usually ranging from 8 to 10 per cent the year
around, without regard to interest rates obtaining in the industrial
sections of the country or to discount rates in effect at the Federal
reserve banks. Inasmuch, therefore, as the reduction of the discount
rate at the Federal reserve banks has not resulted in a corresponding
decline in the rates paid by farmers and other borrowers who deal
with banks located in the small cities and towns of the agricultural
sections of the West and South, it is apparent that in those sections
of the country where relatively high interest rates prevail, and there
is a wide margin between such rates and the Federal reserve bank
rates, the latter have but slight, if any, effect upon rates charged by
member banks. In the financial centers, however, where the money
markets are more sensitive to changes in credit demand, there is a
closer relationship between reserve bank discount rates and rates
charged to customers by member banks.
In order to present a more definite picture of the spread in rates
charged in the various classes of cities, there is presented below a
table showing the percentage of total rediscounts with the Federal
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
17
reserve banks during December, 1921 and 1922, on which member
banks charged their customers interest at rates up to and including
4J per cent, 5 per cent, 6 per cent, and so on up to 10 per cent.
I t is noteworthy that in December, 1921, member banks charged their
customers rates of 5 per cent or less on eight-tenths of 1 per cent of
the paper rediscounted with the Federal reserve banks, whereas in
December, 1922, this percentage had increased to 61. It is also interesting to note in this connection that while 26 per cent of the paper
rediscounted by banks in small cities and towns in December, 1922,
bore rates of 6 per cent or less, over 97 per cent of the paper rediscounted by the banks in large cities bore such rates. As a matter of
fact, banks in small cities and towns charged 8 per cent or more on
59 per cent of the paper rediscounted with the Federal reserve banks
during December, 1922. As stated previously, there has been little
change in rates charged by banks in small cities and towns since 1921,
while in the case of banks in large cities over two-thirds of the
paper rediscounted in December, 1922, was taken from customers at
rates of 5 per cent and under, compared with less than 1 per cent in
December, 1921.
INTEREST RATES CHARGED CUSTOMERS BY MEMBER BANKS ON PAPER REDISCOUNTED
WITH FEDERAL RESERVE BANKS IN DECEMBER, 1922 AND 1921.
Average
charged.
All rediscounting banks:
December, 1922
December 1921
Banks in large cities:
December, 1922
December? 1921
Banks in medium size cities:
December 1922
December, 1921
Banks in small cities and towns:
December 1922 .
December, 1921
Percentage of rediscounts on which member banks charged
rates up to—
4£per
cent.
5 per
cent.
6 per
cent.
7 per
cent.
h per
cent.
5.38
6.50
24.49
.09
60.53
.83
90.06
68.84
93.60
91.64
98.28
98.25
5.10
6.12
27.84
.09
68.92
.89
97.45
74.16
99.43
97.06
100
99.86
6.41
7.15
3.64
.01
8.41
.65
65.63
28.53
82.99
62.15
98.13
9*1.59
7.69
7.97
1.46
2.75
.12
26.04
17.59
37.28
30.65
79.71
76.16
10 per
cent.
99.99
99.93
99.99
100
100
99.81
99.73
Discount rates of the Federal reserve banks at the beginning of 1922
were 4J per cent on all classes and maturities of eligible paper at the
three eastern Federal reserve banks—Boston, New York7 and Philadelphia, 5J per cent at Minneapolis and Dallas, and 5 per cent at the
remaining seven banks. The Federal reserve banks of Minneapolis
and Dallas reduced their rates to 5 per cent effective January 11 and
January 9, respectively, while between January 23 and April 14 six
other banks reduced their discount rates to 4J per cent. In June
and July the Federal reserve banks of Boston, New York, and San
Francisco put into effect a rate of 4 per cent, and shortly thereafter
the Minneapolis, Kansas City, and Dallas banks reduced their rates
to 4 \ per cent. At the end of the year the discount rates were 4 per
18
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
cent at the Federal reserve banks of Boston, New York, and San
Francisco, and 4J per cent at the remaining nine banks.
Rates applicable to bankers7 and trade acceptances bought in the
open market are not fixed as is the case with discount rates, the
Federal Reserve Board merely approving minimum rates at which
these acceptances may be purchased by Federal reserve banks. It
should be understood, therefore, that the rates approved by the*
Federal Reserve Board are not necessarily actual buying rates. As a,
matter of fact, during the past few months the rates at which bankers*
acceptances were selling in the open market and were being purchased
at the Federal reserve banks w^ere approximately 1^ per cent above
the minimum rates authorized by the Federal Reserve Board. At
the beginning of the year the minimum authorized rate on bankers7
acceptances purchased in the open market was 4 per cent at all
Federal reserve banks except Minneapolis and Kansas City, where it
was 5 per cent, and Dallas, where the minimum was 6 per cent. In
view of the decline of market rates on prime bankers7 acceptances,
which began in 1921, the board in January, 1922, approved a reduction
to 3J per cent in the minimum authorized rate for a number of the
reserve banks, followed by reductions to 3 per cent in March and
April arid to 2\ per cent in June and July. At the end of the year
the minimum authorized rate was 2\ per cent at the Federal reservebanks of Boston, New York, Philadelphia, Atlanta, Chicago, and
San Francisco, and 3 per cent at the other six banks.
On May 24, 1922, the Federal Reserve Board advised the Federal
reserve banks that upon request it would approve a minimum rateat which eligible trade acceptances were to be purchased in the open
market, this rate to be not less than one-half of 1 per cent above the
minimum buying rate for bankers7 acceptances in effect at the Federal
reserve banks. Under this new policy eight Federal reserve banks
requested* and obtained approval of a separate minimum buying
rate for trade acceptances. At the end of the year 1922 this
late was 3 per cent at the Federal Reserve Bank of New York,
3^ per cent at Philadelphia and San Francisco, and 4 per cent at
the Federal reserve banks of Cleveland, Richmond, Atlanta, St.
Louis, and Dallas. A complete record of all changes in Federal
reserve bank discount rates made during the year appears on pages
42, 44, and 45.
EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE FEDERAL
RESERVE BANKS.
Earnings of the Federal reserve banks in 1922 were less than in
any previous year since 1917 and totaled only about 41 per cent of
earnings in 1921, which in turn represented a substantial falling off
from the maximum of 1920. The primary cause of this reduction in
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
19
earnings was the liquidation of reserve bank earning assets which,
from a peak of $3,400,000,000 in October, 1920, declined to
$1,000,000,000 at the beginning of August, 1922. Since that time, as
elsewhere stated, the demand for accomodation by member banks has
increased, and by the close of the year total earning assets rose to
about $1,300,000,000, the average amount held during the year
being $1,200,000,000, as compared with $2,200,000,000 during 1921
and $3,200,000,000 during 1920.
A second factor in the reduction of earnings was the lowering of
discount and open-market rates in 1921 and 1922, which is reflected
in a decline in the average rate of earnings on total earning assets
from 5.61 per cent in 1921 to 4.11 per cent in 1922. Sharp declines
in average rates of earnings on discounted paper and on bills bought
in open market were, to some extent, offset by an increase from 2.37
per cent in 1921 to 3.67 per cent in 1922 in the average rate of return
on United States securities. This increase was due largely to the
gradual redemption by the Treasury of the 2 per cent Pittman Act
certificates held by the Federal reserve banks and pledged as security
against Federal reserve bank-note circulation, and to larger purchases
by the Federal reserve banks, at rates ranging around 4 per cent or
higher, of tax and loan certificates of indebtedness and of Treasury
notes partly under repurchase agreement from member and nonmember banks and bill brokers. The following table shows the daily
average holdings of each class of earning assets, earnings therefrom,and the annual rates of earnings during 1921 and 1922:
RATES OF EARNINGS ON EARNING ASSETS.
[Amounts in thousands of dollars.]
Daily average
holdings.
1921
1922
Earnings.
1921
|
1922
Annual rate of
earnings.
1921
1922
I
Discounted bills
Purchased bills .
United States securities
Municipal warrants
1,804,305
91,817
264,014
43
573,247
159,207
454,750
66
109,599
5,234
6.254
2
26,523
5,629
16,682
4
Total
Miscellaneous earnings
2,160,179
1,187,270
121,089
1,776
48,838
1,653
122,865
Per cent. Per cent.
6.07
4.63
5.70
3.54
2.37
3.67
5.27
5.40
50,491
Total earnings
5.61
4.11
When it is borne in mind that the cost of operating the loan and
discount and investment departments of the Federal reserve banks
is only about 5 per cent of total current expenses, it will be readily
seen that the decline in the volume of discount and open-market
operations, and therefore of earnings from the high level reached in
1921,could not of itself cause any material decline in current expenses.
As a matter of fact, although the amount of bills discounted has
20
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
fallen off very materially, the volume of work handled by the discount departments of the Federal reserve banks has not fallen off
during 1922 in the same proportion. The principal reason for this
is that a much greater percentage of the borrowings than during
1921 was by banks in small cities and towns, which obtain accommodation on notes and bills drawn for much smaller amounts than those
generally used by banks in the large cities. As an evidence of this
fact it may be stated that the number of notes discounted for member
banks during 1922 was 841,000, compared with about 1,435,000
during 1921, a reduction of 41 per cent in the number as compared
with a decrease of 62 per cent in the face value of bills discounted.
Furthermore, the fact that there has been some decrease in the volume
of work of the discount departments is not indicative of a general
decline in the work of the banks, as may be seen from the table
below, which shows the approximate number and amount of items
handled in the principal departments of the banks, together with
total expenses for the years 1920, 1921, and 1922.
It will be noted that the number of pieces of coin and currency received and counted has increased continuously and was considerably
larger during 1922 than in the preceding years, and that there has
been an exceptionally large growth in the number of collection items
handled, i. e., coupons (other than Government) and time notes and
drafts forwarded to the Federal reserve banks for collection and credit
to the account of member banks. The number of Government coupons
paid in 1922 was about 17 per cent less than the number handled in
1921. Since the departments that handle the above classes of
transactions require a large number of employees to conduct their
operations, and since the service is rendered free of charge to member
VOLUME OP WORK.
1922 -
Number of piece? handled:
Bills discounted
Currency received and counted
Coin received and counted
Checks handled
Collection items handled
Transfers of funds
United States Government coupons paid
Amount handled:
Bills discounted
Currency received and counted
Coin received and counted
Checks handled
Collection items handled
Transfers of funds
United States Government coupons paid
Expenses:
Current expenses of banks
Fiscal agency expenses absorbed by Federal
reserve banks
Fiscal agency expenses reimbursable by
United States Treasury
Total expenses (exclusive of furniture and
equipment)
1
Revised figures.
1921
1920
841,000
1,431,506,000
2,048,942,000
638,625,000
4,969,000
1,189,000
81,694,000
U,435,000
1,358,181,000
1,791,637,000
574,910,000
3,575,000
1,079,000
98,407,000
1
1,190,000
1,085,459,000
(2)
504,198,000
2,136,000
732,000
113,701,000
$22,082,887,000
8,668,505,000
221,871,000
160,130,624,000
4,768,971,000
70,553,465,000
759,124,000
$57,759,128,000
9,251,349,000
254,262,000
130,166,596,000
4,267,651,000
50,936,519,000
766,020,000
$85,320,874,000
7,964,399,000
(2)
179,505,223,000
5,398,421,000
48,979,205,000
741,942,000
28,028,000
33,311,000
28,289,000
1,531,000
1,246,000
1,184,000
2,610,000
6,215,000
30,743,000
37,167,000
34,504,000
8
Figures not available.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
21
banks, and through them to the public, the increase in the volume of
work which has actually taken place has resulted in increased
expenses, with no corresponding addition to the banks' revenue.
Only in the discount department, as commented on above, and in
the fiscal agency department has there been any material reduction in the volume of the work handled.
During 1922 the board's committee on economy and efficiency,
which was appointed in 1921, has been active, in cooperation with
the chairmen of like committees in the various Federal reserve banks,
in an endeavor to reduce expenditures wherever possible, consistent
with the efficient operation of the banks. Two conferences have
been held, at which all banks were represented, and reports have
been currently furnished showing the trend in current expenses from
month to month, as well as in the volume of work handled in the
several departments of the banks. With these detailed comparative
reports before them, the Federal reserve banks are now able to measure to a certain extent the efficiency with which each of their departments is operating, and the committees on economy and efficiency
are aided in their efforts to reduce expenses either by improving
methods of handling the work or by eliminating inefficient employees.
TKis, together with the smaller outlay for Federal reserve currency,
is reflected in a reduction in the expenses of the banks, including
reimbursable fiscal agency expenses, from $37,200,000 in 1921 to
$30,700,000 in 1922, a decline of about 17 per cent, notwithstanding
the fact that the Federal reserve banks are now absorbing al? of the
expenses connected with the handling of replacements, exchanges,
and redemptions of United States paper currency and coin which
prior to the taking over of these functions by the Federal reserve
banks during 1920 and 1921 were handled by the United States
subtreasuries. Since July 1, 1921, the Federal reserve banks have
also assumed as a part of their own current expenses the total expense
connected with the exchange, conversion, and transfer of ownership
of Liberty bonds and Victory notes, the redemption of Victory notes,
payment of coupons on Government bonds, notes, and certificates,
and practically all other fiscal agency operations except those connected with new issues of Government securities. As compared
with the year 1921 the salaries paid to officers and employees during
1922 (including salaries reimbursable by the Treasury Department)
show a reduction of $1,800,000, the cost of Federal reserve currency
$3,500,000, and all other expenses $1,200,000, while the number of
officers and employees has declined from 12,496 at the end of 1921
to 12,047 at the end of 1922, the latter figure not including temporary
employees taken on at the end of the year for the purpose of handling
the redemptions of war savings securities maturing on January 1,
1923.
28971—23
3
22
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Following the March 3, 1919, amendment, the provisions of the
Federal reserve act in regard to transfers of earnings to surplus
account were construed to authorize the holding of two distinct
funds—the normal surplus fund resulting from transfers from net
earnings for the purpose of bringing the surplus account up to 100
per cent of subscribed capital and the so-called supersurplus fund
resulting from the transfer of 10 per cent of net earnings authorized
by section 7 of the act. In accordance with this interpretation of
the act, the normal surplus of each Federal reserve bank at the end
of 1920 and 1921 was increased, if earnings were sufficient, to 100
per cent of the bank's subscribed capital, without reference to the
amount, if any, carried as supersurplus. In 1921, when all the
Federal reserve banks except Dallas had accumulated a surplus fund
in excess of their subscribed capital, the Federal Reserve Board ruled,
as stated in its 1921 annual report, that should a Federal reserve
bank desire to charge off an amount in excess of 2 per cent of the cost
of its building, exclusive of land, the charge should be made against
supersurplus and not against current net earnings. The purpose of
this ruling was to avoid any adverse effect upon the amount of
franchise taxes payable to the Government through the writing
down by a Federal reserve bank of the book value of its banking
houses erected during a period of high costs to an amount representing normal costs of construction. In accordance with this
ruling, the Federal reserve banks of Cleveland, Richmond, Chicago,
and San Francisco charged their supersurplus accounts, at the end
of 1921, with depreciation allowances on their buildings, as follows:
Cleveland, $125,000; Richmond, $225,276.50; Chicago, $2,030,000;
San Francisco, $250,000.
During the past year the Federal Reserve Board asked its
counsel for an opinion as to the propriety of Federal reserve banks
accumulating surplus funds in accordance with the method described
above. In his opinion counsel stated that the Federal reserve act,
section 7, as amended, contemplated a single surplus fund and that
the practice of maintaining a "normal surplus'7 equal to 100 per
cent of subscribed capital and transferring 10 per cent of net earnings after the payment of all expenses and dividends to a separate
account known as "supersurplus" was not authorized by law. The
board therefore instructed the Federal reserve banks to recalculate
their distribution of earnings between surplus and franchise taxes
for prior years, with the result that the banks paid to the United
States Government $3,400,062 out of their surplus accounts. This
amount, added to the franchise tax payable out of earnings during
1922, made a total of $10,850,605, which was paid to the United
States Treasury on December 30, 1922.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
23
The above-mentioned ruling of counsel, which precluded any further charges against surplus to cover depreciation allowances and
special reserves and necessitated the reversal of such charges theretofore made, made it necessary for the board to review its policy
with reference to depreciation allowances and special reserves.
Accordingly, on August 1, 1922, the Federal reserve banks were
advised that in the future requests for authority to charge off depreciation on bank premises or to set up a reserve for depreciation
thereon should be accompanied with a statement showing for each
separate piece of property the cost, estimated replacement value,
and book value of buildings, either completed or in course of construction; the cost, estimated market value, and book value of land
owned; and the cost of fixed machinery and equipment, such as
heating, lighting, plumbing, ventilating systems, etc., in order that
the board might have complete data before it in passing upon such
requests and in order that separate rates of depreciation might be
determined for land, buildings, and fixed machinery and equipment.
In the same letter the board stated that no charges against current
net earnings would be authorized to cover depreciation on land
where the estimated market value of the land was equal to or in
excess of its book value and that, in general, depreciation allowances
on bank buildings were not to exceed 2 per cent of their estimated
replacement cost (including vaults but excluding fixed machineiy
and equipment) unless the estimated replacement cost of bank
buildings was materially below book value, in which case requests
for permission to write off a depreciation charge in excess of 2 per
cent would be considered. Estimated replacement costs were to be
determined by taking the mean of the actual cost and the estimated
lowest construction costs at any time in the past 15 years. The
rule laid down with reference to fixed machinery and equipment
provided that reserves should be based upon the estimated life of
the machinery and equipment, with a view to its ultimate replacement, the annual reserve allowance in no case to exceed 10 per cent
of cost. Later in the year the board also requested the banks, in
submitting their requests for permission to set aside reserves against
probable losses in connection with closed banks, to furnish complete
data as to the amount due from each failed bank and from banks
considered to be in an overextended or unsafe condition, with a
careful estimate of the loss which probably would be sustained in
each case.
As stated above, in accordance with counsel's opinion that the
establishment of a supersurplus account distinct from the normal
surplus is not authorized by the Federal reserve act, all charges heretofore made against supersurplus account have been reversed. In
24
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
the case of the Cleveland, Richmond, and San Francisco banks, the
resulting increase in the book value of the bank buildings was relatively small. In the case of the Chicago bank, however, the board
felt that, inasmuch as its building was complete, a charge should be
allowed against current net earnings for the purpose of reducing
the book value of the building to a point approaching its replacement value. The bank was therefore authorized to charge its earnings with a depreciation allowance of $1,400,000, as a partial offset
against the $2,030,000 reserve which had to be returned to its surplus
account. The Federal reserve banks of Boston, New York (for the
annex building only), Richmond, Atlanta, Kansas City, and I>allas
were allowed to write off allowances in excess of 2 per cent, or of
$262,000, $197,573.89, $137,317.42, $152,562.96, $250,052.65, and
$132,820.22, respectively, from the book value of their buildings.
Gross and net earnings of each Federal reserve bank during the
past year, dividends paid to member banks, additions to surplus
account, and amounts paid to the Government as a franchise tax
for 1922 and for preceding years, are shown in the table below.
FINANCIAL RESULTS OP OPERATION OF THE FEDERAL RESERVE BANKS DURING
Gross
Current
expenses.
Current net
earnings.
Net deduc- Net earnings
tions from available for
dividends,
current net franchise tax,
earnings.
and surplus.
$3,541,313.05
11,341,318.77
4,251,950.44
4,994,282.14
2,832,943.88
2,352,736.14
6,748,862.37
2,456,447.58
1,969,247.68
3,094,660.07
2,085,774.84
4,821,201.55
i $2,022,399.94
I 6,776,529.39
! 2,053,919.07
2,461,266.12
1,631,355.84
1,293,052.51
i 4,080,056.88
I 1,623,222.38
! 1,084,942.49
j 2,010,820.23
i 1,515,390.56
; 3,006,387.05
$1,518,913.11
4,564,789.38
2,198,031.37
2,533,016.02
1,201,588.04
1,059,683.63
2,668,805.49
833,225.20
884,305.19
1,083,839.84
570,384.28
1,814,814.50
$421,510.36 $1,097,402.75
843,196.31 3,721,593.07
138,845.07 2,236,876.44
264,327.96 2,268,688.06
334,140.62
867,447.42
386,953.93
672,729.70
1,263,590.59
1,405,214.90
185,653.44
647,571.76
101,610.10
782,695.09
300,804.20
783,035.64
216,259.52
354,124.76
154,458.29 1,660,356.21
Federal reserve bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total.
50,490,738.51 ;29,559,342.46 120,931,396.05
Dividends
paid.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas C i t y . . .
Pallas
San Francisco.
Total.
1922.
$481,951.27
1,652,138.30
541,551.90
692,436.27
333,320.71
256,617.65
876,202.56
.1 283,165.81
213,774.01
275,654.88
251,914.87
448,306.50
I
6,307,034.73
4,433,660.25
16,497,735.80
Paid to Government as franchise tax for—
Transferred
to surplus
account. I Current year. Past years.8
Total.
$76,568.14 $538,883.34 $247,349.91
206,945.48 1,862,509.29 1,604,549.37
36,366.25
839,960.64
855,363.90
714,987.89
861,263.90.
480,714.04
20,458.51
53,412.67
374,500.85
213,628.77
41,611,20
476,111.11
710,189.99
52,901.23
276,449.67
87,956.28
52,423.36
56,892.10
512,028.98
208,169.99
50,738.07
456,642.69
102,209.89
121,204.97 1,090,844.74
306,925.46
2,740,157.96
7,450,543.11 3,400,061.61
$786,233.25
3,467,058.66
891,730.15
714,987.89
501,172.55
588,129.62
1,186,301.10
87,956.28
564,452.34
664,812.68
1,397,770.20
10,850,604.72
i Addition.
* Amounts shown represent deferred franchise taxes for 1920 and 1921, paid on Dec. 31, 1922, and are
in addition to $124,537,336 paid prior to that d a t e .
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
25
Net earnings of the Federal Reserve Bank of Dallas have not been
sufficient to enable it to accumulate a surplus equal to its subscribed
capital, as authorized by the act of March 3,1919, amending section 7
of the Federal reserve act, and this bank accordingly has not yet
paid any franchise tax.
Current net earnings of each Federal reserve bank during 1922,
and the daily average amounts of paid-in capital, surplus, and member banks' reserve deposits during the same year, also the ratio of
current net earnings to (1) average paid-in capital, (2) capital and
surplus, (3) capital, surplus, and reserve deposits are shown in the
table:
RATIO OF EARNINGS TO CAPITAL, SURPLUS, AND RESERVE DEPOSITS.
[Amounts in thousands of dollars.]
Daily average-
Federal reserve bank.
Current
net
earnings.
Paid-in
capital.
Boston...
New York....
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
1,519
4,565
2,198
2,533
1,201
1,060
2,669
1,815
8,032
27,536
9,026
11,541
-5,555
4,277
14,603
4,719
3,563
4,594
4,199
7,472
Total...
20,931
105,117
833
884
1,084
570
Ratio of current net
earnings t o -
Average
paid-in
Member Average Average capital,
paid-in
banks'
capital surplus,
Surplus. reserve paid-in
and
and
deposits. capital. surplus. reserve
deposits.
16,483
60,197
17,945
22,511
11,030
9,114
29,025
9,388
7,468
9,646
7,394
15,199
118,563
698,991
105,795
139,725
56,155
47,930
254,867
64,994
44,599
76,938
47,665
124,900
215,400 1,781,122
Per cent. Per cent. Per cent.
6.2
1.1
18.9
5.2
.6
16.6
8.1
1.7
24.4
7.4
1.5
21.9
7.2
1.7
21.6
7.9
1.7
24.8
6.1
.9
5.9
LI
1.6
8.0
24.8
7.6
1.2
23.6
4.9
L0
13.6
8.0
1.2
24.3
ft?
19.9
6.5
L0
The first two ratios are generally used in analyzing earnings of
financial institutions as related to invested capital, but in the case
of Federal reserve banks which are not operated for profit the ratio
last shown is more significant, since the funds contributed by
member banks which may be used in extending credit consist not
only of capital and surplus but include also the reserve balances
which member banks are required by law to maintain at the
Federal reserve banks.
BRANCHES
OF
FEDERAL
RESERVE
BANKS
AND
THEIR
OPERATIONS.
At the present time the Federal reserve banks have 23 branches
and 1 agency, all of which were established prior to January 1, 1922.
The Federal reserve banks of Boston and Philadelphia have no
branches or agencies, while the other Federal reserve banks have
one or more branches as follows: New York, 1; Cleveland, 2; Rich-
26
ANNUAL REPORT OF THE KEDERAL RESERVE BOARD.
:mond, 1; Atlanta, 4 (also 1 agency); Chicago, 1; St. Louis, 3; Minneapolis, 1; Kansas City, 3; Dallas, 2; San Francisco, 5.
No requests for the establishment of additional branches have been
received by the Federal Reserve Board during the current year, and
as a matter of fact, the board is very reluctant to authorize the
establishment of any further branches, for the reason that they
add materially to operating costs. Most of the branches now in
operation were established during or immediately following the war
period, when there seemed to be very good reasons for going to the
expense of maintaining branches in the cities in which they were
established. There is some doubt now, however, as to whether or
not the greater promptness with which member banks in certain
Federal reserve branch cities may now avail themselves of the
services of the Federal reserve bank is of sufficient importance to
warrant the additional cost to the Federal reserve bank of maintaining the local branch. It may be necessary, therefore, at some
time in the future to give serious consideration to the advisability of
discontinuing certain of the existing Federal reserve branch banks.
In order that a general idea may be obtained as to the relative volume of business handled by the various Federal reservebranches and of the volume of work handled by the branches as a
whole during the year under review, as compared with the two
preceding years, a table is shown on page 149 bringing out the volume
of work handled in the principal departments of each branch. * The
functions of the Savannah agency are limited to the supplying of
coin and currency to member banks located in Savannah.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS, 1922.
The end of the year 1922 found 15x of the 35 Federal reserve banks
and branches occupying new or remodeled buildings, as compared
with 11 on December 31, 1921. In addition, construction was proceeding on 7 buildings, while authority of Congress to proceed with
building operations was being awaited in the case of 1 bank and 6
branches. The status of the building operations of each Federal
reserve bank and branch on December 31, 1922, was as follows:3
New or remodeled buildings owned and occupied:1 Boston, Philadelphia, Pittsburgh, Richmond, Baltimore, Atlanta, Nashville, Chicago,
Louisville, Helena, Kansas City, Omaha, Dallas, El Paso, Houston.
New buildings under construction: New York, Cleveland, Atlanta
(annex to present building), New Orleans, Minneapolis, Oldahoma
City, San Francisco.
1
Does not include annex building constructed by New York principally for storage purposes or building
remodeled for temporary occupancy by San Francisco.
3
Branches in italics.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
27
New building operations awaiting Congressional authority: Jacksonville, Detroit, St. Louis, Little Rock, Denver, Omaha,3 Salt Lake
City.
Site purchased, but no plans for new building: Cincinnati.
No property purchased: Buffalo, Birmingham, Memphis, Los
Angeles, Portland, Seattle, Spokane.
The act of Congress approved June 3, 1922, amending section 10
of the Federal reserve act, contains a provision concerning building
operations of the Federal reserve banks as follows:
No Federal reserve bank shall have authority hereafter to enter into any contract
or contracts for the erection of any building of any kind or character, or to authorize
the erection of any building, in excess of $250,000, without the consent of Congress
having previously been given therefor in express terms: Provided, That nothing herein
shall apply to any building now under construction.4
As a result of this legislation, resolutions authorizing building
operations have been introduced into Congress for the St. Louis
bank and the following branches;, Jacksonville, Detroit, Little
Rock, Denver, Omaha, and Salt Lake City. On December 31
these resolutions were still pending in Congress. In the case of the
Jacksonville branch of the Federal Reserve Bank of Atlanta, however,
bids have been asked for a building to cost not exceeding $250,000
(including land, building, and vault).
Three new buildings were completed and occupied during the year,
namely, those of Boston, Chicago, and Houston; and the Nashville
branch building, which was purchased in July, 1921, has been remodeled into more suitable quarters. Construction begun previous to
1922 has progressed steadily during the past year on the new buildings
of the New York, Cleveland, Minneapolis, and San Francisco banks,
and on the annex of the Atlanta bank building. New construction
of buildings on property purchased previous to 1922 was begun at
New Orleans and Oklahoma City in May.
In the spring the Federal Reserve Bank of St. Louis purchased
property in St. Louis adjoining that owned by it; also a lot in
Louisville adjoining the property owned and occupied by the
Louisville branch, with the idea of eventually extending the present
one-story building to cover the entire property. No other purchases
of property were made during the past year, but the Federal Reserve
Bank of Dallas sold the property utilized by it as a banking house
prior to the construction of its new building.
3
Authority of Congress awaited to reconstruct present building.
The act of February 9, 1923, amends this provision by making it apply only to buildings to be
erected for branch Federal reserve banks and authorizes an expenditure of $250,000 for the building
proper, exclusive of vaults and all equipment.
4
28
ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD.
GOLD SETTLEMENT FUND.
The method of operating the gold settlement fund, which has been
fully explained in previous reports, has remained essentially unchanged during 1922. The arrangements made in 1921 to provide
a daily settlement between Federal reserve banks for Federal reserve notes, whether fit for use and returned to the bank of issue or
unfit for use and returned to the Treasury for redemption, was,
however, simplified by the inauguration on February 1, 1922, of a
separate daily Federal reserve note settlement. This daily settlement supplies an effective means of complying with that part of
section 16 of the Federal reserve act which provides that no Federal
reserve bank shall pay out notes issued through another under penalty of a tax of 10 per cent upon the face value of notes so paid out.
The method of handling transfers for national banks to their 5 per
cent redemption funds against national-bank notes was also simplified by the adoption on June 1 of the plan of making such transfers
from the gold redemption funds of the Federal reserve banks against
Federal reserve notes, instead of from the gold settlement fund,
thereby reducing these transactions to simple transfers by the
Treasury between two funds in its custody.
Combined clearings and transfers through the fund during the
year aggregated $76,489,962,000, as against $68,223,882,000 in 1921,
$92,625,805,000 in 1920, $73,984,252,000 in 1919, $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, a grand total of $395,316,812,000 having
been handled through the fund since its inception on May 20, 1915.
The average weekly volume of clearings and transfers combined for
each year since the fund was established is shown below:
1922
1921
1920
1919
$1, 470, 960, 000
1, 311, 998,000
1, 781,265, 000
1, 422, 744, 000
1918
1917.
1916
1915
$966, 377, 000
522,206,000
106,422,000
31,898,000
Daily clearings alone aggregated $75,335,987,000 in 1922, compared with $64,934,801,000 in 1921. Direct transfers, which
amounted to but $1,153,975,000 in 1922, compared with $3,289,081,000 in 1921, reflect the absence of any rediscount operations
between Federal reserve banks in 1922 and a considerably reduced
volume of transfers on Government account.
The total cost of operation, including the rental of leased telegraph wires and clerical services, was approximately $500,000, or
about 65 hundredths of 1 cent on each $l.,000 of funds transferred
as against $485,000 in 1921.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
29
STATE BANK MEMBERSHIP.
Ninety-eight State banks and trust companies, with aggregate
capital and surplus of approximately $42,500,000 and total resources
of $275,800,000, were added to membership during the year, while
33 of the former members, with aggregate capital and surplus of
approximately $13,100,000 and total resources of $72,400,000,
discontinued membership by reason of voluntary liquidation, receivership, or voluntary withdrawal. In addition, 35 of the former
members, with aggregate capital and surplus of approximately
$27,800,000 and total resources of $259,300,000, either converted
into or were taken over by national banks or merged with other State
bank members, their resources thus remaining in the system as a
whole. On December 29, 1922, there were 1,639 State institutions
which were members of the system, with aggregate capital and
surplus of approximately $1,175,000,000 and total resources of
$11,917,000,000.
On June 30, 1922, the latest date for which complete data are
available, there was a total of 30,325 banks in the United States
(including natibnal and State commercial banks, mutual and stock
savings banks, private banks, and loan and trust companies), with
aggregate capital and surplus of $5,599,134,000 and resources of
$50,147,513,000. Of these institutions 9,892 were national banks
and State bank and trust company members of the Federal Reserve
System, with a capital and surplus of $3,496,319,000 and resources
of $31,723,950,000. The resources of member banks of the Federal
Reserve System therefore constituted about 63 per cent of the total
resources of all banks in the country.
Under the provisions of the Federal reserve act, however, mutual
savings and private banks, are not eligible for membership, and
there is also a large number of State banks and trust companies
whose capital stock is not sufficient to meet the requirements of
the act. There were, nevertheless, 9,678 State banks and trust
companies with capital stock sufficient to enable them to become
members which were not members of the Federal Reserve System
at the end of June, 1922, the aggregate capital and surplus of these
eligible nonmember banks being $1,209,115,000 and their resources
$8,983,580,000. If the banks which are not eligible for membership in the Federal Reserve System under the present provisions
of the act are excluded, it is found that at the end of June, 1922,
the national banks and State bank and trust company members
represented about 78 per cent of the banking power of all banks
eligible for membership.
30
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
CHECK CLEARING AND COLLECTION.
During the year 1922 there have been a number of developments
in the Federal reserve check clearing and collection system, most of
these arising out of litigation in which several of the Federal reserve
banks have been involved. Much of this litigation has been pending
since 1921, and some since 1920, and the earlier aspects thereof were
dealt with in the board's annual reports for 1920 and 1921.
Atlanta par clearance case.—In 1920 several nonmember banks
in Georgia brought suit in the State courts against the Federal
Reserve Bank of Atlanta to enjoin it from collecting checks drawn
on the plaintiff banks in any manner other than through the usual
and ordinary channels of collection through the mails. On motion
of the Federal reserve bank this suit was removed to the United
States District Court for the Northern District of Georgia, which
rendered a decision holding (1) that the Federal court had jurisdiction of the suit because it arose under the laws of the United
States, and (2) that the suit should be dismissed because the allegations of the complaint did not charge an actionable wrong. Plaintiffs a p p l i e d to the United States Circuit Court of Appeals for the
Fifth Circuit, and on November 15, 1920, that court affirmed the
decision of the district court in all respects. Thereafter, an appeal
was taken to the United States Supreme Court, which rendered a
decision on May 16, 1921, affirming the decision of the circuit court
of appeals upon the jurisdictional question, but reversing the decision
upon the question of the sufficiency of the complaint. The Supreme
Court held, purely as a matter of pleading, that the allegations
of the complaint stated a cause of action and, if sustained by the
evidence, would entitle the plaintiffs to the injunction sought for.
The case was accordingly remanded to the district court for trial on
the merits.
The trial of this case on the merits was held during January, 1922,
and resulted in a decision upholding the Federal reserve bank's
position in every important respect. The district court held that the
reserve bank was entitled under the law to employ any proper means
or agency to collect at par checks drawn on banks which refused
to pay without deduction for exchange charges, and that the
evidence failed to show that it had acted illegally or oppressively in
its check-collection methods. The court, therefore, denied an
injunction on all the points requested by the plaintiffs, except that
it enjoined the Federal reserve bank from publishing in its u par list"
the names of the plaintiff' banks without their consent, on the ground
that the inclusion of their names in the "par list" might be held to
indicate that such banks agreed to remit at par. The court saw no
objection, however, to including in the "par list" the name of any
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
31
town or city with a representation that the Federal reserve bank
would undertake to collect at par checks drawn on any bank in such
town or city.
Plaintiffs appealed from this decision to the United States Circuit
Court of Appeals for the Fifth Circuit, which rendered a decision on
November 2, 1922, affirming the decision of the district court in all
respects.
It is anticipated that plaintiffs will appeal in turn to the Supreme
Court of the United States, and of course it is highly desirable that
this question be finally adjudicated in the court of last resort.
Richmond par clearance case.—As noted in the board's annual report
for 1921, a number of States have enacted laws designed to obstruct
the par collection of checks by Federal reserve banks. Such a statute,
enacted on February 5,1921, by the Legislature of North Carolina, has
been declared unconstitutional by the Supreme Court of that State.
That act in substance authorized an exchange charge not exceeding one-eighth of 1 per cent for remittances and gave North Carolina
State banks the option of paying checks drawn on them in exchange
drafts on their reserve deposits, whenever such checks were presented
for payment by or through any Federal reserve bank, post office, or
express company. Relying upon this statute, a number of State
banks and trust companies brought suit against the Federal Reserve
Bank of Richmond in the superior court of Union County, N. C, to
enjoin the reserve bank from refusing to accept drafts drawn by
plaintiff banks on their reserve deposits in payment of checks presented for collection and from returning such checks to the drawers
as dishonored when plaintiffs refused to pay same in cash. At the
instance of the reserve bank this suit was removed to the United
States District Court, but was in turn remanded to the State court,
because the jurisdictional amount of $3,000 was not involved. The
superior court granted the injunction as prayed for; but on appeal
to the Supreme Court of North Carolina that decision was reversed,
the injunction was dissolved, and the statute involved was held to be
unconstitutional on the ground that it was in conflict with a valid
Federal statute.
The decision of the Supreme Court of North Carolina was rendered
on May 24, 1922. Subsequently, plaintiff banks applied for and
were granted a rehearing, but on December 13, 1922, the petition for
rehearing was dismissed in a memorandum decision which did not
modify or supplement the court's former opinion. No appeal can be
taken from this decision except by writ of certiorari to the Supreme
Court of the United States, but it is understood that the plaintiff
banks will apply for such a writ.
Cleveland par clearance case.—On July 15, 1921, the Farmers &
Merchants Bank of Catlettsburg, Ky., brought suit in the State court
32
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
against the Federal Reserve Bank of Cleveland to enjoin it from
collecting checks drawn on plaintiff by presentation at the counter.
The Boyd County circuit court, in which the suit was brought, issued
a temporary injunction restraining the reserve bank from using any
method of check collection against plaintiff except the usual method
of collection through the mails. The case was then removed to the
United States District Court for the Eastern District of Kentucky,
which, on October 14, 1922, granted a preliminary injunction restraining the defendant bank and its collecting agent in Catlettsburg from
continuing to make collections of checks drawn on the plaintiff
through presentation by such agent over the counter and restraining
the reserve bank from advertising that it would collect checks drawn
on plaintiff free of charge and from doing anything else for the purpose of forcing the plaintiff to remit at par. The case was not tried
on its merits, however, but was presented largely on affidavits filed
in support of the motion for a preliminary injunction, and no opportunity was given for cross-examination of the witnesses. It is
anticipated that the trial on the merits will soon take place.
San Francisco par clearance case.—The San Francisco par clearance
case involved a suit brought on September 29, 1921, in the United
States District Court for the District of Oregon by the Brookings
State Bank of Brookings, Oreg., to enjoin the Federal Reserve Bank
of San Francisco from collecting checks drawn on plaintiff except
through the usual course of collection through the mails. Plaintiff
bank had refused to remit at par for checks drawn on it and sent to
it by the reserve bank for collection, and the reserve bank had maintained an agent at Brookings for a period of about a year to collect
checks over the counter of the plaintiff bank. This agent wTas withdrawn before the hearing of the suit, and it then became the reserve
bank's practice to send checks drawn on the plaintiff bank to it
indorsed "Pay to Brookings State Bank for collection only and remittance in full without deduction for exchange or collection charges."
Plaintiff returned these checks unpaid and unprotested, and the
reserve bank then returned them to the forwarding banks, advising
the latter that plaintiff bank had refused to pay and had not protested and that the}7 must look to the plaintiff bank for their
protection.
In its decision, which was rendered June 26, 1922, the court intimated that the reserve bank was acting within its authority in maintaining an agent at Brookings for making counter collection of checks,
but treated this as an academic question, because the agent had
been withdrawn. The court did not grant the injunction, therefore,
in the terms requested, but merely enjoined the defendant bank from
sending advice as above described to its correspondent banks that
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
33
they must look to the plaintiff for their protection, holding that
defendant had no right to hold the plaintiff responsible for not having
its own paper protested for nonpayment.
A different and somewhat novel proceeding has grown out of this
San Francisco par clearance case. In November, 1922, the Brookings State Bank brought an action against the Federal Reserve Bank
of San Francisco for damages to compensate plaintiff bank for its
loss occasioned by the methods pursued by the reserve bank in making
collections of checks drawn on plaintiff. This case has not yet been
tried.
It is thus seen that, while the par clearance controversy is not
settled, material progress has been made in the past year in bringing
to a head the various issues involved, and it may be reasonably
anticipated that the projected appeals to the Supreme Court of the
United States will, during the next year, determine the right of the
Federal reserve banks to collect all checks at par.
The full text of the opinions rendered during the year 1922 in the
cases discussed above will be found on pages 258-274.
TRUST POWERS OF NATIONAL BANKS.
The right of national banks to exercise trust powers granted pursuant, to the provisions of section ll(k) of the Federal reserve act
has been the subject of litigation in two States, Rhode Island and
Pennsylvania, during the year 1922.
The Aquidneck National Bank of Newport, R. I., in 1915 received
permission from the board to exercise the fiduciary powers then permitted under section 11 (k) of the Federal reserve act, to wit, trustee,
executor, administrator,- and registrar of stocks and bonds. Subsequently this bank was appointed executor, and in order to qualify
and carry out its duties as such it tendered to the general treasurer
of the State of Rhode Island the amount of bonds which the laws of
Rhode Island require of trust companies as security for the performance of their trust functions. This tender of securities was made pursuant to the requirement of section 11 (k), as amended by the act
of September 26, 1918, to the effect that whenever the laws of a
State require corporations acting in a fiduciary capacity to deposit
securities with the State authorities for the protection of private or
court trusts, national banks so acting shall be required to make
similar deposits. The general treasurer of Rhode Island refused to
accept the bonds so tendered on the ground that the State law did
not authorize him to receive such securities from national banks.
The Aquidneck National Bank then petitioned the Supreme Court of
Rhode Island for a writ of mandamus to compel the general treasurer
to accept such deposit of securities.
34
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
In July, 1922, the Supreme Court of Rhode Island rendered a decision denying the petition, and basing its refusal to issue the writ of
mandamus on two general grounds: (1) That the exercise of fiduciary
powers by national banks in Rhode Island was in contravention of
State law; and (2) that there was no provision of State law empowering the general treasurer of the State to receive such deposits from
national banks. In holding that the exercise of trust powers by
national banks in Rhode Island was in contravention of State law,
the court gave great weight to the fact that trust companies are the
only corporations in Rhode Island authorized to exercise trust powers,
and that the State law requires of trust companies, as security for
the performance of their duties, the pledge of their entire capital
stock in addition to the bonds required to be deposited with the State
treasurer, while national banks have no power to pledge their capital
stock. The court mentioned the definition of what shall be deemed
to be contravention of State law contained in section 11 (k) of the
Federal reserve act, as amended, but held that Congress had no power
to construe the State laws of Rhode Island. No appeal has been
taken from this decision, but it is understood that the right of national banks to exercise trust powers in Rhode Island will be more
directly tested in another proceeding.
The Corn Exchange National Bank of Philadelphia has also been
involved in litigation over its right to exercise trust powers in Pennsylvania. The orphans' court of Philadelphia refused to acknowledge
the capacity of that bank to act as guardian, because it had not been
approved as fiduciary under the rules of such court. The national
bank petitioned for such approval, but the orphans' court dismissed
the petition on the ground that the exercise of fiduciary powers by
a national bank in Pennsylvania was in contravention of the State law.
It based this decision upon a former decision rendered in 1921 in the
matter of the National Bank of Germantown, in which the same court
gave three reasons for holding that the exercise of fiduciary powers
by national banks in Pennsylvania was in contravention of State law:
(1) Under section 11 (k) of the Federal reserve act, as amended, national banks may deposit uninvested trust funds in their commercial
departments upon depositing approved securities in their trust departments, while the laws of Pennsylvania require all trust funds to
be kept separate and apart from the assets of the trustee corporation,
and the State banking department has by regulation required all
trust funds to be deposited in a separate institution; (2) section ll(k)
permits the examination by State examiners of the trust departments
only, and not of the commercial departments of national banks exercising trust powers; and (3) in the case of the insolvency of a national
bank exercising trust powers the Federal law provides that a receiver
appointed by and under the control of the Comptroller of the Currency
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
35
shall take possession of and administer all the assets and affairs of
such national banks, thus removing such assets from the jurisdiction
of the State courts.
The Corn Exchange National Bank appealed from these adjudications of the orphans7 court, and on November 23, 1922, the superior
court of Philadelphia County reversed the orphans' court and upheld
in all respects the right of national banks in Pennsylvania to exercise
trust powers. The court laid great stress upon the fact that Congress had expressly defined the meaning of the term "in contravention of State or local law" as used in section ll(k), and held that
this definition was controlling upon State courts. The court, therefore, found that none of the alleged conflicts between State and
Federal law which were relied upon by the orphans' court in denying
to the Corn Exchange National Bank the right to act as guardian
constituted a contravention of State law within the meaning of section ll(k) of the Federal reserve act, and that, consequently, the
Corn Exchange National Bank must be upheld in its contentions.
On December 28, 1922, the Commonwealth of Pennsylvania;
through its attorney general, petitioned the superior court for leave
to intervene in this proceeding, which was granted. The Commonwealth then petitioned the Supreme Court of Pennsylvania for leave
to appeal from the decision of the superior court, which petition also
was granted. The supreme court heard arguments on this appeal on
January 15, 1923.
The full text of the decisions of the Supreme Court of Rhode
Island and the superior court of Philadelphia County will be found
on pages 274 and 277.
Permits to exercise fiduciary powers.—During the past year, the
board has approved 161 original and 16 supplemental applications
by national banks for permission to exercise fiduciary powers under
the provisions of section ll(k) of the Federal reserve act. The total
number of banks holding permits to exercise trust powers on December 31, 1922, was 1,547, a list of which, with the powers granted, is
published on pages 214-228.
CLAYTOX ANTITRUST ACT.
Since the issue of its last report the board has received and considered 156 applications presented to it under the so-called Kern
amendment to section 8 of the Clayton Antitrust Act, relating to
interlocking bank directorates.
In its last annual report, pages 87 to 89, the board pointed out
certain difficulties in the administration of the Kern amendment to
the Clayton Act and certain illogical and inequitable situations
created by the unscientific modus operandi of that provision, and
36
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
recommended the enactment of an amendment to remedy the situation. As pointed out in that report, a bill to effect this purpose was
introduced in the House of Representatives on April 21, 1921, and
was referred to the Committee on Banking and Currency. No action
has yet been taken regarding that bill, however, and the board
desires to take this opportunity to renew its recommendation that
the proposed amendment to the Clayton Act be enacted, for the
reasons set forth in its last annual report.
AMENDMENTS TO THE FEDERAL RESERVE ACT.
During the year 1922 the Federal reserve act has been amended
by two acts, one approved June 3 and the other July 1.
The act of June 3, 1922, amended section 10 of the Federal reserve
act in several respects. It increased the number of appointive
members of the Federal Reserve Board from five to six and provided
that in the selection of such members the President " shall have, due
regard to a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the
country," whereas section 10 previously provided that in selecting
the appointive members of the board the President should have due
regard to a fair representation "of the different commercial, industrial, and geographical divisions of the country." The amendment
also eliminated the requirement that at least two of the appointive
members should be persons experienced in banking or finance.
This amendment also added a paragraph to section 10 providing
in substance that no Federal reserve bank should thereafter erect
any building of any kind or character to cost in excess of $250,000
without the express consent of Congress, with a proviso that this
prohibition should not apply to any building then under construction.
Prior to the amendment of July 1, 1922, the tenth paragraph of
section 9 of the Federal reserve act had prohibited Federal reserve
banks from rediscounting for a State member bank any of the paper
of any one borrower who was liable to such bank for borrowed money
in an amount greater than 10 per cent of the lending bank's capital
and surplus, except that the discount of bills of exchange drawn
against actually existing values and of commercial or business paper
actually owned by the person negotiating the same were not considered as money borrowed within the meaning of that section. That
provision operated as an indirect restriction on the amount of credit
which might be extended to a single borrower, because a State member bank would hesitate to lend in excess of the prescribed amount
to a borrower when to do so would render all of the paper of that
borrower held by such bank ineligible for rediscount. This resulted
in a discrimination against State member banks, because section 5200
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
37
of the Revised Statutes, which restricts the amount of credit that
national banks may extend to any one borrower, not only makes the
exceptions which were provided for by section 9 of the Federal
reserve act, but in addition thereto provides that several other classes
of paper shall not be considered as borrowed money. The board
accordingly recommended a change in the law which would place
State member banks upon an equality with national banks in this
respect. The act approved July 1, 1922, accomplished this purpose
by amending section 9 so as to provide merely that no Federal reserve
bank shall discount for any State member bank the paper of any
borrower who is liable to such bank for borrowed money in an amount
greater than could be borrowed lawfully from such bank if it were a
national bank.
AMENDMENTS TO BOARD'S REGULATIONS.
During the year 1922 the board made two amendments to its
regulations, one to Regulation A relating to rediscounts under section
13 of the Federal reserve act and one to Regulation B, relating to
open-market purchases by Federal reserve banks of bills of exchange,
trade acceptances, and bankers' acceptances under section 14 of the
Federal reserve act.
The amendment to Regulation A was issued under date of March
29 and made no substantial change in the previous regulation except
in that part which dealt with bankers' acceptances growing out of
the importation or exportation of goods. That part of the regulation was simplified by the elimination of certain detailed provisions
with reference to security and the character of evidence to be furnished to show that the acceptances arose out of bona fide transactions
involving the importation or exportation of goods.
The board was led to make this amendment to its regulations by
the belief that conditions affecting foreign trade had changed materially since the issuance of its former regulations and that the former
detailed regulations were no longer necessary. Moreover, it was
believed that the general advancement of foreign trade, with the
resulting benefit to the agricultural and commercial interests, could
be furthered most effectually at that time by the substitution of
simpler regulations applicable to acceptances in export and import
transactions.
In so amending its regulation, however, the board made it clear
that its action was not intended to imply any change of view as to the
meaning or proper construction of the law or as to the broad principles which should govern the exercise of the acceptance privilege,
and that its action was intended merely to aEUow a greater latitude to
Federal reserve banks for the exercise of their discretion and judg28971—23
4
38
AKNUAL REPORT OF THE FEDERAL RESERVE BOARD.
ment within the bonds of the express and implied limitations of the
law.
The amendment to the board's Regulation B was issued under
date of December 19, and its sole purpose was to permit Federal
reserve banks, until further notice, to purchase in the open market,
with or without the indorsement of member banks, bankers' acceptances with maturities not in excess of six months which are drawn
by growers, or by cooperative marketing associations composed
exclusively of growers, of nonperishable, readily marketable, staple
agricultural products, to finance the orderly marketing of such products grown by such growers and secured at the time of acceptance by
warehouse, terminal, or other similar receipts issued by parties independent of the borrowers and conveying security title to such
products.
The board was moved to take this action by a desire to provide
more ample facilities for financing the orderly marketing of staple
agricultural products, especially by cooperative marketing associations. This was in accordance with the principle previously recognized by the board that the carrying of agricultural products for such
periods as are reasonably necessary in order to assist the orderly marketing thereof is a proper step in the process of distribution. There
is a material distinction, however, between carrying agricultural products for such periods as are reasonably necessary to effect orderly
marketing and a mere speculative withholding from the market in
the hope ultimately of obtaining a higher price. In issuing this
amendment to its regulations, therefore, the board pointed out that
before purchasing such acceptances Federal reserve banks should
assure themselves that the agricultural products underlying the transaction were not being held for speculation, but were being marketed
in an orderly manner or stored as a part of the process of orderly marketing. The board pointed out, further, that care should also be
exercised by Federal reserve banks in purchasing acceptances of long
maturities, in order that the liquidity of the aggregate investments
held by them should not be affected.
The text of the board's amended regulations and the letters of
transmittal explaining the purpose and effect of the amendments are
published on pages 249-254.
FEDERAL ADVISORY COUNCIL.
The four statutory meetings of the Federal Advisory Council during
1922 were held in Washington beginning on the following dates:
January 13, April 27, September 25, and November 20. The recommendations made to the board aby the council are printed on pages
407-413.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
39
CONFERENCES HELD BY THE BOARD,
As customary, the Federal Reserve Board conferred with the Federal Advisory Council on the occasion of each of its meetings during
the year.
On May 2 the governors of the Federal reserve banks met with the
board in Washington, and on October 10 a joint conference was held
with both the governors of the Federal reserve banks and the 12
Federal reserve agents. General programs relating to the operations
of the Federal Reserve System were submitted to and discussed at
these conferences.
ORGANIZATION, STAFF, AND EXPENDITURES.
During the year 1922 there have been several changes in the organization and staff of the Federal Reserve Board. The term of office
of Hon. W. P. G. Harding, governor of the board, expired on August 9.
No appointment to fill the vacancy had been made at the close of
the year.
By the terms of an amendment to section 10 of the Federal reserve
act, approved June 3, 1922, the number of appointive members of
the Federal Reserve Board was increased from five to six. The
appointment of the additional member had not been made at the
end of the year.
In May, 1922, the division of analysis and research was transferred
from New York City to Washington, D. C. On September 15, 1922,
Mr. Walter W. Stewart was appointed director of the division, to
succeed Mr. H. Parker Willis, resigned.
Mr. Walter S. Logan, general counsel of the board, resigned on
September 30, and Mr. Walter Wyatt, assistant counsel, was promoted to the position of general counsel, effective October 1.
Mr. L. G. Copeland was appointed on August 22, 1922, to succeed
Mr. W. E. Buell as chief of the division of Federal reserve issue and
redemption.
The total cost of conducting the work of the board during the year
1922, including salaries of members and the cost of printing and circulating the Federal Reserve Bulletin, was $729,745.11. Two assessments were levied against the Federal reserve banks during the year
aggregating $722,544.61, or approximately 225 thousandths of 1 per
cent of their average paid-in capital and surplus for the year.
By direction of the Federal Reserve Board:
EDMUND PLATT,
Acting Governor.
The SPEAKER OF THE HOUSE OF REPRESENTATIVES.
EXHIBITS
41
DISCOUNT AND OPEN-MARKET RATES.
No.
1.—CHANGES DURING 1922
to
ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS.
[Per cent.]
Changes effectiveIn effect
Jan. 1,
1922.
Jan. 9. Jan. 11. Jan. 23. Feb. 14. Mar. 15. Mar. 25. Apr. 6. Apr. 14. June 22. June 23. July 8. July 12. Aug. 12. Aug. 15.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
RinhTTHrtTMl
<
- .,
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
,
,
4*
4*
4§
5
5
5
5
5
5£
5
5*
5
4
4
4*
4*
4}
5
4*
4J
!
5
4*
4*
4
!
I
W
O
No. 2.—AVERAGE
RATES CHARGED
ON DISCOUNTED
BILLS, BY MONTHS,
DURING
1922.
[Per cent.]
]
Federal reserve bank. January. February
Boston .
New York..
. .
Philadelphia
Cleveland^
Richmond
Atlanta
Chicago ..
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
All banks: 1922..
1921..
1920..
March.
April.
May.
June.
July.
August.
September.
October,
November.
December.
Year
1922.
4.50
4.50
4.50
5.00
5.00
5.00
5.00
5.00
5.18
. 5.00
5.19
4.73
4.50
4.50
4.50
4.75
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.50
4.50
4.50
4.50
4.50
6.00
4.69
4.78
5.00
5.00
5.00
5.00
4.50
4.50
4.50
4.50
4.50
4.72
4.50
4.50
4.55
5.00
5.00
5.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
5.00
5.00
5.00
4.50
4.32
4.24
4.50
4.50
4.50
4.50
4.50
4.50
5.00
5.00
5.00
4.50
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
5.00
5.00
4.72
4.13
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.75
4.68
4.50
4.00
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.00
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.00
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.00
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.00
4.21
4.21
4.50
4.60
4.70
4.64
4.63
4.65
4.85
4,79
4.86
4.32
4.84
6.36
4.90
4.77
6.36
5.52
4.70
6.43
5.64
4.60
6.33
5.67
4.59
6.20
5.74
4.54
6.14
6.20
4.39
6.02
6.21
4.34
5.76
6 19
4.36
5.75
6 39
4.34
5.62
6.40
4.29
5.03
6.45
4.30
4.91
6.49
Year
1921.
Year
1920.
4.52
NOTE.—See pp. 124 and 125 for amount of bills discounted at each rate.
5.88
6.06
5.44
5.72
5.91
6.05
6.29
5.90
6.35
6.14
6.01
5.79
6.03
5.97
5.44
5.66
5.78
5.97
6.32
5.98
6.40
6.65
5.78
5.82
O
o
6.01
6.02
i
No, 3 . — A N N U A L R A T E S OF EARNINGS ON DISCOUNTED BILLS, BY MONTHS, DURING
1922.
[Per cent.]
Federal reserve bank. January. February
Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago .
St. L o u i s . . .
Minneapolis
Kansas City
Dallas
San Francisco
4.52
4.58
4.50
5.01
5.15
5.21
5 11
5 02 !
5.56
5.20
5.62
5.01
All banks: 1922..
1921..
1920..
No.
4.99
6.30
4.71
March.
April.
June.
May.
July.
August.
Septem- October.
ber.
November.
December.
Year
1922.
J». 01
5.46
5.15
5.39
4.67
4.51
4.50
4.50
4.60
5.00
4.96
5.04
5.00
5.56
5.10
5.26
4.57
4.50
4.50
4.50
4.53
4.98
4.71
4,79
4.72
5.21
5.02
•5.19
4.57
4.50
4.50
4.50
4.50
4.71
4.59
4.67
4.57
5.15
5.00
5.09
4.53
4.47
4.38
4.50
4.50
4.59
4.53
4.59
4.54
5.01
5.00
5.07
4.51
4.12
4.06
4.50
4.50
4.54
4.52
4.55
4.52
5.01
5.00
5.03
4.34
4.03
4.03
4.50
4.50
4.51
4 51
4.53 !
1
4. 51 4.98
4.99
4 84
4.15
4.01
4.00
4.50
4.50
4.50
A an
4.50
4 &»
"
4.84
4.83
4 74
4.10
4.00
4.00
4.50
4.60
4.50
4.51
4.50
4.50
4.71
4.65
4.64
4.05
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4,61
4.55
4.60
4.01
4.00
4.00
4.50
4.50
4.50
4. .50
4.50
4.50
4.59
4.51
4.60
4.00
4.24
4.25
4.50
4.64
4.78
4.76
4.76
4.71
5.12
4.95
5.08
4.42
4.90
6.37
5.20
4.83
6.36
5.47
4.75
6.32
5.58
4.68
6.29
5.66
4.61
6.20
5.89
4.50
6.09
6.13
4.47
5.91
6.19
4.42
5.85
6.22
4.36
5.69
6.35
4.29
5.39
6.41
4.29
5.11
6.42
Year
1921.
Year
1920.
5.91
5.88
5.48
5.88
5.69
5.77
6.17
5.83
6.22
6.06
5.67
5.79
4.63
4.60
4.55
4.51
4.88
5.04
5.09
R fiQ
6.03
6.13
5.49
6.85
5.92
6.12
6.40
5.97
6.48
6.06
6.25
5.82
2
o
H
4j
6.07
5.88
4 . — C H A N G E S D U R I N G 1922 IN MINIMUM AUTHORIZED R A T E S ON ACCEPTANCES BOUGHT IN O P E N M A R K E T .
BANKERS' ACCEPTANCES.
Changes effective-
In
Federal reserve effect
Jan.l, Jan. Jan. Jan. Jan. j Jan. Jan. Mar. Mar. Mar. Apr. Apr. Apr. Apr. j Apr. Apr. May June June June June June July July
bank.
1922. 18. 19. 20. 21. 23. 27. 13. 15. 24.
4.
13.
22.
23.
24.
6.
12.
15.
21.
27.
25.
8.
8.
New York
4
4
3*
!
31
I
3
1
|
......
2*
O
Sept.
26.
4
Philadelphia.
4
Cleveland
Richmond
i 4-5
i 4-5
Atlanta.. .
4
Chicago
4
St. Louis
Minneapolis
5
5
Kansas City
Dallas
6
4
San Francisco .
3
31
i
!
3}
|
21
3 i
3J
|
1
3
3
3
'
I
•;
3} |
|
31
31
3*
i
1
21
!
1
j
3 i
1
3
1
4
i
j
3
31
I
3
i
3
I
|
i
i
i
2i'
1
Minimum and maximum rates.
NOTE.—Acceptances purchased from the acceptor are taken at a rate not less than the discount rate on commercial paper.
TRADE ACCEPTANCES.
Changes effective—
Changes effective
Federal reserve bank.
I May I May \ Mav June! June June June June
j 27. | 29. | 31.*
Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond...
Atlanta
Federal reserve bank.
Chicago...
St. Louis..
Minneapolis...
Kansas City....
DaUas
San Francisco..
May
27.
May
29.
May June June June June June
13.
27.
31.
3*
NOTE .—Open-market rates applicable to trade acceptances only were not established until after May 24,1922. For rates chargeable prior to that time, see table showing minimum
authorized rates on bankers' acceptances purchased in open market.
O
N o . 5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET, BY MONTHS, DURING 1922.
[Per cent.]
Federal reserve bank. January.
February.
March.
April.
May.
June.
July.
I August.
Septem- October. Novem- December.
ber.
ber.
Year
1922.
Year
1921.
Year
1920.
!_
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Sr. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All banks: 1922.|
1921.
1920.
4.20
4.47
4.10
4.27
5.07
5.05
4.13
3.90
4.09
4.34
4.06
4.10
5.07
5.02
4.14
3.98
3.99
3.86
3.82
3.84
4.95
4.57
3.96
4.08 I
3.41
3.51
3.45
3.59
4.88
3.90
3.41
3.63
3.23 |
3.43 |
3.28 !
3.20 I
4.56 |
3.71 \
3.21 I
3.19 I
3.19
3.37
3.19
3.19
4.56
3.97
3.12
3.17
3.07
3.21
3.05
3.08
4.56
3.91
3.13
3.04
5.07
4.82
4.32
5.07
4.11
5.07
5.07
3.95
5.07
4.06
3.68
5.07 |.
3.17 !
3.25 !
3.17
3.19
4.28
6.05
5.10
4.21 s
6.01 I
5.53
3.92 j
6.01 I
3.48
5.94 !
5.82 I
3.28 i
5.88 |
5.96 |
3.22
6.07
i
I
I
j
|
.
\
i
3.06
3.14
3.08
3.04
4.56
3.85
3.11
3.04
3.10
3.20
3.08
3.18
4.31
3.57
3.17
3.17
3.65
3.65
3.52
3.68
4.25
4.06
3.66
3.69
4.04
4.08
4.11
4.11
4.16
4.25
4.11
4.07
4.04
4.07
4.08
4.11
4.18
4.35
4.12
4.06
3.65
3.57
3.53
3.70
4.64
4.14
3.50
3.67
3.11
3.08
5.07
3.04
3.06
4.56
3.21
3.14
4.56
3.67
3.59
4.56
4.07
4.11
4.56
4.06
4.12
4.60
3.77
3.55
3.13 ,
5.70
6.06
3.10
5.31
6.04
3.19
5.35
6.04
3.68 j
4.97 |
6.05 I
4.10
4.60
6.45
4.11
4.41
6.08
5.39
5.40
5.35
5.81
5.93
6.10
5.51
5.47
5.96
6.46
6.08
5.49
5.98
5.81
5.89
5.83
5.93
5.85
5.93
5.68
5.50
6.27
5.97
5.79
3.59
O
5.49
5.85
NOTE.—See pp. 134-137 for amount of bills bought at each rate.
o
pi
a
N o , 6.—ANNUAL R A T E S OP EARNINGS ON BILLS BOUGHT IN O P E N M A R K E T AND FROM O T H E R
D U R I N G 1922.
FEDERAL
RESERVE
BANKS,
BY
MONTHS,
I Per cent.]
Boston
New York
Philadelphia. .
Cleveland .
. .
Atlanta
Chicago ..
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
All banks: 1922.
1921.
1920.
Septem- October. November.
ber.
February.
March.
4.20
4.60
4.24
4.29
5.33
5.23
4.11
4.06
4.15
4.32
4.09
4.28
5.11
5.09
4.09
4.07
4.08
3.94
4.03
4.05
5.06
4.85
4.07
4.05
3.85
3.78
3.81
3.76
5.02
4.49
3.70
3.95
3.38
3.59
3.53
3.30
5.03
4.27
3.35
3.34
3.20
3.42
3.30
3.20
4.73
4.31
3.18
3.19
3.17
3.27
3.14
3.15
4.64
4.40
3.08
3.13
3.13
3.15
3.07
3.08
4.64
4.05
3.08
3.10
3.07
3.13
3.06
3.10
4.53
3.57
3.08
3.08
3.25
3.22
3.18
3.19
4.30
3.70
3.21
3.17
3.58
3.45
3.47
3.72
4.25
3.93
3.45
3.75
3.79
3.68
3.76
3.91
4.19
4.09
3.75
3.99
3.52
3 54
3.50
3.48
4.83
4.15
3.50
3.36
5.61
5.59
5.61
5.90
6.03
6.28
5.67
5.68
5.60
5.49
4.32
5.07
5.57
4.21
5.17
5.18
4.11
5.14
4.10
3.83
5.07
3.47
3.43
5.04
3.20
3.19
5.20
3.01
3.12
5.07
3.18
3.07
5.52
3.08
3.07
4.56
3.43
3.22
4.56
3.84
3.51
4.56
3.89
3.88
4.96
3.67
3.47
6.40
6.10
5.70
4.44
6.14
4.79
4.25
5.99
5.06
4.06
6.01
5.47
3.83
5.97
5.70
3.50
5.98
5.77
3.29
5.97
5.98
3.18
5.96
6.07
3.11
5.36
6.07
3.11
5.33
6.06
3.24
5.04
6.07
3.59
4.91
6.03
3.84
4.50
6.05
3.54
Federal reserve bank. January.
April.
May.
June.
July.
August.
December.
Year
1922.
Year
1921.
Year
1920.
5.81
5.69
5.85
5.67
5.74
5.55
5.64
5.30
5.26
5.45
5.49
5.61
5.70
5.66
i
a
o
o
3
No. !.•—ANNUAL RATES OF EARNINGS ON DISCOUNTED BILLS AND ON PURCHASED BILLS.
00
[Per cent.]
Discounted bills.
Purchased bills.
Federal reserve bank.
|
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco
System.
1916
3.52
3.69
3.75
4.25
4.00
3.77
4.60
4.04
4.80
4.77
4.49
5.01
4.20
1917
3.66
3.12
3.73
3.94
3.91
3.99
3.85
3.85
4.22
4.14
4.48
4.53
3.61
1918
4.01
4.04
4.29
4.28
4.40
4.27
4.30
4.29
4.63
4.74
4.67
4.65
4.24
1919
1920
4.21
4.12
4.13
4.22
5.91
4.34 |
4.25 |
4.26 I
5.69
5.77
fi-17
4.25
4.33
4.68
4.64
4.51
4.23
1921
1922
1916
1917
5.83
6.22
6.05
5.67
5.79
6.03
6.13
5.49
5.85
5.92
6.12
6.40
5.97
6.48
6.06
6.25
5.82
4.24
4.25
4.50
4.64
4.78
4.76
4.76
4.71
5.12
2.22
2.38
2.31
2.29
3.09
2.71
2.28
2.34
2.32
3.25
3.33
3.18
3.24
3.22
3.34
3.11
3.16
3.16
4.95
5.08
4.42
2.39
3.36
2.39
3.20
3.40
3.25
5.88
6.07
4.63
2.36
3.26
5.88
5.48
a. ss
1918
4.19
4.07
4.12
4.20
4.27
4,20
4.24
4.18
4.36
4.26
1919
4.25
4.25
4.24
4.27
4.57
4.57
4.33
4.36
4.27
4.20
4.36
4.79
4.29
4.14
4.30
4.10
1920
5.81
5.69
5.85
5.67
5.74
5.55
5.64
5.30
5.26
5.45
1921
I
!
5.61 !
1
|
i
i
|
3.52
\
3.54
3.50
3.48
4.83
4.15
3.50
3.36
5.61
6.40
6.10 ;
5.70 1
5.66
5.70
w
w
o
4.96
3.67
3.47
3.54
5.49
5.59
5.61
5.90
6.03
6.28
5.67
5.68
1922
W
I
49
DISCOUNT AND OPEN-MAKKET RATKS.
ANNUAL RATES OF EARNINGS
ON DISCOUNTED AND PURCHASED BILLS
1916
PER
CENt
-
1922
PER
CENT
SYSTEM
6
5
^_
\
\
J
4
3
6
5
4
3
PER
CENT
1918
<
1919
1916
BOSTON
1917
- DISCOUNTED BILLS
1922
1
1920
1
1921
2
(
2
-PURCHASED BILLS
PER
CENT
PHILADELPHIA
NEW YORK
6
6
5
5
4
4
3
3
2
Z
1
1
O
0
CLEVELAND
7
ATLANTA
7
6
6
5
5
4
4-
3
3
2
2
r~r
! CHICAGO
1
0
ST. LOUIS
MINNEAPOLIS
7
6
5
4-7
4
3
2
KANSAS CITY
•J
!
€
i
5
3
2
s
| DALLAS
SAN FRANCISCO
A
6'' \
w
|
\ ^_
\
\
—
—
A
u
r
^
N
1
r> -
(J)
O
»s
(\J
<
tvj
«\j
N
oj
«>
>
^
o>
^
No.
8.—ANNUAL
R A T E S OF E A R N I N G S ON U N I T E D STATES S E C U R I T I E S , BY M O N T H S , D U R I N G
1922.
o
[Per cent.]
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All banks: 1922..
1921...
1920...
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
Year
1922.
4.15
3.11
2.88
3.12
2.03
3.24
3.55
2.22
2.04
2.19
2.29
3.16
3.32
3.73
3.60
4.07
2.04
2.20
3.86
2.92
2.55
3.13
2.29
3.96
3.76
3.78
3.74
3.88
2.04
2.04
3.92
3.50
3.12
3.58
2.44
4.01
3.74
3.73
3.72
3.97
2.04
2.04
3.96
3.78
3.27
3.65
2.47
4.15
3.72
3.63
3.78
3.84
2.03
2.06
3.84
3.63
3.40
3.70
2.45
4.05
• 3.63
3.57
3.88
3.80
2.03
2.15
3174
3.88
3.18
3.71
2.56
4.10
3.53
3.60
3.83
3.89
2.03
2.45
3.27
3.70
3.71
3.69
2.85
3.93
3.54
3.57
3.87
3.78
2.04
2.52
3.21
3.76
3.28
3.73
2.53
3.89
3.58
3.58
3.95
3.82
2.04
2.63
3.28
3.82
3.56
3.76
2.65
4.01
3.64
3.63
4.00
3.84
2.04
2.74
3.47
3.84
3.72
3.85
3.11
4.03
3.71
3.67
4.07
3.92
2.05
2.92
3.50
3.96
3.84
3.93
3.23
4.10
3.86
3.77
3.97
3.75
2.33
3.26
3.53
3.90
3.92
3.99
3.34
4.00
3.67
3.63
3.83
3.84
2.06
2.54
3.68
3.70
3.43
3.68
2.83
4.00
3 16
2 13
2.18
3 58
2.11
2.17
3 72
2.24
2.10
3.77
2.15
2.10
3.70
2.49
2.22
3.67
2.40
2.24
3.63
2.31
2.15
3.60
2.33
2.22
3.65
2.49
2.27
3.71
2.38
2.20
3.78
2.68
2.17
3.79
2.92
2.43
Year
1921.
Year
1920.
3.67
2.16
2.70
2.22
2.21
2.04
2.79
2.23
2.17
2.06
2.16
2.17
2.16
2.20
2.41
2.19
2.20
2.01
2.01
2.12
2.11
2.02
2.22
2.11
2.12
2.37
2.21
w
o
>
No. 0.—ANNUAL RATES OP EARNINGS ON TOTAL EARNING ASSETS, BY MONTHS, DURING
1922.
[Per cent.]
Federal reserve bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago..*.
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: 1922
1921
1920
Januarv.
February. j March.
April. |
May.
i. June.
July.
3.61
4.18
4.21
4.74
4.99
4.88
4.78
4.64
5.24
4.64
5.33
4.63
3.96
4.13
4.27
4.63
4.87
4.75
4.62
4.50
5.11
4.52
5.08
4.48
4.14 I
3.99
4.25 I
4.29 |
4.83
4.57
4.48 |
4.45 |
5.01 |
4.34 !
4.91 !
4.37 |
4.06
3.96
4.16
4.25
4.79
4.32
4.32
4.26
4.60
4.24
4.85
4.32
3.89
3.78
4.09
4.06
4.50
4.17
4.10
4.03
4.54
4.19 j
4.73 |
4.19
3.73
3.70
4.06
3.95
4.34
4.08
4.00
4.02
4.38
4.16
4.63
4.13
|
!
|
!
j
!
|
i
3.66
3.97
3.94
4.26
4.05
3.86
3.82
4.58
4.08
4.57
3.97
4.62
5.88
4.46
4.47 !
5.92 \
4.88 j
4.34 |
5.90 I
5.12 |
4.25 j
5.85 i
5.23 I
408
5.79
5.36
3.98 i
5.67 I
5.51 j
3.90
5.60
5.72
4.35
Novem- | December.
ber.
Year
1922.
August.
September.
October.
3.62
3.60
3.88
3.78
4.22
4.08
3.85
3.81
4.50
4.08
4.42
3.85
3.63
3.55
3.93
3.78
4.24
4.17
3.89
3.89
4.42
4.08
4.33
3.81
3.67
3.64
4.03
3.83
4.27
4.19
4.00
4.02
4.36
4.13
4.00
3.77
3.83 |
3.81 I
4.19 j
4.06
4.30 |
4.24 !
4.10 I
4.18 !
4.33
4.19 j
3.94 \
3.89 i
3.92
3.89
4.20 S
4.09
4.33
4.32
4.11
4.18
4.34
4.22
3.97
3.96
3.87
3.82
4.11
4.10
4.57
4.40
4.23
4.14
4.64
4.25
4.56
4.08
3.85
5.42
5.81
3.84
5.35
5.81
3.88
5.25
5.94
4.00 :
4.99 !
5.98 j
4.06
4.74
5.98
Year
1921.
Year
1920.
4.11
5.42
5.69
4.95
5.39
5.61
5.63
5.91
5.43
6.09
5.39
5.79
5.56
5.48
5.59
5.02
5.45
5.29
5.33
5.75
5.29
5.76
5.38
5.14
5.49
i
o
o
O
5.61
5.50
H
NOTE.—Average annual rates of earnings (per cent) on municipal warrants were as follows: Philadelphia—January, 5.65; February, 5.80; March, 5.68; April, 5.07; year 1922, 5.61;
year 1921, 5.81. Atlanta—December, 4.56. Minneapolis—January, 5.49; February, 5.74: July, 5.00; August, 4.77; September, 4.69; October, 4.57; November, 4.56; December, 4.50;
year 1922, 4.86; year 1921, 5.83. Kansas City—January, 5.00; year 1922, 5.00; year 1921, 5.00. All banks—January, 5.46; February. 5.81; March, 5.68; April, 5.07; July, 5.00;
August, 4.77; September, 4.69; October, 4.57; November, 4.56; December, 4.52; year 1922, 5.40; year 1921, 5.27.
02
CONDITION OF FEDERAL RESERVE BANKS.
Or
to
N o . 10.—EARNING ASSETS OP FEDERAL R E S E R V E B A N K S , 1914-1922.
[In thousands of dollars.]
Bills discounted.
Date.
Secured by I
U.S.Govem-j
ment obliga-1
tions.i
!
Other.
Total.
Bills bought
in open market.
Total bills
on hand.
Municipal
warrants.
United States
securities.
Total earning
assets.
1914.
7,383
9,909
7,383
9,909
7,383
13,955
20,469
31,683
36,586
33,951
25,996
29,102 I
29,275 |
31,373
30,448
32,794 I
32,368 !
Nov. 27.
Dec. 31..
13,955
31,683 I
36,586 j
33,951 |
25,996 I
29,102 I
29,275 |
31,373 |
30,448 |
32,794 |
32,368 j
10,379
11,625
13,564
13,058
13,619
16,179
23,013
13,955
20,469
31,683
36,586
33,951
36,375
40,727
42,839
44,431
44,067
48,973
55,381
13,180
17,417
21,579
25,469
6,947
7,601
7,923
8,836
9,328
10,505
12,919
15,797
26,901 |
22,827 |
21,267 j
26,901 |
22,827 |
21,267 |
26,314
29,054
40,408
53,215
51,881
61,675
734
7,383
10,848
)
j
|
|
|
|
23,094
11,509
16,107
25,808
24,945
25,014
27,308
12,220
27,135
37,886
53,262
62,055
63,992
55,485
64,757
77,483
78,704
79,586
89,200
83,398
21,372 !
29,632 i
40,275 \
20,602
25,403
33,015
95,189
106,916
134,965
205 \
1915.
Jan. 29..
Feb. 26..
Mar. 26..
Apr. 30..
May 28..
June 25..
July 30..
Aug. 27.
Sept. 24.
Oct. 29..
Nov. 26.
Dec. 30..
I
!
!
[
;
1916.
Jan. 28..
Feb. 25..
Mar. 31..
o
>
Apr. 28...
May 26..
June 30..
fcO
00 July 28...
3 Aug. 25..
Sept. 29.
Oct. 27...
Nov. 24..
Dec. 29...
r
21,448
20,365
21,188
27,594
27,032
25,953
21,131
20,501
30,196
21,448
20,365
21,188
27,594
27,032
25,953
21,131
20,501
30,196
47,585
52,708
71,095
83,454
82,146
80,625
86,085
102,092
127,497
69,033
73,073
92,283
111,048
109,178
106,578
107,216
122,593
157,693
15,711
20,266
20,106
35,043
45,687
193,546
125,789
135,448
167,616
187,864
350,790
397,285
15,711
20,266
20,106
35,043
47,587
219,092
138,242
147,315
233,539
397,094
756,398
680,706
97,697
123,966
84,473
71,400
107,377
202,270
195,097
154,591
176,169
177,590
205,454
275,366
113,408
144,232
104,579
106,443
154,964
421,362
333,556
301,906
409,708
574,684
961,852
956,072
49,681
55,782
57,129
56,581
55,001
53,471
51,904
50,594
55,414
36,933
44,946
22,671
27,220
27,863
24,028
29,890
22,166 |
8,975
155,647
173,801
172,083
194,849
192,042
184,077
189,010
195,353
222,082
55,769
48,118
47,700
117,818
117,658
70,728
76,953
77,927
95,005
110,042
89,096
107,233
12,249
17,124
15,715
14,999 |
14,675
2,446
1,469
1,230
181,426
209,474
167,994
239,260
287,297
494,536
411,978
381,063
504,937
684,959
1,052,377
1,064,310
1917.
Jan. 26..
Feb. 23.
Mar. 30.
Apr. 27.
May 25..
June 29.
July 27.
Aug. 31.
Sept. 28
Oct. 26.
Nov. 30.
Dec. 28.
1
|
|
|
1,900
25,546
12,670
11/867
65,923
209,230
405,608
283,421
Figures to Nov. 30,1917, inclusive, represent only member banks' collat
secured, the amount of which, however, was small.
2 Includes loans on gold coin and bullion—$21,850,000.
1
224
233
1,429
1,005
tes secu red by Government war obligations and are exclusive of customers' paper similarly
Q
O
H
Q
fccj
p
ft
u.
te
—
•
w
GO
No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1922—Continued.
[In thousands of dollars.]
Bills discounted.
Secured by
U.S. Government obligations.
Date.
Other.
Total.
Bills bought
in open market.
Total bills
on hand.
United States
securities.
Municipal
warrants.
Total earning
assets.
1918.
312,520
263,905
301,451
642,429
562,993
434,509
673,231
896,228
221,533
092,417
412,511
400,371
Jan. 25
Feb. 21
Mar. 28-29..
Apr. 26
May 31
June 28
July 26
Aug. 3 0 . . . .
Sept. 2 7 . . . .
Oct. 25
Nov. 2 9 . . . .
Dec. 27
315,142
245,629
281,777
259,314
334,364
434,666
628,920
531,967
491,897
453,747
402,684
302,567
627,662
509,534]
583,228
901,743
897,357
869,175
1,302,151
1,428,195
1,713,430
1,546,164
1,815,195
1,702,938
1,357,571 !
1,667,965 |
1,691,010 |
1,760,672 j
1,802,893 !
1,573,483 |
1,616,210
1,609,296
1,572,503
243,557
211,855
195,230
189,740
186,499
244,557
251,392
205,838
309,779
1,601,128
1,879,820
1,886,240
1,950,412
1,989,392
1,818,040
1,867,602
1,815,134
1,882,282
375,341
303,673
901,574
805,704
887,293
1,204,587
1,153,730
1,086,023
1,507,425
1,660,798
2,001,821
1,944,787
2,190,536
2,006,611
123,194
222,657
310,769
78,853
146,924
259,066
57,012
56,122
78,643
350,311
121,796
311,546
281,293
276,919
248,107
185,822
183,650
304,558
375,556 j
363,138 I
342,491 ;
1,882,421
2,156,739
2,134,347
2,136,234
2,173,042
2,122,598
2,243,158
2,178,272
2,224,773
294,784
182,782
200,935
218,636
229,014
231,569
239,400
270,705
278,315
273,912
296,170
304,065
302,844
256,373
216,848
205,274
232,603
288,391
3 4,902
3 3,436
3 3,523
3 2,722
3 736
67
*102
24
27
13
1,029,670
1,031,797
1,201,585
1,286,162
1,301,390
1,345,112
1,564,540
1,716,987
2,080,566
2,295,122
2,312,359
2,318,170
g
1919.
Jan. 31..
Feb. 28..
Mar. 28..
Apr. 25..
May 20..
June 27..
July 25..
Aug. 29..
Sept. 26
I
4 !
3I
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
o
Oct. 31..
Nov. 28.
Deo. 26..
[
2,824.156
I
i
3,024,741
3,080,495
1,6S1,082
1,736,033
1,510,364
447,465
478,176
684,514
2,128, 547
2,214,209
2,194,878
394,355
495,595
585,212
2,522,902
2,709, 804
2,780,090
301,254 I
314,937
300,405
1,457,892
1,572,980
1,441,015
1,465,320
1,447,962
1,277,980
1,241,017
1,314,830
1,220,423
1,203,905
1,192,425
1,141,036
716,465
880,531
1,008,215
1,069,751
1,071,469
1,153,814
1,250,613
1,352,297
1,484,041
1,597,392
1,542,975
1,578,098
2,174,357
2,453,511
2,449,230
2,535,071
2,519,431
2,431,794
2,491,630
2,667,127
2,704,464
2,801,297
2,735,400
2,719,134
561,313
531,367
451,879
407,247
418,600
399,185
345,305
321,965
307,624
298,375
247,703
255,702
2,735,670
2,984,878
2,901,109
2,942,318
2,938,031
2,830,979
2,836,935
2,989,092
3,012,088
3,099,672
2,983,103
2,974,836
303,521 :
294,354
289,922
293,514
306,394
352,296
325,380
300,580
297,500
296,371
320,614
288,191
039,191
279,232
191,031
235,832
244,425
183,275
162,315
289,672
309,588
396,043
303,717
263,027
1,040,367
997,965
971,100
937,652
787,244
637,590
577,774
545,176
496,844
462,436
476,360
485,233
1,416,750
1,391,545
1,262,006
1,138,916
1,120,669
1,113,760
1,063,838
946,759
916,169
850,591
705,941
659,113
2,457,117
2,389,510
2,233,106
2,076,568
1,907,913
1,751,350
1,641,612
1,491,935
1,413,013
1,313,027
1,182,301
1,144,346
163,700
169,421
119,340
109,763
75,457
40,223
17,977
35,320
45,042
86,110
72,954
145,263
2,620,817
2,558,931
2,352,446
2,186,331
1,983,370
1,791,573
1,659,589
1,527,255
, 1,458,055
1,399,137
1,255,255
1,289,609
287,150
282,807
276,932
267,095
266,481
259,184
244,365
230,233
227,830
192,521
204,544
233,528
2,907,967
2,841,738
2,629,378
2,453,426
2,249,851
2,050,757
1,903,954
1,757,488
1,685,885
1, 591,668
1,459,866
1, 523, 516
1920.
Jan. 30..
Feb. 27..
Mar. 26..
Apr. 30..
May 28..
June 25..
July 30..
Aug. 27.
Sept. 24.
Oct. 29..
Nov. 26.
Dec. 30..
Q
O
3
3
o
o
1921.
Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31..
Aug. 31..
Sept. 30.
Oct. 31..
Nov. 30.
Dec. 31. -
|
I
1
!
10
67 !
379 |
« Includes bill of lading drafts as follows: Jan. 25—$2,765,000; Feb. 21—$2,824,000; Mar. 29—$2,994,000: Apr. 26—$2,168,000; May 31—$235,000; June 28—$12,000; July 26—$37,000;
Sept. 27—$31,000.
i
G
O
No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1922—Continued.
C71
[In thousands of dollars.]
Bills discounted.
Date.
Secured by
U.S. Government obligations.
Other.
Total.
Bills bought
in open market.
Total bills
on hand.
United States
securities.
Municipal
warrants.
Total earning
assets.
1922.
Jan. 31
Feb. 28
Mar.31
Apr.29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.29
Dec. 30
363,586
284,614
260,781
185,743
171,106
167,241
132,390
126,113
162,780
269,042
315,280
331,790
475,299
427,963
419,686
324,361
300,384
294,177
273,788
271,335
300,916
307,393
334,816
285,990
838,885
712,577
680,467
510,104
471,490
461,418
406,178
397,448
463,696
576,435
650,096
617,780
74,935
93,458
105,270
90,677
118,182
161,112
140, 111
180,176
244,375
258,165
259,226
272,122
913,820
806,035
785,737
600,781
589,672
622,530
546,289
577,624
708,071
834,600
909,322 |
889,902
293,085
407,889
455, 506
587,080
603,419
555,465
536,669
507,131
482,676
362,639
304,461
436,155
1,207,111
1,214,166
1,241,345
1,187,861
1,193,091
1,177,995
1,082,961
1,084, 776
1,190,762
1,197,263
1,213,807
1,326,096
Cj
o
p
FEDERAL RESERVE BANKING DEVELOPMENTS
1917 -1922
( END OF MONTH FIGURES I
S
o
^/i^^L^^r
4+-
N o . 1 1 . — R E S E R V E S , DEPOSITS, AND NOTE CIRCULATION OF F E D E R A L R E S E R V E B A N K S , 1914-1922.
oo
[Amounts in thousands of dollars.]
Reserves.
Date.
Gold.
Total.
I
Deposits.
I Govern- j Members'
! ment. j reserve. 1
Net .2
Total
F . R . notes i deposit
in circula- j
and
tion.
! F. R.note
j liability.
Required J
reserve. I
Excess
reserve.
F. R. bank
Reserve note circupercentage. lation—net
liability.
d
1914.
227, 840 |
241, 321 |
Nov. 27..
Dec. 3 1 . .
262,470
267,899
249,268
256,018
2,700 I
10,608 |
251,968
266,626
88,324
93,850
174,146
174,049
104.2
100.5
251,30*1
269,753
273,137
280,543
298,331
324,183
347,383
359,165
405,404
433,236
492,163
542,413
298,
296,
307,
330,
372;
369,
379,
428,
470,
529,
555,
15,000
15,000
15,000
15,000 i
272,095
282,248
282,644
285,364
284,615
303,038
299,105
309,999
337,532
350,021
398,899
394,245
14,500 |
22,957 |
33,767 |
46,444*
57,847
72,489
85,127 |
95,233 |
115,662 I
146.025 |
165,304
189.026
286,595
3U6,205
316,411
331,808
342,462
375,527
384,232
405,232
453,194
496,046
564,203
583,271
101,033
107,970
112,433
118,455
122,754
135,059
138,738
146,593
164,401
180,917
205,736
213,596
171,155
190, 868
183,802
188,606
207,566
236,972
230,737
232,450
263,923
289,377
323,639
342,342
95.0
97.9
93.6
92.5
96.5
99.1
96.2
93.5
94.5
94.8
93.8
95.3
555,241
526,213
514,521
487,029
515,255
542,744
527. 536
570,737
543,891
524,459
499,040
537,227
570,192
544.125
|
|
|
|
j
j
j
I
441,663
435,793
445,328
439,013
504,299
538,241
535,548
179,224 ''
171,368 !
•
163,066 :
163,094 '
159,389
152,244 j
152,590
620,887
607,161
608,394
602,107
663, 688
690,485
688,138
226,272
221,075
221,091
218, 892
240,260
249,282
248,47S
344,465
322,816
303,368
280,148
296,967
320,910
295,647
91.9
89.6
86.2
82.9
80.9
82.6
79, I
1915.
Jan. 29
Feb. 26
Mar.26
Apr. 30
May28
June 25
July 30
Aug. 27
Sept. 24
Oct.29
Nov. 26
Dec. 30
j
.,,!
:
j
j
|
|
1
|
1916.
Jan. 28..
Feb. 25.
Mar. 31.
Apr. 28.
May 26..
June 30.
July 28,
27,760
32,501
38,469
40,660
44,131
101,152
56,542
8
hrj
ft
!
!
|
|
j
I
i
o
964
1,669
1,732
3,721
1,692
Aug. 25..
Sept. 29..
Oct. 27..
Nov. 24..
Dec. 29..
536,221 I
584,767 I
617,481 |
701,501 |
736,236 |
548,486 |
592,578 i
627,457 I
719,475
753,774
50,099
38,985
29,982
26,319
28,837
530,866
529,360
548,703
620,128
650,665
156,345
196,538
214,622
240,448
275,353
687,841
688,508
629,475
677,036
711,117
706,905
719,785
743,532
813,326 | 721,171
1,033,460 j 1,261,800
1,135,456 | 1,232,200
1,069,804 1,133,926
1,136,930 1,193,886
1,264,323 1,318,798
1,489,370 1,595,512
1,453,166 1,457,994
259,768
303,171
357,610
420,509
454,402
508,753
534,015
587,915
700,212
847,506
1,056,983
1,246,488
687,211
725,898
763,325
860,576
926,018
248,341
263,891
277,894
313,224
337,874
300,145
328,687
349,563
406,251
415,900
79.8
81.6
82.2
83.6
81.4
1,690
3,033
1,031
1,028
1917.
Jan. 26....
Feb. 23...
Mar. 30...
Apr. 27..,
May 25...
June 29...
July 27...
Aug. 31...
Sept. 28...
Oct. 2 6 . . .
Nov. 30...
Dec. 28...
791,245 j
803,324 j
938,046 I
945,141 I
977,371 I
1,294,512 !
1,362,263 |
1,353,498 j
1,408,470 |
1,503,436 '
1,621,725
1,671,133
818,573
947,328
975,481
1,014,263
1,334,352
1,414,052
1,406,108
1,457,559
1,552,942
1,676,211
1,720,768
25,607
13,407
20,567
99,689
76,114
300,966
143,032 |
154,358 j
71,289 I
132,221 |
220,962 |
108,213 !
948,276
344,885
980,207
358,231
1,064,515
390,461
1,164,041
428,441
1,175,573
434,170
1,770,553
645,131
1,766,215
644,876
1,721,841
632,040
1,894,098 | 697,945
2,166,304
800,581
2,652,495
981,222
2,704,482 1,
460,342
556,867
547,040
580,093
689,221
769,176
774,068
759,614
752,361
711,875
85.3
83.5
89.0
83.8
86.3
75.4
80.1
81.7
77.0
71.7
63.2
63.6
a
o
934
2,459
6,023
8,000
8,000
8,000
8,000
ft
ft
ft
ft
>
hj
1,726,507
lj 772,395
1,815,704
1,827,000
1,917,826
1,949,021
1,974,200
2,013,794
2,020,813
2,045,132
2,065,213
2,090,274
1,782,759
1,832,524
1,874,063
1,890,945
1,975,709
2,006,199
2,029,329
2,066,962
2,072,176
2,098,169
2,120,371
2,146,219
135,691
56,165
104,086 |
130,668 j
166,191 I
84,535 |
233,040 |
104,729 |
191,623
278,218
207,157
63,367
1,480,743
1,459,720
1,499,400
1,497,416
1,440,413
1,557,587
1,435,196
1,478,639
1,535,490
1,683,499
1,488,893
1,587,318
1,492,878
1,462,627
1,535,367
1,556,303
1,586,608
1,529,819
1,622,870
1,572,898
1,667,109
1,723,902
1,668,283
1,552,892
1,234,934
1,314,581
1,452,838
1,526,232
1,600,968
1,722,216
1,870,835
2,092,708
2,349,326
2,507,912
2,568,176
2,685,244
2,727,812
2,777,208
2,988,205
3,082,535
3,187,576
3,252,035
3,493,705
3,665,606
4,016,435
4,231,814
4,236,959
4,238,136
i Figures not reported separately until January, 1917.
* Figures shown in this column represent net deposits up to and including Feb. 28,1921, and total deposits thereafter.
Q
F
1918.
Jan. 25
Feb. 2 1 . . . .
Mar. 28-29.
Apr. 2 6 . . . .
May 3 1 . . . .
June 2 8 —
July 2 6 . . . .
Aug. 30
Sept. 27....
Oct. 25
Nov. 29
Dec. 2 7 . . . .
c
%
1,016,481
1,037,751
1,118,513
1,155,199
1,195,700
1,224,323
1,316,339
1,387,597
1,523,218
1,606,531
1,611,369
1,617,610
766,278
794,773
755,550
735,746
780,009
781,876 |
712,990 j
679,365 ]
548,958 j
491,638 j
509,002 j
528,609 |
65.4
66.0
62.7
61.3
62,0
61.7
58.1
56.4
51.6
49.6
50.0
50.6
8,000
7,999
7,978
7,895
8,324
10,390
11,084
20,687
35,819
58,859
ft
ft
117,122
O7
No, 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OP FEDERAL RESERVE BANKS, 1914-1922—Continued.
[Amounts in thousands of dollars.]
Deposits.
Date.
Gold.
Total.
Government.
Members'
reserve.
Net.*
Total
F. R. notes deposit
in circulaand
tion.
F. R. note
liability.
Required
reserve.
Excess
reserve.
F. R. bank
Reserve note circupercentage. lation—net
liability.
1919.
Jan. 31..
Feb. 28.
Mar. 28.
Apr. 25.
May 29.
June 27
July 2 5 . .
Aug. 29..
Sept. 26..
Oct. 31..
Nov. 28..
Dec. 26..
2,112,106
2,122,998
2,142,305
2,169,216
2,187,743
1 2,147,784
2,095,151
2,066,788
2,177,854
2,138,000
2,093,641
2,078,432
179,646
188,723
210,524
240,152
255,106
216,256
161,023
135,976
187,505
205,592
159,666
135,536
64,928
210,547
168,147
91,726
141,479
73,614
116,038
54,494
61,276
100,465
98,157
72,357
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
1,833,481
1,844,434
1,786,874
1,659,457
1,796,739
1,741,425
1,752,094
1,830,920
1,750,694
1,796,561
1,629,797
1,634,074
1,850,518
1,889,399
1,704,470
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
4,110,186
4,269,046
4,263,201
4,301,646
4,350,212
4,249,874
4,301,058
4,210,426
4,289,428
4,603,394
4,741,676
4,762,116
1,561,102
1,617,781
1,618,209
1,633,054
1,648,539
1,612,415
1,630,595
1,602,681
1,634,068
1,748,831
1,802,200
1,819,623
618,544
570,942
592,315
607,098
606,567
603,841
530,428
533,295
553,437
456,761
357,466
315,913
53.0
51.3
51.9
52.1
51.8
52.1
50.2
50.7
51.0
47.9
45.5
44.8
129,445
134,042
145,540
158,848
168,427
177,185
193,849
219,815
239,451
254,933
256,793
261,039
2,073,933
2,083,215
2,057,155
2,070,765
2,092,496
2,108,605
2,128,640
2,127,827
2,151,594
2,168,038
2,195,310
2,249,163
72,974
133,913
27,711
37,592
36,433
14,189
12,167
43,510
46,493
18,754
15,909
27,639
1,850,712
1,871,961
1,867,125
1,859,844
1,852,916
1,831,916
1,808,156
1,818,502
1,800,677
1,805,661
1,711,774
1,748,979
1,806,496
1,884,576
1,772,904
1,812,732
1,794,440
1,722,223
1,697,245
1,717,867
1,658,464
1,674,553
1,623,641
1,604,190
2,850,944
3,019,984
3,048,039
3,074,555
3,107,021
3,116,718
3,120,138
3,203,637
3,279,996
3,351,303
3,325,538
3,344,686
4,657,440
4,904,560
4,820,943
4,887,287
4,901,461
4,838,941
4,817,383
4,921,504
4,938,460
5,025,856
4,949,179
4,948,876
1,772,650
1,867,594
1,839,731
1,864,278
1,870,862
1,849,465
1,842,091
1,882,708
1,892,460
1,926,615
1,898,489
1,899,341
301,283
215,621
217,424
206,487
221,634
259,140
286,549
245,119
259,134
241,423
296,821
349,822
44.5
42.5
42.7
42.4
42.7
43.6
44.2
43.2
43.6
43.1
44.4
45.4
250,530
237,131
201,392
177,881
179,185
185,604
192,168
200,793
214,180
214,961
214,610
216,960
1920.
Jan. 30...
Feb. 27..
Mar. 26..
Apr. 30..
May 28..
June 25..
July 30..
Aug. 27..
Sept. 24..
Oct. 29..
Nov. 26..
Dec. 30..
2,012,656
1,966,836
1,934,755
1,936,720
1,953,103 |
1,969,375
1,977,704
1,971,825
1,989,835
2,003,320
2,023,946
2,059,333
1921.
Jan. 31..
Feb. 28.
Mar. 31.
Apr. 30.
May31..
June 30.
July 31..
Aug. 31.,
Sept. 30
Oct. 31
Nov. 30
Dec. 31
2,103,660
2,148,085
2,221,569
2,322,683
2,408,058
2,467,659
2,543,039
2,641,061
| 2,728,372
2,791,272
2,849,447
! 2,874,995
319,755
363,475
436,741
505,612
571,579
627,494
697,032
787,920
879,331
934,960
989,142
010,252
28,627
50,828
91,617
31,664
39,080
43,446
32,680
46,809
98,540
43,086
45,913
95,951
1,721,895
1,705,253
1,658,625
1,666,509
1,601,634
1,603,845
1,625,123
1,618,901
1,581,032
1,658,627
1,670,362
1,753,217
3,083,155
3,048,554
2,904,948
2,844,011
2,751,869
2,648,086
2,549,626
2,481,466
2,482,427
2,421,426
2,366,006
2,409,392
4,733,818
4,718,564
4,689,342
4,576,225
4,422,493
4,323,303
4,232,674
4,172,220
4,187,234
4,154,324
4,108,836
4,285,474
1,810,994
1,803,925
1,786,517
1,743,879
1,685,466
1,645,560
1,608,917
1,584,348
1,589,653
1,575,085
1,556,392
1,620,385
508,761
559,550
650,224
761,733
886,113
981,934
1,088,115
1,203,572
1,289,678
1,359,875
1,432,750
1,389,867
49.0
50.1
52.0
54.8
58.1
60.8
63.7
66.8
68.8
70.6
72.7
70.2
200,159
187,633
169,885
154,944
143,706
132,568
125,046
109,864
100,378
85,515
75,862
83,690
3,062,705
3,079,784 j
3,105,039
3,128,306
3,130,497
3,144,542
3,178,652
3,195,558
3,207,494
3,217,882
3,202,810
3,176,872
82,810
53,759
87,588
51,981
54,295
33,093
58,583
48,446
14,511
34,355
33,449
10,756
1,677,837 j 1,790,685 j 2,179,052
1,710,249 | 1,799,401 j 2,196,058
1,708,761 j 1,834,811 j 2,194,743
1,754,844 1,849,442 | 2,169,420
1,782,004 1,870,153 2,141,184
1,820,377 1,883,329 2,152,962
1,760,824 1,846,582 2,132,145
1,803,622 1,874,688 2,155,515
1,857,260 1,897,182 2,268,652
1,812,570 1,875,436 2,301,777
1,807,631 1,860,223 2,329,814
1,933,888 1,973,532 2,395,789
3,969,737
3,995,459
4,029,554
4,018,862
4,011,337
4,036,291
3,978,727
4,030,203
4,165,834
4,177,213
4,190,037
4,369,321
1,498,361
1, 508,214
1,520,081
1,515,073
1,511,027
1,520,350
1,499,162
1,518,347
1,571,475
1,577,113
1,583,004
1,649,052
1,564,344
1,571,570
1,584,958
1,613,233
1,619,470
1,624,192
1,679,490
1,677,211
1,636,019
1,640,769
1,619,806
1,527,820
77.2
77.1
77.1
77.8
78.0
77.9
79.9
79.3
77.0
77.0
76.4
72.7
82,811
SO, 717
80,575
77,135
70,553
67,351
61,052
53,636
44,005
34,961
20,868
2,770
; 1,650,663
; 1,670,010
I 1,784,394
| 1,732,214
1,670,624
1,675,217
1,683,048
1,690,754
1,704,807
1,732,898
1,742,830
1,876,082
i—i
O
1922.
Jan. 31...
Feb. 28..
Mar. 31..
Apr. 29..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 31..
Sept. 30..
Oct. 3 1 . .
Nov. 29..
Dec. 30..
1
2,908,958
2,946,739
2,974,784
2,996,425
3,007,621
3,021,767
3,047,949
3,061,049
3,077,210
3,079,966
3,072,858
3,047,393
Figures shown in this column represent net deposits up to and including Feb. 28,1921, and total deposits thereafter.
NOTE.—Figures of cash reserves, Federal reserve note circulation, excess reserves, and reserve percentages for dates prior to June, 1917, have been calculated on a basis comparable withfigurespublished subsequent to the passage of the June 21,1917, amendment to the Federal reserve act, which provides that gold with Federal reserve agents may
be counted as part of the bank's required reserves.
fcrj
>
No.
18.—RESOURCES AND LIABILITIES OP ALL FEDERAL RESERVE BANKS COMBINED, AS AT CLOSE OP BUSINESS OK THE LAST BUSINESS DAT
OP EACH MONTH PROM DECEMBER, 1921, TO DECEMBER, 1922.
[In thousands of dollars.]
1922
December, 1921.
January. February.
March.
April.
May.
June.
July.
327,680
324,740
317,048
316,773
August.
September.
October.
November.
291,521
268,424
266,193
303,219
December.
RESOURCES.
Gold and gold certificates
Gold settlement fund—Federal
Reserve Board
374,728
385,538
380,556
325,369
271,785
522,451
509,538
508,055
516,908
453,077
486,689
528,851
462,384
537,412
575,940
618,619
644,959
554,363
Total gold held by banks.
897,179
Gold with Federal reserve
agents
1,872,670
Gold redemption fund
105,146
895,076
888,611
842,277
780,757
811,429
845,899
779,157
828,933
844,364
884.812
948,178
826,148
2,226,038 2,194,262 2,179,241 2,130,367
42,754
37,854
53,605
64,787
2,048,084
76,596
2,166,879
54,366
1,928,649
85,233
2,874,995 2,908,958
Total gold reserves
Legal-tender notes, silver, etc..
135,257
153,747
Total reserves
Bills discounted:
Secured by United States
Government obligations.
Other bills discounted
Bills bought in open market...
1,985,417 2,049,576 2,158,014 2,140,891 2,125,276
72,711
50,592
57,654
55,301
82,931
2,946,739 2,974,784 2,996,425 3,007,621 3,021,767 3,047,949
133,045
122,775
122,876
130,703
131,881
130,255
3,010,252 3,062,705 3,079,784 3,105,039
i
3,128,306 3,130,497
3,061,049
134,509
3,077,210 3,079,966
130,284
137,916
3,072,858 3,047,393
129,952
129,479
3,144,542 3,178,652 3,195,558 3,207,494 3,217,882 3,202,810 3,176,872
485,233
659,113
145,263
363,586
475,299
74,935
284,614
427,963
93,458
260,781
419,686
105,270
185,743
324,361
90,677
171,106
300,384
118,182
167,241
294,177
161,112
132,390
273,788
140, HI
126,113
271,335
180,176
162,780
300,916
244,375
269,042
307,393
258,165
315,280
334,816
259,226
331,790
285,990
272,122
1,289,609
Total bills on hand
50,036
United States bonds and notes.
United States certificates of indebtedness:
One-year certificates (Pittman Act)
113,000
70,492
Other certificates
913,820
90,499
806,035
156,958
785,737
209,258
600,781
258,329
589,672
244,648
622,530
221,066
546,289
198,888
577,624
201,290
708,071
256,128
834,600
193,473
909,322
162,336
889,902
209,264
113,000
89,586
96,966
153,965
89,000
157,248
83,000
245,751
77,000
281,771
74,000
260,399
70,500
267,281
58,000
247,841
48,000
178,548
38,000
131,166
23,500
118,625
226,891
Municipal warrants
Total earning assets
Bank premises
5 per cent redemption fund
against Federal reserve bank
notes
TJncollected items
All other resources
Total resources
379 !
206
1,523,516 ! 1,207,111
242;
1,214,166
35,258 ;
36,353
37, 222
7,805 i
556,072 !
18,206 j
7,874
446,793
13,473
7,554
486,639
16,886
5,151,109 j 4,774,309
102 |
1,241,345
38,673 I
21 i
1,187,861 j 1,193,091 | 1,177,995
39,583 |
1,082,961
1,084,776
241
15
1,190,762
24 |
1,197,263 j 1,213,807
:
1,326,096
40,672
41,587
42,550
43,459
44,489
45,274
7,811 !
7,598
439,504 j 455,081
16,253 |
19,127
7,580
454,938
20,490
7,329
492,184
15,915
7,151
430,299
16,764
6,585
513,452
17,651
3,917
546,243
14,509
3,635 j
615,553
14,600
4,842,251
4,848,625 ! 4,837,556
4,847,268
4,879,552
4,758,377
4, 861,481
5,007,414
103,165 I 103,158
215,523 I 215,398
103,731
215,398
103,993 I 104,301
215,398
215,398
104,729
215,398
105,154
215,398
105,231
215,398
106,085 |
215,398 !
106,193
215,398
106,282
215,398
107,207
215,398
107,271
218,369
1,206
1,109
1,722 |
2,268
2,236
82,810
53,759
87,588 j
51,981
54,295
33,093
58,583
48,446 i
14,511
34,355
33,449
10,756
1,677,837
30,038
1,710,249
35,393
1,708,761 j 1,754,844
1,782,004
33,854
46,282
45,278
3,130
599,826
15,050
2,096
687,698
13,929
5,094,207 j 5,080,905
5,251,969
LIABILITIES.
Capital paid in
Surplus
Reserved for Government franchise tax
Deposits:
Government
Member bank—reserve account
Other deposits
Total deposits
Federal reserve notes in actual
circulation
Federal reserve bank notes in
circulation—net liability
Deferred availability items
All other liabilities
Total liabilities
Ratio of total reserves to deposit and Federal reserve
note liabilities combined
(per cent)
95,951 ;
1,753,217
26,914
38,462 I
42,617
1,820,377 I 1,760,824
29,859 |
27,175
1,803,622 | 1,857,260
22,620 j
25,411
1,812,570 | 1,807,631
28,511 ;
19,143
1,933,888
28,888
1,973,532
1,876,082 | 1,790,685
1,799,401 1,834,811
1,849,442
1,870,153 I 1,883,329 | 1,846,582
1,874,688 ! 1,897,182
1,875,436
1,860,223
2,409,392 | 2,179,052
2,196,058
2,194,743
2,169,420
2,141,184 j 2,152,962 j 2,132,145
2,155,515
2,268,652
2,301,777
2,329,814 2,395,789
82,811
386,653
15,346
80,717
429,673
16,164
80,575
399,771
17,612
77,135
401,527
18,065
70,553
423,217
19,798
44,005
452,666
23,318
34,961
535,212
25,141
4,842,251
4,848,625
4,837,556
4,847,268
77.1
77.8
83,690 |
447,614 i
15,643 !
5,151,109 | 4,774,3
70.2 I
77.2 i
78.0 !
67,351
435,406 I
19,952 I
4,879,552
77.9 i
61,052
376,961
21,008
53,636
434,295 |
21,864
4,758,377
4,861,481
79.9
79.3
5,007,414
20,868
520,497
26,898
2,770
544,797
9,441
5,094,207 5,080,905
5,251,969
77.0 !
77.0
76.4 !
72.7
co
No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1922.
[In thousands of dollars.]
Earning assets.
Cash reserves.
Date.
Gold
Gold and
gold certificates.
settlement
fund—
F. R.
Board.
U. S. securities.
Bills discounted.
Gold.
Total.
tender
notes,
silver,
etc.
2,875,298
2,895,589
2,898,692
2,904,248
134,504
145,705
152,811
154,607
88,872 2,911,528
82,099 2,921,352
Gold
Gold with redempF. R.
tion
agent.
fund.
Total.
Secured
by U.S.
All
Governother.
ment
obligations.
Certificates of
indebtedness.
Bonds
and
notes. One year
All
Pittman other.
Act.
Bills
bought
in open
Total. market.
Munic- j
warrants.
Totai
1922.
Jan.
4
11
18
25
F e b . 1.
15.
21
Mar. 1.
8.
15.
22.
29..
Apr. 5 . . . .
12
3,009,802
3,041,294
3,051,503
3,058,855
477,456 635,111 1,112,567
427,476 560,018 987,494
388,672 525,150 | 913,822
357,921 492,252 j 850,173
81,775 | 2,936,054
66,847 f 2,946,803
149,990
141,277
139,886
134,006
3,061,518
3,062,629
3,075,940
3,080,809
361,092
361,906
327,641
281,994
1,982,061
2,030,161
2,090,124
2,061,361
2,065,992
67,694 2,951,434
63,595 2,965,873
80,435 I 2,976,022
79,581 2,976,703
89,612 2,975,355
129,359
128,087
125,375
127,907
128,024 !
3,080,793 285,376
3,093,960 238,497
3,101,397 \ 229,068
3,104,610 | 227,138
3,103,379 I 242,797
2,046,479
2,091,844
2,094,362
2,154,510
91,435
58,180
60,317
60,080
126,285 i 3,112,023 \ 210,656 | 362,884 ! 573,540 j 93,611
128,742 j 3,119,665 j 201,257 | 351,526 \ 552,783 j 87,327
377,675
382,138
j 382,460
! 383,541
507,836 1,902,912
502,010 1,910,561
469,367 1,948,657
483,222 1,939,792
385,044
382,418
382,260
381,673
509,193 1,928,419
514,110 1,942,725
531,354 1,940,665
520,681 1,977,602
380,406
380,823
321,283
321,499
322,429 !
521,273
491,294
484,180
514,262
497,322
| 325,955 |
326,345
519,332
509,369
509,619
453,974
19
326,625
26
326,638
86,875
100, 880
98,208
97,693
|
j
|
|
2,983,201
2,985,738
2,990,923
2,995,202
|
!
!
|
379
385
216
206
1,470,921
1,293,823
1,235,957
1,183,127
101,702
133,, 723
160,499
133, 743
206
193
193
191
1,233,462
1,260,015
1,248,698
1,159,046
95,466
93,966
92,000
90,500
89,000
154,250
161,102
291, 274
143,696
151, 535
102
102
102
102
102
1,216,421
1,176,915
1,277,510
1,146,218
1,179,605
87,500
87,500
86,000
84,500
148,196
163,876
192,057
232,448
102
102
102
102
1,186,135
1,180,214
1,172,348
1,149,850
126,865
86,754
94,944
82,709
|
|
I
!
49,271
113,000 j
52,150 | 113,000 j
60,128
113,000
65,761
113,000
68,839
54,040
53,847
71,278
837,818
823,459
785,620
721,283
90,027
94,255
78,287
82,564
!
j
!
!
90,709 113,000
109,919 j 98,466
125,633 \ 98,466
124,299 | 96,966
422,175 707,551
392,544 631,041
362,662 591,730
388,769 615,907
393,155 I 635,952
95,730
101,931
87,311
87,045
102,691
476,726
| 461,553
| 457,979
439,289
126,400 i 3,109,601 j 240,205 j 384,689 | 624,894 '
98,379
129,637 \ 3,124,839 j 178,991 ! 321,106 ] 500,097 j 82,518
I 163,322 j
188,773 j
215,093 j
| 208,968
I 200,325 !
227,064
261,585
254,079
250,185
|
!
!
|
|
I
|
|
May 3
10
17
24
31
190,474
166,322
169, ?14
181,071
171,106
! 318,902 509,376
I 308,264 474,586
i 298,982 468,696
306,169 487,240
300,384 471,490
June 7.
14.
21.
28.
326,381 !
327,387 |
325,816
326,412 I
324,740 I
441,261 2,169,736
444,752 2,172,052
473,506 2,140,192
482,937 2,141,120
486,689 2,140,891
57,398
61,103
65,629
57,220
55,301
| 2,994,776
| 3,005,294
| 3,005,143
3,007,689
3,007,621
124,041
124,523
125,982
127,564
122,876
3,118,817
j3,129,817
3,131,125
3,135,253
3,130,497
323,745 :
316,435 ;
318,614;
316,937 I
j
i
!
.;
.
1
502,204 2,128,242
504,707 2,142,118
531,290 2,121,680
532,351 2,123,373
55,881
44,534
48,376
48,207
3,010,072
3,007,794
3,019,960
3,020,868
123,994
128,684
127,715
127,498
3,134,066 148,949 271,305
j3,136,478 | 140,639 272,978
j3,147,675 140,713 280,855
j3,148,366 189,909 I 279,192
2,123,816
2,161,560
2,195,062
2,197,645
61,142
41,851
41,673
41,118
3,020,677 113,252 '3,133,929 i 185,390 313,482 498,872 |155,065
3,035,833 121,207 3.157.040 157,555 272,387 429,942 157,675
3,045,335 123,987 3,169,322 | 176,263 267,205 443,468 148,970
3,054,531 | 126,967 3,181,498 115,238 264,743 379,981 156,138
42,190
42,489
46,593
43,420
37,585
3,071,424
3,071,643
3,066,434
3,062,139
3,063,414
38,914
40,324
48,136
51,927
3,060,823 125,864
3,067,234 130,204
3,061,877 I 127,993
3,076,943 126,184
55,949
61,100
71,269
67,156
3,089,280
3,089,980
3,086,813
3,085,093
123,725
120,037
127,384
126,835
3,213,005
3,210,017
3,214,197
3,211,928
156,318
232,280
194,155
195,510
277,878 434,196 235,458
292,506 I 524,786 246,620
316,944 I 511,099 256,815
273,889 469,399 257,691
66,269 3,078,049
71,069 3,080,755
3,073,848
69,131 3,083,325
76,596 3,072,858
133,696
130,527
130,912
130,358
129,952
3,211,745
3,211,282
3,204,760
3,213,683
3,202,810
271,497
300,337
330,285
307,976
315,280
316,267
340,075
322,520
306,215
334,816
July 5
12
19
26.
317,040 |
! 317/832 j
317,980
317,459
518,679
514,590
490,620
498,309
Aug. 2
9
16
23
30
i 316,231
| 314,391
| 306,286
| 300,470
| 293,751 :
489,619 2,223,384
481,333 2,233,430
474,662 2,238,893
520,933 2,197,316534,420 2,197,658
Sept. 6
13
20
27
1
|
|
|
285,316 \ 530,125 2,206,468
281,408 526,340 2,219,162
275,307 536,176 2,202,258
272,000 592,494 2,160,522
Oct. 4
11
18
25
! 270,158
1 265,341
- . 257,920
.j
! 277,629
Nov. 1
8
15
22
29
| 266,718
| 267,207
j 276,414
| 284,750
| 303,219
568,241
570,599
594,159
615,876
2,194,932
2,192,940
2,163,465
2,124,432
618,627 2,126,535
648,429 2,094,050
651,930 2,078,901
651,862 2,077,582
644,959 2,048,084
131,260
130,534
131,424
130,902
132,474
420,254
413,617
421,568
469,101
107,278 265,483 ; 83,000
105,517 261,042 I 81,500
97,123 241,115 I 80,000
105,364 240,990
78,500
118.182 244,648
77,000
136.183
123,975
121,467
154,060
243,775 |
238,308 |
227,374 !
224,638 I
77,000
75,500
74,000
74,000
260,736 [
274,963
273,860 |
276,721 |
281,771 I
1,225,873
1,197,608
1,160,794
1,188,815
1,193,091
297,101 |
315,875 |
254,160 j
257,969 |
1,174,313
1,167,275
1,098,569
1,179, 768
216,237 i 74,000 260,271
208,424
74,000 274,349
201,901
74,000 I 265,948
201,624
72,000 267,175
1,204,445
1,144,394
1.134,296
1,076, 927
150,497
146,803
149,600
166,488
171,706
198,751
199,746
202,973
196,418
193,750
70,500
69,000
67,500
66,000
63,000
228,098
222,965
218,144
222,342
241,220
1,047,648
1,020,679
1,020,711
1,041, 196
1,074,065
3,186,687 I 130,447 274,636 405,083 188,365
3,197,438 | 123,960 263,213 387,173 204,663
3,189,870 133,021 290,886 423,907 220,267
3,203,127 139,102 281,078 420,180 238,116
207,514
198,835
213,585
229,158
56,500
55,000
52,000
50,500
244,178
243,045
173,399
171,788
1,101, 661
1,088,734
1,083, 174
1,109; 757
253,042
236,145
226,210
206,060
48,000
46,000
43,500
41,000
182,299
192,419
177,191
161,576
1,153,010
1,245,985
1,214,842
1.135, 753
587,764 260,658 191,095
640,412 258,656 188,821
652,805 260,894 171,732
614,191 257,405 151,731
650,096 259,226 162,336
38,000
34,500
31,500
28,500
23,500
131,216
123,268
122,482
114,888
118,625
1,208,757
1,245,684
1,239,440
1,166,742
1,213,807
3,202,684
3,202,177
3,197,858
3.193.041
3,195,888
I 130,293
\ 117,777
| 125,440
| 125,738
| 133,651
269,506
264,384
257,045
264,189
270,717
| 399,799
i 382,161
I 382,485
I 389,927
j 404,368
a
OS
No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1922—Continued.
[In thousands of dollars.]
Earning assets.
Cash reserves.
Bills discounted.
Gold.
Date.
Gold and
gold certificates.
1922.
Dec. 6
13
20
27.....
Date.
Gold
settlement
fund—
F. R.
Board.
Gold
Gold with redempF. R.
tion
agent.
fund.
Total.
Legaltender
notes,
silver,
etc.
Total.
! Secured
i by U.S.
GovernAll
I ment
other.
j obligations.
U.S. securities.
Bills
bought
in open Bonds
and
Total. market.
Certificates of
indebtedness.
notes. ! One year
! Pittman
! Act.
Munic- j
X i
rants.
All
other.
o
hj
298,094
304,810
291,081
273,825
616,574
596, 851
582,494
509,580
2,045,210
2,103,069 |
2,117,688 j
2,198,846
Five per |
cent re- j
demptiom UncolBank
fund
lected
premises. against F.|! items.
R.bank
notes.
85,914 3,045,792 • 127,189 3,172,981 j 374,409
56,493 3,061,223 123,665 3,184,888 | 344,793
54,647 | 3,045,910 110,799 3,156,709 | 314,851
58,188 3,040,439 108,398 | 3,148,837 ! 316,495
330,536
314,965
300,707
313,390
704,945
659,758
615,558
629, 885
266,827
262, 572
251,728
246,293
169,413
170,020
174,958
179,192
120,889
118,718 I
242,-282 I
266,691 '
1,283,600
1,229,602
1,298,552
40 | 1,334,101
Note circulation.
Deposits.
served
\
,
i Total reAll other j sources Capital :
for Gov-;
resources, and lia- paid in. Surplus.
GovernAll
bilities.
m e n t < ; s e r v e a c . , other.
count. I
21,500
18,500
14,000
12,000
Deferred
Total.
F. R. ! availF. R. ' bank ! ability
notes. ! notes,net; items.
; liability, j
All other
liabilities.
1922.
Jan.
4
11
18
25
35,305
35,121
35,822
36,199
7,926
7,939
7,871
7,870
638,462;
548,436
554,362;
481,760?
14,001 i
12,7091
12,575
12,719
5,176,*417
4,939,322
4,898,1
4,780,530
103,203
103,204
103,020
103,067;
215,523
215,398
215,398
215,398!
416
68,307,1,731,374!
853
996
1,332
15,289J1,735,563J
77,734J1,673,824J
95,915!l,652,310;
29,457)1,829,138
26,055Jl,776,907|
33,337|l,784,895|
30,57811,778,803]
2,405,316!
2,293,799!
2,229,677;
2,184,001!
83,880;
83,977
84,878
84,876^
523,293
449,455
463,826
397,763
15,648
15,729
15,400
15,290
W
O
36,407
36,496
36,908
37,032
7,855
8,029
7,930
9,339
498,220
450,841 j
554,486
488,0501
14,460
14,769
15,583
14,711
4,851,922
4,832,779
4,939,545
4,788,987
103,200
103,233
103,325
103,685
215,398
215,398
215,398
215,398
l,250|
1,548
1,504
1,317
37,232
37,394
38,005
38,237
38,339
8,362
8,173
8,005
7,806
7,757
505,782
486,190
607,795
521,650
470,449
15,582
16,216
15,310
15,306
16,322
4,864,172
4,818,848
5,048,022
4,833,827
4,815,851
103,736
103,802
103,948
103,961
103,993
215,398
215,398
215,398
215,398
215,398
1,:
Apr. 5
12.. .
19
26
38,820
38,928
39,446
39,568
7,742
7,811
7,727
7,601
507,586
546,351
596,126
519,627
16,260 4,866,144
16,959 4,902,286
1*1,608 4,952,920
18,587 4,860,072
104,005
104,109
104,221
104,311
215,398
215,398
215,398
215,398
May 3
39,809
39,903
40,326
40,650
40,672
7,604
7,602
7,678
7,605
7,580
516,586
499,923
587,772
501,733
454,938
19,978
19,961
20,035
20,303
20,490
4,928,667
4,894,814
4,947,730
4,894,359
4,847,268
104,531
104,608
104,656
104,695
104,729
June 7
14
21
28
40,994
41,074
41,368
41,568
7,518
7,639
7,565
7,587
525,893
624,732
580,959
511,571
20,684
20,829
15,672
15,988
4,903,468
4,998,027
4,891,808
4,904,848
July 5
12
19
26
41,642
41,985
42,417
42,494
7,496
7,551
7,496
7,527
514,725
611,733
592,345
537,883
16,206
16,069
16,186
16,805
4,918,443
4,978,772
4,962,062
4,863,134
8
15
21
Mar 1 ..
8
15
22
29 .
10,
17
24
31
1
Not calculated weekly after June 30.
L,
114, 7441 689,422!
1,714,668
112, 7171,
79, 3161[,744,430
;
63, 9101 677, Oil
i,
36, 3041 840,470
[,
31, 1111 858,496
33, 7281,,857,474
31, 2601,
1,772,181
2,178,053
2,166,179
2,169,953
2,173,514
83,888
83,507
82,988
81,165
414,475
388,650
493,064
425,437
15,188
15,768
15,839
16,290
V
1,725,069
60, 7701
1,719,910
24, 2071.
1,845,493
16, 7891
66,3591,667,842
56,0311,708,782
32, 6071, 818,446 2,196,983
L,
35, 9381,780,055 2,197,434
51, 1811 913,463 2,188,593
:,
40, 3821
1,774,583 2,183,374
40, 3231 805,136 2,181,843
L,
80,095
79,633
78,029
78,863
80,353
432,241
424,418
529,912
458,377
409,333
15,924
16,578
17,109
17,442
17,813
2,075
2,213
2,147
2,308
35, 542 1
i,
,729,603
38,6341,726,016
r
37,,8331 ,760,942
45, 194 1,,748,755
i,
39, 299 1,804,444
38, 3811.,803,031
54, 0851,852,860
39,281 1,833,230
2,198,072
2,200,305
2,181,090
2,157,568
81,082
82,065
80,304
79,497
443,313
477,258
498,921
449,347
17,755
17,907
17,979
18,413
215,398
215,398
215,398
215,398
215,398
1,839
2,071
2,124
2,290
2,236
72, 4221 ,774,802
44, 3661 ,806,464
39, 2781 ,810,810
60, 4061 , 822,742
54, 2951,782,004
45, 1081, 892,332
38, 3821., 889,212
1,886,045
35, 9571,
L,917,176
34, 0281
33 8541,870,153
2,173,436
2,159,186
2,146,656
2,128,230
2,141,184
77,411
74,214
72,474
71,702
70,553
444,775
430,601
501,283
435,114
423,217
18,945
19,524
19,094
19,754
19,798
104,859
104,879
105,079
105,078
215,398
215,398
215,398
215,398
2,207
2,231
2,231
2,281
39, 5741,823,961
73, 2731, 821,450
L,
10, 3831,812,010
43, 7801,865,199
33,4551 ,896,990
34,313 1. 929,036
.,
32, 006 1 854,399
!,
.,
30,
1,2971,939,276
2,141,531
2,122,610
2,126,304
2,124,422
71,812
68,000
67,689
67,259
450,497
535,464
500,049
430,314
20,174
20,409
20,659
20,820
105,217
105,224
105,239
105,198
215,398
215,398
215,398
215,398
36,677 1
:,818,996
20,8371.,875,229
49,3761,864,145
46,4551 815,278
L,
29, 029 1
,884,702
i,
28,871 1,924,937
29,0101 ,942,531
5,114
26,3811,888,
2,194,323
2,158,122
2,132,848
2,126,809
68,146
67,380
66,053
63,622
430,161
486,360
479,274
442,713
20,496
21,351
20,719
21,280
1,530
1,570
1,829
No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1922—Continued.
00
[In thousands of dollars.]
Date.
Five per
cent redemption
Bank
fund
premises. against F .
R. bank
notes.
Uncollected
items.
Re* I
Total reserved
All other sources Capital Surplus. for Gov-1
resources. and lia- paid in.i
eminent
bilitles.
franchise Government.
tax. 1
1922.
Aug. 2..
9..
16..
23..
30..
42,569I
42,804j
43,296;
43,3441
43,456|
6,679
6,640
6,572
6,567
542,7111
522,392
593,930
529,863
510,807
16,750
16,449
16,651
17,410
17,841
4,859,131
4 ; 811,180
4,879,086
4,831,426
4,848,624
105/589!
105^ 730;
105,9831
106,0411
106,086J
Sept. 6..
13..
20..
27..
43,636|
43,8t>8|
44,392|
44,473|
4,698
4,742
4,483
3,917
576,078
661,605
669,563
593,911
18,193 4,930,953
18,520 5,014,847
14,194J 5,005,676
15,076J 4,970,261
Oct. 4..
11..
18..
25..
3,852
3,764
3,750
3,750
631, 701:
649, 385J
798, 4391
653, 483
14.604
15,114
14,787
14,940
Nov. 1..
8..
15..
22..
29.,
44,522
44,605
45,099
45,241
45,295
45,420
45,650
46,204
46,282
3,635
3,635
3,535
3,410
3,130
657, 3791
583, 8371
821, 132;
684, 519;
599, 826|
Dec. 6..
13.
20.
27.
46,394
46,455
47,181
47,227
2,780
2,
2,625
2,520
660, 1191
709, 289J
759, 392J
757, 5Ooi
215,398
Deposits.
Member !
bank re-j All
serve ac- j other.
count. ;
Not e circulation.
Total.
F. R.
notes.
Deferred All other
availliabilF. R.
ability
ities.
bank
notes, net items.
liability.
30, 257
215,398!
215,398
215,398
16,9261, 837,840
27,8801, 783,539j
32,935Jl, 790,260|
43,9721, 785,469!
51,5531, 807,008|
L,
1 885,023 2,140,1211
2,147,223|
23, 7701. 846,965 2,142,288j
L,
22, 3901.
1,851,851 2,146,674
23, 1251
1,881,686 2,153,181)
62,046
60,547
58,130
56,953
53,960
429,712
424,691
488,613
432,286
415,762
21,242
21,788
21,709
22,223
22,551
106,085
106,070
106,177
106,172
215,398
215,398
215,398
215,398
37,7301, 796,0811
39,3031, 811,228]
57,0191, 774,997J
19,9451, 797,975
22,9861, 856,797
21,572 1, 872,103
21,7731, 853,789
22,213 1, 840,133
2,211,889!
2,213,615]
2,218,764|
2,243,384i
52,793
50,222
46,834
46,065
465,764
534,674
541,633
495,471
22,227
22,765
23,081
23,638
5,060,694J
5,168,870
5,291,114j
5,065,095
106,220i
106,271
106,327
106,277
215,398J
215,398!.
215,388.
215,3981.
14,9011, 842,508J
12,4571, 890,841i
12,5451, 921,2771
23,6591, 799,931j
20,288 1, 877,697
18,9271, 922,225
22,285il, 956,107
18,180jl, 841,770
2,274,6511
2,320,115j
2,315,4371
2,298,5361
44,726
42,715
40,613
37,995
518,334J
537,899|
632,430J
539,7731
23,668
24,247
24,802
25,346
15,358
15,611
15,070
14.605
15,050
5,142,169
5,105,459
5,329,587
5,129,163
5,080,905
106,292
106,355
106,448
106,495
107,207
215,3981.
215,398j.
215,398 .
215,398 j .
215,398|.
36,0471, 847,6931
26,402 1, 812,051j
57,2521, 859,652!
40,198 1, 829,069J
33,4491, 807,631;
30,508|l, 914,248
24,23511, 862,688
22,60611, 939,510
20,7211, 889,988
19,143 1, 860,223
2,309,265J
2,340,074 j
2,321,219 j
2,299,3911
2,329,814!
35,573
32,441
29,327
26,220
20,868
536,1401
522,564
691,406j
564,796J
520,497
25,253
25,939
26,279
26,875
26,898
15,379
15,729|
14,840]
15,2261
5,181,253
5,188,643
5,279,299
5,305,411
107,265
107,244
107,261
107,256
215,398J.
215,398|.
215,398!.
215,3981.
46,9761, 843,60l|
23,1361, 817,7441
6,7151, 840,205!
7,8091, 861,281!
19, 527 I 910,104
:,
20, 2301 861,110
.,
35, 0391,881,959
31, 1651,900,255
2,361,222J
2,379,1851
2,456,7111
2,464,121
19,259
16,497
12,499
10,632
540,233
580,883
576,997|
578,502
27,772
28,326
28,474
29,247
24, 3841
1,835,803
i
Not calculated weekly alter June 30.
CONDITION OF FEDEBAL KESEKYE BANKS.
69
ALL FEDERAL RESERVE BANKS
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
UNITED STATES SECURITIES
PURCHASED BILLS
500
3500
DISCOUNTED BILLS
3000
2500
2000
1500
1000
TOTAL EARNING ASSETS
3500
1920
28971—23
1321
1922
70
REPORT OF THE FEDERAL RESERVE BOARD.
ALL FEDERAL RESERVE BANKS
PER CENT
too
1 - >
RESERVE RATIO
—
1
ux
60
60
^ J
—
i
\
MILLIONS OF DOLLARS
O
MILLIONS OF DOLLARS
The deposit curve is based on 'net deposits' prior to March 18, 192 f,
and on "total deposits" beginning with that date.
No.
1 4 , — D E P O S I T S , F E D E R A L R E S E R V E N O T E C I R C U L A T I O N , R E Q U I R E D R E S E R V E S , E X C E S S R E S E R V E S , A N D R E S E R V E P E R C E N T A G E S , BY W E E K S ,
DURING
1922.
[In thousands of dollars.]
Liability on—
Date.
Deposits.
' F. R.
notes in
circulation.
j
Reserves required-
Against
Deposits j Against
and notes j deposits (35 F. R. notes
combined, j per cent). (40 per cent),
Total.
Total cash
reserves
held.
Gold in
excess of
required
reserves
(free gold).
1922.
Ratio of
total cash
reserves to
deposit and
F.R.note
liabilities
combined.
Per cent.
71.1
O
O
^
U
O
&
4
11
18
25
1,829,138
1,776,907
1,784,895
1,778,803
2,405,316
2,293,799
2,229,677
2,184,001
4,234,454 j
4,070,706 \
4,014,572 ;
3,962,804
640,199
621,918
624,714
622,578
962,126
917,522
891,870
873,600 |
1,602,325
1,539,440
1,516,584
1,496,178
3,009,802
3,041,294
3,051,503
3,058,855
1,407,477
1,501,854
1,534,919
1,562,677
Feb.
1
8
15
21
1,840,470
1,858,496
1,857,474
1,772,181
2,178,053
2,166,179
2,169,953
2,173,514
4,018,523
4,024,675 1
4,027,427 j
3,945,695
644,165
650,474
650,116
620,263
871,221
866,472 i
867,981 j
869,406 |
1,515,386
1,516,946
1,518,097
1,489,669
3,061,518
3,062,629
3,075,940
3,080,809
1, 546,132
1,545,683
1,557,843
1,591,140
76.2
76.1
76.4
78.!
g
Mar.
1
8
15
22
29
1,818,446
1,780,055
1,913,463
1,774,583
1,805,136
2,196,983
2,197,434
2,188,593
2,183,374
2,181,843
4,015,429 !
3,977,489 :
4,102,056
3,957,957
3,986,979 1
636,455
623,020
669,713
621,104
631,797
878,793
878,974
875,438
873,350
872,738
|
j
1
j
!
1,515,248
1,501,994
1,545,151
1,494,454
1,504,535
3,080,793
3,093,960
3,101,397
3,104,610
3,103,379
1,565,545
1,591,966
1,556,246
1,610,156
1,598,844
76.7
U
77.8
75.6
<
78.4
78
7
•>
5
12
19
26
1,804,444
1,803,031
1,852,860
1,833,230
2,198,072
2,200,305
2,181,090
2,157,568
4,002,516
4,003,336
4,033,950 ;
3,990,798
631,555
631,062
648,502
641,632
879,229
880,121 !
872,436 !
863,029
1,510,784
1,511,183
1,520,938
1,504,661
3,109,601
3,112,023
3,119,665
3,124,839
1,598,817
1,600,840
1,598,727 ,
1,620,178
77.7
77.7
77.3
78.3
F°
Jan.
Apr.
74.7
76.0
77.2
§
w
ft
^
tt
' g
N o . 1 4 . — D E P O S I T S , F E D E R A L B E S E R V E N O T E CIRCULATION, R E Q U I R E D R E S E R V E S , E X C E S S R E S E R V E S , AND R E S E R V E P E R C E N T A G E S , BY W E E K S ,
D U R I N G 1922—Continued.
[In thousands of dollars.]
Liability on—
Date.
eposits.
F. R.
notes in
circulation.
Reserves required—
Deposits
and notes
combined.
Against
Against
deposits (35 F. R. notes
per cent). (40 per cent).
Ratio of
total cash
reserves to
deposit anc
F. R.note
liabilities
combined.
1,531,692
1,524,900
1,518,778
1,522,306
1,511,027
3,118,817
3,129,817
3,131,125
3,135,253
3,130,497
1,587,125
1,604,917
1,612,347
1,612,947
1,619,470
Per cent.
76.7
77.3
77.6
77.5
78.0
663,946
675,165
649,041
678,748
856,614
849,044
850,524
849,770
1,520,560
1,524,209
1,499,565
1,528,518
3,134,066
3,136,478
3,147,675
3,148,366
1,613,506
I,6i2,269
1,648,110
1,619,848
77.6
77.4
79.1
77.5
4,079,025
4,083,059
4,075,379
4,014,923
* 659,646
673,729
679,887
660,841
877,729
863,250
853,138
850,723
1,537,375
1,536,979
1,533,025
1,511,564
3,133,929
3,157,040
3,169,322
3,181,498
1,596,554
1,620,061
1,636,297
1,669,934
76.8
77.3
77.8
79.2
2,140,121
2,147,223
2,142,288
2,146,674
2,153,181
4,025,144
3,983,026
3,989,253
3,998,525
4,034,867
659,758
642,532
646,439
648,148
658,590
856,049
858,889
856,915
858,669
861,272
1,515,807
1,501,421
1,503,354
1,506,817
1,519,862
3,202,684
3,202,177
3,197,858
3,193,041
3,195,888
1,686,877
1,700,756
1,694,504
1,686,224
1,676,026
79.6
80.4
80.2
79.9
79.2
2,211,889
2,213,615 !
4,068,686 !
4,085,718
649,877
655,236
884,754
885,447
1,534,631
1,540,683 !
3,186,687
3,197,438
1,652,056
1,656,755
78.3
78.3
24
31
2,173,436
2,159,186
2,146,656
2,128,230
2,141,184
4,065,768
4,048,398
4,032,701
4,045,406
4,011,337
662,318
661,225
660,115
671,012
654,554
June 7.
14
21.
28.
1,896,990
1,929,036
1,854,399
1,939,276
2,141,531
2,122,610
2,126,304
2,124,422
4,038,521
< 4,051,646
3,980,703
4,063,698
July
5.
12.
19.
26.
1,884,702
1,924,937
1,942,531
1,888,114
2,194,323
2,158,122
2,132,848
2,126,809
Aug. 2.
9.
16.
23.
30.
1,885,023
1,835,803
1,846,965
1,851,851
1,881,686
Sept. 6.
13.
1,856,797
1,872,103
Gold in
excess of
required
reserves
(free gold).
869,374
863,675
858,663
851,294
856,473
1,892,332
1,889,2,12
1,886,045
1,917,176
1,870,153
May 3
10
17
Total.
Total cash
reserves
held.
•
to
3,189,870
3,203,127
1,653,540
1,661,729
7S.3
78.4
909,861
928,046
926,175
919,413
1,536,330 j
1,541,398 |
!
1,567,056 !
1,600,827 |
1,610,813
1,564,033
3,213,005
3,210,017
3,214,197
3,211,928
1,645,949
1,609,190
1,603,384
1,647,895
77.4
75.7
75.2
77.6
669,987
651,942
678,829
661,496
651,076
923,707
936,028
928,488
919,758
931,926
1,593,694
1,587,970
1,607,317
1,581,254
1,583,004
3,211,745
3,211,282
3,204,760
3,213,683
3,202,810
1,618,051
1,623,312
1,597,443
1,632,429
1,619, 806
76.0
76.4
75.2
76.7
76.4
O
O
668,536
651,388
658,684
665,090
944,488 j
951,675 j
982,686 |
985,647 i
1,613,024
1,603,063
1,641,370
1,650,737
3,172,981
3,184,888
3,156,709
3,148,837
1,559,957
1,581,825
1,515,339
1,498,100
74.3
75.1
72.8
72.1
o
20.
27.
1,853,789
1,840,133
2,218,764
2,243,384
4,072,553
4,083,517
644,046
887,505
897,352
4.
11.
18.
25.
1,877,697
1,922,225
1,956,107
1,841,770
2,274,651
2,320,115
2,315,437
2,298,536
4,152,348
4,242,340
4,271,544
4,140,306
657,195
672,781
684,638
644,620
Nov. 1..
8.,
15.
22..
29.
1,914,248
1,862,688
1,939,510
1,889,988
1,860,223
2,309,265
2,340,074
2,321,219
2,299,391
2,329,814
4,223,513
4,202,762 j
4,260,729
4,189,379 |
4,190,037 |
Dec.
1,910,104
1,861,110
1,881,959
1,900,255
2,361,222
2,379,185
2,456,711
2,464,121
4,271,326
4,240,295
4,338,670
4,364,376
Oct.
6.,
13.,
20.,
27..
2
H
i—i
O
>
CO
74
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
RESERVE RATIO OF FEDERAL RESERVE BANKS
1921 -~ 1822
( END OF MONTH FIGURES )
- ACTUAL
PER
CENT
80
70
60
50
40
30
20
10
0
100
90
60
70
60
5O
ADJUSTED
L BOSTON _
1~-
30
20
10
0
CLEVELAN
90
4 -
"
—
*
|
50
40
\
-
1
|
CHICAGO
ST LOUIS
MINNEAPOLIS
/
I
"V
V
j
—-
—
i
I r
/
r I—
i
i
i
r
V
DALLAS
10
O
!
1
H+
J_|_
SAN 1RANCISCO
"
/
->
J
20
. . i . . i.
KANSAS £ TY
\
30
1
.. i . ,
., 1. .
—
J
/
/
/
•
/
>
100
90
80
70
60
J
O
60
70
60
50
40
30
20
to
ATLZ .NTA
J
to
too
—
—
Rl CHf MOND
30
20
10
0
100
90
80
70
60
50
40
30
20
PER
CENT
80
70
60
50
40
PHILADELPHIA
I //
y
100
90
80
70
60
50
40
30
20
10
0
100
90
80
70
60
SO
40
30
20
10
O 1921
1922
1921
1922
1921
1922
Adjusted percentages ore calculated after increasing or reducing reserves held - by the amount
of accommodation extended to or received from other Federal Reserve Bonks.
No, 15.—CASH RESERVES, TOTAL EARNING ASSETS, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES, BY
MONTHS, DURING 1922, 1921, 1920, AND 1919.
[Average dailyfigures.Amounts in millions of dollars.]
2
1
Total earning assets.
Cash reserves.
Month.
1922
1921
1920
1919
1922
1921
4
3
1920
1919
Deposits.
1922
1921
1920
5
Federal reserve notes in
circulation.
1
1919
1922
1921
1920
1919
Reserve percentages
'1-H3+4).
1922
1921
1920
1919
—
2,287
2,344
2,403
2,485
2,542
2,606
2,655
2,740
2,836
2,906
2,964
2,995
2,098
2,053
2,058
2,084
2,079
2,103
2,119
2,127
2,139
2,162
2,183
2,222
2,164
2,184
2,202
2,225
2,246
2,248
2,177
2,146
2,158
2,207
2,185
2,150
1,304 3,034 3,044
1,215 2,869 3,154
1,191 2,736 3,212
1,190 2,527 3,192
1,189 2,354 3,256
1,167 2,175 3,210
1,128 2,013 3,201
1,053 1,842 3,234
1,113 1,740 3,329
1,185 1,641 3,390
1,210 1,520 3,375
1,304 1,517 3,314
2,214
2,226
2,318
2,342
2,392
2,324
2,479
2,443
2,472
2,709
2,908
3,034
1,801
1,814
1,795
1,823
1,877
1,893
1,882
1,860
1,866
1,876
1,890
1,891
1,634
1,660
1,809
1,750
1,717
1,723
1,696
1,691
1,716
1,728
1,733
1,755
1,790
1,797
1,783
1,770
1,811
1,748
1,706
1,699
1,665
1,681
1,668
1,622
1,618 2,272
1,693 2,177
1,768 2,195
1,734 2,190
1,804 2,153
1,770 2,138
1,795 2,157
1,748 2,151
1,658 2,225
1,810 2,309
1,854 2,325
1,744 2,416
3,178
3,069
2,979
2,871
2,787
2,683
2,605
2,512
2,494
2,456
2,402
2,416
2,888
2,947
3,040
3,072
3,090
3,114
3,143
3,165
3,276
3,337
3,328
3,343
2,541
2,463
2,503
2,548
2,534
2,501
2,524
2,544
2,627
2,738
2,812
2,955
74.7
76.9
77.6
77.6
77.6
77.8
78.2
79.7
78.0
76.7
76.1
73.5
47.5
49.6
50 2
53.8
56.4
59.1
61.7
65.2
67.4
69.4
71.7
71.8
44.9
43.3
42.7
43.0
42.4
43.3
43.7
43.7
43.3
43.1
43.7
44.7
52.0
July
August...
September.
October...
November.
December.
3,044
3,070
3,096
3,115
3,127
3,136
3,158
3,196
3,192
3,212
3,209
3,166
Year
3,144
2,649
2,119
2,191
1,187
2,160 3,243
2,487
1,856
1,745
1,728
1,750
2,702
3,146
2,609 | 77.0
59.6
43.5
January...
February..
March
April
M&y
1
2,226
a
O
25
g
G
§
52.5
51.6
§
52.0
51.8
52.6
50.4
^
fel
||
jg
50.0
b
50.4
£j
48.5
g
46.8
45.7
fe
<
50.3
bj
>
Net deposits are shown up to and including February, 1921, and total deposits after that month.
Cn
No.
16.—AVERAGE DAILY HOLDINGS OF ALL CLASSES OF EARNING ASSETS, BY MONTHS, DURING
1922.
[In thousands of dollars.]
Federal reserve
bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: 1922
1921
1920
January.
February.
March.
April.
May.
June.
July.
August.
83,195
270,458
106,852
114,923
95,441
99,867
204,026
59,289
49,584
76,202
52,632
91,694
90,825
278,498
115,158
102,811
85,625
72,982
177,547
50,810
43,836
67,486
46,143
83,499
90,284
279,984
104,655
105,139
80,016
56,937
177,171
49,228
39,667
70,600
41,083
96,249
81,906
267,326
102,241
109,956
70,839
51,356
192,075
50,497
39,233
74,862
39,548
110,165
80,832
282,770
99,833
119,616
59,988
43,429
187,226
53,445
41,514
67,752
36,753
115,691
93,826
278,126
96,252
127,636
47,944
39;277
159,857
57,440
40,106
65,046
39,433
121,674
93,304
292,519
97,613
124,464
43,707
39,156
112,409
57,475
38,497
65,011
42,073
121,660
82,865
239,948
101,848
123,926
40,698
38,879
102,665
58,787
37,452
63,126
44,164
118,740
Septem-
ber.
79,300
278,252
100,601
125,911
43,347
42,419
103,747
64,748
39,434
64,261
42,767
128,556
October. November.
82,052
315,538
97,412
123,639
47,615
46,890
130,899
62,637
37,380
65,848
43,304
131,486
116,235
288,861
102,000
126,909
48,899
53,550
136,358
62,877
33,847
70,296
48,724
121,570
Decem- {
ber.
Year
1922.
119,468
324,026
110,654
139,317
56,611
47,853
159,339
65,565
34,165
72,113
50,817
124,505
91,159
283,116
102,855
120,473
59,931
52,448
153,475
57,778
39,561
68,558
43,950
113,966
Year
1921.
222,644
127,981
606,949 1,075,841
160,990
233,888
171,675
261,278
116,780
126,204
129,800
137,942
339,335
517,057
93,229
133,217
78,708
88,756
103,185
133,065
69,232
85,445
162,315
227,342
1,304,163 1,215,220 1,191,013 1,190,004 1,188,849 1,166,617 1,127,888 1,053,098 1,113,343 1,184,700 1,210,126 1,304,433 1,187,270
2,160,179
,
3,034,655 2,869,233 2,735,784 2,527,253 2,353,794 ! 175,1752,012,699 1,841,596 1,740,474 1,640,740 1,520,283 1,517,194
3,043,952 3,153,994 3,211,936 3,191,945 3,255,859 3,209,650 3,200,973 3,233,862 3,329,481 3,390,089 3,375,395 3,313,502
Year
1920.
s
n
tei
3,242,679
W
O
No.
17.—AVERAGE DAILY HOLDINGS OP DISCOUNTED P A P E R , BY MONTHS,
DURING
1922.
[In thousands of dollars.]
Federal reserve
bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: 1922
1921
1920
Septem- October. November.
ber.
December.
Year
1922.
67,281
171,609
56,264
51,697
50,575
32,931
93,587
29,331
21,480
30,792
14,642
43,373
36,393
93,368
53,181
48,410
53,751
41,016
81,197
27,680
28,357
30,127
31,655
48,112
968,971 772,417 640,303 576,631 481,626 438,789 428,327 396,242 416,612 484,443 623,825 663,562
2,536,105 J2,408,792 2,301,628 2,139,982 1,966,646 1,817,749 1,725,162 1,554,702 1,445,690 1,376,914 1,232,576 1,185,432
2,142,788 12,298,917 2,386,537 2,440,376 2,537,551 2,461,022 2,519,044 2,605,113 2,677,052 2,782,055 2,776,457 2,730,360
Year
1921.
Year
1920.
573,247
January.
February.
42,229
160,815
75,907
95,404
87,256
79,655
156,875
51,060
45,078
61,269
48,073
65,350
42,079
114,491
75,207
69,596
78,441
62,038
107,013
37,851
38,572
46,512
41,599
59,018
March.
77,471
65,060
58,005
72,908
47,806
85,979
30,454
30,759
35,129
36,023
59,801
April.
32,910
69,802
55,090
56,535
64,146
42,672
86,524
25,754
26,783
32,450
34,540
49,425
May.
June.
Jmy-
22,069
51,191
49,504
46,305
53,817
35,200
70,184
23,151
26,989
25, 575
31,698
45,943
21,798
51,100
46,229
39,169
42,234
30,911
61,020
20,832
26,170
22,551
31,918
44,857
24,926
65,282
41,905
32,126
38,392
29,593
54,967
17,937
25,868
19,302
32,883
45,046
August.
24,727
48,069
38,222
27,102
35,531
29,918
51,559
17,540
26,959
17,647
35,419
43,549
25,384
53,221
40,139
26,882
38,239
33,491
54,077
22,181
26,363
19,432
33,778
43,425
30,045
96,225
42,687
32,977
42,027
34,579
71,609
26,887
24,152
22,988
23,067
37,200
62,821
161,976
53,514
46,375
42,953
36,171
82,142
29,775
21,342
28,904
16,879
40,973
99,581
501,877
124,879
137,468
104,097
108,252
294,161
79,427
71,794
84,660
61,238
136,871
169,800
847,434
190,122
179,810
104, 111
115,940
417,189
109,497
76,082
106,405
71,271
142,718
1,804,305
2,530,379
a
o
%
o
H
M
c
78
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
AVERAGE DAILY HOLDINGS
OF
DISCOUNTED BILLS AND OF OTHER EARNING ASSETS
BY FEDERAL RESERVE BANKS
DURING 1921 AND 1922
MILLION
600
550
21 '22
Z1 '22
'21 '22
'21 '22
'21 '22
'21 '22
'21 '22
'21 '22
'21 '22
21 '22
'21 '22
'21 22
N o . 18.—HOLDINGS OF DISCOUNTED BILLS ON D E C E M B E R 30, 1922,
DISTRIBUTED BY CLASSES.
[In thousands of dollars.]
Federal reserve bank.
Member banks' collateral notes.
Customers'
paper
Commercial
secured by
Total
paper
(all classes). U. S. Gov- Secured by
n. e. s.
ernment U. S. Gov- Otherwise
obligations. ernment
secured.
obligations.
Boston
New York
Philadelphia
Cleveland
Kichmond. ..
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco
Total
61,584
184,289
49,610
38,541
53,285
26,332
73,871
30,082
21,916
26,544
14,422
37,304
781
338
268
782
533
120
302
207
13
187
12
75
22,894
167 898
38,604
19,125
21,559
1,996
24,573
14,342
2,526
7,165
698
6,792
617,780
3,618
328,172
Bankers' <
icceptances based on—
Agricultural
paper.
Live-stock
paper.
Trade acceptances
based on—
Domestic
transactions.
Imports Domestic
and
! transexports, i actions.
Imports
and
exports.
"-
290
7,298
951
477
489
639
4,566
6,539
26,499
2,340
9,529
4,801
3,619
3,061
148
5,085
8,134
5,030
2,219
101
120
10,035
185,616
63,510
21,655
200
130
401
19
99
o
o
g
" ~ "
36,778
15 186
10,135
15,778
23,965
16,555
21,975
12,629
4,167
6,253
4,734
17,461
31
1,708
187
120
38
Dollar
exchange.
607
139
255
10
19
142
272
114
1,579
815
680
402
406
195
4
39
177
4,825
a
o
t
ft
ft
w
00
O
N o . 19.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST DAY OF E A C H MONTH D U R I N G 1922, DISTRIBUTED BY CLASSES.
[In thousands of dollars.]
Date.
Member banks' collateral notes.
