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OP ERATION OF FEDERAL RE SERVE BANK O F CHICAGO 1922 SEVENTH FEDERAL RESERVE DISTRICT 1 EIGHTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD OPERATION OF FEDERAL RESERVE BA NK OF CHICAG O 1922 SEVENTH FEDERAL RESERVE DISTRICT t EIGHTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK OF CHICAGO DIRECTORS AND OFFICERS FOR 1923 CLASS A—DIRECTORS DIVISION OF EXAMINATIONS Elbert L. Johnson, Waterloo, Iowa George M. Reynolds, Chicago, Illinois Charles H. McNider, Mason City, Iowa William H. White, Assistant Federal Reserve Agent, Manager Charles G. Rutledge, Acting Assistant Federal Reserve Agent CLASS B—DIRECTORS *Robert Mueller, Decatur, Illinois August H. Vogel, Milwaukee, Wisconsin Stanford T. Crapo, Detroit, Michigan DIVISION OF BANK RELATIONS Everett L. Harris, Manager DIVISION OF STATISTICS AND CLASS C—DIRECTORS ANALYSIS James Simpson, Chicago, Illinois William A. Heath, Evanston, Illinois Frank C. Ball, Muncie, Indiana OFFICERS William A. Heath, Chairman and Federal Reserve Agent James Simpson, Deputy Chairman Walter F. McLallen, Secretary Frank M. Huston, Manager DIVISION OF AUDIT Francis R. Burgess, Auditor Walter A. Hopkins, Assistant Auditor COUNSEL Charles L. Powell MEMBER FEDERAL ADVISORY DIVISION OF ISSUE Walter F. McLallen, Assistant Federal Reserve Agent COUNCIL John J. Mitchell, Chicago, Illinois *Elected to fill unexpired term of Albert R. Erskine, resigned. 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, Assistant Counsel *Robert B. Locke, Manager William R. Cation, Cashier John B. Dew, Assistant Cashier Frank J. Maurice, Assistant Cashier * Resigned to take effect April 1, 1923. FEDERAL RESERVE BANK OF CHICAGO DIRECTORS AND OFFICERS F O R 1923 — Continued DEPARTMENTS OF OPERATION OFFICERS James B. McDougal, Governor John H. Blair, Deputy Governor Charles R. McKay, Deputy Governor *Sterling B. Cramer, Deputy Governor LOANS AND CREDITS Kent C. Childs, Controller of Loans and Credits Allen R. LeRoy, Manager, Loans (Iowa) Ralph H. Buss, Manager, Loans (Michigan and Wisconsin) Discount Department Frank R. Hanrahan, Manager, Loans (Illinois and Indiana) Eugene A1. Delaney, Manager, Credit Department INVESTMENTS Clarke Washburne, Controller of Investments Alba W. Dazey, Manager, Investment Department 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 •'Resigned to take effect March 1, 1923. CASH AND CUSTODIES—Continued Fred Bateman, Manager, Securities Department COLLECTIONS William C. Bachman, Controller of Collections Irving Fischer, 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 FEDERAL RESERVE OF BANK CHICAGO Chicago, January 27, 1923 I have the honor to submit herewith the eighth annual report of the Federal Reserve Bank of Chicago, covering the year 1922. GENTLEMEN: Respectfully, W. A. HEATH, CHAIRMAN AND FEDERAL RESERVE AGENT FEDERAL RESERVE BOARD, Washington, D. C. OPERATION OF THE FEDERAL RESERVE BANK OF CHICAGO IN O 1 922 PERATIONS of the Federal Reserve Bank of Chicago during 1922 indicate increasing service to member banks and, indirectly, to business generally through clearing and collection, transfer of funds, and currency functions. Discount operations show a considerable reduction in volume of business from 1921 on account of continued liquidation, and fiscal agency operations also decreased somewhat, but in practically every other department of the bank there has been a marked increase in the volume of work done. Details of these operations are shown with comparisons in the following pages. In most cases, the increased work is being accomplished with a reduced force of employees. The greater efficiency is due partly to better facilities in the new building completed this year. Loans to member banks continued to decrease until September, when fluctuations appeared, accompanied by an upward trend. This indicates the changes in bank loans to a large extent; for, although general improvement in business, with an increased volume of production and an advance in prices, was noticeable beginning the first part of the year, it was not until late in 1922 that the liquidation in aggregate loans ceased. This situation reflects the decreased volume of bank credit necessary to finance industry as a result of lowered prices compared with 1920, and also the supplying of funds by continued loan liquidation to finance new business without noticeable expansion in bank loans. The requirements for building operations were especially heavy during the year. Of vital importance in this district is the liquidation which took place in 1922 in agricultural sections. While the readjustment in agriculture necessarily was slower than that in other lines, increased prices for farm products enabled the farmer to liquidate in 1922 to such an extent that indications at the end of the year pointed to a general financial recovery in these sections much sooner than was expected a year previous. 5 FEDERAL RESERVE BANK OF CHICAGO OPERATIONS IN 1922 COMPARED WITH T W O A M O U N T S IN T H O U S A N D S O F PRECEDING YEARS DOLLARS Number of Pieces Discounted and purchased bills: 140,994 Notes discounted or rediscounted for member banks. . Bills bought in open market 20,326 Currency and Coin: Bills received and counted 200,648,371 Coin received and counted 165,914,172 Checks handled 78,344,000 Collection items handled 624,895 Transfers of funds including transfers for account 5 per 213,565 cent fund of National banks U. S. Government coupons paid 13,898,456 Fiscal Agency: 4,054,353 U. S. securities issued, redeemed, cancelled or exchanged 608,722 U. S. securities received from U. S. Treasury 3,826,907 U. S. securities returned to U. S. Treasury. 