View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

7
OPERATION OF

Federal Reserve Bank
of Chicago




1920

SIXTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD

ANNUAL REPORT
of the

Federal Reserve Agent
of the

Seventh Federal
Reserve District
to the

Federal Reserve Board

COVERING THE CALENDAR YEAR




192 0

New Home of the Federal Reserve Bank of Chicago




In Course of Construction

DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF CHICAGO
FOR 1921
WILLIAM A. HEATH, Chairman

JAMES B. MCDOUGAL, Governor

JAMES SIMPSON. Deputy Chairman

CHARLES R. MCKAY. Deputy Governor
STERLING B. CRAMER, Deputy Governor

WALTER F . MCLALLEN, Secretary

CLASS A—DIRECTORS
GEORGE M. REYNOLDS, Chicago. Illinois
CHARLES H. MCNIDER, Mason City, Iowa
ELBERT L. JOHNSON, Waterloo, Iowa
CLASS B—DIRECTORS
AUGUST H. VOGEL, Milwaukee, Wis.

JOHN W. BLODGETT, Grand Rapids, Mich.
ALBERT R. ERSKINE. South Bend, Indiana
CLASS C—DIRECTORS
WILLIAM A. HEATH, Evanston, Illinois
FRANK C. BALL, Muncie. Indiana
JAMES SIMPSON, Chicago, Illinois
FEDERAL RESERVE AGENT'S
DEPARTMENT
WILLIAM A. HEATH, Federal Reserve Agent
WALTER F . MCLALLEN. Assistant Federal Reserve
Agent
WILLIAM H. WHITE, Assistant Federal Reserve
Agent, Manager, Department of Examinations
CHARLES G. RUTLEDGE, Acting Assistant Federal
Reserve Agent and Examiner
MARK A. WILSON, Examiner
CHARLES F . RIDDELL, Examiner
BRUCE P. G R E E N E , Examiner

CLIFFORD S. YOUNG, Assistant Examiner
EVERETT L. HARRIS, Manager, Bank Relations
Department
FRANK M . HUSTON, Manager, Statistical and
Analytical Department
AUDITING D E P A R T M E N T
FRANCIS R. BURGESS, Auditor

WALTER A. HOPKINS, Assistant Auditor
LAW D E P A R T M E N T
CHARLES L. POWELL. Counsel

M E M B E R FEDERAL ADVISORY COUNCIL
JOHN J. MITCIIFXL, Chicago, Illinois

LOANS AND CREDITS
KENT C. CHILDS, Controller of Loans and Credits
CLARKE WASHBURNE, Manager, Loans (Iowa)
RALPH H. BUSS. Manager, Loans (Michigan and
Wisconsin) Discount Department
FRANK R. HANRAHAN, Manager. Loans (Illinois
and Indiana)
EUGENE A. DELANEY, Manager, Credit Department
INVESTMENTS
CLARKE WASHBURNE, Controller of Investments
ALBA W. DAZEY, Manager. Investment Department
MEMBER BANK ACCOUNTS
FRANK J. CARR, Controller of Member Bank
Accounts
JOSEPH C. CALLAHAN, Manager. Member Bank
Accounts Department
CASH AND CUSTODIES
OTTO J. NETTERSTROM. Controller of Cash and
Custodies
JESSE G. ROBERTS, Manager, Cash Department
ROBERT E. COULTER, Manager, Cash Custody
Department
FRED BATEMAN, Manager, Securities Department
COLLECTIONS
WILLIAM C. BACHMAN, Controller of Collections
WILLIAM C. BACHMAN, Manager. Check Department
Louis G. PAVEY, Manager, Collection Department
ACCOUNTING
ARTHUR H. VOGT. Controller of Accounting
WALTER A. HANSON, Manager, Accounting Department
RICHARD C. HUELSMAN, Manager, Planning Department
ADMINISTRATION
JAMES H. DILLARD, Controller of Administration
WILBUR K. LYLE, Manager, Personnel Department
Louis G. MEYER, Manager, Service Department
FRANK A. LINDSTEN, Manager, Disbursing Department
FISCAL AGENCY
DON A. JONES. Controller of Fiscal Agency Functions
JOHN H. RUMBAUGH, Manager, Government Bond
Department
EVERETT L. HARRIS, Manager. Government Financing Department

DETROIT BRANCH
DIRECTORS
JOHN BALLANTYNE

ROBERT B. LOCKE, Chairman
EMORY W. CLARK
JULIUS HAASS

CHARLES H. HODGES

OFFICERS
JOHN G. BASKIN. Assistant Federal Reserve Agent
HERBERT H. GARDNER, Acting Assistant Federal
Reserve Agent
GEORGE T. JARVIS, Assistant Auditor

HENRY M. BUTZEL, Counsel



ROBERT B. LOCKE, Manager
WILLIAM R. CATION. Cashier

JOHN B. DEW, Assistant Cashier
FRANK J. MAURICE, Assistant Cashier

STATEMENT OF FINANCIAL CONDITION
Comparative statement of condition of the Federal Reserve Bank of Chicago
at the end of the year.
IN THOUSANDS O F DOLLARS
Dec. 31,
1920

Dec. 31,
1919

Dec 31,
1918

Dec 31,
1917

29,016
36,048
393

24,181
76,479
15,627

23,234
106,773
816

32,189
58,961
7,3 50

Total Gold held by Bank
Gold with Federal Reserve Agent
Gold Redemption Fund

65,457
198,162
33,461

116,287
243,604
19,533

130,823
275,803
15,151

98,500
130.724
646

Total Gold Reserves
Legal Tender Notes, Silver, etc
Total Reserves

297,080
14,440

379,424
1,921

421,777
1,797

229,870
964

ASSETS
Gold Coin and Gold Certificates
_...
Gold Settlement Fund—F. R. Board.
Gold with Foreign Agencies

311,520

381,345

423,574

230,834

Bills Disc. sec. by Govt. obligations:
Member Banks
Other Bills Discounted—Member Banks
Bills Bought in Open Market

140,429
335,134
25,741

150,819'
136,090
92,650

110,172t
53,918
62,880

57,74?
47,37o
9,182

Total Bills on Hand..
U. S. Bonds
U. S. Certificates of Indebtedness..

501,304
4,490
3^,612

379,559
4,477
39,788

226,970
4,509
15,612

114.301
7,007
3,378

545,406

423,824

247,091

124,686

2,351
1,778

2,936
830

88,997
989

2,116
1,888
128,501
936

78,230
1,526

34,514
1,711

951,041

938,610

754,187

391,745

13,913
28,980

12,347
14,292

11,185
3,316

9,092
210

Total Earning Assets..
Real Estate (Bank Building)
5% Redemption Fund against F. R. Bank Notes
Uncollected Items and other Deductions from
Gross Deposits
'
All Other Resources
Total Assets..
LIABILITIES
Capital paid in
Surplus
Undivided Profits (Net)
Unearned Discount and Interest.

3,524

1,393

515

318

Government Deposits
Due to Members—Reserve Account...Deferred Availability Items
Other Deposits including Foreign Government
Credits

12,532
249,771
55,911

350
257,979
100,826

6,566
230,605
50,142

3,052
169,174
25,3 59

1,867

9,975

2,175

3,660

Total Gross Deposits
F. R. Notes in actual Circulation
F. R. Bank Notes in Circulation—Net Liability
All Other Liabilities

320,081
545,395
38,856
292

369,130
500,139
40,950
359

289,488
428,820
17,043

201,245
180,628

"551.041

938.610

754,187

Total Liabilities..

3,120%

246

391,745

*—Includes $19,270,000 rediscountcd for other Federal Reserve Banks.
t—Includes $16,350,000 rediscounted for other Federal Reserve Banks.
}—Includes $3,100,223 reserved for Government Franchise Tax transferred to Surplus in 1919.




OPERATION OF THE

FEDERAL RESERVE BANK OF CHICAGO
IN 1920
of the activities
of
A REVIEW forSystem is equaloftothe Federal Reserve Bank the
Chicago
the past year presents further proof that the
Federal Reserve
all emergencies and that
purposes for which it was organized have been fully realized.
During the war, Government financing was, of course, the chief
strain. The year 1919 was primarily an intermediate year of
transition, without the full burden of readjustment, while in 1920
the strain from Government financing has in some measure
relaxed and that from industrial and agricultural factors has
been felt in full force.
As was foreseen in the latter part of 1919, the problem of 1920
has been how best to meet the needs of credit accommodation
for business enterprise equitably, so that our economic life might
be as little disturbed as possible and, at the same time, a lessened
volume of credit attained. In this, cordial cooperation from
member banks has been the rule. They have understood the
need for conservatism, just as during the war they realized the
necessity for Government credit. While the increase in discount
rates has been effective to a degree as a check to needless expansion, the general principle of the necessity for credit control which
underlay that increase has been appreciated by them and has
resulted in a policy of more careful guarding of credit accommodation. It was, of course, inevitable that such a policy would
meet with opposition from some of those directly affected; but
the principle is now recognized that credit extension to support
over-expansion could not be given indefinitely, that curtailment
should be gradual, and that it should take place in all lines as
equitably as possible.
The problem of reserves, all important in our System, has
through most careful guarding been successfully met, both as
5



regards reserves of member banks with the Federal Reserve Bank
of Chicago and the Reserve Bank's reserves against its own liabilities. As to the latter, this bank was able at times to assist
other Federal Reserve Banks in maintaining their reserves
through credit extensions to them, while at others it has received
assistance from them, thus showing the wisdom of mobilized reserves in stabilizing nation wide credit.
An increase in the volume of business in each department of
the Reserve Bank, not directly connected with Government financing, is shown by analysis of operations, and clearly indicates
a growing appreciation by the member banks of the service the
Reserve Bank can offer. The increase may be studied in the
review of departmental operations with charts and statistics
accompanying this report.

Profit and loss statement of Federal Reserve Bank of Chicago.
IN DOLLARS

1920

1919

1918

1917

Earnings
$30,303,218 $12,012,077 $8,481,747 $2,022,278
4,453,240 2,548,324 1,650,675
512,407
Current Expenses _
Current net earnings for year...
$25,849,978 $ 9,463,753 $6,831,072 $1,509,871
Credits to current net earnings on account of—
Amounts previously reserved for assessment on
66,764
account of expenses of Federal Reserve Board.
2,543
All other
t64,105
Total..

$25,919,285 $ 9,463,753 $6,831,072 $1,573,976

Deductions from current net earnings on account
of—
Bank premises
$
Reserve for depreciation United States Bonds
Assessment account expenses Federal Reserve
Board, January-June, 1920
Special reserves
All other
Total deductions..

$

29,062 $

820,000
$ 237,118
66,764

14,474
43,536$

786 $
887,550 $

25,991

Net earnings available for dividends, surplus
and franchise tax, Dec. 31
$25,875,749$ 8,576,203 $6,805,081
Dividends paid
Transferred to surplus fund
Franchise tax paid United States Government..

43,001

25,991 $ 280,119
1,293,857

> 792,769 $ 700,806 $ 604,635 $ 862,259
14,688,500 7,875,397 *6,200,446
215,799
215,799
10,394,480

*Of this amount, $3,100,223 reserved for Government Franchise Tax was transferred to
Surplus Fund in 1919.
tlncludes $61,978, Profit and Loss Account January 1, 1917.




FINANCIAL RESULTS OF OPERATION
A DETAILED comparative study of the results of operation
J~\ since 1917 can be obtained from the Statement of Financial
Condition appearing on page 4 and from the Profit and Loss
Statement on the opposite page. A general summary for the
period is best seen from the charts below. The percentage charts
are of interest showing how, in assets, the proportion of bills on
hand has replaced that of cash reserves, and, in liabilities, that
of Federal Reserve notes replaced that of deposits after 1917,
although in 1919 the percentage of Federal Reserve note
liability was lower than in 1918 and in 1920.
Distribution of Assets.
0

1917
1918
1919
192O

100

200

R£§>
gggg
B888
1888?888S88888

mm®

mm*

IN MILLIONS OF DOLLARS
700
3OO
4 9 O 5CpO (bOO

800

900

mmmmw //////// A3^ ^ 1
*mmmw //////////// / / ^
/ / /

KW7I CASH RESERVES
Y/ /X BILLS ON HAND

// £E^

I
I U. S. BONDS & CERTIFICATES
k\\Vs] ALL OTriER RESOURCES

IN PERCENTAGE
O

1O gO 3 0 AO 5O 6O 7Q 8 0 9O

1917

Rft?S?999Qgff3gwW993Wggg&^^

1918

//

//

//

100%

R%8&$S<>X'0WXX<<<l<XW

/>{=I\\\\NI

1919
19ZO

Distribution of Liabilities.
IN MILLIONS OF DOLLARS
300

40O 5OO foOO 7OO 6OO 9OO

1O0O

1918
1919
GROSS DEPOSITS
c^y;
T7—71 FEDERAL RESERVE NOTES
,
= 1 FED. RES. BANK NOTES

CAPITAL & SURPLUS
, A L L OTHER LIABILITIES

IN PERCENTAGE
O O 20 30 40 50 60 7Q 80 90 1OO%
O
1 9 1 7 b$gS^XXXi%S885$6g»5»ft»a5W<X^ // // // // // // JS]
1918
1919
19£0

Capital Account shows an increase for 1920 of approximately
$1,500,000. The Profit and Loss Statement for 1920 shows net
earnings for the year available for distribution of $25,875,749,
of which $792,769 was paid in Dividends, $14,688,500 transferred to Surplus and $10,394,480 paid to the United States Government as Franchise Tax.