Customers'
paper
Commercial
Total
secured by
paper
(all classes). U. S. Gov- Secured by
n. e. s.
ernment U. S. Gov- Otherwise
obligations. ernment
secured.
obligations.
Bankers' acceptances based on—
Agricultural
paper.
Live-stock
Paper.
ImpOrts
and
exports.
Domestic
Dollar
transactions. exchange.
Trade acceptances
based on—
Imports
and
exports.
Domestic
transactions.
O
i922.
Jan. 3 1 . .
Feb. 28.
Mar. 31.
Apr. 29..
May 31..
June 30.
July 3 1 . .
Aug. 31.
Sept. 30.
Oct. 31..
Nov. 29.
Dec. 30..
838,885
712,577
680,467
510,104
471,490
461,418
406,178
397,448
463,696
576,435
650,096
617,780
Dec. 31,1921.
1,144,346
Dec. 30,1920.
2,719,134 j
22,495
18,459
12; 555
7,797
5,009
3,983
2,700
2,525
2,553
3,265
3,535
3,618
341,091
266,155
248,226
177,946
166,097
163,258
129,690
123,588
160,227
265,777
311, 745
328,172
16,837
14,074
13,190
13,000
12,228
12,590
11,790
12,374
12,499
10,266
9,506
10,035
41,511
443,722
271,526
869,510
281,387
256,335
258,848
168,523
150,224
147,123
126,030
123,316
164,408
188,777
225,250
185,616
121,702
111,822
104,817
100,595
98,620
95,782
96,813
97,404
86,823
74,804
69,047
63,510
17,752
452,331
17,907
1,274,606
45,919
39,147
36,466
36,680
33,974
34,844
35,466
34,903
33,457
28,533
25,485
21,655
74
282
200
129, 037
49,670
50
143,145
103,795
931
234
177
118
103
81
35
43
33
275
193
130
15
116
297
75
19
8,274
6,351
6,188
5,430
5,235
3,757
3,654
3,179
3,696
4,364
4,978
4,825
hrj
288
17,218
21,427
w
o
>
N o . 20.—HOLDINGS OF DISCOUNTED BILLS ON D E C E M B E R 27, 1922, DISTRIBUTED BY MATURITIES.
[In thousands of dollars.]
Maturity.
Federal reserve bank.
Total.
Within 15
days.
16 to 30
days.
31 to 60
days.
61 to 90
days.
Over 90
days.
g
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
69> 971
144,810
53,638
50,681
56,837
29,668
88,100
30,187
21,079
30,436
14,200
40,278
51,377
138,557
50,416
37,490
35, 514
9,367
41,439
20,434
5,868
12,496
4,240
29,267
6,811
1,927
932
4,709
7,381
5,735
9,583
3,563
1,467
2,448
1,635
2,418
8,384
2,522
1,432
5,649
8,150
8,968
10,828
3,673
3,171
4,469
2,503
3,623
3,368
1,796
789
2,494
5,446
4,311
17,543
1,956
3,467
4,142
1,880
2,867
31
(3
8
69
339
346
1,287
8,707
561
7,106
6,881
3,942
2,103
H
c
§
o
^
^
td
j |
!>
Total....
629,885
436,465
48,609
63,372
50,059
31,380
g
r
H
00
No.
21.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST REPORT DATE OF EACH MONTH DURING 1922,
DISTRIBUTED BY MATURITIES.
00
to
[In thousands of dollars.]
Maturity.
Date.
Total.
Within 15
days.
16 to 30
days.
31 to 60
61 to 90
days.
Over 90
days.
1922.
Jan. 25..
Feb. 21..
Mar. 29..
Apr. 26..
May 31..
June 28..
July 26..
Aug. 30.
Sept. 27.
Oct. 25..
Nov. 29.
Dec. 27..
Dec. 28,1921.
Dec. 30,1920.
480,944
428,670
350 507
256,579
253,849
263,576
187,036
200,952
225,972
288,140
445,401
436,465
=
1,179,833 |
708,361
2,719,134 I 1,632,885
850,173
721,283
035,552
500,097
471,490
469,101
379,981
404,368 |
420,180 I
469,399 j
650,096 j
629,885 I
86,170
74,039
70,013
56,961
47,831
38,675
30,536
44,391
51,960
47,353
56,419
48,609
143,918
109,593
105,603
92,693
72,833
61,811
58,108
81,740
76,305
73,473
73,103
63,372
116,690
280,406
161,202
430,676
83,947
67,644
74,299
54 °2°
45,929
50,208 !
59,744 i
50,962
47,102 :
39,810 !
45,218 !
50,059 j
•
131,936 !
311,619 |
55,194
41,337
35,530
39, 642
51,048
54,831
44,557
26,323
18,841
20,623
29,955
31,380
—
61,644
63,548
o
%
feJ
W
o
No.
22,—HOLDINGS
OF DISCOUNTED BILLS SECURED BY U N I T E D STATES GOVERNMENT OBLIGATIONS ON D E C E M B E R 27, 1922, AND DECEMBER
28, 1921.
[In thousands of dollars.]
Secured by—
Customers'paper.
Total (all classes).
Federal reserve bank.
1922
I
1921
1922
26,515
141,863
70,213
42,709
42,931
25,346
60,344
23,533
7,525
15,741
9,512
20,961
24,293
125,058
39,350
27,415
24,506
2,816
28,728
16,352
2,167
9,569
987
11,483
1921
;
1922
1921
United States
bonds.
1922
:
1921
Victory notes.
1922
I
1921
Treasury notes.
1922
1921
Certificates of
indebtedness.
1922
8
1921
o
Boston
New York
Philadelphia
Cleveland
,
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco..
Total
I 25,
I 125,
! 39,
316,495 ! 487,193! 312,724
20,912 j
139,456 |
60,280 !
38,697 \
40,423 \
20,791 !
55,106 I
20,448 I
7,018 |
13,687 |
9,227 |
18,199 |
444,244 I
743
429
268
732
518
220
378
197
10
198
5
73 i
3,771
5,603
2,407
9,933
4,012
2,508
4,555
5,238
3,085
507
2,054
285
2,762
42,949
18,232 i
63,542 I
31,458 i
22,476 \
21,002 |
2,008 l
21,103
9,615 j
1,822 \
5,778 ;
657 I
9,211 j
20,892
60,785
59,627
34,338
36,438
21,798
47,029
18,977
6,281
13,849
6,305
19,053
206,904 ! 345,372
1,402
62
109 | 29,158
186 | 4,991
660 ! 4,801
239 i 3,905
3,317
136 j
10,659
131
3,222
504
464
10
1,602
149
1,972
21
55
1,178
2,262
66,671
6,642
61,766
7,807
4,171
3,443
835
4,372
3,068
345
3,410
314
2,260
2,371
16,872
2,557
100
30
1,850
35,048
3,038
3,570
338
231
1,188
1,078
765
153
1,235
630
98,433
26,026
!,896
49,124
2,250
256
15
137
100
70
167
840
340
57
3,500
3,362
430 !
fel
W
>
oo
OS
No. 23,
-HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON THE LAST REPORT DATE OF EACH
MONTH DURING 1922.
00
^
[to thousands of dollars.]
Secured by—
Date.
Total.
Member
banks'
collateral
notes.
Customers1
paper.
United
States
bonds.
Victory
notes.
Treasury
notes.
Certificates
of indebtedness.
1922.
Jan. 25..
Feb. 21..
Mar. 29..
Apr. 26..
May 31..
June 28..
July 26..
Aug. 30.
Sept. 27.
Oct. 25..
Nov. 29.
Dec. 27..
357,921
281,994
242,797
178,991
171,106
189,909
115,238
133,651
139,102
195,510
315,280
316,495
333,525
264,585
229,732
171,310
166,096
186,025
112,243
131,135
136,446
192,204
311,743
312,724
487,193
1,141,036
444,244
869,510
24,396
17,409
13,065
7,681
5,010
3,884
2,995
2,516
2,656
3,306
3,537
3,771
282,653
226,021
195,482
149,966
133,321
136,102
93,210
108,334
109,858
126,028
207,751
206,904
37,788
24,605
13,769
8,483
10,281
6,145
5,373
4,140
3,722
5,578
5,963
2,262
11,400 I
8,888 !
15,670 |
13,633 !
17,755 j
29,694
12,357
15,334
21,027
58,969
91,680
98,433
26,080
22,480
17,876
6,909
9,749
17,968
4,298
5,843
4,495
4,935
9,886
8,896
42,949
271,526
345,372
648,352
66,671
304,686
26,026 |
o
w
49,124
187,998
H
o
hrj
••
Dec. 28,1921.
Dec. 30,1920.
w
o
>
No» 24.—AVERAGE DAILY HOLDINGS OP BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS, DURING
1922,
[In thousands of dollars.]
|
Federal reserve bank. January. February. March.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City..,
Dallas
San Fancisco.
Total: 1922.
1921.
1920.
10,567
36,560
14,108
4,776
3,192
10,464 I 11,6
29,022
32,224
April.
10,765
34,132
21,646
2,616
1,900
1,314
13,627
May.
33,553
18,352
6,900
1,377
1,198
20,360
2,660
2,501
16,432
1,064
16,216
3,219
2,315
1,751
16,128
1,286
51
15
5,364
32
15
U49
34
43
6,073
18
30
11,945
98,742
200,913
575,667
87,398
173,082
546,458
92,965
138,397
481,238
93,086
110,372
419,746
103,072
4 750
12,893
305
616
» Less than $500.
17,267
2,884
2,334
84,395
416,520
Year
1921.
27,429
50,054
21,115
58,768
1,877
11,766
10,852
12,753
16,805
45,761
20,369
21,376
1,547
3,968
15,647
7,610
9,187
32,754
9,159
12,491
3,063
2,459
6,613
730
572
18,863
37,678
421
24,107
41,935
178
5,391
20,555
,116
14,478
259,980
78,867
278,521
261,077
105,499
244,001
159,207
December.
407
2,657
14,189
14,331
36,365
1,242
7,172
16,613
9,385
30,663
68,836
17,601
45,957
2,162
13,259
13,767
10,622
65
2,700
18,747
83
3,244
32,094
225
10,277
42,890
154,010 | 159.020
26,395 | 38,124
363,621 J 325,461
209,793
40,020
313,864
251,618
56,196
303,981
July.
20,007
35,996
18,828
13,754
916
914
18,517
8,333
21,117
40,911
21,273
18,624 |
527
795
18,638
13,617
14,243
34,248
29,145
27,346
369
902
15,740
15,515
12,825
69,253
26,851 |
33,859 |
5
2,084
15,827
2
2,790
15,716
135,181
54,716
401,184
Year
1922.
Septem- October. November.
August.
June.
22,081
83,531
21,837
767
Year
1920.
27,692
146,371
9,810
54,067
8,320
6,093
8
3
3
O
53,003
5,154
3,648
3,888
1,334
69,366
91,817
388,746
>
00
or
N o . 25.—HOLDINGS OF B A N K E R S ' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER F E D E R A L R E S E R V E B A N K S , ON DECEMBER 30,
1922, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS.
00
[In thousands of dollars.]
Member banks.
Federal reserve bank.
Total.
Nonmember banks
and banking corporations.
Private
banks.
Branches
and
agencies
of foreign
banks.
National.
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta..
Chicago
...
St. L o u i s . . . . . .
Minneapolis...
Kansas City...
Dallas
San Francisco..
Total: Dec. 30,1922.
Dec. 31, 1921.
Dec. 31, 1920.
Nonnational.
25,407
59,766
23,380
51,007
1,734
11,422
14,565
13,028
12,986
19,331
9,390
15,553
1,063
1,596
6,759
4,570
6,906
17,700
8,425
18,636
526
6,387
6,787
4,435
3,439
883
2,101
116
912
20
"1,010
402
26,827
43,406
402
10,162
15,316
10,361
11,885
3,157
5,843
1,717
5,350
1,430
5,012
270,944
145,045
258,878
97,128
60,173
92,048
50,091
38,036
13,656
38,374
27,012
12,319
24,905
16,720
8,806
26,212
169,387
3,936
9,454
2,462
6,761
914
8,673
1,948
7,237
145
665
g
1,155
2,820
3
w
o
No. 26.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MAKKET AND PROM OTHER FEDERAL RESERVE BANKS AT THE END OF EACH
v
. MONTH IN 1922, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS.
[In thousands of dollars.]
Member banks.
Month.
Total.
National.
January...
February.
March
April
May
June
July.....'
August
September
October
November
December.
?....
..:
•.
74,833
93,356 ;
105,110
90,570 !
118,101 I
160,332 |
139,082 I
179,324 j
242,884 i
256,834
257,628
270,944
33,101
41,826
42,094
35,332
53,768
72,444
60,933
74,147
100,639
96,075
93,736
97,128
NonmeniI ber banks
j and bankNoni ing eorpo- I
national. ; rations. ;
27,275 i
28,089 j
33,808 j
28,482 j
37,659 i
54,607 |
47,034 J
61,800 i
82,867 |
94,039
91,790 !
92,048 i
5,864
8,470 '
12,671
12,103 :
14,683 ;
16,960 :
14,879 i
23,246 j
27,900 !
32,144 \
32,778 |
38,036
Private
banks.
2,586
7,371
9,781
9,201
6,117
8,191
9,371
12,482
19,139
20,705
24,629
27,012
Branches
and
agencies
of foreign
banks.
6,007
7,600
6,756
5,452
5,874
8,130
6,865
7,649
12,339
13,871
14,695
16,720
O
o
H
O
o
W
F
i
^2
00
No. 27#—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER 30, 1922, DISTRIBUTED
BY CLASSES.
00
00
[In thousands of dollars.]
Trade acceptances based on—
Banker's acceptances based o n Federal reserve bank.
Total.
Total.
1,363 !
4,674 |
4,607 !
9,337
9,364
7,796
7,245
1,280
4,981
4,602
2,930
402
26,827
43,406
9,785 I
18,368 !
7,863
13,564
402
6,987
10,356
270,944
108,992 ;
86,929
65,280
25,407 |
60,864
23,380
51,007
1,734
11,422
14,565
13,028
25,407
59,766
23,380
51,007
1,734
11,422
14,565
13,028
402
26,827
43,486
Total....
272,122
8,18d
29,019
6,816
26,179
Domestic
transactions.
5,709
19,888
8,148
16,118
454
5,078
5,041
5,066
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Imports. | Exports.
Dollar
exchange.
2,180
1,495 !
620
1,465
Total
-
j
Im
P°rts- i
1,098
1,050
2,192
1,118
80
1,178
1,130
P°rts-
Domestic
transactions.
80
9,743
Ex
48
248
425
48
w
o
>
No,
28.—HOLDINGS
OF
BILLS
BOUGHT IN
OPEN
M A R K E T AND
DURING
FROM
1922,
OTHER
FEDERAL
RESERVE
B A N K S AT T H E E N D OF E A C H M O N T H
BY CLASSES.
[In thousands of dollars.]
Banker's acceptances based o n Month.
Total.
Total.
Trade acceptances based o n -
I Imports
Domestic
!
and
trans| exports. ; actions.
Total.
Imports
and
exports.
O
Domestic
transactions.
o
3
H4
Jannary
February
March
April
May
June
July
August
September
October
November
December
Dec. 31,1921.
!
'
:
j
j
:
74,935
93,458
105,270
90,677
118,182
161,112
140,111
180,176
244,375
258,165
259,226
272,122
90,570 i
118,101 |
160,332 ;
139,082 i
179,324 i
242,884 |
256,834 I
257,628 !
270,944
145,263
145,045 I
74,833 j
93,356 |
105,110 |
49,221
67,136
77,015
68,306
88,004
124,142
114,407
143,963
189,688
181,005
183,504
195,921
19,627
22,378
22,664
19,176
26,496
j
j
|
|
!
31,655 j
21,876 I
29,544 |
46,382
67,033
65,491
65,280 j
33,962
5,985
3,842
5,431
3,088
3,601
4,535
2,799
5,817
6,814
8,796
8,633
9,743
102 '
102 |
160 !
107 i
81 ;
780 |
1,029 \
852 I
1,491 ;
1,331 |
1,598 [
1,178 !
99
99
160
107
81
780
1,029
852
1,292
1,039
1,349
1,130
11,164
218 !
o
3
218
3
3
199
292
249
48
I
00
No. 29.—HOLDINGS OP BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS ON DECEMBER 27, 1922,
BY MATURITIES.
DISTRIBUTED
CO
O
[In thousands of dollars.]
.Maturity.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
?.
Total.
Within
15 days.
25,706
45,789
22,817
53,302
1,614
10, 579
11,762
11,568
25,852
9,270
9,938
862
4,516
1,221
16 to 30 | 31 to 60 61 days to Over 3 but
days. ! days, j 3months. 6 within
months.
Maturity.
Federal reserve bank. | Total.
St. Louis
j Minneapolis
KansasCity
j Dallas
San Francisco
Total
Within
15 days.
I 12,623
2,282
j
j
j
402 ]
91
i 23,397 |
4,282
j 38,302 | 13,328
! 246,293 i
83,210 |
Over 3 but
31 to 60 61 days to within
days. 3 months. 6 months.
16 to 30
days.
1,655 |
7,044
1,642
210
7,669
10,403
75
2,769
5,859
1,555
38,083
C
5,207
j
|
26 |
8,677 j
7,157 |
50,737
»9,056 |
c
W
No.
3 0 . — H O L D I N G S OF BILLS B O U G H T IN O P E N M A R K E T A N D FROM O T H E R F E D E R A L R E S E R V E B A N K S ON THE L A S T R E P O R T B A T E IN
M O N T H D U R I N G 1922,
EACH
DISTRIBUTED BY MATURITIES.
[In thousands of dollars.]
Maturity.
Total.
Date.
Jan.
Feb.
Mar.
Apr.
May
June
July
25
21
29
26
31
28
26
|
:
...j
j
82,709
82,564
102,691
82,518
118,182
154,060
156,138
Within
15 days.
16 to 30
days.
46,045
29,473
46,856
27,916
47,714
59,415
52,682
16,316
22,050
15,877
15,688
20,122
27,845
29,203
Maturity.
31 to 60 61 days to Over 3 but
days. 3 months. 6 within
months.
12,833 |
15,289 !
23,892 !
22,480 ;
26,565 |
43,064
27,978
7,346
15,633
14,201
15,775
19,106
15,156
31,065
119
1,865
659
4,675
8,580
15,210
Total.
Date.
Aug. 30
Sept. 27....
Oct. 25
Nov. 29
Dec. 27
!
|
1
j
I
Within
15 days.
16 to 30
days.
171,706
238,116
257,691
259,226
246,293
45,053
55,875
65,797
60,451
83,210
33,228
53,496
35,594
44,747
50,737
114,240
255,702
58,306
87,030
24,743
64,745
31 to 60 fil days to Over3but
days. 3 months. 6 within
months.
O
53,998
60,514
69,753
88,869
69,056
36,022
53,524
74,176
47,121
38,083
3,405
14,707
12,371
18,038
5,207
o
3
26,062
76,805
5,114
27,122
15
o
3
o
fed
Dec. 28,1921
Dec. 30,1920
W
>
N o . 31.—AVERAGE DAILY HOLDINGS OP MUNICIPAL WARRANTS, BY MONTHS, DURING
1922.
fin thousands of dollars.]
January.
Federal reserve bank.
New York
Philadelphia
.. .
183
February.
193
March.
102
April
May.
June.
July.
August.
Septem- October.
ber.
Year
1922.
Year
1921.
46
i
41
78
December.
90
Atlanta
St Louis
Minneapolis
Kansas Citv
1 Dallas
November.
5
2
9
18
5
9
18
7
7
29
2
22
27
29
13
6
22
27
261
31
258
66
::::::::::
1
Total* 1922
1921
302
195
102
90
i
43
» Less than $500.
o
N o . 3 2 . — A V E R A G E DAILY HOLDINGS OF U N I T E D STATES SECURITIES, BY M O N T H S , D U R I N G
1922.
[In thousands of dollars.}
Federal reserve bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total: 1922.
1921.
1920.
January.
February.
April. ! May.
30,399
38,282
73,083 134,985
16,654
22,491
14,743
30,331
4,993
4,850
16,462
8,443
34,258 | 54,102
7,924 ]
11,895
4,465 |
5,262
14,239 | 20,923
4,529 |
4,529
14,399 I 19,117
37,746
170,289
23,277
43,915
4,793
7,380
75,064
17,488
8,908
35,439
5,045
2$, 299
49,281
52,021
38,231
163,392 198,026 191,030
31,977
25,415
31,195
66,411
50,805
74,713
4,794
4,794
4,793
7,452
7,370
7,031
91,924
96,682
80,320
23,807
27,634
28,275
12,450 | 14,525
13,936
42,378 I 42,159 | 42,490
5,431
4,965 i
4,966
54,867 I 60,665
60,990
47,261
186,326
34,435
73,714
4,788
8,768
38,804
25,921
12,524
45,707
6,400
60,898
43,895
157,631
34,481
69,478
4,798
8,059
35,366
25,732
10,484
45,414
6,045
56,444
41,091
155,778
33,611
65,170
4,701
6,271
35,481
28,236
13,053
44,746
5,745
53,037
29,926
135,782
32,888
54,297
4,346
5,139
42,677
26,365
13,206
42,635
9,960
51,396
236,148 I 355,210
297,638 I 287,359
325,497 308,619
457,643
295,758
344,161
592,647
302,710
347,445
545,546
261,141
318,309
497,827
248,770
303,288
486,920
254,764
338,565
448,617
207,625
304,053
June.
July.
Septem- October.
ber.
»
March.
August.
ber.
December.
24,758
22,751
58,049 102,363
30,885
33,275
34,577
28,852
3,784
4,159
4,120 |
3,154
40,449
54,900
22,480 ! 23,481
12,478 | 12,656
40,820 | 40,900
12,982 j 12,068
42,919
39,197
Year
1922.
Year
1921.
37,962
143,988
29,259
50,688
4,632
7,463
56,631
22,487
11,191
38,247
6,904
45,298
19,212
72,318
26,946
21,716
9,620
19,090
38,561
13,072
6,907
17,728
7,878
10,966
379,763 j 454,750 I.
226,005 !
339,140 !
Year
1920.
25,152
82,036
33,956
27,401
13,773
15,909
46,865
18,566
9,026
22,772
12,840
15,258
a
o
O
o
>
323, 554
CD
CO
No. 33.—HOLDINGS OF EACH CLASS OF UNITED STATES SECURITIES ON DECEMBER 30,
1922.
Bonds.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt.Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total
securities
held.
$29,597,300
167,252,450
29,190,300
25,739,000
1,290,900
| 2,370,500
62,832,800
I . . . 19,551,500
Total: 1922...
1921...
1920...
13,071,460
39,195,250
11,308,000
34,766.400
436,165,860
234,089,110
287,026,610
Total.
3 per cent
2 per cent 2 per cent i per cent 3 per cent conversion || 3\ per
cent
loan of
.loan of
consols of Panamas
of 1936bonds of j Liberty
1925.
1961.
1930.
1938.
1946-47.
loan.
$529,000 i
1,148,750 |
1,799,700
918,400
1,190,900
$915,100
220,050
4,425,600
1,862,500
100
7,306,900
4,522,560
4,097,850
2,555, 000
2,629,500
1,395,900
92,500
28,881,710
33,033,610
26,309,310
6,728,600
11,328,600
14,267,350
Victory
4^ per cent Treasury i notes.
bonds of
Liberty
!
1947loan.
1952. ;
$529,000
549,200
414,800
$100
237,000 i
367,300 i $1,768,000
$400 !
260 !
20,000 '
10,300
427,400
1,153,300
114,800
838,500
1,233,600
$1,148,750
$48,100
863,700 $338,600
458,400
45,200
!
38,800
59,800 j 125,150
24,800 j
20,150
6,050 |
624,660
624,660
906,160
1,768,000 |
2,593,000 j
2,593,000 |
900
900
900
5,270,900
5,270,900
6,526,300
6,150,000
4,249,600
* 608,400
$2,450
47,500
3,500
157,400
55,800
$6,614,300
60,618,700
22,640,600
10,979,100
100,000
77,000
10,808,200
9,464,100
8,049,400
23,467,400
27,524,400
86,450
134,100 13,729,250
229,200 12,986,350
197,050 5 1,818,550
Treasury
notes.
625,300
49,950
12,446,300
72,800
Certificates
of indebtedness.
* $22,454,000
105,485,000
4,750,000
13,841,500
0
c
n
s 2,071,000
47,551,500
2, 780, 500
499, 500
11,630,000
8,678,500
7,149,500
180,343,200 a 226,891,000
5,118,700 "183,490,500
3 260, 644, 500
1
Includes $1,783,000 Treasury notes, held under repurchase agreement, the book value of which was $1,779,180.
Includes $385,000 Treasury certificates, held under repurchase agreement, the book value of which was $383,800.
» Exclusive of a $1,000 Treasury savings certificate having a value of $918 on Dec. 30, 1922, $894 on Dec. 31, 1921, and $870 on Dec. 31, 1920.
4
Includes $600,000 Liberty bonds, held under repurchase agreement, the book value of which was $593,100.
5
Includes $1,100 of 4 per cent Liberty bonds.
«
2
NOTE.—Securities with circulation privilege held on Dec. 30, 1922, included above: 2 per cent consols and Panamas, $7,353,260; 4 per cent loan of 1925, $1,768,000.
w
FEDERAL RESERVE NOTES.
No.
3 4 . — F E D E R A L R E S E R V E A G E N T S ' ACCOUNTS AT CLOSE OF B U S I N E S S D E C E M B E R 30, 1922,
AND D E C E M B E R 31,
1921.
[ID thousands of dollars.]
Total.
1922
RESOURCES.
j
1921
!
Boston.
1922
;
;
New York.
1921
1922
1921
Philadelphia.
1922
1921
Cleveland.
1922
!
1921
Richmond.
1922
1921
Atlanta.
1922
• 1921
I
I
Federal reserve notes on hand
j 874,437 - 857,725 I 83,100 j 100,140 ;
Federal reserve notes outstanding (is- j
sued to bank—net)
I 2,817,191 ! 2,781,791 , 226,800 j 220,157 j
Collateral security for Federal reserve I
Uptes outstanding:
j
349,013 | 15,300
5,600
Gold and gold certificates
j 353,462
128,774 I 16,313
19,310 |
Gold redemption fund
j 132,318
Gold fund—Federal Reserve Board, j 1; 681,099 1,394,883 | 123,000 135,000 !
Eligible paper—
|
909,121 72,187 I 60,247 i
Amount required
I 650,312
346,619 j 14,804 j 12,073
Excess amount held
! 208,893
Total
i
j
! 6,717,712
6,767,926
399,610
323,910 j 48,920 ! 50,400
774,934 | 816,748
25,119
76,959 I 71,501
i
117,457
135,143
128,644
18,375 I
13,952
1,270
145,000
62,795
3,762
34,295
2,400
6,782
100,000
2,400
2,825
40,000
7,000
296,925
35,079 14,461
321,000 167,890
115,964
104,425
163,744
91,152
14,013
130,389
13,275
15,028
165,000
64,367
4,958
78,468
22,967
81,597
7,894
2,048,558 541,314
519,107
589,034
572,107 j 257,513
292,638 j 273,270
306,240
275,164
139,323
142,576
211,102
200,145
653,004 | 179,351 ] 144,402
254,896
69,325 101,435
193,303
89,491
177,327
119,616
64,066
54,125
38,057
97,243
109,182
37,726
45,225
94,157
2,048,558 541,314 | 619,107 589,034
572,107
257,513
277,876 j 358,010
339,527
62,537
57,079
47,999
79,400
6,126 | 17,843
Total..
6,717,712
6,767,926 j 551,504
652,527
1,174,544
658,970
220,389
2,053,903
L, 140,658
ffi
25,961 83,419
11,765 I 10,738
o
277,876 358,010 339,527
LIABILITIES.
Federal reserve notes received from
Comptroller of the Currency—net
amount (liability to comptroller)
j 3,691,628 3,639,516 I 309,900 320,297
Collateral received from Federal reserve j
bank (liability to bank):
*j
Gold
| 2,166,879 1,872,670 j 154,613 159,910
Eligible paper
J
I 859,205 1,255,740 | 86,991 72,320
hrj
2
I
i
243,718 • 222,870 274,900 ! 239,864 I 112,064
283,184
34,786
341,000
551,504 i 552,527 \ 2,053,903
31,340 ; 35,300 ! 27,259
H
No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 30,-1922, AND DECEMBER 21, 1921—Continued.
[In thousands of dollars.]
Chicago.
1922
1921
St. Louis.
1922
1921
Minneapolis.
1922
1921
Kansas City.
1922
Dallas.
1921
San Francisco.
1922
1921
1922
1921
RESOURCES.
Federal reserve notes on hand
Federal reserve notes outstanding (issued to bank—
net)
i
Collateral security for Federal reserve notes outstanding:
Gold and gold certificates
{
Gold redemption fund
j
Gold fund—Federal Reserve Board
Eligible paper—
Amount required
Excess amount held
83,960 j
j
470,603 j
|
|
447,218
16,464
393,644
14,519
297,644
11,780
3,293
55,500
5,960
3,098
57,100
13,052
1,320
32,000
13,052
1,604
2,200
2,671
52,360
1,682
26,360
7,471 I 6,701
2,605 \ 2,158
12,500 !
2,234
60,495
27,939
135,055
58,954
42,465
645
47,945
15,295
16,261
4,720
43,621 I
5,753 I
24,577
2,368
47,396 i
23,887 I
21,225 j
19,881
1,053,105
1,105,430
250,661
269,561
140,876
599, 258
136,978
140,163
73,523
69,867 |
98,668
83,438
60,730
59,663
333,419
335,017
312,163
194,009
70,573
43,110
66,158
63,240
46,372
20,981
16,856 i 55,031
49,374 ! 26,945
28,042
22,576 j
41,106 !
11,093
50,739
202,735
80,582
220,433
87;428
i 1,053,105 1,105,430
250,661
269,561 i 140,876
136,097 I 180,644
616,736 |
642,878
Total
LIABILITIES.
23,940 { 26,060 |
113,038
114,103
10,890 |
62,633
9,390
19,060
8,000
16,929 !
20,125
53,470
35,740
i
60,477 !
79,608
75,438 j
43,801 |
39,538
279,949
299,277
o
w
H
o
136,097
j
180,644
182,763 | 124,412
28,445
22,294
rrj
16,772
17,325 i
185,410 | 203,661
77,214
78,844
3,368
8,584
121,495 | 616,736
642,878
;
Federal reserve notes received from Comptroller of !
the Currency—net amount (liability to the comptroller)
| 554,663
Collateral received from Federal reserve bank (lia- i
bilitytobank):
;
Gold
I 410,108
88,434
Eligible paper
j
Total
152,040
71,283
182,763 ! 124,412 j 121,495
o
m
w
>
No. 35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION; ALSO GOLD
AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES.
MONTHLY FIGURES FOR 1922.
[In thousands of dollars.]
Total.
Federal reserve notes:
Outstanding—
Jan.31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 29
Dec.30
Held by issuing bank—
Jan.31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
'.
!
i
1
1
!
|
)
i
|
|
j
j
|
|
Boston.
New
York.
Philadelphia.
2,560,887
2,518,444
2,521,963a
2,543,301
2,511,810
2,555,062
2,566,379
2,603,732
2,668,882
2,688,939
2,718,471
2,817,191
174,080
163,795
158,972
165,132
158,137
172,583
181,887
192,135
211,152
216,211
217,095
226,800
798,073
793,203
811,060
823,631
835,813
872,470
871,653
890,649
846,797
798,715
792,440
774,934
201,817
206,120
206,140
212,429
205,439
204,387
204,265
200,394
207,474
216,324
228,894
243,718
381,835
322,386
327,220
373,881
370,626
402,100
434,234
448,217
7,682
8,271
6,240
13,819
9,137
16,908
19,547
15,192
185,730
167,168
177,411
200,362
210,567
235,510
245,915
280,290 j
20,649
17,053
13,189
23,782
23,921
22,785
27,010
22,165
Cleveland.
Richtnond.
218,536 103,448
212,276 j 99,576
97,690
212,609
96,982
216,173
214,414
92,017
212,532
89,438
209,517
86,962
215,762
86,950
232,147
95,277
240,842 103,512
249,914 105,138
274,900 112,064
24,670
15,713
14,869
14,369
15,787
14,587
14,388
14,495
4,996
3,830
4,265
5,643
6,246
7,058
8,397
7,072
Atlanta. Chicago. St. Louis. Minneapolis.
Kansas
City.
Dallas.
34,762
32,318
30,646
29,928
29,219
28,947
29,603
32,986
45,838
47,661
44,317
43,801
116,746
114,317
114,250
116,740
120,461
117,885
115,329
115,556
125,215
130,445
129,305
135,143
407,958
402,645
405,547
415,407
403,942
403,739
410,709
414,857
420,615
428,510
438,352
470,603
107,322
101,694
93,546
87,495
80,724
83,154
84,504
83,260
96,619
109,206
111,984
113,038
56,042 i
53,988 ;
54,142 |
53,611 |
52,325 |
51,896 ;
52,325 I
52,291 |
55,942 !
60,278 I
59,999
62,633
69,855
69,694
70,360
70,624
69,403
68,820
69,020
71,258
73,507
77,263
79,379
79,608
5,875
5,109
3,688
3,814
4,995
4,397
4,789
5,030
43,047
33,406
31,691
46,796
38,468
36,339*
42,879
40,065
21,.394
16,708
13,816
12,930
9,992
15,276
16,686
14,396
3,365
1,948
2,777
2,656
2,810
3,056
3,570
2,963
6,957
7,731
8,514
10,307
11,826
11,636
10,137
11,435
j
3,349 |
2,752 j
2,824 i
2,888 I
2,963
2,706
2,805
1,955
272,248
268,818
267,001
255,149
249,916
249,211
250,605
247,634
258,299
259,972
261,654
279,949
54,121
42,697
47,936
36,515
33,914
31,842
38,111
33,159
i
3
O
H
No. 35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION; ALSO GOLD
AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES—Continued.
MONTHLY FIGURES FOR 1922—Continued.
[In thousands of dollars.]
Total.
Federal reserve notes—Continued.
Held by issuing bank—Continued.
Sept. 30
Oct. 31
Nov. 29
Dec. 30
In actual circulationJan. 31
Feb. 28
Mar.31
Apr. 29
May 31..
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 29
Dec. 30
Collateral pledged as security for out- i
standing Federal reserve notes:
j
Gold and gold certificates—
i
Jan.31
Feb. 28
Mar.31
Apr. 29.?
New
York.
Boston.
Philadelphia.
Cleveland.
400,230
387,162
388,657
421,402
19,074
25,472
23,378
25,486
233,131
199,623
198,437
177,863
2,179,052
2,196,058
2,194,743
2,169,420
2,141,184
2,152,962
2,132,145
2,155,515
2,268,652
2,301,777
2,329,814
2,395,789
166,398
155,524
152,732
151,313
149,000
155,675
162,340
176,943
192,078
190,739
193,717
201,314
612,343
626,035
633,649
623,269
625,246
636,960
625,738
610,359
613,666
599,092
594,003
597,071
181,168 193,866
189,067 196,563
192,951 197,740
188,647 201,804
181,518 198,627
181,602 197,945
177,255 | 195,129
178,229 201,267
186,999 219,500
198,296 223,764
208,762 234,214
214,067 242, 5G5
1,928,649 i
1,985,417 I
2,049,576 !
2,158,014
137,933
128,858
119,334
139,695
712,006
741,211
770,343
799,591
139,109
131,213
140,433
159,981
|
I
|
|
20,475 |
18,028 !
20,132 |
29,651
12,647
17,078
15,700
32,335
187,198 i
184,038 |
189,172 |
191,015 j
Richmond.
5,851
8,059
8,179
10,917
Atlanta. Chicago. St. Louis. Minneapolis.
3,430
4,082
4,421
6,040
36,391
40,356
42,197
44,908
364,911
369,239
373,856
368,611
365,474
367,400
367,830
374,792
384,631
392,535
400,932
420,506
62,898
52,677
85,928
84,986
52,040 i 61,963
61,846
79,730
51,365
74,565 | 50,955
60,317
70,732 | 49,515
57,577
67,878 | 48,840
57,184
67,818
58,883
48,755
68,864
59,823
49,328
79,823
64,034
53,252
91,331
67,208
56,724
94,302
67,705
56,691
69,887
58,735
31,413
29,566
27,822
27,040
26,256
26,241
26,798
31,031
42,408
43,579
39,896
37,761
218,127
226,121
219,065
218,634
216,002
217,369
212,494
214,475
221,908
219,616
219,457
235,041
313,903
337,790
327,612
361,672
72,837
75,509
75,951
72,900 !
10,882
11,253
19,762
20,239
219,264
213,474
214,637
207,565
4,288
7.005
6,129
11,107
35,984
35,975
37,420
50,097
98.452 i
95,746
93,425 I
91,339
85,771
82,380
78,565
79,878
89,426
95.453
96,959
101,147
110,871
109,208
110,562
112,926
115,466
113,488
110,540
110,526
120,927
123,440
123,176
124,036
52,608
71,359
82,352
85,966 j
Dallas. San Francisco.
9,473
2,690 |
3,554 : 10,055
3,308 j 11,674
3,898 | 9,721
|
j
!
j
32,344
33,303
36,996
44,928 j
Kansas
City.
16,796
17,875
17,682
19,379
24,406
22,762
30,511
31,075
26,159
34,647
42,473
42, 787
00
May 31
June 30...
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 29
Dec. 30
Eligible paper—
Jan.31
Feb. 28
Mar.31
Apr. 29
May 31
June 30
•
..!
|
:
1
|
|
1
i
|
j
July31
!
Aug.31
Sept. 30
Oct. 31
Nov. 29
Dec. 30
|
|
j
|
1
2,140,891 137,600
2,125,276
128,546
2,226,038 147,550*
2,194,262
163,898
2,179,241 184,165
2,130,367 j 180,924
2,048,084 j 127,708
154,613
2,166,879
798,785
804,149
863,286
832,514
771,716
680,765
659,850
658,970
155,492
157,639
155,017
150,247
151,126
163,577
165,487
179,351
174,596
169,359
169,780
169,044
175,149
181,084
181,157
193,303
54,448
54,199
55,313
57,171
58,468
67,823
66,319
64,065
879,187 ; 47,222
775,247 | 59,908
756,031 | 58,299
31,352
588,038
35,460
568,194
55,879
595,093
535,496JI 47,279
560,272 | 34,350
53,659
698,968
j
801,878 I 65,252
867,683 i 105,952
859,205 j 86,991
130,492
101,998
128,837
80,218
80,176
106,530
66,130
92,563
149,811
226,632
169,764
220,389
79,495
83,548
70,226
68,590
52,938
48,721
61,387
60,446
62,805
54,595
65,922
69,325
78,011
68,090
55,829
46,711
58,552
53,327
50,201
51,847
62,080
67,485
106,079
89,491
81,505
73,576
75,072
60,449
47,791
41,183
36,268
35,514
42,971
42,276
46,658
54,125
98,125 357,487
100,765 363,644
98,463 , 384,334
95,761 384,642
93,439 388,600
100,150 374,895
96,625 369,498
109,182 410,108
73,781
53,814
49,465
40,217
33,115
29,574
31,029
32,948
42,591
47,555
49,994'
37,726
138,190
118,392
131,556
91,710
88,069
84,503
64,379
68,076
77,793
90,167
105,334
88, 434
65,929
57,149
57,819
55,915
61,374
72,322
76,529
70,573
30,169
30,230
29,609
27,885
33,891
41,307
42,701
46,372
48,967
50,483
53,383
55,021
52,920
55,846
53,702
55,031
19,711
19,056
19,533
16,305
25,188
26,316
25,487
22,576
199,582
190,057
191,951
185,859
183,205
185,358
183,021
202,735
41,235
37,922
28,952
23,516
34,837
30,016
33,893
33,374
40,291
42,095
42,846
43,110
39,721
33,892
27,132
26,820
25,605
27,481
26,250
26,894
25,545
23,010
20,652
20,981
54,050
38,246
34,025
29,461
24,201
20,842
19,382
19,132
23,273
27,126
29,260
26,945
45,509
38,932
34,963
34,500
32,049
35,013
36,575
38,847
36,250
33,957
35,947
41,106
69,976
66,929
61,675
54,494
55,401
62,024
62,723
66,281
81,899
81,728
89,275
80, 582
I
ft
i
No. 36.—COLLATERAL (GOLD AND ELIGIBLE PAPER) PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES
OUTSTANDING.
O
O
WEEKLY FIGURES FOR 1922.
lln thousands of dollars.]
Collateral pledged as security.
Date.
; Federal
! reserve notes
: outstanding.
Excess
collateral
pledged with
Federal reserve agents.
Gold and gold certificates.
Total.
Eligible
paper.
Total.
vmilt.
In redemp- j
tion fund—
U. S.
Treasury.
Board.
o
Jan. 4
XI
18
25
2,786,114
2,732,861
2,666,397
2,604,957
3,098,095
2,938,030
2,913,197
2,843,790
1,195,183
1,027,469
964,540
903,998
1,902,912
l,910?561
1,948,657
1,939,792
349,012
349,013
349,013
349,013
120,962
120,434
128,523
127,943
1,432,938
1,441,114
1,471,121
1,462,836
311,981
205,169
246,800
238,833
Feb. 1.
8.
15.
21.
2,559,656
2,525,009
2,506,972
2,510,576
2,820,067
2,829,532
2,768,219
2,744,930
891,648
886,807
827,554
767,328
1,928,419
1,942,725
1,940,665
1,977,602
344,013
344,013
344,012
344,012
122,166
134,397
123,374
123,729
1,462,240
1,464,315
1,473,279
1,509,861
260,411
304,523
261,247
234,354
Mar. 1.
8.
15.
22.
29.
2,526,660
2,540,443
2,527,772
2,523,374
2,518,516
2,748,799
2,737,734
2,740,189
2,737,991
2,776,247
766,738
707,573
650,065
676,630
710,255
1,982,061
2,030,161
2,090,124
2,061,361
2,065,992
344,013
344,012
403,713
403,712
403,713
114,401
121,616
118,317
123,271
126,217
1,523,647
1,564,533
1,568,094
1,534,378
1,536,062
222,139
197,291
212,417
214,617
257,731
Apr. 5.
12.
19.
26.
2,529,602
2,532,853
2,534,997
2,536,895
2,744,638
2,737,441
2,718,313
2,720,890
698,159
645,597
623,951
566,380
2,046,479
2,091,844
2,094,362
2,154,510
403,713
403,713
404,713
404,714
128,603
127,002
118,361
133,791
1,514,163
1,561,129
1,571,288
1,616,005
215,036
204,588
183,316
183,995
o
May 3..
10..
17..
24..
31..
2,537,262
2,541,503
2,527,081
2,509,652
2,511,810
2,767,622
2,733,390
2,686,092
2,717,107
2,709,085
597,886
561,338
545,900
575,987
568,194
2,169,736
2,172,052
2,140,192
2,141,120
2,140,891
404,714
404,714
406,214
406,213
407,413
132,924
125,141
136,736
130,676
131,428
l,632,09S
1,642,197
1,597,242
1,604,231
1,602,050
230,360
191,887
159,011
207,455
197,275
June 7...
14...
21...
28...
2,526,949
2,518,799
2,522,750
2,537,485
2,668,496
2,667,196
2,651,429
2,730,021
540,254
525,078
529,749
606,648
2,128,242
2,142,118
2,121,680
2,123,373
409,863
416,122
416,122
416,123
128,804
134,167
121,963
127,309
1,589,575
1,591,829
1,583,595
1,579,941
141,547
148,397
128,679
192,536
July 5..
12..
19..
26..
2,561,837
2,589,509
2,583,868
2,571,963
2,759,447
2,738,193
2,7§0,304
2,721,449
635,631
576,633
585,242
523,804
2,123,816
2,161,560
2,195,062
2,197,645
416,122
416,122
416,122
416,522
124,985
126,010
127,651
124,016
1,582,709
1,619,428
1,651,289
1,657,107
197,610
148,684
196,436
149,486
Aug. 2.
9..
16.
23.
30.
2,572,297
2,581,583
2,590,069
2,601,281
2,603,919
2,756,984
2,748,841
2,751,820
2,742,561
2,760,884
533,600
515,411
512,927
545,245
563,226
2,223,384
2,233,430
2,238,893
2,197,316
2,197,658
416,523
416,522
416,522
416,522
416,522
121,354
124,938
130,531
128,675
122,088
1,685,307
1,691,970
1,691,840
1,652,119
1,659,048
184,687
167,258
161,751
141,280
156,965
Sept. 6.
13.
20.
27.
2,639,293
2,652,313
2,636,112
2,653,544
2,784,678
2,799,373
2,832,430
2,804,215
578,210
580,211
630,172
643,693
2,206,468
2,219,162
2,202,258
2,160,522
416,522
416,508
416,507
416,508
124,654
126,505
132,617
133,652
1,665,292
1,676,149
1,653,134
1,610,362
145,385
147,060
196,318
150,671
Oct. 4
11
IS
25
2,682,940
2,708,014
2,722,446
2,688,822
2,849,167
2,943,986
2,904,392
2,830,534
654,235
751,046
740,927
706,102
2,194,932
2,192,940
2,163,465
2,124,432
416,507
416,509
416,507
386,507
125,188
126,843
133,925
127,104
1,653,237
1,649,588
1,613,033
1,610,821
166,227
235,972
181,946
141,712
Nov. 1.
8.
15.
22.
29.
2,683,851
2,695,470
2,699,633
2,694,644
2,718,471
2,944,266
2,951,876
2,957,896
2,913,107
2,915,767
817,731
857,826
878,995
835,525
867,683
2,126,535
2,094,050
2,078,901
2,077,582
2,048,084
386,467
391,367
376,367
376,317
346,317
122,620
124,744
126,496
128,489
131,560
\ 1,617,439
1,577,939
1,576,038
1,572,776
1,570,207
260,415
256,406
258,263
218,463
197,296
§
w
o
H
Ifo# W.—COLLATERAL (GOLD AND ELIGIBLE PAPER) PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES
OUTSTANDING—-Continued.
O
to
WEEKLY FIGURES FOR 1922-Continued.
[In thousands of dollars.]
Collateral pledged as security.
Date.
Federal
reserve notes
outstanding.
Gold and gold certificates.
Eligible
paper.
Total.
Dec. 6.
13.
20.
27.
2,730,882
2,775,320
2,818,805
2,835,092
924,788
887,347
832,130
836,933
2,045,210
2,103,069
2,117,688
2,198,846
In vault.
346,292
346,292
346,292
353,657
In redempIn gold
tion fund— fund—F. R.
U.S.
Board.
Treasury.
131,716
131,365
137,454
133,090
1,567,202
1,625,412
1,633,942
1,712,099
Excess
collateral
pledged with
Federal reserve agents.
239,116
215,096
131,013
200,687
In
j
a
w
No,
37.—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING
1922.
[In thousands of dollars.]
Month.
Outstanding at
beginning
of each
month in
1922.
2,781,791
2,560,887
2,518; 444
2,521,963
2,543,301
2,511,810
2,555,062
2,566,379
2,603,732
2,668,882
January
February...
March
April
May
June
July
Issued.
75,785
125,000
174,045
173,113
136,938
163,975
132,540
111,175
202,450
Retired.
October
November..
December..
2,718,471
Total: 1922.
1921.
1920.
1,1923..
1, 1922..
1, 1921..
1,1920..
190,977
266,663
167,443
170,526
151,775
168,429
120,723
121,223
73,822
137,300
176,877
161,445
167,943
1,949,595
2,049,637
2,215,254
August
September..
Outstanding: Jan.
Jan.
Jan.
Jan.
Boston.
Total.
1,914,195
3,003>577
1,775,312
2,817,191
2,781,791
3,735,731
3,295,789
Issued.
2,400
1,640
5,000 I
15,800
6,100
23,500
20,300
18,900
29,950
18,800
14,100
22,800
179,290
190,900
225,680
Retired.
48,477
11,926
9,823
9,639
13,095
9,054
10,996
8,652
10,933
13,741
13,216
13,095
172,647
272,297
178, 844
226,800
220,157
301,554
254,718
New York.
Issued.
36,760
37,760
65,440
46,180
38,020
61,540
21,600
30,560
27,980
27,820
44,660 |
31,880 i
Retired.
55,434 I
42,629 I
47,583 j
33,610 j
25,838
24,883
22,417
11,564
71,832
75,902
50,935
49,387
470,200 j 512,014
538,810 | 758,416
373,080 I 276,442
774,934
816,748
1,036,354
939,716
Philadelphia.
Issued.
4,200
17,200
13,800
17,740
4,500
8,800
14,000
2,400
15,200
29,400
32,660
31,960
191,860
183,410
177,420
Retired.
Cleveland.
Issued, i Retired.
Richmond.
Issued.
Retired.
4,600
9,900
15,200
16,120
10,660
13,340
7,865
10,980
24,280
18,760
21,000
38,340
25,929
16,160
14,867
12,556
12,419
15,222
10,880
4,735
7,895
10,065
11,927
13,354
2,810
6,130
9,780
11,720
5,500
2,920
1,910
5,130
16,090
17,440
11,690
18,600
16,819
10,002
11,666
12,428
10,465
5,499
4,386
5,142
7,763
9,205
10,064
11,674
171,012 191,045
251,839 I 121,440
134,017 I 249,000
156,009
260,269
154,109
109,720
153,820
179,004
115,113
197,397
169,675
25,253
12,897
13,780
11,452
11,489
9,852
14,122
6,271
8,120
20,550
20,090
17,136
243,718
222,870
291,299
247,896
274,900
239,864
378,693
283,802
i
112,064
117,457
161,034
151,705
O
N o . 37.—FEDERAL R E S E R V E NOTES I S S U E D AND RETIRED BY EACH FEDERAL R E S E R V E AGENT, BY MONTHS, DURING 1922—Continued.
[In thousands of dollars.]
Chicago.
Atlanta.
St. Louis.
Minneapolis.
Kansas City.
Dallas.
San Francisco.
Month.
Issued.
Issued.
Retired.
Issued.
1,240
.3,055
6,265
9,070
8,792
12,553
4,310
5,190
7,055
14,500
9,800
6,465
11,725
14,953
8,694
9,137
6,302
8,833
6,885
7,746
6,827
4,842
4,570
7,605
5,887
13,000
21,800
33,080
35,800
26,420
18,640
24,280
13,840
16,800
31,600
35,240
58,640
52,260
27,113
30,178
25,940
37,885
18,843
17,310
9,692
11,042
23,705
25,398
98,780
148,940
196,035 I
92,281
200,056
176,3.83
329,140
293,980
345,330
305,755
480,999
246,552
January.,
February
March
April
May.....
June.
July
August
September
October
November
December
Total: 1922
1921
1920
Outstanding: Jan.
Jan.
Jan.
Jan.
Retired.
1,1923.
1,1922.
1,1921.
1, 1920.
135,143
128,644
179,760
160,108
470,603
447,218
634,237
535,459
1,000
800
7,160 |
4,380 |
2,840 [
14,900 |
16,390 I
7,870 j
6,850 |
Retired.
8,021
6,628
8,948
6,051 I
6,771 j
4,730
3,030
4,084
1,541 |
3,802
5,092
5,797
63,430
64,495
74,960 I 116,248
106,470 I 115,798
113,038
114,103
155,391
164,719
Issued.
Retired.
Issued.
Retired.
Issued.
Retired.
Issued.
Retired.
1,540
2,090
3,505
2.706
2,845
3,125
3,465
3,140
5,645
6,420
2,777
6,103
5,975
4,144
3,351
3,236
4,131
3,555
3,036
3,174
1,994
2,085
3,056
3,468
300
4,350
4,840
3,950
2,600
2,900
3,300
3,600
4,350
5,830
4,260
4,900
5,883
4,511
4,174
3,686
3,821
3,483
3,100
1,362
2,101
2,074
2,145
4^870
795
1,510
1,305
1,820
1,420
2,180
4,610
14,055
3,154
235
2,520
4,856
3,239
3,182
2,023
2,529
1,692
1,524
1,228
1,202
1,331
3,579
3,036
5,800
16,070
12,020
13,000
25,920
16,320
24,070
8,120
18,700
11,520
10,020
32,345
32,829
19,500
13,837
24,852
31,153
17,025
22,676
11,091
8,035
9,847
8,338
14,050
43,361
39,265
39,450
41,205
60,174
46,507
45,180
36,730
72,570
41,010
79,417
65,000
33,684
25,762
69,245
29,421
70,978
63,135
193,905
241,620
181,970
213,233
255,487
148,850
62,633
60,477
81,386
88,443
79,608
75,438
118,125
110,555
43,801
39,538
84,754
78,644
o
H
ffl
279,949
299,277
313,144
280,024
5
N o . 38.-—FEDERAL R E S E R V E N O T E S OF EACH DENOMINATION OUTSTANDING, H E L D BY F E D E R A L R E S E R V E A G E N T S , AND ON H A N D IN WASHINGTON,
AS OP D E C E M B E R 31,
1922.
[In thousands of dollars.]
OUTSTANDING—NET AMOUNT ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS.
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Total
Total.
I
;
|
I
226,800 |
774,934 |
243,718 j
274,900 !
Fives.
28,925
155,065
112,064
135,143
470,603
113,038
62,633
79,608
43,801
279,949
35,837
21,317
27,256
73,242
24,859
16,825
19,206
10,957
43,370
I 2,817,191
500,719
Tens.
Twenties, j Fifties,
j Hundreds.
nun£reds.
Ten
Five
; T n o u s a n < i s - thousands, thousands.
232,323
64,760
51,902
26,629
32,748
130,049
30,561
19,010
17,731
9,519
47,900
79,856
174,494^
81,343,
110,922
40,606
41,642
181,237
42,048
22,093
31,957
18,489
105,236
11,356
51,201
31,857
53,165
12,120
9,332
37,181
6,975
1,245
3,322
1,708
15,321
19,440
85,247
17,543
17,116
8,076
13,826
30,475
5,271
2,516
5,443
2,337
32,941
1,643 !
21,822 j
994 |
269 |
3,271 |
3,916
46,042
3,361
3,178
2,905
6,726
10,328
1,863
621
1,154
522
10,760
315
1,920
0
185
5
0
1,985
165
0
0
0
9,390
6,820
0
460
30
0
0
180
0
0
0
11,760
744,121 |
929,923
234,783
240,231
42,463 ;
91,376
13,965
19,610
3,200
45,600
2,000
6,300
5,950
12,381
11,200
1,800
1,400
5,000
400
1,300
1,069
6,865
3,000
1,650
7,400
10,000
800
1,100
1,625
9,348
2,600
1,750
3,600
4,000
7,500
8,000
1,800
1,985
3,500
3,950
2,000
1,830
3,590
2,135 j
376 |
3,613
6,106 |
1,116 i
323 ;
795 I
HELD BY F E D E R A L R E S E R V E AGENTS.
Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
83,100
399,610
48,920
31,340
27,259
75,959
83,960
23,940
14,800
95,570
12,000
2,100
3,200
11,730
10,200
4,000
23,600
103,320
13,720
4,200
4,120
12,460
11,440
2,760
18,400
108,920
14,000
5,840
2,960
15,277
27,520
4,160
3,200
19,200
6,000
5,200 |
2,400 '
7,898
16,000
2,400
No. 38.—FEDERAL RESERVE NOTES OF EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND IN WASHINGTON,
AS OF DECEMBER 31, 1922—Continued.
[In thousands of dollars.]
HELD BY FEDERAL RESERVE AGENTS—Continued.
Federal reserve bank.
Minneapolis
Kansas City
Dallas.
San Francisco
Total
Total.
Fives.
Tens.
Twenties.
Fifties.
Ten
Five
Five
Hundreds. hundreds. Thousands.
thousands. thousands.
10,890
19,060
16,929
53,470
2,975
2,660
4,570
6,500
2,440
3,600
4,260
9,600
2,920
4,640
5,230
8,000
530
1,940
562
4,800
990
2,620
790
4,400
350
1,900
391
3,400
685
1,700
1,126
4,000
4,580
8,190
874,437
170,305
195,520
217,867
70,130
97,231
26,725
42,134
19,795
34,730
16,400
16,400
11,200
8,200
25,600
10,400
14,800
3,200
1,400
5,400
3,400
7,000
4,400
20,400
17,200
7,200
18,800
10,000
21,200
6,400
2,000
4,800
4,000
8,000
4,800
10,200
10,000
1,600
10,000
4,400
8,000
4,000
800
5,000
2,200
3,600
22,000
30,400
9,600
1,600
10,000
10,400
8,000
4,000
6,000
12,000
4,000
1,600
10,000
20,000
10,000
2,000
6,000
2,000
10,000
4,000
0
0
6,000
4,000
12,000
40,000
24,000
4,000
4,000
4,000
12,000
8,000
0
0
12,000
8,000
123,400
124,400
64,600
119,600
74,000
128,000
i
ON HAND IN WASHINGTON.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco.
Total..
106,200
389,360
84,940
65,840
153,400
143,320
279,600
123,720
86,820
90,580
98,220
159,240
|
j
J
i
I
I
1,781,240 i
8,200
51,720 ,
1,340 I
10,040 !
19,960 !
24,520 i
49,000 |
33,320 |
22,500 |
20,460 ]
19,780 |
34,080
294,920 j
8,000 I
98,080 [
14,880 '
31,200
32,320
58,840
31,200
29,400
21,560
26,520
32,640
384,640 '
20,400
102,160
1,600 |
16,320
27,840
45,280
97,760
29,600
24,720
21,360
20,320
60,320
467,680
W
o
No.
39.—FEDERAL
RESERVE
AGENTS'
STATEMENT
OF FEDERAL
RESERVE
NOTE
TRANSACTIONS
FOR
1922.
[In thousands of dollars.]
RECEIVED EY FEDEEAL RESERVE AGENTS FROM COMPTROLLER OF THE CURRENCY.
Federal reserve agent at—
Boston . . .
New York
Philadelphia
Cleveland
Richmond. . .
Atlanta
..
Chicago
St. Louis
Minneapolis . . .
Kansas City
Pallas . . .
San Francisco . .
Total
Total.
Fives.
Tens.
Twenties.
122,600
472,900
178,920
175,300
74,240
72,000
232,360
54,620
36,440
54,240
24,520
153,100
24,800
134,500
45,200
34,100
22,000
26,800
57,000
17,420
13,280
17,120
12,000
48,060
58,000
165,600
56,440
38,840
19,000
23,440
82 080
16 040
11,280
10,920
1,000
35,640
25,600
93,600
57,280
71,760
24,640
19,360
1,651,240
452,280
518,280
467,280
fi7 9«n
i« sftfl
10,480
16,000
11,520
51,200
Fifties.
Five
Ten
Five
Hundreds. hundreds. Thousands. thousands. thousands.
3,000
23,200
16,000
27,000
5,400
1,200
17,600
2,200
600
2,600
8,000
31,600
2,800
2,800
2,400
1,200
4,400
400
800
3,600
1,200
11,800
2,800
104,600
400
2,000
9,600
1,200
400
800
2,000
2,000
2,000
2,000
5,600
1,000
2,800
2,000
4,000
63,600
18,400
20,800
2,000
4,000
Minneapolis
Kansas City
Dallas
.
.
San Francisco
43,361
45,180
33,684
193,905
14,405
10,760
8,165
39,760
12,750
15,360
12,570
63,600
425
1,350
550
5,800
735
1,550
690 1
10,700 \
66
300
130 |
1,400 |
170
400
144
6,800
7,325
10,280
1,949,595
Total
14,810
15,460
11,435
48,240
' 507,890
583,790
577,310
122,465
82,805 |
19,196 |
38,469
7,380
10,290
R E T U R N E D TO F E D E R A L RESERVE AGENTS BY OR F O R T H E ACCOUNT OF F E D E R A L R E S E R V E BANKS.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City....
Dallas
San Francisco..
Total...
5,011
19,240
3,908
563
1,049
1,095
9,430
7,793
36,482
6,446
7,680
7,691
6,008
8,532
2,536
895
1,491
1,155
14,937
7,997
283
593
43
1,872
1,154
538
78
176
45
2,631
133,373
101,646
15,809
172,647
512,014
171,012
156,009
115,113
92,281
305,755
64,495
41,205
41,010
29,421
213,233
32,928
102,901
40,922
28,503
31,279
23,841
60,212
18,380
12,812
11,953
9,476
45,084
179,995
49,875
31,857
28,476
24,021
90,048
17,807
12,910
10,307
6,517
39,727
57,717
135,064
49,311
59,586
35,366
27,730
122,311
19,693
13,536
15,812
10,963
71,166
5,255
28,584
23,032
26,384
1,914,195
418,291
558,128
618,255
9,822
1,367
20,326
1,143
1,071
2,431
3,798
2,253
1,118
411
222
170
7,838
42,148
560
620
IS
205
5
2,005
235
130
280
>
F
W
12,500
12,455
14,090
o
H
O
CO
N o . 3 9 . — F E D E R A L R E S E R V E A G E N T S ' STATEMENT OF F E D E R A L R E S E R V E N O T E TRANSACTIONS FOR 1922—Continued.
O
00
[In thousands of dollars.]
RETURNED BY FEDERAL RESERVE AGENTS TO COMPTROLLER FOR DESTRUCTION.
Federal reserve agent at—
Total.
Tens.
Fives.
Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
132,997
439,013
159,552
144,224
77,492
61,043
277,055
57,805
32,784
39,010
23,453
154,698
24,718
69,901
38,922
25,518
20,884
19,490
56,712
17,560
10,847
11,953
8,291
43,864
Total...
1,599,126
348,660
|
Fifties.
Hundreds.
17,201
83,048
16,927
9,625
9,507
4,802
34,807
44,837
115,064
49,311
57,086
25,106
19,164
107,311
18,173
10,676
14,612
8,423
60,846
4,655
28,584
16,532
25,684
6,872
2,365
19,240
3,008
533
1,049
927
5,829
6,594
36,481
6,446
5,980
4,141
2,328
8,532
1,536
844
1,491
905
480,849
530,609
115,278
83,516
50,328
159,995 |
46,916 |
28,857 |
|
|
|
Twenties.
Ten
Five,
Five
hundreds. Thousands. thousands. thousands.
7,997
282
493
42
172
954
188
78
176
45
431
11,256
1,367
20,326
1,143
571
1,606
323
60
620
o
n
o
1,253
368
181
222
60
638
15
30
28,058
120
780
40
I
ISSUED B Y F E D E R A L RESERVE AGENTS TO F E D E R A L R E S E R V E BANKS.
Boston
New York..
Philadelphia
Cleveland...
Richmond..
Atlanta
Chicago
St. Louis
179,290
•470,200
191,860
191,045
109,720
98,780
329,140
63,430
34,250
146,520
50,200
37,785
30,995
28,115
70,620
19,460
73,500
163,040
58,120
41,100
28,120
27,420
101,480
17,920
54,640
84,240
55,040
73,460
35,060
25,950
125,040
19,600
5,200
19,000
21,500
32,100
7,950
4,490
20,800
3,300
9,200
28,000
6,000
5,300
5,600
5,030
7,600
2,400
800
11,800
200
400
280
2,320
1,200
300
1,700
17,600
800
900
1,700
5,455
2,400
400
w
o
10
50 i
No. 40.—FEDERAL RESERVE NOTES OF EACH DENOMINATION ISSUED AND RETIRED BY FEDERAL RESERVE AGENTS DURING 1922, 1921, AND
1920, AND AMOUNTS OUTSTANDING DECEMBER 31, 1922, 1921, 1920, AND 1919.
[In thousands of dollars.]
1921
1922
Outstanding Dec. 31.
1920
Denomination.
Issued.
Retired.
Issued.
Retired.
Issued.
Retired.
1922
1921
545,372
411,120 |
718,459 |
971,505
970,868 | 1,408,723
245,691 i
341,039
259,072 I
294,281
39,076 '
40,158
95,055 I
110,263
19,040
10,960
23,410
13,430
507,890
583,790
577,310
122,465
82,805
19,196
38,469
7,380
10,290
418,291
558,128
618,255
133,373
101,646
15,809
42,148
12,455
14,090
473,930
654,842
661,485
103,069
90,113
15,791
31,807
8,200
10,400
608,182
907,888
1,099,340
198,417
125,322
16,873
47,015
120
420
431,450
568,800
779,060
184,240
120,755
27,214
78,905
10,700
14,130
401,856
566,580
590,996
101,432
61,606
8,211
26,976
6,335
11,320
500,719
744,121
929,923
234,783
240,231
42,463
91,376
13,965
19,610
.1 1,949,595
1,914,195
2,049,637
3,003,577
2,215,254
1,775,312
2,817,191
$5
$10
$20
$50
$100....
$500....
$1,000..
$5,000..
$10,000.
Total
2,781,791
1920
3,735,731
1919
515,778
969,285
1,220,659
258,231
235,132
21,155
58,334
6,595
o
o
10,620
3,295,789
!
N o . 41.—INTERDISTRICT MOVEMENT OF F E D E R A L R E S E R V E N O T E S D U R I N G 1922.
w
[In thousands of dollars.]
Boston.
Total.
Received from or returned to
Federal reserve bank o—
f
Boston
New York
Philadelphia
Cleveland
Rip.hrnnnrl
New York.
w
Philadelphia.
Cleveland.
Richmond.
Returned.
Received.
Returned.
63,377
239,144
72,009
75,402
38,818
64,842
158,611
96,951
85,647
50,539
48,022
3,876
2,177
1,867
43,748
5,682
2,778
2,331
Received.
Returned.
Received.
Returned.
Received.
Returned.
Received.
43,459
Received.
47,975
5,687
55,773
3,876
41,116
41,116
15,393
12,085
55,449
31,836
19,255
2,788
31,836
10,276
2,184
15,364
14,467
14,453
10,112
10,247
8,778
2,927
19,466
8,770
8,716
6,074
8,696
Returned.
1,865
12,053
10,134
6,064
w
o
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
;
39,616
87,201
53,068
21,962
32,038
20,161
36,437
42,759
136,697
36,548
21,067
28,287
14,118
41,287
Total: 1922
779,233
1921
1,236,064
1920
1,176,551
777,353
1,212,157
1,176,154
'
•.
Boston
New York
Philadelphia
Cleveland
' Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Received.
...J
Total: 1922
1921
1920
j
1,287
19,917
1,348
2,334
3,582
62,964
75,670
89,584
Chicago.
Atlanta.
Received from or returned to
Federal reserve bank of—
Returned.
1,769
8,790
2,236
3,781
4,716
8,778
19,342
4,127
1,777
2,790
2,012
7,768
4,267
463
349
379
263
1,425
Received.
Returned.
4,131
24,107
2,695
5,536
3,517
19,285
4,672
18,944
2,969
3,394
4,302
39,529
St. Louis.
Received.
Returned.
470
4,096
570
3,968
832
7,751
9,945
720
4,124
1,237
6,183
1,418
5,090
23,650
19,715 i
39,507 \
4,075 !
2,768 ;
3,003 |
1,782 I
13,013 i
2,197
4,553
1,238
375
679
442
1,628
238,378 |
432,506 |
358,604 I
1,279
1,764
3,532
723
359
525
361
1,729
97,137
142,203
121,209
Minneapolis.
Received.
Returned.
377
1,693
257
811
167
325
1,683
776
361
1,762
373
949
239
254
11,918
568
Kansas City.
Received.
380
2,967
421
1,260
408
535
2,778
691
1,662
549
913
6,543
5,629
1,730
938
10,202
4,511
2,184
3,332
5,119
257
914
3,435
1,549
5,551
7,753
317
946
2,663
1,256
23,650
11,991
10,207
2,194
8,815
9,930
9,731
6,746
1,283
7,122
571
4,511
2,494
1,459
793
5,712
2,355
1,853
2,150
267
3,429
1,697
175
3,502
3,515
4,334
43,074
j 88,526
1 69,715
39,778
69,352
63,337
137,157
209,489
197,571
87,593 !
123,014 I
139,230 I
36,667
61,726 |
59,594 j
53,135
79,628
95,670
20,935
32,679
42,785
21,798
32,635
29,274
28,100
51,764
56,643
i
[
Returned*
Dallas.
Received.
San Francisco.
Returned.
1,260
2,333
175
2,528
359
1,995
438
754
434
3,336
2,261
2,472
276
3,466
2,588
5,519
2,002
14,090
35,298
44,205
20,086
33,324
32,783
1,446
13,027
1,006
1,637
667
1,253
7,115
1,863
3,526
5,519
4,243
1,681
7,596
1,572
2,449
1,154
1,524
8,584
1,415
3,410
4,253
1,891
41,302
35,529
54,302
59,592
4,295
32,157
45,392
51,465
Received.
Returned.
254
1,818
238
546
329
2,607
58,294
52,627
I
FEDERAL RESERVE BANK NOTES.
No. 42.—FEDERAL RESERVE BANK NOTES OF EACH DENOMINATION ISSUED AND REDEEMED BY COMPTROLLER OF THE CURRENCY DURING
1922, AND AMOUNT OUTSTANDING ON DECEMBER 31, 1922.
[In thousands of dollars.]
ISSUED.
Federal reserve bank.
Ones.
Total.
2,040
5,044
•2,596
1,460
3,236
3,284
3,952
2,828
1,344
5,296
2,572
676
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
0
2,644
1,364
0
!
980 |
636
3,848
2,828
916
1,252
2,068
676
34,328
Total.
Fives.
Twos.
17,212
2,040
2,400
Tens.
Twenties.
Fifties.
w
w
2,256 ;
288 !
104
0
408 ;
544
184
0
0]
0|
1,000 !
1,460 \
0
0 \
0
0
20
3,500
320
0
8,456 !
6,300 |
6,006
8,274
3,176
7,990
0
454
0
0
0
0
813
0
0
0
949
1,602
o
o
0
0
232
0
8
1,280 |
o!
o!
o!
o;
0;
0
1,080
1,280 j
REDEEMED.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta.......
Chicago
St. Louis
Minneapolis..
10,089
31,655
9,540
7,927
4,257
7,026
9,509
4,938
3,720
4,045 j
|
j
j
!
|
|
!
j
14,937 I
5,551
5,376
3,116
3,638
5,488
3,711
2,917
1,141
38
o
0
0
664
1,571
767
386
0
2,740
698
886
402
246
24
149
50
0
53
245
558
0
0
0
W
o
w
p
Kansas C i t y . . .
10,500 I
4,239
756 I
5,239
97 |
Dallas
San Francisco.
2,887 I
1,803
174 !
481
257 |
172
5,036 j
3,982
56
0 I
0
107,084
Total.
25,821
19,636
53
1,845
OUTSTANDING.
0
0
°!
0
0
420
0 !
0 |
1,102 j
0 {
0]
0 i
0
1,088 |
32
0j
7,679
4,201
2,176 ;
1,111
191 |
2,737
1,498
900 |
339
0I
2,966
1,154
260 |
1,552
2,535
915
1,620 |
0
4,404
938
378 !
1,819
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
0
a
o
0
6,349
4,327
1,164 i
418
219 ;
1,566 |
0
2,702
2,152
37 \
221 I
72
1,962
1,244
190
°|
0
3,375
0 i
189 |
71 j
1,539
180 I
528 i
794 I
190
6,233
336 j
0
2,631
1,739
276 |
258
144 I
214 |
0
1,897
1,264
568 j
65
0 I
0 |
0
43,914
Total.
^
21,670
9,932 j
7,950
1,882 !
2,408 }
72
>
RECAPITULATION.
Outstanding Dec 31, 1921
Issued to bank during 1922
Total
•
Redeemed during 1922
Outstanding Dec. 31,1922
116,670
,
63,261
27,297
21,286
2,647
2,054
125
34,328
17,212
8,456
6,300
1,080
1,280
0
150,998
80,473
35,753
27,586
3,727
3,334
125
107,084
58,803
25,821
19,636
1,845
926
53
43,914
21,670
9,932
7,950
1,882
2,408
72
NOTE.—At the end of 1922 all Federal reserve banks except Chicago, Kansas City, and Dallas had extinguished their liability on outstanding Federal reserve bank notes by
depositing lawful money with the United States Treasurer to provide for their retirement. The liability of the three banks mentioned above on Federal reserve bank notes outstanding
was $1,170,300, $2,575,000, and $893,484, respectively.
Co
CURRENCY RECEIPTS AND PAYMENTS.
No,
43.—CURRENCY (PAPER AND COIN) RECEIVED FROM AND PAID TO MEMBER AND NONMEMBER BANKS, BY MONTHS, DURING
1922.
[In thousands of dollars.]
Boston.
Month.
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
Total: 1922..
1921..
1920.
New York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Pay
Receipts. ments.
Pay.
Receipts. ments.
PayReceipts. ments.
PayReceipts. ments.
PayReceipts. ments.
PayReceipts. ments.
72,516
60,110
71,507
72,364
79,804
82,961
82,042
84,625
84,431
92,258
87,136
100, 776
53,065
65,554
76,348
68,911
81,232
86,134
80,127
94,607
89,357
87,260
88,018
107,172
145,443
166,821
190,956
168,600
194,172
202,406
183,258
208,288
200,955
213,240
210,539
280,529
60,273
44,515
52,132
53,999
53,774
52,457
54,476
57,399
51,858
59,225
58,629
74,855
39,581
52,729
55,769
50,744
46,007
52,875
52,344
62,635
67,127
73,375
75,177
89,042
55,966
35,276
39,182
39,238
42,982
44,675
41,069
39,863
38,403
50,628
53,152
23,325
35,623
37,227
40,008
36,097
40,792
37,429
46,881
56,265
53,787
60,303
74,228
970,530
756,523
698,979
977,785 2,406,090 |2,365,207
702,367 2,515,651 J2,015,239
688,624 2,236,142 2,093,745
673,592
691,241
570,094
717,405
646,539
643,266
549,327
603,567
579,048
541,965
461,752
657,982
231,629
156,571
187,729
186,927
193,487
204,407
213,285
202,510
187,223 |
204,320 |
200,705 |
237,297 I
23,314
16,205
19,004
20,537
22,254
23,587
22,419
23,184
22,714 |
27,161
28,213
35,020 |
283,612
264,805
194,500
12,368
15,140
18,258
18,508
18,400
23,064
20,659
25,877
33,326
31,958
28,371
35,714
34,309
23,750
27,132
22,695
24,890
24,337
21,941
21,782
21,492
25,870
26,265
34,494
281,643
244,779
243,979
308,957
340,735
335,485
15,280
17,536
22,150
20,910
26,554
21,751
19,971
23,432
34,019
26,067
24,329
32,749
Chicago.
Receipts.
103,144
66,227
80,133
86,020
87,605
91,263
87,143
86,475
87,437
97,817
97,069
119,349
69,646
73,445
87,292
83,843
87,281
94,060
88,069
98,393
97,749
101,625
107,359
136,266
284,748 1,089,682
n
1,125,028
264,564 1,047,915
288,976
971,684
o
1,037,095
o
931,060
O
l
St. Louis.
Month.
January
February
March
April..
May
June
July
August
September
October
November
December
Total: 1922
1921
1920
Minneapolis.
Kansas City.
Dallas.
San Francisco.
Receipts.
Payments.
Receipts.
Payments.
Receipts.
Payments.
Receipts.
Payments.
Receipts.
40,213
30,351
36,611
35,881
37,066
36,367
32,508
32,991
34,349
I 39,391
40,269
49,162
25,220
29,479
32,469
29,649
31,007
32,030
30,730
31,579
39,818
47,045
38,965
45,529
11,113
7,795
9,056
9,063
10,807
10,986
9,738
9,711
9,327
9,629
5,991
10,239
5,443
6,170
7,471
9,245
8,498
8,051
8,631
9,103
12,528
9,052
10,554
12,419
19,510
14,003
17,192
16,148
17,630
18,950
16,576
17,383
17,018
18,744
18,609
21,768
10,260
11,101
17,223
12,751
13,214
15,434
15,935
16,240
20,768
18,319
17,010
21,671
16,644
13,033
13,833
12,296
12,707
13,650
12,037
11,095
10,519
14,662
16,239
17,917
5,919
7,151
8,709
8,007
8,514
9,574
10,490
14,947
21,837
13,198
9,910
13,112
55,391
34,846
46,080
42,646
49,485
44,299
46,815
40,700
39,046
41,837
41,794
53,512
445,159 413,520
468,162 365,704
443,427 370,335
Total, 1922.
Payments f Receipts.
34,542
27,265
34,073
38,603
43,950
39,705
41,065
39,232
44,862
39,136
37,818
73,059
724,022
502,682
599,591
597,814
632,491
647,939
640,049
627,718
603,817
681,542
674,071
823,282
Payments.
440,092
508,014
587,945
549,779
594,926
625,876
588,708
671,214
718,611
714,062
708,353
921,490
Total, 1021.
PayReceipts. ments.
746,527
516,914
689,808
617,643
630,827
674,061
662,570
635,134
611,618
616,046
629,965
724,837
420,006
486,322
520,714
552,132
511,509
534,617
538,019
521,651
581, 973
537,620
547,580
739,151
Total, 1920.
PayReceipts. ments.
582,665
358,592
489,833
516,386
502,884
577,487
615,209
546,511
592,837
601,229
651,263
781,553
367,344
534,140
525,083
570,205
523,841
566,908
569,952
608,553
667,672
659,368
578,611
722,729
113,455 107,165 213,531 189,926 164,632 131,368 536,451 493,310 7,755,018 7,629,070
7,755.970 6,491,294
133,040 90,316 216,438 154,473 203,490 108,520 514,403 505,981
6,816,449 6,894,406
64,860 78,995 184,098 165,849 159,382 126,741 378,750 498,819
I
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
No. 44,—VOLUME
OF DISCOUNT AND OPEN-MARKET OPERATIONS OP EACH FEDERAL RESERVE
CLASSES.
BANK
DURING
1922,
DISTRIBUTED
BY
[In thousands of dollars.]
i Acceptances purchased in
|
open market.
Bills discounted for member banks.
Federal reserve bank.
I Total (all
Total.
B oston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Total: 1922..
1921..
1920..
2,262,087
9,206,364
2,450,843
1,523,346
1,424,567
489,930
1,581,004
865,856
193,014
328,019
222,557
1,535,300
AgriMember
Redis- cultural Bank- Trade
and
counted
ers'
bank
live- accept- acceptcollateral paper,
ances.
stock
notes.
n. e. s.
paper.
Total.
Bankers'.
Trade.
United States securities purchased.
Total.
Bonds.
Victory
notes.
Certificates of
indebtedness.
1,1
33,153
211,351
210,073
5,508 2,907,725
223
162,451
129
213,866
32,100
10,587
596,759
145,244
80,433
85,122
17, 850
170,637
449
8,223 20,906
8
180,936
32,711 201,934 561,690 2,111,390
123,772|
1,667 10,109 26,903
182,930
45 16,676 14,215
100
32,000'
4,382J
4,845
649
711
1,470 36,301 120,427 438,561
6,725 6,227 9,962 122,330
5,247 6,812 30,313
38,061
649 16,836 23,813
43,824
975
16,689
186
10,100 17,564 35,167 107,806
28,670,598 22,082,88715, 683,483 5,883,951 467,765 3,416 44,272 1,954,688 1,948,379
63,141, 608 57,759,128 31,229,142 25,502,115 841,832 57,095 128,944 1,534,401 1,527,235
229,
6,309 4,632,847
7,166 3,847,094
63,467 321,579| 845,120 3,402,681
17,732 20,800J 65,898 3,742,664
187,162 192,157 3,218,364 3,143,737
74,627 7,988,310
2,733,851
12,985,522
| 2,750,518
| 1,832,763
1,465,127
546,954
2,431,227
1,044,836
273,513
414,990
273,560
1,917,737
700,476 1,556,053 4,371
7,670,632 1,518,975 8,041
1,752,589! 693,979
3,50!
1,079,374 424,941 4,450
1,200,043 176,307 42,678
186,223 249,231 49,734
990,517 483,715 105,376
655,297
172,115 32,803
99,850
46,040 46,951
204,368
64,088 59,475
92,602
58,042 71,112
1,051,512 440,465 39,265
96,527,548 85,320,874 55, 565,447
29,376,108
192
700
75
1,459
1,187
8,523
767
13,881
5,539
4,742
1,321
4,182
173
107
3,175
261,691
871,433
137,122
95,551
8,460
46,429
253,464
33,736
261,691
865,925
136,899
95,422
8,460
46,429
253,464
33,736
1,849
33,153
211,800
323
7,987,978
Municipal
warrants
purchased.
102
66
176
985
No.
45.—VOLUME OF DISCOUNT AND OPEN-MARKET
OPERATIONS,
BY MONTHS, DURING
1922,
DISTRIBUTED
BY CLASSES.
[In thousands of dollars.]
Acceptances purchased in
open market.
Bills discounted for member banks.
United States securities purchased.
1
IO
CO
Month.
Total (all
Total.
January
February
March
April
May
June
July
August
September.
October
November..
December..
Total.
S Member
Redis- iculturalj Bank- }
I bank
counted j arid | ers
j collateral
:
notes.
n. e. s. j stock i ances. i
j paper, j
2,652,595 2,345,365 1,
902
j 2,524,758; 2,080,372 1,294, 028
\ 2,616,261 1,753,098 1,050, 184J
\ 1,666,618 1,308,055!
898, 646!
1,384,724| 1,113,9301 759, 020j
2,135,173| 1,159,318| 819, 507;
1,606,899! l,317,602| 952, 114]
1,471,469J 1,094,307! 753, 96V |
1,920,587 1,267,35SJ
826, 628
2,825,699 2,172,114J 1,517, 153
3,400,191 3,155,775 2,428, 437
4,465, 624 3,315,593 2,
594,4761
747,921
653,130J
360,168|
305,1991
294,538J
326,157
305,502
407,089]
613,815j
688,006!
587,950!
51,341
34,477
45,312
45,5051
45,99SJ
41,91lj
36,379J
32,428J
30,63l|
37,511 j
33,801 j
32,471
28,670,598 22,082,887 15,683,483 5,883,951 467,765
873|
92!
124J
289|
157|
Trade |
5,773|
3,8541
4,348!
3,447 i
3,5561
3,247j
lloj
j
8
•
i
33;
515|
1,007!
U2J
3,416!
2,4021
2,977|
3,120|
4,524j
4,133|
Total.
103,910
139,022
144,352
95,724
150,607!
175, 4931
158,758;
185,208J
217,053|
206,6171
175,378
202,566
Bankers'.
i Trade.
103,794|
143,935
95,520
150,607
174,683
158,229
184,8291
215,644j
205,848|
174,464|
202,127
44,272| 1,954,688 1,948,379
116
323
417
204
810
529
379
l,409J
769
914
439
Total.
Victory
notes.
Treasury
notes.
1,012 54,376
6,771
203,260
4,277 •51,092 114,884
305,313
718,811 15,044 42,266 99,387
262,839 16,130 31,662 58, 803
120,187]
9,792 20,948
2,170
800,362)
2,825 33,705 110,368
130,530)
595 14,113 37,761
191,9361
1,276 19,058 70,562
436,176
915 27,212 92,845
446,956 16,690 28,435 89,866
69,035
5,003 45,455
924
947,442
4,865 97,470
1,609
6,309 4,632,847 63,467 321,5j9
Certificates of
indebtedness.
141,101;
135,060;
562,114
156,244
87,277]
653,464;
78,061 j
101,040!
315,204
311,965
I7,653j
843,498J
845,120 3,402,681;
Municipal
warrants
purchased.
60
W
a
o
>
51
9
18
12
3
176
§
N o . 46.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF EACH FEDERAL RESERVE BANK, BY MONTHS, DURIIN'G
1922.
00
[hi thousands of dollars.]
Total.
Federal reserve bank. January. February.
March.
April.
May.
June.
July.
August, j
October.
1922
Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.Louis
Minneapolis
Kansas City
Dallas
San Francisco
191,714; 325,952
304,764;
; 1,102,997 1,026,459j 1, 074,055|
254,008
! 265,135
263,529|
192,206j 159,5*17
195,952
159,6221 167,680
205,840
62,89o|
\
83,174
55,899J
195,692! 204,015;
244,003
-0
;
75,951
50,454|
65,61"
25,890|
26,080
20,712
45,558J
48,225
46,254!
23,661
28,1011
39,196
149,721
236,799)
176,299
167,170;
641,050!
197,71l|
123,480j
88,619|
42,518!
166,84l|
61,662j
20,477|
27,361'
19,180J
110,549;
129,425414,737|
197,571)
liO,46S|
72,719!
31,095j
146,747
74,127
23,785!
18,770
16,533|
118,747
163,809;
971,945;
221,492'
163; 138
72,185
28,776^
182,778
126,244
29,459;
32,619|
20,811]
121,9171
129,7351
788,744;
172,636J
91,608;
57,456;
25,2911
106,017!
63,407J
16,177|
14,6411
17,311
123,786
184,130
520,361
184,277
112,868
45,487
21,483
148,930
53,871
18,760
9,550
18,827;
152,925;
1921
1920
202,769; 267,172j
365,231
301,980! 2,733,851 4,864,778 5,734,164
844,511j 1,497,235/ 1,811,993 2,291,435 12^985,522 34,239,667 56, 518,319
342,633 2,750,518
162,580 6,218,922
174,425! 218,965; 258,136
106,431! 124,971; 205,318| 216,716 1,832,763 655,555 4,068,861
m , 4 5 9 | 150,947| 255,697 1,465,127
812,016 3,482,035
76,416
52,765!
50,826
688,938 2,290,420
42,414
49,8231
546,954
218,640J 214,084
421,621 2,431,227
538,442 7,498,467
181,859
79,702| 116,022! 207,713 1,044,836
674,828 2,548,548
70,073
20,626
736,603 1,113,147
14,866|
33,996J 273,513
22,685
32,618
960,337 1,813,195
20,286|
37,443(
81,665| 414,990
32,584
776,261 1,465,232
18,817
20,804)
17,735j 273,560
031,603 3,776,238
167,962
159,901
155,524) 243,607 1,917,737
Total: 1922.... ..; 2,652,595 2,524,758 2,616,26l| 1,666,618 1,384,724 2,135,173 1,606,899 l,471,469j 1,920,587 2,825,699 3,400,191 4,465,624 28,670,598
63,141,608
1921.... ..I 8,654,134 8,309,185 7,967,010| 5,084,648 5,040, 858 4,799,534 3,847,005 3,663,163 3,650,263 3,729,581 3,525,792 4,870,435
96,527,548
1920.... .. \ 7,186,317 7,122,048 8,770,100; 7,474,478 6,452,944 7,800,839! 7,518,907! 8,366,5711 8,447,267 8,013,276 8,715,06110,1,659,740
t
o
N o , 47.
-VOLUME OF BILLS DISCOUNTED, BY MONTHS, D U R I N G
1922.
[In thousands of dollars.]
Total reduced to a
commoin maturity
basis .i
Federal reserve bank.
January. February.
March.
April.
May.
;
June.
\
July.
[ August.
&e
J^ul"
October. I
^
u
ber.
Total,
Amount.
Per cent
of total.
s
O
o
Boston
New York
Philadelphia
Cleveland
,
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
San Francisco
148,729
945,228
246,117
184,603
204,742
...j
...|
...j
...i
...|
\
SO, 779
186,180
74,528
25,324
46,220
38,793
164,122
301,209
745,682;
235,473!
170,634!
158,108^
61,374)
141,037;
54,2341
17,667:
32,62oi
23,66l|
138,668J
283,800j
482,866'
233,034]
104,703!
166,654J
52,98l|
147,020
41,019|
14,580;
29,199;
21,650
175,592'
133,787;
453,642J
180, 663J
106,7321
88,170J
40,328:
107,930!
56,597;
14,729;
22,257;
19,130
84,090|
103,477!
277,365|
184,306j
121,409
72,364
27,286|
97,450|
65,439
20,891
18,737j
15,830|
109,376
82,739!
345,164!
186,639;
121,960!
71,672/
21, 845J
93,23*1
90,923;
21,28si
14,393
16,82oj
92,632!
109, 890i
617,9361
150,347]
84,485!
57,196|
23,4571
68,437
57,330
12,120
14,350
16,306
105,748
143,429;
344,202;
164,513J
93,708!
45,153;
19, 020;
86,920!
43,899^
11,8631
9,445;
17,769
114,386;
238,750] 2,262,087j 1,525,916
230,6911 330,81l|
154,775
391,410 1,046,396] l,703,058i 1,853,415 9,206,364| 3,853,60S246,952 2,450,843! 1,794,6711
251,390;
166,726
204,683]
179,573;
152,582 1,523,346! 1,668,720*
93, 866
109,091!
150,202;
75,708
223,477; 1,424,567: 1,588,240;
I l l , 12l|
489,93C! 1,652,739;
35,792
45,777i
41,979;
39,312|
109, 233
188,976]
160,892!
193,691? 1,581,004J 3,997,110'
69,051
108,449J
865, 856 l,265,612i
72,16$
132,224;
857,669:
11,689
12,536j
193,014
14,3361
15,991'
19,574
29,831;
54,7591 328,019 1,055,107!
36,629;
14,550
222,557i 1,015,388;
13,076'
11,495|
13,472J
124,984
134,902i
150,278; 1,535,300 1,808,107;
140,522!
6.9
J7.4
8.1
7.6
7,2
7.5
IS. 1
5.7
3.9
4.8
4.6
Hi
H
O
T o t a l : 1922
1924
1920
2,345,365 2,080,372j 1,753,098; 1,308,055! 1, 113,930 1,159,318 1,317,602 1,094,307; 1,267,358; 2,172,114] 3,155,775| 3,315,593-22,082,887 22,082,887i
8,258,163 8,120,849 7,368,268; 4,912,652; 4, 253,864 3,674,977 3,735,078 3,513,063; 3,033,109^ 3,489,268 3,231,271 4,168,566j 57,759,128
L
6, 241,271 6,517,439 6,970,33li 6,229,740' 6, 135,984 6,336,6*2 6,714,924 7,982,524J 7,298,972! 7,548,456 7,882,933 9, 461,658J85,320, 874^
|.
100.0
>
o
1
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.14) {or system.
No. 48.—NUMBER OF BANKS IN EACH DISTRICT ACCOMMODATED THROUGH DISCOUNT OPERATIONS, BY MONTHS, DURING
Federal reserve
district.
B oston
New York
Philadelphia
Cleveland
Richmond
Atlanta . . . . *...
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
Total- 1922
1921
1920
January.
February.
March.
227
350
228
206
205
182
171
343
351
328
256
304
April.
May.
June.
July.
August.
September.
October.
November.
160
165
264
295
230
341
December.
509
509
450
288
540
491
494
353
1,129
400
437
372
211
237
742
221
350
343
297
175
272
330
175
266
3,793
3,859
5,572
5,622
5, 275
401
355
382
369
371
347
343
351
331
307
283
304
282
338
343
300
278
370
365
311
327
395
364
375
398
387
370
sm
347
328
328
322
289
355
340
336
300
284
303
889
298
791
287
774
754
732
288
712
298
937
323
763
774
372
380
277
412
241
323
252
336
288
453
468
441
430
332
443
512
325
429
444
339
249
415
381
260
500
567
536
366
278
400
715
271
230
788
303
292
316
314
327
431
339
498
340
485
335
425
301
5 350
4,847
5,107
3,338
4,701
5,320
4,738
4,636
4,436
4,167
4,042
5,568
5,632
3,670
4,175
4,642
5, 745
4,948
5,607
4,858
5,453
4,780
3,944
5,427
4,758
3,461
Total
1920.
538
402
289
321
5,293
1921.
342
536
484
333
341
Total
1922. .
341
207
320
Total
330
544
233
231
356
376
1922.
4,952
531
444
1,191
r!
r
£
P
5
c
1,124
ft
706
390
765
386
704
C
733
661
920
704
826
531
617
3,873
6 956
5,676 . . .
5,551
7,415
181
269
^
702
578
£
~
6,941
W
O
2
2
>
o. 49,— VOLUME OF BILLS DISCOUNTED, BY STATES; NUMBER OF MEMBER BANKS IN EACH STATE, AND NUMBER ACCOMMODATED
DISCOUNT OPERATIONS, 1922, 1921,, AND 1920.
THROUGH
[Amounts in thousands of dollars]
i Number of member banks on Dec. 31.
1922
United States..
9,916
1921
1920
9,841 I
J
Number accommodated during— j Total amount of paper discounted.
1922
1921
1921
1920
O
9,628 j
6, 956 j
7,415
Geographic divisions:
New England
Middle Atlantic
East North Central..
West North Central.
South Atlantic
East South Central..
West South Central..
Mountain
Pacific
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
i Exclusive of one member bank in Alaska.
1922
1920
6,941 ! 22,082,887
57,759,128 ; 85,320,874
354
1,134
1,130
1,430
646
273
1,037
549
388
63 |
56j
48
185 I
20 j
67 |
603 |
282 |
935 ;
2,276,633
12,422,245
2,156,040
749,919
1,651,636
680,626
477, 098
426,817
1,241,873
4,488,110]
36,492,572 j
4,906,757 j
2,573,793 j
| 3,356,492 !
| 1,215,695 !
i 1,632,417 \
I 790,360 I
I 2,302,932 j
42,621
40,246
\
21,409
|
| 2,068,564
16,392
|
87,401
52,765
48,790
26,739
4,170,612
20,649
168,555
49
192
20
69
66 \
55 •
49 j
189 |
20 ;
71
41
43 \
34 |
164 i
11 '
46 \
40 ,
46
36 j
166 |
13
51
38
45
40
160
16
55
602 \
272
922;
595 ;
260 j
911
408
198 ;
630 i
398 '
188 |
592
404
182
548
63
56;
4,960,412
57,985,933
6,736,742
4, 274,116
4,059,915
1,656,772
2,345,534
836,761
2,464,689
50,294
49,932
30,253
4,554,280
41,954
233,699
i
|
j
|
8,837,014 | 30,228,160
506,559 j 727,867 j
3,078,672. 5,536,545!
49,805,621
888,470
7,291,842
d
H
O
N o . 49.—VOLUME OF BILLS DISCOUNTED, BY STATES; NUMBER OF MEMBER B A N K S IN EACH STATE AND NUMBER ACCOMMODATED THROUGH
DISCOUNT OPERATIONS, 1922, 1921, AND 3920—Continued.
fcO
to
[Amounts in thousands of dollars.]
Number of member banks on Dec. 31. Number accommodated during—
1922
Kast North Central:
Ohio
Indiana.
Illinois
Michigan»
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota...
Nebraska
Kansas.....
South Atlantic:
Delaware
Maryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
1921
1920
1922
j
1921
Total amount of paper discounted.
1920
1922
1921
1920
i
!
457
274
591
283 |
190
463
275
585
282
190 I
459
275
566
272
188
377 ,
459
181
188
153
198
274
375
459
172
188 !
155 j
202 ;
275 I
368
459
169
187
152
210
271
22
94
15
192
140
104
104
188
78
22 ;
97
16
190
136 |
103 ;
100
173
72
22
98
16
185
132
97
98
139
65
307 i
185 i
390 1
212 I
127 !
222
400 |
126 !
145 |
127 \
146 I
138-'
19 i
72 i
11
150
89
85 ;
9 6 '•
142
39
291
193 ;
402 \
217
137;
260
185
380
188
117
254
429
120
152
I
j
1
j
145 |
169 |
211 |
20 |
76]
10
146 j
78 1
96 j
98 |
168 i
58 1
669,974
157,255
694,581
540,791
93,439
1,215,924
303,207
1,782,989
1,295,999
308,638
1,062,757
411,878
3,105,257
1,749,911
406,939
242
424
127
144
130
192
171
97,457
198,467
290,008
20,768
27,885
85,134
30,200
474,581
635,256
1,044,637
65,304
93,325
175,230
85,460
734,318
H23,605
2,095,090
55,649
82,986
356,931
125,537
20
70
10
140
45
85
96
134
46
16,731
38,614 ;
269,905
569,550 |
284,791
99,228 |
526,888
1,428,846 \
124,432
123,204 \
131,470
311,828 i
102,574
253,535 ;
157,386 \
422,646
37,459 i
109,041 ,
!
43,016
830,265
124,352
1,737,538
75,972
303,320
304,961
540,167
100,324
O
W
W
W
ft
W
o
>
b
East South Central.
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
Nevr Mexico
Arizona
Utah.. •
Nevada
Pacific:
Washington
Oregon
California
i
j
;
'
145
115
130
36
144
111
121
33
80
65
83
32
84
88 \
105 \
30
80
72
95
26
446,59}
150,536
61,382
22,117
396,523
615,489
148,350
55,333
475,954
986,790
144,048
49,980
122
4©
462
747
i
!
14S
119 j
133 !
40
119
51
400
749
114
53
380
737
95
37
312
561
103 j
94
45
294
604
74,450
153,952
56,677
192,019
186,439
511,488
239,655
694,835
204,422
672,361
267,739
1,201,012
189 I
120 j
51 j
148 j
51 \
26 j
55 I
11 \
200
127
51
146
57
25
65
11
200
129
50
145
56
25
64
11
165
102
35
99
47
23
49
3
165 j
122
39 !
105 ;
52
24
62
5
151
112
35
114
50
22
61
4
28,370
211,076
8,955
77,258
14,471
17,758
68,666
263
65,531
227,461
28,863
141,255
28,151
33,709
263,152
2,238
52,344
186,543
25,666
222,453
30,723
21,407
295,679
1,946
o
164
135 \
325 i
150
134
355
146
119
346
104
75
186
110
86
218
107
79
202
75,274
59,387
1,107,212
234,339
144,940
1,923,647
339,012
214,358
1,911,319
H
50 !
360 ;
607 l
m
c
H
>
s
ft
k
O
i
c
to
No. 50.—VOLUME OP BILLS DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANKS AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE
SYSTEM DURING 1922, 1921, AND 1920.
to
[In thousands of dollars.]
Total.
Discounted for national banks.
Discounted for State bank and trust company members.
^
^
Federal reserve bank.
1922
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
1920
1921
1922
1921
1920
1922
1921
1920
[H
^
g
H
Q
^
H
W
2,262,087
9,206,364
2,450,843
1,523,346
1,424,567
489,930
1,581,004
865,856
193,014
328,019
222,557
1,535,300
!
Total
No.
4,454,760
30,768,990
3,872,367
3,218,833
2,749,671
1,647,255
4,168,477
1,609,024
730,662
944,074
771,997
2,823,018
4,876,556
50,539,429
5,820,258
2,895,670
3,346,322
2,231,946
6,305,492
2,438,041
953,392
1,667,943
1,280,178
2,965,647
1,732,039
7,231,941
1,940,277
940,014
1,272,000
290,808
979,373
632,877
162,458
280,273
189,187
971,337
3,596,012
23,572,551
3,096,820
1,431,026
2,478,801
1,080,731
2,821,976
1,005,416
654,869
787,229
653,382
1,549,496
3,903,570
42,514,279
4,985,343
1,759,446
3,119,260
1,520,311
4,335,290
1,689,278
887,148
1,474,277
1,150,000
1,949,15©
530,048
1,974,423
510,566
583,332
152,567
199,122
601,631
232,979
30,556
47,746
33,370
563,963
858,748
7,196,439
775,547
1,787,807
270,870
566,524
1,346,501
603,608
75,793
156,845
118,615
1,273,522
972,986
8,025,150
834,915
1,136,224
227,062
-711,635
1,970,202
748,763
66,244
193,666
130,178
1,016,497
22,082,887
57,759,128
85,320, 874
16,622,584
42,728,309
69,287,352
5,460,303
15,030,819
16,033,522
51.—VOLUME
OF BILLS DISCOUNTED D U R I N G
1922,
BY R A T E S OF DISCOUNT
Boston
New York....
Philadelphia..
g
in
CHARGED.
[In thousands of dollars.)
Federal reserve bank.
£3
O
W
[H
w
i 4 per cent, j 4} per cent, j 5 per cent, j 5i per cent.
1,239,157 ;
6,166,315 !
1,022,930 !.'..
3,040,049 j . . .
2,450,843 !...
Total.
2,262,087
9,206,364
2,450,843
Ciereland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
747,721 ;
259,992
569,037
162,541
414,564
175,413
124,475
180,931
129,297
93,052
8,153,193 !
Total.
1,263,354
855,530
327,389
1,166,440 |
690,443
60,690
147,088
80,301
694,527
11,799; 584 j
2,109,302
1,523,346
1,424,567
7,849
12,959
20,808 i
1, 581,004
865,856
193,014
328, Oio
222,557
1,535,300
22,082,887
W
O
O
d
N o , 52. —VOLUME OF BILLS DISCOUNTED EACH MONTH IN 1922, BY R A T E S OF DISCOUNT CHARGED.
[In thousands of dollars.]
Month.
January
February..
March
April
May
.Tune
July
August
September..
October..-.
November..
December..
Total.
| 4 per cent. j 4^ per cent, j 5 per cent- j 51 per cent
1,411,144 \
1,516,278 |
1,372,260 i
240,708 !
810,475
602,017
671,169 i
1,417,609 i
2,168,771 I
2,242,444 j
8,153,193
1,206,775 :
1,058,471 |
866,104 I
474,290 !
483,415
596,189 \
754,505 |
987,004 j
1,073,149 j
11,799,584 j
913,413
564,094
380,838
101,280
55,459
52,506
32,837
8,875
20,808
2,109,302
20,808
Total.
345,365
080,372
753,098
308,055
113,930
159,318
317,602
094,307
267,358
172,114
155,775
315,593
22,082,887
H
O
No. 53.
AVERAGE MATUKITY OF BILLS DISCOUNTED, BY MONTHS, DOWNO
1922.
Pays-]
Federal reserve bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All banks: 1922..
1921..
1920..
January,
February.
I
March.
April.
May.
11.03
6.01
10.52 j
14.92
12.16
36.91
27.73
24.25 ;
45.46 !
35.94
46.08
15.50
5.47
5.83
10.04
13.71
12.95
32.29
30.02
25/59
37.40
30.21
46.18
12.75
6.35
7.76
10.12
20.82
15.06
37.70
39.80 !
29.08
46.33
42.59
48.64
13.50
8.36
5.31
9.44
19.20
19.85
43.00
30.93
27.99
67.26
49.31
04.46
20.73
13.75 j
10.19
13.21
11.04
9.61
12.26
15.39
12.38
13.77
15.86 ;
15.66 |
15.08 !
\
;
j
j
1
•
i
June.
July.
August.
September.
October.
8.96 ;
7.13
9.63
13.32
21.67
54.36
32.93
21.97
64.54
51.91
76.75
17.30
11.96
7.58
8.89
11.85
17.66
49.27
31.81
9.74
51.44
53.73
70.66
23.09
9.07 I
4.88
8.76
12.40
19.81
45.97
30.33
13.86
61.67
39.50
70.07
17.49
6.36
7.87 '
7.87
10.20
21.67
50.04
30.06
19.70
45.93
50.34
58.80
12.29
6.68
6.46
7.78
11.04
14.89
44.96
32.95
19.93
48.00
41.00
47.35
10.84
5.82
3.92
7.55
12.36
11.82
42.96
31.74
17.29
58.51
44.20
41.93
9.26
17.44
16.76
14.74
15.61
19.29
14.48
11.97
16.18
13.63
13.48
15.76
12.38
13.43
17.22
14.27
9.99
14.78
13.26
November,
December.
10.71
3.63 ;
7.25 I
9.10
8.43 I
38.76 !
26.16 |
10.57 |
64.86
35.79
47.28
11.43
I
I
|
!
"h
8.43!
14.42 I
12.17 I
Year
1922.
10.76
4.02
8.32
12.11
8.18
40.57
27.97
12.37
61.48
29.19
60.22
13.55
8.19 ;
5.08
8.89
13.30
13.53
40.94 \
30.69
17.74
53.93 j
39.04 I
55.38 j
14.29 I
9.00
11.67
11.55
Year
1921.
9.24
6.99
13.06
15.90
15.26
28.94
35.11
24.59
44.48
37.03
38.44
20.17
j Year
i 1920.
13.14
7.34
13.24
16.45
13.75
25.26
34.74
24.77
38.85
34.54
27.42
21.13
12.14
13.63
w
o
N o . 54.
VOLUME OF BILLS DISCOUNTED BY EACH F E D E R A L R E S E R V E B A N K DURING 1922, BY MATURITIES.
[Amounts in thousands of dollars.]
Maturity.
Total.
Federal reserve bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total: 1922
1921
1920
A ^, i
Amount,
262,087
206,364
450,843
523,346
424,567
489,930
581,004
865,856
193,014
328,019
222,557
535,300
: 22,082,887
; 57,759,128
| 85,320,874
' rw?f*u G
j matunty
8.19
5.08
8.89
13.30
13. 53
40.94
30.69
17.74
53.93
39.04
55.38
14,29
Within
;
16 to 30
31 to 60
61 to 9
to 90
15 days>
days
days
days
2,121,079 «
9,079,312 I
2,404,012 |
1,355,722 !
1,222,941 '
222,847!
1,049,052 ;
679,212 I
101,102
209,105 j
97,474 !
1,389,278 !
12.14 j 19,931,136
51,248,594
13.63
75,914,215
13.29
91 to 180
days.
i
!
j
|
|
!
j
I
;
!
|
j
51,072
47,152
14,612
62,025
78,130
93,373
179,882
72,885
18,469
28,877
28,056
39,865
61,778
48,878
21,229
65,290
76,013
116,355
195,028
66,559
32,539
38,681
46,009
61,267
360
337
303
2,299
7,446
17,560
57,890
11,784
34,970
35,695
39,772
21,587
377,738 I
1,062,513 I
1,327,285 j
714,398
2,025,513
2,774,388
829,626
3,049,336
4,953,099
229,989
373,172
351,887
27,798
30,685
10,687
38,010
40,037
39,789
99,152
35,416
5,934
15,661
11,246
23,323
A
w
to
N o . 55.—VOLUME OF BILLS DISCOUNTED D U R I N G 1922, BY MONTHS AND MATURITIES.
00
I Amounts in thousands of dollars.]
Maturity.
Total.
Month.
Amount.
January
February
March
April
May
June
July
August
September
October
November
December
Total
2,345,365 j
2,080,372 i
1,753,098 |
1,308,055 j
1,113,930 ;
1,159,318 I
1,317,602 ;
1,094,307 |
1,267,358 \
2,172,114 ;
3,155,775 ;
3,315,593 |
22,082,887 ;
Average
maturity
in days.
13.75 j
11.94 ;
15.39 !
15.86 |
17.44 I
15.61 ,
11.97 j
13.48 |
13.43 j
9.99 :
8.43 ;
9.00 ;
12.14 j
Within
15 da vs.
2,094,264 j
1,883,521 |
1,518,475 j
1,126,890 j
956,638 !
1,006,024 |
1,199,100 |
977,455 !
1,108,615 |
1,989,661 !
2,963,856 \
3,106,643 I
19,931,136
16 to 30
days.
31 to 60
da vs.
42,297 I
42.684 !
35,672 I
31.964 j
26,770 !
24,416
17,962 |
15,603 i
29.685 j
31,602 I
38,118 '
40.965 :
77,996 ;
63,505 I
71,323 ;
61,945 |
47,079 !
47,629 \
31,242 ;
41,590
55,851 i
70,138
74,364
71,736
377,738 ;
714,398 !
61 to 90
days.
91 to 180
days.
107,953
74,804
106,846
63,219 |
55,335 !
55,305 •
50,559 !
46,832
61,416 ;
65,585
62,936 ;
78,836 i
S29;626
j
22,855
15,858
20,782
24,037
28,108
25,944
18,739
1.2,827
11,791
15,128
16,507
17,413
229,989
No.
56,—VOLUME OF BILLS, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS, DISCOUNTED DURING EACH MONTH IN
1922.
[In thousands of dollars.]
Year.
Federal reserve
bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.-Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Total.
714,537
7,685,801
1,771,245
1,083,488
1/190,949
186,946
996,767
659,587
86,029
206,307
80,694
802,292
Member RedisI banks' counted '
collateral paper.
notes.
700,476
7,670,632
1,752,589
1,077,809
1,186,057
182,662
984,869
654,9f4
85,536
203,892
80,332
799,685
Total: 1922... 15,464,642 15,379,463
1921... 31,925,457 30,870,988
1920... 57,440,018 55,410,876
14,061
15,169
18,656
5,679
4,892
4,284
11,898
4,663
493
2,415
362
2,607
49,990
749,700
193,021
i 136,624
! 179,654
| 37,954
| 128,465
| 53,007
12,774
31,277
18,482
87,589
February.
March.
April.
May. ! June.
July.
SepAugust. I tember.
!
October.
Novem- December.
ber.
a
o
37,112
543,430
174,949
102,152
I 136,301
| 33,401
I 92,090
! 36,210
| 9,986
i 25,078
| 12,035
| 81,954
55,530
35,689
337,288 402,909
176,673 141,902
68,976 | 59,890
138,928 j 68,756
23,815 ! 18,268
75,000 j 66,085
25,725 I 32,259
7,682 | 5,683
16,061 | 10,552
9,582 ! 5,967
97,142
35,844
38,075
208,514
145,424
92,826
55,509
12,182
61,158
41,334
8,386
10,327
3,661
58,863
39,108 i
268,155 i
139,254 I
93,718 •
55,076 I
7,479 |
54,094 I
82,057
11,373
6,249
4,421
36,909
43,496
38,252
515,162 262,911
128,593
108,440
77,338
59,704
44,248 , 32,207
5,316
6,944
57,271
44,633
32,666
49,322
5,462
3,878
4,479
8,882
3,556
2,806 I
49,767 | 76,192
51,484
296,078
117,219
70,759
58,918
6,694
61,925
48,337
5,308
9,463
5,580
73,167
80,258 132,439
863,460 LI, 512,000
131,478 156,895
75,085 134,458
92,726
132,117
11,158
13,076
97,606 136,486
54,647
94,637
5,323
4,012
15,622
25,190
5,481
5,758
66,196
64,255
113,104
1,726,194
157,397
111,958
196, 509
10,659
121,954
109,386
6,102
43,127
3,365
74,414
85,179 1,678,537 11,284,698 11,032,402 883,804 736,259 797,893 932,038 729,487 804,932 1,499,040 2,411,323 2,674,229
054,469 4,141,487 J3,856,232 b, 549, $62 3,265,958 2,708,619 2,058,159 2,184,275 2,070,133 1,610,696 1, 871, 588 1,930,649 2,677,799
029,142 5,456,344 15,544,280 J5,298,884 4,771,072 14,508,466 4,544,S36 |4,533,506 4,933,983 4,164,062 |4,305,269 J4,349,723 I 5,029,593
H
O
£j
to
CD
No.
5 7 . — V O L U M E OF T R A D E
ACCEPTANCES DISCOUNTED,
BY MONTHS,
DURING
1022.
O
[In thousands of dollars.]
Federal reserve bank. January.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: 1922
1921
1920
March.
April.
May.
j Tune.
Year
1922.
Year
1921.
Year
1920.
1,905
33,517
1,521
26,119
11,817
11,811
9,147
5,141
2,696
4,516
3,865
16,889
192,157
3
o
N o . 58.—VOLUME OF B A N K E R S ' ACCEPTANCES DISCOUNTED, BY M O N T H S , D U R I N G
1922.
[In thousands of dollars.]
Federal reserve bank. ; January, j
'
•
Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City .
Dallas
San Francisco
Total: 1922
1921
1920
February.
March.
April.
May.
August.
July.
June.
September.
October.
November.
!
Decem- j Year
1922.
ber.
500 j
I
35
71
192
700 |
200
I
75 |..
261 !
37
873
8,974
17,226
Year
1920.
•
i
86
;
Year
1921.
32
124
89
60
92 ;
6,159
28,611
102
10
45
124
11,512
34,534
289
7,405
28,172
157
6,563
15,254
25
]
8
16
33
75 !
,459 ;
234
. .
I
I
90
115
3,790
9,431 i
195
45
61
1,942
7,069
8
1,418
5,490
33
2,606
8,103
437
515
3,848
10,354
1,007
640
13,275
71
107
883 \
142 :
3,416 i2,238 ;..
9,643
153
23,192
514
17,264
22,129
70,654
4,127
10,015
691
1,446
7,974
903
212
154
4,592
6,338
32,095
7,124
368
704
33,608
57,095
187,162
O
o
No. 59.—VOLUME OF BILLS BOUGHT IN OPEN MARKET, BY MONTHS, DURING
1922.
to
[In thousands of dollars.]
Federal reserve bank.
January.
February.
March.
April.
May.
June.
July.
{ August.
September.
October.
November.
December,
Total reduced to a
common maturity basis.1
Total.
Per cent
Amount. I of total.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City. -.
Dallas
San Francisco.
Total: 1922
1921
1920
14,527
49,226
8,923
3,307
1,098
2,395
19,409
880
20
403
3,722
103,910
121, 868
302, 452
19,836
74,879
14,610
3,795
1,514
1,272
11,951
2,082
9,078
139,022
169,456
300,307
12,878
85,210
14,255
3,878
1,026
2,873
14,128
1,174
449
1,905
18,045
151
38 I
15 |
8,877 I
144,352
149,255
303,359
95,724
123,511
247,594
22,698
66,605
11,348
6,301
30,023
66,859
14,165
5,072
14,342
72,453
355
2,815
27,802
513
2,581
35,663
3,966
610
260
1,228
20,955
5,113
19
703
7,995
15,628
44,388
7,738
1,692
1,911
18,096
150,607
138,601
274,237
175,493
64,673
285,753
21,678
505 j
15,538 )
158,75:
46,670 |
219,464
23,602
78,071
12,999
8,256
284
1,088
29,011
987
1,008 |
29, 827 |
185, 208
107,303
259,708
1,338
12,885
15,077
25,117
745
3,647
15,043
5,578
7,515
4,117
34,637
292
11,663
27, 440
809
6,907
20,622
217,053
206,617
175,378
81, 883
257,989
27,097
82,422
12,341
10, 484
29.648
58,713
28,185
83,358
9,681
10,070
170
7, 639
21,508
23,227
109,249
2,772 |
10,893 I
708 j
6,101 |
24, 872
200
6,612
161,999
139,081
281,833 I 231,840
i Total purchases multiplied by ratio of average m a t u r i t y of bills purchased by each bank to average m a t u r i t y (39.91) for system.
261,691
871,433
137,122
186,015 j
549,788 |
5, 480
95,551
8,460
46,429
253,464
33,736
211,615 !
145,777 J
12,454 :
60,181 I
455,420 j
58,507 \
275
5,871
30,329
1,849
33,153
211, 800
3,382 !
54,492 I
217,057 |
202,566 1,954,688 1,954,688 I
230,101 1,534,401
253,828 3,218,364
9.5
28.1
10.8
7.5
.6
3.1
23.3
3.0
o
w
H
o
.2
2.8
11.1
100. 0
o
N o . 60.—VOLUME OF BILLS BOUGHT IN O P E N M A R K E T D U R I N G 1922, BY CLASSES.
[In thousands of dollars.]
to
Bankers'acceptances.
Trade acceptances.
Federal reserve bank
Foreign,
j Domestic,
w
o
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis,
Kansas City
Dallas
San Francisco
261,691
871,433
137,122
95,551
8,460
46,429
253,464
33,736
261,691
865,925
136,899
95,422
8,460
46,429
253,464
33,736
166,088
654,420
99,531
73,039
2,051
32,307
173,373
25,228
1,954,688
1,534,401
3,218,364
1,948,379
1,527,235
3,143,737
1,400,057
1,019,689
2,367,881
8,206
37,123
4,367
2,610
484,530
368,972 j
711,311
o
d
y
4
63,792
138,574
64,545
H
o
CO
CO
No,
6 1 . — V O L U M E O F B I L L S B O U G H T I N O P E N M A R K E T D U R I N G E A C H M O N T H I N 1922,
BY CLASSES.
[In thousands of dollars.]
Bankers' acceptances.
Month.
Trade acceptances.
! All classes. \
Total.
Foreign,
j Domestic.
103,910
139,022
144,352
95,724
150,607
175,493
158,758
185,208
217,053
206,617
175,378
202,566
Total: 1922..
103,794
138,699
143,935
95,520
150,607
174,683
158,229
184,829
215,644
205,848
174,464
202,127
68,833
96,607
99,621
68,347
114,747
131,908
125,333
144,237
160,793
126,389
123,739
139,503
29,535
36,848
36,084
23,876
32,239
37,834
30,243
34,288
50,270
73,252
45,449
54,612
1,954,688
January....
February..
March
April
May
June
July
August....
September.
October
November.
December..
1,948,379
1,400,057
Dollar
exchange. j
484,530
Total.
|
Foreign.
116
5,426
Domestic.
44
72
5,244
323
8,230
417
204
204
4,941
' 810
810
2,653
529
529
6,304
379
379
4,581
1,409
1,185
6,207
769
626
5,276
914
860
8,012
439
439
63,792
6,309
5,844
O
H
O
417
3,297
3,621
224
143
54
465
No. 62.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1922, BY RATES OF DISCOUNT CHARGED.
[In thousands of dollars .J
I
Total.
Federal reserve bank.
Boston
New York
Philadelphia
!
\
3 per
cent.
261,691
871,433 !
137,122 .
49,264 j 46,394 |
75,078 ; 48,840 |
37,389
16,634 j
3i per
cent.
3A per
cent.
3iper
cent.
3|per
cent.
18,786 | 17,079
747 203,336 | 10,963
I 8,505 j 11,051
3£per
cent.
10,576
195,568
12,150
Ap
cent.
3fper
cent.
6,331
4,689 I
5,366 j
3J per
cent.
7,515
16,596
287 |
35 per I 3 H p e r
cent.
cent.
11,716
9,437
1,578
4 per
cent.
55,405
183,412
37,941
w
o
>
>
Cleveland .
Richmond.
Atlanta
Chicago...
St. Louis
Minneapolis
Kansas City.
Dallas
San Francisco... *
95 551
8,460
46 429
253 464
33 736
18,522
12,562
168
210
82
7,013
140
3,164
27,035
634
1,160
4,672
2,173
31,492
1,703
2,693
10,832
1,350
1,182
73,516
6,100
4,770
40,538
4,267
3,451
52,359
3,734
38,622
91
1,061
13,431
1,865
9,297
316,861
216,361
1,298
283,105
66,783
250,514
4 ^ per
cent.
H per
cent.
275
101
376
2,933
3,030
760
4,898
327
4,371
3,392
1,452
2,452
5,993
2,469
10,204
j 1,954,688
Total
•
:
i
•
i 849
1 33 153
i 211,800
1,881
209
194
7,133
101
1,105
4,253
4,463
160
11,570
34,349
40,942
48,901
150
725
25,906
489
5,005
42,427
14,033
12,146
29,888
875
g
w
a
o
406,652
I
Federal reserve bank.
Boston.
New York. . . .
Philadelphia
Cleveland
Richmond
Atlanta..
Chicago
St. Louis
Minneapolis
Kansas City..
Dallas
San Francisco
Total ..
29
37
30 279
16,666
5,110
14 211
316
973
30 952
1,729
cent.
148
4* per
cent.
5,793
4,320
549
2,581
256
2,109
693
4fper
cent.
622
1,254
364
662
4* per
cent.
1,764
100,367
50
54
3,082
13,740
4| per
cent.
4fper
cent.
48
29
10
380
25
130,288
148
5* per
cent.
35
3,517
4,704
1,653
66
5|per
cent.
61
501
51
99
5,096
1 045
29,007
5 per
cent.
119
131
57
4£ per
cent.
1,041
512
21,496
4,495
121,222
403
105
134
1,043
130
196
15
68*
8,535
53
53
" ' '
o
61
CO
Ho. 63.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING EACH MONTH IN 1922,
BY RATES OF DISCOUNT
CHARGED.
CO
[In thousands of dollars.]
i
Month.
Total.
3 per
cent.
3i per
cent.
I
3ft per
cent.
3* per
cent.
3 | per
cent.
3* per
cent.
i 3ft per
cent.
3| per
cent.
|
.
103,910
139 022
January
March
144 352
April
95 724
150,607
175,493
May .
June
Julv
August.
September.. .
October
November
9,750
30,695
158,758
185,208
217,053
206,617
175,378
202,566
Total
88,143
114,058
73,919
176
120
1,954,688
December
11 760
37,481
2 996
43,239
77,703
14,757
22,327
54,660
629
10
40
316,861
4| per
cent.
327
49
12,405 \
1 8S3 i
1,298
8,030
4 294
934
191
3,726
23,139
106
81
50,379
48 168
295 ;
5,739
516
3, 745
45 817
16
16
216,361
4ft per
cent.
26 282
48,337
47 766
60
6 ;
93 !
18,871 |
197
!
283,105
66,783
250,514
34,349 j
12,471
48,304
47,245
77,069
48 743
1,298
3? per
cent.
337
13,282
9'\S
201
217
43
376
31 per
cent.
cent.
2,249
226
2,53*
950
;
4 per
cent.
20,168
55,264
39,401
364
71
250
625
8
31
17
1
228
23,037
1,564
1,090
79
11,722
12,701
IS, 403
48,901
58
January
I^ebruftry
March
\pril
Mav
June
Julv
August
September...
29
37
j 4ft per
' cent.
24,852 i
25,910
12,676
520
4i per
cent.
9,651
1,975
1,598
744
263
4| per
cent.
2,6S0
189
50
4^ per
cent.
39,617
51,516
10,583
1,130
871
1,358
762
788
2,156
4* per j
cent. ;
4f per
cent.
100
487 •
12S !
8
417
s
5 i
CD
406,652
875
j
Month.
,-—•,
80
25,430
123,223
142,571
40,942
M
2
4| per
cent.
130
5 per
cent.
3,551
2 681
1 912
H per :
cent. !
w
o
!
75
f
53
297
19
i
5J per
cent.
October,..,
November.
December..
3,187
30,396 ,
32,747 j
....
....
Total.
66 ; 130,288
No.
:
148 j
148 !
46S I
3,590 j
3,207 j
21,496
21
254 I
266 I
4,495
5.371 !.
3,158 |.
3,912 \
121,222
61
134
130 !
1,043 S
61.~~AVEHAGK MATURITY OF BILLS BOUGHT I\T OPEN: MARKET, BY MONTHS, DURING
8,535 !
61
53 1
1922.
scou:
IDays.l
Federal reserve bank.! January.
Febru-
17. 21
35.93
20.79
57.81
25.73
56.27
45.18
61.24
60.15
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.,
;
\
|
'
!
;.
|
i
All b a n k s : 1922..|
1921.J
1920..
16.85
41.53
2.5.46
42.55
61.31
71.75
62.21
March.
!
j
;
j
;
May.
|
June.
49.33
43.41 i
25. 60 j
35.11 |
39.14
23.39
38.43
62.16 ;
78.30
53.68
73. 5S
77. 40
37.57
28. 83
45.72
36. 63 ;
31.26 \
47.82
42.18
23.33 ;
36.78
51. 24
46.23
25.77 ,
35.51
37.01
23. 20
44. 22
33.91
73.01
65.59
40.90
80.81 |
46.15 j
50.04 |
35.28 ;
26. 60 j
51.59 I
33.99
45.95
86.37 ;
66.19
46.00 ;
88.99 i
20.6.3 ;
42.31 \
14.36 !
20.95 |
66.39 |
39. 65 I
41. 27 !
51.00 !
41. 71
28,37
25.18 ;
61.59 •
60.89 ;
58.75 i
51.73
71.71 ;
69.21
40.38
18.12
22.36
30.08
22.34
j
\
|
j
|
j
j
i
Year
1922.
24.76 j
20.63 •
71. 24 !
64.59 I
47,90 |
55.47
73.18 :
65.38 [
39.73
33.90
30.65 j
30.06 !
25.79 I
31.99
36.98
50.50
December.
November.
81.37 |
60.08 :
48.32 |
85.92 I
31.56
38.22
47.05
October.
23.00
17.24
80.76
77.89
75.54
44,57
73.75
74.34
39.10
22.39
45.94
36.39
36.74
27. 46
62.91
10.56
33.77
September.
42.67 :
22.37
80.60 \
71.36 !
71.01
64.75 I
77.66 \
54.54
23.59
18.90
49.38
61.53
63.92
24.99
78.41
90.19
25.96
I August.
46.54
46.56
71.73
.67.50
59.72
51.11
68.66
64.34
16.98 |
20.49 j
58.73 ;
22.25 j
66.81 !
46.02 I
79.45 |
71.47 i
59.04 \
July.
18.11
32.68 |
71.28 !
62.94 j
38.65 ;
34.88 I
67.98 :
77.02 I
18.30
25.34
54. S2
38.90
68.36
47.19
67.50
89.25
37.08 :
16.74
25.95 ;
April.
;
|
j
I
j
;
|
;
Year
J921.
18.32
20.61 \
44.81 I
37.81
43.91
52.21 |
62.18 ;
Year
1920.
33.10
35. 42
59.09
56.13
55. OS
58. 55
16.85
39.29
56,78 :
62. 55
48. 6!)
64.83
5G. 18
51.79
33.69
r
A
H
O
Pi
i
t>
]>
50. 64
56.97
Ti
H
O
28.53
Co
No.
65.—VOLUME OF BILLS BOUGHT IN O P E N M A R K E T DURING 1922, BY MATURITIES.
CO
oo
[In thousands of dollars.]
Total.
Federal reserve bank.
Amount.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City...
Dallas
San Francisco..
Total: 1922..
1921..
1920..
261,691
871,433
137,122
95,551
8,460
46,429
253,464
33,736
Maturity.
Average maturity (days).|
Within
15 days.
16 to 30 days. 31 to 60 days. 61 to 90 days, j Over 90 days.
58.75
51.73
71.71
69.21
175,028
653,087
8,135
7,675
416
6,275
6,026
3,657
12,532
64,933
22,456
20,913
1,828
7,880
35,832
2,096
31,067
59,627
33,631
18,721
2,055
14,104
55,93
6,458
43,038 I
66,997 j
60,668 I
34,701 j
4,161 j .
18,097 |
116,903 J
17,332 |
73
38,768
4,193
211,800
73.01
65.59
40.90
14
1,031
77,742
38
3,340
35,346
425
8,360
39,743
1,372
19,408
46,748
1,014
12,221
1,954,688
1,534,401
3,218,364
39.91
28.53
43.83
939,086
937,607
1,060,151
207,194
215,338
449,424
270,126
224,037
429,425
153,945
859,899
1,849
33,153
28.37
25.18
61.59
26
26,789
12,232
13,541
H
O
108,857
3,474
o
>
N o . 66.—VOLUME OF BILLS BOUGHT IN O P E N M A R K E T D U R I N G
1922,
BY MONTHS AND MATURITIES.
fin thousands of dollars.]
Maturity.
Total.
Month.
Amount.
January...
February...
March
April
May
June
July
August
September.
October...
November.
December.
Total
I Average ma! turity (days).
103,910 I
139,022 !
144,352 |
95,724 |
150,607
175,493
158,758 ;
185,208 j
217,053 !
206,617 !
175,378 j
202,566
1,954,688
31.56
31.99
33.91
35.28
37.01
37.57
36.63
42.18
51.24
46.23
43.41
39.14
39.91
Within
15 days.
61,042
74,346
81,039
54,865
75,164
75,170
81,420
78,170
72,195
96,163
102,873
16 to 30
days.
12,093
20,458
17,486
9,633
22,654
22,049
18,673
20,807
21,817
12,099
12,065 |
17,360
207,194
31 to 60
days.
61 to 90
days.
Over 90
days.
13,375
19,344
17,863
10,861
20,776
39,309
19,320
28,271
36,857
20,194
17,385
26,571
15,888
23,347
19,678
15,717
25,905
31,934
29,244
49,870
61,793
66,728
45,789
43,532
1,512
1,527
8,286
4,648
6,108
7,031
10,101
8,090
24,391
11,433
13,500
12,230
270,126
429,425
108,857
o
d
o
m
o
i
o
%
CO
Co
CO
N o . 67.—VOLUME OF U N I T E D STATES BONDS AND NOTES FUHCHASED, BY M O N T H S , D U R I N G 1922.
[In thousands of dollars.]
Distribution by classes.
Federal reserve bank.
Boston
New Y o r k . . . .
Philadelphia..
Cleveland....
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total: 1922
192J.
January.
Februai
2, J 40
1,678 2,722
30,698 1105,913 89,153
10,043 I 3,644
76
3,260
1,162 11,862
9,288
340
25
10
244
24,879
3,121
1,921
15,030
8,4,53
1,961
15
17,924
3,931
6,787
12,539
186
20,104
1,108
10
61
46,364 | 20,865 95,493
7,163
i, 753 10,626
12
500
5,511
285
18,740
3,782
3,980
20,751
994
5,354
290
2,231
1,350
115
44,730
6
501
1,353
606
15,730
4,715
3,256
735
4,413 j
280
281
11,919
500
2,500
No vein-!
8,938
44,908
2,395
6,791
50
747 j
8,770 |
7,353 |
2,060
2,047
90,889 109,988
1,037
1,054
1,036 ! 256
387
16,009
3,153 I 9,148
29 |
50 !.
406
90,896 120,972 134,991
1,182 \ 11,303 17,631
58,803 | 20,948 110,368 | 37,761 ) 70,562 I 92,845
31,662 | 9,792 33,705 j 14,113 ! 19,058 j 27,212
15,008
36
16,130 I 2,170
2,825 !
324
16,252
69
4,790
211
3,481
40,418
134
4,777
76,916
748
!
45 j
!
50
199 | 1,051
4,520 | 16,017
28
2,177
3,467
864
425
99,387
42,266
595 ! 1,276
915
!
IT. S. bonds.
U. S.
Victory
• ury
All
• Dotes. notes. Liberty other.
bonds.
r~i " S r Total ; Treasu.s.
7,712 I.
i 02,159 170,253 156,697 106,595 32,910 146,898 52,469
11
520 j 8,362 15,264 | 4,626
Bonds and notes purchased dur- I
ing 1922, distributed by classes: ;
IT. S. Treasury notes
\ 6,771 114,884
IT. S. Victory notes
j 54,376 51,092
U. S. bonds.—
j
4,277
Liberty bonds
j
562
AUother
i
450
l
Sep- j
March. April, j May. j June. ; July. August.! tern- j
! ber.
29,137
796,335
38,679
30,936
100
6,205
158,198
22,914
42,372
41,298
1,161
62,831
j 20,906
|561,690
| 26,903
i 14,215
I 100
649
120,427
9,962
30,313
23,813
975
35,167
8,223
201,934
10,109
16,676
28,435
1,806
14,884
220
- 704
97,470 | 84,"). 120 .
4,865 ! 321,579 j .
1,051
558
46,835
16,632
12,500
1,251
45
H
H
711
36,301
6,227
6,812
16,836
186
17,564
51,382 103,914 ;1,230,166 |845,120 J321,579
9,183 J 36,348 j 104,430 } 65,898 j 20,800
45,455
5,003
8
20,211
416
4,509 |
114
6,634
4,250
593
I
!
j
i
336
1, '356
91
997
56
W
10,100 |
46,835
17,702
16,632
30
ft
w
o
>
No. 68.—VOLUME OF UNITED STATES CERTIFICATES OF INDEBTEDNESS PURCHASED, BY MONTHS, DURING
1922.
[In thousands of dollars.
Distribution by classes.
January,
Fedora Irescrvc bank.
Boston
New York
February.
26,318
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3,229
77, 845
1
6,880
99,985
230
5,915
March, j April.
5,364
416,826
16,164
47,676
i 17,745
I 96,656
: 2,147
I 9,545
May.
3,189
49,902
164
12,746
June,
49,939
464,429
10,062
35,606
i July.
I 5,388
I 53,625
j
605
26
l
October.
\ August.
Novein- j December, j ber.
7,337
22.707
252,963 258,429
887
3, 890
5,140
4,113 I
636
8,161
53,180
4,370
1,291
9, 804
628
j
j
29,126
203
{
722
|
4
!
;
2
Total: 1922
j 141,101
1921
1920
1 274,092
! 642,376
Certificates purchased
d u r i n g 1922, distributed b y classes:
Temporary certifi- |
cates purchased |
from U. S. Treas- |
urey
Certificates taken
under repurchase
35.906
agreement
Allother
105;195
17,825
6,173
1,124
565
14
30 |
24,943 I 22,126
1,132
4,330 I
1,768
4,523 !
5,056
3,782 I
6,250
32,226
562,114
135,060
18,880
449,487
304,296 1,496,387
156,244
47,965
997,143
2,997
16,141
4,432
663
14
26 ;
87,277
653,464
640,031 1,044,620
42,723 1,178,445
25,736
63,378
11,910
229
3,768
10
628
24,229
1,632
3,726
1
2,500
1,000
78,061
60,631
584,519
134
31,745
822
1,848
29
150
280
101,040 j 315,204
41,615 I 523,968
124,321 I 890,306
244
26,419 [
1,892 I
1,488 I
2,284 I
7,845 .
311/965
83,592
182,927
476,000
473,000
20,961 I
114,099 I
38,147
31,455 !
3,758 j
6,307 j
2,075 I
8,689 |
43,053
113,191
34,236 !
53,041 !
31,000 I 257,000
16.964 I 36,060
53,076 \ 22,144
42,824
74,611
17,653
122,676
600,282
8,673
8,980
Certificates
taken
under
repurchase
agreement.
180,936
30,268
56,500
277,746 2,111,390 1,403,500
85,252
123,772 1 104,000
54,019
182,930 I 122,000
32,000
32,000
32,000
4,382
149
189,000
438,561
190,405
98,000
122,330
70,000
15,500
38,061
14,523
27,000
43,824
25,767
6,000
16,689
369
95,000
107,806
63,000
45,556
237,120
843,498 3,402,681 2,148,500
435,107 3,742,664 2,993,100
944,253 7,987,978 7,262,000
411,817
254,986
312,581
I 717,000 2,148,500
194,500 ;
55,757 I 37,923
121,707 I 40,138
200
5,545
30
150
Total.
Temporary certificates purchased
from U.S.
Treasury.
53,724
72,774
411,817
842,364
128,091
1,050
All
other.
o
o
78,880
470,770
19,772
60,930
4,382
121,470
24,330
22,561
16,824
9,639
12,806
84,364
494,578
413,397
GOLD SETTLEMENT FUND.
N o , 69.—SUMMARY OP TRANSACTIONS, JANUARY 1 TO D E C E M B E R 31, 1922.
[In thousands of dollars.]
Interbank transfers.
Transfers Transfers
Balance j <*old j G o l d
from
to agent's agent's I
Federal reserve bank. J a n 1
- - ! dmwals. I d e P ° s i t s '
fund.
fund. I
Debits. Credits.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Year 1922
Year 1921
Year 1920
| 42,312
j 130,058
| 61,776
j 41,455
j 19,094
I 14,807
| 79,130
i 22,962
30,989
33,738
j
8,325
I 37,417
522,063
I 357,278
J 329,737
26,096
93,425
44,015
90,504
23,548
17,385
59,110
17,281
13,782
20,349
36,742
23,981
55,955
323,775
175,894
53,770
82,846
15,746
110,845
58,607
22,618
72,546
39,331
203,899
105,000
85,000
260,000 230,000
198,500
11,000
45,000 | 25,000
67,000 !
85,000 |
2,000
150,000 j 30,000
87,500 ! 70,500
37,800 i
60,000 | 16,000
17,516 '
6,250
213,500
133,752
209,475
263,000
94,000
87,500
74,000
64,500
166,500
39,500
39,000
44,500
25,500
46,500
1,215,832
1,880,634
1,186,940
1,326,816 I 609,502
1,651,210 587,372
1,118,300 498,585
1,153,975
3,289,081
7,551,585
31
677,
63,
25,
43,
13,
93,
61,
38,
46,
11,
Net
debits.
575,505
37,581
12,667
122,886
1,153,975
3,289,081
7,551,585
Net changes in
ownership of gold
Balance through transfers
in fund at and settlements.
close of
business
Dec. 31.
Net
Gain.
Loss.
credits.
Settlements from Jan. 1, 1922, to Dec. 31,
1922, inclusive.
748,639
1,150,002
1,565,839
Total
debits.
Total
credits.
5,737,189
22,096,499
7,015,692
5,756,793
5,181,732
2,327,743
11,113,132
5,332,160
1,527,083
4, 019,322
2,289,660
2,938,982
5,891,070
21,520,994
7,070,636
5,905,961
5,228,457
2,468,728
11,252,528
5,294,579
1,569,557
4,006,655
2,310,726
2,816,096
28,077
169,378
30,599
71,889
27,617
20,153
77,261
31,207
23,499
30,768
6,214
37,701
24,094
161,030
75,335,987
64,934,801
85,074,220
75,335,987 j 748,639 554,363
64,934,801 | 1,350,002 522,063
85,074,220 1,565,839
357,278
312,258
391,922
471,555
153,881
54,944
149,168
46,725
140,985
139,396
42,474
21,066
w
s
O
24,444
87,168
16,225
89,985
66,396
16,081
21,474
11,107
6,566
99,886
312,258
391,922
471,555
H
N o . 70.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT F U N D , BY W E E K S , D U R I N G 1922—ALL FEDERAL R E S E R V E
BANKS.
[In thousands of dollars.)
Week ending-
Jan.
5 (3 days).
12
19
26
Feb. 2
Mar.
Apr.
May
June
16..
23..
2.
9..
16..
23..
30..
6..
13..
20..
27..
4..
11..
18..
25..
1..
8..
15..
22..
29..
July
6..
13..
20..
Total
clearings.
774,445
1,300,727
1,322,494
1,264,882
1,282,650
1,200,824
1,162,693
1,237,796
1,372,524
1,323,435
1,409,774
1,412,873
1,268,059
1,340,415
1,284,204
1,381,758
1,378,006
1,439,245
1,298,600
1,467,352
1,508,001
1,210,021
1,439,946
1,551,329
1,587,103
1,478,357
1,276,311
1,449,541
1,516,403
Total
transfers.
11,000
35,475
15,000
19,000
4,000
14,000
55,000
20,000
6,000
6,500
35,000
66,000
21,000
21,000
15,000
12,000
10,000
5,000
49,000
75,000
7,000
12,000
7,000
5,000
Total clearings and
transfers.
785,445
1,336,202
1,337,494
1,283,882
1,286,650
1,214,824
1,217,693
1,257,796
1,378,524
1,329,935
1,444,774
1,478,873
1,289,059
1,361,415
1,299,204
1,393,758
1,388,006
1,439,245
' 1,302,600
1,483,852
1,515,001
1,210,021
1,444,946
1,600,329
1,662,103
1,485,357
1,288,311
1,456,541
1,521,403
Week ending—
July 27
Aug. 3
10
1'
24
31
Sept. 7.
14
21
28
Oct. 5
11
19
26
Nov. 2
9
1
G
23
29
Dec. 7
14
21
28
29-30 (2 days).
Year 1922.....
Year 1921
Year 1920
Total
clearings,
|
j
1,392,328
1,399,818
1,312,513 |
1,430,268 |
1,396,480 j
1,335,833 |
1,192,831 j
1,409,157 j
1,792,376 |
1,581,512 j
1,658,952 i
1,354,924
2,172,407
1,826,438 j
1,705,039
1,421,519
1,606,573
1,815,775 I
1,382,956 '
1,695,893
1,536,731
1,799,227
1,515,673
660,996
75,335,987
64,934,801
85,074,220
Total
transfers.
Total clearings and
transfers.
4,000
51,000
19,500
12,000
2,000
2,000
4,000
10,500
100,000
20,500
40,500
31,500
67,000
37,500
28,000
3,000
12,500
5,000
1,000
1,396,328
1,450,818
1,332,013
1,442,268
1,398,480
1,337,833
1,196,831
1,419,657
1,892,376
1,602,012
1,699,452
1,386,424
2,239,407
1,863,938
1,733,039
1,424,519
1,619,073
1,820,775
1,383,956
8,500
60,000
8,500
72,000
1,695,893
1,545,231
1,859,227
1,524,173
732,996
1,153,975
3,289,081
7,551,585
76,489,962
68,223,882
92,625,805
__
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d
CO
FEDERAL RESERVE AGENTS' GOLD FUND.
No* 71.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO D E C E M B E R 31,
1922.
[In thousands of dollars.]
Federal reserve agent at—
Boston
New York
,
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco.
Year 1922..
Year 1921..
Year 1920..
Balance
Jan.1.
135, ooo 321,000 j
130,389 |
145,000 L
34,295 !
40,000 ;
297,644
57,100
2,200 |
26,360 |
2,234
203,662
1,394,884
886,327
Gold withdrawals.
130,000 I
10,000 j
160,000 i
75,000
65,000
279,000
58,000
8,000
40,000
1,000
98,000
924,000 I
1,589,500
1,060,700
Gold
deposits.
98,000 |
Transfers
to bank.
22,000
16,000 j
6,250 |
133,752
105,000
260,000
198,500
45,000
67,000
85,000
150,000
87,500
37,800
60,000
17,516
213,500
492,900
1,023,85-4
451,350
609,502 '
587,372 j
498,585:
1,326,816 I
1,651,210
1,118,300 |
36,500 |
42,000 !
255,000
39,400
85,000
230,000 j
11,000 |
25,000 !
Transfers
from bank.
2,000
30,000 J
70,500 !
Total withdrawals,
including
transfers
to bank.
215,000 ;
240,000 :
171,000 :
25,000 |
75,000 I
67,000 I
309,000 ;
128,500
8,000
56,000
7,250
231,752
1,533,502 j
2,176,872 J
1,559,285
Total
deposits,
including
transfers
from bank.
203,000
260,000 !
198,500 '
45,000
103,500
127,000
405,000
126,900
37,800
82,000
17,516
213,500
1,819,716
2,675,064
1,569,650
Balance
at close of
business
Doc. 31.
123,000
3-11,000
157, 889
165,000
62,795
100,000
393,644
55,500
32,000
52,360
12,500
185,410
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1,681,098
1,394,884
896,692
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CLEARING OPERATIONS.
No.
72.—OPERATIONS OF THE F E D E R A L R E S E R V E CLEARING SYSTEM D U R I N G
1922.
[Numbers in thousands. Amounts in thousands of dollars.]
Total items handled (exclusive of duplications).
Items drawn on banks in—
Federal reserve
bank.
District outside
Federal reserve
bank and branch
cities.
Other Federal; Items drawn on
reserve dis- i United States
Treasurer.
: tricts (for- !
warded direct \
j
to drawee !
i
bank).
;
Amount.
Number.
NumI Number. Amt. I ber.
7,224 6,527,662 ;
24,532 49,939,599 j 2,618 1,056,343
9,140,213
21,875
7,757 2,805,536
8,522 : 4,214,679
1,503,061
1,411
3,223 I 1,731,724
1,644,157
6,413
5,143 | 1,580,329
12,643 7,146,501
3,514 | J, 977,162
3,903 2,755,875
2,947 j 1,392,596
1,361,336
2,926
278 j
98,680
3,862 2,569,442
3,837 | 1,755,235
870,349
1,904
1,385 |
607,027
3,067 1,434,911
8,077 i 2,907,112
43,682
63,994
26,671
36,973
32,347
12,414
53,460
28,238
20,243
38,475
21,755
35,418
764,528
194,857
146,899
891,149
117
026,098
261,584
423,343
647,549 j
102,061 j
557,921
661,854
404,278
39,544 j 17,320,887 I 413,670
33,142 | 16,297,746 j 377,845
23,447 ! 20,228,821 337,628
40,082,121 I 162
38,509,597 j 104
57,083,187 ! 75
Federal reserve
bank city.
Amount.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: 1922.. 97,517
3921.. 78,374
1920.. 63,599
1
87,698,642
58,365,284
72,494,620
Federal reserve
branch cities.1
For list of Federal Reserve Branch cities, see p. 149.
Amount.
19,494
24,829
4,318
1,790
12,727
1,899
2,201
1,258
1,343
4,800
2,262
550
1,858
991
2,301
48,641 I 33,980
22,017 j 33,200
23,593 I 27,367
Number.
Amount. ! 1922
217,213
1,308,752
303,677
215,167
157,966
227,548
629,152
197,007
116,758
236,512
110,000
1, 294,631
1921
48,852
90,873
45,944
46,446
35,374
17,763
65,273
32,905
22,543
j 48,043 51,403
I 26,035 26,093
i 48,863 39,196
! 52,696
103,871
50,445
55,570
38,239
25,313
74,417
37,350
| 24,031
1920
1922
1921
1920
42,518
73,781
40,191
41,004
30,069
14,830
56,821
30,551
20,515
48,398
26,460
26,978
11,509,403
60,499,551
12,590,789
11,146,025
7,418,849
4,713,61S
14,176,158
5,993,027
2,703,664
7,123,428
4,249,230
8,040,932
i 11,060,482
I 34,212,786
] 11,691,608
| 10,493,330
i 7,276,909
j 3,463,338
i 13,580,454
| 5,452,457
2,658,833
! 7,646,054
I 4,116,267
| 7,191,873
13,763,652
47,678,900
14,117,964
14,045,260
8,990,977
4,609,185
18,039,381
7,353,150
3,416,90S
10,664,775
6,282,204
7,546,908
150,164,674 |
\
5,014,383 ;5S4,873 !
|118,844,391 j
5,649,747 j
;522,665
j
il56,509,264
6,679,043 '
!
452,116
^
3
o
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No.
1%.—OPERATIONS
OP THE FEDERAL R E S E R V E CLEARING SYSTEM D U R I N G 1922—Continued.
[Numbers in thousands. Amounts in thousands of dollars.]
Total items handled (including duplications).
Items forwarded to
Federal reserve bank.
Branches in own
district.
Head office, by
branches.
Other Federal reserve j
I banks and branches. !
Number.
!
Number.
Amount.
Number, j Amount.
Number, t Amount.
1922
'
"
1921
Amount.
T
1922
1920
1921
1920
j
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco-..
Total: 1922.
1921.
1920.
264
59,896
464
223, 771
423
443
560
112
203
63 |
1,343 j
495 j
1,710
105,967
109,737
105,040
34, 782
21,444
3,671
205,615
56,471
218,399
426
951
329
53
247
17
421
114
778
104,984
91, 749
285,537
IS, 037
20,607
13,985
199,487
20,611
117,175
5,616 I
921,022 i
5,783 j 1,141,612 |
6,671 | 1,799,856 j
i
!
I
!
'
j
I
1
3,800
1,095,943 |
3,580 | 1,175, 597
2,695 ! 1,644,775
2,427
14,717
6,668
1,724
3,250
1,548
3,927
676
1,037
4,713
1,271
2,378
44,336
42; 882
42,716
573,260 ! 55,123 j 50,830
1,780,571 J 119,316 j 105, 215
1,289,433 j 57,113 ) 54, 296
599,446 I 58,143 | 48,716
1,142,484 I 42,883 j 39,259
20,336
483,802 ! 27, 750
68, 943
432,250 I 78,509
79,364 ! 38,476 j 33, 998
23, 706
238,914 j 25,148
58,246
761,489 | 54, 520
28,027
167,430 j 27,915
43,338
400,542 ! 53,729
7, 948,985
9,004,996
19,551,328
43,821
87,727
49,217
43,213
33 732
17 884
60,520
31,691
21,589
55,226
29,360
30, 218
I
j
j
|
638,625 i
12,082,663
62,563,789
13,880,222
11,956,422
8,762,819
5, 587,997
14,661,227
6,114,442
2,960,234
8,290,019
4,493,742
8,777,048
11,651,345 !
36,397,633 \
13,497,573 j
11,500,534 j
8,620,887 |
4,378,840 j
14,054,405
5,605,465
2,942,362 j
8,980,368 !
4,481,610 I
8,055,574 \
14,727,346
55,729,013
16,855,904
15, 517,119
11,505,945
6,131,660
18,793,460
7,644,600
3,908,858
12,715,407
7,307.341
8,668,570
160,130,624
130,166,596
574, 910
504,198 |
179,505,223
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No. 73.—NUMBER OF MEMBER BANKS AND OF NONMEMBER BANKS ON PAR LIST IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH
MONTH IN 1922.
Total.
NonMember member
banks. banks on
par list.
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
9,852
9,856
9,873
9,904
9,909
9,927
9,930
9,917
9,917
9,918
9,916
9,916
18,071
18,019
17,976
17,943
17,918
17,889
17,884
17,865
17,863
17,851
17,836
17,822
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No. 73.—NUMBER OF MEMBER BANKS AND OF NONMEMBER BANKS ON PAR LIST IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH
MONTH IN 1922—Continued.
Chicago.
St. Louis.
OO
Minneapolis.
Kansas City.
Dallas.
San Francisco.
j Noni NonNon- j
Noni Non- j
Meinber I member Member I member Member member Member i member i Member member j Member
banks, j banks on banks, banks on banks. banks on banks. ' banks on ! banks. banks on \ banks,
i par list.
par list.
par list.
j par list. I
par list. I
January...
February.
March
April
May
June
July
August
September.
October
November.
December..
4,234
4,234
4,234
4,234
4,234
4,229
4,235
4,238
4,241
4,243
4,245
4,246
591 j
592
594
598
598
605
606
606
606
607
608
610
:
|
j
:
j
;
2,487
2,483
2,483
2,475
2,476
2,472
2,475
2,464
2,463
2,464
2,466
2,467
1,024
1,024
1,026
1,025
1,023
1,023
1,022
1,021
1,019
1,018
1,014
1,014
2,634 i
2,630 |
2,630 |
2,630 |
2,629 |
2.627 |
2,621 !
2,623 I
2.628 !
2,618 I
2,604 !
2,596
1,112
1,118
1,129
1,141 I
1,146 i
1,152 |
1.151
1.152
1.151
1.152
1,154
1,152
!
|
j
;
j
;
3,093
3,079
3,061 |
3,056 S
3,046 j
3,046 I
3,051 j
3,048 I
3,033 i
3,024 |
3,019 j
3,007 I
856
856
860
860
862
862
865
863
863
862
863
861
1,128 i
1,115 [
1,093
1,081
1,073
1,072
1,069
1,059
1,055
1,055
1,050
1,045
|
\
!
|
j
852
848
845
852
847
848
84S
836
830
833
829
S26
j Nonj member
j banks on
j par list.
970
964
963
958
956
954
939
939
936
940
941
94G
"A
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©
OPERATIONS OF BRANCHES.
No. 74.—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING
Checks handled.
1922.
Currency (coin and paper).
Federal reserve branch.
I-
Number.
Amount.
Received.
Thousands
of items.
Buffalo
Cincinnati
,
Pittsburgh
Baltimore
Birmingham
Jacksonville.....
Nashville
,
New Orleans
Detroit
Little Rock
Louisville
Memphis
Helena
Denver
Oklahoma City.
Omaha
El Paso
Houston
Los Angeles
Portland
10,235
13,687
18,676
14,953
5,565
3,306
3,773
3,234
10,763
4,980
7,108
3,391
2,930
7,608
13,112
9,178
2,506
5,635
23,710
4,158
Average
daily bill
holdings.
Member
banks'
reserve
balances,
Dec. 31,1922.
Thousands of dollars.
2,193,517
2,561,223
4,544,104
3,151,010
1,068,021
542,707
638,657
941,964
2,686,428
549,934
1,067,780
57*, 204
323,230
1,197,550
1,564,587
1,195,296
278,816
921,693
3,164,944
669,427
153,861
100,584
249,615
158,890
38,144
43,629
32,633
88,829
302,846
26,587
96,642
48,366
14,910
38,925
18,203
24,786
27,964
35,754
200,451
35,066
i Buffalo City banks only. Bill holdings are based on figures as of the 52 weekly statement dates during the year.
Paid out.
Volume of
paper discounted and
bought.
168,036
90,886
261,140
151,467
33,494
37,600
27,455
90,777
315,216
27,949
84,771
57,791
17,742
26,972
15,923
24,450
16,919
35,070
163,326
31,689
^608,768
110,424
U7,471
19,117
331,760
193,689
476,753
55,839
409,613
102,624
28,370
80,811
12,487
13,395
4,473
4,533
8,955
7,489
4,580
16,531
35,738
5,262
9,418
8,378
5,960
15,092
94,089
35,795
32,132
77,889
59,173
9,559
6,077
3,226
5,052
3,540
14,970
3,464
13,227
43,737
12,296
>
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No. 74.—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1922—Continued.
