Full text of Annual Report of the Federal Reserve Bank of Boston : Eighth Annual Report of Federal Reserve Bank of Boston for the Year Ended December 31, 1922

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Eighth Annual Report of
the Federal Reserve Bank
of Boston for the year ended
*i?

December 30,1922

'Boston, ^Massachusetts



^

EIGHTH ANNUAL REPORT
— OF THE —

Federal Reserve Bank
of Boston
For the year ended
December 30, 1922

BOSTON, MASSACHUSETTS




LETTER OF TRANSMITTAL
BOSTON, MASS., February 1,

1923.

SIR:

I have the honor to submit herewith the Eighth Annual Report of the
Federal Reserve Bank of Boston covering the operations of that bank for the
period from January 1, 1922, to December 30, 1922.
Respectfully yours,
FREDERIC H. CURTISS,

Chairman and Federal Reserve Agent.
HON. EDMUND PLATT,

Acting Governor, Federal Reserve Board,




Washington, D. C.

TABLE OF CONTENTS

Page

Officers and Directors
Introduction
Review of Industrial and Agricultural Conditions
Review of Banking Conditions
Statement of Condition
Income and Disbursements
Discount and Local Money Rates
Loan and Discount Operations
Open Market Operations
Bankers' Acceptances.
United States Securities
Reserves
Currency Transactions
Clearing Operations
Collection of Time Items
Fiscal Agency Operations
Internal Organization
The New Bank Building
Conclusion

5
7
8
10
12
12
13
14
15
16
16
17
17
18
18
18
19
20
20

'

APPENDIX
SCHEDULES

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.

Comparative statement of condition
25
Earnings and expenses
26
Profit and loss account
27
Reserve position on the first of each month, 1922
27
Movement of principal assets and liabilities during 1922, Boston
28-29
Volume of work handled by the Federal Reserve Bank of Boston
30
Volume of discount and open market operations
31
Volume of bills discounted for member banks by States
32
Statement of aggregate earning assets, showing holdings, earnings and
average rates, by months
33
Open market purchases of bankers' acceptances by classes
34
Gold Settlement Fund transactions, 1922
34
Movement of currency
35
;
Volume of currency handled in the sorting division
36
Inter-district movement of Federal Reserve notes
36
Coin transactions of the Federal Reserve Bank of Boston for the year ending December 30, 1922
36
Boston Federal Reserve bank notes received, redeemed, outstanding,
liability
37
New currency received by the Federal Reserve Bank of Boston
37
Unfit currency forwarded to the Treasurer of the United States for redemption
37
Comparative statement of Federal Reserve Agent
38




3

4

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
Page

20. Amount of Federal Reserve notes issued to the Federal Reserve Bank of
Boston by the Federal Reserve Agent, amount retired and outstanding,
and amount of collateral held by the Federal Reserve Agent against notes
outstanding
38
21. Federal Reserve notes issued and retired by Federal Reserve Agent, 1922 . .
39
22. Comparison of loans to and reserve deposits of Boston and country banks
at the Federal Reserve Bank of Boston
40
23. Principal assets and liabilities of member banks in selected cities, monthly
averages, 1922
41
24. Charges to depositors' accounts in leading New England cities
42
25. Acceptance liability of all member banks in Federal Reserve District No. 1.
42
26. Acceptance liability of all banks in Federal Reserve District No. 1
43
27. Classes of securities held by Collateral Department December 30, 1922 . . . .
43
28. Volume of securities handled by the Collateral Department
43
29. Operations of Federal Reserve clearing system
44
30. Number of items received for collection and amounts collected
45
31. Treasury certificates of indebtedness and Victory notes redeemed from
January 1, 1922, to December 30, 1922, inclusive
46
32. Subscriptions in 1922 to treasury certificates of indebtedness, notes and
bonds by States
47
33. Sales of treasury savings stamps and certificates
47
34. Subscriptions, allotments and method of payment of treasury certificates
of indebtedness, notes and bonds issued in 1922
48
35. Deposits in duly qualified and designated depositary banks
49
36. Coupon interest on United States obligations paid by the Federal Reserve
Bank of Boston as fiscal agent of the United States
49
37. State member banks as of December 30, 1922
50
38. Change in membership of national banks, 1922
50
39. Resources of member and non-member eligible State banks
51
40. Member banks authorized to accept drafts, and bills of exchange up to 100 per
cent of their capital and surplus
51
41. Member banks accepting drafts and bills of exchange in amounts not to exceed 50 per cent of their capital and surplus
52
42. Non-member accepting banks and other acceptors in this district
52
43. Banks authorized to exercise fiduciary powers under the Federal Reserve
Act
53-55
44. Discount rates, Federal Reserve Bank of Boston, 1914-1922
56
45. Money rates in Boston, 1921 and 1922
57
46. Commercial failures in the First District and in New England
58
47. New England agricultural production
58
48. Number of officers and employees classified by departmental functions,
December 30, 1922, and December 31, 1921
59
CHARTS

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

Boston Money Market
Reserves, Investments, Deposits and Circulation
Loans and Investments
Bankers' Acceptances
Monthly Average Reserve Ratios
Earning Assets
Loans to Member Banks
Member Bank Reserve Deposits
Investments and Deposits
Loans and Investments
Charges to Depositors' Accounts
Net Sales (Twenty-five New England Department Stores)
Rate of Manufacturing Activity, New England




60
61
62
63
64
64
65
65
66
66
67
67
68

FEDERAL RESERVE BANK OF BOSTON
OFFICERS A N D DIRECTORS
As of December 30, 1922

Officers
CHARLES A. MORSS, Governor.
CHESTER
WILLIAM
WILLIAM
KRICKEL

FREDERIC H. CURTISS, Federal

C. BULLEN, Deputy Governor.
W. PADDOCK, Deputy Governor.
WILLETT, Cashier.
K. CARRICK, Secretary.

Reserve

Agent.
CHARLES F. GETTEMY, Assistant Federal

Reserve Agent.
HARRY F. CURRIER, Auditor.

FRANK W. CHASE, Assistant Cashier.
ELLIS G. HULT, Assistant Cashier.
WILLIAM N. KENYON, Assistant Cashier.
ERNEST M. LEAVITT, Assistant Cashier.
HARRY A. SAUNDERS, Assistant Cashier.
L. WALLACE SWEETSER, Assistant Cashier.
Class
and
Group

Directors

Term
Expires
Dec. 31

A 1 THOMAS P. BEAL,

President, Second National Bank, Boston, Mass.

A 2 F. S. CHAMBERLAIN,

Vice-President and Cashier, New-

1923

Britain National Bank,
New Britain, Ct. 1925
A 3 EDWARD S. KENNARD, Cashier, Rumford National Bank, Rumford, Me. 1924
B 1 PHILIP R. ALLEN,

Paper Manufacturer,

B 2 EDMUND R. MORSE,

Treasurer, Vermont Marble Co., Proctor, Vt.

B 3 CHAS. G. WASHBURN,

Director, Wire Goods Co.,

Worcester, Mass. 1924

Vice-President, Bird & Sons, E. Walpole, Mass.1923
1925

•C

FREDERIC H. CURTISS,

Chairman,

Boston, Mass.

1923

C

ALLEN HOLLIS,

Deputy-Chairman, Lawyer,

Concord, N. H.

1924

C

JESSE H. METCALF,

President, Wanskuck Co.,

Providence, R. I. 1925

ARTHUR H. WEED, Counsel.

Member of Advisory Council
PHILIP STOCKTON,

President, Old Colony Trust Company.







EIGHTH ANNUAL REPORT OF THE FEDERAL
RESERVE BANK OF BOSTON
INTRODUCTION

During the first three months of 1922 manufacturing production1 steadily fell off in the New England district, until by the latter part of April
it was back to where it was in September, 1921. From that date to the end
of the year there was a steady and continued increase in manufacturing
activities in almost all lines of industry in the district, so that the average for the year was well above that of 1921. It must also be remembered
that commodity prices as shown by the Index of the Bureau of Labor were
at a lower level in January, 1922, than at any time during the previous
four or five years, causing a decrease in the volume of credit required to
carry a given volume of business, and therefore loans of the member banks
with the Federal Reserve Bank tended to fall off.
With the falling off of general business activity, however, the volume of
items handled by the Federal Reserve Bank is not necessarily reduced.
This was notably the case during 1922 in the Money, Transit, Collection
and Wire Transfer Departments, all of which greatly exceeded all previous
records of business handled.2 Even in the Discount Department, where the
dollar value of business handled was barely one-half that of the previous
year, the number of items handled was reduced less than one-fifth. This
was because the size of the individual units handled, rather than their
number, was smaller in 1922.
Every effort has been made to reduce operating costs, but owing to the
greatly increased volume of business handled by several of the operating
departments, savings could be effected only in a limited number of departments, such as the Discount Department and in general overhead.
Nevertheless, in spite of these circumstances, a net saving was effected in
all current expenses during 1922, amounting to $217,000.3
The Board of Directors of this bank felt, under existing conditions, that
it was desirable that the bank should make sufficient earnings to cover its
expenses and dividend requirements, and that when the earnings from discounts of member banks were not sufficient the bank should purchase
short-time government securities. Therefore, during the month of
January the holdings of government securities were increased to about
$37,000,000, and as there was little change in the loan until spring,
i See Chart No. 13.



2

See Schedule No. 6.

» See Schedule No. 2.

8

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

these government securities were increased, until on June 14 they
reached the high point of $60,000,000. The low point on total loans
was $19,000,000 on July 19.1 As business activity increased, these
government securities were either allowed to mature or were sold,
until they had been reduced to $20,000,000 the first of December, the loans to member banks then having risen to about $77,000,000.
While these holdings of government securities were increased in connection with the operations of the government on December 15, the earnings
were sufficient for the year to pay all operating expenses and the 6 per
cent, dividend to member banks, to set aside $463,105 for depreciation and
other deductions, $76,568.14 for surplus, leaving the sum of $538,883.34
for payment to United States Government as franchise tax.2
On June 23 the only change in the discount rate during the year was
made, a 4 per cent, rate being established by the directors, this following
similar action of the Federal Reserve Bank of New York, and also bringing
the discount rate in closer uniformity to the general market rate prevailing.3
An important event of the year has been the removal of all departments
of the bank into the new bank building at 30 Pearl Street. The change has
been of the greatest help in bringing about a more efficient handling of the
banking operations,—the adequate safeguarding of the bank's securities
and reserves and of more satisfactory working conditions for the staff.
REVIEW OF INDUSTRIAL AND AGRICULTURAL CONDITIONS4
Reviewing general business conditions during 1922, the past year has
been one of marked recovery for practically all of New England's major
industries. The business depression which started in 1920 affected New
England earlier than some other sections of the country, but on the other
hand the industries of this district experienced an earlier recovery. In
fact, manufacturing in New England was on the upgrade while continuing to decline elsewhere. Consequently at the beginning of 1922 industrial
activity was relatively greater in this district than in the country as a
whole. The slight setback which it received in the early months of the
year was almost entirely due to the textile strike beginning in February
and which of course affected allied industries. Another depressing influence was the inauguration of the coal strike the first of April. In the
late spring, retail trade showed signs of improvement and gradually the
whole business situation became better. Manufacturing activity started
to improve in May and continued on an upward trend throughout the remainder of the year. The textile strike had become less effective as an influence in the situation by the late spring, and this fact gave impetus to
the generally improving conditions. During the summer when the railroad
1

2
See Schedule No. 5; Chart No. 6.
See Schedule No. 3.
3
See Schedules Nos. 44 and 45; Chart No. 1.
4
See Schedules Nos. 46 and 47; Charts Nos. 12 and 13.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

9

strike began to affect shipments of coal for power uses, several New England industries, the most prominent being the paper industry, were in
danger of having to curtail production, although most factories did not
actually shorten their working hours on this account. Retail trade was
particularly good in this district in the early fall, coincident with the general return of greater confidence throughout the country, but merchants
who marked up retail prices to correspond with the increasing wholesale
quotations soon found the public inclined to curtail its buying, and the
holiday trade was late in starting. After Thanksgiving trade picked up
very well and in many New England stores the volume of business during
December prior to Christmas was the largest on record for the corresponding period.
The year ended with production at a high rate and manufacturers'
stock of raw material and finished products (as expressed by the manufacturers) on a normal basis, considering the rate of production. Distributors' stocks, on the other hand, are almost universally conceded to be
relatively low. The building boom, so marked since early in the spring,
continued through the fall in larger volume than usual at that season of
the year, despite the rapidly increasing cost of construction. As the year
closes, two of the most important New England industries, namely, woolen
and cotton textile, are faced with the problem of overcoming resistance to
the higher prices of both raw material and the manufactured product,
caused by shortage in two successive cotton crops and the stock of raw
wool, and these high prices have in turn increased the burden on those
New England banks which aid in carrying these materials.
As for the agricultural situation during the year, crops have been, on
the whole, somewhat disappointing to the average farmer of New England. Widespread rot, due to heavy rains late in the season, reduced the
potato crop in Maine to only a little over 50 per cent, of the 1921 yield and
about 15 per cent, less than the past five-year average; Connecticut was
the only New England state to report an increase in potato production
over last year. The commercial apple crop of the New England states was
less in 1922 than in either 1921 or 1920 and about 75 per cent, of the average crop during the past ten years; the price at the farms was, however,
about one-half of that of 1921, due to the large supplies from other parts
of the country. The total yield of New England tobacco in 1922 was 46,925,000 pounds compared with 58,770,000 pounds in 1921. The cranberry crop, which in New England is practically a Massachusetts crop,
increased about 80 per cent, over 1921, although the farm value, due to
lower prices, was slightly less than in 1921; this crop, although only
amounting to about 300,000 barrels in quantity and $3,150,000 in value,
is important because it constitutes over 60 per cent, of the total cranberry
production in the United States, and as a result has a dominating influence
upon the cranberry markets of the entire country.




10

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
REVIEW OF BANKING CONDITIONS

The severe economic readjustment which had been in progress for more
than a year was virtually completed so far as New England was concerned
during the first half of 1922. The improvement in business activity which
began to appear early in the year was to some degree checked by labor
troubles,—notably in transportation, and the textile and shoe trades, but
expansion became again marked in the fall, having already been forecasted by great stock exchange activity, rising prices, and a large volume
of new financing. Lower commodity prices, however, permitted a given
physical volume of business to be carried on in 1922 with less credit than
would have been possible under the price level of 1920, so that in the early
part of the year funds had a tendency to accumulate out of proportion to
the demand for them. Throughout this period the credit situation steadily
improved, the cumulative betterment resulting by midsummer in a monetary ease not experienced since this country entered the war.
Following some nine months after the upward turn in commodity prices
of last February, and induced by the shortage in supply of goods resulting
from the general slowing down in production of the past two years, loan
expansion, both in the member banks and in the Federal Reserve Bank of
Boston, began to appear in September.1 A few weeks later the resultant
competition for funds was reflected by rising money rates in all branches
of the open market,2 and the weekly returns of reporting member banks in
Boston and eight selected outside cities indicated a steadily growing,
though not excessive, demand for commercial credit. Although loans
rose to the highest level since the spring of 1921, this level represented
simply the highest point attained during the recovery from a period of abnormal depression, the corner of which was turned early in September.
The ensuing months to the end of the year were characterized by more
nearly normal business and credit conditions than had obtained at any
time during the three years of post-Armistice inflation and subsequent
readjustment. At its present stage, therefore, credit expansion in this
Federal Reserve district represents a tendency to return to more settled
commercial, industrial, and banking conditions.
Naturally, with increasing business activity during the latter part of
the year, the return to work of idle funds was reflected by some slight
shrinkage in demand deposits; also the weakness in the investment
branches of the money market indicated similar efforts to withdraw working capital from its temporary investment in bonds, short-dated government securities and bankers' acceptances, for industrial needs.
The percentage relationship between net demand deposits and total
loans and discounts for all reporting member banks in this Federal Reserve district,—a significant index of the ability of banks to extend fur1

See Schedules Nos. 5, 9 and 23; Charts Nos. 3, 7, 9 and 10.
2
See Schedule No. 45; Chart No. 1.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

11

ther credit,—which rose from 84 per cent, to 90 per cent, during 1921,
stood at 96 per cent, on December 27, 1922, after having reached its highest point, 100.4 per cent., on July 19. These ratios showed the greater ease
that has resulted from the thawing out of frozen loans and the building up
of deposit balances. With a surplus of funds, the Boston banks in particular entered the investment market with a resultant sharp rise in their
security holdings. The situation outside of Boston was somewhat different, as time deposits, especially in the form of savings, have grown relatively much faster than demand deposits.1 Such funds naturally gravitate
toward the more permanent forms of investment, such as long-term
securities, rather than toward ordinary commercial loans. It would
appear, therefore, that the marked growth in security holdings of the
member banks in New England is the composite effect of two distinct
forces, namely:—the temporary investment of idle commercial funds on
the part of the large city banks, and the more permanent investment of
savings funds on the part of those banks maintaining large savings or
interest departments.
During September it became increasingly evident that the member
banks had no such accumulation of uninvested funds, as it had been popularly supposed they had, with which to meet the increasing demand for commercial loans. A marked drop in the security holdings of the larger banks
followed. Another factor contributing to this decline was the high level of
prices then ruling for investment bonds. This level offered handsome
profits to the holders of securities purchased six months previous, and
coupled with the indications that the monetary ease had passed its zenith,
was in itself a strong inducement for selling. Since it was very profitable
to dispose of these temporary investment holdings in order to finance the
growing commercial and industrial expansion, the member banks have as
yet had only moderate recourse to the Federal Reserve Bank of Boston
for funds.
During 1922 savings deposits throughout New England have grown
rapidly. In fact, this growth nearly equalled that of the boom year, 1920.
Nevertheless, in spite of the fact that savings deposits gained in every
New England state in 1922, there was a falling off in the number of savings
bank accounts in one state,—Maine. During the year the deposits in
savings banks gained 6.0 per cent., or about four times the preceding
year's growth, while those in the savings departments of commercial
banks gained 12.4 per cent., or a little less than twice their preceding
year's growth.
Numerous bank consolidations occurred during 1922 which were in the
interest of greater banking stability. The most important of these mergers was that of the Back Bay National and Metropolitan Trust Company
of Boston, both members of the Federal Reserve System, with the Fed1
See Schedule No. 23; Chart No. 9.