1920 1921 1922 Amount Number of Pieces Amount Number of Pieces Amount 1,581,004 253,464 245,885 10,819 4,168,477 138,276 199,054 18,112 6,305,492 345,021 1,172,217 15,694 14,608,408 605,026 187,789,755 161,447,983 68,806,000 411,897 1,133,869 17,273 13,995,625 480,383 148,967,259 46,920,288 60,311,000 *169,599 13,904,999 89,443 178,246 17,644,076 9,284,101 97,607 121,204 22,079,891 1,044,501 5,136 18,675,718 *874,748 8,224,244 105,207 1,934,493 1,417,647 1,326,622 6,180,208 3,706,001 5,861,539 1,765,445 1,446,982 1,295,515 14,910,154 5,851,750 14,557,564 2,252,437 1,642,241 1,719,561 •Includes purchase and sale transactions in Liberty Bonds handled in the Collection Department, for which separate figures are not available. This accounts largely for the difference in size of the average item compared with following years. FINANCIAL RESULTS OF OPERATIONS IN 1922 AS a result of further liquidation of loans to member banks, bills A on hand at the close of 1922 were much reduced from those of a year previous and reserves were correspondingly increased. Deposits also increased considerably, reflecting the increase in deposits at member banks in the district during the year, for which reserves were kept at this bank. DISTRIBUTION OF ASSETS In Millions of Dollars O 100 200 300 400 500 600 700 800 1920 k/WXAAAA/VYXXXAXl// / / // / / 7 / ' / / / / ' // 1921 kWXXAAA/VVYXXAAAAXAA/yYX // // // 1922. IWXAA/YYYXXAAAAAAAAAXXY\^YY 900 1000 tsst K3X3 Total Reserves W~TT\ Bills on Hand U. S. Securities ^ ^ All Other Resources In Percentage <? ip 2O SO 4O iszot.xvwuvvAxv'Axi// 1921 1922 SO // 6O 7O // '// h ep 9<? IQp ii fcavga 1Y\YVyXYSAXyW^AXYyAAXYVYM// // t \ A VAAXVSAX V.YV\X XXXYV\AX YNAYXY 1 // DISTRIBUTION OF LIABILITIES In Millions of Dollars O 100 200 3 0 0 4O0 500 6O0 7OO 800 9 0 0 1000 1920 KXXxV\Xy\\WWXW / / / / // / / ' / / / / / / )/ // A ^ i ^ V ^ I ' 1921 IYW\X\AAYW\Y\\X'x1 / / // // // IT 1922 ixxY\xxv\xxYy\xx\xxxiy / / / / / / j*f** Total Deposits ^ Federal Reserve Notes Federal Reserve Bank Notes 9 )p 20 | = ^ Capital and Surplus ESS3 All Other Liabilities In Percentage 30 40 SQ 60 IQ2OrAXYYYYYV\\AX^ // 1621 ;V\AXYyXYYV\AAXXXT/ II // II // 7Q 8p II II // // Bft IQp 1/ I ^ 3 \ \ \l // Ig-JA \ \ | The profit and loss statement for 1922, after payment of $476,111 as a franchise tax to the Government, shows net profits of $929,104. There was also paid to the Government, out of the earnings of 1921, an additional $710,190, under a readjustment of the earnings of that year, making a total franchise tax of $1,186,301 paid during the year 1922. These payments bring the total franchise tax paid to the Government by this bank to $23,372,589. DISCOUNT OPERATIONS IN 1922 OAN operations of this bank for the year 1922 were characterized ^ by a continuance of the liquidation started in 1921. Banks in the agricultural districts, as well as those in the commerical and industrial centers, shared in this liquidation. The accompanying chart shows how general it has been when borrowings by states at six months' intervals are considered. The seasonal effect of the autumn requirements is evident in the increase in loans on December 30, 1922, over July 1, 1922. L 7 FEDERAL RESERVE BANK OF CHICAGO MILLIONS OF DOLLARS MILLIONS OF DOLLARS F. R. NOTE CIRCULATION 600 600 500 500 400 400 300 300 200 100 200 100 PU RCHAS ED Bll -LS 100 in • * " 200 ••••• • • •• 200 UNITED STATES SECURITIES 100 600 DISCOUNTS FOR OWN MEMBERS SOO 400 300 200 100 1920 1921 1922 Loans to Member Banks—Federal Reserve Bank of Chicago These operations reflect to a considerable extent the changes that have taken place in the position of member banks during the year. Good crops and favorable prices for cattle, together with a tendency on the part of farmers to hold expenditures to the minimum, have enabled farmer borrowers to reduce their bank indebtedness very satisfactorily and as a result there has been a thawing out of the large amount of frozen loans the banks held at the close of 1921. There is also noticed an appreciable increase in foundation stock on the farms, which had been reduced during 1920 and 1921. In some cases, this stocking-up was made possible by bank loans which were reflected to some extent in the increased borrowings by individual banks at this bank. In commercial and industrial lines, there has been a continued effort to work off large inventories resulting in a substantial reduction of indebtedness during 1922. This has effected a very material improvement in industrial and commercial concerns generally in this district, especially in view of the fact that large charge-offs against inventories were made on December 31, 1921. These factors working in agricultural and industrial communities have resulted in a general improvement in the character of bank assets. The almost continuous decrease in loans to member banks during the first eight months of 1922 is seen from the accompanying chart showing changes as they appeared in the weekly statement. Detailed statistics will be found in the appendix. From the high point of $189,127,000 on January 4, loans to member banks decreased to $49,075,000 on September 13, after which time increases were in evidence. On December 31, 1921, total borrowings amounted to $185,520,000 and on December 30, 1922, to $73,871,000, a net reduction for the year of $111,649,000. Discount rates which were 5 per cent at the beginning of 1922 were reduced to 4>£ per cent on all classes of paper on March 25, and this rate was maintained for the remainder of the year. Applications for rediscounts were received during the year from 1,129 banks out of the total membership of 1,443. The number of banks accommodated changed only slightly from 1921, when it was 1,191; but the volume of loans decreased materially, amounting to $1,581,004,000 compared with $4,168,477,000 in 1921. Detailed statistics showing volume of loans by states will be found in Schedule 4 of the appendix. COLLATERAL AND SAFEKEEPING OPERATIONS liquidation by member banks of their CONTINUED secured by United States Governmentbills payable during 1922 obligations brought about a large reduction in the amount of securities held as collateral during the first seven months of the year, as will be seen from the accompanying chart. At the beginning of the year, approximately $100,000,000 of Government securities were held as collateral; these holdings were reduced to approximately $70,000,000 at the close of the year. A part of this reduction may be attributed to member banks disposing of a part of