*
Checks handled.
Currency (coin and paper).
Federal reserve branch.
Number.
Amount.
I
Received,
Thousand
items.
Salt Lake City
Seattle.
Spokane
Total: 1922
1921
1920
Savannah agency:
1922
1921
1920
j Paid out.
Volume of
paper discounted and
bought.
Ox
O
Average
daily biU
holdings.
Member
banks'
reserve
balances,
Dec. 31,1922.
Thousands of dollars.
5,812
5,438
3,259
*
*
.
.
723^001
833,146
430,274
13,748
54,994
10,450
13,914
56,031
10,246
279,039
19,756
55,817
16,307
273
3,872
9,081
12,483
6,123
183,017
1157,692
1125,435
31,818,513
i 30,841,136
1
37,560,687
1,815,877
1,804,992
1,616,708
1,758,864
1,498,930
1,696,087
2,941,917
5,742,170
6,836,678
114,242
286,933
290,630
248,348
213,394
218,536
8,310
8,601
11,663
6,078
6,517
9,388
3-
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2
* Figures for 1921 and 1920 are for the 12-month period ending Dec. 15.
I
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS.
No. 75.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING
1922.
EARNINGS.
Total.
Boston.
New York. Philadel- Cleveland.
phia.
Richmond.
Atlanta.
Chicago.
St. Louis.
Minneapolis.
Kansas
City.
Dallas.
San Francisco.
Discounted bills
$26,523,123 $1,543,539 $3,970,210 $2,393,673 $2,247,667 $2,569,887 $1,951,695 $3,862,291 $1,303,808 $1,451,659 $1,492,657 $1,609,383 $2,126,654
712,385
197,994
8,828
255,750
547,339
74,655
164,704
Purchased bills
5,628,956
591,647 1,619,512
712,383
743,759
195,049 1,811,317
383,531 1,408,738
832,169
95,378
189,390 2,081,340
United States securities
16,682,463 1,391,691 5,227,488 1,119,457 1,946,915
48,957
50,432
47,215
49,761
128,087
45,915
87,080
14,409
27,223
44,357
Deficient reserve penalties...
602,951
9,777
49,738
121,889
32,917
137,222
2S 718
208,132
5,971
5,944
18, 805
12 028
2,590
Miscellaneous
1,053,246
4,659
474,371
Total earnings
50,490,739
3,541,313 11,341,319 1 4,251,950 4,994,282
2,832,944 2,352,736
6,748,863 2,456,447
1,969,248 3,094,660 2,085,775 4,821,202
3
CURRENT EXPENSES.
Salaries:
Bank officers
$2,461,323
Clerical staff
14,222,021
Special
officers and
watchmen
818,772
Allother
1,310,524
Governors' conferences
5,515
Federal reserve agents' conferences
4,029
Federal Advisory Council
9,063
Directors' meetings
146,084
Traveling expenses *
293,236
Assessment for Federal Re722,545
serve Board expenses
1
$141,000
925,072
$494,844
3,602,883
$129,499
982,600
$220,100
1,081,239
$155,467
760,883
34,430
100,932
411
188,207
280,085
490
57,952
83,477
206
93,785
108,236
360
33,189
78,739
166
181
461
6,407
16,378
260
613
8,386
21,036
123
629
5,795
23,101
60,625
76,737
37,402
426
250
7,367
9,820
247 I
845 I
23,075 I
55,241
197,882 I
28,923
$159,994 i $367,156
487,751 1,907,058
$155,877
829,072
$107,977
463,390
$161,530
957,883
23,375
38,758
656
155,333
236,665
309
28,418
40,750
456
22,281
16,446
467
62,918
107,316
512
37,134
105,356
261
81,750
113,764
1,221
286
690
21,758
19,284
348
992
8,221
42,083
228
1,250
10,675
24,498
267
1,140
11,407
21,470
250
460
25,604
17,941
297
250
6,003
30,383
1,116
1,483
11,386
38,319
30,164
98,307
31,820
24,945
32,230
26,189
51,003
Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
$132,184 $235,695
680,629 1,543,561
x
No. 75.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1922—Continued.
Ox
CURRENT EXPENSES—Continued.
Total.
Boston.
$63,322
Legal fees
$775
Insurance (life, fidelity, casu433,273
alty, and general liability).
29,072
Banking house:
Taxes
270,915 I 90,900
Fire insurance
2,081
9,238 |
175,908 i 25,489
Light, heat, and power, .i
Repairs and alterations
(not of permanent
character)
,
1,767
33,122
All other
,
1,886
52,772
Rent
1,040,949
Fire
insurance—furniture
11,099
381
and equipment
443,193
26,539
Office and other supplies
739,715
74,588
Printing and stationery
203,023
21,169
Telephone
573,858
7,977
Telegraph
Postage (other than on
money and security ship1,118,151
81,415
ments)
Expressage (other than on
money and security shipments)
49,084
2,434
139,392
Security shipments
14,005
Currency and coin shipments. 1,078,518 ! 147,072
New York. Philadel- Cleveland.
phia.
Richmond.
to
Atlanta.
Chicago.
St. Louis-
Minneapolis.
Kansas
City.
Dallas.
San Francisco.
$3,982
$4,370
$5,538
$12,218
$8,948
$1,387
$2,919
$11,592
$6,911
$708
$3,974
63,887
43,202
24,612
22,541
27,651
65,581
40,587
25,311
28,650
24,454
37,725
29,184
348
16,569
21,276
452
39,085
23,493
897
7,494
40,901
1,774
10,989
9,393
260
10,555
3,076
170
3,014
1,578
43
902
15,495
1,962
28,253
30,485
904
28,212
5,134
347
5,346
6,845
20,084
162,648
24,854
1,274
4,341
1,101
562
25,841
1,667
11
44,038
25,883
3,958
18,786
3,215
205,729
382
193
73,627
3,743
947
384
97,465
2,581
3,345
350,284
20,396
1,425
1,675 I
62,481
90,276
48,983
63,943
784
31,457
51,973
23,431
18,745
1,091
37,965
66,080
15,969
36,516
613
36,384
48,431
5,944
34,934
248
17,819
33,225
4,546
64,789
1,775
83,090
109,172
31,328
62,168
1,027
19,244
37,977
7,448
42,841
481
21,954
42,515
7,090
21,697
1,133
32,408
45,300
9,127
73,831
643
31,792
54,667
12,213
58,383
2,014
42,060
85,511
15,775
88,034
128,952
73,008
82,843
89,731
61,085
150,434
97, 582
79,184
121,593
68,322
84,002
4,176
4,283
3,043
16,011
101,218
2,215
5,669
59,415
1,832
3,251
52,634
3,824
11,717
136,943
3,477
8,081
43,711
887
4,018
22,992
12,028
39,118
3,933
54,206
15,835
15,696
50,320
228,530
142,359
Federal reserve currency:
Original cost, including
shipping charges
Cost of redemption, including shipping
charges
Taxes on Federal reserve
bank note circulation
All other expenses
1,578,592
65,501
434,179
38,792
304,261
776,801
23,871
38,965
Total current expenses. 29,559,343
No. 76
2,022,400
Boston.
i
Additions to current net
earnings:
Amounts deducted from
reserve for—
Depreciation on U. S.
bonds
1,518,913
630,122
380 984
328,838
>, 776,530
New York.
9,494
1,339,944
41,594
4,564,789
32,100
Allother
1
69,374
129,461
124,508
43,381
37,788
21,335
54,536
24,723
45,596
2,053,919 2,461,266
107,938
95,378
52,719 I
53,334 i
64,990 I
44,262
230,465
24,734
25,219
82,631
11,586
16,765 |
28,077
12,336
42,696
I
13,184 I
27,358 I
22,360
31,080
33,425
188,960
16,377
34,140
14,260 i
44,876 |
37,713
44,962
12,639
48,508
15,000
1,631,356 ! 1,293,053
4,080,057
1,623,222
2,010,820
1,515,391
3,006,387
Kansas
City.
Dallas.
San
Francisco.
.8,358 I
1,084,942
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
St. Louis.
Minneapolis.
$50,490,739 $3,541,313 $11,341,319 $4,251,950 $4,994,282 $2,832,944 $2,352,736 $6,748,863 $2,456,447 $1,969,248 $3,094,660 $2,085,775 $4,821,202
29,559,343 2,022,400 6,776,530 2,053,919 2,461,266 1,631,356 1,293,053 4,080,057 1,623,222 1,084,942 2,010,820 1,515,391 3,006,387
Current net earnings.., 20,931,396
Total additions
70,174 !
118,014
—PROFIT AND Loss ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1922.
1 Total.
Earnings
Current expenses
553,125
2,198,031 2,533,016 1,201,588 1,059,683 2,668,806
833,225
884,306 1,083,840
570,384
1,814,815
3,883
95,999
4,395
2,257
41,231
5,960
231,523
80,984
U07,113
6,140
41,231
101,959
419,620
6,209
67,732
43,728
3,618
2,590
2,743
14,946
5,161
8,831
1,823
144,554
300 000
127,465
2,743
82,678
48,889
12,449
4,413
572,019
Includes $55,000 representing excess of sale price over net book value of old bank building sold during the year.
1,814
No. 76.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1922—Continued.
Ol
Total.
Deductions from current net
earnings:
Depreciation allowances
$3,107,295
on bank premises
Furniture and equipment . .
788,244
Reserve for probable
886 000
losses
444,072
Beserveforselfinsurance.
Reserve for depreciation
78,058
469,935
Allother
Total deductions
5,773,604
Boston.
$328,215
133,106
50,172
294,072
$178,358
42,779
64,710
17,387
50,000
50,000
200,000
10,685
1,784
136,642
902
45,010
3,521
463,105
845,939
43,833
313,217
346,589
Net deductions from current
net earnings
4,433,660
421,511
Net earnings available for
dividends, franchise tax,
and surplus
16,497,736
1,097,402
6,307,035
481,951
1,652,138
7,450,543
538,883
2,740,158
76,568
Dividends paid
Franchise tax paid U. S.
GovGrnrn PH t
Transferred
to surplus
$42,931
Richmond.
100,000
$365,053
Cleveland.
$125,428
New York. Philadelphia.
Atlanta.
Chicago. St. Louis.
$163,294 $1,400,000
238,923
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
$2,000
$9,713
$337,810
$161,018
$36,406
44,755
24,640
60,128
32,710
36,003
439,000
72,000
125 000
196,687
20,038
78,058
30,431
4,825
3,151
16,259
391,366 1,835,610
191,793
142,842
402,763
635,879
160,668
154,459
•
264,328
334,140
386,953 1,263,591
185,653
101,611
300,804
216,259
3,721,593 2,236,876 2,268,688
867,448
672,730 1,405,215
647,572
782,695
783,036
354,125 1,660,356
541,552
692,436
333,321
256,618
876,203
283,166
213,774
275,655
251,915
1,862,509
855,364
714,988
480,714
374,501
476,111
87,956
512,029
456,643
206,946
839,960
861,264
53,413
41,611
52,901
276,450
56,892
50,738
843,196
8 38,845
448,306
1,090,845
102,210
121,205
MXMORANDi. (see p. 22).
Amounts added to surplus
account through reversal
of chargespreviously made
for—
Depreciation allowances
on bank premises
2,630,277
Reserve for undetermined liabilities
1,000,000
Amounts deducted from
surplus account and paid
to U. S. Government as
franchise tax for 1921
•3,400,062
125,000
2,030,000
225,277
250,000
1,000,000
247,350 •1,604,549.
36,366
20,459
213,629 j
52,423
710,190
308,926
208,170
i
* Net additions.
« Includes $270,389 for 1920. .
No, 77.—REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT.
Total.
Expenditures during 1922:
Salaries .
....
All o t h e r . . .
Amounts reimbursable Jan.
1,1922..
Total
Reimbursements
during 1922..
$699,144
484,671
Boston.
$40,037
23,709
New York. Philadelphia.
$42,093
167,196
Cleveland.
Richmond.
Atlanta.
Chicago.
St. Louis. Minneapolis.
$53,987
21,812
$104,367
44,662
Kansas
City.
$107,952
25,411
Dallas.
$42,828
12,162
San
FranCisco.
$67,096
26,188
$27,470
26,199
$68,725
31,622
$25,450
15,454
$29,603
17,445
$89,536
72,811
7,148
1,299
3,485
11,488
5,280
8,737
10,319
3,113
4,017
157,766
143,682 1
58.103
97,301
63,113
2,216
3,910
2,101
1,246,928
65,962
213,199
55,770
107,495
42,203
50,533
173,835
81,079
878,685
40,471
102,887
41,393
72,767
35,843
41,784
134,094
55,911
129,734
109,900
51,429
62,472
368,243
25,491
110,312
14,377
34,728
6,360
8,749
39,741
25,168
28,032
33,782
6,674
34,829
received
Balance reimbursable
Jan. 1,1923
RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD.
No. 78.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR
Balance January 1, 1922:
Available for general expenses of the board
Available for expenses chargeable to the Federal reserve banks
M
1922.
$74,518.22
375, 380.12
>
y
d
Total
$449, 898. 34
RECEIPTS.
jrj
Available for general expenses of the board:
Assessments on Federal reserve banks for estimated general expenses of the board
Refunds of expenditures during 1921
Subscription to Federal Reserve Bulletin
Refund by Treasury Department of salaries of laborers
Index digest, Federal Reserve Bulletin
Miscellaneous receipts and reimbursements
,,
Total receipts available for expenses chargeable to Federal reserve banks
Total receipts
•
o
§
$722,544. 61
5,521.05
7, 760.00
2,280.00
41.80
1,193.99
Total receipts available for general expenses of the board
Available for expenses chargeable to Federal reserve banks:
Assessments on Federal reserve banks—
For cost of preparing Federal reserve notes
1, 505, 885. 36
For expenses of gold shipments between Treasury offices and Federal reserve banks under the
•
provisions of section 16, Federal reserve act
5,130.80
For expenses of leased-wire system
255, 518.89
For miscellaneous expenses
10,585.10
Total available for disbursements
P
o
^
H
§
^
&
K
fe
739, 341.45
g
t§
*2
w
1, 777,120.15
2, 516,461.60
.•
2, 966, 359.94
DISBURSEMENTS.
For general expenses of the board:
Expenses for 1921, paid in 1922
Expenses for 1922 (per detailed statement)
Less accounts unpaid Dec. 31, 1922
16,224.23
$729,745.11
15, 642. 78
714,102.33
3,040.00
592.58
Salaries of laborers reimbursable by Treasury Department
Miscellaneous expenses reimbursable
Total disbursements for general expense of the board
For expenses chargeable to Federal reserve banks:
Cost of preparing Federal reserve notes
1, 641, 730.86
Expense of gold shipments between Treasury offices and Federal reserve banks under the provisions
of section 16, Federal reserve act
Expense of leased-wire system
Miscellaneous expenses
J
,
Total disbursements for expenses chargeable to Federal reserve banks
733, 959.14
^
§
J--J
6,231. 60
257,436.79
10, 525.38
>;
H
1, 915,924. 63
<j
w
Total disbursements
Balance Dec. 31, 1922:
Available for accounts unpaid, Dec. 31, 1922
Available for general expenses of the board
Available for expenses chargeable to Federal reserve banks unpaid, Dec. 31, 1922
Total
2, 649, 883. 77
15,642. 78
64,257.75
236,575.64
316,476.17
W
>
§
No. 78.—RECEIPTS AND DISBURSEMENTS OP THE FEDERAL RESERVE BOARD FOR THE YEAR 1922—Continued.
OX
00
DETAILED STATEMENT OF EXPENSES.
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
$7,451.22
2,099.56
2,491.36
2,669.06
541.48
7,417.04
5,892.68
2,050.40
1,282.49
428.33
722.91
423.33
$6,534.59
2,099.59
2,505.83
2,805.42
513.33
7,642.09
5,823.07
2,050.42
1,302.00
428.33
722.92
423.33
$6,305.43
2,050.43
2,505.86
2,805.44
513.34
7,988.79
5,740.72
2,050.43
1,258.51
428.34
722.92
423.34
$6,166.65
2,138.31
1,887.48
2,790.39
513.33
8,192.04
5,521.50
2,110.40
1,268.99
428.33
722.91
423.33
$6,166.67 $6,236.05 $83,580.05
2,113.34 2,011.61 25,790.34
1,997.50 1,914.19 28,828.18
2,805.42 2,805.44 32,241.17
6,188.15
513.33
513.34
8,199.59 8,117.12 91,191.67
5,488.29 5,459.36 72,654.85
2,170.42
2,170.43 23,836.44
1,240.50 1,257.01 16, 111. 45
5,196.58
428.33
428.34
9,091.66
722.92
722.92
5,080.00
423.33
423.34
December.
Total.
PERSONAL SERVICES.
Board members and their staff.
Office of secretary
Office of general counsel
Office of statistician
Office of fiscal agent
Division of examination
Division of bank operations...
Division of chief clerk
Division of gold settlement...
Division of supply agent
Division of currency
Division of printing
Division of analysis and research . .
.
Division of architecture
Division of issue and redemption
Messengers . .
Charwomen
$7,296.22 $7,483.75
2,211.56 2,219.59
2,618.31 2,618.33
2,505.39 2,576.26
513.33
513.33
7,487.04
7,208.76
6,582.25 6,519.96
1,787.06 1,787.09
1,334.57 1,370.20
463.75
449.49
931.24
931.25
423.33
423.33
Total
Railway loan advisory committee to the Federal Besfirvfi Board
$7,483.78 $7,483.72 $7,483.75 $7,488.22
2,219.60 2,219.56 2,219.59 2,187.60
2,618.36 2,618.31 2,618.33 2,434.32
2,630.43 2,643.72 2,643.76 2,560.44
513.34
513.33
513.33
513.34
7,208.78 7,208.71 7,208.76 7,312.95
1
6,520.13 6,505.25 6,281.51 6,320.13
1,887.10 1,907.06 1,890.20 1,975.43
1,491.35 1,473.33 1,466.57 1,365.93
428.34
428.33
428.33
428.34
722.92
722.91
722.92
722.92
423.34
423.33
423.33
423.34
4,610.36
763.88
4,720.13
763.89
4,864.66
763.89
4,981.17
763.89
5,622.92
763.88
5,725.92
763.90
6,334.22
763.88
5,814.44
763.90
5,191.44
763.88
4,837.03
763.89
4,414.73
763.88
4,373.44
763.90
61,490.46
9,166.66
7,022.81
1,036.62
96.00
6,906.68
1,036.69
96.00
6,720.01
1,036.69
96.00
6,564.98
1,036.62
96.00
5,913.34
1,081.69
96.00
5,936.18
1,141.69
96.00
5,631.31
1,584.09
96.00
5,321.79
1,587.54
96.00
4,483.34
1,587.54
96.00
4,456.98
1,587.42
96.00
4/467.84
1,587.54
96.00
4,538.52
1,587.54
94.93
67,963.78
15,891.67
1,150.93
47,683.72
47,624.73
47,628.72
47,590.22
47,378.21
47,396.65
47,879.36
46,434.59
44,915.75
43,904.98
43,599.63
43,417.48
555,454.04
150.00
150.00
150.00
150.00
150.00
150.00
150.00
150.00
75.00
44,990.75 43,904.98
43,599.63
43,417.48
556,729.04
Total personal services.. 47,833.72
47,774.73
47,778.72
47,740.22
47,528.21
47,546.65
48,029.36
46,584.59
1,275.00
KONPERSONAL SERVICES.
Transportation and subsistence:
Board members and their
staff
Office of secretary
Office of general counsel..
Division of examination..
Division of analysis and
research
Division of architecture...
Total all other divisions,
including local car fare..
Communication service:
Telephone
Telegraph
Printing, binding, etc
Repairs
Electricity (light and power)..
Steam (heat)
Miscellaneous unclassified
Equipment rental
,
Supplies:
Stationery and office
Periodicals...
Equipment:
Furniture and office
Books
Rent
,
154.10
58.72
192.48
18.56
2,794.41
2,403.93
29.29
25.44
35.00
630.45
1,064.57
51.00
7,893.80
22.53
71.23
37.50
311.56
378.75
615.37
1,239.17
13.84
3,260.55
14.13
65.10
37.50
475.84
375.00
1,586.51
300.05
7.85
580.23
384.50
3,629.79
4,270.72
181.72
25.66
91.34
5,240.02
79.28
60.88
131.93
161.56
354.83
36.81
72.09
55.42
4,665.37
622.61
666.26
1,779.88 1,088.25
61.00
18.00
5,189.24 3,434.68
71.14 |
55.55
72.55
70.08
37.50 I
37.50
358.91 1,936.61
378.00
375.00
196.97
24.03
29.50
33.93 j
10.02
114.90
499.62
143.12
2,723.42
4,373.95
5,427.25
3,897.46
2,515.62
272.47
146. 76
45,121. 96
49.92
61.30
127.08
2,252.72
67.27
214.58
556.17
656.00
643.90
1,400.00
64.00
4,230.95
43.30
34.90
37.50
33.42
378.00
7,722.17
15,472.40
561.84
43,100.70
535.80
614.37
280.00
5,475.72
4,515.75
140.03 !.
3,788.63
148.74
135.00 I
948.35 I
35.00
7.77
87.65
1,907.01
682.61
1,071.44
64.00
3,146.63
45.99
63.83
17.50
894.01
375.00
654.03
1,616.13
59.00
2,605.30
90.56
51.95
642. 74
1,148.15
60.00
2,477.06
41.33
42.26
670.05
378.00
132.36
375.00
61.93
375.00
613.82
659.59
1,334.06 | 1,348.20
57.00
44.00
2,894.50 2,950.76
35.36
38.24
36.12
33.55
634. 79
1,396.49
129.07
378.00
70.00
2,357.84
26.63
34.90
37.50
298.29
375.00
2,659.39
51.04
34.90
37.50
173.67
375.00
483.16
60.34
904.30
2.85
424.63
1,744.08
1,141.48
262.97
208.29
673.77
340.96
166.68
38.50
910.60
37.42
265.78
86.48
451.39
8,173.92
1,924.17
716.76
174.61
1,588.01
43.68 I
748.89
59.00 |
30.73
1,588.01 I 1,588.01
2,436.68
325.70
1,796.35
1,312.60
73.35
2,313.09
163.63
71.77
2,313.09
1,256.50
1.80
2,293.09
115.23
8.14
2,293.09
496.50
39.73
2,293.09
380.05
32.16
2,293.09
173.89
2.03
2,293.09
76.12
28.00
2,293.09
7,920.53
847.02
24,945.10
Total.
17,563.80
10,770.50 I 16,959.95
17,366.12
15,113.93
17,452.64
12,967.45
11,049.72
12,401.35
13,013.10
14,260.70
14,096.81
173,016.07
Grand total
63,397.52
58,545.23
65,106.34
62,642.14
64,999.29
60,996.81
57,634.31
57,392.10
56,918.08
57,860.33
57,514.29
729,745.11
64,738.67
SO
ALLOTMENTS OF UNITED STATES SECURITIES.
No. 79.—ALLOTMENTS OP UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS DURING 1922.
Federal reserve
district.
! Loan certificates,
Series D,
1922.
Treasury notes.
Tax certificates.
Series TM, Series T J, Series TS,
Series T D
Series
Series
1923.
1923.
1923.
jTM-2,1923.
1923.
TD-2,1922.
Series A,
1925.
Series B,
1925.
Series C,
1925.
Series A,
248,000 $51, 960,000 $11, 158,200 $29,826; 800 $51,093
$12,990,000 $17; 320,000 $21,650,000 $21, 650,000l$17,320,000$13, 266,000| $6,
Boston
682,500 132, 289,500 254, 213,300173, 914,300147,021. 700 314,059
50,880,000 67; 840,000 101,050,000 107, 800,000i 94,840,000! 69,
New York
Philadelphia... 10,590,000 14,120,000 17,650,000 17,650,000 14,120,000, 1,644,000 4,641,500 45,865,900 20,128,800 47,063.
i, 313,000 10,559,000 40,305,000 24,162,300 43,673;
13, 590,000 18,120,000| 22,650,000 22,650,000 18,120,000
Cleveland
.,833,000 2,275,500 14, 966,300} 4. 549,600| 15,781.
650,000 6,920,000
5,190,000 6,920,000 8,650,000
Richmond
888,500 3,177,000 11 743,2001 2, 707,8001 16,319;
300,000 5,840,000
4,380,000 5,840,000 7,300,000
Atlanta
1,521,000 20,768,000 84,145,300J 48,138,600) 71,436,
21,000,000 28,000, 000 35,000,000 35,000,000 28,000,000
Chicago
000,000 8,000,000
945,500 4, 846,500 17,384,200 1 2 ' 250,000J 24,203;
6,000,000 8,000,000 10,000,000 10,1
St. Louis.......
199,800
350,900 11,852;
650,000 6,920,000
497,500 1,621,500
5,190, 000 6,920,000 8,650,000
Minneapolis—
697,500| 16,:
125,400! 17,964;
i, 189,500 3,216,500
6,000,000 8,000,000 10,000,000| 10,000,000 8,000,000
Kansas City...
840,500| 4,:
292,200J 13,790;
:, 889,500 3,002,000
3,600,000 4,800, 000 6,000,O00J 6,000,000 4,800,000
Dallas
San Francisco.. 10,390,000 14,120,000! 17,650,000! 17,650,000 14,120,000| !, 074,500J 4, 588,500 34, 278,500| 11,,363,200| 30,095;
Total
Rate of interest.
(per cent)....
Date issued....
Maturity date..
150,000,000 200,000,000 266,250,000J273,000,000 227,000,000|113,744,500 197,233,500 601,599,500 335,141,300 469,029,800 617,769,
3J
4-15-22
10-16-22
6-1-22
3-15-221
6-15-22
9-15-22J
12-15-22
12-15-22
3-15-23
6-15-23
9-15-23
3-15-23
4;
12-15-22
12-15-23
4f|
2-1-22J
3-15-251
4f|
6-I5-22!
12-15-25|
4}
12-15-22
6-15-25
Series B ,
800,$37,
200:196,
000: 32,
0001 45,
200 13,
500 11,
600|$82,198,300 $373,777,700
, 055,146,300
3001344,606,
500 54,028,800 328,165,900
373,921,700
126,760,000
97,610,200
575,042,800
177,777,400
104,896,200
17,270,700 145,051,700
78,676,500
7,201,300
31,645,300 260,179,900
CONDITION OF MEMBER AND NONMEMBER Bi?NKS.
161
ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER
BANKS.
No. 80.—ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY
MEMBERS OF THE FEDERAL RESERVE SYSTEM.
fin thousands of dollars.]
Dec. 31,
1921
(1,614
banks).
Total
June 30,
1922
(1,648
banks).
5,966,281
4,634
142,896
674,353
33,512
1,398,542
212,671
32,804
8,727
128,536
615,082
127,131
6,036,226
4,458
122,941
964,523
34,272
1,503,923
227,911
44,327
359,043
5,865,265
4,236
125,462
726,302
33,965
1,383,085
217,167
42,565
9,393
124,329
.597,930
115,262
379,324
130,329
683,511
137,669
405,597
6,464,127
6,284
164,085
1,135,381
35,403
1,517,361
241,393
48,190
10,505
160,021
718,181
180,134
424,176
270,613
44,133
35,710
381
123,863
284,778
32,306
28,544
1,146
123,428
520,047
45,457
20,353
488
135,162
557,683
55,769
19,471
2,012
176,841
10,178,912
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securities
Stock of Federal reserve banks
Other bonds, stocks, and securities
Banking houses, furniture, and
fixtures
,
Other real estate owned
Gold and gold certificates
All other cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other
banks in same place
Outside checks and other cash items
,
United States securities borrowed
Other securities borrowed
Other assets
Mar. 10,
1922
(1,624
banks).
10,094,487
11,026,082
11,917,017
586,089
524,574
170,115
32,947
587,875
173,487
4,572,500
2,702,110
120,308
6,639
597,369
525,379
188,149
41,215
5,860
619,112
184,234
4,506,706
2,825,429
116,569
605,761
535,806
186,213
39,093
6,792
641,858
332,567
5,103,154
3,063,838
54,142
624,656
550,750
222,486
46,022
11,501
725,717
351,059
5,283,488
3,326,958
160,005
158,981
91,370
68,654
119,149
274,052
12,491
144,177
148,783
13,850
124,867
145,338
21,325
124,796
185,176
10,756
166,695
5,687
35,752
381
70,747
6,687
28,722
1,146
69,040
6,593
22,562
488
67,102
10,021
19,523
2,012
101,043
11,026,082
11,917,017
10,8
10.8
Dec. 29,
1922 ,
(1,639
banks).
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Amount reserved for interest and taxes accrued
,
Due to Federal reserve banks
,
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding,
Demand deposits
Time deposits
United States deposits
Bills payable (including all obligations representing
money borrowed other than rediscounts)
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts
sold with indorsement)
Cash letters of credit and travelers' checks outstanding.
Acceptances executed for customers
Acceptances executed by other banks for account of
reporting banks
United States securities borrowed
Other securities borrowed
Other liabilities
Total
Ratio of reserve with Federal reserve banks to net
deposit liability (per cent)
162
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
N o . 81.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND
STATE) OF THE FEDERAL RESERVE SYSTEM.
[In thousands of dollars.]
Dec. 31,
Mar. 10,
June 30,
1921 (9,779 1922 (9,816 1922 (9,892
banks).
banks).
banks).
Dec. 29,
1922 (9,859
banks).
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securitiesl
Other bonds, stocks, and securitiesa
Banking houses, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other ban ks
in same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
United States securities borrowed
:
Other securities borrowed
Other assets
Total.
17,468,936 17,145,605
14,582
15,530
343, 559
295, 349
2,647,7 3 2,754,846
3,512, 891 3.503,001
642, 503
657,343
100,143
87,152
468,974
478,416
1, 758,341 1, 722,637
477, 042
428,162
1, 449,637 1, 613, 918
777, 439
106,333
36,672
35,710
381
276,749
30,114,136
17,282,290
13,653
299,179
3,246,824
3, 815,247
680,225
108, 695
464, 614
1, 835,116
493, 335
1, 646,773
18,061,459
19,328
372,550
3,788,377
3,899,339
711,917
123,354
561,576
1,939,028
635,926
1,805,579
1, 350,390
110,377
36,741
20,353
488
319,650
1.405,121
117,963
36,800
19,471
2,012
382,771
29, 936,069 31,723,950
33,882,571
804, 275
73, 477
36,481
28,544
1,146
LIABILITIES.
Capital stock paid in
1,867,821 1, 886,172 I 1,912, 227
1,940,916
Surplus fund
1, 557, 475 1,561,043 I 1, 584, 092 1,625,765
Undivided profits, less expenses and taxes paid
667,711
737,802 I 717, 600
797,233
Due to Federal reserve banks
25, 521
23,501 '
26, 644
39,610
Due to banks, bankers, and trust companies
2,834,645 3,141,962 3,123,741
3,452,773
Certified and cashiers' or treasurers' checks outstanding.
534, 310
438, 336
783,324
857,234
Demand deposits
13,176,122 12,949, 744 14, 251, 855 14,815,507
Time deposits
6, 450,629 6,662,398 7,175, 005
7,644,881
United States deposits
306,103 I 329, 503
156,118
461,799
Bills payable (including all obligations representing
297,135
429,930
money borrowed, other than rediscounts)
655,304 j 366,459
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts sold
425,609
797,658
447,597
with indorsement)
472, 520
Cash letters of credit and travelers' checks outstanding.
16, 437
18, 566
29,560
15,628
Acceptances executed for customers
346, 555
296,199
297,683
366,539
Acceptances executed by other banks for account of
22,245
20, 556
23,087
33,652
reporting banks
'.
716,968
725, 265
723,317
719, 074
National-bank notes outstanding
102,675
65, 037
United States securities borrowed
82,444
54,138
6,121
Other securities borrowed.
3,385
4,980
7,249
125, 810
126, 583
171,092
Other liabilities
126,567
Total.
Ratio of reserve with Federal reserve banks to net deposit liability (percent)
1
30,114,136
10.5
31,723,950
10.2
Includes United States Government securities borrowed by national banks.
'Includes other bonds and securities borrowed by national banks.
33,882,571
10.6
10.2
CONDITION OF MEMBER AND NONMEMBER BANKS.
163
N o . 8£.—ABSTRACT OF CONDITION R E P O R T S OF A L L M E M B E R B A N K S (NATIONAL AND
STATE) IN N E W Y O R K
CITY.
[In thousands of dollars.]
Dec. 31,
1921 (58
banks.)
Mar. 10,
1922 (58
banks).
June 30,
1922 (59
banks).
3,681,790
838
197,829
577,780
567,705
78,907
4,038
70,849
612,859
87,538
72,123
3,490,143
2,073
179,831
621,648
514,142
80,635
2,834
69,797
574,017
77,132
65,205
3,589,029
1,445
175,957
912,084
636,690
83,967
2,973
65,057
616,609
92,095
72,546
3,764,127
1,310
215,053
1,008,895
553,434
87,519
3,170
69,365
624,956
125,558
78,019
445,270
19,419
1,955
276
40
167,069
552,189
15,054
1,969
136
40
176,825
975,487
23,943
2,018
86
40
194,057
1,019,819
19,122
1,913
86
40
227,998
6,586,285
6,423,670
7,444,083
7,800,384
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding.
Demand deposits
Time deposits
United States deposits
Bills payable (including all obligations representing
money borrowed other than rediscounts)
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts
sold with indorsement)
Cash letters of credit and travelers' checks outstanding..
Acceptances executed for customers
Acceptances executed by other banks for account of
reporting banks
National bank notes outstanding
United States securities borrowed
Other securities borrowed
Other liabilities
301,500
356,706
161,765
338
1,036,068
193,880
3,617,581
295,094
92,375
305,950
359,267
180,800
455
1,060,762
347,372
3,358,266
326,265
89,171
309,710
365,153
174,823
417
1,084,805
566,176
3,958,530
527,660
38,042
314,230
390,130
165,184
1,573
1,119,972
587,971
3,921,252
534,287
197,876
122,230
17,385
28,358
97,707
72,131
12,779
201,105
63,995
15,439
180,750
79,877
23,718
175,809
103,427
11,398
213,911
14,016
38,297
8,468
2,941
59,011
14,203
38,877
5,813
2,926
55,974
15,169
39,580
5,909
40
50,307
Total.
Batio of reserve with Federal reserve banks to net
deposit liability (per cent)
6,586,285
6,423,670
7,444,083
7,800,384
14.1
13.8
13.4
13.6
Dec. 29,
1922 (58
banks).
RESOURCES.
Loans and discounts
;
Overdrafts
Customers' liability on account of acceptances
l
United States Government securities
Other bonds, stocks, and securities 2
Banking hduses, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other banks
in same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer.
United States securities borrowed
Other securities borrowed
Other assets
Total.
LIABILITIES.
1
1
Includes United States Government securities borrowed by national banks.
Includes other bonds and securities borrowed by national banks.
22,634
35,6672,564
40
80,561
164
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
No. 83.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND
STATE) IN THE CITY OF CHICAGO.
[In thousands of dollars.]
Mar. 10,
Dec. 31,
June 30,
Dec. 29,
1922
1921
1922
1922
(28 banks). (27 banks). (24 banks). (25 banks).
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States G overnment securitiesx
Other bonds, stocks, and securities2
Banking houses, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other
banks in same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer.
United .States securities borrowed.
Other securities borrowed
Other assets
1,017,766
367
33,378
42,374
143,030
16,862
178
26,393
121,463
29,901
97,158
1,034,250
202
26,613
44,924
149,46S
14,4)65
2,385
23,713
126,502
27,804
110,7*65
1,017,153
262
38,427
100,360
144,216
15,202
2,385
22,812
141,712
34,434
107,621
1,036,257
179
32,475
138,966
155,910
14,894
2,334
28,265
144,185
43,050
117,868
49,871
9,160
42,571
5,214
67,654
7,131
77,066
9,195
30
30
25
29
12,039
17,478
19,107
10,514
1,600,000
Total
1,625,985
1,718,501
1,831,187
90,600
85,385
44,349
87,800
83,385
45,591
87,600
83,320
46,569
87,530
83,325
57,906
278,054
16,034
724,800
232,979
24,657
366,287
21,093
696,248
243,994
29,259
324,530
21,367
792,426
251,668
9,885
336,076
40,490
241
115
5,705
7,670
55,270
871
33,913
6,548
1,017
26,414
35,810
2,310
37,945
18,238
1 723
31,835
1,471
599
27
652
599
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding,
Demand deposits
Time deposits
United States deposits
Bills payable (including all obligations representing
money borrowed other than rediscounts
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts sold
with indorsement)
Cash letters of credit and travelers' checks outstanding.
Acceptances executed for customers
Acceptances executed by other banks for account of
reporting banks
National bank notes outstanding
United States securities borrowed
Other securities borrowed
Other liabilities
Total.
Ratio of reserve with Federal reserve banks to net
deposit liability (per cent)
1
2
10,750
16,983
17,968
1,600,000
1,625,985
1,718,501
13.2
13.0
14.4
Includes United States Government securities borrowed by national banks.
Includes other bonds and securities borrowed by national banks.
499
278,975
25,935
1,156
575
30,787
1,831,187
13.5
165
CONDITION OF MEMBER AND 3STONMEMBER BANKS.
N o . 84.—ABSTRACT OF CONDITION R E P O R T S OF A L L M E M B E R B A N K S (NATIONAL AND
STATE) IN R E S E R V E CITIES. 1
[In thousands of dollars.]
Mar. 10,
June 30,
Dec. 31,
Dec. 29,
1922
1922
1921
1922
(585 banks). (584 banks). (59lf>anks). (574 banks).
KESOURCES.
5,850,629
3,135
79,997
782,751
1,078,885
242,491
44,905
134,892
545,492
266,080
696,335
219,413
47,103
9,451
61
70,273
166,335
31,803
9,329
18,390
61
66,806
75,130
93,342
10,018,316
10,495,277
11,442,070
610,634
535,253
206,746
6,418
1,221,260
153,817
4,149,890
2,108,701
141,662
620,097
535,307
231,790
6,487
1,383,152
100,393
4,210,161
2,197,880
159,985
630,322
541,260
224,315
7,748
1,381,653
123,866
4,633,751
2,382,561
82,798
639,401
553,777
239,378
10,945
1,589,723
143,846
4,807,170
2,618,276
175,398
197,512
83,026
64,809
129,815
331,191
2,526
99,773
77,400
2,947
77,357
157,291
2,238
107,801
6,513
182,590
58,434
1,222
39,702
135,176
1,704
79,997
5,380
183,502
44,463
1,475
38,341
6,600
186,487
31,011
1,320
39,072
9,473
185,395
29,314
1,354
41,475
10,053,844
Total
5,920,958
4,117
100,485
730,968
1,074,200
235,094
36,499
137,406
546,275
296,895
599,950
10,053,844
Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securities 2
Other bonds, stocks, and securities 3
Banking houses, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other
banks in same place
Outside checks and other cash items
Redemption fund and due from United States Treasurer
United States securities borrowed
Other securities borrowed
Other assets
10,018,316
10,495,277
11,442,070
10.5
10.1
24,696
5,844,199
3,314
77,902
965,893
1,168,046
251,599
47,830
137,422
585,225
300,418
718,572
6,255,257
5,772
111,952
1,211,340
1,208,404
263,901
52,205
171,785
620,807
379,457
737,542
246,680
53,001 !
9,545 1
10,501
251,663
58,703
9,433
10,507
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Due to Federal reserve banks
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding.
Demand deposits
Time deposits
United States deposits
Bills payable (including all obligations representing
money borrowed other than rediscounts)
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts
sold with indorsement)
Cash letters of credit and travelers' checks outstanding.
Acceptances executed for customers
Acceptances executed by other banks for account of
reporting banks
National bank notes outstanding
United States securities borrowed
Other securities borrowed
Other liabilities
Total..
Ratio of reserve with Federal reserve banks to net
deposit liability (per cent)
10.1 I
i Including St. Louis, which was changed from a central reserve to a reserve city on July 1,1922.
* Includes United States Government securities borrowed by national banks.
8
Includes other bonds and securities borrowed by national banks.
28971—23
12
10.2
166
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
No. 85.—ABSTKACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND
STATE) OUTSIDE CENTRAL RESERVE AND RESERVE CITIES (SO-CALLED COUNTRY
BANKS).
(In thousands of dollars.]
Mar. 10,
Dec. 29,
June 30,
Dec. 31,
1921 (9,108 1922 (9,147 1922 (9,218 1922 (9,202
banks).
banks).
banks).
banks).
RESOURCES.
6,770,583
10,120
8,908
1,305,523
l;760,505
320,152
50,019
240,572
476,626
57,146
741,613
6,831,909
8,632
6,893
1,268,487
1,866,295
329,457
55,507
239,323
491,570
66,388
748,034
7,005,818
12,067
13,070
1,429,176
1,981,591
345,603
65,645
292,161
249,080
87,861
872,150
43,180
21,406
60,569
26,302
56,573
30,943
25,153
10,018
1,045
25,529
25,153
9,766
448
31,356
25,425
8,878
1,972
30,917
11,874,007
11,868,098
12,066,089
12,808,930
865,087
Capital stock paid in
Surplus fund
580,131
254,851
Undivided profits, less expenses and taxes paid
18,765
Due to Federal reserve banks
299,263
Due to banks, bankers, and trust companies
74,605
Certified and cashiers' or treasurers' checks outstanding.
Demand deposits
4,683,851
Time deposits
3,813,855
United States deposits
47,409
Bills payable (including all obligations representing
335,321
money borrowed other than rediscounts)
Notes and bills rediscounted (including acceptances of
other banks and foreign bills of exchange or drafts
sold with indorsement).
339,066
261
Cash letters of credit and travelers' checks outstandingAcceptances executed for customers
11,764
Acceptances executed by other banks for account of
245
reporting banks
495,482
National bank notes outstanding
United States securities borrowed
35,746
1,958
Other securities borrowed
,
16,347
Other liabilities
,
872,325
583,084
279,621
16,559
331,761
65,452
4,685,069
3,894,259
51,088
884,595
594,359
271,893
18,479
332,753
71,915
4,867,148
4,013,116
25,393
899,755
598,533
334,765
407,002
84,927
5,258,119
4,213,343
62,590
265,933
198,263
194,738
266,801
406
9,038
232,522
585
6,572
168,641
269
12,992
321
496,096
32,168
2,848
15,269
419
498,699
28,117
2,025
19,236
501,680
22,260
3,566
18 269
11,868,098
12,066,089
12,808,930
7.4
7.5
7.6
Loans and discounts
6,848,422
O verdraft s
9,260
Customers' liability on account of acceptances
11,867
l
1,296,671
United States Government securities
Other bonds, stocks, and securities2
1,727,926
Banking houses, furniture, and fixtures
311,640
Other real estate owned:
46,437
Cash in vault
243,768
477,744
Reserve with Federal reserve banks
62,708
Items with Federal reserve banks in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on other
banks in same place
62,885
Outside checks and other cash items
30,651
Redemption fund and due from United States Treasurer
•.
25,236
10,738
United States securities borrowed
280
Other securities borrowed
27,368
Other assets
.
Total
LIABILITIES.
*
Total
Ratio of reserve with Federal reserve banks to net deposit liability (per cent)
,
1
Includes United States Government securities borrowed by national banks.
* Includes other bonds and securities borrowed by national banks.
No, 86.—LOANS, INVESTMENTS, AND DEPOSIT LIABILITIES OF NATIONAL BANKS ON CALL DATES FROM 1914
TO
1922.
[In thousands of dollars.]
Loans and
discounts.
Dec.
31.
Mar. 4 . . .
Mayl...
June 23..
Sept. 2 . .
Nov.10.,
Dec* 3 1 . .
Mar. 7 . . .
Mayl...
June 30..
Sept. 12.
Nov. 17.
Dec. 27..
Mar. 5
Mayl
June 20
Sept. 11
Nov. 20
Dec. 31
' Mar. 4 . .
May 10.
June 29.
Aug. 31.
ftov.l...
Dec. 31.
1914.
Other bonds, Total loans
stocks, and and investments.
securities.
Deposits.
Demand. 1
Time.'
United States
Bank.
Total.
6,347,637
795,078
1,331,838
8,474,553
5,088,189
1,206,810
71,698
1,869,771
8,236,468
6,499,965
6,643,888
6,659 971
6,809,001
7,308,124
7,443,944
781,194
783,994
783,454
781,726
777,765
774,639
1,256,901
1,243,871
1,284,915
1,311,809
1,436,613
1,468,874
8,538,060
8,671,753
8,728,340
8,902,536
9,522,502
9,687,457
5,052,629
5,324,798
5,237,421
5,339,140
5,982,705
6,162,038
1,238,053
1,293,992
1,326,850
1,379,421
1,423,891
1,466,015
59,541
46,723
48,964
44,900
41,203
35,901
2,243,744
2,226,534
2,208,006
2,466,056
2,709,673
2,738,432
8,593,967
8,892,047
8,821,241
9,229,517
10,157 472
10,402,386
7,592,397
7,706,754
7,762,928
7,990,743
8,423,339
8,427,696
753,913
738,830
731,205
729,777
724,473
716,960
1,558,394
1,619,343
1,620,755
1,717,916
1,801,920
1,818,603
9,904,704
10,064,927
10,114,888
10,438,436
10,949,732
10,963,259
6,135,828
6,461,966
6,395,024
6,605,922
7,211,403
7,034,098
1,548,578
1,642,523
1,729,666
1,805,934
1,893,813
1,935,710
33,273
35,489
39,457
34,822
35,308
35,418
3,074,086
2,995,344
2,712,940
2,915,663
3,348,755
3,261,620
8,788,633
8,830,841
8,982,190
9,254,121
9,809,684
9,891,304
714,523
768,114
1,076,256
1,158,982
2,354,183
1,624,529
1,863,594
1,950,752
1,936,812
1,961,235
2,005,317
1,968,630
11,366,750
11,549,707
11,995,258
12,374,338
14,169,184
13,484,463
7,169,249
7,498,891
7,433,493
7,679,370
8,056,948
8,436,395
2,070,971
2,166,683
2,179,761
2,295,982
2,281,865
2,298,282
34,695
35,626
132,965
210,395
1,352,006
517,315
3,683,265
3,379,138
3,025,614
3,048,550
3,107,517
3,193,697
12,958,180
13,080,338
12,771,833
13,234,297
14,798,336
14,445,689
9,585,784
1,910,772
2,126,605
9,754,573
1,856,756
2,662,963
2,129,283
10,152,126
1,840,487
2,466,268
10,112,082
1,795,082
3,166,492
10,738,657
1,766,069
2,956,394
10,433,505
1,788,632
* Includes certified and cashier's checks outstanding.
13,623,161
14,274,292
14,121,896
14,373,432
15,671,218
1
15,178,531
682,712
8,084,146
2,370,679
1,060,086
8,094,686
2,342,747
1,037,787
7,838,150
2,343,589
8,095,749
2,397,491
506,583
8,640,818
2,372,512
1,136,884
9,460,577
2,473,868 |
313,381
8
Includes postal savings deposits.
3,301,232
2,887,601
2,802,083
2,885,936
2,901,259
3,175,255
14,438,769
14,385,120
14,021,609
13,885,759
15,051,473
15,423,081
8
1
o
10,791,765
11,135,322
10,877,087
11,362,341
12,489,279
12,266,846
1915.
1916.
1917.
!
j
1918.
U. S. Government
securities.
w
S
tel
W
W
>
No. 86.—LOANS, INVESTMENTS, AND DEPOSIT LIABILITIES OF NATIONAL BANKS ON CALL DATES FROM 1914 TO 1922—Continued.
00
[In thousands of dollars.]
Loans and
securitTes.
1919.
Mar. 4
May 12
June 30
Sept. 12
Nov. 17
Dec. 31
1
1920.
Feb. 28.
May 4 . .
June 30.
Nov. 15.
Dec. 29..
1921.
Feb. 2 1 .
Apr. 28.
June 30.
Sept. 6 . .
Dec. 31.
Other bonds,
stocks, and
securities.
Total loans
and investments.
Deposits.
Demand.
Time.
UnitedStates.
10,082,419
10,254,732
11,013,227
11,530,964
12,245,641
12,767,416
3,686,720 I
4,032,753 I
3,176,314 !
3,296,593 \
2,881,881 i
2,723,493 '
1,807,032
1,849,087
1,875,609
1,919,216
1,983,402
1,985,218
15,576,171
16,136,572
16,065,150
16,746,773
17,110,924
17,476,127
8,856,395
9,552,767
9,588,144
10,174,670
10,773,058
10,928,635
2,652,666
2,729,245
2,784,940
2,921,034
3,053,685
3,139,542
591,318
530,551
566,793
518,903
270,390
448, 863
3,199,428
3,091,233
2,984,988
3,067,000
3,370,720
3,349,373
15,299,807
15,903,796
15,924,865
16,681,607
17,467,853
17,866,413
13,098,550
13,508,515
13,620,634
13,714,776
13,764,721
13,526,936
2,459,424
2,375,801
2,269,575
2,175,019
2,152,465
2,131,573
1,970, 844
1,947,904
1,916,890
1,924,161
1,953,827
1,990,454
17,528,818 !
17,832,220 ;
17,807,099 I
17,813,956 !
17,871,013 i
17,648,963 i
10,329,637
10,459,284
10,650,112
10,346, 539
10,544,778
9,888,077
3,259,178
3,410,480
3,485,501
3,560,298
3,621,112
3,631,837
67,911
115,200
175,788
53,453
117,239
212,123
3,308,393
2,939,579
2,844,020
2,791,666
2,648,573
2,545,720
16,965,122
16,924,543
17,155,421
16,751,956
16,961,702
16,277,757
12,824,914
12,356,630
12,003,443
11,682,692
11,505,389
2,047,234
2,001,811
2,019,497
1,861,977
1,975,898
1,980,825
1,990,970
2,005,584
1,973,749
2,081,442
16,852,973 !
16,349,411 I
16,028,524
15,518,418 i
15,562,729 i
9,249,181
8,872,860
9,046,475
8,652,869
8,871,799
3,712,430
3,698,518
3,695,808
3,680,704
3,749,328
113,449
175,149
249,039
109,981
188,089
2,403,294
2,105,332
2,151,011
2,117,298
2,265,886
15,478,354
14,851,859
15,142,331
14,560,852
15,075,102
11,282,579
11,184,116
11,248,214
11,236,025
11,599,668
2,031,564
2,124,691
2,285,459
2,402,492
2,656,560
2,086,596
2,162,587
2,277,866
2,289,782
2,347,479
15,400,739 i
15,471,394 1
15,811,539 |
15,928,299 !
16,603,707 I
8,796,631
9,091,841
9,603,188
9,643,796
10,042,192
3,837,759
3,918,282
4,111,951
4,169,220
4,318,736
215,347
141,844
103,374
145,182
304,176
2,540,701
2,615,021
2,502,051
2,640,564
2,755,377
15,390,438
15,766,988
16,320,564
16,598,762
17,420,481
H
m
ft
td
1922.
Mar. 10..
May 5 . . .
June 30..
Sept. 15.
Dec. 29..
w
o
>
No, 87.—PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 800 REPORTING MEMBER BANKS IN LEADING CITIES.
[In millions of dollars.]
Loans and discounts and investments.
Accommodation at
Federal reserve banks.
Deposits
1
Loans and discounts.
Week
ending—
Total.
Secured Secured
byU.S. by
All
Govern- other
Total. ment bonds other.
obliand
gations. stocks.
1922.
Jan. 4 . .
11..
18..
25..
Feb. 1..
Investments.
Reserve Cash
with
United States securities.
Other Federal vault.
bonds, reserve
GovNet
Certifi- stocks, banks.
deTime. ernTotal.
and
Treas- cates
mand.
ment.
of
Total. Bonds. Victory ury
notes. notes. indebt- securities.
edness.
14,771 11,206
3,184 7,523 3,565
499
475
14,681 11,106
3,153 7,478 3,575
470
14,611 11,015
3,107
7,438 3,596
U,534 10,919
451
3,074 7,394 3,615
11,708 10,878
450
3,113 7,315 3,830
444
8 . . 14,640 10,873
3,129
7,300 3,767
441
15.. 14,684 10,930
3,126
7,363 3,754
436
21.- 14.542 10,851
3,092 7,323 3,691
427
Mar, 1 . . 14,545 10,917
3,130 7,360 3,628
419
8 . . 14,527 10,896
3,111 7,366 3,631
410
15.- 14,637 10,909
3,135 7,364 3,728
398
22.. 14,605 10,893
3,131 7,364 3,712
394
29.. 14,544 10,842
3,108 7,340 3,702
374
Apr. 5 . . 14,576 10,874
3,155 7,345 3,702
368
12.. 14,579 10,857
3,121 7,368 3,722
359
19.. 14,704 10,846
3,216
7,271 3,858
354
' 26.. 14,711 10,846
3,250
7,242 3,865
346
May 3 . . 14,795 10,867
3,290
7,231 3,928
332
10.. 14,861 10,876
3,311 7,233 3,985
329
17.. 14,934 10,916
3,411 7,176 4,018
318
24.- 14,995 10,923
3,443 7,162 4,072
317
3 1 . . 15,029 10,906
3,489
7,100 4,123
313
3,502
7,072 4,235
June 7.. 15,122 10,887
309
14.. 15,213 10,944
3,526
7,109 4,269
289
21.. 15,264 10,885
3,512
7,084 4,379
285
28.. 15,188 10,783
3,465 7,033 4,405
Including rediscounts with Federal reserve banks.
1,469
1,479
1,501
1,503
1,737
1,675
1,663
1,603
1,559
1,571
1,661
1,633
1,610
1,599
1,618
1,719
1,728
1,763
1,794
1,797
1,833
1,835
1,961
1,997
2,080
2 100
950
961
988
997
998
995
998
995
994
998
1,009
1,018
1,029
1,031
1,047
1,068
1,101
1,130
1,158
1,158
1,185
1,181
1,202
1,240
1,248
1,264
172
180
189
188
141
134
142
144
150
148
74
62
62
69
73
83
82
89
94
94
103
112
117
136
55
40
129
127
120
120
367
323
315
296
273
272
364
380
388
390
389
389
386
397
406
413
420
418
427
427
505
535
218
211
204
198
231
224
208
168
142
153
214
173
131
109
109
179
159
147
136
132
125
124
215
194
272
261
2,096
2,096
2,095
2,112
2,093
2,091
2,091
2,088
2,069
2,060
2,067
2,079
2,092
2,103
2,104
2,139
2,137
2,165
2,191
2,221
2,239
2,288
2,274
2,272
2,299
2,305
1,314
1,325
1,267
1,250
1,285
1,308
1,333
1,269
1,314
1,304
1,423
1,257
1,293
1,314
1,312
1,344
1,325
1,353
1,390
1,394
1,403
1,364
1,398
1,393
1,386
1,440
327
316
288
278
266
279
270
270
263
277
266
271
276
273
284
280
278
277
281
271
281
280
282
284
277
278
10,416
10,427
10,332
10,271
10,298
10,236
10,321
10,245
10,349
10,334
10,598
10,338
10,309
10,456
10,565
10,629
10,676
10,768
10,829
10,968
10,953
11,049
11,016
11,198
11,192
11,124
3,011
3,019
3,018
3,021
2,979
3,004
3,062
3,091
3,084
3,105
3,114
3,133
3,131
3,121
3,138
3,173
3,184
3,198
3,243
3,213
3,243
3,232
3,306
3,282
3,329
3,380
257
239
186
168
350
450
423
301
280
278
241
224
199
158
143
243
208
189
180
145
132
132
288
250
178
124
O
o
s
Secured
byU.S. Otherwise
GovTotal. ern- secured
ment and unobli- secured.
gations.
647
531
468
409
400
395
378
321
318
255
226
252
268
267
223
210
159
180
150
151
166
157
117
115
123
165
290
249
216
187
194
202
171
130
135
96
90
90
102
106
83
80
60
79
57
64
73
69
54
50
51
98
357
282
252
222
206
193
207
191
183
159
136
162
166
161
140
130
99
101
93
87
93
88
63
65
72
67
H
O
3
o
hrj
g
w
g
>
o
CD
No. 87.—PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 800 REPORTING MEMBER BANKS IN LEADING CITIES—Continued.
[In millions of dollars.]
Loans and discounts and investments.
Accommodati on at
Federal reserve banks.
Deposits
Loans and discounts.
Week
ending—
1922.
July 5..
12..
19..
26..
Aug. 2..
9..
16..
23..
30..
Sept. 6..
13..
20..
27..
Oct. 4..
11..
18..
25..
Nov. 1..
8..
15..
22..
29..
Dec. 6..
13..
20..
27..
Investments.
Reserve Cash
with
Other Federal in
bonds, reserve vault. Net
GovCertifi- stocks, banks
deTotal.
Time. ernand
mand.
Victory Treas- cates securiment.
of
Total. Bonds. notes. ury
notes. indebt- ties.
edness.
United States securities.
Total.
£239
^wf 211
15,197
15,189
15,356
15,332
15,342
15,316
15,294
15,333
15,376
15,440
15,454
15,510
15,563
15,885
15,790
15,814
15,789
15,774
15,719
15,761
15,786
15,790
16,116
16,152
Secured Secured
by U.S. by
All
Govern- other
Total. ment bonds other.
obliand
gations. stocks.
10,839
10,839
10,808
10,739
10,804
10,793
10,809
10,766
10,761
10,820
10,895
10,939
10,988
11,051
11,118
11,305
11,249
11,275
11,265
11,233
11,190
11,219
11,247
11,258
11,282
11,329
286
271
263
261
257
262
259
256
259
257
263
266
262
264
263
284
285
292
287
303
302
297
309
300
287
290
3,551
3,537
3,519
3,460
3,505
3,491
3,514
3,482
3,482
3,480
3,528
3,556
3,590
3,619
3,613
3,762
3,719
3,755
3,706
3,687
3,659
3,689
3,704
3,681
3,715
3,775
7,002
7,031
7,026
7,018
7,042
7,040
7,036
7,028
7,020
7,083
7,104
7,117
7,136
7,168
7,242
7,259
7,245
7,228
7,272
7,243
7,229
7,233
7,234
7,277
7,280
7,264
4,400
4,372
4,389
4,450
£, 552
4,539
4,533
4,550
4,533
4,513
4,481
4,501
4,466
4,459
4,445
4,580
4,541
4,539
4,524
4,541
4,529
4,542
4,539
4,532
4,834
4,823
2,089
2,081
2,107
2,126
2,257
2,245
2,216
2,246
2,255
2,249
2,239
2,264
2,219
2,215
2,190
2,333
2,301
2,286
2,283
2,289
2,283
2,293
2,288
2,271
2,562
2,549
1,270
1,276
1,286
1,306
1,321
1,335
1,326
1,367
1,367
1,376
1,383
1,382
1,381
1,381
1,364
1,506
1,503
1,492
1,504
1,507
1,497
1,510
1,504
1,489
1,486
1,485
37
39
43
43
46
38
41
41
48
49
46
40
36
31
41
40
36
33
33
32
32
34
34
36
24
23
534
516
532
520
645
647
649
657
647
651
635
630
618
636
637
652
651
654
649
656
658
654
655
657
810
803
248
250
246
257
245
225
200
181
193
173
175
212
184
167
148
135
111
107
97
94
96
95
95
89
242
238
2,311
2,291
2,282
2,324
2,295
2,294
2,317
2,304
2,278
2,264
2,242
2,237
2,247
2,244
2,255
2,247
2,240
2,253
2,241
2,252
2,246
2,249
2,251
2,261
2,272
2,274
1,401
1,438
1,432
1,386
1,404
1,352
1,360
1,357
1,378
1,369
1,363
1,339
1,358
1,397
1,440
1,465
1,346
1,400
1,370
1,392
1,376
1,356
1,392
1,360
1,385
1,394
296
298
284
275
270
276
263
269
274
283
291
283
281
282
300
296
289
278
316
294
294
286
309
320
345
358
11,088
11,199
11,101
11,043
11,134
10,980
11,013
10,940
10,942
10,993
11,144
11,061
11,085
11,168
11,257
11,306
11,162
11,188
11,133
11,127
11,039
11,094
11,010
11,112
11 186
11,255
3,471
3,483
3,487
3,515
3,507
3,569
3,588
3,588
3,599
3,603
3,564
3,575
3,573
3,585
3,580
3,604
3,628
3,642
3,648
3,652
3,659
3,648
3/695
3,691
3,687
3,708
121
110
100
99
197
199
177
179
178
178
158
148
146
126
100
303
260
222
201
190
172
171
163
151
511
471
Secured
by U.S. Otherwise
GovTotal. ern- secured
ment and unobli- secured.
gations.
206
142
157
98
117
105
110
117
127
137
121
164
159
182
278
274
227
341
396
403
360
382
450
397
351
370
96
75
97
36
52
42
53
54
58
58
52
63
66
81
156
120
116
189
213
235
211
206
274
235
203
207
110
67
60
62
65
63
57
63
69
79
69
101
93
101
122
154
111
152
183
168
149
176
176
162
148
163
s
n
o
w
W
O
171
CONDITION OF MEMBER AND NONMEMBEB BANKS.
N o . 8 8 . — N U M B E R , CAPITAL, SURPLUS, AND RESOURCES OP STATE B A N K AND T R U S T
COMPANY MEMBERS OF THE FEDERAL R E S E R V E SYSTEM, AND OF ELIGIBLE N O N -
MEMBERS, AS OP J U N E 30, 1922.1
TOTALS FOR EACH FEDERAL RESERVE DISTRICT.
[Amounts in thousands of dollars.]
Number of banks.
Federal reserve
district.
Members.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Capital.
Surplus.
Total resources.
Eligible
Eligible
Eligible
Eligible
nonMembers.
non- Members. non- Members. nonmembers.
members.
members.
members.
40
132
56
117
69
141
381
117
. 138
43
199
215
177
284
329
670
804
754
2,469
1,141
849
1,083
511
607
38,056
185,905
27,634
71,659
16,971
29,419
106,202
34,453
10,417
9,735
13,825
61,485
26,629
60,558
69,810
67,593
81,020
45,407
165,440
61,412
38,112
51,121
29,838
63,755
41,659
182,890
50,864
82,585
10,421
18,271
89,092
22,639
4,273
3,696
5,731
23,685
20,223
2 78,277
67,172
58,012
46,267
18,658
69,590
26,259
12,268
17,238
8,537
25,919
809,863
4,252,126
411,575
1,151,492
178,387
351,116
1,970,526
458,880
135,357
160,110
113,536
1,033,114
454,089
1,181,694
766,775
854,981
775,120
420,023
1,974,446
566,468
442,429
484,428
220,450
842,677
1,648
9,678
605,761
760,695
535,806 | 448,420
11,026,082
8,983,580
BANKS WITH COMBINED CAPITAL AND SURPLUS OF $1,000,000 OR MORE.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1,400
42,170
5,300
30,650
31,056
17,320
24,434
2,650
16,550
4,000
4,000
1,000
2,000
15,057
""*2,"506"
1,000
17,423
8,535
3 49,665
41,383
23,950
19,233
832
13,360
1,550
1,581
250
500
6,661
451,452
154,017
461,504
167,500
31,486
170,800
19,750
58,350
10,946
17,700
73,550
18,800
"'6*566'
Total..
205
135
37,919
173,050
44,745
73,905
7,312
12,900
73,800
16,950
691,810
3,948,748
312,498
969,593
119,905
254,026
1,489,835
273,072
12,501
824,267
85,975
595,598
318,306
210,003
239,803
41,863
231,008
28,524
21,875
3,865
16,609
318,171
9,019,389
2,111,600
***i23,"i34"
BANKS WITH COMBINED CAPITAL AND SURPLUS OF LESS THAN $1,000,000.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
|
21
84
42
94
57
128
340
105
138
41
197
196
171
261
297
652
784
751
2,457
1,139
845
1,082
509
595
6,570
15,105
7,884
13,309
6,025
11,719
32,652
15,653
10,417
3,235
12,425
19,315
21,329
29,908
38,754
50,273
56,586
42,757
148,890
57,412
34,112
50,121
27,838
48,698
3,740
9,840
6,119
8,680
3,109
5,371
15,292
5,689
4,273
1,196
4,731
6,262
11,688
* 28,612
25,789
34,062
27,034
17,826
56,230
24,709
10,687
16,988
8,037
19,258
1,443
9,543
154,309
606,678
74,302
280,920
368,114
118,053
586,096
303,378
448,469
99,077
644,978
181,899
535,317
58,482
378,160
97,090
480,691 1,743,438
537,944
185,808
420,554
135,357
480,563
36,976
203,841'
101,035
524,506
208,847
2,006,693 6,871,980
* Eligibility is based on capital stock requirements. List does not include mutual savings banks (without capital stock) and private banks which are not eligible for membership in Federal Reserve System.
* Includes undivided profits of eligible nonmember banks in the State of New York.
172
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
O, 89.—NONMEMBER STATE BANKS AND TRUST COMPANIES ELIGIBLE FOR MEMBERSHIP l IN THE F E D E R A L R E S E R V E SYSTEM ON J U N E 30, 1922, BY STATES.
[Amounts in thousands of dollars.]
Federal reserve district and State.
District No. 1 (Boston):
Connecticut2
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Total
District No. 5 (Richmond): '
District of Columbia
Maryland
North Carolina
South Carolina
Virginia
West Virginia 2
Total
District No. 6 (Atlanta):
Alabama
Florida
Georgia
Louisiana 2 2
Mississippi
Tennessee 2
Total
District No. 8 (St. Louis):
Arkansas
Illinois22
Indiana 2
Kentucky
Mississippi2
Missouri2 2
Tennessee
Total
1
Surplus.
6,680
3,405
12,688
630
1,175
2,051
4,999
2,448
9,663
501
828
1,784
177
26,629
12
60
212
1,900
11,750
46,908
284
Re-
20,223
,
Total
,
District No. 2 (New York):
2
Connecticut2
New Jersey
New York
Total
District No. 3 (Philadelphia)
Delaware 2
New Jersey
Pennsylvania2
Total
District No. 4 2(Cleveland):
Kentucky
Ohio
Pennsylvania22
West Virginia
Total
District No. 7 (Chicago):
Illinois 22
Indiana
Iowa
Michigan2
Wisconsin2
Capital.
Number.
94,245
80,912
196,982
15,160
16,710
50,080
1,100
10,749
66,428
33,708
287,995
859,991
60,558
78,277
1,181,694
15
30
284
3,297
4,725
61,788
1,397
3,201
62,574
31,583
61,119
674,073
329
69,810
67,172
766,775
141
19
4,592
29,567
31,054
2,380
2,874
19,610
33,299
2,229
44,499
411,069
366,823
32,590
670
67,593
58,012
854,981
79
199
211
142
165
10,734
17,172
14,096
12,598
14,663
11,757
5,663
16,189
5,567
5,446
7,324
6,078
84,275
228,636
132,369
99,461
106,123
124,256
804
81,020
46,267
775,120
125
94
270
86
58
121
6,262
5,295
15,346
7,319
3,216
7,969
2,359
1,831
6,572
3,301
1,487
3,108
42,681
58,309
112,431
95,454
39,178
71,970
754
45,407
18,658
420,023
799
425
740
201
304
65,945
26,398
36,375
19,388
17,334
9,971
15,798
9,634
5,719
801,470
307,895
436,841
222,439
205,801
2,469
165,440
69,590
1,974,446
158
238
105
113
95
369
63
7,918
11,259
4,530
7,789
5,505
20,873
3,538
3,325
3,422
1,560
4,565
2,373
10,014
1,000
66,725
107,557
44,157
62,157
54,400
203,737
27,735
1,141
61,412
26,259
566,468
3
Eligibility is based on capital stock requirements. List does not include mutual savings banks (without capital stock) and private banks which are not eligible for membership in Federal Reserve System.
2
Part of State is located in another Federal reserve district.
3
Includes undivided profits.
CONDITION OF MEMBEE AND NONMEMBER BANKS.
173
N o , 8 9 , — N O N M E M B E R STATE B A N K S AND T R U S T COMPANIES E L I G I B L E FOE, M E M B E R SHIP IN THE F E D E R A L R E S E R V E SYSTEM ON J U N E 30,1922, BY STATES—Con.
[Amounts in thousands of dollars.]
Federal reserve district and State.
District No. 9 (Minneapolis):
Michigan^
Minnesota
Montana.. . . . . . . .
North Dakota
South Dakota
Wisconsin 2
Total
District No. 10 (Kansas City):
•Colorado
Kansas 2
Missouri
Nebraska 2
New Mexico
Oklahoma3
Wyoming
Total
District No. i11 (Dallas):
Arizona
Louisiana' 2
New Mexico
Oklahomaa
Texas
Total
District No. a12 (San Francisco):
Arizona
California . . .
Idaho
Nevada
Oregon. . . .
Utah
Washington
Total
Total, United States
.
.
Surplus.
16
333
104
120
197
79
1,115
17,937
5,145
3,945
6,710
3,260
577
6,557
1,232
1,129
1,852
921
12,316
209,304
44,837
39,460
92,840
43,672
849
.
Capital.
38,112
12,268
442,429
84
306
85
430
21
117
40
5,510
13,796
7,942
16,537
1,010
4,411
1,915
2,448
5,804
2,723
4,554
197
826
686
51,074
129,892
70,951
170,374
7,453
39,349
15,335
1,083
51,121
17,238
484,428
10
47
28
4
422
1,116
2,690
1,255
121
24,656
535
1,057
376
16
6,553
14,378
32,143
9,583
1,307
163,039
511
29,838
8,537
220,450
28
322
32
22
64
46
93
2,180
45,661
1,298
1,716
4,060
3,396
5,444
1,152
19,747
366
535
1,323
1,605
1,191
25,673
664,234
14,785
21,020
37,700
35,739
43,526
607
63,755
25,919
842,677
9,678
760,695
448,420
8,983,580
* Part of State is located in another Federal reserve district.
Resources.
Number.
174
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
« 90.—ASSETS AND LIABILITIES OP ALL B A N K S IN THE UNITED STATES AND ISLAND
K
POSSESSIONS FOR WHICH REPORTS ARE AVAILABLE ON J U N E 30, 1919, 1920, 1921,
AND 1922.
[ Taken from annual reports of the Comptroller of the Currency.]
(In thousands of dollars.]
June 30,
June 30,
June 30,
June 30,
1919 (29,123 1920(30,139 1921 (30,812 1922 (30,389
banks).
banks).
banks).
banks).
RESOURCES.
25,301,377
94,293
12,229,528
775,112
161,595
5,865,414
831,713
589,096
997,353
769,966
Total.
31,256,147
109,186
11,387,525
863,191
137,785
5,833,241
849,910
607,868
1,076,378
957,877
28,693,724
81,849
11,381,923
993,898
153,623
4,794,205
1,049,507
241,160
946,567
1,334,934
27,684,205
74,600
12,547,567
1,078,174
198,457
5,414,241
930,594
644,014
829,892
1,023,623
47,615,447 53,079,108
Loans and discounts
Overdrafts
Investments
Banking houses, furniture, and fixtures.
Other real estate owned
Due from banks *
Exchanges for clearing house
Checks and other cash items
Cash on hand
Other resources
49,671,390
50,425,367
2,903,961
2,437,365 2,702,639
2,181,994 2,410,346 2,542,032
910,743
976,261
825,889
704,147
688,178
677,162
3,890,487 3,708,302 2,809,414
33,211,631 37,829,985 35,459,155
a 175,788
390,230
a 566,793
1,499,262
1,271,684
659,219
2,943,950
2,697,409
933,843
725,748
3,244,386
37,746,823
128,887
435,711
LIABILITIES.
Capital stock paid in
Surplus
Undivided profits, less expenses and taxes paid
National bank circulation
Due to banks
Individual deposits
United States deposits
Notes and bills rediscounted
Bills payable (including certificates of deposit representing money borrowed)
Other liabilities
Total.
1
1,641,272
1,523,635
1,785,598
1,302,749
1,375,591
1,304,433
635,564
933,046
47,615,447
53,079,108
49,671,390
50,425,367
Includes lawful reserve with Federal reserve banks or other reserve agents.
» For national banks only.
175
DEBITS TO INDIVIDUAL ACCOUNTS.
DEBITS TO INDIVIDUAL ACCOUNTSNo, 91.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN 141 PRINCIPAL
CITIES, BY MONTHS.
SUMMARY. BY FEDERAL RESERVE DISTRICTS.
[Figures for each city appear in Part II.]
[In thousands of dollars.]
District No. 1—Boston (11 cities).
Total.
1921
1922
January
February
March
April
May
June
July.
August
September
October
November
December
Total
/..
34,936,967
30,585,310
36,932,274
36,388,040
37,976,008
39,236,177
36,055,788
34,136,129
35,768,453
40,745,186
36,159,896
40,436,981
439,357,209
4
1920
January
February
March
April
May
June
July
August
September
October
November
December
Total
1,928,021
1,611,605
1,857,809
1,760,157
1,837,939
1,992,898
1,899,373
1,586,094
1,717,635
2,087,622
1,986,523
2,126,314
2,058,410
1,611,603
1,821,196
1,796,118
1,788,548
1,826,530
1,734,824
1,588,542
1,630,299
1,947,992
1,925,753
2,005,698
2,198,621
1,702,979
2,006,085
2,029,033
1,971,247
1,975,114
2,004,104
1,693,551
1,796,170
1,984,977
1,875,798
1,950,338
398,696,599
476,139,644
22,391,990
21,735,513
23,188,017
1921
1920
District No. 3—Philadephia (10 cities).
1922
1921
1920
19,644,551
17,029,426
20,977,917
21,326,277
22,268,911
22,693,592
20,328,510
18,854,442
19,793,005
22,967,053
19,637,137
21,546,408
20,666*, 732
15,645,827
17,940,133
16,950,772
17,774,980
18,355,750
16,907,780
15,683,072
16,617,939
18,170,740
18,018,315
21,178,533
24,320,682
18,606,208
22,919,446
21,990,708
20,254,578
20,496,326
19,791,364
18,006,812
18,236,870
20,817,207
20,817,136
23,117,836
1,583,008
1,431,593
1,628,117
1,569,312
1,634,314
1,720,649
1,668,316
1,589,819
1,646,539
1,891,067
1,682,845
1,939,197
1,679,283
1,391,392
1,615,908
1,582,299
1,503,607
1,622,499
1,523,296
1,407,355
1,500,586
1,581,867
1,515,206
1,766,389
1,978,267
1,585,698
1,891,903
1,874,066
1,788,088
1,908,508
1,857,001
1,773,422
1,746,072
1,874,282
1,818,682
1,995,716
247,067,229
213,910,573
249,375,173
19,984,776
18,689,687
22,091,705
1922
Total
1920
44,727,915
35,282,472
42,839,393
41,063,235
38,700,915
39,784,205
39,306,193
35,789,031
36,866,684
40,214,120
39,166,061
42,399,420
District No. 4—Cleveland (13 cities).
January
February
March
April
May
June
July
August
September
October
November
December
1921
37,917,489
29,710,133
33,882,892
32,214,520
32,492,798
33,585,698
31,492,210
30,077,621
31,604,964
34,300,232
33,420,856
37,997,186
District No. 2—New York (7 cities).
1922
1922
1921
1920
District No. 5—Richmond (7 cities).
1922
1921
1920
1,709,252
1,538,886
1,665,926
1,744,376
1,741,268
1,927,948
1,911,065
1,850,667
1,877,032
2,025,319
1,867,671
2,430,467
2,236,485
1,754,568
1,869,444
1,841,155
1,716,241
1,751,903
1,620,986
1,521,031
1,585,995
1,689,784
1,643,919
1,873,095
2,335,154
1,942,268
2,329,618
2,331,924
2,166,964
2,412,086
2,458,275
2,162,713
2,261,299
2,188,596
2,291,823
2,535,569
630,971
535,864
618,568
614,409
664,853
681,167
636,506
616,520
596,901
705,455
660,697
753,942
737,917
600,411
677,832
645,676
633,007
677,168
660,222
674,846
666,886
743,458
724,232
793,239
913,182
729,147
827,966
815,659
794,726
816,522
823,137
742,740
742,456
805,251
783,394
841,217
22,289,877
21,104,606
27,416,289
7,715,853
8,234,894
9,635,397
176
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
N o . 9 1 . — D E B I T S TO INDIVIDUAL ACCOUNTS AS R E P O R T E D BY B A N K S IN 141 PRINCIPAL
CITIES, BY MONTHS—Continued.
SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued.
[In thousands of dollars.]
District No. 6—Atlanta (15 cities).
1922
January
February
March
April
May
June
July
August
September
October
November
December
Total
1921
1920
3,858,652
3,523,914
4,389,187
3,945,171
4,097,957
4,326,058
3,995,629
3,991,612
4,070,134
4,438,210
4,051,955
4,615,171
4,321,991
3,512,764
3,992,927
3,819,083
3,765,913
3,827,910
3,781,428
3,874,899
3,848,068
4,068,910
3,827,166
4,195,40*
5,161,983
4,300,416
5,359,715
4,910,702
4,791,361
5,072,942
5,235,135
4,733,163
4,969,417
5,086,227
4,559,162
4,885,453
9,578,604
9,383,264
12,811,917
49,303,650
46,836,520
59,065,676
1921
1920
District No. 9—Minneapolis (9 cities).
1922
1921
1920
858,795
739,485
859,417
826,599
911,346
930,887
871,384
830,180
908,393
1,067,437
988,780
1,145,954
879,881
813,884
875,995
836,575
830,702
859,644
813,249
780,771
837,548
945,072
879,322
957,258
1,223,858
1,007,842
1,115,365
1,053,693
1,000,449
1,011,740
987,428
916,630
956,844
1,006,409
926,882
980,860
492,323
455,305
556,282
512,419
546,252
569,323
554,605
580,550
654,491
698,732
633,665
710,631 ;
580,703
464,851
516,962
524,033
505,338
554,127
501,752
539,110
614,893
622,728
543,110
573,961
722,007
586,404
686,847
683,595
676,471
681,452
692,894
641,307
785,764
872,448
815,764
733,971
10,938,657
10,309,901
12,188,000
6,964,578 ;
6,541,568
8,578,924
1922
Total
1920
1,299,305
1,018,724
1,174,029
1,142,763
1,072,048
1,050,795
1,053.476
969,926
1,009,492
1,046,469
984,850
990,040
District No. 10—Kansas City (14 cities).
January
February
March
April
May
June
July
August
September
October
November
December
1921
895,433
741,122
811,214
770,072
725,043
728,734
735/144
704,823
796,832
858,216
785,252
831,379
1922
Total
1922
774,821
676,960
781,076
710,303
764,397
785,260
743,297
739,642
800,649
901,535
911,367
989,297
District No. 8—St. Louis (5 cities).
January
February
March
April
May
June
July
August
September
October
November
December
District No. 7—Chicago (21 cities).
1921
1
1920
District No. 11—Dallas (11 cities).
1922
1921
1920
950,759
872,689
1,012,278
956,757
1,026,849
1,081,813
1,041,778
1,056,449
1,058,493
1,155,094
1,050,898
1,181,287
1,152,595
942,309
1,067,066
1,006,119
953,761
992,057
994,617
1,025,141
1,022,182
1,006,694
966,224
992,594
1,480,682
1,230,956
1,451,230
1,313,463
1,335,707
1,351,458
1,323,317
1,327,488
1,389,286
1,418,334
1,334,809
1,266,168
526,519
460,149
524,469
470,827
486,707
479,097
432,944
440,729
541,700
589,166
556,549
605,692
551,763
466,274
496,774
443,091
437,088
453,385
424,419
435,510
512,987
567,447
527,296
577,461
698,650
548,921
627,458
595,160
584,042
582,581
579,773
566,814
630,664
689,884
615,626
619,756
12,445,142
12,121,359
16,222,898
6,114,548
5,893,495
7,339,329
177
GOLD IMPORTS AND EXPORTS.
No. 91.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN 141 PRINCIPAL
CITIES, BY MONTHS—Continued.
SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued.
[In thousands of dollars].
District No. 12—San Francisco (18 cities).
1922
1921
1920
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1,979,295
1,709,434
2,061,228
1,951,433
1,995,215
2,047,485
1,972,381
1,999,425
2,103,481
2,218,496
2,131,811
2,392,621
2,156,296
1,765,128
2,197,441
1,999,527
1,858,570
1,935,991
1,794,493
1,842,521
1,970,749
2,097,324
2,065,061
2,252,118
Total
24,562,305
23,935,219 j
2,395,524
2,022,909
2,449,731
2,322,469
2,265,234
2,424,681
2,500,289
2,254,465
2,342,350
2,424,036
2,342,135
2,482,496
28,226,319
GOLD IMPORTS AND EXPORTS.
No.
92.—GOLD MOVEMENT INTO AND OUT OF THE UNITED
DECEMBER 31, 1922.
STATES, J U N E
1,
1919-
[In thousands of dollars].
Total sine B lifting of
embargo June 1,
1919-Dec . 31, 1922.
Net
imports.
France
Great Britain
Netherlands
Sweden
Canada
Argentina
China
India
Japan
All other
Total
...
. .
Net
exports.
244,771
606,661
31,935
98,556
83,388
24,885
697,778
Net
imports.
82,514
1 147
Net
exports,
i
Net
i imports.
|
2,409
''
1
59,315
40,' 894
14 668
193 205
Period of net gain,
Sept. 1, 1920-Dec. 31,
1922.
Period of net loss,
June 1,1919-Aug. 31,
1920.
*"*i46,"375'
59,395
40 804
132 856
146 462
385,326
247,180
524.147
3rt' 788
98,557
24,073
2,724
18,501
26 136
171 347
1,083,104
Net
exports.
60,349
178
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
UNITED STATES GOLD IMPORTS AND EXPORTS
1918 - 1922
70
No, 93,—TOTAL IMPORTS OF GOLD INTO AND EXPORTS OP GOLD OUT OF THE UNITED
STATES, BY COUNTRIES, 1922 AND 1921.
Imports.
1922
Belgium
Denmark
Esthonia
Finland- . -•.
France
Germany .
Great Britain
Greece
Italy
Malta
Netherlands
Poland and Danzig
Portugal .
Russia in Europe
Spain
Sweden
Switzerland
Turkey in Europe
$10,380
17,769,576
110
.
.
.
.
.
.
Total Europe
Canada.....
Costa Rica
Cuba.....
Dominican Republic
Guatemala
Haiti
Honduras
1921
1922
1921
$9,000
3,760,711
5,431,500
71,125
32,885,875
242,502
51,054
600
190,688,144
19 926 761
202,091,349
720,748
217,043
615,935
19,893,019
1,534 985
400
23,040
85,000
3,319,281
66,355,925
572,957
785,223
223,218,173
516,031,621
874,521
2,671,336
10,378,032
582,019
76,601
16,164
102,877
346
141,679
36,856,110
876,976
363,730
26,509
565,038
22,161,759
12,127
2,884
3,000
2,913,783
27,043,158
35 118
121,883,472
4,798,294
34,105
9,957,870
8,423,894
.
Exports.
11,640
203,690
$30
20,990
19,000
727,000
78,000
29,501
$25,200
2,643,013
3^123
250,844
179
GOLD IMPORTS AND EXPORTS.
No.
93.—TOTAL IMPORTS OF GOLD INTO AND EXPORTS OF GOLD OUT OF THE U N I T E D
STATES, BY COUNTRIES, 1922 AND 1921—Continued.
Imports.
1922
. .
- -
Total South America
$5,912,737
1,108,827
2,369,009
70,809
981,380
635,399
70,130
$5,588,737
893,602
3,200,839
799,675
768,494
5,772,830
150,000
$4,303,609
$7,090,419
56,066,230
26,483,379
10,255,046
26,828
19,591
38,539
389,339
6,847,910
442,956
64,453
44,238
1,619,119
273,689
915,169
1,066,471
9,786
116,186
447,633
11,941,685
644,518
149,484
78,643
1,613,621
6,815,363
1,353,846
24,237,236
8,937,975
1,626,911
.
1921
1922
10,681,831
Total North America
Ceylon
China
Chosen
t
Dutch East Indies
French E ast Indies
Far Eastern Republic
Greece in Asia
.
Hongkong
British India
Japan
Palestine and Syria
Straits Settlements
Turkey in Asia
1921
22,444,009
Mexico
Nicaragua
....
Panama
Salvador
..
. . . .
...
British West Indies
Dutch West Indies.
Virgin Islands of United States
Argentina
Bolivia
Brazil
Chile.
Colombia
Ecuador.
British Guiana
Dutch Guiana
Peru
Uruguay.
Venezuela
Exports.
500,000
34,040
458
350,200
435,010
60,000
3,582,385
4,445,339
9,621,655
1,179,000
130,010
10,169
27,925
14,730
70,000
10,930,655
.
.
.
.
1,448,793
10,677,456
. .
1,350,587
5,660,825
32,009,553
2,208,234
886,092
15,816
. .
Total Asia
Philippine Islands
British South Africa
Tahiti
British West Africa
Total all countries
9,740
43,930
. . . . .
Abyssinia
Australia and Tasmania
Portuguese East Africa .
Egypt . . .
New Zealand
.
.
17,912,687
4,860
1,316,545
6,013,842
24,300
500,000
68,812,018
8,943,402
2,676,225
491,857
2,569,101
1,554,675
853,034
3,424
21,965
14,013,947
788,312
6,874,924
2,956,314
1,399,808
51,823
7,650
942
65,000
300
13,250
275,169,785.t
691,267,448
36,874,894
23,891,377
180
ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD.
FOREIGN EXCHANGE.
No, 94.—GENERAL INDEX OF FOREIGN EXCHANGE.
[Per cent.]
1918
January
February
March
April
May
June
July
August
September
October
November
December
.
. .
96
97
. .,
1919
1920
96
97
95
91
90
91
88
85
83
83
80
75
72
65
67
65
68
71
71
66
63
61
58
57
1921
1922
60
62
62
63
66
63
62
60
60
61
61
64
65
69
70
72
72
71
70
69
68
67
67
70
NOTE.—The foreign exchange index is an average of rates on 17 leading foreign countries, listed in the
detailed table on page 181. The rates used are monthly averages of noon buying rates for cable transfers in the New York market. In October, 1922, the index as published in the annual report for 1921 was
revised in three particulars: (1) The German mark was excluded from the computation on account of
its extreme depreciation; (2) the weights used were changed to cover the 12-month period ending a month
prior to the beginning of the index month, i. e., the index for December is weighted in accordance with
tradefiguresfor the 12 months ending October 31. Previouslyfiguresfor one month preceding the index
month were used; (3) the aggregative average was substituted for the geometric average. The formula
for calculating the aggregative average is:
Index =
(T)
where! T represents in dollars the volume of trade, including merchandise and gold and silver, with
each country; P represents parity; and R represents the current rate of exchange. The index in the
table is on a uniform basis throughout.
FORIE(GN EXCHANGE 1 ND E X
1918 - 1922
NERAL INDEX (EXC
EN GLAND
.NTINA
*«JAP/ N
>-«NETHERLANDS
PERCENT
no
PERCENT
110
£>•
~*—~.
PAR
V
v
80
\
s,
\
^
"•"••-*
70
\
<
v
60
>
\
V^
^\
~^—•—•«.
- S
\
50
'"'s.
V
40
•v
V
,'*
30
—
•"—>~
20
10
1918
1919
1920
1921
1922
S S £ S S S S 8 2 o
*-—
i-.
90
PAR
181
FOREIGN EXCHANGE.
No. 95.—COURSE OF F O R E I G N EXCHANGE R A T E S , 1919-1922.
[Cents per unit of foreign currency.]
Average
Par of
rate for
exchange. February, 1919.
Lowest monthly average.
476.4860 February, 1920.... 338.1000
18.3500 December, 1920...
5.9200
15.7500 December, 1920...
3.4890
December, 1922....
0.0136
28. 2190 February, 1920....
18.6000
41.3520 November, 1920...
30.1860
101.9500 July, 1921
65.7990
25.9640 July, 1921
! 10.4490
32.44
j 10.1302
i 19.53 27.7000 January, 1922
64.2250
i 66. 85 118. 7000 March, 1921
35.7500 July, 1921
23.0588
48.66
j 47.3485
49.85 51.5400 March, 1922
486.65
19.30
19.30
23.82
26.80
40.20
Pound sterling
French franc
Italian lira
German reichsmark.
Swedish krona
Butch florin
Argentine gold peso.
Brazilian milreis
Chilean paper peso..
Shanghai tael
Indian rupee
Japanese yen
Subsequent highest monthly
average.
December, 1922.
Per cent
of par.
Pound sterling
French franc
Italian lira
German reichsmark
Swedish krona
Dutch florin
Argentine gold peso
Brazilian milreis
Chilean paper peso
Shanghai tael
Indian rupee
Japanese yen
1
December, 1922.
April, 1922
April, 1922
85.40 ;
40.65 I
22.99
2.21 i
91.52 !
90.32 I
77.53 I
39.05 !
55.22 |
112.66 I
56.41 i
96.13 i
December, 1922.
December, 1922,
December, 1922
May, 1922
August, 1922
June, 1922
December, 1922.
December, 1922 .
36.82
63.52
106.27
62.99
97.99
1913 average.
No. 96.—FOREIGN EXCHANGE BATES,
1922.
COUNTRIES INCLUDED IN COMPUTATION OF FOREIGN EXCHANGE INDEX.
[Rates in cents per unit of foreign currency.]
Average.
Low.
High.
Rate.
Belgium (par= 19.30 cents per franc):
January
February
March
April
May
June
July
August
September
October
November
December
Denmark (par= 26.80 cents per krone):
January
February
March
April
May
June
July
August
28971—23
13
7.5900
7.9500
8.1900
8.4000
8.2700
7.9400
7.4400
7.1300
7.1000
6.3900
5.6400
6.4200
8.0000
8.7300
8.7100
8.6200
8.4600
8.4400
8.0200
7. 7770
7.4400
7.1500
6.7600
6.9500
19.7900
20.1900
20.8700
21.0700
21.1900
21.1500
21.4200
21.4400
20.1900
21.0700
21.3600
21.3000
21.9200
22.1800
21.7000
21.6300
.
Per cent
of par.
7.8144
8.3195
8.4311
8.5192
8.3580
8.2212
7.8068
7.5451
7.2332
6.8580
6.3700
6.6448
40.49
43.11
43.68
44.14
43.32
42.60
40.45
39.09
37.48
35.53
33.01
34.43
19.9744
20.6414
21.1081
21.2204
21.3969
21.6562
21.5364
21.5348
74.53
77.02
78.76
79.18
79.85
80.81
80.36
80.35
182
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued.
COUNTRIES INCLUDED IN COMPUTATION OF FOREIGN EXCHANGE INDEX—Contd.
Average.
Low.
High.
Rate.
Denmark (par=26.80 cents per krone)—Continued.
September
October
November
December.
France (par= 19.30 cents per franc):
January
. .
February
March
Aprii
.
May
June
July
August
September
.
October
November
. .
December
Great Britain (par= 486.65 cents per £ ) :
January
. .
.
February
March
..
April
May
. .
June
.
.
.
July . .
August
September
. .
October
November
.
.
.
.
December
Italy (par= 19.30 cents per lira):
January
February
March
April
May
June..
July
August
S ep t emb er
October
November
.
December
Netherlands (par= 40.20 cents per florin):
January
February
March
April
.
May
June
July
August .
September
October
December..
Norway (par= 26.80 cents per krone):
January
.
.
..
February
March
.
. .
April
Mav
- June .
July
August
.
September..
October
November .
.
December
Spain (par= 19.30 cents per peseta):
January
February
March
April
.
. . .
May
.
...
. ..........
Per cent
of par.
20. 2700
19.9200
20.1300
20.3800
21.4700
20.5900
20.4100
20.9900
21.0552
20.1908
20.2071
20.6700
78.56
75.34
75.40
77.13
7.9600
8.3300
8.8100
9.0200
8.9700
8.3500
7.8000
7.5100
7.5400
6.8900
6.2000
6.9700
8.3500
9.2000
9.2100
9.3500
9.2200
9.1500
8.5300
8.2300
7.8700
7.6100
7.2100
7.6100
8.1636
8.7305
9.0033
9. 2288
9.1196
8. 7646
8.2372
7. 9567
7.6592
7.3704
6. 8583
7.2296
42.30
45.24
46.65
47.82
47.25
45.41
42 68
41.23
39.68
38 19
35.54
37.46
418.6500
428. 7800
429.3600
437.6500
442.9100
438.3800
442.4000
444. 2900
436.6000
438.6900
444.8800
451.9800
427.6700
443.2200
444. 0800
443.0000
445.1000
450.9500
446.0500
448.3100
447.3400
447.4800
452.1000
467.9900
422.4780
436. 2000
437. 5719
441.3368
444.6119
445.1862
444.6368
446.4678
443.0696
443.8484
447.9921
460.9800
86 81
89.63
89 92
90.69
91.36
91.48
91.37
91.74
91.04
91.20
92.06
94.73
4. 2600
4.6400
4.9000
5.1700
5.0800
4.6400
4.4000
4.3000
4.1700
3.8900
4.0600
4.8200
4.5900
5.3300
5.4000
5.4900
5.3600
5.2300
4.7400
4.6400
4.4100
4.3000
4.8200
5.3300
4.3744
4.9095
5.1115
5.3668
5. 2558
4.9619
4.5748
4. 5078
4. 2676
4.1720
4.5063
5.0340
22.67
25.44
26.48
27.81
27.25
25.71
23.70
23.36
22.11
21.62
23.35
26.08
36.3000
36.9900
37.3400
37.7300
38.2200
38.1800
38.5000
38.6000
38.6300
38.7000
39.0700
39. 5200
36.9400
38.4700
38.3600
38.1600
39.0400
39. 0900
38. 8900
39.0700
39.0100
39.2000
39.5800
40.1300
36.6772
37.6082
37. 8452
37.9332
38.6500
38. 7069
38. 7684
38. 8489
38.7932
38.9624
39.2729
39. 8368
91.24
93.56
94.14
94.36
96.14
96.29
96.44
96.64
96.50
96.92
97.69
99.10
15. 4700
15. 8700
17.2800
17.7400
17.9900
16.0300
16.3900
16.7500
16.6100
17.1600
18.1900
18.4900
15. 8700
17.2700
18.0900
19.0900
18.7800
17.9000
17.1300
17.4400
17.1300
18.2600
18.5400
19.2400
15. 6636
16.6641
17.6156
18.6116
18.4738
17.0654
16.6832
17.1793
16.8272
17. 8600
18.3658
18.9396
58.45
62.18
65.73
69.45
68.93
63.68
62.25
64.10
62.79
66.64
68.53
70.67
14.8500
15.2000
15.3600
15.2700
15. 5300
15.1800
16.0300
16.0300
15. 5800
16. 0000
14. 9768
15.6927
15.6533
15. 5128
15.6819
77.60
81.31
81.11
80.38
81.25
183
FOREIGN EXCHANGE.
No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued.
COUNTRIES INCLUDED IN COMPUTATION OF FOREIGN EXCHANGE INDEX—Contd.
Average.
Low.
High.
Rate.
Spain (par= 19.30 cents per peseta)—Continued.
June
July
August
September
October
November
December
Sweden (par= 26.80 cents per krona):
January
February
March
April
May
June
July
August
September
October
November
December
Switzerland (par= 19.30 cents per franc):
January
February
March
April
May
June
July
August
September
October.
November
December
Canada (par=100 cents per dollar):
January
February
March
April
May
June
July
August
g
S ptt m b
b
September
October
Octob
November
December
Argentina (par= 96.48 cents per gold peso):
January
February
March
April
May
June
July
August
September
October
November
December
Brazil (par=32.44 cents per paper milreis):
January
February
March
April
May
June
July
August
September
October
November
December
Per cent
of par.
15.4600
15.4700
15.4900
15.1000
15.1300
15.1600
15.3600
15. 8700
15.6700
15.6500
15.5200
15.3900
15.3900
15. 7900
15.6869
15.5632
15. 5489
15.2992
15.2496
15.2750
15.6356
81.28
80.64
80.56
79.27
79.01
79.15
81.01
24.6500
25.4400
25.6300
25.9400
25.6000
25.4900
25.0000
26.0300
26.2400
26.3900
26.7600
26.9000
25.4200
26.6600
26.6300
26.1800
25.9500
26.1400
26.1100
26.7800
26.5800
26.7700
26.9600
27.0300
24.9488
26.1495
26.1563
26.0480
25.7746
25.8092
25.9128
26.3381
26.4568
26.6488
26. 8442
26.9484
93.09
97.57
97.60
97.19
96.17
96.30
96.69
98.28
98.72
99.44
100.16
100. 55
19.3000
19.4400
19.3300
19.4200
19.0600
18.9000
18.9700
19.0000
18.6000
18.0300
18.2100
18.7100
19.5200
19.6000
19.5900
19.4600
19.3900
19.1800
19.2100
19.0800
19.0200
18.7300
18.7900
19.0000
19.4156
19. 5227
19.4548
19.4180
19.2062
19.0388
19.0952
19.0396
18. 7908
18.4208
18. 4358
18.9100
* 100.60
101.15
100.80
100.77
99. 51
98.65
98.94
98.65
97.36
95.44
95.52
97.98
93.5469
95.5547
95.5469
96.8917
98.3299
97.9965
98.2514
99.3472
99.8184
100.0122
99.9236
98.5605
95.6641
97.9844
97.9844
98.6688
99.1181
99.1347
99.3472
99.9124
100.0069
100.1399
100.1014
99.9874
94.8222
96.3114
96.8604
97.7580
98.7880
98. 8401
98.9231
99. 7481
99.9332
100.0807
100.0290
99.4484
94. 82
96.31
96.86
97.76
98.79
98.84
98.92
99. 75
99.93
100.08
100.03
99.45
75.3000
80.6400
80.1300
78.3400
81.5300
80.3400
80.8900
81.6100
79.6800
80.3200
81.5100
83.7500
83.0800
83.8300
84.9000
81. 5000
83. 8800
83.3200
83.0900
82. 5700
82. 7000
82.2500
84.0500
86.3700
77.1892
82.5764
82. 7785
80. 7480
82.4088
81. 8554
81.8468
82.0852
81.0832
81.4140
82.2283
85.5688
80.01
85.59
85.80
83.69
85.42
84.84
84.83
85.08
84.04
84.38
85.23
88.69
12.4200
12.6100
13.4400
13. 4700
13.5500
13.5600
13. 4900
13.2200
11.4500
11.0200
11. 2700
11.6200
12.6800
13.6500
13.9600
13.6900
13.9400
13.9000
13.6200
13. 5800
13.6400
11. 5700
12.6200
12.2400
12. 5752
13.2459
13.6678
13.5696
13.7365
13.7215
13.5520
13.3752
12.5392
11.3476
11.9488
11.9452
38.76
40. 83
42.13
41.83
42.34
42.30
41.78
41.23
38.65
34.9H
36.83
36. 82
184
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued.
COUNTRIES INCLUDED IN COMPUTATION OF F O R E I G N EXCHANGE INDEX—Contd.
Average.
Low.
High.
Rate.
Chile (1913 average=19.53 cents per paper peso):
January
February
March
April
May
June
July
August
September
October
November
December
China (1913 average price of pure silver content of the
Shanghai tael=66.85 cents):
January
February
March
April
May
June
July
August
September
,
October
November
December
India (par=48.66 cents per rupee):
January
February
March
April
May
June
July
August
September
October
November
December
'.
Japan (par=49.85 cents per yen):
Jauuary
February
March
April
May
June
July
August
September
October
November
December
Per cent
of par.
9.3750
9. 8750
10. 8750
11.0625
11.3125
11.9375
12.7000
13. 4200
13.3800
13. 2500
11. 8100
11. 8500
10. 7500
11. 0000
11.6875
11.6250
12.6250
13.0000
13.6100
14.3100
14.0400
13.8000
13. 4200
13.0500
10.1302
10.3958
11.4050
11.2775
11. 8667
12.6394
12.9701
13.7496
13.7276
13.6068
12.3825
12. 4064
72.4500
68.6400
67.2900
72.4200
76.1400
77.9800
77.1100
76.1600
76. 4800
73.0700
70. 4300
70. 4500
75.1100
74.2400
72.9600
75.6000
81.9600
79.9500
79.7100
77. 5600
77.7700
76.7400
73.8400
72.0700
74.1456 j
72.1532 !
70.7541 j
73.9396
78.9400 I
79.0342 |
77.8176 |
76.9637
77.0140
74. 8500
71. 8725
71.0444
110.61
118.09
118.23
116.41
115.13
115.20
111.97
107.51
106.27
27.5800
27. 7400
27.5000
27.6800
27. 8900
28. 5600
28.6600
28. 8S00
28.3200
28.4200
29.1000
30.0300
27. 9700
28. 4400
28.0900
27.9600
29.1600
29.1800
29.0400
29.1200
29.0300
29.1000
30.0600
31.1100
27.8104
28.1427
27. 8215
27. 8096
28.7508
28.9112 i
28.8908 ]
29.0144
28.7412
28. 8424
29.5108
30.6488
57. 84
57.18
57.15
59.09
59.41
59.37
59.63
59.07
59.27
60.65
62.99
47.4300
47.2600
47.1900
47.3100
47.2500
47. 5000
47.6500
47.5700
47.7300
47.9300
48.1000
48.5100 I
47.9200
47. 4900
47.5000
47. 4500
47. 5300
47.9800
47.9300
47. 8100
48. 4800
48. 2100
48.5200
48.9900
47.6244
47.3727
47.3485
47.3628
47.3554
47.7504
47.7688
47.7019
48.0996
48.0732
48.3729
48.8500
95. 54
95.03
94.98
95.01
95.00
95.79
95.83
95.69
96.49
96.44
97.04
97.99
0.0389
.0339
.0190
.0137
.0125
.0093
.0052
.0022
.0015
.0014
.0014
.0014
0.0325
.0281
.0150
.0134
.0112
.0067
.0038
.0017
.0014
.0014
.0014
.0014
0.16
.14
.07
.07
.06
.03
.02
.008
.006
.006
.006
.006
51. 87
53.23
58. 40
57.74
60.76
64.68
66.41
70.40
70.29
69.67
83.40
63. 52
110.91
107.94
105. 84
57.15
OTHER COUNTRIES.
Austria (par=20.26 cents per krone):
January
Februarv
March
April
May
June
J U ly
August
Seotember
N ovember
December
-
0.0257
.0199
.0130
. 0127
.0095
; 0048
. 0028
.0012
. 0013
.0014
. 0013
.0014
185
FOREIGN EXCHANGE.
No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued.
OTHER COUNTRIES—Continued.
Average.
Low.
j
High.
Rate.
Bulgaria (par= 19.30 cents per lev):
January
February
March..I...
.
.
April
May.
June...
Julv..
August
September.
October
November
December
Czechoslovakia (crown):
January
February
March
April...
May
Jane...
July...
August.
September
October.
November
December .
Finland (par= 19.30 cents per markka):
January
February
March
April
May.
June...
July
\ugust.
.
September
October
November .
December
Germany (par= 23.82 cents per reichsmark):
January...
February
March
April
May
June
July.
. . .
August
September...
October
November .
December
Greece (par= 19.30 cents per drachma):
January
February
March
\pril
.
May
June...
July
August.
September. .
. . .
October
November .
December..
Hungary (par= 20.26 cents per krone):
January
February
March
April
May
June
Julv
August
September
October
November
for FRASER
December
Digitized
Per cent
of par.
!
j
!
1
I
I
1
1
i
1
!
j
!
i
:
j
i
i
0.7104
. 6930
. 6880
. 6898
. 6930
. 7358
. 7293
. 6518
. 6380
. 6481
. 6835
. 6997
1.5481
1. 6894
1.6213
1.8569
1.8908 !
1.9081 1
1. 9103 I
2. 4331
3.0019 !
3.0997 !
3.1500 i
2.7256 '
1.9713
1 9316 ':
1.8978
2 0392
1.9486
1 9483
2.4122
3 7567 i
3.5078 ;
3.5922
3.2439
3.1878
1.7319
1.8550
1. 7333
1 9602
1.9207
1 9233
2.1845
2 9023
3.2306
3. 2845
3 1758
3. 0969
2.0136
2.0214
2.1214
2. 0538
2.1038
2. 2763
2.2513
2.1713
2.2063
2. 4886
2. 7463
2. 5263
1.8871
2. 0029
2. 0600
1 9268
2.0821
2.1616
2.1482
2.1329
2.1741
2,3239
2. 5609
2. 5124
9.78
10 38
10.67
9 98
10.79
11.20
11 12
11.05
11.26
12.04
13.27
13 02
.4697
.4339
.2945
.3110
.3165
. 2645
.1527
.0524
.0594
.0216
.0118
.0118
1
i
'
:
0. 7483
.7083
.6983 :
.6983
.7267
.7483
.7483
. 7267 i
. 6558
.7000
.7000
7180
1. 8400
1.9857 i
1.9763 1
1.8638
2.0475
2.1031
2.0750
2.0900
2.1488
2.2119
2.4975
2. 4888
. .. !
0. 6933
. 6817
. 6850
. 6850
. 6767
. 7096
. 7200
.6030
. 6133
.6314
. 6550
. 6783
.5876
.5207
.4360
.4163
.3039
.3740
.2497
.1493
. 0801
.0551
.0224
.0186
. 5204
.4811
. 3585
.3459
.3440
.3185
.2041
.0989
.0684
.0332
.0147
. 0136
2.18
2.02
1 50
1.45
1.44
1.34
.86
.42
.29
. 14
.06
.06
4.2200
4.4200
4.2200
4.3700
4.1600
3.0300
2.7200
2.9100
2.0400
2.0100
1.4300
1.0000
4. 4400
4. 6000
4. 5800
4. 5200
4.4900
4. 2300
3.1800
3.2100
2.8900
2. 8800
2.0400
1.4200
4. 3344
4. 5082
4. 4407
4. 4368
4.2685
3. 8346
2. 9596
3.0S30
2. 4724
2. 3S96
1. 5925
1. 2337
22.61
23.36
23.01
23.14
22.12
19.87
15 33
15 97
12.81
12. 38
8 25
6 39
.1244
.1425
.1082
.1154
.1188
.0953
.0581
.0353
.0390
.0390
.0399 i
.0396 !
.1722
.1563
.1450
.1351
.1299
. 1228
.0978
. 0744 i
.0515 i
.0411
.0429
.0437
I
!
i
i
1
.1525
.1497
.1256
.1258
.1261
. 1079
.0760
.0595
.0423
.0402
.0413
.0430 '
3.68
3.59
3.56
3.57
3.59
3.81
3.78
3.38
3.31
3.38
3.54
3.63
75
.72
.62
.64
.62
.53
.38
.29
.21
.20
.20
.21
186
A1STXUAL REPORT OF THE FEDERAL RESERVE BOARD.
No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued.
OTHER COUNTRIES—Continued.
Low.
Poland (Polish mark):
January
February
March. .1
April
May
June
July
August
September
October
November
December
Portugal (par= 108.05 cents per escudo):
January
February
March
April
May
June
July
August
September
October
November
December
Rumania (par= 19.30 cents per leu):
January
February
March
April
May
June
July
August
September
October
November
December
Yugoslavia (par= 19.30 cents per dinar):
January
February
March
April
May
June
July
August
September
October
November
December
Cuba (par= 100 cents per peso):
January
February
March
April
May
r
June
,
July
August
September
October
November
December
Mexico (par= 49.85 cents per peso):
January
February
March
April
May
June
July
August
High.
0.0288
.0327
.0213
.0241
.0244
.0220
.0163
.0112
.0112
.0071
.0060
.0054
0.0356
.0310
.0262
.0271
.0259
.0255
.0221
.0155
.0146
.0118
.0072
.0060
0. 0327
.0286
.0236
.0262
.0249
.0237
.0185
.0135
.0127
-.0095
.0065
.0057
7.2100 |
7. 2400 I
8.0300 |
7.7500 !
7.6800 j
7.0700
7.0400 !
5.2700 I
3. 7700 i
3.7200 I
4.3400
4. 2500
7. 8200
8. 0200
9.1700
8.1800
8. 0600
7. 7300
7. 3300
7.3200
5. 4300 i
6.7000 I
6.4100
4. 8500 j
7.6644
7.4895
8.4239
7.9800
7. 8285
7. 5096
7.1568
6.5849
4. 8256
4. 8760
4.9921 I
4. 5212 j
7.09
6.93
7.80
7.39
7.25
6.95
6.62
6.09
4.47
4.51
4.62
4.18
.7375
.7442
.7159
.7075
.6872
.6129
.5550
.6600
.6009
.6106
.6169
. 5775
. 8340
.8233 |
.7942 i
.7591
.7069
.6869 I
.6475 i
1.0825 j
.7350 j
.6531 !
.6628 !
.6338 |
.7783 |
.7953 j
.7485 I
.7332 i
.6967 I
.6584 i
.6045 i
.8110 |
.6559 i
.6261 i
.6417 |
.6111 I
4.03
4.12
3.88
3.80
3.61
3.41
3.13
4.20
3.40
3.24
3.32
3.17
1. 3140
1. 2267
1. 2200
1. 2050
1. 3529
1.2675
1.1771
1.1029
1.0586
1.3642
1.3329
1. 0750
1. 5090 i
1.3300 I
1. 4560 i
1.6243]
1.4771 :
1.4471 1
1.3029 :
1.2471 I
1.4757
1.8850 I
1.6500 |
1.4014 I
1. 3814 !
1.2975 i
1.2899 |
1.3302 !
1.4502 !
1.3801 I
1.2218 |
1.1863 !
1.2926 I
1.6222 !
1.5691 |
1.2231 |
7.16
6.72
6.68
6.89
7.51
7.15
6.33
6.15
6.70
8.41
8.13
6.34
99.6462
99.7501
99.8250
99.7689
99. 7750
99.7750
99.7750
99. 8000
99. 8188
99. 8125
99. 8063
99. 8875
99.8542 I
99.9375
99.9375
99. 8625
99.9001
99. 8906
99. 8250
99. 9250
99.9375
99.9125
99.9250
100. 0500
99.7256 I
99.8542 '
99.8878 I
99.8145 !
99.8517
99.8357
99. 7981
99. 8729
99. 8700
99. 8826
99. 8779
99. 9450
99.73
99.85
99.89
99.81
99.85
99.84
99.80
99.87
99.87
99.88
99.88
99.95
48.3000
48. 6250
48.6375
49. 0375
48. 7350
48. 3350
48.2625 i
48.3075 !
48.9825
49. 0250
49. 7375
49.5775
49. 3650
48. 7188
48.8625
48.7750
48.6898
48. 8076
49. 2888
49. 3574
49. 0768
48. 4812
48. 5229
48. 5314
I
97.67
97.91
98.87
99.01
98.45
97.25
97.34
97. 35
187
FOREIGN EXCHANGE.
JVo. 96.—FOREIGN EXCHANGE RATES, 1922—Continued.
OTHER
COUNTRIES—Continued.
Average.
Low.
High.
Rate.
Mexico (par=49.85 cents per peso)—Continued.
September .
October
November
December
Uruguay (par= 103.42 cents per peso):
January
February
March
April . .
May
June
July
August
September
October .
.
.
.
November
December
China (1913 average price of pure silver content of the
Mexican dollar= 48.11 cents):
January
February
March
April
May
June
July. . .
August
September
October
November
.
. . .
December
Hongkong (1913 average price of pure silver content of
the Hongkong dollar= 47.77 cents):
January
February
March
April
. .May
June
July .
August
.
September
. .
October
.. .
November
December . .
Straits Settements (par= 56.78 cents per Singapore
dollar):
January
February .
March
.
April . . .
May .
June
. . .
July .
August
September
.
October.
.
November
December
Per cent
of par.
48.2125
48.1719
48. 2625
48.3125
48.3875
48. 4125
49.7344
48.7625
48.3006
48.2917
48. 7620
48. 4468
96.89
96.87
97.82
97.19
70.9200
75.6100
79.2600
76. 8900
78.7600
79. 8800
80. 2500
79.3400
76.6200
76.1400
77. 5500
80.9800
76. 4200
82.3700
82.2000
79. 0100
80.4000
82.6300
81.9000
81. 6500
79.5300
77. 7600
81.1300
85.4500
72.6472
79. 2391
80.7326
78.1116
79. 7627
80.9450
81.3956
80. 8474
78. 0132
77.0756
79.4613
84. 2120
70.24
76.62
78.06
75.53
77.13
78.27
78.70
78.17
75.43
74.53
76.83
81.43
52.9600
50. 4200
49. 7300
52.8500
55.1600
56. 5500
56. 3000
55.5500
55.6000
53. 4000
51.3300
51.4200
54. 7800
54.2500
53.3500
55.2800
59.0500
57.9000
57.7500
56.9000
57. 2100
55.6900
53.8300
52.9000
54.1040
52.7445
51.6278
53.9196
57.3781
57.1938
56.7528
56.2559
56.1500
54.5508
52.4842
52.0288
112.46
109.63
107.31
112.08
119.26
118.88
117.96
116.93
116.71
113.39
109.09
108.15
54. 5100
52.3400
51.7000
53.6800
55. 8800
57.3400
57. 6000
57.1800
56.9200
54.0000
52.9300
52. 5000
55.6900
55. 2900
54.4100
55.9300
59.5700
58.3900
58.6600
57. 8300
57.9200
57.1600
55.1300
54.0500
54.9864
53.9795
53.1767
54. 7284
57. 7796
57. 7208
57.9404
57. 5422
57.3080
55.9552
53. 8150
53. 2288
115.11
113.00
111.32
114.57
120.95
120.83
121.29
120.46
119.97
177.13
112.65
111. 43
47.0000
47. 8300
48.8300
49. 5800
50.0800
50. 5800
50.3300
50. 7900
51. 2500
51.0800
51.7500
51.9600
48.2900
50.2500
50.1700
50.5800
51.1700
51.6300
51.0000
52.0000
52. 0000
52.0400
52.3300
53.6700
47.9296
49.2959
49. 5307
49.9928
50. 7592
51.1435
50. 7184
51.3974
51.6440
51.7840
52.0058
53.0100
84.41
86.82
87.23
88.05
89.40
90.07
89.32
90.52
90.95
91.20
91.59
93.36
188
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
STATE BANKS AND TRUST COMPANIES ADMITTED.
The following is a list of State bank and trust company members
of the Federal Reserve System on December 31, 1922, showing the
capital, surplus, and total resources, as compiled from the latest
available figures:
Capital.
Surplus.
Total
resources.
DISTRICT NO. 1.
CONNECTICUT.
(See also District No. 2.)
New Britain—New Britain Trust Co
New Haven—Union & New Haven Trust Co.
South Manchester—Manchester Trust Co
Waterbury—Colonial Trust Co
Bangor—Merrill Trust Co
Portland—Fidelity Trust Co..
Sanford—Sanford Trust Co...
$500,000
650,000
200,000
500,000
$200,000
650,000
100,000
600,000
$5,463,094
11,076,709
2,108,636
7,124,105
500,000
400,000
100,000
400,000
400,000
50,000
10,871,498
15,561,000
1,401,031
MASSACHUSETTS.
Arlington—Menotomy Trust Co
BostonAmerican Trust Co
Beacon Trust Co
Commonwealth Trust Co
Exchange Trust Co
Federal Trust Co
Hub Trust Co
International Trust Co
Liberty Trust Co
Massachusetts Trust Co
Metropolitan Trust Co
New England Trust Co
Old Colony Trust Co
State Street Trust Co
United States Trust Co
CambridgeHarvard Trust Co
Inman 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
200,000
100,000
3,116,875
1,500,000
1,000,000
1,500,000
1,000,000
1,500,000
500,000
2,000,000
750,000
1,000,000
670,000
1,000,000
7,000,000
2,000,000
1,000,000
2,000,000
1,800,000
1,000,000
1,000,000
60,000
2,000,000
750,000
500,000
94,068
2,000,000
9,000,000
2 500,000
1,000,000
29,637,382
27,799,739
36,063,430
19 648 240
23,720,615
3,753,335
50,104,985
14,553,570
20,093,260
6,538,545
28,920,774
168,895,885
46,537,371
19,925,220
400,000
200,000
500,000
200,000
200,000
500,000
300,000
200,000
350,000
600,000
200,000
250,000
300,000
100,000
1,500,000
400,000
50,000
500,000
200,000
100,000
250,000
166,500
300,000
400,000
600,000
20,000
150,000
200,000
25,000
1,000,000
11,631,354
1,877,419
5,895,284
5,002,510
3,234,183
8,466,236
8,431,342
8,464,808
7,923,028
11,977,776
3,578,531
6,157,958
5,956,727
1,367,668
33,997,641
4,000,000
3,000,000
1,000,000
6,000,000
4,500,000
500,000
109,161,141
75,912,037
17,430,865
1,000,000
300,000
8,672,426
RHODE ISLAND.
ProvidenceIndustrial Trust Co
Rhode Island Hospital Trust Co
Union Trust Co
DISTRICT NO. 2.
CONNECTICUT.
(See also District No. 1.)
Bridgeport—Bridgeport Trust Co
189
STATE BANK MEMBERSHIP.
Capital.
Surplus.
To,tal
resources
DISTRICT NO. 2—Continued.
NEW JERSEY.
(See also District No. 3.)
Asbury Park—Seacoast Trust Co
;
Bayonne—Bayonne Trust Co
Bloomfield—Bioomfield Trust Co
Bogota—Bank of Bogota
Boonton—Boonton Trust Co
Cranford—Cranford Trust Co
East O r a n g e East Orange Bank
Savings Investment & Trust Co
Elizabeth—Elizabethport Banking Co
Franklin—Sussex County Trust Co
Glen Ridge—Glen Ridge Trust Co
Hackensack—Peoples Trust & Guaranty Co
Hasbrouck Heights—Bank of Hasbrouck Heights
Hoboken—Jefferson Trust Co
Jersey City—
Claremont Bank of Jersey City
Commercial Trust Co. of New Jersey
New Jersey Title Guarantee & Trust Co
Montclair—
Bank of Montclair
•
=
Montclair Essex Trust Co
Morristown—Morristown Trust Co
Newark—
City Trust Co
Federal Trust Co
Fidelity Union Trust Co
Ironbound Trust Co
Springfield Avenue Trust Co
Nutley—Bank of Nutley
Orange—Trust Co. of Orange
Passaic—Peoples Bank & Trust Co
Paterson—Hamilton Trust Co
Perth Amboy—Perth Amboy Trust Co
Plainfield—Plainfield Trust Co
Rahway—Railway Trust Co
Ridgefield Park—
O verpeck Trust Co
Ridgefield Park Trust Co
Ridgewood—Ridgewood Trust Co
Rutherford—Rutherford Trust Co
Westfield—
Peoples Bank & Trust Co
Westfield Trust Co
West Hoboken—Hudson Trust Co. of West Hoboken
Westwood—Westwood Trust Co
$150,000
300,000
250,000
50,000
100.000
100,000
$150,000
50,000
150,000
25,000
50,000
50,000
$4,043,536
6,535,771
4,793,620
633,500
1,414,767
2,347,751
150,000
500,000
250,000
100,000
100,000
600,000
50,000
400,000
50,000
300,000
200,000
40,000
30,000
400,000
25.000
100,000
3,390,73a
12,466,072
5,316,407
1,272,268
1,587,986
9,706,223
516 307
6,537,764
200,000
2,000,000
1,000,000
150,000
1,500,000
1,000,000
6,769,931
47,744,755
22,604,004
250,000
500,000
600,000
100,000
500,000
300,000
4,418,792
8,345,976
8,830,632
200,000
1,000,000
5,250,000
300,000
200,000
100,000
100,000
400,000
500,000
300,000
300,000
100,000
100,000
1,000,000
1,750,000
200,000
100,000
50,000
50,000
400,000
500,000
150,000
400,000
50,000
3,895,583
19,167,909
65,752,467
12,882,888
5,743,274
2,164,042
1,233,752
8,431,220
10,483,211
5,388,397
9,992,94$
1,268,328
100,000
100,000
150,000
100,000
13,358
50,000
50,000
100,000
464,548
2,132,040
2,593,359
1,984,502
100,000
100,000
1,000,000
100,000
100,000
100,000
1,000,000
20,000
2,883,880
3,353,824
30,238,948
182,700
150,000
100,000
200,000
100,000
50,000
500,000
30,000
75,000
50,000
100,000
100,000
50,000
100,000
10,465
1,596,740
1,173,072
4,085,016
1,687,750
485,657
7,674,123
209,510
2,750,000
40,000
2,000,000
1,250,000
250,000
1,900,000 »
48,106,188
3,015,857
76,320,117
46,443,855
3,022,168
59,890,022
NEW YORK.
Adams—Citizens Trust Co
Albion—Orleans County Trust Co
Amsterdam—Montgomery County Trust Co
Batavia—Bank of Genesee
Belmont—State Bank of Belmont
Binghamton—Peoples Trust Co
Blasdell—Bank of BlasdeU
BrooklynBrooklyn Trust Co
Globe Exchange Bank
Manufacturers Trust Co
Mechanics Bank,
Midwood Trust Co
Peoples Trust Co
BuffaloBuffalo Trust Co
Citizens Trust Co
Fidelity Trust Co
Liberty Bank of Buffalo
Marine Trust Co
Peoples Bank of Buffalo
Canisteo—First State Bank
Cape Vincent—Citizens Bank of Cape Vincent
Chatham—State Bfenk of Chatham
Coney Island, New York City—Bank of Coney Island
Depew—Bank of Depew
Dunkirk—Dunkirk Trust Co
1,500,000
200,000
2,500,000
1,600,000
500,000
1,600,000
1,250,000
1,250,000
1.000,000
2,000,000
10,000,000
1,000,000
50,000
50,000
50,000
200,000
50,000
250,000
1,000,000
1,250,000
1,000,000
2,000,000
7,000,000
600,000
35,000
10,000
50,000
100,000
15,000
125,000
29,716,518
27,681,160
24,011,449
47,001,261
133,873,541
23,977,375
615,718
412,378
1,930,338
5,575,076
784,165
1,922,870
190
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 2—Continued.
NEW YOBK—continued.
East A u r o r a Bank of East Aurora
Erie County Trust Co
Elmira—Chemung Canal Trust Co
Endicott—State Bank of Endicott
Floral Park—Floral Park Bank
Fredonia—Citizens Trust Co
Geneva—Geneva Trust Co
Gloversville— Trust Co. of Fulton County
Hamburg;—Peoples Bank
*.
Hammondsport—Bank of Hammondsport
Hieksville—Bank of Hicksville
Ithaca—Ithaca Trust Co
Johnson City—Workers-Trust Co
Katonah—Northern Westchester Bank
Kingston—Kingston Trust Co
Lackawanna—American Bank of Lackawanna
Little Falls—Herkimer County Trust Co
Lowville—Lewis County Trust Co
Malone—Peoples Trust Co
Millbrook—Bank of Millbrook
Mineola—Nassau County Trust Co
New Y o r k Bankers Trust Co
Bank of America
Bank of Europe
Bank of New York & Trust Co
Bank of United States
Central Union Trust Co
Columbia Bank
Columbia Trust Co
Commonwealth Bank of the City of New York
Continental Bank
Corn Exchange Bank
Equitable Trust Co
Farmers Loan & Trust Co
Fidelity International Trust Co
Fifth Avenue Bank
Fulton Trust Co
Guaranty Trust Co
Manhattan Co
Metropolitan Trust Co. of the City of New York
Mutual Bank
New Netherlands 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
*
Nyack—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
,
Perry—Citizens Bank
Port Chester—Mutual Trust Co. of Westchester County..
Rochester—Lincoln-Alliance Bank
Rome—Rome Trust Co
Schenectady—Schenectady Trust Co
Stony Brook—Bank of Suffolk County
SyracuseCity Bank Trust Co
First Trust & Deposit Co
Syracuse*Trust Co
Utica—
Citizens Trust Co
Oneida County Trust Co
Utica Trust & Deposit Co
Warsaw—Trust Co. of Wyoming County
,
Watertown—Northern New York Trust Co
,
Westbury—Bank of Westbury
White Plains—County Trust Co
$150,000
100,000
600,000
50,000
50,000
100,000
250,000
250,000
60,000
50,000
250,000
200,000
100,000
50,000
250,000
100,000
350,000
200,000
300,000
50,000
100,000
$25,000
50,000
400,000
35,000
50,000
100,000
225,000
150,000
90,000
50,000
125,000
100,000
100,000
25,000
140,000
25,000
350,000
100,000
100,000
50,000
100,000
$2,187,123
1,634,732
10,109,593
2,566,426
1,476,532
2,092,921
4,216,124
1,620,322
2,038,906
1,406,605
1,949,410
4,838,391
3,822,124
710,345
3,706,178
768,054
5,137,020
1,405,419
3,903,024
1,371,874
2,976,844
20,000,000
5; 500,000
450,000
4,000,000
2,000,000
12,500,000
2,000,000
5,000,000
400,000
1,000,000
8,250,000
12,000,000
5,000,000
1,500,000
500,000
500,000
25,000,000
10,000,000
2,000,000
500,000
600,000
10,000,000
1,000, 000
3,000,000
2,000,000
500,000
200,000
500,000
100,000
100,000
100,000
200,000
30,000
50,000
300,000
2,000,000
300,000
400,000
50,000
15,000,000
4,500,000
225,000
8,000,000
400,000
17,500,000
1,000,000
6,000,000
600,000
500,000
7,500,000
14,500,000
10,000,000
1,250,000
2,000,000
250,000
15,000,000
10,000,000
3,000,000
400,000
300,000
10,000,000
1,500,000
3,000,000
12,000,000
1,000,000
600,000
500,000
25,000
10,000
25,000
120,000
6,000
50,000
100,000
2,000,000
100,000
100,000
25,000
425,243,811
138,755,782
8,899,108
133,880,892
46,721,632
283,536,609
43,152,719
116,792,741
12,210,474
18, 847,841
230,600,245
312,459, 814
169,475,928
29,386,709
28,620,840
11,519,799
541,345,264
248,180,291
51,472,550
15,651,280
10.247,238
258,906,842
35,588,779
72.809,262
73,960,037
10,618,622
24,428,001
11,588.627
2, 734,873
988,301
1,508,058
3,421,967
827,215
1,212,107
4,276,136
49,226, 212
4,625,143
11,857,792
637,274
2,000,000
2,500,000
1, 500,000
1,000,000
1,000,000
750,000
22,812,352
46,399,787
30,134,356
500,000
250,000
1,000,000
100,000
400,000
50,000
150,000
500,000
250,000
700,000
20,000
400,000
13,250
50,000
18,821,418
3,232,639
15,000,390
900,696
9,750,944
953,415
6,101,575
191
STATE BANK MEMBERSHIP.
Capital.
Total
resources.
Surplus.
DISTRICT NO. 3.
DELAWARE.
Milford—Milford Trust Co
Wilmington—
E quitable Trust Co
Security Trust & Safe Deposit Co
Wilmington Trust Co
$50,000
;
$90,000
$1,261,943
500,000
600,000
1,000,000
500,000
700,000
1,015,000
5,988,114
7,132,621
1*,921,929
100,000
200,000
100,000
500,000
100,000
100,000
200,000
100,000
100,000
50,000
200,000
100,000
800,000
50,000
16,000
150,000
100,000
20,000
2,108,364
4,180,318
2,076,234
12,883,559
899,917
554,208
2,976,676
2,103,016
634>993
300,000
125,000
150,000
500,000
250,000
300,000
100,000
25,000
200,000
300,000
450,000
400,000
2,220,361
966,645
2,519,559
6,010,526
2,938,507
4,959,183
200,000
300,000
250,000
200,000
125,000
250,000
50,000
125,000
125,000
50,000
35,000
50,000
100,000
25,000
150,000
600,000
200,000
350,000
20,000
500,000
40,000
100,000
25,000
110,000
15,000
50,000
100,000
10,000
4,039,347
6,521,077
3,674,106
4,162,351
874,536
6,391,562
431,625
1,250,375
746,211
1,059,611
400,404
792,262
2,267,636
209,637
NEW JERSEY.
(See also District No. 2.)
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
Hightstown—Hightstown Trust Co
Princeton—Princeton Bank & Trust Co
Riverside—Riverside Trust Co
Swedesboro—Swedesboro Trust Co
PENNSYLVANIA.
(See also District No. 4.)
Allentown—Penn Trust Co
Bloomsburg—Columbia County Trust Co
Carlisle—Carlisle Trust Co
Chester—Cambridge Trust Co
Du Bois—Union Banking & Trust Co
Harrisburg—Dauphin Deposit Trust Co
Hazleton—
American Bank & Trust Co
Markle Banking & Trust Co
Peoples Savings & Trust Co
II onesdale—Wayne County Savings Bank
Huntingdon—Grange Trust Co
Jenkintown—Jenkintown Bank & Trust Co
Kulpmont—Dime Deposit Bank
Lemoyne—Lemoyne Trust Co
Levvistown—Lewistown Trust Co
Lykens—Miners Deposit Bank
Mill Hall—Mill Hall State Bank
New Oxford—Farmers & Merchants Bank
Olyphant—The Olyphant Bank
Orrstown—Orrstown Bank
,
Philadelphia—
Aldine Trust Co
Colonial Trust Co
Commercial Trust Co
Federal Trust Co
Fidelity Trust Co
Girard Trust Co
Northeast-Tacony Bank & Trust Co
Oxford Bank of Frankford
Pennsylvania Co. fer Insurance on Lives and Granting
Annuities
Peoples Bank
Philadelphia Trust Co
Provident Trust Co
West Philadelphia.Title & Trust Co
Reading—
Berks County Trust Co
Northeastern Trust Co
Schuylkill Haven—Schuylkill Haven Trust Co
Scranton—Peoples Savings & Dime Bank
Shamokin—Dime Trust and Safe Deposit Co
Tamaqua—Peoples Trust Co
Wilkes-Barre—
Dime Bank Title & Trust Co
Union Savings Bank & Trust Co
Williamsport—
Northern Central Trust Co
Susquehanna Trust & Safe Deposit Co
Williamstown—Williams Valley Bank
York—York Trust Co
500,000
750,000
500,000
500,000
2,000,000
2,750,000
200,000
200,000
16,000,000
5,200,000
2,500,000 I 7,500,000 !
75,000 |
250,000 !
100,000 !
250,000 I
5,047,989
9,063,095
36,243,750
4,424,537
62,940,230
61,705,951
941,468
3,752,761
2,000,000 I
200,000 !
1,000,000
2,000,000
500,000
i
I
!
|
|
48,424,514
6,222,597
29,177,400
24,447,822
8,957,841
500,000
395,750
125,000
700,000
125,000
125,000
355,000 I
54,172 I
75,000 |
500,000 |
175,000 i
40,000
5,420,719
2,016,464
1,695,543
15,289,265
2,184,056
1,342,991
200,000
246,700
175,000
74,010
2,710,363
1,371,612
500,000
400,000
50,000
300,000
300,000
400,000
50,000
180,000
4,533,580
3,599,081
794,884
3,224,349
5,000,000
35,000
5,000,000
5,000,000
750,000
192
ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 4.
KENTUCKY.
(See also District No. 8.)
Georgetown—Farmers Bank & Trust Co.
Independence—Bank of Independence...
LexingtonGuaranty Bank & Trust Co
Security Trust Co
Richmond—State Bank & Trust Co
$100,000
40,000
$70,000
10,000
$1,108,367
872,096
150,000
500,000
150,000
50,000
150,000
55,000
2,453,234
2,464,963
1,139,136
500,000
300,000
125,000
160,000
125,000
7,500
15,000
12,500
33,000
18,000
40,000
6,500
200,000
75,000
12,666,205'
6,573,147
3,152,393
5,908,928
3,392,600'
335,999'
237,826
346,044
1,650,892
663,991
770,235
266,127
5,500,712
1,697,580
OHIO.
Adena—Adena Commercial & Savings Bank.
AkronCentral Savings & Trust Co
Depositors Savings & Trust Co
Firestone Park Trust & Savings B a n k . . .
Peoples Savings & Trust Co.
Alliance—City Savings Bank & Trust Co.
Antwerp—Antwerp Exchange Bank C o . .
Apple Creek—Apple Creek Banking Co.,
Atwater—Atwater Savings Bank Co
Barberton—Peoples Savings & Banking Co
,
Bowling Green—State Bank of Bowling Green...
Bridgeport—Bridgeport Bank 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
ClevelandCleveland Trust Co
Commonwealth Banking & Trust Co
Guardian Savings & Trust Co
Midland Bank
Pearl Street Savings & Trust Co
* Reliance Trust Co
State Banking & Trust Co
Union Trust Co
United Banking & Sayings Co
Columbiana—Union Banking Co
Columbus—Citizens Trust & Savings Bank
Conneaut—Conneaut Mutual Loan & Trust Co..
Cuyahoga F a l l s Citizens Bank
Falls Banking & Trust Co
Dayton—Dayton Savings & Trust Co
Delphos—Peoples Bank of Delphos
Delta—Peoples Savings Bank Co
Eldorado—Farmers State Bank
Frazeysburg—Peoples Bank Co
Geneva—Geneva Savings Bank Co
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
Middletown—American Trust & Savings B a n k . .
Milan—Farmers & Citizens Banking Co
MinervaMinerva Banking Co
Minerva Savings & Trust Co
Minster—Minster State Bank
Napoleon—Napoleon State Bank
Newark—Newark Trust Co
New PhiladelphiaMerchants State Bank
Ohio Savings & Trust Co
Orrville—Orrville Savings Bank
Pemberville—Pemberville Savings Bank Co
Peninsula—Peninsula Banking Co
Portsmouth—Security Bank
Rittman—Rittman Savings Bank
395,717'
60,000
500,000
300,000
200,000
200,000
250,000
25,000
25,000
25,000
l00,000
100,000
75,000
25,000
500,000
100,000
500,000
,500,000
.,000,00$
. 000,000
,
600,ooa
250,000
000,000
000,000
500,000
300,000
750,000
22, 250,000
1,500,000
50,000
900,000
125,000
10,332,617
100,000
1,080,000 ! 26,910,840
3,000,000 I 26,564,323
750,000 I 15,911,544
j
4,300,000 ! 173,607,259
1,715,263
100,000 i
4,000,000 ! 104,120,518
400,000 I 17,177,572
23,226,043
400,000 !
1,821,926<
50,000
12,856,485
230,000
262,899,227
11,125,000
22,238,965
650,000
809,705
55,000
20,494,696
225,000
2,246,402:
125,000
50,000
150,000
600,000
50,000
25,000
35,000
25,000
100,000
15,000
75,000
600,000
17,000
35,000
7,000
50,000
97,500
739,660
1,701,695
17,872,227
448,767
560,811
413,815
609,412
1,273,087
50,000
25,000
50,000
50,000
40,000
30,000
200,000
150,000
25,000
25,000
150,000
25,000
29,000
25,000
25,000
50,000
60,000
- 2,700
200,000
75,000
8,000
30,000
30,000
14,000
836,242
738,661
575,580
859,541
844,484
122,889
2,124,953
2,044,682
422,124
532,453
2,292,885
586,106
50,000
125,000
25,000
50,000
200,000
3,700
30,000
25,000
50,000
150,000
420,752
1,491,268
447,646
943,459
3,581,097
100,000
150,000
50,000
25,000
25,000
150,000
60,000
60,000
75,000
52,000
10,000
8,000
300,000
17,000
1,039,480
2,382,675
948,631
393,952
252,602
2,886,534
549,694
193
STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 4—Continued.
OHIO—-continued.
Rossford—Rossford Savings Bank
St. Glairsville—Dollar Savings Bank Co
St. M a r y s American State Bank
Home Banking Co
Shadyside—Shadyside Bank
Shelby—Citizens Bank
Shiloh—Shiloh Savings Bank Co
S teuben ville—
Steubenville Bank & Trust Co
Union Savings Bank & Trust Co
Sylvania—Farmers & Merchants Bank Co
ToledoCommercial Savings Bank & Trust Co
Commerce Guardian Trust & Savings Bank.
Upper Sandusky—
Citizens Savings Bank
Lewis Bank & Trust Co
Vermilion—Erie County Banking Co
Wake man—-Wakeman Bank Co
Warren—Union Savings & Trust Co
Wellington—First Wellington Bank
West Lafayette—West Lafayette Bank Co
West Milton—Citizens State Bank Co
Wooster—Commercial Banking & Trust Co
Youngstown—
City Trust & Savings Bank
Dollar Savings & Trust Co
$50,000
50,000
$17,000
50,000
$634,468
810,142
50,000
100,000
35,000
100,000
25, 000
25,000
28,000
7,000
50,000
38,000
751,791
1,132,864
540,332
1,121,913
369,412
650,000
350,000
50,000
296,900
350,000
16,000
5,180,537
5,227,724
670,304
200,000
1,400,000
300,000
625,000
9,067,310
29,152,286
50,000
150,000
50,000
25,000
600,000
85,000
100,000
30,000
150,000
50,000
75,000
15,500
15,000
600,000
100,000
50,000
12,000
42,100
711,015
948,353
633,710
294,972
6,102,807
1,248,928
1,069,018
312,488
1,108,916
500,000
1,500,000
500,000
1,000,000
7,292,689
17,498,781
125,000
300,000
200,000
125,000
500,000
125,000
200,000
200,000
200,000
400,000
300,000
62,500
100,000
40,000
50,000
600,000
175,000
500,000
200,000
50,000
160,000
300,000
2,506,024
1,709,421
1,348,224
1,548,863
5,436,341
3,653,768
5,730,561
2,446,608
2,682,175
1,477,009
4,719,300
700,000
200,000
2,600,000
1,500,000
200,000
2,000,000
500,000
1,500,000
200,000
125,000
700,000
800,000
3,000,000
1,000,000
200,000
2,000,000
125,000
37,500,000
400,000
125,000
6,076,782
13,799,858
25,817,112
14,515,857
5,258,174
21,273,433
6,549,635
178,860,380
2,764,860
1,658,154
150,000
200,000
50,000
100,000
1,610,482
2,445,468
300,000
300,000
200,000
400,000
3,789,806
6,742,062
1,000,000
100,000
4,730,817
750,000
1,000,000
30,000
25,000
1,000,000
25,000
50,000
100,000
150,000
2,000,000
20,000
17,500
8,392,423
17,668,719
896,971
890,622
9,644,845
212,662
1,2S0,570
939,490
PENNSYLVANIA.
(See also District No. 3.)
Ambridge—Ambridge Savings & Trust Co
Beaver—Beaver Trust Co
Beaver Falls—Federal Title & Trust Co
Bellevue—Bellevue Realty Savings & Trust Co
Butler—Guaranty Trust Co
East Pittsburgh—East Pittsburgh Savings & Trust Co
Erie—Security Savings & Trust Co
Greensburg—Merchants Trust Co
Mead ville—Crawford County Trust Co
New Brighton—Beaver 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
Washington—Real Estate Trust Co. of Washington....
Woodlawn—Woodlawn Trust Co
WEST VIRGINIA.
(See also District No. 5.)
Moundsville—Marshall County Bank
Sistersville— First-Tyler Bank & Trust Co
WheelingSecurity Trust Co
Wheeling Bank & Trust Co
DISTRICT NO. 5.
DISTRICT OF COLUMBIA.
Washington—Continental Trust Co
MARYLAND.
Baltimore—
Baltimore Commercial Bank
Baltimore Trust Co
Hamilton Bank
Liberty Bank of Baltimore County
Maryland Trust Co
Forest Hill—Forest Hill State Bank
Overlea—Overlea Bank
Salisbury—Farmers & Merchants Bank
•
|
!
!
!
!
!
I
!
6*566'
20,000
100,000
194
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 5—Continued.
NORTH CAROLINA.
Belhaven—Farmers Bank
Benson—Farmers Commercial Bank
CharlotteAmerican Trust Co
Independence Trust Co
Edenton—Bank of Edenton
Elizabeth City—Carolina Banking & Trust Co.
Forest City—Farmers Bank & Trust Co
Henderson—Carolina Bank & Trust Co
Morehead City—Bank of Morehead City
New B e r n New Bern Banking & Trust Co
Peoples Bank
Tarboro—Farmers Banking & Trust Co
Washington—Bank of Washington
Wilson—Planters Bank
Winston-Salem—Wachovia Bank & Trust Co..
$25,000
100,000
$7,500
25,000
$199,748491,08.1
200,000
000,000
66,900
245,010
100,000
100,000
50,000
470,610
500,000
66,900
100,000
5,000
2,785
12,263,639"
6,656,824
885,681
1,078,941
1,266,575
447,789
406,834
100,000
100,000
100,000
150,000
100,000
365,600
25,000
50,000
25,000
52,000
25,000
750,000
1,321,157
1,440,063
1,223,883
1,184,737
845,185
25,712,016
25,000
200,000
75,000
150,000
364,932
3,297,341
110,000
100,000
100,000
100,000
50,000
20,000
90,000
100,000
730,078
507,79*
1,201,524
1,390, 284:
250,000
100,000
100,000
20,000
1,751,491
1,010,162
100,000
100,000
75,000
100,000
25,000
50,000
100,000
200,000
100,000
100,000
77,800
100,000
30,000
42,500
15,650
9,000
30,000
30,000
200,000
30,000
25,000
40,000
1,154, 212
648,528
822,556
701,574
300,763
434,669
722,919
1,655,359
578, 460
759,691
456,544
100,000
100,000
34,000
25,000
50,000
000,000
000,000
65,000
20,000
100,000
21,000
75,000
500,000
141,700
817, 462
565,454
1,218,864
328,421
664,818
8, 452,3-56
5,227, 227
500,000
200,000
200,000
500,000
35,000
30,000
500,000
300,000
1,200,000
750,000
3,500
10,000
5,565,331
2,617,375
21,706,360
3,998,192
183,119
366,513
50,000
500,000
100,000
1,300,000
1,259,114
13,514,262
50,000
40,000
100,000
25,000
50,000
50,000
17,000
50,000
6,000
50,000
593,078
375,485
1,538,694
176,282
487,388
200,000
100,000
50,000
75,000
50,000
102,500
25,000
1,500
25,000
35,000
1,621,851
450,474
216,892
514,321
768,296
SOUTH CAROLINA.
Bishopville—Peoples Bank
Charleston—Carolina Savings Bank
Cheraw—
Bank of Cheraw
Merchants & Farmers Bank
Chester—Commercial Bank
Darlington—Bank of Darlington
FlorenceCommercial & Savings Bank
Palmetto Bank & Trust Co
Georgetown—
Bank of Georgetown
Peoples Bank of Georgetown
Hartsville—Bank of Hartsville
Rock Hill—Citizens Bank & Trust Co
St George—Farmers Bank
St. Matthews—Home Bank
Sumter—Peoples Bank
Union—Nicholson Bank & Trust Co
Walterboro—Farmers & Merchants Bank
Westminster—Westminster Bank
Woodruff—Bank of Woodruff
VIRGINIA.
Blackstone—Citizens Bank & Trust Co
Chase City—Peoples Bank & Trust Co
Christiansburg—Bank of Christiansburg
Galax—Peoples State Bank (Inc.)
Kenbridge—Bank of Lunenburg (Inc.)
Norfolk—Citizens Bank of Norfolk
Petersburg—Petersburg Savings & Trust Co...
Richmond—
Bank of Commerce & Trusts
Savings Bank of Richmond
State & City Bank & Trust Co
Union Bank of Richmond
Rural Retreat—Peoples Bank
Victoria—Bank of Victoria (Inc.)
WEST VIRGINIA.
(See also District No. 4.)
Berwind—Berwind Bank
Charleston—Kanawha Valley Bank
FranklinFarmers Bank of Pendleton
Franklin Bank
Graf ton—Graf ton Banking & Trust Co
Harpers Ferry—Bank of Harpers Ferry
Hurricane—Putnam County Bank
Martinsburg—
Peoples Trust Co
Shenandoah Valley Bank & Trust Co
Petersburg—Potomac Valley Bank
St. Marys—Pleasants County Bank
Salem—Merchants & Producers Bank
195
STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 6.
Athens—Farmers & Merchants Bank
BirminghamAmerican Trust & Savings Bank
Birmingham Trust & Savings Co
Carrollton—Pickens County State Bank...
Clayton—Bank of Commerce
Cullman—Alabama Bank & Trust Co
Eufaula—Bank of Eufaula
Guin—Marion County Banking Co
Hartselle—Farmers & Merchants Bank
Hunts ville—Farmer State Bank
Hurtsboro—Farmers & Merchants Bank..
Jasper—Central Bank & Trust Co
Marion—Marion Central Bank
Mobile—
Merchants Bank
Peoples Bank
Monroe ville—Monroe County Bank
Montgomery—Alabama Bank & Trust Co.
Orrville—Orrville Bank & Trust Co
Pittsview—Bank of Pittsview
Roanoke—
Merchants & Farmers Bank
Roanoke Banking Co
Selma—Peoples Bank & Trust Co.
Talladega—Bank & Trust Co
Tuskegee—Macon County Bank
Union Springs—American Bank
De Land—Volusia County Bank & Trust Co..
Jacksonville—American Trust Co
LakelandCentral State Bank
Polk County Trust Co
Lake Wales—Citizens Bank of Lake Wales
Leesburg—Lees burg State Bank
Marianna—Citizens State Bank
Miami—Southern Bank & Trust Co
Ocoee—Bank of Ocoee
Orlando—Bank of Orange & Trust Co." *.' . . . . . .
Tallahassee—Exchange Bank
Tampa—Citizens American Bank & Trust Co.
Winter Park—
Bank of Winter Park
Union State Bank
$80,000
$50,000
$828,496
500,000
1,000,000
60,000
50,000
50,000
100,000
25,000
50,000
100,000
31,400
50,000
200,000
200,000
100,000
300,000
25,000
25,000
250,000
700,000
3.000
10,000
10,000
10,000
35,000
2,500
30,000
10,000
10,000
100,000
12,789,053
17,274,277
236,605
192,172
262,960
376,666
303,370
349,956
636,533
141,477
846,792
647,438
450,000
300,000
30,000
34,000
30,000
4,790
8,901,249
5,787,777
680,435
2,474,221
203,824
76,503
125,000
200,000
100,000
100,000
50,000
50,000
25,000
200,000
40,000
20,000
110,000
10,000
516,447
1,141,091
952,22a
558,642
552,843
201,19a
100,000
200,000
125,000
40,000
2,145,945
1,149,777
100,000
300,000
75,000
50,000
30,000
100,000
25,000
200,000
50,000
^,000,000
2,500
7,500
22,000
15,000
15,000
3,000
51,600
17,500
300,000
40,000
50,000
10,000
11,000
910,260'
588,541
264,67a
762,529
460,138
2,178,642
134,639
1,296,953
369,46a
10,613,68a
465,797
378,265-
100,000
200,000
20,000
50,000
711,24a
1,379,982
1,500,000
500,000
L000,000
100,000
200,000
175,000
1,500,000
20,000
5,528,251
2,924,6058,498 204
752,896
50,000
50,000
25,000
25,000
25,000
35,000
230,000
61,000
50,000
10,000
35,000
15,000
5,000
5,000
10,000
100,000
11,000
50,000
218,790
270,701
194,486
172,502
88,354
274,728
2,144,260
581,954
611,741
25,000
25,000
25,000
60,000
100,000
25,000
50,000
25,000
30,000
12,500
1,250
3,000
30,000
60,000
25,000
10,000
10,000
3,000
110,109
108,148
84,808396,141
605,897
203,744
354,507
312,449
139,673
100,000
100,000
60,000
239,891
563,007
5o;ooo
GEORGIA.
AthensAmerican State Bank
Commercial Bank of Athens
AtlantaAtlanta Trust Co
Georgia Savings Bank & Trust Co
Lowry Bank & Trust Co. of Georgia...
Bainbridge—Citizens Bank & Trust Co
Barnes viile—
Barnesville Bank
Citizens Bank
Bartow—Bartow Bank
Boston—Bank of Boston
Bowersville—Bank of Bowersville
Bowman—Bank of Bowman.
Brunswick—Brunswick Bank & Trust Co.
Calhoun—Peoples Bank
Camilla—Bank of Camilla
Canon—
Canon Bank
Farmers Bank
Carlton—Planters Bank
Carrollton—Peoples Bank
Cartersville—Bank of Cartersville
Cave Spring—Bank of Cave Spring
Chipley— i armers & Merchants Bank
Clarkesville—Habersham Bank
Claxton—Citizens Bank of Claxton
CommerceCommerce Bank & Trust Co
Northeastera Banking Co
196
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Total
resources.
Surplus.
DISTRICT NO. 6— Continued.
GEORGIA—continued.
Cordele—Exchange Bank
Crawford—Farmers Bank of Crawford
Dacula—Dacula Banking Co
Dawson—Bank of Dawson
Donalsonyille—Bank of Donalsonville
Douglasville—Douglasville Banking Co
Dublin—Southern Exchange Bank
EastmanBank of Eastman
Citizens Banking Co
Eatonton—
Farmers & Merchants Bank
Middle Georgia Bank
'.
Forsyth—Monroe County Bank
Girard— Farmers & Merchants Bank
Graymont—Bank of Graymont
Grayson—Bank of Grayson
GreenvilleGreenville Banking Co
Peoples Bank
Hartwell—
Farmers & Merchants Bank
Hartwell Bank
Hoschton—Bank of Hoschton
,
Jackson—Jackson Banking Co.. „
Jefferson—Citizens Bank & Trust Co
La Grange—La Grange Banking & Trust Co..
Lavonia—Bank of Lavonia
La wrenceville—Brand Banking Co
Lexington—Oglethorpe County Bank
Lincolnt on—Farmers State Bank
Locust Grove—Bank of Locust Grove
Louisville—Bank of Louisville
MadisonBank of Madison
Morgan County Bank
McDonough—
Bank of Henry County
Farmers & Merchants Bank
Metter—
Bank of Candler County
Citizens Bank
Millen—Bank of Millen
Monroe—
Bank of Monroe
Farmers Bank
Union Banking Co
Pendergrass—Pendergrass Banking Co
Plains—Plains Bank
Portal—Bank of Portal
Rhine—Rhine Banking Co
Royston—Royston Bank
Sardis—Peoples Bank
Sasser—Bank of Sasser
Savannah—
Citizens & Southern Bank
Citizens Trust Co
Liberty Bank & Trust C o . . .
Savannah Bank & Trust Co
Social Circle—Walton County Bank
Soperton—Bank of Soperton
Statesboro—Bank of Statesboro
Swainsboro—Central Bank
Toccoa—Bank of Toccoa
Valdosta—Exchange Bank of Valdosta
Wadley—Bank of Wadley.
West Point—Citizens Bank
,
Winder— '
Farmers Bank
North Georgia Trust & Banking Co
Winterville—Pittard Banking Co
Zebulon—Bank of Zebulon.
$862,322
580,700
90,126
359,860
761,960
569,422
878,392
$100,000
100,000
25,000
100,000
100,000
75,000
100,000
$100,000
50,000
5,000
38,000
50,000
51,500
1,000
60,000
100,000
13,000
20,000
388,205
635,877
25,000
50,000
25,000
25,000
25,000
40,000
50,000
30,000
1,000
10,000
10,000
47,395
489,418
270,029
64,505
278,736
140,135
65,000
30,000
100,000
27,606
605,578
178,688
50,000
60,000
30,000
100,000
93,710
250,000
40,000
50,000
25,000
25,000
25,000
25,000
30,000
15,000
20,000
5,000
650,000
20,000
50,000
25,000
15,000
5,000
55,000
140,410
428,431
66,718
288,588
296,402
3,419,593
211,205
594,220
277,082
205,361
125,495
550,485
75,000
17,500
429,881
325,591
30,000
12,350
241,249
250,711
26,666
50,000
105,221
199,209
510,679
300,000
150,000
60,000
25,000
50,000
25,000
25,000
60,000
25,000
25,000
75,000
30,000
20,000
4,000
35,000
1,250
2,500
30,000
6,000
25,000
716,158
529,441
196,250
72,529
442,770
132,056
89,368
392,787
89,788
175,409
2,100,000
200,000
300,000
700,000
125,000
25,000
100,000
25,000
50,000
100,000
25,000
100,000
2,500,000
50,000
350,000
700,000
55,000
25,000
75,000
25,000
20,000
70,642,921
1,168,868
3,674,288
7,850,721
647,390
357,052
870,282
199,669
243,100
316,189
221,455
403,776
50,000
200,000
25,000
25,000
8,500
24,000
11,000
20,000
208,557
833,892
89,731
156,394
l
!