12

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

eral Trust Company,—a non-member. Shortly after its reorganization,
the Federal Trust Company joined the System. The various consolidations caused a reduction in the membership of the Federal Reserve Bank
of Boston from 436 to 427 during the year; no failures occurred among
member banks and, with the exception of a small savings bank in Maine,
none among non-members.
During 1922 the Boston Clearing House Association made two important changes. It extended to all banks and trust companies doing
business in the city of Boston an invitation to join the Association and it
provided for a clearing house examiner.
STATEMENT OF CONDITION*
A comparison of the balance sheets for December 31, 1921, and December 30, 1922, shows less marked changes than in previous years. Earning
assets have been increased largely through an increase in bills bought in
the open market and United States securities held, with a corresponding
reduction in the total reserve. Federal Reserve notes show a slight reduction over the previous year and Federal Reserve bank notes have all been
retired. The increase in capital and member bank reserve deposits is due
to the admittance of the Federal Trust Company of Boston to membership.
The decrease in surplus, in spite of the fact that $76,568 was transferred
to this account under date of December 30, 1922, was brought about
through a readjustment made by the Federal Reserve Bank in its franchise tax payments. In accordance with the interpretation of those sections of the Federal Reserve Act pertaining to the employment of surplus
earnings held prior to 1922, certain funds were diverted to surplus which,
according to a recent construction of the Act, should have been applied in
the franchise tax. The additional franchise tax owed by this bank on its
1920 account amounted to $247,350, and was deducted from the surplus
carried during 1922 and paid to the Treasurer of the United States on
December 30, 1922.
This deduction reduced the December 30, 1922, surplus, as shown in
the statement of condition, to $16,235,808, which, augmented by the
additional amount of $76,568 transferred to surplus at the close of 1922,
brought the total to $16,312,376.
INCOME AND DISBURSEMENTS2
Earnings for the year 1922 were about one-half those of 1921, and over
one-half of these earnings were from bills and investments made in the
open market. While there was a decrease in current expenses for the year,
this was due largely to the cost of printing and shipping charges in a de1
See Schedules Xos. 1 and 3; Charts Nos. 2 and 5. 2 See Schedules Nos. 2 and 3.



ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

13

creased volume of Federal Reserve notes, and taxes on Federal Reserve
bank note circulation. The steady increase in the volume of work that has
been placed on the Currency, Check and Collection Departments has necessitated an increase of staff, and in departments yielding no income.
After paying semi-annual dividends on June 30, 1922, and December 30,
1922, at the rate of 6 per cent, per annum to stockholding banks, and after
setting aside $463,105 for depreciation and transferring $76,568 to surplus
account, a balance of $538,883 was paid to the United States Government
as a franchise tax as against $3,035,920 last year. The rate of net
earnings for the year to average paid-in capital was 13.65 per cent.,—to
average paid-in capital and surplus, 4.47 per cent.,—and to average paidin capital, surplus and member bank reserve deposits, 0.76 per cent.
DISCOUNT AND LOCAL MONEY RATES1
Both banking and industrial readjustment had progressed so far by the
middle of the year that on June 23 the directors deemed it advisable to
further reduce the discount rate from 4 ^ per cent., which had been in
effect since November 4, 1921, to 4 per cent. This action followed a similar reduction in rate by the Federal Reserve Bank of New York, the course
of rates in the open money market and the continued high reserve ratio.
This 4 per cent, rate continued in effect during the remainder of the year.
As compared with the preceding year, business conditions in New England at the opening of 1922 were relatively good. Consequently, a moderate but fairly steady borrowing demand was at that time sufficient to offset liquidation of commercial loans. Furthermore, there was outstanding
a fair volume of credits, represented by enterprises outside of New England. January funds were much slower in accumulating here than is
usual; nevertheless, it was inevitable that the law of supply and demand
would bring about a further decline in money rates. However, the large
volume of refinancing operations which characterized the investment
market so far took up the slack as to prevent the development of a surplus
of funds during the early months of the year. Actual monetary ease,
therefore, did not develop in the Boston open money market before May.
As the year wore on, the peak in liquid bank funds and the bottom in
money rates synchronized during midsummer, and the ample supply of
loanable funds, with general business not calling for additional bank
accommodation, indicated the fundamentally sound position of the business world and reflected a more rapid turnover of commodities, with better collections. During the latter part of the year 5 per cent, was the going
rate of the city banks to their customers. That the banks could maintain
this rate was due to the fact that their bond holdings were so high that the
supply of loanable funds was limited. The 4 per cent, market for com1

See Schedules Nos. 44 and 45; Chart Xo. 1.




14

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

mercial money in July failed to stimulate the making of paper to any
extent, however, and by early fall a strengthening in rates became discernible, which by the end of October had assumed noticeable proportions.
Nevertheless, general credit conditions, as reflected both by money
rates in Boston and by the weekly statements of the Reserve and reporting member banks throughout this Federal Reserve district, continued
thoroughly satisfactory. Credit movements during November, howrever,
were suggestive of something more than merely a seasonal quickening in
business activity. The markedly higher quotations for commercial paper,
which were the feature of many of the interior money markets, were resisted in this district, the going rate for prime paper rising only to 4 ^ per
cent, in Boston as compared with 4 per cent, in July and 8 per cent, two
years ago. Similarly, the selling rate on prime 90-day bankers' acceptances by November became firmly established on a 4 per cent, basis as
compared with 3 per cent, in July and 6}4 per cent, two years ago. Correspondingly moderate changes took place in the other divisions of the
Boston money market, all of which suggest that commercial and industrial expansion was not properly to be attributed to inflation. Money
rates at the close of the year may be characterized as firm rather than as
high. The supply of credit remained ample.
With the declining money rates of 1921 and the first half of 1922 there
arose early in the year a large volume of refinancing, for the most part by
bonds, which were quickly taken by investors, because of the attractive
rates offered. The purpose of such financing reflected chiefly a desire on
the part of the borrower to pay old debts previously contracted on less
favorable terms. This was accomplished either by calling in high interestbearing issues, when that privilege existed, and refunding them with
bonds bearing a lower rate, or by funding floating indebtedness into longterm bonds. Corporations and governments having non-callable highrate bonds outstanding were, however, in the position of having to face a
long period of rigid, high overhead costs for interest over which they had
no control. There has been very little demand for new money with which
to finance industrial expansion during 1922, since many industrial plants
were operating at less than their capacity during a large part of the year.
LOAN AND DISCOUNT OPERATIONS1
Although accommodation extended to the member banks during 1922
amounted in dollars to barely one-half of the preceding year, nevertheless, owing to smaller units of loans negotiated, the number of items handled was only about one-fifth less than in 1921. Comparison with charts
at the end of this report shows a distinct trend away from loans to
member banks into acceptances and securities on the part of the Federal
Reserve Bank of Boston, due of course to the liquidation which
1
See Schedules Nos. 7, 8, 9 and 22; Charts Nos. 3, 6 and 7.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

15

culminated during the summer of 1922. Beginning in earnest in
September, and gaining impetus during October and November, loans to
member banks rose rapidly, until on November 29 they stood at slightly
over $77,000,000, the highest level since June, 1921.
For the first time since the early part of 1919, loans to country banks in
New England exceeded those of Boston banks during a number of months
in the spring and summer of 1922. With the upturn of business in the fall
of the year, however, the normal relationship became re-established,
—Boston banks' rediscounts generally amounting to upward of 60 per
cent, of all loans to member banks. This compares with a minimum of 25
per cent, on April 26.
Loans to member banks during the year dropped from $59,000,000 on
January 1 to a low of $19,000,000 on July 19, subsequently recovering
to a maximum of $77,000,000 on November 29, and closing the year at
$61,000,000.
The average daily holdings of discounted bills during the.year 1922 was
slightly over $36,000,000 as compared with $100,000,000 in 1921 and
$170,000,000 in 1920. So severe a drop in rediscounts reduced the actual
monthly earnings on loans and discounts to member banks to $129,000,
slightly more than one-fourth of the corresponding earnings the previous
year. The average rate of earnings on loans and discounts was 4.24 as
contrasted with 6.03 the preceding year. At but one time during the
year did loans secured by government obligations exceed those secured
by commercial paper, and no inter-reserve bank borrowing or lending
took place.
OPEN MARKET OPERATIONS1
For the first time since 1917 the earnings from rediscounts for member
banks had become so reduced that, in order to meet operating expenses
and dividend requirements, the directors felt it advisable to seek investments in the open market. Short-time United States Treasury certificates and notes were deemed the most desirable for the bank to carry, as
it was t1 ght that their purchase would have least effect on the general
mon
rom early in January to well into the year the bank's
poi t r
'a
d volume of these securities, varying in amount, according I
-»f rediscounts. The average daily holdings of United
States
r>
'22 was $38,000,000,—almost double those of
1921. Such nvest^ents averaged 42 per cent, of all earning assets in 1922,
as compared with only 15 per cent, the preceding year, while the average
monthly earnings of $116,000 from this source constituted nearly 40 per
cent, of all earnings, as contrasted with $35,000 and 6 per cent., respectively, in 1921.
1
See Schedules Nos. 9 and 10; Charts Nos. 3 and 6.



16

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
BANKERS' ACCEPTANCES1

The volume of acceptances originating in this Federal Reserve district,
which in March fell to the lowest point since our entry into the World War
in 1917, gained steadily during the remainder of the year, until in December it was materially above the level of a year previous. The degree of
support which the Reserve bank felt it desirable to give the acceptance
market during the early years of its establishment does not now seem
necessary, the market facilities for absorbing acceptances having materially improved. Brokers report increasing sales of acceptances to country
banks, savings banks, insurance companies and trustees, as well as to individuals and corporations, evidencing the fact that the desirability of
such bills for short-time prime investments and for the liquid employment
of temporarily idle commercial funds is being more and more recognized.
The greater part of acceptances drawn,—about 70 per cent., so far as can
be judged by the record of acceptances handled by this bank,—was in
connection with foreign trade, based on specific shipments, the identity of
which could not be lost. The Reserve bank's entrance into the acceptance
market in 1922 was more largely on repurchase agreements from dealers,
by means of which the latter were assisted through short-time advances,
than for investment purposes. Purchases of the latter character occurred
principally during the summer months, when rediscounts and advances to
member banks were lowest.
The dealers' selling rate for bankers' acceptances was practically the
same at the close as at the opening of the year,—4 to 41^ per cent.,—after
having dropped to a general 3 per cent, level in July, subsequently recovering its ground.
UNITED STATES SECURITIES2
Practically all holdings of United States securities during 1922 were for
the purpose of maintaining earnings, with the exception of Pittman act
certificates of indebtedness held as security for Federal Reserve bank
notes, and one-day certificates acquired to cover government overdrafts.
This was especially the case during the period of lowest rediscounts and
advances to member banks, substantially from May to September, when
the Federal Reserve Bank of Boston maintained its earning assets at a
point just sufficient to cover expenses and dividends, largely through
open-market purchases of United States securities, for the most part
Treasury certificates of indebtedness, supplemented to some extent by
investment buying of prime bankers' bills. These purchases of certificates
of indebtedness more than offset the sale during 1922 of all Pittman act
certificates held, which stood at $8,450,000 at the beginning of the year.
The demand for United States Treasury certificates, notes and Liberty
bonds on the part of investors, both institutional and private, has been
1
See Schedules
Nos. 25 and 26; Chart No. 4.
2
See Schedules Nos. 5, 7 and 9.



ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

17

very great, with the result that prices rose to record levels during the
summer and early fall. These prices, together with the reviving need for
industrial and commercial working capital, which had been temporarily
invested in such securities pending business revival, resulted in some decline in bond and short-term investment quotations toward the latter part
of the year.
RESERVES1
During the greater part of the year the ratio of reserve against combined deposit and Federal Reserve note liabilities ranged between 70 and
80 per cent.,—the highest average level over an equal period of time since
the establishment of the bank in 1914. The drop from the abnormally
high ratios around 80 per cent.,—a level which had marked the closing
months of 1921,— was due primarily to a fall of $70,000,000 in reserves
between January and June,—not to an increase in liabilities. When,
early in the summer, Federal Reserve notes in actual circulation commenced their sharp rise, which continued throughout the remainder of the
year, a parallel growth in reserves, which set in at about the same time,
more than kept pace until late in October, with the result that the reserve
ratio was characterized throughout the greater part of the year with a
degree of stability seldom experienced. In a word, the year 1922 was conspicuous in the history of the Federal Reserve Bank of Boston both for
the consistent strength of, and the lack of violent fluctuations in, its reserve position.
CURRENCY TRANSACTIONS2
With the revival in business the operations of the Money Department
were appreciably larger than during the preceding year, rising from a total
of $893,000,000 in 1921 to over $1,000,000,000 in 1922.
The decrease in the volume of Federal Reserve notes of this bank in circulation, which was steady and continuous throughout 1921, did not cease
until the end of May, 1922, when they stood at $149,000,000; the revival
in business conditions then began to make itself felt and the note circulation, with some fluctuations, gradually increased to $201,000,000 at the
end of the year. Thus while the amount in circulation on December 30,
1922, was not quite the amount on the corresponding date the preceding
year, it reflected a rise of 33 per cent, in a period of a little over seven
months. The seasonal increase in note circulation, always to be expected
in the earlier weeks of December, due to holiday trade, was much more
marked at this time in 1922 than in 1921.
On the other hand the liabilities for Federal Reserve bank notes of the
Boston bank,—bank notes secured by United States government securities,—were entirely extinguished during the year through the retirement
of the government securities issued under the Pittman act.
1

Sec Schedules Nos. 4 and 5; Charts Nos. 2 and 5.
2
See Schedules Nos. 12 to 18, inclusive.