their securities on a favorSecurities Held as Collateral to Notes—1922 MILLIONS OF DOLLARS 100 80 iV \ V • 1 \ TOTAL COLLATERAL I /ELD • 60 # V USBONDS * COLLATERAL " ^ •jo NOTE:» OF • • • • » MEMBER "" J •*• ,y •* 40 s A • y 1 • 1 «l • • • OEC.Si 14 »j 20 ALL US.6ECURITIES "~\ JAN 07//^>P COL LATE PAL U£LD COLLATE/I 4/L TOTREDISCOUNTS - ..y rsr>4 COLLATERAL TO NOTES OF MEMBER / ^* 'f •Jg-iujiuwu—t" ^ BANKS 5 \£ FEB MAR APR MAY JUME JULY AUG <SEPT OCT MOV NOTE—Data as of the 1st and 15th of each month -L.US.CERTFX 10 DEC able market. The low point in the holding of securities, $42,000,000, was reached during the month of August. Service in safekeeping of securities not held as collateral was performed during 1922 for 598 member banks, or more than 40 per cent of the total membership. The largest amount of securities held in safekeeping during the year was $137,000,000, and the smallest $79,000,000. The completion of the vaults in the new building makes it possible to enlarge this service, which heretofore has been limited to United States securities, and beginning January 2, 1923, negotiable securities, owned by member banks in this district, will be accepted for safekeeping. INVESTMENTS of Acceptances fluctuated during 1922, HOLDINGSMayBankers'shown in the summary4,of and a high of with a low point of $7,593,000 on January $23,872,000 on 10, as weekly statements in the appendix. At the close of 1922, holdings were $14,565,000. Considerable change was noticeable also in the holdings of United States securities, with an increasing trend the first part of the year from the low of $24,889,000 to the high of $99,211,000 on May 17. After a period of decrease ending in July, holdings, while increasing slightly, did not vary materially except at particular periods when the effects of Government financing were in evidence. The amount held on December 30, 1922, was $62,833,000. A marked increase was shown in open market transactions, both in number and amount, from 192L Acceptances bought during 1922 amounted to $253,464,000, practically double 1921, while the number was 20,326, compared with 10,819 in 1921. The large increase in both number and amount of transactions in the purchase and sale of United States securities is shown in the following table: AMOUNTS IN THOUSANDS OF DOLLARS Year 1922 Mar. 1-Dec. 30, Mar. 1-Dec. 31, 1922 1921 No. of No. of No. of Trans- Amount Trans- Amount Trans- Amount actions actions actions Certificates of Indebtedness and Treasury Notes: Market Purchases 684 Market Sales 523 Bought with Agreement 2,342 Sold under Agreement 1,867 U. S. Bonds and Victory Notes: Bought 1,938 Sold 20,940 Totals 28,294 171,252 88,345 243,996 237,697 517 444 1,977 1,489 92,693 1,571 83,002 18,226 916,985 24,224 312 1,304 *851 *719 33,283 41,112 *64,018 *58,230 54,679 1,095 69,610 7,460 769,964 11,741 17,592 40,876 255,111 132,672 86,281 218,611 208,111 *From July 25 only. NOTE—Includes transactions for the account of member and other banks, but excludes temporary Treasury Certificates purchased from the Treasury Department. Comparative figures are shown for ten months in 1921 and 1922 because the Investment Department did not begin operations until March 1, 1921. 11 The Chicago market for United States Treasury Certificates and Treasury Notes, which prior to last year was merely nominal, has expanded greatly. There has been a large increase in the volume of Liberty Bonds purchased and sold in this market; the volume of United States Government bonds sold during the year is estimated from reports received from dealers at about $1,400,000,000. The call money market, created in 1921, representing loans secured by United States Treasury Certificates, United States Treasury Notes, and bankers' acceptances has been generously supplied with funds by the Chicago banks, and is now on a well established basis. In consequence, dealers have obtained funds from the open market to a large extent to carry their stock of short-term Government securities, and the amount formerly advanced to them by this bank under repurchase agreements has been correspondingly reduced. DEPOSIT AND FEDERAL RESERVE NOTE LIABILITIES; RESERVE POSITION EDERAL Reserve circulation showed only seasonal Fchangesshown1922,the notes instatements, marked decreaseSchedule in in contrast with the during 1921. As by weekly summarized in 2 of the appendix, the low point, $360,188,000, was reached on June 14, a decrease of 52 million from January 4. An increasing circulation to meet autumn requirements was in evidence the latter part of the year and the amount in circulation December 30 was $420,506,000, a slight increase over the amount at the beginning of the year. Deposits fluctuated considerably with an increasing trend, due largely to increased reserve deposits by member banks. Total cash reserves increased for the first eight months of the year, ranging from a low point of $439,196,000 on January 25 to a high of $590,552,000 on September 13. After that date the trend was downward, with reserves at $562,253,000 on December 30. The ratio of reserves to deposit and Federal Reserve note liabilities combined reflected these changes, ranging from a low of 70.3 per cent on January 4 to a high of 89.4 on August 23. On December 30, the ratio stood at 79.5 per cent. GROWTH OF MEMBERSHIP were admitted to in SIX state banks in the district and one state statemembershipwas 1922, while three withdrew, member bank nationalized. Four national banks including the member bank nationalized, were added to membership, while six surrendered their stock. Figures of membership at the close of 1922 and the two preceding years follow: 12 COMPARATIVE FIGURES OF MEMBERSHIP December 30, 1922 December 31, 1921 December 31, 1920 Nat'l Illinois Indiana Iowa Michigan Wisconsin Totals State Totals Nat'l State Totals Nat'l State Totals 333 192 351 81 107 73 20 108 153 25 379 406 212 459 234 132 332 194 353 80 107 404 214 459 233 133 325 194 358 80 106 1,066 1,443 1,063 65 20 101 146 26 358 390 214 459 226 132 1,443 72 20 106 153 26 377 1,064 1,421 FIDUCIARY POWERS APPLICATIONS for trust powers from 33 