I
|
I
100,000 j
100,000 S
I
50,000
100,000
.60, UUU
30,000
50,000
16,666
18,550
i
I
j
j
I
I
197
STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 6—Continued.
LOUISIANA.
(See also District No. 11.)
Baton Rouge—Union Bank & Trust Co
Gretna—Jefferson Trust & Savings Bank
Iota—Bank of Iota
New OrleansAlgiers Trust & Savings Bank
American-Liberty Bank & Trust Co
Canal-Commercial Trust & Savings Bank
Citizens Bank & Trust Co. of Louisiana
Hibernia Bank & Trust Co
Interstate Trust & Banking Co
Marine Bank & Trust Co
New Orleans Bank & Trust Co
New Roads—Pointe Coupee Trust & Savings Bank..
Opelousas—Parish Bank & Trust Co
$150,000
60,000
25,000
$75,000
15,000
10,000
$2,998,316
1,066,634
344,725
200,000
600,000
.4,000,000
1,000,000
2,000,000
750,000
1,500,000
400,000
60,000
50,000
50,000
40,000
2,000,000
250,000
2,500,000
750,000
800,000
100,000
6,600
10,000
957,621
3,195,020
75,837,880
9,874,753
58,106,268
14,818,461
24,264,405
4,876,267
377,798
280,442
25,000
100,000
2, F00
15,000
107,030
992,137
30,000
750,000
25,000
5,000
250,000
1,000
153,066
6,171,749
91,158
25,000
25,000
50,000
60,000
5,000
50,000
15,000
40,000
229,745
508,596
491,767
1,272,790
200,000
200,000
300,000
300,000
6,000,000
1,500,000
300,000
350,000
6,250,000
2,500,000
3,000,000
800,000
300,000
5,000,000
200,000
1,000,000
750,000
200,000
400,000
5,000,000
1,000,000
2,000,000
1,000,000
500,000
250,000
500,000
500,000
1,000,000
2,500,000
2,000,000
200,000
400,000
24,000
30,000
100,000
60,000
1,000,000
500,000
150,000
150,000
6,250,000
1,500,000
3,000,000
300,000
200,000
10,000,000
40,000
250,000
250,000
50,000
125,000
10,000,000
100,000
3,000,000
500,000
125,000
150,000
300,000
100,000
500,000
3,500,000
2,700,000
50,000
100,000
1,687,864
510,318
5,976,853
3,468,967
86,012,790
18,589,847
5,169,575
8,222,403
130,332,663
54,813,203
56,013,150
9,938,088
4,788,749
159,524,005
4,506,274
14,257,243
8,299,364
1,976,613
8,163,418
148,286,518
8,037,127
60,764,157
18,477,091
8,134,169
4,990,430
7,777,912
8,752,016
14,159,557
54,838,253
62,655,972
2,184,475
7,565,861
100,000
200,000
25,000
50,000
50,000
50,000
10,000
40,000
1,748,615
2,827,676
253,306
1,193,192
MISSISSIPPI.
Crystal Springs—Peoples Bank
Hattiesburg—Bank of Hattiesburg & Trust Co..
TENNESSEE.
(See also District No. 8.)
Bellbuckle—Peoples Bank & Trust Co
Chattanooga—Chattanooga Savings Bank..
•Wartrace—Wartrace Bank & Trust Co
DISTRICT NO. 7.
ILLINOIS.
(See also District No. 8.)
Argenta—The Gerber State Bank
Auburn—Auburn State Bank
Barrington—First State Bank
Blandmsville—Houston Banking Co
ChicagoAdams State Bank
Auburn Park Trust & Savings Bank...
Austin State Bank
Capital State Savings Bank
Central Trust Co. of Illinois
Chicago Trust Co
Depositors State Bank
Drexel State Bank
First Trust & Savings Bank
Foreman Bros. Banking Co
Harris Trust & Savings Bank
Home Bank & Trust Co
Hyde Park State Bank
Illinois Trust & Savings Bank
Independence State 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
Northwestern Trust & Savings Bank...
Reliance State Bank
Second Security Bank
Security Bank of Chicago
South Side Trust & Savings Bank
Standard Trust & Savings Bank
State Bank of Chicago
Union Trust Co
United State Bank of Chicago
Woodlawn Trust & Savings Bank
CiceroMorton Park State Bank
Western State Bank
Cowden—State Bank of Cowden
Des Plaines—Des Plaines State Bank
28971—23
14
198
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Total
resources.
Surplus.
DISTRICT NO. 7—Continued.
ILLINOIS—continued.
Divernon—First 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
Hinckley—Hinckley State Bank
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 Bank..
Moline—
Moline Trust & Savings Bank
Peoples Savings Bank & Trust Co
State Savings Bank & Trust Co
Mount CarrollCarroll County State Bank
First State Savings Bank
Oak ParkOak Park Trust & Savings Bank
Suburban Trust & Savings Bank
Oswego—Oswego State Bank
Polo—Polo State Bank
Rock Island—First Trust & Savings Bank
St. Charles—Stewart State Bank
SenecaFarmers Trust & Savings Bank
State Bank of Seneca
Shannon—^State Bank of Shannon
Springfield—Ridgely Farmers State Bank
Wenona—First State Bank
(See also District No. 8.)
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
Indianapolis—Fletcher Savings & Trust Co..
Jamestown—Citizens State Bank
Kentland—
Discount & Deposit State Bank
Kent State Bank
La Fontaine—Farmers State Bank
Marion—Grant Trust & Savings Bank
North Liberty—North Liberty State Bank..
Richmond—Dickinson Trust Co
Rochester—United States Bank & Trust Co.
South BendAmerican Trust Co
St. Joseph Loan & Trust Co
South Whitley—Mayer State Bank
Terre Haute—Terre Haute Trust Co
Tipton—Farmers Loan & Trust Co
$50,000
100,000
$7,000
15,000
$600,301
747,938
100,000
300,000
50,000
50,000
50,000
100,000
20,000
300,000
8,000
25,000
25,000
25,000
1,864,920
7,764,830
534,081
1,277,190
548,476
922,930
100,000
100,000
150,000
100,000
25,000
60,000
50,000
25,000
100,000
300,000
250,000
300,000
50,000
50,000
10,000
35,000
25,000
50,000
6,000
7,000
20,000 i
15,000
75,000
150,000
250,000
165,000
1,228,564
1,489,950
1,503,071
2,009,023
250,355
362,495
451,811
197,451
1,009,981
4,292,834
6,096,129
4,674,744
50,000
50,000 j
1,243,908
1,059,287
400,000
100,000
50,000
75.000
100,000
100,000
200,000
25,000
10,000
11,000
25,000
50,000
j
!
j
!
I
I
5,037,079
1,822,970
408,249
537,253
1,195,284
1,164,706
25,000
50,000
50,000
600,000
50,000
6,000
25,000
2,500
150,000
50,000
|
!
!
j
j
162,710
463,005
297,076
7,161,870
787', 893
15,000 i
25,000 !
325,773
233,441
181,567
2,565,736
201,360
4,734,688
19,556,138
396,770
40,000
25,000
25,000
400,000
27,500
250,000
,500,000
30,000
82,500
1,000
150,000
300,000
20,000
!
I
!
!
70,000
50,000
35,000
150,000
50,000
200,000
75,000
60,000
45,000
3,800
110,000
12,500
50,000
25,000
788,319
419,633
148,999
2,292,754
391,722
2,647,007
877,344
200,000
800,000
25,000
500,000
50,000
128,000
200,000
19,500
500,000
50,000
4,683,966
5,776,045
332,971
8,541,598
675,070
100,000
30,000
50,000
25,000
50,000
50,000
50,000
100,000
60,000
50,000
25,000
60,000
17,000
16,000
5,000
2,267,993
570,042
988,859
272,270
371,114
812,134
668,932
991,519
1,296,250
443,991
253,073
IOWA.
Algona—County Savings Bank
Alta Vista—Alta Vista Savings Bank
Ames—Story County Trust & Savings Bank..
Armstrong—State Bank of Armstrong
Audubon—Iowa Savings Bank
Avoca—Avoca State Bank
Barnes City—Farmers Savings Bank
Battle Creek—Battle Creek Savings Bank
Bellevue—Bellevue State Bank
Bennett—Bennett Savings Bank
Blairsburg—State Bank of Blairsburg
20,000
15,000
5,000
20,000
5,000
10,500
199
STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 7—Continued.
IOWA—continued.
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
Clearfleld—Taylor County State Bank
Clinton—Peoples Trust & Savings Bank
Corwith—Peoples State Bank
Corydon—Wayne County State Bank
Davenport—American Commercial & Savings Bank —
Decorah—
Citizens Savings Bank
Winneshiek County State Bank
Des Moines—
Bankers Trust Co
Central State Bank
Iowa Loan & Trust Co
Dexter—Iowa State Bank
EarlyCitizens State Bank
State Bank of Early
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 Loan & Trust Co
Iowa State Savings Bank
Farragut—Commercial Savings Bank
Fort MadisonAmerican State Bank
Fort Madison Savings Bank
Fostoria—Citizens Savings Bank
Fremont—State Bank of Fremont
Garwin—Garwin State Bank
Gilbert—Gilbert Savings Bank
Cilman—Citizens Savings Bank
Grand River—Farmers State Bank
Grant—Farmers Savings Bank
Greenfield—Greenfield Savings Bank
Hudson—Hudson Savings Bank
Humboldt—Peoples State Bank
Jefferson—Jefferson Savings Bank
Knoxville—Guaranty State Bank
Lake View—Lake View 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
*.
Magnolia—Magnolia Savings Bank
Malcom—Malcom Savings Bank
Mapleton—Mapleton Trust & Savings Bank
Marshalltown—Marshalltown State Bank
Mason City—City Commercial Savings Bank
Mechanicsville—Mechanicsville Trust & Savings Bank..
Mediapolis—Commercial State Bank
Missouri Valley—State Savings Bank
Mondamin—Mondamin Savings Bank
Monticello—
Lovell State Bank
Monticello State Bank
Moorhead—Moorhead State Bank
Moville—Moville State Bank
New Hampton—State Bank
Newton—
Citizens State Bank
Jasper County Savings Bank
Ogden—City State Bank
Osage—Home Trust & Savings Bank
Osceola—Iowa State Bank
Ottumwa—Ottumwa Savings Bank
Perry—Peoples Trust & Savings Bank
Remsen—Farmers Savings Bank
Riceville—Riceville State Bank
$50,000
60,000
50,000
200,000
50,000
40,000
75,000
25,000
300,000
40,000
75,000
700,000
$25,000
70,000
10,000
65,000
50.000
10,000
75,000
4,000
300,000
5,000
25,000
700,000
$592, 213
J, 479,519
458,579
3,132,281
961,178
467,456
1,290,152
]47,407
5,690,458
210,496
444,795
18,412,247
50,000 !
150,000 |
50,000
75,000
732,410
2,159,632
1,000,000 !
250,000
500,000
25,000 |
200,000
250,000
250,000
15,000
5,480,943
6,639,899
9, 893, 838
304,113
30,000 :
40,000
50,000
50,000
50,000
37,000
20,000
25,000
25,000
25, 000
451,820
364,158
818,831
287,382
1,101,772
25,000
35,000
26,000
7,000
15,000
24,000
193,988
387,909
531,132
50,000 :
200,000 :
40,000
12,500
75,000
10, 000
525,125
1.628,038
'230,382
100,000
100,000
25,000 ..
40,000
50,000
50,000
50,000
25,000
25,000
30,000 ;
50,000
100,000 ,
50,000 i
50,000 !
25,000 i
30,000
100,000 ! ;
25,000
50,000 |
25,000 i •
30,000
25,000 i
50,000 i
75,000 !
100,000 ;
400,000 i
50,000 !
100,000 I
50,000 :
35,000 !
20,000
60,000
1,668,684
2,041,957
240 281
543,998
588,080
320,689
473,497
312,755
242,833
259,294
592,340
995,702
608,551
515,026
301,773
263,535
788,770
420,411
578,243
316,919
4§8,669
322,895
362,899
787,668
2,489,501
2,819,074
743,769
614,613
487,991
421,674
200,000
200,000
30,000
35,000
50,000
!
j
!
1
!
!
!
i
1
!
60,000
25,000
2,000
10,000
15,000
18.000
10', 000
20,000
35,000
13,000
15,000
25,000
10,000
12,000
10,000
11,000
20.000
17,500
10,000
8.000
loj000
50,000
61,600
50,000
45,000
10,000
15,000
!
I
'
!
100,000
200,000
30,000
23,000
45,000
1,305,972
2,413,789
461,318
410,750
1,133,546
60,000 !
100,000 \
50,000 !
50,000 i
50,000 ;
100,000 i
50,000 i
50,000 I
25,000 s
25,000
50,000
20,000
25,000
10,000
30,000
4,400
30,000
15,000
637,442
1,401,526
582,904
624,029
428,464
1,565,609
682,450
445,223
250,435
200
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Total
resources.
Surplus.
DISTRICT NO. 7—Continued.
IOWA—continued.
Roland—Farmers Savings Bank
Royal—Home State Bank
Sac C i t y Farmers Savings Bank
Sac County State Bank
Schaller—Schaller Savings Bank
Shenandoah—Security Trust & Savings Bank
Sibley—Sibley State Bank
Sioux Center—Sioux Center State Bank
Solon—Ulch Bros. State Bank
Storm Lake—Security Trust & Savings Bank
Strawberry Point—Strawberry Point State Bank.
Sutherland—First Savings Bank
Terril—Terril Savings Bank
Thompson—State Bank of Thompson
Tipton—Farmers & Merchants Savings Bank
Ute—
Farmers Savings Bank
State Savings Bank
Vail—Farmers State Bank
Van Wert—Van Wert State Bank
Victor—Victor Savings Bank
Wapello—Wapello State Savings Bank
Waterloo—Waterloo Bank & Trust Co
Webster City—Hamilton County State Bank
Winterset—Madison County State Bank
$35,000
25,000
$25,000
2,000
$519,351
200,061
100,000
75,000
25,000
60,000
50,000
25,000
50,000
75,000
50,000
50,000
25,000
30,000 i
30,000
100,000
25,000
9,000
15,000
25,000
15,000
4,795
10,000
10,000
2,000
8,000
20,000
745,313
1,432,457
340,764
392,349
572,976
315,240
863,091
382,648
898,857
556,940
342,724
313,170
465,937
25,000
50,000
50,000
25,000
50,000
30,000
200,000
100,000
125,000
I
i
2,500
15,000
12,500
25,000
30,000
10,000
50,000
30,000
125,000
170,521
490,172
336,697
323,327
579,877
566,317
2,194,819
1,417,808
1,265,314
150,000
110,000 i
150,000 ,
90,000
30,000
50,000
2,059,567
1,653,128
2,176,721
50,000 !
75,000 !
100,000 I
40,000
40,000
200,000
1,061,835
1,055,609
3,823,563
200,000
300,000
75,000
250,000
3,113,018
4,205,784
50,000 I
!
i
I
i
i
I
MICHIGAN.
(See also District No. 9.)
Adrian—
Adrian State Sayings Bank
Commercial Savings Bank
Lena wee County Savings Bank
Albion—
Albion State Bank
Commercial & Savings Bank
Alpena—Alpena County Savings Bank
Ann A r b o r Farmers & Mechanics Bank
State Savings Bank
Armada—
Armada State Bank
Farmers State Bank
Bay C i t y Bay City Bank
Farmers State Sayings Bank
Peoples Commercial & Savings Bank
Bellevue—Farmers State Bank
Benton Harbor—Benton Harbor State Bank
Big R a p i d s Big Rapids Savings Bank
Citizens State Bank
Birmingham—First State Savings Bank
Rlanchard—Blanchard State Bank
Blissfield—Blissfield State Bank
Britton—Peoples State Savings Bank
Caledonia—State Bank of Caledonia
Caro— State Savings Bank
Carson City—Farmers & Merchants State Bank..
Carsonville—First State Bank
Cass City—Pinney State Bank
Cassapolis—Cass County State Bank
Charlotte—Eaton County Savings Bank
ChelseaFarmers & Merchants Bank
Kempf Commercial & Savings Bank
Coloma—State Bank of Coloma
Constantine—Commercial State Bank
Coopersville—Peoples Savings Bank
Cros w e l l First State Savings Bank
State Bank of Croswell
Davison—Davison State Bank
Dearborn—Dearborn State Bank
DetroitAmerican State Bank
Bank of Detroit
Central Savings Bank
Commercial State Savings Bank
25,000 !
25,000 |
350,000 I
100,000 |
400,000 |
25,000 !
100,000 |
50,000
50,000
100,000
25,000
50,000
25,000
50,000
112,500
25,000
25,000
50,000
40,000
100,000
25,000
12,000 !
|
350,000 [
50,000 !
500,000 I
5,000 j
50,000 i
25,000 !
25,000 I
25,000
5,000
18,000 !
5,000 I
10,000 !
87,500 j
5,000 i
5,000
3,000
6,500
20,000
484,723
350,013
4,865,210
1,745,948
11,389,095
166,825
1,883,818
961,695
1,553,612
1,352,552
203,258
783,237
354,533
479,638
1,247,231
228,538
515,597
632,869
353,991
1,491,511
25,000
40,000
25,000
25,000
25,000
25,000
40,000
25,000
10,000
5,000
|
|
I
|
I
728,578
788,013
752,915
442,929
415,003
30,000
60,000
50,000
100,000
6,000
12,000
10,000
150,000
!
i
I
|
618,508
1,173,175
475,795
2,237,823
1,000,000
2,000,000
1,000,000
1,000,000
400,000
500,000
300,000
200,000
21,087,451
31,125,725
24,074,905
4,221,075
201
STATE BANK MEMBERSHIP.
DISTRICT NO. 7—Continued.
MICHIGAN—continued.
Detroit—Continued.
Detroit Savings Bank
Dime Savings Bank
First State Bank
Peninsular State Bank
Peoples State Bank
United Savings Bank
Wayne County & Home Savings Bank
Eaton Rapids—Michigan State Bank
Edmore—Edmore State Bank
Elk Rapids—Elk Rapids State Bank
Evart—Evart State Bank
Farmington—Farmington State Savings Bank
Fennville—Old State Bank
Fen t o n Commercial State Savings Bank
Fenton State Savings Bank
FlintCitizens Commercial & Savings Bank
,
G enesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank
Flushing—Peoples State Bank
Fountain—Bank of Fountain
Frankenmuth—Frankenmuth State Bank
Fremont—
Fremont State Bank
Old State Bank
Grand Haven—
Grand Haven State Bank
Peoples Savings Bank
Grand Rapids—
Commercial Savings Bank
Grand Rapids Savings Bank
Kent State Bank
Peoples Savings Bank
Greenville—Commercial State Savings Bank
Hart—Oceana County Savings Bank
Highland P a r k American State Bank
Highland Park State Bank
Hillsdale—Hillsdale Savings Bank
HollandFirst State Bank
Holland City State Bank
Holly—First State & Savings Bank
Hopkins—The Hopkins State Savings Bank
Howell—First State & 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—American State Savings Bank
Lapeer—Lapeer Savings Bank
Lenox and Richmond—Macomb County Savings Bank.
Lowell—City State Bank
Ludington—Ludington State Bank
ManchesterPeoples Bank
^
Union Savings Bank
Manistee—Manistee County Savings Bank
Marcellus—G. W. Jones Exchange Bank
Marshall—Commercial Savings Bank
Marysville—Marysville Savings Bank
MasonFarmers Bank
First State & Savings Bank
Midland—Chemical State Savings Bank
Milan—Milan State Savings Bank
Milford—
Farmers State Savings Bank
First State Bank
500,000 I
500,000 !
000,000
500,000 '
0C0.000 i
500,000 |
000,000
75,000 !
30,000 !
35,000 I
50,000 j
40,000 |
50,000 !
$2,000,000
2,500,000
500,000
1,500,000
9.000,000
400,000
6,000,000
15.000
10,000
12,800
50,000
30,000
12,500
$29,969,586
50,430,175
15,364,122
38,286,655
120,363,278
9,711,311
92,528,753
685,396
381,377
382,745
1,091,557
798,220
495,268
50,000 \
25,000 !
31,000
20,000
553,795
777,902
450,000
500,000
,000,000
400,000
25,000
25,000
50,000
315,000
500.000
300,000
240,000
15,000
5,000
45,000
5,107,599
9,039,047
10,807,944
5,749,525
360,189
191,477
1,041,478
25,000
50,000
25,000
25,000
657,090
1,094,866
100,000
50,000
75,000
25,000
2,082,680
1,190,259
300,000
500,000
500,000
200,000
50,000
40,000
60,000
500,000
1,000,000
100,000
30,000
13,000
3,498,926
16,618,954
14,864,402
2,702,950
1,242,404
588,109
200,000
000,000
100,000
50,000
800,000
25,000
2,842,224
21,735,558
1,263,149
100,000
100,000
100,000
25,000
75,000
35,000
50,000
50,000
5,000
19,000
2,775,187
2,315,216
1,508,173
432,909
698,003
50,000
50,000
100,000
10,000
10,000
100,000
985,676
762,185
1,775,889
100,000
300,000
50,000
25,000
26,000
125,000
25,000
20,000
1,444,133
2,644,722
587,140
496,043
25,000
25,000
500,000
75,000
50,000
25,000
100,000
6,500
10,000
250,000
15,000
15,000
10,000
25,000
321,901
273,024
9,125,592
752,564
1,080,597
590,620
1,946,346
25,000
25,000
100,000
40,000
100,000
100,000
15,000
50,000
100,000
30,000
20,000
50,000
503,413
723,733
2,833,005
801,483
1,160,555
385,246
50,000
25,000
50,000
25,000
10,000
15,000
15,000
16,000
597.841
681; 558
735,981
424,085
50,000
25,000
8,000
12,500
258,000
629,015
202
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Total
resources.
Surplus.
DISTRICT NO. 7—Continued.
MICHIGAN—continued.
Monroe—Dansard State Bank
Montague—Farmers State Bank
Morenci—Wakefield State Bank
Mount Clemens—Ullrich Savings Bank
Mount Pleasant—Exchange Savings Bank
Isabella County State Bank
Nashville—
Farmers & Merchants Bank
State Savings Bank
New Haven—New H a v e n Savings B a n k
Niles City—Niles City B a n k
Northville—Lapham State Savings B a n k
Onsted—Onsted State B a n k
Paw Paw—Paw Paw Savings Bank
Petersburg—The H. C. McLachlin & Co. State Bank
Petoskey—First State Bank
Pinconning—Pinconning State Bank
Pontiac—
•
American Savings Bank
Pontiac Commercial & Savings Bank
Port Huron—Federal Commercial & Savings Bank
Redford— Bedford State Savings Bank
Rochester—Rochester Savings Bank
Rogers City—Presque Isle County Savings Bank
Romeo—Romeo Savings Bank
Boyal Oak—
First State Bank of Royal Oak
Royal Oak Savings Bank
Saginaw—
American State Bank
Bank of Saginaw
St. Charles—St. Charles State Bank
St. Clair—Commercial & Savings Bank
Saline—Saline Savings Bank
Saugatuck—Fruit Growers State Bank
Sebewaing—Farmers & Merchants State Bank
South Haven—Citizens State Bank
Sparta—Sparta State Bank
Spring Lake—Spring Lake State Bank
Suttons Bay—Leelanau County Savings Bank..;...'
Tecumseh—
Liliey 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
;
j
j
j
!
j
I
j
1200,000 j
25,000
50,000 |
100,000 I
|
50,000 I
60,000 !j
|
I
I
i
I
j
i
'
i
i
,
:
l
i
<
j
i
i
'
'
i
i
>
i
;
!
;
\
!
'
;
|
i
!
j
!
,
$30,000
5,000
.30,000
100,000 '
$2,337,503
411,912
896,455
2,110,911
32,500
25,000
1,034,203
1,331,978
50,000
10,000
25,000
25,000
18,000
10,000
10,000
5,000
15,000
6,000
912,196
471,252
549,030
1,273,607
961,802
313,221
576,409
536,006
• 1,128,312
583,950
400,000
1,000,000
300,000
100,000
50,000
35,000
100,000
60,000
200,000
125,000
42,000
10,000
15,000
25,000
2,240,910
12,754,375
6,289,648
1,032,403
657,439
1,090,812
1,389,464
100,000
100,000
50.000
90,000
2,084,572
1,889,009
200,000
1,000,000
25,000
75,000
25,000
100,000
25,000
100,000
30,000
25,000
25,000
100,000
500,000
6,000
20,000
25,000
25,000
6,250
60,000
8,000
20,000
10,000
4,518,894
22.137,495
'694,225
1,080,210
563,046
1,079,944
351,681
1,379,866
516,104
459,526
391,387
40,000
50,000
200,000
20,000
30,000
100,000
699,975
837,200
3,574,807
5,000
7,200
25,000
15,000
50,000
461, 527
404,413
586,038
291,111
1,310,655
15,000
10,000
478,774
625.268
100,000
125,000
50,000
50,000
40,000
100,000
100,000
60,000
300,000
50,000
25,000
10,000
50,000
20,000
10,000
22,000
15,000
60,000
2,166,024
1,702,046
529,450
954,751
434,690
950,184
1,739,902
1,080,438
4,072,292
1,000,000
200,000
1,000,000
1,000,000
100,000
45,000
50,000
50,000
200,000
40,000
1,500,000
1,500,000
50,000
25,000
10,000
10,000
12,216,857
4,462,994
26,039,904
35,102,079
1.215,931
623,734
304,803
1,076,006
100,000
125,000
50,000
32,500
1,273,615
1,169,700
35.000
SQ^OOO
25,000
100,000
50,000 j
25,000 |
40,000
25,000
60,000
30,000
25,000
30,000 |
25,000 ;
25,000 j
50,000 |
j
40,000 i
50,000 I
I
I
|
j
WISCONSIN.
(See also District No. 9.)
Baraboc—Bank of Baraboo
Burlington—Bank of Burlington
Clinton—Citizens Bank
Delavan—Citizens Bank of Delavan
Green Lake—Green Lake State Bank
Janes ville—Bank of Southern Wisconsin
Kenosha—Merchants & Savings Bank
Kewaunee—State Bank of Kewaunee
Madison—Bank of Wisconsin
Milwaukee—
American 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 Platte Me
Plymouth—
Plymouth Exchange Bank
State Bank of Plymouth
203
STATE BANK MEMBERSHIP.
Surplus.
Total
resources.
DISTRICT NO. 7—Continued.
WISCONSIN—continued.
Seneca—Farmers & Merchants State Bank
Sheboygan—Citizens State Bank
Sturgeon Bay—Bank of Sturgeon Bay
Waupun—State Bank of Waupun
Wausau—Marathon County Bank
Winneconne—Union Bank
$35,000
200,000
100,000
50,000
150,000
25,000
$17,500
200,000
20,000
20,000
60,000
12,500
$443,592
3,469,567
2,039,116
824,628
1,608,467
459,404
104,000
146,000
1,322,359
50,000
100,000
100,000
35,000
25,000
60,000
50,000
50,000
150,000
50,000
100,000
50,000
100,000
250,000
20,000
17,500
10,000
8,000
2,750
11,000
10,000
20,000
30,000
8,000
30,000
50,000
20,000
50,000
626,171
1,188,146
949,608
335,227
128,353
969,307
443,594
414,713
922,733
2,252,687
572,406
1,030,526
1,264,315
1,548,015
200,000
100,000
150,000
100,000
50,000
2,261,419
1,426,686
589,349
750,000
300,000
500,000
400,000
200,000
150,000
75,000
100,000
200,000
300,000
13,204,792
5,772,517
5,188,973
8,141,563
3,319,897
50,000
50,000
275,000
50,000
200,000
50,000
22,500*
50,000
25,000
10,000
37,500
10,000
676,291
982,173
1,851,590
615,107
1,559,952
415,702
100,000
100,000
50,000
75,000
200,000
60,000
125,000
75,000
60,000
50,000
7,500
37,750
22,000
20,000
31,250
30,000
1,091,301
1,005,157
237,901
727,957
851,610
425,746
1,302,264
561,644
300,000
300,000
100,000
110,000
50,000
140,000
150,000
100,000
50,000
100,000
50,000
100,000
50,000
25,000
25,000
000,000
250,000
300,000
24,350
25,000
15,000
20,000
75,000
50,000
10,000
10,000
6,000
19,000
8,000
2,500
5,000
200,000
4,837,754
4,514,594
1,103,315
876,455
918,854
1,552,570
2,224,835
755,284
533,186
865,080
467,841
491,718
414,204
103,183
184,587
11,152,251
DISTRICT NO. 8.
ARKANSAS.
Arkansas City—Desha Bank & Trust Co
Batesville—
Citizens Bank & Trust Co
Union Bank & Trust Co
Blytheville—Farmers Bank & Trust Co
,
Brinkley—Monroe County Bank
Cabot—Peoples State Bank
Conway—Farmers State Bank
Dardanelle—Dardanelle Bank & Trust Co
Dumas—Merchants & Farmers Bank
Earle—Bank of Commerce
El Dorado—Bank of Commerce
England—Citizens Bank & Trust Co
Forrest City-—Bank of Eastern Arkansas
Fort Smith—Arkansas Valley Bank
Helena—Security Bank & Trust Co
Jonesboro—
Bank of Jonesboro
Jonesboro Trust Co
Lake Village—Chicot Bank & Trust Co
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
Marion—Crittenden County Bank & Trust Co.
Marvell—Bank of Marvell
Newport—Arkansas Bank & Trust Co
Paris—American Bank & Trust Co
Pine BluffCotton Belt Savings & Trust Co
Peoples Savings Bank & Trust Co
Prescott—First State Bank
Russellville—Bank of Bussellville
Texarkana—Merchants & Planters Bank
Waldron—Bank of Waldron
Walnut Ridge—Lawrence County Bank
Warren—Warren Bank
(See also District No. 7.)
Belleville—Belleville Savings Bank. /.
East St. Louis—Union Trust Co
Edwardsville—Citizens State & Trust Bank
Effingham—Eflingham State Bank
Gillespie—Gillespie Trust & Savings Bank
Greenville—State Bank of Hoiles & Sons
Harrisburg—First Trust & Savings Bank
Hillsboro—Montgomery County Loan & Trust Co.
Lebanon—State Bank of Lebanon
Litchfield—Litchfield Bank & Trust Co
Madison—Union Trust Co
Mount Carmel—First State Bank
Mount Olive—Mount Olive State Bank
New Athens—Farmers State Bank
O'Fallon—First State Bank
Quincy—State Savings, Loan & Trust Co
INDIANA.
(See also District No. 7.)
Corydon—Corydon State Bank
Evans ville—Mercantile Commercial Bank..
Digitized forPaoli—Paoli State Bank
FRASER
50,000
200,000
40,000
12,500 j
50,000
10,000
323,280
2,261,886
449,791
204
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
Total
resources.
DISTRICT NO. 8—Continued.
KENTUCKY.
(See also District No. 4.)
Harrodsburg—State Bank & Trust Co
Louisville—
Kentucky Title Savings Bank & Trust Co
Iiberty Insurance Bank
Lincoln Bank & Trust Co
Louisville Trust Co
Owensboro—Central Trust Co
$100,000
$21,000
$752,713
350,000
500,000
750,000
806,100
200,000
100.000
750,000
175,000
161,220
75.000
10,507,180
17,623,058
6,615,437
4,785,478
3,461,254
200,000
250,000
100,000
150,000
100,000
75,000
50,000
350,000
25,000
6,000
10,000
27,500
1,017,974
6,408,360
681,779
509,691
335,332
860,685
MISSISSIPPI.
Greenwood—Greenwood Bank & Trust Co
Grenada—Grenada Bank
Pontotoc—Bank of Pontotoc
Rosedale—Bolivar County Bank
Ruleville—Planters Bank & Trust Co
Tunica—Citizens Bank of Tunica
.*
MISSOURI.
(See also District No. 10.)
Bertrand—Commercial Bank of Bertrand
Bowling Green—Pike County Bank
Cabool—Citizens Bank of Cabool
Clayton—Farmers & Commercial Savings B a n k . .
Iberia—Farmers & Traders Bank
Jefferson City—Exchange Bank of Jefferson City.
Lexington—J^afayette County Trust Co
Linn Creek—Camden County Bank
Luxemburg—Lemay Ferry Bank
Maeon—State Exchange Bank of Macon
Maplewood—Bank of Maplewood
Marshall—Wood & Huston Bank
Pine Lawn—Pine Lawn Bank
St. L o u i s American Trust Co
Cass Avenue Bank
City Trust Co
Easton-Taylor Trust Co
Farmers & Merchants Trust Co
Franklin Bank
Grand Avenue Bank of St. Louis
Gravois Bank of St. Louis County
International Bank of St. Louis
Jefferson Bank
Jefferson Gravois Bank of St. Louis
Laclede Trust Co
Lafayette South Side Bank
Liberty Central Trust Co
Manchester Bank
Mercantile Trust Co
Mississippi Valley Trust Co
Mound City Trust Co
Northwestern Trust Co
Savings Trust Co
Scruggs, Vandervoort & Barney Bank
South Side Trust Co
Southern Commercial & Savings Bank
Tower Grove Bank
United States Bank
West St. Louis Trust Co
Versailles—Bank of Versailles
Waynesville—Bank of Waynesville
30,000
25,000
25,000
37,500
25,000
100,000
75,000
25,000
50,000
100,000
50,000
100,000
30,000
1,000,000
200,000
200,000
200,000
200,000
1,000,000
200,000
25,000
1,000,000
200,000
200,000
200,000
1,000,000
3,000,000
250,000
3,000,000
3,000,000
200,000
500,000
200,000
200,000
200,000
* 200,000
200,000
1,000,000
200,000
75,000
50,000
10,000 i
25,000 !
7,500 I
10,000
25,000 I
15,000 |
35,000
15,000 !
35,000
20,000
200,000
3,000
j
300,000 i
100,000 |
45,000 |
10,000
100,000
500,000
100,000 ,
20,000
200,000
150,000
100,000
35,000 ,
800,000 <
1,000,000 j
100,000 I
7,000,000 !
3,500,000 !
40,000 I
200,000 i
50,000 I
22,000 I
50,000 j
50,000 !
80,000 |
700,000 !
75,000 !
9,600 |
6,000
92,806
241,789
412,835
261,653
276,880
1.548,168
448,871
279,657
1,071,763
1,105,685
1,083,273
1,871,344
157,806
15,575,991
4,363,642
1,879,298
1,559,920
5,367,174
11,442,257
2,866,418
770,253
9,799,804
3,953,792
3,449,348
1,727,586
23,678,620
44,330,017
4,924,974
61,579,135
40,102,581
1,552,296
8,999,930
2,256,971
1,511,499
3,252,511
3,161,211
5,978,433
11,155,808
2,780,300
557,490
629,650
TENNESSEE.
(See also District No. 6.)
Alamo—Bank of Alamo
Bells—Bank of Crockett
Brownsville—First State Bank
Dyer—Farmers & Merchants Bank
Dyersburg—Citizens Bank
Greenfield—Greenfield Bank
Halls—Peoples Savings Bank & Trust Co..
Henning—Bank of Henning
MemphisBank of Commerce & Trust Co
Commercial Trust & Savings Bank
Guaranty Bank & Trust Co
Union & Planters Bank & Trust C o . . .
25,000
25,000
200,000
40,000
50,000
30,000
25,000
50,000
1,500,000
600,000
500,000
1,800,000
3,500
2,500
30,000
20,600
100,000
25,000
8,280
293,667
403,817
1.676,066
331,802
1,122,419
280,964
223,347
368,594
1,500,000 !
200,000 i
60,000
500,000 '
26,513,559
8,389,002
5,598,973
36,846,941
205
STATE BASK MEMBEBSHIP.
Total
Capital.
DISTRICT NO. 9.
MICHIGAN.
(See also District No. 7.)
Ewen—State Bank of Ewen
Gladstone—Gladstone State Savings Bank
Gwinn—Gwinn State Savings Bank
Iron Mountain—Commercial Bank
Iron wood—Merchants & Miners State Bank
Laurium—State Savings Bank
Manistique—Manistique Bank
Menominee—Commercial Bank
Sault Ste. M a r i e Central Savings Bank
Sault Savings Bank
South Range—South Range State Bank
,
$25,000
50,000
25,000
100,000
100,000
100,000
50,000
100,000
$15,000
15,000
25,000
100,000
15,500
125,000
50,000
25,000
$337,192
1,360,958
383,369
1,807,286
704,820
1,002,282
873,860
1,093,525
100,000
100,000
30,000
20,000
35,000
30,000
1,254,935
1,584,308
649,854
50,000
50,000
50,000
25,000
25,000
25,000
50,000
25,000
25,000
50,000
50,000
75,000
50,000
50,000
25,000
25,000
50,000
10,000
6,000
10,000
18,000
12,500
3,500
25,000
12,000
50,000
30,000
25,000
10,000
5,000
951,459
1,367,747
851,176
288,694
529,927
527,677
861,036
199,849
369,572
676,677
879,118
699,181
642,543
685,812
230,203
300,000
200,000
500,000
50,000
100,000
125,000
30,000
400,000
50,000
100,000
80,000
200,000
150,000
17,000
100,000
65,000
30,000
80,000
25,000
50,000
2,283,018
6,053,735
4,105,929
664,704
2,288,661
1,457,431
234,950
5,480,051
775,109
1,745,616
25,000
30,000
50,000
40,000
25,000
100,000
6,000
40,000
8,000
10,000
30,000
287,121
615,128
358,350
190,665
249,693
1,590,585
300,000
200,000
200,000
50,000
4,202,571
3,648,456
100,000
25,000
50,000
100,000
3,500
50,000
3,050,520
148,213
496,670
50,000
40,000
100,000
75,000
11,000
10,000
10,000
25,000
419,210
309,810
1,189,413
511,338
100,000
100,000
50,000
25,000
"*i,"200'
861,407
425,651
255,483
400,000
200,000
25,000
25,000
25,000
300,000
50,000
2,000
10,000
5,000
9,816,664
1,582,031
88,161
337,320
233,499
50,000
50,000
50,000
30,000
25,000
1,500
5,000
12,500
2,500
25,000
175,747
194,635
220,235
162,752
312,695
MINNESOTA.
Anoka—State Bank of Anoka
Benson—Swift County Bank
Clarkfield—Clarkfield State Bank
Clinton—Clinton State Bank
Excelsior—Minnetonka State Bank
Hayfleld—Farmers State Bank
Hutchinson—Farmers & Merchants State Bank, Inc.
Ihlen—Ihlen State Bank
Jeffers—State Bank of Jeffers
Kenyon—Kenyon State Bank
Lake City—Lake City Bank of Minnesota
Lewiston—Security State Bank
Luverne—Rock County Bank
Madelia—State Bank of Madelia
Menahga—Farmers & Merchants State Bank
MinneapolisMercantile State Bank
North American Bank
Wells-Dickey Trust Co
New Richland—State Bank of New Richland
New Ulm—Citizens State Bank
Red Wing—First Security State Bank
Revere—State Bank of Revere
St. Paul—Central Metropolitan Bank
St. Peter—Citizens State Bank of St. Peter
South St. Paul—Drovers State Bank
Spring Valley—
Farmers'State Bank
First State Bank
Walnut Grove—First State Bank
Wanamingo—Security State Bank (Inc.)
Westbrook—Citizens State Bank
Willmar—Kandiyohi County Bank
Winona—
Deposit Bank of Winona
Merchants Bank of Winona
MONTANA.
Anaconda—Daly Bank & Trust Co
Ballantine—Ballantine State Bank
Belgrade—Belgrade State Bank
BeltFarmers & Miners State Bank
State Bank of Belt
Billings—Security Trust & Savings Bank
Boulder—Bank of Boulder
Bozeman—
Gallatin Trust & Savings Bank
Security Bank & Trust Co
Broadus—Powder River County Bank
Butte—
Metals Bank & Trust Co
Miners Savings Bank & Trust Co
Clyde Park—First State Bank of Clyde Park
Culbertson—Citizens State Bank
Denton—Denton State Bank
Dillon—
Beaverhead State Bank
Security State Bank
East Helena—East Helena State Bank
Edgar—Edgar State Bank
Ennis —Southern Montana Bank
206
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
Surplus.
Total
resources.
DISTRICT NO. 9—Continued.
MONTANA—continued.
Eureka—Farmers & Merchants State Bank
Forsyth—Bank of Commerce
Fromberg—Clarks Fork Valley Bank
Hamilton—Ravalli County Bank
Hardin—Hardin State Bank
HelenaBanking Corporation of Montana
Conrad Trust & Savings Bank
Montana Trust & Savings Bank
Union Bank & Trust Co
Hinsdale—Valley County Bank
Huntley—Huntley State Bank
Inverness—Inverness State Bank
Joliet—Joilet State Bank
Kalispell—Bank of Commerce
Laurel—American Bank of Laurel
Lewistown—
Bank of Fergus County
Empire Bank & Trust Co
Lewistown State Bank
,
Missoula—American Bank & Trust Co
Moccasin—Moccasin State Bank
Nashua—State Bank of Nashua
Opheim—First State Bank of Opheim
Park City—Park City State Bank
,
PhiliDSburg—
First State Bank
Philipsburg State Bank
Plenty wood—State Bank of Plenty wood
Reed Point—Reed Point State Bank
Richey—First State Bank
Roundup—Citizens State Bank
Saco—Farmers & Merchants State Bank of Saco.
Sidney—Yellowstone Valley Bank & Trust Co....
Stevensville—First State Bank
Townsend—State Bank of Townsend
White Sulphur Springs—Central State Bank
Willow Creek—Willow Creek State Bank
Wolf PointFirst State Bank
Security State Bank
Worden—Farmers State Bank
$342,735
927,521
190,697
520,408
606,200
$25,000
75,000
25,000
50,000
50,000
$20,000
30,000 i
2,500 i
12,500 i
25,000
250,000
200,000
150,000
250,000
25,000
25,000
25,000
25,000
100,000
25,000
50,000
100,000
75,000
150,000
8,000
10.000
3,000
10,000
23,500
2,500
1,820,672
1,881,991
2,030,467
4,696,645
201,691
172,615
134,228
204,358
711,364
217,985
250,000
100,000
100,000
100,000
25,000
25,000
25,000
40,000
250,000
35,000
25,000
25,000
7,000
4,000
5,000
5,000
3,264,585
1,002,860
756,477
1,577,981
171,228
275,826
224,120
276,364
50,000
40,000
25,000
25,000
25,000
50,000
25,000
100,000
40,000
100,000
60,000
25,000
543,554
363,219
331,582
118,748
133,361
782,496
273,139
776,956
347,969
629,599
230,536
370,120
30,000
25,000
25,000
10,000
20,000
10,000
6,500
5,000
50,000
5,000
15,000
10,000
10,000
5,000
20,000
13,000
3,500
6,000
50,000
25,000
50,000
25,000
10,000
1,000
10,000
5,000
443,069
145,322
221,721
377,331
75,000
150,000
25,000
50,000
50,000
25,000
25,000
100,000
25,000
40,000
25,000
50,000
10,000
10,000
7,040
10,000
5,000
20,000
5,000
5,000
1,041,586
2,856,236
398,682
967,110
729,664
527,105
366,618
1,113,589
206,048
364,041
50,000
50,000
25,000
10,000
15,000
10,000
810,984
853,455
408,078
200,000
300,000
25,000
30,000
25,000
60,000
25,000
2,000
50,000
5,000
2,000
5,000
30,000
500
1,528,424
6,341,046
259,534
345,003
265,742
1,557,009
118,664
584,747
218,278
181,314
NORTH DAKOTA.
Enderlin—Enderlin State Bank
Fullerton—Farmers State Bank
Jamestown—Security Savings Bank.
Noonan—Security State Bank
SOUTH DAKOTA.
Bellefourche—Butte County Bank
,
Brookings—Bank of Brookings
Camp Crook—Little Missouri Bank
Chamberlain—Brule State Bank
Gregory—Commercial State Bank
,
Groton—Brown County Banking Co
Hecla—Farmers & Merchants State Bank
,
Mitchell—Commercial Trust & Savings Bank.,
Newell—Reclamation State Bank
Philip—Bank of Philip
Rapid CityCitizens Bank & Trust Co
Security Savings Bank
Rockham—Farmers State Bank
Sioux FallsCommercial & Savings Bank
Sioux Falls Savings Bank
South Shore—South Shore Bank
Stratford—First State Bank
Timber Lake—Stock Growers State Bank
Webster—Security Bank & Trust Co
White River—Mellette County State Bank...
207
STATE BANK MEMBERSHIP.
DISTRICT NO. 9—Continued.
WISCONSIN.
(See also District No. 7.)
Arcadia—Bank of Arcadia
Balsam Lake—Polk County Bank
Boyceville—Bank of Boyceville
Ellsworth—Bank of Ellsworth
Glenwood City—First State Bank
Grantsburg— First Bank of Grantsburg
Hurley—Iron Exchange Bank.:
New Richmond—Bank of New Richmond
West Salem—La Crosse County Bank
Whitehall—Peoples State Bank
$50,000
25,000
30,000
50,000
42,000
50,000
50,000
75,000
50,000
30,000
$10,000
5,000
6,000
25,000
3,000
6,000
30,000
37,500
27,500
6,000
293,803
448,341
1,079,355
407,611
584,806
772,007
1,157,934
703,117
442,894
250,000
250,000
500,000
15,000
9,406,566
5,689,235
17,706,083
357,424
5,500
50,000
50,000
25,000
25,000
68,000
50,000
291, 588
1,381, 128
1,166,267
322, 380
482,599
1,593,671
1,471, 541
DISTRICT NO. 10.
COLORADO.
DenverAmerican Bank & Trust Co
Bankers Trust Co
International Trust Co
:.."....
Fort Lupton—Fort Lupton State Bank
500,000
1,000,000
500,000
25,000
I
I
{
I
KANSAS.
Anthony—Home State Bank
Fort Scott—Fort Scott State Bank
Hiawatha—Morrill & Janes Bank
Jamestown—Jamestown State Bank
Liberal—Citizens State Bank
Wichita—Southwest State Bank
Winfield—State Bank of Winfield
25,000
100,000
100,000
25,000
50,000
200,000
100,000
MISSOURI.
(See also District No. 8.)
Joplin—Conqueror Trust Co
Kansas C i t y Commerce Trust Co
Live Stock State Bank
Savannah—Wells-Hine Trust Co
South St. Joseph—St, Joseph Stock Yards Bank..
200,000 I
125,000
4,479,071
6,000,000 i
200,000
100,000 I
350,000 i
2,000,000
37,500
4,800
150,000
108,461,563
1,647,707
753,705
4,044,007
50,000
35,000
50,000
100,000
25,000
50,000
15,000
15,000
25,000
20,000
1,250
4,800
796,685
372,018
544,291
1,045,633
190,056
288,144
25,000
25,000
30,000
25,000
35,000
85,000
25,000
50,000
30,000
5,000
2,500
8,000
10,000
12,000
19,000
6,000
17,500
30,000
304,662
299,297
277,246
374,609
479,050
619,313
273,161
972,453
233,883
40,000
50,000
10,000
10,000
200,894
567,969
50,000
50,000
10,000
5,700
576,772
192,181
30,000
30,000
50,000
75,000
30,000
5,100
4,600
15,000
16,000
5,000
300,378
292,539
289,672
1,673,206
375,127
NEBRASKA.
Aurora—Fidelity State Bank
Broken Bow—Custer State Bank..
Chappell—Chappell State B a n k . . .
Elgin—Elgin State Bank
Genoa—Farmers State Bank
Lewellen—Bank of Lewellen
Meadow G r o v e Meadow Grove State Bank
Security Bank
Neligh—Security State Bank
Oakland—Oakland State B a n k . . . .
Ord—Nebraska State Bank
Pender— Pender State Bank
St. Edward—Farmers State Bank.
Wayne—State Bank of W a y n e . . . .
Western—Saline County Bank
NEW MEXICO.
(See also District No. 11.)
Aztec—Citizens Bank
,
Santa Fe—Capital City Bank.
OKLAHOMA.
(See also District No. 11.)
Chelsea—Bank of Chelsea
Clinton—Clinton State Bank
Cordell—
Cordell State Bank
Oklahoma State Bank
Okarche—First Bank of Okarche
Ponca City—Security State Bank
Digitized forStigler—First State Bank
FRASER
208
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
Surplus.
TataJ
resources.
DISTRICT NO. 10—Continued.
WYOMING.
Cheyenne—Cheyenne State Bank
Evanston—The Stockgrowers Bank
Mountain View—Uinta County State Bank
Van Tassell—Bank of Van Tassell
DISTRICT NO. 11.
$100,000
50,000
40,000
25,000
$20,000
35,000
4,000
7,000
$935,002
593,017
147,368
100, 875-
42,000
10,000
781,249
350,927
125,000
100,000
3,253,537
5,636,530
50,000
100,000
30,000
25,000
5,000
80,000
6,000
5,000
650, 791
1,329,432
125,211
287,864
25,000
25,000
50,000
50,000
3,000
3,000
5,000
10,000
228,509
239,502
469,209
368, 475
60,000
30,000
25,000
50,000
25,000
60,000
20,000
40,000
4,893
55,000
12,500
4,000
481, 54<3
254,854
233,457
618,073
158,897
377,581
65,000
100,000
25,000
50,000
25,000
50,000
32,000
20,000
10,000
5,000
32,500
11,213
5,000
1,500
630,269
471,211
139,978
359,642
294,795
189, 520
182,631
100,000
200,000
50,000
25,000
25,000
100,000
30,000
50,000
40,000
50,000
100,000
12,000
5,000
25,000
50,000
20.000
25, 000
6, 000
856,743
1,345,230
525,131
139,067
331,271
985,00S
205,550
187,943
283,021
ARIZONA.
(See also District No. 12.)
Safford—Bank of SafTord
Tombstone—Cochise County State Bank
33,000 I
30,000 i
LOUISIANA.
(See also District No. 6.)
Monroe—Central Savings Bank and Trust Co.
Shreveport—Continental Bank and Trust Co-
375,000
300,000 |
NEW MEXICO.
(See also District No. 10.)
Alamogordo—First State Bank
Albuquerque—State Trust & Savings B a n k . . .
Corona—Stockmens State Bank
Portales—Security State Bank
OKLAHOMA.
(See also District No. 10.)
Broken Bow—McCurtain County Bank
Coleman—Coleman State Bank
Fort Towson—First State Bank
Valliant—Farmers State Guaranty Bank
Alice—Citizens State Bank
Alpine—Alpine State Bank
Alto—Alto State Bank
Anson—Anson State Bank
Avery—A very State Bank
Ballinger—Ballinger State Bank & Trust Co....
Bay City—
' B a y City Bank & Trust Co
First State Bank
Bedias—First State Bank
Beeville—Beeville Bank & Trust Co
Bishop—First State Bank
Blooming Grove—Blooming Grove State Bank.
Bomarton—First State Bank
Bonham—
Fannin County Bank
First State Bank of Bonham
Bremond—First State Bank
Bridgeport—Bridgeport State Bank
Brownfield—Brownfield State Bank
Bryan—First State Bank & Trust Co
Caddo Mills—Caddo Mills State Bank
Canton—Texas State Bank
Canyon—First State Bank
Celina—
Celina State Bank
First State Bank
Childress—
City Guaranty State Bank
Farmers & Mechanics State Bank
Clarendon—Farmers State Bank
CliftonFarmers Guaranty State Bank
First Guaranty State Bank
Coahoma—First State Bank of Coahoma
CommerceCitizens State Bank
State Bank of Commerce
Corao-Como State Bank
Cooper—Security State Bank
Copperas Cove—First State Bank
Corsicana—First State Bank
Cross Plains—First Guaranty State Bank
181,820
347,824
35,000
50,000
100,000
50,000
50,000
11, 900
60, 000
10, 000
573,906
723,152
177,386
30,000
40,000
25,000
30,000
20,000
1,500
381,540
259,620
158,998
25,000
50,000
25,000
100,000
35,000
200,000
30,000
12,500
3,500
25,000
220,848
314,447
205,129
558,904
192,731
1,211,165
360,056
5,000
40,000
4,500
209
STATE BANK MEMBERSHIP.
Surplus,
Capital.
DISTRICT NO. 11—Continued.
TEXAS—continued.
Crow oil—First State Bank
Oiiero—First State Bank & Trust Co
DallasCentral State Bank
Dallas County State Bank
Decatur—Security State Bank of Decatur
Del Rio—Del Rio Bank & Trust Co
Den ton—First Guaranty State Bank
East Bernard—Union State Bank
Edeewood—Farmer & Merchants State Bank
El Paso—American Trust & Savings Bank
Emhouse— First State Bank
Falfarrias—Falfurrias State Bank
Ferris—Farmers & Merchants State Bank
Flatonia—Flatonia State Bank
Floydada—First State Bank
Fo-ney—Forney State Bank
Franklin—First State Bank
Frost—Citizens State Bank
'
Galveston—
South Texas State Bank
Texas Bank & Trust Co
G an ado—Farmers State Bank
Gatesville—Guaranty State Bank & Trust Co
Georgetown—Farmers State Bank
George West—First State Bank
Gilmer—Gilmer State Bank
Ooldthwaite—Trent State Bank
Gonzales—Gonzales State Bank & Trust Co
Graford—First State Bank
Grand PrairieFirst State Bank
Guaranty State Bank
Greenville—Citizens State Bank
Hallsville—Farmers State Bank
Hamilton—Hamilton Bank & Trust Co
Hamlin—First State Bank
Hedley—Guaranty State Bank
Hereford—First State Bank & Trust Co
Hillsboro—First State Bank
Tola—Ma State Bank
Italy—Farmers State Bank
Jacksonville—FRst Guaranty State Bank
Josephine—Josephine State Bank
Junction—Junction State Bank
Kaufman—First State Bank
Kerens—First State Bank
Kilgore— Kilgore State Bank
Killeen—
First State Bank
Guaranty State Bank
Kirkland—First State Bank
Ladonia—First State Bank
La Feria—Cameron County Bank
Lamesa—First State Bank
Leakey—First State Bank
Leonard—First State Bank
Liberty—Liberty State Bank
Lockney—Lockney State Bank
Longview—Commercial Guaranty State Bank
Loraine—First State Bank
Lorenzo—First State Bank
Lubbock—
Lubbock State Bank
Security State Bank & Trust Co
Lufkin—Citizens Guaranty State Bank
Luling—
Citizens State Bank
Lipscomb Bank & Trust Co
McAllen—First State Bank & Trust Co
McGregor—First State Bank
McKinney—Central State Bank
Madisonville—Farmers State Bank
Malone—First State Bank
Matador—First State Bank
Mathis—First State Bank
Maypearl—
Citizens State Bank
Farmers & Merchants State Bank
Memphis—Citizens State Bank
$30,000
100,000
i
!
$30,000 :
50,000 i
000,000
250,000
60,000
i
110,000
IOO'OOO
50,000
50,000
35,000
350,000
30,000
75,000
50,000
50,000
50,000
25,000
30,000
25,000
200,000
400,000
35,000
50,000
50,000
50,000
50,000
100,000
75,000
50,000
40,000
25 000
100,000
25,000
50,000
40,000
25,000
50,000
150,000
25,000
40,000
62,500
30,000
100,000
100,000
50,000
25,000
SO,000
.«, 000
10,000
;
:
'
i
j
S
i
|
!
i
i
20,000 i
10,000
20,ooo ;
1,-500
15,000 !
6,000
2,000
20.000
15,000 •
!
50,000
150,000
600,000
2,000
13,500
50,000
10,824
4,000
50,000
25,000
20,000
20,000 !
5,000
1,000
50,000
10,000
10,000
50,000
15,000
5,000
12,500
$308,087
624,217
4,930,854
5,355,364
171 457
559,217
391,046
244,969
175,252
2,921,466
136,897
429,589
321,176
454,696
435,281
191,577
364,420
278,523
4,666,333
8,906,702
82,460
486,287
856,007
240,232
246,577
829,218
519,089
258,873
273,888
105,474
398,072
274,337
425,973
501,414
127,119
676,477
857,661
127,518
296,550
25,000
6,000
110,000
80,000
30,000
12,500
635,119
133,475
1,033,167
17,000
616,505
353,181
178,004
35,000
30 000
50^000
35,000
25,000
60,000
25,000
50,000
35,000
50,000
50,000
30,000
25,000
30,000
25,000
333,989
.132 649
178,434
382,052
277,903
635,185
79,772
436,235
359,966
230,694
381,488
445,440
317,049
100,000
100,000
75,000
50,000
6, 000
5,000
1,392,742
649,120
527,457
25,000
75,000
130,000
50,000
75,000
25,000
25,000
37,500
30,000
7,000
55,000
6,000
7,000
25,000
8,000
12,500
20,000
196,015
363,318
724,979
368,780
624,446
382,112
185,477
348,172
148,648
25,000
25,000
75,000
25,000
25,000
25,000
200,701
141,364
488,386
2,500
10,000
3,000
30,0002,000
11,500
3,500
2,500
210
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Total
resources.
Capital.
DISTRICT NO. 11—Continued.
T E XAS—continued.
Mertens—First Guaranty State Bank
Mission—First State Bank
Moran—Moran State Bank
Mount Calm—First State Bank
Mount Pleasant—Guaranty State bank
Munday—First State Bank
Murchison—First State Bank
Nacogdoches—Commercial Guaranty State Bank
Normangee—First State Bank
North Zulch—Farmers Guaranty State Bank
Olney—Farmers State Bank
-.
Orange—Guaranty Bank & Trust Co
Paducah—First State Bank
Palmer—First Guaranty State Bank
Pampa—Gray County State Bank
Paradise—Paradise State Bank
ParisFirst State Bank
Lamar State Bank & Trust Co
Pecos—Pecos Valley State Bank
Penelope—Penelope State Bank
Perrin—First State Bank
Piano—Farmers State Bank
Post City—First State Bank
Quanah—First Guaranty State Bank
Rails—
*
First State Bank
Guaranty State Bank & Trust Co
Reagan—First State Bank
Rice—First State Bank
Richardson—Citizens State Bank
Richland—First State Bank of Richland
Roaring Springs—First State Bank
Robstown—
First State Bank
Guaranty State Bank
,
Roby—First State Bank
Rockwall—Guaranty State Bank
,
Royse—First State Bank
,
Rusk—Farmers & Merchants State Bank & Trust Co..
Sabinal—First State Bank
San Antonio—Central Trust Co
San Augustine—Commercial Guaranty State Bank
Santa Anna—First State Bank
Savoy—First State Bank
Seminole—First state Bank
Seymour—First Guaranty State Bank
Shamrock—Farmers & Merchants State Bank
Shiro.—Farmers State Bank
Sinton—Bank of Commerce
Slaton—First State Bank
Snyder—First State Bank & Trust Co
Spearman—Guaranty State Bank
Stamford—First State Bank
Stephenville—Farmers Guaranty State Bank
Streetman—First State Bank
Sweet water—Texas Bank & Trust Co
Tahoka—Guaranty State Bank
Teague—First State Bank
Terrell—First State Bank
Tioga—First Guaranty State Bank
Trenton—Guaranty State Bank
Tyler—Peoples Guaranty State Bank
Valley Mills—Citizens State Bank
Valley View—First Guaranty State Bank
Waco—First State Bank & Trust Co
Waxahachie—Guaranty State Bank & Trust Co
Weatherford—First State Bank
Wellington—Wellington State Bank
West—First State Bank of West
Wharton—
Security Bank & Trust Co
Wharton Bank & Trust Co
White Deer—First State Bank
Wills Point—First State Bank
Winnesboro—Merchants & Planters State Bank
Wolfe City—First State Bank
Wortham—First State Bank
Wylie—First State Bank
Yoakum—Yoakum State Bank
$25,000
50,000
40,000
40,000
60,000
35,000
25,000
100,000
25,000
25,000
30,000
100,000
50,000
25,000
25,000
25,000
50,000
17,500
13,000
300
$150,033
508,781
403,079
183,712
529,836
253,759
111,788
1,171,395
226,294
146,362
178,947
593,269
422,990
268,096
261,350
100,194
100,000
53,500
20,000
1,250
12,500
40,000
3,000
50,000
1,451,208
1,793,132
553,848
196,736
124,876
416,952
234,823
835,789
25,000 '
60,000
25,000
50,000
35,000
25,000
25,000
15,000
8.000
20,000
178,036
352,065
186,587
220,299
156,479
311,042
183,313
25,000
50,000
40,000
50,000
50,000
100,000
80,000
200,000
50,000
35', 000
25,000
40,000
35,000 I
50,000
25,000
50,000
40,000
50,000
25,000
100,000
100,000
25,000
100,000
25,000
75,000
200,000
30,000
25,000
100,000
30,000
25,000
300,000
200,000
125,000
50,000
50,000
15,000
15,000
790
17,500
25,000
2,500
3,000
150,000
150,000
110,000
25,000
25,000
60,000
25,000
100,000
50,000
50,000
25,000
100,000
30,000
50,000
50,000
75,000
100,000
10,000
30,000
5,000
3,400
50,000
25,000
2,500
6,000
I
I
I
|
|
4,000
20,000
21,000
10,500
20,000
9.000
30',000
5,500
50,000
15,000
12,000
3,500
25,000
5,000
35,000
165,000
1,500
10,000
33,700
4,000
8,300
50,000
23,500
26,000
50,000
15,000
150,000
5,000
44,203
30,000
20.000
15,000
25,000
100,000
313,251
440,546
329,422
284,246
313,318
578,231
529,075
3,445,619
410,162
459,611
156,872
188,032
209,030
587,032
159,431
401,349
296,206
375,227
82,306
674,246
647,054
194,305
826,844
172,725
676,729
1,368,861
171,902
89,781
1,751,499
148,182
104,130
1,843,047
1, 218, 589
879,063
479,138
353,423
350,723
772,636
231,353
623,687
425.891
299,808
710,002
525,207
1,620,547
211
STATE BANK MEMBERSHIP.
Capital.
Surplus.
Total
DISTRICT NO. 12.
ARIZONA.
(See also District No. 11.)
Buckeye—Buckeye Valley Bank..
Phoenix—Valley Bank
$25,000
750,000
$5,000
250,000
$139,778
9,373,540
500,000
600,000
300 000
50,000
25,000
100,0Q0
50,000
800,000
50,000
75,000
110,000
500,000
250,000
235,000
6,500
45,000
6,500
28,000
80,000
9,000
2,500
55,000
500,000
6,537,584
9,422,894
2,328,230391,717
381,061
848,082
927,41&
9,375,355
593,450
445,99$
1,340,055
8,773; 228
6,325,000
7,525,000
1,500,000
25,000
300,000
67,000
150,000
80,000
3,162,500
2,825,000
155,000
30,000
58,000
124,000
41,000
20,000
133,370,151
177,530,49^
13,027,655
884,803
3,847,547
1,597,07^
1,595,385
937,366
800,000
3,000,000
85,000
275,800
30,000
50,000
142,500
186,500
35,500
66,750
1,200
10,500
8,765,548
28,554,596
940,699
2,945,84a
215,608
369,05a
1,500,000
15,000,000
1,000,000
1,000,000
1,260,000
4,000,000
200,000
500,000
1,000,000
750,000
300,000
850,000
5,000,000
38,000
500,000
285,000
3,000,000
120,000
50,000
2,600,000
335,000
30,000
43,540,407
250,538,226
3,530,757
15,873,23514,448,985
115,756,503
3,438,539
7,878,242'
80,520,822"
6,781,503
1,394,481
150,000
750,000
300,000
238,700
70,000
100,000
75,000
125,000
20,000
100,000
100,000
45,575
15,000
25,000
41,000
16,000
730,973
6,328, 348
2,429,063
3,344,86a
873,526
1,722,623
1,174,871
898,273
25,000
50,000
1,000
15,000
81,798
462,54&
50,000
100 000
40,000
25,000
25,000
25,000
25,000
60,000
25,000
25,000
25,000
50,000
25,000
25,000
25,000
425,000
35,000
25,000
50,000
40,000
25,000
25,000
10,000
110,000
8,000
1,250
295,391
1,851,842
250,678
71,597
80,919
131,342
134,450
651,890
180,870
484,056
226,692
674,390
291,706152,432
105,015
2,381,825
409,936
121,216
330,511
500,315
114,89a
169,230
CALIFORNIA.
Alameda—Bank of Alameda
Bakersfield—Security Trust Co
Brawley—Imperial Valley Bank
Burbank—Farmers & Merchants Bank
Cedarville—Surprise Valley Bank
Chico—Peoples Savings & Commercial Bank
Downey—Los Nietos Valley Bank
Fresno—Valley Bank
Fullerton—Standard Bank of Orange County...
Holtville—Holtville Bank
Kingsburg—Kingsburg Bank
Long Beach—Farmers & Merchants Bank
Los Angeles—
Pacific Southwest Trust & Savings B a n k . . .
Security Trust & Savings Bank
Union Bank & Trust Co. of Los Angeles
Norwalk—Bank of Norwalk
Pasadena—Citizens Savings Bank of Pasadena..
Placerville—Eldorado County Bank
Porterville—Pioneer Bank
Quincy—Plumas County Bank
Sacramento—
Peoples Bank
Sacramento-San Joaquin Bank
St. Helena—Bank of St. Helena..
Salinas—Monterey County Bank
.'
San Bruno—California Bank of San Mateq County...
San Fernando—San Fernando Valley Savings Bank.
San Francisco—
Anglo-California Trust Co
Bank of Italy
British-American Bank
French-American Bank
Italian-American Bank
Mercantile Trust Co
Mission Bank
Mission Sayings Bank
San Francisco Savings & Loan Society
Security Banl^fe Trust Co
San Jose—Growers Bank
San Luis Obispo—
Citizens State Bank
Commercial Bank of San Luis Obispo
Santa Ana—Orange County Trust & Savings Bank..
Santa Monica—Ocean Park Bank
Sausalito—Bank of Sausalito
Sawtelle—Citizens State Bank
Turlock—Commercial Bank of Turlock
Whittier—The Community Bank
IDAHO.
Arco—Butte County Bank
Ashton—Security State Bank
Blackfoot—
Blackfoot City Bank
D. W. Standrod & Co
Cambridge—Peoples Bank
Castlcford—Bank of Castleford
Drummond—First State Bank
Eagle—Bank of Eagle
Eden—Eden State Bank
Emmett—Bank of Emmett
Filer—Farmers & Merchants Bank
Genesee—Genesee Exhcange Bank
Gooding—Citizens State Bank
Grangeville—Bank of Camas Prairie
Hansen—Bank of Hansen
Hazelton—Hazelton State Bank
Homedale—First Bank of Homedale
Idaho Falls—Anderson Bros. Bank
Kimberly—Bank of Kimberly
Kuna—Kuna State Bank
Mackay—W. G. Jenkins & Co
Malad City—J. N. Ireland & Co., Bankers.
Menan—Jefferson State Bank
Meridian—Meridian State Bank
3,300
1,500
25,000
5,000
12,500
15,000
50,000
5,000
5,700
171,400
15,000
1,500
10,000
12,500
3,202
3,500
212
ANNUAL REPORT OF THE FEDERAL RESERVE BOARDCapital.
DISTRICT NO. 12—Continued.
ID AEO—continued.
Montour—Farmers & Stockgrowers Bank
ISIew Plymouth—Farmers State Bank
Oakley—Farmers Commercial & Savings Bank..
Orofino—Bank of Orofino
Picabo—Picabo State Bank
Pocatello—Citizens Bank
Rexburg—Farmers & Merchants Bank
Richfield—First State Bank
Soda Springs—Largilliere Co., Bankers
Star—Farmers Bank
St. Anthony—St. Anthony Bank & Trust C o . . .
Sugar City—Fremont County Bank
Teton City—First State Bank .*
•Tetonia—Farmers State Bank
Twin Falls—Twin Falls Bank & Trust Co
Victor—Victor State Bank
Albany—Albany State Bank
Athena—Athena State Bank
Aurora—Aurora State Bank
Central Point—Central Point State Bank
Dallas—Dallas City Bank
Enterprise—Enterprise State Bank
Fossil—Steiwer & Carpenter Bank
Grants Pass—Grants Pass & Josephine B a n k . . .
Gresham— First State Bank
Haines—Bank of Haines
Helix—Bank of Helix
Hood River—Butler Banking Co
Jordan Valley—Bank of Jordan Valley
Joseph—First Bank of Joseph
Lake view—Lake County Loan & Savings Bank.
Madras—Madras State Bank
Marshfield—Bank of Southwestern Oregon
Medford—Jackson County Bank
Horo—Farmers State Bank
Myrtle Point—Bank of Myrtle Point
North Portland—Live Stock State Bank
Oakland—E. G. Young & Co Bank
Oregon C i t y Bank of Commerce
Bank of Oregon City
Pendleton—Inland-Empire Bank
Pilot Rock—First Bank of Pilot Rock
PortlandCitizens Bank
Hibernia Commercial & Savings Bank
Ladd & Tilton Bank
Prineville—Bank of Prineville
Reedsport—First Bank of Reedsport
Shanico—Eastern Oregon Banking Co
Stanfield—Bank of Stanfield
The Dalles—Wasco County Bank
'Tillamook—Tillamook County Bank
Wasco—Bank of Wasco
Woodburn—Bank of Woodburn
125,000
25,000
25,000
25,000
50,000
300,000
50,000
25.000
25,000
25,000
30,000
25,000
30,000
25,000
100,000
25,000
Surplus.
$1,500
10,000
5,297
5,000
60,000
12,000
13,000
30,000
5,000
...
75,000
10,000
10,000
Total
resources.
$112,745
230,890
223,094
292,591
229,473
1,500,307
307,751
140,270
444,150
192,515
539,077
209,298
117,707
120,131
1,404,322
207,912
50,000
50,000
25,000
25,000
50,000
50,000
100,000
75,000
30,000
25,000
50,000
100,000
50,000
50,000
40,000
25,000
100,000
100,000
45,000
50,000
100,000
50,000
5,000
15,000
27,500
6,000
20,000
25,000
9,000
12,000
40,000
25,000
13,500
10,000
25,000
20,000
20,000
7,000
15,000
8,000
15,000
848,341
114,688
294,078
325,946
529.193
415,497
442,618
1,079,564
5S2,800
208,322
272,047
1,301,120
421,774
335,360
278,466
244,600
986,339
1,242,724
198,394
292,995
901, 945
772,723
200,000
150,000
250,000
30,000
32,000
30,000
27,000
20^000
1,296,793
2,142,799
1,048,238
382,370
200,000
200,000
000,000
50,000
25,000
50,000
25,000
100,000
40,000
25,000
50,000
5,000
100,000
1,000,000
5,000
1,750
10,000
15,000
5,000
10,000
25,000
15,000
2,445,193
6,116,493
28,101,058
261,227
208,277
306,094
172,832
843,608
665,362
318.194
740,384
i6,666
UTAH.
Bingham Canyon—Bingham State Bank
Cedar C i t y Bank of Southern Utah
Iron Commercial & Savings Bank
Delta—Delta State Bank
Ephraim—Bank of Ephraim
Fillmore—Fillmore Commercial & Savings Bank.
Fountain Green—Bank of Fountain Green
Gunnison—Gunnison Valley Bank
Helper—Helper State Bank
Kaysville—Barnes Banking Co
LoganCache Valley Banking Co
Thatcher Brothers Banking Co
Monticello—Monticello State Bank
Ogden—First & Utah Savings Bank
Panguitch—State Bank of Garfield
Parowan—Bank of Iron County
Pays on—
Pay son Exchange Savings Bank
State Bank of Payson
PriceCarbon County Bank
Price Commercial & Savings Bank
5,000
330,066
75,000
50,000
25,000
50,000
50,000
25,000
50,000
50,000
50,000 i
75,000
10,000
12,500
35,000
10,000
20,000
18,500
50,000
80,000
718,580
327,434
358,493
570,024
354,227
308,968
375,120
743,673
537,005
100,000
150,000
50,000 !
250,000 I
50,000
35,000
33,000
53,500
9,500
150,000
75,000
21,000
1,577,485
1,877,180
165,742
3,464,292
568,608
287,139
50,000
50,000 ;
30,000
16,000
619,218
497,857
100,000
50,000 !
10,000
70,000
442,949
916,351
25,000
213
STATE BANK MEMBERSHIP.
Capital.
DISTRICT NO. 12—Continued.
UT\H—continued.
Provo—
Farmers & Merchants Bank
Knight Trust & Savings Bank
Richfield—
James M. Peterson Bank
State Bank of Sevier
Richmond—State Bank of Richmond
Salina—First State Bank of Salina
Salt Lake C i t y Columbia Trust Co
Deseret Savings Bank
Tracy Loan & Trust Co
Utah Savings & Trust Co
Walker Bros., Bankers
Spanish Fork—Commercial Bank
Vernal—Bank of Vernal
.$100,000:
300,000 j
$19,000
40,000
$834,385
2,051,398
50,000
45,000
25,000
25,000
!
!
i
S
50,000
45,000
12,500
60,000
675,764
557,457
184,558
626,326
250,000
500,000
231,500
300,000
650,000
50,000
60,000
!
:
!
'
I
;
!
25,000
300,000
138,005
56,000
250,000
25,000
15,000
1,394,784
6,054,702
1,033,667
1,891,983
18,224,094
397,163
374,370
50,000 1
25,000 '
25,000
100,000
150,000
75,000
25,000
50,000
100,000
100,000
25,000
75,000
100,000
30,000
13,000
6,500
1,500
13,000
100,000
10,000
2,500
20,000
25,000
^ 25,000
10,000
8,500
25,000
10,000
WASHINGTON.
Albion—Albion State Bank
Almira—
Almira State Bank
Farmers State Bank
Buena—Buena State Bank
Centralia—Centralia State Bank
Chehalis—Coffman, Dobson Bank & Trust Co
Colfax—First Savings & Trust Bank of Whitman County....'.
Coulee City—Farmers State Bank
Davenport—Lincoln County State Bank
Ellensburg— Farmers Bank.
Everett—Bank of Commerce
Farmington—Bank of Farmington
Goldendale—State Bank of G oldendale
Hoquiam—Lumberman's Bank & Trust Co
Kelso—Cowlitz Valley Bank
La Crosse—
First State Bank
Security State Bank
Molson—Molson State Bank
Odessa—Farmers & Merchants Bank
Okanogan—Commercial Bank
Pine City—Pine City State Bank
Pomeroy—Pomeroy State Bank
Pullman—Pullman State Bank
Puyallup—
Citizens State Bank
Puyallup State Bank
Reardan—Farmers State Bank
Renton—
Citizens Bank of Renton
i
Renton State Bank
i
Ritzviile—Ritzville State Bank
j
Rockford—Farmers & Merchants Bank
|
Rosalia—Bank of Rosalia
\
St. John—Farmers State Bank
j
Selah—Selah State Bank
!
South Bend—Pacific State Bank
|
Spokane—
I
Spokane & Eastern Trust Co
j
Washington Trust Co
:
Sprague—Farmers State Bank
I
Stanwood—Bank of Stanwood
j
Tacoma—Puget Sound Bank & Trust Co
|
Tekoa—
j
Citizens State Bank
j
Tekoa State Bank
i
Toppenish—
!
Central Bank of Toppenish
j
Traders Bank
'
Uniontown—Farmers State Bank
Walla Walla—
|
Farmers & Merchants Bank
Peoples State Bank
;
Wenatchee—
'
Columbia Valley Bank
Commercial Bank & Trust Co
i
Wilbur—State Bank of Wilbur
YaMmaI
Yakima Valley Bank
j
Commercial Bank of Yakima
i
Zillah—Zillah State Bank..
i
28971—23- -15
25,000
6,000 |
I
|
I
I
91,847
i
i
!
|
i
!
I
!
376,240
165,477
123,071
647,079
2,208,370
380,871
109,987
456,731
1,201,715
1,732,00
232,345
452,841
1,357,505
406,641
60,000
30,000
25,000
25,000
50,000
25,000
50,000
37,500
40,000 !
7,500 |
10,000!
12,500 !
10,000 j
3,500 |
150,000 !
10,000 I
480,718
175,823
318,011
394,984
442,854
134,546
1,343,219
644,487
50,000
50,000
50,000
5,000 I
2,500 i
20,000 j
767,410
707,053
417,182
25,000
25,000
25,000
25,000
25,000
40,000
30,000
100,000
5,000
2,500
2,500
2,567
5,000
10,000
6,000
10,000
!
'
:
I
I
i
!
i
582,194
254,050
210,174
165,941
341,676
289,834
348,415
1,025,689
1,000,000
200,000 i
25,000 i
25,000
300,000
250,000 I
50,000
3,000
25,000 I
51,500
10,943,117
1,765,008
113,422
535,0-5
3,067,776
25,000 ;
30,000 |
15,000
15,000
334,041
396,318
50,000 i
25,000
25,000 •
35,000
15,000
7,000
344,776
447,929
263,880
200,000 I
100,000 t
40,000
50,000
1,617,312
1,640,051
100,000 !
100,000 '
50,000
25,000 I
40,000 j
10,000 !
1,565,398
1,536,540
567,152
200,000
100,000 I
25,000
50,000 I
10,000
1,000 I
1,589,635
690,095
76,175
214
ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
FIDUCIARY POWERS GRANTED TO NATIONAL BANKS.
Under section ll(k) of the Federal reserve act as amended, the
Federal Reserve Board has authorized the national banks listed
below to exercise one or more fiduciary- powers as follows:
(1) Trustee.
(2) Executor.
(3) Administrator.
(4) Registrar of stocks and bonds.
(5) Guardian of estates.
(6) Assignee.
(7) Receiver,
(8) Committee of estates of lunatics.
(9) 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 the national bank is located.
The numerals opposite the name of each bank, which refer to thelist given above, indicate the power or powers it is authorized to
exercise.
.
Powers
granted.
|
i
DISTRICT NO. 1.
CONNECTICUT.
(See also District No. 2.)
Ansonia—Ansonia National Bank
Bristol—Bristol National Bank
Hartford—
First National Bank
Hartford-Aetna National Bank...
Phoenix National Bank
Meriden—Home National Bank of
Meriden.
Middletown—Middletown National
Bank.
Naugatuck—Naugatuck
National
Bank.
New Britain—New Britain National
Bank.
New HavenFirst National Bank
Merchants National Bank
National Tradesmens Bank of
New Haven.
New Haven Bank, N. B. A
Second National Bank
New LondonNational Bank of Commerce
New London City National Bank.
Powers
granted.
DISTRICT NO. 1—Continued.
MAINE—continued.
| Biddeford—First National Bank of
| Biddeford.
i Damariscotta—First National Bank
I of Damariscotta.
! Lewiston—Manufacturers National
Bank.
1 to 9.
1 to 4, and 9. , Norway—Norway National Bank
j Portland—
1 to 9.
Canal National Bank
4.
j
First National Bank
|
Portland National Bank
Ito4.
| Waterville—Ticonic National Bank..
1 to 4.
Ito9.
Ito8.
!
Ito8.
1 to 9.
1,2, and 4.
1, 2, and 4.
Ito4.
MASSACHUSETTS.
It© 9.
| Adams—
|
First National Bank
I
Grayloek National Bank
1 to 8.
I Amherst—First National Bank
1 to 8.
Attleboro—First National Bank
Ito4.
Beverly—Beverly National Bank
Boston—
Ito9.
Boylston National Bank.
Ito9.
Citizens National Bank..
First National Bank
1 too.
Fourth-Atlantic National Bank. J
1, 2, 3, 5, 7,
Merchants National Bank
8, and 9.
National Shawmut Bank
Norwich—Thames National Bank
Ito9.
National Union Bank
Torrington—Torrington
National Ito7.
Second National Bank
Bank.
Webster & Atlas National Bank
Wallingford—First National Bank... Ito9.
BrocktonWaterbury—
Brockton National Bank
Citizens and Manufacturers Na- 1 to 9,
Home National Bank
tional Bank.
Ito9.
Edgarton—Edgarton National Bank.
Waterbury National Bank
Fall River—
Fall River National Bank
MAINE.
Massasoit Pocasset National Bank
Metacomet National Bank
Auburn—National Shoe & Leather 1 to 7.
Fitchburg—Safety Fund National
Bank.
Bank.
1, 2, and 4.
Bangor—First National Bank
Foxboro—Foxboro National Bank...
Bar Harbor—First National Bank— Ito4.
Gardner—First National Bank
lt0 8.
Bath—Bath National Bank
1 to 8.
Gloucester—Cape Ann National Bank.
Belfast—City National Bank
Ito9.
h 2, 3, 5,
and 6.
1, 2, and 4.
1 to 8.
1 to 7, and 9 Ito9.
Ito9.
1 to 4.
1 to 9.
Ito9.
1 to 7, and 91 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 4.
1 to 3.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
215
FIDUCIARY POWERS.
Powers
granted.
Powers
granted.
DISTRICT NO. 1—Continued.
DISTRICT NO. I—Continued.
MASSACHUSETTS—continued.
NEW HAMPSHIRE—continued.
Great Barrington—National Mahal we
Bank.
Greenfield—First National Bank
Haverhill—
Essex National Bank
First National Bank
Merrimack National Bank
Holyoke—
City National Bank
Holyoke National Bank
Hudson—Hudson National Bank
Lawrence—Bay State National Bank.
Leominster—
Leominster National Bank
Merchants National Bank
Lowell—
Appleton National Bank
Old Lowell National Bank
Lynn—
Central National Bank.
Manufacturers National Bank
National City Bank
Marlboro—
First National Bank
Peoples National Bank
Methuen—National Bank of Methuen
Milford—Home National Bank
New Bedford—
First National Bank
Merchants National Bank
,..
Newburyport—Merchants National
Bank.
North Adams—North A d a m s National Bank.
Northampton—N o r t h a m p t o n
National Bank.
Pittsfield—
Agricultural National Bank
Pittsfield National Bank
Plymouth—Plymouth National Bank
Provincetown—First National Bank.
Reading—First National Bank
Salem—Merchants National Bank
Shelburne Falls—Shelburne Falls
ivationai JtsanK.
Southbridge—Southbridge National
Bank.
Springfield—
Chapin National Bank
Chicopee National Bank
Springfield National Bank
The Third National Bank
Tisbury—Martha's Vineyard National
Bank.
Turners Falls—Crocker National
Bank.
Uxbridge—Blackstone National Bank
Wareham—National Bank o i Wareham.
Watertown—Union Market National
Bank.
Webster—First National Bank
Woburn—Woburn National B a n k . . .
Keene—
Ashuelot National Bank
Keene National Bank
Manchester—
Amoskeag National Bank
Manchester National Bank
Merchants National Bank
Milford—Souhegan National B a n k . . .
NashuaIndian Head National Bank
Second National Bank
Newport—Citizens National Bank
Wolfeboro—Wolf eboro National Bank
1 to 9.
Ito9.
4.
Ito4.
1 to 4.
Ito4.
1 to 4.
1 to 9.
1 to 9.
I to 4.
1 to 7 and 9.
Ito9.
1.
1 to 8.
Ito9.
1 to 5 and 7.
Ito4.
Ito9.
Ito8.
Ito4.
Ito9.
Ito9.
Ito8.
1 to 9.
Ito9.
Ito9.
Ito4.
1 to 4.
Ito9.
Ito4.
Ito9.
1 to 7 and 9.
1 to 3.
1 and 4.
1 and 4.
1 and 4.
RHODE ISLAND.
VERMONT.
Barre—Peoples National Bank
Bellows Falls—National Bank of Bellows Falls.
Bennington—
County National Bank
The First National Bank
Brandon—First National Bank
Brattleboro—
Peoples National Bank
Vermont National Bank
Montpelier—First National Bank
Poultney—Citizens National B a n k . . .
Rutland—Baxter National Bank
St. Albans—Welden National Bank..
Springfield—First National Bank
Windsor—State National Bank
1 to 9.
Ito3.
Ito9.
1 to 9.
Ito4.
Ito9.
1 to 8.
Ito4.
Ito4.
4.
1 to 4.
1 to 4.
Ito3.
DISTRICT NO. 2.
CONNECTICUT.
(See also District No. 1.)
Bridgeport—
City.National Bank
Connecticut National Bank
Ito9.
First Bridgeport National Bank..
1 to 9.
Danbury—
Ito8.
City National Bank
Ito9.
Danbury National Bank
Greenwich—GreenwichNationalBank
Ito8.
Norwalk—National Bank of Nor1 to 7 and 9.
walk.
Ridgefield—First National Bank
1 to 4,
South Norwalk— City National Bank.
Ito4.
Stamford—First-Stamford National
Bank.
Ito4.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito4.
Ito9.
Ito4.
1 to 9.
NEW JERSEY.
NEW HAMPSHIRE.
1 and 4.
1.
1 and 4.
1 and 4.
Newport—Aquidneck National Bank 1 to 4.
Providence—National Bank of Com- Ito9.
merce.
Ito9.
Ito4.
1, 2, Z, 6, 7,
and 9.
Worcester—
Mechanics National Bank
Ito4.
Merchants National Bank
,. 1 to 9.
Yarmouthport—First National Bank. Ito9.
Berlin—City National Bank
Claremont—Claremont National Bank
Concord—
First National Bank
Mechanicks National Bank
National State Capital Bank
DoverMerchants National Bank
Strafford National Bank
land 4.
Ito4.
1.
Ito4.
Ito9.
1 and 4.
1 and 4.
Ito3.
Ito4.
(See also District No. 3.)
Allentown—Farmers National BankArlington—First National Bank
Asbury Park—Merchants National
Bank.
Atlantic Highlands—Atlantic Highlands National Bank.
Belleville—Peoples National B a n k . . .
Belvidere—Belvidere National Bank.
Bloomfield—Bloomfield
National
Bank
Boonton—Boonton National B a n k . . .
Bound Brook—First National Bank..
Butler—First National Bank
Clifton—First National Bank
Cranbury—First National Bank
Dover—National Union Bank
1 to 9.
Ito9.
Ito9.
1 to 3.
Ito9.
1 to 8.
Ito4.
Ito9.
Ito4.
Ito9.
Ito9.
Ito4.
Ito4.
'•
216
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
DISTRICT NO. 2—Continued.
NEW JERSEY—continuedElizabethNational State Bank
Peoples National Bank
Frenchtown—Union National Bank..
Garfield— First National Bank
Hoboken—
First National Bank
Second National Bank
Jersey CityFirst National Bank
Hudson County National Bank..
Merchants National Bank..
Lambertville—Lambertville National
Bank.
Long Branch—Citizens National
Bank.
Lyndhurst—First National Bank
Montclair—First National Bank
Morristown—
j
First National Bank
j
National Iron Bank
j
Newark—
j
Merchants & Manufacturers National Bank.
j
National Newark & Essex Bank- j
ing Co.
!
National State Bank
North Ward National Bank
j
New Brunswick—
National Bank of New Jersey
Peoples National Bank
NewtonSussex National Bank
Merchants National Bank
Nutley—First National Bank
Orange—
Orange National Bank
Second National Bank
Passaic—Passaic National Bank &
Trust Co.
Paterson—
{
First National Bank
j
Paterson National Bank
j
Second National Bank
1 I
Totowa National Bank
Perth Amboy—
City National Bank
First National Bank
Phillipsburg—Phillipsburg National
Bank.
Plainfield—City National Bank
Red B a n k Broad Street National Bank
Second National Bank
Ridgewood—
Citizens National Bank
First National Bank
Roselle—First National Bank
....
Rutherford—Rutherford
National
Bank.
Somervllle—Second National Bank.
South Amboy—First National Bank.
South River—First National Bank..
Sussex—Farmers National Bank
Washington—First National Bank..
Powers
granted.
DISTRICT NO. 2—Continued.
NEW YORK—continued.
Ballston Spa—Ballston Spa National
1 to 7 and 9.
Bank.
Ito9.
Bath—Bath National Bank
1 and 4.
Binghamton—
Ito9.
Citv National Bank
First National Bank
Ito4.
BrooklynIto9.
First National Bank
Nassau National Bank
Ito9.
Buffalo—Manufacturers & Traders
Ito9.
National Bank.
Ito9.
Canandaigua—Canandaigna National
Ito9.
Bank.
CantonIto9.
First National Bank
St. Lawrence County National
Ito9.
Bank.
* *
Ito9.
CarthageCarthage National Bank
Ito9.
National Exchange Bank
1 to 9.
Catskill—Catskill National Bank
Cedarhurst—Peninsula National Bank
Ito4.
Cohoes—National Bank of Cohoes
Clayton—National Exchange Bank..
Ito9.
Cooperstown—
First National Bank..
Ito9.
Second National Bank
Ito4.
Corning—First National Bank &
Trust Co.
Ito9.
CubaIto9.
Cuba National Bank
First National Bank
Ito9.
Dolgeville—First National Bank
Ito9.
Dover Plains—Dover Plains National
Ito9.
Bank.
DunkirkIto8.
Lake Shore National Bank
Ito9.
Merchants National Bank
Ito9.
Edwards—Edwards National Bank..
Elmira—
Merchants National Bank
1 to 9.
Second National Bank
Ito9.
Far Rockaway—National Bank of
Ito9.
Far Rockaway.
Ito5,7to9. Fredonia—National Bank of Fredonia.
Ito9.
Freeport—Citizens National Bank....
Ito9.
Fulton—Citizens National Bank
Ito8.
Geneva—Geneva National Bank
Gloversville—
Ito4.
City National Bank
I...
Fulton County National Bank...
Ito9.
Goshen—National Bank of Orange
Ito9.
County.
GranvUTe—
Ito9.
Farmers National Bank
Ito9.
Washington County National
Ito9.
Bank.
Ito4.
Hempstead—First National Bank
Herkimer—Herkimer National Bank.
Ito4.
Hoosick Falls—Peoples National
Ito9.
Bank.
Ito9.
Horn ell—Citizens National Bank
Ito4.
HudsonIto9.
Farmers National Bank
First National Bank
NEW YORK.
Hudson Falls—
Peoples National Bank
Adams—Farmers National Bank
Sandy Hill National Bank
Ito9.
IlionAlbany4.
First National Bank
Ilion National Bank
National Commercial Bank & I t o 8 .
Manufacturers National Bank
! Ithaca—First National Bank
Trust Co.
| Jamestown—
New York State National Bank.. I t o 9 .
1
American National Bank
AmsterdamIto9.
National Chautauqua County
Farmers National Bank
Ito9.
Bank.
First National Bank
KingstonAuburn—
First National Bank of Rondout..
Cayuga County National Bank... I t o 8 .
Rondout National Bank
Ito9.
National Bank of Auburn...
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 3, 5 to S.
1 to 9.
Ito9.
Ito8.
Ito9.
Ito8.
4.
Ito9.
1 to 8.
Ito8.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito8.
4.
Ito7.
Ito9.
4
Ito9.
Ito9.
Ito9.
4.
Ito9.
Ito9.
Ito9.
4.
4.
1 to 9.
1 to 8.
Ito8.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito8.
Ito9.
Ito9.
217
FIDUCIARY POWERS.
Powers
granted.
Powers
granted.
DISTRICT NO. 2—Continued.
NEW YORK—continued.
Lackawanna—Lackawanua National I t o 9 .
Bank.
Larchmont—Larchmont National 1 to 9.
Bank.
Little Falls—Little Falls National I t o 9 .
Bank.
Lockport—
National Exchange Bank
1 to 9.
Niagara County National Bank.. I t o 9 .
Lowville—-Black River National 1 to 9.
Bank.
Middletown—Merchants
National 1 to 9.
Bank.
4.
Mineola—First National Bank
Morristown—Frontier National Bank | 4.
Mount Kisco—Mount Kisco National | 1 to 9.
Bank.
Mount Vernon—First National Bank. 1 to 8.
Newburgh—
Highland National Bank
1 to 9.
National Bank of Newburgh
Ito9.
Quassaick National Bank
1 to 9.
New Rochelle—National City Bank.. I t o 9 .
New Y o r k American Exchange National 1 to 9.
Bank.
Bronx National Bank
4.
Chase National Bank.. —
1 to 9.
Chatham & Phenix National 1 to 9.
Bank.
Chemical National Bank
; 1 to 9.
Coal & Iron National Bank
1 to 9.
First National Bank
1 to 9.
1 to 9.
Garfield National Bank..
Ito9,
Gotham National Bank..
Ito8.
Hanover National Bank.
1 to 9.
Harriman National Bank
Ito9.
Irving National Bank
Mechanics & Metals National Bank 1 to 9.
1 to 9.
Merchants National Bank
National American Bank of New 1 to 9.
York.
National Bank of Commerce
1 to 8.
National City Bank
1 to 9.
1 to 9.
National Park Bank.
1 to 9.
Public National Bank
1 to 9.
Seaboard National Bank
North Tonawanda—State National j 1 to 9.
Bank.
j
Norwich—
j
!
1 to 8.
Chenango National Bank
National Bank of Norwich....... i I t o 9 .
1 to 9.
Nyack—Nyack National Bank
Ogdensburg—National Bank of Og- Ito8.
densburg.
Ito9.
Olean—Exchange National Bank
Oneida—Oneida Valley National Ito9.
Bank.
Oneonta—
Ito9.
Citizens National Bank
1 to 9.
Wilber National Bank
Ossining—Ossming National Bank... 1 to 9.
Oswego—Second National Bank...... Ito9.
4.
Ovid—First National Bank
Peekskill—
Ito9.
Peekskill National Bank
Westchester County National Ito9.
Bank.
Plattsburg—
Merchants National Bank
1 to 9.
Plattsburg National Bank & I to 5,7to 9.
Trust Co.
Port Chester—First National Bank... 1 to 9.
Port Henry—Citizens National Bank. 1 to 9.
Port JervisFirst National Bank
1 to 9.
National Bank of Port Jervis
Ito9.
Potsdam—Citizens National B a n k . . . 1 to 9.
DISTRICT NO. 2—Continued.
i
NEW YOEK—continued.
i| Poughkeepsie—
!
Fallkill National Bank
I I to 9.
1
1
Farmers & Manufacturers Na- S I t o 9 .
il
tionalBank.
|j Richfield Springs—First National 4.
!|
Bank.
i| Riverhead—Suffolk County National I t o 9 .
I
Bank.
I Rockville Center—Nassau County I Ito9.
i National Bank.
i| Rome—Farmers National Bank
' 1 to 9.
:
Saratoga Springs—Saratoga National 4.
! Bank.
I Southampton—First National Bank. 1 to 8.
j Spring Valley—First National Bank. 1 to 9.
!| Stapleton—Richmond Borough Na- 4.
il tion Bank.
\ j Suffern—Suffer n National Bank
1 to 9.
II Syracuse—Liberty National Bank.... j 1 to 9.
I T a r r y town—Tarrytown National 1 to 3. 5 to 9.
il Bank.
|| T r o y jj
Manufacturers National Bank
1 to 9.
ji
Union National Bank
1 to 9.
i Utica—
j|
Oneida National Bank
Ito9.
!!
Utica City National Bank
1 to 9.
1
Walton—First National Bank.
Ito9.
I j Warsaw—Wyoming County National 1 to 9.
ii Bank.
Waverly—First National Bank
1 to 9.
Watertown—
Jefferson County National Bank.. 1 to 9.
Watertown National Bank
1 to 8.
Wellsville—Citizens National Bank.. 1 to 9.
Westfield—National Bank of West- I 4.
field.
!
!| Yonkers—First National Bank
I 1 to 9.
j
DISTRICT NO. 3.
|
DELAWARE.
Dover—First National Bank
Laurel—Peoples National Bank
Milford—First National Bank
Seaford—First National Bank
Smyrna—Fruit Growers National
Bank.
Wilmington—Central National Bank.
j
1 to 9.
1 to 8.
1 to 9.
1 to 8.
1 to 4,6 to 9.
1 to 9.
NEW JERSEY.
(See also District No. 2.)
Atlantic C i t y Atlantic City National Bank
Chelsea National Bank
Union National Bank
Bordentown—First National Bank...
Burlington—Mechanics N a t i o n a l
Bank.
Camden—Nat ional State Bank
Cape May—Merchants N a t i o n a l
Bank. *
Collingswood—Collingswood National
Bank.
Elmer—First National Bank
Glassboro—First National Bank
Haddonfield—Haddonfield National
Bank.
Medford—Burlington County National Bank.
Merchantville— First National Bank..
Millville—Millville National Bank....
Mount Holly—Mount Holly National
Bank.
Ocean City—First National Bank
Ito4.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 7 and S
L
218
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
DISTRICT NO. 3—Continued.
DISTRICT NO. 3—Continued.
PENNSYLVANIA—continued.
NEW JERSEY—continued.
Princeton—First National Bank
Riverton—Cinnaminson N a t i o n a l
Salem—
City National Bank
Salem National Banking Co
Swedesboro—Swedesboro National
Bank.
TrentonBroad Street National Bank
First National Bank
Mechanics National Bank
Ventnor City—Ventnor City National
Bank.
Woodbury—First National Bank
Woodstown—Woodstown National
Bank.
Ito4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito4.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
PENNSYLVANIA.
(See also District No. 4.)
Allentown—
Allentown National Bank
Merchants National Bank
Ambler—First National Bank
Annville—Annville National Bank...
Ashland—The Ashland National
Bank.
Atgien—Atglen National Bank
Belleville—Belleville National Bank...
Bethlehem—
Bethlehem National Bank
Lehigh Valley National Bank...
Bloomsburg—Bloomsburg National
Bank.
Blossburg—Miners National Bank
Boyertown—
Farmers National Bank
, National Bank of Boyertown
Catasauqua—National Bank of Catasauqua.
Chester—First National Bank
Clearfield—
Clearfield National Bank
County National Bank
Danville—First National Bank
Du Bois—
Deposit National Bank
Du Bois National Bank
East Stroudsburg—Monroe County
National Bank.
Emaus—Emaus National Bank
Emporium—First National Bank
Ephrata—
Ephrata National Bank
Farmers National Bank
Gettysburg—First National Bank
Greenc'astle—First National Bank—
Harrisburg—Merchants
National
Bank.
Hazleton—
First National Bank
Hazleton National Bank
Hones dale—Honesdale
National
Bank.
HuntingdonFirst National Bank
:
Union National Bank
Johnstown—First National Bank
Lancaster—
Conestoga National Bank
Fulton National Bank
Lancaster County National Bank.
Lansdale—First National Bank
LebanonFirst National Bank
Lebanon National Bank
Lehighton—Citizens National Bank..
Lititz—Farmers National Bank
Powers
granted.
1 to 9.
Ito8.
Ito9.
1 to 4.
1 to 9.
1 to 3.
Ito3.
Ito9.
1 to 8.
1 to 9.
1 to 4.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 3.
Ito9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito8.
1 to 8.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 4.
|
Lock Haven—First National Bank... 1 to 9.
Mahanoy CityFirst National Bank
1 to 9.
Union National Bank
1 to 8.
Manheim—•
Keystone National Bank
1 to 9.
Manheim National Bank
1 to 9.
Marietta—Exchange National Bank.. 1 to 4.
Maytown—Maytown National Bank. 1 to 4.
Mechanicsburg—Ffrst National Bank. 1 to 9.
Mount Carmel—
First National Bank
1 to 9.
Union National Bank
1 to 9. '
Mount J o y First National Bank
1 to 9.
Union National Mount Joy Bank 1 to 9.
Mountville—Mountville
National 1 to 4.
Bank.
Myerstown—Myerstown
National 1 to 4.
Bank.
'
!
Nanticoke—First National Bank
| 1 to 4.
Nazareth—Nazareth National Bank.. 1 to 9.
New Holland—New
H o l l a n d 1 to 5 and 9.
National Bank.
Newton—First National Bank
| 1 to 7 and 9.
Newville—First National Bank
1 to 4.
Northampton—Cement
National 1 to 8.
Bank of Siegfried,
Oxford—National Bank of Oxford.... 1 to 9.
Patton—First National Bank
| 1 to 4.
Pen Argyl—First National Bank
| 1 to 4.
PhiladelphiaBank of North America
1 to 9.
Broad Street National Bank
1 to 7.
Central National Bank.
4.
Corn Exchange National Bank... 1fro9.
Eighth National Bank
1 to 9.
Fourth Street National Bank
1 to 9.
Market Street National Bank
1 to 7 and 9.
National Bank of Commerce
1 to 9.
National Bank of Germantown... 1 to 8.
Ninth National Bank
1 to 9.
Penn National Bank
1 to 9.
Philadelphia National Bank
I 1 to 9.
Quaker City National Bank
1 to 9.
Second National Bank
1 to 9.
Southwark National Bank
1 to 8.
Southwestern National Bank
1 to 8.
Textile National Bank
1 to 9.
Third National Bank
| 4.
Tradesmen's National Bank
: 1 to 9.
Union National Bank
1 to 8.
Philipsburg—Moshannon National 1 to 9.
Bank.
Pittston—First National Bank
j 1 to 9.
Port AHegany—First National Bank.' 1 to 9.
Pottstown—
.
National Bank of Pottstown
| 1 to 9.
National Iron Bank
{ 1 to 9.
Reading—
Penn National Bank
1 to 4.
Reading National Bank.
! 1 to 9.
Red Lion—Red Lion First National j 1 to 9.
Bank.
J
Scranton—Third National Bank
1 to 9.
Shickshinny—First National Bank... 1 to 3,5 to 8.
Spring City—National Bank of Spring 1 to 9.
City.
Stroudsburg—
First National Bank.
1 to 9.
Stroudsburg National Bank
1 to 9.
Sunbury—First National Bank
1 to 9.
Tamaqiia—Tamaqua National Bank. 1 to 9.
Tioga—Grange National Bank
1 to 4.
Topton—National Bank of Topton... 1 to 4.
Towanda—Citizens National Bank... 1 to 9.
Tyrone—Farmers & Merchants Na- 1 to 9.
tional Bank.
|
Waynesboro—Citizens National Banki i to 9.
219
FIDUCIARY POWEBS.
Powers
granted.
Powers
granted.
DISTRICT NO. 4—Continued.
DISTRICT NO. 3—Continued.
PENNSYLVANIA—-continued.
West ChesterFirst National Bank
National Bank of Chester County.
West Grove—National Bank of West
Grove.
Wilkes-Barre—
Second National Bank
Wyoming National Bank
Williamsport—
First National Bank
Lycoming National Bank
West Branch National Bank
Williamsport National Bank
Wrightsville—First National Bank..
YorkFirst National Bank
Industrial National Bank of West
York.
Western National Bank
1 to 9.
Ito9.
1 to 4.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
DISTRICT NO. 4.
KENTUCKY.
(See also District No. 8.)
Ashland—
Ashland National Bank
Second National Bank
Brooksville—First National Bank
Lexington—Phoenix National Bank
& Trust Co.
Mount SterlingNational Bank of Mount SterlingTraders National Bank
NewportAmerican National Bank
Newport National Bank
Paris—First National Bank
Pin^ville—Bell National Bank
Richmond—Madison National Bank
& Trust Co.
Somerset—Farmers National Bank...
Williamsburg—First National Bank.
Winchester—Clark County National
Bank.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 4.
Ito9.
1 to 4.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 5,7 to 9.
Ho 5,7 to 9.
1 to 5, 7 to 9.
1 to £, 7 to 9.
1 to 5,7 to 9.
1 to 4.
1 to 5, 7 to 9.
OHIO.
Akron—
First Second National Bank
National City Bank
Ashtabula—National Bank of Ashtabula.
Athens—
Athens National Bank
Bank of Athens. N. B. A
Bellaire— First National Bank
Cadiz—Fourth National Bank
Canton—First National Bank
Cincinnati—
Atlas National Bank
Citizens National Bank & Trust
Co.
Fifth-Third National Bank
i
First National Bank.
Second National Bank
ClevelandBrotherhood of Locomotive Engineers Co-operative National
Bank of Cleveland.
Central National Bank, Savings
& Trust Co.
National City Bank
Union Commerce National Bank.
ColumbusCity National Bank
Commercial National Bank
Huntington National Bank
Ohio National Bank
1, 4, and 9.
1, 4, and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1, 4, and 9.
1 to 7 and 9.
4.
OHIO—continued.
Coshocton—Commercial N a t i o n a l ! 1, 4, and 9.
Bank.
I
Dayton—
j
Merchants National Bank & 1, 4, and 9.
Trust Co.
1, 4, and 9.
Winters National Bank
East Liverpool—First National Bank. 1 to 7 and 9.
Fostoria—Union National Bank
| 1 to 7 and 9.
Galion—Citizens National Bank
j 1,4, and 9.
Hamilton—First National Bank
j 1,4, and 9.
Hillsboro—Merchants National Bank, j 1 to 7 and 9.
Lebanon—Lebanon National Bank j 1, 4, and 9.
& Trust Co.
Lorain—National Bank of Commerce. 1 to 7 and 9.
Mansfield—Citizens National Bank...: 4.
Marietta—
!
Central National Bank
| 1,4, and 9.
Citizens National Bank
| 1 to 7 and 9.
1,4, and 9.
First National Bank
Marion—National City Bank & Trust 1 to 7 and 9.
Co.
Massillon—Merchants National Bank. 1,4, and 9.
New Philadelphia—Citizens National 1 to 7 and 9.
Bank.
Painesville—Painesville N a t i o n a l 1 to 7 and 9.
Bank.
Piqua—
Citizens National Bank
1 t o 9. •
Piqua National Bank
1 to 7 and 9.
Ravenna—Second National Bank
1, 4, and 9.
St. Clairsville—First National Bank. .| 1 to 7 and 9.
Sandusky—Third National Exchange ! I t o 9 .
Bank. *
I
Springfield—Mad River National 1 to 7 and 9.
Bank.
|
Steubenville—National E x c h a n g e j 1 to 7 and 9.
Bank & Trust Co.
TiffinCommercial National Bank
1 to 7 and 9.
1 to 7 and 9.
Tiffin National Bank
4.
Toledo—Northern National Bank
Troy1 to 7 and 9.
First National Bank
1 to 7 and 9.
Troy National Bank
Warren—Western Reserve National 1 to 7 and 9.
Bank.
Wilmington—Clinton C o u n t y 1 to 7 and 9.
National Bank & Trust Co.
Youngstown—
1 to 7 and 9,
Commercial National Bank
4.
First National Bank
Zanesville—
1,4, and 9.
First National Bank
1 to 7 and 9.
Old Citizens National Bank
PENNSYLVANIA.
(See also District No. 3.)
1, 4, and 9. Blairsville—First National Bank
1 to 7 and 9. ButlerFarmers National Bank
Merchants National Bank
1, 4, and 9.
1 to 7 and 9. Ellwood City—First National Bank..
1 to 7 and 9. Erie—First National Bank
Franklin—Lambert on National Bank j
Greensburg—First National Bank
Ito9.
Greenville—First National Bank
Grove City—
First National Bank
1 to 7 and 9.
Grove City National Bank
Meadville—New First National Bank.
1 to 7 and 9.
1 to 7 and 9. Monessen—Peoples National Bank...
New Brighton—Union National Bank
1 to 7 and 9. New Castle—First National Bank
New Kensington—First National
4.
Bank.
Ito7.
1 to 7 and 9. Oakmont—First National Bank
I to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito4.
Ito9.
Ito9.
1 to 5,7 to 9.
Ito8.
Ito9.
1 to 9.
ltoS.
1.
220
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
DISTRICT NO. 4—Continued,
j
PENNSYLVANIA—continued,
j
Oil City—Oil City National Bank.... |
Pittsburgh—
|
Bank of Pittsburgh, N. A
j
Diamond National Bank
j
Duquesne National Bank
I
Farmers' Deposit National Bank.
First National Bank
Monongahela National Bank
National Bank of America at
Pittsburgh.
Second National Bank of Allegheny.
Third National Bank
Union National Bank
j
Western National Bank
j
Punxsutawney—Punxsutawney Na- j
tional Bank.
j
SharonFirst National Bank
j
McDowell National Bank
j
Titusville—Second National Bank...!
Warren—Warren National Bank
j
Washington—•
j
Citizens National Bank
|
|
First National Bank
j
Waynesburg—Citizens National Bank;
Zelienople—Peoples National Bank.. j
W E S T VIRGINIA.
DISTRICT NO. 5—Continued.
NORTH CAROLINA.
1 to 9.
Ito9.
1 to 9.
1 to 9.
4 and 9.
Ito9.
4.
1 to 4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito4.
Ito9.
Ito9.
1, 2, 3, 5, 6
7, and 9.
1 to 9.
1 to 9.
1 to 4.
j
(See also District No. 5.)
j
Elm Grove—First National Bank
j
New Cumberland—First National i
Bank.
;
Sistersvillc—Union National Bank... j
Wheeling—National Bank of West ;
Virginia.
<
DISTRICT NO. 5.
DISTRICT OF COLUMBIA.-
1 to 9.
1.
1 to 9.
1 to 9.
j
;
WashingtonCommercial National Bank
Farmers & Mechanics National
Bank of Georgetown.
Federal-American National Bank
Lincoln National Bank
National Bank of Washington
National Metropolitan Bank
Riggs National Bank
Second National Bank
1.
Ito8.
Ito8.
1 to 8.
1 to 4.
Ito8.
Ito8.
1 to 8.
MARYLAND.
BaltimoreDrovers & Mechanics National
Bank.
Farmers & Merchants National
Bank.
Merchants National Bank
National Bank of Baltimore
Western National Bank
Cumberland—Second National Bank.
Frederick—
Farmers & Mechanics National
Bank.
Frederick County National Bank.}
Hagerstown—Second National Bank.i
Hyattsville—First National Bank
I
New Windsor—First National Bank..
Pocomoke City—Citizens National
Bank.
i
Rising Sun—National Bank of Rising !
Sun.
i
Rockvilie—Montgomery County Na- j
tional Bank.
j
Salisbury—Salisbury National Bank.!
Powers
granted.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito4.
1 to 9.
Ito9.
Ito4.
1 to 4.
Ito9.
Ito4.
1 to 3.
Ito9.
Asheville—American National Bank.
CharlotteCharlotte NationalBank
Commercial National Bank
Merchants & Farmers National
Bank.
Union National Bank
Durham—First National Bank
Elizabeth City—First & Citizens
National Bank.
Goldsboro—Wayne National Bank...
Graham—National Bank of Alamance.
High Point—Commercial National
Bank.
Mooresvilie—First National Bank
New Bern—National Bank of New
Bern.
Oxford—First National Bank
RaleighCitizens National Bank
j
Commercial National Bank
j
Rocky Mount—Planters National
Bank.
|
Winston-Salem—Farmers National |
Bank & Trust Co.
i
SOUTH CAROLINA.
1 to 9.
1 to 9.
1 to 9.
l to 9.
1 to 9.
] to 9.
l to 9.
1 to 9.
1 to 9.
l to 4.
1 to 9.
1 to 4
1 to 4
1 to 9.
l to 9.
1 to 9.
1 to 9.
I
Charleston—
Atlantic National B ank
Commercial National Bank
Peoples National B ank
_...
Columbia—National Loan & &xchange Bank.
Elloree—First National Bank
Greenville—
First National Bank
Norwood National Bank
Peoples Nationai Bank
Woodside National Bank
Holly E 111—First National Bank
Lake City—Farmers & Merchants
National Bank.
Orangeburg—i^disto National Bank..
Rock Hill—National Union Bank
Spartanburg—
Central National B ank
First National Bank
Ito9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9. *
1 to 3, 5 to 9
1 to 4.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
VIRGINIA.
Abingdon—First National Bank
AlexandriaCitizens National B ank
First National Bank
Appalachia—First National B ank
Charlottesville—
National Bank of Charlottesville.
Peoples National Bank
Chase City—First National Bank
Chatham—First National B ank
Clifton ForgeClifton Forge National Bank
First National Bank
Covington—
Citizens National Bank
Covington National Bank
DanvilleAmerican National Bank
First National Bank
Emporia—Citizens National Bank
Fredericksburg—Planters National
Bank.
Harrisonburg—First National Bank..
Leesburg—Peoples National Bank....
Lexington—Rockbridge
National
Bank.
Martinsville— Peoples National Bank.
Newport News—First National Bank.
1 to 9.
1 to 4.
1 to 4.
1.
1 to 4.
1 to 9.
1 to 9.
1 to 3.
1 to 4.
1 to 6, and 9
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 4.
Ito4.
221
FIDUCIARY POWERS.
Powers
granted.
Powers
granted.
DISTRICT NO. 5-Continued.
VIRGINIA—continued.
NorfolkIto4,
National Bank of Commerce
1 to 9.
Seaboard National Bank
Petersburg—Virginia National Bank. Ito3.
Portsmouth—American
National 1.
Bank.
Pulaski—
Peoples National Bank
Ito9.
Pulaski National Bank
Ito9.
RichmondIto4.
American National Bank
1 to 9.
Central National Bank
Ito9
First National Bank
Ito9.
Merchants National Bank
Roanoke—
American National Bank
Ito4.
First National B ank
1 to 9.
National Exchange Bank
Ito9.
Rocky Mount—Peoples National 1 to 4.
Bank.
South Boston—
I
Boston National Bank
j Ito9.
Planters & Merchants National Ito4.
Bank.
|
Staunton—
i
Augusta National B ank
j Ito9.
National Valley Bank
j Ito9.
Warrenton—Farquier National Bank. Ito9.
Winchester—
Farmers & Merchants National i Ito9.
Bank.
j
Shenandoah Valley National | Ito4.
Bank.
WERT VIRGINIA.
(See also District No. 4.)
Beckley—Beckley National Bank
! 1 to 9.
Bluefield—
First National Bank
1 to 9.
Flat Top National Bank
1 to 9.
Charleston—Charleston
National 1 to 9
Bank.
j
Clarksburg—
j
Empire National Bank
l to 4.
Union National Bank
1 to 4.
Fairmont—National Bank of Fair- Ito9.
mont.
Fairview—First National Bank
1 to 4.
Grafton—First National Bank
1 to 9.
Huntington—
First National Bank
1 to 9.
Huntington National Bank
1 to 9.
Madison—Madison National Bank
1 to 4.
Martinsburg—Old National Bank
1 to 9.
Parkersburg—Parkersburg National 1 to 9.
Bank.
St. Marys—First National Bank
I 1 to 9.
Welch—First National Bank
j 1 to 9.
DISTRICT NO. 6.
DISTRICT NO. 6—Continued.
ALABAMA—continued.
Piedmont—First National Bank.....
Selma—City National Bank
Talladega—Talladega National Bank.
Troy—First National Bank
Tuscaloosa—
City National Bank
First National Bank
Ito3.
1 to 8.
Ito4.
1.
Ito8.
Ito8.
FLORIDA.
Bartow—Polk County National Bank
Bradentown— First National Bank...
Brooksville—First National Bank
De Funiak Springs—First National
Bank.
Jacksonville—
Barnett National Bank
Florida National Bank
Miami Beach—Miami Beach First
National Bank.
Panama City—First National Bank..
St. Augustine—St. Augustine National Bank.
St. PetersburgCentral National Bank & Trust
Co.
First National Bank
Tampa—First National Bank
West Palm BeachAmerican National Bank
First National Bank
1 to 9.
Ito4.
Ito8.
Ito4.
1 to 4.
Ito8.
Ito9.
Ito9.
Ito3.
Ito4.
ltoS.
Ito9.
Ito9.
GEORGIA.
AthensGeorgia National Bank
1 to 8.
1 to 4.
National Bank of Athens
AtlantaAtlanta National Bank
Ito8.
Fourth National Bank
1 to 9.
Fulton National Bank
Ito9.
Ito8.
Barnesville—First National Bank
Brunswick—National Bank of Bruns- 1 to 9.
wick.
Carrollton—First National Bank
Ito9.
Dalton—First National Bank
Ito5.
Dawson—Dawson National Bank
1 to3,5to9.
Fitzgerald—
Exchange National Bank
| Ito4.
First National Bank
j 1 to 4, 6, 7,
i! La Grange—La Grange National 1 and 9.
!| Bank.
| to 8.
Louisville—First National Bank
Ito9.
Macon—Fourth National Bank
Ito4.
Quitman— First National Bank
Ito8.
Winder—Winder National Bank
Ito9.
LOUISIANA.
(SeealsoDistrictNo.il.)
Crowley—First National Bank of Ito7.
Acadia Parish.
Lake Charles—Calcasieu National 1 to 4, 6, 7,
Bank of Southwest Louisiana.
and 9.
Anniston—
j
New Orleans—Whitney-Central Na- Ito9.
tional Bank.
Anniston National Bank
j 1 to 7 and9.
Commercial National Bank
| l to 5, 7,
MISSISSIPPI.
j and 9.
First National Bank
! 1 to 8.
(See also District No. 8.)
Athens—First National Bank
j 1.
Bessemer—First National Bank in j 1 to 8.
Bessemer.
}
Biloxi—First National Bank
Ito4.
Birmingham—First National Bank... 1 to 9.
Canton—First National Bank
Ito4.
Cullman—Leeth National Bank
| 1 to 4.
Gulfport—First National Bank
Ito8.
Florence—First National Bank
I 1 to 8.
Laurel—
Gadsden—First National Bank..
Ito3.
Commercial National Bank & Ito9.
Mobile—First National Bank..
Ito8.
Trust Co.
Montgomery—First National Bank.. Ito9.
First National Bank
Ito9.
Oxford—First National Bank
ito8.
I to 8.
Meridian—First National Bank
ALABAMA.
222
ANNUAL, REPORT OF THE FEDERAL -RESERVE BOARD.
Powers
granted.
DISTRICT NO. 6—Continued.
TENNESSEE.
Powers
granted.
DISTRICT NO. 7—Continued.
ILLINOIS—continued,
(See also District No. 8.)
Marengo—First National Bank
Marseilles—First National Bank
Copperhill— First National Bank of 1 to 3, 5 to 8. Mattoon—National Bank of Mattoon.
Polk County.
Monticello—First National Bank
1 to 8.
Dickson—Citizens National Bank
Moweaqua—First National Bank
Fayetteville—Elk National Bank
1 to 3 and 5. Ottawa—National City Bank
Greenville—First National Bank
1 to 9.
Peoria—
Johnson City—Tennessee National 1 to 9.
Central National Bank
Bank.
Commercial National Bank
Kingsport—First National Bank
1 to 7 and 9.
Merchants & Illinois National
Knoxville—
Bank.
1.
City National Bank
Princeton—Citizens National Bank...
Union National Bank
1 to 7 and 9. Rockford—
McMinnville—Peoples National Bank. 1 to3,5to8.
Manufacturers National Bank
Nashville^Rockford National Bank
Ito9.
American National Bank
Swedish-American National Bank
Ito4.
Broadway National Bank
Third National Bank.
Ito8.
Fourth & First National Bank
Savanna—First National Bank
Tennessee-Hermitage National I t o 4 .
Waukegan—Waukegan National
Bank.
Bank.
DISTRICT NO. 7.
j
I
1 to 9.
1 to 4.
1 to 3.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 4.
1 to 9.
1 to 8.
1 to 8.
1 to 9.
INDIANA.
(See also District No. 8.)
(See also District No. 8.)
Aurora—
1 to 9.
First National Bank
Ito9.
Merchants National Bank
1 to 9.
Old Second National Bank
Ito9.
Batayia—Batavia National Bank
Belvidere—
First National Bank
Ito8.
1 to 4.
Second National Bank
1 to 9.
Bushnell—First National Bank
Cambridge—Farmers National Bank. 1 to 9.
Canton—
Ito9.
Canton National Bank
1 to 8.
First National Bank
Ito4.
Casey—First National Bank
1 to 9.
Charleston—National Trust Bank
Chicago—
1 to 9.
Calumet National Bank
4.
Corn Exchange National Bank
First National Bank of Englewood 1 to 4.
1 to 9.
Lawndale National Bank
Live Stock Exchange National I t o 9 .
Bank.
National Bank of the Republic... \ 1 to 9.
Ito9.
National City Bank
1 to 9.
Chillicothe—First National Bank
Danville—
1 to 9.
First National Bank
Ito9.
Palmer National Bank
1 to 8.
Second National Bank
Decatur—
j
Citizens National Bank
, . . ! 1 to 9.
Milliken National Bank
! Ito4.
National Bank of Decatur
! Ito4.
Dixon—Dixon National Bank
i Ito9.
Elmhurst—First National Bank
I Ito9.
El Paso—
!
First National Bank
! 1 to 9.
Woodford County National Bank. | 1 to 9.
Freeport—
j
First National Bank
' 1 to9.
Second National Bank
| 1 to 9.
Galesburg—
;
First National Bank
j 1 to 9.
Galesburg National Bank
i 1 to 9.
Henry—First National Bank
! 1 to 7.
Joliet—
Ito4.
First National Bank
Ito9.
Joliet National Bank
Ito9.
Will County National Bank....
Ito4.
Kankakee—City National Bank....
1 to 9.
Kewanee—First National Bank
Ito4.
La Salle—La Salle National Bank..
1 to 9.
Macomb—Union Savings Bank
Batesville—First National Bank
1 to 4.
Bloomington—First National Bank.. 1 to 7 and 9.
BrazilCitizens National Bank
1 to 7.
First National Bank
1 to 4.
Riddell National Bank
1 to 9.
Brookville—
Franklin County National Bank. 1 to 4.
National Brookville Bank
1 to 4.
Cambridge City—First National Bank 1 to 8.
Clay City—First National Bank
j 1 to 9.
Columbia City—First National Bank. 1 to 9.
Crawfordsville—
Citizens National Bank
1 to 4.
Elston National Bank
1 to 8.
Dana—First National Bank
1 to 3.
Delphi—Citizens National Bank
1 to 9.
Dublin—First National Bank
1 to 3.
Dyer—First National Bank
1 to 4,
Edinburg—Farmers National Bank.. 1 to 4.
Elkhart—First National Bank
1 to 9.
El wood—First National Bank
1 to 8.
Fort WayneFirst National Bank.
1 to 8.
Old National Bank..
1 to 9.
Frankfort—American National Bank. 1 to 8.
Franklin—Franklin National Bank... 1 to 4.
Goshen—City National Bank
1 to 9.
Greencastle—First National Bank.... 1 to 9.
Hammond—First National B a n k . . . . 1 to 4.
Indiana Harbor—Indiana Harbor 1 to 9.
National Bank of East Chicago.
Indianapolis—
I
Fletcher American National Bank ' 1 to 7 and 9.
Indiana National Bank of 1 to 9.
Indianapolis.
|
Kokomo—
I
Citizens National Bank
j 1 to 1.
Howard National Bank
1 to 9.
La Porte—First National Bank
1 to 4.
Liberty—Union County National , 1 to 3.
Bank.
I
Logansport—
!
City National Bank
I 1 to 8.
First National Bank.
! 1 to 8.
Lowell—First National Bank in j 1 to 7.
Lowell.
|
Marion—
I
First National Bank.
I 1 to 4.
Marion National Bank
1 to 9.
Martinsville—First National Bank.. I t o 7 .
Michigan City—Merchants National 1 to 9.
Bank.
Mishawaka—First National Bank
1 to 4.
Monrovia—First National Bank
1 to 4.
Monterey—First National Bank......' 1 to 3,5 to 9.
FIDUCIARY POWERS.
Powers
granted.
DISTRICT NO. 7—Continued.
223
Powers
granted.
DISTRICT NO. 7—Continued,
INDIANA—continued.
io w A—continu ed.
| Hampton—Citizens National Bank... 1 to 9.
Hawarden—First National Bank
1,2,3,5 to 8.
Humboldt—First National Bank
1 to 4.
Ito3.
Independence—First National Bank. Ito4.
Indianola—First National Bank
1 to 3.
1 to 9.
1 to 3.
Kanawha—First National Bank.
1 to 9.
Keokuk—Keokuk National Bank
Ito9.
Ito3,5to9
LeMars—First National Bank
Ito4.
1 to 5,7, and Linn Grove—First National Bank... Ito9.
1 to 4.
Manchester—First National Bank
9.
1 to 4.
Marengo—First National Bank
1 to 4.
Marshalltown—First National Bank.. 1 to 3.
Ito9.
Ito4.
Mason City—First National Bank
1 to 3.
Ito4.
Milford—First National Bank
Montezuina—First National Bank... Ito4.
Ito3.
Ito9.
Muscatine—First National Bank
1 to 9.
Newell—First National Bank
1 to 9.
New Sharon—First National Bank... 1 to 7.
Ito9.
1 to 9.
Newton—Clark National Bank
1 to 4.
Odebolt—First National Bank
1 to 8.
Oskaloosa—Oskaloosa National Bank. 1 to 3.
Ito4.
1 to 7 and 9.
Paullina—First National Bank
Ito9.
Perry—Perry National Bank
1 to 4.
1 to 4.
Peterson—First National Bank
Ito9.
Ito4.
Red Oak—First National Bank
1 to 9.
1 to 8.
Remsen—First National Bank
Rippev—First National Bank
Ito9.
1,2,3,5 to 8.
1 to 9.
Rockwell City—Rockwell City Na- Ito9.
1 to 8.
tional Bank.
Ito3.
1 to 4.
! Royal—Citizens National Bank
1 to 8.
1 to 4.
Ruthven—First National Bank
1 to 9.
•
! Shenandoah—Farmers National Bank
Sibley—First National Bank
| 1 to 3.
1 to 4.
Sidney—National Bank of Sidney j 1 to 9.
1 to 7.
! Sioux City—
1 to 9.
1
1
First National Bank.
1 to 3.
1 to 9.
iI
Sioux National Bank
Ito8.
|! Sioux Rapids—First National Bank..! 1 to 3.
Ito9.
II Spencer—First National Bank
IOWA.
Ito4.
1 Stanton—First National Bank
1
!
i I Storm Lake—Citizens National Bank, i1 to 9.
Arlington—American National Bank.} 1 to 3.
Ito4.
ii Story City—First National Bank
Aurelia—First National Bank
| 1 to 9.
Bancroft—First National Bank
j 2, 3, 5 to 7. Washington—Washington National 1 to 8.
Bank.
Boone—First National Bank
| 1 to 4.
Waterloo—
Burlington—Merchants
National j 1 to 9.
Ito4.
Commercial National Bank
Bank.
I
1 to 7.
€edar Rapids—
i
First National Bank
Ito4.
1 to 9.
Cedar Rapids National Bank
Leavitt & Johnson National Bank
Ito4.
1 to 4.
Merchants National Bank
Waverly—First National Bank
Charter Oak—First National Bank... 1,2,3, and 5. Webster City1 to 4.
1 to 9.
Cherokee—First National Bank
Farmers National Bank
1 to 9.
1 to 4.
Clarence—First National Bank
The First National Bank
Clinton1 to 4.
City National Bank
MICHIGAN.
1 to 5.
Merchants National Bank
(See also District No. 9.)
1 to 3, 5 to 9.
Colfax—First National Bank
Coon Rapids—First National Bank.. Ito3.
Battle CreekCouncil BluffsIto4.
Central National Bank
Ito8.
City National Bank...,
1 to 8.
Ito9.
City National Bank
First National Bank.
Ito9.
Old National Bank
Decorah—National Bank of Decorah. Ito9.
1 to 4.
Bay City—First National Bank
Des Momes—Des Moines National 1 to 8.
Bank.
Benton Harbor—Farmers and Mer- Ito9.
chants National Bank.
Dubuque—
Ito9.
Birmingham—First National Bank... Ito4.
Dubuque National Bank.....
1 to 3.
1 to 9.
First National Bank
Boyne City—First National Bank
Elkader—First National Bank....... 1 to 9.
Detroit—National Bank of Commerce 1 to 8.
Ito4.
Ito7.
Everly—First National Bank
Flint—First National Bank
Grand RapidsFairfield—First National Bank....... Ito8.
Ito4.
Grand Rapids National Bank
Fonda—First National Bank
Ito9.
1 to 9.
1 and 4.
Fontanelle—First National Bank
Old National Bank
Ito4.
Ito3.
Gladbrook—First National Bank
Hillsdale—First National Bank
JacksonGraettinger—First National Bank.... Ito9.
Ito9.
National Union Bank
Greenfield—First National Bank..... 1 to 5, 7 to 9.
Ito9.
Peoples National Bank
Grinnell—
Ito9.
Citizens National Bank
• Ito9.
Kalamazoo—First National Bank
Merchants National Bank
• 1,2,3,5 to 7, LansingIto4.
Capital National Bank
and 9.
1 to 9.
City National Bank
Griswold—Griswold National Bank.. 1 to 7 and 9.
Montpelier—First National Bank
Muncie—Delaware County National
Bank.
New Carlisle—First National Bank...
Peru—First National Bank
RichmondFirst National Bank
Second National Bank
Rochester—First National Bank
Rockville—Rockville National Bank.
Rushville—
Rush County National Bank
Rushville National Bank....
Russiaville—First National Bank
Shelbyville—
Farmers National Bank
First National Bank
SheridanFarmers National Bank
First National Bank
South Bend—
!
First National Bank
Merchants National Bank
Swayzee—First National Bank
j
Terre Haute—
|
First National Bank
Terre Haute National Bank
Thorntown—Home National Bank...
Tipton—Citizens National Bank
Wabash—Farmers & Merchants
National Bank.
Whiteland—Whiteland
National
Bank.
Whiting—First National Bank
Wilkinson—Farmers National Bank..
Winamac—First National Bank
1 to 9.
1 to 9.
224
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
Powers
granted.
DISTRICT NO. 7—Continued.
DISTRICT NO. 8—Continued.
MICHIGAN—continued.
ILLINOIS.
Muskegon—
(See also District No. 7.)
1 to 7 and 9.
Hackley National Bank
1 to 9. .
Anna—First National Bank
Ito4.
Union National Bank
Ito4.
BellevillePetoskey—First National Bank
First National Bank
Ito8.
Pontiac—National Bank of Pontiac.. j 1 to 9.
St. Clair National Bank
Ito9.
Port Huron—First National Bank in 1 to 4.
Benld—National Bank of Benld
1 to 3,5 to 8.
Port Huron.
Breese—First National Bank
Ito9.
Rochester—First National Bank
1 to 4.
1 Cairo—Cairo National Bank
1
Ito9.
Saginaw— Second National Bank
I 1 to 8.
! I Carlinville—Carlinyille National Bank 1 to 9.
Traverse City—First National Bank.. j 1 to 3.
1 Carlyle—First National Bank
1
Ito9.
!i East St. Louis—Security National Ito9.
WISCONSIN.
|
• i Bank.
II Edwardsville—Edwardsville
Na- 1,2,3,5,6,7,
(See also District No. 9.)
I
il tional Bank.
and 9.
j Jacksonville—Avers National Bank.. Ito4,
Antigo—
{
1 Marion—First National Bank
1
First National Bank. .
1 to 8.
Ito9.
Langlade National Bank
1 to 3,5 to 8. ji Mascoutah—First National Bank
Ito9.
1 Metropolis—City National Bank
1
Appleton—Citizens National Bank...!. 1 to 9.
Ito4.
!j Mount Carmel—American National Ito9.
Beaver Dam—Old National Bank.... I 1 to 4.
1 Bank.
1
Clintonviile—First National Bank.... I 1 to 4.
Mount Sterling—First National Bank 1 to 4.
Darlington—First National Bank
| 1 to 8.
Murphysboro—First National Bank.. Ito8.
Edgerton—First National Bank
I 1 to 8.
NashvilleFond du Lac—
i
Farmers & Merchants National Ito9.
Commercial National B a n k . . . . . . 1 to 9.
Bank.
First-Fond du Lac National Bank 1 to 8.
First National Bank
Ito9.
Hartford—First National Bank
| 1 to 7 and 9.
Nokomis—Nokomis National Bank.. Ito3.
Janesville—First National Bank
1 to 4.
Ito9.
O' Fallon—First National Bank
Manitowoc—National Bank of Mani- 1 to 9.
1 to 9.
Pittsfield—First National Bank
towoc.
I
Quincy—
Marinette—First National Bank
I 1 to 9.
Quincy National Bank
1 to 9.
MilwaukeeRicker National Bank
1 to 9.
Marine National Bank
| 1 to 9.
Sparta—First National Bank
1 to 3, 5 to 7.
National Bank of Commerce
j 1 to 9.
Vandalia—First National Bank
1 to 8.
National Exchange Bank
1 to 9.
Monroe—First National Bank
1 to 4.
Neenah—National
Manufacturers I 1 to 3.
INDIANA.
Bank.
!
Oshkosh—City National Bank
! 1 to 4.
(See also District No. 7.)
Racine—
I ,
!
American National Bank
1 to 9.
1 to 3, 5 to 9.
Bedford—Bedford National Bank
First National Bank.
I 1 to 9.
Evansville—•
Manufacturers National Bank
I 1 to 9.
Ito9.
National City Bank
Rip on—
;
Ito9.
Old State National Bank
American National Bank
1 to 9.
Farmersburg—First National Bank.. 1 to 6 and 8.
First National Bank
; 1 to 9.
Jeffersonville—First National Bank.. 1 to 9.
Shawano—Wisconsin National Bank. 1 to 8.
Ito4.
Mitchell—First National Bank
Sheboygan—Security National Bank., 1 to 9.
Mount Vernon—First National Bank. Ito8.
Sparta—Farmers National Bank
j 1 to 9.
New Albany—New Albany National Ito9
Stevens Point—First National Bank. 1 to 8.
Bank.
Viroqua--First National Bank
1 to 9.
Orleans—National Bank of Orleans.. 1.
Waukesha—-National Exchange Bank 1 to 4.
PrincetonWest Bend—First National Bank
1 to 9.
1,2,3 5,6,7,
Farmers National Bank
and 9.
DISTRICT NO. 8.
Peoples American National Bank. Ito8.
SeymourARKANSAS.
First National Bank.
Ito9.
Seymour National Bank
Batesville—First National Bank
1 to 7 and 9. Sullivan—National Bank of Sullivan. Ito9. and 9.
1 to 7
Ito9.
Corning—First National Bank...
Tell City—Citizens National Bank.., 1 to 4.
Ito9.
El Dorado—First National Bank
Fordyce—First National Bank
) Ito4.
KENTUCKY.
Fort Smith1 to 9.
First National Bank
(See also District No. 4.)
Merchants National Bank
j Ito9.
Hot Springs—
j
Bowling Green—American National i 1 and 4.
Arkansas National Bank
| Ito9.
Bank.
|
Citizens National Bank
i Ito3,5to9.
Columbia—First National Bank
I 1 to 3,5 to 8.
Jonesboro—First National Bank
j Ito9.
Danville—
Lake ViUage—First National Bank... I t o 9 .
Citizens National Bank
1 to 9.
Little RockFarmers National Bank
1 to 8.
Ito9.
England National Bank
Ito9.
Elizabethtown—First-Hardin
Na- 1 to 9.
Exchange National Bank
tional Bank.
Marianna—Lee County National I t o 4 .
Glasgow—Farmers National Bank... j 1 to 4.
Bank.
1.
Harrodsburg—First National Bank.. 1 to 9.
Mena—First National Bank
Henderson—Henderson N a t i o n a l i I t o 9 .
1 to 8.
Newport—First National Bank
Bank.
I
Pine Bluff—Simmons National Bank I t o 9 .
Hopkinsville—First National Bank.. i 1 to 9.
Texarkana—State National Bank
1 to 9.
225
FIDUCIARY POWERS.
Powers
granted.
DISTRICT NO. 9—Continued.
DISTRICT NO. 8—Continued.
MINNESOTA—continued.
KENTUCKY—continued.
Lawrenceburg—
Anderson National Bank
. 1 to 3,5 to 9
Lawrenceburg National Bank... I t o 8 .
LebanonCitizens National Bank
Ito4.
Marion National Bank
Ito4.
LouisvilleFirst National Bank
Ito9.
Louisville National Bank
4.
Ito9.
National Bank of Kentucky
Ito8.
Mayfield—First National Bank
Morganfield—Morganfield National I t o 4 .
Bank.
Murray—First National Bank
j 1 to 9.
Paducah—
i
City National Bank
I Ito9.
First National Bank
| 1 to 3.
MISSISSIPPI.
j
(See also District No. 6.)
Greenville—First National Bank
Greenwood—The First N a t i o n a l
Bank.
1 to 4.
1.
MISSOURI.
(See also District No. 10.)
Carroliton—First National Bank
Chillicothe—First National Bank
Columbia—
Boone County National Bank
E xchange National Bank
Hannibal—Hannibal National Bank.
Jefferson City—First National Bank.
Kirksville—Citizens National Bank..
Ridgeway—First National Bank
St. LouisFirst National Bank
Merchants-Laclede N a t i o n a l
Bank.
National Bank of Commerce
Security National Bank Savings
& Trust Co.
State National Bank
Sedalia—
Citizens National Bank
Third National Bank
Springfield—Union National Bank...
Versailles—First National Bank
1 to 8.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 4.
DISTRICT NO. 9.
MICHIGAN.
(See also District No. 7.)
Manistique—First National Bank
Menominee—First National Bank
Albert Lea—First National Bank
Alexandria—First National Bank
Argyle—First National Bank
AustinAustin National Bank
First National Bank
Bemidji—First National Bank
Ito5.
Ito8.
Ito8.
Ito9.
Ito8.
Ito9.
Ito9.
1 to 3,5 to 9.
1 to 9.
Ito9.
Ito8.
Ito9.
Ito3.
It 2» 3, 5, 6,
8, and 9.
Ito9.
Ito8.
Ito9.
4.
Ito9.
Ito9.
Ito3,5to9.
Ito9.
Ito9.
Ito8
Ito9.
Ito9.
Ito3,5to8.
1 to 9.
Ito8.
Ito9.
Ito9.
Ito9.
BillingsMontana National Bank
1 to 9.
Yellowstone-Merchants National I 1 to 9.
Bank.
J
Bozeman—Commercial N a t i o n a l | I t o 4 .
Bank.
j
Great Falls—Great Falls National I t o 4 .
Bank.
Kalispell—First National Bank
| 1 to 4.
Lewistown—First National Bank
j 1 to 7.""
Miles City—
J
Commercial National Bank
j 1 to 9.
First National Bank
j 1 to 9.
Missoula—
1 to 7 and 9.
First National Bank
Western Montana National Bank. Ito8.
NORTH DAKOTA.
Ito4.
1 to 9.
Ito3.
Negaunee—Negaunee National Bank.
MINNESOTA.
MinneapolisMetropolitan National Bank
Midland National Bank
Minneapolis National Bank
Northwestern National Bank
Northfield—Northfield N a t i o n a l I
Bank.
Owatonna—
First National Bank
National Farmers Bank
Red WingFirst National Bank
Goodhue County National Bank.
St. Peter—First National Bank
Stillwater—First National Bank
Truman—Truman National Bank
Virginia—American Exchange National Bank.
Waseca—Farmers National Bank
Welcome—Welcome National Bank..
Wells—First National Bank
Windom—First National Bank
Winona—Winona National Bank
l,2,3,and 5.
MONTANA.
TENNESSEE.
State National
Blooming Prairie—First National
Bank.
Chatneld—First National Bank......
Crookston—Merchants N a t i o n a l
Bank.
Duluth—
American Exchange N a t i o n a l
Bank.
City National Bank
First National Bank
Minnesota National Bank
Northern National Bank...
Eveleth—First National Bank
Fairmont—Martin County National
Bank.
Faribault—Security National Bank..
Fergus Falls—Fergus Falls National
Bank.
Hutchinson—Farmers National Bank
Lanesboro—First National Bank
Little Falls—First National Bank....
1 to 9.
1 to 4.
1 to 3,5 to 7.
1 to 4.
1 to 3.
(See also District No. 6.)
Memphis—Central
Bank.
Powers
granted.
Ito8.
Ito9.
1, 2, 3, 5, 6,
7, and 9.
Ito9.
Ito8.
Ito9.
Bismarck—First National Bank
Ellendale—First National Bank
Fargo—
First National Bank
Merchants National Bank
Security National Bank
Forman—First National Bank
Grand Forks—First National Bank.
Jamestown—James Kiver National
Bank.
Minot—
Second National Bank
Union National Bank
1 and 9.
Ito4.
Ito9.
Ito9.
Ito9.
Ito3.
Ito9.
1 to 3, 5 to 7,
and 9.
Ito9.
1 to 7 and 9.
226
ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
|
j
DISTRICT NO. 9—Continued.
Powers
granted.
DISTRICT NO. 10—Continued.
Aberdeen—Aberdeen National Bank. 1 to 4.
Arlington—First National B a n k . . . . . . 1 to 4.
Brookings—First National Bank
1 to 9.
Canton—First National Bank
. I 1 to 9.
Colman—First National Bank.
1 to 4.
Flandreau—First National Bank
1 to 3.
Lake Preston—First National Bank.. 1 to 4.
Rapid City—First National B a n k . . . . 1 to 7 and 9.
Sioux Falls—
-..'.'
Minnehaha National Bank
1 to 8.
Security National Bank
1 to 4.
Sioux Falls National Bank
1 to 8.
Spearfish—AmericanNational Bank.. 1 to 3.
Vermilion—First National Bank
2 to 9.
Watertown—First National Bank
1 to 9.
Webster—First National Bank
I 1 to 3.
WISCONSIN.
Ashland—
Ashland National Bank
Northern National Bank
Barron— First National Bank
Superior—
First National Bank
United States National Bank
' ~p
t?
1 to 9.
1 to 7 and 9.
1 to 3.
1 to 7.
1 to 9.
DISTRICT NO. 10.
COLORADO.
Akron—First National Bank
BoulderBoulder National Bank
Citizens National Bank
Canon City—Fremont County National Bank.
Center—First National Bank
Colorado SpringsColorado Springs National Bank.
Exchange National Bank
First National Bank
Craig—Craig National Bank
DenverColorado National Bank
Denver National Bank
First National Bank
Hamilton National Bank
Stock Yards National Bank
United States National Bank
Durango—Burns National Bank
Eagle—First National Bank of Eagle
County.
Englewood—First National Bank
Fort CollinsFirst National Bank
Fort Collins National Bank
..
Poudre Valley National Bank
Fort Morgan—First National B a n k . .
Grand Junction—Grand Valley National Bank.
Greeley—
First National Bank
Greeley National Bank
Union National Bank
Gunnison—First National Bank
..
Hugo—First National Bank
Idaho Springs—First National Bank.
Lamar—Lamar National Bank
Las Animas—First National B a n k . . .
Longmont—American National Bank
Loveland—
First National Bank
1 to 4.
1 to 4.
1 to 7.
1 to 4.
1 to 4.
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
9.
9.
9.
9.
9.
9.
9.
7.
4.
1 to 4.
1 to 4.
1 to 9.
1 to 7 and 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 3.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 4,6, and
7.
Loveland National Bank
1 to 7.
Montrose—Montrose National Bank.. 1 to 9.
Sterling—Logan County National 1 to 9.
Bank.
Telluride—First National Bank
| 1 to 8.
|
COLORADO—continued.
|
SOUTH DAKOTA.
(See also District No. 7.)
Powers
granted.
!
Trinidad—
I
First National Bank
i 1 to 3.
Trinidad National B a n k . . : . . : . . . 1 to 9.
Walsenburg—First National B a n k . . . 1 to 9.
KANSAS. -
Anthony—First National Bank
| 1 to 4.
Atchison—City National B a n k . . . . . . . j 1 to 9.
Coffeyville— "
|
Condon National Bank
j 1 to 3,5 to 9.
First National Bank
j 1 to 3 and 5.
Emporia—
!
Citizens National Bank
, 1 to 9.
Commercial National Bank & \ 1 to 9.
Trust Co.
I
Fort Scott—Citizens National Bank, .j 1 to 7 and 9.
Goodland—Farmers National Bank..j 1 to 4.
Great Bend—First National B a n k . . J 1 to 9.
Horton—First National Bank
. . . j 1 to 4.
Hutchinson—First National B a n k . . . i 1 to 4.
Independence—Commercial National i 1 to 9.
Bank.
j
Jewell City—First National Bank
I 1 to 3.
Lawrence—
j
Lawrence National Bank
! 1 to 8.
Merchants National Bank
j 1 to 8.
Luray—First National Bank
! 1 to 3.
Ottawa—Peoples National Bank
| 1 to 4.
Pittsburg—National Bank of Com- | 1 to 9.
merce.
!
Pratt—First National Bank
j 1 to 9.
Sabetha—National bank of Sabetha.. 1 to 4.
Salina—
\
Farmers National Bank
1 to 4.
National Bank of America
i 1 to 9.
Topeka—Farmers National Bank
: 1 to 4.
Troy—First National Bank
1 to 3.
Wellington—First National Bank
j 1 to 9.
Wichita—
i
First National Bank
I 1 to 9.
Fourth National Bank
' 1 to 9.
Winfield—First National Bank
: 1 to 9.
MISSOURI.
i
(See also District No. 8.)
!
Cameron—First National Bank
! 1 to 3.
Carthage—Central National Bank
; Ito3.
Joplin—Joplin National Bank.
i 1 to 9.
Kansas City—
!
Columbia National Bank
J 1 to 4 and 9.
Commonwealth National B.ank... j 1 to 7 and 9.
Continental National Bank & ! Ito9.
Trust Co.
!
Drovers National Bank
\ Ito4.
Fidelity National Bank & Trust ; 1 to 9.
Co.
|
First National Bank
I Ito9.
Gate City National Bank
, . . j 1 to9.
Interstate National Bank
j Ito9.
New England National Bank
j Ito9.
King City—First National Bank & I Ito9.
Trust Co.
Maryville—First National Bank
Ito5.
1 to 9.
Neosho—First National Bank
St. J o s e p h Ito4.
American National Bank
Ito4.
Burnes National Bank
Ito8.
Tootle-Lacy National Bank
NEBRASKA.
Belden—First National Bank
Butte—First National Bank
Columbus—First National Bank
Decatur—First National Bank
Emerson—First National Bank
Lyons—First National Bank
Madison—Madison National B a n k . . .
j 1 to 3,5 to 9.
1 to 3.
1 to 9.
1 to 3.
1 to 8.
1 to 3.
1 to 7 and 9
227
FIDUCIARY POWERS.
DISTRICT NO. 10—Continued.
NEBRASKA—continued.
|
Nebraska City—Nebraska Citv Na- I 1 to 9.
tional Bank.
Norfolk—Norfolk National Bank
! 1 to 3.
Omaha!
First National Bank..
1 to 4.
Merchants National Bank
1 to 4.
United States National Bank
i 4.
Ord—First National Bank.
i 1 to 4.
Pender— First National Bank
! 1, and 3 to 7.
•
Randolph—First National Bank
1 to 9.
South Omaha—Stock Yards National 4.
Bank.
"Utica—First National Bank
2 and 3.
NEW MEXICO.
(See also District No. 11.)
Gallup—FirstNational Bank in Gallup.
Las Vegas—First National Bank
Raton—First National Bank
Santa Fe—First National Bank
2 and 3.
1 to 9.
1 to 7 and 9.
1 to 9.
OKLAHOMA.
(See also District No. 11.)
Ada—First National Bank
Bartlesville—First National Bank
Enid—American National Bank
Guthrie—First National Bank
HominyFirst National Bank
National Bank of Commerce
Hooker—First National Bank
Lawton—City National Bank
McAlester—
American National Bank
First National Bank
Muskogee—First National Bank...
Oklahoma C i t y American National Bank
Farmers National Bank
First National Bank
Liberty National Bank
Security National Bank
Southwest National Bank
Pond Creek—First National Bank..
Sallisaw—First National Bank
Shawnee—
National Bank of Commerce...
Shawnee National Bank
Tusla—
Central National Bank
Exchange National Bank
First National Bank
Woodward—First National Bank..
Ito7.
1 to 8.
Ito9.
1 to8.
1 to 3,5 to 9.
1 to 9.
1 to 3 and 5.
1 to 3,5 to 7,
and 9.
1.
1 to 3,5 to 7.
1 to 9.
; 1 to 3,5,7 to
! 9.
1 to 4.
1 to 9.
1 to 9.
Ito8.
1 to 9.
1 to 4.
1 to 3,5 to 7.
1 to 3.
1 to 9.
Ito9.
1 and 4.
1, 2, 4.
2 and 3.
WYOMING.
Basin—First National Bank
Buffalo—First National Bank
CasperCasper National Bank
National Bank of Commerce...
Wyoming National Bank
CheyenneAmerican National Bank
Citizens National Bank
First National Bank
Stock Growers National Bank..
Cody—Shoshone National Bank
Evanston—First National Bank
Kemmerer—First National Bank...
Laramie—First National Bank
PowellFirst National Bank
Powell National Bank
Rawlins—
First National Bank
Rawlins
National Bank
1 to 7.
1 to 4.
1 to 4.
1 to 7.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 and 4.
1 to 3.
1 to 4.
Ito3.
Ito8.
1 to 4.
1 to 9.
1 to 3.
Rock SpringsFirst National Bank
Rock Springs National Bank
SheridanFirst National Bank
Sheridan National Bank
Shoshoni—First National Bank
Thermopolis—First National Bank.
Ito8.
1 to 9.
1 to 9.
1 to 3,5 to S
Ito8.
1 to 9.
DISTRICT NO. 11.
ARIZONA.
(See also District No. 12.)
Nogales—First National Bank..
Tucson—
Arizona National Bank.
Consolidated National Bank
Ito8.
1 to 9.
1 to 4.
LOUISIANA.
(See also District No. 6.)
Shreveport—
Commercial National Bank
First National Bank
|
1 to 4.
1 to 4.
NEW MEXICO.
(See also District No. 10.)
Albuquerque—
First National Bank
State National Bank
Carlsbad—First National Bank
Roswell—
Citizens National Bank
First National Bank
Silver C i t y American National Bank
Silver City National Bank
TEXAS.
i
i 1 to 7 and 9.
1 to 4.
\ 1 to 9.
1 to 3.
1 to 3.
; 2 and 3. •
' 1 to 6, 8,
; and 9.
;
Abilene—Citizens National Bank
Amarillo—First National Bank
Austin—American National Bank
Beaumont—First National Bank
{
Bonham—First National Bank
!
Brenham—First National Bank
I
Brownsville—Merchants
National
Bank.
Brownwood—Citizens National Bank
Cameron—Citizens National Bank
Clarksville—First National Bank
I
Colorado—City National Bank
Corsicana—Corsicana National Bank. ;
DallasAmerican Exchange National
Bank.
City National Bank
Dallas National Bank
National Bank of Commerce
Denison—State National Bank
El Paso—
City National Bank
;
First National Bank
!
State National Bank
Fort Worth—
I
Farmers & Mechanics National !
Bank.
!
First National Bank
I
Fort Worth National Bank
Stockyards National Bank
j
Galveston—First National Bank
{
Granger—First National Bank
Greenville—Greenville National Exchange Bank.
Houston—
National Bank of Commerce
State National Bank
Longview—First National Bank
McKinney—First National Bank
1 and 2.
1 to 4.
Ito3.
1 to 4.
1 too.
1 to 7 and 9.
1.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 7 and 9.
1 to 9.
2 to 9.
1,2, and 4.
1 to 4.
Ito4.
1 to 4.
1 and 2.
Ito4.
Ito7,9.
Ito9.
Ito3, 5, 8.
Ito4.
228
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
Powers
granted.
DISTRICT NO. 11—Continued.
TEX AS—continued.
MarshallFirst National Bank
Marshall National Bank
OrangeFirst National Bank
Orange National Bank
Palestine—Royal National Bank
Port Arthur—First National Bank...
San Angelo—
Central National Bank
First National Bank
San Angelo National Bank.
San Antonio—
Frost National Bank
Lockwood National Bank.