18

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
CLEARING OPERATIONS1

That the use of the clearing and check collection facilities offered by the
Federal Reserve Bank to its member banks continues to grow is evidenced
by an increase of 4,293,37'4 in the number of items handled by the Transit
Department during the year. The total number of items was 55,123,091
as compared with 50,829,717 the previous year. This increase in the volume of work was handled with an increase of only two additional clerks.
The fact that more assistance was not necessary is largely due to the superior equipment and working conditions which the new bank building
affords. The largest volume of items handled in a single day since the
establishment of the clearing system was on October 13, when a total of
268,841 items, amounting to $59,000,000, was cleared.
The Collectors of Internal Revenue in the New England states deposited 728,269 items, amounting to $213,771,769, as compared with 966,812
items, amounting to $310,191,366, during 1921. Clerical assistance from
the Transit Department was furnished to the Collector of Internal Revenue at Boston for approximately ten days during each of the four tax
collection periods.
COLLECTION OF TIME ITEMS2
The Collection Department continued to show a steady increase in the
collection of notes, drafts, acceptances, coupons, etc., the number of items
handled gaining 53 per cent, during the year. The amounts represented
by these items, however, aggregated only $515,597,000, which is a slight
decrease for the year, due to a reduction in the average unit collected, from
$1,732 in 1921 to $1,056 in 1922. Approximately 195 member banks utilized the collection facilities of this bank, in addition to which there are
about 200 banks located in other Federal Reserve districts sending items
under the direct routing method. The total number of banks has changed
but little since last year, although the increase in the volume of the depositing banks has been noticeable.
The additional work entailed, because of the increased physical volume
of work handled, has been accomplished with practically no increase in
the number of employees, due to the installation of time-saving devices
and the additional working space provided for this department in the
new building.
FISCAL AGENCY OPERATIONS"
The total volume of short-term Treasury securities allotted during the
year 1922 through the Federal Reserve Bank of Boston was $291,000,000,
—an amount only $10,000,000 larger than in 1921. In addition to this
amount, however, there was also allotted $82,000,000 of Treasury bonds
1

2
See Schedule No. 29.
See Schedule No. 30.
s See Schedules Nos. 31, 32, 34, 35 and 36.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

19

of 1947-52, making an aggregate allotment of $373,000,000 of government securities in this district. This is the largest distribution of new
securities since 1919, the year in which the Victory loan was floated. Payment for more than half of these securities was made in the form of credit
to "War Loan Deposit Account." The character of collateral deposited by
banks against government deposits varied little over previous years, 50
per cent, of which was composed of commercial paper.
The Secretary of the Treasury called for redemption on June 15, 1922,
the entire issue of 3 % per cent. Victory notes, and on December 15, 1922,
that portion of the 4% per cent. Victory notes which bore the distinguishing letters A, B, C, D, E and F prefixed to their serial numbers.
This greatly increased the volume of the redemptions handled over the
previous year, some 262,000 pieces of a par value of $171,521,000 being
handled in these operations alone.
The Fiscal Agency Department was also called upon to handle the redemptions of War Savings stamps issued by the government in 1918,
which by their terms matured on January 1, 1923. Up to the close of business December 30, 1922, 219,605 War Savings cards bearing 2,435,685
stamps of a par value of $12,178,425 had been redeemed, for which 115,000 checks were issued and mailed to individuals and banks in payment.
In order to take care of the greatly increased volume of work during the
latter months of the year, it was necessary to increase the working staff of
this department from 88 clerks in November to 257 at the close of the year.
Of this total force 132 were temporary employees and 37 were permanent
employees transferred from other departments, during the emergency.
INTERNAL ORGANIZATION*
During the year there has been no change in the official staff or the
Board of Directors; F. S. Chamberlain and Edmund R. Morse were reelected directors to serve until December 31, 1925, Jesse H. Metcalf also
being reappointed as a Class C Director for a similar period. The total
number of officers and employees as a whole increased from 734 on December 31, 1921, to 774 on December 30, 1922, the increase being partially due
to the removal from rented quarters to the new building, which necessitated a certain amount of additional guard and janitor service.
Early in October Mr. Charles A. Morss, who had been Governor of the
bank since December, 1917, signified to the Board of Directors his desire
to retire from the bank in order that he might give more time to his personal affairs, and a committee was appointed from the members of the
board to suggest a successor as Governor.




i See Schedule No. 48.

20

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

THE NEW BANK BUILDING

On March 20, 1922, the new bank building, having been completed and
turned over by the architect and contractor to the Board of Directors, was
officially opened. In December of the previous year the Auditing, Bookkeeping and Supply Departments had been moved in, and during the
period from January 14 to March 20 the other departments of the bank,
including the officers' staff, were all moved from their former quarters.
The transfer was made without confusion, the final transfer of currency
and securities being completed on Sunday, March 19. On May 1, 1922,
the cafeteria was opened for business. This has been operated on a
cost basis,—food and service, without any charge for overhead. The
cafeteria, the use of which is entirely voluntary, has been well utilized by
the officers and clerks,—the average patronage being about 450, out of an
entire staff of some 700. The operation entailed a loss of a few hundred dollars incurred at the outset. The buildinghas metinamost satisfactory manner the needs of the bank's activities and has given increased efficiency,
and above all greatly increased safety in handling the securities and operations of the bank. The directors decided to have no formal opening, but
set aside certain hours during the period, April 10 to 14, inclusive, for inspection by the officers and directors of member banks, and on April 17
and 18 for non-members; Liberty Loan committees, brokers and friends
of the official staff were invited in. On these occasions the visitors were
escorted through the different departments and afforded an opportunity
of seeing them in full operation.
CONCLUSION
The larger volume of trade and greater manufacturing activity, together with the increase in commodity prices which took place during
1922, first served as an aid in liquidating the majority of the frozen loans
which remained in New England banks a year ago, and later, as confidence slowly returned, there came new loans and the healthy though
small expansion of bank credit which always accompanies a period of
prosperity and full employment of workmen.
The lessons which were learned from the severe depression of a short
time ago were so dearly bought that the return of confidence has not yet
caused either merchants or manufacturers to discard their policy of
"hand-to-mouth" buying, although at the close of the year there was
more forward buying and larger inveatories were being carried. As a rule,
however, during the past year the policy of manufacturers and wholesale
and retail merchants has been to maintain as small a stock of merchandise
as possible and obtain a rapid turnover. This, together with greater manufacturing activity and the consequent reduction in overhead expense,
has resulted in larger profits than in 1921.
Inasmuch as relatively small stocks of raw material and completed
merchandise have been the rule, the increase in business activity during



ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

21

the past year did not call for as large an increase in the use of bank credit
last autumn as would ordinarily have been the case, because, by virtue
of small inventories and rapid turnovers, working capital has been so
much the larger. In the early part of the period of recovery from the depression, much of this larger working capital was employed in the investment markets. Member banks in New England, too, were heavy purchasers of securities, especially during the first eight months of the year,
while frozen loans were being liquidated, and before the renewed industrial demand for funds. When the banks were called upon early in the
autumn for an increased amount of commercial credit, they at first sold
some of their investments to meet the demand, and later, as more and
more credit was required, member banks obtained funds from the Federal
Reserve Bank of Boston, through rediscounts, almost equal to those derived from the investments sold. Money rates as usual were sensitive to
changes in the commercial demand for credit during the past year. While
bank loans decreased during approximately the first half of 1922, money
rates also declined, and coincidently both reversed their trend in the
summer.
There were two depressing influences in the business situation in New
England during 1922. The first was the prolonged cotton textile strike,
involving many thousands of workmen and a large number of mills,
which noticeably affected industrial activity not only in that field but in
allied industries. Later in the year, the agricultural sections of New England suffered from poor growing conditions and low prices. This was
particularly noticeable in the potato-growing parts of Maine, where a
short crop was accompanied by low prices, with the result that some
banks continue to hold frozen loans and are unable to liquidate their
indebtedness to the Reserve bank, and furthermore, have small prospect
of improving their credit position until another crop has been grown
and marketed. The values of the crops in each of the New England states
were smaller last year than in 1921. This was particularly unfortunate,
inasmuch as crop values the country over showed an encouraging increase.
At the beginning of the new year, 1923, the banks of New England
face the prospect of an increase of loans and firmer money rates which
usually follow a few months after such a substantial improvement in business as that which has taken place. The member banks are in a good
position to accommodate such a demand. The Federal Reserve Bank of
Boston, in turn, is in an exceedingly strong reserve position, and through
the additional efficiency in its organization, especially that due to the
improved facilities of its new bank building, will be well able to meet the
legitimate credit requirements of the member banks in New England.







APPENDIX
SCHEDULES AND CHARTS







25

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
Comparative statement of condition.

SCHEDULE 1.

[000 omitted]
Dec. 30, 1922 Dec. 31, 1921 Dec. 31, 1920

RESOURCES

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.

208,147
12,730

237,085
14,675

205,700
11,816

220,877

251,760

217,516

23,675
37,909
25,407

21,533
37,638
13,149

78,225
95,143
20,678

86,991
7,139

72,320
1,488

194,046
544

22,454

8,450
1,368

21,436
83

116.5S4

83,626

216,109

4,434

4,740

2,700

422
59,142
297
401,756

422
52,812
359
393,719

1,072
57,623
468
495,488

Bills discounted:—•
Secured by U. S. Government obligations
All other
Bills bought in open market
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:—
One-year certificates (Pittman Act),
All other
Total earning assets.
Bank premises
5 per cent redemption fund against Federal Reserve
Bank notes
Uncollected items
All other resources
Total resources.

Dec. 30, 1922 Dec. 31, 1921 Dec. 31, 1920

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 1 and Federal Reserve
note liabilities combined
J

$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

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

55.31

Net deposits prior to March 18, 1921, and total deposits beginning with that date.




26

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 2.

Earnings and expenses.

EARNINGS:—

Discounted bills
Purchased bills
United States securities . . .
Transfers—net earnings. . .
Deficient reserve penalties.
Miscellaneous

Total earnings.

1922

1921

1920

$1,543,539
591,647
1,391,691

$6,007,117
515,192
415,931

$10,031,301
1,613,012
554,172

9,777
4,659

13,778
16,644

41,783
32,985

3,541,313

6,968,662

12,273,253

141,000
925,072
34,430
100,932
411
426
250
7,367
9,820
55,241
775

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

53,468
3,110
1,906

108,428

52,772
381

95,637
1,034 j
73,692

24,585

101,127
21,169
7,977
14,005
147,072

99,264
16,365
10,960
9,4361
106,907

83,849

73,844 J

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 expenses1
Assessment 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 2 and equipment
Furniture and equipment
Printing and stationery (including office and other
supplies)
Telephone
Telegraph
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and
security shipments)
Federal Reserve currency:—
Original cost, including shipping charges
Cost of redemption, including snipping charges . . . .
Taxes on Federal Reserve bank note circulation
All other expenses
Total current expenses.

CURRENT NET EARNINGS:—•

65,501
38,792
23,871
38,965

302,264
88,526
56,749
42,703

63,667
12,292
10,314
187,891
345,151
112,162
82,000
65,609

2,022,400

2,239,007

2,038,290

1,518,913

4,729,655

10,234,963

'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.




27

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
SCHEDULE 3.

Profit and loss account.

Earnings. .
Current expenses
Current net earnings

1922

1921

1920

$3,541,313
2,022,400

$6,968,662
2,239,007

$12,273,253
2,038,290

1,518,913

4,729,655

10,234,963

32,100

43,681

9,494

3,894

38,666
29,248

41,594

47,575

67,914

328,215
133,106

489,000

1,784

6,877

Additions to current net earnings:—
Amounts deducted from reserve for depreciation on
U. S. bonds .
Assessment account expenses Federal Reserve Board
All other
Total additions
Deductions from current net earnings:—
Depreciation allowances on bank premises
All other

463,105

495,877

30,313

421,511

448,302

37,6012

1,097,402

4,281,353

10,272,564

473,109
3,035,920
772,324

447,266
2,473,499
7,351,799

Total deductions
Net deductions from current net earnings
Net earnings available for dividends, franchise tax, and
surplus

28,162
2,151

DISTRIBUTION:—

481,951
538,8831
76,568'

Dividends paid
Franchise tax paid U. S. Government

^ a n k also charged its surplus account and paid the U. S. Government $247,350 as an additional franchise tax for 1921. See page 12.
'Net additions.

SCHEDULE 4.

Reserve position on the first of each month, 1922.
[000 omitted]

Month

Total
deposits

Federal
Reserve
notes
in actual
circulation

Total
combined
liability

Required
reserve

Total
reserve

Excess
reserve

January
February.. . .
March
April
May
June
July
August
September.. .
October
November.. .
December. . .

$120,214
120,743
115,876
121,667
121,455
119,160
120,797
123,263
120,350
122,718
127,883
123,571

$202,535
166,398
155,524
152,732
151,313
149,000
155,675
162,340
176,943
192,078
190,739
193,717

$322,749
287,141
271,400
274,399
272,768
268,160
276,472
285,603
297,293
314,796
318,622
317,288

$123,089
108,819
102,766
103,676
103,034
101,306
104,549
108,078
112,900
119,783
121,055
120,737

$251,760
226,305
197,834
204,713
214,040
206,606
195,380
209,694
230,527
246,128
242,070
208,396

$128,671
117,486
95,068
101,037
111,006
105,300
90,831
101,616
117,627 ;
126,345
121,015
87,659




Reserve
ratio

78.0%
78.8
72.9
74.6
78.5
77.0
70.7
73.4
77.5
78.2
76.0
65.7

28

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
Movement of principal assets and

SCHEDULE 5.

[000
Bills discounted
for member banks
Date

Total
earning
assets

(2+5+6)

January 4 . .
January 1 1 . .
January 1 8 . .
January 25. .
February 1.
February 8.
February 15.
February 2 1 .
March 1. . ..
March 8
March 15. . ..
March 22
March 29. . . .
April 5
April 12
April 18
April 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
August 2. . .
August 9 . . .
August 1 6 . . .
August 2 3 . . .
August 30. . .
September 6
September 13
September 20
September 27
October 4. ..
October 1 1 . . .
October 1 8 . . .
October 25. . .
November 1.
November 8.
November 15.
November 22.
November 29.
December 6.
December 13.
December 20.
December 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
119,406
120,648
112,360
125,677
116,478
110,366
118,843
127,763

Total

$52,133
40,474
41,277
38,390
42,660
41,889
39,680
45,315
47,749
41,253
36,083
40,311
43,757
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
60,983
68,968
63,696
77,121
68,357
63,141
60,529
69,971

Bills secured
by U. S.
Government
obligations

$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

Other bills
discounted

$31,873
22,349
25,003
20,950
26,810
27,378
26,683
33,053
35,470
28,880
21,594
25,338
25,969
26,504
21,019
10,937
10,581
12,532
13,053
10,203
13,834
12,325
11,632
12,042
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

Bills
bought
in open
market

$13,295
10,353
9,292
9,742
8,424
7,817
11,784
12,611
12,802
12,603
10,357
10,492
11,543
11,303
11,031
10,543
9,882
10,505
8,599
8,510
9,145
10,783
18,694
20,461
22,130
24,206
23,520
22,171
19,055
19,138
16,201
15,352
12,410
12,980
11,192
12,304
10,560
14,807
15,857
17,924
20,617
23,843
26,299
29,245
31,983
31,696
29,420
28,831
28,602
28,365
27,100
25,706

29

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
liabilities during 1922, Boston.
omitted]

United
States

securities

6

$11,775
34,318
35,016
36,806
37,480
38,625
38,835
38,260
38,275
38,649
38,695
37,643
37,887
35,859
35,551
35,927
49,829
49,784
50,972
48,529
48,604
48,529
58,454
60,001
45,134
48,518
46,956
45,946
48,413
48,592
42,845
42,160
43,155
44,859
48,774
49,054
49,579
25,187
27,913
30,748
31,549
31,094
28,633
27,291
26,440"
19,984
19,244
19,725
19,519
18,860
31,214
32,086

cash
reserves

Member
banks'
reserve

Total

deposits

Federal
Reserve
notes in
circulation

7

8

9

10

Total

$257,107
231,658
238,200
227,178
226,084
220,815
210,531
198,895
192,682
196,655
199,263
200,198
195,780
198,877
207,383
213,344
207,794
206,011
205,410
205,587
211,249
206,606
186,941
194,079
200,495
195,131
199,336
205,728
211,201
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




deposits

$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
121,994
122,484
121,100
120,466
120,668
124,042
122,524
122,663
126,842
125,295
130,805
128,545
127,439
125,025
131,528
123,722
120,446
122,709
122,106
122,130
124,810

$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
126,039.
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

$200,425
188,326
179,840
171,760
166,679
163,136
159,685
158,721
155,898
155,152
153,814
153,976
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

Reserve

percentages

11

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
76.0
77.0
68.8
69.1
72.2
69.6
69.7
71.4
73.4
72.2
73.5
75.5
77.8
77.0
75.9
74.3
75.2
81.5
81.9
79.5
75.9
76.0
76.7
72.3
64.2
65.6
68.3
65.7
66.6
68.4
64.1
62.9

SCHEDULE 6.

Volume of work handled by the Federal Reserve Bank of Boston.
Amount
(In thousands of dollars)

Number of pieces
Item
1920

Discounted and purchased bills:—Notes discounted or rediscounted for member banks
Bills bought in open market

51,889
17,569

,

Currency and coin:—
Bills received and counted
Coin received and counted
Checks handled

Transfers of funds, including transfers for account 5 per cent fund
of National banks:—•
Incoming transfers
Outgoing transfers
5 per cent fund.'
United States Government coupons paid
Fiscal Agency:—
U. S. securities issued, redeemed, canceled or exchanged
U. S. securities received from U. S. Treasury
U. S. securities returned to U. S. Treasury
'Includes volume rehandled, about 3 Yi per cent.
No figures available.
'Estimated.
4
Three months of 1920 estimated from actual figures for nine months.
2




70,398
13,973

1922

51,085
17,351

1920

1921

1922

$4,876,556
304,445

$4,454,760
211,703

$2,262,087
261,691

845,964

893,471
15,910

1,090,729
18,442

147,477,668 3
159,331,292

183,454,1371
174,137,763

43,821,535

50,829,717

55,123,091

14,727,346

11,651,345

12,082,663

134,787

319,163

487,798

949,062

552,657

515,597

4,896
8,635
24,558

16,081
12,134
19,088

1,184,776
727,773
50,734

1,897,078
1,096,397
40,331

8,140,625

7,767,169

6,924,719

57,408

66,757

67,777

12,023,299
3,793,325
10,592,813

11,116,000
471,346
10,018,821

8,325,445
300,347
8,071,943

1,588,927
1,401,264
1,126,676

1,777,661
677,509
928,269

1,252,320
633,063
405,013

142,012,000

Collection items handled

1921

2

2,496
4,212 4
7,056

2

1,449,145
956,013
8,268 «

Volume of discount and open market operations.

SCHEDULE 7.