banks under Section -^*~ 11 (K) of the Act, were approved during 1922, including four banks granted supplementary fiduciary powers. As seen from Schedule 16 of the appendix, eight of these were in Illinois; twelve, in Indiana; nine, in Iowa; and four in Wisconsin. BANK EXAMINATIONS a of examinations the field EXCEPTofforbanklimited number the specialwas confined largely to work examiners during 1922 examinations co-operative with supervising authority, either national or state, it being the desire of the examining department to be of assistance along constructive lines to the banking departments as well as to the member banks. Friendly relations continue with the various banking departments represented in the Seventh Federal Reserve District. BANK RELATIONS in the Seventh District has been visited by EACH member bank member banksleast oncethe year the year 1922.a representative from this bank at during The number of calls on during was 2,287. The use of Federal Reserve facilities such as: the collection of cash and non-cash items; furnishing currency; telegraphic transfer of funds; use of Federal Reserve exchange and transfer drafts; the use of bank*ers' acceptances and United States securities as secondary reserve investments; the reserve requirements; questions about the eligibility of paper; and methods of extending credit by the reserve bank—these have been the routine subjects discussed during these visits. Member banks have frequently been assisted in explaining the operations of the Federal Reserve System to their stockholders and customers by representatives from this bank, who have attended their meetings upon request. Special features of the work during 1922 have been the co-operation with the railroads in furnishing them information about the credit 13 situations in sections of the district where relief from the car shortage was needed. Talks were made to bankers and commercial organizations, at their request, about the Federal Reserve System. Non-member banks have been visited, where time would permit in the course of the regular trips, for the purpose of furnishing any information desired about their transactions with the Federal Reserve Bank, such as collections and fiscal agency matters. Representatives have explained the requirements and uses of membership to officials and directors of non-member banks who were interested in becoming members of the System. STATISTICAL AND ANALYTICAL DEPARTMENT URING the year 1922 Business of Dcent compared withBank theChicago hasReporting Servicefullythe Federal Reserve of been expanded 25 per the close of the previous year. This service, which primarily is to keep the Federal Reserve Board and the directors and officers of this bank advised regarding changes in business trends, is being developed in conformity with that in other Federal Reserve banks and under the supervision of the Division of Analysis and Research of the Federal Reserve Board. Care has been taken to avoid, where possible, duplication of the efforts of others engaged in business research work; and also to standardize vital business statistics so as to have available monthly only such data from identical concerns as will definitely reflect the trend in production and in merchandising and indicate the volume of credit used or required. The value of this service is shown by the increased willingness of producers and merchants to co-operate by furnishing confidential data. The reporting service was extended in 1922 in order to cover more completely variousfields,as follows: savings deposits, represented by 219 banks; agriculture, represented by 227 reports from county bureaus embracing a membership of approximately 200,000 farmers; stoves and furnaces, represented by twenty-one firms; electric energy, represented by thirteen firms; and building statistics gathered from fifty-two cities. In addition to the reporting service, a large volume of special statistical information has been compiled for the Federal Reserve Board and officers of this bank, as well as for other banks, firms, and individuals. A very complete reference library, owned by the bank, has proved itself of such value in this work that in 1923 it is planned to enlarge it through the co-operation of the Chicago Public Library by the addition of such books as may seem advisable to be kept at the bank for use in business research work. 14 PART TAKEN IN GOVERNMENT FINANCING URING Dshort-term1922 this bank continued to take an active part in the Government financing program, distributing $328,792,000 of the Treasury Notes, $171,289,000 Treasury Certificates of Indebtedness, and $74,962,000 Treasury Bonds of 1947-52. In its capacity as Fiscal Agent, there were surrendered to it for exchange, conversion, redemption, and other purposes, Government securities amounting to $1,443,776,000 represented by 17,781,000 pieces. Against these surrenders deliveries of 608,000 pieces amounting to $1,331,188,000 were made. In handling the transactions with banks, there were received 217,300 packages by registered mail, and 174,371 packages were shipped. While these statistics show a considerable decrease in operations from 1921, they do not include those resulting from redemption and exchange of the 1918 series of War Savings Certificates. A large volume of these redemptions was handled in December, 1922, because of arrangements made for forwarding prior to the maturity date, January 1, 1923. This work will be reflected in the report for 1923. During the month a daily average of 1,900 registered mail shipments was received, and on December 16, a high point of 3,600 was reached. In order to take care of the increase in work, it was necessary to employ a considerable number of temporary clerks. The work in Denominational Exchange continued heavy throughout the greater part of the year; but it decreased very markedly in the latter part of the year when Liberty issues dropped below par. As agent for the War Finance Corporation, advances were made to 268 banks amounting to $9,327,550. These advances were all made prior to December 15, 1922. However, the work in connection with the renewals and substitutions of collateral continued heavy. GOVERNMENT SAVINGS SECURITIES the Treasury Department issuing SavSINCEStamps and Thrift Stamps ondiscontinued 31, 1921,War work ings December the of this bank in 1922 was confined to the promotion of sales of $1 Treasury Savings Stamps and Treasury Savings Certificates in denominations of $25, $100, and $1,000. Sales in 1922 showed a material increase over the years 1920 and 1921, due largely to the increase in their rate of interest and to the fact that an individual was allowed to purchase amounts to $5,000 instead of $1,000. Effective October 1, 1922, the $1 Treasury Savings Stamp was withdrawn from the market, leaving only Treasury Savings Certificates. Between November 1 and December 31, efforts were confined almost exclusively to promoting the exchange of the new Certificates for 1918 War Savings Stamps. 