National Bank of Commerce
Sealy—Sealy National Bank
ShermanCommercial National Bank..
Merchants & Planters National
Bank.
Stanton—First National Bank
Texarkana—Texarkana
National
DI STRICT NO. 12—Continued.
NEVADA.
Ito3.
1 to 4.
Tonopah—Nevada First National
Bank.
Ito9.
1 to 9.
Ito4.
Ito4.
Ito4.
1 to 9.
Ito3.
Ashland—First National Bank
Corvallis—First National Bank
Eugene—First National Bank
Grants Pass—First National Bank of
Southern Oregon.
Harrisburg—First National Bank
Junction City—First National Bank..
OREGON.
1 to 9.
Ito4.
Ito4.
1, 2, 3, 5, 6,
7, and 9.
Ito3.
1, 2, 3, 5. 6,
7, and 9.
1 to 9.
! Marshfield—First National Bank of
Coos Bay.
1 Medford—Medford National Bank
1 to 9.
i Milton—First National Bank
1 to 4.
2 and 3.
Ontario—First National Bank
1 to 3,5 to 8. Pendleton— National Bank
Ito4.
American
1 to 9.
1 to 4.
First National Bank
!l PortlandIto3.
1 to 4.
First National Bank
Ito9.
Ito9.
United States National Bank
jt>ani£.
•RonV
Ito9.
Salem—Capital National Bank
1.
Troup—First National Bank
Ito3.
Tyler—Citizens National Bank
UTAH.
1 to 4.
!
Victoria—Victoria National Bank
Ito8.
Waco—First National Bank
Salt Lake CityWaxahachie—Citizens National Bank. Ito9.
Continental National Bank..
Ito4.
Wichita Falls—
Deseret National Bank.
Ito4.
1 to 9.
1
Citv National Bank
Ito9.
First National Bank
"WASHINGTON.
DISTRICT NO. 12.
Bellingham—
ALASKA.
Ito4.
Bellingham National Bank
1 to 5 and 9.
First National Bank
1 to 9.
Fairbanks—First National Bank.
Ito9.
Clarkston—First National Bank
j Colfax—Farmers National Bank
CALIFORNIA.
Ito4.
Ellensburg—Washington National 1 to 3.
Ito9.
Bakersfield—First National Bank
Bank.
4.
Calexico—First National Bank
Ito9.
Everett—First National Bank
1 to 8.
i Hoquiam—First National Bank
Chico—First National Bank.
j Mount Vernon—First National Bank. Ito9.
Fullerton—Farmers & Merchants Na- 4.
1 to 3.
tional Bank.
1 to 9.
i Okanogan—First National Bank
Long Beach—
Oroville—First National Bank....... 1 to 9.
1 to 9.
! Pasco— First National Bank
First National Bank
1 to 9.
| Port Angeles—First National Bank.. Ito9.
Long Beach National Bank
Ito9.
Los AngelesIto7.
Pullman—First National Bank
4.
Continental National Bank
Rosalia—Whitman County National 1 to 9.
Farmers & Merchants National 1 to 9.
Bank.
Bank.
SeattleMountainView—First National Bank. 4.
Dexter Horton National Bank-.. Ito9.
Ito9.
Oakland—Central National Bank
1 to 9.
First National Bank
4.
Orland—First National Bank
Ito9.
Marine National Bank
4.
• !•
Pleasanton—First National Bank
1 to 7 and 9.
Metropolitan National Bank
Redwood City—First National Bank 1 to 3, 5, 7
1 to 9.
National Bank of Commerce
to 9.
of Mateo County.
Ito9.
National City Bank
Sacramento1 to 9.
Seaboard National Bank
1 to 9.
Capital National Bank
1 to 4,6, and
National Bank of D. 0. Mills & Co. 1 to 7 and 9. \ Seattle National Bank
i
San Francisco1 to 9.
Union National Bank
1 and 4.
American National Bank
Ito9.
University National Bank
! Spokane—
Anglo & London Paris National Ito9.
Bank.
Ito9.
Exchange National Bank
Ito9.
Bank of California, N. A
Ito9.
Fidelity National Bank
Santa BarbaraIto9.
Old National Bank
County National Bank & Trust 1 to 9.
Tacoma—National Bank of Tacoma.. Ito9.
VJO.
Pn
Ito9.
Toppenish—First National Bank
1 to 9.
First National Bank
Vancouver — Vancouver National 1 to 4.
Santa Paula—First National Bank & Ito9.
Bank.
xrust K/O.
Walla Walla—
Wilmington—First National Bank... 4.
Ito9.
Baker-Boyer National Bank
Ito9.
First National Bank
IDAHO.
1,3, and 4.
Third National Bank
Boise—
Wenatchee—First National Bank — 1 to 9.
Ito9.
Boise City National Bank
Ito9.
Yakima—Yakima National Bank
First National Bank of Idaho
1 to5.
1.
Hagerman— First National Bank
HAWAIIAN ISLANDS.
Hailey—Hailey National Bank
1 to 3.
Ito4.
Moscow—First National Bank
Honolulu—First National Bank of Ito8.
Ito9.
Payette—First National Bank
1 to 9
1 Hawaii.
Weiser—First National Bank
1 to 9.
Ito9.
1 to 9.
Ito4.
ACCEPTANCES TO 100 PER CENT.
229
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:
HartfordHartford Aetna National Bank.
Phoenix National Bank.
New Haven—First National Bank.
Norwich—Thames National Bank.
Maine:
PortlandCanal National BankPortland National Bank.
Massachusetts:
Boston—
American Trust Co.
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.
I Massachusetts—Continued.
B ost on—C ont inu ed.
Old Colony Trust Co.
Second National Bank.
State Street Trust Co.
Webster & Atlas National Bank.
Dedham—Dedham National Bank.
Fall River—Massasoit-Poeasset National Bank,
Fitch burg—Safety Fund National Bank.
New BedfordFirst National Bank.
New Bedford Safe Deposit & Trust Co.
Springfield-Springfield National Bank.
Worcester—Merchants National Bank.
Rhode Island:
Providence—
Blackstone Canal National Bank.
Merchants National Bank.
National Bank of Commerce.
Providence National Bank.
DISTRICT NO. 2.
Connecticut:
BridgeportBridgeport Trust Co
City National Bank.
First National Bank.
New Jersey:
Hoboken—First National Bank.
Newark—National Newark & Essex Banking
Co.
New Brunswick—National Bank of New Jersey.
Paterson—
Hamilton Trust Co.
Paterson National Bank.
.New York:
BuffaloCitizens Trust Co.
Manufacturers & Traders National Bank.
New York C i t y American Exchange National Bank.
Bankers Trust Co.
Bank of America.
Bank of Manhattan Co.
Bank of New York & Trust Co.
Central Union Trust Co.
Chase National Bank.
Chemical National Bank.
Columbia Trust Co.
New York—Continued.
New York City—Continued.
Corn Exchange Bank.
Equitable Trust Co.
Farmers Loan & Trust Co.
Fifth Avenue Bank.
First National Bank.
Gar field National Bank.
Guaranty Trust Co.
Harriman National Bank.
Importers & Traders National Bank.
Irving National Bank.
Lincoln Trust Co.
Mechanics & Metals National Bank.
Mercantile Bank of the Americas.
National Bank of Commerce.
National f'ity Bank.
NationJrfrT ark B ank.
New Netherlands Bank.
New York Trust Co.
Pacific Bank.
Seaboard National Bank.
U . S . Mortgage & Trust Co.
W. R. Grace & Co.'s Bank.
Utica—
First National Bank.
Utica Trust & Deposit Co.
DISTRICT NO. 3.
Pennsylvania:
PhiladelphiaBank of North America.
Corn Exchange NatioLal Bank.
First National Bank.
Fourth Street National Bank
28971—23
16
Pennsylvania — ontinued.
C
Philadelphia—Continued.
Girard National Bank.
Market Street National Bank.
Philadelphia National Bank.
Tradesmen'* National Bank.
230
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 4.
Kentucky:
Lexington—Phoenix & Third National Bank.
OhioAkron—First-Second National Bank.
Cincinnati—
Fifth-Third National Bank.
Union Savings & Trust Co.
ClevelandBrotherhood of Locomotive Engineers
Co-operative National Bank.
Central National Bank, Savings & Trust Co.
Cleveland Trust Co.
Guardian Savings & Trust Co.
Union Trust Co.
Columbus—
City National Bank.
Ohio National Bank.
Ohio—Continued.
Toledo—Commerce Guardian Trust & Savings
Bank.
Pennsylvania:
Braddock—First National Bank.
Greensburg—First National Bank.
PittsburghBank of Pittsburgh, N. A.
First National Bank.
Mellon National Bank.
Pittsburgh Trust Co.
Union National Bank.
Union Trust Co.
West Virginia:
Wheeling—Wheeling Bank & Trust Co.
DISTRICT NO. 5.
Maryland:
Baltimore—
Baltimore Commercial Bank.
Baltimore Trust Co.
Citizens National Bank.
Drovers & Mechanics National Bank.
Fanners & Merchants National Bank.
Maryland Trust Co.
Merchants National Bank.
National Bank of Baltimore.
National Exchange Bank.
National Marine Bank.
National Union Bank of Maryland.
Second National Bank.
Western National Bank.
North Carolina:
Wilmington—Murchison National Bank.
South Carolina:
CharlestonBank of Charleston, N. B. A.
Peoples National Bank.
South Carolina—Continued.
Orangeburg—Edisto National Bank.
Rock Hill—Peoples National Bank.
Virginia:
Danville—First National Bank.
Hampton—Merchants National Bank.
NorfolkCitizens Bank.
National Bank of Commerce.
Norfolk National Bank.
Seaboard National Bank.
Virginia National Bank.
RichmondAmerican National Bank.
Bank of Commerce & Trusts.
Central National Bank.
First National Bank.
Merchants National Bank.
Planters National Bank.
DISTRICT NO. 6.
Alabama:
Albany—Central National Bank.
Decatur—City National Bank.
Huntsville—Henderson National Bank.
Mobile—Merchants Bank.
Troy—Farmers & Merchants National Bank.
Florida:
Jacksonville—Atlantic National Bank.
Pensacola—Citizens & Peoples National Bank.
Georgia:
AtlantaAtlanta National Bank.
Fourth National Bank.
Lowry National Bank.
Macon—
Fourth National Bank.
Macon National Bank.
Savannah—
Citizens Trust Co.
Citizens & Southern Bank.
Savannah Bank & Trust Co.
Valdosta—First National Bank.
Louisiana:
Jennings—Jennings National Bank.
New Orleans—
American Liberty Bank & Trust Co.
Canal Commercial Trust & Savings Bank.
Hibernia Bank & Trust Co.
Interstate Trust & Banking Co.
Marine Bank & Trust Co.
New Orleans Bank & Trust Co.
Whitney-Central National Bank.
New Roads—The Pointe Couple Trust & Savings Bank.
Mississippi:
Vicksburg—Merchants National Bank.
Tennessee:
ChattanoogaFirst National Bank.
Hamilton National Bank.
Clarksville— First National Bank.
DISTRICT NO. 7.
Illinois:
ChicagoChicago 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.
Illinois—Continued.
Peoria—Merchants & Illinois National Bank.
Indiana:
Brazil—The RiddeU National Bank.
Indianapolis—Fletcher-American N a t i o n a l
Bank.
Michigan:
DetroitFirst National Bank.
National Bank of Commerce.
Wisconsin:
Milwaukee—First Wisconsin National Bank.
ACCEPTANCES TO 100 PEE CENT.
231
DISTRICT NO. 8.
Arkansas:
Pine Bluff—Peoples Savings Bank & Trust Co.
Mississippi:
Ittabena—First NationaIBank.
Missouri:
St. L o u i s First National Bank in St. Louis.
Liberty Central Trust Co.
Mercantile Trust Co.
Missouri—Continued.
St. Louis—Continued.
Merchants-Laelede National Bank.
Mississippi Valley Trust Co.
National Bank of Commerce.
Tennessee:
Memphis—
Central-State National Bank.
Union & Planters Bank & Trust Co.
DISTRICT NO. 9.
Minnesota:
Minneapolis—
>
First National Bank in Minneapolis.
Northwestern National Bank.
Minnesota—Continued.
St. P a u l Capital National Bank.
First National Bank.
DISTRICT NO. 10.
Colorado:
J Missouri—Continued.
i
Kansas City—Continued.
Denver—Denver National Bank.
Fidelity National Bank & Trust Co.
Kansas:
First National Bank.
Hutchinson—First National Bank.
St. Joseph—First National Bank.
Lawrence—Lawrence National Bank.
Oklahoma:
Missouri:
Kansas C i t y Enid—Enid National Bank.
Commerce Trust Co.
Oklahoma City—Security National Bank.
Continental National Bank of Jackson
County.
DISTRICT NO. 11.
Arizona:
Nogales—First National Bank.
Texas:
Austin—American National Bank.
Brownwood—First National Bank in Brownwood.
DallasAmerican Exchange National Bank.
City National Bank.
Dallas National Bank.
Republic National Bank.
The Southwest National Bank.
El Paso—First National Bank.
Fort W o r t h Farmers & Mechanics National Bank.
Fort Worth National Bank.
Stockyards National Bank.
Gainesville—First National Bank.
Hillsboro—Citizens National Bank.
Texas—Continued.
Honey Grove—State National Bank.
HoustonFirst National Bank.
Houston National Exchange Bank.
Lumbermans National Bank.
National Bank of Commerce.
South Texas Commercial National Bank.
Union National Bank.
Navasota—First National Bank.
Paris—Lamar State Bank & Trust Co.
San Angelo—First National Bank.
Sherman—Commercial National Bank.
TerrellAmerican National Bank.
First National Bank.
Waco—First National Bank.
Waxahachie—Waxahachie National Bank.
DISTRICT NO. 12.
California:
Los AngelesFirst National Bank.
Merchants National Bank.
San FranciscoAmerican National Bank.
Anglo & London-Paris National Bank.
Bank of California, N. A.
Crocker National Bank.
First National Bank.
Mercantile Trust Co.
Wells Fargo-Nevada National Bank.
Santa Barbara—First National Bank.
Oregon:
PortlandFirst National Bank.
Ladd & Tilton Bank.
Oregon—Continued.
Portland—Continued.
Northwestern National Bank.
United States National Bank.
Washington:
SeattleDexter Horton National Bank.
First National Bank.
National Bank of Commerce of Seal tie.
Seaboard National Bank.
Seattle National Bank.
Union National Bank.
SpokaneExchange National Bank.
Old National Bank.
Spokane & Eastern Trust Co.
Tacoma—National Bank of Tacoma
232
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
PERSONNEL AND SALARIES.
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE
BOARD AS OF DECEMBER 31, 1922.
OFFICE OF THE SECRETARY.
W. W. Hoxton, secretary
W. L. Eddy, assistant secretary
Staff:
1 at $4,500
1 at $3,900
1 at $3,200
2 at $3,000
1 at $2,565
1 at $2,400
2 at $2,080
1 at $2,040....:
2 at $2,000
3 at $1,905
2 at $1,800
3 at $1,730
4 at $1,665
4 at $1,440
1 at $1,260
1 at $1,240
1 at $820
1 at $720
$10,000.00
6, 500.00
..
4, 500.00
3, 900.00
3, 200.00
6, 000. 00
2, 565. 00
2, 400. 00
4,160.00
2,040.00
4,000.00
5,715.00
3,600.00
5,190.00
6, 660.00
5, 760.00
1, 260.00
1, 240.00
820.00
720.00
$80, 230.00
OFFICE OF GENERAL COUNSEL.
Walter Wyatt, general counsel
Edgar W. Freeman, assistant counsel
Staff:
1 at $2, 850
1 at $2,400
1 at $2,000
1 at $1,920
1 at $1,300
7,000.00
5, 500. 00
2, 850.00
2, 400.00
2,000.00
1, 920.00
1, 300.00
22,970.00
OFFICE OF FISCAL AGENT.
W. M. Imlay, fiscal agent
Staff:
1 at $1,660.00
4, 500.00
L 660. 00
~
6,160.00
ARCHITECTS.
A. B. Trowbridge, consulting architect
O, W. TenEyck, assistant architect
6, 666. 66
2, 500.00
—
9,166. 66
OFFICES OF MEMBERS OF THE BOARD.
Staff:
1 at $3,000
1 at $2,900
2 at $2,700
1 at $2,600
2 at $1,800
1 at $1,665
1 at $1,500
3,000.00
2, 900.00
5,400.00
2, 600.00
3, 600.00
1, 665.00
1, 500.00
—
20,665.00
233
PERSONNEL AND SALARIES.
OFFICE OF STATISTICIAN.
Morris Jacobson, statistician
E. A. Goldenweiser, associate statistician
Staff:
1 at $2,400
2 at $2,000
2 at $1,800
2 at $1, 680
1 at $1,665
1 at $1,600
1 at $1,560
1 at $1,080.
1 at $1,000
$8,000.00
5,400.00
2,400. 00
4, 000 00
3, 600. 00
3, 360.00
1, 665.00
1, 600.00
1.560. 00
1,080.00
1,000.00
$33, 665. 00
DIVISION OF BANK OPERATIONS.
E. L. Smead, chief of division
John R. Van Fossen, assistant chief
Staff:
1 at $ 3 , 2 0 0 . . . . . . . . . . . . . . . .
2 at $2,665
1 at $2,330
1 at $2,200
4 at $2,080
1 at $1,905
2 at $1,860
2 at $1,665
2 at $1,620
2 at $1,600
•2 at $1,560
1 at $1,540
3 at $1,465
3 at $1, 440
1 at $1,330
2 at $1,320
1 at $1,200
6, 000. 00
4, 000. 00
3,200.00
5,330.00
2, 330. 00
2,200.00
8, 320. 00
1, 905. 00
3, 720. 00
3,330.00
3, 240. 00
3,200.00
3,120.00
1,540.00
4,395.00
4, 320. 00
1, 330. 00
2, 640. 00
1,200.00
65, 320. 00
DIVISION OF EXAMINATION.
James F. Herson, chief of division and chief Federal reserve
examiner
11, 000. 00
Examiners:
James Buchanan, jr
7, 000. 00
W. J. Donald
6, 500. 00
R. M. Chapman
4, 500. 00
P. A. Gordon
4, 500. 00
J. C. Noell
4,200.00
F. J. Drinnen
4, 200. 00
Assistant examiners:
1 at $3,800
3, 800. 00
5 at $3,600
18,000.00
1 at $3,500
3,500.00
1 at $3,300
3, 300. 00
1 at $2,900
2,900. 00
2 at $2,700
5,400.00
1 at $2,500
2,500.00
4 at $2,400
9, 600. 00
Office staff:
2 at $1,920
1 at $1,465
1 at $1,200
90, 900. 00
3, 840. 00
1,465.00
1,200.00
6, 505.00
97,405.00
234
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DIVISION OP ANALYSIS AND RESEARCH.
Walter W. Stewart, director of division
Staff:
1 at $4,000
1 at $3,500
1 at $3,250
2 at $2,750
1 at $2,600
1 at $2,400
1 at $2,080
2 at $1,800
1 at $1,750
I at $1,700
1 at $1,650
1 at $1,600
4 at $1,500
3 at $1,440
1 at $600 (part-time employee)
$8, 000. 00
•.
4,000. 00
3,500.00
3,250.00
5,500.00
2,600.00
2,400.00
'2,080.00
3,600.00
1,750.00
1,700.00
1,650.00
1, 600.00
6,000. 00
4,320.00
600.00
— $52, 550.00
DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION.
L. G. Copeland, chief of division
W. J. Tucker, assistant chief
Staff:
1 at $2,160
1 at $1, 920
1 at $1,800
1 at $1,740
2 at $1,620
1 at $1,560
10 at $1,500
6 at $1,440
2 at $1,400
2 at $1,380
2 at $1,320
2 at $1,260
3 at $1,200
1 at $1,140
1 at $600
3,500.00
2,640.00
2,160.00
1, 920.00
1,800.00
1,740.00
3,240.00
1,560.00
15,000.00
8,640.00
2,800.00
2,760.00
2,640.00
2,520.00
3,600.00
1,140.00
600.00
—
• 58,260.00
EMPLOYEES DETAILED.
Redemption division, Office of the Comptroller of the Currency:
2 at $1,020 (laborers)
1 at $1,000 (laborer)
2,040.00
1,000.00
3,040.00
MESSENGERS.
2 at $1,440
1 at $1,400
1 at $1,250
1 at $1,200
9 at $1,160
1 at $1,080.1 at $800
.'
t
2, 880.00
1,400.00
1,250.00
1,200.00
10,440.00
1,080.00
800.00
19,050.00
CHARWOMEN
3 at $240
Total
720.00
469,201. 66
235
PERSONNEL AND SALARIES.
SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS
AS OF DECEMBER 31, 1921 AND 1922.
(In order to insure uniformity in published reports, a standard classification has been adopted whereby
persons holding certain designated positions at Federal reserve banks shall be classed as officers and
the remainder of the banks' personnel as employees. Both the 1922 and 1921 figures, shown in the following tables, have been compiled in accordance with the new classification.)
FEDERAL RESERVE BANK OF BOSTON.
Officers and employees.
Departments.
Number.
1921
Salaries.
1922
1921
1922
Total
!
1
14
565
30
17
106
1
1
14
599
34
17
123
$18,000
25,000
98,560
756,840
59,340
32,880
157,030
$18,000
25,000
105,040
783,004
67,820
33,900
192,780
734
Chairman and Federal reserve agent
Governor
Other officers
Banking department
Federal reserve agent's department.
Auditing department
Fiscal agency department l
789
1,147,650
1,225,544
i Exclusive of 137 temporary employees in fiscal agency department at end of 1922 engaged in redemption of Victory notes and of war savings securities maturing Jan. 1,1923.
FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH).
Chairman and Federal reserve agent
Governor
Other officers
Banking department
Federal reserve agent's department.
Auditing department
Fiscal agency department 1
Total
1
1
38
2,418
91
96
262
2,907 j
$30,000
50,000
38 |
429,800
2,425 ! 3,424,423
78 j
177,960
78 ; 192,360
427,300
279
2,900 4,731,843
$30,000
50,00C
415,200
3,301,453
159,040
166,880
464,860
4,587,433
i Exclusive of 143 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923.
FEDERAL RESERVE BANK OF PHILADELPHIA.
Chairman and Federal reserve agent..
Governor
Other officers
Banking department
Federal reserve agent's department-..
Auditing department
Fiscal agency department 2
Total.
1
1
112
741
51
33
58
1
1
1 12
683
53
33
50
897
833
$15,000 !
25,000 !
91,800 I
913,250 i
94,074 i
60,410
84,260 I
1,283,794
$15,000
25,000
93,300
859,080
102,428
63,110
71,440
1,229,358
1
2
Exclusive of 1 inactive deputy governor without salary.
Exclusive of 40 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923.
FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH
BRANCHES).
Chairman and Federal reserve agent
Governor
Other officers
Banking department
Federal reserve agent's department.
Auditing department
Fiscal agency department l
Total
1
1
23
755
30
40
127
1
$25,000 1
1
30,000 j
27
147,100 1
738 1,006,346 I
28
• 67,376 !
35 , 78,403 ;
103
192,287 :
$25,000
30,000
175,168
980,797
66,340
66,744
169,128
933 i 1,546,512 I
1,513,177
1
Exclusive of 241 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923.
236
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH).
Officers and employees.
Departments.
Number.
1921
Chairman and Federal reserve agent.
Governor
Other officers
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department l
Total.
Salaries.
1922
1
1
24
632
28
22
37
1 I
1
24 !
613 !
16 !
20 !
47 !
745
722
1921
1922
$15,000
18,000
138,400
715,410
59,010
40,530
49,400
$15,000'
18,000
137,500
717,370
31,860
38,070
65,450
1,035,750
1,023,250
i Exclusive of 29 temporary employees in fiscal agency department at end of 1922 engaged in redemption
of Victory notes and of war savings securities maturing Jan. 1, 1923.
FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE,
NASHVILLE, AND NEW ORLEANS BRANCHES AND SAVANNAH AGENCY).
Chairman and Federal reserve agent.
Governor
Other officers
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department i
Total
1
1
32
330
11
18
42
$12,000
18,000
121,500
441,086
44,560
39,540
55,440
$12,000
18,000
182,300
387,354
22,080
30,720
59,798-
435
1!
1!
23 ;
371 i
18 '
24
44 i
732,126 j
712,252
i Exclusive of 20 temporary employees in fiscal agency department at end of 1922 engaged in redemption
o f war savings securities maturing Jan. 1, 1923.
FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH).
Chairman and Federal reserve agent.
Governor
Other officers
Banking department
Federal reserve agent's department..
Auditing department
,
Fiscal agency department *
Total
1
1
42
1,363
99
47
174
21,727
$24,000
35,000
272,200
1,835,000
180,010
78,240
268,460
$24,000
35,000
298,850
2,023,995
141,350
77,420
169,940
1,715 I 2,692,910
2,770,555
1
1
43
1,456
71
42
101
i Exclusive of 98 temporary employees in fiscal agency department at end of 1922 engaged in redemption
of war savings securities maturing Jan. 1, 1923.
a Revised.
FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS, AND
LITTLE ROCK BRANCHES).
Chairman and Federal reserve agent
Governor
Other officers
Banking department
Federal reserve agent's department.
Auditing department
Fiscal agency department i
Total
1
$18,000
25,000
130,460
784,603
24,060
26,220
122,480
$18,000
25,000
128,340
718,109
28,260
22,860
97,820
1,038,389
Exclusive of 47 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1, 1923.
PERSONNEL AND SALARIES.
237
FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH).
Officers and employees.
Departments.
Number.
1922
Chairman and Federal reserve agent.
Governor
Other officers
Banking department
Federal reserve agent's department.
Auditing department
Fiscal agency department
$15,000
16,000
74,750
450,628
21,460
20,720
92,296
$15,000
18,000
81,100
409,356
25,580
27,520
144,118
Total
1
Exclusive of 20 temporary employees infiscalagency department at end of 1922 engaged in redemption
of war savings securities maturing Jan. 1,1923.
FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY,
AND OMAHA BRANCHES).
Chairman and Federal reserve agent.
Governor
Other officers
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department *
Total..
1
1
20
672
20
48
132
1
1
28
638
17
24
126
894
835
$15,000 I
20,000 |
107,720
946,801
45,882
91,680
214,040
1,441,123 I
$15,000
20,000
142,740
879,250
34,100
41,530
213,870
1,346,490
i Exclusive of 42 temporary employees infiscalagency department at end of 1922 engaged in redemption
of war savings securities maturing Jan. 1,1923.
FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES).
Chairman and Federal reserve agent.
Governor
Other officers
Banking department
Federal reserve agent's department...
Auditing department
Fiscal agency department*
Total..
1
1
20
509
25
32
49 i
1
1
20
468
19
22
54
;
$18,000
18,000
85,900
680,697
60,720
60,390
78,280
$12,000
18,000
96,90C
652,480
47,940
42,030
88,070
637 |
585 I 1,001,987
957,420
!
1
!
j
1
Exclusive of 15 temporary employees infiscalagency department at end of 1922 engaged in redemption
of war savings securities maturing Jan. 1,1923.
FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND,
SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES).
Chairman and Federal reserve agent
Governor
Other officers
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department *
Total
1
1
43
1,013
34
50
125
1,267
1
1
41
855
29
36
162
$24,000
24,000
215,320
1,505,680
74,780
82,260
194,100
$24,000
24,000
214,200
1,260,680
74,440
61,380
259,680
1,125 1 2,120,140
1,918,380
1
Exclusive of 51 temporary employees infiscalagency department at end of 1922 engaged in redemption
of war savings securities maturing Jan. 1, 1923.
238
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SALARIES OF NATIONAL BANK EXAMINERS, AS OF D E C E M B E R 31,
1922.
Henry B. Davenport, assigned as chief, examining division, Comptroller's
office
$4, ()00
DISTRICT NO. 1—BOSTON.
(389 national member banks.)
Herbert W. Scott, chief examiner
$8, 500
1 examiner, at $5,000; 2 examiners, at $4,500; 2 examiners, at
$4,200; 1 examiner, at $3,600; 2 examiners, at $3,000
32,000
40,500
DISTRICT NO. 2—NEW YORK.
(671 national member banks.)
Daniel C. Borden, chief examiner
16, 500
2 examiners, at $7,500; 1 examiner, at $6,500; 2 examiners, at
$6*,000; 3 examiners; at $5,500; 1 examiner, at $5,000; 2 examiners,
at $4,500; 1 examiner, at $4,200; 1 examiner, at $3,900; 3 examiners, »t $3,600; 3 examiners, at $3,300; 2 examiners, at $3,000;
1 examiner, at $2,700
101, 500
118,000
DISTRICT NO. 3—PHILADELPHIA.
(658 national member banks.)
Stephen L. Newnham, chief examiner
10, 500
1 examiner, at $5,500; 1 examiner, at $5,000; 2 examiners, at
$4,500; 1 examiner, at $4,000; 1 examiner, at $3,900; 2 examiners,
at $3,600; 1 examiner, at $3,500; 3 examiners, at $3,300; 2 examiners at $3,000; 1 examiner at $2,400
56,400
66,900
DISTRICT NO. 4—CLEVELAND.
(766 national member banks.)
Thomas C. Thomas, chief examiner
8, 500
1 examiner, at $5,500; 2 examiners, at $5,000; 1 examiner, at
$4,800; 1 examiner, at $4,500; 1 examiner, at $4,200; 2 examiners,
at $3,900; 3 examiners, at $3,300; 2 examiners, at $3,000
52, 700
61,200
DISTRICT NO. 5—RICHMOND.
(566 national member banks.)
William J. Schechter, chief examiner
8, 500
1 examiner, at $4,800; 6 examiners, at $4,200; 2 examiners, at
$3,900; 1 examiner, at $3,600; 2 examiners at $3, 300; 3 examiners,
at $3,000; 1 examiner, at $2,700
59, 700
68,200
DISTRICT NO. 6—ATLANTA.
(388 national member banks.)
John W. Pole, chief examiner
9,000
2 examiners, at $4,500; 1 examiner, at $4,200; 2 examiners, at
$3,900; 4 examiners, at $3,600; 1 examiner, at $2,700; 1 examiner, ^
at $2,400
40, 500
49,500
PERSONNEL AND SALARIES.
239
DISTRICT N O . 7—CHICAGO.
(1,055 national member banks.)
Fred Brown, chief examiner
$11,000
1 examiner, at $5,400; 1 examiner, at $5,100; 1 examiner, at $4,800;
4 examiners, at $4,500; 2 examiners, at $4,200; 2 examiners, at
$4,000; 2 examiners, at $3,900; 4 examiners, at $3,600; 2 examiners, at $3,300; 2 examiners, at $3,000; 1 examiner, at $2,700
87,200
$98,200
DISTRICT NO. 8—ST. LOUIS.
(486 national member banks.)
John S. Wood, chief examiner
9,000
1 examiner, at $5,500; 1 examiner, at $5,000; 1 examiner at $4,000; ,
1 examiner, at $3,900; 3 examiners, at $3,600; 3 examiners, at
$3,300; 1 examiner, at $2,700
41,800
50,800
DISTRICT NO. 9—MINNEAPOLIS.
(885 national member banks.)
Howard M. Sims, chief examiner
8, 500
1 examiner, at $5,500; 5 examiners, at $4,000; 1 examiner, at
$3,900; 3 examiners, at $3,600; 3 examiners, at $3,300; 3 examiners at $3,000; 1 examiner, at $2,700
61, 800
_ 70, 300
DISTRICT NO. 10—KANSAS CITY.
(1,114 national member banks.)
Luther K. Roberts, chief examiner
10,000
1 examiner, at $5,500; 2 examiners, at $5,000; 1 examiner, at
$4,800; 2 examiners, at $4,500; 2 examiners, at $4,000; 1 examiner,
at $3,900; 5 examiners, at $3,600; 4 examiners, at $3,300; 2 examiners, at $3,000; 4 examiners, at $2,700; 1 examiner, at $2,400
91, 600
101,600
DISTRICT NO. 11—DALLAS.
(663 national member banks.)
Richard H. Collier, chief examiner
9, 000
1 examiner, at $5,500; 5 examiners, at $5,000; 2 examiners, at
$4,800; 2 examiners, at $4,500; 1 examiner, at $4,200; 2 examiners at $4,000; 1 examiner, at $3,300; 2 examiners, at $3,000; 3
examiners, at $2,700
78,700
87,700
DISTRICT NO. 12—SAN FRANCISCO.
(620 national member banks.1)
Harry L. Machen, chief examiner
10,000
1 examiner, at $6,000; 3 examiners, at $5,500; 4 examiners, at
$5,000; 4 examiners, at $4,500; 1 examiner, at $4,000; 1 examiner, at $3,900; 3 examiners, at $3,600; 1 examiner, at $3,000;
1 examiner, at $2,750; 3 examiners, at $2,700
93,050
103,050
Grand total of annual salaries of all examiners on Dec. 31,
1922
,
1
919, 950
Includes the 2 national nonmember banks in the Hawaiian Territory and the 3 national nonmember
banks in Alaska.
240
ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
RECAPITULATION.
Examining staff:
Chief examiners—
At $16,500 per annum
At $11,000 per annum
At $10,500 per annum
At $10,000 per annum
At $9, 000 per annum
At $8,500 per annum
1
1
1
2
3
4
Total, chief examiners
Salaries, chief examiners
Other examiners—
At $7,500 per annum
At $6,500 per annum
At $6,000 per annum
At $5,500 per annum
At $5,400 per annum
At $5,100 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 $3,500 per annum
At $3,300 per annum
At $3,000 per annum
At $2,750 per annum
At $2,700 per annum
At $2,400 per annum
12
$119,000
2
1
3
1
1
1
17
6
21
14
15
14
29
1
24
21
1
16
3
-.
Total other examiners
Salaries, other examiners
Total examining staff
Total salaries
202
2
214
800, 95(h
919, 950
DIRECTORY OF THE FEDERAL RESERVE BOARD, FEDERAL
ADVISORY COUNCIL, AND FEDERAL RESERVE BANKS.
FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
;
A. W. MELLON,
j
~
> GovemOT.
EDMUND PLATT, Vice Governor.
^r
Secretary of the Treasury, Chairman. \ A D O L P H °- M l L L E R D. R. CRISSINGER,
-
Comptroller of the Currency.
.
! CHARLES S. HAMLIN.
; JOHN R. MITCHELL.
W. W. HOXTON, Secretary.
\ WALTER WYATT, General Counsel.
W. L. EDDY, Assistant Secretary.
j M. JACOBSON, Statistician.
W. M. IMLAY, Fiscal Agent.
| E. A. GOLDENWEISER,
J. F. HERSON,
!
Associate Statistician.
Chief, Division of Examination and E. L. SMEAD,
Chief Federal Reserve Examiner.
Chief, Division of Bank Operations,
WALTER W. STEWART,
Director, Division oj Analysis and
Research.
* In addition, there are 18 national-bank examiners not receiving salaries.
241
DIRECTORY.
FEDERAL ADVISORY COUNCIL.
[Elected for year 1923.]
District
District
District
District
District
District
District
District
District
District
District
District
No.
No.
No.
No.
1 .—Alfred L. Aiken, president National Shawmut Bank, Boston, Mass.
2.—Paul M. Warburg, American Acceptance Council, New York City.
3.—L. L. Rue, president Philadelphia National Bank, Philadelphia, Pa.
4.—C. E. Sullivan, president Central National Bank Savings & Trust
Co., Cleveland, Ohio.
No. 5.—John M. Miller, jr., president First National Bank, Richmond, Va.
No. 6.—Edward W. Lane, president Atlantic National Bank. Jacksonville,
Fla.
No. 7.—John J. Mitchell, chairman Illinois Trust & Savings Bank, Chicago,
111.
No. 8.—Festus J. Wade, president Mercantile Trust Co., St. Louis, Mo.
No. 9.—G. H. Prince, chairman Merchants National Bank, St. Paul, Minn.
No. 10.—E. F. Swinney, president First National Bank, Kansas City, Mo.
No. 11.—R. L. Ball, chairman National Bank of Commerce, San Antonio,Tex.
No. 12.—D. W. Twohy, president Old National Bank, Spokane, Wash.
OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS.1
DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON.
>r
t
FREDERICK H, CURTIS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, D3pu|y Chairman.
:
W. P. G. HARDING, Governor.
Residence.
Director.
Class A:
Thomas P. Beal
Edward S. Kennard
Frederick S. Chamberlain
Class B:
Philip R. Allen
Charles G. Washburn
E. R Morse
Class C:
Frederic H. Curtiss
Allen Hollis.
Jesse H. Metcalf
Term expires.
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
Boston, Mass .
Rumford, Me
New Britain, Conn
East Walpole, Mass
Worcester, Mass
Proctor, Vt
*
Boston, Mass
Concord, N. H
Providence R I
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK.
PIERRE JAY, Chairman and Federal Reserve Agent.
W M . L. SAUNDERS, Deputy Chairman. B E N -
JAMIN STRONG, Governor.
Class A:
R. H. Treman
Charles Smith
Gates W. McGarrah
Class B:
Richard H. Williams
Frank L. Stevens
Owen D. Young
Class C:
Wm. L. Saunders
C.M. Woolley
Pierre Jay
I
| Ithaca, N. Y .
j Oneonta, N. Y.
New York, N. Y.
Dec. 31,1923
Dec. 31.1924
Dec. 31.1925
mauww, ^ . „
Madison, N. J.
North Hoosick, N. Y..
! New York, N. Y..
Dec. 31.1923
Dec. 31.1924
Dec. 31,1925
I
I
do
do
do
Dec. 31.1923
Dee. 31.1924
Dec. 31.1925
BUFFALO BRANCH.
W. W. SCHNECKENBERGER, Manager.
E . J. Barcalo
Fred J.Coe
John A. Kloepfer
Thomas E. Lannin
Elliott C. McDougal......
Harry T. Ramsdell
W. W. Schneckenberger.
Buffalo, N . Y
Niagara Falls, N. Y.
Buffalo, N. Y .
,
Rochester, N. Y . . . . .
Buffalo, N. Y
.do.
.do.
Dec. 31,1923
Do.
Do.
Do.
Do.
Do.
Do.
* Includes directors elected in December, 1922, for the 3-year term beginning January 1,1923.
242
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA.
RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. H . B . THOMPSON, Deputy Chairman,
GEO. W. NORRIS, Governor.
Residence.
Director.
Class A:
Jos. Wayne, jr
Francis Douglas
John C. Cosgrove....
Class B:
Edwin S. Stuart
Charles K.Haddon.
Alba B. Johnson
Class C:
R. L.Austin
Chas. C. Harrison...
H. B. Thompson
I
I Term expires.
Philadelphia, P a . .
Wilkes-Barre, P a .
Johnstown, Pa.,
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
Philadelphia, Pa.
Camden, N. J
Philadelphia, Pa.
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
do
....do
Wilmington, Del-
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVELAND.
D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman.
FANCHER, Governor.
Class A:
Ropert 'W -rdrop.
'* Chess Ltimberton
Class B:
Thomas A. Combs
John Stambaugh
R. P.Wright
Class C:
D.C.Wills
W. W. Knight
L. B. Williams
E. R.
Pittsburgh, Pa..
Hillsboro, Ohio.
Franklin, Pa
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
Lexington, Ky
Youngstown, Ohio.
Erie, Pa
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
Cleveland, Ohio
Toledo, Ohio
Cleveland, Ohio
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
CINCINNATI BRANCH.
L. W. MANNING, Manager.
Geo. D.Crabbs..
T. J. Davis
Judson Harmon..
Chas. A. Hinsch.
L. W. Manning..
Cincinnati, Ohio,
.do
.do.
.do.
.do.
Dec. 31,1923
Do.
Do.
Do.
Do.
PITTSBURGH BRANCH.
GEORGE D E CAMP, Manager.
Chas. W. Brown.
James D. Callery.
George De Camp.
John R. McCune.
R.B.Mellon
Pittsburgh, Pa.
.do
do
.....do
....do
Dec. 31,1923
Do.
Do.
Do.
Do.
DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND.
CALDWELL HARDY, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman.
GEORGE J. SEAY, Governor.
Class A:
L. E. Johnson
Charles E. Rieman
John F . Bruton
Class B:
D. R. Coker
Edmund Strudwick
Edwin C. Graham
Class C:
Caldwell Hardy
Frederic A. Delano
Robert Lassiter
Alderson, W. Va
Baltimore, Md
Wilson, N. C
Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
Hartsville, S. C
Richmond, Va
Washington, D . C
Dec. 31, 1923
Dec. 31, 1924
j Dec. 31, 1925
Richmond, Va
J Washington, D. C
| Charlotte, N . C . . .
•Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
243
DIRECTORY.
DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND—Continued
BALTIMORE BRANCH.
ALBERT H. DUDLEY, Manager.
Director.
Term expires.
Residence.
Albert H.Dudley..
William Ingle
Waldo Newcomer.
Carter G. Osburn..
Henry B.Wilcox..
Baltimore, Md.
.....do
do
do
.....do
Dec. 31, 1923
Do.
Do.
Do.
Do.
l
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA.
JOSEPH A. MCCORD, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman. M. B.
WELLBORN, Governor.
Class A:
P. R. Kittles
JohnK. Ottley
Oscar Newton
Class B.Leon C. Simon
J. A. McCrary
W.H.Hartford
Class C:
Joseph A. McCord
Lindsey Hopkins.
W . H . Kettig
Sylvania, Ga
Atlanta, Ga
, Jackson, Miss
31,
! Dec. 1923
I Dec.31, 1924
I Dec. 31, 1925
New Orleans, La
Decatur, Ga
Nashville, Tenn
| Dec. 31, 1923
j Dec. 31,1924
I Dec.31, 1925
Atlanta, G a
.do
i Dec. 1923
31,
Dec. 31,1924
Dec. 31, 1925
Birmingham, Ala.
NEW ORLEANS BRANCH.
MARCUS WALKER, Manager.
A. P. Bush
J. P. Butler, jr
John E. Bouden, jr..
F.W.Foote
R. S. Hecht
P. H. Saunders
Leon C.Simon
Mobile, Ala
New Orleans, La
do
Hattiesburg, Miss
New Orleans,La
do
do
j
j
I
Dec. 31, 1923
Do.
Do.
Do.
Do.
Do.
Do.
BIRMINGHAM BRANCH.
A. E. WALKER, Manager.
W.W.Crawford
JohnH. Frye.
W. H. Kettig
Oscar Wells
T.O. Smith
Birmingham, Ala
do
d o
j
do
do.
••....
Dec. 31, 1923
Do.
Do.
Do.
Do.
JACKSONVILLE BRANCH.
GEORGE R. D E SAUSSURE, Manager.
John C. Cooper
Courts P. Kendall..
Edward W. Lane..
Fulton Saussy
Giles L.Wilson....
Jacksonville, Fla
.do.
.do.
.do.
.do.
j Dec. 31, 1«23
Do.
Do.
Do.
Do.
NASHVILLE BRANCH.
J. B. MCNAMARA, Manager.
James E.Caldwell.
Paul M.Davis.
T. A. Embry.
W. H. Hartford.
E. A. Lindsey..
Nashville, Tenn
do
Winchester, Tenn
Dec. 31,1923
Do.
Do.
244
ANNUAL
REPORT OF T H E FEDERAL RESERVE
BOARD.
DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO.
WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman. JAMES
B. MCDOUGAL, Governor.
Director.
Residence.
Class A:
E. L. Johnson
George M. Reynolds
Charles H. McNider
Class B: i
A. H. Vogel
S. T. Crapo
Class C:
James Simpson
Wm. A. Heath
F. C. Ball
1
|Term expires.
Waterloo, Iowa
Chicago. Ill
Mason Citv, Iowa
Dec. 31,1923
Dec. 31,1924
! Dec. 31,1925
Milwaukee, Wis
Detroit, Mich
:
! Chicago, 111
]
do
!
Muncie, Ind
Dec. 31,1924
I Dec. 31,1925
I Dec. 31,1923
I Dec. 31,1924
I Dec. 31,1925
One vacancy.
DETROIT BRANCH.
ROBERT B . LOCKE, Manager.
John Ballantyne
Emory W. Clark
Julius H. Haas
Charles H. Hodges
Robert B. Locke
Detroit, Michdo
do
do
i
do
..
Dec.
I
31,1923
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:
John G. Lonsdale
J. C. Utterback
John C. Martin
Class B:
LeRoy Percy
Rolla Wells
W<. B. Plunkett..
Class C:
John W. Boehne
Wm. McC. Martin
C. P. J. Mooney
|
St. Louis, Mo
j Paducah, Ky
I Salem, 111
'
Greenville, Miss
St. Louis, Mo
Little Rock, Ark
,
Evansville, Ind
St. Louis, Mo
Memphis, Tenn
I
|
Dec. 31.1923
Dec. 31.1924
Dec. 31.1925
!
I Dec. 31.1923
Dec. 31.1924
j Dec. 31.1925
Dec. 31.1923
Dec. 31.1924
Dec. 31.1925
LOUISVILLE BRANCH.
W. P . KINCHELOE, Manager.
Louisville, Ky
Elizabethtown, Ky..
Louisville, Ky
.do
..do..
W. P. Kincheloe
"W. C. Montgomery
George W. Norton
F . M.Sackett
Embry L. Swearingen
Dec. 31,1923
Do.
Do.
Do.
Do.
MEMPHIS BRANCH.
JOHN J. HEFLIN, Manager.
J o h n J . Heflin
John D. McDowell
S. E Ragland
T. K. Riddick. ..
R. B. Snowden
.
Memphis, Tenn
do
. .. .do
. . .
do
do
Dec. 31,1923
Do.
Do.
Do.
Do.
245
DIRECTORY.
DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued.
LITTLE ROCK BRANCH.
A. F. BAILEY, Manager.
Director.
A. F. Bailey
John M. Davis
J. E. England, jr
C. S. McCain
Moorhead Wright
Residence.
I
Term expires.
Little Rock, Ark.
do..
.do.,
.do..
..do-
Dec. 31,1923
Do.
Do.
Do.
Do.
DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS.
JOHN H. RICH, Chairman and Federal Reserve Agent. HOMER P . CLARK, Deputy Chairman. R. A.
YOUNG, Governor.
Class A:
J. C. Bassett
Wesley C. McDowell
Theodore Wold
Class B:
N. B.Holter
F. P . Hixon
F. R. Bigelow
Class C:
John H. Rich
Homer P. Clark
Geo W McCormick
Aberdeen, S. Dak
Marion, N. Dak
Minneapolis, Minn
e
Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
Helena, Mont
La Crosse, Wis
St. Paul, Minn
Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
Minneapolis, Minn
St. Paul, Minn
Menominee, Mich
Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
HELENA BRANCH.
R. E. TOWLE, Manager.
Great Falls, Mont
Helena, Mont
Butte, Mont
Helena, Mont
Billings, Mont
L. M. Ford
R. 0 . Kaufman
Chas. J. Kelly
Thomas Marlow
H. W. Rowley '.
Dec. 31, 1923
Do.
Do.
Do.
Do.
DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY.
ASA E. RAMSAY, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman. W. J.
BAILEY, Governor.
Class A:
E. E. Mullaney
J.C.Mitchell
Frank W. Sponable
Class B:
Harry W. Gibson
T. C. Byrne
M. L. McClure
Class C:
Asa E. Ramsay
Heber Hord
Fred O. Roof
Hill City, Kans.
Denver, Colo..
Paola, Kans
Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
Muskogee, Okla..
Omaha, Nebr
Kansas City, Mo.
Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
do
Central City, Nebr.
Denver, Colo
Dec. 31, 1923
Dec. 31, 1924
Dec. 31, 1925
DENVER BRANCH.
C. A. BURKHARDT, Manager.
Pueblo, Colo..
Denver, Colo..
.do..
.do..
.do..
Alva B. Adams
C. A. Burkhardt
John Evans
A.C. Foster
C. C. Parks
28971—23
17
Dec. 31, 1923
Do.
Do.
Do.
Do.
246
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT N O . 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued.
OMAHA BRANCH.
L. H. EARHART, Manager.
Director.
Residence.
Geo. E. Abbott
W. J. Coad
L. H. Earhart
P. L. Hall.. .
R 0 Marnell
Cheyenne, Wyo
Omaha, Nebr
...do
Lincoln, Nebr
Nebraska City, Nebr
Term expires.
:
Dec. 31, 1923
Do.
Do.
Do.
Do.
OKLAHOMA CITY BRANCH.
C. E. DANIEL, Manager.
Dorset Carter
C.E.Daniel
T. P. Martin, jr
William Mee
E. K. Thurmond
. ..
.•
Oklahoma City, Okla
do
. .
do
Dec. 31, 1923
Do.
Do
Do.
Do.
do
do
DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS.
W. B. NEWSOME, Chairman and Federal Reserve Agent. B. A. MCKINNEY, Governor.
Class A:
Howell E. Smith
John T. Scott
W.H.Patrick... .
Class B:
J. J. Culbertson
Frank Kell..
Marion SfvnsoTn
Class C:*
Clarence E. Linz.
.
W. B. Newsome
McKinney, Tex...
Houston,Tex
Clarendon, Tex
,,
Paris, Tex.
Wichita Falls Tex
Fort Worth, Tex..
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
Dallas, Tex
do...
. ...
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
Dec. 31 1923
Dec. 31,1924
i One vacancy.
EL PASO BRANCH.
W. C. WEISS, Manager.
A. P. Coles
E.M.Hurd....
U.S.Stewart..
W.W.Tumey..
W.C.Weiss...
I
El Paso, Tex..
do
do
.do
,
do
Dec. 31,1923
Do.
Do.
Do.
Do.
HOUSTON BRANCH.
FLOYD IKARD, Manager.
Frank Andrews.
Guy M.Bryan..,
R.M. Farrar
E. F. Gossett
Floyd Ikard
Houston, Tex.
.do
.do.
.do.
.do.
Dec. 31,1923
Do.
Do.
Do.
Do.
247
DIRECTORY.
DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO.
JOHN PERRIN, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman. J. IT.
CALKINS, Governor.
Residence.
Director.
Class A:
John W. Baer
M. A. Buchan
C. K. Mclntosh
Class B:
A. B. C. Dohrmann
Wm. T. Sesnon
E.H.Cox
Class C:
John Perrin
Walton N Moore
Wm. Sproule
Pasadena, Calif
Palo Alto, Calif
San Francisco, Calif
. .
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
do. . .
.. ..do
Madera, Calif
.
Term expires.
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
San Francisco, Calif
do
. do. . . .
Dec. 31,1923
Dec. 31,1924
Dec. 31,1925
PORTLAND BRANCH.
FREDERICK GREENWOOD, Manager.
Portland, Oreg
do
do
do.
. .
do
J. C. Ainsworth
Edward Cookingham
Frederick Greenwood
Nathan Straus
Jos. N. Teal
Dec. 31,1923
Do.
Do.
Do.
Do.
SEATTLE BRANCH.
C. R. SHAW, Manager.
M A Arnold
M. F. Backus
Chas. H.Clarke.
Chas E Peabodv
C. R. Shaw
1
.
. .
.
Seattle, Wash
. do
do
do. . .
do
Dec. 31 1923
Do.
Do.
Do.
Do.
SPOKANE BRANCH.
W. L. PARTNER, Manager.
C. E. McBroom
Peter McGregor
W. L. Partner
R. L. Rutter.
G. I. Toevs
. ...
Dec. 31,1923
Do.
Do.
Do.
Do.
Spokane, Wash
Hooper, Wash
Spokane, Wash
.. . do
do
SALT LAKE CITY BRANCH.
R. B . MOTHERWELL, Manager.
Ogden, Utah
Salt Lake City, Utah.,
.do
.do.
.do.
Chapin A. Day
L. H. Farnsworth
Lafayette Hanchett.
R. B. Motherwell
G.G.Wright
Dec. 31,1923
Do.
Do.
Do.
Do.
LOS ANGELES BRANCH.
C. J. SHEPHERD, Manager.
I.B.Newton
Henry M. Robinson
J. F. Sartori...
C. J. Shepherd
A. J. Waters
...
Los Angeles, Calif
Pasadena, Calif
Los Angeles, Calif
do
do
. .
Dec. 31,1923
Do.
Do.
Do.
Do.
248.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
AMENDMENTS TO THE FEDERAL RESERVE ACT.
[PUBLIC—No. 230—67TH CONGRESS.]
[S. 2263.]
An Act To amend the Federal Reserve Act approved December 23, 1913.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section 10 of the Federal Reserve Act, approved December
23, 1913, is amended to read as follows:
SEC. 10. A Federal Reserve Board is hereby created which shall consist of eight
members, including the Secretary of the Treasury and the Comptroller of the Currency,
who shall be members ex officio, and six members appointed by the President of the
United States, by and with the advice and consent of the Senate. In selecting the
six appointive members of the Federal Reserve Board, not more than one of whom
shall be selected from any one Federal reserve district, the President shall have due
regard to a fair representation of the financial, agricultural, industrial and commercial
interests, and geographical divisions of the country. The six members of the Federal
Reserve Board appointed by the President and confirmed as aforesaid shall devote
their entire time to the business of the Federal Reserve Board and shall each receive
an annual salary of $12,000, payable monthly, together with actual necessary traveling expenses, and the Comptroller of the Currency, as ex officio member of the Federal
Reserve Board, shall, in addition to the salary now paid him as Comptroller of the
Currency, receive the sum of $7,000 annually for his services as a member of said
board.
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. Of the six members thus appointed by the President
one shall be designated by the President to serve for two, one for four, one for six, one
for eight and the balance of the members for ten years, and thereafter each member
so appointed shall serve for a term of ten years, unless sooner removed for cause by
the President. Of the six persons thus appointed, one shall be designated by the
President as governor and one as vice governor of the Federal Reserve Board. The
governor of the Federal Reserve Board, subject to its supervision, shall be the active
executive officer. The Secretary of the Treasury may assign offices in the Department of the Treasury for the use of the Federal Reserve Board. Each member of the
Federal Reserve Board shall within fifteen days after notice of appointment make
and subscribe to the oath of office.
The Federal Reserve Board shall have power to levy semiannually upon the Federal
reserve banks, in proportion to their capital stock and surplus, an assessment sufficient
to pay its estimated expenses and. the salaries of its members and employees for the
half year succeeding the levying of such assessment, together with any deficit
carried forward from the preceding half year.
The first meeting of the Federal Reserve Board shall be held in Washington, District
of Columbia, as soon as may be after the passage of this Act, at a date to be fixed by the
Reserve Bank Organization Committee. The Secretary of the Treasury shall be ex
officio chairman of the Federal Reserve Board. No member of the Federal Reserve
Board shall be an officer or director of any bank, banking institution, trust company,
or Federal reserve bank nor hold stock in any bank, banking institution, or trust
company; 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. Whenever a vacancy shall occur, other than by expiration of term, among the six members of the Federal Reserve Board appointed by the
President, as above provided, a successor shall be appointed by the President, with
the advice and consent of the Senate, to fill such vacancy, and when appointed he
shall hold office for the unexpired term of the member whose place he is selected to
fill.
The President shall have power to fill all vacancies that may happen on the Federal
Reserve Board during the recess of the Senate by granting commissions which shall
expire with the next session of the Senate.
Nothing in this Act contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision,
REGULATIONS OF THE BOARD.
249
management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this Act in the Federal Reserve Board or
the Federal reserve agent appears to conflict with the powers of the Secretary of the
Treasury, such powers shall be exercised subject to the supervision and control of
the Secretary.
The Federal Reserve Board shall annually make a full report of its operations to
the Speaker of the House of Representatives, who shall cause the same to be
printed for the information of the Congress.
Section three hundred and twenty-four of the Revised Statutes of the United States
shall be amended so as to read as follows:
"SEC. 324. There shall be in the Department of the Treasury a bureau charged
with the execution of all laws passed by Congress relating to the issue and regulation
of national currency secured by United States bonds and, under the general supervision of the Federal Reserve Board, of all Federal Reserve notes, the chief officer of
which bureau shall be called the Comptroller of the Currency and shall perform
his duties under the general directions of the Secretary of the Treasury.
"No Federal reserve bank shall have authority hereafter to enter into any contract
or contracts for the erection of any building of any kind or character, or to authorize
the erection of any building, in excess of 1250,000, without the consent of Congress,
having previously been given therefor in express terms: Provided, That nothing herein
shall apply to any building now under construction."
Approved, June 3, 1922.
[PUBLIC—No. 279—67TH CONGRESS.]
[S.831.]
*
An Act To amend the proviso in paragraph 10 of section 9 of the Federal Reserve Act amended by the Act
of June 21,1917, amending 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 proviso in paragraph 10 of section 9 of the Federal
Reserve Act amended by section 3 of the Act of June 21, 1917, amending the Federal
Reserve Act be amended to read as follows:
u
Provided, however, That no Federal reserve bank shall be permitted to discount for
any State bank or trust company notes, drafts, or bills of exchange of any one borrower
who is liable for borrowed money to such State bank or trust company in an amount
greater than that which could be borrowed lawfully from such State bank or trust
company were it a national banking association. "
Approved, July 1, 1922.
REGULATIONS OF THE FEDERAL RESERVE BOARD.
REGULATION A, SERIES OF 1922.
(Superseding Regulation A of 1920.)
WASHINGTON, March 29, 1922.
The Federal Reserve Board transmits herewith Regulation A, Series of 1922, superseding Regulation A, Series of 1920.
No change has been made in the regulation except in that part which deals with
bankers' acceptances growing out of the importation or exportation of goods, and that
part has been simplified by the elimination of certain matter which appeared in the
former regulation. It should be understood, however, that the board's action in issuing the new regulation with this matter eliminated does not imply any change of
view as to the meaning or proper construction of the law, or as to the broad principles
which should govern the exercise of the acceptance privilege. The board is not
reversing or in any way modifying any of its former rulings as to bankers' acceptances
growing out of the importation or exportation of goods in so far as these rulings have
been interpretative of the law, or have laid down broad general principles, the observance of which is, as a result of long experience in the field of international banking,
recognized as essential in the proper conduct of the acceptance business. The board's
action is intended merely to allow greater latitude to Federal reserve banks for the
exercise, each in its own'way, of their discretion and judgment, observing always, of
course, the express and implied limitations of the law.
Conditions affecting foreign trade at the present time are essentially different from
those which led to the development of the former regulations. Prior to the enactment
250
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
of the Federal reserve act, national banks were without authority to issue bankers'
acceptances, and although some State banks had that power very few of them exercised
it. During the war, however, there was a rapid growth of the acceptance business,
stimulated by the abnormal demand for goods and credits, and due to this rapid
growth it became necessary for the Federal Reserve Board to make frequent rulings
and periodically to issue regulations for the guidance of accepting banks and Federal
reserve banks in this new field. Regulation A. Series of 1920, constituted the last
definite step in the development of bankers' acceptance regulations designed primarily
to meet the exigencies of the unusual conditions that existed during and for some time
after the war, that regulation containing the substance of all the1 more important
rulings previously issued by the board.
Those American banking institutions which have large demands fo^ acceptance
credits in foreign transactions have by this time had considerable experience in this
field, and the former detailed regulations are no longer thought necessary. Moreover,
it i? believed that the general advancement of foreign trade, with the resulting benefit
to the agricultural and commercial interests which are largely dependent upon foreign
markets, can be furthered mos't effectually at the present time by the substitution of
this simpler regulation applicable to acceptances in export and import transactions.
The responsibility for passing upon the eligibility of bankers' acceptances offered
to the Federal reserve banks for rediscount or purchase rests upon the Federal reserve
banks themselves, and each bank should satisfy itself, in whatever way it deems
appropriate, that the acceptances conform to the requirements of the law and the
board's regulation. The Federal Reserve Board will watch carefully the development
of the acceptance business under this new regulation, with a view of making any later
modification that may seem necessary or advisable. The board will call the attention
of the Federal reserve banks to any apparent failure to comply with the law or abuse
of the acceptance privilege, and the Federal reserve banks will in turn be expected
to keep the board closely advised in regard to acceptance practices in their districts.
W. P. G. HARDING, Governor.
W. W. HOXTON, Secretary.
REDISCOUNTS UNDER SECTION 13.
ARTICLE A.—NOTES, DRAFTS, AND BILLS OP EXCHANGE.
SECTION I. General statutory provisions.
Any Federal reserve bank may discount for any of its member banks any note, draft,
or bill of exchange, provided—
(a) It has a maturity at the time of discount of not more than 90 days, exclusive of
days of grace; but if drawn or issued for agricultural purposes or based on live stock, it
may have a maturity at the time of discount of not more than six months, exclusive of
days of grace.
(b) It arose out of actual commercial transactions; that is, it must be a note, draft, or
bill of exchange which has been issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used or are to be used for such
purposes.
(c) It was not issued for carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States.
(d) The aggregate of notes, drafts, and bills bearing the signature or indorsement of
any one borrower, whether a person, company, firm, or corporation, rediscounted for
any one member bank, whether State or national, shall at no time exceed 10 per cent
of the unimpaired capital and surplus of such bank; but this restriction shall not apply
to the discount of bills of exchange drawn in good faith against actually existing values.
(e) It is indorsed by a member bank.
(/) It conforms to all applicable provisions of this regulation.
No Federal reserve bank may discount for any member State bank or trust company
any of the notes, drafts, or bills of any one borrower who is liable for borrowed money
to such State bank or trust company in an amount greater than 10 per cent of the
capital and surplus of that State bank or trust company, but in determining the amount
of money borrowed from such State bank or trust company the discount of bills of
exchange drawn in good faith against actually existing value and the discount of commercial or business paper actually owned by the person negotiating the same shall
not be included.
Any Federal reserve bank may make advances to its member banks on their promissory notes for a period not exceeding 15 days, provided that they are secured by
REGULATIONS OF THE BOARD.
251
notes, drafts, bills of exchange, or bankers' acceptances which are eligible for rediscount or for purchase by Federal reserve banks, or by the deposit or pledge of bonds
or notes of the United States, or bonds of the War Finance Corporation.
SECTION I I . General character of notes, drafts, and bills of exchange eligible.
The Federal Reserve Board, exercising its statutory right to define the character of
a note, draft, or bill of exchange eligible for rediscount at a Federal reserve bank, has
determined that—
(a) It must be a note, draft, or bill of exchange which has been issued or drawn, or
the proceeds of which have been used or are to be used in the first instance, in producing, purchasing, carrying, or marketing goods 1 in one or more of the steps of the
process of production, manufacture, or distribution, or for the purpose of carrying
or trading in bonds or notes of the United States.
(b) It must not be a note, draft, or bill of exchange the proceeds of which have been
used or are to be used for permanent or fixed investments of any kind, such as land,
buildings, or machinery, or for any other capital purpose.
(c) It must not be a note, draft, or bill of exchange the proceeds of which have been
used or are to be used for investments of a purely speculative character or for the purpose of lending to some other borrower.
(d) It may be secured by the pledge of goods or collateral of any nature, including
paper, which is ineligible for rediscount provided it (the note, draft, or bill of exchange)
is otherwise eligible.
SECTION III. Applications for rediscount.
All applications for the rediscount of notes, drafts, or bills of exchange must contain a
certificate of the member bank, in form to be prescribed by the Federal reserve bank,
that, to the best of. its knowledge and belief, such notes, drafts, or bills of exchange
have been issued for one or more of the purposes mentioned in Section II (a), and, in
the case of a member State bank or trust company, all applications must contain a certificate or guaranty to the effect that the borrower is not liable, and will not be permitted to become liable during the time his paper is held by the Federal reserve bank,
to such bank or trust company for borrowed money in an amount greater than that
specified in Section I above.
SECTION IV. Promissory notes.
(a) Definition.—A promissory note, within the meaning of this regulation, is defined
as an unconditional promise, in writing, signed by the maker, to pay, in the United
States, at a fixed or determinable future time, a sum certain in dollars to order or to
bearer.
(b) Evidence of eligibility and requirement of statements.—A Federal reserve bank must
be satisfied by reference to the note or otherwise that it is eligible for rediscount. The
member bank shall certify in its application whether the note offered for rediscount
has been discounted for a depositor other than a bank or for a nondepositor and, if
discounted for a bank, whether for a member or a nonmember bank. The member
bank must also certify whether a financial statement of the borrower is on file with it.
A recent financial statement of the borrower must be on file with the member bank
in all cases, except with respect to any note discounted by a member bank for a depositor other than a bank or another member bank if—
(1) It is secured by a warehouse, terminal, or other similar receipt covering
goods in storage, or by bonds or notes of the United States; or
(2) The aggregate of obligations of the borrower rediscounted and offered for
rediscount at ^he Federal reserve bank by the member bank is less than a sum
equal to 10 per cent of the paid-in capital of the member and is less than $5,000.
The Federal reserve bank shall use its discretion in taking the steps necessary to
satisfy itself as to eligibilty. Compliance of a, note with Section II (6) may be
evidenced by a statement of the borrower showing a reasonable excess of quick assets
over current liabilities. A Federal reserve bank may, in all cases, require the financial
statement of the borrower to be filed with it.
1
When used in this regulation the word "goods" shall be construed to include goods, wares, merchandise, or agricultural products, including live Stock.
252
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SECTION V. Drafts, bills of exchange, and trade acceptances,
(a) Definition.—A draft or bill of exchange, within the meaning of this regulation, is
defined as an unconditional order in writing, addressed by one person to another,
signed by the person giving it, requiring the person to whom it is addressed to pay in
the United States, at a fixed or determinable future time, a sum certain in dollars to
the order of a specified person; and a trade acceptance is defined as a draft or bill of
exchange, drawn by the seller on the purchaser of goods sold,2 and accepted by such
purchaser.
(b) Evidence of eligibility and requirement of statements.—A Federal reserve bank
shall take such steps as it deems necessary to satisfy itself as to the eligibility of the
draft, bill, or trade acceptance offered for rediscount and may require a recent financial
statement of one or more parties to the instrument. The draft, bill, or trade acceptance should be drawn so as to evidence the character of the underlying transaction,
but if it is not so drawn evidence of eligibility may consist of a stamp or certificate
affixed by the acceptor or cjrawer in a form satisfactory to the Federal reserve bank.
SECTION VI. Six months' agricultural paper.
(a) Definition.—Six months' agricultural paper, within the meaning of this regular
tion, is defined as a note, draft, bill of exchange, or trade acceptance drawn or issued
for agricultural purposes, or based on live stock; that is, a note, draft, bill of exchange, or trade acceptance the proceeds of which have been used, or are to be used,
for agricultural purposes, including the breeding, raising, fattening, or marketing of
live stock, and which has a maturity at the time of discount of not more than six
months, exclusive of days of grace.
(6) Eligibility.—To be eligible for rediscount, six months' agricultural paper,
whether a note, draft, bill of exchange, or trade acceptance, must comply with the
respective sections of this regulation which would apply to it if its maturity were 90
days or less.
ARTICLE B.—BANKERS* ACCEPTANCES.
SECTION VII. Definition.
A banker's acceptance within the meaning of this regulation is defined as a draft
or bill of exchange, whether payable in the United States or abroad and whether payable in dollars or some other money, of which the acceptor is a bank or trust company,
or a firm, person, company^ or corporation engaged generally in the business of granting bankers' acceptance credits.
SECTION VIII. Eligibility.
A Federal reserve bank may rediscount any such bill bearing the indorsement of
a member bank and having a maturity at time of discount of not more than three
months, exclusive of days of grace, which has been drawn under a credit opened for
the purpose of conducting or settling accounts resulting from a transaction or transactions involving any one of the following:
(1) The shipment of goods between the United States and any foreign country,
or between the United States and any of its dependencies or insular possessions,
or between foreign countries.
(2) The shipment of goods within the United States, provided shipping
documents conveying security title are attached at the time of acceptance, or
(3) The storage of readily marketable staples,3 provided that the bill is secured at the time of acceptance by a warehouse, terminal, or other similar
receipt, conveying security title to such staples, issued by a party independent
of the customer, and provided further that the acceptor remains secured throughout the life of the acceptance. In the event that the goods must be withdrawn
from storage prior to the maturity of the acceptance or the retirement of the
credit, a trust receipt or other similar document covering the goods may be
2
A consignment of goods or a conditional sale of goods can not be considered "goods sold" within the
meaning of this clause. The purchase price of goods plus the cost of labor in effecting their installation
may be included in the amount for which the trade acceptance is drawn.
3
A readily marketable staple within the meaning of these regulations may be denned as an article of
commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready
markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable
and (b) the staple itself easy to realize upon by sale at any time.
REGULATIONS OF THE BOARD.
253
substituted in lieu of the original document, provided that such substitution
is conditioned upon a reasonably prompt liquidation of the credit. In order
to insure compliance with this condition it should be required, when the
original document is released, either (a) that the proceeds of the goods will
be applied within a specified time toward a liquidation of the acceptance
credit or (b) that a new document, similar to the original one, will be resubstituted within a specified time.
Provided, that acceptances for any one customer in excess of 10 per cent of the capital
and surplus of the accepting bank must remain actually secured throughout the life
of the acceptance, and in the case of the acceptances of member banks this securitymust consist of shipping documents, warehouse receipts, or other such documents, or
some other actual security growing out of the same transaction as the acceptance,
such as documentary drafts, trade acceptances, terminal receipts, or trust receipts
which have been issued under such circumstances, and which cover goods of such a
character, as to insure at all times a continuance of an effective and lawful lien in
favor of the accepting bank, other trust receipts not being considered such actual
security if they permit the customer to have access to or control over the goods.
A Federal reserve bank may also rediscount any bill drawn by a bank or banker
in a foreign country or dependency or insular possession of the United States for the
purpose of furnishing dollar exchange as provided in Regulation C, provided that it
has a maturity at the time of discount of not more than three months, exclusive of
days of grace.
SECTION IX. General conditions as to maturity of domestic acceptances.
Although a Federal reserve bank may legally rediscount an acceptance having a
maturity at the time of discount of not more than three months, exclusive of days
of grace, it may decline to rediscount any acceptance the maturity of which is in
excess of the usual or customary period of credit required to finance the underlying
transaction or which is in excess of that period reasonably necessary to finance such
transaction. Since the purpose of permitting the acceptance of drafts secured by
warehouse receipts or other such documents is to permit of the temporary holding
of readily marketable staples in storage pending a reasonably prompt sale, shipment,
or distribution, no such acceptance should have a maturity in excess of the time
ordinarily necessary to effect a reasonably prompt sale, shipment, or distribution into
the process of manufacture or consumption.
SECTION X. Evidence of eligibility.
A Federal reserve bank must be satisfied, either by reference to the acceptance
itself, or otherwise, that the acceptance is eligible for rediscount under the terms of
the law and the provisions of this regulation. The bill itself should be drawn so as to
evidence the character of the underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or certificate affixed by the acceptor in
form satisfactory to the Federal reserve bank.
REGULATION B, SERIES OF 1922.
(Superseding Regulation B of 1921.)
WASHINGTON, December 19, 1922.
The Federal Reserve Board transmits herewith its Regulation B, Series of 1922,
superseding Regulation B, Series of 1921, relating to open-market purchases by Federal
reserve banks of bills of exchange, trade acceptances, and bankers' acceptances under
section 14 of the Federal reserve act.
This new regulation is issued for the purpose of permitting Federal reserve banks
until further notice to purchase in the open market, with or without the indorsement
of member banks, bankers' acceptances with maturities not in excess of six months
which are drawn by growers, or by cooperative marketing associations composed
exclusively of growers, of nonperishable, readily marketable, staple agricultural
products, to finance the orderly marketing of such products grown by such growers and
secured at the time of acceptance by warehouse, terminal, or other similar receipts
issued by parties independent of the borrowers and conveying security title to such
products. This purpose is effected by the addition of a new paragraph at the end of
Part II of said regulation, and the addition of this paragraph constitutes the only
amendment to the regulation.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
The board was moved to take this action by a desire to provide more ample facilities
for financing the orderly marketing of staple agricultural products, especially by cooperative marketing associations. This is in accordance with the principle heretofore
recognized by the board that the carrying of agricultural products for such periods as are
reasonably necessary in order to assist the orderly marketing thereof is a proper step
in the process of distribution. There is a material distinction, however, between
carrying agricultural products for such periods as are reasonably necessary to effect
orderly marketing, and mere speculative withholding from the market in the hope
ultimately of obtaining a higher price. Before purchasing such acceptances, therefore,
Federal reserve banks should assure themselves that the agricultural products underlying the transaction are not being held for speculation but are being marketed in an
orderly manner or stored as part of the process of orderly marketing. Care should also
be exercised by Federal reserve banks in purchasing acceptances of long maturities,
in order that the liquidity of the aggregate investments held by them should not be
affected.
By order of the Federal Reserve Board.
WM. W. HOXTON, Secretary.
OPEN-MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPTANCES, AND
BANKERS' ACCEPTANCES UNDER SECTION 14.
I. General statutory
provisions.
Section 14 of the Federal reserve act provides that Federal reserve banks under
rules and regulations to be prescribed by the Federal Reserve Board may purchase
and sell in the open market, at home or abroad, from or to domestic or foreign banks,
firms, corporations, or individuals, bankers' acceptances, and bills of exchange of the
kinds and maturities made eligible by the act for rediscount, with or without the
indorsement of a member bank.
I I . General character of bills and acceptances eligible.
The Federal Reserve Board, exercising its statutory right to regulate the purchase
of bills of exchange and acceptances, has determined that a bill of exchange or acceptance, to be eligible for purchase by Federal reserve banks under this provision of
section 14, must have been accepted by the drawee prior to such purchase unless it
is either accompanied or secured by shipping documents or by warehouse, terminal,
or other similar receipt conveying security title or bears a satisfactory banking indorsement, and must conform to the relative requirements of Regulation A, except that—
(a) A banker's acceptance growing out of a transaction involving the importation or exportation of goods may be purchased if it has a maturity not in
excess of six months, exclusive of days of grace, provided that it conforms in
other respects to the relative requirements of Regulation A;
(6) A banker's acceptance growing out of a transaction involving the storage
within the United States of goods actually under contract for sale and not yet
delivered or paid for may be purchased, provided that the acceptor is secured
by the pledge of such goods; and provided further, that the acceptance conforms in other respects to the relative requirements of Regulation A; and
(c) A banker's acceptance drawn by a grower, or by a cooperative marketing association composed exclusively of growers, of nonperishable, readily
marketable, staple agricultural products, to finance the orderly marketing of
such products grown by such grower or growers and secured at the time of
acceptance by a warehouse, terminal, or other similar receipt, issued by a
party independent of the borrower and conveying security title to such products, may be purchased if it has a maturity at the time of purchase not in
excess of six months, exclusive of days of grace; provided, that the acceptor
remains secured throughout the life of the acceptance, and that the acceptance
conforms in other respects to the relevant requirements of Regulation A.
III. Statements.
A bill of exchange, unless indorsed by a member bank, is not eligible for purchase
until a satisfactory statement has been furnished of the financial condition of one or
more of the parties thereto.
A banker's acceptance, unless accepted or indorsed by a member bank, is not
eligible for purchase until the acceptor has furnished a satisfactory statement of ite
financial condition in form to be approved by the Federal reserve bank and has
agreed in
writing with a Federal reserve bank to inform it upon request concerning
the transaction
http://fraser.stlouisfed.org/ underlying the acceptance.
Federal Reserve Bank of St. Louis
PAPER OF COOPERATIVE MARKETING ASSOCIATIONS.
255
PAPER OF COOPERATIVE MARKETING ASSOCIATIONS.
The Federal Reserve Board has received a number of inquiries,
and has made a number of rulings, with reference to the eligibility
for rediscount by Federal reserve banks of paper arising out of the
operations of agricultural cooperative marketing associations; and
for the convenience of the member banks and others interested in this
subject there is published below a summary of those rulings together
with a review of the general principles relating to the eligibility of
such paper.
1. Definition of eligible commercial and agricultural paper.—The
regulations of the Federal Reserve Board define eligible commercial
and agricultural paper as notes, drafts, or bills of exchange which
have been issued or drawn or the proceeds of which have been used, or
are to be used in the first instance in producing, purchasing, carrying
or marketing goods (including goods, wares, merchandise, agricultural
products, and live stock) in one or more of the steps of the process
of production, manufacture, or distribution. If a note, draft, or
bill of exchange has been issued or drawn, or the proceeds have been
or are to be used, for an agricultural purpose, that note, draft, or
bill of exchange may be eligible for rediscount if it has a maturity
at the time of rediscount of not more than six months exclusive of
days of grace. On the other hand, if a note, draft, or bill of exchange
has been issued or drawn or the proceeds iiave been or are to be used
for a commercial purpose, it will not be eligible for rediscount if it
has a maturity at the time of rediscount in excess of 90 days exclusive
of days of grace. The board's regulations further provide that no
note, draft, or bill of exchange is eligible for rediscount if the proceeds
have been or are to be used for permanent or fixed investments of
any kind, for any other capital purpose, for investments of a purely
speculative character, or for the purpose of lending to some other
borrower.
2. Classes of associations under consideration.—Each of the associations involved in the rulings heretofore made by the board, of which
this is merely a summary, was organized without capital and its
members consisted exclusively of the producers of the particular
crop which the association was organized to market who had agreed
to sell and deliver their entire crops to the association. The agreements provided in substance that title should pass to the association
at the time of delivery, that the association should have absolute
control over the commodities delivered and over the resale thereof,
and that the association should have power to borrow money upon
such commodities and to pledge the commodities for money borrowed.
The price at which the commodities were sold by the growers to the
association was not fixed at the time of that sale, but the commodities
were pooled according to grades, and after all of a particular pool
had been sold the proceeds were distributed pro rata among the
producers who had contributed to that pool. The conclusions
stated in the rulings included in this summary, therefore, are not
necessarily applicable to the paper of associations which operate on
any plan substantially different from that just described.
3. Growers' drafts accepted by associations eligible as agricultural
paper.—Where, at the time the growers deliver their crops to such an
association, the association accepts drafts drawn upon it by the
256
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
rowers, such drafts
for rediscount by Federal
fdiscountedagricultural are eligible maturities up to theirmonthsreserve
anks as
paper with
six
when
t)y the growers at their local banks with
own indorsements, provided the proceeds are used by the growers for agricultural
purposes. (Federal Reserve Bulletin, October, 1921, p. 1199.)
4. Grower's draft on association not trade acceptance.—A draft
drawn by a grower on an association to which he has delivered his
crop, accepted by the association, and discounted by the grower at
his bank is not, however, a trade acceptance within the meaning of
the board's regulations, which define a trade acceptance as u a draft
or bill of exchange drawn by a seller on the purchaser of goods sold
and accepted by such purchaser,'7 because the delivery of a crop to a
cooperative marketing association under an agreement such as that
described in the second paragraph of this summary is not the kind of
a sale which should he made the basis of a trade acceptance. Trade
acceptances, however, constitute merely a special class of eligible
paper which sometimes bears a preferential discount rate, and the
mere fact that such drafts are not included in that special class of
eligible paper does not prevent them from being eligible for rediscount
as agricultural or commercial paper if the proceeds are used for an
agricultural or commercial purpose. (See Federal Reserve Bulletin,
October, 1921, p. 1199.) As indicated in the preceding paragraph;
growers' drafts accepted by associations may be eligible as agricultural paper if they are discounted by the growers at their local banks
and the growers use the proceeds for agricultural purposes.
5. Carrying crop pending orderly marketing is an agricultural
operation.—Inasmuch as agricultural products should not be dumped
upon the market as soon as harvested, but should be marketed
gradually, the carrying of agricultural products for such periods as
are reasonably necessary in order to assist the orderly marketing
thereof is a proper step in the process of distribution, and a farmer's
note which is drawn, or the proceeds of which are used, to finance the
carrying of the farmer's products for such reasonable period is a note
which has been issued or drawn for an agricultural purpose within
the meaning of section 13 of the Federal reserve act and which may,
therefore, be eligible for rediscount by Federal reserve banks.
Money borrowed by a grower to enable him to meet his obligations
without selling his crop immediately enables him to " carry" the crop,
and, therefore, when a grower delivers his crop to a cooperative
marketing association which is actually engaged in orderly marketings
and when the grower is obliged to borrow money for ordinary general
purposes, such as the payment of obligations previously incurred in
growing or harvesting the same crop, a draft drawn by the grower
on the association for a part of the market value of the crop may
properly be considered to be drawn for an agricultural purpose.
There is a distinction, however, between carrying agricultural
products for such periods as are reasonably necessary to effect orderly
marketing and mere speculative withholding from the market, in the
hope ultimately of obtaining a higher price. Such withholding is
not an agricultural purpose within the meaning of section 13, and if
a marketing association should engage in such a speculative holding
of a crop instead of marketing it in an orderly manner, drafts drawn
to finance the growers of such a crop during the holding of it for
speculation should not be considered to be drawn for an agricultural
PAPER OF COOPERATIVE MARKETING ASSOCIATIONS.
257
purpose. The exact dividing line between legitimate carrying and
speculative withholding is7 of course, very difficult to define. The
question of whether a doubtful case falls on one side or the other of
this line is a question of fact which it is not for the Federal Reserve
Board to determine but which should be determined rather by the
local bank whose customer desires the loan and by the Federal reserve
bank if the paper representing the loan is offered for rediscount.
(Federal Reserve Bulletin, August, 1922, p. 931.)
6. Notes of associations for funds to finance packing and marketing.—
A note of a corporation or association engaged in performing services
in connection with packing and marketing agricultural products not
grown by the corporation or association itself the proceeds of which
note are used to pay the current expenses of such corporation or
association, such as the payment of wages and the purchase of
supplies in connection with its business of packing and marketing
agricultural products, should not be classed as agricultural paper
eligible for rediscount with a maturity up to 6 months, but should
be classed as commercial paper which may be eligible with a maturity
not in excess of 90 days. While the note of a farmer the proceeds of
which have been used to finance the packing or marketing of his own
crop should be classed as agricultural paper, the same is not true of
the note of a corporation or association engaged in performing services
in packing and marketing agricultural products grown by others,
because that is a commercial rather than an agricultural business,
even though such corporation or association deals exclusively with
growers. (Federal Reserve Bulletin, November, 1921, p. 1312.)
7. Notes of associations for funds to pay for commodities purchased.—
The notes of associations the proceeds of which have been or are to
be used to make payments to the growers for commodities delivered
to the association are eligible for rediscount by Federal reserve banks
if they have maturities not in excess of 90 days and comply in other
respects with all relevant provisions of law and the board's regulations, because the proceeds are used for the commercial purpose of
buying the commodities from the growers. (Federal Reserve Bulletin, August, 1922, p. 931.)
8. Bankers1 acceptances drawn by associations.—Drafts drawn by
such associations are eligible for acceptance by member banks when
secured at the time of acceptance by warehouse receipts covering
nonperishable agricultural commodities stored in independent warehouses, and after acceptance such drafts are eligible for rediscount
by Federal reserve banks, provided they comply as to maturity and
in all other respects with the provisions of the Federal reserve act
and the board's regulations. (Federal Reserve Bulletin, August,
1921, p. 963.) The law requires that a warehouse receipt, in order
to be the basis of an eligible bankers' acceptance, shall be a document
"conveying or securing title covering readily marketable staples";
but inasmuch as by hypothesis associations of the kind under consideration in this summary take title to the agricultural products
delivered to them and are given full control thereof with authority
to borrow money upon them and to pledge them for money borrowed,
it is clear that they can store such products in independent warehouses
and obtain negotiable warehouse receipts conveying security title.
The board has indicated already the general principles to be applied
by Federal reserve banks in determining under what circumstances
258
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
warehouses are to be considered independent of the borrowers in
passing upon bankers' acceptances, and the application of those
principles to specific cases involves questions of fact which are
primarily for the determination of the Federal reserve banks. (See
rulings on pp. 31, 6347 and 862, respectively, of the 1918 Bulletin.)
9. Warehouse receipts covering agricultural products as security.—Numerous inquiries have been made as to the eligibility of paper
created by such associations and secured by warehouse receipts for
agricultural products stored in warehouses which, although t h e j
may be owned by the associations or by corporations organized and
controlled by them, yet have independent management and organization. Inasmuch as the eligibility of paper other than bankers'
acceptances is not dependent upon the existence or character of
collateral security, the question whether such paper of the association is technically eligible for rediscount is not dependent upon
whether the warehouse issuing the receipt offered as collateral security
is independent of the borrower. The character of the warehouse
receipt or other security offered as collateral for paper other than
bankers' acceptances is material only as bearing upon the acceptability of the paper as distinguished from its eligibility, and the question of the acceptability is for the determination of the Federal reserve
banks rather than the Federal Reserve Board. The preceding paragraph indicates the type of warehouse receipt that is required as the
basis of an eligible banker's acceptance.
10. No obligation to rediscount paper even though eligible.—It should
be understood, of course, that even though a bill or note may technically be eligible for rediscount, a Federal reserve bank is under no
obligation to rediscount it, but may accept it or refuse it in the
exercise of its discretionary power.
COURT OPINIONS IN PAR CLEARANCE CASES.
ATLANTA CASE.
DECISION OF UNITED STATES DISTRICT COURT.
AMERICAN BANK & TRUST CO. ET AL., PLAINTIFFS, V. FEDERAL KESERVE BANK OF
ATLANTA ET AL., DEFENDANTS.
BEVERLY D. EVANS, District Judge:
This case was heard by me on its merits and, after argument and due consideration,.
I find as follows:
(1) Under sections 13 and 16 of the Federal reserve act the Federal reserve banks
are empowered to accept any and all checks payable on presentation, when deposited
with them for collection.
(2) Checks thus received must be collected at par. The Federal reserve banks are
not permitted to accept in payment of checks deposited with them for collection an
amount less than the full face value of the checks.
(3) In the discharge of its duties with respect to the collection of checks deposited
with them, and with respect to performing the functions of a clearing house, the several
Federal reserve banks are empowered to adopt any reasonable measure designed to
accomplish these purposes. To that end a Federal reserve bank may send checks to
the drawee bank directly, for remittance through the mails, of collections without
cost of exchange. If the drawee bank refuses to remit without deduction of the cost
of exchange, it is in the power of the several Federal reserve banks to employ any
proper instrumentality or agency to collect the checks from the drawee bank, and i t
may legitimately pay the necessary cost of this service.
PAR CLEARANCE CASES.
259
(4) The process of the daily collection of checks, in the exerciee of the clearinghouse functions, is not rendered unlawful because of the fact that of the checks handled
two or more of them may be drawn on the same bank.
(5) It is a legitimate feature of the clearing house function of a Federal reserve bank
to publish a par clearance list, that is, a list of banks on which checks are drawn that
will be collected at par by the Federal reserve7 banks. But inasmuch as a conclusion
may be drawn from the appearance of a bank s name on the par list that it agrees to
remit at par, or has agreed to enter the par clearance system, I do not think such list
should include the name of any nonmember bank, unless such nonmember bank
consents. I see no objection to including in the par clearance list the names of towns
or cities, with a representation that the Federal reserve bank will undertake to collect
at par checks drawn on any bank (member or nonmember) in such town or city.
(6) In the inauguration of its par clearance system, I find that the Federal reserve
bank of the Atlanta district was not inspired by any ulterior purpose to coerce or
injure any nonmember bank which refused to remit at par. Specifically I find the
charge that the Federal reserve bank at Atlanta would accumulate checks upon country
or nonmember banks until they reach a large amount, and then cause them to be
presented for payment over the counter, so as to compel the plaintiffs to maintain so
much cash in their vaults as to drive them out of business, as an alternative to agreeing
to remit at par, is not sustained by the evidence.
(7) I find the evidence insufficient to sustain any charge in the bill that the Federal
reserve bank was acting illegally, or exercising any right it had so as to oppress or
injure the plaintiff banks. With regard to the publication of the names of nonmember
banks on the Federal reserve bank ?s par list, while I do not think the evidence justifies
a finding that such publication was done to injure or oppress plaintiff banks, nevertheless I do not think the names of plaintiff banks, or any of them, should be included in
the list without their consent.
The general result of my findings is that the plaintiffs are entitled to the writ of
injunction against the inclusion of their names on the par list without their consent,
but are not entitled to an injunction for any other matter complained against the
respondents.
Let an appropriate decree be submitted giving effect to the foregoing findings.
This March 11th, ft22.
DECISION OF CIRCUIT COURT OF APPEALS.
In the United States Circuit Court of Appeals for the Fifth Circuit.
AMERICAN BANK & TRUST COMPANY ET AL., APPELLANTS, V. FEDERAL RESERVE
BANK OP ATLANTA ET AL., APPELLEES. NO. 3906.
Appeal from the District Court of the United States for the Northern District of Georgia.
* Alex. W. Smith (Alexander W. Smith, Orville A. Park, Smith, Hammond & Smith,
and Theodore H. Smith on the brief), for appellants.
Hollins N. Randolph, R. S. Parker, John W. Davis, and M. B. Angell, for appellees.
Before Walker and Bryan, Circuit Judges, and Sheppard, District Judge.
WALKER, Circuit Judge:
Except as to a feature of the bill mentioned below, nothing has occurred to require a
revision of or departure from the conclusions stated in the opinion delivered by this
court in this case when it was here on a former appeal. American Bank & Trust Co. v.
Federal Reserve Bank of Atlanta, 269 Fed. 4. What was held by the Supreme Court
to show the existence of a right to relief under the general prayer for relief was the
part of the bill containing allegations to the effect, that, in pursuance of the alleged
policy of the Federal Reserve Board to bring about the collectibility by banks of
bank checks at par, the appellee reserve bank and its officers intended to accumulate
until they reach a large amount, checks upon banks of the class to which the appellant
banks belong, and then to cause them to be presented for payment in cash over the
counter, or by other devices detailed to require payment in cash in such wise as to
drive the drawees out of business or force them, if able, to submit to the scheme of
making bank checks collectible at par. American Bank & Trust Co. v. Federal Reserve
Bank, 256 U. S. 350. The conduct which the supreme Court decided to be wrongful
and subject to be enjoined was the alleged threatened accumulation of checks for the
purpose of using them in the manner alleged. It was not decided or intimated that
the appellee bank would be guilty of any actionable wrong by merely presenting or
260
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
causing to be presented bank checks held by it to the drawees for payment in cash
over the counter. The alleged accumulation of checks for the purpose charged was
an essential feature of the alleged conduct which was decided to be wrongful. We are
not of the opinion that a bank in receipt for collection of checks on other banks is guilty
of an abuse of its right as such holder when, in due course, with reasonable promptness,
without designed delay or accumulation, and in proper manner, it presents, or causes
to be presented, those checks to the drawees for payment in cash. In so doing the collecting bank would be exercising its right as the holder of checks received by it for
collection, and would not be guilty of an abuse of that right for an unlawful purpose. If
the holder of the checks is guilty of no wrong, the fact that the payee is inconvenienced
by having to pay in cash would not give the latter a valid ground of complaint. Inconvenience resulting to one party from another's exercise of a right in a lawful way
does not give the former a right of action. The most that the evidence relied on by the
appellants tended to prove was that at and prior to the time of filing the bill the appellee bank intended or proposed to deal in the just stated manner with checks received
by it for collection, when the drawees did not consent to remit at par, and that it was
after this suit was brought that appellee bank manifested its willingness to allow payment of such checks to be made either in cash or in acceptable exchange. The trial
judge specifically found that "the charge that the Federal reserve bank at Atlanta
would accumulate checks upon country or nonmember banks until they reach a large
amount, and then cause them to be presented for payment over the counter, so as to
compel the plaintiffs to maintain so much cash in their vaults as to drive them out of
business, or an alternative agreement to remit at par, is not sustained by the evidence.''
He further found "the evidence insufficient to sustain any charge in the bill that
the Federal reserve bank was acting illegally or exercising any right it had so as to
oppress or injure the plaintiff banks." The record before us does not warrant the
setting aside of either of those findings. We do not think that the evidence adduced
justified the granting of any of the prayed for relief which was denied by the decree
appealed from. By that decree the appellee bank was "enjoined and restrained from
publishing, upon any par list issued by the said defendant, the Federal Reserve
Bank of Atlanta, the name of any nonmember bank being a plantiff in this case unless
such nonmember bank consents or has consented to remit at par."
Our attention has been called to an opinion rendered, after thi^case was argued
and submitted, upon the granting of a preliminary injuction in the case of Farmers &
Merchants Bank of Cattlettsburg, Ky., v. the Federal Reserve Bank of Cleveland,
Ohio, and Mary B. McCall, pending in the District Court of the United States for the
Eastern District of Kentucky. That opinion shows that the granting of a preliminary
injunction in that case was influenced by the showing made that the defendant bank,
by its authorized agents, adopted what well might be deemed to be unwarranted
methods in collecting checks on the plaintiff bank. That case is plainly differentiated
from the instant one by the above quoted explicit finding in the latter to the effect
that the evidence did not sustain any charge in the bill as to improper conduct by the
appellee bank or its agents. We do not think that that opinion shows that our aboveindicated conclusions in the instant case are incorrect.
In the absence of any showing that the appellee bank consented to or approved of
the use of any unlawful means of enforcing or promoting the adoption or carrying out of
the policy or plan of making bank checks collectible at par, the fact that the appellee
bank was in accord with other Federal reserve banks in adopting that policy and
attempting to bring about the general acceptance and adoption of it can not properly
be given the effect of making the appellee bank responsible for unlawful acts done,
in the effort to enforce that policy, by or at the instance of other Federal reserve banks.
An express or implied agreement between the several reserve banks to promote the
adoption of the policy mentioned does not import a commom consent to the use by
any party to such agreement of unlawful means to effectuate the commom lawful purposes. Assent by one party to concert of action with others to accomplish a lawful
purpose does not involve or amount to the former consenting to or approving the unlawful conduct of any one. There was no evidence tending to prove that the appellee
bank authorized, consented to or ratified the use by or in behalf of other reserve banks
of illegally coercive methods to bring about the general adoption of the above-mentioned
policy. It follows that the evidence offered to prove the use by or in behalf of other
reserve banks of unlawful means to accomplish the alleged common purpose was
properly excluded.
The court disallowed a proposed amendment of the bill having the effect of adding
as parties plaintiffs thereto banks located in Federal reserve districts other than the
sixth. That ruling was not erroneous. The complaints made by the bill are based
upon what it alleged the appellees did or proposed to do in transactions between the
appellee Federal Reserve Bank of the Sixth Federal Reserve District and the appellant
PAR CLEARANCE CASES.
261
bank?, which are located in that district. The banks unsuccessfully gorght to be
added as parties plaintiff are so far strangers to the transactions mentioned as to keep
the alleged conduct complained of from giving to those banks a right of action based
on that conduct, with the result that those banks are not entitled to be joined as
parties plaintiff in this suit.
The same interrogatories were propounded by the appellants to several of the appellees. A separate answer was made to each of those interrogatories, each person
interrogated making such answer his own. The court overruled objections to such
answers on the ground that answers so made to interrogatories were violative of the
provision of Equity Rule 58 that "each interrogatory shall be answered separately."
What the quoted provision forbids is the making of one answer a response to more than
one interrogatory. It does not forbid several persons to whom an interrogatory is
propounded joining in the making of one separate answer thereto. The provision does
not require the duplication or multiplication of answers to an interrogatory when the
parties interrogated desire to make the same answer thereto. The answers made to
interrogatories were not subject to objection on the ground mentioned.
The conclusion is that the record does not show any reversible error. The decree
is affirmed.
NORTH CAROLINA CASE.
ACT AUTHORIZING STATE BANKS TO CHARGE EXCHANGE, AND TO MAKE
PAYMENT BY EXCHANGE DRAFTS, WHEN CHECKS ARE PRESENTED TO
THEM BY OR THROUGH FEDERAL RESERVE BANKS HELD UNCONSTITUTIONAL.
North Carolina Supreme Court—Spring Term 1922—No. 419 Union.
FARMERS AND MERCHANTS BANK ET AL. V. FEDERAL RESERVE BANK OF RICHMOND,
VA.
Appeal by defendants from WEBB, / .
February term, 1922, of Union.
This action was brought by 13 banks and trust companies organized under the laws
of this State which are not members of the Federal Reserve System, against the Federal
Reserve Bank of Richmond, Va., to obtain an injunction to prevent the Federal
reserve bank from refusing to accept exchange drafts drawn by the plaintiffs on their
reserve deposits for less than the face amount of checks presented, and from returning
as dishonored checks drawn by various depositories upon the plaintiff banks which
had been presented at their counters by the Federal Reserve Bank of Richmond but
for which the plaintiffs had tendered drafts for less amounts drawn by them upon
their respective reserve depositories. A temporary restraining order was awarded in
accordance with the prayer of the complaint. The action having been brought by
said banks for the benefit of themselves and such other like institutions who might
join in the suit and the restraining order providing that all such institutions might
become plaintiffs in the action and have the benefit of said restraining order, some
265 State banks and trust companies have become parties plaintiff as appears from
the record.
By agreement between counsel, trial by jury was waived, and by consent the judge
found the facts and upon the said finding of the facts adjudged:
(1) That the defendant, Federal Reserve Bank of Richmond, is hereby enjoined
from refusing to accept exchange drafts when tendered by the plaintiff banks in
payment of checks drawn on them under the option given said banks under provisions
of chapter 20, laws North Carolina, ratified February 5, 1921;
(2) The said defendant is hereby enjoined from returning as dishonored any check,
payment for which in exchange drafts by plaintiff banks, or either of them, has been
tendered under the provisions of said act and the defendant refuses to accept the same;
(3) The said defendant is likewise enjoined from protesting for nonpayment any
check, payment for which in exchange drafts by plaintiff banks, or either of them, has
been tendered under the provisions of said act and defendant refuses to accept the
same;
*
(4) The said defendant is iikwise enjoined from publication or authorizing the
publication of the name of any of the plaintiff banks, literally or by inclusion, in any
list or other publication designed for circulation among banking institutions generally,
28971—23
18
262
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
regardless of the name employed to designate such list or publication unless and until
the bank thus published or included shall have previously given its consent to such
publication.
Appeal by the defendant.
Alex W. Smith and Stack, Parker & Craig for plaintiffs.
Connor & Hill, Henry W. Anderson, M. G. Wallace, and C. W. Tillett, jr., for
defendant.
CLARK, C. Jr.
The defendant, Federal Reserve Bank of Richmond, is a banking corporation duly
organized under the act of Congress and especially under a certain act known as the
Federal reserve act. It is one of the 12 Federal reserve banks which were organized
under the terms of that act and does business in accordance therewith, especially
with the national banks and State member banks in the Fifth Federal Reserve District, which consists of a portion of the State of West Virginia, the whole of Maryland,
the District of Columbia, Virginia, North Carolina, and South Carolina. Under the
terms of this act, the member banks, which are the national banks in the above mentioned district and also certain State banks therein, which have qualified for and been
admitted to membership in the Federal Reserve System, are required to keep and
maintain with the Federal Reserve Bank of Richmond certain balances as reserves.
The member banks create these balances by sending to the Federal reserve bank for
collection checks or other instruments which they have received on deposit or for
collection.
Since the business of all banking institutions consists largely in the handling of
checks, it is clear that if the Federal reserve bank is to discharge efficiently its function
as a reserve depository of its member banks, it must be able to collect their checks and
other instruments which are the ordinary means of making settlement of accounts and
transmitting funds. When the Federal reserve banks were first organized they were
not expressly empowered to accept for collection any check unless it was drawn upon a
member bank or other Federal reserve bank. Since member banks receive checks
not only upon other member banks but also upon nonmember banks, and since the
member banks, which include most of the larger banks of the country, acted as agencies
through which the nonmember banks collected checks which they had received, it
soon became evident that if the Federal reserve banks undertook to collect checks
upon their member banks but could not collect for member banks checks upon nonmember banks, a vast majority of checks upon member banks would pass through the
Federal reserve banks while checks on nonmember banks would be collected through
other agencies.
As the amount of the checks which any bank receives upon others and the amount
of checks upon itself which it is compelled to pay will usually be about the same if a
Federal reserve bank could handle all checks upon member banks but could receive
from member banks only a portion of the checks which they themselves receive, in
the course of time the flow of checks would be unequal and the member banks would
be placed at a great disadvantage in their efforts to maintain proper reserves. As a
consequence, Congress by the act of September 7, 1916, and of June 21, 1917, amended
section 13 of the Federal reserve act and authorized any Federal reserve bank to receive
for collection from its member banks '' checks and drafts payable upon presentation
in its district," thus removing any limitation upon the power of the Federal reserve
bank to receive checks. From the very nature of a check no person is obliged to consider the drawee or person upon whom it is drawn before receiving it either as a holder
or as an agent for collection.
Under the law before the last-mentioned amendment to the Federal reserve act,
Federal reserve banks were required to receive checks upon member banks for collection at par, and were therefore compelled to require member banks to pay them
the full face amount of all checks received. It is obvious that if member banks were
compelled to pay the full face amount for all checks handled through the Federal reserve
banks, but such banks could not require nonmember banks to pay the full face amount
on checks drawn upon them, a great inequality would result because nonmember
banks would, through the agency of their member bank correspondents, collect all
checks upon any member bank at par, but would not pay to member banks checks
drawn upon themselves at par. With this in view, Congress expressly provided by
the amendment of June 21, 1917, that "no charge for the payment of the checks and
drafts and the remission therefor by exchange or otherwise shall be made against the
Federal reserve bank."
In exercise of the power thus conferred, the Federal Reserve Bank of Richmond
undertook to make arrangements with all nonmember banks in its district under
which they would agree to remit at par for all checks which the Federal reserve bank
received upon them. Prior to this time it had been the custom of many small banks,
especially those located in remote sections and thus free from competition, to refuse
PAR CLEARANCE CASES.
263
to remit the full face amount for checks drawn upon them which were sent through
the mails, but they insisted that inasmuch as the check called for payment in money
at their counters and not for a remission by draft or otherwise, they could refuse to pay
any check until it was presented at their counters, and that therefore if they undertook
to remit for checks sent them by means of an exchange draft they could in consideration of their waiver of direct presentation demand a discount and remit not the full
face amount of checks, but some lesser sum. This is called an exchange charge for
remitting for checks. The amount of this charge or discount exacted in consideration
of. payment by draft rather than in cash varied, but usually ran from one-tenth to onefourth of 1 per cent upon the amount of all checks so paid.
Many nonmember banks refused to make any agreement to pay the Federal reserve
bank at par for checks sent them for collection through the mails. The Federal Reserve Bank of Richmond was prohibited by the Federal reserve act from permitting
any discount to be deducted from the face amount of checks which it held for collection. It sent representatives to the nonmember banks in North Carolina urging
them to agree to remit at par, explaining that it believed that such practice would
be for the mutual convenience of both parties and that an insistance by the nonmember banks on their strict legal right to have a check presented for payment at
their counters and to pay the same only in legal money would be an inconvenient
and expensive method of dealing, not only to the Federal Reserve Bank of Richmond
but also to the nonmember banks. The nonmember banks were at the same time
also notified that if they should insist upon their legal right to require a presentation
at their counters of all checks drawn upon them when handled by a Federal reserve
bank, the Federal reserve bank would be compelled to present the checks at their
counters by means of duly authorized agents, but if compelled to take this course
the Federal reserve bank would, after such presentation, refuse to waive its right to
insist upon payment in legal tender money.
The Federal reserve bank made arrangements with certain residents of the towns
in which various nonmember banks were situated to collect checks as its agents by
means of personal presentation or it sent an employee to such town to act as its agent.
On November 15, 1921, the Federal Reserve Bank of Richmond gave notice that
it would collect checks upon all nonmember banks in North Carolina by sending them
through the mail if the bank would agree to pay the full amount due upon the checks,
or by personal presentation by the agent if the nonmember bank refused to pay the
full face amount of the check unless presented personally at its counter.
The Legislature of North Carolina, Laws 1921, chapter 20, authorized State banks
in North Carolina to charge a fee not in excess of one-eighth of 1 per cent on remittances covering checks, or a minimum fee of 10 cents, and provided that in the event
a Federal reserve bank, post office, or express company should present checks at the
counters of the drawee bank and demand payment in cash, such drawee bank should
be permitted to pay by means of a draft drawn upon its exchange deposit, excepting,
however, checks payable to the State or to the Federal Government and checks upon
which the drawer had expressly designated to the contrary. The defendant bank,
being advised that this statute was unconstitutional, presented the checks at the
counter of the drawee bank, demanding the full amount due and returned the checks
as dishonored when payment in full was refused. In returning checks which had
been so presented, the Federal Reserve Bank of Richmond was careful to state that
the check had been duly presented and that payment in money at its face amount
had been demanded but had been refused, as the drawee bank claimed the right to
discharge its obligation by its own draft.
The plaintiffs in this proceeding sought to restrain the Federal Reserve Bank of
Richmond from returning any check presented under these circumstances and to
require it to accept an exchange draft from the plaintiffs when any check had been
thus presented to them regardless where such exchange draft was payable or whether
or not the payment of it could be indefinitely postponed, as suggested in the argument,
by a succession of such exchange drafts.
The plaintiffs, however, in addition to the economic effect of the Federal statute
which forbids the payment by the reserve bank of a charge for collection of checks,
thus forcing, as they claim, all collection to be made through the Federal reserve
banks, who can thus collect without charge, made the further allegation that the
defendant was undertaking to coerce the nonmember banks to abandon their right
to charge for remitting for collections of checks upon them by saving up checks over
a considerable period of time until they reached a large amount and then demanding
them at the counter, with the probable effect of driving the bank into liquidation.
We need not.consider this allegation, which was not only denied by the defendant n
but which the court has found as a fact to be untrue, and the plaintiffs have take ^
no exception to such rinding. It would be unnecessary to notice this proposition bu
264
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
that such conduct was condemned by Mr. Justice Holmes in the case of the American
Bank & Trust Co. v. Federal Reserve Bank of Atlanta, opinion filed May 16, 1921.
That decision was rendered upon a demurrer on which, of course, the court assumed
that all the allegations of the bill and all reasonable inferences from them were true.
The rinding of fact on the trial in the present case eliminated this question entirely
from our consideration.
The record and briefs in this case are voluminous and the argument has been very
elaborate and able as the importance of the case demanded.
The Federal reserve bank under the provisions of the Federal statute has the rigjit
to receive for collection a check drawn upon a nonmember bank or upon any other
person within its district under the clear unmistakable terms of the act.
The amendment made June 21,1917, to section 13 of the Federal reserve act provides:
' * No charge for the payment of the checks and drafts and the remission therefor for
exchange or otherwise shall be made against the Federal reserve banks."
The real question, therefore, presented for us is whether the Legislature of North
Carolina can by the act above mentioned, chapter 20, Laws 1921, interfere with this
provision or regulation of the Federal corporation by a valid act of Congress by providing that a State bank need not pay its obligations in lawful money when checks,
which upon their face are unconditional orders for the payment of money, are presented by Federal reserve banks.
The question may be presented concretely by this homely illustration: Suppose a
farmer or merchant or other citizen of this State should send his cheek for $1,000,
drawn on a bank in this State, in payment of a purchase of goods or other article, to
New York. The person receiving it would place this check, in the ordinary course
of business, to his credit in some bank in that city, which bank in ordinary usuage
would sometimes charge for collection a small sum based upon the interest for the time
usually occupied in sending the check to the bank here and the return of the collection
to the bank in New York. As to this charge, which is a matter between the depositor
and his bank, there is no controversy here. When such check is sent to this State it
has been not unusual heretofore for the bank here to make its remittance by exchange
on New York and to charge a fee for the service, but since the amendment to section 13
of the Federal reserve bank act of June 21, 1917. if such check from New York is remitted through the Federal reserve bank no charge can be made for exchange in remitting the proceeds and if the bank here should remit anything less than the face of the
check, $1,000, to the Federal reserve bank, the Federal reserve bank in observance of
the provisions of the above amendment to section 13 will refuse to accept it as payment and notify its correspondent in New York why the check has been protested for
nonpayment. The plaintiffs complain that the result is that all checks will be sent
for collection through the Federal reserve banks' system, but that is an economic result
with which this court has nothing to do. This may or may not have been the intention of Congress in making the amendment, but the Federal reserve bank act has been
held valid and the amendment of 1917 was a valid regulation over the corporation
created by it which Congress had the power to make. Conceding that Congress can not
require the bank here to remit without charge for its trouble, Congress by forbidding
the charge prevents the reserve bank from allowing such charge (and the total of such
charges if made throughout the country would amount to $135,000,000 annually)
and the reserve bank has no alternative except to demand payment of the face
amount over the counter in legal tender from which no State can release the payee
bank without violation of the United States Constitution, and of its obligation to the
drawer and the destruction of its business by the protests of the checks of its customers.
The statute of North Carolina, chapter 20, 1921, was intended for the benefit of the
State banks in this State, by authorizing them to continue to charge exchange for
remitting collection of checks presented to them for payment, by sending their own
checks for less than the face amount of the check sent here for collection, but however
desirable that policy may be, it is clearly in conflict with the valid constitutional
provision of the Federal statute. No act of this State can authorize the drawee bank
to pay less than the face amount of the check drawn upon it by its depositor or to
remit its check in payment or pay it otherwise than in legal-tender money. Nor
can it require that the Federal reserve bank shall pay a fee or that the bank
here may remit less than the face value of the check when the Federal statute forbids
such charge. It is true that the Federal reserve bank as holder of the check has
no contract rights with the drawee bank until the check is presented, but as holder it
can require payment of the face amount on the check in legal tender and under the
act of Congress it can not pay a deduction from that face value by accepting a remittance to the reserve bank of a lesser amount. The reserve bank always incloses
with the check sent to the payee bank a stamped and addressed envelope for the check
to be remitted in payment, which must be for the face amount of the check sent.
PAE CLEARANCE CASES.
265
The Federal statute, being aregulation of the Federal corporation by Congress, the
act of this State authorizing the payee bank here to exact exchange is in direct conflict with the duty imposed upon the Federal reserve bank by the act of Congress and
the reserve bank acts within its duty to observe the provision of the Federal act by
refusing to receive a check for less than the face amount of the check sent by it for
collection. It is true it can not enforce payment of the face amount except by personal presentation of the check at the counter of the payee bank, but it has a right to
refuse a check sent to it by the payee bank for less than the full face amount and to
protest the check it has sent here for collection for nonpayment. The matter then
becomes one between the drawer of the check and the payee bank who refuses to pay it.
The United States Contitution, Article VI (sec. 2), provides that the Constitution
of the United States and the laws made in pursuance thereof "shall be the supreme
law of the land; and the judges in every State shall be bound thereby, anything in
the Constitution or laws of any State to the contrary notwithstanding.*' In the
matter before us the act of Congress which provides that no exchange shall be allowed
by the reserve bank for remitting for the collection of any check by any bank is in
direct conflict with the statute of this State authorizing the payee bank to remit a lesser
amount than the face amount of any check paid by it if presented by the Federal
reserve bank. In this conflict of authority the Federal law is supreme. The injunction, therefore, was improvidently granted and the judgment must be reversed.
CLEVELAND PAR CLEARANCE CASE.
DECISION OF DISTRICT COURT.
United States District Court, Eastern District of Kentucky.
FARMERS & MERCHANTS BANK OF CATLETTSBURG, KY., V. THE FEDERAL RESERVE
BANK OF CLEVELAND, OHIO, AND MARY B. MCCALL.
This cause is before me on plaintiff's motion for a preliminary injunction.
The plaintiff Is a Kentucky corporation doing banking business at Catlettsburg, a
city with a population of about 4,500, in this district. It has a capital stock of $50,000,
surplus of about $40,000, and deposits of about $500,000. The defendant bank is a
national corporation and is the Federal reserve bank for the Fourth District of the
Federal Reserve System of the United States. It has a branch bank in Cincinnati.
Ohio, and plaintiff is in the Cincinnati division of such district. The individual
defendant is a resident of Catlettsburg and, at the time this suit was brought, to wit,
July 15, 1921, was acting as the defendant bank's agent'in the daily collection in
cash over plaintiff's counter of checks drawn on it by its depositors, payable to persons
at a distance from Catlettsburg, which had come into such defendant's hands and had
been sent to her by the branch bank at Cincinnati for that purpose, and in the transmission of such cash to such branch bank by express or registered mail, and she had
been so acting continously since March 23, 1920. The suit was originally
brought in the State court, in whose territorial jurisdiction Catlettsburg is situated,
and it was removed thence to this court upon the joint petition of the two defendants
upon the ground that it arose under the Constitution and laws of the United States.
It is the plaintiff's practice where such checks are sent to it through the mail for
payment by other than one of its correspondent banks to remit exchange on one of
such banks and to charge not exceeding one-tenth of 1 per cent of the amounts of the
checks for so doing. By sending such checks as come into its hands for collection by
an agent in cash over the counter the defendant bank though it incurs the expense
of so doing avoids having to pay such charges. It had been advertising for a year and
a half that it would collect all such checks on plaintiff free of charge. What plaintiff
seeks to have enjoined is such conduct, i. e., the collection of such checks by defendants in this way and the advertisement by defendant bank that it will collect such
checks free of charge. It claims that it is injurious to it in that it deprives it of such
charges, requires it to keep a greater reserve in cash than it would otherwise have to
do, scandalizes it, affects its credit, and humiliates it. A temporary restraining order
was granted by the clerk of the State court when the suit was brought and has been in
force ever since. The case is of the same general character as that in the Northern
District of Georgia covered by the decisions in American Bank & Trust Co. v. Federal
Reserve Bank of Atlanta, 269 Fed. 4; American Bank & Trust Co.i;. Federal Reserve
Bank of Atlanta, 256 U. S. 450; American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, 280 Fed. 940; and that in the District of Oregon covered by
266
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
the decision in Brookings State Bank v. Federal Reserve Bank of San Francisco, 277
Fed. 430. Reference to these decisions relieves me in presenting the case here of
doing more than calling attention to its particular facts and then proceeding to dispose of the question which it calls for decision. I will first state the facts as they
appear from plaintiff's affidavit. As early as January, 1918, the defendant bank
began by letter to solicit the plaintiff to enter into a written agreement with it to
remit exchange in payment of checks of the character stated at par, i. e., free of such
charges. This it continued to do at intervals until December, 1919. The plaintiff
not yielding to such solicitations, at that time, it sent its traveling representative,
H. A. Magee, who had in charge the matter of personally soliciting nonmember banks,
i. e., State banking institutions, toenterinto such agreements, to Catlettsburg to interview plaintiff on the subject. He made four separate visits for that purpose. He
first attempted persuasion and, this failing, he insisted and demanded that plaintiff
agree and finally threatened it with the consequences of a refusal to do so. He said
that the American Express Co. would be employed to collect the checks in cash,
which would be very embarrassing to plaintiff; that, though this would be expensive
to the defendant bank, it did not matter, as there was a principle involved, and plaintiff would be mighty glad to sign up before long, as no bank could exist that did not;
that the Federal Reserve System was like a mighty battleship coming up as it were
from a smooth sea and all banks that did not affiliate with it could not stand its swells
and must get in its wake for safety, and that in the next five years there would be no
small banks.
The plaintiff remaining recalcitrant, on January 6, 1920, the defendant bank employed the American Express Co. to collect such checks as came into its hands, through
its local agent at Catlettsburg. The checks would be delivered to the company at
Cincinnati by the branch bank, carried to Catlettsburg and there presented and payment in cash demanded by such agent and upon receipt of same would carry it back
to Cincinnati. The express company continued so to act until February 26, 1920,
when it refused to do so any further* During this time Magee was in Catlettsburg
from time to time looking after the matter and frequently visiting the bank. As the
express agent would collect large sums in cash he would, shortly afterwards, come in
the bank and see whether or not the method used had broken the spirit of those in
charge and suggest that they submit to the desire of his principal that plaintiff go on
the par list. About the middle of January, 1920, he asked the plaintiff's assistant
cashier to use his influence with the cashier, who was handling the matter on behalf
of plaintiff, in an effort to have him agree to the par clearance method. He stated
that if they did not consent to it the Federal reserve bank would continue its method
of collection by the express company demanding cash at the counter and that it would
be annoying and expensive to both banks and that plaintiff could not stand that
method of paying items in cash. The reason for the express company's refusal to act
further was that the task was too burdensome.
Thereupon Magee went to Catlettsburg and for several days, possibly until March 3,
1920, made the collections himself. Each day during this time he went to a drug store
on the corner opposite plaintiff's bank, where there was a soda fountain, the most prominent place in the city, and remained there from three to five hours walking up and
down in the storeroom and looking across the street at the bank as though he were on
the watch for what was being done there. On that date he employed Frank K.
Barbee, a resident of the city and night clerk in a hotel, to act as agent. He continued
so to act until March 23, 1920, when he surrendered the job, and the defendant, Miss
McCall, was employed. Whilst Barbee was acting as agent, Magee was in Catlettsburg
the most of the time instructing him and overseeing the performance of his duties.
The place of instruction was the corner drug store heretofore referred to. Magee spread
the checks upon a refreshment table in front part of the store in a conspicuous place
where those coming in and out of the store could readily see and hear what was going
on, assorted and listed and indorsed them, and explained to Barbee the details of
presenting the checks at the counter and demanding payment in cash* Frequently
he accompanied Barbee to the bank. He stated to Barbee that the reason and necessity for such method of collection was that the defendant bank insisted that the checks
be cleared at par and such was the only method whereby plaintiff would be forced
to an agreement so to do, and that though the method of collection was far more expensive to the defendant bank than the payment of the clearance fees it was not the
expense they cared about but was simply the principle of the matter, and that sooner
or later the plaintiff would be forced to'sign an agreement to clear all checks at par,
or that it would be forced out of business. He gave Barbee a number of pamphlets
containing an exposition of the merits of universal par clearance and instructed him to
call upon as many of plaintiff's depositors as he could see from time to time and leave
one of those pamphlets with them.
PAR CLEARANCE CASES.
267
After Miss McCall's employment Magee remained in Catlettsburg for some time,
possibly until April 10, instructing her and overseeing the performance of her duties.
The place of instruction and the manner thereof was exactly the same as in the case
of Barbee. He also accompanied her to the bank frequently. It should be said
that both Barbee and Miss McCall, at Magee's instance, inquired of plaintiff whether
it was agreeable for them to act as such agent and were told that if any one was to be
employed to render the services they might as well secure the position. Miss McCall
was a maiden lady who had the respect of the people of Catlettsburg. Magee's manner
whilst in and about plaintiff's bank, as heretofore set forth, was domineering, dictatorial, and boisterous. He sought opportunity to attract attention of those who might
be in or near the bank by loud and quarrelsome conversation. He took occasion to
create scenes and disturbances at times when there would be many customers in the
lobby of the bank. At the time when he undertook to collect checks after the express
company quit, plaintiff suggested that it had not received any letter designating him
as agent. He made a row about this, intimating that it was refusing to recognize his
authority. Much disturbance was caused in the bank by the colloquy over this
matter. During Barbee's agency he brought on a heated argument with plaintiff's
assistant cashier over a certain check.
Whilst the express company was acting as agent plaintiff countered by stamping
upon a great many of its blank checks furnished its depositors an indorsement in these
words: " Payable in cash or exchange draft at the option of the Farmers & Merchants
Bank of Catlettsburg, Kentucky." Up to February 19, 1920, the defendant bank
accepted checks so indorsed and when presented for payment exchange drafts were
accepted. From February 19, to February 28, 1920, it refused to accept them.
From February 28, 1920, to March 9, 1920, it again accepted them. Since then it
has refused so to do. On February 28, 1920, Magee was acting as agent. He presented on that date 14 checks so indorsed, amounting to $573.80, and demanded and
received 14 separate drafts, one for each check, in payment thereof.
On March 10, 1920, during Barbee's agency, Magee visited C. C. Magann, who had
the exclusive agency to handle and sell Ford cars at Ashland, Ky., a neighboring city,
in the same county, and who was one of plaintiff's depositors at his place of business,
introducing himself as a representative of defendant bank and stated that he wanted
to discuss some business with him. Magann took him into his private office and he
then stated that his check to the Ford Motor Co. of date March 8, 1920, for $3,756.72,
on plaintiff, had been presented and payment thereof refused and exhibited a letter
to him from the Cincinnati branch corroborating his statement. Magann immediately
went to Catlettsburg in his automobile and ascertained that his check had been paid
that day and that it had not been presented for payment before then and payment
thereof had never been refused.
On March 26, 1920, during Miss McCall's agency, Magee visited O. H. Salyern,
another of plaintiff's depositors, who owned and operated a store in Catlettsburg. He
stated in the presence of Salyer's customers in an abrupt, high-handed, and loud
manner that he represented defendant bank and, presenting a check drawn by him
on plaintiff for $108.29 in favor of a Cincinnati party which possibly contained the
indorsement as to payment heretofore referred to, demanded to know of Salyer why
he had not filled the check out in the proper manner, and stated that he had presented it for payment and could not get any money on it.
On the same day lie visited F. H. Carpenter, secretary of D. H. Carpenter & Co.,
engaged in wholesale and retail dry goods and notions business in Catlettsburg and a
depositor of plaintiff, introduced himself as a Federal reserve man, presented a
check drawn by his company on plaintiff containing the indorsement referred to,
inquired as to why his company permitted the bank to put such an indorsement
upon the check, and stated that it was injurious to the credit of his company
and that to save its credit it should do business with some other bank.
Magee whilst in Catlettsburg made inquiries of clerks in the drug store, post office,
and express company office as to where the plaintiff was getting its cash from. He
also made inquiries as to the worth and standing of plaintiff and the man in charge
of its business.
As stated, Magee left Catlettsburg about April 10, 1920. The reason for his leaving
was that an indictment was returned against him by the State grand jury in which
that city is situated, charging him with making and circulating statements derogatory
to the plaintiff contrary to the Kentucky statutes, and he has never been back since.
He continued in the defendant bank's employ until July 17, 1920. Whilst he was
in Catlettsburg he made reports of progress to the assistant cashier of defendant bank,
who was overseeing the matter.
For a while after Miss McCall was employed it was her custom to go to the bank with
a gocart in which to carry away from it the money received. Seemingly the plaintiff
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
purposely gave her more coin than she could otherwise carry. One day she was
given as much as 94 pounds in silver. And at times it would wad the bills. Later
on the gocart seems to have been abandoned, possibly because not needed. It took
much time to wait upon her in counting the money, and after she was waited upon
she took much time in recounting it, in separating it into the separate denominations
and in mailing a list thereof, which she was required to do. She carried an instrument
bearing defendant bank's seal, which was used in sealing with lead a canvas sack in
which the money was shipped. She always carried openly a pistol to protect herself
from robbery and often was accompanied by one or two dogs.
After defendant bank refused to accept checks drawn on plaintiff bearing the
indorsement as to payment in cash or exchange at plaintiff's option, it did not content
itself with returning the checks to the banks from whom they came, but took pains
to write to the payees of the checks giving its reason for not accepting them. That
was that the checks by reason of the indorsement were nonnegotiable. The concluding paragraph of each letter was:
"We are writing this letter in order that you may be advised that items bearing
notation similar to that set forth on the check mentioned above are uncollectible
through a Federal reserve bank and for that reason as a medium of payment the usefulness of such checks are impaired."
About two weeks before May 18, 1920, defendant bank's branch bank at Cincinnati
wrote plaintiff's main Cincinnati correspondent, a national bank and member of the
Federal Reserve System, a letter in which it said:
"We are instructed by the head office to refuse to handle checks bearing the
indorsement of the Farmers & Merchants Bank of Catlettsburg. Accordingly in case
any checks with their indorsement are deposited with us, by you, we shall return
them. Please so instruct your transit department. This is effective at once and
until further notice."
Whilst the American Express Co. was acting as agent in January and February,
1920, its general agent at Cincinnati, and local agent at Ashland, which had supervision of the Catlettsburg office, called upon the manager of the defendant bank's
branch bank at Cincinnati to explain delay in two or three shipments of proceeds
of checks collected by the express company. They inquired of the manager how
long such method of collection would be kept up, and, according to the general agent,
he replied:
" I do not know how long it will be continued, but it will be continued until the
Farmers & Merchants Bank agrees to handle our collections without charge to us."
According to the local agent, he replied that they would continue their method
of collecting checks over the counter until they had forced the plaintiff to handle
them.at par, and intimated that it would not be long until it would be forced to clear
at par.
Such is the showing, in substance, made by the affidavits introduced on behalf of
plaintiff. As against it, so far as Magee's conduct is concerned, defendants have
introduced the affidavit of Magee and the oral testimony of Miss McCall. In his
affidavit Magee states that in his various conferences with plaintiff's cashier he never
endeavored to coerce the plaintiff into agreeing to clear checks drawn on it at par,
but at all times sought to point out to him that the par collection system was a great
progressive movement in banking practice and that plaintiff as a representative
banking institution in Catlettsburg should give its sanction to this practice, and that
he never uttered to any person any statement derogatory to the reputation or solvency
of plaintiff. Other than these general statements he makes no denial of the statements in plaintiff's affidavits as to his conduct. Possibly his affidavit is to be understood as stating that he was not in Catlettsburg any time whilst the express company
was acting as agent. If so, this statement may be said to amount to an indirect
denial of what is stated in plaintiff's affidavit as to his conduct in Catlettsburg at
that time. Miss McCall testified that Mr. Magee was never boisterous or ungentle*
manly in* any way and was always quiet and gentlemanly when she was thrown with
him. There is no reason for not accepting this testimony as true. Possibly it can
be reconciled with statements in plaintiff's affidavit by the fact that her presence
had a restraining influence upon him. It is to be noted, however, that seemingly
the indictment was not returned against him until over two weeks after Miss McCall
began to act as agent. In the light of the showing made on both sides I am constrained to accept that made by plaintiff as to Magee's conduct as being substantially
true. It is Jiard to believe some of it—that as to his conduct in relation to Magann,
for instance. And a tendency to exaggerate seems to pervade plaintiff's affidavits.
Yet with this said, in view of the number of them and the persons making them,
all of whom are in good standing, I have not other recourse than that stated.
The defendant bank's assistant cashier, who has represented it in this matter,
testified that the conduct of Magee complained of was never authorized by the defend-
PAR CLEARANCE CASES.
269
ant bank, and if he was guilty of any such conduct it was absolutely unknown to it
and that he never intimated that he was doing anything at Catlettsburg except to
carry out instructions which was to endeavor to persuade plaintiff to agree to remit
at par and to treat it politely. At one time, however, a complaint of Magee was
conveyed to defendant bank through the president of plaintiff's principal Cincinnati
correspondent. Magee was instructed to see such president about it. He did so and
explained the matter to his satisfaction. The defendant bank learned of Magee's
indictment and inquired of him about the matter. He gave an outline of his actions
whilst in Catlettsburg, and according to that outline there was nothing in his conduct
which would indicate that the indictment was based upon well-established facts.
But it made no independent investigation in regard to the matter, sent no one to
Catlettsburg to inquire into Magee's conduct, made no effort to have the indictment
against him brought to trial, expressed no regret to plaintiff for his conduct if possibly he did go too far, and continued to keep him in its employ until July 17, 1920,
the reason for his then quitting not appearing.
Seemingly the defendant bank would have the court, in disposing of this motion,
turn its back on Magee's conduct as a thing long of the past when this suit was brought
and view it in the light of the fact that at that time all it had to apprehend was Miss
McCall's daily visits, with her pistol by her side, accompanied at times with one or
two dogs. But that conduct is relevant, notwithstanding that such is all that plaintiff has reason to apprehend in the future. It gives color to defendant's bank's purpose in initiating and continuing this procedure directed against plaintiff. Possibly
it may be true that it was not aware of Magee's conduct, at least to the full extent
to which he went. But how is such conduct on Magee's part to be accounted for?
It can not be accounted for on any other basis than knowledge on his part of what
defendant bank's purpose was in setting on foot the movement against plaintiff.
It was begotten by such purpose and hence gives color to it.
The showing made by plaintiff's affidavits as to the other particulars than Magee's
conduct and as to his conduct except as stated are uncontradicted.
The facts as to two other matters should be stated. One of them is as to the accumulation of plaintiff's checks by defendant bank. There was no other accumulation
than such as was caused by its advertisement that it would collect plaintiff's check
at par. This necessarily resulted in an accumulation to some extent. It can be
accepted that this undertaking was availed of by all in whose hands plaintiff's checks
came who otherwise would have been compelled to pay for remittances in payment
thereof. And because of this plaintiff was obliged to keep a greater reserve than
would have been the case had the checks been allowed to straggle in one at a time
as they did before defendant bank set on foot the movement against it. The other
is as to the effect on plaintiff of defendant bank's course of procedure. It deprived
it of income from remittance to the extent of from $800 to $1,000 a year. It required
it to keep a greater cash reserve and, therefore, affected its income from loans to a
certain extent. It caused it to lose depositors. There was a shrinkage in deposits
in the time between the initiation of the movement and just before the bringing of
this suit of nearly $100,000. But it can not be said from this mere fact alone that this
shrinkage was caused by that movement. There was a greater shrinkage in the
same time of the deposits of another banking institution of Catlettsburg. But the
cashier's affidavit gives the names of seven depositors which plaintiff lost for this
reason, and this statement is uncontradicted. And the movement, especially whilst
Magee was at Catlettsburg, was calculated to cause plaintiff to lose depositors. The
movement scandalized plaintiff in Catlettsburg and was calculated to injure its
reputation and credit. What was going on v/as a matter of public notoriety. No
attempt was made to keep it from the public. And the procedure could not help
being humiliating to plaintiff.
Yet still another fact should be stated in order to a full presentation of this case.
This is that when this suit was brought the checks which came into defendant bank's
hands for collection and which were presented by it for payment over the counter
were dwindling in number. At the time the movement was begun plaintiff had reason
to expect that checks amounting to as much as $8,000 might be presented for payment
at any time. At the time suit was brought the reasonable expectation did not exceed
$3,700. This shrinkage was due to the indorsement on its checks, which were increasingly being put there, to the effect that payment might be made in cash or exchange,
which checks the defendant bank refused to handle.
It remains to determine the law of this case. As to this there can be no question,
as it has been settled by the decision of the Supreme Court in the Atlanta case. It all
depends on defendant bank's purpose in adopting this unusual and heretofore
unheard-of procedure of seeking out plaintiff's checks for collection and presenting
them in a body for payment over the counter, i. e., what was its immediate purpose
270
ANNUAL REPORT OF THE FEDERAL RESERVE BOABD.
in so doing? Was it for the purpose of breaking down the plaintiff's business as then
conducted? If so, it was unlawful and subject to be restrained by a court of equity.
It does not follow that because the holder of a check has a right to present it to the
bank upon which it is drawn for payment over the counter, that one has the right to
seek to become the holder of all the checks drawn on a bank as they are drawn, and
then present them in a body for payment in cash over the counter. If such was
defendant bank's immediate purpose in so doing, it was not justified by the ulterior
purpose which it has in view, to wit, of freeing commerce from the burden of such
charges. Here, as never, did the end justify the means. Such a course of procedure
is a kind of refined highwaymanship. It is a holdup. It is one of the inalienable
rights of a person to be unprogressive, selfish, and mean. This is said without intending to so characterize plain tiff's position. No other person has the right to coerce
him into being otherwise. The idea that there is such a right was at the bottom of the
Night Rider troubles in Kentucky some years ago. Those who were in the pool
thought that those who were out were selfish, and they undertook to coerce them into
joining the pool by shooting them into their homes.
What then was the defendant bank's purpose in initiating this movement against
plaintiff and keeping it up for over a year and a half, i. e., until stopped from further
doing so by the temporary restraining order? There is but one answer to this question
and that was to break down plaintiff's business as it was being conducted; not to put
it out of business, but to compel it to do business in this particular as it would have
it do and not as plaintiff desired. Notwithstanding it was haying its way in conducting
its business it was not willing that plaintiff should have its way in conducting its
business. It desired to impose its will on plaintiff. That such was defendant bank's
purpose is the meaning of the course of procedure adopted. It can be accounted for
on no other basis. Such a purpose was avowed by those acting on its behalf, and it was
admitted on the witness stand by its assistant cashier that if the plaintiff at any time
had signed an agreement to remit at par the agency would have been withdrawn.
Each side appeal to the decision in the Oregon case as favoring its contention. It
seems to me to favor that of plaintiff. In that case the reserve bank had been maintaining an agent at Brookings, but at the time of the application for preliminary
injunction that agent had been withdrawn and the reserve bank had been forwarding
to the State bank checks drawn on it indorsing them for collection only and remittance
in full without deduction for exchange, and, upon the State bank returning them unpaid, had been returning them, its correspondents advising them that the State bank
refused to pay and had not protested same and they must look to the State bank for
their protection, which was in effect that the checks had been dishonored. A preliminary injunction was granted restraining the reserve bank from so advising its
customers. That in the decision of Judge Wolverton on which the defendant bank
relies, is his statement that the reserve bank was acting within its authority in maintaining an agent at Brookings for making collections over the counter of plaintiff's
bank and paying the expenses thereof. But in making this statement he was merely
referring to the corporate power of the reserve bank, and he based this on the decision
in the Atlanta case. He was not considering the right of the reserve bank to so act
as against the State bank. On the contrary, he seemingly condemns the action of
the reserve bank in this particular as well as in the particular as to which the injunction
was granted. He said:
4
'The question remains for determination as it respects the motive that induced
the defendant bank to pursue the course it did in attempting to make collection from
the plaintiff bank. It appears by defendant's answer that it expended $1,915.32 in
making collections over the counter of plaintiff's bank of $102,850.33 during the year
from October 1, 1920, to October 1, 1921. The method employed, considering the
occasion for it, or rather the lack of reasonable necessity, was to say the least extraordinary, extravagant, and unbusinesslike."
Again he said:
" I am persuaded, however, that the action of the defendant bank in adopting the
methods pursued by it toward the plaintiff's bank, and in persistently adhering to
them indicates most convincingly that it was for the purpose of coercing the latter
bank into adopting the policy of the reserve bank to remit at par. Although the policy
may be commercially sound, the plaintiff was entitled to pursue its own method,
without being harassed and annoyed because it persisted in so doing."
It is not unlikely that the withdrawal of the agent from Brookings was due to the
decision of the Supreme Court in the Atlanta case and was an interpretation of that
decision as condemning such action.
The decision of Judge Evans in the Atlanta case after its return consisted of certain
findings in that case, based upon its particular facts. In so far as such findings may
conflict with what I have held herein I am unable to follow it.
PAR CLEARANCE CASES.
271
The only thing that has given me any concern in this case is plaintiff's delay in
asserting its rights. No explanation is given of this. Possibly it thought that it
would be able to wear out the defendant bank in the long run. But it is not unlikely
that under the influence of the decision of the lower courts in the Atlanta case it thought
that the defendant bank had the right to make collections as it did and was not advised
to the contrary until the Supreme Court reversed those decisions. It was shortly
after such reversal that this suit was brought. I can not, however, make out from this
delay any reason why defendant bank should be permitted to continue to make
collections in this unlawful manner. The motion, therefore, is sustained. A preliminary injunction is granted restraining defendants from continuing so to make
collections of checks drawn on plaintiff and the defendant bank from advertising
that it will collect such checks free of charge and from doing anything else for the
purpose of coercing plaintiff to remit at par.
SAN FRANCISCO PAR CLEARANCE CASE.
DECISION OF DISTRICT COURT.
United States District Court for the District of Oregon.
IN THE MATTER OF BROOKINGS STATE BANK, AN OREGON BANKING CORPORATION,
v. FEDERAL RESERVE BANK OF SAN FRANCISCO.
DECISION OF DISTRICT JUDGE WOLVERTON, RENDERED JUNE 26, 1922.
The Brookings State Bank, the plaintiff herein, is an Oregon corporation, with a
capital stock of $15,000, and is engaged in the banking business at Brookings, a small
town in the extreme southwestern part of the State, in Curry County. The town is
without express facilities. The bank has correspondents at San Francisco, Calif.,
and Portland, Oreg. In making remittances it has heretofore exacted an exchange
charge of one-tenth of 1 per cent. The defendant, Federal Preserve Bank of San
Francisco, exercising its functions as a collecting and clearing-house agency, and
desiring to make collection from the Brookings bank, requested payment at par,
as it is prohibited by the Federal reserve act from paying exchange. This was refused
by the Brookings bank. With the view, therefore, of making such collections without
the necessity of paying exchange, the reserve bank maintained an agent at Brookings
for making collection over the counter, of such paper as might be transmitted to him
through cash letters from the reserve bank and its branch bank at Portland. The
agent was so maintained for the space of about a year, and he collected over the counter
during the time something above $108,000, at an expense to the reserve bank of
$3,542, which includes the expense of transmitting the currency to point of destination. The method caused the Brookings bank much annoyance, and required it to
maintain a materially larger reserve than ordinarily would have been necessary in
the usual conduct of its business.
The agent was finally withdrawn, and the Brookings bank was notified that thereafter checks would be forwarded for collection by mail direct to the bank, with request
that they be paid at par and the proceeds remitted by exchange on Portland or San.
Francisco. Checks were so forwarded, indorsed "Pay to Brookings State Bank for
collection only and remittance in full without deduction for exchange or collection
charges," but were returned without payment, on the ground that the bank was not
called upon to act as agent for the reserve bank to make such collections under the
terms imposed. The reserve bank, upon the return of the checks, returned them
to its correspondents, advising them, in effect, that the Brookings bank refused to
pay and had not protested the paper, and that they must look to the Brookings bank
for their protection. A preliminary injunction issued after hearing, restraining the
reserve bank from sending letters to its clients advising them that they must look
to the Brookings bank for their protection through failure to protest such paper as
demand for payment was made upon it on condition that it remit at par.
WOLVERTON, District Judge:
The Federal reserve bank is empowered by the Federal reserve act, by authority
of which it is permitted to incorporate and transact business, to exercise all powers
specifically granted by the provisions of the act, and such incidental powers as shall
be necessary to carry on the business of banking within the limitations prescribed by
the act (subd. 7, sec. 4). By section. 13, as amended by the act of June 21, 1917
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
(40 Stat. 235), it is provided that any reserve bank may receive from any of its member
banks deposits of current funds in lawful money, or checks and drafts payable upon
presentation, and also, for collection, maturing notes and bills; or, solely for the
purpose of exchange or of collection, may receive deposits of checks and drafts,
payable upon presentation within its district, and maturing notes and bills payable
therein; or, solely for the purposes of exchange or of collection may receive from any
nonmember bank or trust company, deposits of current funds in lawful money,
national-bank notes, Federal reserve notes, checks, drafts payable upon presentation,
or maturing notes and bills; provided, however, that such nonmember bank or trust
company maintains with the Federal reserve bank of its district a balance sufficient
to offset the items in transit held for its account by the Federal reserve bank; and,
"provided, further, that nothing in this or any other section of this act shall be construed as prohibiting a member or nonmember bank from making 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."
By section 16, the Federal Reserve Board is empowered at its discretion to exercise
the functions of a clearing house for Federal reserve banks, or it may designate a
Federal reserve bank to exercise such functions, and may also require such bank to
exercise the functions of a clearing house for its member banks. By a previous clause
of this section, it is provided that 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 depositors, and when remitted by a Federal reserve bank, checks
and drafts drawn by any depositor in any other Federal reserve bank or member bank
upon funds to the credit of said depositor in said reserve bank or member bank.
The language of the statute is that the reserve banks may receive from nonmember
banks checks and drafts payable upon presentation, and this solely for the purpose of
exchange or of collection; but this is on condition that the nonmember bank shall,
of its own volition, maintain with the reserve bank the appropriate balance as prescribed. In this way, nonmember banks can avail themselves of the clearing-house
privileges afforded by the reserve bank. Otherwise, it would seem that nonmember
banks are not affected by the act. (31 Opinions of Attorneys General, 245.) But the
preceding clause gives broader scope to the powers of the reserve bank. It may
receive on deposit, for the purpose of exchange or of collection, "checks and drafts,
payable upon presentation within its district." This would seem to comprise all
checks and drafts upon whatsoever bank drawn within its district, without discrimination as to whether member or nonmember. The use of the word '' may'J is indicative
of a legislative intendment to concede an optional function only. There is no particular reason assignable why the word should be construed as 'shall" or mandatory
in its signification.
The clause of section 18 requiring reserve banks to receive at par on deposit from
member banks or from Federal reserve banks checks and drafts drawn upon their
depositors carries with it no specific power for making exchange or collections. The
function, so to be exercised, is treated of in section 13. The reserve bank having such
paper on deposit, however, may be treated as the holder or owner of such paper.
The Federal Reserve Board, apparently recognizing that nonmember banks, unless
they voluntarily maintained with the reserve bank the appropriate balance, were not
otherwise affected by the act, issued a regulation under title ''Check clearing and
collection," as follows:
"Each Federal reserve bank will receive at par from its member banks and from
nonmember banks in its district which have become clearing members checks drawn
on all member and clearing member banks and on all other nonmember ? banks which
agree to remit at par through the Federal reserve bank of their district.'
This is in pursuance of a policy inaugurated by the board to induce nonmember
banks, which are without the pale of the act, to remit at par, and thus to unify bank
clearances and collections throughout the country.
The questions presented here are: First, whether the reserve bank has the authority
to make collections from nonmember banks; and, second, whether it can coerce such,
banks to agree to^ remit at par.
As to the first, it is already apparent that the reserve bank may, at its option, receive
paper against such banks for collection. Having that power, it may collect it, if it
can find a way of doing so without the payment of exchange which it is prohibited
from paying by the act.
It is a banking custom, as well as a legal right which a holder of a check has at all
times, to present paper at the counter of the payee bank and demand payment, and,
if denied, the paper is subject to dishonor. Paper so presented and paid over the
PAE CLEARANCE CASES.
273
counter is not subject to exchange. It is also a custom among banks, in making collections from other banks where there is not more than one bank in a place, to send
checks to the drawee bank with request for remittance, and the request is honored
unless there is some special reason why the bank should not pay. These banking
rules and regulations are conceded.
As to the second question, the nonmember banks, being without the pale of the
Federal reserve act, have the right, if they see fit, to charge reasonable exchange on
remittances. This is a right the bank may relinquish at its option, but it ought not
to be coerced into doing so. or agreeing to do so, and any strategy which has for its
purpose the coercion of such nonmember bank to yield its legal right in this respect is
unlawful, and will not be approved by the courts. The Supreme Court, speaking
through Mr. Justice Holmes, has put the stamp of its disapproval upon the act of a
party massing a number of checks against a bank and presenting them in bulk at the
counter for payment, although the holder of paper has the legal right to demand payment, on the ground that it evidences an ulterior purpose of compelling the bank to
yield against its will to a demand for payment at par. (American Bank and Trust
Company et al. v. Federal Reserve Bank, 41 Sup. Ct. Rep. 399.) In the opinion the
distinguished jurist has this to say:
"If this were a case of competition in private business, it would be hard to admit
the justification of self-interest considering the now current opinion as to public policy
expressed in statutes and decisions; but this is not a private business. The policy of
the Federal reserve banks is governed by the policy ot the United States with regard
to them and to these relatively feeble competitors. We do not need aid from the
debates upon the statute under which the reserve banks exist to assume that the United
States did not intend by that statute to sanction this sort of warfare upon legitimate
creations of the States."
The testimony here impels me to the conclusion that the Federal reserve bank has
gone to the length of endeavoring to coerce the Bfookings bank to accede to its demand
that the latter bank agree to remit at par. Its purpose is obvious, from the fact that
it maintained an agent at Brookings for practically a year, at an expense to it of $3,542,
for collecting over the counter checks and drafts drawn upon the Brookings bank,
knowing at the time that the procedure was embarrassing to the bank, and required
it to maintain a much larger reserve in its coffers to take care of its current business,
thus depriving the bank of a portion of its ordinary earnings. Such a purpose is
further manifest from correspondence found in the record. One letter to which I refer
is defendant's Exhibit " S , " from the manager of the Portland branch to an officer of
the reserve bank at San Francisco. It relates to an incident of the acceptance by the
agent at Brookings of the bank's draft at par in payment of checks presented over the
counter, and advises that'' If we continue to accept exchange we are, of course, extracting the sting from our direct collections." Another is plaintiff's Exhibit 20, a letter
from the manager at Portland to the Scio State Bank, advising that " Shortly, after
all the banks in the country have had time to consider becoming par voluntarily, it
will be necessary to use more forcible methods with the few banks that refuse to pay
their checks at par." Corroboration is found in other correspondence and evidence
adduced at the trial, but the record is too voluminous to attempt to particularize.
But with all this, it appears that the Brookings State Bank was advised by letter of
September 20,1921, that the agent at Brookings would be withdrawn on September 30,
and the agent was so withdrawn, and has not since been maintained there, and as this
suit was instituted on September 29, 1921, there would seem to be no necessity for
enjoining the defendant from maintaining an agent at Brookings for making collections
over the counter of the bank, whether absolutely or in modified terms; nor would it
have been necessary to go into these matters to the extent we have, but for the earnest
insistence that it was the defendant's absolute duty, imposed upon it by the act, and
as to which it had no volition, to make such collections. The Federal reserve bank,
however, has recognized the optional character of its function in this regard by notifying its correspondents that it will accept no more paper on the Brookings State Bank
for collection.
As it relates to the method adopted by the defendant for making collections, through
the mail by sending checks and drafts drawn upon the Brookings bank direct to the
bank, indorsed "Pay to Brookings State Bank, for collection only and remittance in
full without deduction for exchange or collection charges," it is plain that the bank
was not called upon so to remit, and its return of the checks without payment as
demanded was not tantamount to dishonor. I repeat what was said in deciding the
matter at the preliminary hearing:
"While, under the prevailing custom, the defendant bank could rightfully remit
its checks and drafts drawn against the plaintiff bank direct to the latter for collection
and could thereby exact payment of them, it could not impose conditions upon which
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
such payment should be made; much less could it make the plaintiff bank its agent
for causing protest to be made for nonpayment. The idea of requiring that a maker
or drawee shall have protested his own paper is so inconsistent with the functions of
an agent that it can hardly receive the sanction of law. No man can have two masters,
especially himself and another."
The defendant was, therefore, not authorized to advise its clients that they must
look to the plaintiff bank for protection through failure to protest.
The preliminary injunction heretofore decreed will be made permanent, but no
injunction will issue respecting the maintenance of agent at Brookings, as such agent
had been withdrawn practically at the time of the institution of the suit, and there
appears to be no intention upon the part of defendant to replace him.
COURT OPINIONS ON EXERCISE OF FIDUCIARY POWERS.
Supreme Court of Rhode Island.
AQUIDNECK NATIONAL BANK OF NEWPORT, R. L, V. RICHARD W. JENNINGS, GEN
TREAS. M. P. NO. 373.
SwEETLAND, C. J.
This is a petition for a writ of mandamus to compel the respondent as general treasurer of the State to accept from the petitioner forty-five thousand dollars in United
States fourth Liberty loan bpnds, which the petitioner has tendered as security for
the performance of its duties in a fiduciary capacity in accordance with what it alleges
are the provisions of the Federal reserve act.
The attorney general of the State in behalf of the respondent has demurred to the
petition.
The petitioner alleges that it is a banking corporation organized under the national
bank act of Congress, engaged in a general banking business in Newport as authorized
by its charter; that under the authority of the act of Congress known as the Federal
reserve act the Federal Reserve Board granted to the petitioner the right "to act
* * * as trustee, executors, administrator, and registrar of stocks and bonds in so
far as the exercise of such power is not in contravention of State or local law"; that
said Federal reserve act provides as follows: "Whenever the laws of a State require
corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private or court trusts, national banks so acting shall be required to make similar deposits, and securities so deposited shall be held for the protection of private or court trusts as provided by the State law"; that under the provisions
of section 7, chapter 231, General Laws of Rhode Island, 1909, every trust company is
required to deposit with the general treasurer of the State in certain securities therein
specified, which include the bonds of the United States, "an amount that shall be at all
times equal in value to twenty per centum of the entire capital stock of said corporation, which bonds shall be held by said treasurer as an additional security for the
faithful performance by said corporation of its duties as trustee, executor, custodian,
conservator, guardian, assignee, or receiver"; that the entire capital stock of the petitioner is two hundred thousand dollars and that it tendered forty-five thousand dollars
in said Liberty loan bonds to the general treasurer to be held by him as additional
security for the faithful performance by the petitioner of those duties in a fiduciary
capacity which it is empowered to assume by the grant of the Federal Reserve Board;
that the respondent as general treasurer has refused to receive said bonds of the
petitioner.
The respondent's demurrer sets forth several grounds which in substance are (1)
that the exercise by the petitioner of fiduciary powers enumerated in the permission
of the Federal Reserve Board is in contravention of the laws of this State; (2) that
the acceptance of the proposed deposit by the general treasurer would be in contravention of the laws of the State; and (3) that upon said petition this court should not
by a writ of mandamus compel the respondent to perform acts which do not fall within
the respondent's powers or duties under the laws of this State.
The provisions of the Federal reserve act giving to the Federal Reserve Board
power to authorize a national bank to act as an executor or trustee was looked upon
by some as a further step by Congress in what has been regarded as its tendency to legislate in matters of purely local and State concern. The Legislature of New Hampshire met the situation by providing that no trust company, bank, or banking company
or similar corporation should thereafter be appointed administrator of an estate, executor under a will, guardian or conservator of the person or property of another; and the
COUKT OPINIONS ON FIDUCIARY POWERS.
275
Supreme Court of that State has held that national banks as well as State corporations
were included within the prohibition of that legislative act. Appeal of Woodbury,
96 Atl. 299. The provision in question came before the Supreme Court of Illinois,
in People v. Brady, 271 111. 100. That court held that the implied power of Congress
under the Constitution to create national banks as governmental agencies, declared in
McCulloeh v. Maryland, 4 Wheat. 316, and Osborn v. United States Bank, 9 Wheat.
738, did not extend to the power of authorizing such banks to act as trustees or the
personal representatives of decedents. The court further held that such permission
to a national bank was in contravention of the laws of Illinois, which had designated
the corporations which could act in a fiduciary capacity and had especially provided
for State examination as to their financial stability and for their control. In AttorneyGeneral v. National Bank, 192 Mich. 640, it appeared that the First National Bank
of Bay City had been granted by the Federal Reserve Board the power to act in a
fiduciary capacity. The proceeding was in the nature of quo warranto, questioning
the right of said national bank so to act. One member of the court was of the opinion
that the exercise of the granted powers was in contravention of the laws of Michigan
relative to the settlement of the estates of deceased persons. A majority of the court,
however, held that the authority given by the Federal Reserve Board to the respondent
national bank did not contravene the Michigan law, but that the grant of authority to
a national bank to act in a fiduciary capacity in accordance with the provisions of
the Federal reserve act was beyond the express or implied powers of Congress, was
repugnant to the Federal Constitution, and that the respondent bank was without
legal authority so to act within the State of Michigan. This case.was reviewed by the
United States Supreme Court upon writ of error to the Supreme Court of Michigan in
First National Bank v. Union Trust Company, 244 U. S. 416. It was there held
that the authority of Congress to give to national banks power to act as trustees, etc.,
was within the doctrine stated by Chief Justice Marshall in McCulloch v. Maryland,
supra, and Osborn v. Bank, supra, and the grant of such power was not in violation of
the United States Constitution; that as a majority of the Supreme Court of Michigan
to whom was given the power to construe the laws of Michigan had decided that the
exercise of the power conferred upon the national bank was not in contravention of
the State law, the court reversed the judgment of the Supreme Court of Michigan.
The final determination as to the constitutionality of an act of Congress rests in the
United States Supreme Court and no question can now be raised before us as to the
constitutional validity of the provisions of the Federal reserve act under consideration.
There is left to us to consider whether the exercise of the powers which the permission
of said board purports to give to the petitioner is in contravention of the laws of this
State.