[000 omitted]

Purchased paper

Discounted paper
Month

Total

Agric.
Bankand
Secured by ers' ac- Trade
U. 8. Govt. cept- accept- liveobligations ances ances stock
paper

$148,729
301,209
283,800
133,787
103,477
82,739
109,890
143,429
154,775
230,691
330,811
238,750

$49,990
37,112
55,530
35,089
38,075
39,108
38,252
43,496
51,484
80,258
132,439
113,104

Total:—
1922 2,262,087
1921 4,454,760

714,537
2,361,087

4,876,554

4,074,030

January... .
February...
March
April
May
June
July
August....
September .
October . . .
November..
December. .

1920




All
other

$148
71
135
78
51
72
49
135
46
120
239
43

$342
260
314
201
332
446
287
419
424
425
388
533

$98,249
263,760
227,821
97,819
65,019
43,113
71,302
99,379
102,821
149,888
197,745
125,070

$152

1,187
1,905

4,371
4,027

1,541,992
2.087.589

22,129

4,662

775,733 ~~

Total

Bankers' acceptances

$14,527 $14,207
19,830
18,953
12,878
12,473
15,628
15,485
22,698 22,378
30,023 28,563
14,342
14,037
23,602
22,467
23,227
23,202
27,097
24,887
29,648 29,148
28,185
27,625

U. S. securities
purchased

Total discount and open
market operations

Bonds
and
notes

Certificates of
indebtedness

1922

1921

1920

$260
883
405
143
320
1,460
305
1,135
25
2,210
500
560

$2,140
1,878
2,722
10
01
1,108
115
8,938
2,060
2,047
3,481
4,777

$26,318
3,229
5,364
17,745
3,189
49,939
5,388
8,161
22,707
7,337
1,291
30,208

$191,714
325,952
304,764
107,170
129,425
103,809
129,735
184,130
202,769
267,172
365,231
301,980

$521,894
548,590
772,882
384,035
446,190
333,569
209,064
311,774
361,689
209,926
348,528
356,637

$405,784
489,235
493,475
458,459
451,325
494,121
371,816
468,251
477,281
413,248
553,670
657,499

29,137
7,798
27

180,936
190,517

2,733,851

Dollar Trade
acceptexchange ances

261,691
211,703

253,485
192,643

8,206
19,060

304,444

303,082

1,362

553,136

4,864,778
5,734,164

Co
to

Volume of bills discounted for member banks by states.

SCHEDULE 8.
Mass,
outside of
Boston

Boston

New
Hampshire

Maine

Vermont

Rhode Island

Connecticut

Total

Months
Amt.

January
February
March
April.. .
May. .
July.. . ,
August
September....
October
November....
December

No.
of
banks

$110,205
269,316
241,790
100,605
74,580
49,585
82,388
117,268
128,416
204,768
274,761
182,966

26
25
26
25
24
21
25
24
25
25
25
25

Total, 1922 . 1,836,648
Dec. 30, 1922 .
Dec. 31, 1921 .

39,578
34,760




Amt.

$19,516
16,079
21,635
17,709
11,506
17,534
17,635
15,364
15,317
10,835
35,612
33,174

No.
of
banks

96
78
79
87
67
71
68
57
54
56
91
93

11,553
9,561

85,660
3,993
4,684
2,731
3,246
3,177
2,292
1,970
2,587
2,921
3,785
5,575

No.
of
banks

2S
24
27
24
23
22
20
17
16
17
26
30

42,621

231,916
20
23

Amt.

70
74

2,922
4,818

Amt.

$3,576
3,109
5,522
4,526
4,310
3,337
2,194
1,825
1,691
2,209
3,397
4,550

No.
of
banks

32
32
41
41
38
35
27
24
19
22
30
31

2,176
2,410

$1,402
1,543
2,183
1,882
2,224
1,777
1,359
1,969
1,387
1,829
2,235
1,619

No.
of
banks

18
19
24
24
26
25
19
21
18
15
20
20

21,409

40,246
25
30

Amt.

27
33

1,226
1,216

Amt.

$700
457
1,086
845
897
1,351
753
1,042
758
2,775
3,611
2,117

No.
of
banks

5
4
(i
6
4
6
5
5
5
6
10
6

16,392
17
19

712
723

Amt.

$7,670
6,712
6,900
5,489
6,714
5,978
3,269
3,991
4,619
5,354
7,410
8,749

No.
of
banks

26
25
24
21
24
25
18
23
23
24
28
28

72,855
5
5

3,417
5,683

Amt.

8148,729
301,209
283,800
133,787
103,477
82,739
109,890
143,429
154,775
230.691
330,811
238,750

Per
cent
of
No.
banks
of
mem- borrowber
No. banks ing
to
of
total
banks

231
207
227
228
206
205
182
171
160
165
230
233

436
435
434
434
434
433
431
432
429
430
428
427

52.9
47.5
52.3
52.5
47.4
47.3
42.1
39.5
37.2
37.5
53.6
54.5

187
207

427
436

43.7
47.5

2,262,087
23
23

61,584
59,171

SCHEDULE 9.

Statement of aggregate earning assets, showing holdings, earnings and average rates, by months.
[000 omitted]
Bills discounted

Months

Average
daily
holdings

Actual Avermonthly age
earnings rate

Average
daily
holdings

Actual Avermonthly age
earnings rate

January..
February.
March. . .
April
May
June
July
August. . .
September
October...
November
December.

$42,229
42,079
40,908
32,910
22,069
21,798
24,926
24,727
25,385
30,045
62,821
67,281

$162
145
157
122
84
80
87
85
83
102
207
229

4.52
4.50
4.51
4.50
4.50
4.47
4.12
4.03
4.01
4.00
4.00
4.00

$10,567
10,464
11,631
10,765
9,482
20,007
21,117
14,243
12,824
22,081
30,663
27,429

$38
34
40
34
27
53
57
38
32

Total.

437,178

1,543

4.24

201,273

Average for year
1922
1921
1920
1919

36,393
99,581
169,926
142,395

129
501
836
500

4.24
6.03
5.89
4.22

16,805
9,187
27,696
25,306




Investments
(U. S. securities)

Bills purchased

Aggregate

Average Actual Avermonthly age
daily
holdings earnings rate

Average
daily
holdings

Actual Avermonthly age
earnings rate

4.20
4.15
4.08
3.85
3.38
3.20
3.17
3.13
3.07
3.25
3.58
3.79

$30,399
38,282
37,746
38,231
49,281
52,021
47,261
43,895
41,091
29,926
22,751
24,758

$107
97
121
118
156
155
142
132
121
93
69
81

4.15
3.32
3.76
3.74
3.72
3.63
3.53
3.54
3.58
3.64
3.71
3.86

$83,195
90,825
90,285
81,906
80,832
93,826
93,304
82,865
79,300
82,052
116,235
119,468

$307

276
318
274
267
288
286
255
236
256
366
398

4.34
3.96
4.14
4.06
3.89
3.73
3.61
3.62
3.63
3.67
3.83
3.92

592

3.52

455,642

1,392

3.67

1,094,093

3,527

3.87

49
43
134
90

3.52
5.61
5.81
4.26

37,961
19,213
25,157
18,177

116
35
46
31

3.67
2.16
2.20
2.03

91,159
127,981
222,779
185,878

294
579
1,016
621

3.87
5.42
5.46
4.02

(il
90

34

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 10.

Open market purchases of bankers' acceptances by classes.
(Omitting purchases from other Federal Reserve Banks)
[000 omitted]

Exports

Imports

Months

$6,542
5,484
4,004
3,232

7,542
11,875

$3,467
2,169
2,449
3,063
3,556
6,282
2,409
6,055
4,624
4,855
9,440
4,967

112,754

53,336

87,396

January. .
February.
March
April
May
June
July
August. . .
September
October..
November
December.

$4,258
11,300
6,021
9,190
10,922
14,178
7,595
10,487
10,937

Total.

8,449

SCHEDULE 11.

Dollar
exchange

Domestic

$260

500
560

$14,527
19,836
12,879
15,628
22,698
30,023
14,342
23,602
23,227
27,097
29,648
28,185

8,206

261,692

883
405
143
320

7,900

8,103
4,033
5,925
7,641
11,583
12,166
10,783

Total

1,460

305
1,135

25
2,210

Gold Settlement Fund transactions, 1922.
A

BY MONTHS

Received

Paid

Gain ( + )
Loss (—)

January. .
February.
March. . .
April
May
June
July
August...
September
October. .
November
December.

$487,847,790.10
398,989,004.31
455,461,672.83
455,107,705.16
467,235,150.61
523,227,807.86
474,174,659.22
462,608,331.47
503,595,465.53
659,893,444.74
605,027,794.25
570,357,370.56

$489,685,943.75
418,454,054.05
451,429,114.84
457,466,860.10
467,929,417.70
513,980,239.72
474,719,341.92
457,979,839.75
515,229,730.75
659,403,536.67
595,718,669.33
575,764,770.29

-$1,838,153.65
-19,465,049.74
+ 4,032,557.99
- 2,359,154.94
694,267.09
+ 9,247,568.14
544,682.70
+ 4,628,491.72
-11,634,265.22
+
489,908.07
+ 9,309,124.92
- 5,407,399.73

Total.

6,063,526,196.64

6,077,761,518.87

-14,235,322.23

Paid

Gain ( + )
Loss (—)

Months

B

Federal Reserve Banks and others

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasurer of the United States.
Federal Reserve Agent
Gold Redemption Fund
Total.




BY ACCOUNTS

Received

$4,278,758,070.85 $4,212,748,164.70
387,727,222.79
454,692,407.76
200,532,465.34
203,499,505.79
112,214,545.61
123,970,406.98
57,571,990.82
76,537,492.42
433,585,757.61
413,954,805.50
115,597,339.04
130,445,152.08
33,631,705.64
29,975,021.80
51,098,645.45
49,616,728.98
39,373,154.41
39,847,966.45
103,064,126.52
99,290,738.00
62,438,000.00
200,000,000.00
85,000,000.00
105,000,000.00
25,018,474.29
16,097,826.68
6,063,526,196.64

6,077,761,518.87

+$66,009,906.15
+ 66,965,184.97
+ 2,967,040.45
+ 11,755,861.37
- 18,965,501.60
+ 19,630,952.11
- 14,847,813.04
+ 3,656,683.84
+ 1,481,916.47
474,812.04
- 3,773,388.52
-137,562,000.00
- 20,000,000.00
+ 8,920,647.61
-

14,235,322.23

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
SCHEDULE 12.

35

Movement of currency.

Fit and unfit currency received
1922

1921

Mos.

Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct.
Nov.
Dec.

From
banks in
district

From
Government
officers

From
other
Federal
Reserve
Banks

$70,020,659
58,791,117
70,045,693
71,079,952
78,537,205
81,642,782
80,806,066
83,543,412
83,261,970
91,071,099
85,869,069
99,026,745

$2,632,790
2,295,642
2,488,485
1,944,983
2,283,757
2,296,797
2,307,378
2,418,587
2,233,057
2,388,055
2,354,753
2,658,526

$3,722,295
2,365,325
2,482,800
2,132,000
2,324,700
2,542,000
2,548,000
5,126,300
2,908,400
3,889,200
4,917,000
4,153,500

Total

$76,375,744
63,452,084
75,016,978
75,156,935
83,145,662
86,481,579
85,661,444
91,088,299
88,403,427
97,348,354
93,140,822
105,838,771

From
banks in
district

$66,162,869
43,249,905
58,760,292
57,283,790
57,541,533
63,710,335
62,219,549
62,732,377
60,431,228
63,967,800
63,853,577
71,611,363

From
Government
officers

From
other
Federal
Reserve
Banks

$961,554 $5,755,960
2,114,393 6,173,185
2,635,031 10,834,240
1,797,947 5,677,805
1,679,054 4,695,730
1,948,974 4,589,015
1,906,168 4,498,065
2,751,288 5,504,055
1,912,031 4,685,845
1,827,831 6,027,035
1,845,707 4,203,370
2,257,616 3,556,327

Total

$72,880,383
51,537,483
72,229,563
64,759,542
63,916,317
70,248,324
68,623,782
70,987,720
67,029,104
71,822,666
69,902,654
77,425,306

Total 953,695,769 28,302,810 39,111,520 1,021,110,099 731,524,618 23,637,594 66,200,632 821,362,844
Fit currency paid out
1922

1921

Mos.
To
banks in
district

Jan.. $52,087,182
Feb.. 64,397,940
Mar. 75,031,593
Apr.. 67,658,674
May. 79,837,801
June. 84,677,557
July. 78,902,284
Aug. 93,138,742
Sept. 87,952,604
Oct.. 85,759,489
Nov. 86,181,216
Dec. 103,144,137

To
Government
officers

To
other
Federal
Reserve
Banks

$1,769,964 $3,531,700
1,241,707 2,233,500
819,293 2,648,000
1,021,494 2,558,500
1,293,438 3,179,800
1,329,434 3,340,500
1,082,398 3,668,100
1,192,798 4,735,000
807,896 4,133,400
849,427 3,710,700
1,012,137 2,845,400
1,698,887 2,680,900

Total

$57,388,846
67,909,147
78,498,886
71,238,668
84,261,039
89,347,491
83,652,782
99,066,540
92,893,900
90,319,616
90,038,753
107,523,924

To
banks in
district

$36,854,625
47,144,594
57,615,526
58,139,408
57,827,161
56,802,665
58,511,441
59,189,809
57,961,264
55,855,469
56,344,180
75,943,779

To
Government
officers

To
other
Federal
Reserve
Banks

$1,602,317 $4,898,900
1,666,071 2,088,600
1,607,750 2,987,400
1,426,978 3,339,400
1,653,957 2,542,400
1,726,669 2,913,750
1,643,009 3,209,950
1,679,814 3,256,700
1,605,596 3,395,500
1,658,065 3,068,900
1,616,859 2,686,450
2,295,602 2,704,850

Total

$43,355,842
50,899,265
62,210,676
62,905,786
62,023,518
61,443,084
63,364,400
64,126,323
62,962,360
60,582,434
60,647,489
80,944,231

Total :958,769,219 14,118,873 39,265,500 1,012,139,592 678,189,921 20,182,687 37,092,800 735,465,408




36

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 13.

Volume of currency handled in the sorting division.
Dollars

Pieces

Months
1922

1921

1922

1921

January. .
February.
March. . .
April
May
June
July
August. . •.
September
October. .
November
December.

$85,722,939
65,728,931
80,215,414
81,515,906
93,027,084
96,229,834
90,747,144
96,546,795
93,812,574
101,010,385
97,947,922
108,223,790

$87,517,667
64,722,201
74,306,025
68,236,337
69,822,320
74,049,031
73,312,346
75,032,171
74,981,727
74,711,643
74,896,145
81,883,030

15,005,421
11,425,103
14,871,426
13,713,231
15,350,015
16,148,985
15,510,140
16,184,907
15,845,255
16,519,854
16,106,326
16,773,474

14,591,778
9,753,387
12,040,064
10,667,600
11,437,575
12,045,388
11,977,483
12,381,721
12,503,680
12,776,161
12,756,602
14,546,229

Total.

1,090,728,718

893,470,643

183,454,137

147,477,668

Inter-district movement of Federal Reserve notes.

SCHEDULE 14.

Federal
Reserve
Banks

Returned by other Federal
Reserve Banks to the Federal Reserve Bank of Boston 1
1922

New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

1921

1920

Returned to other Federal Reserve Districts by the Federal Reserve Bank of Boston 1
1921

1922

1920

$48,022,200 $86,003,200 $72,012,450 $43,747,500 $47,364,000 $59,550,000
7,049,500
5,681,700
6,830,200
6,208,000
3,875,500
6,702,750
3,995,900
2,777,800
3,783,000
2,777,300
2,177,500
3,934,500
3,474,000
2,331,300
4,625,100
3,740,500
1,866,700
3,720,500
2,943,900
1,278,700
2,616,100
2,313,150
1,763,570
3,080,730
6,608,600
4,267,200
5,551,400
5,581,200
3,532,000
6,830,000
1,066,500
462,600
810,100
1,478,020
722,800
1,300,230
806,900
349,300
521,600
504,500
359,300
586,550
1,125,500
379,200
899,700
802,850
525,350
858,400
1,465,800
262,900
1,017,200
597,150
360,700
751,400
1,496,900
1,425,400
1,651,600
2,277,035
1,729,450
2,843,03564,935,070 116,611,295

98,292,155

62,963,600

75,670,000

89,583,500

includes unfit notes sent directly to the Treasurer of the United States.