15 GOLD SETTLEMENT FUND \ LARGER volume of balances was settled through the Gold A Settlement Fund of this bank, during 1922 than 1921. Receipts from other Federal Reserve banks amounted to $11,346,000,000, compared with $8,900,000,000 in 1921; while payments were less than receipts, resulting in a net gain of $66,000,000 from transactions between this district and other Federal Reserve districts. Detailed statistics by weeks are shown in Schedule 8 of the appendix. As a result of these transactions, together with deposits and withdrawals, the Gold Settlement Fund decreased from $79,130,000 on December 31, 1921, to $77,261,000 on December 30, 1922. POSITION OF MEMBER BANKS of banks during THE most marked changes in the positiontimememberloans and dis1922 were increases in deposits, both and demand, and in investment in Government securities. Fluctuations in counts up to September were largely due to changes in loans on stocks and bonds, since liquidation of other loans continued very steadily until fall requirements caused a seasonal increase. Detailed statistics are shown in the appendix, based on reports from member banks in leading cities of the district representing 64 per cent of member bank resources and more than 40 per cent of the total banking resources of the district. The reporting banks in Chicago for which separate statistics are shown represent 98 per cent of member bank resources and nearly 80 per cent of total banking resources of the city. Considerable variation in the volume of payments by checks at clearing-house banks in leading centers of the district is shown in Schedule 10, but beginning with February, the aggregate for 21 centers was larger for each month of 1922 than the corresponding month of 1921. The total volume for 1922 at these centers was 5.3 per cent larger than for 1921. The aggregate average reserve balance maintained by all member banks of this district was in excess of the total legal requirement throughout the year. The excess ranged from a low of 2.79 per cent in November to a high of 6.89 per cent in May. CLEARINGS AND COLLECTIONS HECK clearing operations of this bank continued to increase during 1922 at approximately the same rate as in the two preceding years. The total number of items handled was more than 78 million, an increase of 13.9 per cent over 1921. The corresponding increase in 1921 compared with 1920 was 14.1 per cent. The amount represented by these clearings in 1922, as in 1921, did not show a 16 corresponding relative increase over the preceding year owing to the decrease in size of the average check. Checks handled in 1922 amounted to $14,608,408,000, compared with $13,995,625,000 in 1921, an increase of 4.4 per cent. The average check (drawn on banks) was $190.08 in 1922 compared with $207.46 in 1921 and $320.14 in 1920. The largest number of items handled by this bank in a single day since the establishment of the System was on November 13, 1922, when there was a total of 447,138 items amounting to $83,564,000. The increased volume of checks is being handled with a decrease in the number of employees. More spacious quarters in the new building, the use of mechanical devices such as continuous conveyors between floors, and moving belts for carrying the work to central points, have greatly facilitated the handling of checks. Increased service of the bank in the collection of non-cash items is shown in the accompanying table. In 1922, 624,895 items were handled compared with 411,897 in 1921, an increase of 51.7 per cent. Amounts represented by these items aggregated $605,025,864 compared with $480,382,922 in 1921. There were also protested notes, drafts and checks to the number of 13,260. NUMBER OF COLLECTION ITEMS HANDLED Drawn on Received from Seventh Federal Reserve District Commercial Items Discount Department.. . Member Banks,District 7 Member Banks, Other Districts Other Federal Reserve Banks Total: 1922 1921 3,741 69,806 41,482 113,803 228,832 191,181 Total Other Districts Bonds and Coupons 0 48,825 32,026 200,350 281,201 150,643 Commercial Items Bonds and Coupons 5,480 76,550 0 31,845 1922 9,221 227,026 1921 10,350 132,886 255 58 73,821 26,186 454 220 314,827 '42,475 82,739 54,261 32,123 15,812 624,895 411,897 CASH AND CURRENCY OPERATIONS HE cash operations 1922 continued to increase notwithstandTing the fact that theforcirculation of Federal Reserve notes was considerably less than in 1921. Currency received amounted to $1,175,234,000 as compared with $1,105,761,000 for the year 1921. Payments for 1922 were $1,168,900,000 as compared with$959,969,000 for the previous year. Movements of currency and coin between outof-town member banks and this bank were more active. Shipments to and from out-of-town banks during 1922 were 76,750 as compared with 67,665 in 1921. 