The first corporation empowered to act as trustee, executor, administrator, or
guardian in this State was chartered in 1867. Stringent regulations were contained
in its charter to secure the faithful performance of its duty in such capacity as to
safeguard the interests of beneficiaries under "such trusts. These provisions for the
protection of trust funds are now embodied in a general statute, sections 4-8, chapter
231, General Laws, 1909. Under the provisions contained in section 6 of the chapter
the assets of every trust company, equal in value to the par value of its capital stock,
shall stand pledged and shall be considered as the security required by law for the
faithful performance of its duties as trustee, executor, administrator, guardian, etc.,
and for the protection of deposits made with it by other trustees. In case of loss any
person beneficially entitled to said estate and any trustee making such deposit shall
be first indemnified in full from such amount so pledged in preference to all other
creditors. Under section 7 said trust company is required to deposit with the general
treasurer securities of the kind therein enumerated in an amount equal in value to
twenty per centum of the entire capital stock of said corporation, which securities shall
be held by said treasurer as an additional security for the faithful performance by said
corporation of its duties as trustee, executor, custodian, guardian, etc., and for the
repayment of monies deposited with it by other trustees; and the parties intended to
be secured by such deposit shall in case of loss be first fully indemnified out of such
deposit in preference to all other creditors of eaid corporation. Solely because of the
security thus provided such trust companies are permitted to act in a fiduciary capacity
and to accept and execute the office of executor, administrator, guardian, etc. State
banks, sayings banks, and all other corporations within the State are excluded from
the exercise of such powers.
It was pointed out in the opinion of the United States Supreme Court in First
National Bank v. Union Trust Co., supra, that the general subject of regulating the
character of the business of corporations acting in a fiduciary character is peculiarly
within State administrative control and if not discriminatory or unreasonable would
be controlling upon banks created by Congress when they seek to exercise such
276
ANNUAL REPORT OF THE FEDERAL RESERVE BOAHD.
fiduciary power. The provisions of our law with reference to trust companies, safeguarding the rights of beneficiaries, were in our statute law many years before the passage of the Federal reserve act. They can not be considered as discriminatory against
national banks, for banks of this State which come into competition with trust companies as well as with national banks are excluded from such privileges; nor can t h e y
be considered as unreasonable, since such provisions have a iust relation to the financial
stability properly to be required of a trustee. Hence in the language of the Federal
court such regulation would be controlling upon national banks. National banks do
not and can not comply with these regulations. The assets of this petitioner to the
amount of two hundred thousand dollars, which is the par value of its capital stock,
can not under the provisions of its charter and the national banking law stand pledged
for the faithful performance of its duties as trustee, executor, administrator, etc., and
for the security of deposits made with it by other trustees, and in caee of loss the
beneficiary or the trust depositor can not be first indemnified in full from the amount
pledged in preference to all other creditors. If it were a trust company, the securities
equal to twenty per centum of its capital stock, which the petitioner is seeking to
deposit with the general treasurer, would be a deposit which it would be required to
make merely as an addition to the security furnished under the provisions of section
6. In this regard we are of the opinion that it would be in contravention of our State
law for this court to take action which should apparently admit this petitioner to a
standing of equality with trust companies, treating it as a corporation which furnished
a similar security to beneficiaries and had equal authority to act in a fiduciary capacity.
The devolution of the estates of decedents, the control of the property of infants
and lunatics, the jurisdiction of our probate courts, and the legal regulation of the
trusts which arise in the administration of probate law are matters which pertain
exclusively to the powers of a State over its domestic affairs. Under the State law
no corporation other than a trust company organized under the Rhode Island statute
may be appointed executor, administrator, or guardian by our probate court or may
accept and execute the duties of such office. This authority is not conferred upon
a trust company because it is a banking institution, as State banks, which in the
nature of their business are similar to national banks, are not given such powers;
neither are savings banks. The extension by the general assembly of this power to
trust companies, alone of all corporations, is plainly because the provisions governing
their creation and their regulation safeguard in a peculiar manner the legal rights
of those beneficially interested in such trusts. In the absence of the express sanction
of the general assembly the appointment of a national bank to execute the trusts
which arise in probate proceedings, or the attempted execution of such trusts by a
national bank, would be in contravention of our State law.
In 1918 Congress amended the Federal reserve act by adding the following paragraph: "Whenever the laws of such State authorize or permit the exercise of any
or all of the foregoing powers by State banks, trust companies, or other corporations,
which compete with national banks, the granting to and the exercise of such powers
by national banks shall not be deemed to be in contravention of State or local law
within the meaning of that act." We assume that this amendment is intended as
the legislative construction which Congress places upon the provisions of its own
act, for we do not admit the power of Congress to control this court in the construction
of the State laws of Rhode Island.
There is another fundamental question arising under the demurrer of the respondent,
which is as to the propriety of a mandatory writ of this court commanding a State
officer to act outside the scope of his duties as they are set out in our law. The general
treasurer is an officer of the State provided for in the constitution. His duties are
prescribed by the general assembly. Without the sanction of the general assembly
those duties are not to be extended through the provisions of an act of Congress.
Under section 7 of said chapter 231, referred to above, the general treasurer shall
receive the securities which trust companies must deposit with him. These securities
include certain classes of bonds, the financial obligations of cities and towns of the
State, and first mortgages on improved real estate in this State of the class required
for savings-bank investments; as to the security last named he must take an assignment of the same and an assignment of the debts secured thereby. Section 8 of said
chapter 231 provides as follows:
"SEC. 8. Upon the receipt by said general treasurer of such securities from said
corporation, said general treasurer shall give to said corporation a certificate stating
the securities and amount of each. Said general treasurer shall at all times pay over
to said corporation the interest which may be received upon such securities, and
shall at all times permit said corporation, by its treasurer or other authorized agent,
to examine said securities, to receive all coupons on the same, as they shall mature,
and to collect for the use of said corporation all interest due thereon or on said securities
COUET OPINIONS ON FIDUCIARY POWERS.
277
however the same may be evidenced or pecured; and shall also permit said corporation to retire any securities so deposited, on substituting therefor other securities
of any or either of the classes mentioned above, to such an amount that the market
value of the whole deposit shall not be less than the amount required by the provisions
of the preceding section."
Even if we had found that the exercise of all the powers which the petitioner claims
were conferred upon it by the Federal Reserve Board was not in contravention of
State law, we should nevertheless be forced to hold that Congress can not give to
the national banks in this State the right to demand that the general treasurer shall
perform for their benefit the duties enumerated in said sections 7 and 8.
The respondent's demurrer is sustained. The petition for a writ of mandamus is
denied and dismissed.
EXERCISE OF FIDUCIARY POWERS BY NATIONAL BANKS LOCATED IN
PENNSYLVANIA.
Below is the opinion of the Superior Court of Pennsylvania rendered
November 23, 1922, in the case of the Estate of Edna Frisbie Turner,
upholding the right of national banks to act in fiduciary capacities
in the State of Pennsylvania.
In the Superior Court of Pennsylvania.
ESTATE OF EDNA FRISBIE TURNER.
Nos. 232, 233, 234. October term, 1922.
Appeals of Corn Exchange National Bank of Philadelphia, individually and as
guardian of estates of Dudley B. Turner, jr., and Edna Frisbie Turner, minors,
" from decree of Orphans' Court of Philadelphia County. Nos. 99 and 100. Filed
Nov. 23, 1922.
Opinion by LINN, J.:
This appeal challenges the refusal to approve a national bank as a fiduciary.
Approval was denied on the single ground that the Federal legislation conferring
fiduciary powers on national banks is "in contravention of the law and established
practice of this Commonwealth."
The question arose in distributing the estate of Edna Frisbie Turner, deceased,
letters testamentary having been granted in 1920. Her minor children were beneficiaries under her will. In 1921 the court below appointed the Rittenhouse Trust
Co., a corporation of Pennsylvania, guardian of the estates of the minors. On May 3,
1922, the account of the executors came on for adjudication. It showed a balance
for the minors. The executors' petition for distribution stated that since its appointment as guardian the Rittenhouse Trust Co. was converted into a national bank,
and thereafter was consolidated into the Corn Exchange National Bank. Distribution to the bank, as guardian, was therefore asked.
In referring to the subject, the auditing judge said: " I n the matter of the National
Bank of Germantown, 30 District Rep. 603, it appears that this court has refused to
recognize or approve national banks for appointment as fiduciaries by this court.
It does not appear that the merged corporation Corn Exchange National Bank has
been approved by this court for appointment as a fiduciary. The award to the Turner
minors will therefore be made subject to the merged corporation being approved,
and in the event of their failing to obtain the approval of this court, the award will
be payable to a succeeding guardian when duly appointed and qualified."
Accordingly the bank then filed a petition drawn pursuant to the proper rule of
court, setting forth its incorporation under the national banking law, various facts
concerning its management and assets, and the consolidation with the Rittenhouse
National Bank, formerly the Rittenhouse Trust Co.; that it was authorized by the
Federal Reserve Board to transact a general fiduciary business; had complied with
the law of Pennsylvania governing the transaction of such business; had accepted
the provisions of the act of May 9, 1889, P. L. 159, and also of the act of May 20,
1921, P. L. 991, making itself subject to supervision and examination by the Banking Department of Pennsylvania the same as corporations of Pennsylvania. A
28971—23
19
278
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
number of evidential exhibits were attached to the petition, among them a stipulation under rule 21, bv which the applicant "hereby stipulates and undertakes
irrevocably that securities and other property received by the corporation both in a
fiduciary capacity and from the person or persons for whom it is surety shall not be
taken out of the jurisdiction of the court and shall be kept separate and apart from all
money, securities, and property of the said bank so that the same can at all times be
easily identified as belonging to the estate of the person or persons for whose account
the same has been received, and that the trust funds received by said bank, either
as fiduciary or for the person or persons for whom it is surety, shall be deposited in
a separate account in a bank or banks or trust company or trust companies other
than said Corn Exchange National Bank of Philadelphia, of good standing in Philadelphia County."
On the same day the petition was refused for reasons previously given in the case
of the National Bank of Germantown (supra). From that refusal this appeal to
No. 232, October term, 1922, was taken.
Three days later, the bank, as guardian of the estates of the children, filed another
petition setting forth that pursuant to "the adjudication of the executors' account,"
its petition for approval as fiduciary under rule 21 had been filed and dismissed; that
it was advised by counsel that by specified acts of Congress with the approval of the
Federal Reserve Board, it was authorized to transact a fiduciary business, and having
accepted the provisions of applicable State law specified, it was "fully qualified and
authorized to continue to act as guardian of the estates of Dudley B. Turner, jr.,
and Edna Frisbie Turner, minors, and in all other fiduciary capacities, and that
the dismissal of the petition for approval under rule 21 was without legal justification
or authority." Petitioner asked for an order directing the executors to pay to it as
guardian of the estate of the minors, the money awarded to them by the adjudication. By supplemental adjudication, this petition was dismissed for the reasons
previously given. Exceptions to these adjudications were then filed; after they
were dismissed, two appeals were taken, one by the bank as guardian, the other
individually (Nos. 233 and 234,* October term, 1922). The appeals were
argued together and shall be so disposed of.
As no particular or special objection to petitioner is made, we need consider in
the light of the record the problem as thus stated by the court below: "The question
is, therefore, raised as to whether this court should approve them (national banks)
for appointment in fiduciary capacities and accept them as surety. We should
approve them unless the Federal acts are in contravention of the law and established practice of this Commonwealth." In re National Bank of Germantown, 30
District Reports, 603.
The act of Congress approved December 23, 1913, enacted that "The Federal
Reserve Board shall be authorized and empowered * * * (k) to grant by special
permit to national banks applying therefor when not in contravention of State or
local law, the right to act as trustee, executor, administrator, or registrar of stocks
and bonds under such rules and regulations as the said board may prescribe" (c. 6,
sec. 11, par. k, 38 Stats. 251; U. S. Comp. Stats. 1918, s. 9794). Later some definition of the words " I n contravention of State or local law" became desirable, and was
supplied by an amendment of September 26, 1918 (40 Stats. 967, U. S. Comp. Stats.
1918 Suppl. 9497 k). It was as follows: "(k) To grant by special permit to national
banks applying therefor, when not in contravention of State or local law, the right
to act as trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics, or 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 the national bank is located.
"Whenever the laws of such State authorize or permit the exercise of any or all
of the foregoing powers by State banks, trust companies, or other corporations which
compete with national banks, the granting to and the exercise of such powers by
national banks shall not be deemed to be in contravention of State or local law
within the meaning of this act.
"National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets
of the bank and shall keep a separate set of books and records showing in proper
detail all transactions engaged in under authority of this subsection. Such books
and records shall be open to inspection by the State authorities to the same extent
as the books and records of corporations organized under State law which exercise
fiduciary powers, but nothing in this act shall be construed as authorizing the State
authorities to examine the books, records, and assets of the national bank which are
not held in trust under authority of this subsection.
COURT OPINIONS ON FIDUCIARY POWERS.
279
u
No national bank shall receive in its trust department deposits of current funds
subject to check or the deposit of checks, drafts, bills of exchange, or other items
for collection or exchange purposes. Funds deposited or held in trust by the bank
awaiting investment shall be carried in a separate account and shall not be used by
the bank in the conduct of its business unless it shall first set aside in the trust
department United States bonds or other securities approved by the Federal
Reserve Board.
" I n the event of the failure of such bank the owners of the funds held in trust
for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.
" Whenever the laws of a State require corporations acting in a fiduciary capacity
to deposit securities with the State authorities, for the protection of private or court
trusts, national banks so acting shall be required to make similar deposits and
securities so deposited shall be held for the protection of private or court trusts, as
provided by the State law.
''National banks in such cases shall not be required to execute the bond usually
required of individuals if State corporations under similar circumstances are exempt
from this requirement.
"National banks shall have the power to execute such bond when so required by
the laws of the State.
"In any case in which the laws of a State require that a corporation acting as trustee,
executor, administrator, or in any capacity specified in this section, shall take an oath
or make an affidavit, the president, vice president, cashier, or trust officer of such national bank may take the necessary oath or execute the necessary affidavit.
" I t shall be unlawful for any national banking association to lend any officer,
director, or employee any funds held in trust under the powers conferred by this
section. Any officer, director, or employee making such loan, or to whom such loan
is made, may be fined not more than $5,000 or imprisoned not more than five years,
or may be both fined and imprisoned, in the discretion of the court.
"In passing upon applications for permission to exerciee the powers enumerated in
this subsection, the Federal Eeserve Board may take into consideration the amount
of capital and surplus of the applying bank, whether or not such capital and surplus is
sufficient under the circumstances of the case, the needs of the community to be served,
and any other facts and circumstances that seem to it proper, and may grant or refuse
the application accordingly; provided, that no permit shall be issued by any national
banking association having a capital and surplus less than the capital and surplus
required by State law of State banks, trust companies, and corporations exercising
such powers."
Since Congress has provided that if the State law authorize or permit the exercise
of * * * (guardianship) by State banks, trust companies, or other corporations
which compete with national banks, "the granting to and the exercise of such powers
by national banks shall not be deemed to be in contravention of State or local law
within the meaning of this act," the decision of these appeals must depend on whether
Pennsylvania permits such competing corporations to act in that capacity; if the
State law so provides, the national bank must be permitted to enjoy fiduciary powers.
As familiar State laws confer that power on such corporations, the learned court below
misinterpreted the acts of Congress in holding them to be in contravention of the
State law.
The Federal legislation is constitutional, First National Bank v. Fellows, 244 U. S.
416, and the congressional power is plenary. Except as Congress permits, a State can
not stand in the way of corporate activity so authorized by Congress; such authority
confers immunity from State interference, legislative or juffieial; N. P. R. Co. v.
North Dakota, 250 U. S. 135, and Telephone Co. v. South Dakota, 250 U. S. 163;
Second Employers' Liability cases, 223 U. S. 1; P. & R. Rwy. Co. v. Polk, 256 U. S.
332, 335.
The effect of the amendment of 1918 on the act of 1913, as a mere rearrangement of
the words will show, was to authorize the Federal Reserve Board to grant by special
permit to national banks applying therefor (haying the required ' ' capital and surplus,'y
supra), the right to act in any fiduciary capacity in which State banks or other corporations which come into competition with national banks are permitted to act under
the laws of the State in which the national bank is located, whenever the laws of such
State authorize or permit the exercise of any or all such powers by State banks or other
corporations competing with national banks. The congressional definition or determination of what shall not be considered in contravention of State law, for the purposes
of the enactment, takes no account of the fact that details of administration in the
Federal system may or may not differ from administrative matters prescribed in the
State system. Congress was the sole judge of the means appropriate to the end to be
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AXXUAL REPORT OF THE FEDERAL RESERVE BOARD.
accomplished by the exercise of this additional power conferred on national banks;
Congress knew that throughout the States widely divergent systems of fiduciary law
prevailed. The administrative differences in which the court below found decisive
conflict between State and Federal law may be important elements in the competition
for business and in the market may or may not operate in favor of the State corporations, but these differences in themselves are not sufficient to deprive a national bank
of the enjoyment of fiduciary powers, and particularly is that so in the circumstances
disclosed by this record. See First National Bank v. Fellows (supra); People v.
Russell, 283111. 520, compared with the prior decision of the same court in People v.
Brady, 271 III. 100; Woodbury's Appeal, 78 N. H. 50; Hamilton v. State, 94 Conn.
648; Stanchfield's Estate. 171 Wis. 553; InreMollineaux, 179 N. Y. Supp. 90; Fidelity,
etc., Trust Company r. Enright, 264 Fed. 236.
The first reason given to support its conclusion that the Federal statute was in contravention of the State law was based on comparison of provisions of the two
systems concerning the deposit of trust funds. The Federal provision has been
quoted. For the State, the acts of May 9, 1889, P. L. 159, and June 27, 1895, P. L.
402, provide that such ''companies shall keep all trust funds and investments separate
and apart from the assets of the companies, and all investments made by the said
companies as fiduciaries shall be so designated as that the trust to which such investments shall belong shall be clearly known." In addition, we are advised the State
banking department requires trust funds to be deposited in a separate bank. The
acts of Congress and the State laws are not alike, but a difference in permitted corporate management does not establish that the Federal statute is in contravention of
the State law in the light of the explicit congressional definition of those words, and
the difference is further unimportant in the decision of this case, because the record
shows that petitioner has agreed to comply with the State law on the subject. The
petition also contains a stipulation whereby petitioner irrevocably covenants with
the court below pursuant to rule 21, that it will not remove securities or other property by it held in a fiduciary capacity out of the jurisdiction of the court and that it
will deposit trust funds in a separate account with another bank or trust company.
The second point of alleged conflict the court found by comparing the part of section
11 k (supra), authorizing examination by State examiners of the affairs of a national
bank, with the State law of May 21, 1919, P. L. 209, providing in section 14 (a) for examination by State examiners; but the record shows that petitioner has stipulated
both with the court and with the State banking department that the State banking
department shall make like examination of all its property and assets as is made in
the case of State banks. The record also shows that petitioner has filed a stipulation
with the banking department to be and remain subject to supervision by that department to the same extent as State corporations pursuant to the act of May 20,1921, P. L.
991, entitled "Restricting the appointment of corporate fiduciaries by testators or by
any court or register of wills to corporations fully subject to supervision and examinations by the banking department."
The learned court below found its third conflict "in the case of insolvency or suspension of a national bank." The Federal law provides that in such cases the Comptroller
of the Currency appoint a receiver who, under the direction of the comptroller shall
take possession, administer, etc., pursuant to appropriate judicial action. The
practice has long prevailed and is well understood. The court remarks that such rereceiver will not be under the control of the State courts. But, as to the court below,
it would seem that the Federal court supervising a receivership under the national
banking law is neither more or less foreign than a State court supervising a receiver appointed by the bankingcommissioner administering the affairs of a State bank pursuant
to State law.
It was for Congress to determine whether the details of corporate mamagement prescribed by it were better adapted for the exercise of the plenary Federal power it
desired exerted than other methods of corporate administration effective in the States,
but its provisions for the conduct of business or the administration in insolvency,
though different from the State system, can not be regarded as in contravention of
State law within the terms of the amendment of 1918.
The orders appealed from are reversed and the record remitted with instructions to
enter an order consistent with this opinion.
Porter, J., dissents.
Gawthrop, J., did not hear the argument and did not participate in the decision.
PART II
. This section of the report, which is arranged by Federal reserve
districts, presents, in convenient form for reference, tables relating to
the condition and operations and earnings and expenses of each Federal
reserve bank, to the condition of reporting member banks, and to the
volume of debits to individual account by banks in leading centers.
Other statistics relating to the operations of the Federal reserve
banks, together with a discussion of banking and business developments
in each district, will be found in the annual reports of the respective
Federal reserve agents.
(281)
DISTRICT NO. 1—BOSTON.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOX7ECES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
16,036
28,077
7,117
42,312
11,800
40,116
241
Total gold held by bank
Gold with Federal reserve agent
Gold redemption fund
44,113
154,613
9,421
49,429
159,910
27,746
52,157
134,747
18,796
Total gold reserves
Legal-tender notes, silver, etc..
Total reserves.
Bills discounted:
Secured by United States Government obligations..
Other bills discounted
Bills bought in open market
208,147
12,730
237,085
14,675
205,700
11,816
220,877
251,760 I
217,516
23,675
37,909
25,407
21,533 I
37,638 i
13,149 !
78,225
95,143
20,678
86,991
7,139
72,320 I 194,046
544
1,488 ;
8,450 ! 21,436
1,368 I
83
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Total earning assets.
Bank premises
5 per cent redemption fund against Federal reserve bank notes.
Uncoil ected items
All other resources
22,454
116,584
83,626 J
i 4,434
422
59,142
297
4,740
422
52,812
359 i
216,109
2,700
1,072
57,623
468
401,756
Total resources.
393,719
495,488
8,126
16,312
7,936
16,483
7,718
15,711
534
126,342
980
8,368
110,760
1,086
4,561
114,670
835
LIABILITIES.
Capital paid in.
Surplus
Deposits:
Government
Member bank—reserve account.
All other
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability..
Deferred availability items
All other liabilities
Total liabilities
Ratio of total reserves to deposit2 and Federal reserve note liabilities]
combined
127,856
120,214
120,066
201,314
47,906
242
202,535
6,277
39,502
772
288,780
20,353
41,762
1,098
401,756
393,719
495,488
67.1
78.0
55.3
1
Net, i. e., after deducting reserves for depreciation.
* Net deposits prior to Mar. 18,1921, and total deposits beginning with that date,
283
284
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING
1922.
[Amounts in thousands of dollars.]
i
Bills discounted for
member banks.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
4
11
18
25
1
8
15
21
1
8
15
22
29
5
12
19
26
3
10
17
24
7
14
21
28
5
12
19
26
2
9
16
23
30
6
13
20
27
4
11
18
25
1
8
15
22
29
6
13
20
27
77,203
85,145
85,585
84,938
88,564
88,331
90,299
96.186
98,826
92,505
85,135
88,446
93.187
88,793
81,917
75,312
80,287
82,664
82,549
77,165
82,165
83,989
97,062
100,740
91,042
99,946
104,177
91,823
86,921
93,777
88,400
84,307
76,998
80,412
83,811
90,600
85,422
66,962
69,210
74,829
86,593
85,612
84,874
98,088
119,406
120,648
112,360
125,677
116,478
110,366
118,843
127,763
!52,133 i
!40,474 i
I 41,277
|38,390
!42,660 i
|41,889 i
|39,680 i
|45,315 I
!47,749 j
I41,253 |
!36,083 i
S 40,311 j
I43,757 !
'41,631 !
35,335
28,842
20,576
22,375
22,978
20,126
24,416
24,677
19,914
20,278
23,778
27,222
33,701
23,706
19,453
26,047
29,354
26,795
21,433
22,573
23,845
29,242
25,283
26,968
25,440
26,157
34.427
30,675
29,942
41,552
68,968
63,696
77,121
68,357
63,141
60,529
69,971
20,260
18,125
16,274
17,440
15,850
14,511
12,997
12,262
12,279
12,373
14,489
14,973
17,788
15,127
14,316 '
11,905
9,995
9,843
9,925
9,923
10, 582
12,352
8,282
8,236
8,507
12,427
10,114
8,201
6,523
7,970
9,326
8,196
7,818
7,511
9,882
10,235
9,473
7,449
8,526
9,379
11,652
9,899
12,192
14,071
24,285
21,855
22,079
27,988
25,068
22,702
23,543
25,036
31,873
22,349
251003
20,950
26,810
27,378
26,683
33,053
35,470
28,880
21,594
25,338
25,989
26.504
21,019
16,937
10,581
12,532
13,053
10,203
33,834
12,325
11.632
1.2, 042
15,271
14,795
23,587
15.505
12,930
18,077
20,028
18,599
13,615
15,062
13,963
19,007
15,810
19,519
16,914
16,778
22.775
20.776
17,750
27,481
36,698
47,113
41,617
49,133
43,289
40,439
36,986
44,935
Federal
reserve
notes in
circulation.
! Bills ! United Total j Member
1
bought I States
cash I banks'
I in open j seeuri- reI reserve
market.j ties. serves. 1 deposits,
13,295
10,353
9,292
9,742
8,424
7,817
11,784
I 11,775
34,318
35,016
36,806
37,480
38,625
38,835
12. 611 38,260
12!, 802 38,275
12', 603 38,649
10,357 38,695
10,492 37,643
11,543 '37,887
11,303 35,859
11,031 35,551
10,543 35,927
9,882 49,829
10,505 49,784
8,599 50,972
8,510 48, 529
9,145 48,604
10,783 48,529
IS, 694 58,454
20, 461 60,001
22,130 45,134
24, 205 48, 518
23,520 46,956
22,171 45,916
19,055 48,413
19,138 • 48,592
16,201 42,845
15,352 42,160
12,410 43,155
12,980 44.859
11,192 48,774
12,304 49,054
10,560 49,579
14,807 25,187
15,857 27,913
17,924 30,748
20,617 31,549
23,843 31,094
26,299 28,633
29,245 27,291
31,983 26,440
31,696 19,984
29,420 19,244
28,831 19,725
28,602 19,519
28,365 18.860
27,100 31,214
25,705 32,088
114,904
110,768
121,953
112,908
116,250
110,590
111,308
110,791
113,504
111,098
109.552
109,236
109,624
111,151
112,703
115,229
116,280
119,165
116,719
117,145
123,595
117,030
117.381
125,860
123,618
119,715
122; 517
122,403
123.553
!122,907
!120,863
i121, 994
I 122,484
I121,100
I 120,466
i120,668
j124,042
'122,524
•
i 122,663
i 126,842
!125,295
I130,805
j128,545
I127,439
125,025
I131,528
!123,722
'120,446
122,709
122,106
122,130
124,810
257,107 I
231,658 !
238.200 i
227,178 !
226,084 I
220,815 !
210,531 i
198,895 !
192,682 I
193,655 i
199,263 i
200,198 I
195,780
198,877
207,383
213,344
207,794
206,011
205,410
205,587
211,249
206,608
186,941
194,079 I
200,495 I
195,131
199,338 1
205,728 I
211.201 i
208.509
213,036
222,811
230,515
230,755
230,385
229,433
238,355
257,763
260,242
257.510
246,402
253,131
249,783
235,670
206,809
215,737
219,222
208,397
219,993
223,274
214,115
212,045
120,630
113,319
126,876
123.929
129,071
127,585
125,975
117,026
117,821
114,229
112,027
115,879
115,284
113,505
117,022
116,637
119,611
121,856
121,249
118,916
127,614
119,160
118,226
129,400
124,359
123,194
123,072
123,228
12o,039
125,276
122,411
124,855
124,056
123,222
123,572
121,914
126,726
125,831
124,309
127,556
125,440
132,307
129.930
129,465
127,236
133,636
127,552
123,571
127,992
124,645
124,498
125,798
Reserve
percentages.
10
Date.
Total j
| Bills ;
earning j
•secured' Other
assets j
ibyU.S.i bills
(2+5
Total, jGovern-! dis+6).
j ment ! coimt! obliga- ed.
! tions. !
11
200,425
188,326
179,840
171,760
166,679
163,136
159,685
158,721
155,898
I 155,152
153,814
I153,976
153,692
155,834
157,278
155,539
154,034
152,691
150,361
149,685
150,284
149,000
153,499
151,564
153,239
157,164
162,748
164,875
161,816
163,466
167,512
170,393
172,307
176,355
180,136
186,699
190,047
190,351
193,427
196,347
199,382
200,790
195,535
196,274
195,052
195,257
193,568
193,717
202,145
201,671
209,360
211,213
80.1
76.8
77.7
76.8
76.4
76.0
73.7
72.1
70.4
73.0
75.0
74.2
72.8
73.8
75.6
78.4
75.9
75.0
75.6
76.5
I 76.0
I 77.0
j 68.8
! 69.1
I 72.2
69.6
69.7
71.4
73.4
72.2
73.5
75.5
I 77.8
I 77.0
75.9
74.3
75.2
81.5
81.9
79.5
75.9
76.0
I 76.7
72.3
64.2
65.6
68.3
65.7
66.6
68.4
64.1
62.9
I
I
i
I
DISTRICT NO. 1
285
BOSTON.
FEDERAL RESERVE BANK OF BOSTON
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
F. R.NOTE CIRCULATION
100
PURCHASED BILLS
1320
1921
1922
286
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET
OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Secured by
U.S.
Bankers'
Governacceptment
ances.
obligations.
Month.
Total.
January
February
March
April
May
June
July
August
September
October
N ovember
December
148.729
301,209
283,800
133,787
103,477
82,739
109,890
143,429
154,775
230,691
330,811
238,750
Total: 1922.
1921.
1920.
2,262,087
4,454,760
4,876,556
i
I
I
49.990
37', 112
55,530
35,689
38,075
39,108
38,252
43,496
51,484
SO, 258
132,439
113,10 i
i
!
i
|
I
'
I
|
714,537
2,261,087
4,074,030
Bills bought in open market.
Month.
Trade
acceptances.
Agricultural
and live- All other.
stock paper.
148
71
135
78
51
72
49
135
46
120
239
43
1,187
1,905
4,664
152
22,129
342
260
314
201
332
446
287
419
424
425
388
533
4,371
1,541,992
4,027
2,087,589
775,733
U. S. Securities I Total discount and open
purchased. j
market operations.
i
Certifi- j
Bankers' Dollar ! Trade Bonds cates of j
in- !
ex- I accept- and
Total. acceptances. change. I ances. notes, debted-1
Total: 1922
1921
1920
I 14,527
j 19,836
12,878
15,628
22,698
30,023
14,342
23,602
23,227
27,097
29,648
28,185
14,267
18,953
12,473
15,485
22,378
28,563
14,037
22,467
23,202
24, 887
29,148
27,625
260
883
405
143
320
1,460
305
1,135
2,210
500
560
261,691 253,485 8,206 i
211,703 192,643 19,060 '
304,445 303,083 1,362 I
2,140
1,678
2,722
10
61
1,108
115
8,938
2,060
2,047
3,481
4,777
1922
1921
ness,
January
February
March
April
May
June
July
August
September
October
November
December
98,249
263,766
227,821
97,819
65,019
43,113
71,302
99,379
102,821
149,888
197,745
125,070
j
26,318
3,229
5,364
17,745
3,189
49,939
5,388
8,161
22,707
7,337
1,291
30,268
! 191,714
! 325,952
301,764
i 167,170
! 129,425
! 163,809
' 129,735
184, l.?0
I 202,769
i 267,172
j 365,231
301,980
521,894
548^ 590
772,882
384,035
446,190
333,569
209,084
311,774
361,689
269,926
348,528
355,637
1920
405,78'
489,235
493,475
458,459
451,325
494,121
371,816
468,251
477,281
413,248
553,670
657,499
29,137 180,936 '2,733,851
7,798 190,517 I
4,864,778
27 553,136
5,734,164
287
DISTRICT NO. 1—BOSTON.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR M E M B E R B A N K S IN E A C H STATE.
[Amounts in thousands of dollars.]
Month.
January
February
March.
April
MayJune
July
August..
September
October
November
December
Total: 1922
1921
1920
Number of member
banks at end of
year:
1922 . .
1921
1920
Number of member
banks accommodated:
1922 . .
1921
1920
[
Maine.
New
Massa- Rhode Connecchusetts. Island. ticut.^
shire.
1,402
1,543
2,183
1, 882
2,224
1,777
1,359
1,969
1,387
1,829
2,235
1,619
129,721
285,395
263,425
118,314
86,086
67,119
100;023
132,632
143,733
215,603
310,373
216,140
700
457
1,086
845
897
1,351
753
1 042
758
2,775
3,611
2,117
Total.
5,660
3,993
4 684
2,731
3,246
3,177
2,292
1 970
2,587
2,921
3,785
5,575
3,576
3,109
5,522
4,526
4,310
3,337
2,194
1 825
1,691
2,209
3,397
4,550
42,621
52 765
50 294
40,246
48 790
49,932
63
63
66
56
56
55
48
49
49
185
192
189
20
20
20
55
56
57
427
436
436
41
40
38
43
46
45
34
36
40
164
166
160
11
13
16
37
40
43
Number
Number of memof mem- ber banks
ber banks accomin district modated
at end of during
the
month.
month.
330
341
342
21,409 2,088,564
26 739 4,170 612
30,253 4,554 280
7,670
6,712
6,900
5,489
6,714
5,978
3,269
3,991
4,619
5,354
7,410
8,749
148,729
301,209
283 800
133,787
103,477
82,739
109,890
143 429
154,775
230,691
330,811
238,750
436
435
434
434
434
433
432
432
429
430
428
427
231
207
227
228
206
205
182
171
160
165
230
233
16,392 72,855 2,262,087
20 649 135 205 4,454 760
41,954 149,843 4,876,556
i
Figures in this column relate only to that part of the State located in the first district.
SCHEDULE 5.—EARNINGS AND E X P E N S E S .
1920
EARNINGS.
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
81,543, 539 $6,007,117
591,647
515,192
415,931
1,391,691 !
13,778
9,777 1
16,644
4,659 !
$10,031,301
1,613,012
554,172
41,783
32,985
Total earnings.
3,541,313 I 6,988,662
12,273.253
135. 500
905,811
31,648
35,233
461
118
200
9,263
8,436
57,218
1,200
116,600
781,904
20,988
7,207
315
400
408
9,529
9,046
52,584
3,723
29,072
18,054
23,487
92,981
25,489
1,767
1,886
52,772
381
53, 468
3,110
CURRENT EXPENSES.
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings l
Traveling expenses
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation, and.
general liability)
Banking house:
Taxes and fire insurance
Light, heat, and power
Repairs and alterations
All other
Rent, including light, heat, and power, and minor alterations
Fire insurance—furniture and equipment
Furniture and equipment 2
1
141,000
925,072
34,430
100,932
411
426
250
7,367
9,820
55,241
775
1,905
95,637
1,034
73,692
108, 428
24,585
Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
* Charged to profit and loss in 1922 and to current expenses prior to that year.
288
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
1921
1920
CURRENT EXPENSES—continued.
Printing and stationery (including office and other supplies)
j
Telephone
Telegraph
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank note circulation
All other expenses
$101,127
21,169
7,977
14.005
147^ 072
S99,264
16,365
10,960
9,436
106,907
83, 849
73, 844
65,501
38,792
23, 871
38, 955
302, 264
88,526
56.749
42,703
2, 022,400
Total current expenses
$63,667
12.292
10,314
1S7,891
345,151
112,162
82', 000
65,609
2,038,290
10,234,903
3,541,313
2,022,400
6,963,662 j
2,239,007
12,273,25a
2,038,290
1,518,913
Current net earnings
2, 239,007
4,729,655
4,729,655 j
10,234,963
1.518,913
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses.
Current net earnings..
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
States bonds
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
Allotber
"...".".".*.*.!".
Total additions.
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for depreciation on United States bonds
All other
Total deductions
Net deductions from current net earnings
32,100
43,681
i
;
:
I
3,894 :
38,666
29,248
41,594
[
""9," 494
47,575 |
67,914
328,215
133,106
489,000 ;
;
28.162
2,151
1 784
463,105 ;
495,877 i
30,313
421,511
448,302 |
8 37,601
) 1,097,402
4,281,353 |
10,272,564
481,951 I
473,109 l
4
538 883 ! 3,035,920 :
•
< 76 568 j
772,324 '
447,266
2,473,49£
7,351,799
,
Net earnings available for dividends, franchise tax, and surplus
Dividends paid
Franchise tax paid United States Government.
Transferred to surplus account
8
Net additions.
* Bank also charged its surplus account and paid the United States Government $247,350 as an additional franchise tax for 1921. See page 22.
SCHEDULE 6.—OPERATIONS o r F E D E R A L R E S E R V E CLEARING SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items drawn on
banks in own
district.
January
February
March
April
May
June
July
August
September
October
November
December
Total: 1922....
1921....
1920....
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.
Amount. Number.; Amount. JNumber.' Amount Nuinber.j Amount.
923,257 i
798,020 i
908,460 !
824,182 i
897,411 I
957,615 !
902,491 i
882,197 !
936,862 !
1,133,224 :
1,052,588 !
1,075,883 i
11,292,190 ;
10,814,383 ;
13,417,654 I
167
201
186
198
200
195
205
203
222
221
243
2,427
1,978
1,303
43,294
40,864
48,765
43,051
45,329
54,123
42,762
43.786
47;348
55,043
53,128
.55,767
573,260
590,863
963,694
118
90
155
151
138
181
137
110
189
185
172
164
1,790
1,688
1,457
18,650
18,131
19,825
19,879
18,664
24,240
18,596
15,710
16,573
16,632
14,882
15,431
217,213
246,099
345,998
4,353 !
3,812 i
4,618 !
4,342 i
4,682 !
4,822 I
4,553 !
4,472 I
4,494 1
5,062 !
4,858
5,055 I
985,201
857,015
977,050
887,112
961,404
1,035,978
963,849
941,693
1,000,783
1,204,899
1,120,598
1,147,081
12,082,66a
11,651,345
14,727,346
DISTRICT NO, 1—BOSTON.
289
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands o dollars.]
f
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
Week e n d i n g -
Jan.
5 (3 days) . .
61,350
135,767
122,331
103,771
97,218
105,707
114,539
89,986
104,857
89,746
12
19
26
Feb.
2
Q
16
23
.
...
Mar. 2
9
16
23
30
.
.
.
.
Apr. 6
13
20
May
June
27
4
18
25
1
8
15
22
29
July 6
13
20
.
. •
.
.
.
.
27
Aug. 3
10......
17
24
31 . . .
Sept. 7
Oct.
14
21
28
5
11
19
.
26
Nov. 2
Bee.
9
16
23
29
7. .
14
21
28
29-30 (2 days)
Total, 1922
1921. "
1920.. .
.
.
.
112,916
92,527
100,942
98,084
103,958
117,585
104,448
96,271
116,076
114,166
84,289
134,291
118,376
116,457
108,109
95,150
113,030
116,692
102,333
94,621
87,836
103,865
105 387
94,412
80,027
102,073
140,090
124 626
136,817
109,728
193,443
164 227
154,896
140 269
135,752
149 740
103,664
127,993
116 737
137,818
114 137
54,081
68,477
106,879
123,021
95,032
99,391
90,861
102,684
89,439
99,929
96,082
106,379
' 112,333
87,520
10% 561
98,130
113,484
114,933
102,657
95,145
119,015
116,202
86,075
108,464
127,689
126,080
106,565
106,525
112,420
119,395
101,137
103,011
94,751
114,261
101 674
93,116
86,727
103,864
157,680
116,365
140,246
99,920
201,907
155 914
135,078
114 054
146,272
147 263
100,625
145,036
118 350
138,121
116 651
51,200
5,946,664
5 301 614
7,921,224
5,922,570
5 387 823
7,993,909
' Net gain in ownership of gold since establishment of fund in 1915, $148,492,000.
Net loss.
Net gain.
7,127
28,888
690
8,739
2,173
14,846
11,855
547
4,928
;
6,316
2 926
583
5,007
7,619
46
9,526
2,652
1,791
1,126
2,939
2 036
1,786
25,827
9,313
9,623
1,544
11,375
610
2,703
1,196
8 390
6,915
10 396
3 713
1 296
6,700
1 791
17,590
8 261
3,429
9,808
8,464
8 313
19 818
26 215
10,520
2 477
3,039
17,043
1 613
'303
2 514
2,881
24 094
86 209
72^685
290
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
Last report date in—
Investments.
Total loans and discounts (including rediscounts with Federal reserve baDk).
United States securities.
1922
1922
803,405
808,588
791,753
785,435
788,624
788,363
791,571
782,557
809,927
838,014
831,339
830,233
January
February
March
April
May
June
July
August
September
October
November
December
1921
909,051
897,048
891,181
856,157
855,431
841,285
818,667
812,613
813,668
822,083
809,422
809,361
63,071
72,540
70,583
86,608
98,192
115,983
118,570
131,227
126,951
134,408
129,239
133,532
Net demand deposits.
All other
1921
1922
49,874
52,087
57,098
48,779
47,637
48,720
45,910
48,343
56,140
51,908
59,705
62,073
!
144,533 :
142,795 ;
144,433 '
147,228 !
162,694 i
170,936 !
169,211
171,171 i
172,788 !
168,820 !
171,071 1
171,120 i
1921
125,730
123,865
122,627
127,198
128,648
131,332
138,574
139,720
146,649
140,893
140,817
140,135
Accommodation at
Federal reserve bank.
Time deposits.
Last report date i n 1922
i
756,517
740,521
718,550 ,
763,155
782,250 !
786;609 •
798,522
782.660 i
808; 606
832,019
798,593
813, 832
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921
768,866
743,774
705,606
719, 774
730,446
702,384
726, 250
700,129
697,313
751,160
742; 270
731,989
;
i
!
'
i
i
1921
1922
1922
171,921
166. 067
168!, 464
170; 945
177,660
175,005
176,423
179,103
182,604
179,974
181; 403
180,480
183,565
189,094
196,380
200,442
213, 512
231,462
228,826
240,308
246,742
242,376
238,964
237,567
19,731
30,311
24,820
6,470
12,298
12,723
16,513
14,363
15,527
19,946
53,929
47,432
1921
!
l
!
I
!
!
!
!
'
;
I
\
98,235
113,936
124,060
74,147
69, 865
64,447
42,844
54,693
43,771
31,462
42,534
46,347
NOTE.—Figures are for about 46 banks, which submit weekly reports to the Federal Reserve Board
located in Boston, Hartford, New Haven, Providence, and Springfield.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
Summary for 11 centers.1
Month.
1922
1921
1920
January...
February..
March
April
May
June
July
August
September.
October
November.
December.,
928,021
611,605
857,809
760,157
837,939
992,898
899,373
586,094
717,635
087,622
986,523
126,314
2,058,410
1,611,603
1,821,196
1,796,118
1,788,548
1,826,530
1,734,824
1,588,542
1,630,299
1,947,992
1,925,753
2,005,698
2,198,621
1,702,979
2,006,085
2,029,033
1,971,247
1,975,114
2,004,104
1,693,551
1,796,170
1,984,977
1,875,798
1,950,338
Total
22,391,990
21,735,513
23,188,017
1 Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
291
DISTRICT NO. 1—BOSTON.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Bangor, Me.
Boston, Mass.
Month.
1921
1922
1920
1922
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
13,529
11,916
14,503
13,242
13,910
14,391
13,705
12,898
14,328
15,711
13,369
16,693
15,780
13,654
15,539
15,614
14,915
16,949
15,763
15,083
14,496
17,435
15,382
16,678
15,400
11,144
13,448
17,457
15,342
16,474
16,946
15,743
16,645
18,684
16,421
18,958
1,433,716
1,184,979
1,372,388
1,283,772
1,346,120
1,474,648
1,399,991
1,125,201
1,233,003
1,498,936
1,444,411
1,533,993
1,522,703
1,182,520
1,341,714
1,311,520
1,319,737
1,335,434
1,260,953
1,162,085
1,176,042
1,425,199
1,430,876
1,483,833
1,524,255
1,175,63a
1,392,112
1,388,876
1,335,02^
1,343,207
1,350,282
1,143,03a
1,219,977
1,330,920
1,288,642
1,336,941
Total.
168,193
187,288
192,662
16,331,158
15,952,616
15,828,904
Hartford, Conn.
Fall River, Mass.
Month.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Total.
1922
I
29,608
22,741
25,670
26,062
28,925
30,337
29,000
26,897
27,803
37,065
41,488
37,102
362,698 I
1921
!
26,647
23,947
24,767
24,417
22,668
23,876
23,915
23,430
27,997
34,112
34,246
27,865
317,887 I
1920
46,889
37,247
43,605
42,300
44,948
43,264
40,346
34,638
32,129
36,297
35,821
32,439
98,556
80,203
90,748
96,832
93,622
97,150
97,557
86,496
88,843
108,451
94,968
110,641
101,822
81,332
90,371
96,742
85,321
89,745
95,294
80,532
86,901
89,657
87,927
99,696
117,390
92,118
108,420
113,299
107,436
102,390
117,313
93,126
110,973
112,546
101,758115,404
.9,923
1,144,067
1,085,340
1,292,173
Holyoke, Mass.
Month.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921
12,571
10,676
13,523
12,860
13,087
13,592
13,600
12,358
14,534
18,098
18,631
17,528
15,318
11,502
13,308 1
12,789
11,796
13,376 !
11,996 !
10,514 !
11,723 i
13,297 [
13,572
13,217 1
152,408
Total.
Lowell, Mass.
1920
1922
1922
1921
1920
20,155
18,095
15,938
17,970
18,847
18,789
20,244
17,571
17,123
19.139
18*, 695
16,467
19,106
16,60S
19,426
19,192
20,025
19,361
19,636
19,298
19,494
23,358
24,946
23,260
20,945
16,218
17,473
18,916
18,989
19,927
18,375
18,068
18,906
21,713
21,689
21,393
24,771
20,521
23,627
25,835
26,566
27,539
27,032
24,724
23,463
26,422
25,623
24,173
219,033
243,704
232,612
300,296
New Bedford, Mass.
Manchester, N. H.*
Month.
1920
1921
1920
1922
1921
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
18,803
15,239
18,505
17,332
16,603
17,524
16,064
16,393
16,356
18,026
18,167
26,801
18,496
16,]28
20,545
19,056
18,548
19,754
19,282
18,921
18,141
19,698
18,572
24,944
18,083
23,065
21,354
23,319
25,668
21,341
20,255
21,962
22,544
25,274
26,460
24,796
26,022
24,755
27,094
28,099
27,598
26,487
25,795
34,162
35,167
33,325
23,882
22,440
23,435
22,985
24,224
25,972
24,540
24,335
25,831
29,634
30,793
29,612
39,964
33,438
39,994
42,631
40,812
40,116
38,275
34,891
32,805
34,536
31,160
27,905
Total.
215,813
232,085
222,865
339,760
307,683
436,527
T
292
AKIS UAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Portland, Me.*
New Haven, Conn.
Mouth.
i
1921
1922
January
February...
March
April
May
June
July
August
September.
October
November..
December..
Total.
|
1920
78,904
64, 854
73, 678
72,234
71,810
72,131
73,066
67,116
65,261
72,379
68,735
74,499
73, 889
58,445
74, 468
69, 728
73,660
73,473
84,636
75,874
78,061
81,981
74,556
82,450
854,667
901,221
92,484
69, 811
85,508
85, 022
87, 637
87,018
95,138
81,102
80, 240
90,132
83, 789
86,285
1, 024,166 I
1922
1921
29,930
26,165
31,972
31, 461
33, 892
32, 787
35, 407
35, 733
36,863
41,152
34,628
38,913
408, 903
Providence, R. I.
38,955
31, 761
34,431
32, 084
30,237
29, 631
28,947
31, 049
31, 506
34, 740
31, 332
32,675
387,348
1920
35,005
27,468
33,615
37,009
35,798
38,432
38, 597
37, 752
39,595
45,794
40,515
42,140
451,720
Springfield, Mass.*
Month.
I
1922
January
February
March
April
May
June
July
August
September
October
November
December
133, 213
122,416
133,438
130,900
131, 740
145,839
127,917
113,859
128,983
165,025
145,167
160,285
Total..
1,638,782
1921
1920
150,600
117, 545
132, 814
131, 855
131, 425
138, 392
128,743 !
114,622 i
123,964 I
154,831 I
138, 006 !
142,981 I
197, 892
147,825
175,501
179, 284
178,864
179, 057
176,609
140,207
152, 965
189,429
161,614
172,064
1,605,778 I 2,051,311
1921
1922
55, 423
48,961
57; 435
57, 271
62, 370
67,430
64,395
58, 717
63,014
78,170
74,140
73, 478
760,804 I
Waterbury, Conn.
1920
64,838
53,122
59, 869
55,345
53,636
59, 529
52,295
50,181
51,943
63,166
61, 538
60, 296
78,767
64,948
76, 288
74.261
71, 496
77,037
79,682
67.262
69,363
75,511
77,514
70,651
685,758
882,780
Worcester, Mass.
Month.
1922
January
February...
March
April
May
June
July
August
September.
October
November..
December..
26,024
27,994
26, 850
26,377'
28,527
29,641
26,083
27, 006
27, 214
31,227
28, 054
35,149
Total.
340,146
1921
28,044
20,863
23, 855
24,736
24,599
26,219
22,988
18, 359
22,193
24,413
23,839
27,975
1920
35, 078
29,902
25, 575
32,247
31, 845
32,246
33, 263
30,096
34, 508
37, 869
31,685
37,109
391,423
1922
61,349 j
50,837 I
60,773 I
56,437
61,229
66,367
59,650
59, 722
59, 577
73,608
65,766
75,888
751,203
73,765
56,728
64,242
64,310
63,064
64,509
59,191
54,398
56,985
65,322
60,688
67,949
84,343
67,245
82,357
84,112
83,921
85,014
88,656
78,423
75,342
89,003
80,590
82,593
751,151
981,599
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not
included in the table.
293
DISTRICT NO. 2—NEW YORK.
DISTRICT NO. 2—NEW YORK.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOTJKCES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board.
Gold with foreign agencies
118,127
169,378
283,142
130,058
132,723
45,902
1,211
Total gold held by b a n k . . .
Gold with Federal reserve agent.
Gold redemption fund
287,505
658,970
10,309
413,200
653,004
15,000
179,836
254,570
39,000
Total gold reserves
Legal-tender notes, silver, etc.
956,784
31,314
1,081,204
50,336
473,412
144,759
988,098
1,131,540
618,171
168,236
16,053
60,864
156,014
53,066
72,593
454,752
416,687
113,740
245,153
61,767
281,673
4,166
985,170
1,518
105,485
35,400
63,959
59,276
390
412,405
385,198
1,046,363
110,100
134,303
1,893
6,648
1,603
103,363
2,852
4,092
2,766
141,347
1,431
1,546,799
1,631,204
1,814,170
28,688
27,114
60,197
26,373
56,414
32,616
726,098
14,451
11,298
702,431
12,133
760,963
773,165
725,862
597,071
98,101
2,176
663,363
20,559
83,848
2,958
867,481
38,833
93,319
5,888
1,546,799
1,631,204
1,814,170
72.8
78.8
40.0
Total reserves.
Bills discounted:
Secured by United States Government obligations.
Other bills discounted ..«.
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Total earning assets.
Bank premises
5 per cent redemption fund against Federal reserve bank notes..
Uncollected items
All other resources
Total resources.
Capital paid in.
Surplus
59,800 I
Deposits:
Government
Member bank—reserve account.
Allother
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability.
Deferred availability items
All other liabilities
Total liabilities.
Ratio of total reserves to deposit * and Federal reserve note liabilities combined
1
2
518
749,006
11,439
Net, i. e., after deducting reserves for depreciation.
Net deposits prior to Mar. 18, 1921, and total deposits beginning with that date.
28971—23
20
294
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
! Total
I earning
S assets
(2+5
I +6).
MemFederal
Bills
United 1
ber
reserve Reserve
I Bills |
bought States
Total
banks' Total
notes
per' secured] Other
in
cash
desecurireserve
in
centposits.
IbyU.S.j bills
open
reserves.
ties.
decircuages.
Total. iGWern-j dismarket.
posits.
lation.
| ment j countI
| obligaed.
i tions. |
10'
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov
Dec.
4
ill!
18..
25..
1..
8..
15..
21..
1..
8..
15..
22..
29..
5..
12..
19..
26..
3..
10..
17..
24..
31..
7..
14. .
21..
28..
5..
12..
19..
26..
2
9.'.
16. .
23..
30..
6. .
13. .
20..
27..
4..
11..
18. .
25..
1..
8. .
15..
22..
29..
6..
13..
20..
27..
355,344
252,638 i
235,831
210,686!
263,5811
325, 746:
323,3801
248,859!
284,543;
277,018!
377,77l!
245,696!
249,514j
257,664;
262,654!
254,635i
258,243
324,500
302,51l|
257,3741
280,754 !
279,993 l
269,040;
273,147
228,383!
312,546!
326,098'
319,276;
321,607
255,314i
229, 742!
216,496i
222,402'
237,423'
241,652;
268, 725'
260, 877!
244, 769
267,989!
301,845!
390,257!
322,154!
263,707!
307,6611
320,469!
327,176!
270,723i
252,340!
331,698!
298,422'
312,049
307,286!
199,303
164,276
144,256
118,295
119,212
152,777
140,789
100,973
90,323
68,431
64,298
68,891
74,446
87,591
66,272
61,263
47,092
68,171
48,052
44,935
63,769
43,156
39,302
42,737
33,593
87,840
108,495
73,688
93,726
30,610
38,882
33,759
40,925
46,850
44, 821
48,276
41, 972
44,670
46,636
57,777
150,257
102,506
85,926
161,018
183,602
194,456
160,977
137,022
208,046
183,882
142,356
144,810
153,604!
128,965|
104; 7461
83,078!
92,442!
111,432!
86,258^
54,168!
61,530|
41,279!
37,970!
34,063|
47,528!
64,202!
43,338]
41,7591
30,932!
48,055!
30,057 j
26,101
37,559
24,263!
23,274!
25,799 j
18,327|
70,233'
68,295
58,506
69,495
16,216
22,037
lot 529
21, 852
28,482
24,694
26,171
21,438
18,048
24,750
36,529
110,261
57,515
63,061!
121,125
127,649
159,961
134,900
108,934
177,085!
160,669
126,029
125,487
45,699
35,311
39,510
35,21"
26,770
41,3451
54,531!
46,805
28,793
27,152
26,328
34,828
26,918
23,389:
22,934
19,504]
16,1601
20,1161
17,995!
IS, 834;
26,2101
18,893 i
16,028?
16,93$!
15,266!
17,607|
40,20()!
15,1821
24,231!
14,394:
16,845!
18,230!
19,073 j
18,368!
20,127 i
22,105J
20, 53 4 i
26,622j
21,886
21,248!
40,006!
44,9911
22,860!
39,893I
55,9531
34,495
26,077
28,088 j
30,96l!
23,213!
16,327!
19,323|
58,066
22,676
35,607
28,232
36,560
40, 402
19,277
23,007
32,034
34,179
28,428
33,128
45,553
37,857
35,474
27,976
25,281
45,671
41,904
24,186
31,259
44,047
37,910
26,438
23,5181
46,226{
46,924
46,363;
40,399!
37,5721
33,3311
26,359!
26,835!
40,4311
4.% 8IO1
59, 3201
67,414J
72,014;
80,545;
81,376!
85, 589!
85,4011
78,670|
79,636 j
75,345j
75,200!
60,225 1
56,375!
58,925!
51,224|
41,225i
45, 789;
97,975! 1,119,045!
65,686! 1,172,4581
55,968! 1,155,802;
64,159' 1,180,8671
107,809; 1,138,060;
132, 567| 1,106,122!
163,314! 1,101,262!
124,879; 1,144,6911
162,1861 1,122,445!
174,408! 1,125, 577j
285,045! 1,090,55l!
143,677! 1,116,950!
129,515j 1,151,147
132,216 1,145,575
160,908 1,157,266
165,396 1,164,288
185,870 1,163,204
210,658 1,138,488
212,555 1,156,555
188,253 1,189, 775
185,726 1,187,996
192,790 1,172,542!
191,828 1,196,296!
203.972 1,165,325.
17i;272 1,184,536!
178,480 1,203,833 i
170,679 1,118,380
199,225 1,139,590!
187,482 •' 1,134,730
187,132 1,173,233
157,529 1,189,159
156,378 1,167,424
154,642 1,145,868
150,142 1,165, 030
151, 021 1,163,812
161,129 1,121,728
151, 491 1,104,8271
128,085 1,091,342!
140,808 1,094,930
162,692 1,065,2631
151,401 1,055,20(3!
134,247 1,104,276!
99,11] 1,083,799|
67,007 1,082,309!
61,522 1,055,619
57,520 1,059,493.
49,521 1,093,592i
58,943 1,097,573;
64,727; 1,036,008!
63,316 1,034,003;
128,468 1,046,196!
116,687 1,055,982'
713,943 747,565;
708,588! 723,589
651,480! 707,910
652,341! 712,291
662,370: 727,8281
686,330! 739,135i
689,778J 722,169|
650,439! 687,508
674,043 : 707,947
681,233! 698,074
757,553! 772,093!
634,980! 662,868
684,951! 702,464
678,641 j 698,294
696,978! 716,776
702,383! 738,839;
701,016! 729,851)
704,127| 763,886
734,316' 765,062
734, 777; 762,060
750,8411 778,940;
720,343 746,903'
743,188! 773,127!
732,835; 765,140 !
718,106' 729,613;
805,166' 826,330;
724,200! 744,1561
771,550! 787,4931
759,212! 786,473!
731,617 753,8391
746,735 759,88l!
691,613 708,198!
682,552 699,763;
700,222 : 734,111!
710, 752; 741,321!
698,254 722,704;
693,4871 714,692;
655,266; 687,251
690,325' 704,0931
702,210 717,377j
769,834! 781,313|
781, 805' 795,418!
685,870: 703,975
720,186 751,789
683,356! 704,925
711,072! 758,128
713,569! 738,963
679,289 ! 697,498
704,183! 733,053
680,828! 694,741
700,790 715, 111
707,106 720,336
663,073
626.329
611,792
605,082'
614,031
615,027
621,792
626,544
626,673;
628,280!
626,5011
625, 8441
625,774!
633,156i
625,426
621,684
615,475
623,900
619,314
617,404
614,887
625,246
620,153
616,159
617,810
618,785
642,355
622,7. ,4
616,469
616,779
623,044
621,278
613,644
609,556
606,993
615,358
604,842
605,186
604,481
610.763
611,984
605.330
595,140
598.764
604,301
588,415
580,198
594,003
593,520
591,809
605, 539
599,001
79.3
86.9
87.6
89.6
84.8
81.7
81.9
87.1
84.1
84.9
78.0
86.7
86.7
86.0
86.2
85.6
86.5
81.9
83.5
86.2
85.2
85.5
85.9
84.4
87.0
83.3
80.7
80.8
80.9
85.6
86.0
87.8
87.2
86.7
86.3
83.8
83.7
84.4
83.7
80.2
75.7
78.8
83.4
80.1
80.6
78.7
82.9
85.0
78.1
80.4
79.2
80.0
295
DISTRICT NO. 2—NEW YORK.
FEDERAL RESERVE BANK OF NEW YORK
MILLIONS OF DOLLARS
MiLLSOKS OF DOLLARS
800
1920
1921
1322
296
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Month.
Total.
Total: 1922
1921
1920
0 206,364
30 ,768,990
50,539,428
7,685,801 i
14,704,624 i
32,100,969 |
Bills bought in open market.
45, .508
71,372
78,002
41.743
65', 423
64,201
70,079
74.284
104', 829
80.310
54:, 606
78', 445
3,718
3,383
6,791
2,468
1,182
], 881
1,969
3,430
3,131
1.362
3,288
4,520
982
849
618
86
35
71
192
23,192
70,654
U. S. securities
purchased.
• Bankers' Dollar I Trade j Bonds ii
and
Total. • j accepti
p
ances . change. I ances. notes.
49,226
74,879
85,210
44,388
66,605
66,859
72,453
78,071
109,249
82,422
58,713
83,358
844
600
909
482
1,183
1 097
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Agricultural and
live-stock
paper.
759
556
045,228 !
749,700 ]
543,430 1.
745,682 |
482 866 j
337 288 ;i
453,642 !
402,909 .
208 5]4 ]
277,365 !
U5 ]64 i
268 155 !
515 162 !
617,936
344,202
262,911 |
391,410
296,078 i.
1,046 396
863,460 •
1, 703,058
1,512,000 |
1 .853,415
1,726,194 |
January.
February
March..
April
May
June
July
August...
September
October
November..
December
Trade acceptances.
872
693
676
Secured by i
I U . S . Gov- Bankers'
ernment : acceptances.
obligations.
Certificates of
indebtedness.
30,898
77,845
124 105,913 i 99,985
417 89,153 ' 416,826
177 46,364 ! 96,656
20,865 ; 49,902
95,493 ! 46i,429
405 44,730
53,625
357 44,908
,53,180
252,963
1,289 90,8S9
750 1109,988 258,429
9,804
819 40,418
93 76,916
277,746
137
584
964
520
8,523
33,517
46,255
669
965
426
294
459
427
All other.
193,812
200,959
143,993
49,582
66,703
74 930
101,166
80,117
94,769
181,972
189,600
126,203
8,042
1,503,806
6,066
16,001,591
18,321,550
Total discount and openmarket operations.
1922
1,102,997
1,026,459
1,074,055
641,050
414,737
971,945
788,744
520,361
844,511
1,497,235
1,811,993
2,291,435
1921
1920
5,789,803 3,763,552
5,692,233 4,072,539
4,631,296 4,574,324
2,568,238 4,013,612
2,351,008 3,375,928
2, 066,887 4,348,461
1,871,213 4,543,008
1,688,228 5,280,564
1,561,218 5,194,087
1,718,244 5,136,230
1,538,319 5,384,388
2,762.980 6,831,626
Total: 1922. 871,433 828,802 37,123 i 5,508 796.335 12,111,390 12,985,522
1921. 799,813 703,315 90,3111 6,187 39!024 2,631,840
34,239,667
1920. 1,697,330 1,588,223 48,838 I 60,269 I
231 !4,281,330
56,518,319
DISTRICT NO. 2
297
NEW YORK.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOE. M E M B E R B A N K S IN E A C H STATE.
[Amounts in thousands of dollars.]
I Connecti-
Month.
! cut.i
New
York.
New
Jersey.1
Total.
memiber banks
mill i ^ZS
month
3,063
2,667
2,106
1,450
1,154
525
1,436
625
300
265
285
670
January—
February...
March
April
May
June
July
August
September.
October
November..
December..
Total: 1922.
1921
1920
Number of member banks at end of
year:
1922
1921
1920
14,546
33,350
83,856
Number of member banks accommodated:
1922
1921
1920
1
12 i
13
14
38,130
30,672
38,350
32,616
29,282
23,823
16,614
15,539
19,172
29,214
38,605
42,787
945,228
745,682
482,866
453,642
277,365
345,164
617,936
344,202
391,410
1,046,396
1,703,058
1,853,415
8,837,014 I 354,804
30,228,160 ] 507,480
49,805,621 | 649,952
- : moSth.
9,206,364
30,768,990
50,539,429
904,035 !
712,343 |
442,410
419,576
246,929
320,816
599,886
328,038
371,938
1,016,917
1,664,168
1,809,958
602
595
193 I
185
174
127
122
120
356
333
350
343
351
328
289
256
264
295
341
370
808
800
783
408
398
404
798
799
799
800
801
803
802
800
804
804
544
531
536
Figures in this column relate only to that part of the State located in the second district.
SCHEDULE 5 . — E A R N I N G S AND E X P E N S E S .
1922
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
Total earnings.
1921
$3,970,210 $30,762, 021 | $49,839,183
1,619,512
1, 829, 665 | 8, 323,050
1,955, 970 ! 1. 975,649
5,227,488
141,664
49,738
63, 804 !
245,775
474,371
93, 479 !
11,341,319 I 34,704,939
CURRENT EXPENSES.
1920
60,525,321
Salaries:
494,844
383,760
498,114
Bank officers
3,602,883
3,928,025
3,479,270
Clerical staff
188,207
166,449
208,144
Special officers and watchmen
199,213
280,085
303,314
All other
490
Governors' conferences
270
448
247
Federal reserve agents' conferences
88
156
845
1,200
Federal Advisory Council
1,200
23,075
32,176
32,101
Directors' meetings 1
28,923 ]
23,743
Traveling expenses
37,891
197,882
202,802
Assessments for Federal Reserve Board expenses
221,868
3,982 j
Legal fees
9,323
2,275
Insurance (life, fidelity, casualty, workmen's compensation, and
82,822
45,579
general liability)
63,887 |
Banking house:
29,532
8,360
Taxes and fire insurance
16,569
9.678
Light, heat, and power
9,279
2,581
Repairs and alterations
20,993
3,345
All other
422,660
360,497
Rent, including light, heat, and power, and minor alterations
...
350,284
3,328
909
Fire insurance—furniture and equipment
911
89,418
201,490
Furniture and equipment2
252,247
270,3S3
Printing and stationery (including office and other supplies)
152,757
1
Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
»Charged to profit and loss in 1922 and to current expenses prior to that year.
298
ANNUAL REPORT OF THE FEDERAL RESERVE BOx\RD.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
I
1922
$48,983 !
63.943 I
38,485 !
228,530 j
$47,388
65,191
33,461
185,674 I
131,570
$32,934
49,045
I
318,213
133,128 |
553,125 I
70,174
69,374 I
129,461 i
CURRENT EXPENSES—continued.
Telephone
.,...
Telegraph
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
,
Federal reserve currency:
* Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank-note circulation
All other expenses
1921
091,592
213,287
136,310
152,469 I
648,393
159,766
207,402
184,865
1920
]
Total current expenses
6,776, 530 j 8 167 780
999 255
Current net earnings
4,564,789 | 26,537, 159
53, 526,066
!
11, 341,319 1 34, 704,939
530
776'
8 167, 780
60, 525 321
6,999, 255
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses.
Current net earnings..
4,564,789 j 26,537.159 I 53,526,066
Additions to current net earnings:
Assessment account expenses Federal Reserve Board previously charged to profit and loss
Special reserves previously set aside
All other
2,743
168,682
200,000
6,050
2,743
Total additions.
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for self insurance
Reserve for depreciation on United States "bonds..
Special reserves
All other
,
3,654
3,654
374,732
365,053
50.172 I.
294,072 !
I.
60,404 I
385,677
250,000 |
j
i
136,577 I
250,000
25,299
106,165
5,527
845,939 !
446,981
772,668
843,196 j
443,327
397,936
Net earnings available for dividends, franchise tax, and surplus
j 3,721,593 j 26,093,832
53,128,130
Dividends paid
Franchise tax paid United States Government
Transferred to surplus account
| 1,652,138 j 1,608,721
! 3 1,862,509 j 20.702,440
I 3 206,946 I 3,782,671
1,477,096
39,318,511
12,332,523
136,642 |
Total deductions
Net deductions from current net earnings
* Bank also charged its surplus account and paid t h e United States Government $1,334,160 as a n additional franchise tax for 1921, and $270,389 for 1920. See page 22.
SCHEDULE 6.—OPERATIONS OF F E D E R A L R E S E R V E CLEARING SYSTEM.
*
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items drawn on
banks in own district.
I t e m s forwarded Items drawn on
to other Federal
Treasurer of
reserve banks and
United States.
their branches.
Total.*
Number. Amount. Number. Amount. Number. Amount.(Number.' Amount.
January
February...
March
April
May
June
July
August
September
October
November
December
Total: 1922....
1921....
1920....
6,803
6,020
7,392
7,158
7,621
7,802
7,807
7,685
7,783
8,299
7,999
8,775
3,959, 912
4,026,452
4,772, 777
4, 695,470
4,738,866
5,047,938
4, 686,650
5,113, 366
5, 299,457
6, 063, 547
5,382,137
5,404, 227
1,150
1,005
1,220
1,165
1,203
1,220
1,142
1,146
1,191
1,388
1,379
1,508
138,624
117,857
139,199
138,706
142,277
142,995
136,597
141, 091
156,187
182,072
171,962
173,004
91,144
78,385
62,929
59,190,799
32,574,692
45,212,971
14,717
13,646
13,255
1,780,571
1,888,725
7,646,211
952
897
1,126
1,101
1,012
1,067
883
1,105
1,090
1,231
1,135
1,128
85, 039
118,753
119,175
101,274
94,573
107,540
114,853
119,038
95,482
130,806
97,885
124,334
12,727 1,308,752
12,488 1,638,094
10,852 |2,465,929
8,905
7,922
9,738
9,424
9,836
10, 089
9,832
9,936
10,064
10,918
10,513
11,411
4,183,575
4, 263, 062
5,031,151
4,935,450
4,975,716
5,298,473
4,938,100
5,373,495
5,551,126
6,376,425
5,651,984
5,701,565
118,588
104,519
87,036
62,280,122
36,101,511
55,325,111
of duplications on account of items handled by both parent bank and branch.
Exclusive
299
DISTRICT NO. 2—NEW YORK.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT F U N D .
[In thousands of dollars.]
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
Week ending-
Jan
5 (3 days)
12
19
26
Feb 2
9
16
Mar.
23
2
9
..
16
23 .
30
Apr. 6
13
20
27
May 4
11
18
25
June 1
.
15
22
. . .
.
8
.
.
..
.
29
July
6
13
20 .
.
.
.
.
27
Aug. 3 .
10
17
24
31
Sept. 7
14
21
Oct.
28
5
11
19
.
26
Nov. 2
9
16
23
Dec.
29
7 .
14
21
28
29-30 (2 days)
Total, 1922
1921..
1920..
.
.
.
.
230,313
359,265
404,276
350,908
398 062
347,215
338,028
350,080
410,065
367,238
430,198
439,831
342,040
410,085
370,777
398,757
409,922
443,925
360,317
426,886
426^723
360,903
411,226
514,614
518,060
426 670
434,305
416 703
458,056
384 592
432 452
380,888
446 658
384,215
384,629
380 284
39S, 883
578,762
450,428
541,361
398,211
675,746
558 224
496,705
409 483
453,272
498 859
382,620
494 236
439,621
536 029
424,353
277,540
219,174
393,279
388,689
358,862
354 423
345,890
367,117
356,579
381,763
369,745
416,747
422,919
380,206
399,529
383,531
403,802
393,092
428,664
399,555
438 070
437,912
334,551
463 306
467,236
492,089
448 243
343,363
461 392
432,313
409 161
425 520
372 701
409 150
410 449
389,801
334 474
397 339
563 394
461,081
472 064
420,480
695,216
557 612
513,937
400 438
483,579
527 810
390,362
478 129
416,648
550 701
441,587
193,795
22,359,499 22,198 469
19 261 642 18 963 838 !
24,171,148 23,853,920
Net loss in ownership of gold since establishment of fund in 1915,11,591,038,000.
Net loss.
11,139
Net gain.
34,014
15,587
43 639
1,325
28,302
7,954
29 089
6,499
2,507
i3,451
16,912
10,556
16,830
15,261
26,352
47 378
25 971
90,942
25,743
6 932
8 187
37 508
45 810
1,544
15 368
69 297
38,166
12,754
7,045
39,238
11 184
11,189
52 080
21 573
44 689
24 569
26 234
5,172
10 653
22,269
20,470
612
9 045
16 107
22,973
83,745
161 030
297 804
317,228
17,232
30 307
30 951
7 742
14 672
17 234
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTH.
MEMBER BANKS IN LEADING CITIES. 1
CO
O
O
[In thousands of dollars.]
{>
Loans and discounts, including rediscounts
with Federal reserve bank.
Last report
date in—
Total.
1922
January
February
March
April
May
June
July
August
September
October
November
December
Secured by stocks and
bonds other than
United States bonds.
1921
1922
Investments.
United States
securities.
Net demand deposits.
Time deposits.
All other.
Accommodation it
Federal reserve
bank.
w
1921
1922
1921
1922
1921
1922
1921
1922
1921
1,297,234
1,295,983
1,238,557
1,239,950
1,267,157
1,258,119
1,240,961
1,215,577
1,281,787
1,331,957
1,401,716
1,408,286
710,620
727,658
748,485
793,134
870,593
1,004,186
1,036,386
1,070,755
1,020,918
1,050,542
1,054,214
1,178,246
521,338
511,698
527,229
504,990
485,278
602,338
468,737
496,727
538,119
512,871
(504,112
662,784
746,649
724,239
716,691
755,343
833,177
842,185
848,734
796,436
773,955
770,890
753,214
757,335
729,955
724,767
735,002
752,195
732,936
734,829
718,336
712,783
703,956
719,195
719,456
730,257
4,682,791
4,612,235
4,699,764
4,881,158
5,091,125
5,107,474
4,911,693
4,799,790
4,8^7,523
4,859,303
4,831,684
4,904,010
4,704,026
4,623,462
4,545,463
4,556,482
4,570,871
4,635,931
4,504,795
4,465,258
4,477,486
4,636,456
4,707,914
4,679,857
480,013
519,149
539,953
573,154
590,187
665,806
789,423
828,129
779,049
775,383
774,207
764,230
443,250
436,614
459.604
462^ 513
539,017
433,115
415,994
435,485
447,295
460,979
478,679
473,236
1922
1921
o
3,960,418
3,928,747
3,982,333
4,006,942
4,026,235
3,960,876
3,876,786
3,868,631
3,965,216
4,032,937
3,982,271
4,050,699
4,862,744
1,329,101
4,785,711
1,342,001
4,649,240
1,406,025
4,497,142
1,499,598
4,399,819
1,667,002
4,299,481
1,637,775
4,206,798
1,593,483
4,160,016
1,572,318
4,197,594 • 1,655,884
4,123,415
1,702,412
4,142,066
1,667,940
4,070,266
1,715,780
88,991
74,221
48,883
23,465
20,795
65,008
15,469
31,636
33,462
70,793
110,556
115,915
873,478
848,613
658,141
557,851
453,528
338,457
333-415
28*799
196,225
202,314
172,569
178,430
H
O
1
Figures are for about 104 banks which submit weekly reports to the Federal reserve bank, located in New York Citj^, Buffalo, Albany, Bridgeport, Jersey City, Newark,
Rochester, and Syracuse.
MEMBER BANKS IN NEW YORK CITY.*
January
February
March
April
May
June
July
August
September
October
November
December
8
3,488,
3,448,
3,510,
3,530,
3,558,
3,502,
3,413,
3,409,
3,496,
3,555,
3,515.
3,579;
4,359,472
4,284,798
4,149,568
3,995,010
3,905,537
3,810,101
3,725,617
3,683,949
3,714,648
3,645,424
3,665,0i6
3,597,130
1,159,696
1,167,321
1,236,102
1,316,687
1,491,393
1,471,921
1,436,378
1,401,886
1,479,554
1,525,178
1,495,796
1,544.413
1,134,394 I
645,161
1,132,706 I
657,355
1,078,520 I
674,839
1,072,265 j
724,642
1,104,443 > 800,680
1,096,144 I
923,160
1,079,550 I
953,730
1,057,730 I
979,718
1,120,496 ;
925,511
1,168,632
942,417
1,237,861
940,508
1,244,203
1,055,049
460,321 ;
453,436 j
467,774 i
445,209 j
425,599 I
539,784 i
407,057 :
434,497 •
475,933 !
452,223
540,540 I
595,553 !
570,093 I
542,135 {
533,536
565,106
640,263
647,033
650,556
597,435
581,862
580,021
555,132
555,838
557,024
550,445
559,099
579,355
559,787
559,691
545,064
536,570
529,088
542,530
543,844
553,742
4,212,339
4,209,715
4,139.191
4,139,351
4,223; 976
4,063,690
4,383,286
4,062,354
4,600,115
4,086,781
4,623,864
4,159,849
4,414,272 ! 4,033,505
4,316,409 ! 4,007,827
4,357,471
4,018,072
4,361,082
4,172,464
4,346,583
4,248,487
4,402,658
4,216,994
Figures are for about 63 banks which submit weekly reports to the Federal reserve bank located in New York City.
302,355
329,864
347,842
379,448
393,628
465,108
579,825
606,620
551,949
544,917
542,754
530,110
277,607
269,229
297,158
300,387
376,867
270,496
251,824
266,783
278,403
289,897
305,862
301,517
61,851
43,472
22,529
8,058
5,783
52,579
9,728
21,082
23,781
57,150
81,234
81,964
825,610
799,558
605,390
507,840
405,338
283,174
284,545
241,710
150,424
155,876
124,992
131,279
w
o
>
DISTRICT NO. 2
301
NEW YOBK.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
Albany, N . Y,
Summary for 7 centers.
Month.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
Total.
1921
1922
1920
1922
1921
1920
20,666,732
15,645,827
17,940,133
16,950,772
17,774,980
18,355,750
16,907,780
15,683,072
16,617,939
18,170,740
18,018,315
21,178,533
24,320,682
18,606,208
22,919,446
21,990,708
20,254,578
20,496,326
19,791,364
18,006,812
18,236,870
20,817,207
20,817,136
23,117,836
106,285
97,690
112,671
131,779
123,383
102,969
109,145
89,110
84,578
97,257
84,977
111,472
109,494
92,988
120,103
120,323
149,174
119,637
100,594
82,066
81,303
83,668
83,571
102,764
91,651
89,918
89,861
112,960
111,982
106,390
110,493
92,879
88,7ia
88,902
84,982
100,189
247,067,229 i 213,910,573
249,375,173
1,251,316
1,245,685
1,168,920-
19,644,551
17,029,426
20,977,917
21,326,277 j
22,268,911
22,693,592
20,328,510
18,854,442
19,793,005
22,967,053
19,637,137
21,546,408
Binghamton, N. Y.
Month.
1922
1921
Buffalo, N. Y.
1920
1922
1921
1920
January
February..
March
April
May
June
July
August
September.
October—
November.
December..
16,505
15,480
17,278
17,531
18,684
18,415
17,358
17,458
17,488
18,781
^17,974
20,294
17,701
14,129
16,682
17,045
16,419
16,529
16,674
15,884
15,455
16,993
15,871
17,746
19,227
15,309
19,201
20,165
20,272
20,943
21,185
17,246
18,682
20,058
17,717
19,361
249,559
203,493
241,149
247,947
260,515
271,332
277,708
259,810
260,908
290,914
278,248
303,351
281,253
226,348
243,280
251,920
238,882
246,588
249,419
221,871
226,008
254,931
229,598
259,247
326,897
251,308
290,297
286,938
298,978
302,829
336,595
291,220
290,916
318,562
304,692
326,309
Total.
213,246
197,128
229,366
3,144,934
2,929,345
3,625,541
New York, N. Y.
Month.
January
February
March
April
May
June
July
August..
September.
Ootober
November..
December..
Total
1922
Passaic, N. J.
1921
19,064,
16,543,
20,397,
20,716,
21,653,
22,063,
| 19,713!
18,287,
19,215,
22,322,
19,026,
20,851,
239,854,582
1920
20,032,
15,129,
17,353,
16,348,
17,170,
17,754,
16,339,
15,186,
16,102,
17,610,
17,492,
20,574,
207,095,562
23,636,058
18,053,546
22,285,024
21,319,573
19,581,047
19,806,128
19,063,103
17,370,880
17,599,597
20,137,084
20,170,642
22,407,837
241,430,519
1922
January
February
March
April
May
June
July
August
September..
October
November..
December...
Total.
1920
22,961
18,547
24,456
23,398
23,581
27,060
22,092
24,883
25,774
27,996
27,304
33,345
20,487
16,989
20,365
20,395
21,302
22,861
22,592
20,709
22,015
21,941
22,074
26,988
25,032
20,012
24,310
24,268
24,136
24,494
25,286
23,344
24,257
22,786
23,439
22,956
301,397
258,718
284,320
Rochester, N. Y.
Month.
1921
Syracuse, N. Y.
1922
1921
1920
131,292
103,594
128,087
127,470
130,071
150,944
128,672
121,878
130,274
145,926
134,120
155,020
138,027
112,459
125,285
131,896
118,263
136,790
121,803
107,984
118,762
125,156
116,592
136,847
144,814
115,279
141,413
146,258
141,927
155,432
146,666
133,897
138,421
144,073
139,643
163,293
53,374
47,194
57,167
61,558
58,998
59,490
60,401
54,079
58,687
63,903
67,764
71,791
67,242
53,139
60,239
60,439
60,180
58,524
57,013
48,465
51,873
57,730
58,385
60,042
77,003
60,836
69,340
80,546
76,236
80,110
88,036
77,346
76,284
85,742
76,021
77,891
1,587,348
1,490,864
1,711,116
714,406
>3,271
925,391
1922
1921
1920
NOTE.—Centers which have not reported continuously for the 18 months ending December 31, 1922, are
not included in the table.
302
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
DISTRICT NO. 3—PHILADELPHIA.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOURCES.
Gold an d gold certificates
Gold settlement fund—Federal Reserve Board
Gold with foreign agencies
205,390
66,615
21,937
15,895
115,647
55 736
12,689
104,447
2,173
185 072
1,431
10,000
189
140
30,280
181
116,949
216,967
640
58 032
356
600
700
46,2%
218
500
1,300
67 749
358
411,612
384,416
492,264
9,327
18,749
8,736
17,945
8,485
17,010
255
119,075
587
1,786
104,706
1,210
1,222
111,014
1,447
119,917
Total resources
219,653
102,180
Total earning assets
204,397
993
4,750
Bank premises
.
5 per cent redemption fund against Federal reserve bank notes
Uncoliected items
.
All other resources
212,494
7,159
72,990
24,440
Total bills on hand .
..
United States bor ds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
.
All other
Municmal warrants
56,704
138,791
8,902
38,872
10,738
23,380
Total reserves
Bills discounted:
Secured bv United States Government obligations
Other bills discounted
Bills bought in open market
63,726
144,402
4,366
235,589
14,805
Total gold reserves
Legal tender notes, silver, etc
6,087
50,353
264
50,122
179,351
6,116
..
1,950
61,776
250,394
Total gold held bv bank
Gold with Federal reserve agent..
Gold redemption fund
19,523
30,599
107,702
113,683
214,067
49,331
221
200,724
5,886
43,049
374
278,321
22,601
51,324
840
411,612
384,416
492,264
75.0
71.2
54.7
LIABILITIES.
Capital paid in
Surplus
Deposits:
Government
'Member bank—reserve account
All other
Total deposits
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability
Deferred availability items
.
All other liabilities
- .
Total liabilities
Ratio of total reserves to deposit * and Federal reserve note liabilities
combined
.
i Net deposits prior to Mar. 18, 1921, and total deposits beginning with that date.
DISTRICT NO. 3
303
PHILADELPHIA.
SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES D U R I N G
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Jan.
4.
11.
18.
25.
Feb. 1.
8.
Mar.
15.
21.
1.
8.
15.
22.
29.
Apr. 5.
12.
19.
26.
May 3.
10.
17.
24.
31.
June 7.
14.
21.
28.
5.,
12.
19.
26..
Aug. 2.,
9..
16..
23..
30..
Sept. 6..
13..
20..
July
Oct.
27..
4.,
11..
18..
25..
Nov. 1..
8..
15.,
22.,
29..
Dec. 6..
13..
20..
27..
1
2
3
Total
earning
assets
(2+5+ Total.
6).
11110,574
! 2100,047!
n03,007i
.* 107,026'
! 2115,847
12109,561
12119,896,
12113, 818!
.| 3 114,310|
!3101,593
(3103,161
'3106,675
! 3104,882
13 98,611
i s 103,940!
.13103,125!
i 3 95,112!
i 97,048J
I 98, 256'
! 100,852!
100,197!
95,516!
97,147!
93,834i
92,031!
95, 785!
96,205|
93,689!
., 93,653!
.} 100,502!
.1 100,970|
[ 99,963!
| 99,691!
. 99,655i
. 102,697!
100,399
! 99,886;
98,372!
96,053
93,154!
93,193'
.1 101,552 i
.1 94,891!
I 100,762!
j 100,107|
94^352!
106,2771
106,728J
102, 218!
110,694,
119,030
82,641
72,790
70,5361
72,316!
78,007
69,760
79,974
73,975!
74,958|
62,148!
60,212
68,459
63,815
54,748
55,660!
53,893i
46,472|
46,484i
47,959|
48,883!
50,128!
49,409!
45,219
41,854 !
44,176 1
44,715,
43, 818!
39,487;
38.149!
41,278!
40,1611
37,063
35,886
36,705|
38,023
37,' 721
37, 725
39,771
39,413
37,586
40,276
42,452
40,986j
49,397}
51,321!
54, 23o|
47,311
57,317!
57,680J
52,828
53,696
53,638
secured
Other
in |
by
bills
open !
U.S.
dis- market.! rities.
Govern- countment
ed.
obligai
tions.
62,977
60,084
57,739
57,416
58,934
56,629
59,502
55,182
55,833
49,100
46,638
49,299
45,884
42,414
41,751
40,650
37,533
36,595
36,792
39, 568
38,973
38,945
34,884
32,567
32,765
32,660
30,365
29,628
30,021
29,263
29,709
29,222
27,602
27,712
28,115
28,858
28,871
29,241
28,928
27, 247
29,359
28,926
30,093
33,386
32,775
35,467
35,374
38,636
39,346
36,955
40,545
39,618
Includes $140,000 of municipal warrants.
Includes $191,000 of municipal warrants.
Includes $102,000 of municipal warrants. .
Bills j United
Bills
19,664
12,706
12,797
14,900
19,073
13,131
20,4721
IS, 793
19,125
13,048
13,574
19,160
17,931
12,332
13,909
13,243
8,939
9,889
11,167
9,315|
11,155
10,464
10,335
9,287
11,411
12,055
13,453
9,859!
8,128
12,015
10,452
7,841
8,284
8,993
9,938
8,8631
8,8541
10,530
10,485
10,339*
10,917
13,526
10,893!
16,011!
18, 546
18,768
11,937
18,681
18,334
15,873
13,151
14,020
15,464i
14,3811
12,973|
12,805^
15,857!
17,539!
17,229!
16,971i
16,499
16,592
15,096
15,322
18,185
21,013
22,374
22,838
20,474
18,275
17,961
19,633
18,733
15,736
20,305
19,857
17,497
18,201
17,901
19,711
21,013
24,734
26,284
28,677
30,132.
29,455
30,060
28,064
28,118
25,883
24,205
21,188
19,846
26,293
22,143
19,600
17,167
15,941
16,906
19,325
19,413
20,255
21,655
22,817
12,329
12,685
19,307
21,714
21,792
22,071
22,502
22,681
22,751
22,751
27,751
22,792
22,780
22,750
25,804
26,292
28,064
32,289
32,336
32,336!
31,336
30.371
31,623
32,123!
30,358!
32,869]
34,486
34,491!
34,491!
34,490|
34,525|
34.2231
33,673!
33,495j
34,614!
34,614j
34,043!
32,718!
32,435 !
34,380|
33,071j
32,807!
31,762!
31,7651
31,619
31,135
30,135
29,635
29,635
29,135
35,343
42,575
Federal
Total
cash
re-
reserve
notes
in circulation.
serves.
225,056 100,049
221,375 101,180
221,123 102,515
210,136 99,591
208,019! 103,999
209,870 99,987
205,620 97,092
205,377| 93, 754
219,224! 108,521|
225,319! 104, 242!
233,760! 110, 533
220,874 101,450
224,404 102,379
232,165 104, S38
233,031 101,898
236,441 111,624
234,444 104,848
234,056 108,527
227.024 105,736
223' 877 107,688
225,769 105,881
227,041 103,304!
222,093 104,886!
228,883 107,305!
232, 552' 108,256!
217,159' 103,347!
229,346! 107,467!
219,210! 106,053!
224,866! 108,555!
211,554! 105,459!
211,841 108,610
214,1041 106,609
216,059 j 108,117
214,845) 107,013!
211,519! 106,631
216,866 106,826
215,6S7 109,342
223,890 114,131)
221,421 109.0071
232,529 115,432
236,839 106,347
228,380 114,723
228,491 105,383
227, 236 105,529
236,130 105,074
239,439 113,354
239,339 109,049
237,018 107,994
239,654 112,585
243,757 107,877
240,239 108,583
237,087 112,257
106,984
103,842
108,745
107,184
105,569
105,639
104, 850
99,379
110,944
107,159
113,731
106,829
104,310
107,934
106,398
115,188
108,210
112,445
108,732
109,765
112, r~~
106,
107,429
112,916
109,637
107,930
112,405
109,100
113,773
108,896
111,249
108,504
111,454
109,773
111,066
109,344
113,122
117,725
110,358
116,909
107,795
115,380
106,678
106,978
106,257
116,715
112,195
110,394
114,642
109,901
110,399
113,784
196,866
188,024
183,821!
179,666
181,448
182,439
185,907
185,669
188,463
187,346
188,167
186,202
188,926
191,123
198,719
193, 864
189,232
185,560
183,860
183,122
180,899
181,518
180,669!
178,776
178,472!
177,870
183, 751
180,087
178,133
177,105
177,995
179,046
179,274
178,344
177,872
182,528
180,42f
180,159
184,211
186,928
198,913
195,080
195,183
197,845
201,726
204,362
200,029
208,762
209,098
216,166
224,773
221,536
Reserve
per- cent-
74.1
75.8
75.6
73.3
72.5
72.9
70.7
72.0
73.2
76.5
77.4
75.4
76.5
77.6
76.4
76.5
78.8
78. 5
77.6
76.4
76.8
78.7
77.1
78.5
80.7
76.0
77.4
75.8
77.0
74.0
73.2
74.5
74.3
74.6
73.2
74.3
73.5
75.2
75.2
76.5
77.2
73.6
75.7
74.5
76.7
74.6
76.7
74.3
74.0
74.8
71.7
70.7
304
ANNUAL, EEPOKT OF T i n : FEDERAL EESEEVE BOARD.
FEDERAL RESERVE BANK OF PHILADELPHIA
MILLIONS OF DOLLARS
350
MSLU0N3 OF DOLLARS!
350 j
300
100
U^iTF^ STATES SF^i'**rnE c
I
t
50
0
300
250
200
D8SC0UNTS FOR OWN MEMBERS
j
I
!
!
|
i
DISTRICT NO.
305
3—PHILADELPHIA.
SCHEDULE 3.—VOLUME OF DISCOUNT AND O P E N - M A R K E T OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Month.
Total.
January
February..
March
April...
May
June
July
August
September.
October
November.
December..
246,
235,
233,
180,
184,
186,
150,
164,
166,
204,
251,
246,
Secured by Bankers'
U. S. Govaccepternment
ances.
obligations.
3,872,367
5,820,258
51
42
52
105
40
63
31
63
84
76
42
767
1,521
4,790
514
4,129
January
February
March
April
May
June
July
August
September
October..
November
December
All other.
445
264
333
376
342
303
279
149
154
273
271
319
52,533
60,209
55, 986
38,333
38,435
47,042
41,565
35,740
49,290
72,848
94,148
89,194
3,508
675,323
3,189
1,158,963
1,395,885
Total discount and openmarket operations.
|
Bills bought in open market. j U. S. securities
purchased.
Month.
Agricultural and
live-stock
paper.
H8
193,021
174,949
176, 673
141,902
145,424
139,254
108,440
128, 593
117,219
131,478
156,895
157, 397
2,450,843 I 1,771,245
2,708,180
4,415,454
T o t a l : 1922.,
1921.,
1920.,
Trade
acceptances.
Bank- Dollar Trade ! Bonds Certincates
) ers'
ex- accept-! and | ofini Total. accept!
debtI ances. change. ances. notes. | edness.
i 8,923
14,610
. . . | 14,255
| 7,738
! 11,348
I 14,165
! 21,678
: 12,999
! 2,772
i 12,341
! 6,612
I 9,681
8,075
14,272
13,777
7,283
10,993
13,627 i
21,468 !
12,427 !
2.752 i
12^191 j
6,337 i
9,331 !
804
338
478
455
355
505
86
550
20
150
275
350
Total: 1922...1137,122 132,533 i 4,366
1 9 2 1 . . . 92,353 80,373 \ 11,980
1920... 41,232 38,352 i 2,880
44 I 10,043
3,644
76
7,163
1,753
10,626
6
2,395
1,037
1.054
134
748
1
230
16,164
2,147
164
10,062
'605
4,370
3,890
887
51
51
85,252
223 ! 38,679 123,772
| 11,622 1186,098
!
49 357,383
265.135
254,008
263,529
197,711
197,571
221,492
172,636
184,277
174,425
218,965
258.136
342,633
383,218
328,233
435,206
379,880
400,274
431,835
284,217
316,031
280,490
294,490
288,992
339,714
656,620
571,917
544,619
596,705
461,997
525,833
551,630
558,633
429,038
407,303
502,465
412,162
102 12,750,518
140 !
4,162,580
6,218,922
306
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE.
[Amount; in thousands of dollars.]
New
Jersey.1
Month.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
19,828
18,863
21,365
15,438
14,438
11,982
6,607
4,618
5,294
7,353
11,828
14,141
Total: 1922
1921
1920
Number of member banks at end of
year:
i Pennsyl! vania. 1
2,544
2,180
2,091
1,773
1,508
1,175
1,278
1,169
736
804
766
707
151,755
16,731
220,387 I 38,614
238.518 ! 43,016
223,745 I
214,430
209,578 !
163,452 i
168,360 I
173,482 i
142,462 i
158,726 ;
160,696 I
198,526 ,
238,796
232,104 i
246,117
235,473
233,034
180,663
184,306
186,639
150,347
164,513
166,726
204,683
251,390
246,952
22 |
22 !
22 I
606 :
595 !
590 i
!
!
:
;
7ft
!
!
:
!
714
714
717
717
704
71 !
66 j
62 i
19 !
20 ;
20 i
448 '
423 !
402 i
538
509
484
89 I
Number of member banks accommodated:
1922
1921
1920
402
401
382
369
371
347
321
304
300
304
338
365
7C9
710
709
710
710
711
713
714
2,282,357 ! 2,450,843 i.
3,613,366
3,872,367 L
5,538,724 ; 5,820,258 !.
87 i
1922
1921
1920
1
Delaware.
| Number
Number j of memof mem- j ber banks
iber banks jaecommoin districtj dated
at end of I during
month. ! the
I month.
Figures in this column relate only to that part of the State located in the third district.
SCHEDULE 5 . — E A R N I N G S AND E X P E N S E S .
1922
1921
1920
$2,393,673
712 383
1,119,457
14,409
12,028
$3,849,905
513,710
597,553
34, 442
12,485
$10,420,161
574 074
742,235
69,150
42,931
4,251,950
8,008,095
11,848,551
129,499 :
982.600 !
57,952 i
83,477 !
'206
181 i
461 i
6,407 i
16,378 !
60,625 1
4,370 '
124,020
999,400
69,934
84,970
343
137
382
6,509
17,839
62,008
5,745
123,338
799,335
70,921
SO,412
272
64
378
6,569
9,885
58,804
2,530
43,202
42,987
44,604
21,728
39,085
20,396
1,425
1,675
784
22,741
34,794
79,117
10,500
10,621
32
309,696
102,611
EARNINGS.
Discounted bills
Purchased bills
United States securities
Deficient reserve p e n a l t i e s . . . .
Miscellaneous
.
.
..
. .
Total earnings
CURRENT EXPENSES.
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings l
Traveling expenses
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation, and
general liability)
Banking house:
Taxes and lire insurance
Light, heat, and power
Repairs and alterations
All other
Rent, including light, heat, and power, and minor alterations
Fire insurance—furniture and equipment
Furniture and equipment J
Printing and stationery (including office and other supplies)
83,430 !
37,812
75,065
113,644
* Other than those connected with governors' and agents' conferences and meetings of directors and of
the Advisory Council,
Digitized for*FRASER profit and loss in 1922 and to current expenses prior to that year.
Charged to
DISTRICT NO. 3
PHILADELPHIA.
307
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
$23,431
18.745
6J498
142,359
Total current expenses.
128,558
20,385
5,330
107,114
77,291
73,667
118,014
43,381
24, 723
45,596
CURRENT EXPENSES—continuedTelephone
Telegraph
Security shipments
Currency and coin shipments.:
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including snipping charges
Taxes on Federal reserve bank note circulation
All other expenses
1921
1920
320,923
113,211
58,313
54,496
$15,492
10,565
159,510
292,540
77,508
110,904
38,072
2,053,919
2,766,443
2,176,274
2,198,031
5,241,652
9,672,277
4,251,950
2,053,919
8,008,095 j 11,848,551
2,766,443 | 2,176,274
2,198,031
Current net earnings
5,241,652 |
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses.
Current net earnings
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
States bonds
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
9,672,277
67,732
14,946
41,828
104,366
135,380
146,194
30,000
646,620
902
7,578
105,396
1,339
43,833
Total additions
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve lor depreciation "H United States bonds.
Allother
8,188
82,678
Allother
127,192
42,931
Total deductions
37,578
753,355
38,845
» 97,802
607,161
2,236,876
5,339,454
9,065,116
517, 663
3,886,552
935, 239
495,679
363, 662
8,204, 775
3
Net deductions from current net earnings
Net earnings available for dividends, franchise tax, and surplus
Dividends paid
Franchise t a x paid United States Government
Transferred to surplus account
541,552
<855, 381
4
839,960
8
4
Net addition.
Bank also charged its surplus account and paid the United States Government $36,366 as an additional
franchise tax for 1921. See page 22.
SCHEDULE 6.—OPERATIONS OF F E D E R A L R E S E R V E CLEARING SYSTEM.
[Figures include cash items oaly. Numbers in thousands; amounts in thousands of dollars.]
Items drawn on.
banks in own
district.
Month.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.
iNumber.' Amount, Number. Amount. Number. Amount. Number.
January
February
March
April
May
June
July
August
September
October
November
December
Total: 1922....
1921....
1920....
|
j
I
i
I
3,778 |
3.310
4,111 I
3,836 !
4,119 j
4,258
4,031 j
4,071 |
4,022 j
4,280 I
4,135 I
4,595 |
48,546
43,878
38,272
Amount.
914,606
811,961
998,083
927,349
985,879
1,042,364
984,918
1,004,834
1,076,259
1,187,191
1,113,954
1,239,714
682
591
722
670
672
652
430
414
408
466
449
512
111,208
102,657
125,032
116,389
130,800
135,173
90,603
91,113
92,331
101,951
93,987
98,189
124
133
152
161
176
158
138
149
173
190
172
175
25,381
6,003
24,458
28,478
25,617
30,972
26,559
28,215
25,431
26,821
24,528
31,214
4,584
4,034
4,985
4,667
4,967
5,066
4,599
4,634
4,603
4,936
4,756
5,282
1,051,195
920,621
1,147,573
1,072,216
1,142,296
1,208,509
1,102,080
1,124,162
1,194,021
1,315,963
1,232,469
1,369,117
12,287,112
11,229,057
13,589,260
6,668
8,352
9,026
1,289,433
1,805,965
2,737,940
1,899
2,066
1,919
303,677
462,551
528,704
57,113
54,296
49,217
13,880,222
13,497,573
16,855,904
308
ANNUAL REPORT OF THE
FEDERzVL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Week e n d i n g -
Jan.
Feb.
Mar.
5 (3 days)..
12
19
26
2
9
16
23
2
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28
29-30 /n days).
on on (2 A~^^
Total: 1922
1921
1920
Payments I Receipts
to other
from other
Federal
Federal
reserve
reserve
banks.
banks.
73,966
122,118
127,428
120, 510
126,629
126,292
116,273
111,366
131,918
109,093
123,871
136,620
114,793
115,720
123,849
132,489
129.006
137,595
120, 017
140,750
123,341
111,833
142,648
121,683
152,522
134,860
114,446
135, 566
148,001
135,668
141,873
117,887
133.007
131,690
132,411
114,235
131,168
174,603
145,672
155,115
111,233
217,621
177,105
165,110
124,826
150,583
175,187
134,900
170,086
146,030
177,745
158,292
62,436
81,728
115,714
125,235
110,456
134,799
123,184
110,387
120,064
142,404
110,450
127,354
131,812
119, 478
124,554
121,118
131, 500
129,098
137,924
115,028
! 131,607 I
j 129,897
117,030
131,085
131,876
144,033
131, 239
128,430
126,150
145,875
125,563
145,054
112,440
135,467
132,404
125,662
121,972
126,625
178,081
145,808
161,445
116,351
206,191
186,613
162,021
127,526
159,384
173,914
131,414
167,436
153,370
177,556
154,740
| 77,590
7,109,692 j 7,134,136
6,527,572 j 6,538,701
8,737,533 I 8,822,308
Net gain in ownership of gold since establishment of fund in 1915, $143,890,000
Net loss.
Net gain.
7,762
6,404
2,193
10,054
8,170
3,108
5 886
8,698
10,486
1,357
3,483
4 808
2.731
4,685
8 834
989
92
329
4,989
9; 143
6,556
5,197
11,563]
10,193
8,489
3,621
"i3,"984
9,416
2,126
10,105
3,181
5,447
2,460
714
6 ,749
7,737
4 ,543
3,478
136
6,330
5,118
11,430
9,508
3,095
2,700
8,801
1,273
3,486
2,650
7,340
189
3,552
15,154
24,444
11,129
84,775
309
DISTRICT NO. 3 PHILADELPHIA.
SCHEDUI/E 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
Investments.
Total loans and discounts (including rediscounts with Federal reserve bank).
Last report date in-
United States securities.
1922
January
February
March
April
May
June
July
August
September
October...
November.
December.
•
!
!
1921
1922
571,726
570,161
562,456
560,101
554,873
555,696
557,803
563,521
583,931
599,951
603,564
592,418
677,607 !
684,301 i
685,033 j
665,908 I
654,975
642,097 l
624,913:
603,885 I
609,915 i
607,823 i
589,305 i
577,679
74,855
80,907
78,344
79,068
83,865
94,540
92,675
96,332
97,529
99,023
92,484
111,460
i Net demand deposits.
All other.
1921
1921
1922
71,981
71,264
77,259
72,384
72,447
77,836
66,674
72,734
79,451 !
66,321 j
68,926
75,626
165,483
164,361
165,975
173,494
183,243
185,034
189,097
187,445
184,097
181,849
183,495
182,679
156,849
155,285
156,058
158,103
156,824
161,199
157,567
153,441
155,589
156,822
158,744
162,447
Accommodation at
Federal reserve bank.
Time deposits.
Last report date in1922
622,056
616,302
628,919
649,894
662,943
667,252
677,264
677,443
695,195
690,083
692,601
January—
February..
March
April
May
June
July
August
September.
October
November..
December..
1921
652,317
638,028
623,764
630,885
627,875
604,716 ,
621,124 I
608,790 I
599,735 I
819,213 !
629,938
612,797
1922
47,308
47,781
48,627
49,283
50,369
50,838
51,843
54,371
56,194
56,289
58,116
58,857 !
1922
1921
38,621
39,096
38,951
41,265
41,417
41,110
41,687
41,207
43,680
43,854
44,212
45,648
34,205
37,865
27,839
13,895
18.213
17,760
15,737
13,927
16,365 I
18,669 I
30,939 |
26,918 j
111,353
124,526
123,395
106;769
105,686
97,539
79,827
69,328
63,772
64,051
46,706
50,024
NOTE.—Figures are for about 56 banks, which submit weekly reports to the Federal Reserve Board,
located in Philadelphia, Camden, Scranton, and Wilmington.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.)
Summary for 10 centers.1
Altoona, Pa.
Month.
1922
1,583,008
1,431,593
1,628,1.17
1,569,312
1,634,314
1,720,649
1,668,316
1,589,819 !
1,646,539
1,891,067
1,682,845
1,939,197
January
February..
March
April
May
June
July
August
September.
October
November..
December..
Total
j 19,984,776
1
1921
1920
1922
1,679,283
1,391,392
1,615,908
1,582,299
1,503,807
1,622,499
1,523,296
1,407,355
1,500,586
1,581,867
1,515,206
1,766,389
978,267
585,698
891,903
874,066
788,088
908,508
857,001
773,422
746,072
874,282
818,682
995,716
11,640
10,109 i
12,920 !
12,787 !
13,329 i
13,708 !
13,177 !
14,706 !
14,366 {
15,663
13,876 I
15,700 i
18,689,687
22,091,705
161,981 |
1921
14,634
11,721
14,188
13,708
13,392
13,491
13,204
13,022
11,745
13,314
12,458
13,509
1920
!
i
I
I
!
I
!
|
i
!
i
!
14,017
11,288
14,988
14,482
14,319
14,405
12,980
11,987
15,363
16,236
13,787
16,713
158,386 j
170,545
Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
28971—23-
-21
310
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS
TO INDIVIDUAL ACCOUNTS—Continued.
Chester, P a .
burg, Pa.*
Month.
1922
;
1920
1921
1922
1921
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
17,886 '
15,583 '<
18,390
19,026
20,273
18,740
18,309
18,243
18,826;
23, .535
20,271
22,234 I
21, 792
18,654
21,213
20,088
18,447
18,663
17,801
16, 478
16,682
19,092
16,286
18, 809
22,689
18,891
22,691
23,669
23,657
24,420
25,096
23,033
24,071
25,759
23,059
23,389
33,451
21,917
29,806
32,103
31,597
30,401
32,208
29,715
31,317
34,007
31,290
35,970
31,052
23,930
27,917
28,712
26,216
29,728
27,986
27,246
26,926
28,546
25,560
33,377
30,719
Total
231,316 !
224,008
280,424
376,782 ;
337,196
30,719-
Lancaster, Pa.
Johnstown, Pa.*
Month.
1922
J anuary
February
March
April
May
June
July
August
September
October
November
December
|
!
i
i
J
J
!
i
,
!
;
Total.
1921
17,235
15,699
18,898
19,097
21,057
21,002
20,081
21,356
22,272
23,785
22,113
26,433 j
1920
18,063
17,897
25,413
26,615
20,478
22,637
20,990
20,458
21,943
25,731
22,733
26,652
22,735
18,865
26,296
32,953
19,821
20,520
18,464
17,838
19,295
21,601
20,361
21,752
25,309>
20,455
28,474
38,112
24,192
26,570
26,55522,075
25,055
26,527
23,955
23,361
208,048 !
249,028
22,927
22,454
21,499
22,218
20,103
19,076 |
19,571 i
19,821 |
18,950 |
21,429
269,610 |
260,501
310,640
Philadelphia, P a .
Reading, Pa.*
Month.
1922
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Total
I
1,327,128 I
1,107,975
1,353,282
1,299,842
1,374,876
1,459,928
1,416,261
1,348,538
1,389,367
1,582,430
1,402,331
1,615,296
16,767,254
1921
1920
1,388,593
1,140,113
1,331,829
1,297,833
1,243,427
1,347,153
1,258,308
1,154,445
1,242,356
1,312,688
1,263,133
1, 477,185
678,446
332,502
596,237
563,183
500,946
602,693
553,493
496,168
452,574
555,663
524,120
662,422
15,457,063
18,518,447
1920
31,362
26,466
32,040
33,008
33,410 |
35,712 I
32,196
31,404
33,826
37,430
36,739
41,347
404,940
27,983
24,301
29,884
33,433
35,150
35,935
29,153
28,102
28,696
33,752
31,697
34,920
31,847
373,006
31,847
DISTRICT NO. 3
311
PHILADELPHIA.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Scranton, Pa.
Trenton, N. J.
Month.
1920
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
62,781
54,837
64,031
58,665
51,357
52,781
49,394
45,154
48,912
72,070
66,510
73,919
Total
700,411
67,951
60,067
66,179
63,433
64,524
70,293
64,238
61, 811
63,888 I
64,554 |
61,905 !
69,718 I
778,561
64,944
54,619
61, 844
66,113
60,851
66,729
68,391
61,735
64,456
77,927
67,738
72,215
787,562
1921
1922
1920
45,781
46,884
48,455
47,281
52,129
49,915
49,782
49,438
54,166
53,517
51,857
65,902
49,552
41,228
46,924
47,428
44,055
46,496
49,385
47,019
48,512
47,887
46,219
58,165
50,316
44,636
52,475
52,610
54,800
55,876
55,306
51,923
56,970
54,695
54,811
60,186
615,107
572, 870
644,604
Wilkes Barre, P a .
Williamsport, Pa.
Month.
1922
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Total
|
36,523 I
31,190 !
36,494 i
35,669 I
34,403 j
34,299 I
29,081 I
28,248 !
33,025 ;
39,156 |
39,432 !
42,200:
419,720
1921
1920
1922
1921
1920
38,200
32.047
37,707
37,249
35,589
36,623
34,935
35,516
37.048
37,407
36,061
39,729
36,600
30,855
37,087
35,948
36,278
38,793
39,186
38,341
37,688
44,258
39,982
41,468
15,959
15,591
18,303
18,404
18,534
19,320
17,411
16, 801
17,142
20,475
18,156
19,982
19,926
15,472
18,725
17,688
16,860
16,741
17,209
16,881
17,162
18,125
15,009
19,109
17,035
14,482
17,635
19,163
16,904
18,868
20,764
18,058
19,347
19,999
17,584
24,327
438,111
456,484
216,078 |
209,507 |
224,166
York, Pa.
Wilmington, Del.
Month.
1922
January
February...
March
,
April
May
,
June
July
August
September..
October
November..
December...
30,184
27,594
31,886
30,739
32,390
33,577
36,323
31,790
31,132
38,699
30,944
35,573
39,018
39,471
34,079
32,046
30,750
36,066
33,554
29,716
28,302
30,676
27,808
30,99S
50,923
43,018
41,091
37,496
36,730
39,164
34,923
31,409
31,531
32,606
34,896
51,324
17,063
13,933
18,943
20,284
16,545
15,744
17,588
16,443
17,660
19,791
16,735
21,739
Total.
390,831
392,484
465,111
212,468
1921
1920
16, 882
13,754
18,768
19,873
16,742
16,453
16,195
14,629
15,596
16,523
15,366
17,415
17,988
14,952
19,381
23,290
19,411
20,990
20,327
18,693
19,017
20,612
18,750
20,311
198,196 j
233,722
NOTE .—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not
included in the table.
312
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 4—CLEVELAND.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOUECE3.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
13,484
71,889
12,241
41,455
10,907
77,016
270
Total gold held by bank....
Gold with Federal reserve agent.
Gold redemption fund
85,373
193,303
5,924
53,696
177,327
5,107
88,193
177,636
15,622
Total gold reserves
Legal-tender notes, silver, etc.
284,600
7,391
236,130
7,156
281,451
2,228
291,991 !
243,286
283,679
19,907
18,634
51,007
46,168
68,426
5,378
100,010
101,333
27,211
89,548
11,897
119,972
5,356
228,554
844
8,040
286
23,799
13,842
115,287
133,654
253,197
i 7,006
66,175
598
3,952
539
54,273
912
1,520
1,239
73,629
384
481,05"
436,616
613,648
11,708
23,495
11,134
22,634
10,703
20,305
545
144,487
1,705
6,275
130,933
783
4,562
150,347
454
Total reserves.
Bills discounted:
Secured by United States Government obligations.
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Total earning assets.
Bank premises
5 per cent redemption fund against Federal reserve bank notes..
Uncollected items
All other resources
Total resources.
LIABILITIES*
Capital paid in.
Surplus
Deposits:
Government
Member bank—reserve account.
All other
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability.
Deferred availability items
All other liabilities
Total liabilities.
Ratio of total reserves to deposit 2 and Federal reserve note liabilities |
combined
j
146,737
137,991
155,363
242,565
214, 7/5
5,797
43,520
.765
348,951
22,735
54,553
1,038
481/057
436,616 !
613,648
75.0
19.0 i
58.5
55,802
750
1 Net, i. e., after deducting reserves for depreciation.
* Net deposits prior to Mar. 18,1921, and total deposits beginning with that date.
313
DISTRICT NO. 4—CLEVELAND.
SCHEDULE 2 . — M O V E M E N T OF PRINCIPAL A S S E T S AND LIABILITIES D U R I N G
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Total
earning
assets
(2+5+
6J.
FedMemBills
eral
Bills
United Total
ber
reserve
secured Other bought States
cash banks' Total
notes
in
desecurereserve posits. in cirby
bills
open
dedis- market. rities. serves.
culaTotal. U . S .
posits. |
Govern- counttion.
ment
ed.
I obligai tions.
Reserve
percentages.
11
Jan.
4.
11.
18.
25.
Feb. 1.
8.
15.
21.
Mar. 1.
8.
15..
22.
29.
Apr. 5.
12.,
19.
26.
May 3 .
10.
17.
24.
31.
J u n e 7.
14.
21.
28.
July 5 .
12.
19.
26.
Aug. 2 .
9.
16.
23.
30.
Sept. 6.
13.
20.
27.
Oct. 4.
11.
18.
25.
Nov. 1.
8.
15.
22.
29.
Dec1. 6.
13.
20.
27.
132,008 112,825
126,945 107,943
109,495 90,387|
97,462 79,460;
102,588 75,8691
107,431 77,115|
103,606 73,380
99,851 64,874|
108,186 66,3081
104,824 59,286|
110,071 52,402
97,216 51,968
101,998 55,001
111,196 60,365
113,328 60,789
115,014 61,199
103,325 49,540
107,051 41,876
116,641 50,099
121,645 47,925
131,817 50,110
131,194 49,405
132,427 43,766
131,548 40,834;
128,538 42,0911
128,851 36,950;
133,281 41,392!
127,983 34,657
127,607 35,953
123,053 24,967
122,953 28,910
124,060! 28,909;
125,876 30,066}
124,095 25,982
129,106 26,566
128,971 27,847
132,807
127,164 32,794|
130,079j 32,519
123,442 26,391
132,752 36,079
127,629 42,384
121,026 37,429
120,271 42,899
131,125 53,797
131,382 48,051,
120,167 42,550!
135,582 54,606
134,037 47,137
141,903 53,616
140,028 50,830
136,208 50,681
44,138
41,947
36,946
32,761
31,504
30,492
29,4111
25,834)
25,344
20,990
21,232
19,51
24,023
22,955
23,485
24,331
19,101
17,558
24,368
25,456
28,527
29,488
24,599
22,002
22,922
23,640
23,795
15,339
22,400
14,828
18,401
18,508
21,861
16,152
15,135
15,933
19.105
21,049
20,333
14,694
21,693
24,240
21,599
23,406
33,257
29.106
22,878
34,376
247792
31,241
28,459
28,14
68,687
65,996
53,441
46,699
44,365
46,623
43,969
39,040
40,964
38;296
31,170
32,451
30,978
37,410
37,304
36,868
30,439
24,318
25,731
22,469
21,583
19,917
19,167
18,832
19,169
13,310
17,597
19,318
13,553
10,139
10,509
10,401
8,205!
9,830!
11,431
11,914
8,988
11,745
12,186
11,697
14,386
18,144!
15,830
19,493
20,540
18,945
19,672
20,230
22,345
22,375
22,371
22,534
5,370
4,'"'
5,036
3,930
3,275
2,415
2,310
2,535
3,267
3,980
3,071
2,427
3,135
3,243
2,826
2,102
2,032
3,324
3,144
8,262
9,747
9,278!
13,136!
14,549
14,446
16,200
16,062
16,988
15,316
21,738
26,1151
26,5211
27,655
27,898
30,825
29,826
33,412|
34,215i
37,862j
37,091
36,962
35,864
34,581
33,821
39,111
45,825
50,415
54,291!
60,181!
61,568;
58,975!
53,302|
13,813
14,072
14,072
14,072
23,444
27,901
27,916
32,442
38,611
41,558
54,598
42,821
43,862
47,588
49,713
51,713
51,753
61,8511
63,398
65,458
71,960
72,511
75,525
76,165
72,001
75,701
75,827
76,338
76,338
76,348
67,928
68,630
68,155
70,215
71,715
71,298
71,302
60,155
59,698!
59,960
59,711
49,381
49,016!
43,5511
38,217
37,506
27,202
26,685|
26,719!
26,719
30,223
32,223!
242,537
241,835
247,566
259,751
258,630
258,743
269,856
258,232!
254,758:
255,670
265,710
2&3,966j
266,336
261,768
255,375
253,663
263,251
257, 111!
255,004)
243,335!
237,0411
244,622
234,944
240,1541
235,900
240,8221
239,644]
242,546
242,843
247,054
248,363i
247,114}
246,034|
243,618!
252,632
256,008]
253,163|
256,896
268,815
265,526
268,650
265,046!
275,979!
277,460|
273,7071
269,158
272,792)
273,481i
272,892j
268,726
273,148
290,8761
131,625
134,836
127,763
129,081
134,800
136,131
144,554
130,632
134,797
131,111
148,400
130,926
136,180
141,303
133,547
139,689
134,223
135,041
140,003
141,419
138,061
140,833
140,542
141,053
141,485
140,261
144,205
143,1221
148,117!
145,4401149,2771
142,987!
146,547;
140,012
149,547|
149,325;
147,912
147,460;
152,520i
146,180
147,265;
151,350j
145,4341
149,3571
148,202!
149,786|
140,208
149,579!
148,260!
145,16l!
141,8041
151,807!
134,638 212,472!
136,312 206.712J
132,954 198,948!
134,538 195,471
141,015 192,826
192,920,
143.1
152,245! 192,625|
132,8741 193,5981
138,129; 195,931!
132,388; 196,839|
150,955; 195,727!
136,695' 195.696
141,179[ 197,788
146,473; 197,566|
135,616 204,064!
142,232j 200,589 •
137,528 200,344
137,917 199,048J
142,906 199,346i
144,4671 195,595!
144,230| 196,869!
145,867! 198,627!
142,912 197.302!
148,865; 198,057!
143,153! 195,532!
144,843! 197,279 •
145,906 200,004!
;
145,334 201,269
151,009 195,387
148,860 195,555
152,110 194,025
145,591! 198,680
149,553! 197,278
142,966! 199,753
154,278! 201,943
153,669 205,256
151,462) 212,564
152,236| 209,383
155,071 218,691
149,259 215,999
149,996 226,320
154,299! 222,289
147,9541 225,111
151,978 222,537
149,173 227,931
152,282! 229,100
143,540^ 227,572
152,949 234,214
150,764 234,555
148,792 241,974
144,221 252,370
153,473! 257,372
69.9
70.5
74.6
78.7
77.5
76.9
78.2
79.1
76.3
77.7
76.6
79.4
78.6
76.1
75.2
74.0
77.9
76.3
74.5
71.6
69.5
71.0
69.1
69.2
69.7
70.4
69.3
70.0
70.1
71.7
71.8
71.8
70.9
71.1
70.9
71.3
69.5
71.0
71.9
72.7
71.4
70.4
74.0
74.1
72.6
70.6
73.5
70.6
70.8
68.8
68.9
70. S
314
ANNUAL REPORT OF THE FEDERAL RESERVE BOAHD.
FEDERAL RESERVE BANK OF CLEVELAND
MILLIONS OF DOLLARS
400
MILLIONS OF DOLLARS
F.R.NOTE CIRCULATION
350
350
300
250
200
150
100
50
ISO
PURCHASED BILLS
lit
0
UNiTED STATES SECURITIES
200
DISCOUNTS FOR OWN MEMBERS
I
150
2C0
150
150
1920
1321
315
DISTRICT NO. 4—CLEVELAND.
SCHEDULE 3.—VOLUME OF DISCOUNT AND O P E N - M A R K E T OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
Secured by
U.S.
Bankers'
Governacceptment
ances.
obligations.
136,624
102,152
68,976
59,890
92,826
93^ 718
59,704
77,338
70,759
75,085
134,458
111,958
184,
170,
104.
106,
121,
121,
84.
93,
93,
109,
17"
152;
Total: 1922.
1,523,346
3,218,833
2,895,670
1921.
1920.
1,083,488
2,225,602 I
2,369,043 I
Bills bought in open market.
Agricultural and
live stock
paper.
Trade
acceptances.
r
1,870
1,650
1,434
1,166
989
915 1
866 i
358 I
1,104 I
517 !
1,145 j
1,867 i
500
200 j
700 '•
17,264 :
10,015 !
13,881
26,119 i
26,377 I
U. S. securities
purchased.
All other.
295
328
392
499
529
340
226
202
212
555
477
395
45,314
66,504
33,901
44,977
27,065
26,987
23,689
15,810
21,791
32,934
43,493
38,362
4,450 j
420,827
944,114
5,734 !
490,235
Total discount and openmarket operations.
I
Month.
Total.
January
CertifiBankers' Dollar Trade Bonds cates of j
in- !
acceptex- accept- and
ances. change. ances. notes. debtedness.
3,307
3,795
3,878
1,692
6,301
5,072
6,686
8,256
10,893
10,484
25,117
10,070
3,262
3,795
3,743
1,617
6,191
4,867
6,571
8,138
10,616
9,614
24,368
10,030
135
75
110
205
115
118
202
870
695
40
Total: 1922.... 95,551
1921
87,844
294,602
1920
92,812
83,321
290,734
2,610
4,277
3,076
February
March
April
May
June
July
August
September
October
November
December
1,162
11,862
3,260
5,511
12
500
501
6,791
1,036
256
54
129
246
792
6,880
5,915
47,676
9,545
12,746
35,606
26
4,113
636
5,140
628
54,019
1921
195,952
192,206
159,517
123,480
140,468
163,138
91,698
112,868
106,431
124,971
205,318
216,716
412,391
408,287
361,566
261,154
361,311
372,483
268,060
196,941
231/416
259,639
261,617
260,690
1920
357,78 2
329,990
484,519
333,466
266,231
338,070
231,866
224,380
323,431
199,583
335,978
643,565
30,936 182,930 |l, 832,763
3,655,555
4,532 344,346 i
4,068,861
878,589
316
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR M E M B E R B A N K S IN E A C H STATE.
[Amounts in thousands of dollars.]
Month.
Number
of member banks
in district at
end of
month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
Total: 1922
1921
1920
94,500
79,788
53,487
38,970
77,728
73,217
47,265
61,238
53,792
53,728
95,771
66,831
83,792
86,643
46,866
64,090
38,743
44,906
31,715
28,578
36,098
50,838
77,964
79,741
184,603
170,634
104,703
106,732
121,409
121,960
84,485
93,708
93,866
109,091
179,573
152,582
796,315
1,923,179
1,753,118
669,974
1,215,924
1,062,757
1,523,346
3,218,833
2,895.670
329
327
321
457
463
459
881
884
871
182
169
146
307
291
260
Number
of member banks
accommodated
during
month.
540
509
450
883
883
883
884
883
884
883
375
355
343
34$
351
331
307
283
27a
282
311
327
882
881
881
Number of member banks
at end of year:
1922
1921
1920
Number of member banks
accommodated:
1922
1921
1920
1
Figures in this column relate only to that part of the State located in the fourth district.
SCHEDULE 5.—EARNINGS AND EXPENSES.
1922
Discounted bills
Purchased bills
United States securities...
Deficient reserve penalties.
Miscellaneous
Total earnings.
$2,247,667 $8,041,788
737,533
743,759
479,840
1,946,915
57,017
27,223
74,685
28,718
4,994,282
CURRENT EXPENSES.
1921
9,390,863
1920
$10,570,827
3,064,409
602,93d
102,804
117,640
14,458,61*
Salaries:
194,464
143,171
I 220,100
Bank officers.
872,339
Clerical staff
I 1,081,239 1,166,854
82,332
93,785
35,149
Special officers and watchmen
108,236
136,031
112,492
All other
360
329
237
Governors' conferences
260
100
133
Federal reserve agents' conferences
613
859
1,047
Federal advisory council
8,386
6,702
7,133
Directors' meetings
21,030
17,600
15,045
Traveling expenses*
*
76,737
77,182
63,246
Assessments for Federal Reserve Board expenses
5,538
2,000 j
2,000
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation, and
24,612
52,859 I
37,977
general liability)
Banking house:
24,390
31,349
Taxes and fire insurance
11,556
7,494 ;
Light, heat, and power
4,120
6,845 !
Repairs and alterations
170,591
20,989
20,084 |
All other
148,511
162,648 |
Rent, including light, heat, and power, and minor alterations
2,341 !
1,091 \I
Fire insurance—furniture uuu e4uip.uj.eLii/
JirtjiusLnauue—luiuituie and equipment.
J., UVX
&t otj. 1
Furniture and equipment 2
i
i
85,684 1
141,008
1
Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
2
Charged to profit and loss in 1922 and to current expenses prior to that year.
317
DISTRICT NO. 4—CLEVELAND.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
1921
1920
!
CURRENT EXPENSES—continued.
Printing and stationery (including office and other supplies)
Telephone
Telegraph
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank-note circulation
All other expenses
Total current expenses
Current net earnings
PROFIT AND LOSS ACCOUNT.
$104,045
15,969
36,516
16,011
101,218
85,886 |
124,508
37,788
21,335
54,536
j 2,461,266
j 2,533,016
$120,652
8,503
27,153
$158,613
14,901
38,018
8,604
80,170
153,861
91,995
209,295
334,679
90,999
63,519
75,920
93,322
145,961
67,891
2,956,802 I 2,470,685
6,434,061 1 11,987,934
j'
Earnings
Current expenses
Current net earnings
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
States bonds
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
AUother
Total additions
Deductions from current net earnings:
Assessments, account expenses Federal Reserve Board
Depreciation allowances on banks premises
Furniture and equipment
Reserve for probable losses
Reserve for self-insurance
Reserve for depreciation on United States bonds
All other
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, franchise tax, and surplus
Dividends paid
Franchise tax paid United States Government
Transferred to surplus account
4,994,282
9,390,863 14,458,619
2,401,266 } 2,956,802 ; 2,470,685
2,533,016 i 6,434,061 j 11,987,934
43,728 |
57,296 I
5.161 j
48,889
37,209 I
32,229 |
126,734
63,246
522
63,768
125,428 |
42,779 i
64,759
53,900
129,551
100,000 |
100,000
100,000
48,220
"45,"6i6"j
11,653
313,217 I 276,412
264,328 ! 149,678
2,268,688 6,284,383
692,436 ! 660,228
714:988 ! 3,294,713
861,264 ! 2,329,442
231,671
167,903
11,820,031
604,194
'ii,'2i5,*837
SCHEDULE 6.—OPERATIONS OF F E D E R A L R E S E R V E CLEARING SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.}
Month.
Items drawn on
banks in own
district.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.*
Number i Amount. Number. Amount. Number. Amount.!Number.! Amount.
3,846
759,609
154
January
50,360
3,474
699,576
141
44,188
February
4,377
877,192
170
49,301
March
4.189
838,311
141
50,096 !
April
4; 572
885,124
134
48,631 !
May
4,725
926,286
138
56,125 ;
June
4,485
913,055
138
49,994 i
July
4,508
916,350
143
49,762 !
August
4,484
967,084
143
52,157 !
September
4,892 1,057,907
187
57,190 !
October
4,648
166
55,067 ;
995.015
November
5,054 1,075; 855
208
56,089 I
December
,
Total: 1922.... 53,252 10,911,364 2 1,841 2 618,940 I
1921.... 44,292 10,237,703 2 1,519 8 799,115 I
1920.... 39,458 13,797,775 * 1,302 1*1,130,986
123
4,123
16,578
826,547
109
15,505 i 3,724
759,269
185
19,557 I 4,732
946,050
200
17,301
4,530
905,708
160
14,74C I 4,866
948,495
217
18,894 ]
5,080
1,001,305
134
15,938 ! 4,757
978,987
121
16,754 j 4,770
982,866
225
2,1,202 i 4,852
1,040,443
285
19,436 I 5,344 ! 1,134,533
225
19,349 i 5,039 I 1,069,431
217
19,913 i 5,477 j 1,151,837
2,201] 215,167
57,294
11,745,471
2,082 1 240,487 47,873
11,277,305
1,476 | 226,714! 42,236 I 15,155,475
1
Exclusive of duplications on account of items handled by both parent bank and branch.
'Includes 117,000 items, aggregating $19,494,000; 92,000 items, aggregating $15,140,000; and 71,000
items, aggregating $20,771,000, forwarded direct to drawee banks in other districts during 1922, 1921,
and 1920, respectively •
318
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Payments Receipts
to other ! from other
Federal
Federal
reserve
reserve
banks.
banks.
Week ending-
Jan.
5 (3 days)...
12
19
26
Feb 2
9
16
23 .
Mar. 2
. ...
,
9
ie; : : : : : : : : : : : : : : * :
Apr.
P
23
30
6
13
;
:
;
...
20
27
May 4
y
ii
;
is : : : * : . : : : :
25
:*:
::::::.
June 1
8
15
22
29
Julv 6
13
20
27
Aug. 3
10.:::::.::::::::::::::::::::::::;: :;;::*
17
24
31
Sept. 7
y
14
::
:..
21
28
Oct. 5
11
19
26
Nov. 2
9
16
23
Dec
29
7
. . . .
14
21
28
29-30 (2 days)
Total: 1922
1921
1920.
.
61,687
92,857
92,818
84,490
91,365
90,635
90,271
102,733
93,729
90,785
92,860
106,962
97,919
99,675
101,305
113,385
111,051
107,562
95,391
115,006
125,580
84,717
112,620
117,591
123,145
123,700
103,791
106,051
123,101
128,416
117,043
104,944
113,532
121,347
101,946
89,009
110,294
141.134
123,339
126,003
101,936
157,032
142,052
13Q,706
117,005
129,503
149,525
114,246
134.191
118,952
143,334
116,364
50,658
58,997
96,932
101,518
99,108
91,471
89,206
95,227
91,564
99,088
92,941
100,840
112,360
99,717
92,298
98,757
112,714
117,405
105,168
86,783
111,811
119,750
91,876
107,292
112,953
134,084
123,707
103,054
106,349
127,163
127,048
119,867
110,059
114,875
122,349
105,949
91,429
108,417
151,304
134,150
120,183
106,541
160,897
149,330
140,935
108,104
122,905
159,038
108,328
133,953
119,918
157,895
125,485
52,369
5,844,293
5,555,625
8,676,748
5,931,461
5,599,722
8,837,431
Net gain in ownership of gold since establishment of fund in 1915, $419,246,000.
Net loss.
2,690
i,429
11,169
7,377
2,548
671
2,394
8,608
3,195
5,830
5,328
4,638
Net gain.
4,075
8,700
14 618
106
4,956
5,359
2,156
7,980
5,398
1 798
6,354
7,159
10,939
7
737
298
1,368
1,877
5,820
8,901
6,598
5,918
4.062
2,824
5,115
1 343
1,002
4,003
2,420
10 170
10,811
4,605
3,865
7 278
1,229
9,513
238
966
14,561
9,121
1,711
87,168
44,097
160,683
319
DISTRICT NO. 4—CLEVELAND.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
| Total loans and dis} counts (including re! discounts with Fed! eral reserve bank).
Last report date in—
Investments.
United States securities.
1921
1921
January
February
March
April
May
June
July
August
September
October
November
December
981,397
I 1,004,649
.i
998,500
I
994,945
! 990; 081
i
987,778
! 997,813
I 1,003,425
1,027,074
i 1,035,535
j 1,034, 111
I 1,055,974
1,124,726
1,120,867
1,118,029
1,091,690
1,070,369
1,072,032
.1,059,747
1,050,113
1,057.528
1,043,808
1,015,704
999,641
Net demand deposits.
All other.
1921
135,664
138,327
137,033
135,310 !
134,506 i
136,511 j
128,982; :
132,877
141,189 !
133,435 i
142,754 i
146,237 i
268,984
278,747
274,205
269,626
275,746
282,812
285,901
283,683
281,294
277,181
282,410
293,444
277,423
280,662
285,022
281,792
282,788
283,695
280,551
275,904
274,306
276,924
267,590
266,642
Accommodation at
Federal reserve bank.
Time deposits.
Last report date i n 1922
1922
770,217
779,381
793,801
801,881
812,106
844,801
859,807
865,298
875,704
872,391
861,747
858,189
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921
1921
854,
820.
828.
779,
800;
806,
792;
801,
786)
754,
425, 539
470, 050
474, 518
470, 468
475, 271
486, 157
493, 561
504, 625
503, 405
512. 882
519: 322
562; 241
.
!
!
|
j
.
i
1921
55,562
42,817
33,010
27,009
28,927
17,515
7,700
10,426
16,937
21,111
34, 880
31,718
431,080
432,956
432,936
428,750
453,600
431,140
429', 271
427,738
425,100
426,310
425,150
418.645
97,722
97,103
106,652
116,155
102,882
124.727
112,986
90,960
89,119
95,613
74,462
78,.924
NOTE.—Figures are for about 84 banks, which submit weekly reports to the Federal Reserve Board,
located in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Dayton, Erie, Lexington, Toledo, and
Youngstown.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
Summary for 13 centers.1
Month.
1922
1921
1920
January...
FebruaVy..
March
April
May
June
July
August
September.
October...
NovemberDecember.
1,709,252
1,538, 886
1,665,926
1.744,376
I', 741,268
1,927,948
1,911,065
1,850,667
1, 877,032
2,025,319
1,867,671
2,430,467
2,236,485
1,754, 568
1,869,444
1,841,155
1,716,241
1,751,903
1,620,986
1, 521,031
1, 585,995
1,689,784
1,643,919
1,873,095
2,335,154
1,942,268
2,329,618
2,331,924
2,166,964
2,412,086
2,458,275
2,162,713
2,261,299
2,188,596
2,291,823
2,535,569
Total
22,289,877
21,104,606
27,416,289
i Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
320
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Akron, Ohio.
Cincinnati, Ohio *
Month.
1922
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
1920
1921
52,213
1922
1921
319,045
226,244
286,113
278,132
244,926
261,365
251,983
237,729
248,530
272,496
255,254
307,571
50,975 i
55,619
54,469
62,396 !
60,222 I
58,259 !
60,660 |
60,142 !
56,359 !
67,073 |
60,579
49,503
58,544
64,190
62,589
60,684
60,571
55,015
57,543
51,406
47,733
51,749
114,032
103,005
104,665
121,736
127,141
140,741
110,646
100,092
95,822
80,971
73,319
77,297
284,242
232,459
288,287
289,537
279,292
316,334
281,577
264,307
288,992
303,163
290,087
357,962
683,070 !
680,106
1,249,467
3,476,239
44,683 I
Total..
April
May
June
July
August
September.
October
November.
December..
Total..
Month.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1922
1921
1920
1922
734,722
471,510
556,289
580,207
521,056
521,476
486,086
455,243
480,877
490,925
518,719
604,968
804,435
630,344
758,141
795,238
698,481
786,406
854,237
735,114
747,479
723,373
728,891
826,597
113,650
138,926
118,359
123,541
126,620
131,914
131,308
124,240
133,741
138,459
128,510
154,737
6,588,425
6,422,078
9,088,736
1921
52,239
45,830
56,501
51,880 j
54,520
58,613
61,949 I
54,798
56,744
59,011
53,965
Total..
675,048
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Total.
1921
51,841
47,293
56,987
55,023
51,035
53,476
58,420
57,941
54,521
56,322
54,662
1921
18,728
13,590
16,043
17,931
19,684
17,655
17,774
20,131
21,083
23,166
18,917
21,642
!
I
I
I
226,344 j
23,242 !
15,396 I
19,699 i
16,765 i
16,598 !
17,453 i
19,194 i
17,177! ;
19.361
19,208 !
15,279 i
19,322 i
218,692 I
I
1920
130,424
103,647
124,179
133,32o
111,994
121,905
121,269
137,600
114,002
124,197
130,561
116,226
139,773
134,601
126,791
129,942
117,649
124,991
154,875
118,639
115,780
107,005
128,183
1,551,203
Erie, P a .
1920
1921
1922
1920
29,634 i
24,499 !
26,281 I
26,697 |
25,122
23,931
26,101 !
25,604 !
23,717 |
26,926 j
23,260
20,545
26,292
24,290
26,723
26,922
25,672
27,107
27,268
29,290
27,233
30,224
31,799
26,441
33,444
33,180
33,676
36,825
35,890
34,704
36,087
32,300
35,299
36,238
314,007 j
57,552
50,053
56,486
54,406
51,741
53,229
56.018
50,958
49,403
45,028
49.019
49,203
405,863
28,205 I
27,290 I
654,620
1922
3,343,412
1,564,005 i 1,425,339 |
Lexington, K y .
Greensburg. Pa.
Month.
I
Dayton, Ohio.
1922
!
i
I
3,189,388 j
523,990
446,019
474.124
527,212
499.125
591,911
575,181
560,088
574,640
601,503
547,363
667,269
January
February..
March
!
290,615
243,644
286,509
276,285
260,185
289,316
299,184
260,988
281,885
260,368
268,430
326,003
Columbus, Ohio.
Cleveland, Ohio.
Month.
1920
1920
1922
1921
18,246
17,534
19,678
19,805
19,400
24,025
29,543
27,809
27,403
26,529
22,920
27,703
19,751
25,742
33,210
18,138
19,550
19,341
19,218
16,472
16,848
20,331
25,488
26,985
i
!
i
21,903
22,481
26,705
18,752
15,397
15,402
15,446
14,952
14,107
15,796
15,261
19,155
280,595
261,074 j
215,357
i
!
:
i
!
1920
;
|
i
!
I
I
i
I
:
j
54,837
47,304
42,771
24,884
21,708
21,175
22,566
20,406
20,097
19,085
19,201
20,209
334,223
321
DISTRICT NO. 4—CLEVELAND.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Pittsburgh, Pa.
Oil City, Pa.
Month.
1921
1922
January....
February..
March
April
May...
June
July
August
September.
October
November.
December..
11,134
9,067
10,890
11,453
14,102
14,974
13,014
13,481
12,349
15,242
13,055
13,771
Total..
152,532
I
!
!
j
!
1920
1922
1921
1920
15,336
11,485
11,554
11,355
10,033
9,950
8,743
7,992
8,482
9,780
10,383
11,775
12,619
9,553
13,655
13,927
13,467
14,543
14,868
14,153
15,727
14,175
15,706
17,925
651,733
591,011
649,824
671,135
672,624
738,877
719,716
714,763
708,543
788,957
733,687
1,081,877
922,583
821,505
771,115
719,332
703,152
717,983
615,312
591,063
604,918
687,486
638,060
704,068
835,290
728,320
904,489
858,152
832,499
933,544
920,074
802,665
885,243
890,472
970,007
1,051,408
126,868
170,318
8,702,747
8,496,577
10,612,163
Springfield, Ohio.
Toledo, Ohio.
1921
1921
Month.
1922
January
February..
March
April
May
June
J«iy»;
August
September.
October
November.
December..
Total..
• 16,099
13,837
18,547
16,878
16,330
18,149
20,631
19,174
20,726
19,965
19,406
22,246
18,611
15,050
19,815
18,370
15,973
15,813
16,702
14,727 !
15,289 ;
i
15,148
13,548 |
14,923 i
193,969 !
1920
153,141
128,013
132,550
142,065
149,544
152,234
164,428
156,766
151,073
170,357
156,719
185,429
118,230
95,680
106,989
108,441
105,666
110,315
121,170
106,833
112,853
124,952
127,093
151,941
135,976
113,172
144,788
150,563
146,554
141,563
147,180
132,625
130,079
122,415
124,546
138,212
188,958 j 1,842,319
1,390,163
1,627,673
17,243
14,008
17,682
15,374
13,991
15,918 !
17,824 i
14,761 i
15,168 j
13,988 I
13,485 !
17,536 I
Youngstown, Ohio.
Wheeling, W. Va.
Month.
1922
1921
1920
1922
1921
1920
January
February...
March
April
May
June
July
August
September..
October
November..
December...
31,492
27,398
34,743
35,902
38,484
39,919
40,256
37,498
37,687
43,369
39,128
48,551
40,331
31,433
36,241
36,503
32,645
34,652
29,784
28,153
27,931
33,784
34,366
37,066
41,361
32,693 i
39,961
44,628
36,183
42,221
41,872
39,856
40,140
38,796 j
46,246 '
47,209
41,822
34,225
43,868
48,332
49,493
55,043
61,696
47,890
55,670
55,527
47,841
61,665
69,049
45,086
53,122
51,602
43,824
46,097
45,167
39,016
45,373
43,593
38,092
43,920
74,164
55,839
69,661
69,470
55,897
62,123
72,956
62,781
68,729
63,855
68,193
71,157
Total.,
454,427
402,889
491,166 |
603,072
563,941
794,825
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not
included in the table.
322
REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 5—RICHMOND.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars].
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOURCES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
Total gold held by bank
Gold with Federal reserve agent
Gold redemption fund
Total gold reserves
Legal tender notes, silver, etc..
Totalreserves
Bills discounted:
Secured by United States Government obligations..
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Total earning assets
Bank premises
5 per cent redemption fund against Federal reserve bank notes..
uncollected items
All other resources
5,729
27,618
2,663
19,094
33,347
64,065
4,578
21,757
38,057
4,962
53,699
6,797
101,990
9,922
64,776
6,781
86,789
363
111,918
71,557
87,152
22,092
31,193
1,734
41, 047 !
53,621 I
3,558 !
45,955
69,518
5,048
55,019
1,291
98,226 I
1,233 1
120,521
1,234
3,760 I
12,260
2
56,310
i 2, 618
58,037
398
103,219
2,545 i
188
46,414
305
5,702
20,429
162
134,017
1,277
601
59,875
566
229, 275
Total resources
224,228
283,488
5,595
11,288
5,429
11, 030
5,269
10,561
860
61,527
573
4,456
56,127
438
2,899
57,085
288
LIABILITIES.
Capital paid in.
Surplus
Deposits:
Government
Member bank—reserve account.
All other
Total deposits
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability.
Deferred availability items
All other liabilities
Total liabilities
Ratio of totalreserves to deposita and Federal reserve note liabilities
combined
62,960
61,021
60,272
101,147
47,882
403
107,101
3,516
35,620
511
155,169
11,467
40,202
548
229,275
224,228
283,488
68,2
42.6
44.5
1
Net, i. e., after deducting reserves for depreciation.
* Net deposits prior to Mar. 18,1921, and total deposits beginning with that date.
DISTRICT NO. 5
323
RICHMOND.
SCHEDULE 2.—MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES D U R I N G
1922.
[ Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Total
earning
assets
(2+5+
6).
Mem-
Fed-
; eral
Bills United
Bills
Total
ber
Total reserve
secured Other bought States
cash banks'
denotes
in
secuby
rereserve posits, i in cirbills
open
deculadisTotal
market rities. serves.
- i G ^ r n - countposits.
tion.
j ment
ed.
Reserve
percent-
j obligai tions.
3
Jan.
Feb.
Mar.
Apr.
May
4....
11
18....
25
1....
8
15....
21
1....
8....
15....
22
29....
5
12....
19
26....
3
10
17....
24....
31....
June 7
14....
21
28....
July 5 . . . .
12....
19....
26....
Aug. 2
9
16
23
30
Sept.6
13
20
27
Oct. 4
11
18
25
Nov. 1
8
15
22
29
Dec. 6
13
20
27
97,903
93,675
93,922
93,697
89,531
85,227
83,979
84, 087
80,784
77, S69
80.125
81,825
81, 213
75,174
70,615
68.126
66,108
63, 501
60, 773
60,504
58,324
53, 612
48,355
47,632
, 46,180
.1 45,907
I 44,122
j 44,522
! 43,233
i 41,011
1
41,432
40,376
40,496
40,304
' 41,032
39,587
40,502
46, 031
45, 065
48, 261
46, 783
48, 705
47,197
46,840
45,342
47, 744
50, 906
52, 601
50,190
53,765
57,695
67, 052
89,502
85,350
85, 814
85,672
82,034
77,975
76, 822
77,159
73,679
70,483
73, 023
74,667
74, 509
68, 510
64, 017
61, 476
59, 407
56,967
54, 509
54, 539
52,302
47,672
42,699
42,009
40, 553
40, 244
38,619
39,233
38,017
35, 809
36,144
35,194
35,361
35,133
35,904
34,615
35,398
40,934
42,776
41, 638
43,283
41, 257
40, 728
39, 584
41, 843
45, 022
47, 217
44,952
49,195
51,435
56,837 !
38,451
36,774
38,378
39, 253
36,444
34, 339
34,999
34, 717
32, 742
30, 416
51,051
48,576
47, 43 >
46, 419
45,590
43,636
41,823
42, 442
40,937
40, 067
32, 601 40, 422
31,773 42,894
30,997 43,512
26,263 42, 247
23,652 40, 365
21,696 39,780
21, 544 37, 863
19, 216 37, 751
18,704 35,805
18, 795 35, 744
17,892 34, 410
15, 928 31, 744
13, 499 29, 200
14,156 ! 27, 853
12,658 ! 27,895
12,544 i 27,700
12,009 I 26,610
12,864 ! 26,369
11,760 | 26, 257
9,665 i 26,144
9,804 26,340
9,126 , 26, 068
9,358 26,003
9,312 ! 25,821
9,969 ! 25,935
9,641 ! 24,974
9,951 | 25,447
14,328 I 26,606
12,403 i 27,290
14,034 | 28,742
13, 849 27, 789
15,727 27,556
14, 484 26,773
14, 743 25, 985
14, 385 25,199
18, 523 23, 320
19, 905 25,117
19, 870 27, 347
19,162 25, 790
20, 875 28, 320
20, 496 30, 939
25, 024 31,813
3,408
3,332
3,115
3,032
2,504
2,459
2,364
2,135
2,312
2,593
2,309
2,365
1,911
1,871
1,805
1,857
1,908
1,741
1,471
1,172
1,229
1,147
863
*834
870
710
496
423
409
487
381
334
370
327
271
403
396
671
784
944
1,221
1,739
1,911
2,057
2,200
2,183
2,183
2, 037
1,969
1,659
1,614
52.281
53,371
53,739
54,492
53, 348
53,939
53,486
52, 943
53,426
54, 764
55,176
53,025
53,324
53,867
53, 648
51,852
54, 250
55, 368
54.282
54, 487
1102, 402 54, 791
1107,182 54, 545
109,324 57,389
111,158 55,175
1105,576 55, 095
|108,701 55, 253
1104, 924 I 54,617
105,863 57,336
! 105,921 57, 708
1109,291 55,799
1105, 713 I 57,145
j 109,165 ! 56,980
! 108,290 ; 56, 374
1107,562 i 56, 594
1108,122 I 56,199
1105,725 ! 55,922
Ill, 752 55, 642
106,983 55,604
111,815 I 5' 394
57,
ri
112,447 58,628
116,902 59, 273
114,969 58, 582
120,928 61, 291
119,479 ! 60, 065
124,499 i 58,690
119,976 59, 255
11e
115, "™ 58,699
" 479
118,244 60,919
118,769 60,661
113,945 57, 893
107, 592 54,938
98, 525 59,123
4,993 67, 511
4,993 70,506
4,993 71,193
4,993 72, 551
4,993 75,794
4,793 80, 884
4,793 79, 253
4, 793 76,395
4,793 80,988
4,793 84, 888
4,793 81, 841
4,793 80, 306
4,793 80,282
4,793 84, 545
4,793 89,188
4,793 88,397
4,793 ! 91,926
4,793 95, 605
4,793 95, 728
4,793 ______
95, 368
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,801
4,801
4,801
4,801
4,801
4,701
4,701
4,701
4,701
4,701
4,201
4,201
4,201
4,201
3,701
3,701
3,701
3,201
3,201
2,601
4,601
8,601
42.0
54,816 i 105,793
45.0
54,458 1102,199
45.9
55,818 j «7£7, £i\IU
99,206
46.7
58,335 '97,113- •
48.5
59,217 96,944
52.5
57,778 96,379
52.0
57,859 94,431
50.5
56,716 94, 505
53.7
56,179 94,544
56.6
55, 784 94,199
54.6
56,886 92,946
53.5
57,587 92,603
53.8
57,885 91,314
57.1
55,291 92,664
60.1
56,126 92,190
60.8
53,706 91, 791
63.0
56, 313 89, 702
56,356 , 89, 723 , 65.4
66.4
56,038 j 88,122
66.4
56,421 87,189
" ""*
69.4
61, 849 85, 804
72.0
63,125 85, 771
75.7
58,633 85, 856
75.8
62,121 84, 494
75.5
56,156 83,620
76.4
60, 328 81, 896
55, 933 82. 780
75.6
58,248 80, 970
76.0
59,326 79, 791
76.1
60, 342 78,436
78.8
57,701 78,129
77.8
59,207 78,719
79.1
58,293 79,573
78.5
58, 781 79, 744
77.6
59, 654 79, 360
77.8
57,678 82, 060
75.7
58,175 82, 803
79.3
60,027 84,996
73.8
59, 247 86, 506
76.7
58,901 90,506
75.3
61,554 93, 270
75.5
59,371 95, 262
74.3
62, 786 95, 433
76.4
60,425 95, 895
76.4
6i;326 ! 96,830
78.7
61, 497 ; 97,101
75.6
61,138
73.1
64,906 96, 959
73.1
62,611 97, 918
74.0
60,182 99, 045
71.6
56,391 103,844
67.1
60,211 103,398
60.2
324
ANNUAL EEPOBT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BANK OF RICHMOND
MJLLIONS OF DOLLARS
MILLIONS OF DOLLARS
F. R. NOTE CIRCULATION
160
PURCHASED BILLS
UNITED STATES SECURITIES
7mA
1920
T921
1922
DISTBICT NO. 5
RICHMOND.
325
SCHEDULE 3,—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Month.
Total.
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
Secured by
Bankers'
Trade
U.S.
acceptacceptGovernment
ances. ! ances.
obligations.
204,742
158,108
166,654
88,170
72,364
71,672
57,196
45,153
75,708
111,121
150,202
223,477
179,654
136,301
138,928
68,756
55,509
55,076
44,248
32,207
58,918
92,726
132,117
196,509
778
593
633
421
518
353
352
206
240
384
437
624
1,424,567
2,749,671
3,346,322
Total: 1922
1921........
1920
1,190,949
2,311,900
2,938,150
5,539
11,817
12,676
•RiN* bougnt in open market.
Bills hnnpht in rmpti Tnarir^t
Month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
Total: 1922.
1921.
1920
Agricultural
and live- All other.
stock paper.
I
28971—23
1,098
1,514
1,026
449
355
513
260
284
708
1,338
745
170
8,460
25,345
51,711
8,460
25,345
51,711
22
42,678
59,184 I
19,273
17,607
22,815
14,777
12,171
12,784
9,542
13,660
14,714
15,335
24,025
185,401
366,770
395,496
s
-purchased. ! Total discount and open- securities
market operations.
Certifi- j
Bankers1 Dollar Trade Bonds cates of |
ex- accept- and
acceptnotes. | debted-1
ances. change.
i ness. I
1,098
1,514
1,026
449
355
513
260
284
708
1,338
745
170
,
u
5,037
3,607
4,278
4,216
4,166
3,459
3,898
3,198
2,890
3,297
2,313
2,319
50
50
100
32,000 j
1922
205,840
159,622
167,680
88,619
72,719
72,185
57,456
45,487
76,416
112,459
150,947
255,697
1920
247,729
226,995
307,639
295,358
213,118
247,186
211,059
216,410
226,413
202,541
200,050
217,518
323,244
277,407
351,353
327,562
296,817
290,865
262,500
271,093
284,902
248,615
252,647
295,030
32,000 1,465,127
37,000 !
2,812,016
84,002 i
!3*482,*035
326
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE.
[Amounts in thousands of dollars.]
North
West I District MaryVir- i ofCoVirginia. Caroginia.i lumbia.j land.
lina.
Month.
South
Carolina.
Total.
17,675
13,046
14,011
9,761
8,588
6,459
5,559
5,519
4,815
6,470
5,418
5,253
Number of
member
banks
accommodated
during
the
month.
Number of
member
banks
in district at
end of
month.
204,742
158,108
166,654
88,170
72,364
71,672
57,196
45.153
75' 708
.111,121
150,202
223,477
I
January
February
March
April
May
June
July
August
September
October
November.
December.
8,555
7,778
10,035
8,128
8,742 \
8,583 |
9,464 j
7,892 i
| 8,073 j
9,314
10,835
11,540
26,594 51,908
5,956 45,185
8,126 43,710
3,816 14,948
8,356
7,478
5,361
20,474
4,649
15, 724
4,885
3.268
8', 682
32.974 15,039 !
52,557 31,723 :
99,142 34,155 |
Total: 1922
|108,939 |284,791
1921
86,684 1 99,228
1920
45, 886 !l24,352Number
of
member j '
\
banks at end of year:
125 i
120 |
116 !