SCHEDULE 15.—Coin transactions of the Federal Reserve Bank of Boston for the
year ending December 30, 1922.
Nature of transaction

Deposits:—
For credit
For redemption

Total

Gold

$2,026,125
42,217

Silver
dollars

Subsidiary
silver

Minor
coin

Total

$171,949 $11,550,331 $2,689,326 $16,437,731
395,699
73,864
270,625
8,993

2,068,342

180,942

11,820,956

2,763,190

16,833,430

Disbursements:—
To member banks
3,139,935
To non-member banks
50,200
To U. S. Mint for redemption....
36,094

47,923
10,069
44,000

12,645,104
178,710
472,000

2,929,777
15,695
56,700

18,762,739
254,674
608,794

101,992

13,295,814

3,002,172

19,626,207

Total




3,226,229

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

37

SCHEDULE 16.—Boston Federal Reserve Bank notes received, redeemed, outstanding,
liability.
Ones

Twos

Fives

Total

$39,600,000
38,901,000

$24,936,000
23,848,000

$2,200,000
2,167,610

$66,736,000
64,916,610

699,000

1,088,000

32,390

1,819,390
1,819,390

Items

Total received from Comptroller
Total redeemed and destroyed
Amount actually outstanding December
30, 1922
Less Treasurer's liability.
Net amount of bank's liability

000,000

SCHEDULE 17.—New currency received by the Federal Reserve Bank of Boston.
1922

1921

1920

From the Treasurer of the United States:—
Gold certificates
Silver certificates
United States notes

$11,440,000
45,368,000
77,224,000

$150,000
23,920,000
60,160,000

$27,496,000

From the Federal Reserve Agent:—
Federal Reserve notes

179,290,000

161,250,000

202,269,000

2,040,000

11,096,000

24,588,000

Classes

From the Comptroller of the Currency:—
Federal Reserve Bank notes

SCHEDULE 18.—Unfit currency forwarded to the Treasurer of the United States for
redemption.
Classes

1922

Gold certificates
$1,703,000
Silver certificates
38,454,000
United States notes
56,862,000
Federal Reserve notes, Federal Reserve Bank of Boston 105,630,000
Federal Reserve notes, other Federal Reserve Banks .. . 23,778,500
10,036,000
Federal Reserve Bank notes
41,261,000
Total

277,724,500

1921

1920

$490,000
10,045,000
38,175,000
214,263,0001
39,626,500
19,642,300
36,449,200

$1,000,000
10,296,000
31,212,000
104,358,600
32,209,600
11,114,600
29,351,400

358,691,000

219,542,200

'Includes $32,460,000 fit Federal Reserve notes returned to Federal Reserve Agent.




38

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 19.

Comparative statement of Federal Reserve Agent.

RESOURCES

Dec. 30, 1922

Dec. 31, 1921

Dec. 31, 1920

$83,100,000
226,800,030
710,099,970

$100,140,000
220,156,805
577,103,195

$122,180,000
301,554,045
337,265,955

86,990,672
15,300,000
16,313,030
123,000,000

72,319,714
5,600,000
19,309,805
135,000,000

194,046,332
5,600,000
19,147,045
110,000,000

1,261,603,702

1,129,629,519

1,089,793,377

Dec. 30, 1922

Dec. 31, 1921

Dec. 31, 1920

$897,400,000

$761,000,000

159,909,805
72,319,714

134,747,045
194,046,332

1,129,629,519

1,089,793,377

Federal Reserve notes:—
Sent to Comptroller of Currency for redemption
Eligible paper held as security for outstanding
Federal Reserve notes
Gold and gold certificates on hand
In Gold Redemption Fund
With Federal Reserve Board
Total
LIABILITIES

Federal Reserve notes received from the Comptroller of the Currency
$1,020,000,000
Collateral pledged against outstanding Federal
Reserve notes:—
Gold and gold certificates
154,613,030
86,990,672
Total

1,261,603,702

SCHEDULE 20.—Amount of Federal Reserve notes issued to the Federal Reserve
Bank of Boston by the Federal Reserve Agent, amount retired and outstanding, and
amount of collateral held by the Federal Reserve Agent against notes outstanding.
Issued to the Bank:—
Nov. 16, 1914, to Dec. 31, 1919, inclusive
During 1920
During 1921
During 1922

$453,020,000
224,880,000
190,900,000
179,290,000

Total
Retired, unfit for circulation:—
Nov. 16, 1914, to Dec. 31, 1919, inclusive
During 1920
During 1921
During 1922
Returned by Bank to Agent Nov., 1914, to Dec. 30, 1922, inclusive

$1,048,090,000
192,902,030
144,363,925
239,837,240
132,996,775
111,190,000

Total
Amount outstanding Dec. 30, 1922:—
In actual circulation
Held by Federal Reserve Bank

821,289,970
201,313,755
25,486,275

Total
Amount of collateral held by Federal Reserve Agent Dec. SO, 1922, against
Federal Reserve notes outstanding:—
Gold and gold certificates on hand
In Gold Redemption Fund
With Federal Reserve Board
Eligible paper
Total
Excess of collateral held by Federal Reserve Agent Dec. 30, 1922, against
Federal Reserve notes outstanding:—

226,800,030'

15,300,000
16,313,030
123,000,000
154,613,030
86,990,672
241,603,702
14,803,672

iDoes not include $24,700 of fit Federal Reserve notes returned to the Federal Reserve Agent by
the Treasurer of the United States and subsequently reissued to the bank.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

39

SCHEDULE 21.—Federal Reserve notes issued and retired by Federal Reserve
Agent, 1922.
A

Months

January
February
March
April
May .
July. .
August
September
October
November
December

BY MONTHS

Outstanding
on first of
month

Issued
during
the month

Retired
during
the month

Outstanding
at end of
month

Net
increase ( + )
or
decrease (—)

$220,156,8051
174,080,205
163,794,655
158,971,455
165,131,755
158,137,155
172,583,455
181,887,255
192,135,055
211,151,755
216,211,155
217,095,355

$2,400,000
1,640,000
5,000,000
15,800,000
6,100,000
23,500,000
20,300,000
18,900,000
29,950,000
18,800,000
14,100,000
22,800,000

$48,476,600
11,925,550
9,823,200
9,639,700
13,094,600
9,053,700
10,996,200
8,652,200
10,933,300
13,740,600
13,215,800
13,095,325

$174,080,205
163,794,655
158,971,455
165,131,755
158,137,155
172,583,455
181,887,255
192,135,055
211,151,755
216,211,155
217,095,355
226,800,030'

$46,076,600—
10,285,550 —
4,823,200 —
6,160,300 +
6,994,600 —
14,446,300 +
9,303,800 +
10,247,800 +
19,016,700 +
5,059,400+
884,200 +
9,704,675 +

179,290,000

172,646,775

Total

6,643,225 +

B—BY DENOMINATIONS

Denominations

Outstanding
Jan. 1, 1922

Issued
during
the year

Retired
during
the year

Outstanding
Dec. 30, 1922

Net
increase ( + )
or
decrease (—)

$27,602,795
74,076,970
82,932,140
11,411,200
18,033,700
1,242,000
3,583,000
355,000
920,000

$34,250,000
73,500,000
54,640,000
5,200,000
9,200,000
800,000
1,700,000

$32,928,145
66,588,060
57,716,520
5,255,050
7,793,500
398,500
1,367,000
40,000
560,000

$28,924,650
80,988,910
79,855,620
11,356,150
19,440,200
1,643,500
3,916,000
315,000
360,000

$1,321,855 +
6,911,940 +
3,076,520 —
55,050 —
1,406,500 +
401,500 +
333,000 +
40,000 —
560,000 —

220,156,805! 179,290,000

172,646,775

226,800,030'

6,643,225 +

Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
One Thousands
Five Thousands
Ten Thousands
Total

iDoes not include $24,700 of fit Federal Reserve notes returned to the Federal Reserve
Agent by the U. S. Treasurer and subsequently reissued to the bank.




40

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 22.—Comparison of loans to and reserve deposits of Boston and country
banks at the Federal Reserve Bank of Boston.
[000 omitted]

Loans to member banks '

Reserve deposit
of member banks

% of Boston to total

1922
In Boston 2

January

4....
11
18
25
February 1 . . . .
8....
15
21
March
1....
8
15
22
29
April
5....
12
18
26
May
3
10....
17
24
31....
June
7
14
21
28
July
5
12....
19
26
August
2....
9
16
23
30....
September 6 . . . .
13....
20
27
October
4....
11
18
25
November 1 . . . .
8
15
22
29
December 6 . . . .
13
20
27....

$29,183
18,946
21,211
16,930
20,756
20,893
21,551
27,315
29,826
24,593
18,137
20,761
21,624
20,067
15,639
11,126
5,079
8,665
8,735
8,689
9,983
10,323
6,964
6,045
10,667
10,052
19,130
11,358
8,819
15,370
16,989
15,895
11,977
12,517
13,067
17,990
15,146
17,763
15,383
15,584
24,037
21,058
18,904
26,204
41,949
44,584
38,467
48,878
43,985
39,265
35,409
43,632

All others'

$22,951
21,528
20,066
21,460
21,904
20,996
18,129
18,000
17,923
16,660
17,948
19,550
22,133
21,564
19,696
17,716
15,497
13,710
14,243
11,437
14,433
14,354
12,950
14,234
13,111
17,170
14,571
12,348
10,634
10,677
12,365
10,900
9,456
10,056
10,777
11,252
10,136
9,205
10,057
10,573
10,390
9,617
11,038
15,348
19,034
24,384
25,229
28,243
24,373
23,876
25,120
26,340

In Boston 2

$64,442
60,622
71,418
62,399
67,404
61,035
61,778
61,486
62,684
60,051
58,777
60,178
60,114
61,250
62,180
64,136
64,632
67,888
66,818
65,436
71,494
65,872
65,208
72,436
71,687
62,226
71,998
65,864
69,218
68,250
67,190
67,681
69,208
67,619
67,156
67,410
69,610
67,078
68,753
70,813
66,768
73,032
71,233
71,412
70,593
72,090
68,996
66,195
67,448
68,489
68,535
69,630

All others *

$50,462
50,146
50,535
50,509
48,846
49,555
49,530
49,305
50,820
61,047
50,775
49,058
49,510
49,901
50,523
51,093 1
51,648 |
51,277
49,901
51,709
52,101
51,158
52,173
53,424
51,931
57,489
50,519
56,539
54,335
54,657
53,673
54,313
53,276
53,481
53,310
53,258
54,432
55,446
53,910
56,029
58,527
57,773
57,312
56,027
54,432
59,438
54,726
54,251
55,261
53,617
53,595
55,180

Loans

56.0
46.8
51.4
44.1
48.7
49.9
54.3
60.3
62.1
59.6
50.3
51.5
49.4
48.2
44.3
38.6
24.7
38.7
38.0
43.2
40.9
41.8
35.0
29.8
44.9
36.9
56.8
47.9
45.3
59.0
57.9
59.3
55.9
55.5
54.8
61.5
59.9
65.8
60.5
59.6
69.8
68.7
63.1
63.1
68.8
64.6
60.4
63.4
64.3
62.2
58.5
62.4

Deposit

56.1
54.7
58.6
55.3
58.0
55.2
55.5
55.5
55.2
54.1
53.7
55.1
54.8
55.1
55.2
55.7
55.6
57.0
57.2
55.9
57.8
56.3
55.6
57.6
58.0
52.0
58.8
53.8
56.0
55.5
55.6
55.5
56.5
55.8
55.7
55.9
56.1
54.7
56.1
55.8
53.3
55.8
55.4
56.0
56.5
54.8
55.8
55.0
55.0
56.1
56.1
55.8

'Does not include liability on acceptances.
2
Exclusive of outlying Boston banks which carry the 7% reserve requirements of country banks.
inclusive of outlying Boston banks which carry the 7% reserve requirements of country banks.




SCHEDULE 23.

Principal assets and liabilities of member banks in selected cities, monthly averages, 1922.
[000 omitted]
Member banks in Springfield, Providence, New Haven, Hartford, Portland, Fall Kiver, New Bedford and Worcester

1922

January. .
February.
March. . .
April. . . .
May
June
July
August. . .
September
October. .
November
December.

Ratio of
Total
Total
Loans
Loans
loans Borrowed loans and borrowUnited
All other
ings to
secured
Net
States by United secured loans and and in- from Fed- invest- iotal loans
eral
by other invest- vestments
demand
ments
securities States
investReserve
stocks
and
excluding
deposits
including
owned
ments
and
ments
obligaBank
bonds
borrowborrow- borrowtions
ings
ings
ings

S53.074
56,971
57,134
57,986
61,779
64,162
69,471
76,971
79,701
81,697
82,766
83,500

$9,087
8,753
8,447
7,961
7,020
6,291
5,714
5,361
5,186
5,280
5,936
6,009

$69,461 $294,140 $425,762
433,628
68,828 299,076
434,704
300,750
68,367
300,998 436,473
69,528
450,488
309,982
71,707
465,933
322,056
73,424
321,225 471,990
75,580
479,760
321,272
76,156
80,255 320,446 485,588
323,691 494,847
84,179
324,327 498,890
85,861
496,537
84,977 322,051

$7,083 $432,845
6,461
440,089
5,336 440,040
4,945 441,418
3,864
454,352
4,213
470,146
3,789 475,779
2,282
482,042
1,872
487,460
2,143
496,990
9,621
508,511
9,632
506,169

Time
deposits

1.6%
1.5
1.2
1.1
.9
.9
.8
.5
.4
.4
1.9
1.9

$244,509 $143,581
145,849
243,779
147,811
242,618
149,996
248,093
157,372
253,803
165,348
260,347
172,455
267,569
175,764
267,501
178,006
275,514
178,731
284,663
178,010
278,093
178,219
276,388

3.0%
3.1
3.2
1.8
1.3
1.1
1.7
1.9
2.1
2.5
5.0
5.0

$592,335
583,801
572,484
589,594
606,291
620,877
622,997
611,423
619,641
640,330
637,267
636,659

Government
deposits

Reserve
Total

with
Federal
Reserve
Bank

$4,045 $392,135
7,585 397,213
395,368
4,939
401,504
3,415
2,447 413,622
2,962 428,657
441,610
1,586
3,466 446,731
2,598 456,118
469,012
5,618
462,272
6,169
6,962 461,569

$22,023
21,616
21,812
22,439
22,725
23,430
24,853
23,880
24,702
25,768
24,943
24,227

$13,120 $678,713
685,978
25,849
669,611
17,099
686,328
13,739
11,168 703,874
734,062
15,664
732,915
8,749
727,024
11,643
742,463
10,228
765,432
16,228
15,865 758,157
764,231
16,061

$64,460
62,673
60,190
62,875
67,325
68,802
68,701
67,643
67,804
70,119
68,851
68,388

Member banks in Boston1
January. .
February.
March. . .
April
May
June
July
August. . .
September
October. .
November
December,

$22,859
31,070
29,281
34,833
47,313
62,210
63,958
67,516
68,001
69,499
68,434
70,944

$21,895 $167,106 $473,054 $684,914
692,857
171,850 466,712
23,225
684,132
164,147 471,609
19,095
694,953
162,313 480,263
17,544
707,435
160,305 484,894
14,923
735,362
167,174
492,559
13,419
733,397
168,457
488,725
12,257
732,520
160,222 493,927
10,855
747,353
170,362
497,480
11,510
762,759
183,076
497,976
12,208
759,305
187,990 489,294
13,587
766,157
196,391 485,137
13,685

$21,422 $706,336
22,506
715,363
22,887
707,019
12,725
707,678
9,127
716,562
8,278 743,640
12,878
746,275
13,908
746,428
16,324
763,677
19,701 782,460
39,740
799,045
40,571 806,728

'Does not include figures for banks admitted to membership during 1922.



$73,258
76,328
80,028
82,995
86,415
97,521
101,169
103,958
112,594
108,874
105,025
111,511

Charges to depositors' accounts in leading New England cities.1

SCHEDULE 24.

[000 omitted]
Total
1922

Total
1921

$168,193

$187,288

362,698
1% 144,067
171,058
243,704
296,414
215,813
339,760
901,221
408,903
1,638,782
760,804
340,146
751,203

317,887
1,085,340
152,408
232,612

1922

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Bangor
Brockton
FalT River
Hartford
Holyoke
Lowell
Lynn
Manchester ..
New Bedford.
New Haven ..
Portland
Providence...
Springfield. . .
Waterbury...
Worcester.. . .

813,529

$11,916

29,608
98,556
12,571
19,106
24,756
18,803
26,460
73,889
29,930
133,213
55,423
26,024
61,349

22,741
80,203
10,676
16,602
20,082
15,239
24,796
58,445
26,165
122,416
48,961
27,994
50,837

$14,503
19,963
25,670
90,748
13,523
19,426
25,083
18,505
26,022
74,468
31,972
133,438
57,435
26,850
60,773

$13,242
19,169
26,062
96,832
12,860
19,192
25,181
17,332
24,755
69,728
31,461
130,900
57,271
26,377
56,437

$13,910
19,112
28,925
93,622
13,087
20,025
25,199
16,603
27,094
73,660
33,892
131,740
62,370
28,527
61,229

$14,391
19,798
30,337
97,150
13,592
19,361
24,429
17,524
28,099
73,473
32,787
145.839
67,430
29,641
66,367

$13,705
18,511
29,000
97,557
13,600
19,636
23,805
16,064
27,598
84,636
35,407
127,917
64,395
26,083
59,650

$12,896
19,332
26,897
86,496
12,358
19,298
23,343
16,393
26,487
75,874
35,733
113,859
58,717
27,006
59,722

$14,328
19,527
27,803
88,843
14,534
19,494
23,687
16,356
25,795
78,061
36,863
128,983
63,014
27,214
59,577

$15,711
21,848
37,065
108,451
18,098
23,358
27,667
18,026
34,162
81,981
41,152
165,025
78,170
31,227
73,608

$13,369
23,555
41,488
94,968
18,631
24,946
26,850
18,167
35,167
74,556
34,628
145,167
74,140
28,054
65,766

$16,693
22,604
37,102
110,641
17,528
23,260
26,332
26,801
33,325
82,450
38,913
160,285
73,478
35,149
75,888

Total. . .