I

FEDERAL RESERVE BANK OFCHICAGO.
MOVEMENT OF EAR h IN6 ASSETS
DURIH6 1920.

too
so
UNITED STATES SECURITIES

PURCHASED BILLS MELD
100
80
60
40
•"V—

2O

PERCENTA6E0FWARPAPERT0 TOTAL DISCOUliTS FOR BAMKS M DISTRICT.
550
500

sso
- 500

450

DISCOUNTED BILLS. (SEE NOTE BELOW)

TOTAL EARHlHO ASSETS
JAM.FEB. MAR\APR.MAY\fUtiE\JULYAUG. SB>j\0CtnOV\D£C'.
A.-Shiversecured by GovernmenbTt&rObligations duscourdzd^ibrJBanlCsuvDistrCd:.
B iJotaLS^Lfterdiscoanted ibr3anJCs ui£>istrict. C.Jotal SfiscoantedJhfverhdd/.
Spjcuccbdiveen lines\B'andC'represents -where above Iw£-3hfier<2iscoari6etlfbr_,
and -whcrebclowluicJB-ftijwredLseoun£edii>tth,
otherJtdcndSteserre&xnfcs.



DISCOUNT OPERATIONS IN 1920
ESULTS of discount operations of the Federal Reserve Bank
of Chicago are shown in the accompanying charts, while
detailed analysis may be made from the tables of the Appendix.
The steady increase in bills discounted is evidence of the service the bank has rendered in meeting the demand for credit during 1920. During the first three months of the year, it was able
to relieve the strain in other districts by discount or purchase of
paper from other Federal Reserve Banks, while, at certain periods, the heavy demands of the Seventh Federal Reserve District
necessitated assistance from them.

R

During the year applications for rediscount were received from
1124 banks out of a total membership of 1421. Comparison by
states and years is as follows:
Bills discounted for Member Banks.
919

920

Number of
banks accommodated
Illinois
Indiana
Iowa
Michigan
Wisconsin
Total

277
155
424
171
97
1124

918

Amount

Number of
banks accommodated

Amount

$2,982,797,786
370.333,483
823,605,371
1,743.004,821
385,750,099

208
153
341
161
88

$2,254,681,713
273,937,050
547,590,970
1,216 159 567
263,942,845

168
125
333
128
96

$1,741,500,084
184,405,140
385,191,839
612,080,430
342,672,516

$6,305,491,560

951

$4,556,312,145

850

$3,265,850,009

Number of
banks accommodated

Amount

While in volume, Illinois and Michigan stand at the head of the
list in actual borrowings, other states outweigh these when their
borrowings are considered in proportion to their contribution to
the working assets of this bank. Obviously, the banks in Chicago and Detroit, and in other manufacturing and industrial
centers, have a more rapid turnover than those in the agricultural sections, and this turnover, as well as the fluctuations of
their requirements, tends to swell the volume of rediscounts.
The number of banks accommodated in Iowa is nearly as great
as the number in Michigan and Illinois together. The number
in Indiana borrowing from the Reserve Bank is almost as great
as the number in Michigan. The total number of banks accommodated in the Seventh Federal Reserve District was 173 greater
in 1920 than in 1919, and 274 greater than in 1918, the last year
of the war.
A decrease in percentage of discounted paper secured by government obligations to total bills discounted for banks in this
district is noticeable, but the general decrease in percentage is
primarily due to the large increase in other discounts and not to a
decrease in holdings of government paper, as is shown by the
chart giving amounts of such paper held. The preferential rates
9



given such paper during various periods of the year have not permanently affected the offerings. It may be assumed that the
preferential in effect after June 1 would operate to cause the discounting banks to make all possible offerings of this class of paper
as distinct from other discounts; yet the amount, 140 millions,
on December 31, 1920, was approximately that on December 31,
1919, 151 millions, and the latter figure includes 19 millions of
this class of paper rediscounted for other Federal Reserve Banks
held by this bank on December 31, 1919.
In general, the increase in discount rate has not permanently
checked expansion in paper discounted, which indicates the tremendous pressure to which the banking system has been subj ected, and that the necessity for extension of credit outweighed consideration of increase in the discount rate. It is certain, however,
that the increase, combined with other factors, has caused the
member banks to examine more closely into the real need, resulting in a much less strain than would have been undergone had
not the policy been adopted.
Trade acceptance offerings for rediscount showed continued
increase. The table below gives a comparison for the past four
years:
1920

1919

1918

First quarter
Second quarter
Third quarter
Fourth Quarter

$4,615,984
5,517,745
6.157,938
9,997,940

$1,117,909
385.019
1,006,323
4,071,484

$ 963,090
1,721,121
2,835,840
3,512,960

S

Total

$26,289,607

$6,580,73 5

$9,033,011

$429,845

1917
8,609
43,387
138,700
239,149

As the preferential rate on this class of paper was removed in
January, it may be concluded that the use of such paper in settlement of business transactions has increased over previous years.
A preferential rediscount rate was given to Bankers Acceptances on January 27. Schedule 6 of the Appendix lists by
months the volume of such paper discounted for the year,
amounting to 32 millions of dollars.
The steady decrease in holdings of Purchased Bills during the
year is indicated in the chart. Included in the holdings during
the first two months were bills purchased from other Federal
Reserve Banks while, from July to October, reductions in our
holdings were made by sales to them. The effects of these transactions are shown in detail in the Appendix. Assistance was
given to the development of a market for Bankers Acceptances
by purchase of such bills, with agreement by the seller to repurchase within fifteen days. A large part of our open market
purchases were made in the New York market.



10

Holdings in government securities were practically the same
at the close of this year as of last. Large fluctuations occurred
caused by short term certificates held for only a few days, until
maturity or sale. Investments of a permanent nature show a
small change in holdings of bonds.
The total earning assets, as made up of all of these elements,
increased from 424 millions on December 31, 1919, to 545 millions on December 31, 1920, varying between a maximum of
566 millions on November 5 and a minimum of 405 millions on
January 9, using the weekly figures.
DEPOSITS; FEDERAL RESERVE NOTES; RESERVE POSITION
p
fluctuations in Net Deposits, Federal Reserve Notes
1 and Reserves during 1920 are shown in the accompanying
charts and detailed analysis can be made from the table in Exhibit A of the Appendix.
The trends of Net Deposits and of Federal Reserve Notes in
circulation were opposite in nature, that of the former being
downward and of the latter upward.
The variations in percentage of Cash Reserves against Total
Net Deposits and Federal Reserve Note Liability indicating
the reserve position is shown. The chart also presents "adjusted"
reserve percentages indicating what would have been the percentage, if transactions to adjust reserves by accommodation
extended to or received from other Federal Reserve Banks had
not taken place. It will be seen that, for the first three months,
this bank made advances to other Federal Reserve Banks, but
after that time assistance from them was necessary to maintain
its own reserves.
FEDERAL RESERVE BANK NOTES

I ^EDERAL Reserve Bank notes in circulation December 31,
L 1920, amounted to approximately 39 millions as against 41
millions December 31, 1919. The decrease to 27 millions during the first five months as well as the increase during the remainder of the year was steady.
GROWTH OF MEMBERSHIP

the Appendix will
found the names of twenty-three
banks
applications for
Federal
I NtionalBank of whose be were approvedstock with the also naReserve
Chicago
during 1920;
the
names of eight national banks which surrendered their stock.
Forty-two state banks of the district were added to membership, while ten retired from membership, of which number, three
11



!

FEDERALRESERVEBAHK0FCHICA60
NET PEPOSIT LIABILITY,
F.R.NOTE CIRCULATION,

15

3? CASH' RESERVES.AHD RESERVERATIOS. 1920.
sfe
PO
60
50

A

40

I

30

-•r-'

20
10

0

RESERVE FERCEtiTA6ES. ACTUAL "A'fA£UUJTEP -Bz SEENOTEBELOW.
3001

!

1

1

1

1

1

1

1

1

1

1

\300

DEPOSITAMD ERWTEUABIL1TIES;L-,AMPTOTAL RESERVES, "C\
JAN. FEB. MAR\APR. MAryUNE\JULY AU6\SEPT\0CT. NOV. DEC.

J!djlisted percentages are caZccdajbed after increasing or
reducing reserves held - by the cutwurit of aoconwdatiort
extended to or receded fronv other federal SReserre 3znKs.



12

0

either liquidated or merged with member banks. The new members are classified by states as follows: Illinois 8, Iowa 22, Michigan 9, Wisconsin 3. Their names may be found in the Appendix.
Comparative figures of membership
December 31, 1920

December 31, 1919

December 31, 1918

Nat" I
IllinoisIndiana.. .
Iowa
Michigan
Wisconsin

State

Totals

Nat'l

State

Totals

Nat'l

State

Totals

325
194
3 58
80
106

65
20
101
146
26

390
214
459
226
132

319
194
354
76
105

61
22
80
139
24

380
216
434
215
129

316
194
354
74
107

57
19
77
113
22

373
213
431
187
129

1063

358

1421

1048

326

1374

1045

288

1333

_

Totals

FIDUCIARY POWERS

OCHEDULE 11 lists the national banks whose application
O for Trust Powers (under Section 11 [K] of the Act) were
approved during 1920. As classified by states, their number is
as follows: Illinois 15, Indiana 9, Iowa 11, Michigan 9, Wisconsin 11. making a total of 55. Of these, five were applications
for additional fiduciary powers.
DEPARTMENT OF BANK EXAMINATIONS
HPHE year 1920 discloses comparatively little change in the
1 Department of Bank Examinations. During the calendar
year cooperative examinations have been made with each of the
five state banking departments and with the national bank examiners, while special examinations have been made of both national and state banks. The number of examiners is being materially increased and it is expected that during the year 1921
more examinations of member institutions can be made. The
relations existing with the various departments of banking represented in the district are friendly and all are working together
in the interest of better banking.
BANK RELATIONS DEPARTMENT
I ^HE Bank Relations Department during 1920 kept in
1 personal touch with the banks of the Seventh District
through visits to all member banks in the Chicago district, to
most of those in the Detroit district, and to 734 non-member
banks in the Chicago and Detroit districts. It has assisted member banks in the use of Federal Reserve facilities, cleared up misunderstandings about the Federal Reserve Bank and the Federal
Reserve System, and explained the changes in banking practice
due to the operation of the Federal Reserve Act. Many member
banks have sent officers and employees to the Federal Reserve
Bank to see the departments with which they have business.
In addition to calls on member banks, effort has been made to
visit as many of the non-member banks as possible. These
r




13

visits have been for the purpose, not primarily of soliciting membership, but rather of furnishing information that would help to
determine how membership would affect the individual bank and
to explain its relation to the Federal Reserve System. On request, Bank Relations men have met with the officers and directors of eligible banks to discuss membership and assist in
making out membership applications.
STATISTICAL AND ANALYTICAL DEPARTMENT
URING 1920, this department has compiled statistical information other than departmental for the Federal Reserve
Board, member banks, and officers of this bank. Information
relative to business conditions as well as that pertaining primarily to banks in the district has been furnished to the
public, both through a regular report and in response to particular inquiries. A library of reference books and files for statistical investigation and research is being collected. The department serves to specialize for this district the work of the Division of Analysis and Research and the Statistical Division of
the Federal Reserve Board.

D

PART PLAYED IN GOVERNMENT FINANCING IN 1920
r

I ^HE banks of the Seventh Federal Reserve District, in
1 1920, purchased $132,530,000 "loan" United States Certificates of Indebtedness, 10.6 per cent of the total amount
purchased by the banks of the entire country, and $288,322,000
tax anticipation United States Certificates of Indebtedness, 10.8
per cent of the total amount of tax anticipation Certificates of
Indebtedness sold in the entire country. All of these Certificates
of Indebtedness have matured or been retired except $79,291,500
loan and $160,727,000 tax anticipation Certificates of Indebtedness. At the present time, therefore, $240,018,500 of the total
banking resources of this District are invested in United States
Certificates of Indebtedness. A wide distribution of these issues
has been built up among taxpayers, corporations and investors,
by the banks that made the original subscriptions. The sales
policy has been to encourage banks to buy only if they had funds
for investments or customers to whom the Certificates of Indebtedness could be distributed.
SUBTREASURY TAKEN OVER

N November 3, the Subtreasury at Chicago was discontinued and the Federal Reserve Bank, acting as depositary or
fiscal agent, was designated by the Secretary of the Treasury to
perform all subtreasury functions except the keeping in trust of
gold coin and bullion and standard silver dollars held against
gold and silver certificates, and as reserve against United States
notes.
14

O




GOVERNMENT SAVINGS SECURITIES

the
which have
prevailed during the
1920, the demand
N OTWITHSTANDING year abnormal conditions for Government Savings Securities continued in many parts of the Seventh

Federal Reserve District. The sale of 1920 Savings Securities,
including sales by postmasters, amounted to approximately 8
millions of dollars and the selling expense was approximately 1
per cent. The Government Savings Organization of this District
has established three points of contact with the people: (1)
The School Room,
(2) The Employer,
(3) The Home.
Employees of the Post Office Department have given excellent
cooperation.
The Savings Organization has assisted in meeting a great national need in disseminating sound economic doctrine through
educational, industrial and various social organizations. Thrift
courses were prepared and made part of the curriculum in the
schools of Iowa and Michigan as well as in the City of Chicago.
The doctrine of "Work and Save" was stressed among industrial
groups, and the principles of wise spending and safe investment
of savings were called to the attention of social groups.
During the year the District Savings Organization spent a
great amount of time and effort in developing a secondary market
for Liberty Bonds and Victory Notes.
GOLD SETTLEMENT FUND
A