1922
1921
1920
Number
of
member
banks accommodated: i
!
1922
1921
i
1920.
...
i
1
77
68
36
!269,905
|569,550
1830,265
j
15 j
16 !
16 :
94
87
85,957
73,697
75,691
39.401
28.402
22,558
16,581
17,310
29,703
34,706
41,620
61,262
14,053
12,446
15,081
12,116
10,798 !
8,237
5,219 i
6,279 |
14,449 !
12,618 !
8,049 I
12,125 !
626
626
630
632
631
630
629
627
629
630
633
634
395
375
398
387
370356
347
328
328
322
289>
288
I 526,888 131,470 1102,574 ii, 424,567
11,428,846 |311,828 J253,535 2,749,671
;1,737,538 303,320 304,961 i3,346,322
\
98 I
104
103 j
97
634
626
610
96 ;
98 ;
11 i
10 i
10 i
104 i
100
98
491
494
437
9 6 '••
Figures in this column relate only to that part of the State located in the fifth district.
SCHEDULE 5.—EARNINGS AND EXPENSES.
1921
1920
EARNINGS.
Total earnings
CURRENT EXPENSES.
$6,166,477
184,592
196,299
175,797
6,514
$5,920,89a
477,557
276,991
216,559
11,270
j 2,832,944 j 6,729,679
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous
6,903,270
|
$2,569,887
74,655
95,378
87,080
5,944
i
Salaries:
155,467
Bank officers
149,702
105,945
760,883
858,861
617,525
Clerical staff
33,189
Special officers and watchmen
29,941
15,066
78.739
62,102
34,74$
AU other
166
550
401
Governors' conferences
123
88
125
Federal reserve agents' conferences
629
493
546
Federal Advisory Council
5,795
7,021
6,318
Directors' meetings1
23,101
33,931
26,248
Traveling expenses
37,402
Assessments for Federal Reserve Board expenses
38,723
34,555
12,218
Legal fees
I
4,292
1,070
Insurance (life, fidelity, casualty, workmen's compensation, and !
22,541
20,709
15,732
general liability)
j
Banking house:
|
42,675
7,941
Taxes and fire insurance
!
10,989
4,093
Light, heat, and power
24,854
16,157
Repairs and alterations
39,693
1,274
1,333
All other
4,341
16,331
Rent, including light, heat, and power, and minor alterations
613
1,313
Fire insurance—furniture and equipment
197,329
103,126
Furniture and equipment"
1
Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
s
Charged
to profit and loss in 1922 and to current expenses prior to that year.
327
DISTRICT NO. 5—RICHMOND.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
1921
$84,815
5,944
34,934
5,669
59,415
$81,378
4,910
34,210
14,710
53,003
91,946
74,691
1920
CURRENT EXPENSES—continued.
Printing and stationery (including office and other supplies)
Telephone
Telegraph
Security shipments
,
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
..
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank note circulation
All other expenses
,
Total current expenses
Current net earnings
$84,345
3,415
27,604
107,469
1,201,588
262,614
77,712
32,240
40,796
2,127,174
4,602,505
170,101
45,749
52,605
23,688
1,516,075
5,387,195
2,832,944
1,631,356
1,201,588
6,729,679
2,127,174
4,602,505
6,903,270
1,516,075
5,387,195
3,618
6,827
8,831
12,449
4,202
68,358 I
24,734
13,184
27,358
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses
Current net earnings
,
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
States bonds
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
•
All other
Total additions
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for probable losses
Reserve for self-insurance
Reserve for depreciation on United States bonds
All other
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, franchise tax, and surplus
Dividends paid
Franchise tax paid United States Government
Transferred to surplus account..
11,029
54,069
178,358
64,710
50,000
50,000
3,521
346,589
334,140
867,448
333,321
M80,714
3 53,413
25,531
5,859
31,390
170,000
100,000 !.
50,000 I.
15,838
219,907
208,878
4,393,627
322,203
3,377,632
693,792
5,865
4,214
180,079
148,689
5,238,506
293,052
204,585
4,740,869
3
Bank also charged its surplus account and paid the Umted States Government $20,459 as an additional
franchise tax for 1921. See p. 22.
SCHEDULE
6.—OPERATIONS OP FEDERAL R E S E R V E
CLEARING
SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Items forwarded to
, Items drawn on
other Federal
1 banks in own district. reserve banks and
their branches.
Month—
Items drawn on
Treasurer of
United States.
Total.*
Number.j Amount. Number. Amount. Number. Amount. Number. Amount.
January
February
March
April
May
June
July
August
September
October
November
December
;....
|
|
j
|
i
|
j
I
j
2,821
2,550
3,158
2,891
3,066
3,144
2,998
2,948
3,030
3,452
3,350 j
3,573
550,951
461,763
573,963
535,314
589,524
607,672
576,612
577,210
620,804
738,596
703,773
724,701
Total: 1922.... | 36,981 7,260,883
1921
34,084 7,071,625
1920.... 28,995 j 8,782,889
1
i
j
|
i
1
'
__
215
203 I
267 |
275
277 I
263 i
255
258
252 I
297 i
302 I
386
3,250
2,473
3,266
80,451
70,970
91,760
91,833
92,131
95,193
87,542
90,259
101,528
124,576
107,875
108,366
87
85
120
116
105
114
84
86
110
129
112
110
15,552
13,568
15,648
14,607
12,583
12,852
11,154
11,910
11,202
11,983
13,442
13,465
3,123
2,838
3,545
3,282
3,448
3,521
3,337
3,292
3,392
3,878
3,764
4,069
646,954
546,301
681,371
641,754
694,238
715,717
675,308
679,379
733,534
875,155
825,090
846,532
1,142,484
1,101,378
2,287,494
1,258
1,290
1,074
157,966
205,284
208,088
41,489
37,847
33,335
8,561,333
8,378,287
11,278,471
Exclusive of duplications on account of items handled by both parent bank and branch.
328
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Week ending—
5 (3 days).
12
19
26
Feb. 2
Jan.
16.
23.
Mar. 2.
9.
16.
23.
30.
Apr, 6.
13.
20.
27..
May 4..
11.
18.,
25.
June 1.
8.,
15.
22.
29..
July
Aug.
Sept.
Oct.
Nov.
16
23...
29
Dec. 7
14
21
28
29-30 (2 days).
Total: 1922.
1921.
1920.
I Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
67,193
108,813
92,463
118,647
99,190
84,564
104,610
105,622
112,629
97,261
108,007
114,623
101,574
89,001
89,416 I
101,033
88,380 !
98,531 !
85,378
89,941
101,609
83,208
94,013
103,152
113,913
86,465
79,579
91,739
82,
106,
85,
88,
81,
77,
74,
89,
120,
99,
105,
92,
146,
109,
118,
98,
113;
132,
101,
125,
119,
142,
102.
39,
5,255,732
6,104,150
7,995,934
65,276
106,348
93,901
120,328
101,880
87,856
100,023
106,302
111,400
95,020
106,464
116,515
99,411
93,087
89,449
96,238
93,493
95,839
87,678
94,451
100,574
92,034
95,951
103,835
114,001
91,429
76,828
89,870
93,777
87,342
100,140
88,611
90,338
81,752
78,401
76,321
88,976
121,075
101,656
105,893
97,368
141,402
115,885
117,152
98,886
106,526
127,371
104,994
121,311
117,178
133,307
100,591
50,223
5,271,957
6,054,210
7,985,179
Net loss in ownership of gold since establishment of fund in 1915, $16,724,000.
Net loss.
Net gain.
1,917
2,465
1,438
1,681
2,690
3,292
4,587
1,229
2,241
1,543
680
2,163
33
4,795
*2,'692"
5,113
2,300
4,510
1,035
2,751
1,869
4,964
44
4,810
6,051
103
2,653
1,992
445
478
2,102
529
1,896
854
4,628
5,074
7,054
4,832
4,208
2,575
9,137
2,199
564
749
3,525
10,399
16,225
DISTRICT NO.
329
-RICHMOND.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OP REPORTING M E M B E R B A N K S
IN LEADING CITIES AS OF THE LAST R E P O R T DATE IN THE MONTH.
[In thousands of dollars.]
Last report date in—
Total loans and discounts (including rediscounts with Federal reserve bank).
Investments.
United States securities.
1922
1922
442,625
437,016
435,607
437,535
429,237
430,203
426,063
427,988
431,229
439,279
445,182
459,380
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1921
475,764
475,148
474,584
474,503
469,240
468,953
464,872
458,894
465,157
459,889
450,567
450,575
70,068
70,414
66,127
65,345
63,333
65,141
64,546
68,102
67,500
72,984
73,224
76,938
Net demand deposits, j
All other.
1922
1921
73,775
71,741
80,290
73,501
72,625
71,333
71,115
67,957
77,718
69,282
67,984
72,571
1921
48,419
48,430
50,962
49,859
51, 717
54,765
55,797
55,683
56,034
57,282
56,740
54,946
47,369
47,099
48,717
49,955
50,025
55,001
53,598
53,548
51,597
51,586
50,694
49,861
Accommodation at
Federal reserve bank.
Time deposits.
Last report date in—
1922
1922
1921
304,679
301,479
298,257
311,896
312,067
327,080
334,715
327,243
326,791
332,088
332,001
335,679
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1921
331,243
324,365
317,251
306,752
302,150
299,560
301,867
295,715
288,181
297,648
294,953
296,832
130,973
130,383
134,453
135,674
141,581
149,473
145,144
141,567
145,266
145,929
147,065
145,619
115,889
116,341
117,509
118,824
120,885
119,581
121,321
122,242
121,833
127,516
126,599
126,591
1921
620
568
027
054
66,162
66,520
68,937
78,301
76,141
73,991
72,328
71,290
71,578
62,933
56,705
56,524
-NOTE.—Figures are for about 78 banks, which submit weekly reports to the Federal Reserve Board,
located in Richmond, Baltimore, Charleston, S. C , Charleston, W. Va., Charlotte, Columbia, Huntington,
Lynchburg, Norfolk, Raleigh, Roanoke, Washington, and Wilmington.
SCHEDULE 9.—DEBITS
TO I N D I V I D U A L A C C O U N T S .
[In thousands of dollars.]
Summary for 7 centers.1
Baltimore, Md.
Month.
1922
1921
1920
1922
January
February..
March
April
May
June
July
August....
September.
October
November.
December..
630,971
535,864
618,568
614,409
664,853
681,167
636,506
616,520
596,901
705,455
660,697
753,942
737,917
600,411
677,832
645,676
633,007
677,168
660,222
674,846
666,886
743,458
724,232
793,239
913,182
729,147
827,966
815,659
794,726
816,522
823,137
742,740
742,456
805,251
783,394
841,217
364,215
301,165
350,817
351,291
385,653
399,702
369,680
362,288
327,258
373,575
343,370
Total,
7,715,853
8,234,894
9,635,397
4,317,812
1
1921
!
I
I
!
i
I
I
1920
448,090
353,382
413,200
395,722
393,187
421,517
418,510
440,523
417,881
465,576
443,218
480,385
497,691
394,808
462,064
466,787
456,126
477,187
486,273
450, 421
459,485
490,735
449,061
508,791
5,091,191
5,599,429
Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
830
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Charleston, S. C.
Charlotte, N. C.
Month.
1922
January
February..
March
April
May
June
July.
August
September.
October
November.
December..
1921
27,070
24,162 I
24,370 j
26,230
26,064
23,828 !
26,039 j
24,326 j
17,180
21,561
28,111 I
28,494 j
Total.
297,435
1920
1922
1921
28,788
23,880
25,032
28,354
23,571
25,052
25,179
23,214
23,125
24,819
22,582
27,398
53,706
39,896
46,464
44,934
47,119
42,519
41,334
28,561
24,498
29,602
29,730
27,984
27,156 i
24,047 !
28,226 I
28,537 |
30,891 !
31,424 !
31,609 I
28,026 '
33,874 !
37,282 !
35,567 I
41,376 !
24,489
20,209
24,218
24,173
23,512
26,196
21,185
21,571
25,840
28,893
28,595
30,710
43,345
44,020
41,203
39,713
38,769
35,044
30,068
31,686
33,303
37,912
30,763
300,994 ;
456,347
378,015 j
299,591
454,115
Columbia, S. C.
1920
Greenville, S. C *
Month.
1922
1920
1921
1922
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
23,028
19,583
23,703
21,771
24,964
22,339
17,453
15,167
20,829
25,760
23,590
23,512
21,609
18,295
20,731
21,087
21,174
19,324
18,926
17,497
20,727
23,980
21,848
23,778
42,244
32,350
39,097
31,395
34,771
30,035
25,218
20,675
23,738
26,628
25,315
24,187
16,248
12,276
15,248
13,605
15,749
14,950
15,446
14,782
15,952
20,467
23,881
20,440
12,687
13,256
13,896
12,639
13,456
11,627
11,347
15,893
18,077
16,308
18,063
Total
261,699
248,976
355,653
199,044
157,249
Norfolk, Va.
, Huntington, W . Va. *
Month.
1922
I
1920
1922
1921
19,311
15,923
19,130
17,672
19,477
21,921
20,034
19,793
20,792
24,132
23,160
28,719
January
February..
March
April
May
June
July
August
September,
October
November.
December..
Total
1921
I
24,754
22,099
25,339
21,883
21,066
21,895
20,135
19,758
18,662
21,489
20,134
21,809
24,513
25,383
25,748
25,090
26,940
29,267
28,618
58,981
51,515
63,102
64,458
70,125
72,467
65,026
62,882
56,838
74,881
67; 896
85,571
250,064 I
259,023
185,559
793,742 j
i
|
1
|
j
1
i
1920
70,008
53,148
61,686
53,885
53,831
62,472
58,715
53,323
53,775
63,983
63,207
74,540
97,897
78,915
93,064
78,953
82,791
89,163
97,898
89,048
78,899
82,581
82,012
85,206
722,573
1,036,427
DISTRICT NO. 5
331
RICHMOND.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Raleigh, N. (
B.ichmond, Va.
Month.
1921
1922
1920
1922
1921
.
. .
Total
21,225
15,387
17,383
17,050
18,190
18,180
20,720
17,774
19,050
31,533
26,367
36,000
17,633
16,347
18,967
17,183
17,710
17,971
18,270
16,800
16,853
15,954
15,133
18,850
27,650
20,599
20,586
22,517
17,844
18,312
17,978
16,931
18,453
17,897
18,780
22,900
109,296
100,005
110,967
105,072
108,966
113,227
105,979
106,057
121,872
140,863
135,796
150,191
127,300
115,150
113,998
105,272
100,022
104,636
99,437
101,918
108,685
120,253
129,649
137,578
258,859
February
March . . . .
April
May
June
July
August
September
October
November..
December
207,671
240,447
1,408,291
1,363,898
1920
Wa shington, D. C
.*
145,705
119,234
122,671
129,870
116,362
120,537
119,392
107,030
105,697
124,505
140,584
141,386
1
,492,979
Wilmington, N . C *
Month.
1922
January
February
March
.
April
May
July
August
September
October..
November
December
. . . .
.
....
Total . . .
1921
159,902
153 095
184,375
181 542
198,473
201,728
180,651
162,052
173,976
186,903
176 812
198,636
157,959
138 591
154,835
159,646
157,122
180,668
156,184
140,433
148,229
169,698
160,796
186,080
2,156,145
1,910,241
1920
1922
1921
121,635
146,273
161,108
156 759
173,430
19,046
16 968
21,236
19 940
22,902
19,448
18,553
18,501
21,283
25,371
24 778
25,225
21,006
22,367
23,387
20,538
20,575
20,044
18,890
21,075
23,902
22 032
22,728
759,205
253,251
1920
236,544
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not
included in the table.
332
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 6—ATLANTA.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
(In thousands of dollars.]
RESOURCES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board.
Gold with foreign agencies
Total gold held by bank
Gold with Federal reserve agent
Gold redemption fund
,
Total gold reserves
Legal tender notes, silver, etc. ,
Total reserves.
Bills discounted:
Secured by United States Government obligations
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Total earning assets..
Bank premises
5 per cent redemption fund against Federal reserve bank notes.
Uncollected items
All other resources
Total resources.
LIABILITIES.
Capital paid in.
Surplus
Deposits:
Government
Member bank—reserve account.
Allother
,
3,7ie
49,172
303
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability
Deferred availability items
All other liabilities
Total liabilities.
Ratio of total reserves to deposit2 and Federal reserve noteliabilities
combined
1
8
53,191
124,036
121,471
8,034
17,480
725
173,40&
15,175
20,360
662
214,030
215,529
275,190
0.1 i
Net, i. e., after deducting reserves for depreciation.
Net deposits prior to Mar. 18,1921, and total deposits beginning with that date
43.3
41.4
333
DISTRICT NO. 6-—ATLANTA.
SCHEDULE 2 . — M O V E M E N T OF PRINCIPAL A S S E T S AND LIABILITIES D U R I N G
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Total
Bills
earnBills
secured Other bought
j ing
in
by
assets
open
bills
(2+5+ Total. U.S.
dis- market.
6).
Govern- counted.
obligations.
1
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2
4
3
4 . . . . 113,326 90,356 24,453 65,903
1 1 . . . . 102,965 80,034 21,280 58,754
1 8 . . . . 96,018 76,302 19,915 56,387
2 5 . . . . 88,578 70,755 18,419 52,336
1 . . . . 83,819 69,606 18,468 51 138
8 . . . . 79,949 68,221 18,560 49,661
1 5 . . . . 69,927 59,554 16,106 43,448
2 1 . . . . 63,537 53,235 14,374 38,861
1 . . . . 60,891 51,490 13,272 38,218
8 . . . . 54,374 45,884 11,486 34,398
15... . 52,893 43,816 11,281 32,535
2 2 . . . . 57,847 48,202 11,607 36,595
29... . 56,556 47,318 10,876 36,442
5 . . . . 54,035 45,521 10,736 34,785
12... . 49,814 41,374 9,289 32,085
19... . 49,100 40,556 8,010 32,546
26... . 47,587 38,903 7,792 31,111
3 . . . . 47,356 37,644 7,058 30,586
10... . 43,523 35,567 6,616 28,951
17... . 41,788 33,856 5,640 28,216
5,329 27,908
24... . 41,061 33,237
3 1 . . . . 40,301 32,597 4,681 27,916
7 . . . . 38,977 31,420 4,228 27,192
14... . 38,621 29,955 3,244 26,711
2 1 . . . . 38,867 30,885 3,214 27,671
2 8 . . . . 39,670 30,085 2,456 27,629
5 . . . . 39,387 29,143 2,204 26,939
12... . 38,509 28,792 2,031 26,761
19... . 40,727 31,062 2,488 28,574
26... . 39,249 29,968 1,796 28,172
1,857 28,676
2 . . . . 40,088 30,533
9...
16...
23...
30...
. 38,962
.
38,194
.
38,836
. 38,690
6 . . . . 40,095
1 3 . . . . 38,884
20... . 47,798
2 7 . . . . 44,355
4 . . . . 47,555
1 1 . . . . 41,687
48,833
18... .
25... .
47,229
1 . . . . 52,771
8 . . . . 53,060
15... . 50,129
22... . 54,495
2 9 . . . . 53,706
6 . . . . 47,596
13... . 145,282
20... . 46,879
27... . 42,920
30,012
29,186
30,045
30,590
31,219
30,331
37,606
34,438
37,105
32,312
35,734
32,251
34,520
35,585
33,551
37,182
37,513
31,930
30,693
32,062
29,668
1,701
1,795
1,768
1,655
1,711
1,723
3,707
2,753
4,305
2,066
3,916
2,697
3,812
3,334
3,576
5,052
4,419
4,209
3,937
3,868
3,036
28,311
27,391
28,277
28,935
29,508
28,608
33,899
31,685
32,800
30,246
31,818
29,554
30,708
32,251
29,975
32,130
33,094
27,721
26,756
28,194
26,632
* Includes $8,000 of municipal warrants.
5
4,091
4,204
3,699
3,451
2,819
2,945
2,390
2,271
1,921
1,009
1,763
2,301
1,894
1,170
1,096
1,200
1,303
2,268
1,089
875
903
695
671
811
865
667
1,306
746
670
904
786
1,065
1,071
728
662
1,713
1,822
3,964
4,247
5,269
4,205
7,935
9,746
13,586
13,320
12,405
13,124
12,500
11,592
11,386
11,608
10,579
FedMemeral
ber
United Total
Total reserve
States cash banks'
notes
dereserve posits. in cirresecuderities. serves.
culaposits.
tion.
Reserve
percentages.
6
18,879
18,727
16,017
14,372
11,394
8,783
7,983
8,031
7,480
7,481
7,314
7,344
7,344
7,344
7,344
7,344
7,381
7,444
6,867
7,057
6,921
7,009
6,886
7,855
7,117
8,918
8,938
8,971
8,995
8,377
8,769
7,885
7,937
8,063
7,438
7,163
6,731
6,228
5,670
5,181
5,170
5,164
5,232
4,665
4,155
4,173
4,189
3,693
4,074
3,195
3,209
2,673
7
74,254
72,528
78,676
81,217
87,298
93,154
105,118
112,208
111,915
118,024
119,166
120,013
120,918
121,968
125,994
123,293
125,896
136,043
138,938
138,645
136,139
136,223
142,948
141,369
137,605
135,659
141,609
135,838
134,512
132,217
132,875
132,561
131,386
128,451
133,769
136,864
135,950
132,979
134,052
138,046
143,145
137,055
137,C24
135,094
138,942
137,550
134,089
133,411
141,230
139,958
138,729
141,404
8
47,975
45,126
43,864
42 516
42,317
44,707
49,648
46,638
43,970
44,533
49,583
48,442
46,825
46,388
46,902
46,886
47,169
48,430
49,625
47,974
46,500
45,482
50,515
48,052
49,736
47,623
51,382
47,963
48,514
47,140
47,932
48,669
45,872
44,109
45,417
49,437
48,269
50,776
47,713
52,354
49,364
51,702
49,780
51,756
55,141
52,699
53,681
52,202
52,519
52,720
53,632
55,253
9
55,630
47,533
47,510
45,223
46,641
50,377
52,786
52,817
50,705
47,897
51,707
54,997
53,566
50,531
51,056
50,431
50,726
51,602
52,045
49,670
48,965
47,811
53,915
53,610
51,160
51,188
54,592
50,500
51,868
50,681
50,036
50,940
48,573
45,639
48,123
52,811
50,351
54,924
49,633
53,359
51,011
53,571
51,723
54,326
58,360
55,140
55,125
54,081
55,885
54,529
54,542
56,238
10
120,193
116,233
113,^883
112,355
110,835
109,438
108,943
109,259
109,277
111,385
110,613
110.971
109,865
110,899
110,752
110,321
109,786
118,037
117,744
117,303
116,519
115,466
116,204
114,848
114,714
113,336
114,573
113,478
112,696
111,403
110,685
110,044
110,032
109,951
110,670
114,301
114,768
116,590
118,226
121,500
123,783
124,637
123,919
124,381
126,328
125,192
124,046
123,176
125,432
124,479
127,843
129,493
U .
42.2
44.3
48.7
51.5
55.4
58.3
65.0
69.2
70.0
74.1
73.4
72.3
74.0
75.6
77.9
76.7
78.4
80.2
81.8
83.0
82.3
83.4
84.0
83.9
83.082.5
83.7
82.8
81.7
81.6
82.7
82.3
82.8
82.6
84.2
81.9
82.3
77.5
79.9
78.9
81.9
76.9
78.0
75.6
75.2
76.3
74.8
75.3
77.9
78.2
76.1
76.1
334
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BANK OF ATLANTA
MILLIONS QF DOLLARS
300
MILLIONS OF DOLLARS
F. R. NOTE CIRCULATION
PU!RCHASED BILLS
1
u WTED
!
STATE*3 SEClJRITIE s
W77777Z,9///////
300
300
DISCOUNTS FOR OWN MEMBERS
150
100
1920
1921
1922
335
DISTRICT NO. 6—ACTLANTA,
SCHEDULE 3.—VOLUME OF DISCOUNT AND O P E N - M A R K E T OPERATIONS.
[In thousands of dollars.}
Bills discounted.
Month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
I
I
!
I
Total: 1922
1921
1920
80,779
61,374
52,981
40,328
27,286
21,845
23,457
19,020
35,792
39,312
45,777
41,979
j
489,930
| 1,647,255
2,231,946
Secured
by U . S .
Government
obligations.
37,954
33,401
23,815
18,268
12,182
7,479
6,944
5,316
6,694
11,158
13,076
10,659
186,946 i
936,800
1,571,391
Bills bought in open market.
Month.
742
317
510
532
260
236
200
216
383
351
575
420
6,338
4,742
11,811
13,883
warBank- Dollar Trade Bonds Certifi- rants
purj ers'
accept- and cates of chased.
Total. ! accept- exchange. ances. notes. indebt! ances.
2,395
1,272
2,873
1,905
2,815
2,581
1,228
1,088
6,101
12,885
3,647
7,639
244
15
285
994
1,353
606
747
387
324
199
1,051
Total: 1922. 46,429
1921. 22,128
1920. 39,577
46,429
22,128
39,577
6,205
12,540
July
August
September
October
November
December
Agricultural and
live-stock
paper.
Trade
acceptances.
All other.
5,641
4,176
4,937
4,568
4,646
4,170
4,041
3,342
3,309
3,644
3,690 |
3,570 !
36,442
23,480
23,719
16,960
10,198
9,960
12,272
10,146
25,406
24,159
28,436
27,330
49,734
248,508
71,054 !
626,899
640,334
United States
Total discount and opensecurities
. „ .
market operations.
purchased. | Munic-
2,395
1,272
2,873
1,905
2,815
2,581
1,228
1,088
1,
6,101
12,885
3,647
7,639
January
February
March
April
May
June
Bankers'
acceptances.
30
2,997
134
244
200
149
4,382
7,015
18,897
1922
1921
83,174
62,890
55,899
42,518
31,095
28,776
25,291
21,483
42,414
52,765
49,823
50,826
185,274
150,014
164,074
152,514
153,502
132,349
122,118
124,661
137,489
133,016
111,241
122,686
1920
157,947
148,445
163,918
160,84»
177,269
168,730
185,617
209,481
209,773
230,844
241,007
236,543
546,954
2,290,420
336
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR M E M B E R B A N K S IN E A C H S T A T E .
[Amounts in thousands of dollars.]
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Tennes-' Georsee.l
gia.
20,114 19,449
13,836 18,775
8,127 17,905
5,304 15,541
3,785 11,732
2,948 7,949
5,165 6,408
1,842 7,725
2,579 10,268
3,495 11,462
3,488 16,424
4,674 13,748
Florida.
Ala- Missis-1 Louisi-1
bama. sippi
ana.1
6,293
4,909
3,602
2,070 i
996 j
1,310 I
1,474 |
1,836 |
3,445 |
3,618 i
4,026
3,880 j
8,079
7,117
8,551
7,849
5,804
4,690
4,797
3,147
4,866
2,041
2,226
2,215
1,498
1,223
932
472
691
369
74
299
363
456
25,346 I
15,514
13,864 i
9,092 !
4,278 !
4,579 i
5,539 I
4,171 j
14,271 !
18,240 !
18,984 i
17,076 j
Number Number
of memof mem- ber bank*
ber banks accommoin disdated
trict at during
end of
the
month. month.
Total.
80,779
61,374
52,981
40,328
27,286
21,845
23,457
19,020
35,792
39,312
45,777
41,979
520
522
524
527
531
532
536
538
540
542
543
543
364
355
340
336
323
300
284
288
298
303
230
23T
Total: 1922
75,357 157,386 37,459 61,382 7,392 150,954 I 489,930 I
1921
455,731 422,646 1109,041 148,350 26,250 485,237 1,647,255 !
1920
770,004 |540,167 j 100,324 144,048 31,274 646,129 2,231,946 !
Number of member
banks at end of year:
1922
92
188
78 i 133
543
1921
72 i 130
515
89
173
65 ! 121
462
1920
86
139
Number of member
b a n k s accommodated:
45
65
51
1922
1921
1920
142
168
134
39
58 '
46
83
105
95
30 i
33 I
31 i
353
444
372
i Figures in this column relate only to that part of the State located in the sixth district.
SCHEDULE 5.—EARNINGS AND E X P E N S E S .
1921
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
$6,624,052
154,440
533,022
90,825
4,313
$6,688,342"
337,991
320,451
102,846
26,801
! 2,352,736
Total earnings
$1,951,695
164,704
189,390
44,357
2,590
7,406,652
7,476,431
CURRENT EXPENSES.
Salaries:
Bank officers
163,432
156,906
159,994
433,196
Clerical staff
530,325
487,751
15,631
Special officers and watchmen
22,653
23,375
All other
24,502
38,758
40,751
Governors' conferences
504
656
819
Federal reserve agents' conferences
175
442
286
Federal Advisory Council
1,092
690
1,259
Directors' meetings
17,427
21,758
25,708
Traveling expenses *
15,495
19,284
26,251
Assessments for Federal Reserve Board expenses
27,882
30,164
30,242
Legal fees
7,538
8,068
8,948
Insurance (life, fidelity, casualty, workmen's compensation, and
16,320
general liability)
27,651 !
28,170 \
Banking house:
9,032
10,774
Taxes and fire insurance
9,653
6,095
Light, heat, and power
8,536
10,555
Repairs and alterations
0,340
2,609
1,101
All other
562
488
13,433
Rent, including light, heat, and power, and minor alterations
25,841
25,999
Fire insurance—furniture and equipment
3 13
76,057
Furniture and equipment 2
33,399
80,240
Printing and stationery (including office and other supplies)
51,044 I
85,189
1 Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
2
Charged to profit and loss in 1922 and to current expenses prior to that year.
Digitized for s Credit.
FRASER
DISTRICT NO. 6
ATLANTA.
337
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
"
i ~
1921
1922
1920
CURRENT EXPENSES—continued.
Telephone
Telegraph
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges.
. .. „
"
ption,
Taxes on Federal reserve bank note circulation
All other expenses
Total current expenses
Current net earnings
$3,589
50,746
56,087
$4,987
57,223
4,199
58,857
$4,546
64,789
3,251
52,634
62,917
64,606
59,007
107,938
25,219
22,360
31,080
1,293,053
1,059,683
203,504
66,972
51,963
25,445
1,580,585
5,826,067
126,009
72,808
63,958
34,010
1,385,441
6,090,990
2,352,736
1,293,053
1,059,683
7,406,652
1,580,585
5,826,067
7,476,431
1,385,441
6,090,990
2,590
8,379
"i,*823*
4,413 |
622
9,001
20,302
17
20,319
47,088
87,267
PROFIT AND LOSS ACCOUNT.
E arnings
Current expenses
Current net earnings
.
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
States bonds
;
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
All other
;
Total additions
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for probable losses
Reserve for depreciation on United States bonds
All other
Total deductions
-.
•Net deductions from current net earnings
'.
Net earnings available for dividends, franchise tax, and surplus
Dividends paid
Franchise tax paid United States Government
Transferred to surplus account
163,
17,
200,
250, 666
9,506
4,212
4i,76i
10,685
338,849
391 366
100,985
95T
329,848
672,730 1 5,496,219 1 6,010,324
256,618 !
245,862 I
225,571
4374,501 I 4,480,251 | 2,136,288
<41,611 |
770,106 i 3,648,465
4 Bank also charged its surplus account and paid the United States Government 1213,629 as an additional
franchise tax for 1921. See p. 22.
SCHEDULE 6.—OPERATIONS OF F E D E R A L R E S E R V E CLEARING
SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items drawn on
banks in own
district.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.i
Number. Amount. Number. Amount. Number.! Amount Number. Amount.
January....
February..
March
April
May
June
July
August
September.
October
November.
December..
Total: 1922....
1921....
1920....
1
1,445
1,355
1,813
2,085
2,141
2,141
2,046
2,082
2,044
2,250
2,167
2,401
273,784
237,767
316,452
346,211
389,364
362,546
353,056
359,818
409,641
492,446
464,019
480,986
137
135
134
130
129
121
121
116
123
128
122
152
23,970
16,567
13,949
4,486,070
3,251,278
4,447,433
1,548
1,625
1,743
|
|
f
!
!
!
!
!
40,708
38,956
37,986
39,963
38,264
38,163
34,692
37,064
41,262
46,854
43,321
46,569
483,802
527,643
772,111
99
115 I
111 !
115 !
106 :
92 I
104 I
128
132
125
120
1,343
1,196
880
17; 276
18,983
15,648
19,305
13,539
26,901
1,678
1,589
2,062
2,326
2,385
2,368
2,259
2,302
2,295
2,510
2,414
2,673
330,165
301,587
375,542
401,513
440,984
426,249
405,024
415,865
466,551
558,605
520,879
554,456
227,548
212,060
161,752
26,861
19,388
16,572
5,197,420
3,990,981
5,381,296
15,693
24,864
21,101
15,339
13,356
25,540
Exclusive of duplications on account of items handled by both parent bank and branch.
338
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
Week ending-
Jan.
5 (3 days) 12
19
26
.
Feb. 2
9
16
23
Mar 2
.
9
le:;;:;:::*:::: : : ; * : ; : ; "
......
23
30 . .
. .
Apr. 6
. . . . .
13
,
20
27 . . •
May 4
y
ii
::::::.:;::::::::::::::::..:::::
18
. . .
25
June 1
15::;:*::
22
29 . .
July 6
:*':"::::::
•»—•-•—-—•
13
20
27
Aug. 3
10
17
.
24
31
Sept. 7
. . .
14
21
Oct.
28
5
11
19
26
Nov. 2 .
9
16.. .
Dec.
.
23
29
7
14
21
28
29-30 (2days)
Total: 1922
1921...
1920
.
.
. . .
23,881
48,400
36,323
42 387
39,401
35,924
33,145
38,430
43 105
41,522
47,261
45,353
41,016
40,607
39,765
44,005
42,240
41,985
39,947
43,704
48 240
38,800
40 128
51,610
50,280
45 246
35,153
42 140
43,053
42,615
43 400
40,037
39 910
47,588
39,979
35,890
43 838
57,250
55,156
54,805
44,114
72 206
61,188
58,250
47,299
58,453
63 887
45 199
52,316 i
53,018 I
63,262
48 860 1
20,672
2,392,243
2,140,046
3,070,915
21,943
47,497
44,274
51 631
42,375
39,780
44,989
44,849
42 025
47,464
46 513
49,995
40 916
44,746
44,197
44,786
45 462
51,798
40,981
45,283
47 459
42,439
37 661
52,071
48,596
45 205
40,485
37 404
42,135
41,797
42,487
39,717
44 281
43,628
43,600
37,411
45 050
55,569
53,382
60,150
49,573
67 414
61,449
55,708
54.861
52,320
62 317
47,990
60,993
52,835
60,552
52 789
21,396
2,482,228
2,125,232
3,054,573
Net gain in ownership of gold since establishment of fund in 1915, $128,882,000.
Net loss.
1,938
903
i,080
748
ioo
Net gain.
7,951
9,244
2,974
3,85611,844
6,419
5,942
4,642
4,139
4,432
781
3,222
9,8ia
1,034
1,579
781
2 467
3,639
461
i,684
41
4 736
918
818
913
320
3,960
i,68i
1,774
4 792
2,542
6,i33
1,570
i83*
2,710
5,332
4,371
3,621
1,521
1,212
5,345
5,45$
261
7,562
2,79i
8,677
3,929
724
14*814*
16,342
89,985
339
DISTRICT NO. 6—ATLANTA.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
Last report date in—
Total loans a n d discounts (including rediscounts with Federal reserve bank).
1922
359,818
350,132
358,443
351,251
354,445
354,126
353,882
357,735
370,506
390,270
404,027
399,831
January...
February.,
March
April
May
June
July
August
September
October...
November.
December.
1921
426,535
419,879
405,934
387,831
383,987
382,491
376,227
376,425
389,575
388,761
380,148
378,920
Investments.
United States securities.
1922
29,307 |
32,505 !
30,531 I
32,129
30,753 i
38,469 :
36,752
42,255 I
40,638
40,523j ;
40,889
46,011 i
1921
1922
46,562
46,801
44,606
45,186
44,958
35,226
33,952
35,482
35,481
32,976
33,770
32,-602
Time deposits.
Net demand deposits.
All other.
35,270
36,472
31,638
32,213
33,281
33,166
33,897
34,711
33,117
33,901
35,298
35,645
1921
I
!
!
i
i
I
!
!
!
!
36,068
35,543
33,704
36,292
36,584
36,677
36,662
36,290
36,572
33,849
33,680
33,571
Accommodation a t
Federal reserve bank.
Last report date in—
1922
1922
1921
222,953
229,394
229,326
237,040
238,750
244,819
244,202
250,856
260,425
264,894
271,688
271,316
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1921
237,302
240,051
229,905
224,323
219,224
218,148
212,209
209,466
208,776
215,245
213,630
213,528
143,321 I
142,354 '
143,925
144,172
147,724
150,442
151,976
154,211
153,920
157,438
159,189
161,595
144,603
144,164
143,189
142,870
146,016
146,907
143,986
142,024
139,440
141,306
140,698
140,463
1922
25,393
12,501
11,308
6,407
2,959
3,158
4,123
3,548
8,177
9,029
17,134
10,850
1921
83,774
78,855
69,372
61,463
56,974
50,626
52,828
55,109
64,338
56,523
47,682
45,664
NOTE.—Figures are for about 41 banks, which submit weekly reports to t h e Federal Reserve Board,
located in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, Chattanooga, Knoxville, and
Savannah.
S C H E D U L E 9 . — D E B I T S TO I N D I V I D U A L A C C O U N T S .
[In thousands of dollars.]
Summary for 15 centers.
Atlanta, Ga.
Month.
1922
1921
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
774,821
676,960
781,076
710,303
764,397
785,260
743,297
739,642
800,649
901,535
911,367
989,297
895,433
741,122
811,214
770,072
725,043
728,734
735,144
704,823
796,832
858,216
785,252
831,379
Total
9,578,604
9,383,264
1920
1922
1921
1,299,305
1,018,724
1,174,029
1,142,763
1,072,048
1,050,795
1,053,476
969,926
1,009,492
1,046,469
984,850
990,040
104,413
88,157
111, 020
98,210
115,450
109,070
106,592
105,893
111,530
125,714
120,795
134,522
110,774
97,342
107,659
101,106
101,043
100,232
98,406
92,619
102,355
119,381
104,775
118,583
161,603
131,219
150,993
148,380
140,397
137,460
131,710
120,686
121,664
131,743
117,400
119,364
12,811,917
1,331,366
1,254,275
1,612,619
1920
340
REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Augusta, Ga.
Birmingham, Ala.
Month.
1922
1921
1920
1922
1921
1920
January.,..
February..
March
April
May
June
July
August
September.
October
November.
December..
26,835
20,126
24,179
22,039
25,796
25,553
21,616
21,358
27,538
33,446
32,083
31,730
25,404
22,183
21,996
22,125
20,397
20,708
21,539
19,082
29,542
31,782
26,047
30,321
61,201
39,994
54,822
49,318
40,552
37,665
34,455
30,549
34,764
40,498
33,363
29,751
61,710
61,275
75,894
65,743
71,728
72,527
71,548
73,215
83,066
99,027
103,604
103,566
76,343
65,030
67,897
61,573
58,164
58,010
51,077
50,589
60,484
54,879
54,978
68,062
78,850
67,333
75,326
73,744
76,287
75,327
76,520
70,067
73,975
80,126
77,515
82,755
Total
312,299
291,126
486,932
942,903
727,086
907,825
I
Chattanooga, Tenn.
Jacksonville, Fla.
Month.
1921
1922
1920
1922
1921
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
32,354
26,580
31,073
28,682
29,358
31,594
27,761
29,807
32,897
33,809
34,516
38,324
41,444
34,320
41,678
37,387
32,770
33,271
32,863
31,570
32,696
34,217
33,927
36,695
62,385
51,360
56,250
52,997
54,827
53,627
53,751
48,545
48,775
51,655
47,627
49,397
42,681
39,833
51,345
47,751
51,447
47,310
43,420
47,836
41,747
46,017
47,387
56,326
53,849
45,267
51,973
52,191
45,177
42,732
40,078
38,190
36,777
39,618
40,311
47,006
66,994
55,491
63,176
65,242
62,949
62,330
63,093
57,684
56,415
59,482
52,948
58,616
Total
376,755
422,838
631,196
563,100
533,169
724,420
Macon, Ga.
Knoxville, Tenn.
Month.
1922
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
26,417
23,817
26,392
25,458
24,135
26,215
25,585
24,737
27,251
28,079
26,998
32,628
27,775
23,187
27,044
26,374
24,019
23,808
23,613
Total
317,712
307,906
25,891
29,775
24,858
27,864
1920
33.308 !
27.309 j
31,485 I
31,667 I
29,987 !
30,905; !
31,188
29,794 |
31,655 I
31,391 i
32,654 i
31,670 j
1922
January...
February..
March
April
May
June
July
August
September.
October
November.
December..
Total
1922
25,457
23,907
27,332
22,976
25,006
24,882
23,884
23,620
26,293
30,419
27,952
31,723
313,451 j
1921
30,099
24,663
27,632
24,956
24,768
24,118
23,457
21,632
27,754
27,504
25,548
29,092
311,223 '
1920
14,865
13,090
15,133
16,074
16,105
17,707
19,266
16,863
19,800
21,677
20,943
23,026
19,673
15,095
17,485
16,765
16,377
16,910
17,219
16,168
18,539
19,362
17,027
19,166
42,429
29,880
35,119
33,966
34,913
29,330
30,146
25,217
26,046
27,419
22,021
22,741
373,013
214,549
209,786
359,227
1920
1922
Mobile, Ala.
Month.
1921
Montgomery, Ala.
45,829
39,099
45,034
40,649
38,876
37,138
36,640
35,114
41,046
37,761
34,237
34,329
465,752 j
15,051
12,690
15,619
14,208
15,423
15,220
13,251
15,078
20,199
23,106
21,165 |
22,672
203,692 i
1921
17,151
12,792 !
15,143 '
14,853
15,939
11,219
10,527
14,108
16,883
18,620
15,696
17,455
180,386
1920
29,916
23,339
24,637
23,110
21,687
25,049
21,482
18,554
19,647
21,265
17,457
18,509
264,652
DISTRICT £T0. 6
341
ATLANTA.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Nashville, Tenn.
New Orleans, La.
Month.
1922
1921
1920
1922
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
63,069
56,520
67,966
64,403
63,035
68,037
64,146
64,762
66,687
72,977
67,90i
75,178
92,369
83,188
94,873
85,570
80,640
105,055
114,664
107,064
113,275
125,076
104,282
64,872
126,110
107,137
120,695
120,902
115,661
113,805
117,699
100,939
108,372
109,493
100,426
97,178
281,869
238,366
256,963
228,924
245,622
269,897
253,803
245,957
265,279
301,922
326,627
347,044
312,392
240,544
254,019
246,015
228,485
218,587
230,915
218,773
248,384
265,983
256,265
281,031
436,198
331,002
373,990
370,481
332,685
336,594
341,654
333,576
336,525
340,892
336,579
344,145
Total
794,684
1,170,928
1,338,417
3,262,273
3,001,393
4,214,321
Pensacola, Fla.
1920
Savannah, Ga.
Month.
1922
1921
1920
January—
February..
March
April
May
June
July
August
September.
October.,..
November.
December-.
5,668
5,683
6,055
7,479
6,314
6,374
5,911
6,118
5,728
6,094
5,812
7,426
7,327
5,86*
6,881
6,422
6,727
6,657
6,059
6,195
5,970
6,0C2
6,187
6,525
11,908
9,773
10,117
10,191
10,585
10,352
10,744
10,658
11,004
10,107
8,484
8,343
Total.
74,662
76,816
122,266
1922
1921
40,232
34,266
40,797
38,651
41,684
42,505
37,938
37,248
44,654
46,616
41,039
44,126
489,756 j
Tampa, Fla.
1920
47,963
40,497
43,165
42,732
41,048
40.202
39,207
39,793
51,432
56,090
44,915
51,374
102,613
71,768
83,509
83,707
75,714
68,539
68,555
57,489
67,552
71,149
69,326
58,994
538,418
888,915
Vicksburg, Miss.
Month.
1921
1920
1922
1921
1920
January
February..
March
April
May..
June
July
August
September.
October
November.
December-.
26,766
26,257
25,477
24,532
27,477
22,789
23,328
21,901
21,381
23,656
25,255
30,930
25,237
24,636
27,802
26,536
24,389
21,962
20,588
20,500
20,157
21,428
22,659
25,533
28,900
26,448
31,123
29,821
28,690
25,594
27,897
24,601
25,190
26,161
27,677
26,838
7,424
6,393
5,831
5,173
5,817
5,580
5,248
5,249
6,596
8,976
9,287
10,076
7,633
6,514
5,967
5,467
5,100
5,263
4,932
4,842
6,693
8,499
7,777
7,800
11,061
7,572
7,753
8,588
8,238
7,080
7,942
6,453
6,862
7,327
7,136
7,410
Total.
299,752
281,427
328,940
81,650
76,487
83,422
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not
•included in the table.
28971—23
23
342
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 7—CHICAGO.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
fin thousands of dollars.]
Dec. 31,
1920.
RESOURCES.
Gold and gold certificates.
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
-..,....
Total gold held by bank.
Gold with Federal reserve agent
Gold redemption fund
Total bills on hand
...
United States bonds and notes., •„
United States certificates of indebtedness:
One-year certificates (Pittman Act)....
All other
.,..
Total earning assets..
Bank premises
......
5 per cent redemption fund against Federal reserve bank notes
Uncollected items
All other resources.
,
Total resources *
65,457
198,162
33,461
540,549
21,704
439,602
15,870
297,080
14,440
455,472
311,520
24,875
48,996
14,565
59,832
125,688
8,489
140,459
335,134
25,741
15,281
194,009
9,605
501,304
4,490
12,667
4,372
39,612
47,552
220,653
545,408
18,288
665
98,525
702
7,010
1,665
77,273
1,521
2,351
1,778
88,997
821,702 I
Total reserves.
Bills discounted:
Secured by United States Government obligations..
Other bills discounted
Bills bought in open market
,
101,155
312,163
26,284
151,269
Total gold reserves
Legal tender notes, silver, etc..
128,242
410,108
2,199
562,253
,
763,594
951,041
14,772
30,398
14,307
29,025
13,913
28,980
1,294
282,901
2,659
9,849
237,012
2,353
12,532
249,771
1,867
286,854
249,214
264,170
420,506
68,248
924
402,463
7,386
57,201
3,998
545,395
38,85ft
55,911
3,81&
821,702
763,594
951,041
79.5
69.9
40.1
LIABILITIES,
Capital paid in.
Surplus
Deposits:
Government
Member bank—reserve account.
All other
,
Total deposits.
Federal reserve notes in actual circulation...
Federal reserve bank notes in circulation—net liability..
Deferred availability items
.-...All other liabilities
Total liabilities.
Ratio of total reserves to deposit2 and Federal reserve note liabilities
combined
* Net, i. e., after deducting reserve for depreciation.
* Net deposits prior to Mar. 18, 1921, and total deposits beginning with that date.
DISTRICT NO. 7.—CHICAGO.
343
SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922.
\Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
4....
11....
18....
25....
1....
.8....
15....
21....
1.,..
8....
15....
22....
29....
5 ...
12....
19....
26....
3....
10....
17....
24....
31....
7
14....
21....
28....
5
12....
19...:
26....
2
5". *!'.
16....
23....
30....
Sept 6....
13....
20....
27....
Oct. 4 . . . .
11....
18....
25
Nov. 1....
8....
15....
22....
29....
Bee. t>
13....
20....
27....
FedMemTotal
eral
Reber
Bills
Total
earnTotal reserve serve
secured Other
States cash banks'
ing
denotes
perin
reserve posits. in cir- centresecuassets
by
bills
open
de(2+5+ Total. u.'s.
dis- market. rities. serves. posits.
cula- ages.
6).
Govern-1 counttion.
ment
obligations.
189,127
159,705|
144,904|
136,688
124,444
108,842
99,729
97,827
99,833
174^540 84,500
165,322 76,4771
175,741 ' 79,918|
195,773 95,054
194,732 91,552j
182,668 82 133'
192,947 83!313
185,094 74,900
190,140 78,273
189,478 68.195!
187.544 66,343>
182,737 67,3931
185,148 66,920!
178,089 61,300|
159,363 56,697!
147,481 60,002
130,331 56,859
134,926 60,148
106,585 53,177
104,343 51,671
100,984 52,246
100,590 52,542
99,752 51,254
101,524 51,292
97,541 50,125
110,535 61,406
103,357 52,442
97,591 49,075
105,535! 56,314
106,516 57,915
119,331 66,615
127,086 65,861
146,991 82,923
130,211 70,371
136,006 79,208
134,915 76,9731
128,600 74,685
135,673 84,960
145,339 93,109
156,837 102,585
138,960 88,153
157,785 83,790
179,251 88,100
225,176
197,877
197,489
195,079
186,330
174,89"
170,47173,372
61,191
51,169!
49,187
48,643
43,237
39,391
35,238
34,6201
33,925
27,154
21,223
21,527
27,730
27,007
24,302
28,647
25, ,538
25,766
19,160
17' 819
19,712
20,780
19,360
17,085
17,508
14,769
17.298
13' 815
14,198
14,949
15,906
14,562
15,509
14,763
23,078
17,663
14,265
15,576
17,629
25,216
24,713
28,204
25,668
28,631
29,241
26,829
32,706
34,091
39,870
31,787
30,788
29,106
127,936
108,536
95,717
88,045
81,207
69,451
64,491
63,207
65,908
57,346
55,254
58,391
67,324
64,545
57,831
54,666
49,362
52,507
49,035
48,524
47,681
46,140
41,940
39,612j
42,494J
42,090!
42,850!
39,362
•37,4731
37,297
36,636|
36,692!
35,783!
35,3621
38,328
34,7791
34,810;
40,738;
40.286!
41 ^ 399!
41,148
54,719
44,703
50,577
47,732
47,856
52,254
59,018
62,715
56,366
53,002
58,994
7,593
13,283
15,092
13,475
15,247
15,689
16,161
16,813!
17,393[
19,570
16,678
13,387
12,769
14,551
12,392
14,289j
14,8iil
17,43lf
23,872
21,990
18,785!
21,267
20,933
12,882
15,7881
16,318
19,167
19,568'
20,106
15,893
13,801
16,062
14,247
15,309
12,5861
13 350 i11,'9111
16,021
15,940
17,151
17,711
16,101
14,801
13,848
14,806
12,943
13,009
12,277
11,491
8,553
10,168
11,762
28,456
24,889
37,493
44,916
46,639
50,366
54,584
58,732
68,573
70,470
72,167
82,436
87,950
88,629
88,143
95,345!
95,376
94,436
97,411
99,211
96,559
96,961
95,856
89,784
71,691
57^154
55,611
33,840'
32,566
32,845
34,247
32,436
35,985
32,107
36,543
37,565
36,605
33,200
32,661
35,565
43,514
47,967
45,039
42,950
43,136
40,972
37,704
39,953
42,761
42,254
63,828
79,389
464,857 234,789 249,064
464,557 239,4771 242,427
447,158 230,4591 236,638
439,196 223,781 233,994
464,667 239,5411 255,503
473,317 237,754 248,888
483,718 245,843 252,680
474,256 240,564 246,202
479,536! 254,191 262,209
478,642 245,505 249,858
503,305 264,412 268,570
488,512 248,528 259,020
458,333 234,254 245,080
467,813 243,701 250,814
469,091 235,365 241,110
462,454 242,094 250,039
466,316 242,615! 248,284
469,419 253,542 260,156
468,809 256,730 261,008
469,522 256,557 261,941
474,596 252,284 261,597
476,594 250.930 257,248
482,379 258,148 262,974
501,511 256,592 267,656
500,601 249,273J 251,858
508,401 240,565! 245,441
553,036| 263,825! 276,135
568,112 272,456 274,795
566,424| 267,886 273,560
561,115 257,151 263,522
563,143 261,535 265,897
560,430 256,613 260,897
572,458! 274,321 277,109
571,807 264,971 267,816
560,554 264.931 269,591
570,804 256,267i 262,984
590,552 272,685 277,051
569,976 262,639 271,506
552,063 255,527 257,937
566,439 268,632 270,964
550,108 256,908 257,876
526,066 257,940 259,945
537,323 248,240 250,462
543,416 253,175 260,581
563,420 262,022 266,918
549,674 256,149 259,246
537,239 253,872 256,349
542,830 263,238 266,049
537,403 261,045 267,108
554,726 265,816
545,446 270,369 274,660
529,852 264,175 267,811
412,361
388,914
377,213
362,961
360,925
364,388
365,719
369,180
369,533
369,575
369,825
372,752
376,413
375,223
373,363
368,427
366,599
363,783
362,801
3621614
365,474
364,824
360,188
363,650
362,162
376,213
373,185
369,039
367,079
368,285
368,763
369,231
371,727
372,608
382.861
384.862
382,330
383,081
385,448
390.979
393,286
391,785
391,768
399,695
396,171
396,260
400,932
405,704
407,845
422/69C
428,29*
70.3
73.6
72.8
72.9
75.1
77.6
78.4
77.5
75.9
77.3
78.9
77.7
74.2
74.6
76.1
74.2
75.6
74.9
75.0
75.2
76.0
76.5
76.8
79.9
81.3
83.7
84.8
87.7
88.1
89.0
88.8
89.0
88.6
89.4
87.3
88.4
89.2
87.2
87.7
86.3
84.8
80.5
83.7
83.3
84.5
83.9
82.3
81.4
79.9
82.1
78.2
76.1
§44
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD,
FEDERAL RESERVE BANK OF CHICAGO
MILLIONS OF DOLLARS
1920
MILLIONS OF DOLLARS
1921
1922
345
DISTRICT N O . 1—CHICAGO.
SCHEDULE 3.—VOLUME OF DISCOUNT AND O P E N - M A R K E T OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Secured by
U.S.
Bankers'
Governacceptment
ances.
obligations.
Month.
Total.
January.
February
March
.......
Total: 1922
1921
1,581,004
4,168,477
6,305,492
1920
75
224
108
193
113
56
81
72
81
105
100
114
74
996,767
2,323,715
3,816,381
75
1,446
32,095
1,321
9,147
26,290
Bills bought in open market.
Month.
Total.
January
February...
March
April
May........
June....
July
August
. September..
October..
November..
December...
484
322
265
130
463
541
147
190
407
23
150
705
253,464 I 249,637
Total: 1922
138,276 I 132,825
1921
1 9 2 0 . . . . 345,021 1 341,314
3,827
5,451
3,707
U. S. Securities
purchased.
CertifiBankers1 Dollar Trade Bonds cates of
inex- accept- and
acceptances. change. ances. notes. debtedness.
18,925
11,629
13,863
17,915
27,339
35,122
20,808
28,821
24,465
15,054
14,893
20,803
19,409
11,951
14,128
18,045
27,802
35,663
20,955
29,011
24,872
15,077
15,043
21,508
Agricultural
and live- All other.
stock paper.
128,465
92,090
75,000
66,085
61,158
54,094
44,633
57,271
61,925
97,606
136,486
121,954
186,
141,
147,
107,
97,
93,
68,
86,
109,
160,
188,
193,
April............
May._..
June
.......
July
August..
....
September
..
October
November
December
.
Trade
acceptances.
24,879
17,924
18,740
5,354
15,730
4,715
8,770
16,009
16,252
4,520
16,017
29,126
17,825
24,943
22,126
16,141
38,147
11,910
24,229
31,745
26,419
5,545
190,405
9,891
7,596
12,440
9,112
10,014
7,636
5,386
6,635
7,769
11,147
9,986
7,764
47,525
41,243
59,387
32,620
26,222
31,427
18,346
22,933
39,434
52,039
42,390
63,899
477,465
105,376
192,620
1,641,549
2,430,726
Total discount and openmarket operations.
1922
1921
244 ,003
195.,692
204' ,015
1,841
166!
146;i,747
182;1,778
;
i,017
474,436
405,294
556,911
387, 789
426,025
455,443
331,867
312,805
333,920
294,722
250,410
308,820
181'
2181,640
214' 084
421 621
1920
739,687
562,065
911,115
553,987
541,478
630,783
527,059
547,984
656,961
535,298
592,147
699,903
158,198 438,561 12,431,227
:, 538,442
21,214 210,475
12 847,942
7,498,467
346
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,
SCHEDULE 4 . — V O L U M E OF BILLS DISCOUNTED FOR M E M B E R B A N K S IN E A C H
STATE.
[Amounts in thousands of dollars.]
Illinois.1
Month.
January
February
March
April
May
l
*.
57,190
42,878
63,743
41,012
39,204 |
39,854
24,056 ,
27,119
51,867
72,389
88,776
80,702
W
Indiana.1! Iowa. Michigan.^ ™™
14,028
15,157
16,095
10,236
6,740
7,740
10,241
11,338
12,790
12,714
9,475
11,497
Total.
25,819
17,304
21,359
14,883
15,123
11,426
10,043
11,347
13,100
17,515
22,292
18,256
78,416
58,703
37,389
36,297
27,524
26,489
20,889
32,480
27,665
51,052
61,189
74,425
10,727
6,995
8,434
i
5,502
8,859
:
7,729
:
3,208
4,636
! 3,811
I
7,222
! 7,244
! 8,811
186,180
141,037
147,020
107,930
97,450
93,238
68,437
86,920
109,233
160,892
188,976
193,691
Total: 1922
628,790 138,051 ! 198,467
1921
1,687,314 273,191 i635,256
1920
! 2,982,798 370,334 I 823,605
Number of member j
banks at end of I
year:
1922
406 j
212
459
1921
404 j
214
459
214
1920
,
390
459
532,518
284,464
743,005
83,178
288,252
385,750
1,581,004
4,168,477
6,305,492
234
233
226
132
133
132
1,443
1,443
1,421
194
195 I
171 |
98
110
97
Number Number
of mem- of meirtber banks ber banks
accomin district modated
at end of during
month. month.
1,129
1,191
1,124
June.
July
August
September.
October
November.
December..
!
|
j
Number of member
banks accommodated:
1922
1921
1920
155
160
155
400 !
429
424 i
i
;
1,445
1,443
1,440
1,441
1,443
1,444
1,444
1,445
1,444
1,444
1,443
1,443
937
889
791
774
763
754
732
712
715
774
788
742
i Figures in this column relate only to that part of the State located in the seventh district.
SCHEDULE
5 . — E A R N I N G S AND E X P E N S E S .
1922
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
Total earnings.
$25,726,750
2,989,035
995,377
174,470
417,586
30,303,218
332,652
367,156
1,888,877
1,907,058
138,792
155,333
236,665
156,492
309
615
348
244
992
1,099
11,731
8,221 I
48,131
42,083 !
105,227
98,307 i
...j
1,387 j
224,041
1,672,550
94,494
123,324
474
559
1,046
9,591
39,667
101,568
CURRENT EXPENSES.
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings 1
Traveling expenses
Assessments for Federal Reserve Board expenses.
Legal fees
1920
$3,862,291 $18,829,302
374,864
547,339
858,205
2,081,340
123,250
49,761
196,549
208,132
6,748,863 ?0,382,170
Discounted bills
Salaries:
1921
:
Insurance (life, fidelity, casualty, workmen's compensation, and
45,610
68,987
65,581 |
general liability)
Banking house:
Taxes and fire insurance
43 I
L
Light, heat, and power
fc."| Repairs and alterations
"Allother
300,242
273,625
205,729
Rent, including light, heat, and power, and minor alterations
4,535
7,141
1,775
Fire insurance—furniture and equipment
289,064
118,158
Furniture and equipment 2
240,727
249,617
192,262 i
Printing and stationery (including office and other supplies)..
19,283
31,872
31,328 I
Telephone
i Other than those connected with governors' and agents' conferences and meetings of directors and
of the advisorj* council.
» Charged to profit and loss in 1922 and to current expenses prior to that year.
347
DISTRICT NO. 1—CHICAGO.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
1921
$62,168
11,717
136,943
$71,621
13,033
107,502
$63,875
114,767
154,258
145,446
125,770
768,220
106,811
98,655
107,710
4,080,057 4,852,258
2,663,806 15,529,912
550,291
102,672
174,252
154,838
4,453,240
25,849,978
6,748,863 20,382,170
4,080,057 4,852,258
2,668,806 15,529,912
30,303,218
4,453,240
25,849,978
1920
CUEEENT EXPENSES—continued.
Telegraph..
...
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
.".
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including snipping charges
Taxes on Federal reserve bank note circulation
,
All other expenses
Total current expenses
Current net earnings
95,378
82,631
33,425
188,960
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses
I
Current net earnings
|
Additions to current net earnings:
Amounts deducted from reserve for—
I
Depreciation on United States bonds
.*. i
Probable losses
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
,
All other
Total additions
Deductions from current net earning
Depreciation allowances on banl c premises.
Reserve for probable losses
Furniture and equipment
Allother
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, franchise tax, and surplus
Dividends paid
Franchise tax paid United States Government
,
Transferred to surplus account
144,554
300,000
66,764
2,543
69,307
127,465
572,019
145,000
500,000
238,923
196,687
384,621
1,835,610 1,029,621
1,263,591 1,024,795
1,405,215 14,505,117
876,203
853,785
< 476, 111 11,576,009
<52,901 2,075,323
29,062
1,400,000
14,474
43,536
3 25,771
25,875,749
792,769
10,394,480
14,688,500
3
Net additions.
« Bank also charged its surplus account and paid the United States Government $710,190 as an additional
franchise tax for 1921. See p. 22.
SCHEDULE 6.—OPERATIONS OF F E D E R A L R E S E R V E CLEARING SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items drawn on
banks in own
district.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.*
Number. Amount. Number. Amount. Number. Amount. Number. Amount.
January
February
March
April
May
June
July
August
September
October
November
December
5,165
4,699
6,070
5,386
5,830
6,161
5,691
5,813
5,830
6,233
6,002
6,737
293
273
364
305
311
311
315
316
315
359
354
411
32,129
26,819
35,712
30,874
32,302
38,404
34,513
36,758
38,869
41,807
40,568
43,495
318
230
405
526
387
419
294
252
471
585
465
448
61,805
42,914
58,192
62,846
53,855
38,078
45,833
41,767
51,884
58,494
52,312
61,172
5,776
5,202
6,839
6,217
6,528
6,891
6,300
6,381
6,616
7,177
6,821
7,596
1,062,123
950,008
1,312,995
1,125,657
1,195,977
1,270,695
1,185,514
1,189,501
1,301,625
1,369,057
1,264,731
1,380,525
Total: 1922
69,617 13,547,006
1921.... 60,411 12,850,573
1920.... 53,374 17,568,032
1
880,275
1,219,091
1,031,937
1,109,820
1,194,213
1,105,168
1,110,976
1,210,872
1,268,756
1,171,851
1,275,858
3,927
3,533
3,490
432,250
415,171
636,337
4,800
4,862
3,447
629,152
729,881
471,349
78,344
68,806
60,311
14,608,408
13,995,625
18,675,718
Exclusive of duplications on account of items handled by both parent bank and branch.
348
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Week e n d i n g -
Jan.
5 (3 days).
12
19
2.
9.
16.,
23.,
Mar. 2.,
9..
16.,
Feb.
Apr. 6
13
20
27
May 4
11
18
25
June 1
8
15
22
29
July 6
13
20.
27
Aug. 3 . .
10
17
24
31
Sept. 7
14
21
28
Oct. 5
11
19
26
Nov. 2
9
16
23
29...
Dec. 7
14
21
28
29-30 (2 days).
Total: 1922..
1921..
1920..
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
107.886
175.485
197,623
179.887
183,092
165,958
151,125
184,840
198,974
216,616
224,238
220,726
213.183
186,938
188,517
201,718
196,559
220,770
202,873
233,118
227,391
178,487
212,608
232,883
272,941
236,886
175,032
241,979
229,488
230,383
212,257
216,577
230.184
223,756
217,946
174,424
211,930
286,190
246,291
226,647
225,129
326,694
265,470
235,630
176,464
226,245
253,434
201,640
232,011
208,088
270,895
232,324
91,204
111,473
181,750
174,056
185,780
193,614
176,518
161,457
182,921
204,933
215,534
229,401
223,968
180,024
205,729
190,805
203,419
217,725
197,997
234,310
237,280
175,077
212,086
272,184
273,513
234,784
220,015
233,328
244,743
217,105
212,496
214,695
239,500
215,387
217,742
187,419
219,448
275,140
226,492
247,753
194,101
327,068
252,994
237,109
190,915
210,904
239,242
204,862
225,727
230,081
253,386
213,200
130,852
11,279,632 11,346,028
8,698,247 8,900,334
11,780,535 11,682,192
Net change in ownership of gold#since establishment of fund in 1915, 3279,954,000.
Net loss.
23,567
1,919
*i,*082'
33,159
531
10,913
3,045
4,876
Net gain.
3,587
6,265
5,893
10,522
10,560
10,332
5,959
5,165
3,242
18,791
6,860
1,192
3,410
522
2,102
*8*65i
39,301
572
44,983
15,255
13,278
*"i,*882'
9,316
204
11,050
19,799
31,028
"i2*476
15,341
14,192
12,995
7,518
21,106
374
1,479
14,451
3,222
6,284
17,509
19,124
*2i,"993
39,648
66,396
202,087
98,343
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTH.
MEMBER BANKS IN LEADING CITIES.*
Loans and discounts, including rediscounts
with Federal reserve bank.
Secured by stocks
and bonds other
than
United
States bonds.
Last report date in—
Total.
Net demand deposits.
Investments.
United States
securities.
Accommodation at
Federal reserve
bank.
All other.
1922
1922
January...
February..
March
April
May.;....
June
July
August
September
October...
November.
December.
Time deposits.
1921
1922
1921
1922
1921
1922
1,885,110
1,869,490
1,877,103
1,828,310
1,781,607
1,777,614
1,742,107
1,683,092
1,691,725
1,645,861
1,614,276
1,597,690
435,471
445,514
422,754
426,514
484,871
484,141
499,847
528,071
519,930
552,361
543,436
539,093
443,207
441,607
438,842
432,349
446,555
446,632
440,422
440,646
437,047
427,202
432,028
451,127
123,950
144,992
142,974
167,969
185,109
212,037
209,502
243,097
245,846
252,647
256,353
295,202
145,951
139,659
143,424
137,291
135,807
134,395
119,990
123,953
143,673
120,922
131,785
138,288
382,457
384,686
388,188
391,155
404,225
401,532
402,093
408,320
405,146
407,299
419,044
432,776
337,213
348,193
346,890
347,669
349,830
350,168
342,696
341,784
343,265
354,046
360,985
380,098
1922
1921
1,260,480
1,320,730
1,288,998
1,336,576
1,422,458
1,400,916
1,440,402
1,440,503
1,437,964
1,439,081
1,434,443
1,467,033
1,323,597
1,317,378
1,257,524
1,264,907
1,287,108
1,239,107
1,267,405
1,299,128
1,254,017
1,279,535
1,262,766
1,246,541
648,472
658,773
657,473
659,041
667,576
681,109
682,359
701,687
700,355
731,179
732,092
744,470
660,152
659,254
658,010
653,791
656,642
660,430
653,296
652,397
649,618
656,738
662,486
655,772
1922
1921
56,804
27,290
33,677
17,991
15,877
10,020
7,196
19,665
17,443
25,669
40,360
38,244
280,149
285,620
314,056
260,986
210,688
213,954
185,412
121,249
131,800
100,711
85,803
104,890
1921
1,565,270
1,573,108
1,546,502
1,534,654
1,586,510
1,550,619
1,562,886
1,576,323
1,573,982
1,624,909
1,599,000
1,609,200
1921
B
O
H
o
BANKS IN CITY OF CHICAGO.*
[In thousands of dollars.]
January...
February.
March
April
May
June
July
August
September
October...
November
December.
046,182
056,963
037,515
026,633
082,025
049,000
052,049
066,013
063,343
101,574
068,641
075,246
1,245,813
1,239,197
L, 245,366
1,211,367
L, 183,085
1,186,876
1,163,200
L, 116,833
;
1,130,102
1,094,039
L, 071,319
] 062,079
L,
319,626
329,845
303,439
310,389
365,780
360,484
373,041
400,369
394,786
424,850
414,965
408,470
320,506
318,116
317,285
313,294
324,370
325,796
320,799
321,417
317,075
309,718
314,781
331,546
40,127
60,964
57,609
79,678
93,825
112,734
107,937
133,330
132,374
130,024
136,818
162,254
40,566
39,550
44,926
44,526
46,506
47,471
38,965
38,947
54,220
39,907
48,534
53,392
173,519
176,144
176,425
177,728
185,422
181,261
176,799
175,726
171,682
172,417
180,520
193,538
137,135
147,250
146,613
144,914
147,065
143,363
133,933
132,424
134,180
145,339
154,820
171,943
870,020
921,926
878,356
916,070
986,569
959,519
981,590
997,652
990,053
995,441
990,967
1,008,717
930,616
931,481
885,903
891,116
905,302
864,895
874,403
901,761
874,529
892,790
875,611
863,050
312,419
315,973
311,474
310,959
315,083
324,492
322,781
334,514
328,505
352,616
350,499
361,276
308,677
309,843
313,991
314,374
315,517
318,288
312,588
311,567
309,947
312,386
316,239
313,413
15,817
6,307
19,720
3,460
9,274
5,979
2,442
6,225
8,500
8,648
11,081
14,763
152,725
156,391
182,000
139,048
108,785
122,684
103,519
51,133
57,785
40,395
32,631
49,838
o
•
i Figures are for about 109 banks, which submit weekly reports to the Federal reserve bank, located in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids,
Indianapolis, Joliet, Milwaukee, Peoria, and Sioux City.
* Figures are for about 50 banks, which submit weekly reports to the Federal reserve bank, located in Chicago.
CO
350
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
S C H E D U L E 9 . — D E B I T S TO I N D I V I D U A L A C C O U N T S .
[In thousands of dollars.]
Summary for 21 centers.1
Bay City, Mich.
Month.
1922
January...
February..
March
April
May..
June
July
August
September.
October...
November.
December.,
1920
1921
4,321,991
3,512,764
3,992,927
3,819,083
3,765,913
3,827,910
3,781,428
3,874,899
3,848,068
4,068,910
3,827,166
4,195,461
3,858,652
3,523,914
4,389,187
3,945,171
4,097,957
4,326,058
3,995,629
3,991,612
4,070,134
4,438,210
4,051,955
4,615,171
5,161,983
4,300,416
5,359,715 I
j
4,910,702
4,791,361
5,072,942
5,235,135
4,733,163
4,969,417
5,086,227
4,559,162
4,885,453
1922
1921
9,998
8,959
10,082
9,713
10,449
10,026
9,804
10,019
10,115 !
1.0,598 i
10,043 I
11,346
1920
13,123
10,018
11,229
10,585
9,874
9,704
9,915
10,145
11,534
10,707
11,380
12,125
16,819
12,475
16,682
16,148
14,342
14,651
14,846
14,164
15,969
14,128
14,243
15,680
Total
Bloomington, 111.
Cedar Rapids, Iowa.
Month.
1922 '
January
February..
March......
April
May
June
July
August
September.
October
November.
December..
Total
8,917
8', 849
13,409
10,617
9,200
9,553
9,751
9,538
9,799
9,953
9,442
11,702
120,730
1921
1920
1921
1922
1920
9,624
9,936
9.519
9,631
9,396
8,548
9,923
13,382
15,134
20,818
14,666
11,907
12,886
12,395
11,799
12,734
11,888
10,290
11,195
37,646
29,794
27,799
22,606
21,228
22,830
29,693
21,342
21,899
23,555
20,814
24,255
48,220
37,997
57,130
47,390
39,863
41,940
40,094
39,388
39,668
42,946
37,861
41,157
39,792
37,711
48,640
43,543
32,038
41,347
50,244
46,117
50,020
51,784
45,728
49,332
120,698
159,094
303,461
513,654
536,296
10,126
10,499
13,105
11,531
Davenport, Iowa.
Chicago, 111.
Month.
1922
1921
1920
1922
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
2,628,922
2,377,977
2,937,013
2,625,014
2,688,686
2,866,520
2,526,494
2,551,243
2,630,976
2,929,346
2,618,619
2,950,223
2,898,058
2,330,876
2,593,598
2,468,688
2,454,662
2,497,960
2,424,556
2,547,308
2,525,688
2,709,978
2,581,023
2,799,188
3,342,244
2,743,992
3,374,286
3,074,281
3,079,139
3,211,922
3,350,871
2,997,834
3,182,828
3,338,043
2,984,381
3,274,411
29,002
30,170
34,649
31,904
35,194
33,817
36,136
30,667
35,576
36,210
34,933
38, 111
31,073
28,261
34,227
31,120
27,940
26,655
26,725
25,289
28,434
30,274
25,963
30,226
36,289
34,983
43,525
41,651
34,695
36,42ft
37,166
32,906
36,483
34,857
32,445
34,289
Total
32,331,033
30,831,583 37,954,232
406,369
346,187
435,715
1920
1
Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
351
DISTRICT NO. 7—CHICAGO.
SCHEDULE 9,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Decatur, 111.
Des Moines, Iowa.
Month.
1922
1921
1920
1922
January
February...
March
April
May
June
July
August
September..
October
November..
December...
11,831
11,245
14,610
12,664
13,290
13,908
14,310
15,430
13,897
14,583
13,525
15,520
13,768
11,147
15,083
14,491
13,072
12,889
14,145
13,572
13,389
12,661
11,318
13,619
20,044
17,160
23,077
17,981
17,610
19,436
18,617
18,898
18,987
16,028
14,363
14,630
Total.
164,813
159,154
216,831 i
i
!
i
i
i
;
i
!
|
i
1921
1920
64,246
56,738
78,201
65,997
68,229
71,587
67,217
64,690
68,510
72,384
73,028
75,536
75,674
65,530
90,763
78,732
67,073
69,185
63,289
63,842
64,238
69,506
65,025
68,934
98,156
88,840
163,197
110,789
91,002
97,247
91,814
82,002
83,881
86,338
75,756
75,859
826,363
841,791
1,144,881
Detroit, Mich.
Dubuque, Iowa.
Month.
1922
1921
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
443,087
403,803
516,859
490,190
528,023
542,982
574,030
588,363
548,708
554,040
545,937
651,296
479,627
389,988
461,007
477,262
493,899
472,623
535,570
509,487
490,863
486,356
444,616
504,924
695,584
568,558
717,625
685,573
622,532
712,564 i
705,128 I
656,977
690,291
658,449
579,609
590,501
Total.
6,385,318
5,746,222
7,883,391
1922
1921
1920
11,935
11,660
13,718
12,554
12,888
12,992
12,241
11,632
12,782
13,151
12,457
15,068
14,438
11,781
15,034
13,092
13,676
11,639
11,676
10,746
11,699
12,358
12,248
12,207
15,727
14,290
18,880
16,371
15,919
14,693
16,163
14,594
16,025
15,969
14,843
14,767
153,078
150,594
188,241
Fort Wayne, Ind.
Flint, Mich.
Month.
1922
January
February..
March
April
.May
June
July
August
September.
October
November.
December..
Total..
1921
1920
19,558
17,087
22,787
32 369
28^074
27,278
22,286
24,466
24,781
26,740
27,099
28,547
18,695
14,882
18,301
20,450
21,466
21,338
24,700
25,250
24,399
23,032
21,554
21,069
42,200
34,850
46,226
48,291
41,731
47,487
53,426
44,484
41,852
35,690
25,150
22,618
27,986
26,261
30,350
28,311
30,213
31,941
31,357
28,072
33,125
32,832
32,305
35,246
30,022
25,530
31,115
30,588
28,714
30,072
28,113
26,690
27,095
27,669
27,299
33,487
31,278
30,178
36,583
34,990
34,280
35,493
38,135
33,626
34,126
33,989
33.295
34,909
301,072
255,136
484,005
367,999
346,394
410,882
352
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Grand Rapids, Mich.
Indianapolis, Ind.
Month.
1921
1922
1920
1922
1921
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
65,334
50,124
60, Oil
55,950
63,232
63,344
59,983
62,156
59,104
64,155
60,868
65,870
85.432
72.309
76,857
76,922
76,261
80,852
72,061
80,557
85,086
89,187
85,425
96,801
94,784
86,238
95,804
100,987
96,382
97,161
102,918
95,964
94,584
96,106
95,538
95,759
128,100
119.521
153,018
125,229
139,871
150,564
145,641
136,234
140,381
147,215
144,353
176,168
143,900
122,209
140,939
132,927
131,828
144,606
139,243
133,658
128,617
135,803
130,011
147,696
169,549
152,608
175,601
162,535
168,425
179,180
186,914
187,891
167,848
158,963
146,645
163,954
Total.
730,131
977,750
1,152,225
1,706,295
1,631,437
2,020,113
Kalamazoo, Mich.
Jackson, Mich.*
Month.
1922
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921
14,889
11,716
14,544
14,919
17,873
19,999
19,002
18,071
16,837
18,216
16,994
18,800
Total..
I
!
j
I
I
201,860
1920
1922
1921
1920
17,048
12,543
14,729
14,745
15,113
13,726
16,189
15,407
14,871
15,581
13,338
16,443
21,345
18,719
18,156
19,548
20,021
17,097
20,469
21,747
23,326
21,156
16.857
16,826
17,437
14,710
17,209
17,255
17,079
18,038
17,731
19,090
19,038
19,877
18,886
21,978
19,963
15,322
19,662
17,653
17,249
17,987
15,969
16,703
17,246
17,270
16,663
20,119
20,549
17,993
22,744
23,480
21,692
23,336
23,985
24,424
24,968
25,986
23,457
25,028
179,733
235,267
218,338
211,806
277,642
Milwaukee, Wis.
Lansing, Mich.
Month.
1922
January.. .
February..
March
April
May
June
July
August
September.
October
November.
December..
Total
1921
1920
17,917
16,863
21,734
23,262
26,078
28,986
26,606
25,727
25,597
27,210
25,254
30,500
19,880
17,593
22,084
23,091
20,192
23,311
21,599
21,378
20,915
21,577
18,198
20,155
25,236
21,760
29,113
27,927
28,980
31,637
29,952
27,644
26,430
25,665
22,843
20,994
295,734 j
249,973
318,181
1922
1921
1920
217,005
213,848
263,205
220,409
237,263
244,219
241,747
226,383
244,496
269,351
240,463
267,634
274,058
222,297
233,644
222.181
215,763
225,594
218,209
222,327
227,746
243,189
221,342
239,578
317,900
254,781
318,814
298,203
287,952
295,189
307,874
270,639
295,922
305,121
287,593
293,369
2,886,023 ! 2,765,928
3,533,357
353
DISTRICT NO. 7—CHICAGO.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Moline, 111.*
Peoria, 111.
Month.
1921
1922
January
February..
March
April
May
June
July
August
September.
October
November.
December..
6,805
6,494
8,087
9,874
9,472
8,526
9,752
7,327
7,776
7,619
7,435
7,152
Total
96,319
1922
1920
1921
1920
11,154
13,476
11,688
10,864
12,223
8,523
9,027
10,351
9,975
8,659
8,689
7,494
6,837
7,582
7,522
7,589
7,694
99,942 j
31,210
29,854
34,988
33,090
36,646
37,435
36,191
35,077
35,265
38,735
35,706
45,019
40,243
32,597
38,679
35,743
34,122
32,512
32,891
31,203
32,973
33,473
27,976
35,461
50,002
42,230
52,674
46,741
47,372
53,090
52,509
45,292
43,995
41,789
37,003
40,798
59,405
429,216
407,873
553,495
Rockford, 111.
Sioux City, Iowa.
Month.
1921
1922
1922
1920
January...
February..
March
April
May
June
July
August
September.
October
November.
December..
18,205
16,114
20,321
20,698
19,663
20,368
20,015
19,408
19,745
22,044
19,096
23,224
21,799
19,422
22,908
22,254
20,817
20,004
21,357
18,637
18,190
18,269
17,418
20,220
29,610
24,342
31,606
29,717
27,584
28,108
28,541
25,458
27,116
27,502
24,623
26,218
Total
238,901
241,295
330,425
South Bend, Ind.
1920
1921
35,498
46,330
76,068
65,618
70,037
71,959
66,856
64,277
67,146
74,294
61,945
70,660
|
|
|
|
I
I
|
i
|
55,860
47,917
60,930
45,156
33,778
38,860
35,444
34,022
33,045
35,486
30,832
30,852
71,649
67,038
83,538
79,272
75,765
76,211
70,578
60,930
66,239
67,102
56,110
50,489
770,688
I
482,182
824,921
Springfield, 111.*
Waterloo, Iowa.
Month.
1922
January
February..,
March
April
May..
June
July
August
September.
October
November.
December.,
Total,
1921
1920
1922
1921
22,287
22,212
26,821
26,194
29,829
32,806
33,148
34,159
34,207
35,340
33,037
40,227
15,584
15,591
22,953
25,718
26,577
28,663
24,207
23,879
26,063
26,553
22,216
25,601
15,846
18,896
14,361
16,337
23,264
24,017
24,269
24,331
21,585
24,248
20,336
16,504
23,271
21,254
26,558
25,011
22,775
25,382
25,415
23,194
21,830
23,647
22,797
25,652
370,267 233,605 243,994
1920
1922
1921 1920
25,250
20,507
27,893
25,635
22,596
23,481
26,576
23,270
22,876
22,480
22,218
24,212
12,531
11,795
16,335
15,517
14,785
14,905
14,392
13,639
14,987
16,597
14,145
17,041
12,448
10,998
13,679
13,509
10,227
11,892
11,729
11,299
11,549
13,220
10,250
12,119
16,786 286,994
176,669
15,343
16,359
25,921
21,219
18,750
20,861
18,790
17,189
17,534
16,582
14,911
14,149
142,919 217,608
NOTE.—Centers which have not reported continuously for the 18 months ending December 31,1922, are
not included in the table.
354
ANNUAL BEPOBT OF THE FEDERAL KESERYE BOARD.
DISTRICT NO. 8—ST. LOUIS.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOURCES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
2,852
31,207
3,257
22,963
5,129
21,763
155
Total gold held by b a n k . . .
Gold with Federal reserve agent.
Gold redemption fund
34,059
70,573
2,960
26,220
66,158
3,695
27,047
49,337
6,404
107,592
10,295
96,073
10,568
82,788
117, 887
106,641
88,876
14,549
15,533
13,028
21,831
41,222
218
43,776
71,156
1,200
43,110
16,771
63,271
1,161
116,132
1,153
2,780
6,569
203
15,568
455
62,661
71,204
133,308
1912
42,862
354
615
523
33,744
760
541
623
39,224
530
224,676
213,487
263,102
4,827
9,665
4,603
9,388
4,365
8,346
1,211
73,798
1,927
3,802
64,613
849
2,618
66,903
716
76,936
69,284
70,237
93,659
"38*993"
95,246
3,923
30,263
800
135,785
9,487
34,032
850
224,676
213,487
263,102
64.8
44.3
Total gold reserves
Legal tender notes, silver, etc.
Total reserves..
Bills discounted:
Secured by United States Government obligations.
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Total earmng assets..
Bank premises
5 per cent redemption fund against Federal reserve bank notes..
Uncollected items
All other resources
Total resources.
LIABILITIES.
Capital paid in..
Surp*
Lrplus!
Deposits:
Government
Member bank—reserve account.
All other
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability..
Deferred availability items
.
All other liabilities
Total liabilities.
Ratio of total reserves to deposit 2 and Federal reserve note liabilities combined
1
Net, i. e., after deducting reserves for depreciation.
* Net deposits prior to Mar. 18,1921, and total deposits beginning with that date.
DISTRICT NO. 8—ST. LOUIS.
355
SCHEDULE 2.—MOVEMENT OF PRINCIPAL A S S E T S AND LIABILITIES D U R I N G 1922.
[Amounts in thousands of dollars,]
Bills discounted for
member banks.
Date.
Total
earning
assets
(2+5+
6).
1
Jan. 4.... ..
11
..
1 8 . . . . ..
2 5 . . . . ..
Feb. 1 . . . . .
8.... .
15
.
21.... .
Mar. 1 . . . . .
8.... .
15.... .
22.... .
29.... .
Apr. 5
.
12.... .
19.... .
26.... .
May3.... .
10.... .
17.... .
2 4 . . . . ..
3 1 . . . . ..
June 7
..
14.... ..
2 1 . . . . ..
28.... ..
July 5 . . . . . .
12.... . .
19.... . .
26.... ..
Aug. 2
..
9.... ..
16.... . .
23.... ..
30.... . .
Sept. 6 . . . . ..
13.... ..
20.... . .
27.... . .
Oct. 4 . . . ..
1 1 . . . ..
1 8 . . . ..
2 5 . . . ..
Nov. 1 . . . . ..
8 . . . . ..
15.... ..
22.... ..
29.... ..
Dec. 6
.
13.... .
20.... .
27
68,115
60,663
58,468
54,754
50,297
46,499
52,356
50,474
48,918
48,736
47,832
52,193
49,022
49,348
50,587
51,196
49,535
48,593
50,698
52,708
55,523
64,061
55,832
'59,897
58,608
56,313
55,263
56,528
57,580
57,610
59,441
57,450
56,569
59,364
60,060
62,213
61,436
67,279
65,062
63,978
58,767
61,046
64,544
64,759
63,952
63,947
61,007
64,556
63,440
61,485
67,593
73 927
Bills
Bills
bought
in
secured Other
open
biUs market.
disTotal.
Govern- counted.
ment
obligations.
A
2
*59,950
52,337
50,187
46,667
41,411
37,108
37,936
35,250
33,300
32,035
28,572
30,931
27,568
26,543
25,058
25,436
23,728
22,454
21,705
22,302
21,049
29,832
19,574
18,695
18,947
19,587
18,220
16,933
17,101
16,027
18,971
17,438
15,899
17,850
16,460
18,202
17,833
24,914
25,501
26,656
23,180
25,673
28,865
30,557
29,854
32,002
28,076
31,261
29,791
27,709
28,795
30,187
3
20,299
18,839
17,820
17,157
15,232
13,468
13,572
11,175
10,504
9,656
8,406
9,824
8,225
8,185
7,794
7,300
7,212
7,855
7,016
7,540
7 216
8,465
7,888
6,430
6,775
7,576
6,658
5,722
5,898
5,054
7,351
6,151
4,764
4,701
4,369
4,713
4,819
8,054
7,142
7,498
5,131
7,268
9,259
10,481
11,564
13,721
12,077
15,503
13,839
13,451
13,696
16,549
4
5
39,651
219
380
33,498
415
32,367
235
29,510
303
26,179
999
23,640
24,364 1,469
24,075 1,269
1,129
22,796
1 287
22,379
1,247
20,166
1,248
21,107
1,174
19,343
18,358 1,092
942
17,264
820
18,136
844
16,516
1,171
14,599
1,342
14,689
14,762 2,190
13,833 ?249
21,367 5,084
11,686 5,594
12,265 9,597
12,172 9,597
12,011 11,538
11,562 11,511
11,211 13,856
11,203 14,415
10,973 15,344
11,620 15,381
11,287 15,365
11,135 15,524
13,149 15,224
12,091 16,075
13,489 15,286
13,014 14,992
16,860 14,153
18,359 12,918
19,158 10,544
18,049 9,023
18,405 8,810
19,606 9,065
20,076 10,513
18,290 10,383
18,281 9,730
15,999 11,222
15,758 11,585
15,952 12,439
14,258 12,660
15,099 12,680
13,638 12,623
FedMemeral
United Total
ber
States cash banks' Total reserve
denotes
securereserve posits. in cirrities. serves.
deculaposits.
tion.
6
7,946
7,946
7,866
7,852
8,583
8,392
12,951
13,955
14,489
15,414
18,013
20,014
20,280
21,713
24,587
24,940
24,963
24,968
27,651
28,216
29,225
29,145
30,664
31,605
30,064
25,188
25,532
25,739
26,064
26,239
25,089
24,647
25,146
26,290
27,525
28,725
28,611
28,212
26,643
26,778
26,564
26,563
26,614
23,689
23,715
22,215
21,709
21,710
21,210
21,116
26,118
31,117
7
107,781
113,053
116,602
118,344
121,575
125,221
129,225
118,267
116,825
123,378
119,463
113,665
117,221
116,901
108,321
111,882
108,830
110,319
107,129
101,677
104,561
94,689
99,363
90,858
96,301
95,018
95,429
85,771
84,669
85,227
88,998
92,299
87,279
84,005
86,097
86,613
87, 228
83,130
87,297
96,895
105,798
102,896
104,324
111,635
116,492
113,099
112,143
111,037
116,127
115,941
106,250
102,901
8
65,326
65,564
66,297
65,176
63,708
66,093
71,365 "
67,645
62,496
70,884
66,360
66,585
66,217
69,212
64,043
67,964
67,007
67,830
69,036
65,885
69,747
67,969
68,529
64,527
71,085
66,380
64,695
58,964
60,008
59,807
60,277
66,333
59,773
61,033
60,436
61,676
62,454
60,502
59,084
62,276
65,252
62,716
62,372
64,943
67,010
65,187
63,722
63,584
66,913
68,211
68,396
71,362
9
68,905
67,788
70,477
69,427
69,476
69,357
78,335
71,289
66,891
74,039
68,759
69,505
71,651
72,832
66,610
73,138
70,733
71,177
71,822
68,554
74,230
73,259
71,502
67,849
72,615
69,361
67,254
61,235
62,561
63,461
62,519
68,728
62,274
63,823
63,677
64,007
65,292
63,349
61,361
64,199
67,373
64,728
64,453
69,516
67,712
67,701
66,820
66,670
70,552
70,725
71,032
74,799
10
94,222
90,139
88,645
86,026
86,089
84,323
85,017
84,023
85,180
83,328
82,457
80,962
79,572
79,170
77,641
76,963
74,749
74,350
72,640
72,495
70,905
70,732
69,940
68,694
68,239
67,307
68,787
67,717
66,907
66,458
68,081
67,952
68,493
68,233
68,874
70,653
72,046
74,260
76,952
80,272
82,941
86,425
87,541
91 742
93,990
95,792
93,899
94,302
94,451
94,501
96,834
97,272
Reserve
percentages.
11
66.1
71.6
73.3
76.1
78.2
81.5
79.1
76.1
76.8
78.4
79.0
75.5
77.5
76.9
75.1
74.5
74.8
75.8
74.2
72.1
72.0
65.8
70.2
66.5
68.4
69.5
70.1
66.5
65.4
65.6
68.1
67.5
66.7
63.6
65.0
64.3
63.5
60.4
63.1
67.1
70.4
68.1
68.6
69.2
72.0
69.2
69.8
69.0
70.4
70.2
63.3
59.8
356
REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BANK OF ST. LOUIS
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
F.B.NOTE CIRCULATION
PURCHASED BILLS
u •
1920
1921
1922
357
DISTRICT NO. 8—ST. LOUIS.
SCHEDULE 3.—VOLUME OP DISCOUNT AND OPEN-MARKET OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Secured by
Bankers'
U.S.
acceptGovernances.
ment
obligations.
Month
Total.
January...
,
February
March
,
April
May
June
July
August
September
October
November
December
Total: 1922.
74,528
54,234
41,019
56,597
65,439
90,923
57,330
43,899
69,051
72,163
108,449
132,224
53,007
36,210
25,725
32,259
41,334
82,057
49,322
32,666
48,337
54,647
94,637
109,386
261
32
124
89
102
25
16
8
33
234
535
417
182
233
300
116
195
250
266
550
798
557
318
865,856
1,609,024
2,438,041
1921.
1920.
659,587
994,539
1,441,231
1,459
7,974
7,123
4,182
5,141
13,471
Bills bought in open market.
Month.
Total.
January
February
March...
April
May
June
July
August
September
October
November
December
Trade Agricultural
acceptand live- All other.
ances. stock paper
U. S. securities
purchased.
CertifiBankers' Dollar Trade Bonds cates of
acceptinex- accept- and
ances. change. ances. notes. debtedness.
340
3,121
3,931
3,782
290
3,256
735
7,353
2,082
1,174
151
3,966
610
5,113
987
200
5,578
7,515
5,480
2,082
1,124
151
3,266
610
5,113
887
200
5,558
7,315
5,255
20
200
225
28
Total: 1922....
1921....
1920....
33,736
20,187
36,019
32,441
19,277
35,769
1,295
910
250
22,914
1,198
28971—23
24
50
700
100
3,816
2,731
3,465
5,369
2,409
2,732
2,242
2,586
2,482
2,075
1,469
1,427
17,027
15,079
11,472
18,580
21,478
5,914
5,500
8,373
17,649
14,409
11,251
21,093
167,825
32,803
549,178
52,192
976,216
Total discount and openmarket operations.
1922
1921
203
6,173
4,330
1,132
4,432
31,455
229
1,632
822
1,892
30
70,000
75,951
65,610
50,454
61,662
74,127
126,244
63,407
53,871
70,073
79,702
116,022
207,713
146,871
124,617
157,862
122,330
44,419
74,488
,044,836
139,852
177,169
135,362
120,338
133,338
124,503
151,381
125,667
1,674,828
1920
203,600
177,183
288,700
277,723
208,541
208,560
195,462
207,494
212,634
210,673
180,062
177,916
2,548,548
358
REPORT OF THE FEDERAL. RESERVE BOARD.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOB MEMBER BANKS IN EACH STATE.
[Amounts in thousands of dollars.]
Illi- IndiKen- Ten- Misnessistucky; see.1 sippi. nois.1 ana.1
Month.
January
February
March
April
May
June
July
August
September
October
November
December
,
,
24,722
18,840
5,816
13,994
26,039
63,355
33,626
20,718
26,954
31,976
65,973
73,014
9,192
7,577
6,418
8,453
2,282
2,351
1,737
640
6,553
10,065
10,335
9,576
2,126
1,407
1,420
2r~
860
752
1,291
1,478
1,337
695
462
6,945
5,684
6,334
5,841
6,055
4,799
4,755
4,587
4,084
4,528
6,618
5,561
1,957
1,505
1,734
1,392
851
956
1,585
1,025
1,628
2,374
2,270
1,927
Arkan-
Missouri.1
18,165
10,511
10,145
13,908
23,944
14,771
11,859
11,630
21,581
16,793
19,512
38,661
Number of '
member
Total. banks
in district at
end of
month.
11,421 74,528
8,710 54,234
9,152 41,019
10,920 56,597
5,460 65,439
3,831 90,923
3,016 57,330
4,008 43,899
6,773 69,051
5,090 72,163
3,046 108,449
3,023 132,224
Number of
member
banks
accommodated
during
the
month.
591
592
594
598
598
605
606
606
606
607
608
610
320
298
287
278
277
249
241
252
271
260
211
221
Total: 1922
405,027 75,179 14,725 65,791 19,204 211,480 74,450 865,856
1921
353,313 159;
" 0,758 29,083 95,675 30,016 754,740186,4391.,609,024
vxu
i,786 18,706122,459 4 1 ,5441,407,879 204,422 2.
1920
, 426,245 216,
5,438,041
""
Number of member
banks at end of year:
1922
122
185
126
610
1921
,
119
181
116
588
1920
,
114
176
111
571
Number of member
banks
accommodated:
1922
95
108
400
1921
103
105
390
1920
94
103
386
i Figures in this column relate only to that part of the State located in the eighth district.
SCHEDULE 5.—EARNINGS AND EXPENSES.
1922
Discounted bills.
,
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
Total earnings.
CURRENT EXPENSES.
1921
$1,303,808
255,750
832,169
45,915
18,805
$4,739,032
41,427
284,151
80,640
21,065
5,166,315
2,456,447
1920
$6,382,357
273,425
391,611
104,164
28,560
7,180,117
Salaries:
Bank officers
i
126,916
151,043
155,877
Clerical staff
j
747,312
829,072
931,158
Special officers and watchmen
!
22,984
28,418
28,069
Allother
j
30,693
38,763
40,750
Governors' conferences
..„
i
675
277
456
Federal reserve agents' conferences
I
282
228
287
Federal Advisory Council
j
1,200
1,200
1,250
Directors' meetings l
!
11,849
10,675
11,948
Traveling expenses
I
29,373
25,525
24,498
Assessments for Federal Reserve Board expenses
I
31,820
31,597
26,618
Legal fees
|
116
1,505
2,919
Insurance (life; fidelity, casualty, workmen's compensation, and i
general liability
40,587
39,654
27,107
Banking house:
!
Taxes and fire insurance
2,284
3,246
Light, heat, and power
3,184
3,014
382
296
Repairs and alterations
97,264
Allother
,
168
193
Rent, including light, heat, and power, and minor alterations.
73,627
Fire insurance—furniture and equipment
,
1,027
907
* Other than those connected with governors' and agents' conferences and meetings of directors and
of the advisory council.
359
DISTRICT IS'O. 8- -ST. LOUIS.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
1921
1920
$57,221
7,448
42,841
8,081
43,711
$54,082
65,809
8,217
43,262
5,072
30,646
$176,102
76,743
6,629
44,800
101,059
87,479
CURRENT EXPENSES—continued.
Furniture and e q u i p m e n t 2
Printing a n d stationery (including office and other supplies)
Telephone
Telegraph
Security shipments
Currency a n d coin shipments
Postage a n d expressage (other t h a n on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank note circulation
All other expenses
Total current expenses
Current net earnings
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses
Current net earnings
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
States bonds
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
All other
Total additions
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for probable losses
Reserve for depreciation on United States bonds
* All other
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, franchise tax, and surplus
Dividends paid
Franchise tax paid United States Government
Transferred to surplus account
52,719
11,586
16,377
34,140
1,623,222
833, 225
2,456,447
1,623,222
833,225
236,047
20,049
26,500
49,468
1,961,250
3,205,065
5,166,315
1,961,250
3,205,065 1
139,221
238,051
32,988
58,000
32,390
1,924,456
5,255,661
7,180,117
1,924,456
5,255,661
3,883
19,520
2,257
6,140
13,241
13,241
19,520
2,000
44,755
125,000
112,224
350,000
i5O,666'
20,038
191,793
266,380
185,653 | 253,139
647,572 [ 2,951,926
270,253
283,166
87,956 1,639,109
276,450 1,042,564
34,615
15,000
399,615
380,095
4,875,566
253,711
"4*621," 855
* Charged to profit and loss in 1922 and to current expenses prior to that year.
SCHEDULE 6.—OPERATIONS OP F E D E R A L R E S E R V E CLEARING SYSTEM.
I Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items drawn on
banks in own
district.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.*
Number.| Amount. Number. Amount. Number.' Amount. Number. Amount
January
February
March
April
May
June
July
August
September
October
November
December
Total: 1922....
1921
1920....
1
1
2,643
2,461
2,966
2,667
2,890
2,976
2,754
2,879
2,936
3,281
3,169
3,466
440,230
363,423
483,198
426,438
467,172
470,161
444,104
458,306
492,335
582,657
573,052
35,088
30, 893
28,907
5,796,020
5,2.50,399
7,129,546
6,173
5,999
7,503
6,274
7,415
7,049
6,330
6,641
6,600
7,325
5,590
6,465
676
629
520
135
147
195
222
199
170
128
166
229
266
204
201
14,732
15,522
17,437
14,583
9,947
15,797
12,530
19,649
16,274
17,833
18,707
23,996
79,364
102,686
182,747
2,262
2,012
1,644
197,007
202,058
223,604
2,829
2,654
3,222
2,939
3,153
3,209
2,940
3,102 I
3,221 I
3,605
3,425
3,727 j
38,026
33,534
31,071
Exclusive of duplications on account of items handled by both parent bank and branch.
461,135
384,944
508,138
447,295
484,534
493,007
462,964
484,596
515,209,
607,815
597,349
625,405
6,072,391
5,555,143
7,535, 897
360
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND."
[In thousands of dollars.)
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
Week ending-
Jan .
5 (3 days)
12 . . . *
19
26
Feb. 2
9
16
23
Mar. 2
9
16
23
30 .
Apr. 6
1
13
20
27
May 4
11
18
25
:.:.;::
June 1
8
15
22
29
Julv 6
13
20
27
Aug. 3
10
17
24
31
Sept. 7
P
14
21
28
Oct. 5
11
19
26
Nov. 2
9
16
23
29
'
..
. . .
Dec. 7
14 . .
21
28
29-30 (2 davs)
Total, 1922
1921. .
1920
50,170
94 490
S3,874
90,250
80,042
83 541
94,250
90 594
92,371
110 535
104,929
101 890
91,800
111,965
94,786
102,120
96,931
92,569
104,082
103,553
118,734
91,309
105,133
116,306
101,053
101,746
80,444
104,492
106,201
91,989
91,523
90,177
98,849
94,657
95,187
74t950
114,089
118,377
112,201
117,448
100,276
151,877
119,500
124,136
100 314
121,016
137 617
95,891
117 005
118,340
138,432
104,474*
43,175
5,371,660
4 488 154
6,452,892
52,293
96 23387,977
89,541
83,774
83 697
80,204
89 064
96,863
108 966
102,301
97 234
95,857
102,903
94,213
99,807
97,152
91,959
96,219
98,696
113,245
89,978
107,397
108,669
112,301
95,006
80,841
96,176
103,768
93,993
89/562
99,337
93 579
95,595
88,734
76,864
115,010
118,393
120 346
130,333
102,978
147,833
124,223
124,273
107 364
118,158
133,162
94,417
118 094
119,083
132,483
100,025
59,406
5,355,579
4,507 392
6,459,778
Net gain in ownership of gold since establishment of fund in 1915,190,944,000.
Net loss.
709
Net gain,.
2 123
1 743
4 103
3 732
156
14 046
1530
4 492
1 569
2*628
4 656
4 057
9 062
573
2 313
221
7
4
5
1
610
863
857
489
331
2 264
7 637
11 248
6 740
397
8 316
2,433
2 004
1,961
9,160
5 270
938
6,453
1,914
921
8 14512,885
2,702
4,044
4,723
137
7 050
2,858
4 455
1,474
1 089
743
5,949
4,449
16,231
16,081
19,238
6,886
361
DISTRICT NO. 8—ST. LOUIS.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
Investments.
Total loans a n d discounts (including rediscounts with Federal reserve b a n k ) .
Last report date in—
1922
1921
434,036
436,854
423,146
416,762
414.495
404' 628
412,721
407,824
419,859
437,700
443,875
458,001
January....
February..
March..
April.
May
June
July
August
September.
October
November.
December..
United .States securities.
504,751
494,313
478,563
465,839
455,823
464,604
449.342
439,565
441,728
438,022
439,424
446,650
1922
35,927
40,055
40,608
42,247
40,391
52,633
51,153
53,141
58,729
71,948
71,421
75,914
1921
1922
35,108
33,927
33,866
32,299
31,707
,31,037
28,803 I
29,878 I
36,245 i
30,010 '<
30,619 I
33,348 !
Time deposits.
Net demand deposits.
All other.
69,029
69,685
70,935
74,011
94,205
80,387
82,270
84,359
84,878
86,309
87,419
88,234
1921
64,611
65,255
65,877
67,382
67,051
67,405
66,570
67,157
67,324
68,879
69,683
69,550
Accommodation at
Federal reserve bank.
Last report date in—
1922
January
February..
March
April
May.
June
July
August
September.
October....
November..
December..
1922
1921
309,318
320,376
315,073
314,652
313,504
307,995
313,315
319,741
323,167
328,872
337,315
365,572
329,282
325,242
308,782
309,099
299,108
285,818
286,915
283,343
279,108
295,661
291,895
300,497 !
155,196
157,761
157,883
160,195
158,346
159,965
163,873
170,386
172,033
174,654
178,201
179,379
1921
1922
] 41,394
144,231
143,336
142,839
143,582
142,838
142,558
144,720
145,679
148,356
150,077
150,427
%
23,228
14,377
9,332
7,372
15,569
5,827
2,495
1,940
10,465
43/339
15,953
18,703
1921
70,014
62,126
65,671
50,863
49,659
55,778
53,354
44,882
45,153
.37,307
41,065
40,933
NOTE.—Figures are for about 37 banks, which submit weekly reports to the Federal Keserve Board,
located in St. Louis, Little Rock, Louisville, Memphis, and Evansville.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
East St. Louis and National Stock
Yards, 111 *
Summary for 5 centers.1
Month.
1922
January...
February..
March
April
May..
June
July
August
September.
October...
November.
December.
Total
858,795
739,485
859,417
826,599
911,346
930,887
871,384
830,180
908,393
1,067,437
988,780
1,145,954
10,938,657 !
1
1920
879,881
813,884
875,995
836,575
830,702
859,644
813,249
780,771
837,548
945,072
879,322
957,258
1,223,858
1,007,842
1,115,365
1,053,693
1,000,449
1,011,740
987,428
916,630
956,844
1,006,409
926,882
980,860
10,309,901
12,188,000
1922
34,515
33,543 !
35,885 !
37,197 |
42,549 |
41,320 I
37,851 |
37,263 ;
39,354
44,614
43,070
44,449 j
471,610
1921
1920
34,646
36,958
36,871
35,872
38,229
35,382
36,499
33,948
36,362
35,218
37,043
397,028
Figures for cities marked with an asterisk are not included in the district summary or in the nationals
summary of 141 centers.
362
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Evansville, Ind.
Little Rock, Ark.
Month.
1921
1922
1922
1920
1921
1920
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
23,887
21,271
28,153
24,307
29,824
31,135
31,297
26,643
29,651
30,843
29,062
35,128
22,419
18,432
20,150
20,816
20,728
22,449
23,912
20,588
20,686
22,260
21,959
23,935
27,099
24,083
25,898
24,443
23,637
23,152
23,855
21,079
22,323
23,008
21,884
23,782
38,800
40,690
37,479
38,865
39,941
33,866
36,958
52,609
66,117
61,916
65,544
47,858
38,425
39,146
39,797
36,574
38,682
35,218
36,965
48,838
51,047
46,207
48,101
41,424
32,120
43,368
58,656
47,195
55,993
Total
341,201
258,334
284,243
555,454 I
506,858
534,025
LouisTille, Ky.
46,450
40,097
46,326
42,345
41,068
Memphis, Tenn.
Month.
1922
1921
1920
1922
1921
January...
February..
March
April
May
June
July
August
September.
October
November.
December..
125,911
123,319
137,985
129,881
147,613
143,172
134,931
124,800
129,403
143,091
139,758
165,524
111,484
155,340
133,617
126,910
126,822
133,233
122,852
116,249
117,138
126,325
127,122
137,584
186,199
160,024
166,045
156,138
152,512
156,388
143,411
128,583
121,747
121,169
114,431
121,001
109,444
83,856
101,082
101,944
107,955
105,502
94,672
89,476
116,048
163,089
175,584
173,180
119,535
86,375
93,865
83,402
84,378
82,673
80,910
81,025
104,310
141,828
125,156
119,710
222,295
170,549
166,936
156,390
134,668
134,685
123,638
117,768
128,898
137,950
132,295
126,783
Total
1,645,388
1,534,676
1,727,648
1,421,832
1,203,167
1,752,855
St. Louis, Mo.
Quiney, 111.*
1920
Springfield, Mo.*
Month.
1922
January
February
March
April
May
June
July
August
September
October
November
December
Total.
8,578
7,467
10,118
9,153
9,285
9,913
8,970
9,794
9,469
10,594
9,774
11,705
1921
8,163
9,641
12,390
11,068
9,652
9,507
9,689
8,431
8,721
9,328
9,958
114,820 115,534
1920
1922
556,884
472,239
551,507
532,988
587,089
611,137
576,618
552,303
580,682
664,297
582,460
706,578
1921
578,585
515,312
589,217
565,650
562,200
582,607
550,357
525,944
546,576
603,612
558,878
627,928
1920
1922
741,815 13,139
613,089 11/106
710,160 12,605
674,377 12,281
648,564 12,437
658,532 13,736
655,100 11,892
617,080 12,401
640,508 12,250
665,626 12,752
611,077 13,647
653,301 15,717
1921
1920
11,519
10,420
12,164
12,250
11,520
12,945
11,209
11,062
11,838
12,027
11,948
12,666
6,974,782 ,806,866 7,889,229 153,963 141,568
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not
included in the table.
363
DISTRICT NO. 9—MINNEAPOLIS.
DISTRICT NO. 9 — M I N N E A P O L I S SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOURCES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
Total gold held by bank...
Gold with Federal reserve agent.
Gold redemption fund
Total earning assets..
Bank premises
5 per cent redemption fund against Federal reserve bank notes..
Uncollected items
All other resources
Total resources.
9,140
31,115
9,130
8,456
31,034
46,372
3,423
40,255
16,856
2,765
17,675
25,905
3,098
80,829
1,190
59,876
811
46,678
250
82,019
60,687
46,928
2,539
19,377
7,289
43,923
17,093
64,561
1,313
21,916
12,572
51,212
115
82,967
116
4,450
8,480
35,026
55,866
91,563
1942
196
18,166
1,809
763
201
14,505
1,033
590
480
21,606
249
138,158
Total gold reserves
,
Legal-tender notes, silver, etc.,
Total reserves.
Bills discounted:
Secured by United States Government obligations..
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness
One-year certificates (Pittman Act)...
All other
Municipal warrants
7,535
23,499
133,055
161,416
3,535
7,473
3,569
7,468
3,461
800
49,310
916
2,964
43,524
477
1,555
43,520
532
51,026
46,965
45,607
58,735
16,588
801
56,789
4,220
12,919
1,125
79,498
7,655
17,492
723
138,158
133,055
74.7
58.5
499
39
LIABILITIES.
Capital paid in.
Surplus
Deposits:
Government
Member bank—reserve account.
All other
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability..
Deferred availability items
All other liabilities
Total liabilities.
Ratio of total reserves to deposit2 and Federal reserve note liabilities
combined
...
1
Net, i. e., after deducting reserves for depreciation^
sNet deposits prior to Mar. 18,1921, and total deposits beginning with that date.
364
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Bate.
FedMemTotal i
eral
Reber
Bills
earn- j
Muni- I United Total
Total reserve serve
secured Other cipal States cash banks' deing
notes perre- reserve posits. in cir- centwar- secuby
assets I
U.S. bills rants. rities. serves. decula(2+5+ I Total. Governposits.
tion.
6).
ment
obligations.
10
Jan. 4..
Feb.
Mar.
Apr.
May
11..
18..
25..
1..
8..
15..
21..
1.8..
15..
22..
29..
5..
12..
19..
26..
3..
10..
17..
24..
31..
June 7..
14..
21..
28..
July 5..
12..
19..
26..
Aug. 2..
Sept.
Oct.
Nov.
Dec.
16..
23..
30..
6..
13..
20..
27..
4..
11..
18..
25..
1..
8..
15..
22..
29..
6..
13..
20..
27..
53,669 48,913
49,498 44,857
48,215 43,619
46,879 42,298
45,525 I 40^460
44,151 I 39,212
43,306 37,881
42,565 37,173
39,782 34,078
39,302 31,804
40,467 30,680
39,575 29,546
38,510 27,700
37,869 26,663
39,206 26,712
40,258 26,484
40,230 26,913
41,356 27,147
40,238 25,754
42,632 27,960
41,674 27,037
40,837 25,978
39,665 24,504
40,957 24,682
39,624 26,729
39,966 26,691
39,457 25,972
38,220 25,139
36,872 24,834
37,775
38,589 25,934
37 498 27,127
36,602 26,400
36,861 26,930
37,518 27,213
36,116 27,119
35,926 26,317
44,729 25,706
45,147 26,216
43,556 26 191
36,395 24,531
36,003 23,861
35,915 23,275
35,801 23,958
35,041 23,175
34,069 22,420
33,471 21,456
33,665 21,340
33,064 21,883
33,709 21,445
34,564 21,299
35,227 21,431
21,079
7,225
6,776
6,545
6,525
6,073
5,799
5,486
5,170
4,490
3,711
3,653
3,795
2,585
2,543
2,521
2,331
2,605
2,743
2,086
3,693
2,409
1,977
1,744
1,704
3,879
2,746
1,978
1,625
1,666
1,544
2,007
2,069
2,229
2,019
2,172
1,828
1,631
2,262
2,049
1,961
1,671
1,766
1,876
2,722
2,360
2,031
2,187
1,911
1,985
2,091
2,156
2,177
41,688
38,081
37,074
35,773
34,387
33,413
32,395
32,003
29,588
28,093
27,027
25,751
25,115
24,120
24,191
24,153
24,308
24,404
23,668
24,267
24,628
24,001
22,760
22,978
22,850
23,945
23,994
23,514
23,168
24,390
25,120
24,331
24,701
25,194
24,947
24,489
24,075
23,954
24,142
22,570
22,190
21,509
22,082
20,453
20,060
19,425
19,153
19,972
19,460
19,208
19,275
18,902
4,667
4,597
4,571
4,566
5,050
4,937
5,423
5,392
5,704
7,498
9,787
10,029
10,810
11,206
12,494
13,774
13,317
14,209
14,484
14,672
14,637
14,859
15,161
16,275
12,895
13,275
13,485
13,077
12,029
11,832
11,459
11,094
9,663
9,627
10,378
9,778
10,202
18,497
18,941
19,010
12,519
12,701
11,930
12,602
12,594
12,586
12,104
11,758
11,593
12,384
13.107
14.108
59,523
60,793
63,463
62,479
64,306
70,519
67,786
69,890
69,842
69,818
72,359
72,509
70,688
74,522
71,300
70,441
68,169
70,515
68,351
66,297
63,098
66,334
65,770
68,569
67,161
63,577
67,725
68.153
68,742
67.154
65,343
67,579
68,267
66,510
66,713
72,931
70,946
68,258
65,512
71,533
75,246
74,033
77,049
79,300
78,273
81,295
81,052
79,000
85,567
77,865
82,424
80,842
41,446
42,248
42,147
41,837
41,000
43,934
42,533
44,228
44,022
42,594
43,479
45,292
42,357
45,699
43,596
44,656
41,509
43,185
42,428
43,593
39,899
44,791
42,960
45,561
45,224
41,515
45,800
44,355
43,139
42,804
43,022
43,319
44,092
42,227
42,773
45,652
43,275
47,867
45,310
47,542
44,821
42,707
47,260
47,754
47,759
47,506
48,124
45,534
50,624
45.554
49.555
47,914
44,283 56,674
42,826 55,577
44,458 54,377
43,716 53,254
46,112 52,639
52,526
45,738 52.162
47,932 52,027
46,225 52,134
44,016 52,590
47,722 52,477
47,124 52,297
44,496 51,691
47,379 52,315
45,877 52,244
46,120 51,968
44,490 51,170
47,453 51,381
45,514 50,937
46.175 50,557
42,952 49,836
47.176 49,515
44,427 49,554
49,509 48,933
46,324 49,254
43,511 48,628
47,550 50,547
45,677 49,927
44,648 49,482
44,621 49,051
44,260 48,874
45,325 48,959
46,006 48,749
43,803 48,986
44,611 49.163
47,293 51,328
45,291 51,588
49,960 52,415
46,660 52,762
48,643 55,204
45,837 56,403
43,441 56,911
48,769 56,753
50,081 56,778
49,422 57,623
49,109 56,975
49,696 57,090
47,149 56,691
52,860 58,005
46,300 57,894
51,737 59,183
49,576 60,027
59.0
61.8
64.2
64.4
65.1
69.7
69.2
69.9
71.0
72.3
72.2
72.9
73.5
74.8
72.7
71.8
71.3
71.3
70.9
68.5
68.0
68.6
70.0
69.7
70.3
69.0
69.0
71.3
73.0
71.7
70.2
71.7
72.0
71.7
71.1
74.0
73.2
66.7
65.9
68.9
73.6
73.8
73.0
74.2
73.1
76.6
75.9
76.1
77.2
74.7
74.3
73.8
365
DISTRICT NO. 0—MINNEAPOLIS.
FEDERAL RESERVE BANK OF MINNEAPOLIS
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
F.R.NOTE CIRCULATION
100
/yx/>/77? "Tfiyj^
PU RCHAS ED B!L LS
20
*77>>Km
DISCOUNTS FOR OWN MEMBERS
100
100
80
20
1920
1921
1922
366
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 3.—VOLUME OF DISCOUNT AND O P E N - M A R K E T OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Secured by Bankers'
U. S. Govaccepternment
ances.
obligations.
Month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
25,324
17,667
14,580
14,729
20,891
21,288
12,120
11,863
11,689
14,336
12,536
15,991
86,029
314, 276
478,774
Bills bought in open market.
Month.
January
4,646
5,846
5,095
3,715
2,248
2,307
4,063
4,234
4,538
903
U. S. securities
purchased.
25
1,921
6,787
3,980
2,231
4,413
280
3,153
9,148
4,790
2,177
3,467
February..
March
April
May
June
July
August
September.
October
November.
December..
39
17,909
150
All other.
2,320
Bank- Dollar Trade I Bonds
ers'
exaccept- and
Total. acceptances. change. ances. notes.
Total: 1922.
39
1921...
1920... 18,059
Agricultural and
live-stock
paper.
12,774
9,986
7,682
5,683
8,386
11, 373
3,878
5,462
5,308
5,323
4,012
6,162
193, 014
730,662
953,392
Total: 1922.
1921.
1920
Trade
acceptances.
722
1,124
4,523
1,768
663
3,758
3,768
3,726
1,488
150
14,523
! 42,372 38,061
! 1,031 4,782
141, 696
173
2,696
3,138
Municipal
warrants
purchased.
7,569
5,326
3,890
4,368
6,655
4,804
4,523
4,148
4,052
4,947
4,288
5,291
46,951
59,861
306,521
106,266
471,480
Total discount and openmarket operations.
1922
26,080
20,712
25,890
20,477
23,785
29,459
16,177
18 18,760
22,685
20,626
14,866
33,996
1921
81,980
69,327
66, 551
65,359
68,131
68,662
52,388
57, 280
52, 565
57,555
49, 844
46,981
1920
74,713
68,294
145, 260
110,890
89,921
121, 504
76,082
81, 749
76,386
83,331
101,019
66 !273, 513 !
. 736,603
1,113,147
367
DISTRICT NO. 9—MINNEAPOLIS.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE.
[Amounts in thousands of dollars.]
Michi- Wiscon- Minne- North South Monsota. Dakota. Dakota. tana.
sin.*
gan.1
Month.
752
883
964
857
774
748
596
547
471
446
489
746
January
February...
March
April
May
June
July
August
September..
October....
November..
December..
Total: 1922
1921
1920
Number of member
banks at end of year:
8,273
11,535
6,906
11,745
8,493
5,448
5,448
10,869
12,622
5,560
6,308
i391
6,452
8,829
152
6,200
448
9,483
442
1,707
1,141
1,470
1,440
944
804
586
3,188
2,756
1,640
1,553
2,098
1,789
1,605
1,646
1,131
1 066
1,051
1,245
4,220
2,667
2,908
2,845
2,555
2,118
1,552
1,076
1,409
1,960
2,356
2,219
3,712
1,727
2,150
2,586
3,651
3,207
2,221
1,895
1,490
1,883
1,992
1,856
Number
of member banks
Total. in district
at end of
month.
Number
of member banks
accommodated
during
the
month.
500
372
380
400
412
415
323
336
288
314
350
343
1,024
1,024
1,026
1,025
1,023
1,023
1,022
1,021
1,019
1,018
1,014
1,014
25,324
17,667
14,580
14,729
20,891
21,288
12,120
11,863
11,689
14,336
12,536
15,991
10,261 97,457 20,768 27,885 28,370 193,014
20,386 474,581 65,304 93,325 65,531 1730,662 !
21,189 734,318 55,649 82,986 52,344 1953,392 j
377
375
368
1922
1921
1920
188
188
187
Number of member
banks accommodated:
222
254
242
1922
1921
1920
i Figures in this column relate only to that part of the State located in the ninth district.
SCHEDULE 5.—EARNINGS AND EXPENSES.
1922
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
EARNINGS.
Total earnings.
$1,451,659 $4,649,554
13
383,531
142,001
128,087
157,158
5,971
17,585
1,969,248
CURRENT EXPENSES.
1921
4,966,311 (
1920
$4,734,259
191,862
181,990
92,744
106,526
5,307,381
Salaries:
107,977
115,499
77,637
Bank officers
517,448
463,390
363,724
Clerical staff
23,618
22,281
10,766
Special officers and watchmen
18,807
16,446
All other
23,686
770
Governors' conferences.
467
452
Federal reserve agents' conferences
403
267
27
908
Federal Advisory Council
1,140
893
11,902
Directors' meetings 1
11,407
6,705
Traveling expenses
35,505
21,470
15,227
25,554
Assessments for Federal Reserve Board expenses
24,945
22,520
Legal fees
11,592
11,628
3,100
Insurance (life, fidelity, casualty, wo kmen's compensation, anjd
29,553
general liability)
25,311
22,253
Banking house
3,119
1,578 !
Taxes and fire insurance
1,556
Light, heat, and power
902 i
1,015
Repairs and alterations
4.
1,667 j
45,469
All other
11 !
Rent, including light, heat, and power, and minor alterations
44,038 j
44,128
Fire insurance—furniture and equipment
481 !
112
Furniture and equipment 2
53,368
100,817
Printing and stationery (including office and other supplies)
64,469
97,072
62,488
Telephone
7,090 !
7,248
2,832
Telegraph
21,697 i
23,494
13,780
1
Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
•
•
* Charged to profit and loss in 1922 and to current expenses prior to that year.
368
ANNUAL EEPOET OF THE FEDERAL RESERVE BOAED.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
1921
1920
CURRENT EXPENSES—continued.
Security shipments.
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges..
Cost of redemption, including shipping charges.
Taxes on Federal reserve bank note circulation
All other expenses
Total current expenses
$4,018
22,992
$2,101
20,420
80,071
83,139
53,334
16,765
14,260
44,876
124,584
16,552
26,980
29,384
| 1,084,942
Current net earnings
884,306
1,325,867 j
S102,156
62,627
15,959
36,792
25,288
1,015,198
3,640,444 I 4,292,183
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses.
Current net earnings..
Additions to current net earnings:
Assessment account expenses Federal Eeserve Board previously charged to profit and loss..,
AUother
1,969,248
1,084,942
4,966,311
1,325,867
5,307,381
1,015,198
884,306
3,640,444
4,292,183
41,231
17,264
41,231
17,264
16,607
5,275
177,737
16,607
Total additions.
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for probable losses
Reserve for depreciation on United States bonds
All other
9,713
24,640
"500," 666'
78,058
30,431
**"i,279~
142,842
506,554
Net deductions from current net earnings
101,611 I
489,290
161,130
Net earnings available for dividends, franchise tax, and surplus
782,695 I 3,151,154
4,131,053
Total deductions
177,737
213,774 i
211,657
195,871
Dividends paid
3 512,029 I 2,450,967
524,234
Franchise tax paid United States Government
3 56,892 I
488,530
3,410,948
Transferred to surplus account
8
Bank also charged its surplus account and paid the United States Government $52,423 as an additional
franchise tax for 1921. See page 22.
SCHEDULE 6.—OPERATIONS OF F E D E R A L R E S E R V E CLEARING SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items drawn on
banks in own
district.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
TotaU
Number.! Amount. Number.1 Amount. Number.l Amount. Number. Amount.
January
February
March
April
May
June.«
July
August
September
October
November
December
Total: 1922....
1921....
1920....
1,707
1,488
1,961
1,841
1,935
2,056
1,895
1,879
1,995
2,296
2,092
2,302
179,693
148,738
206,541
185,541
199,911
209,890
209,192
208,181
234,571
280,588
251,301
247,930
23,447
21,995
20,142
2,562,077
2,581,575
3,352,955
89 !
73
92
85
89
85
88
S7
85
98
96
104
2 1,071
2 1,077
1,074
18,428
16,298
21,280
18, 897
21,116
20, 805
21,126
20,980
22,314
30,251'
27,030
25,218
2 263,743
2 262,106
491,950
10,098
8,018
7,724
6,689
6,363
7,313
8,441
8,910
7,820
1,831
1,588
2,090
1,972
2,067
2,192
2,024
1,999
2,131
2,459
2,247
2,468
213,832
178,618
243,910
214,536
229,045
238,419
237,007
235,524
264,198
319,280
287,241
280,968
116,758
74,847
63,953
25,068
23,616
21,589
3,908,858
15,711
13,582
550
544
373
2,942,578
2,918,528
1
Exclusive of duplications on acount of items handled by both parent bank and branch.
2 Includes 34,000 items, aggregating $24,829,000, and 4,000 items, aggregating $2,411,000, forwarded direct
to drawee banks in other districts during 1922 and 1921, respectively.
369
DISTRICT NO. 9—MINNEAPOLIS.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Payments
to other
Week ending-
Federal
reserve
banks.
Jan
5 (3 davs)
19
26
Peb 2
9
16
12
Mar
.
23
2
9
16
23
Apr
30
6
.
13
20
27
May 4
11
...
..
18
25
June 1
8 »
15
....
22
July
29
6
13
20
.
....
27
Aug. 3
10
17
24
.
31
Sept. 7 . . . .
14
21 . . . .
•Oct
.
.
....
..
28
5
11.
19
.
.
...
26
Nov. 2 ..
9
16
23
..
.
.
29
Dec. 7
14
21
. .
28
29-30 (2 days)
Total* 1922
1921
1920
.
Receipts
from other
Federal
reserve
banks.
12,724
27,950
25,213
24,800
22,034
21,884
22,140
22,808
22,045
27,116
32,486
29,927
26,236
25,651
28,656
27,874
29,480
28,062
29,520
26,893
33,584
28,814 ^
28,217
32,514
32,848
31,993
24,739
27,902
29,237
32,701
33,420
35,376
28,979
31,772
30,689
21,793
31,197
47,891
32,064
34,367
28,534
44,091
38,176
35,103
32,247
29,419
34,679
33,021
32,533
35,558
34,687
31,726
12,718
1,566 083
1,517,488
2,194,709
13,905
27,082
28,772
21,997
24,751
24,665
17,467
24,874
23,209
25,879
30,985
33,718
24,212
26,919
24,732
28,996
27,038
31,143
26,070
29,760
26,486
29,685
31,176
35,467
32,505
29,231
27,646
32,621
26,330
32,961
35,659
33,663
32,242
28,972
31,647
26,874
27,947
43,901
31,748
46,180
26,529
47,347
40,208
36,329
29,551
32,234
33,761
30,680
37,315
30,393
40,280
29,684
14,131
1,587 557
1,546,650
2,187,566
Net gain in ownership of gold since establishment of fund in 1915, 139,540,000.,
Net loss.
Net gain.
1,181
868
2,803
4,673
1,237
1,501
2,024
3,924
2,442
" 3;450
7,098
3,559
2,717
2,781
2,066
1,164
3,791
1,268
1,122
3,081
2,867
871
2,959
2,953
343
2,762
2,907
1,713
2,800
2,907
4,719
260
2,239
3,263
958
3,250
3,990
316
2,005
2,696
5,081
11,813
3,256
2,032
1,226
2,815
918
2,341
5,160
2,042
7,143"
4,782
5,593
1,413
21,474
29,162
370
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
IN LEADING CITIES AS OP THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
Last report date in—
Total loans and discounts (including rediscounts with Federal reserve bank).
1922
246,148
242,369
235,159
235,950
235,346
232,500
233,064
239,447
243,783
243,443
251,555
247,387
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1921
293,297
282,662
283,402
273,965
274,581
279,139
276,443
281,628
285,307
275,897
269,398
259,916
Net demand deposits.
Investments.
United States securities.
1922
24,753
31,766
34,361
36,145
34,164
42,498
40,371
38,889
40,917
41,507
41,142
47,312
All other.
1922
1921
20,767
21,407
21,939
21,959
23,049
24,164
23,798
26,573
26,986
27,465
28,845
28,889
18,864
18,872
21,171
20,634
20,514
18,374
17,289
17,829
22,692
19,090
20,079
21,322
19,401
19,727
19,483
19,278
19,502
21,614
19,767
20,248
20,615
21,163
21,011
21,479
Accommodation at
Federal reserve bank.
Time deposits.
Last report date in—
1922
175,030
177,989
174,230
179,432
184,126
186,643
186,478
190,986
198,286
199,449
203,471
207,652
January...
February..
March
April
May
June
July
August
September
October...
November.
December.
1921
184,405
186,142
185,240
169,907
165,443
171,720
172,786
172,777
168,823
171,733
179,833
172,473
1922
76,205
76,855
77,382
76,769
76,536
77,417
77,611
77,716
80,803
81,793
82,988
84,326
1921
1922
70,026
68,127
69,778
69,716
71,463
72,579
70,664
68,526
67,672
69,213
71,808
76,678
6,179
3,874
2,304
2,507
2,849
2,850
2,732
2,879
3,306
3,838
3,520
3,719
1921
39,018
33,194
32,272
34,767
35,980
38,785
37,692
37,105
36,225
34,361
21,319
13,775
NOTE.—Figures are for about 30 banks, which submit weekly reports to the Federal Reserve Board,
located in Minneapolis, Helena, Duluth, Fargo, Great Falls, La Crosse, St. Paul, and Sioux Falls.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
Summary for 9 centers.1
Aberdeen, S. Dak.
Month.
1922
January
February
March
May
June .
.
July
August.
September
October .
November
December
Total
.
1921
1920
492,323
455,305
556,282
512,419
546,252
569,323
554,605
580.550
654,491
698,732
633,665
710,631
580,703
464,851
516,962
524,033
505,338
554,127
501,752
539,110
614,893
622,728
543,110
573,961
722,007
586,404
686,847 '
683,595
676,471
681,452
692,894
641,307
785,764
872,448
815,764
733,971,
6,964,578
6,541,568
8,578,924
1922
5,081
3,902
4,822
5,196
5,416
6,000
5,782
6,031
6,286
5,919
5,340
6,471
66,246
1921
-
1920
9,330
5,060
6,396
5-626
5,711
5,904
5,508
5,838
5,975
6,390
5,840
6,476
10,144
6,337
8,112
7,864
7,829
7,800
6,813
7,632
9,316
8,672
7,685
8,649
74,054
96,853
1
Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
371
DISTRICT NO. 9—MINNEAPOLIS.
SCHEDULE 9.—DEBITS
TO INDIVIDUAL ACCOUNTS—Continued.
Billings, Mont.
Duluth, Minn.
Month.
1922
1920
1921
1922
1921
1920
January
February..
March
April
May
June
July
August....
September.
October...
November.
December.
7,106
5,592
6,381
6,356
6,576
7,419
7,353
7,303
7,082
8,418
9,028
10,607
6,154
7,218
7,573
7,331
7,286
7,147
6,845
7,195
8,283
8,103
8,602
10,868
9,266
10,902
11,107
9,957
9,230
8,887
8,328
9,329
11,145
12,315
10,858
46,412
42,490
58,386
51,487
69,083
77,276
65,445
77,927
105,005
105,449
96,423
89,197
87,045
57,127
59,687
67,582
68,876
76,602
66,169
73,531
111,754
92,050
82,044
68,186
77,960
66,600
72,914
88,684
100,646
95,422
95,770
87,567
142,687
169,851
161,041
131,549
Total
.89,221
89,775
122,192
884,580
910,653
1,290,691
Fargo, N. Dak.
Grand Forks, N. Dak.
Month.
1922
1920
1921
1922
1921
Total
9,030
7,433
9,745
10,284
11,247
11,316
11,676
12,791
13,493
14,280
12,021
11,597
9,225
9,171
11,183
10,979
10,952
10,934
11,304
11,500
11,840
12,873
11,460
10,851
13,416
10,963
13,935
15,472
14,547
15,337
15,994
14,433
16,958
18,246
15,080
12,310
5,481
4,453
5,827
6,275
6,174
5,699
5,439
6,318
7,781
10,622
8,387
8,555
5,181
4,209
5,147
4,996
4,601
4,795
4,957
4,997
6,051
8,499
7,770
7,061
134,913
January...
February..
March
April
May
June
July
August
September.
October
November.
.December.,
132,262
176,691
81,011
68,264
Great Falls, Mont.*
1920
7,88ft
6,088
8,207
8,654
7,965
7,706
7,773
6,682
7,829
8,865
8,103
7,070
92,828
Helena, Mont,
Month.
1922
January
February.
March
April
June
July
August
September..
October....
November..
December..
Total.
7,354
5,090
5,960
5,456
5,918
6,145
5,911
6,222
6,737
54,793
1921
9,508
5,799
7,757
7.269
7,080
8,103
6,633
7,128
8,279
8,281
7,829
9,560
1920
1922
1921
1920
12,909
9,730
9,842
8,807
8,132
9,078
8,596
8,869
11,718
11,329
14,065
12,444
10,660
8,568
8,415
8,571
8,870
9,094
9,639
9,447
9,336
10,979
11,070
13,698
11,952
8,278
9,583
8,820
8,035
10,629
9,870
10,427
11,090
12,642
11,330
15,354
11,972
8,938
11,635
10,473
10,326
10,646
10,562
10,049
11,115
11,414
12,168
12,807
125,519
118,347
128,010
132,105
372
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS
TO INDIVIDUAL ACCOUNTS—Continued.
St. Paul, Minn.
Minneapolis, Minn.
Month.
1922
1922
1921
320,867
258,662
288,842
288,323
275,653
307,020
267,518
303,873
333,129
336,457
288,724
311,532
411,239
321,526
364,958
369,317
374,782
370,981
375,779
355,054
430,292
462,357
425,411
388,205
138,851
126,443
155,934
142,235
145,052
164,894
165,484
160,208
161,486
178,534
162,266
192,597
120,427
108,157
120,438
121,581
116,071
122,751
121,063
114,803
119,442
137,252
119,932
137,618
169,951
149,336
186,9%
162,692
141,691
155,146
162,142
142,948
150,356
172,037
163,758
151,853
3,608,835 i 3,580,600
Total
1920
263,320
250,487 I
299,324
275,383
286,922
280,435
276,775
292,781 i
336,043 i
356,016
321,796
369,553
January
February...
March
April
May
June
July
August
September.
October
November.
December..
1921
4,649,901
1,459,535
1,908,906
Sioux Falls, S. Dak*
Superior, Wis.
1920
Winona, Minn.*
Month.
1922
1921
1920
1922
1921
36,595
25,504
39,704
30,069
29,902
29,668
26,232
23 057
25,414
28,413
23,800
22,380
6,382
5,937
7,448
6,632
6,912
7,190
7,012
7 744
7,979
8,515
7,334
8,356
8,638
8,033
8,468
8,553
8,108
8,206
8,216
7,296
8,417
8,282
7,917
8,281
8,571
7,350
9,188
9,332
8,728
9,184
9,174
8,614
7,882
9,861
10,203
10,670
4,105
3,263
4,270
3,895
4,053
5,184
4,643
3,797
4,476
4,886
4,546
5,592
3,984
3,866
4,562
4,417
4,214
4,447
4,833
4,139
4,157
4,854
4,293
4,666
6,287
5,503
5,801
6,020
5,061
5,175
6,123
4,692
5,465
6,290
5,585
5,757
173,806 210,908 340,738
87,441
98,415 108,757
52,710
52,432
67,759
1922
January
February
March
April .
May
June
July
August
September
October.
November.
December
„
Total
1921
1920
16,561
11,750
14,179
13,157
14,342
13 843
15,515
14 223
13,748
15,202
14,375
16,911
19,553
16,967
20,622
17,945
16,967
18,744
17,572
16 573
15,722
17,133
15,726
17,384
1920
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not
included in the table.
DISTRICT NO. 10
373
KANSAS CITY.
DISTRICT NO. 10—KANSAS CITY.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec. 31,
1921.
Dec. 31,
1920.
BESOTJRCES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
2,682
30,768
2,517
33,764
4,026
23,957
158
Total gold held by bank
Gold with Federal reserve agent
Gold redemption fund
33,450
55,031
2,354
36,281
28,042
3,474
28,141
40,769
5,255
Total gold reserves
Legal-tender notes, silver, etc.
90,835
3,902
67,797
6,861
74,165
2,332
94,737
74,658
76,497-
7,352
19,192
402
17,839
52,140
1,337
29,707
80,634
2,171
26,946
27,559
71,316
112,512
8,868
11,630
5,320
66
150
12,820
1
134,201
Total reserves.
Bills discounted:
Secured by United States Government obligations..
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman A c t ) . . .
Allother
Municipal warrants
Total earning assets.
66,135
85,720
14,695
200
47,968
665
4,400
889
40,926
518
1,041
916
55,652
350
214,400
207,111
268,657
4,623
9,488
4,570
4,455
9,159
1,283
82,782
3,286
6,053
71,997
758
4,909
74,318
678
69,887
2,066
40,575
410
69,044
10,615
33,532
111,578
14,221
47,631
1,708
214,400
207,111
268,657
60.3
50.5
41.7
•
Bank premises
,
5 per cent redemption fund against Federal reserve bank notes..
Uncollected items
All other resources
Total resources.
Capital paid in.
Surplus
Deposits:
Government
Member bank—reserve account.
All other
Total deposits.
87,351
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability.
Deferred availability items
Alliother liabilities
Total liabilities.
•
• • '
••
•
=
79,905
Ratio of total reserves to deposit2 and Federal reserve note liabilities
combined
J
iNet, i. e., after deducting reserves for depreciation.
\ N e t deposits prior to Mar. 18,1921, and total deposits beginning with that date.
28971—23
25
374
ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Total
Bills
Bills
earning
secured Other bought
in
by
assets
bills
open
(2+5+ Total. U.S.
disGovern- count- market.
6).
ment
obliga- ed.
tions.
1
2
Jan.
3
185,072 69,569 18,165
4
11
179,927 64,792 15,767
18
74,634 60,038 14,339
2 5 . . . . 67,936 53,511 11,544
68,850 54,389 14,139
Feb. 1
8
70,476 50,693 13,754
15
67,317 44,051 10,301
21
63,256 40,407 8,835
Mar.
1 . . . . 64,772 37,748
8,231
8
72,444 37,072 7,713
15
68,850 33,969 7,419
2 2 . . . . 68,146 32,454 6,717
2 9 . . . . 72,269 32,757 6,078
Apr. 5
72,519 32,914 6,253
1 2 . . . . 74,608 32,846 5,749
1 9 . . . . 76,680 31,999 5,092
2 6 . . . . 74,262 30,411 4,863
May 3 . . . . 73,084 29,233 5,755
1 0 . . . . 67,286 25,194 3,487
17
66,479 24,999 3,387
2 4 . . . . 65,235 23,754 3,758
31
65,687 24,206 3,947
65,262 23,435 3,189
June 7
1 4 . . . . 64,422 22,572 2,739
21
65,766 21,147 2,645
28
66,735 21,114 2,889
65,681 20,060 2,373
July 5
12
64,318 18,550 1,613
19
64,078 18,376 1,513
26
63,899 18,205 1,470
Aug. 2
63,571 17,872 1 719
9
63,259 17,685 1,634
16
62,660 17,083 1,287
23
62,165 16,887 1,080
30
63,829 18,551 2,034
63,239 17,957 1,740
Sept. 6
1 3 . . . . 62,456 17,724 1,183
2 0 . . . . 64,689 20,070 2,269
27
66,803 22,359 3,154
Oct.
4 . . . . 66,187 22,217
2,189
1 1 . . . . 63,196 19,687 2,366
1 8 . . . . 64,503 24,089 5,435
2 5 . . . . 65,973 23,165 3,542
68,745 25,756 4,922
Nov. 1
8 . . . . 68,960 27,170 5,890
15
71,459 29,752 7; 406
22
68,827 28,584 6,625
2 9 . . . . 68,452 28,858 7,757
71,325 31,726 9,893
Dec. 6
1 3 . . . . 71,344 31,345 9,136
20
76,760 34,066 11,751
2 7 . . . . 71,724 30,436 9,767
4
51,404
49,025
45,699
41,967
40,250
36,939
33,750
31,572
29,517
29,359
26,550
25,737
26,679
26,661
27,097
26,907
25,548
23,478
21,707
21,612
19,996
20,259
20,246
19,833
18,502
18,225
17,687
16,937
16,863
16,735
16,153
16,051
15,796
15,807
16,517
16,217
16,541
17,801
19,205
20,028
17,321
18,654
19,623
20,834
21,280
22,346
21,959
21,101
21,833
22,209
22,315
20,669
i Includes $150,000 of municipal warrants.
5
1,096
753
364
194
61
58
45
46
26
36
29
29
29
19
44
44
39
39
29
5
5
5
5
5
5
5
5
75
75
75
75
75
75
75
75
101
101
101
392
791
692
715
300
402
402
402
602
402
FedMemReeral
United Total
ber
Total reserve serve
States cash banks'
denotes
perre- reserve
secuposits. in cir- centrities. serves. decula- ages.
posits.
tion.
6
7
14,257
14,232
14,232
14,231
14,400
19,725
23,221
22,803
26,998
35,336
34,852
35,663
39,483
39,586
41,718
44,637
43,812
43,812
42,063
41,475
41,476
41,476
41,822
41,845
44,614
45,616
45,616
45,768
45,702
45,694
45,699
45,499
45,502
45,203
45,203
45,207
44,657
44,544
44,369
43,869
43,408
40,313
42,416
42,198
41,098
40,992
39,943
39,192
39,197
39,597
42,092
40,886
72,523
74,053
81,846
86,795
87,300
85,048
89,173
95,600
91,763
81,354
84,468
85,233
82,436
83,985
78,576
78,850
77,791
85,203
81,527
86,291
85,001
90,183
83,821
90,840
90,807
87,488
89,796
89,441
95,126
92,497
95,402
92,027
92,780
93,746
90,054
93,309
93,678
92,289
92,259
95,472
94,860
98,543
94,955
95,024
93,066
95,690
93,678
93,421
92,724
94,436
84,025
89,799
9
67,456
68,517
69,512
69,393
69,015
70,258
73,326
76,034
73,449
71,055
71,303
68,561
71,523
68,645
69,813
73,219
71,061
76,047
70,599
74,721
74,806
76,293
73,051
76,999
80,884
77,141
75,479
77,169
77,509
78,124
75,066
77,579
78,086
78,049
77,529
80,637
78,045
79,231
78,148
81,314
79,816
80,813
79,454
81,239
76,076
79,879
77,495
77,392
79,539
82,875
80,773
80,608
10
72,729
70,648
73,082
72,940
75,302
75,518
76,410
78,487
76,893
73,205
78,710
73,180
75,325
70,550
72,163
76,245
73,404
81,252
73,313
79,338
77,314
79,819
74,943
80,163
82,762
79,988
77,764
79,395
84,726
81,409
78,738
79,533
81,418
81,089
80,446
82,840
81,544
81,109
80,724
82,653
81,305
83,332
81,278
84,119
78,042
83,879
81,486
80,937
82,698
85,948
84,438
84,555
68,577
66,644
65,183
63,837
62,676
62,223
61,355
61,493
61,881
61,960
62,123
62,161
61,690
62,773
61,922
61,544
60,517
60,357
59,589
59,012
58,182
57,577
58,153
57,758
58,020
57,267
59,143
58,958
58,975
58,807
59,433
60,102
60,461
60,754
60,372
62,024
61,992
63,076
63,902
65,573
66,528
67,478
67,416
67,879
68,893
68,982
68,734
67,705
69,501
69,022
71,552
72,230
11
51.3
53.0
59.2
63.5
63.3
61.7
64.7
68.3
66.1
60.2
60.0
63.0
60.2
63.0
58.6
57.2
58.1
60.2
61.3
62.4
62.7
65.5
63.0
65.9
64.5
63.7
65.6
64.6
66.2
66.0
69.0
65.9
65.4
66.1
64.0
64.4
65.3
64.0
63.8
64.4
64.2
65.3
63.0
62.5
63.3
62.6
62.4
62.8
60.9
60.9
53.9
57.3
375
DISTRICT NO. 10—KANSAS CITY.
FEDERAL RESERVE BANK OF KANSAS CITY
MILLIONS Or DOLLARS
MILLIONS OF DOLLARS
'iZQ
,nQ
I )
60
AO
20
1II2MM
0
40
PURCHASED BILLS
1
•ZZZZZZZL
i
1
!
2tOBXZZ
1920
1921
1922
20
376
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
46,220
32,625
29,199
22,257
18,737
14,393
14,350
9,445
19,574
29,831
36,629
54,759
328,019
944,074
1,667,943
Total: 1922
1921
1920
Secured
by U. S.
Government obligations.
Bankers'
acceptances.
aoppr>t
Agriculturaland
31,277 I
25,078
16,061 I
10,552
10,327
6,249
8,882
4,479
9,463
15,622
25,190
43,127
206,307
630,652
1,114,026
All other.
5,894
3,760
5,762
5,039
5,202
4,164
3,288
3.305
5,220
7,303
5,463
5,075
212
369
4,516
10,142
8,989
3,775
7,371
6,666
3,208
3,980
2 All
1,660
4,889
6,903
5,974
6,557
59,475
62,149
121,869
186,825
543,406
Total discount and
U. S. securities
purchased.
Munic- open-market operations.
ipal
warBank- Dollar Trade Bonds Certifi- rants
cates
g'lir1921
and
1920
ex| Total. ers' acased. 1922
cept- change. accept- notes. of indebtedness.
Bills bought in open market.
Month.
January
February..
March
April
May
June
July
August
September.
October
November.
December..
4
565
3,782
5,056
14
6,307
11,919
281
10
29
1
406
29
211 2,284
5
25,767
10
15,030
12,539
75
277
292
809
275
75
277
292
809
275
Total: 1922... 1,849
1921... j 5,558
1920... 17,173
1,849
5,558
17,173
41,298
800
43,824
9,149
128,079
46,254 100,742
48,225 91,629
45,558 112,114
27,361 91,178
18,770 73,095
32,619 77,410
14,641 69,109
9,550 60,347
20,286 72,916
32,618 81,730
37,443 68,476
81,665 61,591
148,413
135,647
178,502
145,170
134,584
153,692
151,738
150,307
161,254
169,348
141,650
142,890
414,990
756
960,337
1,813,195
377
DISTRICT NO. 10—KANSAS CITY.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR M E M B E R B A N K S I N E A C H STATE.
[Amounts in thousands of dollars.]
NeMis- WyoColosouri. 1 ming. braska. rado.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
:
12,325
10,969
5,051
3,503
3,526
1,947
5,202
897
5,171
7,174
10,647
12,116
1,154
758
1,184
1,127
1,179
764
671
565
272
240
322
719
9,249
5,765
9,600
5,207
3,907
2,223
2,061
7,233
10,136
11,083
10,775
7,755
4,421
3,778
2,998
3,083
3,310
2,495
1,729
2,167
7,837
10,993
26,692
NewKan- Okla-1 Mexisas. homa. co.1
4,192 11,184
2,575 7,582
2,795 6,390
2,186 4,142
2,315 3,095
1,838 2,166
1,519 1,862
1,784 2,060
2,945 1,684
2,831 1,538
2,392 1,143
2,828 1,546
361
555
401
406
332
461
378
349
102
75
49
Number
of member banks
Total. in district
at end of
month.
Number
of member banks
accommodated
during
the
month.
1,112
1,118
1,129
1,141
1,146
1,152
1,151
1,152
1,151
1,152
1,154
1,152
567
453
441
443
429
381
303
292
316
327
330
297
46,220
32,625
29,199
22,257
18,737
14,393
14,350
9,445
19,574
29,831
36,629
54,759
Total: 1922.... 78,528 8,955 85,134 77,258 30,200 44,392 3,552 328,019
944,074
4OU -1-41,
OU, tUU 216,713 6,656
1921.... 289,897 28,863 175,230141 2 5 5 85,460 A1\J}
— "~),982 10,163 1,667,943
1920.... 687,211 25,666 356, 931222,453125,537 239.
Number of member
banks at end of
year:
1,152
274
412
1922
148
198
358
1,103
275
1921
146
202
340
1,087
271
145
1920
210
Number of member
banks accommodated:
267
99 138
1922
733
146
329
105 211
1921
169
920
257
114 171
192
1920
826
i Figures in this column relate only to that part of the State located in the tenth district.
SCHEDULE 5 . — E A R N I N G S AND E X P E N S E S .
1922
EAENINGS.
Total earnings.
$1,492,657
8,828
1,408,738
47,215
137,222
$5,134,004
49,148
382,855
126,434
20,417
$6,441,476
211,975
505,539
238,425
12,572
3,094,660
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
1921
1920
5,712,858
7,409,987
161,530
957,883
62,918
107,316
512
250
460
25,604
17,941
32,230
6,911
160,543
1,051,627
45,976
55,097
620
211
410
25,823
28,705
32,749
6,769
116,274
794,28ft
25,275
35,694
626
121
330
19,532
28,085
34,221
2,543
28,650
42,172
29,207
17,457
28,253
25,883
3,958
18,786
1,133
15,586
7,781
7,088
13,854
71,743
CURRENT EXPENSES.
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
]
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses*
Assessments for Federal Reserve Board expenses
Legalfees
Insurance (life, fidelity, casualty, workmen's compensation, and
general liability)
Banking house:
Taxes and fire insurance
Light, heat, and power
Repairs and alterations
Allother
.
"
Rent,including light, heat, and power, and minor alterations
Fire insurance—furniture and equipment
1
Other than those connected with governors' and agents' conference ;
t h e advisory council.
1,257
and meetings of directors and of
378
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
SCHEDULE 5,.—EARNINGS AND EXPENSES—Continued.
1922
1921
1920
CURRENT EXPENSES—continued-
Furniture and equipment 3
Printing and stationery (including office and other supplies)
Telephone
Telegraph
'
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank note circulation
All other expenses
$77,708
9,127
73,831
12,028
39,118
$183,223
104,982
10,984
77,611
8,035
42,962
$126,707
94,787
5,627
37,310
125,591
133,182
64,990
28,077
37,713
44,962
124,491
32,054
62,938
70,385
97,477
33,905
83,422
45,712
Total current expenses
2,010,820
2,411,079
1,857,960
Current net earnings
1,083,840
3,301,779
5,552,027
3,094,660
2,010,820
5,712,858
2,411,079
7,409,987
1,857,960
| 1,083,840
3,301,779
5,552,027
95,999
5,960
38,605
3,826
1,040
101,959
42,431
1,040
175,076
PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses.
Current net earnings
Additions to current net earnings:
|
Amounts deducted from reserve for depreciation on United |
States bonds
I
Allother
Total additions.
Dedu ctions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for probable losses
Reserve for depreciation on United States bonds
Allother
337,810
60,128
i
;
4,825
Total deductions
288,114
12,386
245,683
11,346
402,763
:
[
11,579
807
300,804
: , - :
Net deductions from current net earnings
88,114
*266*666"
•
=
=
Net earnings available for dividends, franchise tax, and surplus
|
783,036
3,056,096
5,540,681
Dividends paid
Franchise tax paid United States Government
Transferred to surplus account
I
i
]
275,655
3
456,643
3
50,738
268,620
2,300,558
486,918
257,672
2,240,228
3,042,781
* Charged to profit and loss in 1922 and to current expenses prior to that year.
* Bank also charged its surplus account and paid the United States Government $208,170 as an additional franchise tax for 1921. Seep. 22.
DISTRICT KO. 10
SCHEDULE 6.—OPERATIONS
379
KANSAS CITY.
OF F E D E R A L R E S E R V E CLEARING SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
banks in own
district.
Items drawn on
Treasurer of
United States.
Total, i
Number. Amount. Number. Amount. Number, Amount. Number. Amount.
3,486
3,275
3,921
3,577
3,810
3,970
3,741
3,792
3,921
4,280
3,949
4,452
January...
February.
March
April
May
June
July
August
September
October...
November
December.