17 During the years 1920 and 1921, the available supply of silver and minor coin far exceeded the demand, and coin in large volume accumulated. This condition, however, was completely reversed during the last eight months of 1922, and the entire surplus stock of silver and minor coin was paid out. Payments for 1922 were $15,031,000 as compared with $8,117,000 for 1921. Deposits were $12,575,000 for 1922 as compared with $15,027,000 for 1921. TRANSFER OF FUNDS HE service performed this bank in funds over Ttheofleasedfive perand bybyother transfers, transferringthosebanksacwires including for count the cent redemption fund of National is shown in Schedule 7 of the appendix. Leased wire transfers were 124,605 in number during 1922 compared with 96,392 during 1921; while the amount represented was $11,718,504,000 compared with $7,601,969,000 in 1921. Transfers other than those over the leased wire increased materially, making the total number of all transfers handled by this bank 213,565 compared with 178,246 in 1921; the total amount transferred was $13,904,999,000 in 1922 compared with $9,284,101,000 in 1921. INTERNAL ORGANIZATION there changes the personnel of the D" URINGof1922succeed were two Blodgett, inresigned. Theasvacancy Board Directors. Stanford T. Crapo was elected a Class " B director to John W. caused by the resignation of Albert R. Erskine necessitated a special election in the early part of 1923 for a Class " B " director, at which Robert Mueller of Decatur, Illinois, was elected to fill the unexpired term. The* Board of Directors for the year 1923 will be constituted as follows: Class "A"—Elbert L. Johnson, Charles H. McNider, and George M. Reynolds; Class "B"—Stanford T. Crapo, Robert Mueller, 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 1923, and James Simpson as Deputy Chairman. The Executive Committee for 1922 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 the Federal Reserve Agent, the Governor, and August H. Vogel; and the Building Committee was composed of the Governor, the Chairman of the Board, George M. Reynolds, James Simpson, and August H. 18 Vogel. These committees will serve the board of directors in 1923 as constituted during the last year. Allen R. LeRoy, formerly president of the First National Bank, Manchester, Iowa, who has been with this bank since July 1, 1921, was appointed Manager of Loans for Iowa, assuming his duties in September. While an increase in the number of employees was shown at the close of 1922 over 1921, this was largely on account of increased fiscal agency operations in December, incident to the redemption of War Savings Certificates and Victory Notes; and of the additional force necessary for the maintenance of the new building including the cafeteria service. From the end of 1921 to November, 1922, a net reduction of nearly 160 had been effected in the number of employees exclusive of the maintenance force. OPERATIONS AT THE DETROIT BRANCH ISCOUNT operations at the Detroit fell off Don a largelythe beginning ofduringyear. Branch partthis decidedly soon after the Activity in direction was reduced scale the greater of the year, reflecting the continuance of the liquidation movement evidenced during the latter half of 1921. During the last three months of the year, however, discounts showed a decided increase as a result of a considerable seasonal expansion of loans. During the year 1922, the Transit Department handled a larger volume of items than during 1921 with an aggregate amount considerably in excess of the 1921 business. The increase in volume is entirely in the direction of items drawn on banks located in the Southern Peninsula of Michigan and in the city of Detroit. On points in the Seventh District, outside of Michigan, and in other districts, a decreased volume of business was handled. The Collection Department, for the year 1922, handled a larger number of items payable in the city of Detroit, although the amount involved did not vary greatly from that representing similar transactions for the year 1921. On the other hand, the number of items handled payable at points outside of the city of Detroit increased 135 per cent, for an amount 78 per cent greater than 1921. The amount of transfers effected through the Detroit Branch continued to increase to a great extent. Currency operations for the year have shown an increase of 12 per cent in receipt of deposits from member banks, and an increase of 23 per cent in payments. These increases contrast with the decrease during the year 1921 in both receipts and payments. Fiscal agency operations again presented a decrease in volume. 19 APPENDIX SCHEDULE 1.—Comparative Statement of Condition FEDERAL RESERVE BANK OF CHICAGO IN THOUSANDS OF DOLLARS Dec. 30, 1922 Dec. 31, 1921 Dec. 31, 1920 50,981 77,261 22,025 79,130 29,016 36,048 393 Total Gold Held by Bank. . . Gold with Federal Reserve Agent. Gold Redemption Fund 128,242 410,108 2,199 101,155 312,163 26,284 65,457 198,162 33,461 Total Gold Reserves Legal Tender Notes, Silver, etc. 540,549 21,704 439,602 15,870 297,080 14,440 562,253 455,472 311,520 24,875 48,996 14,565 59,832 125,688 8,489 140,429 335,134 25,741 88,436 15,281 194,009 9,605 501,304 4,490 47,552 12,667 4,372 39,612 151,269 220,653 545,406 8,288 665 98,525 702 7,010 1,665 77,273 1,521 2,351 1,778 88,997 989 821,702 763,594 951,041 14,772 30,398 14,307 29,025 13,913 28,980 1,294 282,901 2,659 9,849 237,012 2,353 12,532 249,771 1,867 286,854 249,214 264,170 420,506 68,248 924 402,463 7,386 57,201 3,998 545,395 38,856 55,911 3,816 821,702 763,594 951,041 RESOURCES Gold and Gold Certificates Gold Settlement Fund—Federal Reserve Board. Gold with Foreign Agencies Total Reserves. Bills Discounted: Secured by U. S. Government Obligations. All Other Bills Bought in Open Market Total Bills on Hand United States Bonds and Notes United States Certificates of Indebtedness: One Year Certificates (Pittman A c t ) . . . . All Other Total Earning Assets. Bank Premises 5% Redemption Fund against F. R. Bank Notes Uncollected Items All Other Resources Total Resources. Capital paid in Surplus LIABILITIES Deposits: Government Member Bank—Reserve Account. All Other Total Deposits. Federal Reserve Notes in Actual Circulation Federal Reserve Bank Notes in Circulation—Net Liability. Deferred Availability Items All Other Liabilities Total Liabilities. Ratio of Total Reserves to Deposit* and Federal Reserve Note Liabilities Combined 79.5 69.9 *Net deposits prior to March 18, 1921, and total deposits beginning with that date. 20 *40.1 SCHEDULE 2.