' I HE service rendered in settling balances between districts
1 is shown by the volume of daily settlements through the
Gold Settlement Fund. The total of debits for these items in
1920 was over 11 billions and credits exceeded the debits by 221
millions. As seen from Schedule 22 of the Appendix, daily
settlements after the first four weeks showed a long period of
losses until August, when gains were shown with the exception
of one period. Transfers tended to offset the net loss with a gain
of 123 millions. Deposits and withdrawals resulted in a net gain
of 73 millions, while transactions with the Agent's Fund showed
a net loss of 15 millions. All operations combined resulted in
a net loss of 40 millions.
FOREIGN ACCOUNTS

foreign
were
1920. Deposit
the
of England, standing
the
FOURBank year,accountsgraduallyopen atin $15,627,105 at with
first of the
was
reduced to a balance of
$7,669,448 on December 23, when by a payment of gold, now held
at the New York Assay Office, the account was closed. A deposit with the Bank of France on November 3 of $392,700 has
been maintained up to this time. The share of the Federal Reserve
Bank of Chicago in the credit to the Argentine Government,
15



which stood at $8,602,993 the first of the year, was reduced at
intervals and finally closed on October 28. This bank, on June
16, participated in a deposit to the extent of $476,000 to the credit
of the Bank of Japan and this balance was maintained throughout
the year.
BANKING QUARTERS
T H E new building for the Federal Reserve Bank of Chicago
1 will occupy a lot 165 by 160 feet at the head of La Salle Street.
It will include fourteen stories above the sidewalk, but will rise
to a height equivalent to that of a sixteen story building. In
anticipation of possible further growth, it is reinforced so that it
can be extended four additional stories, thus reaching the present
limit of building height, 260 feet above the sidewalk.
r

Seen from the outside, the most noticeable characteristic of
the building will be an order of architecture approximately sixtyfive feet in height, consisting of a Corinthian colonnade, surmounted by an attic. The main entrance is expressed and emphasized by a projecting entrance porch formed by free-standing
columns crowned by a triangular pediment. Above the fifth
story level, the exterior will be of office building type. The
architectural motives have been inspired by the best period of
Greek and Roman civilization, and may be described as classic
in style, freely interpreted to harmonize with modern conditions.
The building is simple in outline and severely plain in its general
effect, the aim of the design being to produce an impression of
dignity and strength.
The entrance to the building leads to a large lobby on the street
floor surrounded by offices and cages accommodating departments having direct relations with the public.
An ample opten staircase leads to the second floor which constitutes the main banking room. The central lobby in this room
is equivalent to three stories in height and, in architectural detail, is of the Greek Doric character. Surrounding this room, on
the main and mezzanine floors, are the quarters of the officers of
the bank and the cages of the Discount and other departments.
Necessarily one of the features of the building will be the vault
and vault rooms. In order to meet the requirements of the bank
a great amount of study has been given to this subject, the idea of
availability to those requiring vault space and .security of the
contents being the main considerations.
In line with modern ideas, very comprehensive arrangements
have been included for the general welfare of the entire working
staff. An assembly room, dining rooms, rest rooms, together
with a completely equipped gymnasium, are some of the more
important features. The plans also include a provision for one of
the most modern reference libraries in the Middle West and for
a general reading library for circulation among employees.
16



POSITION OF COMMERCIAL BANKS

Below is given a chart based on the reports of 106 member
banks in the leading cities of this district during the year 1920,
the reporting banks including 49 in Chicago, 12 in Detroit, and
45 in selected cities over the district. The steady increase in
time deposits and the general decreasing tendency in demand
deposits are particularly noticeable. The loans and investments
of these 106 member banks reached the apex in March, and after
a moderate reaction, ran fairly steady until about the first of
October when further liquidation set in.

Principal Resource and Liability Items of 106 Member Banks in Leading Cities
in the Seventh Federal Reserve District.
u -.in;....(a.u. r .

N

« (S

W

A
S

i
M>
BOO

D

0! W s

c
v

K
*f

s

MM

(• t r)

s

—
-

y

/

1000

T

Y

500

HH
0

-

IN G!

F

.?

V S

-

re.1Rl \. R *^ l\

K

[V

D

Bl »0 SV1 s
M l MM MS •M

—i

1

VI

•KM

vt

-a

MM SS

•- ••

» LI M< L

m

2 16 30 13 27 12 26 3 23 7 21 4 18 Z 16 30 13 27 10 24 8 22 5 IS 3 17 31'
JAN | FEB I MAR I APR I MAY | JUNE | JULY | AUQ | SEPT | 0CT
| N0V | DEC

RELATION OF MEMBERS TO RESERVE BANK

banks of the district,
as shown by their relations this bank, are
an
COMPARATIVE conditions oftomemberDecemberreflectedforin the
analysis of the balance sheets as of
31
last four years, given on
loans to member banks
made possible by the
banks have paid in to the



page 4. A comparison of advances in
with the Federal Reserve Note issue
capital stock and reserves member
Federal Reserve Bank is given, deduc17

tion being made for reserve held by the Reserve Bank against
the liabilities so created:
IN THOUSANDS OF DOLLARS
December
31. 1919

December
31, 1Q20

December
31, 1918

December
31, 1917

13,913
249,771

12,347
257,979

11,185
230,605

9,092
169,174

263,684

Capital Federal Reserve Bank Paid In..
Member banks, Reserve Account....
Total with Reserve Bank from member
banks
35 per cent of member bank reserve to
be held as reserve by Federal Reserve
Bank against Deposit Liability

270,326

241,790

178,266

87,420

°0,293

80,712

59,211

Member bank funds with Reserve Bank
available as basis for Federal Reserve note issue

176,264

180,033

161,078

119,055

Limit to Federal Reserve note issue on
basis of member bank funds only
(40 per cent reserve required)

440,660

450,082

402,695

297,637

Loans to member banks of Seventh
District

475,563

267,639

147,740

105,119

It is seen that at times during 1920, the loans to member banks
have exceeded, not only their funds with the Federal Reserve
Bank, but also the Federal Reserve note issue limit, based on
these funds. The chart below shows the relation for the year.
Member Bank Borrowings and Funds Supplied
to Federal Reserve Bank
Hi

S a

500

/ \

y

\

/ s

y

•

\

\

v.

s

400

i
300
r

-

- . rr

-

•>*

\

y

N
-

-

200

100

I * $0 13 27 12 26 . 9 23
JAN I FCB | n*R
I APR

...

.._

~~"-^~~

_

_

...

I

MAY

-

2
16
| JUNC | JUUY

PaidinCapital.FederalReserveBank

—

.30 13 27 10 24. S 2 2 .
| AUQ | SEPT
Altq
II OCT II

18

17
SEC

Member Banks.Heserve Account

I/imit to Federal Reserve JJote Issue on basis of member bank funds only
Loans to Member Banks of 7 tlv District




-

-

NOV

FEDERAL RESERVE CLEARING SYSTEM

service performed by
Check department during 1920
is shown
increase of
cent, in total
of
THEhandled,by an the yearour 61 perThe number ofnumber on
items
over
1919.
items

Chicago and Detroit banks increased 44 per cent; checks on banks
outside of Chicago and Detroit increased 79 per cent; and government checks decreased 19 per cent. During 1920, over 60
million items were handled totaling over 18 billions of dollars.
Of this number 19 per cent were drawn on Chicago and Detroit
banks, 69 per cent on banks of this Federal Reserve District outside of Chicago and Detroit, 6 per cent on banks in other districts,
and 6 per cent on the Treasurer of the United States. The largest volume in the history of this department was handled on
October 13, 309,186 items totaling $80,307,000.
Checks on all banks in the Seventh Federal Reserve District
are now collectible at par through this bank.
TRANSFER OPERATIONS

showed an increase over 1919 11 per cent in
the total amount
transfers
cent in
THE year 1920 Totalofoperations bought and ofof 22 perand sold
transfers sold.
of transfers bought
during 1920 were $7,668,335,000 as against $6,718,664,000 during
1919, an increase of 14 per cent. A detailed analysis is given
in the Appendix, Schedule 21.
Rates were uniform throughout the year at 1 5 cents discount per
day per thousand for draft purchases and 1 Yz cents for draft
sales. Of the total transfers, 94 per cent by number, 82 per cent
by amount, were transferred by telegraph, and so without charge.
COLLECTION DEPARTMENT

HPHE number of items handled by this department in 1920 was
1 2.7 times that of the preceding year, increasing from
62,388 to 169,599 with an increase from 331 millions to 875
millions.
' There is a growing realization of the opportunity offered member banks in collection facilities. Returns at par are obtained
for collections on points where there is a Federal Reserve Bank or
branch and many commercial banks remit at par for collections.
From figures compiled for the Chicago office, collections of items
drawn on banks outside of Chicago were made during the year,
at par on 55,859 items totaling over 305 millions as against 12,734
non-par items totaling approximately 11 millions. Exchange
averaged 80.7 cents per thousand dollars for items on which it
was charged, resulting in the very small charge of 2.8 cents per
thousand dollars for aggregate of items collected.
19




COLLATERAL DEPARTMENT

Collateral department, in 1920, received as collateral
1 to notes of member banks, United States Certificates of Indebtedness totaling 182 million dollars and released Certificates totaling 232 millions; it received United States Bonds
totaling 174 million dollars and released Bonds totaling 130 millions. United States Securities to the amount of 94 million dollars
were received as collateral to notes rediscounted by member
banks and 70 millions were released. The changes in nature and
amounts of such collateral are indicated in the accompanying
chart. Small amounts of other securities, of different nature,
held by the department during the year, are not shown.
U. S. Securities held as collateral to notes at close of the first business day
of each month.
IN MILLIONS OF DOLLARS

2OO
/9O
/8O

no
/6O
ISO
140
/3O
ILO

/

/

//
/

— —

\

\i

\

•

no

i

100
90
8O
70
60
50

x

^

—
.

"

*

•

!

—

••—i

—

\

"'•••

\.
•••

i

40

1

30
20

1
^

—r

OAN.

FEB.
1

•

•

•

•

\

—

\

TOTAL U. S. SEC. COLLATERAL TO

—•—.

<H N JULV /MJG-. SEI^T OCX
- J C
NOV DEC.
192.O
—
U. S. BONDS COLLATERAL TO NOTES OF MEM. BANKS
NOTES

U. S. SEC. COLLATERAL TO REDISCOUNTS

JAN.
1921

U. S. CERT'F'S COLL. TO NOTES OF MEM. BANK!

To be especially noted is the substitution of United States
Bonds for Certificates of Indebtedness, as the latter matured
and were absorbed by individual investors.
INTERNAL ORGANIZATION

p
only change in personnel of the Board of Directors of the
1 Federal Reserve Bank of Chicago in 1920 was the appointment, effective in May, of Frank C. Ball of Muncie, Indiana,
to fill the unexpired term of Edwin T. Meredith, who resigned
from the Board to take the office of Secretary of Agriculture. The
Board for 1921 will be composed of the following: Class A—



20

Elbert L. Johnson, Charles H. McNider and George M.
Reynolds; Class B—John W. Blodgett, Albert R. Erskine
and August H. Vogel; Class C—Frank C. Ball, William A. Heath
and James Simpson. William A. Heath was again designated by
the Board as Chairman and Federal Reserve Agent for 1921.
James Simpson was again designated as Deputy Chairman.
John J. Mitchell of Chicago succeeds James B. Forgan as member
of the Federal Advisory Council.
The Executive Committee for 1920 was composed of James B.
McDougal, Governor, William A. Heath, Federal Reserve
Agent, Charles H. McNider, George M. Reynolds, James Simpson and August H. Vogel. The Membership Committee was
composed of William A. Heath, Federal Reserve Agent, James
B. McDougal, Governor, and August H. Vogel. Each of these
committees will remain the same for 1921.
Two new official positions were created at the time the Subtreasury was taken over. Jesse G. Roberts was elected Manager
Cash Department and Robert E. Coulter, Assistant Manager
Cash Department.
A reorganization of the official staff was made to take effect January 3, 1921, in which the departments of the bank were rearranged
in accordance with the several functions performed. The new
plan of organization provides for an officer designated as a Controller in charge of each function. Under the supervision of the Controllers, the operating departments of each function are in direct
charge of Managers. The positions of Controller and Manager
are equivalent to the offices of Cashier and Assistant Cashier,
respectively, which have been discontinued. The purpose of
the plan is to effect a broader distribution and a more definite
placement of the responsibilities, and to enable the Controllers
to specialize in functions assigned them. It is believed that the
administration and operation of the bank under the reorganization will result in increased efficiency and improved service to
member banks.
A list of the staff organization for 1921 may be found elsewhere
in this report. The new members are: Ralph H. Buss, Manager,
Loans (Michigan and Wisconsin) Discount Department; Joseph
C. Callahan, Manager Member Bank Accounts Department;
Alba W. Dazey, Manager Investment Department; Eugene A.
Delaney, Manager Credit Department; Walter A. Hanson,
Manager Accounting Department; Richard C. Huelsman, Manager Planning Department; Frank M. Huston, Manager Statistical and Analytical Department; Louis G. Pavey, Manager Collection Department; John H. Rumbaugh, Manager Government
Bond Department.
All changes as affecting organization of the Detroit Branch will
be found as a part of its report.
21



The departments created in 1919 have shown marked results
in their fields. The Educational Department has schooled new
employees for their designated work, and employees who must
continue in school by law. The training for new employees has
been especially directed to elements of banking and adding machine work. A large number between 16 and 18 years of age,
who are permitted but not required by law to do so, are attending the general educational classes. The department has carefully analyzed and tentatively classified the work of the bank,
with the aim of providing definite steps for promotion of employees. It has also kept all records of the Federal Reserve
Club study classes.
The work of the Planning Department, created late in 1919, is
both analytical and creative. During the past year, a general
survey of accounting methods and procedure was made in several departments and the changes resulting were productive of
increased efficiency.
In order to secure the full cooperation of
all department heads and at the same time stimulate and encourage them along lines of efficiency and organization, a socalled Planning Department Production Council was organized
in which business organization principles, as applied to this bank,
were discussed. A comprehensive cost accounting system has
been perfected and will he put into active operation the first
of the new year.
The varied activities of the Personal Service Department
make impossible a complete classification. In general, however,
it may be said that this department has initiated and carried out
many projects for improving working and living conditions among
employees.