623,217

537,073

638,379

626,799

648,995

680,218

657,564

614,411

644,079

775,549

719,452

780,449

7,446,352'

7,088,088

1,498,936 1,444,411 1,533,993 16,331,158

15,952,616

Boston total . 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
Grand total.. 2,056,933 1,722,052 2,010,767 1,910,571 1,995,115 2,154,866 2,057,555 1,739,612 1,877,082

232,085
307,683
854,667
387,348
1,605,778
685,758
288,083
751,151

2,274,485 2,163,863 2,314,442 23.777.5102 23,040,704

'The figures as here given have been adjusted from those of weekly reporting periods so as to cover actual calendar months.
2
Brockton and Lynn not included in total.

Acceptance liability of all member banks in Federal Reserve District No. I.1

SCHEDULE 25.

[000 omitted]
1922
March
June

1921

10
30

$39,292
43,077

December 29

58,122

April
June

1919

1920

28
30

$62,274
47,771

December 31

47,585

May
4
June
30
November 15
December 29

$93,289
88,953
75,759
70,945

March
June
November
December

4
30
17
31

1918
$60,053
73,221
78,378
93,570

May
June
November
December

10
29
1
31

1917
$67,701
65,831
66,491
61,511

May
June

1
20

$32,374
45,590

December 31

65,205

iData for this table are obtained from the abstract of the calls of the Federal Reserve Board for condition of member banks. During 1921 and 1922 but
three calls were issued by the Federal Reserve Board.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

43

SCHEDULE 26. — Acceptance liability of all banks in Federal Reserve District No. 1.
Dec. 29, 1922 Dec. 31, 1921 Nov. 15, 1920 Nov. 17, 1919

Accepted by:—

$45,603,000
12,519,000

National banks
Other member b a n k s . . . .
Non-member banks
Acceptance corporations and private
bankers
Total

$37,558,000
10,027,000
754,000

$53,479,000
22,280,000
2,172,000

$62,276,000
16,102,000
4,627,000

10,803,000

6,049,000

10,193,000

21,338,000

68,925,000

54,388,000

88,124,000

104,343,000

SCHEDULE 27.—Classes of securities held by Collateral Department December 30,1922.
[Par value 000 omitted]
Collateral for
Class

War loan
account

United States Certificates of Indebtedness
United States Treasury Notes
United States Treasury Bonds
United States Victory Notes
United States Liberty Loan Bonds
Industrial and Transportation Bonds . . . .
Bonds of foreign governments
Commercial paper

$1,349

Total

SCHEDULE 28.

Discounted
notes

7,780
4,191
10
8,494
3,657
1,260
27,366

6,373
1,630
37
18,165

54,107

26,410

Held
for
safekeeping

$10,425
12,692
2,799
230

34,699
42,588
972

949
105,354

Volume of securities handled by the Collateral Department.
[Par value 000 omitted]
Receipts

Withdrawals

Balance at close of

Held for

War loan account
Discounted notes
Safekeeping:—
a Member banks
b Treasury accounts.. . .
c Miscellaneous
Total




1922

1921

1922

1921

1922

$208,517
340,181

$240,289
577,962

$194,815
339,119

$246,134
629,796

$54,108
26,410

$40,406
25,348

403,542
32,001
70,308

606,432
7,482
47,205

406,209
25,413
70,502

542,662
2,003
45,126

51,456
51,091
2,807

54,124
44,502
3,001

1,054,549

1,479,370

1,036,058

1,465,721

185,872

167,381

1921

44

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 29.

Operations of Federal Reserve 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 F. R.
banks and their
branches
Amount

No.

Amount

January
February....
March
April
May
June
July
August
September. . .
October
November. . .
December... .

4,049
3,555
4,262
4,005
4,346
4,441
4,221
4,157
4,102
4,655
4,465
4,648

$923,257
798,020
908,460
824,182
897,411
957,615
902,491
882,197
936,862
1,133,224
1,052,588
1,075,883

186
167
201
186
198
200
195
205
203
222
221
243

$43,294
40,864
48,765
43,051
45,329
54,123
42,762
43,786
47,348
55,043
53,128
55,767

Total:—
1922.. .
1921.. .
1920.. .

50,906
47,164
41,062

11,292,190
10,814,383
13,417,654

2,427
1,978
1,303

573,260
590,863
963,694

No.

Items drawn
on
Treasurer of
United States

Total1

Amount

No.

Amount

118
90
155
151
138
181
137
110
189
185
172
164

$18,650
18,131
19,825
19,879
18,664
24,240
18,596
15,710
16,573
16,632
14,882
15,431

4,353
3,812
4,618
4,342
4,682
4,822
4,553
4,472
4,494
5,062
4,858
5,055

$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

1,790
1,688
1,457

217,213
246,099
345,998

55,123
50,830
43,822

12,082,663
11,651,345
14,727,346

No.

'Exclusive of duplications on account of items handled by both parent bank and branch.




SCHEDULE 30.

Number of items received for collection and amounts collected.
Number of coupons
received

Number of items received

1922

Amounts collected
[000 omitted]

Totals

1921

Month
From
Federal
Reserve
Banks

From
member
banks

From
Discount
Department

Total

1922

1921

1922

1921

1922

1921

Total

January. .
February .
March. . .
April
May
June
July
August. . .
September
October. .
November
December.

6,613
5,738
7,022
0,481
7,648
8,073
7,291
7,130
7,117
7,637
7,606
6,847

9,018
8,929
10,714
10,634
12,210
12,457
11,906
11,641
12,572
12,667
12,911
11,757

1,938
1,667
1,791
1,759
1,470
1,314
1,803
2,363
1,548
1,470
2,168
2,349

17,569
16,334
19,527
18,874
21,328
21,844
21,000
21,134
21,237
21,774
22,685
20,953

10,997
10,329
11,788
11,950
12,525
12,150
14,086
16,325
15,818
16,667
15,923
17,873

24,599
13,109
15,830
17,149
18,368
21,671
28,926
16,720
13,205
20,652
24,149
29,161

8,220
4,372
6,700
11,366
11,266
15,364
18,321
12,352
13,497
16,443
16,131
18,700

42,168
29,443
35,357
36,023
39,696
43,515
49,926
37,854
34,442
42,426
46,834
50,114

19,217
14,701
18,488
23,316
23,791
27,514
32,407
28,677
29,315
33,110
32,054
36,573

$28,738
27,259
27,744
39,352
50,463
47,857
50,763
46,957
42,106
49,798
48,501
56,059

$61,766
50,574
48,662
41,141
53,167
59,132
45,176
39,491
41,774
37,174
37,972
36,628

Total.

85,203

137,416

21,640

244,259

166,431

243,539

152,732

487,798

319,163

515,597

552,657




SCHEDULE 31.—Treasury certificates of indebtedness and Victory notes redeemed from January 1, 1922, to December SO, 1922, inclusive.

Description

Loan certificates:—
Series A, 1922
Series B, 1922.. .
Series C, 1922
Series D, 1922

Date
of
issue

Date
of
maturity

May 10, 1921
Aug. 1, 1921
Nov. 1, 1921
Apr. 15, 1922

Feb. 16, 1922
Aug. 1, 1922
Apr. 1, 1922
Oct. 16, 1922

Total. .

Mar.
June
Aug.
Sept.
Sept.
Nov.
Dec.
Dec.
June

15,
15,
1,
15,
15,
1,
15,
15,
1,

1921
1921
1921
1921
1921
1921
1921
1921
1922

Mar.
June
Mar.
Mar.
Sept.
Sept.
June
Dec.
Dec.

15,
15,
15,
15,
15,
15,
15,
15,
15,

1922
1922
1922
1922
1922
1922
1922
1922
1922

16,050,000
18,570,500
8,242,500
4,277,500
8,905,500
13,128,500
8,992,500
13,402,500
10,637,000

102,529,000

Total
Called

)

,,_,
j Called and I
i4J% notes j optional
}

Exchanged
for
new
issues

$156,500
97,000

Total

50,000

$13,706,000
16,084,000
2,330,500
14,835,500

303,500

47,000,500

22,500
100,000
55,000
75,000
500
72,000

44,500

$13,500
113,000
36,000
30,000
52,000
10,500
9,000
77,500
3,500

5,780,000
3,362,500

16,086,000
18,783,500
8,333,500
4,382,500
8,958,000
13,211,000
9,001,500
19,260,000
14,003,000

345,000

9,467,500

112,341,500

322,500

Total issues maturing prior to 1922

Grand total

$13,549,500
15,987,000
2,330,500
14,785,500

46,697,000

Tax certificates:—
Series TM, 1922
Series TJ, 1922
Series TM2, 1922
Series TM3, 1922
Series TS, 1922
Series TS2, 1922
Series TJ2, 1922
Series TD, 1922
Series TD2, 1922

Total

Applied
on
tax
payments

44,500

Total issues maturing prior to 1922. .

Victory Loan:—
_,_,
(

Redeemed
for
cash

322,500

May 20, 1919

May 20, 1923

25,372,550

16,000

1,164,000

26,552,550

May 20, 1919

May 20, 1923

46,025,350

207,200

98,735,450

144,968,000

71,397,900

223,200

99,899,450

171,520,550

220,623,900

568,200

109,670,450

330,862,550

•Notes bearing the distinguishing letters A to F prefixed to their serial numbers, approximating 50% of the outstanding notes, were called for redemption
December 15, 1922, and to the holders of the uncalled notes (bearing the letters G to L prefixed to their serial numbers) an option was extended to redeem their
notes prior to maturity.




°^

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

47

SCHEDULE 32.—Subscriptions in 1922 to treasury certificates of indebtedness,
notes and bonds by States.
Loan
certificates,
1922
maturity

State

Tax certificates
1922
maturity

Notes

1923
maturity

1925
maturity

1926
maturity

Bonds,
1947-52
maturity

Total

Connecticut. . . $2,222,000 $3,445,000 $9,926,000 $14,595,200 $15,731,300 $20,026,700 $65,946,200
405,000
200,000 1,360,000 5,560,800 4,034,000 4,014,800 15,574,600
Maine
Massachusetts . 14,093,500 19,091,000 83,952,000 96,002,100 80,016,400 95,194,400 388,349,400
225,000 1,925,000 2,627,700 2,992,600 3,039,200 10,809,500
New Hampshire
600,000 4,700,000 7,723,100 7,922,400 9,472,300 31,267,800
Rhode Island. .
850,000
Vermont
970,900
120,500
952,900 1,239,700 3,284,000
Total

17,570,500 23,561,000 101,983,500 127,479,800 111,649,600 132,987,100 515,231,500

SCHEDULE 33.
State
Connecticut
Massachusetts
New Hampshire
Rhode Island
Vermont
Maine
Total

Sales of treasury savings stamps and certificates.
19221

1921

1919

1918

$816,463
2,715,385
1,063,171
486,659
533,957
1,259,246

$177,632
631,648
206,427
182,737
59,396
101,621

$349,708
1,490,856
338,445
577,937
103,367
174,830

Sl.399,256
3,383,230
627,776
1,264,510
275,250
637,504

$15,667,194
24,786,877
5,252,891
5,917,095
5,120,236
7,929,763

6,874,881

1,359,461

3,035,143

7,587,526

64,674,056

Estimated for December, except for Massachusetts.




1920

SCHEDULE 34.—Subscriptions, allotments and method of payment of treasury certificates of indebtedness, notes and bonds issued in 1922.
Allotment, First District

Description

Date
of
issue

Date
of
maturity

Loan certificates:—
Series D, 1922

Apr. 15, 1922

Oct. 16, 1922

Tax certificates:—
Series TD2, 1922
Series TM, 1923
Series TJ,
1923
Series TS,
1923
Series TD, 1923
Series TM2, 1923

June 1, 1922
Mar. 15, 1922
June 15, 1922
Sept. 15, 1922
Dec. 15, 1922
Dec. 15, 1922

Dec. 15, 1922
Mar. 15, 1923
June 15, 1923
Sept. 15, 1923
Dec. 15, 1923
Mar. 15, 1923

Treasury notes:—
Series A, 1925
Series B, 1925
Series C, 1925
Series A, 1926
Series B, 1926

Feb.
June
Dec.
Mar.
Aug.

1, 1922
15, 1922
15, 1922
15, 1922
1, 1922

Mar. 15, 1925
Dec. 15, 1925
June 15, 1925
Mar. 15, 1926
Sept. 15, 1926

Treasury bonds:—
Series 1947-52

Oct. 16, 1922

Oct. 15, 1952

Rate?

3|
3|
4*
31

4£
4|

Total
subscription First
District

Method of payment
Total
amount

By exchange
of other
issues

$17,570,500

$12,990,000

23,561,000
33,174,500
26,230,000
23,065,000
6,248,000
13,266,000

17,320,000
21,650,000
21,650,000
17,320,000
6,248,000
13,266,000

$152,500
125,000
122,500
28,000
10,000

86,244,800
11,158,200
30,076,800
51,093,800
60,555,800

51,960,000
11,158,200
29,826,800
51,093,800
37,096,600

17,480,600
11,158,200
2,850,800
51,093,800
7,191,600

By
cash

By credit to
war loan
deposit
account

$360,500

$12,629,500

61

152,000
1,408,000
498,500
581,500
217,000
10,058,000

17,168,000
20,089,500
21,026,500
16,616,000
6,003,000
3,198,000

19
85
49
39

4,189,875

30,289,525

57

2,790,500

24,185,500

6,819,500

23,085,500

49
71

132,987,100

82,198,300

19,508,000

15,047,500

47,642,800

515,231,500

373,777,700

109,721,000

42,122,875

221,933,825

17,570,500
Loan certificates (not acceptable in payment of t
125,544,500
Tax certificates (acceptable in pa yment of income and profits taxes)
ayment
of
incon
Treasury notes (acceptable in p
ie and profits, and estate
or inheritance taxes imposed b y the United Sta tes)
239,129,400
Treasury bonds, 1947-52 (accep table in paymer t of estate or inheritance
taxes imposed by the United fctates)
132,987,100

12,990,000
97,454,000

438,000

360,500
12,915,000

12,629,500
84,101,000

181,135,400

89,775,000

13,799,875

77,560,525

82,198,300

19,508,000

15,047,500

47,642,800

373,777,700

109,721,000

42,122,875

221,933,825

Total

Grand total



515,231,500

Number of
days
before final
withdrawal
of
deposits

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
SCHEDULE 35.

49

Deposits in duly qualified and designated depositary banks.

Month
Balance January 1, 1922
January
:
February
March
April
May
June
July
August
September
October
November
December
Total deposits, 1922

Deposits

Withdrawals

$25,906,109
$30,289,525
20,089,500
12,629,500
'38,194,500
23,085,500
16,616,000
47,642,800
33,386,500

$8,716,874
17,395,735
32,217,52^
10,023,040
6,470,530
38,130,455
3,848,400
15,524,310
18,888,565
28,437,971
8,458,679
32,802,250

221,933,825

Grand total

247,839,934

Total withdrawals, 1922

220,914,334

Balance on deposit, Dec. 30, 1922

$26,925,600
443
9

Number of qualified depositary banks at close of business December 31, 1921
Number of banks qualified and designated as depositaries during 1922

Total
452
Number of banks the designation of which as depositaries was cancelled during
1922
123
Number of qualified depositary banks at close of business December 30, 1 9 2 2 . . . . 329
Number of qualified depositary banks the maximum of whose designated deposits
was increased in 1922
•.

SCHEDULE 36.—Coupon interest on United States obligations paid by the Federal
Reserve Bank of Boston as fiscal agent of the United States.
1921

1922
Description
Amount

No. of
coupons
handled

Amount

No. of
coupons
handled

580,809
107,575
470,216
2,094
198,599
1,170,198
1,638,499
2,128,361
34,388
1,347,225
67,978
6,394
5
14,828
7,767,169

$3,333,433.46
First Liberty Loan Bonds, 3 Y2%
63,478.24
First Liberty Loan Bonds, conv. 4% . . . .
First Liberty Loan Bonds, conv. 434% • • 2,572,306.05
9,039.51
First Liberty Loan Bonds, 2nd conv. 4J4%
154,542.00
Second Liberty Loan Bonds, 4 %
Second Liberty Loan Bonds, conv. 434% 11,794,952.81
9,525,126.14
Third Liberty Loan Bonds, 434%
24,106,584.04
Fourth Liberty Loan Bonds, 434%
255,989.76
Victory Liberty Loan Notes, 334%
5,018,111.97
Victory Liberty Loan Notes, 4 % %
5,996,608.86
Treasury Certificates of Indebtedness. .
4,781,579.60
War Finance Bonds
165,125.80
Other United States Coupons

49S.924
42,156
484,981
1,886
81,439
1,143,281
1,488,133
1,978,027
7,747
1,082,784
52,180
47,356
15,825

$3,810,071.24
178,041.99
2,118,019.60
9,382.79
399,555.00
11,087,657.54
10,807,328.83
21,201,274.75
1,218,020.25
8,563,394.94
6,700,681.53
542,632.99
625.00
120,622.26

67,776,878.24

6,924,719

66,757,308.71

Total




50

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 37.