—Movement of Principal Assets and Liabilities during 1922 FEDERAL RESERVE BANK OF CHICAGO AMOUNTS IN THOUSANDS OF DOLLARS Date Bills Discounted for Member Banks Total Earning Assets (2+5+6) Total Bills Secured bv Other Bills U. S. Govt. Discounted Obligations 1 Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. May Mav May May May June June June June Julv July July July 4 11 18 25 1 8 15 21 1 8 15 22 29 5 12 19 26 3 10 17 24 31 7 14 21 28 5 12 19 26 2 3 225,176 197,877 197,489 195,079 186,330 174,897 170,474 173,372 185,799 174,540 165,322 175,741 195,773 194,732 182,668 192,947 185,094 190,140 189,478 187,544 182,737 185,148 178,089 159,363 147,481 130,331 134,926 106,585 104,343 100,984 189,127 159,705 144,904 136,688 124,444 108,842 99,729 97,827 99,833 84,500 76,477 79,918 95,054 91,552 82,133 83,313 74,900 78,273 68,195 66,343 67,393 66,920 61,300 56,697 60,002 56,859 60,148 53,177 51,671 52,246 61,191 51,169 49,187 48,643 43,237 39,391 35,238 34,620 33,925 27,154 21,223 21,527 27,730 27,007 24,302 28,647 25,538 25,766 19,160 17,819 19,712 20,780 19,360 17,085 17,508 14,769 17,298 13,815 14,198 14,949 (Continued on next page.) 4 127,936 108,536 95,717 88,045 81,207 69,451 64,491 63,207 65,908 57,346 55,254 58,391 67,324 64,545 57,831 54,666 49,362 52,507 49,035 48,524 47,681 46,140 41,940 39,612 42,494 42,090 42,850 39,362 37,473 37,297 Bills Bought in Open Market United States Securities Total Cash Reserves Member Banks' Reserve Deposits Total Deposits Federal Reserve Notes in Circulation Reserve Percentage 5 6 7 8 9 10 11 7,593 13,283 15,092 13,475 15,247 15,689 16,161 16,813 17,393 19,570 16,678 13,387 12,769 14,551 12,392 14,289 14,818 17,431 23,872 21,990 18,785 21,267 20,933 12,882 15,788 16,318 19,167 19,568 20,106 15,893 28,456 24,889 37,493 44,916 46,639 50,366 54,584 58,732 68,573 70,470 72,167 82,436 87,950 88,629 88,143 95,345 95,376 94,436 97,411 99,211 96,559 96,961 95,856 89,784 71,691 57,154 55,611 33,840 32,566 32,845 464,857 464,557 447,158 439,196 464,667 473,317 483,718 474,256 479,536 478,642 503,305 488,512 458,333 467,813 469,091 462,454 466,316 469,419 468,806 469,522 474,596 476,594 482,379 501,511 500,601 508,401 553,036 568,112 566,424 561,115 234,789 239,477 230,459 223,781 239,541 237,754 245,843 240,564 254,191 245,505 264,412 248,528 234,254 243,701 235,365 242,094 242,615 253,542 256,730 256,557 252,284 250,930 258,148 256,592 249,273 240,565 263,825 272,456 267,886 257,151 249,064 242,427 236,638 233,994 255,503 248,888 252,680 246,202 262,209 249,858 268,570 259,020 245,080 250,814 241,110 250,039 248,284 260,156 261,008 261,941 261,597 257,248 262,974 267,656 251,858 245,441 276,135 274,795 273,560 263,522 412,361 388,914 377,213 368,667 362,961 360,925 364,388 365,719 369,180 369,533 369,575 369,825 372,752 376,413 375,223 373,363 368,427 366,599 363,783 362,801 362,614 365,474 364,824 360,188 363,650 362,162 376,213 373,185 369,039 367,079 70.3 73.6 72.8 72.9 75.1 77.6 78.4 77.5 75.9 77.3 78.9 77.7 74.2 74.6 76.1 74.2 75.6 74.9 75.0 75.2 76.0 76.5 76.8 79.9 81.3 83.7 84.8 87.7 88.1 89.0 SCHEDULE 2 —Continued AMOUNTS IN THOUSANDS OF DOLLARS Date Bills Discounted for Member Banks Total Earnings Assets (2+5+6) Total Bills Secured by Other Bills U. S. Govt. Discounted Obligations 1 Aug. Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. 2 9 16 23 30 6 13 20 27 4 11 18 25 1 8 15 22 29 6 13 20 27 2 3 100,590 99,752 101,524 97,541 110,535 103,357 97,591 105,535 106,516 119,331 127,086 146,991 130,211 136,006 134,915 128,600 135,673 145,339 156,837 138,960 157,786 179,251 52,542 51,254 51,292 50,125 61,406 52,442 49,075 56,314 57,915 66,615 65,861 82,923 70,371 79,208 76,973 74,685 84,960 93,109 102,585 88,153 83,790 88,100 15,906 14,562 15,509 14,763 23,078 17,663 14,265 15,576 17,629 25,216 24,713 28,204 25,668 28,631 29,241 26,829 32,706 34,091 39,870 31,787 30,788 29,106 4 36,636 36,692 35,783 35,362 38,328 34,779 34,810 40,738 40,286 41,399 41,148 54,719 44,703 50,577 47,732 47,856 52,254 59,018 62,715 56,366 53,002 58,994 Bills Bought in Open Market United States Securities Total Cash Reserves Member Banks' Reserve Deposits Total Deposits Federal Reserve Notes in Circulation Reserve Percentage 5 6 7 8 9 10 11 13,801 16,062 14,247 15,309 12,586 13,350 11,911 16,021 15,940 17,151 17,711 16,101 14,801 13,848 14,806 12,943 13,009 12,277 11,491 8,553 10,168 11,762 34,247 32,436 35,985 32,107 36,543 37,565 36,605 33,200 32,661 35,565 43,514 47,967 45,039 42,950 43,136 40,972 37,704 39,953 42,761 42,254 63,828 79,389 563,143 560,430 572,458 571,807 560,554 570,804 590,552 569,976 562,063 566,439 550,108 526,066 537,323 543,416 563,420 549,674 537,239 542,830 537,403 554,726 545,446 529,852 261,535 256,613 274,321 264,971 264,931 256,267 272,685 262,639 255,527 268,632 256,908 257,940 248,240 253,175 262,022 256,149 253,872 263,238 261,045 265,816 270,369 264,175 265,897 260,897 277,109 267,816 269,591 262,984 277,051 271,506 257,937 270,964 257,876 259,945 250,462 260,581 266,918 259,246 256,349 266,049 267,106 267,992 274,660 267,811 368,285 368,763 369,231 37J.727 372,608 382,861 384,862 382,330 383,081 385,448 390,979 393,286 391,785 391,768 399,695 396,171 396,260 400,932 405,704 407,845 422,690 428,298 88.8 89.0 88.6 89.4 87.3 88.4 89.2 87.2 87.7 86.3 84.8 80.5 83.7 83.3 84.5 83.9 82.3 81.4 79.9 82.1 78.2 76.1 SCHEDULE 3.—Volume of Discount and Open Market Operations FEDERAL RESERVE BANK OF CHICAGO IN THOUSANDS OF DOLLARS Discounted Paper Month Total Secured Agriculby U. S. Bankers Trade tural Govern- Accept- Accept- and Live ment ances ances Stock ObligaPaper tions 75 January 186,180 128,465 92,090 February 141,037 75,000 March 147,020 66,085 107,930 April 61,158 May 97,450 54,094 June 93,238 44,633 68,437 July 57,271 86,920 August 61,925 109,233 September 97,606 160,892 October 188,976 136,486 November 193,691 121,954 December Total: 1922... 1,581,004 996,767 75 1 9 2 1 . . . 4,168,477 2,323,715 1,446 6,305,492 3.816,381 32,095 1920... 