DETROIT BRANCH
February 1, 1920,
were assigned to the Detroit
of the
Reserve Bank of
counONBranch Genesee,FederalthereHuron, Ingham,Chicago theLapeer,
ties of Bay,
Hillsdale,
Jackson,
Lenawee, Livingston, Macomb, Monroe, Oakland, Saginaw,
Sanilac, St. Clair, Shiawassee, Tuscola, Washtenaw and Wayne
in the Lower Peninsula of Michigan. With this territory to
serve, the organization of the Detroit Branch was enlarged to the
point where, under supervision of the parent bank, it began to
exercise the functions of a Federal Reserve Bank in every respect
except that of issuance of notes and a few minor functions.

The personnel of the Board of Directors for the year 1920 was
as follows: Robert B. Locke, Chairman, John Ballantyne,
Emory W. Clark, Julius H. Haass and Charles H. Hodges. The
Board will remain the same for 1921.
Addition to the official staff was made during 1920 by the
election of Herbert H. Gardner, Acting Assistant Federal Reserve
Agent, and Frank J. Maurice, Assistant Cashier, and the election, effective January 3, 1921, of George T. Jarvis, Assistant
Auditor.
The branch has been fully equipped to meet the demands
made upon it by member banks in its very active territory. The
volume of business handled has proved the wisdom of establishment of a branch bank in this district to meet the needs of member banks.
DEPARTMENTAL OPERATIONS OF THE DETROIT BRANCH
ONTINUED expansion of demands for credit in the Detroit
territory during the year 1920 is clearly shown in the volume of loans by monthly periods. While the raise in discount
rates did not immediately check the demand for accommodation,
it was followed by a closer examination by member banks into
the actual necessity of the credit extension in each individual
case and, where credit has been required for the conduct of necessary business operation, both the member banks and the Federal
Reserve Bank have endeavored to meet the conditions.

C

Transit Department operations at the Detroit Branch
begun on February 1, 1920. During the remainder of the
the volume of business in number of items handled showed
tinued increase and, for December, this increase was 60 per



23

were
year
concent

of the February total. While the advantage taken of the transit
facilities has been most marked among the Detroit banks, 60 per
cent of the members in outlying cities and towns availed
themselves of this privilege.
The extension of the activities of the Collection Department
to include the handling of items other than those payable in Detroit resulted in a sharp increase in the volume of business handled and a constant increase during the rest of the year is noticeable. During the year 26 per cent of the member banks in the
Detroit territory made use of the collection facilities of the branch.
Member banks, appreciative of the service afforded them in
effecting transfers by wire, are gradually increasing their demands
on the Wire Transfer Department.
The Bond and Coupon Department activities are keeping
pace with the general growth in all departments of the branch,
especially because of the increase in the volume of business in the
Collateral and Safe-Keeping Departments.
There has been a decided increase in Currency operations as
indicated in the schedule outlining the operations of that department. The amount of currency involved in outgoing shipments
increased 70 per cent over 1919, while the total receipts show increase of 93 per cent.
Effort was made by the Assistant Federal Reserve Agent, in
charge of banks relations, to have a representative visit every
member bank during the year. In addition many calls have been
made on non-member banks. During the year 1920, 140 banks
throughout the 19 counties in this district have been visited.




24

APPENDIX
MAP OF SEVENTH FEDERAL RESERVE DISTRICT




25




IS)

•net
CJ:

<Q

II

S
Oo

•UcQ

o ^ .*.

o £^

X — ^ —X

t\ c- — o ^
•

•a K vs ^f ^

• * -O — S — I

D 3 3 ~ 3

27

fv) r^ ^^ 0 s O
o o —o —

COCOONN
NO<7 —'X

00000

cooco-

OO-

0 0 0 0

zzzz

.

o^xc

C—"INTCT-'X"

O O i «
——— 00

5 T t^^ft
C
,'i"Vo'(

QQQQQ

§0

3 n

"SI




SCHEDULE 1.—Comparative statement of earnings of the Federal Reserve Bank
of Chicago for the years 1920, 1919, 1918 and 1917.
IN DOLLARS
1920

1919

1917

918

Earnings from:
$25,726,750 $8,915,826 $6,447,466
Discounted Bills
2,989,03 5 2,141,789 1,253,259
Purchased Bills
995,377
United States Securities
310,616
736,241
Municipal Warrants
662
Transfers—net earnings
374,000
275,758
143,495
Deficient Reserve Penalties (including inter174,470
65,382
ests)
44,569
51,820
1,197
Profits realized on LJ. S. Securities
76,784
42 38°
Sundry Profits
30,157
Total Earnings.

$938,543
394,340
443,958
30,880
170,634
12,223
25,196
6,504

$30,303,21? $12,012,077 $8,481,747 $2,022,278

SCHEDULE 2.—Current expenses of the Federal Reserve Bank of Chicago.
Comparative statement for the years 1920, 1919, 1918 and 1917.
IN DOLLARS
1919

1920

1917

I. EXPENSES OF OPERATION
Assessments account Expenses of Federal Reserve Board
Federal Advisory Council (lees and traveling expenses).
Governors' conferences (including traveling expenses)
Federal Reserve agents' conferences (including
traveling expenses)
Salaries: Bank officers
Clerical staff
Special officers and watchmen
All other
Life insurance premiums (employees' group insurance)
Directors' fees
Per diem allowance
Traveling expenses
Officers' and clerks' traveling expenses
Legal fees
R
Taxes and fire insurance
Telephone
Telegraph
Postage
Expressage
Insurance and premiums on fidelity bonds
Light, heat and power
Printing and stationery
Repairs and alterations
Currency shipments to and from member and
non-member banks
Currency shipments (other than Federal Reserve
and Federal Reserve bank notes) to and from
Washington or a sub-treasury
All other

$ 101,568

$ 80,170

$ 49,378

1,046

816

996

827

474|

523

91

432

559
216,541
1,672.550
94,494
123,324

84
158,083
881,142
64,752
80,785

381
105,819
405,610
32,550
11,958

243
63,761
85,865
10,289
5,138

4,915
590
1,249
28,147
5,500
97,477
253
9,793
24,216
98,723
6,393
8,736

4,920
740
1,941
5,536
3,850
53,078
513
6,781
12,311
63,774
10,231
25,157
4,899
75,877
20,261

2,050
590
961
1,227
2,750
22,915

*7,712
5,015
1,100
3,476
39,667
7,500
145,751
4,535
19,283
63,875
117,389
8,381
37,898
18,199
219,420
136,292

8,087
101,466
40,349

87,623

66,144

*27,144
100,685

Total expense of operation

$ 30,021

$3,261,501

84,905

179,972

,853,298 $1,076,624 $

""1,906
815
14,362
9,510
5,876
2,397
18,002
528

37,578
318,043

II. OTHER CURRENT EXPENSES
Federal Reserve currency (original cost including shipping charges)
Miscellaneous charges account Federal Reserve
currency
Taxes on Federal Reserve bank note circulation
Furniture and equipment
Bank premises

$550,291
102,672
174,252
289,064
75,460

$400,418
62,558
133,970
98,080!

$388,682

$159,825

13,004

2,314

172,365

32,225

Total current expenses..

$ 4,453,240 $2,548,324 $1,650,675 $ 512,407

Current net earnings.....
Per cent of average paid-in capital

i$25,849,978 $9,463,753 $6,831,072 $1,509,871
20.6
81.0
67.7
|
194.8

*Not itemized previous to 1920.




28

SCHEDULE 3.—-Federal Reserve Bank of Chicago—Fiscal Agency Department Expenses, Amounts Reimbursed by the Treasury Department and Balances Reimbursable at the end of the calendar years 1920, 1919, 1918 and 1917.
IN DOLLARS

1920

1919

1918

1917

Total Disbursements during year
Amounts Reimbursable January 1

$1,066,647
471,211

$2,649,936
1,261,885

$2,415,011
287,428

$ 458,278

Total
Reimbursements received during year

$1,537,858
$1,453,615

$3,911,821
$3,440,610

$2,702,439
$1,440,554

$ 458,278
$ 170,850

$

$ 471,211

$1,261,885

$ 287,428

Balance Reimbursable December 31

84,243

SCHEDULE 4.— Discount Rates—Federal Reserve Bank of Chicago, 1920.
Rates in
effect
Jan. 1, Jan. 10 Jan. 24 Jan. 27
1920

CHANGES EFFECTIVE
Feb. 28 Mar. 1

Apr. 1

Apr. 20

May 1

July 10

Rates in
effect
Jan. 1,
1921

5K (t)

June 1

5 ^ (})
6

Paper maturing within 90 days

Secured by
Treasury Certificates of Indebtedness
Liberty Bonds and Victory Notes . .. .
Bankers Acceptances .
All other

Paper maturing within 91 days to 6 months
Agricultural and Live Stock
(*)
it)
(a)

4%
4%

5*

5

4%
4%
5%

7/%
6
5
6

5M

5^

6

Discount rate to correspond to interest rate borne by certificates pledged as collateral with minimum of 5 per cent.
Discount rate to correspond to interest rate borne by certificates pledged as collateral with minimum of 5M per cent,
Rate automatically discontinued as of April 1 coincident with the maturity of all such bonds outstanding




6
(a)

7
6
7

7
6
7

7

7

SCHEDULE 5.—Customary money rates in Chicago at commercial banks
in 1920.

January
Demand money
6
Commercial Paper
Brokers" 6 months' paper
6
Acceptances
4Vs@,bH
Notes secured by Certificates of Indebtedness

February

March

April

May

June

b@>bY2
6

b%bV2
b}/2 @6M
bV2
b@7

bV2 @7
7
7
b@7

7
7
7

bK@7li

6

b

b@bV2

7
7
7
6M@7^
6@7

September

October

August

July
Demand money
?
Commercial paper
7
Brokers' 6 months' paper
7
Acceptances
bK<&7}/2
Motes secured by Certificates of Indebtedness
b@7

7
7
7

7

November December
7
7@8
7

b}4 <a,7

7
7
b}4(&7ys

bH@7

6@7

b@7

b@7

•7

6M@7Js
6@7

7
7@8
7@7^
6^@7
6^7

Spread of money rates in Chicago at commercial banks on commercial paper.
acceptances and notes secured by Certificates of Indebtedness,
During 1920 and Tivo Preceding Years.
Per Cent

1
[lerti icates of Indebtedness

f

/

JAN

APR

JULY

OCT

1918




JAN

APR

JULY

1919
30

OCT

JAN

APR

JULY

1920

OCT B t t

SCHEDULE 6—Volume of paper discounted and bought, by months, during 1920, classified according to character of paper, with totals
for three preceding years.
IN THOUSANDS OF DOLLARS

*

Month

January...
February..
March
April
May
June
July
August
September
October....
November
December
TOTAL
1920
1919
1918..
1917

Total

Secured by
Government war
obligations

Bankers'
Acceptances

Trade
Acceptances

All
Other

TOTAL

Bankers'
Acceptances

408,577
472,690
636,386
529,995
505.977
560,926
496,302
510,946
621,678
487,434
517,863
556,718

305,562
321.057
380,019
342,224
335,253
346,111
305,394
309,582
316,386
271,360
284,829
298.604

2,413
11,816
7,509
4,100
1.703
461
655
615
585
221
932
1,085

1,266
896
2,455
2,644
1,628
1,245
1,885
1,994
2,279
2,968
3,389
3,641

99,336
138,921
246,403
181,027
167,393
213,109
188,368
198,755
302,428
212,885
228,713
253,388

24,486
35,733
3 3,096
23,266
32,154
35,420
27,608
34,657
32,332
27,336
14,136
24,797

23,936
35,733
33,082
23,066
32,004
34.767
27,338
34,406
32,176
26,546
14,109
24,131

6,305,492
4.556,312
3,265.850
521 872

3,816.381
3,955,045
2 139 331
191 757

32,095

26,290
6,581
9,033
429

2,430,726
594,686
1,117.486
329.686

,345,021
' 292,012
122,786
61,142

341,314
291,951
122,760
61.142




TOTAL DISCOUNTED AND PURCHASED PAPER

PURCHASED PAPER

DISCOUNTED PAPER

Dollar
Exchange

Trade
Acceptances

,.

550

14
200
150
633
270
251
15b
790
27
666
3,707
61
26

1920

433,063
508,423
669,482
553,261
538,131
596,346
523,910
545,603
654,010
514,770
531,999
581,515
6,650,513

1919

324,382
276,622
355,519
365,3 58
434,877
420,770
394,089
401,146
402,042
444,066
481.884
547,569

4,848,324

1918

203,889
137,582
47,135
125,536
171,413
191,578
388,856
416.850
463,427
567,362
381,127
293,881

3,388,636

1917

2,304
7.4S6
5,466
4,971
13,042
42,268
39,705
24,934
37,561
c
>9,412
163,945
141,970

583,014

SCHEDULE 7. — .Mew National Banks, 1920.
LOCATION

BANK

ILLINOIS
Chicago
Cicero
Hampshire
Homer
Lemont
Rockford
Rock ford
Viola
Waddams Grove
Woodstock
INDIANA
Converse
Milroy
IOWA
Ashton
Ogden
Rake
Rockwell City..
Shenandoah
MICHIGAN
Battle Creek.
Blissfield
Greenville
Howell
Pontiac
WISCONSIN
Deerfield

Albany Park National Bank
i First National Bank
First National Bank
First National Bank
Lemont National Bank
Commercial National Bank
Security National Bank
Farmers National Bank
First National Bank
| Woodstock National Bank
i
; First National Bank
First National Bank
First National Bank
First National Bank
Farmers First National Bank
Rockwell City National Bank
Farmers National Bank
City National Bank
First National Bank
Greenville National Bank
First National Bank
National Bank of Pontiac
First National Bank

SCHEDULE 8.— National Banks Liquidated in 1920.
Location

Name of Bank

Disposition

ILLINOIS
Danville National Bank ...