State member banks as of December SO, 1922.

City or town

Bank

Date admitted

Connecticut
New Britain
New Haven
South Manchester.
Waterbury

New Britain Trust Company
Union and New Haven Trust Company.
Manchester Trust Company
Colonial Trust Company

August
21, 1918
December 8, 1917
December 30, 1918
April
6, 1918

Maine
Bangor
Portland
Sanford

Merrill Trust Company.
Fidelity Trust Company.
Sanf ord Trust Company .

March
14, 1918
March
18, 1918
September 9, 1920

Menotomy Trust Company
American Trust Company
Beacon Trust Company
Commonwealth Trust Company
Exchange Trust Company
Federal Trust Company
Hub Trust Company
International Trust Compan
Liberty Trust Companyipany.
Massachusetts Trust Company . .
New England Trust Company. . ,
Old Colony Trust Company
State Street Trust Company....
United States Trust Company. . .
Harvard Trust Company
Inman Trust Company
Fitchburg Bank & Trust Company
Gloucester Safe Deposit & Trust Company
Franklin County Trust Company
H adley Falls Trust Company
Merchants Trust Company
Security Trust Company
New Bedford Safe Deposit & Trust Company
Newton Trust Company
Norwood Trust Company
Naumkeag Trust Company
Waltham Trust Company
Winchester Trust Company
Worcester Bank & Trust Company

November
August
January
February
September
October
January
June
May
December
December
August
January
April
March
May
July
June
April
January
February
September

Industrial Trust Company
Rhode Island H ospital Trust Company.
Union Trust Company

November 9, 1917
March
13, 1918
September 13, 1918

Massachusetts
Arlington. . .
Boston
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Cambridge. . .
Do
Fitchburg. . .
Gloucester. . .
Greenfield
Holyoke
Lawrence. . . .
Lynn
New Bedford.
Newton
Norwood
Salem
Waltham
Winchester. ..
Worcester. . .
Rhode Island
Providence .
Do.
Do.

SCHEDULE 38.

Boston, Mass
Boston, Mass
Boston, Mass
Newburyport, Mass.. .

1918
1917
1918
1917
1920
1922
1921
1917
1918
1920
1918
1915
1918
1918
1918
1921
1917
1919
1919
1918
1918
1918
1919
1917
1917
1918
1919
1917
1917

Change in membership of national banks, 1922.

City

Boston, Mass

8,
31,
15,
12,
14,
7,
21,
9,
1,
10,
10,
24,
26,
9,
6,
10,
26.
4,
21,
19,
27,
25,
5,
June
November 5,
11,
August
September 25,
3,
April
May
29,
December 26.

Name of bank

Date of change

Reason

Absorbed by Metropolitan Trust Co.,
Boston.
Absorbed by MassaHaymarket National Bank May 10, 1922
chusetts Trust Co.,
Boston.
Absorbed
by Federal
Back Bay National Bank. November 13, 1922
Trust Co., Boston.
Peoples National Bank.. . December 9, 1922. Absorbed by FourthAtlantic N a t i o n a l
Bank, Boston.
First National Bank
November 2, 1922. Absorbed by Ocean
National Bank, Newburyport, Mass.
Oceanic National Bank.. . May 5, 1922




ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
SCHEDULE 39.

51

Resources of member and non-member eligible State banks.1
Member State banks

Non-m ember State banks

States
No.

Capital

Surplus

Resources No.

Capital

Surplus

Resources

Connecticut.. . . 4 $1,750,000 $1,550,000 $24,600,000 32 $6,680,000 $4,999,000 $94,245,000
Maine
3 1,000,000
825,000 26,705,000 42 3,445,000 2,564,000 78,187,000
Massachusetts.. 29 27,236,000 28,341,000 565,796,000 59 11,688,000 9,363,000 182,899,000
New Hampshire
836,000 15,634,000
630,000
9
Rhode Island.. . 3 8,000,000 11,000,000 194,739,000 6 1,175,000
838,000 17,293,000
28 2,051,000 1,784,000 50,080,000
J

Data compiled from latest available reports of State Bank Commissioners.

SCHEDULE 40.—Member banks authorized to accept drafts and bills of exchange up
to 100 per cent of their capital and surplus.

City or town

Connecticut
Hartford. . .
Do
New Haven.
Norwich. . .

Bank

Hartford-Aetna National Bank.
Phoenix National Bank
First National Bank
Thames National Bank

Maine

Portland.
Do. .

Massachusetts
Boston

Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do.

Dedham....
Fall River. . .
Fitchburg. . .
New Bedford.
Do.
Springfield. . .
Worcester. . .
Rhode Island
Providence. .
Do
Do
Do

Canal National Bank. . .
Portland National Bank.
American Trust Company
Beacon Trust Company
Commonwealth Trust Company
First National Bank
Fourth-Atlantic National Bank
International Trust Company
Merchants National Bank
National Shawmut Bank
National Union Bank. .
Old Colony Trust Company
Second National Bank
State Street Trust Company
Webster & Atlas National Bank
Dedham National Bank
Massasoit-Pocasset National Bank.. .
Safety Fund National Bank
First National Bank
New Bedford Safe Deposit & Trust Co.
Springfield National Bank
Merchants National Bank
Blackstone Canal National Bank. .
Merchants National Bank
National Bank of Commerce
Providence National Bank




Capital and
surplus
as of
Dec. 30, 1922

$4,000,000
1,500,000
1,700,000
1,600,000
1,000,000
600,000
3,500,000
2,800,000
2,500,000
33,000,000
4,000,000
4,000,000
5,000,000
20,000,000
2,000,000
16,000,000
5,000,000
4,500,000
2,000,000
300,000
1,000,000
900,000
1,000,000
750,000
1,000,000
2,500,000
1,000,000
2,000,000
1,700.000
1,000,000

Date of
authorization

October
July
August
August

29, 1917
1, 1918
3, 1920
5, 1919

July
June

3, 1919
24, 1919

June
8,
May
8,
February 28,
April
14,
April
24,
February 21,
March
30,
June
7,
December 11,
May
25,
January 27,
January 25,
July
28,
April
11,,
November 13,
October
5,
December 18,
September 12,
January 25,
May
4,
July
November
December
December

1921
1918
1919
1915
1918
1919
1916
1915
1917
1916
1916
1918
1916
1918
1917
1917
1919
1919
1918
1916

12, 1917
7, 1918
24, 1919
17, 1918

52

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 41.—Member banks accepting drafts and bills of exchange in amounts
not to exceed 50 per cent of their capital and surplus.
City or town

Capital and
surplus as of
Dec. 30, 1922

Bank

Connecticut
Meriden. . .
New Haven .
Waterbury .

Home National Bank .
Merchants National Bank .
Waterbury National Bank .

Massachusetts
Adams
Boston
Do
Do
Do
Do
Do
Do
Do
Do
Do
Cambridge . . .
Fairhaven . . .
Fall River. . .
North Adams .
Springfield . . .
Worcester....

First National Bank. . . .
Boylston National Bank.
Citizens National Bank.
Exchange Trust Company
Federal Trust Company . .
Hub Trust Company . . . .
Liberty Trust Company . .
Mattapan National Bank.
National Rockland Bank of Roxb ury .
New England Trust Company
United States Trust Company
Manufacturers National Bank
National Bank of Fairhaven
Metaeomet National Bank
North Adams National Bank
Chapin National Bank.
Worcester Bank and Trust Company

New Hampshire
Concord

First National Bank .

Rhode Island
Providence.
Do

National Exchange Bank
Rhode Island Hospital Trust Company .

Vermont
Burlington .
St. Albans .

Howard National Bank.
Welden National Bank.

$600,000
900,000
900,000
120,000
1,100,000
1,125,000
2,000,000
1,500,000
560,000
1,500,000
230,000
900,000
3,000,000
2,000,000
235,000
160,000
1,000,000
450,000
750,000
2,500,000
400,000

1,750,000
7,500,000
700,000
150,000

SCHEDULE 42.—Non-member accepting banks and other acceptors in this district.

Bank

Union Trust Company, Springfield, Mass




Capital and
surplus
as of
December
30, 1922

$2,000,000

Banker

Brown Brothers & Company,
Boston, Massachusetts.
First National Corporation,
Boston, Massachusetts.
Kidder Peabody Acceptance
Corp., Boston, Massachusetts.
Lee, Higginson & Company,
Boston, Massachusetts.
J. B. Moors & Company,
Boston, Massachusetts.
Henry W. Peabody & Company,
Boston, Massachusetts.
Shawmut Corporation,
Boston, Massachusetts.

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

53

SCHEDULE 43.—Banks authorized to exercise fiduciary powers under the Federal
Reserve Act.
[As of December 30, 1922]
NOTE.—The Federal Reserve Board has authorized the National banks of this district
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 the list given above, indicate
the power or powers it is authorized to exercise.
Bank

City or town

Connecticut
Ansonia. .
Bristol. . .
Hartford.
Do.
.
Do.
Meriden
Middletown
Naugatuck
New Britain
New Haven
Do.
Do
Do
Do.
New London
Do.
Norwich
Torrington
Wallingford
Waterbury
Do
Maine
Auburn
Bangor
Bar Harbor. .
Bath
Belfast
Biddeford
Damariscotta .
Lewiston
Norway
Portland
Do
Do
Waterville. . .
Massachusetts
Adams
Do
Amherst
Attleboro
Beverly .
Boston .
Do. .
Do. .
Do. .
Do. .
Do. .
Do. .
Do. .
Do. .




I
I
i
I

Powers granted

Ansonia National Bank
Bristol National Bank
First National Bank
Hartford-Aetna National Bank.
Phoenix National Bank
Home National Bank.
Middletown National Bank.
Naugatuck National Bank . .
New Britain National Bank .
First National Bank .
Merchants National Bank
National Tradesmen's Bank
New Haven Bank, N. B. A
Second National Bank
National Bank of Commerce
New London City National Bank
Thames National Bank
Torrington National Bank
First National Bank
Citizens and Manufacturers National Bank
Waterbury National Bank

1 to 9
1 to 8
1 to 9
1 to 4, 9
1 to 9
4
1 to 4
1 to 4
1 to 9
1 to 8
1 to 8
1 to 4
1 to 9
1 to 9
1 to 5
1, 2, 3, 5, 7, 8, 9
1 to 9
1 to 7
1 to 9
1 to 9
1 to 9

National Shoe and Leather Bank .
First National Bank.
First National Bank.
Bath National Bank.
City National Bank.
First National Bank.
First National Bank.
Manufacturers National Bank.
Norway National Bank
Canal National Bank
First National Bank. . .•
Portland National Bank
Ticonic National Bank

1 to 7
1, 2,4
1 to 4
1 to 8
1 to 8
1 to 9
1, 2, 3, 5, 6
1, 2, 4
1 to 8
1 to 9
1,2, 4
1,2,4
1 to 4

First National B a n k . . . .
Greylock National Bank.
I First National Bank
, . I First National Bank
Beverly National Bank
Boylston National Bank
Citizens National Bank
First National Bank
Fourth-Atlantic National Bank.
Merchants National Bank
National Shawmut Bank
National Union Bank
Second National Bank
Webster & Atlas National Bank.

1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to

8
7, 9
9
9
4
9
9
7, 9
9
9
9
9
9
9

54

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 43, Continued.—Banks authorized to exercise fiduciary powers under
the Federal Reserve Act.
[As of December 30, 1922]
City or town

Massachusetts—Continued
Brockton
Do
Edgartown
Fall River
Do
Do
Fitchburg
Foxboro
Gardner
Gloucester
Great Barrington
Greenfield
Haverhill
Do
Do
Holyoke
Do
Hudson
Lawrence
Leominster
Do
Lowell
Do
Lynn
Do
Do
Alarlboro
Do
Methuen
Milford
New Bedford
Do
Newburyport
North Adams
Northampton
Pittsfield
Do
Plymouth
Provincetown
Reading
Salem
Shelburne Falls
Southbridge
Springfield
Do
Do
Do
Tisbury
Turners Falls
Uxbridge
Wareham
Watertowh
Webster
Woburn
Worcester
Do
Yarmouthport
New Hampshire
Berlin
Claremont....
Concord
Do
Do
Dover
Do
Keene
Do
Manchester. . . .
Do
Do
Milford




Powers granted

Bank

Brockton National Bank
Home National Bank
Edgartown National Bank
Fall River National Bank
Massasoit-Pocasset National Bank.
Metacomet National Bank
Safety Fund National Bank.
Foxboro National Bank.
First National Bank
Cape Ann National Bank .
National Mahaiwe Bank.
First National Bank.
Essex National Bank
First National Bank
Merrimack National Bank.
City National Bank
Holyoke National Bank. . .
Hudson National Bank. . .
Bay State National.Bank . .
Leominster National Bank.
Merchants National Bank.
Appleton National Bank.
Old Lowell National Bank
Central National Bank
Manufacturers National Bank.
National City Bank
First National Bank
Peoples National Bank
National Bank of Methuen. . .
Home National Bank
First National Bank
Merchants National Bank.
Merchants National Bank.
North Adams National Bank
Northampton National Bank
Agricultural National Bank
Pittsfield National Bank
Plymouth National Bank. .
First National Bank
First National Bank
Merchants National Bank
Shelburne Falls National Bank. . .
Southbridge National Bank
Chapin National Bank
Chicopee National Bank
Springfield National Bank
Third National Bank
Martha's Vineyard National Bank .
Crocker National Bank.
Blackstone National Bank. . .
National Bank of Wareham . .
Union Market National Bank.
First National Bank
Woburn National Bank
Mechanics National Bank.
Merchants National Bank
First National Bank of Yarmouth .

1 to 4
1 to 4
1 to 4
1 to 4
1 to 9
1 to 9
1 to 4
1 to 7, 9
1 to 9
1
1 to 8
1 to 9
1 to 5, 7
1 to 4
1 to 9
1 to 8
1 to 4
1 to 9
I to 9
1 to 8
1 to 9
1 to 9
1 to 9
1 to 4
1 to 4
1 to 9
1 to 4
1 to 9
1 to 7, 9
1 to 9
1 to 9
1 to 9
1 to 8
1 to 9
1 to 8
1 to 7, 9
1 to 4
1 to 4
1 to 4
1 to 4
1, 2, 3, 6, 7, 9
1 to 4
1 to 9
1 to 9

City National Bank
Claremont National Bank. . .
First National Bank
Mechanicks National Bank. .
National State Capital Bank .
Merchants National Bank. . .
Strafford National B a n k . . . .
Ashuelot National Bank. . . .
Keene National Bank
Amoskeag National Bank. . .
Manchester National Bank . .
Merchants National Bank. . .
Souhegan National Bank. . . .

1
1 to
1 to
1, 4
1, 4
1 to
1 to
1, 4
1 to
1, 4
1
1, 4
1, 4

1 to 9
1 to 4
1 to 3
1 to 9
1 to 9
1 to 9
1 to 9
1 to 9
1 to 9
1 to 9
1 to 9
1 to 9

i

4
9

3
4
4

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

55

SCHEDULE 43, Concluded.—Banks authorized to exercise fiduciary powers under
the Federal Reserve Act.
[As of December 30, 1922]
City or town

Bank

Powers granted

New Hampshire—Continued
Nashua
Do
Newport
Wolfeboro
Rhode Island
Newport. .
Providence.

Indian Head National Bank .
Second National Bank
Citizens National Bank
Wolfeboro National Bank. . .

1 to 3
1» 4
1,4
If 4

Aquidneck National Bank. . .
National Bank of Commerce .

1 to 4
1 to 9

Vermont
Barre
Bellows Falls
Bennington.
Do.
Brandon...
Brattleboro.
Do.
Montpelier.
Poultney. . .
Rutland. . . .
Springfield. .
St. Albans. .
Windsor. . . .

Peoples National Bank
National Bank of Bellows Falls
County National Bank
First National Bank
First National Bank
Peoples National Bank
Vermont National Bank
First National Bank
Citizens National Bank
Baxter National Bank.
First National Bank. . .
Welden National Bank.
State National Bank. .

1 to 9
1 to 3
1 to 9
1 to 9
1 to 4
1 to 9
1 to 8
1 to 4
1 to 4
4
1 to 4
1 to 4
1 to 3




56

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 44.

Discount rates, Federal Reserve Bank of Boston, 1914-1922.