550,190
468,588
596,505
504,415
537,667
572,259
552,607
568,345
598,482
680,376
609,670
643,494
Total: 1922....! 46,174! 6,882,598
1921
! 49,656 | 7,422,353
1920
| 46,818 | 10,513,912
380
346
393
369
384
404
377
396
389
417
406
463
63,695
54,760
67,264
56,216
63,875
67,742
63,374
63,021
61,724
72,579
65,616
65,941
102
110
151
192
172
147
106
118
187
232
174
167
2 4,724 2 765,807
3 5,029 2 858,949
2 4,775 21,364,584
1,858
1,740
1,578
3,968
3,731
4,465
4,138
4,366
4,521
4,224
4,306
4,497
4,929
4,529
5,082
638,658
544,126
685,349
577,818
621,016
657,574
631,488
648,367
681,269
774,649
694,106
730,497
236,512 52,756
219,246 56,425
148,295 j 53,171
7,884,917
8,500,548
12,026,791
24,773
20,778
21,580!
17,187
19,474
17,573
15,507
17,001 |
21,063 I
21,694
18,820 I
21,062
1
Exclusive of duplications on account of items handled by both parent bank and branch.
s Includes 11,000 items, aggregating $4,318,000; 7,000 items, aggregating $4,455,000; and 3,000 items, aggregating $2,567,000, forwarded direct to drawee banks in other districts during 1922,1921, and 1920,
respectively.
SCHEDULE 7.—CLEARINGS AND TRANSFERS T H R O U G H THE GOLD SETTLEMENT F U N D .
[In thousands of dollars.]
t
Week ending-
Jan.
Feb.
Mar.
Apr.
May
June
July
.
Aug.
Sep
5 (3 days)
12
19
26
2
9
16
23
2
9
16.
23
30
6
13
20
27
4
11
18
25
1
8
15
22
29
6
13
20
27
3
10
17
24
31
M:::::::::
21
28
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
38,624
73,437
65,758
67,278
68,567
71,116
72,435
73,671
77,025
82,310
74,929
75,889
72,777
77,701
80,148
71,212
68,564
77,664
85,986
87,965
65,524
74,202
79,663
82,668
67,256
82,801
77,115
75,243
80,634
82,500
75,097
73,218
72,821
59,124
84,938
101,372
86,196
35,358
72,621
74,141
68,266
68,393
67,330
65,498
73,983
73,621
76,737
77,259
78,146
70,907
80,646
73,783
72,632
73,043
77,571
70,412
87,421
86,669
69,955
71,249
83,101
88,107
74,132
72,815
79,808
86,719
75,262
81,714
75,248
77,173
74,037
71,815
60,095
87,369
94,777
84,386
Net loss.
3,266
816
174
Net gain.
8,383
988
3,786
6,937
3,404
5,573
1,870
6,365
312
2,330
2,257
2,945
356
7,252
1,296
2,953
7,954
2,993
7,252
1,006
6,595
1,810
1,831
9,007
1,435
4,431
3,438
5,439
5,559
9,604
19
1,080
2,076
819
971
2,431
380
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS
AND TRANSFERS THROUGH
FUND—Continued.
[In thousands of dollars.]
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
Week ending—
5
11 .
19
26
Nov. 2
THE GOLD
Oct.
14
21
28
29-30 (2 days)
83,291
71,959
103,010
91 281
87,096
75 387
79,269
91,266
70 865
85,628
82,385
90,391
81 737
31,755
85,714
70 516
104.019
85 659
89,694
76 170
74,290
93,290
71 306
84,087
76, 543
90,158
83 167
35,843
Total:1922
1921
1920
4,063,822
3,708 356
5,184,605
4,052,655
3 705 733
5,193,372
9
16
23
29
Dec.
. . .
.
...
7
SETTLEMENT
Net loss.
Net gain.
2,423
i 443
1,009
5 622
2,598
783
4,979
2,024
441
1 541
5,842
233
1 430
4,088
11 167
1 623
8,767
Net gain in ownership of gold since establishment of fund in 1915, $22,553,000.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
Last report date in—
January...
February.
March
April
May
June
July
August
September
October...
November,
December.
Investments.
Total loans and discounts (including rediscounts with Federal reserve bank).
1922
United States securities.
1921
432,403
425,953
424,626
423,895
428,026
425,061
512,090
502,175
497,387
486,395
477,759
472,765
470,491
455,200
453,773
453,702
463,973
454,531
426,234
431,210
440,338
446,538
449,299
"
1922
42,595
53,767
50,850
58,882
60,977
79,129
80,519
83,062
85,236
85,111
87,643
90,027
1921
45,806
47,182
44,740
42,050
42,872
44,353
42,442
43,090
42,556
42,466
42,599
41,905
All other.
1922
47,275
46,978
48,982
50,791
53,242
56,244
59,204
60,866
62,140
59,286
59,216
60,289
1921
54,538
54,837
54,218
46,360
47,968
46,310
45,801
44,663
47,124
47,134
48,183
49,115
i
Net demand deposits.
Time deposits.
Accommodation at
Federal reserve bank.
Last report date in—
1922
January...
February..
March
April
May
June
July
August
September
October...
November.
December.
1921
1922
1921
372,034
382,424
389,659
400,618
418,750
433,281
444,067
446,858
448,209
447,825
437,060
445,741
398,423
405,915
384,085
373,081
370,911
367,988
365,994
373,680
354,240
352,503
363,223
371,784
105,020
106,227
104,761
109,005
110,745
115,956
116,048
116,844
117,821
121,674
122,384
123,436
99,784
101,529
101,240
104,955
104,330
106,883
106,916
102,525
100,066
103,732
104,520
106,560
1922
23,771
13,148
9,666
9,142
4,570
3,157
2,254
3,538
7,596
9,291
14,506
17,034
1921
66,352
60,926
67,829
59,014
49,264
47,401
43,087
36,324
43,612
43,741
45,907
35,794
NOTE.—Figures are for about 79 banks, which submit weekly reports to the Federal Reserve Board,
located in Kansas City, Mo., Denver, Oklahoma City, Omaha, Kansas City, Kans., Lincoln, Muskoger
Pueblo, St.
Joseph, Topeka, Tulsa, and Wichita.
381
DISTRICT NO. 10—KANSAS CITY.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
Summary for 14 centers.1
Atchison, Kans.*
Month.
1921
1922
1920
1921
1922
1920
it
January
February...
March
April
May
June
July
August
September..
October
November..
December..
950,759
872,689
1,012,278
956,757
1,026,849
1,081,813
1,041,778
1,056,449
1,058,493
1,155,094
1,050,896
1,181,287
1,152,595
942,30:)
1,067,066
1,006,119
953,761
992,057
994,617
1,025,141
1,022,182
1,006,694
966,224
992,594
Total.
12,445,142
12,121,359
1,480,682
1,230,956
1,451,230
1,313,463
1,335,707
1,351,458
1,323,317
1,327,488
1,389,286
1,418,334
1,334,809 !
1,266,168 I
16,222,898
4,809
4,633
5,697
5,079
5,307
4,987
5,214
5,649
5,411
6,087
5,810
6,610
5,456
4,437
6,173
4,759
4,761
5,207
5,290
5,446
5,377
5,504
5,179
5,245
4,846
65,293
62,834
4,846
Bartlesville, Okla.
Cheyenne, Wyo.*
Month.
1922
1921
1920
1922
1921
1920
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
9,088
8,002
9,78710,197
10,648
12,002
10,887
10,143
9,486
10,186
9,309
12,724
14,490
11,516
11,140
10,764
9,259
8,822
9,381
6,819
7,491
7,598
8,194
9,701
15,110
13,980
15,854
16,231
18,189
17,825
16,429
14,433
14,670
15,914
15,565
15,591
12,798
11,054
8,247
6,817
6,958
7,817
8,918
8,462
10,862
15,347
12,721
13,076
9,716
8,370
8,410
7,487
7,462
10,335
8,591
8,966
8,246
8,797
8,405
10,663
9,473
8,702
9,671
7,806
7,674
7,849
8,415
8,665
9,056
9,287
8,862
9,682
Total
122,459
115,175
189,791
123,077
105,448
105,142
Denver, Colo.
Colorado Springs, Colo.
Month.
1922
1921
1920
1922
1921
161,559
125,159
146,832
143,061
134,817
144,114
135,268
143,743
141,396
141,438
152,598
152,894
246,178
200,346
213,109
190,294
191,610
183,270
189,792
176,794
2U0.092
226,857
209,411
204,942
1,722,879
2,442,695
January
February..
March
April
May
June
July
August
September.
October....
November.
"December..
11,407
9,288
10,995
10,546
11,079
12,597
12,022
13,347
12,658*
11,881
10,663
12,698
11,722
9,575
11,884
10,395
10,276
11,033
11,313
13,095
11,628
10,737
10,560
11,941
15,030
13,730
13,865
14,425
15,071
15,672
13,884
15,513
13,497
145,063
123.969
147,539
133,143
145,505
148,609
149,814
147,947
156,454
181,510
151,881
166,625
Total
139,181
134,159
174,590
1,798,059
14,904
13,006
1920
1
Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
382 -
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Joplin, Mo.
Kansas City, Kans.
Month.
1922
1920
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
9,758
8,301
9,756
10,004
10,786
12,034
10,567
10,631
10,903
11,579
11,898
14,400
9,611
9,065
8,591
9,141
7,969
7,286
8,669
8,768
9,042
10,363
Total.
130,617
107,247 I
10,354
1922
1921
1920
16,781
16,092
17,233
17,787
16,590
16,367
14,352
14,148
16,308
15,319
12,431
12,722
15,205
12,410
15,847
14,105
15,016
16,488
16,310
15,600
16,987
16,461
16,347
19,159
19,032
14,634
16,254
13,968
14,190
15,429
13,795
13,573
15,260
13,991
13,455
16,147
18,782
16,378
19,173
16,837
15,425
15,106
17,944
18,026
17,298
18,707
18,673
21,719
186,130
189,935
179,728
214,068
Kansas City, Mo.
Muskogee, Okla.
Month.
1922
1921
1920
1922
January...
February..
March
April
May
June
July
August
September.
October
November.
December.
254,819
256,277
289,130
276,842
293,519
317,689
295,825
328,058
333,290
354,218
330,124
348,865
331,579
268,012
304,325
302,025
294,254
300,532
312,347
338,241
339,883
322,374
293,056
291,863
426,144
356,235
411,435
340,720
386,757
394,225
378,979
399,312
425,780
425,093
393,425
367,591
15,627
21,472
27,381
23,288
24,425
25,212
24,592
24,346
26,560
33,832
30,432
32,377
Total
3,678,656
3,698,491
4,705,696
309,544
Oklahoma City, Okla.
1921
25,577
21,272
23,582
16,389
17,163
16,052 I
13,128
11,803
14,134
17,451
15,602
15,525
207,678
1920
30,908
24,125
29,343
24,820
22,039
25,059
23,100
20,564
21,430
26,113
25,984
27,912
301,397
Omaha, Nebr.
Month.
1922
1921
1920
1922
1921
1920
January...
February..
March
April
May
June
July
August
September.
October
November.
December.
78,901
69,139
86,579
81,257
83,445
90,830
83,833
74,257
76,470
81,469
80,147
86,454
99,617
82,290
95,493
86,950
80,608
83,080
84,328
82,510
91,665
92,853
92,681
89,563
75,866
92,496
93,286
100,496
106,806
103,374
121,360
120,874
121,106
118,060
107,417
158,262
162,265
199,605
178,609
200,081
201,650
192,971
197,637
198,214
216,034
190,507
216,110
192,280
163,951
199,501
177,817
169,355
184,021
183,479
191,749
181,479
178,900
152,974
161,439
277,766
242,255
293,059
260,916
262,181
264,723
252,833
241,274
258,492
246,747
219,496
201,844
Total
972,781
1,058,961
1,250,704
2,311,945
2,136,945
3,021,586
DISTRICT NO. 10—KANSAS CITY.
383
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Pueblo, Colo.
St. Joseph, Mo.
Month.
1922
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921
14,341
13,400 !
18,425 |
15,754
15,835
15,453
16,374
15,663
13,057
15,139
23,077
19,669
Total.
1920
1922
1921
1920
19,741
13,240
19,787
19,715
15,312
10,840
17,885
20,390
16,183
18,704
31,462
17; 205
196,187 |
22,659
17,059
18,133
19,462
18,025
20,266
20,553
18,508
17,682
26,134
46,519
24,197
71,577
48,377
51,796
58,638
59,769
51,258
58,860
57,404
57,915
66,049
54,184
71,205
81,033
62,954
72,846
66,215
62,604
64,065
69,472
70,421
69,640
71,695
65,989
71,484
103,824
69,683
104,252
99,827
90,459
84,170
66,661
75,222
78,417
80,967
73,774
73,612
220,464
269,197
707,032
828,418
1,000,868
Wichita, Kans.
Tulsa, Okla.
Topeka, Kans.
Month. ,-.,
1922
January
February
March
April
May
June
July
August.
September.
October
November.
December..
Total
| 15,067
13,764
I 13,671
| 13,217
14,258
14,385
I 14,675
13,610
13,210
15,035
13,853
16,067
1921
1920
1922
17,907
14,065
16,128
16,492
13,407
15,506
15,783
14,703
15,427
16,811
14,457
17,037
27,369
23,895
25,906
28,139
25,013
20,829
18,737
19,231
17,409
18,284
15,702
15,244
112,149
87,288
90,899
93,428
98,990
117,349
106,074
97,475
87,250
95,923
85,965
113,433
1921 I 1920
119,091
108,368
97,232
90,586
82,192
84,803
68,112
62,200
62,910
62,384
67,202
90,141
125,495
111,156
134,328
128,602
118,164
130,615
130,720
123,797
106,372
124,348
122,282
133,718
1922
1921
39,495
38,737
40,868
37,729
43,493
46,257
48,974
50,331
46,039
45,778
42,509
51,501
48,613
38,885
42,451
42,677
41,733
44,619
52,357
48,608
46,417
42,990
38,952
1920
65,199
50,880
60,916
61,512
57,029
58,332
75,418
69,748
68,790
58,861
47,974
46,162
170,812 187,723 255,758 1,186,223 995,221 1,489,597 531,711 528,270 720,821
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not
ncluded in the table.
384
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 11—DALLAS.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 30
1922.
Dec. 31,
1921.
Dec. 31,
1920.
RESOURCES.
Gold and gold certificates
Gold settlement fund—Federal Reserve Board.
Gold with foreign agencies
Total gold held by bank
Gold with Federal reserve agent
Gold redemption fund
Total gold reserves
Legal-tender notes, silver, etc.
Total reserves.
Bills discounted:
Secured by United States Government obligations..
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act).
All other
Total earning assets.
10,121
6,214
7,263
8,518
10,008
2,074
8&
16,335
22,576
1,349
15,781
11,093
2,941
12,16824,484
4,431
40,260
6,289
29,815
6,149
41,083
4,455
46,549
35,964
45,538
710
13,712
26,827
8,962
41,635
165
15,903
54,793
247
41,249
2,630
50,762
2,630
70,943.
3,979*
1,900
8,300>
8,678
Total resources.
52,557
55,292
83,222
U,937
146
30,190
1,927
2,168
156
25,694
2,755
586
42,963
717
133,306
Bank premises
5 per cent redemption fund against Federal reserve bank notes
Uncollected items
All other resources
122,029
174,665
4,195
7,496
4,203
7,394
4,099
6,033
641
54,461
537
4,344
43,372
297
1,660
46 995
245
55,639
48,013
48,900
37,761
704
26,089
1,422
35,470
2,726
22,635
1,588
79,453
7,101
28,235
844
133,306
122,029
174,665
LIABILITIES.
Capital paid in.
Surplus
Government
Member bank—reserve account.
Allother
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability.
Deferred availability items
All other liabilities...
Total liabilities.
Ratio of total reserves to deposit2 and Federal reserve note liabilities
combined
49.8
1 Net, i. e., after deducting reserves for depreciation.
2 Net deposits prior to Mar. 18,1921, and otal deposits beginning with that date.
to
40.1
DISTRICT NO. 11
SCHEDULE 2.—MOVEMENT
DALLAS.
385
OF PRINCIPAL ASSETS AND LIABILITIES DURING
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Total
earning
assets
(2+5+
FedMemBills
eral
Bills
ber
boughtv United Total banks' Total reserve
secured Other
States cash
dein
notes
securereserve posits. in ciropen
biUs
U.S.
deculaTotal, Govern- dis- market. rities. serves.
posits.
counttion.
ment
ed.
obligations.
1
Jan. 4
11.
18.
25.
Feb. 1.
8.
15.
21.
Mar. 1.
8.
15.
22.
29.
Apr. 5.
12.
19.
26.
May 3 .
10.
17.
24.
31.
June 7.
14.
21.
28.
July 5.
12.
19.
26.
Aug. 2.
9.
16.
23.
30.
Sept. 6.
13.
20..
27..
Oct. 4 . .
%
11.
18.
25.
Nov. 1..
8..
15..
22..
29..
Dec. 6..
13..
20..
27..
2
3
4
52,102
54,133
51,148
50,572
49,566
46,904
44,793
44,399
42,490
41,769
41,319
39,792
40,065
39,258
39,350
39,543
39,545
37,954
36,276
47,557
49,588
46,603
46,027
45,021
42,359
40,248
39,854
37,945
37,038
35,338
34,811
35,084
34,277
34,319
34,512
34,514
32,973
31,295
30,842
31,408
31,331
31,311
31,280
32,904
32,756
32,123
32,590
33,185
33,856
34,719
34,545
35,036
36,245
37,179
35,883
34,681
31,976
30,144
25,835
22,625
21,525
19,531
18,148
17,929
16,595
15,230
15,056
14,530
14,494
15,478
14,200
8,678
8,580
8,288
7,988
7,675
6.733
6.471
6,189
5,465
5,091
4,139
3,797
3,247
3,242
3,364
2,894
2,530
2,183
1,795
1,655
1,541
1,359
1,528
1,372
2,212
1,220
1,378
1,028
1,183
1,476
1,534
1,190
1,252
1,432
1,578
1,616
1,839
1,252
1,661
1,613
1,490
2,038
1,313
1,154
1,808
1,211
1,019
1,079
38,879
41,008
38,315
38,039
37,346
35,626
33,777
33,665
32,480
31,947
31,199
31,014
31,837
31,035
30,955
31,618
31,984
30,790
29,500
29,187
29,867
29,972
29,783
29,908
30,692
31,536
30,745
31,562
32,002
32,380
33,185
33,355
33,784
34,813
35,601
34,267
32,842
30,724
28,483
24,222
21,135
19,487
18,218
16,994
16,121
15,384
14,211
13,977
13,777
13,718
13,955
13,208
3M23
36,389
37,015
38,529
38,277
40,584
41,123
41,102
41,583
42,583
43,246
44,032
42,683
44,632
45,322
45,263
42,669
42,787
41,496
40,643
40,619
39,106
41,166
48,898
46,999
48,053
49,603
48,460
49,373
50,336
51,284
52,376
49,036
753
776
1,523
992
5
15
15
15
15
15
15
15
15
15
15
15
15
15
15
65
65
65
15
15
15
15
718
2,002
1,781
2,189
2,876
2,498
2,512
2,917
2,909
2,832
2,157
3,615
3,096
2,103
805
2,125
4,039
4,868
6,303
8,000
8,585
16,092
15,826
17,099
20,070
20,366
21,153
22,942
24,827
24,959
23,397
6
7
8
9
10
4,530
4,530
4,530
4,530
4,530
4,530
4,530
4,530
4,530
4,716
5,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
5,216
5,216
5,491
5,491
6,481
6,481
6,481
6,481
6,481
5,981
5,981
5,981
5,981
5,981
5,981
5,481
5,631
8,481
8,481
11,056
13,275
13,025
13,025
12,938
12,864
13,164
12,864
11,963
11,939
11,439
36,026
33,056
36,841
36,943
38,297
44,701
43,094
45,330
44,235
44,968
46,179
49,002
46,374
46,098
46,711
46,968
46,661
45,686
45,919
48,261
46,516
49,305
49,748
48,724
44,142
43,947
44,532
43,023
42,318
41,868
38,095
41,747
39,829
40,775
43,092
52,689
53,300
62,192
62,858
64,692
68,345
66,722
62,065
57,545
67,148
60,135
60,171
57,601
55,228
51,149
54,153
53,171
41,260
42,978
42,414
42,175
42,929
44,960
42,708
45,757
43,819
44,225
46,230
44,764
44,254
44,229
45,334
45,341
46,090
44,467
45,502
43,496
44,902
43,931
46,357
46,290
44,238
44,772
44,469
46,038
44,649
44,577
43,887
45,002
45,049
44,971
44,304
47,940
47,549
50,359
49,437
50,457
51,331
54,365
55,079
50,966
55,817
56,049
54,752
53,931
53,653
53,854
54,482
52,499
43,972
44,222
44,826
45,230
45,685
50,765
46,906
49,848
46,124
47,162
47,427
47,396
47,941
46,016
47,611
47,091
48,386
46,412
47,512
45,367
46,695
46,117
48,377
49,216
45,230
47,346
45,709
47,510
47,288
47,453
44,224
47,060
47,158
46,624
46,571
50,381
49,531
53,694
51,860
51,723
52,486
55,882
57,292
53,605
57,912
58,186
57,393
55,818
55,398
55,603
55,295
54,158
35,226
33,732
33,14?
31,569
31,247
30,507
29,895
29,657
29,387
29,015
28,689
28,004
27,219
27,994
27,175
27,006
26,390
27,045
26,816
26,506
25,650
26,256
26,727
25,906
26,229
25,624
27,250
25,963
26,283
26,022
26,860
26,851
27,233
27,993
29,865
35,076
36,354
39,334
41,284
43,092
43,964
44,430
43,369
43,314
43,541
41,888
40,687
39,896
39,938
38,937
39,719
39,685
Reserve
percentages.
11
45.5
42.4
47.3
48.1
49.8
55.0
56.1
57.0
58.6
59.0
60.7
65*0
61.7
62.3
62.5
63.4
62.4
62.2
61.8
67.1
64.3
68.1
66.2
64.9
61.8
60.2
61.0
58.6
57.5
57.0
53.6
56.5
53.5
54.6
56.4
61.7
62.1
66.9
67.5
68.2
70.9
66.5
61.7
59.4
66.2
60.1
61.3
60.2
57.9
54.1
57.0
56.7
386
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BANK OF DALLAS
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
F.R.NOTE CIRCULATION
PURCHASED DILLS
JNITED STAT ES SECURITI ES
i
i
1_
|
Hi
in
|
!
|
ill
7777777"
1^+0
140
DISCOUNTS FOR OWN MEMBERS
_J J _ . J _
120
120
100
80
60
1920
1921
1922
DISTRICT NO. 11
387
DALLAS.
SCHEDULE. 3.—VOLUME OF DISCOUNT AND O P E N - M A R K E T OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Month.
Total.
January
^February ..
March
April
May
June
July
August
September .
October
November
December
Secured by
U.S.
Bankers'
Governacceptment
ances.
obligations.
38,793
23,661
21,650
19,130
15,830
16,825
16,306
17,769
14,550
13,076
13,472
11,495
Total: 1922
1921
1920
18,482
12,035
9,582
5,967
3,661
4,421
2,806
3,556
5,580
5,481
5,758
3,365
37
60
222,557
771,997
1,280,178
.
80,694
454,685
999,943
107
154
Bills bought in open market.
Month.
Total.
January
February
March
April
May
June
July
August .
September
October
November
December
Total: 1922
1921
1920
63
29
12
9
7
10
18
82
131
124
5
139
75
694
3,865
5,670
704
U. S. securities
purchased.
CertifiBankers' Dollar Trade Bonds cates of
ex- accept- and
inacceptances. change. ances. notes. debtedness.
403
403
15
50
703
1,911
505
1,008
4,117
11,663
6,907
5,871
15
50
678
1,686
499
1,008
4,067
10,274
6,907
5,426
33,153
694
8,348
31,013
694
8,348
186
25
225
6
500
50
50
1,389
425
445
1,161
2,140
6,250
2,075
150
7,845
369
16,689
3,570
i3* 176,691
1
Agricultural and
live-stock All others.
paper.
Trade
acceptances.
9,447
6,045
5,835
6,980
7,492
7,589
7,678
6,890
3,545
2,617
3,487
3,507
10,764
5,492
6,221
6,174
4,660
4,797
5,740
7,192
5,301
4,973
4,088
4,548
71,112
69,950
120,105
193,188
273,861
Total discount and openmarket operations.
1922
1921
39,196
23,661
28,101
19,180
16,533
20,811
17,311
18,827
18,817
32,584
20,804
17,735
92,743
67,374
73,573
64,555
60,495
67,655
59,175
63,453
66,065
62,605
53,515
45,053
273,560
776,261
1920
83,947
85,350
210,928
117,952
111,446
148,720
115,487
111,638
125,573
114,961
125,347
113,881
1,465,230
388
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
S C H E D U L E 4.—-VOLUME OF BILLS DISCOUNTED FOR M E M B E R B A N K S IN E A C H STATE .
[Amounts in thousands of dollars.]
Louisiana. 1
January
February
March
,
April
May
June
July
August
September
October
November
December
Okla-
New
323
381
212
293
444
180
271
257
164
230
122
121
Month.
1,278
1,259
918
1,323
1,568
1,059
903
809
389
522
1,357
900
1,549
860
1,050
723
834
720
744
611
1,180
648
873
1,127
2,998
Total: 1922
1921
, 26,251
26,232
1920
Number of member baifks at
end of year:
1922
1921
1920
,
,
Number of member banks
accommodated:
1922
1921
1920
1
Texas.
Arizona.1
35,296
20,924
19,156
16,178
12,259
14,418
14,140
15,725
12,584
11,399
10,963
8,976
347
237
314
613
725
448
248
366
233
277
157
371
192,019
12,285 10,919
22,942 21,495 694,835
27,757 | 20,560 1,201,012
50
42
40
37
42
43
747
749
737
45
31
37 \
37
39
38
Total.
Number
Number
of
of
member
member banks acbanks in commodistrict at dated
end of
during
month.
the
month.
38,793
23,661
21,650
19,130
15,830
16,825
16,306
17,769
14,550
13,076
13,472
11,495
856
856
860
860
862
862
865
863
863
862
863
861
536.
468*'
430
512
444
431
498
485
425
175
175
181
4,336
222,557
6,474 771,997
4,617 1,280,178
10
10
10
561
607
604
861
861
850
661
704
702
Figures in this column relate only to that part of the State located in the eleventh district.
SCHEDULE 5.—EARNINGS AND E X P E N S E S .
1922
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
1921
1920
$4,044,612
73,212
270,874
158,560
357,255
2,085,775
Total earnings.,
$1,609,383 $3,829,840
197,994
7,980
195,049 i 171,151
50,432
124,163
32,917
110,514
4,243,648
4,904,522
132,184
680,629
37,134
105,356
261
297
250
6,003
30,383
26,189
708
133,545
735,904
34,598
82,470
714
295
200
7,004
39,185
25,759
93
117,768
649,100
20,177
39,456
651
64
400
6,530
30,851
21,695
2,622
CURRENT EXPENSES.
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
Allother
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings l
Traveling expenses
Assessments for Federal Reserve Board expenses.
Insurance (life, fidelity, casualty, workmen's compensation, and
24,454
39,607 |
31,067
general liability)...,
Banking house:
37,599
3,476
31,389
Taxes and fire insurance
27,632
6,896
28,212
Light, heat, and power.
18,476
13,797
3,215
Repairs and alterations.
Allother.
9,660
3,743
14,904
Rent, including light, heat, and power, and minor alterations.
194
643
Fire insurance—furniture and equipment
155,843
82,883
Furniture and equipment 2
114,405
67,998
86,459
Printing and stationery (including office and other supplies)..
1
Other than those connected with governors' and agents' conferences and meetings of directors and
of the advisory council.
2 Charged to profit and loss in 1922 and to current expenses prior to that year.
DISTRICT NO. 11—DALLAS.
389
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1922
Telephone
Telegraph
.
$12,213
58,383
3,933
54,206
Currency and coin shipments
. .
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank note circulation
All other expenses
Total current expenses
Current net earnings
$9,652
68,680
3 1,603\
3 74,870/
$3,938
56,900
79,352
71,402
CURRENT EXPENSES—continued.
. . . . . *..
1921
69,946
65,506
44,262
12,336
12,639
48,508
1,515,391
570,384
1920
86,514
65,915
22,825
23,150
46,397
22,286
78,080
61,571
1,860,856
1,549,847
2,382,792 . 3,354,675
PROFIT AND LOSS ACCOUNT.
Earnings
2,085,775
Current expenses
1,515,391
Current net earnings
570,384
Additions to current net earnings:
Amounts deducted from reserve for—
Depreciation on United States bonds
231,523
Probable losses
80,984
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
Allother
"*Vio7,"ii3*
Total additions
419,620
Deductions from current net earnings:
161,018
Depreciation allowances on bank premises
32,710
Furniture and equipment
439,000
Reserve for probable losses
Reserve for depreciation on United States bonds
3,151
Allother
Total deductions
635,879
Net deductions from current net earnings
216,259
Net earnings available for dividends, surplus, and franchise tax
354,125
Dividends paid
251,915
102,210
Transferred to surplus account
4,243,648
1,860,856
2,382,792
4,904,522
1,549,847
3,354,675
16,167
43
16,210
884*
884
139,230
561,500
49,295
20,087
770,112
769,228
1,613,564
252,211
1,361,353
130,963
11,691
142,654
126,444
3,228,231
225,424
3,002,807
3
Cost of security shipments from January to June included with cost of currency and coin shipments.
* Includes $55,000 representing excess of sale price over net book value of old bank building sold during
the year.
SCHEDULE 6.—OPERATIONS OF F E D E R A L R E S E R V E CLEARING SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Month.
Items drawn on
banks in own
district.
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.*
Number. Amount. Number. Amount. Number. Amount. Number. Amount.
January
February
March
April
May
June
July..
August
September
October
November
December
Total: 1922
1921....
1920....
1,937
1,765
2,089
1,898
1,968
2,047
1,919
1,977
2,142
2,470
2,258
2,574
329,818
276,703
316,237
281,222
300,226
300,946
293,549
308,708
421,396
484,847
416,045
409,533
105
99
112
98
107
105
105
103
97
107
106
127
15,597
14,520
17,365
12,615
13,764
13,479
12,458
13,086
12,244
13,760
13,674
14,868
25,044
24,947
25,315
4,139,230
4,016,991
6,174,543
1,271
1,196
1,831
167,430
267,237
787,181
9,189
7,707
7,933
7,358
8,239
7,215
7,535
2,125
1,936
2,289
2,092
2,167
2,247
2,080
2,152
2,322
2,674
2 453
2,769
357,502
303,620
345,397
303,394
322,978
328,614
313,714
329,727
440,998
506,846
436,934
431,936
110,000
99,276
107,662
27,306
27,289
28,291
4,416,660
4,383,504
7,069,386
12,087
12,397
11,795
9,557
991
1,146
1,145
i Exclusive of duplications on account of items handled by both parent bank and branch.
28971—23
-26
390
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND.
[In thousands of dollars.]
Payments Receipts
to other from other
Federal
Federal
reserve
reserve
banks.
banks.
Week ending-
Jan.
5 (3 days')
12...
19
26
Feb. 2
.
.
9
16
23
Mar. 2
9
16
. .
23
30
Apr. 6
13...
20
May
27
4.. . .
.
.
.
.
. .
18
25
June 1
8
15
22 .
29
July 6
y
13
20
27
Aug. 3
10
17
24
...
31
Sept. 7
14 ..
21
Oct.
28...
5 ..
11
19
26 . .
Nov. 2
9
. . . .
16
23 .
29
Dec.
7
14
21
.
28..
29-30 (2 days)
.
Total* 1922
1921
1920
23,250
47,097
40,897
41,326
37,069
37 539
33,284
38,924
36,265
43,957
42,949
4L 125
39,898
38 428
37,025
41,928
41,093
36,462
38 812
40,407
48 713
34,778
34,8G7
44,862
41,826
39,905
31,097
37,844
37,375
35 38S
40,447
34,934
39,751
39,846
33 237
39,427
46,835
59 319
59,814
60 598
47,023
78,240
67,332
58 906
49,836
59,246
61,745
41 806
56,425
50,731
54,052
45,208
26,071
23,687
45,005
43,463
39,819
37,917
41 003
33,781
40,173
34,341
44,183
45,071
41,606
40,074
37,276
36,098
42,282
38,969
39,200
37 661
46,886
43 788
35,639
33,326
40,175
42 733
38,374
32,465
32,968
36,775
34 714
39,119
38,203
38,680
39 808
36 991
46,976
50,540
67 353
63,648
61 145
49,768
74,931
64,552
57 963
54,612
53,384
62,306
40,941
53,436
46,885
58,075
44,382
18,576
2,315,160
2,452,558
3,514,733
2,321,726
2,435,566
3,492,989
Net gain in ownership of gold since establishment of fund in 1915, $9,695,000.
Net loss.
2,092
1,507
Net gain.
437
2,566
848
1,924
3 464
'497
1,249
226
2,122
481
1 152
176
927
2,124
1 151
4 925
1 481
4,687
1,531
4,876
600
675
1,328
1,071
38
3,309
2,780
943
5,862
354
2,738
6,479
861
907
1,368
3,26£
3 751
7,649
3,705
8 034
3,834
547
2,745
4,776
561
865
2,989
3,846
4,023
826
7,495
16,992
21,744
6,566
DISTRICT NO. 11
391
DALLAS.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING M E M B E R B A N K S
IN LEADING CITIES AS OF THE LAST R E P O R T DATE IN THE M O N T H .
[In thousands of dollars.]
Last report date in—
Total loans and discounts (including rediscounts with Federal reserve bank).
1922
235,051
233,676
237,071
236,133
237,786
236,679
233,949
239,069
254,071
274,805
272,972
267,865
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1921
278,658
271,842
268,244
265,705
264,402
253,846
253,011
250,686
250,768
251,099
244,040
245,271
Net demand deposits.
Investments.
United States securities.
1922
39,071
43,937
41,927
42,926
45,948
49,802
47,841
48,850
50,485
48,023
48,016
57,830
All other.
1921
1922
42,510
43,318
41,269
37,086
35,803
38,056
37,080
38,600
41,194
39,198
39,533
39,299
Time deposits.
1921
9,091
•8,040
7,890
7,325
8,290
8,112
7,241
7,899
7,452
8,025
8,651
8,955
10,722
10,364
10,552
9,566
9,959
10,555
10,989
9,308
9,518
10,158
10,414
9,444
Accommodation at
Federal reserve bank.
Last report date in—
1922
1922
190,998
198,312
197,130
203,908
209,587
208,737
204,553
206,793
223,564
239,796
240,187
235,044
January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1921
210,912
209,337
202,611
197,846
197,744
188,267
184,053
181,128
182,808
189,989
187,934
192,069
61,486
62,593
63,004
64,021
65,500
64,964
65,186
64,013
65,949
69,578
69,468
70,527
1921
59,305
62,009
59,868
60,577
61,359
61,360
60,466
60,779
59,829
60,087
60,353
58,995
1922
1921
7,740
6,072
4,680
4,085
2,931
3,599
3,943
4,222
5,747
5,033
3,666
2,690
33,401
29,163
27,571
22,485
19,515
18,962
24,353
22,070
22,736
22,579
16,705
12,687
NOTE.—Figures are for about 52 banks, which submit weekly reports to the Federal Reserve Board,
ocated in Dallas, El Paso, Houston, Fort Worth, Galveston, San Antonio, Shreveport, and Waco.
SCHEDULE 9 . — D E B I T S TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
Summary for 11 centers.1
Albuquerque, N. Mex.
Month.
1922
1922
1921
1920
January...
February..
March
April
May
June
July
August
September.
October...
November.
December..
526,519
460,149
524,469
470,827
486,707
479,097
432,944
440,729
541,700
589,166
556,549
605,692
551,763
466,274
596,774
443,091
437,088
453,385
424,419
435,510
512,987
567,447
527,296
577,461
698,650
548,921
627,458
595,160
584,042
582,581
579,773
566,814
630,664
689,884
615,626
619,756
7,683
7,003
8,232
7,944
8,967
9,684
9,389
8,191
7,966
9,670
9,721
10,377
7,994
7,254
6,187
5,713
5,572
7.787
7; 652
6,598
7,069
7,617
8,134
8,698 |
9,055
7,492
8,761
8,423
8,082
8,733
8,019
6,995
7,596
8,567
9,000
8,582
Total
6,114,548
5,893,495
7,339,329
104, 827
86,275 j
99,305
1920
1
Figures for cities which are marked with an asterisk are not included in the district summary or in the
national summary of 141 centers.
392
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Austin, Tex.
Beaumont, Tex.
Month.
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
12,134
10,550
13,280
12,981
13,268
13,274
11,758
11,711
19,319
19,297
16,405
18,329
1922
1920
15,296
12,094
13,303
11,313
12,764
11,226
10,906
10,322
14,248
14,256
14,513
13,326
18,553
15,617
14,943
15,406
15,130
14,994
12,665
12,724
18,573
20,863
16,529
16,261
1921
15,085
14,498
15,154
12,851
1920
I
|
14,211
14,534
13,538
13,425
14,177
15,528
14,170
17,195
19,108
15,775
16,152
12,800
12,736
13,592
12,588
14,063
12,613
13;331
12,848
14,782
21,415
19,809
21,197
22,764
19,365
21,017
21,323
20,517
20,129
20,882
18,046
19,237
174,366
Total.
,
!
170,388
245,701
El Paso, Tex.
Dallas, Tex.
Month.
1921
1922
1920
' 1921 *
1922
1920
January
February..
March
April
May
June
July
August
September.
October
November.
December..
150,103
131,028
148,763
132,670
138,789
144,514
128,096
130,049
179,770
200,507
183,245
199,070
164,375
. 131,552
152,704
137,276
135,629
133,439
123,822
124,531
155,576
172,329
157,269
166,224
239,080
171,800
197,062
173,863
166,678
170,661
157,928
153,084
184,374
213,935
192,399
185,684
34,458
27,061
31,696
28,707
33,779
33,423
30,920
30,589
27,860
29,835
30,137
34,532
35,215
30,332
35,428
32,328
33,469
37,232
28,731
29,080
28,384
31,930
33,132
36,454
42,983
36,491
43,174
41,592
47,204
41,948
38,744
33,722
37,041
40,513
42,588
47,154
Total
1,866,604
1,754,726
2,206,548
372,997
391,715
493,154
Fort Worth, Tex.
Galveston, Tex.*
Month.
1921
1922
1921
1920
1922
January
February..
March
April
May
June
July
August
September.
October
November.
December..
137,684
125,653
142,066
119,459
106,776
101,707
88,408
87,520
86,428
100,674
105,617
120,962
103,005 I
95,537
91,142 i
82,273 !
78,554
84,961
86,156
94,230
103,673
122,466
128,667
144,458
110,893
85,479
105,667
106,911
103,304
110,174
115,236
114,799
118,707
123,988
111,785
113,548
66,708
50,398
65,040
59,625
59,688
56,982
61,498
68,392
109,533
124,521
93,268
83,601
• 101,328
76,251
83,298
77,834
84,202
85,507
80,656
91,195
104,421
89,757
69,421
74,102
44,586
35,151
42,171
37,567
36,189
34,606
40,582
45,336
55,951
58,875
52,466
97,353
Total
1,322,954
1,215,122 I 1,320,491
899,254
1,017,972
580,833
DISTRICT NO. 11—DALLAS.
393
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
Houston, Tex.
San Antonio, Tex.*
Month.
1920
January—
February..
March
April
May
June
July
August
September.
October
November.
December..
Total.
110,108
90, 381
105,969
100,510
105,059
99,630
93,540
105,098
138,645
139,942
. 123,952
131,209
136,519
114,046
127,971
107,668
101,218
109,569
104,179
108, 250
129,307
138, 705
115,573
128,691
173. 471
138^ 624
156, 023
149, 277
146, 082
138, 855
166, 484
167, 047
176, 602
187, 178
154, 925
155, 763
j
j
!
|
I
I
|
|
;
i
1,344,023 I 1,421,696 I 1,910,331
-
27,179
22,824
27,271
24,656
28,033
27,348
26,069
28,867
30,972
31,143
28,865
31,095
i
I
!
i
i
|
I
1
334,322 I
32,266
25,603
30, 760
28,719
29,941
32,917
26,477
29,184
28,138
26,757
27,129
29,103
40,888
33,553
37,884
36,063
35,372
35,687
31,581
32,961
39,087
37,356
33,568
34,772
346,994
428,772
Texarkana, Tex.
Shreveport, La.
Month.
1921
January—
February..
March......
April
May
June
July
August
September.
October....
November.
December..
31,441
28,036
30,994
29,673
36,504
32,514
30,151
27,226
29,945
34,216
37,764
36,108
37,477
31,699
24,446
27,706
30,002
27,051
24,508
23,618
29,577
31,235
27,016
31,737
Total.
384,572
346,072
1920
1922
I
1921
1920
44,613
37,218
42,067
40,598
44,007
40,968
29,153
29,017
31,370
35,336
35,922
37,280
5,888
6,451
6,849
6,103
7,831
7,866
6,821
6,526
6,759
7,116
7,061
9,882
7,303
6,039
6,752
6,541
6,361
6,720
5,548
5,733
6,752
6,994
6,622
8,597
9,401
10,133
12,300
11,083
9,369
9,146
7,001
7,198
7,923
8,745
9,415
9,715
447,549 I
85,153
79,962
111,429
Waco, Tex.
Tucson, Ariz.
Month.
1922
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
6,555
6,859
6,666
6,851
7,426
7,743
7,248
6,181
6,456
7,358
8,473
9,166
6,683
5,731
7,645
8,467
7,147
6,277
6,311
7,171
7,415
7,623
Total
86,982
83,761
1920
1922
1921
1920
15,380
12,649
14,800
13,078
14,097
14,208
13,075
14,213
24,375
25,023
20,004
18,862
84,571
18,578
15,548
16,006
13,742
13,138
13,341
13,182
12,808
19,477
21,413
16,107
16,871
21,719
20,663
19,761
17 883
17,044
17,752
16,364
15,184
21,561
22,567
18,011
19,483
199,764
190,211
997 QQ9
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not
included in the table.
394
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 12—SAN FRANCISCO.
SCHEDULE 1.—COMPARATIVE STATEMENT OP CONDITION.
[In thousands of dollars.]
Dec. 30,
1922.
Dec .31,
1921.
Dec. 31,
1920.
RESOURCES.
19,106
37,700
18,254
37,460
28,629
23,724
152
Total gold held by bank
Gold with Federal reserve agent
Gold redemption fund
56,806
202,735
3,977
55,714
220,433
3,356
52,505
119,060
10,368
Total gold reserves
Legal-tender notes, silver, etc..
Total reserves.
263,518
4,286
279,503
3,249
181,933
1,162
267,804
282,752
183,095
6,867
30,437
43,486
13,683
53,410
20,795
51,546
116,052
46,798
80,790
27,617
87,888
2,927
214,396
2,087
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold "with foreign agencies
Bills discounted:
Secured by United States Government obligations..
Other bills discounted
Bills bought in open market
Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
Allother
10,880
151
7,149
115,556
Total resources.
98,742
227,514
45,438
4,656
394
37,180
6,244
253
665
48,102
1,347
435,198
Total earning assets..
Bank premises
5 per cent redemption fund against Federal reserve bank notes..
Uncollected items
All other resources
426,121
460,976
7,565
15,263
7,375
15,199
6,927
14,194
1,967
137,801
3,781
4,225
121,108
3,876
114,452
3,907
143,549
129,209
124,242
235,041
240,411
4,751
28,045
1,131
272,463
8,157
33,713
1,280
426,121
460,976
76.5
47.9
i 1,744
LIABILITIES.
Capital paid i n .
Surplus
Deposits:
G overnment
'
Member bank—reserve account.
Allother
Total deposits.
Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net liability.
Deferred availability items
All other liabilities
32,906
874
Total liabilities.
Ratio of total reserves to deposit 2 and Federal reserve note liabilities combined
•
70.7
1
Net, i. e., after deducting reserves for depreciation.
* Net deposits prior to Mar. 18,1921, and total deposits beginning with that date.
DISTRICT NO. 12
395
SAN FRANCISCO.
SCHEDULE 2.—-MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES D U R I N G
1922.
[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Date.
Total
Bills
Bills
earning
secured Other bought
in
assets
open
bills
by
(2+5+ Total. U.S.
market.
dis6;.
Govern- countment
obliga- ea.
tions.
1
Jan.
Feb.
Mar.
Apr.
May
4....
11....
18....
25....
1....
8....
15....
21....
1....
8....
15....
22....
29....
5
12....
19....
26....
3....
10....
17....
24....
31....
June 7
14....
21....
28....
July 5 . . . .
12
19....
26....
Aug. 2
9....
16....
23....
30....
Sept. 6
13....
20....
27....
Oct. 4 . . . .
11
18....
25....
Nov. 1 . . . .
8....
15....
22....
29....
Dec. 6 . . . .
13....
20....
27....
100,429
90,310
82,145
85,520
88,964
80,843
79,365
78,642
87,120
91.941
104,564
93,066
96,616
106,936
111,527
106,412
110,522
112,626
109,379
116,280
112,939
115,738
113,928
118,837
121,465
122,595
124,746
121,358
115,092
120,507
117,840
115,873
115,067
*119,218
119,872
125,690
130,160
128,350
132,835
130,253
130,170
130,648
131,288
130,054
125,254
113,372
116,301
126,239
121,871
120,864
123,285
124,679
2
70,691
65,348
59,899
60,094
64,705
57,508
55,576
55,241
60,140
61,107
56,860
55,749
58,943
54,581
49,025
43,810
47,641
45,779
43,279
45,986
42,637
46,307
37,810
42,024
46,763
45,038
47,181
43,990
41,941
45,034
44,584
43,107
43,388
44,319
43,904
45,362
43,352
41,674
39,931
40,550
34,573
36,580
35,718
40,806
41,194
37,211
39,263
49,133
46,766
43,403
41,090
40,278
3
18,015
19,170
18,495
17,697
21,094
16,798
17,300
19,468
21,761
19,528
20,017
20,246
17,836
11,278
11,095
6,642
9,346
7,847
6,316
10,137
7,573
8,921
6,474
5,305
9,301
6,749
8,923
7,183
9,118
11,007
10,642
9,889
10,113
10,806
10,970
10,338
9,662
9,786
9,774
11,653
8,029
9,221
9,726
13,044
13,789
10,599
13,174
20,716
18,407
11,173
11,997
11,556
4
52,676
46,178
41,404
42,397
43.611
40,710
38,276
35,773
38,379
41,579
36,843
35,503
41,107
43,303
37,930
37,168
38,295
37,932
36,963
35,849
35,064
37,386
31,336
36,719
37,462
38,289
38,258
36,807
32,823
34,027
33,942
33,218
33,275
33,513
32,934
35,024
33,690
31,888
30,157
28,897
26,544
27,359
25,992
27,752
27,405
26,612
26,089
28,417
28,359
32,230
29,093
28,722
5
18,248
12,447
9,336
7,598
4,962
3,917
5,243
4,891
8,332
10,067
8,318
6,331
6,483
6,245
5,562
5,593
5,872
6,838
6,091
10,285
10,294
9,422
16,070
16,764
14,598
16,953
15,461
15,264
14,656
17,497
15,279
14,789
17,702
20,922
21,991
27,351
33,831
34,700
40,928
37,727
43,622
42,661
44,163
41,881
36,693
34,169
40,235
40,304
38,803
41,363
41,097
38,302
FedMemeral
Reber
United Total
Total reserve serve
States cash banks' denotes perre- reserve
secuin cir- centrities. serves. de- posits. cula- ages.
posits.
tion.
6
11,490
12,5K
12,910
17,828
19,297
19,418
18,546
18,510
18,648
20.767
39,386
30,986
31,190
46,110
56,940
57,009
57,009
60,009
60,009
60,009
60,008
60,009
60,048
60,049
60,104
60,604
62,104
62,104
58,495
57,976
57,977
57,977
53,977
53,977
53,977
52,977
52,977
51,976
51,976
51,976
51,975
51,407
51,407
47,367
47,367
41,992
36,803
36,802
36,302
36,098
41,098
46,099
7
283,582
285,422
293,033
283,398
291,488
294,235
291,304
281,668
296,580
289,667
285,332
293,382
289,460
275,384
269,787
269,644
270,557
272,361
279,426
262,490
260,885
259,176
260,439
255,008
251,999
248,630
250,172
253,765
257,970
251,779
250,716
254,916
259,093
245,937
249,139
243,717
242,000
244,172
241,863
246,653
248,516
243,080
240,208
247,577
257,177
263,514
254,887
250,797
257,386
267,108
264,392
256,353
8
120,320
122,910
121,681
119,019
120,145
119,985
122,789
117,586
118,831
118,666
122,912
116,053
116,894
121,929
122,191
120,005
122,687
119,073
121,488
123,068
121,435
116,553
121,015
121,201
125,010
123,461
120,340
127,820
125,295
124,453
123,491
125,841
126,993
125,188
128,023
123,477
128,526
128,638
130,847
130,641
135,335
133,769
131,223
135,284
127,879
137,188
132,176
133,523
130,910
134,849
134,753
134,367
9
129,922
129,943
135,601
131,996
139,051
141,196
141,521
132,103
138,379
136,244
144,876
143,503
145,955
144,825
146,666
143,194
145,694
141,820
144,011
143,371
139,821
136,681
140,525
142,591
141,532
139,816
134,226
142,422
141,260
139,754
135,997
136,965
141,308
134,204
138,778
131,172
138,866
136,177
138,880
136,154
140,239
138,433
136,470
141,385
135,405
143,991
139,731
140,201
136,543
141,752
139,635
139,516
10
239,434
230,970
223,627
219,201
219.678
216,336
213,753
212,299
228,435
227,807
225,504
224,833
221,560
218,165
217,671
216,458
217,742
224,745
226,674
224,987
215,781
216,002
218,650
217,233
217,525
217,104
226,172
218,939
217,870
216,648
217,198
216,436
216,013
215,278
215,325
223,745
221,327
220,684
219,861
223,019
225,648
223,519
221,351
222,088
224,164
221,984
220,439
219,457
230,955
235,842
243,004
244,596
11
76.8
79.1
81.6
80.7
81.3
82.3
82.0
81.8
80.9
79.6
77.0
79.7
78.8
75.9
74.0
75.0
74.4
74.3
75.4
71.3
73.4
73.5
72.5
70.9
70.2
69.7
69.4
70.2
71.8
70.6
71.0
72.1
72.5
70.4
70.4
68.7
67.2
68.4
67.4
68.7
67.9
67.2
67.1
68.1
71.5
72.0
70.8
69.7
70.0
70.7
69.1
66.7
396
AKNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BANK OF SAN FRANCISCO
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
F. R.NOTE CIRCULATION
200
UNITED STATES SECURITIES
250
250
DISCOUNTS FOR OWN MEMBERS
200
200
150
)
1921
1922
DISTRICT NO. 12—SAN FRANCISCO.
SCHEDULE 3.—VOLUME
397
OF DISCOUNT AND OPEN-MARKET OPERATIONS.
[In thousands of dollars.]
Bills discounted.
Secured by
U.S.
Bankers'
Governacceptment
ances.
obligations.
Month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
164,122
138,668
175,592
84,090
109,376
92,632
105,748
114,386
124,984
140,522
134,902
150,278
1,535,300
2,823,018
2,965,647
Total: 1922
1921
1920
87,589
81,954
97,142
35,844
58,863
36,909
49,767
76,192
73,167
66,196
64,255
74,414
802,292
1,959,397
2,120,625
Bills bought in open market.
Month.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
Total: 1922
1921
1920
195
437
71
883
4,592
33,608
3,535
8,559
8,772
5,587
7,529
17,971
15,513
29,047
33,846
27,239
20,413
29,116
25
780
746
182
168
1,167
211,800
130,461
364,845
207,127
123,143
346,997
4,224
6,585
4,281
116
319
105
25
466
125
3,175
16,888
24,800
U. S. securities
purchased.
8,453
1,961
20,104
27 20,751
1,350
2,500
71
200
7,712
62,831
4,671
4,728
2,790
3,667
3,831
4,056
4,997
4,490
2,835
1,893
1,817
1 564
2,597
71,346
53,811
74,336
44,153
46,145
50,412
51,255
34,943
49,723
72,143
68,372
73,046
39,265
689,685
99,531
742,610
786,614
Total discount and openmarket operations.
1922
1921
176,299
149,721
236,799
110,549
118,747
121,917
123,786
152,925
159,901
167,962
155,524
243,607
217,053
196,592
327,336
296,720
347,857
368,886
233,373
194,915
192,744
230,610
203,419
107,806 1,917,737
73,453
445,745
,031,603
2
14
32,226
69
26
8,689
2,500
1,000
280
63,000
449
733
13,567
Agricultural
and live- All other.
stock paper.
113
447
262
267
224
191
416
201
171
274
150
CertifiBankers' Dollar Trade Bonds cates of
aceptex- accept- and
inances. change ances. notes. debtedness.
3,722
9,078
8,877
5,639
7,995
18,096
15,538
29,827
34,637
27,440
20,622
Trade
acceptances.
1920
271,027
203,976
423,387
378,106
337,407
371,500
306,642
254,997
295,946
263,175
322,369
347,705
3,776,237
.398
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR M E M B E R B A N K S IN E A C H STATE.
[Amounts in thousands of dollars.]
Month.
Utah. vada.
January
„... 1,614
February
1,760
March
2,013
April
1,029
May
1,159
June
1,025
July
1,024
August
1,023
September
884
October
696
November
437
December
758
Total: 1922.. 13,422
1921..
1920...
Number of member banks at end
of year:
Cali-
Ne-
Ari-
10,779
6,558
9,852
7,236
5,215
5.071
6,358
4,420
4,479
3,175
2,596
2,927
68,666
63,152
27,235 263
16,790 295,679
fornia.
143
20
115,736
101,713
135,168
51,018
74,090
57,099
70,824
79,379
90,136
109,432
102,247
120,370
Idaho.
7,871
5,583
5,289
3,604
4,342
3,762
4,205
4,957
6,448
3,026
5,006
5.294
21,476
17,802
19,666
17,678
19,299
19,377
16,953
19,120
16,993
16,229
13,838
12,645
6,636
5,232
3,594
3,490
5,246
6,298
6,384
5,487
6,044
7,964
10,635
8,264
164,1
138,&
175.592
84,090
109,376
852
848
845
852
847
92,632
105,748
114,386
124,984
140,522
134,902
150,278
366
341
33k
325
339
339
340
335
301
272
266
269
836
836
2631 ,107,212 59,387 211,076 75,2741,,535,300
5,2381,923,647J144,946 227,461 234,
\, 823,018
,9461 ,911,319 214,358186,543 339,012 2,965;
—»,647
1922
1921
1920
325
355
346
1922
1921
1920
186
218
202
Number of member banks accommodated:
1
Oregon.
Number
Number of memof mem- ber banks
Washber banks accomington. Total. in district modated
at end of during
month.
the
month.
135
134
119
120
127
129
164
150
146
826
857
830
102
122
112
104
• 110
107
531
617
578
Figures in this column relate only to that part of the State located in the twelfth district.
SCHEDULE 5 . — E A R N I N G S AND E X P E N S E S .
1920
Discounted bills
Deficient reserve penalties.
Miscellaneous
Total earnings.
$2,126,654
712,385
1,811,317
48,957
121,889
$7,965,583
825,577
236,876
130,254
26,123
$8,259,664
3,890,556
322,787
130,157
103,504
4,821,202
Purchased bills
United States securities
9,184,413
12,706,668
235,695
1,543,561
81,750
113,764
1,221
1,116
1,483
11,386
38,319
51,003
3,974
225,480
1,687,043
74,174
88,954
1,407
1,929
2,312
12,413
35,115
52,375
6,509
188,017
1,018,812
33,150
38,691
1,272
1,683
1,417
11,099
32,193
45,964
4,545
CURRENT EXPENSES.
Salaries:
Bank officers
Clerical staff
Special officers and watchmen.:
Afl. other
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings l
Traveling expenses
Assessments for Federal Reserve Board expenses.
Insurance (life, fidelity, casualty, workmen's compensation, and
36,107
66,733
37,725
general liability)
Banking house:
6,773
5,481
Taxes andfireinsurance
,
7,488
5,346
Light, heat, and power
25,497
947
Repairs and alterations
108,92/
384
All other
137,766
97,465
Rent, including light, heat, and power, and minor alterations
2,263
2,014
Fire insurance—furniture 2 equipment
and
202,7,1
155,031
Furniture and equipment
1
Other than those connected with governors' and agents' conferences and meetings of directors and o" the
advisory council.
3 Charged to profit and loss in 1922 and to current expenses prior to that year.
DISTRICT NO. 12—SAN FRANCISCO.
399
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1920
CURRENT EXPENSES—continued.
Printing and stationery (including office and other supplies)
Telephone
Telegraph
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes on Federal reserve bank note circulation
All other expenses
'
Total current expenses.
Current net earnings
$127,571
15,775
88,034
15,696
50,320
$205,095 ,
16,915
100,108
13,008
60,262
$178,489
10,415
70,615
130,105
99,837
101,666
230,465
42,696
15,000
88,359
3,006,387
1,814,815
498,762
74,963
43,485
113,438
3,816,964
5,367,449
219,398
40,600
46,283
81,963
2,502,586
10,204,082
4,821,202
Earnings
3,006,387
Current expenses
1,814,815
Current net earnings
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
4,395
States bonds
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
1,814
All other
6,209
Total additions
Deductions from current net earnings:
36,406
Depreciation allowances on bank premises
36,003
Furniture and equipment
72,000
Reserve for probable losses
Assessment account expenses Federal Reserve Board
All other
16,259
Total deductions
160,668
Net deductions from current net earnings
154, 459
Net earnings available for dividends, franchise tax, and surplus
1,660,356
448,306
Dividends paid
» 1,090,845
Franchise tax paid United States Government
3 121,205
Transferred to surplus account
9,184,413
3/816,964
5,367,449
12,706,668
2,502,586
10,204,082
PROFIT AND LOSS ACCOUNT.
78,876
1,497
80,373
45,964
417
46,381
16,512
123,570
'566*666'
10,810
527,322
446,949
4,920,500
435,361
3,230,315
1,254,824
12,658
5,412
141,640
95,259
10,108,823
384,713
3,069,255
6,654,855
3
Bank also charged its surplus account and paid the United States Government $306,926 as an additional
f ranchise tax for 1921. See p. 22.
SCHEDULE 6.—OPERATIONS OF FEDERAL R E S E R V E
CLEARING
SYSTEM.
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Montb.
Items drawn on
banks in own
district.
Number.
January
February
March
April
May
June
July
August
September
October
November
December
Total: 1922
1921....
1920....
1
Items forwarded
to other Federal
reserve banks and
their branches.
Items drawn on
Treasurer of
United States.
Total.i
Amount. Number. Amount. Number. Amount. Number.
3,487
3,093
3,857
3,472
3,643
3,804
3,795
4,002
3,967
4,496
4,277
4,669
519,706
420,957
535,915
494,875
532,048
555,244
545,864
565,531
602,957
673,881
636,293
663,030
46,562
37,089
25,452
6,746,301 I
5,871,998 I
5,819,656 |
202
166
221
186
183
182
209
203
190
211
200
225
2,378
1,928
1,205
31,981
29,593
32,155 I
30,483!
30,928
31,645
35,100
34,604
34,125
40,078
35,006
34,844
400,542
407,164
573,429
65,857
98,770
194,219
76,170
65,030
149,134
56,718
102,165
105,607
107,549
63,348
210,064
3,848
3,404
4,278
3,846
4,015
4,201
4,171
4,364
4,361
4,939
4,694
5,120
617,544
549,320
762,289
601,528
628,006
736,023
637,682
702,300
742,689
821,508
734,647
907,938
2,301 1,294,631
2,106 1,319,864
1,523 1,726,996
51,241
41,123
28,180
8,441,474
7,599,026
8,120,081
159
145
200
188
189
215
167
159
204
232
217
226
Exclusive of duplications on account of items handled by both parent bank and branch.
Amount.
400
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT F U N D .
[In thousands of dollars.]
Week ending-
Jan.
5 (3 d a y s ) .
12
'..
19
Feb.
2.
9.
16.
23.
2.
9.
16.
23.
30.
6.
13.
20.
27.
4.
11.
18.
25.
1.
8.
15.
22.
29.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
13..
20..
27..
3..
10..
17..
24..
31..
-7..
14..
21..
28..
5..
11..
19..
26*..
2..
16
23
29
7
14
21
28
29-30 (2 d a y s ) .
Total: 1922
1921
1920
Payments j Receipts
to other j from othe
Federal
Federal
reserve
reserve
banks.
banks.
34,401
50,521
48,492
59,628
43,981
44, 447
47,591
48,742
55,542
53,754
59,595
53,011
55,296
64,703
46,875
55,502
54,546
58,773
52,328
61,531
58,957
47,357
55,052
67,076
56,390
67,691
47,319
56,294
59,352
54,466
56,959
54, 899
44,089
63,696
56,652
53,448
55,334
66,841
66,465
57,963
55,543
72,968
70,358
60,906
53,250
62,738
74,633
58,636
67,953
56,024
70,141
63,909
22,864
33,134
46,861
52,447
43,062
53,863
44,834
38,860
37,983
68,947
46,955
55,459
58,268
50,737
45,168
47,211
56,712
54,900
59,597
49,072
46,542
55,740
45,681
45,953
65,074
54,060
67,443
55,843
48,055
62,410
50,242
56,190
52,587
52,721
52,425
54,375
50,270
49,073
65,708
62,949
68,344
52,297
64,181
69,497
62,839
62,038
59,119
61,299
58,039
70,380
63,947
66,715
61,873
27,617
N e t gain.
1,267
3,660
3,955
16.566
9,882
387
8,731
10,759
13,405
6,799
4,136
5,257
4,559
19,535
336
1,210
354
824
3,256
14,989
3,217
1,676
9,099
2,002
2,330
248
8,524
8,239
"3*058
8,632
11,271
2,277
3,178
6,261
1,133
3,516
3,246
8,787
861
3,619
13,334
597
10,381
1,933
8,788
2,427
7,923
3,426
2,036
4,753
2,985,482
2,468,430
2,924,829
2,885,596
2,457,681
3,062,588
Net gain in ownership of gold since establishment of fund in 1915, $324,566.000.
Net loss.
99,886
10,749
137,759
401
DISTRICT NO. 12—SAN FBANCISCO.
SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING M E M B E R B A N K S
IN L E A D I N G CITIES AS OF T H E L A S T R E P O R T D A T E I N T H E M O N T H .
[In thousands of dollars.]
Total loans and discounts (including rediscounts with Federal reserve bank).
Last report date in—
Investments.
United States securities.
All other.
1922
May
June.. .
July
August
September..
October
November .
December
. .
1922
1921
1922
886,232
839,261
846,502
862,506
860,559
856,592
863,942
868 441
876,709
891,727
904,297
908,690
January .
February
March
1921
957,459
957,047
961," §81
955,047
940,000
929,430
917,429
919 127
916,155
911,816
916,636
929,734
141,945
145,185
141,426
150,946
150,780
161,131
160,292
172 049
174,235
179,233
181,151
197,179
126,796
128,199
134,434
140,572
137,687
134,942
128,725
133 402
145,116
134,184
136,453
143,268
174,006
162,092
170,556
164,290
164,910
165,410
166,468
160,572
159,323
161,534
163,638
159,833
Net demand deposits.
1921
171,875
169,864
171,450
170,722
173,316
175,520
167,852
169,188
165,274
173,762
169,979
177,426
Accommodation at
Federal reserve bank.
Time deposit.
Last report date in—
1922
January....
February
March .
April
May....
June
July.
August
September
October..
November
December
.. .
1921
1922
1921
603,719
565,595
575,242
596,137
601,795
608,270
628,375
634,061
639,987
656,001
653,246
653,268
604,457
591,113
571,130
564,344
554,033
553,319
558,408
571,418
562,412
581,842
609,266
601,878
564,239
530,007
532,248
541,521
534,573
546,845
549,529
544,831
551,864
559,012
565,981
576,219
542,824
538,857
539,587
541,423
537,374
542,170
542,711
547,955
542,372
547,903
551,946
564,718
1922
23,069
20,143
26,024
16,046
15,512
11 858
11,606
10,848
9,613
12,180
30,712
21,370
1921
88,334
90,113
106,230
100,174
99,119
85 669
74,389
63,143
66,942
54,964
32,004
34,229
NOTE.—Figures are for about 66 banks, which submit weekly reports to the Federal Reserve Board,
located in San Francisco, Los Angeles, Portland, Salt Lake City, Seattle, Spokane, Oakland, Ogden, and
Tacoma.
SCHEDULE
9 . — D E B I T S TO INDIVIDUAL
ACCOUNTS.
[In thousands of dollars.
Summary for 18 centers.1
B e r k e l e y , Calif *
Month.
1922
January...
February..
March.....
April
May
June
July
August
September.
October
November.
December..
Total
1921
1920
1922
I
1,979,295
1,709,434
2,061,228
1,951,433
1,995,215
2,047,485
1,972,381
1,999,425
2,103,481
2,218,496
2,131,811
2,392,621
2,156,296
1,765,128
2,197,441
1,999,527
1,858,570
1,935,991
1,794,493
1, 842,521
1,970,749
2,097,324
2,065,061
2,252,118
2,395,524
2,022,909
2,449,731
2,322,469
2,265,234
2,424,681
2,500,289
2,2,54,465
2,342,350
2,424,036
2,342,135
2,482,496
15,496
15,967
19,202
16,100
20,630
17,006
15,365
15,374
17,848
17,899
16,193
17,334
24,562,3054
23,935,219
28,226,319 I
204,414 !
1921
1920
13,608
11,031
13,062
12,307
12,714
12,061
12,465
14.267
13; 838
14,916
13,720
16,285
15,341
10,350
12,220
11,447
12,475
12,390
12,373
12,141
13,561
12,364
12,686
13,419
160,274
150,767
1 Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.
402
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
I
Boise, Idaho.
Fresno, Calif.
Month.
1921
1922
1920
1922
January
February...
March..
April
May
June
July
August
September.
October
November.
December..
13,470
9,632
10,355
10,354
12,310
12,829
12,072
11,279
12,172
12,963
13,038
16,434
12,651
9,458
10,010
11,324
9,616
10,557
12,214
10,849
11,712
12,280
13,174
13,025
16,785
14,651
13,968
12,365
14,810
14,856
14,382
13,913
12,990
13,584
13,249
13,878
Total
146,908
136,870
169,431 j
|
i
|
i
1921
1920
41,368
36,041
43,232
52,480
40,351
40,766
42,212
42,600
54,829
72,362
71,584
70,079
44,399
51,266
44,535
40,249
38,162
36,207
35,246
38,229
52,636
71,658
65,008
58,310
50,050
48,068
42,907
39,086
46,058
44,162
46,338
46,043
56,167
75,900
73,904
63,209
607,904
575,905
631,892
Long Beach, Calif.
Los Angeles, Calif.
Month.
1922
1921
1920
1922
1921
1920
January
February...
March
April
May
June
July
August
September.
October
November.
December..
28,249
25,419
31,236
29,039
30,393
32,547
38,103
36,243
38,072
41,442
40,848
51,536
23,807
20,328
26,391
25,032
21,899
24,044
25,108
23,930
23,095
24,097
24,622
28,684
25,902
20,937
25,458
24,697
21,937
21,466
24,825
21,778
23,179
24,263
24,304
25,516
511,034
436,496
520,741
473,001
526,172
518,489
498,524
494,186
516,679
549,286
535,054
632,291
459,122
380,139
482,278
433,981
407,791
441,855
425,222
433,829
424,648
473,648
484,115
538,157
445,022
388,759
469,033
425,531
399,684
435,752
461,044
411,691
422,216
432,946
443,918
507,684
Total
423,127
291,037
284,262
6,211,953
5,384,785
5,243,280
Oakland, Calif.
Ogden, Utah.
Month.
1922
January
February..
March
April
May
June
July
August
September.
October....
November.
December..
72,146
84,653
85,684
86,939
87,280
82,838
87,621
90,770
109,244
96,759
Total
1921
1920
1922
1921
1920
123,158
86,490
73,731
85,866
79,053
83,051
79,942
77,888
77,496
77,080
80,212
80,766
93,787
90,544
78,879
89,675
86,688
97,787
137,314
160,604
93,290
92,181
94,245
87,408
104,829
20,722
16,093
19,740
17,557
21,517
17,727
16,483
18,867
20,072
21,997
32,403
36,821
21,110
12,580
14,161
13,749
12,930
13,881
10,261
12,193
12,265
16,263
30,147
18,529
20,318
16,720
19,485
14,471
16,325
16,804
16,643
15,940
20,372
20,585
23,804
27,565
1,088,090
975,362
1,213,444
259,999
178,069 i
229,032
DISTRICT J T O . 12
40b
SAN FRANCISCO.
S C H E D U L E 9 . — D E B I T S TO I N D I V I D U A L ACCOUNTS—Continued.
Portland, Oreg.
Pasadena, Calif.
Month.
1922
1921
1920
1922
1921
1920
January
February...
March
A.pril
May
June
July
August
September.
October
November.
December..
26,290
20,648
27,301
24,260
26,405
25,878
24,891
22,945
23,291
25,651
25,987
31,224
24,333
21,943
28,110
25,273
21,576
22,395
21,126
19,032
19,860
22,518
23,475
22,134
24,885
21,537
29,498
26,193
24,821
23,170
22,514
21,770
21,260
21,567
23,511
25,330
124,454
113,711
142,945
136,292
127,805
141,368
133,170
141,005
147,297
161,536
136,941
145,142
159,187
142,462
161,572
169,062
140,306
147,327
130,602
148,810
160,839
158,665
131,367
138,317
202,626
171,467
216,549
212,601
190,785
192,848
199,095
185,523
199,108
208,419
193,241
190,253
Total.
304,771
271,775
286,056
1,651,666
1,788,516
2,362,515
Sacramento, Calif.
Reno, Nev.
Month.
1922
1921
1920
1922
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
9,929
7,933
9,862
9,100
10,006
11,906
11,207
10,115
10,973
11,537
11,065
11,837
11,630
8,926
11,208
10,885
10,650
11,753
11,549
11,360
10,541
10,895
10,914
11,354
14,241
10,199
13,385
11,725
11,445
13,400
13,665
11,900
12,627
12,362
12,857
13,756
58,010
47,384
62,741
63,149
58,265
64,036
60,099
66,031
70,147
Total.
125,470
131,665
151,562
1920
54,645
83,394
58,102
47,627
55,588
54,563
51,584
53,720
54,094
48,813
63,304
73,423
73,697
80,027
70,680
50,455
62,222
59,344
53,564
57,996
68,142
69,344
75,864
77,741
81,583
71,856
755,989
714,532
798,791
Salt Lake City, Utah.
San Diego, Calif.
Month.
1922
1921
1920
1922
1921
January
February..
March
April
May
June
July
August
September.
October
November.
December..
58,771
44,625
52,987
53,440
55,788
55,819
55,670
57,331
55,830
62,839
67,629
81,461
80,937
53,783
63,711
70,076
50,298
60,640
55,339
54,846
60,652
60,378
69,428
91,098
87,074
67,972
84,414
79,918
73,812
75,354
80,116
'69,875
76,776
79,445
74,767
98,646
38,167
32,5*1
39,403
41,247
39,370
40,296
39,851
36,590
36,471
38,753
38,698
47,758
37,477
32,638
34,909
35,870
32,054
32,233
34,220
31,897
31,469
31,657
33,719
39,613
Total.
702,190
771,186
948,169
469,185
407,756
1920
34,974
31,147
37,737
35,401
36,227
34,893
38,533
32,770
35,220
36,503
35,575
37,340
426; 3
404
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
San Francisco, Calif.1
San Jose, Calif.*
Month.
1922
1920
725.176
626,032
738,831
698,205
705,661
730,557
708,828
708,090
757,110
751,195
723,098
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921
878,190
696,854
915,361
777,769
744,094
750,204
663,710
690,619
751,523
791,526
780,411
848,436
942,320
780,880
949,776
922,994
927,465
002,577
009,847
936,934
969,472
983,209
947,095
994,964
21,606
15,475
19,554
18,572
18,596
19,937
20,878
23,286
21,937
26,948
26,235
24,351
24,284
16,914
18,078
22,270
17,481
16,895
19,343
19,961
21,176
24,806
22,566
23,263
27,634
21,773
21,965
20,990
22,425
21,856
28,741
26,405
27,522
32,015
26,950
23,574
9,288,697 11,367,533
257,375
247,037
301,850
765.177
8,637,960
Total.
1921
1922
Seattle, Wash.
1920
Spokane, Wash. „
Month.
1922
Total
138,209
117,602
141,534
137,329
128,901
140,342
131,109
133,171
149,195
144,675
139,790
14¥,809
221,401
194/790
231,208
220,703
205,965
212,871
199,676
188,576
181,681
188,187
166,625
164,986
40,312
35,979
47,258
42,206
47,838
46,634
41,645
41,572
41,704
52,694
43,159
51,400
51,159
39,919
49,454
45,875
42,876
48,010
44,478
44,070
50,118
48,835
43,070
47,286
60,246
49,408
61,029
59,320
55,878
56,597
52,516
51,627
58,097
64,258
57,021
58,642
! 1,806,614 ! 1,649,666
•.
1920
137,260
126,991
157,044
146,820 j
139,118
149,944
138,580
155,736
158,135
163,193
165,608
168,185
January
February..
March
April
May
June
July
August
September.
October
November.
December..
1921
2,376,669
532,401
555,150
684,639
Stockton, Calif.
Tacoma, Wash.
1920
1921
1922
Yakima, Wash.
Month.
1922
January
February...
March
April
May
June
July.
August
September..
October
November.
"- - *
December
Total.
1920
1922
1921
1920
1922
1921
1920
21,232
17,805
21,587
22,088
20,692
21,782
21,027
21,793
,
1921
20,721
18,393
21,129
21,617
18,148
18,823
18,778
20,131
21,513
23,060
20,295
23,898
27,894
21,884
25,376
21,802
22.939
22,977
28,426
24,803
24,722
25,992
33,740
29,801
39,465
35,475
36,165
39,411
37,595
38,228
36,873
40,311
37,668
40,951
38,718
28,920
41,331
38,395
35,753
35,571
35,341
34,177
38,006
38,467
37,674
38,337
46,076
42,822
61,701
53,853
51,525
48,386
51,140
47,590
47,027
48,677
45,020
45,240
10,113
10,027
11,847
11,036
10,420
10,216
9,586
9,193
10,828
11,699
11,548
10,832
10>054
8,559
10,293
9,435
14,486
12,334
16,310
15,777
14,207
13,258
12,783
11,098
13,391
16,153
15,313
12,491
445,683 440,690 589,057
127,345
22,228
23,706
26,079
24,941
265,050
22.940
26,311
246,506 296,066
8,487
8,208
9,069
12,293
15,067
13,389
13,317
127,052 167,601
1
Reports received indicate that prior to 1922 the figures reported by some banks included cashiers'
and expense checks, and consequently the figures for 1922 are not strictly comparable with those for
prior years.
NOTE.--Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not
included in the table.
PART III.
RECOMMENDATIONS OF THE FEDERAL ADVISORY
COUNCIL TO THE FEDERAL RESERVE BOARD
FOR THE YEAR 1921.
DESCRIPTION OF FEDERAL RESERVE DISTRICTS.
28971—23
27
405
OFFICERS AND MEMBERS OF THE FEDERAL
COUNCIL FOR THE YEAR 1922.
ADVISORY
OFFICERS.
President, L. L. RUE.
Vice President, PAUL M. WARBURG.
Secretary, HARRY L. HILYARD.
EXECUTIVE COMMITTEE.
L. L. R U E .
.
PAUL M. WARBURG.
PHILIP STOCKTON.
*
J. J. MITCHELL.
F. 0 . WATTS.
E. F. SWINNEY.
MEMBERS.
PHILIP STOCKTON, Federal Reserve District No. 1.
PAUL M. WARBURG, Federal Reserve District No. 2.
L. L. RUE, Federal Reserve District No. 3.
C. E. SULLIVAN, Federal Reserve District No. 4.
J. G. BROWN, Federal Reserve District No. 5.
E. W. LANE, Federal Reserve District No. C.
J. J. MITCHELL, Federal Reserve District No. 7.
I ' ?' ^ W B S } F e d e r a l
G.
E.
R.
D.
Reserve
District No. 8.
H. PRINCE, Federal Reserve District No. 9.
F. SWINNEY, Federal Reserve District No. 10.
L. BALL, Federal Reserve District No. 11.
W. TWOHY, Federal Reserve District No. 12.
RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL
TO THE FEDERAL RESERVE BOARD, APRIL 28, 1922.
TOPIC 1.—-Should Federal reserve banks adopt with respect to
their own transactions the policy recently adopted by the United
States Treasury of paying out gold and gold certificates without
reservation ?
Recommendation.—The council is of the opinion that there is no
necessity for the Federal reserve banks paying out gold or gold certificates without reservation in their transactions with member banks.
If, however, gold is called for by a member bank it should be provided without any question. We believe it to be sound policy
for the Federal reserve banks to be the depositories of the gold of
the country. The concentration of the gold in the banks and the
issue of Federal reserve notes as the principal medium of circulation
throughout the country is not to be considered a war measure. It
is one of the fundamental principles of monetary reform that the
gold of the country should be mobilized in the Federal reserve banks.
World conditions are so beclouded at the moment that it is impossible
to forecast what proper use may be made of our gold power. Self-
407
408
ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
interest would dictate that we should do nothing which would interfere with our ability at the proper moment to render our maximum
assistance in restoring the equilibrium of the world. In the event
of need the country is in a much stronger position if the gold is
mobilized in the vaults of the Federal reserve banks than if it is
scattered as a circulating medium in the hands of the people. The
argument has been made in favor of the payment of gold or gold certificates by Federal reserve banks at this time that it would reduce
the high reserves of the Federal reserve banks, which high reserves
have been the subject of unjust criticism, and that it would also
create a secondary gold reserve in the hands of the people. The
council is of the opinion that both of these arguments are of comparatively slight importance in the face of conditions as we see them.
The council is glad to learn that since the Secretary of the Treasury's letter of March 6 was submitted, a full exchange of views has
taken place between the Treasury, the Federal Reserve Board, and
the Federal reserve banks, from which a full understanding has
resulted concerning the most important points raised in the Secretary's letter. The council notes with great satisfaction from the
Secretary's letter of April 25 that all parties now agree that under
the provisions of the Federal reserve act, the final responsibility with
respect to their conduct of business and with regard to their general
methods of making payments must rest with the Federal reserve
banks, acting under the direction and supervision of the Federal
Reserve Board. This, however, does not prevent that when Federal
reserve banks act as redemption agencies for the Treasury, taking
the place of subtreasuries, they may be requested to make payments
in gold or gold certificates in redemption of the Government's obligations. Moreover, as already stated, the general policy should be
adopted by them never to refuse to make payments in gold in the
discharge of their own obligations whenever a payee makes a particular request for such gold payment.
The Federal reserve act provided for the gradual elimination of
subtreasuries and for the undertaking of fiscal agency functions by
the Federal reserve banks. This obviously brings about the necessity of devising ways and means of doing justice to the requirements
of the Treasury without affecting the autonomy of the Federal
Reserve System and creating the dangers and defects which may
result from a division of authority and control.
It was with these conditions in view that the Federal reserve act
made the Secretary of the Treasury an ex officio member and chairman of the board, so that through the board as a joint instrument,
with the Secretary's cooperation and in full understanding with him,
policies and plans of action could be devised which would best serve
the interests of both the Treasury; and the Federal Reserve System,
and which would then be carried into effect through the joint instrumentality of the Federal Reserve Board. The council is glad to
note that the Secretary's letter of April 25 augurs well for a fruitful
cooperation on these lines.
TOPIC 2.—In order to make some headway in the matter of retiring
national-bank note circulation, would it be advisable for the Federal
reserve banks to adopt the policy of forwarding all national-bank
notes received by them, whether for deposit or redemption, to the
RECOMMENDATIONS OF ADVISORY COUNCIL.
409
Treasurer of the United States for redemption, thus making it
much more difficult for national banks to maintain their circulation
and tending to make the profit disappear, in which event the premium
on circulation bonds would correspondingly tend to disappear% and
the Federal reserve banks might then be in a better position to
acquire the circulation bonds and gradually accomplish the retirement of national-bank notes.
Recommendation.—The council is of the opinion that the Federal
reserve banks should not adopt a policy which would tend to force
the retirement of circulation notes of national banks by making their
issue unprofitable.
ADDITIONAL RECOMMENDATIONS.
Recommendation 3.—In answer to inquiry from the Federal Reserve
Board the Federal Advisory Council would state it is of the opinion
that no Federal reserve bank should be permitted to refuse to accept
national-bank notes for deposit, as we believe that so long as nationalbank notes are outstanding they should remain on a parity with the
other circulating media and it is therefore essential that no discrimination against them be made by Federal reserve banks.
Recommendation 4-—The council recommends that the Federal
Reserve Board permit Federal reserve banks to purchase in the open
market trade acceptances bearing the indorsement of a third name
in the same manner as is required by the board in the purchase of
bankers' acceptances under section 14 of the Federal reserve act.
Recommendation 5.—The Federal Reserve Board has been asked
to amend Regulation D, series of 1920, so as to sanction the methods
of treating as time or savings deposits, deposits which in practice
are payable on demand. The council expresses itself as opposed to
any modification of this regulation which might tend to serve as a
subterfuge in order to secure lower reserve requirements.
Recommendation 6,—In view of the very large surplus earned by
the Federal reserve banks in the past several years, the council, while
not passing upon the legal aspect of the question, but solely from the
standpoint of equity and sound banking policy, is of the opinion that
it would be proper at this time for the Federal reserve banks to
continue payment of dividends from surplus, even though not currently earned, particularly as the maximum rate is 6 per cent per
annum and such dividends are cumulative.
Recommendation 7.—The council approves the principle involved
in Senate bill 3255, providing for the extension of charters of national
banks.
Recommendation 8.—The council suggests to the Federal Reserve
Board the importance of pursuing a campaign of education of the
public regarding the functions and operations of the Federal Reserve
System.
Recommendation 9.—The council has read with interest the letter of
the Secretary of the Treasury to the Governor of the Federal Reserve
Board, dated April 25, 1922, relative to investments of Federal reserve
banks, in which letter the Secretary requested the consideration of
the subject by the Federal Advisory Council.
410
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
The council congratulates the country upon enjoying a financial
administration which takes the enlightened point 01 view that the
Federal Reserve System should not be used for the purpose of carrying the Government's obligations. Many countries of Europe would
have been saved from some of their most serious financial difficulties,
if equal wisdom had governed their policies.
The council is also in sympathy with the point of view expressed
by the Secretary of the Treasury that the Federal reserve banks
should avoid excessive investments in Government securities, even
of a short maturity. The council is fully in accord with the views
implied that the Federal reserve banks should by preference seek
investments in the fields of such bills of exchange as they can purchase in the open market.
The council is of the view, however, that the particular circumstances prevailing at present must be borne in mind, especially the
present high percentage of reserves of the system.
Moreover, if the Federal reserve banks should entirely liquidate
their holdings of Government obligations, they would thereby lose
all power of influence on the banking situation of the country, in case
excessive ease of money should develop, threatening a new era of
inflation. In such times, it is of the utmost importance that the
Federal Reserve System should be able to dispose of its holdings,
thereby throwing the burden on the member banks and thus exercising a restraining influence. The floating supply of bills at present
is extremely limited. Aggressive buying of acceptances would no
doubt tend further to reduce the rate at which these acceptances
could be bought, and it might destroy to a certain extent at least the
distribution of acceptances among a large part of buyers—the
so-called acceptance market—which has been built up with no little
effort.
While the council believes at the same time that the Federal
Reserve System would be well advised in making efforts to increase
its holdings of acceptances, there is no doubt that the Federal reserve
banks as a whole can not avoid at this time, for the reasons above
explained, investing very substantial amounts either in Government
bonds, certificates of indebtedness, or warrants. Of these three, no
doubt, the short-term Treasury certificates are the most suitable
as investments for the Federal reserve banks. Bearing in mind that
the capital and surplus of the combined Federal reserve banks amount
to approximately $300,000,000, the council does not feel that there
is just cause to criticize the Federal reserve banks for having invested
in Treasury certificates and short-term Government obligations up
to an amount which is not largely in excess of their capital and surplus,
and which, considering the amount of their assets, constitutes only a
small part of their resources.
The council is still of the opinion that the Federal reserve banks
should avoid investing in long-term Government bonds. The council
further urges the Federal reserve banks, when making any purchases
of short-term Government obligations, that such purchases should
not interfere with Treasury operations.
In giving this view, the council is in no way moved by any consideration of earnings of the Federal reserve banks, but stands entirely
by the opinion expressed in its resolution of November 21, 1921, as
follows:
RECOMMENDATIONS OF ADVISORY COUNCIL.
411
The board brought to the attention of the council the matter of the increase in the
reserves of the Federal reserve banks, and the apparent approach of the time when,
as a result of the liquidation of borrowings by member banks, the Federal reserve banks
will be seeking investment for their idle funds. The board requested the council's
opinion as to the wisdom of the Federal reserve banks' investing these funds in United
States Government bonds.
The council stated that it is not disturbed by the fact that the earnings of the Federal
reserve banks are decreasing because of the accumulation of idle funds. The Federal
reserve banks were not created for profit and the council is mindful of the fact that, as
past experience has shown, times of temporary idleness of funds are bound to be
followed by periods of greater demands for money, be they seasonal or emergency
requirements.
Whenever it may appear necessary for Federal reserve banks to seek investments in
the open market, the council would recommend that preference be given to obligations such as (1) bankers' acceptances; (2) United States certificates of indebtedness;
(3) such short-term State and municipal obligations as are permitted by the Federal
reserve act.
Recommendation 10,—The council notes with great satisfaction
the recent ruling of the Federal Reserve Board in relation to bankers'
acceptances in harmony with recommendation No. 11 of the Federal
Advisory Council, dated May 17, 1921.
Recommendation 11.—Excessive borrowings. In the judgment of
council, the most effective way to handle the situation is by the
personal influence of the governor of each Federal reserve bank on
the member banks borrowing to excess.
Recommendations of the Federal Advisory Council to the Federal
Reserve Board, September 26, 1922.
TOPIC 1.—Should the so-called commodity rates be revived, the
proposition being that the Federal reserve banks should give a special
rate of 3^ per cent on paper secured by staple agricultural products,
the borrowing bank to agree to make its loans on such products at
not above 6 per cent ?
Recommendation.—The council is of the opinion that it would be
inadvisable to revive the commodity rates, and establish for commodity loans a rate lower than that prevailing for discounts generally. Without wishing to enter into a discussion of the principle
involved, the answers of the Federal reserve banks themselves to
the Federal Reserve Board's letter of August 2 appear to indicate
that the smaller institutions that charge high rates to small borrowers would not change their customs and their entire rate structure
in order to rediscount with the Federal reserve banks some of their
paper at 3^ per cent, instead of at the prevailing rediscount rate of
4 or 4^ per cent. The advantage to be gained would not be a sufficient compensation for them. The only institutions that might
possibly take advantage of the lower rediscount rate of 3^ per cent
would be the larger member banks in semiagricultural districts,
which at present make loans at not above 6 per cent. That, however, would be an advantage to the banks and not to the borrowers.
TOPIC 2.—Should demand drafts with bills of lading attached be
eligible for rediscount with the Federal reserve banks?
Recommendation.—Demand drafts with bills of lading attached
should not be made eligible for rediscount with Federal reserve banks,
but they should be taken for collection.
412
ANNUAL BEPORT OF THE FEDERAL RESERVE BOARD.
The council understands that these bills with documents attached
are being taken for collection at this time, and the council would deem
it advisable for Federal reserve banks to give immediate credit with
proper interest charge for some reasonable proportion of such collections under proper safeguards and within reasonable limits, having
due regard for the condition of the bank applying for the accommodation and the reserve position of the Federal reserve bank.
The council does not believe it sound to permit the Federal reserve
banks to treat as rediscounts any paper that does not have a definite
due date.
TOPIC 3.—In view of the difficulty of interpreting " substantial
competition" in the Kern amendment, which makes administration
of the amendment correspondingly difficult, it has been suggested
that the council might well discuss and advise the board with regard
to the proposed amendment to the Clayton Act on interlocking
directorates (H. E,. 4826).
Recommendation.—The council is of the opinion that it would be
unwise at this time to attempt to have Congress amend the Clayton
Act, as it might result in undesirable legislation. The board may
well assume the responsibility of deciding what is " substantial competition" and each case should be determined upon its own merits.
TOPIC 4.—Is the present apparent increase in the demand for
money temporary and seasonal or is there evidence that a revival of
business will increase the demand for bank accommodation for some
time to come ?
Answer.—While there is doubtless some revival in certain lines of
business which is causing an increased use for money, the increase
now prevailing is due for the most part to usual seasonal requirements.
This demand will probably continue through the fall months.
TOPIC 5.—The increase in commercial paper rates. Cause of the
decline in the price of Government securities. Is the increase in the
price of bonds halted for a considerable period or only temporarily?
Answer.—The increase in commercial paper rates is due in part
to business revival in some lines but for the most part to seasonal
requirements. For the past six to nine months prices of Government
securities have risen because of large purchases by banks and others
seeking employment of idle funds; but the increased commercial
activity is likely to lead banks and industrial firms and corporations
temporarily, at least, to dispose of some of their Government securities
to meet the requirements of business.
TOPIC 6.—Is there any evidence of a change of conditions that m$y
make advisable changes of rates in Federal reserve banks in the near
future ?
Answer.—No. Seasonal demands for money are being met with
only fractional changes in open-market rates.
TOPIC 7. Is there discernible any evidence of the approach of a
period of secondary expansion or inflation ?
Answer.—Banking statistics do not indicate that a secondary
period of inflation is at hand. Liquidation continues in the Federal
.Reserve System and demand for credit, where it exists, is largely
RECOMMENDATIONS OF ADVISORY COUNCIL.
413
seasonal. In some commodity lines there have been sharp increases
in prices, but these, for the most part, are merely recoveries from
previous depressed prices. A situation may develop, however,
where further inflation of prices may occur in certain industries,
out of line with general prevailing conditions, and stimulate unhealthy
speculation; and the Federal Reserve Board should have this possibility in mind.
TOPIC 8.—Should there be any change in the policy of the Federal
reserve banks carrying considerable investments in United States
Government securities ?
Recommendation.—There is no necessity of any change in the
earlier recommendations made by the council in this regard, and
reference is made to recommendation No. 9 of the proceedings of the
council, April 28, 1922.
The council reiterates its recommendation that the Federal reserve
banks, in their purchases of Government obligations, should not be
governed by the necessity of covering their fixed charges and earning
their dividends. The council is strongly of the view that openmarket operations, particularly in so far as they touch investment in
Government securities, should be carried on under a uniform policy
by the system as a whole. Council has learned, with great satisfaction, of the organization of a committee of governors having supervision of transactions in Government securities by the Federal reserve
banks.
In the council's opinion, the policy of the Federal Reserve System,
as a whole, should be, at this time, not to increase any further its
investments in Government securities.
Recommendations of the Federal Advisory Council to the Federal
Reserve Board, November 20, 1922.
TOPIC 1.—Rates at Federal reserve banks. Are some of them
too low? Are there indications that increases should be made in
the near future ?
Recommendation.—The council is of the opinion that the rate
of 4 per cent prevailing at three of the Federal reserve banks might
well be increased to 4£ per cent, but as the seasonal demand for
crop movement purposes is about Over, no immediate action seems
necessary.
TOPIC 2.—Possible amendments to the^Federal reserve^act.
Recommendation.—The council is of the opinion that it is unwise
at this time to suggest any amendments to the Federal reserve act.
TOPIC 3.—In the proposed reorganization of Government departments, should the Federal Reserve Board be made a bureau of the
Treasury ?
Recommendation.—The council is decidedly of the opinion that
the Federal Reserve Board should continue as an independent
organization like the Supreme Court and should not be made a
bureau of the Treasury Department.
DESCRIPTION OF FEDERAL RESERVE DISTRICTS.
Land area Population,
(square Jan. 1,1923
miles). (estimated)
Federal reserve district.
No. 1—Boston
No. 2—New York.. . .
No. 3—Philadelphia
No. 4—Cleveland.. .
No. 5—Richmond
No. 6—Atlanta...
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis ...
No. 10—Kansas City
No. 11—Dallas
No. 12—San Francisco...
61,345
51,890
36 842
73,424
152,314
248 226
190,513
194,810
414,004
473,565
392,989
683,852
Total
2,973,774
7,318.722
13,723,355
6 998 355
10,403,330
10,119,952
10 233 946
16,107,870
9,245,418
5,298,867
7,230,336
6,025,242
7,250,554
109,955,947
FEDERAL RESERVE DISTRICTS.
Land area Population,
(square Jan. 1,1923
miles). (estimated).
61,345
Sussex.
Union.
Warren.
District No. 3—Philadelphia
Delaware
New Jersey
344.301
2,600,883
47,654
10,778,171
6,998,355
1,965
3,909
Morris.
Passaic.
Somerset.
13,723,355
36,842
Connecticut (Fairfield Cnuntv^
New Jersey
Counties o—
f
Bergen.
Hunterdon.
Essex.
Middlesex.
Hudson.
Monmouth.
New York
1,118,489
775,938
4,002,518
446,948
623,490
351,339
3,605
•
District No. 2—New York
7,318,722
631
Connecticut (excluding Fairfield County)
Maine.
Massachusetts
New Hampshire
Rhode Island
Vermont
4,189
29,895
8,039
9,031
1,067
9,124
51,890
District No. 1—Boston..
229,394
746,214
30,968
6,022,747
Counties of—•
Atlantic.
Burlington.
Camden.
Pennsylvania.. .
Counties o—
f
Adams.
Bedford.
Berks. •
Blair.
Bradford.
Bucks.
Cambria.
Cameron.
Carbon.
Center.
Chester.
Clearfield.
Clinton.
Cape May.
Cumberland.
Gloucester.
Columbia.
Cumberland.
Dauphin.
Delaware.
Elk.
Franklin.
Fulton.
Huntingdon.
Juniata.
Lacka wanna.
Lancaster.
Lebanon.
Lehigh.
414
Mercer.
Ocean.
Salem.
Luzerne.
Lycoming.
McKean.
Mifflin.
Monroe.
Montgomery.
Montour.
Northampton.
Northumberland.
Perry.
Philadelphia.
Pike.
Potter.
Schuylkill.
Snyder.
Sullivan.
Susquehanna.
Tioga.
Union.
Wrayne.
Wyoming.
York.
415
DESCRIPTION OF FEDERAL RESERVE DISTRICTS.
FEDERAL RESERVE DISTRICTS—Continued.
Land area | Population,
(square Jan. 1,1923
miles). (estimated).
73,424
Kentucky (eastern part)
Counties ofBath.
Fleming.
Floyd.
Bell.
Garrard.
Boone.
Grant.
Bourbon.
Greenup.
Boyd.
Harlan.
Bracken.
Breathitt.
Harrison.
Jackson.
Campbell.
Carter.
Jessamine.
Clark.
Johnson.
Clay.
Kenton.
Elliott.
Knott.
Estill.
Knox.
Fayette.
Laurel.
Ohio
Pennsylvania (western part)...
Counties o—
f
Allegheny.
Crawford.
Armstrong.
Erie.
Beaver.
Fayette.
Butler.
Forest.
Clarion.
Greene.
West Virginia (northern part)..
Counties o—
f
Brooke.
Marshall.
Hancock.
Ohio.
Lawrence,
Lee.
Leslie.
Letcher.
Lewis.
Lincoln.
McCreary.
Madison.
Magoffin.
Martin.
Mason.
Menifee.
Montgomery.
Morgan.
Nicholas.
Owsley.
Pendleton.
Perry,
Pike.
Powell.
Pulaski.
Robertson.
Rockcastle.
Rowan.
Scott.
Whitley.
Wolfe.
Woodford.
Indiana.
Jefferson.
Lawrence.
Mercer.
Somerset.
40,740 I
13,864 I
6,066,019
3,023,250
1,206
176,120
152,314
10,119,952
60
9,941
48,740
30,495
40,262
22,816
470,481
1,497,347
2,668,153
1,735,739
2,385,690
1,362,542
Tyler.
Wetzel.
Mingo.
Monongalia.
Monroe.
Morgan.
Nicholas.
Pendleton.
Pleasants.
Pocahontas.
Preston.
Putnam.
Raleigh.
Randolph.
Ritchie.
Roane.
Summers.
Taylor.
Tucker.
Upshur.
Wayne.
Webster.
Wirt.
Wood.
Wyoming
District No. 6—Atlanta.
Alabama
Florida
Georgia
Louisiana (southern part)
Parishes o—
f
Acadia.
Evangeline.
Allen.
Iberia.
Ascension.
Iberville.
Assumption.
Jefferson.
Avoyelles.
Jefferson Davis.
Beauregard.
Lafayette.
Calcasieu.
Lafourche.
Cameron.
Livingston.
E a s t B a t o n Orleans.
Rouge.
Plaquemines.
East Feliciana. Pointe Coupee.
1,137,941
Venango.
Warren.
Washington.
Westmoreland.
I ^strict No, 5—Richmond.
District of Columbia
Maryland
North Carolina
South Carolina
Virginia
West Virginia (southern part)...
Counties o—
f
Barbour.
Hardy.
Berkeley.
Harrison.
Boone.
Jackson.
Braxton.
Jefferson.
Cabell.
Kanawha.
Calhoun.
Lewis.
Clay.
Lincoln.
Doddridge.
Logan.
Fayette.
McDowell.
Gilmer.
Marion.
Grant.
Mason.
Greenbrier.
Mercer.
Hampshire.
Mineral.
10,403,330
17,614
district No. 4—Cleveland.
248,226 j 10,233,946
51,279
54,861
58,725
26,891
Rapides.
St. Bernard.
St. Charles.
St. Helena.
St. James.
St. John the Baptist.
St. Landry.
St. Martin.
St. Mary.
St. Tammany.
Tangipahoa.
Terrebonne.
Vermilion.
Vernon.
Washington.
West Baton
Rouge.
West Feliciana.
! 2,413,092
! 1,035,170
! 2,984,429
I 1,279,929
416
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE DISTRICTS—Continued.
Land area Population,
(square Jan. 1,1923
miles), j(estimated).
District No. 6—Atlanta—Continued.
Mississippi (southern r>art^
Counties o—
f
Adams.
Harrison.
Amite.
Hinds.
Claiborne.
Issaquena.
Clarke.
Jackson.
Copiah.
Jasper.
Covington.
Jefferson.
Forrest.
Jefferson Davis.
Franklin.
Jones.
George.
Kemper.
Greene.
Lamar.
Hancock.
Lauderdale.
Tennessee (eastern patrt)
Counties o—
f
Anderson.
Giles.
Bedford.
Grainger.
Bledsoe.
Greene.
Blount.
Grundy.
Bradley.
Hamblen.
Campbell.
Hamilton.
Cannon.
Hancock.
Carter.
Hawkins.
Cheatham.
Hickman.
Claiborne.
Houston.
Clay.
Humphreys.
Cocke.
Jackson.
Coffee.
Jefferson.
Cumberland.
Johnson.
Davidson.
Knox.
Dekalb,
Lawrence.
Dickson.
Lewis.
Fentress.
Lincoln.
Franklin.
Loudon.
25,519
Lawrence.
Leake.
Lincoln.
Madison.
Marion.
Neshoba.
Newton.
Pearl River.
Perry.
Pike.
Rankin.
McMinn.
Macon.
Marion.
Marshall.
Maury.
Meigs\
Monroe.
Montgomery.
Moore.
Morgan.
Overton.
Perry.
Pickett.
Polk.
Putnam.
Rhea.
Roane.
Robertson.
Rutherford.
Scott.
Sequatchie.
Sevier.
Smith.
Stewart.
Sullivan.
Sumner.
Trousdale.
Unicoi.
Union.
VanBuren.
Warren.
Washington.
Wavne.
White.
Williamson.
Wilson.
30,951 i
1, f>7*>, liVJ
1
j
1
1
i
190,513
Livingston.
Logan.
McDonough.
McHenry.
McLean.'
Macon.
Marshall.
Mason.
Menard.
Mercer.
Moultrie.
Ogle.
Peoria.
Piatt.
Putnam.
Ripley.
Rush.
St. Joseph.
Shelby.
Starke.
Steuben.
Tippecanoe.
Tipton.
Union.
Vermilion.
Vigo.
Wabash.
Warren.
Wayne.
Wells.
White.
Whitley.
5,482,678
26,707
2,399,893
Rock Island.
Sangamon.
Schuyler.
Shelby.
Stark.
Stephenson.
Tazewell.
Vermilion.
Warren.
Whiteside.
Will.
Winnebago.
Woodford.
Laporte.
Madison.
Marion.
Marshall.
Miami.
Monroe.
Montgomery.
Morgan.
Newton.
Noble.
Ohio.
Owen.
Parke.
Porter.
Pulaski.
Putnam.
Randolph.
16,107,870
35,448
District No. 7—Chicago.
Illinois (northern par t).
Counties o—
f
Boone.
Ford.
Bureau.
Fulton.
Carroll.
Grundy.
Cass.
Hancock.
Champaign.
Henderson.
Christian.
Henry.
Clark.
Iroquois.
Coles.
Jo Daviess.
Cook.
Kane.
Cumberland.
Kankakee.
De Kalb.
Kendall.
De Witt.
Knox.
Douglas.
Lake.
Du Page.
La Salle.
Edgar.
Lee.
Indiana (northern part^ - - . Counties o—
f
Fountain.
Adams.
Allen.
Franklin.
Bartholomew.
Fulton.
Benton.
Grant.
Blackford.
Hamilton.
Boone.
Hancock.
Brown.
Hendricks.
Carroll.
Henry.
Cass.
Howard.
Clay.
Huntington.
Clinton.
Jasper.
Dearborn.
Jay.
Decatur.
Jennings.
Dekalb.
Johnson.
Delaware.
Kosciusko.
Elkhart.
Lagrange.
Fayette.
Lake.
Iowa
845,220
Scott.
Sharkey.
Simpson.
Smith.
Stone.
WalthaJl.
Warren
Wayne.
Wilkinson.
Yazoo.
!
i
|
i
!
i
;
i
j
55,586
2,459,411
DESCRIPTION OF FEDERAL RESERVE DISTRICTS.
417
FEDERAL "RESERVE DISTRICTS—Continued.
| Land area Population,
i (square | Jan. 1,1923
i miles), ! (estimated).
IHstrict No. 7—Chicago—Continued.
Michigan (southern part)
Counties of—
Alcona.
Eaton.
Allegan.
Emmet.
Alpena.
Genesee.
Antrim.
Glad win.
Arenac.
Grand Traverse.
Barry.
Gratiot.
Bay.
Hillsdale.
Benzie.
Huron.
Berrien.
Ingham.
Branch.
Ionia.
Calhoun.
losco.
Cass.
Isabella.
Charlevoix.
Jackson.
Cheboygan.
Kalamazoo.
Claire.
Kalkaska.
Clinton.
Kent.
Crawford.
Lake.
Wisconsin (southern part)
Counties of—
Adams.
Green Lake.
Brown.
Iowa.
Calumet.
Jackson.
Clark.
Jefferson.
Columbia.
Juneau.
Crawford.
ICenosha.
Dane.
Kewaunee.
Dodge.
Lafayette.
Door.
Langlade.
Fond du Lac.
Manitowoc.
Grant.
Marathon.
Green.
Marinette.
40,789 i
Marquette.
Milwaukee.
Monroe.
Oconto.
Outagamie.
Ozaukee.
Portage,
Racine.
Richland.
Rock.
Sauk.
Shawano.
31,983 |
Ogemaw.
Osceola.
Oscoda.
Otsego.
Ottawa.
Presquelsle.
Roscommon.
Saginaw,
St.Clair.
St. Joseph.
Sanilac.
Shiawassee.
Tuscola.
VanBuren.
Washtenaw.
Wayne.
Wexford.
2,166,960
9,245,418
52,525
20,595 !
1,807,132
1,264,239
9,338 !
601,421
Sheboygan.
Vernon.
Walworth.
Washington.
Waukesha.
Waupaca.
Waushara.
Winnebago.
Wood.
District No. S—St. Louis.
Arkansas
Illinois (southern part)
Counties of—
Franklin.
Adams.
Gallatin.
Alexander.
Bond.
Greene.
Hamilton.
Brown.
Hardin.
Calhoun.
Jackson.
Clay.
Jasper.
Clinton.
Jefferson.
Crawford.
Edwards.
Jersey.
Effingham.
Johnson.
Lawrence.
Fayette.
Indiana (southern part)
Counties of—
Clark.
Greene.
Crawford.
Harrison.
Daviess.
Jackson.
Dubois.
Jefferson.
Floyd.
Knox.
Gibson.
Lawrence.
Kentucky (western part)
Counties of—
Adair.
Crittenden.
Allen.
Cumberland.
Anderson.
Daviess.
Edmonson.
Ballard.
Barren.
Franklin.
Fulton.
Boyle.
Gallatin.
Breckenridge.
Graves.
Bullitt.
Butler.
Grayson.
Caldwell.
Greene.
Calloway.
Hancock.
Carlisle.
Hardin.
CarroD.
Hart.
Henderson.
Casey.
Henry.
Christian.
Hickman
Clinton.
3,598,928
194,810 i
Lapeer.
Leelanau.
Lenawee.
Livingston.
Macomb.
Manistee.
Mason
,
Mecosta.
Midland.
Missaukee.
Monroe.
Montcalm.
Montmorency.
Muskegon.
'
Newaygo.
Oakland.
Oceana.
.!
.|
Macoupin.
Madison.
Marion. *
Massac.
Monroe.
Montgomery.
Morgan.
Perry.
Pike.
Pope.
Pulaskl.
Randolph.
Richland.
St. Clair.
Saline.
Scott.
Union.
Wabash
Washington.
Wayne.
White.
Williamson.
Martin.
Orange.
Perry.
Pike.
Posey.
Scott.
Sullivan.
Spencer.
Switzerland.
Vanderburg.
Warrick.
Washington.
Hopkins.
Jefferson.
Larue.
Livingston.
Logan.
Lyon.
McCracken.
McLean.
Marion.
Marshall.
Meade.
Mercer.
Metcalfe.
Monroe.
Muhlenberg.
Nelson.
Ohio;
Oldham.
Owen.
Russell.
Shelby.
Simpson.
Spencer.
Taylor.
Todd.
Trigg.
Trimble.
Union.
Warren.
Washington.
Wayne.
Webster.
22,567
1,317,849
418
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE DISTRICTS—Continued.
l Land area Population ^
| (square Jan. 1,1923
miles). i(estimated)~
District No. 8—St. Louis—Continued.
Mississippi (northern part)
Counties of—
Alcorn.
De Soto.
Attala.
Grenada.
Benton.
Holmes.
Bolivar.
Humphreys.
Calhoun.
Itawamba.
Carroll.
Lafayette.
Chickasaw.
Lee.
Choctaw.
Leflore.
Clay.
Lowndes.
Coahoma.
Marshall.
Missouri (eastern part)
Counties of—
Adair.
Douglas.
Audrain.
Dunklin.
Barry.
Franklin.
' Benton.
Gasconade.
Bollinger.
Greene.
Boone.
Grundy.
Butler
Harrison.
Caldwell.
Henry.
Callaway.
Hickory.
Camden.
Howard.
Cape Girardeau. Howell.
Carroll.
Iron.
Carter.
Jefferson.
Cedar.
Johnson.
Chariton.
Knox.
Christian.
Laclede.
Clark.
Lafayette.
Cole.
Lawrence.
Cooper.
Lewis.
Crawford.
Lincoln.
Dade.
Linn.
Dallas.
Livingston.
Daviess.
Macon.
Dent.
Madison.
Tennessee (western part)
Counties of—
Benton.
Fayette.
Carroll.
Gibson.
Chester.
Hardeman.
Crockett.
Hardin.
Decatur.
Haywood.
Dyer.
Henderson.
20,843
Monroe.
Montgomery.
Noxubee.
Oktibbeha.
Panola.
Pontotoc.
Prentiss.
Quitman.
Sunflower.
Tallahatchie.
Maries.
Marion.
Mercer.
Miller.
Mississippi.
Moniteau.
Monroe.
Montgomery.
Morgan. *
New Madrid.
Oregon.
Osage.
Ozark.
Pemiscot.
Perry.
Pettls.
Phelps.
Pike.
Polk.
Pulaski.
Putnam.
Rails.
Randolph.
Ray.
Reynolds.
Ripley.
St. Charles.
St. Clair.
St. Francois.
St. Louis.
St. Louis City.
Ste. Genevieve.
Saline.
Schuyler.
Scotland.
Scott.
Shannon.
Shelby.
Stoddard.
Stone.
Sullivan.
Taney.
Texas.
Warren.
Washington.
Wayne.
Webster.
Wright.
Henry.
Lake. *
Lauderdale.
McNairy.
Madison.
Obion.
Shelby.
Tipton.
Weakley.
58,206 |
5,298,867
334,691.
2,483,357
602,29Si
668,446.
652,82O
* 557,255
473,565
7,230,33&
103,658
81,774
10,521
983,0781, 793,45*>
835,97©
Menominee.
Ontonagon.
Schoolcraft.
Oneida.
Pepin.
Pierce.
Polk.
Price.
Rusk.
St. Croix.
709,037
80,858
146,131
70,183
76,868
23,273
Keweenaw.
Luce.
Mackinac.
Marquctte.
10,736
16,691
Sawyer.
Taj/for.
Trempealeau.
Vilas.
Washburn.
District No. 10—Kansas City
Colorado
Kansas
Missouri (western part of)
Counties of—
Andrew.
Cass.
Atchison.
Clay.
Barton.
Clinton.
Bates.
Dekalb.
Buchanan.
Gentry.
2,602,29*
414,004
District No. 9—Minneapolis
Michigan (northern part)
Counties of—
Alger.
Dickinson.
Baraga.
Gogebic.
Chippewa.
Houghton.
Delta.
Iron.
Minnesota
Montana
North Dakota
South Dakota
Wisconsin (northern part)
Counties o—
f
Ashland.
Dunn.
Barron.
Eau Claire.
Bayfield.
Florence.
Buffalo.
Forest.
Burnett.
Iron.
Chippewa.
La Crossc.
Douglas.
Lincoln.
943,392
Tate.
Tippah.
Tishomingo.
Tunica.
Union.
Washington.
Webster.
Winston.
Yalobusha.
Holt.
Jackson.
Jasper.
McDonald.
Newton.
Nodaway.
Platte.
Vernon.
Worth.
DESCRIPTION OF FEDERAL RESERVE DISTRICTS.
419
FEDERAL RESERVE DISTRICTS—Continued.
Land area Population,
(square Jan. 1,1923
miles). (estimated).
District No. 10—Kansas City—Continued.
New Mexico (northern v>artA
Counties of—
Rio Arriba.
Colfax.
McKinley.
Sandoval.
Mora.
San Juan.
Oklahoma (part of)..
Counties of—
Ad air.
Ellis.
Alfalfa,
Garfield.
Beaver.
Garvin.
Beckham.
Grady.
Blaine,
Grant.
Caddo.
Greer.
Canadian.
Harmon.
Carter.
Harper.
Cherokee.
Haskell.
Cimarron.
Hughes.
Cleveland.
Jackson.
Comanche.
Jefferson.
Cotton.
Kay.
Craig.
Kingfisher.
Creek.
Kiowa.
Custer.
Latimer.
Delaware.
Le Flore.
Dewey.
Lincoln.
Wyoming
76,808
41,486
61,770
San Miguel.
Santa Fe.
Taos.
Pontotoc.
Pottawatomie.
Roger Mills.
Rogers.
Seminole.
Sequoyah.
Stephens.
Texas.
Tillman.
Tulsa.
Wagoner.
Washington.
Washita,
Woods.
Woodward.
97,548
18,518
81,017
ijiia.
California
Idaho
Nevada
Oregon
Utah
Washington
221,429
262,398
4,900,145
7,250,554
90,398
245,298
155,652
83 354
109^ 821
95,607
82,184
66,836
3,751, 111
464 705
76'028
817,572
472,895
1,422,945
SOCOITO.
Torrence.
Valencia.
District No. 12—San Francisco
Arizona (northwestern nartV
Counties o—
f
Apache,
Maricopa,
Coconino.
Mohave.
7,644
083,852
Marshall.
Pushmataha.
212,194
Roosevelt.
Sierra.
Johnston.
McCurtain.
562,498
Tensas.
Union.
Webster.
West Carroll.
Winn.
Lea.
Lincoln.
Luna.
Otero.
Quay.
128,976
Santa Cruz.
Madison.
Morehouse.
Natchitoches.
Ouachita.
Red River.
Richland.
Sabine.
6,025,242
23,412
Pima.
209,369
392,989
District No. 11—Dallas..
Arizona (southeastern riartA . .. . .
Counties of—
Cochise.
Greenlee.
Graham.
Louisiana (northern " w t )
Parishes of—
De Soto.
Bienville.
Bossier.
East Carroll. m
Caddo.
Franklin.
CaldweU.
Grant.
Catahoula.
Jackson.
Claiborne.
La Salle.
Concordia.
Lincoln.
New Mexico (southern r>art>
Counties of—
Bemalillo.
Dona Ana,
Catron.
Eddy.
Chaves.
Grant.
Curry.
Guadalupe.
De Baca.
Hidalgo.
Oklahoma (southeastern nartA
Counties o—
f
At oka,
Choctaw.
Bryan.
Coal.
Texas
1,921,537
Union.
Logan.
Love.
McClain.
Mclntosh.
Major.
Mayes.
Murray.
Muskogee.
Noble.
Nowata.
Okfuskee.
Oklahoma.
Okmulgee.
Osage.
Ottawa.
Pawnee.
Payne.
Pittsburg.
1,328,557
158,369
Navajo.
Pinal.
Yavapai.
Yuma.
FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
- — - B O U N D A R I E S OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
©
FEDERAL RESERVE BANK AGENCY
INDEX TO PART I.
Acceptances:
Aggressive buying of, by Federal reserve banks, recommendation of advisory council
410
Bankers'—
*
u
Drawn by cooperative marketing associations
257
Ruling of Federal Reserve Board on, recommendation of advisory
council
411
Banks granted authority to accept up to 100 per cent of capital and surplus
229-231
Discounted by Federal reserve banks
130-131
(See also Index to Part II.)
Drafts, demand, with bill of lading attached, eligibility for rediscount,
advisory council on
411
Foreign bankers', held by Federal reserve banks
86-87
Held by Federal reserve banks
4, 52-56, 64-66, 79-80, 85
Imports and exports, based on, discounted or purchased and held by Federal reserve banks
79-80, 88-89,133-134
Maturity of bills purchased and held by Federal reserve banks... 90-91,137-139
Member bank, held by Federal reserve banks
86-87
National bank, held by Federal reserve banks
86-87
Nonmember bank, held by Federal reserve banks
86-87
Private bankers', held by Federal reserve banks
86-87
Purchased by Federal reserve banks
132-139
(See also Index to Part II.)
Rates—discount and open market:
Annual rates of earnings on bills bought by Federal reserve banks.... 47-48
Average rates charged by Federal reserve banks
46
Changes in Federal reserve bank rates during 1922
14-18, 42,44-45
Volume of acceptances purchased by Federal reserve banks at each
rate
134-137
(See also Index to Part II.)
Regulations—
A—Rediscounts under section 1 3 . . . . 1
249
B—Open-market purchases
253
Accommodation at Federal reserve banks of reporting member banks
7,8,169-170
(See also Index to Part II.)
Acts:
Amending Clayton Act, proposed
35
Amending Federal reserve act
36, 248
Recommendation of advisory council
413
Administrator, executor, etc. (See Fiduciary powers.)
Advisory council, Federal. (See Federal advisory council.)
Agricultural credit
".
8
Agricultural paper:
Definition of
255
Holdings of, by Federal reserve banks
79-80
Volume discounted by Federal reserve banks
116-117
(See also Index to Part II.)
Amendment to Clayton Act, proposed
35
Amendment to Regulation D, recommendation of advisory council
409
Amendments to Federal reserve act
!
36, 248
Recommendation of advisory council
413
Area of Federal reserve districts
414
Assessment for expenses of Federal Reserve Board
39,151,156
Assets and liabilities. (See Resources and liabilities.)
Atlanta par clearance case
30,258
421
28971—23
28
422
INDEX TO PART I.
Balance sheets. (See Condition statements.)
Fage.
Bank buildings, Federal reserve and branches
26, 63, 66,154
Act limiting cost
27, 36, 249
Book value
63, 66-68
Depreciation allowances
22-24,154
Expense of maintaining
•
152
(See also Index to Part II.)
Bank debits—debits to individual account
175 -177
(See also*Index to Part II.)
Bank notes. (See Federal reserve bank notes; National bank notes.)
Bankers'acceptances. (See Acceptances.)
Basic discount line, member bank borrowings in relation to
3
Bills bought. (See Acceptances.)
Bills discounted. (See Discount and open-market operations.)
Bonds, United States. (See United States securities.)
Borrowings of member banks in relation to basic discount line
3
Branches of Federal reserve banks
25, 211-247
Buildings
26
Directors and managers of
....
241-247
Operations, volume of
149-150
Branches of State banks
5
Buell, W. E., resignation as chief of division of issue and redemption
39
Building operations of Federal reserve banks and branches
26
Act limiting cost
27, 36, 249
Book value of bank premises
63, 66-68
Depreciation allowances
22-24,154
Expense of maintaining bank premises
152
Business, trend of
1
Capital:
Federal reserve banks
25, 63, 66-68
(See also Index to Part II.)
Member banks
29,161-166
State bank members
29,161,188
Cash reserves of Federal reserve banks. (See Reserves.)
Certificates of indebtedness. (See United States securities.)
Charters of national banks, extension of, recommendation of advisory council..
409
Charts:
Annual rates of earnings on discounted and purchased bills, 1916-1922
49
Average daily holdings of discounted bills and of other earning assets by
Federal reserve banks during 1921 and 1922
78
Federal reserve banking developments, 1917-1922
57
Federal reserve note circulation and holdings of purchased bills, discounted
bills, and United States securities of each Federal reserve bank
285,
295, 304, 314, 324, 334, 344, 356, 365, 375, 386, 396
Foreign exchange index, 1918-1922
180
Reserve ratio, deposits. Federal reserve note circulation, and total reserves
for all Federal reserve banks
70
Reserve ratio for each Federal reserve bank
74
United States gold imports and exports, 1918-1922
178
United States securities, purchased bills, discounted bills, and total earning
assets held by all Federal reserve banks
69
Check clearing and collection:
Court decisions in par clearance cases—
Atlanta case
30, 258
Cleveland case
31, 265
Richmond case
31,261
San Francisco case
32, 271
Gold settlement fund transactions
28, 62, 63,142,143
(See also Index to Part II.)
Number of banks on par list
147,148
Operations, volume o—
f
Federal reserve banks
145,146
Federal reserve branch banks
149,150
(See also Index to Part II.)
Par list, number of banks on
147,148
Circulation. (See Federal reserve bank notes; Federal reserve notes.)
INDEX TO PART I.
423
Clayton Act: •
Page.
Amendment to, proposed
35
"Substantial competition," interpretation of words, oj>inion of advisory
council. *
412
Clearing-house bank debits
175-177
(See also Index to Part II.)
Clearing operations, volume of:
Federal reserve banks
145,146
Federal reserve branch banks
149,150
(See also Index to Part II.)
Cleveland par clearance case
31, 265
Collateral held as security against Federal reserve notes
95. 96, 98-102
Collateral notes of member banks discounted by Federal reserve banks:
Holdings of
79,80
Volume discounted
116,117
Commercial paper:
Definition of
255
Discount rates
14,42
Increase in, recommendation of advisory council
412
Holdings of paper discounted by Federal reserve banks
79, 80
(See also Discount and open market operations.)
Commodity paper, discount rates on, recommendation of advisory council
411
Condition statements:
All banks in the United States..'
174
All Federal reserve banks combined
52-70
Each Federal reserve bank. (See Index to Part II.)
Member banks
162-166
Conferences, Federal Reserve Board with agents and governors
39
Cooperative marketing associations
4
Eligible paper of, summary of rulings on
255-258
Copeland, L. G., appointed chief of division of issue and redemption
39
Counties in Federal reserve districts
414
Court decisions:
Fiduciary powers granted to national banks—
Aquidneck National Bank of Newport, R. 1
33, 274
Corn Exchange National Bank of Philadelphia, Pa
34, 277
Par clearance cases—
Atlanta case.
,
30,258
Cleveland case
31, 265
Richmond case
31, 261
San Francisco case
32, 271
Credit
2,6,8
Agricultural
8
Bank
6, 8
Currency:
Receipts and shipments—
Federal reserve banks r
114,115
Federal reserve branch banks
149,150
(See also Federal reserve bank notes; Federal reserve notes.)
Customers' paper discounted by Federal reserve banks, holdings of
16,17, 79, 80
Debits to individual account..,.
175-177
(See also Index to Part II.)
Deferred availability items (checks, drafts, transit items, etc.) of Federal
reserve banks
63, 66-68
Deposits:
Demand, of member banks treated as savings or time deposits, recommendation of advisory council
409
Federal reserve banks—
All banks combined
58-61, 63, 66-68, 75
Each Federal reserve bank. (See Index to Part II.)
Reserves required against
71-73
Government, held by Federal reserve banks
58-61, 63,66-68
Member banks
10,161-170
Reserve deposits
58-61, 63,66-68
(See also Index to Part II.)
Reserve required against
71-73
Depreciation, amounts charged off by Federal reserve banks on account
of
22,24,153-154
(See also Index to Part II.)
424
INDEX TO PART I.
Page.
Directors of Federal reserve banks and branches, list of
241-247
Directory:
Federal advisory council
241
Federal reserve banks
241
Federal Reserve Board
240
Discount and open-market operations of Federal reserve banks (see also Index
to Part II):
Acceptances—
Annual rates of earnings on bills bought by Federal reserve banks
47-48
Average rates charged by Federal reserve banks
46
Changes in Federal reserve bank rates during 1922.
14-18,44-45
Discounted by Federal reserve banks
130-131
Foreign bankers', held by Federal reserve banks
86-87
Held by Federal reserve banks
52-56, 64-66,79-80, 85
Imports and exports, based on, discounted or purchased and held by
Federal reserve banks
79-80, 88-89,133-134
Maturity of bills purchased and held by Federal reserve banks. 90-91,137-139
Member bank, held by Federal reserve banks
86-87
National bank, held by Federal reserve banks
86-87
Nonmember bank, held by Federal reserve banks
86-87
Private bankers', held by Federal reserve banks
86-87
Purchased by Federal reserve banks
132-139
Volume of acceptances purchased by Federal reserve banks at each
rate
134-137
Branches of Federal reserve banks, bills discounted and bought by
149-150
Discounts—bills discounted—
Agricultural and live-stock paper held by Federal reserve banks
79-80
Agricultural and live-stock paper, volume discounted
116-117
Commercial paper held by Federal reserve banks
79-80
Customers' paper held by Federal reserve banks
16,17, 79-80
Holdings of
"
52-56, 64-66, 77, 79
Live-stock paper held by Federal reserve banks
79-80
Maturity of
81-82,126-128
Member banks accommodated, number of
120-123
Member banks' collateral notes discounted and held by Federal reserve
banks
79-80,116-117
National banks, bills discounted for
124
Rates charged and rates of earnings on bills discounted
42-48,124-125
State banks and trust companies, bills discounted for
124
United States securities, paper secured by, discounted and held by
Federal reserve banks
. \ . . 52-56, 64-66,79-80, 83-84,129
Volume of bills discounted for member banks in each State
121-123
Volume (total) of bills discounted
119,121-131
Rates charged and rates of earnings. (See Discount and open-market
rates.)
United States securities purchased and held by Federal reserve banks
52-56,
64-66, 93, 140-141
Volume of operations—total
116-118
Discount and open-market rates:
Acceptances purchased, volume at each rate
134-137
Annual rates of earnings on acceptances purchased
47-48
Annual rates of earnings on bills discounted
44-48
Annual rates of earnings on municipal warrants purchased
51
Annual rates of earnings on total earning assets
51
Annual rates of earnings on United States securities purchased
50
Average rates charged on acceptances purchased
46
Average rates charged on bills discounted
43
Bills discounted, volume discounted at each rate
124-125
Changes during 1922 in Federal reserve bank rates
14-18, 42, 44-45
Charged by member banks
14-18
(See also Index to Part II.)
Districts, Federal reserve. (See Federal reserve districts.)
Dividends paid by Federal reserve banks
24,154
From surplus fund, recommendation of advisory council
409
(See also Index to Part II.)
INDEX TO PAKT I.
425
Page.
Dollar exchange bills purchased or discounted and held by Federal reserve
banks
79-80, 88-89,133-134
Drafts, demand, with bill of lading attached, eligibility fp;r rediscount, recommendation of advisory council
411
Drafts, growers', accepted by cooperative marketing associations:
As agricultural paper
255
Not a trade acceptance
256
Earning assets of Federal reserve banks:
Earnings, annual rates of
19, 51
Holdings of
19, 52-56, 64-66, 75-76
•(See also Index to Part II.)
Earnings and expenses of Federal reserve banks
18-25,151-155
(See also Index to Part II.)
Earnings, rates of. (See Discount and open-market rates.)
Economy and efficiency in Federal reserve banks
„
4, 21
Educational campaign regarding operation of Federal reserve system, advisory
council on
.-.
409
Eligible nonmember banks
29,171-173
Eligible paper held as security for Federal reserve notes
95, 96, 98-102
Employees:
Federal reserve banks, number and salaries
235
Federal Reserve Board, salaries...
232
Examiners, national bank, salaries of
238
Excess reserves ("free gold'') of Federal reserve banks. (See Reserves.)
Excessive borrowings by member banks
3
Advisory council on
411
Exchange, foreign. (See Foreign exchange.)
Executor, administrator, etc. (See Fiduciary powers.T
Expenses:
Federal reserve banks
18-25,151-155
(See also Index to Part II.)
Federal Reserve Board
39,156-159
Fiscal agency department of Federal reserve banks
155
Exports and imports:
Acceptances based on, purchased and held by Federal reserve banks
79,
80, 88, 89, 133-134
Gold.
13,177-179
Expressage, cost of, Federal reserve banks
152
Federal advisory council:
Meetings of
38
Members of
241
Recommendations of
407-413
Federal reserve act, amendments to
36, 248
Recommendations of advisory council
413
Federal reserve agents:
Conferences of
39
Federal reserve note accounts of
95, 96
Gold fund, summary of transactions during 1922
144
Gold held by
62-66, 98-102
List of
241
Salaries of
235
Federal reserve bank notes:
Circulation of all Federal reserve banks combined
58-61. 66-68
Issued by Comptroller of the Currency
112
Outstanding
113
Pittmaii Act certificates, cancellation of
4,19
Redeemed by Comptroller of the Currency
112
Redemption fund against
63., 66-68
Taxes paid on circulation
153
Federal reserve banks (see also Index to Part II):
Acceptances purchased or discounted and held by. (See Acceptances.)
Agricultural paper discounted and held by
79, 80,116-117
Bank premises.
."
26, 63-66,154
Branches of
25
Buildings....
,
26
426
INDEX TO PART I.
Federal reserve banks—Continued.
Branches of—Continued.
Pag«.
Directors and managers of
241-247
Operations, volume of
149,150
Building operations
26
Capital
25,63,66-68
Clearing operations
145,146
Commercial paper held by
79,80
Condition of all Federal reserve banks combined
52-70
Condition of each bank. (See Index to Part II.)
Currency receipts and shipments
114,115
Deferred availability items (checks, drafts, transit items, etc.)
63,66-68
Deposits—
Of all banks combined
58-61, 63, 66-68, 75
Of each Federal reserve bank. (See Index to Part II.)
Reserves required against
71-73
Depreciation charges made by
22-24,153-154
Directors and officers."
241
Discount rates. (See Discount and open-market rates.)
Discounts. (See Discount and open-market operations.)
Dividends paid
24,154
Advisory council on
409
Earning assets. (See Earning assets.)
Earnings, transfers to surplus fund
22, 24,154
Earnings and expenses.
18-25,151-155
Economy and efficiency
4,21
Employees, number and salaries
21, 235
Excess reserves ("free gold "). (See Reserves.)
Excessive borrowings by member banks
3
Advisory council on
411
Expenses of
18-25,151-155
Expressage, cost of
. 152
Federal reserve bank notes. (See Federal reserve bank notes.)
Federal reserve notes. (See Federal reserve notes.)
Fiscal agency operations
20,155,160
Advisory council on
408
Franchise tax paid by
22,24,154
Furniture and equipment, cost of
154
Gold held by
58-66
Gold redemption fund
62-66
Gold settlement fund
62-66,142-143
Government deposits held by
58-61,63,66-68
Governors of—
Conferences
39
List of
241
Meetings of
39
Salaries of
235
Investments of. *(See Earning assets; Discount and open-market operations.)
Live-stock paper discounted and held by
79,80,116,117
Member bank reserve deposits held by
58-61,63,66-68
Municipal warrants—
Holdings of
92
Purchases of
116,117
Rates of earnings on
51
Officers and directors, list of
241
Officers, salaries of
,
235
Postage, cost of
152
Profit and loss account
153
Rent paid by
152
Reserve ratio. (See Reserve ratio.)
Reserves. (See Reserves.)
Resources and liabilities of all banks combined
52-70
Responsibility with respect to conduct of business of, advisory council on.. 408
.Salaries.......
...
21,151,235
Self-insurance
154
Surplus account
22,24,63,66-68,154
Telephone and telegraph expenses
152
INDEX TO PART I.
427
Federal reserve banks—Continued.
Uncollected items (checks, drafts, transit items, etc.)
63-66
Unitecl States securities purchased and held by. (See United States
securities.)
Federal Reserve Board:
4-S a bureau of the Treasury Department, advisory council on
413
Assessment for expenses of
39,151,156
Committee on efficiency and economy
21
Conferences with—
Federal advisory council
39
Federal reserve agents
39
Governors of Federal reserve banks
39
Directory
240
Division of analysis and research—
Stewart, W. W., appointed director
39
Transfer of, to Washington
39
Willis, H. Parker, resignation as director
39
Division of issue and redemption—
Buell, W. E., resignation as chief
,
..
39
Copeland, L. G., appointed chief
39
Employees, number and salaries
232
Expenses of
39,157,158
Harding, W. P. G., retirement of, as member
39
Logan, Walter S., counsel, resignation of
39
Membership increased by amendment to act
39,248
Members of.
240
Officers of, number and salaries
232
Organization
39
Receipts and disbursements
156-159
Regulations
249-254
Rulings on eligible paper of cooperative marketing associations
255-258
Salaries of officers and employees
232
Wyatt, Walter, appointed counsel
39
Federal Reserve Bulletin, subscriptions to. .
156
Federal reserve currency:
Cost of
153
Taxes paid on Federal reserve bank-note circulation
153
Federal reserve districts:
Area
414
Counties in divided States
414
Description
,
,
414-419
Map showing outline
420
Population
414
federal reserve notes:
Circulation—
All Federal reserve banks combined
12, 58-61,63, 66-68,75
Each Federal reserve bank
98
(See also Index to Part II.)
Collateral security held against
95,96,98-102
Cost of preparing
156,157
Eligible paper held as collateral against.......
95,96,98-102
Excess collateral pledged against
'.
100-102
Gold and gold certificates held as collateral against
95,96,98-100
Held by Federal reserve agents
95,96,105
Held by Federal reserve banks
97,98
Interdistrict movement of
110, 111
Issued by Federal reserve agents to Federal reserve banks
103,104,108,109
On hand in Washington on December 30,1922
106
Outstanding
95-97,100-105,110
Received by FederaJ reserve banks from Comptroller of the Currency. 95,96,107
Received from and returned to other Federal reserve banks
110, 111
Reserves required against
71-73
Retired (returned by Federal reserve banks to Federal reserve agents)... 103,
104,109 •
Returned to and received from other Federal reserve banks
110, 111
Returned by Federal reserve agents to Comptroller of the Currency for
destruction
108
428
INDEX TO PART I.
Fiduciary powers:
Page.
Court decisions
33-35,274-280
Aquidneck National Bank of Newport, R . I
33, 274
Corn Exchange National Bank of Philadelphia, Pa
34, 277
r
Permits issued to national banks
35, 214-228
Fiscal agency operations of Federal reserve banks
20,155,160
Advisory council on
.
408
Foreign banks, acceptances of, held by Federal reserve banks
86-87
Foreign exchange
13,180-187
Index
.
180
Chart
180
Rates
13,181-187
Franchise tax paid by Federal reserve banks to Government
22, 24,154
(See also Index to Part II.)
Furniture and equipment purchased by Federal reserve banks
154
(See also Index to Part II.)
Gold:
Certificates, paying out of, without reservation, advisory council on
407
Federal reserve agents' gold fund
95-96,100-102,144
Held as security for Federal reserve notes
62-66,95-96, 98-102
Held by Federal reserve agents
62-66,98-102
Held by Federal reserve banks
58-66
Imports and exports
13,177-179
Chart showing
178
Mobilization of, in Federal reserve banks, advisory council on
407
Reserves. (See Reserves.)
Shipments, cost of
156,157
Gold redemption fund:
Federal reserve agents.
95,96,100-102
Federal reserve banks
62-66
Gold settlement fund:
Balance of all Federal reserve banks combined
62-66
Cost of operation
28
Daily clearings
28
Summary of transactions
28,142,143
Government bonds. (See United States securities.)
Government deposits held by Federal reserve banks
58-61, 63, 66-68
Government, Federal reserve banks as fiscal agents of
20,155,160
Federal advisory council on
408
Government obligations:
As investments of Federal reserve banks, advisory council on
409, 413
Decline in price of, advisory council on. .
412
Governors of Federal reserve banks:
Conferences of
39
List of
241
Meetings of
39
Salaries of
235
v
Growers' drafts accepted by cooperative marketing associations:
As agricultural paper.
255
Not a trade acceptance
256
Harding, W. P. G., retirement of, as member of Federal Reserve Board
39
Imports and exports:
Acceptances based on, purchased or discounted and held by Federal reserve
banks
79,80,88-89,133,134
Gold
13,177-179
Chart showing
178
Index numbers, foreign exchange
180
Inflation, advisory council on
412
Insurance, self, of Federal reserve banks
154
Interdistrict movement of Federal reserve notes
#
110, 111
Interest rates: (See discount and open-market rates.)
Investments of Federal reserve banks:
Federal advisory council on
409, 413
(See Earning assets; Discount and open-market operations.)
Joint Commission of Agricultural Inquiry on branch banking.
5
Kern amendment to Clayton Act:
Amendment to», proposed
35
"Substantial competition," interpretation of words, advisory council on.. 412
INDEX TO PART I.
429
Pagt.
Land area of Federal reserve districts
414
Leased-wire system, cost of
156,157
Legal-tender notes, silver, etc., held by Federal reserve banks
62-66
Live-stock paper discounted and held by Federal reserve banks
79, 80,116,117
Loans, investments, deposits, etc., of member banks
7-11,161-170
Managers of branches of Federal reserve banks
241-247
Map outlining Federal reserve districts
420
Marketing associations, cooperative
1
4
Eligible paper of, summary of rulings on
:
255-258
Maturities:
Acceptances purchased and held by Federal reserve banks
90, 91,137-139
Bills discounted by Federal reserve banks
81, 82,126-128
Member banks:
Acceptances of, held by Federal reserve banks
86, 87
Accommodation at Federal reserve banks of reporting member banks. 7, 8,169,170
(See also Index to Part II.)
Borrowings in relation to basic discount lines
3
Capital
29,161-166
Collateral or promissory notes of, discounted and held by Federal reserve
banks
79, 80,116,117
Condition reports, abstract of
161-i 66
Dividends paid to, by Federal reserve banks
154
Eligible State banks
29,171-173
Excessive borrowings
3
Advisory council on
411
Loans, investments, deposits, etc
7-11,161-170
Number of
147-148,161-166
National banks—
Loans and discounts
9,167-168
Paper discounted for
124
Number accommodated through discount of paper
120-123
Number in each district
147-148
Number in each State
121-123
Reporting banks in leading cities, assets and liabilities of
169,170
(See also Index to Part II.) '
Reserve deposits of.
58-61, 63, 66-68
(See also Index to Part II.)
Resources and liabilities
161-166
State bank membership
29,188-213
State banks and trust companiesAbstract of condition reports
161
Bills discounted for
124
Capital
29,161,188
Eligible State banks not members.
29,171-173
Membership in system
29,188-213
Number, capital, and surplus, and total resources
29,161,188
Surplus of
161-166
United States securities owned by
161-170
(See also National banks; State banks.)
Money, seasonal demand for, advisory council on
412
Municipal warrants:
Purchased and held by Federal reserve banks
52-56, 64-66, 92,116-117
Rates of earnings on
51
National bank notes:
Acceptance of, by Federal reserve banks for deposit, advisory council on..
409
Retiring of circulation of, advisory council on
408
National banks:
Acceptances of, held by Federal reserve banks
86, 87
Bills discounted for. ..'
124
Charters, extension of, advisory council on
409
Examiners, number and salaries
238
Fiduciary powers granted to
35, 214-228
Loans, investments, deposits, etc
167-168
Nonmember banks:
Acceptances of, held by Federal reserve banks
80, 87
Eligible for membership
29,171-173
Number on par list.
147,148
430
INDEX TO PART I.
Page.
North Carolina par clearance case
31, 261
Notes. (See Federal reserve notes; Federal reserve banknotes; National bank
notes.)
Officers and directors of Federal reserve banks
241
Officers and employees:
Federal reserve banks, number and salaries
235
Federal Reserve Board, salaries
232
One hundred per cent of capital and surplus, list of banks granted authority
to accept up to
229-231
Open-market operations of Federal reserve banks. (See Discount and openmarket operations.)
Open-market rates. (See Discount and open-market rates.)
Opinion of courts:
Fiduciary powers granted to national banks—
Aquidneck National Bank of Newport, R. 1
33, 274
Corn Exchange National Bank of Philadelphia, Pa
34, 277
Par clearance casesAtlanta case
30,258
Cleveland case
31, 265
Richmond case
31, 261
San Francisco case
32, 271
Par collections. (See Check clearings and collection.)
Par list, number of member and nonmember banks on
147,143
Percentage of reserves to deposit and note liabilities of Federal reserve banks.
(See Reserve ratio.)
Pittman Act certificates:
Held by Federal reserve banks
62-66
Redemption of
4,19
Population of Federal reserve districts
414
Postage, cost of, Federal reserve banks
152
Private banks, acceptances of, held by Federal reserve banks
86,87
Profit and loss account of Federal reserve banks. . .
153
(See also Index to Part II.)
Purchased paper. (See Acceptances.)
Rates:
Changes in, advisory council on
411, 412, 413
Discount. (See Discount and open-market rates.)
Foreign exchange
13,181-187
Ratio of cash reserves to deposit and note liabilities of Federal reserve banks.
(See Reserve ratio.)
Receipts and disbursements of the Federal Reserve Board
156-159
Recommendations of the Federal advisory council
407-413
Redemption fund against Federal reserve bank notes, changes in
63, 66-68
Rediscount of demand draft with bill of lading attached, advisory council on..
411
Regulations of the Federal Reserve Board:
A—Rediscounts under section 13
37, 249
B—Open-market purchases under section 14
38, 253
D—Time deposits and savings accounts, advisory council on amendment of.
409
Rent paid by Federal reserve banks
152
(See also Index to Part II.)
Reporting member banks in leading cities, assets and liabilities of
169,170
(See also Index to Part II.)
Reserve balances of member banks:
Held by all Federal reserve banks combined
58-61, 64-66
Held by each Federal reserve bank. (See Index to Part II.)
Reserve ratio:
All Federal reserve banks combined
11, 58-61, 71-73, 75
Each Federal reserve bank. (See Index to Part II.)
Reserve regulation, modification of, tending to lower reserves of members with
Federal reserve banks, advisory council on
409
Reserves of Federal reserve banks:
CashAll banks combined
11, 58-61, 64-66, 75
Each Federal reserve bank. (See Index to Part II.)
Excess reserves (" free gold ")
58-61, 71-73
Other than gold
62-66
Reduction of, by payment of gold, advisory council on
407
Required against notes and deposits
58-61, 71-73
INDEX TO PART I.
431
Resources and liabilities:
.
Page.
All banks in the United States
174
Federal reserve banks
52-70
Member banks
161-166
Reporting member banks
169-170
(See also Index to Part II.)
Richmond par clearance case
31, 261
Rulings on eligible paper of cooperative marketing associations
255-258
Salaries:
Federal reserve banks
21,151, 235
Federal Reserve Board
39, 232
National bank examiners
'
238
San Francisco par clearance case
32, 271
Staff. (See Employees.)
State banks and trust companies:
Acceptances of, held by Federal reserve banks
86, 87
Admitted to system
;
29,188-213
Branches
".
5
Eligible State banks not members.
29,161,171-173
State bank and trust company members:
Abstract of condition reports
161-166
Bills discounted for
124
Capital, surplus, and total resources
29,161,188
Number of
29,161
Resources and liabilities
161
Stewart, W. W., appointed director of division of analysis and research
39
Subscriptions to Federal Reserve Bulletin
156
Subtreasuries, Federal reserve banks acting in place of, advisory council on..
408
Surplus account:
Federal reserve banks
22? 24, 63, 66-68,154,155
Member banks
161-166
Tax, franchise, paid to Government by Federal reserve banks
22, 24,154
Telegraph, leased-wire system, cost of.
156,157
Telephone and telegraph expense of Federal reserve banks
152
Trade acceptances:
Purchase of, by Federal reserve banks, advisory council on
409
(See Acceptances.)
Treasury certificates of indebtedness. (See United States securities.)
Trust companies. (See State banks and trust companies.)
Trust powers. (See Fiduciary powers.)
Treasury Department, operations of, affected by purchase of Government obligations by Federal" reserve banks, advisory council on
410
Uncollected items (checks, drafts, transit items, etc.) of Federal reserve banks. 63-66
United States bonds. (See United States securities.)
United States certificates of indebtedness. (See United States securities.^
United States Government, franchise tax paid to, by Federal reserve banks..
22,
24,154,155
United States securities:
Allotments of
160
Bills discounted, secured by—
Held by Federal reserve banks
52-56, 64-66, 79
Volume discounted by Federal reserve banks
129
Depreciation on, charges made by Federal reserve banks on account of.. 153,154
Discount rates on paper secured by
42
Held by Federal reserve banks
52-56, 64-66, 93
Owned by member banks
161-170
Rates of earnings on purchases by Federal reserve banks
50
Volume purchased by Federal reserve banks
140-141
(See also Index to Part II.)
United States Treasurer, items drawn on, and handled by, Federal reserve banks.
145
(See also Index to Part II.)
Victory notes. (See United States securities.)
Warehouse receipts covering agricultural paper as security
258
Warrants, municipal:
Purchased and held by Federal reserve banks
52-56, 64-66,92,116-117
Rates of earnings on
51
Willis, H. Parker, resignation as director of division of analysis and research..
39
Wyatt, Walter, appointed counsel of Federal Reserve Board
39
INDEX TO PART II.
DATA FOR EACH FEDERAL RESERVE DISTRICT.
District No. 1—Boston:
Page.
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve note
circulation, and reserve percentages; by weeks during 1922
284
Chart showing
285
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank;
by months during 1921 and 1922
290
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922
283
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district; by months, 1920-1922
290-292
Discount and open-market operations of Federal reserve bank—volume
of bills discounted and of acceptances and United States securities purchased
28ft
Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated
287
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
288
Federal reserve clearing system—operations of Federal reserve bank in. . .
28S
Gold settlement fund—clearings and transfers of Federal reserve bank,
by weeks during 1922
28<>
District No. 2—New York:
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve
note circulation, and reserve percentages; by weeks during 1922
294
Chart showing
295
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank;
by months during 1921 and 1922
300
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922..
• 295
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district; by months, 1920-1922
301
Discount and open-market operations of Federal reserve bank—volume
of bills discounted and of acceptances and United States securities purchased
29$
Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated.. . .
297
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
297-298
Federal reserve clearing system—operations of Federal reserve bank i n . . .
Gold settlement fund—clearings and transfers of Federal reserve bank,
by weeks during 1922
District No. 3—Philadelphia;
Assets and liabilities-of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve note
circulation, and reserve percentages; by weeks during 1922
Chart showing
•.
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodiaton at Federal reserve bank; by
months during 1921 and 1922
432
298
299
30.5
304
309
INDEX TO PART II.
433
•
District No. 3—Philadelphia—Continued.
Page.
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922
302
Debits to individual accounts (bank debits)—figuies for each reporting
center and summary for the district; by months, 1920-1922
309-311
Discount and open-market operations of Federal reserve bank—volume
of bills discounted and of acceptances and United States securities
purchased
305
Discounts—volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
306
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
306-307
Federal reserve clearing system—operations of Federal reserve bank i n . . .
307
Gold settlement fund—clearings and transfers of Federal reserve bank, by
weeks during 1922
308
District No. 4—Cleveland:
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities, and total earnings assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve note
circulation, and reserve percentages; by weeks during 1922
.
313
Chart showing
314
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank; by
months during 1921 and 1922
319
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922
312
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district; by months. 1920-1922
319-321
Discount and open-market operations of Federal reserve bank—volume
of bills discounted and of acceptances and United States securities
purchased
315
Discounts—volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
316
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
316-317
Federal reserve clearing system—operations of Federal reserve bank in
317
Gold settlement fund—clearings and transfers of Federal reserve bank, by
weeks during 1922
*. 318
District No. 5—Richmond:
Assets and liabilities of Federal reserve bank—holdiugs of bills discounted,
acceptances, United States securities and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve
note circulation, and reserve percentages; by weeks during 1922
323
Chart showing
*
324
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank; by
months during 1921 and 1922
329
Condition of Federal reserve bank-—comparative statement of, December
31, 1920-1922
322
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district; by months, 1920-1922
329-331
Discount and open-market operations of Federal reserve bank—volume of
bills discounted and of acceptances and United States securities purchased
325
Discounts—volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
326
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
326-327
Federal reserve clearing system—operations of Federal reserve hank i n . . .
327
Gold settlement fund—clearings and transfers of Federal reserve bank, by
weeks during 1922
328
District No. 6—Atlanta:
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities, and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve note
circulation, and reserve percentages: by weeks during 1922
333
Chart showing
334
434
INDEX TO PART II.
•
District No. 6—Atlanta—Continued.
Page.
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank; by
months during 1921 and 1922
\
339
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922
332
Debits to individual accounts- (bank debits)—figures for each reporting
center and summary for the district; by months, 1920-1922
339-341
Discount and open-market operations of Federal reserve bank—volume of
bills discounted and of acceptances and United States securities purchased
335
Discounts—volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
336
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
•
336-337
Federal reserve clearing system—operations of Federal reserve bank in
337
Gold settlement fund—clearings and transfers of Federal reserve bank,
by weeks during 1922
338
District No. 7—Chicago:
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities and total earning assets; also
cash reserves, members' reserve deposits, total deposits, Federal reserve
note circulation, and reserve percentages; by weeks during 1922
343
Chart showing
344
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank; by
months during 1921 and 1922
'.. / .
349
Condition of Federal reserve bank—comparative statement of, December
33, 1920-1922.
342
Debits to individual accounts (bank debits)—-figures for each reporting
center and summary for the district; by months, 1920-1922
350-353
Discount and open-market operations of Federal reserve bank—volume
of bills discounted and of acceptances and United States securities
purchased
345
Discounts—volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
346
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
346-347
Federal reserve clearing system—operations of Federal reserve bank i n . .
347
Gold settlement fund—clearings and transfers of I^ederal reserve bank,
by weeks during 1922
348
District No. 8—St. Louis:
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities, and total earning assets; also
cash reserves, members' reserve deposits, total deposits, Federal reserve
note circulation, and reserve percentages; by weeks during 1922
355
Chart showing
356
Assets and liabilities of reporting member banks—-loans and discounts,
investments, deposits, and accommodation at Federal reserve bank;
by months during 1921 and 1922
361
Condition of Federal reserve bank—comparative statement of, December
31,1920-1922
354
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district; by months, 1920-1922
361-362
Discount and open-market operations of Federal reserve bank—volume of
bills discounted and of acceptances and United States securities
purchased
357
Discounts—volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
358
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
358-359
Federal reserve clearing system—operations of Federal reserve bank i n . .
359
Gold settlement fund—clearings and transfers of Federal reserve bank,
by weeks during 1922
360
INDEX TO PABT II.
435
District No. 9—-Minneapolis:
Page.
Assets and liabilities of Federal reserve bank—-holdings of bills discounted,
acceptances, United States securities and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve note
circulation, and reserve percentages: by weeks during 1922
364
Chart showing
:
365
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank; by
months during 1921 and 1922
370
Condition of Federal reserve bank—-comparative statement of, December
31, 1920-1922
363
Debits to individual accounts (bank debits)—-figures for each reporting
center and summary for the district; by months, 1920-1922
370-372
Discount and open-market operations of Federal reserve bank—volume
of bills discounted and of acceptances and United States securities purchased
366
Discounts—-volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
367
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
367-368
Federal reserve clearing system—operations of Federal reserve bank i n . .
368
Gold settlement fund—clearings and transfers of Federal reserve bank; by
weeks during 1922
".
369
District No. 10—-Kansas City:
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve note
circulation, and reserve percentages; by weeks during 1922
374
Chart showing
375
Assets and liabilities of reporting member banks—-loans and discounts,
investments, deposits, and accommodation at Federal reserve bank;
by months during 1921 and 1922
380
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922
373
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district, by months, 1920-1922
381-383
Discount and open-market operations of Federal reserve bank—-volume
of bills discounted and of acceptances and United States securities purchased
376
Discounts—volume of bills discounted by Federal reserve bank for member
banks in each State, and number of banks accommodated
377
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
377-378
Federal reserve clearing system—operations of Federal reserve bank i n . .
379
Gold settlement fund—clearings and transfers of Federal reserve bank,
by weeks during 1922
.""
379-380
District No. 11—Dallas:
Assets and liabilities of Federal reserve "bank—holdings of bills discounted,
acceptances, United States securities, and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve
note circulation, and reserve percentages; by weeks during 1922
385
Chart showing
386
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank; by
months during 1921 and 1922
391
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922
"
384
%
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district; by months, 1920-1922
391-393
Discount and open-market operations of Federal reserve bank—volume of
bills discounted and of acceptances and United States securities purchased
387
Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated
388
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
388-389
436
INDEX TO PART II.
District No. 11—Dallas—Continued.
Page.
Federal reserve clearing system—operations of Federal reserve bank i n . . .
389
Gold settlement fund—clearings and transfers of Federal reserve bank, by
weeks during 1922
'.
390
District No. 12—San Francisco:
Assets and liabilities of Federal reserve bank—holdings of bills discounted,
acceptances, United States securities, and total earning assets; also cash
reserves, members' reserve deposits, total deposits, Federal reserve note
circulation, and reserve percentages; by weeks during 1922
395
Chart showing
\
396
Assets and liabilities of reporting member banks—loans and discounts,
investments, deposits, and accommodation at Federal reserve bank; by
months during 1921 and 1922
401
Condition of Federal reserve bank—comparative statement of, December
31, 1920-1922
394
Debits to individual accounts (bank debits)—figures for each reporting
center and summary for the district; by months, 1920-1922
401-404
Discount and open-market operations of Federal reserve bank'—volume of
bills discounted and of acceptances and United States securities purchased
397
Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated
398
Earnings, expenses, and profit and loss account of Federal reserve bank,
1920-1922
398-399
Federal reserve clearing system—operations of Federal reserve bank in . . .
399
Gold settlement fund—clearings and transfers of Federal reserve bank, by
weeks during 1922
\
400
@FedFRASER