Consolidation,
Bank.

Mt. Carroll

First National Bank

Rockford

Winnebago National Bank

Consolidation, First State Savings
Bank.
Consolidation Rockford National
Bank.

Danville

Second

National

INDIANA
Muncie
Winamac

Union National Bank
Citizens National Bank

...:. Consolidation, Merchants National
Bank.
Consolidation, First Trust & Savings Bank.

IOWA
Succeeded bv Iowa State Bank

Dexter
MICHIGAN
St. Clair Heights




Michigan National Bank
32

Voluntary Liquidation. Assets
taken over by Wayne County &l
Home Savings Bank. *•

SCHEDULE 9.—State Banks—Liquidations and withdrawals—1920
Location

Bank

Date

Disposition

ILLINOIS
Chicago
Elizabeth
Sycamore

North Side State Savings Bank
Elizabeth State Bank
Elmhurst State Bank
Pierce Trust & Savings Bank

Aug. 19, 1920
Oct. 22, 1920 ..
Aug 12 1920
Feb. 7, 1920

Withdrawn
Withdrawn
Withdrawn

INDIANA

Jan

Peru

17, 1920...... Withdrawn
Oct 29 1920

IOWA
*Leon

Leon Savings Bank

Nov

Boies State Savings Bank
First Commercial Bank

Jan

11 1920

Liquidated to Farmers & Traders State
Bank (Member)

MICHIGAN
Hudson
Pontiac

Apri 9, 1920
Liquidated.
31, 1920...... Merged with Pontiac
Savings Bank, under title "Pontiac
Com'l & Savings
Bank" (Member)

WISCONSIN
Shebovgan

Bank of Shebovgan

15 1920

Withdrawn

*Admitted to membership in 1920.

SCHEDULE 10.—State bank membership in Federal Reserve Bank of Chicago
by states and cities, with year of admission.

ILLINOIS
City
Argenta
Auburn
Barrington
Blandinsvillc.
Bloomington.
Chicago




Bank
The Gerbcr State Bank
Auburn State Bank
First State Bank of Barrington....Huston Banking Company...
..State Bank of Bloomington
Austin State Bank
Capital State Savings Bank
Central Trust Company of Illinois
Chicago Trust Company
Depositors State Bank.."
First Trust &> Savings Bank
Foreman Bros. Banking Company
Great Lakes Trust Company
Harris Trust & Savings Bank
>
Home Bank & Trust Company
Hyde Park State Bank
.."....
Illinois Trust & Savings Bank .-.
Independence State Bank
Kaspar State Bank
Madison & Kedzie State Bank
Mechanics & Traders State Bank
Mercantile Trust & Savings Bank
Merchants Loan & Trust Company
Noel State Bank
.'
33

Admitted
1921
...1918
1918
1920
1918
..1917
.....1918
1914
1917
...1918
...1917
1917
1919
1917
1918
.....1917
1918
_ 1920
1917
...1918
1918
1918
1917
1917

SCHEDULE 10.—State bank membership in Federal Reserve Dank of Chicago
bx states and cities, with year oj admission—Continued.
City
Chicago—Cont

Cicero
Cowden
Des Plaincs
Divcrnon...
Eureka
Evanston.
Fulton.
Geneva
Hinsdale
Joliet
Kewanee....
La Grange
Magnolia..
Marshall
Martinsville...
Matteson
Mattoon
Moline
.
Mount Carroll
Oak Park
Oswego
Rock Island
St. Charles
Shannon
Springfield
Wenona

Angola
Bargcrsville
Colfax
Connersville
Cromwell....
Elkhart....
Hillsboro
Jamestown
Kentland
Lafontainc
Marion
North Liberty
Richmond....

ILLINOIS—Continued
Bank
Northern Trust Company
North-Western Trust & Savings Bank
Second Security Bank
Security Bank of Chicago
Standard Trust & Savings Bank
State Bank of Chicago...
Union Trust Company
United State Bank .'.
Woodlawn Trust & Savings Bank
Morton Park State Bank
Western State Bank of Cicero
State Bank of Cowdcn.
..Des Plaines State Bank
First State Bank...^
.....Farmers State Bank
...Evanston Trust & Savings Bank
State Bank & Trust Company
...Whitesidc County State Bank
...State Bank of Geneva..
.Hinsdale State Bank....
Commercial Trust & Savings Bank
Joliet Trust & Savings Bank..
Union State Savings Bank & Trust Co
La Grange State Bank
First State Bank.
...The Marshall State Bank
Martinsville State Bank
First State Bank
Central Illinois Trust & Savings Bank
>
Moline Trust & Savings Bank
Peoples Savings Bank~& Trust Co
State Savings Bank & Trust Co....
Carroll County State Bank
First State Savings Bank
..Oak Park Trust & Savings Bank
Suburban Trust & Savings Bank
Oswego State Bank
..First Trust & Savings Bank
Stewart State Bank
State Bank of Shannon
Ridgely-Farmers State Bank..
First State Bank of Wenona
INDIANA
Steuben County State Bank
Farmers State Bank
Farmers State Bank
Fayette Bank & Trust Company
..Sparta State Bank
. .St. Joseph Valley Bank
Hillsboro State Bank
Citizens State Bank
Discount & Deposit State Bank
>
Kent State Bank....
..Farmers State Bank
Grant Trust & Savings Company
>
North Liberty State Bank..
.. Dickinson Trust Company




34

'
_

Admitted
1918
.....1918
...1919
..1918
...1917
1917
1917
1917
1920
1920
1917
1920
1918
...1920
1918
1918
1917
1919
1918
1918
1915
1917
1917
1918
.....1918
1918
1917
1918
1918
1918
1918
1918
...1918
1920
1918
1917
1918
.....1920
1918
1918
1919
1918

1918
1918
1919
1918
1918
1917
......1918
1918
.....1917
1918
.....1919
..1918
1918
1918

SCHEDULE 10.— State bank membership in Federal Reserve Bank of Chicago
by states and cities, with year of admission—Continued.
City
Rochester
South Bend
South Whitley
Terre Haute
Tipton

INDIANA—Continued
Bank
...United States Bank & Trust Company
American Trust Company
St. Joseph Loan & Trust Company.
Candy State Bank
The Terre Haute Trust Company
Farmers Loan & Trust Company

IOWA
County Savings Bank
Alta Vista Savings Bank
...Story County Trust & Savings Bank
...Iowa Savings Bank
Avoca State Bank
...Farmers Savings Bank
...Battle Creek Savings Bank
Bellevue State Bank..
Bennett Savings Bank
.....State Bank of Blairsburg..
Brighton State Bank
Commercial State Bank
Security Trust & Savings Bank
Iowa State Savings Bank
State Savings Bank
Farmers State Bank
..Cherokee State Bank
....Taylor County State Bank
Peoples Trust & Savings Bank
....Peoples State Bank
American Commercial & Savings Bank
Citizens Savings Bank
Winneshiek County State Hank
Des Moincs
:
Bankers Trust Company
Central State Bank
.'
First Trust & Savings Bank
Iowa Loan & Trust Company
>
Dexter
..Iowa State Bank
Early.
Citizens State Bank
State Bank of Early
Elberon.....
..Farmers State Bank
Eldora
Citizens Savings Bank
Elkader
.....Elkader State Bank
.".
Ellsworth
Farmers State Bank
State Bank of Ellsworth..
Fairbank
Fairbank State Bank
Fairfield
.....Iowa State Savings Bank.
Farragut
Commercial Savings Bank
Fort Madison
American State Bank
Fort Madison Savings Bank
Fostoria
Citizens Savings Bank
Fremont
State Bank of Fremont
Garwin
Garwin State Bank
Gilbert
Gilbert Savings Bank
Gilman.
Citizens Savings Bank
Grand River
....Farmers State Bank
Grant..
Farmers Savings Bank
Greenfield
...Greenfield Savings F3ank
Hudson
Hudson Savings Bank....
Humboldt
Peoples State Bank...
Jefferson
..".
Jefferson Savings Bank....
35
Algona
Alta Vista
Ames
Audubon
Avoca
Barnes City...
Battle Creek
Bellevue
Bennett
Blairsburg
Brighton
Britt...
Cedar Falls
Cedar Rapids
Chariton
Charter Oak
Cherokee
Clearfield..
Clinton
Corwith
Davenport
Decorah




Admitted
1919
1918
1918
1918
.1918
1918

_

1918
...1918
1918
1918
1918
.1918
1918
.1918
.1920
1918
.1918
1918
.1917
.1918
1918
1918
1918
.1920
1917
.1920
1918
1918
1918
1918
1918
1919
1917
...1920
.1920
1920
1918
1918
1918
1918
.1918
..1918
1918
1920
1919
1920
1918
.1921
.1918
1918
1917
1920
1919
1920
1920
1918
1918

SCHEDULE 10.—State bank membership in Federal Reserve Bank of Chicago
by states and cities, ivith year of admission.—Continued.
City
Knoxville
Lake View
Lakota
Leon....
Lockridge
Logan
Lowden
Lytton
Magnolia
_
Malcom
Mapleton
Marshalltown
Mason City
Mechanicsville
Mediapolis
Missouri Valley
Mondamin
Monticello
Moville
_
New Hampton
Newton
Ogden
Osage
Osceola
Ottumwa
Perry.
Remsen
Riceville
Roland
Royal
Sac City
Schaller
Shenandoah
Sibley
.Sioux Center
Sioux City
Solon ..'.
Storm Lake
Sutherland
Terril
Thompson..
Tipton
Ute
Vail
Van Wert..
Wapello
Waterloo
Webster City
Winterset

Adrian

IOWA—Continued
Bank
Guaranty State Bank
Lake View State Bank..
Farmers & Drovers State Bank...
Farmers & Traders State Bank
Lockridge Savings Bank
State Savings Bank
Lowdcn Savings Bank
..Farmers Savings Bank
Magnolia Savings Bank
Malcom Savings Bank
..Mapleton Trust & Savings Bank
Marshalltown State Bank
.City-Commercial Savings Bank
..Mcchanicsvillc Trust & Savings Bank
2
Commercial State Bank...
..
State Savings Bank.....
.Mondamin Savings Bank
...Lovell State Bank
Monticello State Bank..
.Moville State Bank.....
State Bank of New Hampton
Citizens State Bank
Jasper County Savings Bank
City State Bank
The Home Trust & Savings Bank...
.Iowa State Bank
. .Ottumwa Savings Bank
.Peoples Trust & Savings Bank
>
Farmers Savings Bank
Ricevillc State Bank
Farmers Savings Bank....
Home State Bank
Farmers Savings Bank..
Sac County State Bank
Schallcr Savings Bank
Security Trust & Savings Bank
Sibley State Bank...
.Sioux Center State Bank
..LViion Trust & Savings Bank
J
Ulch Bros. State Bank
Security Trust & Savings Bank
First Savings Bank..
Terril Savings Bank
State Bank of Thompson
Farmers & Merchants Savings Bank...
Farmers Savings Bank
State Savings Bank..
Farmers State Bank
Van Wert State Bank
Wapcllo State Savings Bank
..Waterloo Bank & Trust Co
.Hamilton County State Bank
Madison County State Bank
MICHIGAN
..Adrian State Savings Bank
Commercial Savings Bank..
Lenawee County Savings Bank
3b




Admitted
1918
...1921
1918
1918
1918
1918
1918
.....1919
1920
1918
1918
...1918
1917
...1920
1918
1918
1918
1918
...1918
1919
1918
1918
1918
1918
1918
1920
1917
1918
1918
1918
1918
...1918
1918
1918
1920
...1920
1919
.1918
1916
1921
1920
1917
1918
1918
1918
1920
1918
1917
1920
1918
.1918
1920
1920

._.

.1918
1918
1918

SCHEDULE 10.—State bank membership in Federal Reserve Bank of Chicago
by states and cities, with year of admission—Continued.
MICHIGAN—Continued
City
Albion
Alpena
Ann Arbor
Armada
Bay City
Bellevue
Benton Harbor..
Big Rapids....
Birmingham
Britton..
Caledonia....
Caro
Carson City
Carsonville.
Cassopolis
Charlotte.
Chelsea

•
...