AgriCommercial
cultural Trade Compaper, member and live accept- m o d i t y
banks' collatstock
ances paper
eral notes
paper

Secured by
Government
war
obligations

Secured by
United States
certificates of
indebtedness

91 days
15 days 16 to to six 90 days 90 days
or less 90 days months or less or less

15
days

15
days

Bankers' acceptances

Date

1914
Nov.
Nov.
Dec.
Dec.

16
20
17
31

1915
Feb.
3
June
18
July
3
Aug.
9
Sept.
20
Sept.
24
1916
Jan.
Feb.
July
Sept.
Dec.

13
21
20
18
7

1917
March
June
June
Dec.
Dec.

21
12
26
5
12

1918
Jan.
April
Oct.

7
8
1

6
5

41
4
4

45
45

4=
45

3i 55
34
345
3J»
49

34
34

31

4
4

6
6l
62
53

6
6
6
6

4i<
4
4

6
5
5
5
5

4

5

46
46
46
48
410

5
5

4

5

41<

4i<

4
4
41

5
5
0

5
5
5
5

31
3j
3

31
3*
3}

3}
31
3i
34
34
4

31

4

34
4
4
4

4
4

4112

5

4
4

4f
4|

5
5

4§12
4}«

1919
Feb.
15
Nov.
4
Dec.
12

4
4f
4|

41

4|

5
5
5

4112

4f

1920
Jan.
3
Jan.
23
Feb.
27
June
4

4i
c6

4|

5

4}

6

6

6

6
7

6
7

6
7

6

6

51

51

4*
41

11

31
31
34
34
34
4
4

34
34
34
34

34
34
4
4

4

34
4
4

4

4J
4_4ll3

41
41

41
44
4|

4i
54
54
6

4*
54
54
6

4}
4}
5
54

4|

6
54
5
44

6

54 16
511
4416

6
54 16

4

416

5
41

6
51
5
4}

5
41

5
4}

6
54
5
44

1922
June
23

4

4

4

4

4

51

34
34
4
4

4
44
4|

1921
April
15
July
21
Sept.
23
Nov.
4

6

16 to 90 days
90 days or less

3§

4

7

16 to
90 days

4
4} 14
4i-4414 4J-44
4J-41" 4j_4|M

41
5
54

5

5
u

516

44 16
416

iPaper maturing up to 30 days, 54 per cent.
of maturity, 16-30 days, 5 per cent; 31-60 days, 54 per cent.
maturing up to 30 days, 44 per cent.
of maturity, 16-60 days, 4 per cent.
Paper of maturity within 10 days, 3 per cent.
BPaper maturing up to 30 days, 34 per cent.
'Applies
only to member banks' collateral notes; paper of maturity within 10 days, 3 per cent.
s
Paper of maturity, 11-30 days, 34 per cent.
9
Applies only to member banks' collateral notes; paper of maturity within 10 davs, 34 per cent.
'"Paper of maturity, 11-30 days, 4 per cent.
n
Rates merged with those applicable to commercial paper of corresponding maturity.
12
Within 15 days, 4 per cent.
13
October 1, 1918, to February 15, 1919, 4 per cent on customers' notes carrying coupon rate of
interest and secured by Fourth Liberty Loan bonds.
"Discount rate corresponds with interest rate borne by certificates of indebtedness, pledged as
collateral
within limits shown.
l5
Rate discontinued.

16
Rate to apply on loans secured by United States Treasury notes.
2
Paper
3
Paper
4
Paper
5



SCHEDULE 45.

Month
1921

January. .
February.
March. . . .
April
May
June
July
August. . .
September
October. ..
November
December.

Money rales in Boston, 1921 and 1922.

Time
paper
secured

Brokers'
demand
loans

90 days
or under

Over
90 days

7 -8
7 -8
7i-8
61-8
71-8
7 -7|
6|-7
6 -61
G -6J
5f-64
6 -61

7 -8
7 -8
7|-8
61-8
71-8
7 -74
6i-7
6 -61

7 -8
7
7
7
7
7
(5 -7
6
fl
5f-G
5i
51

5f-6j

Commercial paper

Discounted
90 days
or under

6J-6|
6 -61
6 -0i

5|-6i

Purchased

Over
90 days

90 days
or under

Over
90 days

6 -8
6 -74
6 -7|
61-8
61-71
7 -7}
61-7
6 -7
6i-7
54-7
5J-61
51-6

71-8
71-8
74-8
71-8
61-8
84-71

71-8
71-8
7}-8
7}-8
7 -8

51-6
51-61
5 -6
5 -51
41-5
41-51
41-51
41-5
41-5
41-51
5 -51
5 -51

41-51
41-5
41-5
41-5
4J-4f
4 -41
4 -4i
4 -41
4 -41
41-41
41-41
41-5

61-71
6 -61
5|-61
51-61
5 -6
5 -51

61-71
64-71

6 -61
5J-61

5J-64
5 -6
5 -51

Bankers'
acceptances unendorsed

51-6*
5J-61
5i-6i
54-64

51-5|
51-6
51-51
5 -5J

4f5i
41-5
41-41
4i-4i

Bank
borrowings

Year
money

Town
notes

Loans
secured
by U. S.
war
obligations

6 -7
6 -7
6 -71
6 -7
7
7
7
6 -61

7 -71
7 -71
7 -71
7 -71
6!-7i
64-71
61-7
6 -6i
6 -6i
6
5 -51
5i51

5|-6|
5i-5|
51-61
51-7
51-6|
51-6|
5J-6I
5f-5i
51-51
4|-5|
4f-5|
4 -5i

6 -7
6 -7
51-7
6 -7
61-7
61-7
6 -7
G -61
6 -7
6 -61
51-61
5 -6

5}

4 }-5
4 -4|
41-4|
3J-4}
31-4
3|-3|
3}-31
3|-3i
31-31
3f-3|
3$
4|-4|

5 -51
5 -51
5
41-5
41-5
41-5
41-5
41-4}
41-5
41-5
41-5
41-5}

6 -61
6

51
51

1922
January. .
February.
March. . .
April....
May
June
July
August. . .
September
October..
November
December.

o —51
5
5
5
41-5
41
41
41
41
5 -51
5 -51
51

'Period ending the loth of each month.




-51

-51
-54
-54
-6
-6

5J-6
51-61
5|-61
5 -51
5i-6i
41-51
41-51
5 -51
5 -51
5 -51
5 -6
5 -6

51-6
5 -6
5 -6
41-51
4i-5
4i-51
41-51
41-5
41-5
41-51
41-51
41-51

5 -6
4J-51
41-5
41-5}
4}-41
4 -41
4 -41
4 -41
41-41
41-41
41-4}
41-5

31-41
31-4}
3J-41
31-31
3i-3|
3 -3f
3 -3|
3 -3|

3 -3i
3|-3|
31-4J
4 -41

51-51
5 -51
5 -51

41-5
41-5
41-5}
41-5
41-41
41-5
41-5}
5
41-5}

5i

5 -5}
5
4|-5
4 }-5
41-5
41-5
5
5}
5}
5 -5}

58

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 46.

Commercial failures in the First District and in New England.
[As reported by R. G. Dun & Co.]
1922

State
No.

Connecticut
(Except
Fairfield Co.)
450
Maine
206
Massachusetts.. . . 1,034
New Hampshire. .
51
Rhode Island
169
Vermont
40

1921

Liabilities

Liabilities

No.

Liabilities

No.

Liabilities

395 $10,128,897
136
2,873,293
828 24,208,619
41
486,465
150
1,255,632
31
361,724

173
74
443
36
81
19

$5,554,590
1,373,049
10,970,133
252,096
339,346
429,044

126
85
427
20
71
15

$2,004,213
717,703
7,402,927
165,279
999,877
594,239

No.

$8,668,668
4,327,668
25,631,578
388,841
1,670,289
627,842

1919

1920

Total, First District
1,950
FairfieldCo.,
Connecticut. . 123

41,314,886

1,581

39,314,630

826

18,918,258

744

11,884,238

8,377,396

121

5,314,471

57

1,415,834

68

928,249

Total, New England
2,073

49,692,282

1,702

44,629,101

883

20,334,092

812

12,812,487

SCHEDULE 47.

New England agricultural production.
[As of December 1, 1922. Source of data:—U. S. Department of Agriculture]
A

FARM VALUE OP SELECTED CROPS
[000 omitted]

Hay
Potatoes
Apples (commercial)
Tobacco
Corn
Oats
Buckwheat
Wheat
Barley
Rye
Cranberries
B

1919

1920

1921

1922

$98,375
51,540
6,442
28,868
25,079
6,948
870
979
575
240
3,060

$99,529
45,223
5,044
21,833
16,385
7,395
796
1,076
552
227
3,780

$80,158
47,678
5,024
23,412
12,150
4,722
519
485
274
194
3,300

$80,945
20,063
3,873
13,028
11,662
4,919
589
742
420
230
3,150

3,420
49,190
1,133
58,770
14,950
8,280
510
310
330
130
165

4,540
32,240
1,060
46,925
12,413
9,435
533
464
430
157
300

YIELD OF SELECTED CROP8

[000 omitted]
Hay (tons)
Potatoes (bushels) .
Apples (barrels) . . . .
Tobacco (pounds) . .
Corn (bushels)
Oats (bushels) . . . .
Buckwheat (bushels)
Wheat (bushels)....
Barley (bushels)
Rye (bushels)
Cranberries (barrels)




4,460
34,350
1,493
62,350
14,080
7,670
500
440
360
130
360

3,950
34,280
1,255
59,900
12,270
9,180
540
500
440
130
280

59

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON

SCHEDULE 48. — Number of officers and employees classified by departmental
functions, December SO, 1922, and December 31, 1921.
Employees
General departmental
functions

ALL DEPARTMENTS

Officers

16

Male

Female

Total

416

342

758

32

3
2
7
9
5
6
2

5
2
7
9
5
6
2

4
2
7
9
4
5
1

266

684

694

676

105
30
126
8
22
3
21
3

27
108
66
10
19
7
24
5

132
138
192
18
41
10
45
8

137
139
193
19
42
11
45
8

100
127
202
24
47
16
51
8

1

64

59

123

124

107

1

2
62

59

2
121

3
121

3
104

14

3

17

20

20

17

3
17

3
17

14

General executive and overhead

2

1
1
5
4
4
5

2
1
2
5
1
1
2

10

318

5
1
1
1
1
1

Financial statistics
Industrial statistics
Credit. .

Fiscal Agency functions
All other
Auditing function

5
3

All other. .

734

34

20

Money
Transit
Discounts and loans
Accounting and expense
Collateral
,
Collection. .
Wire transfer

774

36

Federal Reserve Agent's functions ,

Operating functions

Total Total
1922 1921

14

3

Note;—During the year 1922 our cafeteria has been opened and on December 30 employed
fifteen (15) people. These figures are not included in the above, as the salaries of the cafeteria
employees are not treated as a bank expense, but charged direct to cafeteria income.




ON

o

BOSTON

MONEY

N i n e t y Day
Maturities
^,^^m Federal Reserve Bank of Boston Rediscount Rate
_ _ _ _ _ B r o k e r s ' C o m m e r c i a l Paper
-ooooo B a n k e r s ' A c c e p t a n c e s
United S t a t e s Treasury C e r t i f i c a t e s of Indebtedness
*(Yield at par previous to development of open market in May, 1920.)




MARKET

RESERVES, INVESTMENTS, DEPOSITS
FEDERAL
35O

19 16

19 15

9 I7

RESERVE
19 18

BANK

AND CIRCULATION

OF BOSTON
19 2 0

19 19

9 2 2

19 2 1

Monthly Averages
<x»oo R e s e r v e s
^ ^ ^ _ Earning Assets
Deposits
t , , ,
3OO_- _ _ ^ Federal Reserve Not
actual c i r c u l a t i o r i

t

25O

l

rV

2OO

a

V\

I1
1

/
I5O

A

IOO

5O

ff=^T


^

^

\V

1
\
\

vA
/
s-J

PS

to

LOANS
FEOER-AL.

aoo

AND INVESTMENTS
RESERVE

BANK

OF BOSTON

9 2 2

Monthly
Averages
L o a n s to M e m b e r B a n k s
Open Market (Acceptance and Security) Holdings
Net i n t e r - Reserve Bank Accommodation
(Borrowing operations indicated below the zero line)
-IOO




BANKERS'
FEDERAL
IOO

19 15

19 16

19 17

ACCEPTANCES

RESERVE

DISTRICT ND.I

19 18

19 19

19 2 0

9 2

9 2 2

A c c e p t a n c e Lia bi l i t y - A l I M e m b e r B a n k s *
*(lncludes only National Banks previous to Dec.-31, 1917)
A c c e p t a n c e Hold i rigs - Federal Reserve Bank of Boston
(Monthly Average)
6O

6O

^

4O

in

S

2O




00

64

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
CHART 5

MONTHLY
1915

inn

AVERAGE

1916

1917

RESERVE

1918

1919

RATIOS

1920

1921

1922

t

SO

Ax A

so

A

70

>J'\f\

V.

60

to
^

50

;'V
i

\r\
V I

j\
,' \

/

/

V
JB
^

• 'J

40
30
20
_ _ _ _ _ r~ec/era/ Reserve •System
federa/ /?e<serre SanA of Bos/o/)

IO
O

CHART 6

EARNING
FEDERAL

1916
300

2 50

RESERVE

19 19

ASSETS
BANK

19 2 0

OF BOSTON

19 2

Monthly
Averages
. , , t , Total Earning A s s e t s
Bills Secured by Government Obligations
Bills Secured by Commercial Paper
<>CH>O_O_ A c c e p t a n c e s Held
Government S e c u r i t i e s Owned

2OO

I5O

IOO

5O




1922

1

65

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
CHART 7

LOANS
FEDERAL
1919

I5O

TO MEMBER
RESERVE
I 9 2 O

BANK

BANKS

OF BOSTON
19 2 1

1922

5O_

Month ly A
- Banks in Boston
A l l Country Banks
#

CHART 8

MEMBER

BANK
FEDERAL

1919

75

RESERVE

WITH
RESERVE BANK

DEPOSITS

OF BOSTON

19 2 O

19 2 2

1921

K
^

....'•-•

5O

0

*•

<0

o

M o n t h ly Aaverages
^ ^ ^ _ Banks in B o s t o n
. . . * * A l l Count ry Banks
o




<

i

[

[

t

i

i

i

66

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
CHART 9

INVESTMENTS
MEMBER

BANKS

AND DEPOSITS

IN NINE

NEW ENGLAND CITIES

19 2 1

19 2 2

I o Q Q Jan. Feb. Mar Apr. May June July Aug. Sept.OcT. Nov. Dec. Jan Feb. Mar A p r May June July Aug. 3ept.OcT. Nov De.

IOOO

eoo
6OO
Loans and R e d i s c o u n t s
S e c u r i t i e s Owned
—- — NetDemand Deposits
Time D e p o s i t s

200

CHART 10

LOANS
MEMBER

AND INVESTMENTS

BANKS

IN NINE

19 2 1

NEW ENGLAND

CITIES

13 2 2

Jan. Feb. Mac Apr May June July Aug Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr May June July Au 9. Sept Oct. Nov. Dec.

7OO

6OO

^ 5OO
O

Commercial Loans and
Rediscounts
Collateral Loans and
Rediscounts
Securities Owned
_ Borrowings from
Federal
Reserve Bank

O 400
o
N; 300
2OO

IOO




67

ANNUAL REPORT OF FEDERAL RESERVE BANK OF BOSTON
CHART

CHARGES
ALL

TO

DEPOSITORS'

ACCOUNTS

BANKS IN SELECTED CITIES IN NEW ENGLAND
M o n t h l y A v e r a g e of W e e k l y T o t a l s

1919

5OC

11

1 9 2 0

1 9 2 1

1 9 2 2

rV

4OO

\

<

V

o
o 2OO

"»
\

•*"**O u t a i d e

/ • • • • '

IOO

o
CHART 12

NET
TWENTY
25O

Jan

Feb

FIVE

Mar

NEW

Apr

SALES

ENCLAND DEPARTMENT STORES

May June July

Aug. Sept Oct

J
/

2OO

<0

K
«l

I5O

y

N
\

IOO

^

8O

^/

1921

Nov Dec-

\

K

/''

6O


http://fraser.stlouisfed.org/
4O
Federal Reserve Bank of St. Louis

|

i-




00

RATE

MANUFACTURING

OF

NEW
1 1 O

i i

i

19 1
i
i i

i

i i

i

i i i

r

IOO

9O

ACTIVITY

ENGLAND

Q 2 O
i i i i i i I

1 9
1

2 1

1 1 1 1 1 1 1 1 1

1

19 2 2
i i i i i i i i 1

1

1

w
0

Average R a t e o f M a n u f a c t u r i n 9 A c 11 v i ty
during p r e v i o u a p e r i o d of pro a per

\
\

H

0

•

w

\

0

r

Cent

ffl

V

V

/

rV
—
—
_—
—
~_-_^——
^
\

7O

6O
—

nl—r-r-

\

—»

^—i

i

• i

i i i

*•

1

\ i

1 i—"T I

'

~~-

—--—-—

r r —i—r —i—i—r-^T~ I

'
I

I

!

2