Coloma
Constantine
Coopersville
Croswell
Davison
Dearborn..
Detroit

Eaton Rapids
Edmore
Elk Rapids
Evart
Farmington
Fennville
Fenton....
Flint

Flushing
Fountain
Frankenmuth
Fremont



Bank
Albion State Bank
Commercial Sz Savings Bank
Alpena County Savings Bank
Farmers & Mechanics Bank
State Savings Bank
Armada State Bank
Farmers State Bank
Bay City Bank.
Farmers State Savings Bank
Peoples Commercial & Savings Bank
Farmers State Bank..
Benton Harbor State Bank
Big Rapids Savings Bank
Citizens State Bank
First State Savings Bank
Peoples State Savings Bank
State Bank of Caledonia
State Savings Bank
Farmers & Merchants State Bank
The First State Bank
Cass County State Bank
Eaton County Savings Bank
Farmers & Merchants Bank
Kempf Commercial & Savings Bank
State Bank of Coloma
...Commercial State Bank
..Peoples Savings Bank..
..First State Savings Bank
Davison State Bank
....Dearborn State Bank
American State Bank
Bank of Detroit
Central Savings Bank
Detroit Savings Bank
Dime Savings Bank
First State Bank.
Peninsular State Bank
Peoples State Bank
The United Savings Bank of Detroit
Wayne County & Home Savings Bank
Michigan State Bank
.....Edmore State Bank
Elk Rapids State Bank
First State Savings Bank
Farmington State Savings Bank..
...The Old State Bank
Commercial State Savings Bank...
Fenton State Savings Bank
Citizens Commercial & Savings Bank
Genesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank
..Peoples State Bank
Bank of Fountain
Frankenmuth State Bank
Fremont State Bank.....
Old State Bank
37

Admitted
1918
1915
1918
1918
1918
1919
.....1918
1918
1918
1918
.1919
1918
...1918
1918
1919
1920
1919
1919
1918
......1919
1918
1917
1918
1919
...1918
1920
1918
1919
1918
1918
1917
.1918
1917
1917
1917
1917
...1917
1917
1918
1917
1921
1918
1918
1919
.1918
1921
1918
1918
1917
...1918
1917
1917
....1918
1919
1918
1918
1917

SCHEDULE 10.—State bank membership in Federal Reserve Bank of Chicago
by states and cities, with year of admission—Continued.
MICHIGAN—Continued
City
Grand Haven

Bank
Grand Haven State Bank
Peoples Savings Bank
.
Grand Rapids
City Trust & Savings Bank..
Commercial Savings Bank
Grand Rapids Savings Bank
Kent State Bank
Peoples Savings Bank....
Greenville
Commercial State Savings Bank
Hart
Oceana County Savings Bank
Highland Park
Highland Park State Bank...
Hillsdale...
Hillsdale Savings Bank
Holland
First State Bank
Holland City State Bank
Holly
First State & Savings Bank
>
Hopkins
Hopkins State Savings Bank
Howell
First State &.' Savings Bank.
Hudson
Thompson Savings Bank
Imlay City
Lapeer County Bank.
Peoples State "Bank....
Ionia
State Savings Bank
Jackson
Central State Bank
Jackson State Savings Bank
Jonesville
Grosvenor Savings Bank...
Lake Odessa
Lake Odessa State Savings Bank..
Lakeview
Commercial State Savings Bank...
Farmers & Merchants State Bank
>
Lansing
American State Savings Bank
Lapeer
Lapeer Savings Bank
Lenox
Macomb County Savings Bank
Lowell
City State Bank
Ludington
Ludington State Bank
Manchester
The Peoples Bank
The Union Savings Bank..
Manistee
.Manistee County Savings Bank
Marcellus
._ G. W. Jones Exchange Bank
Marshall
Commercial Savings Bank
Marysville
Marysville Savings Bank..
Mason....
Farmers Bank.
First State & Savings Bank
>
Midland
Chemical State Savings Bank
Milan
...Milan State Savings Bank
Milford
First State Bank
Monroe
Dansard State Bank..
Montague
...Farmers State Bank
Morenci
Wakefield State Bank
Mount Clemens...
The Ullrich Savings Bank..
Mount Pleasant..... .Exchange Savings Bank
Isabella County State Bank
Nashville
Farmers & Merchants Bank
State Savings Bank....
New Haven
New Haven Savings Bank
Niles,.
Niles City Bank
Northville
Lapham State Savings Bank..
Onsted
Onsted State Bank
Paw Paw....".
Paw Paw Savings Bank
Petersburg
.....H. C. McLachlin & Co. State Bank
Petoskey
First State Bank of Petoskey
. Pinconning...
..Pinconning State Bank



38

....;

Admitted
1917
1918
..1918
1918
1917
1917
1919
1918
1917
1917
1918
1918
1918
_ 1919
1919
1919
.1918
1918
1918
1918
1917
1918
...1918
1919
1918
1918
1917
1917
..1919
..1918
1918
1918
.1918
1918
1918
1918
1920
1919
1919
1919
1918
1918
1917
1920
......1918
.1918
1917
1918
1918
1919
..1920
1917
1919
1918
..1918
1917
1918
1920

SCHEDULE 10.—State bank membership in Federal Reserve Bank of Chicago
by states and cities, with year of admission—Continued.
City
Pontiac
Port Huron
Redford
Rochester
Rogers City
Romeo
Royal Oak.
Saginaw
St. Charles..
St. Clair
Saline
Saugatuck
South Haven
Sparta
Spring Lake
Suttons Bay
Tecumseh
Traverse City
Vicksburg
Warren
Washington
Wayne
WilHamston

Baraboo
Burlington.
Clinton
Delavan
Green Lake
Jancsville..
Kenosha
Kewaunee
Madison...
Milwaukee

Mineral Point
Mosinee.....
Oakfield..
Platteville
Plymouth
Seneca
Sheboygan
Stratford
Sturgeon Bay
Waupun..
Wausau.....
Winneconne



.

MICHIGAN—Continued
Bank
.....American Savings Bank
Oakland County Savings Bank
Pontiac Commercial & Savings Bank
?
Federal Commercial & Savings Bank
Redford State Savings Bank
.Rochester Savings Bank
Presque Isle County Savings Bank
Romeo Savings Bank
First State Bank
Royal Oak Savings Bank
The American State Bank
Bank of Saginaw
St. Charles State Bank
Commercial & Savings Bank
Saline Savings Bank
.Fruit Growers State Bank
Citizens State Bank
..Sparta State Bank
Spring Lake State Bank
...Leelanau County Savings Bank
..Lilley State Bank
....
Tecumseh State Savings Bank
Traverse City State Bank
Farmers State Bank
First State Bank
State Savings Bank of Warren
Washington Savings Bank..
Wayne Savings Bank
Crossman & Williams State Bank
Williamston State Bank
WISCONSIN
Bank of Baraboo
Bank of Burlington..
Citizens Bank
Citizens Bank of Delavan
Green Lake State Bank
Bank of Southern Wisconsin...
.Merchants & Savings Bank
State Bank of Kewaunee...
..Bank of Wisconsin
American Exchange Bank
Badger State Bank..
Marshall & Ilsley Bank
Second Ward Savings Bank..
Iowa County Bank
State Bank of Mosinee
...Bank of Oakfield
.State Bank of Platteville
Plymouth Exchange Bank....
State Bank of Plymouth....
Farmers & Merchants State Bank
>
Citizens State Bank....
...Stratford State Bank
..Bank of Sturgeon Bay
State Bank of Waupun
Marathon County Bank
The Union Bank of Winneconne
39

Admitted
1918
1920
1918
1917
1918
1917
1918
»....1917
.1918
1918
1919
1918
1919
1917
1918
1915
1918
1920
1920
1918
1918
1918
1918
1919
..1919
1918
1918
.1919
1919
1918

..

_

1918
..1918
1917
1919
1918
1920
1918
1919
1914
1917
1915
1917
1918
1918
1918
1918
1918
1918
1918
1920
.1918
. .1920
1918
1918
1918
1918

SCHEDULE 11.—Member banks authorized and approved in 1920 to exercise
fiduciary powers.
IOWA

ILLINOIS
Bushnell
Chicago
Aurora
Danville
Cambridge
Chicago
Ottawa
Elmhurst
Henry
Chicago..*
Peoria
Canton
El Paso
Rock ford
Waukegan

First National Bank
National Bank of Republic
First National Bank
Second National Bank
Farmers National Bank
Live Stock Exch. Nat'l Bank
National City Bank
First National Bank
First National Bank
Calumet National Bank
Commercial National Bank
First National Bank
First National Bank
Swedish-American Nat'l Bank
The Waukegan Nat'l Bank

INDIANA

Fontanelle ...
Grinnell
Bancroft
Perry
Paullina
Des Moines
Aurelia
MICHIGAN

Saginaw
"Second National Bank
Jackson
Peoples National Bank
Grand Rapids .. Grand Rapids Nat'l City Bank
Muskegon..
Hackley National Bank
Kalamazoo
First National Bank
Pontiac
National Bank of Pontiac
Muskegon
Union National Bank
Lansing
Citv National Bank
Battle Creek
City Nat'l Bank of Battle Crk.

First National Bank
*First National Bank
*Riddell National Bank
WISCONSIN
First National Bank
State National Bank
Fond du Lac
*First National Bank
Ripon
First National Bank
Milwaukee.
First & Hamilton Nat'l Bank.... Manitowoc
Farmers National Bank
Milwaukee
Antigo
Viroqua
IOWA
Edgerton
Shawano .
Rockwell City .. Rockwell City Nat'l Bank
Racine
The Clark National Bank
Newton
Ripon
First National Bank
Spencer
Sioux National Bank
Sioux City

Peru
Logansport
Brazil
Swayzee
Lowell
Greencastle
Clay City
Fort Wayne
Shelbyville

First National Bank
Merchants National Bank
First National Bank
Perry National Bank
First National Bank
*Des Moines National Bank
First National Bank

First Fond du Lac Nat'l Bank
American National Bank
National Exchange Bank
•
National Bank of Manitowoc
The Marine National Bank
First National Bank
First National Bank
First National Bank
Wisconsin National Bank
Manufacturers National Bank
First National Bank

*Granted supplementary fiduciary powers.

SCHEDULE 12.—Member banks authorized during 1920 to accept up to 100
per cent of their individual capital and surplus.
Location
Detroit, Michigan

Application to accept 100%
National Bank of Commerce




40

. .

Approved
Oct. 14 1920

SCHEDULE 13.—Conversion transactions during the year 1920.
AMOUNTS IN DOLLARS

Transactions

Number of
Pieces

RECEIPTS

509
502,958
14,096
2,577
5,757
25,830
21,440
1,712

$14,017,700
441,900
96,000
184,100
59,842,850
2,059,750
420,300
1,098,900
12,755,400
6,811,400
482,450

702,757

First 4% Coupon Bonds for 4J4% Coupon Bonds ....
First 4% Coupon Bonds for 434% Registered Bonds...
First 4% Registered Bonds for 434% Coupon Bonds
First 4% Registered Bonds for 434% Registered Bonds
Second 4% Coupon Bonds for 434% Coupon Bonds...
Second 4% Coupon Bonds for 434% Registered Bonds
Second 4% Registered Bonds for 434% Coupon Bonds
Second 4% Registered Bonds for 434% Registered Bonds..
. Victory 3M% Coupon Notes for 4%% Coupon Notes.
i Victory 4%% Coupon Notes for 3 % % Coupon Notes
—
Victory Conversions, Coupon for Registered and Registered for Coupon

$98,210,750

124,457
3,057
364

Total Receipts
Issue

Par
Value

Number of
Pieces

230,700
809,217

DELIVERIES

First 4J4% Liberty Loan Converted Coupon Bonds
Second 434% Liberty Loan Converted Coupon Bonds
First and Second 4J4% Liberty Loan Conv. Registered Bonds .
Victory 3%% Liberty Loan Coupon Notes
Victory 4%% Liberty Loan Coupon Notes
Victory 3%% and 4%% Liberty Loan Registered Notes...
First 4% Liberty Loan Adjustment Coupons
Second 4% Liberty Loan Adjustment Coupons

Par
Value
$14,082,250
58,919,600
4,804,850
7,267,450
12,767,750
597,950
439,395
1,710,429

120,976
451,039
4,276
14,679

Total Deliveries.
Total Receipts....

40,161

1,630,887
702,757

$100,589,674
98,210,750

Grand Total

40,161

2.333,644

$198,800,424




SCHEDULE 14.—Certificates of Indebtedness during the year 1920.
AMOUNTS IN DOLLARS
MANNER OF PAYMENT

SUBSCRIPTIONS

TD

TM-4 . .
TM-1921
TJ-1921
F
G

H
..
A-1921
TM-2
. B

oo C

TM-3
TS

TM-4
D-1921
TJ2-1921
TD-1921
Total

Number
of
Shipments

No. of
Subscribers

Series
..

950
806
617

679
530

...

287
584
395
323
345
312

1,110
252
960
619
658

u
3
>>
Xi
C
>
60

z

347
1,026
10,800

12,636

Number
of
Pieces

Total
Subscriptions
(Including Accrued Interest)

Certificates
Indebtedness

11,118
6,656
5,033
6,427
3,231
1,542
3,247
3,257
3,388
2,278
2,337
9,191
2,069
8,521
4,444
7,111
3,870
10,833

$77,523,403
50,114,200
21,928,876
27,433,374
18,362,924
6,313,956
11,086,870
14,080,000
25,132,353
8,178,383
10,045,620
20,250,500
9,330,500
24,459,500
15,234,000
27,264,500
16,522,000
37,645,000

$7,742,000
5 805,000
2,400,000
4,611,500

94,553

$420,905,959

533,000
1,997,500
1,025,500
1,390,500
2,920,500
2,962,500
$35,395,500

$287,824,908

$97,685,551

3 655,500
139,500
212,500

Total Cash Redemptions
Certificates surrendered in payment of Income and Profit Taxes, Series of 1920..
Bonds accepted in payment of Estate and Inheritance Taxes
3 % Bonds of 1908
War Finance Corporation Bonds

Grand Total




Cash
$10,803,045
16,289,114
6,045,737
5,730,632
7,795,561
2,200,393
4,764,127
3,679,000
3,870,531
1,486,176
2.092,428
6,184,200
1,654,700
6,870,300
3,065,607
4,606,500
2,599,000
7,948,500

Number of
Shipments

Total Redemption...
Total Subscriptions .

Credit
$58,978,358
28,020,086
13,483,139
17,091,242
10,567,363
4,113,563
6,322,743
10,401,000
17,606,322
6,552,707
7,740.692
14,066,300
7,142,800
15,591,700
11,142,893
21,267,500
11,002,500
26,734,000

Number of
Pieces
101,828
11,053
1,574
41

Par
Value

24,612

$565,053,500
6,214,000
1,031,800
8,860
24,612,000

12,636

139,108
94,553

$596,920,160
420,905,959

12,636

233,661

$1,017,826,119

SCHEDULE 15.—War Savings Transactions during the year 1920.
AMOUNTS IN DOLLARS

TRANSACTION

Number of
Shipments

SALES

Par
Value

Number of
Pieces

Thrift Stamps
War Savings Stamps, Series of 1920
Treasury Savings Certificates, Series of 1920..

3,532

93,225
55,880
13,352

23,306
279,400
2,194,700

Total Sales

3,532

162,457

$ 2,497,406

War Savings Certificates issued in exchange for filled Thrift Cards
Treasury Savings Certificates, Series 1918, exchanged for War Savings Certificates..
Treasury Savings Certificates, Series 1919, exchanged for War Savings Certificates..

6,633
318
84

26,532
31,800
8,400

Total Exchanges

7,035

$

66,732

2,382
158,540
177,086

$

53,626
1,090
6,755
2,068

9,528
634,160
44,272
5,100
12,377,813
1,875
268,130
5,450
1,107,500
236,500

EXCHANGES

REDEMPTIONS
Filled Thrift Cards redeemed for Agents
Filled Thrift Cards redeemed for Postmasters
Thrift Stamps redeemed for Agents
War Savings Certificates redeemed for Agents
War Savings Certificates redeemed for Postmasters
War Savings Stamps redeemed for Agents, 1918 Series
War Savings Stamps redeemed for Agents, 1919 Series
War Savings Stamps redeemed for Agents, 1920 Series
Treasury Savings Certificates redeemed for Agents, 1919 Series
Treasury Savings Certificates redeemed for Agents, 1920 Series

51
2,778,476

375

Total Redemptions
Total Sales
Total Exchanges

3,532

3,180,449
162,457
7,035

$14,690,328
2,497,406
66,732

Grand Total.

3,532

3,349,941

$17,254,466




SCHEDULE 16.—Recapitulation of Fiscal Agency Transactions during the year 1920.
AMOUNTS IN DOLLARS
Number of
Shipments

Grand Total..
Not shown in detail.
See Schedule 13 for detail.

Par
Value
6,460,908 $1,390,288,700
2,333,644
198,800,424
8,759,896
846,905,150
233,661
1,017,826,119
3,349,941
17,254,466
19,916,915
254,335,194

72,342
40,161
92,051
12,636
3,532
24,833

Exchange of Temporary for Permanent Bonds (a)
Conversion Account (b)
Miscellaneous Exchanges (a)
Certificates of Indebtedness (c)
War Savings Transactions (d)
Miscellaneous Transactions (a).(a)
(b)

Number of
Pieces

245,555
(c)
(d)

41,054,965

$3,725,410,053

See Schedule 14 for detail.
See Schedule 15 for detail.

SCHEDULE 17.—Currency receipts from and shipments to member and non-member banks, by months during 1920, with totals
for two preceding years.
IN THOUSANDS OF DOLLARS

RECEIPTS
Month
January
February....
March
April
May

From
Member
Banks

From
Non-Member Banks

SHIPMENTS
To
To

Member
Banks

TOTAL RECEIPTS

Non-Member Banks

1920

June
July

77,690
45,559
71,150
75,314
76,475
86,914
90,206
73,634
81,870
85,105
88,197
100,934

1,082
1,284
1,304
2,226
1,720
1,956
1,641
1,202
1,322
1,099
1,667
2,133

60,663
80,205
84,650
90,458
85,706
87,281
89,461
91,519
94,834
89,460
78,818
102,027

140
278
12
11
59
77
33
48
102
102
397
754

78,772
46,843
72,454
77,540
78,195
88,870
91,847
74,836
83,192
86,204
89,864
103,067

Totals:
1920
1919
1918

953,048
641,398

18,636
6,703

1,035,082
609,106

2,013
5,082

1919

TOTAL SHIPMENTS
1918

971,684

August
September..
October
November .
December...

*Figures previous to M a y , 1918, not available.




70,026
29,799
34,680
44,528
56,343
54,307
64,181
45,640
51,400
64,345
56,150
76,702

39,642
31,160
34,674
32,255
25,465
33,712
37,685
46,343

1920
60,803
80,483
84,662
90,469
85,765
87,358
39,494
91,567
94,936
89,562
79,215
102,781

1919
24,125
36,352
42,705
43,009
38,659
41,723
49,329
66,853
49,094
68,545
62,872
90,922

1918

25,465*
39,932
34,637
39,433
58,482
47.135
54,523
45,843

1,037,095
614,188

648,101
280,936

345,450

S C H E D U L E 18.—Federal Reserve Notes of the Federal Reserve Bank of Chicago received from other Federal Reserve Banks for redemption
or credit, and notes of other Federal Reserve Banks returned by the Federal Reserve Bank of Chicago for redemption or credit.
IN THOUSANDS OF DOLLARS
RETURNED

RECEIVED
1919

1920

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

. .

1917

1919

1920

1918

1917

218

197,571

6 312
40 400
6 952
19 259
8 873
6 793
25 008
15,835
10,335
2 311
7,900

2,248
14,072
3,237
3,294
2,766
2,493
12,487
4,262
1,285
1,722
1,842

348
1,760
406
420
129
225
1,050
219
142
129
301

5,571
28,264
6,529
25,262
4,293
6,363
14,926
21,833
12,367
3,832
9,990

3,908
28,930
6,150
19,071
5,490
6,340
13,137
18,418
14,622
3,270
10,269

1,209
10,923
1,932
6,654
1,553
2,013
5,146
7,347
8,579
1,816
4,285

3,425
358
939
332
748
1,205
3,418
2,776
974
875

149.978

6 630
58 740
7 164
21 777
6 530
8 976
37 459
16411
14,836
4 760
14,288

Total

1918

49,708

5,129

139,230

129.605

51,457

15,268

SCHEDULE 19.—Federal Reserve Notes.
IN THOUSANDS OF DOLLARS
Notes
Outstanding
Dec. 31, 1919
Fives
Tens
Twenties
Fifties .
Hundreds
Five Hundreds
Thousands
Five Thousands

.

.

Total
•Includes notes aggregating $88,842,390 held by Federal Reserve Bank of Chicago.




Notes Issued
During 1920

Notes
Redeemed
During 1920

81 058
164,626
220,634
37 866
21,129
2,183
5,963
2,000

56,070
93,740
140,720
27,800
16,000
3,800
5,200
2,000

53,604
73,906
84,221
15,282
4,059

535,459

345,330

231,442

Fit Notes returned by bank
Notes
to agent durOutstanding
ing 1920
Dec. 31, 1920
2,850
6,180
6,080

80,674
178,280
271,053
50,384
33,070
5,832
10,944
4,000

15,110

634,237*

151
219

S C H E D U L E 20—Federal Reserve Bank

Notes—December

31, 1920.

IN THOUSANDS OF DOLLARS

Ones

Twos

Tens

Fives

23,968
28,708

Net liability December 31, 1920

+4,455
3,992

6,404
178

21,822

Outstanding December 31 1920
On hand December 31, 1920

—724
7,128

22,592
770

Increase (+) or decrease (—) in outstanding notes during 1920 _
Total notes outstanding December 31, 1919

8,780
4,325

—4.740
27,332

Total notes returned during 1920 to Comptroller of the Currency for destruction

7,416
8,140

6,226

Twenties

Total

1,040
982

535

41,204
42.690

+58
1,447

—535
1,391

—1,486
41.290

8,447

1,505

856

39,804
948

8,447

1.505

856

38,856

'

SCHEDULE 21.—Transfers bought and sold by months during the year 1920.
IN THOUSANDS OF DOLLARS
BOUGHT
By Draft
" 1920

By Telegraph
1920

SOLD

Total
1920

Total
1919

By

Draft
1920

By Telegraph
1920

Total
1920

Total
1919

August
September.
October
November.
December.

64,633
75,744
99,909
105,333
98,348
105,669
115,974
111,707
108,826
131,356
110,230
131,701

402,207
318,393
372,221
338,472
317,289
373,019
372,613
323,520
345,555
372,816
303,365
308,801

466,840
394,137
472,130
443,805
415,637
478,688
488,587
435,227
454^81
504,172
413,595
440,502

358,849
303,623
315,001
333,811
332,124
379,883
505,883
465,205
462,109
468,768
422,455
523,504

13,000
8,085
9,445
8,422
5,258
16,435
9,260
7,240
4,625
5,505
835
430

242,236
194,353
289,355
191,403
125,971
155,594
154,241
136,579
151,348
199,288
167,622
164,104

255,236
202,438
298,800
199,825
131,229
172,029
163,501
143,819
155,973
204,793
168,457
164,534

106,375
66,443
79,495
66,455
96,802
84,139
189,909
181,693
237,809
229,727
252,595
256,007

Total.

1,259,430

4,148,271

5,407,701

4,871,215

88,540

2,172,094

2,260,634

1,847,449

January
February...
March
April
May

June
July




SCHEDULE 22.—Transactions in gold settlement fund—1920
IN THOUSANDS OF DOLLARS

Four Weeks Ending
January 29
February 26
March 25
April 22
May 20
June 17

July 15

August 12
September 9
October 7
November 4
December 2
December 30
December 31 (1 day)
Totals




Gold
Deposits
21,204
6,642
627
6,677
3,151
2 502
1,581
9,493
2,583
13,781
8,500
2,527
79,997

Gold
Withdrawals
116
21

Deposits
From
Agent's
Fund

Withdrawals
To
Agent's
Fund

Debits

Credits

Debits

Credits

Gain(+)and
Loss (—) By
Settlements

+8,686

10,000
20,000

55,000

120,660
61,324
35,028
76,200
68,000
38,149
71,500
22,000
11.010
30,000
16 000
4,000
237

121,500
87,500
7,600
22,000
9,000
5,000
14,200
10,000
21,500
82,000
3,550
11,000
36,230

862,330
756,259
975,778
881,248
830,722
837,165
859,131
874,267
809,923
929,762
887,586
818,896
769,343
35,674

853,644
796,183
1,019,205
954,357
895,386
872,069
909,760
859,432
797,338
907,677
902,733
816,015
733,009
32,647

-39,924
-43,427
-73,109
-64,664
-34,904
-50,629
•+14,835
+ 12,585
+22,085
-15.147
+2,881
+ 36,334
+3,027

90,000

554,108

431.080

11,128,084

11,349,455

-221,371

30,000

20,000
10,000

20,000

52
3,411
3,351
134
7,085

SETTLEMENTS

TRANSFERS

75.000

Gold Settlement Fund Balance December 31, 1919
Net Gain Through Deposits and Withdrawals
Net Loss Through Transactions with Agent's Fund
Net Loss Through Settlements
Net Gain Through Transfers
Balance December 31, 1920

72,912
15,000
221.371
123,028

76,479
57,912
134,391
98.343
36,048

Balance
130,413
65,021
55,664
57,382
58,395
49,791
58,964
87,380
98,968
51,636
62,668
53,638
33,155
36,048

Gain (+) and
Loss (—) By
Transfers
and
Settlements

+7,846

-66,100
-15,999
-18,909
-5,664
-1,755
+6,671
+26,835
+2,095
-29,915
-2,697
-4,119
+341
+3,027
-98,343

SCHEDULE 23.—Operations of check clearing and collection department—Detailed classification of number and amount of items handled'
by months, during 1920, with totals for 1920, 1919, 1918 and 1917.
AMOUNTS IN THOUSANDS OF DOLLARS

Items Drawn on Banks in own District
Month

Located in F. R.
Bank and Branch
Cities
Number
of Items

January
February...
March
April
May

June
July
August.
September
October
November.
December.
Totals
1920
1919
1918
1917




Amount

902,462
790,797
1,175,744
979,962
840,267
990,456
940,771
879,842
1,000,823
929,630
935,506
1,076,088

887 718
818,099
1,321,978
1,025,064
921.784

11,442,348
7,920,315
3,578,224
1,809,925

11,802,759
9,189,554
7,194,832

1,073,982
985,491
928,747
1,078,849
978,893
875,225
906 929

Located outside
F. R. Bank and
Branch Cities
Number
of Items

Amount

2,993,566
2,801,616
3,762,961
3,440,218
3,284,187
3,694,338
3,605,925
3,477,801
3,665,225
3,756,212
3,605,029
3,844,898

383,358
366,536
718,405
500,291
452,754
527,612
494,440
475,246
517,993
486,719
427,992
413,927

41,931,976

5,765,273
3,382,981
2,120,581

23,274,806

10,213,426
4,376,888

Items
Drawn on
Treasurer of
United
States
Number
of Items

Items forwarded
to other
F. R. Banks and
their
Branches

Amount

Number
of Items

Amount

177,287
142,578
261,611
382,827
264,511
348,453
230,242
172,399
271,913
422,600
356,399
416,244

28,547
30,096
44,001
62,217
33,498
38,323
35,301
35,115
59,409
30,416
35,320
39,106

224,361
211,856
315,616
303,211
272,677
296,780
297,637
282,470
299,356
314,870
344,596
326,482

40,820
37,845
69,647
51,877
48,185
63,451
49,738
51,527
64,411
54,544
50,640
53,652

3,447,064

471,349
918,985
1,243,829

3,489,912
2,033,775
1,073,410
512,301

636,337
481,111
292,992

4,231,417
2,903,398
839,288

SCHEDULE 23—Continued.
AMOUNTS IN Tl IOUSANDS OF DOLLARS

TOTAL (a)
Month
1919

1920
Number
of Items
January
February
March
April
May

June
July
August
September
November .. . .
December
Totals

Amount

Number
of Items

1918
Amount

4,297,676
3,946,847
5,515,932
5,106,218
4,661,642
5,330,027
5,074,575
4,812,512
5,237,317
5 423 312
5,241,530
5,663,712

1,340,44 5
1,252,576
2,154,051
1,639,449
1,456,221
1.703,368
1,564,970
1,490,63 5
1,720,662
1,550 572
1,389,177
1,413,614

2,261,032
2,051,658
3 043,058
2,90}.060
2,846,708
2 017 957
3 055,085
3,058,468
3,422,012
3 918 864
3,548,737
4,361,874

1,075,673
890 879
1.148,270
1,002,192
1,108,582
1,151 520
1,120.552
1,123,003
1,340,104

60,311,300

18,675,718

37,460,313

1917
Amount

Number
of Items

1,164,379
1,546,879

836,676
834,042
1.044,707
1,091,3 54
1,137,406
1,240,907
1,687,310
1.755,998
1,775,672
2 206,369
1,888,979
2,269,038

622,333
537,869
800,988
779,647
868,758
914,532
980,222
978,260
999,314
1,261 938
995,832
1,112,541

578,277
449,476
539,912
561,492
572,549
592,658
630,184
605,391
624,259
831,625
758,953
793,626

13,972,631

17,768,458

10,852,234

7,538,402

1 20(] (i*)S

*Thcse figures cover only September to December—figures for previous months not available,
(a) Exclusive of duplications on account of items handled by both parent bank and branch.




Number
of Items

Amount

450,992
624,586
644,767
643,877
2,364,222*

DETROIT BRANCH
The Preceding Tables Include Figures of Both Parent and Branch Banks

SCHEDULE 24—Balance Sheet—Comparative Statement of Condition of the
Detroit Branch of Federal Reserve Bank of Chicago.
IN THOUSANDS OF DOLLARS
December 31,
1920

December 31,
1919

December 31.
1918

50
1,111

80
563

260
595

ASSETS
Gold Coin and Gold Certificates
Legal Tender Notes, Silver, etc

1,161

643

855

Bills Disc. sec. by Govt. obligations
Other Bills Discounted
Bills Bought in Open Market .

Total Reserves

52,948
21,836

28,347
5,421

12,804
309
1,185

Total Earning Assets
F. R. Notes of parent bank held by Detroit
Branch
F. R. Bank Notes of parent bank held by
Detroit Branch
Uncollected Items and other Deductions from
Gross Deposits
All Other Resources

74,784

33,768

14,298

20,309

11,313

8,609

466

193

11,850
212

6 714

1.753

108,782

52,631

25,515

264
67,988
33,057
7,371
102

54
51,244

16
25,498

1,323
10

1

108,782

52,631

25,515

Total Assets
LIABILITIES
Unearned Discount and Interest
Due to Head Office
Due to Members—Reserve Account
Deferred Availability Items
Other Deposits
Total Liabilities ..

SCHEDULE 25.—Profit and Loss Statement of the Detroit Branch of Federal
Reserve Bank of Chicago, Covering 1920, 1919 and 1918.
IN DOLLARS
1920
Earnings from
Discounted Bills
Bills Bought in open Market..
Transfers—Net earnings
Deficient Reserve Penalties...
Sundry Profits

$3,720,837
11,230
20,617
291

1918*

1919
$1,037,030
4,734
160

$417,308
24,305
10,410

2,242

2,319

Total Earnings..
Current Expenses

$3,752,Q75
470.524

$1,044,166
194,081

$454,342
99,949

Current net earnings for year
Miscellaneous Credits to current net earnings..
Total
Miscellaneous deductions from current net earnings

$3,282,451
7,459

$850,085
19

$354,393

$3,289,910

$850,104

$354,393

2,453

193

156

Net earnings available for distribution.
$3,287,457
*Statement from March 18 to December 31, 1918.

$849,911

$354,237




50

SCHEDULE 26.—Detroit Branch—Volume of Paper Discounted and Bought,
by Months, during 1920, classified according to character of paper, with totals
for two preceding years.
AMOUNTS IN THOUSANDS OF DOLLARS
DISCOUNTED
PAPER
MONTH

TOTAL DISCOUNTED AND
PURCHASED PAPER

Secured

by Government
war obligations

All other

92.733
120,819
130,567
99,332
95,482
111,791
106,133
115,615
127,744
102,806
104,204
118,376

7,518
9,357
12,678
25,852
19,147
18,091
23,922
24,607
43,870
27,660
43,504
36,393

1,325,602

292,599

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

1919

1918

100,251
130,176
143,245
125,184
114,629
129,882
130,055
140,222
171,614
130,466
147,708
1 54,769

38,998
39,112
38,185
41,456
47,208
64,078
81,399
101,632
110,502
68,481
80,496
74,420

26,407
13,105
6,131
30,421
29,236
50,339
62,790
48,626
41,029

1,618,201

785,967

308,084

1920

SCHEDULE 27.—DetroitBranch, Fiscal Agency Operations during the year 1920.
AMOUNTS IN THOUSANDS OF DOLLARS
WAR SAVCERTIFICATES
INGS
OF INDEBTEDSTAMPS
NESS REDEEMED REDEEMED

COUPONS R E D E E M E D
1920
No
Amt.
Items

1919
No.
Amt.
Items

Jan

429 262,858
360 102,958
154
72
37,252
Feb
62,016
391
50.519
March. 1,676 187,760
711 146.619
April.... 1,072 288,669
630 163,811
May....
830 245,145
June.... 2,493 288,512
435 144,118
324
93,049
July
462 121,440
145
59,247
Aug
162 116,775
833 102,175
81,707
Sept
452
1,168 212,209
Oct
654 160,891
638 157,811
Nov.. .
658 209,900
2,236 286,393 2,227 207.362
Dec
Total 11,798 2,164,510




7,414 1,624,686

1918
No.
Amt. Items

1920

9,065
6,130
40,652
83
3
389 77,840 18,253
3,431
189 53,547
14
65 34,326
7,474
127 38,225
285 86,695« 1,512
1,362
189 64,737
430 117,511 18,134

1919

1918

11,641
6.255
12,516
1,394
7,176
36,259
22.963
6,243
43,076
1,082
4,800
18,279 9,487

1,674 472,881 106,119 171,684 9,487

51

1920
No.
Amt. Items
313
268
331
311
331
244
318
217
250
225
241
305

70.489
58,291
60,217
71,139
75,356
50,946
71,533
49,655
55.220
43,639
55,773
65,356

3.354 727,614

SCHEDULE 28.—Detroit Branch—Currency Receipts from and shipments to
Member and Non-Member Banks, by months during 1920, with totals for two
preceding years.
IN THOUSANDS OF DOLLARS

SHIPMENTS

RECEIPTS
MONTH
1918

1920

1919

1918

14,487
8,363
7,732
9,614
11,206
11,63 5
13,274
13,212
12,051
16,161
17,458
17,931

9,280
7,554
6,452
8,913
8,357
6,820
8 392
8,425
10,089

28.018
31,021
3 5,946
33,926
34,330
38,134
38,63 5
34,038
35,209
32,502
27,545
31,727

12,498
15,584
13,031
15,617
14,314
19,056
19,917
20,692
22,447
27,949
27,801
27,222

12,388
12,525
12,988
15,030
14,827
17,682
16,519
15,737
16,128

153,124

74,282

236,128

133,824

1020

1919

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

20,290
13,635
25,147
22,801
22,250
28,299
27,486
25,552
28,248
26,205
25,884
29,953

Total.

295.750

401,031

SCHEDULE 29—Detroit Branch—Transfers Bought and Sold.
IN THOUSANDS OF DOLLARS

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




91,710
45,096
55,058
34,159
29,837
37,575
42,778
26,490
33,780
35,746
26,590
31,934

26,985
23,990
17,715
32,730
26.245
56,007
129.529
54,839
70,110
71,568
73,423
82,827

40,814
29,128
35,945
29,053
40,356
18,085
82,631
93,748
104,631
87,203
84,344
86,501

9.980
7,034
12,656
11,164
14,620
11,867
21,364
18,860
22,873

2,075
7,850
19,955
12,964
14,222
12,637
21,603
91,306

SCHEDULE 30—Detroit Branch—Operations of Check Clearing and Collection
Department-—Detailed classification of number and amount of items handled, by
months, during 1920, with totals for 1920, 1919 and 1918.
AMOUNTS IN THOUSANDS OF DOLLARS
Items Drawn on Banks in own District

Month

I

Item-*
Drawn on
Treasurer of
United
States

Located in F. R.
Bank and Branch
Cities

Items forwarded
to other
F. R Banks and
their
Branches

Number Amount Number Amount
159.241
15(^.059
216.457
189,540
182,606
209,088
196,728
173,029
204.831
218,741
219,836
240,675

4.202
18,120
37,124
33 921
27,405
40,543
22,712
22,668
38,103
34,481
29,721
40,745

3.132

4,624
18,042
6,635
7,353
10.290
7,623
9,182
13,522
9,226
8,892
13,257

349,745 | 71.521

Tot a

4.168
4,803

5,880
10.283
7.995
8,344
9.013
9.149
8,226
l
>,843
9,838
10,228
11,005
99,804

108.646

7,27-">
6.454
5.88o
10.849
9,494
9,3 30
3,214
3.919
1 QQ3

TOTALS (a)
1920

1919

1918

Number

February
March
May

..

June
July
September
October. .
December

Amount

Number

Amount

Number

Amount

163,443
418.348
580,984
532,662
514,165
602.269
584,652
541.930
629,983
633,181
622,727
670,689

111,261
190,858
275,956
259,402
229,429
281,282
267,083
254,629
306,841
259,102
237,931
252,053

120,068
113,076
110,209
140,733
149,434
139,960
149,717
143,995
155,218
170,543
177,227
182,859

99,285
83,792
71.548
80,054
90,781
77,017
74,389
85,271
95,070
114.007
111,755
116,379

24,700
26,975
36,477
47,818
47,176
52,488
86,791
107,834
107,067

12 080
36,370
45,624
62,905
42,115
34,070
71,550
75,971
92,965

6,495.033 2,925,827 1.753,039 1,099,348
Total
537,326
473,650
(a) Exclusive of duplications on account of items handled by both parent bank and branch.

SCHEDULE 31.—Detroit Branch—Collection Items Received.
IN THOUSANDS OF DOLLARS
1919

1920
Amount

Amount

Items

September
October
November
December

2,057
2,882
3,644
2,520
3,228
4,679
4.734
6,939
7,723
9,358
8,121
7,791

557
077
866
472
1,525
1,717
1,651
1,707
2,012
1,978
2,015
2,562

Totals

63,676

17,739

January
March
April
July




53

3 58
769
352
455
1,070
483
1,700
1,273
2,155
2,122
1,881
2,293
14,911

1918
Items

Amount

Items

181
223
112
158
245
260
387
354
452
526
526
604

321
134
20
705
246
274
577
1,197
404

48
46
] 1
63
57
05
175
137
125

4,028

3,878

757

INDEX
Acceptances—

'

PAGE

Bankers

10,31

Permission to accept up to 100 per cent

40

Trade

10,31

Assets and liabilities

4, 7, 8, 11, 12, 50

Bank Relations Department

13, 14

Banking quarters..

2, 16

Branch bank, Detroit

23,24, 50-53

Certificates of Indebtedness

.14, 42, 51

Check clearing and collection

19, 48, 49, 53

Collateral Department

20

Collection Department

19

Commercial banks, position of

17

Deposits

11

Chart

12

Detroit Branch—
Departmental operations

23, 24

Officers and directors

3, 23

Statistical Tables..

50-53

Directors of Bank and Branch

'.

3, 20, 21, 23

Discount operations

9

Discount rates..

5, 10, 29

Earning assets

8, 11, 26, 27

Movement of, chart

8

Earnings

6,28

Educational Department

22

Examinations, Department of

13

Expenses

28

Federal Reserve bank notes

11, 46

Federal Reserve notes..

11, 45

Chart

12

Fiduciary powers granted

13, 40

Financial results of operation
Foreign accounts

7
•
.

:

Gold Settlement Fund operations

15,47

Government financing
Government Saving Securities

15, 16
(.....14, 29, 41-44

;

1 5, 43

Member Advisory Council

3, 21

Member banks

5, 11,13

Authorized to accept up to 100 per cent

40

Authorized to exercise Fiduciary Powers

40

New

32

Relation of to Reserve Bank

17, 18

State banks

33-39

Membership, Growth of
Money rates
National bank members, new
Officers of Bank and Branch
Organization of Bank




11
._

30
32
3, 21, 23
20

INDEX—Continued
PAGE
Personal Service Department

22

Planning Department

22

Position of commercial banks

17

Profit and Loss Statement

-

6

Quarters of bank

16

Reserve position

—

Reserves

—

11

-

Movement of.

-.

5

-

26, 27

Chart

-

Statistical and Analytical Department

-

..'..

12
14

Statistical Tables—
Comparative statement of condition.-

4

Profit and Loss Statement

6

Movement of principal asset and liability items

26, 27

Comparative statement of earnings

28

Current expenses

28

Fiscal Agency Department expenses..

29

Discount rates

29

Money rates in Chicago

-

-

30

Volume of paper discounted and bought..

31

New National banks

32

National banks liquidated

-

State bank—liquidations and withdrawals
State bank members

32
33
33-39

Fiduciary powers granted

40

Member banks authorized to accept up to 100 per cent

40

Conversion transactions

41

Certificates of Indebtedness

42

War Savings Transactions

43

Fiscal Agency Transactions

44

Currency receipts and shipments

44

Interdistrict movement of Federal Reserve notes....

45

Federal Reserve notes

45

Federal Reserve Bank notes

46

Transfers bought and sold

46

Check clearing and collection operations
Gold Settlement Fund transactions

48, 49
47

Statistical Tables—Detroit Branch
Balance Sheet

:

50

Profit and Loss Statement

50

Volume of paper discounted and bought

51

Fiscal Agency Operations

51

Currency receipts and shipments

52

Transfers bought and sold

52

Check clearing and collection operations

53

Collection items received

53

State bank members...
Subtreasury taken over
Transfers bought and sold




11,13, 33-39
14
19, 46, 52