224 108 193 113 56 81 72 81 105 100 114 74 1,321 9,147 26,290 U. S. Securities Purchased Purchased Paper 9,891 7,596 12,440 9,112 10,014 7,636 5,386 6,635 7,769 11,147 9,986 7,764 All Other Total 47,525 19,409 41,243 11,951 59,387 14,128 32,620 18,045 26,222 27,802 31,427 35,663 18,346 20,955 22,933 29,011 39,434 24,872 52,039 15,077 42,390 15,043 63,899 21,508 105,376 477,465 253,464 192,620 1,641.549 138,276 2,430,726 345,021 Bankers' Dollar ExAcceptchange ances 18,925 11,629 13,863 17,915 27,339 35,122 20,808 28,821 24,465 15,054 14,893 20,803 249,637 132,825 341,314 484 322 265 130 463 541 147 190 407 23 150 705 3,827 o,451 3,707 Trade Acceptances Bonds and Notes Certificates of Indebtedness 9,288 29,126 24,879 17,825 17,924 24,943 18,740 22,126 5,354 16,141 15,730 38,147 11,910 4,715 24,229 8,770 31,745 16,009 26,419 16,252 5,545 4,520 16,017 190,405 158,198 438,561 21,214 210,475 12 847,942 Total Discount and Open Market Operations 1922 1921 244,003 195,692 204,015 166,841 146,747 182,778 106,017 148,930 181,859 218,640 214,084 421,621 2,431,227 474,436 405,294 556,911 387,789 426,025 455,443 331,867 312,805 333,920 294,722 250,410 308,820 1920 739,687 562,065 911,115 553,987 541,478 630,783 527,059 547,984 656,961 535,298 592,147 699,903 4,538,442 7,498,467 SCHEDULE 4.—Volume of Bills Discounted for Member Banks in Each State FEDERAL RESERVE BANK OF CHICAGO AMOUNTS IN THOUSANDS OF DOLLARS Month "Illinois "Indiana 57,190 42,878 63,743 41,012 39,204 39,854 24,056 27,119 51,867 72,389 88,776 80,702 February March May June July August September October November December. . 14,028 15,157 16,095 10,236 6,740 7,740 10,241 11,338 12,790 12,714 9,475 11,497 Iowa 25,819 17,304 21,359 14,883 15,123 11,426 10,043 11,347 13,100 17,515 22,292 18,256 "Michigan "Wisconsin 78,416 58,703 37,389 36,297 27,524 26,489 20,889 32,480 27,665 51,052 61,189 74,425 10,727 6,995 8,434 5,502 8,859 7,729 3,208 4,636 3,811 7,222 7,244 8,811 Total Number of Number oi member member banks banks in accommodistrict dated at end during of month the month 186,180 141,037 147,020 107,930 97,450 93,238 68,437 86,920 109,233 160,892 188,976 193,691 1,445 1,443 1,440 1,441 1,443 1.444 1,444 1,445 1,444 1,444 1,443 1,443 937 889 791 774 763 754 732 712 715 774 788 742 628,790 138,051 198,467 532,518 83,178 1,581,004 Total: 1922 1,687,314 273,191 635,256 1,284,464 288,252 4,168,477 1921 . 2,982,798 370,334 823,605 1,743,005 385,750 6,305,492 1920 N u m b e r of member banks at end of year: 132 1,443 234 212 459 1922 406 1,443 233 133 214 459 404 1921 1,421 132 459 214 226 390 1920 N u m b e r of member banks accommodated: 1,129 194 98 155 400 1922 282 429 195 110 1,191 160 297 1921 1,124 424 171 97 155 277 1920 "Figures in this column relate only to that part of the State located in this district. SCHEDULE S.—Earnings and Expenses FEDERAL RESERVE BANK OF CHICAGO 1922 Discounted Bills Purchased Bills United States Securities.... Transfers—net earnings Deficient Reserve Penalties. Miscellaneous Total Earnings. 1921 1920 3,862,291 $18,829,302 $25,726,750 374,864 2,989,035 547,339 858,205 2,081,340 995,377 162,555 803 374,000 123,250 49,761 174,470 33,994 207,329 43,586 $ 6,748,863 $20,382,170 $30,303,218 CURRENT EXPENSES Salaries: Bank Officers 367,156 $ 332,652 $ 224,041 Clerical Staff 1,907,058 1,888,877 1,672,550 Special Officers and Watchmen 138,792 155,333 94,494 All Other 236,665 156,492 123,324 Governors' Conferences 309 615 474 Federal Reserve Agents' Conferences 348 244 559 992 Federal Advisory Council 1,099 1,046 8,221 Directors' Meetings 11,731 9,591 *Traveling Expenses 42,083 48,131 39,667 Assessments for Federal Reserve Board Expenses 98,307 105,227 101,568 Legal Fees 1,387 Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 68,987 65,581 45,610 Banking House: Taxes and Fire Insurance 43 •Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 24 SCHEDULE 5 (Continued).—Earnings and Expenses FEDERAL RESERVE BANK OF CHICAGO 1922 1921 1920 205,72' 1,77. 273,62 7,141 118,158 249,617 31,872 71,621 13,033 107,502 300,242 4,535 289,064 240,727 19,283 63,875 114,767 CURRENT EXPENSES—CONTINUED Banking House—Continued: Light, heat and power Repairs and alterations All other Rent, including light, heat and power, and minor alterations Fire Insurance—Furniture and Equipment fFurniture and Equipment Printing and Stationery (including office and other supplies) Telephone Telegraph Security Shipments Currency and Coin Shipments Postage and Expressage (other than on money and security shipments) Federal Reserve Currency: Original Cost, including shipping charges Cost of Redemption, including shipping charges Taxes on Federal Reserve Bank Note Circulation All Other Expenses Total Current Expenses. Current Net Earnings... 192,262 31,32: 62,168 11,71 136,943 154,258 145,446 125,770 95,378 82,631 33,42. 188,960 768,220 106,811 98,65. 107,710 4,852,258 550,291 102,672 174,252 154,838 4,080,057 4,453,240 $ 2,668,806 $15,529,912 S25.849.978 PROFIT AND LOSS ACCOUNT Earnings Current Expenses $ 6,748,863 $20,382,170 $30,303,218 4,080,057 4,852,258 4,453,240 Current Net Earnings 2,668,806 $15,529,912 $25,849,978 Additions to Current Net Earnings: Amounts deducted from Reserve for— Depreciation on United States Bonds Probable losses Assessment account expenses Federal Reserve Board pre viously charged to profit and loss All other 144,554 300,000 4,826 66,764 2,543 572,019 4,826 69,307 1,400,000 Total Additions. Deductions from Current Net Earnings: Depreciation allowances on bank premises. . Reserve for probable losses Furniture and Equipment All Other 127,465 145,000 500,000 29,062 238,923 196,687 384,621 14,474 1,835,610 1,029,621 43,536 Net Deductions from Current Net Earnings 1,263,591 1,024,795 125,771 Net Earnings Available for dividends, franchise tax, and surplus. 1,405,215 14,505,117 $25,875,749 Total Deductions. Dividends Paid Franchise Tax Paid United States Government. Transferred to Surplus Account. 876,203 853,785 792,769 **4 76,111 11,576,009 10,394,480 ** 52,901 2,075,323 14,688,500 tCharged to Profit and Loss in 1922 and to current expanses prior to that year. |Net additions. **Bank also charged its surplus account and paid the U. S. Government $710, 190 as an additional franchise tax for 1921. See page 7. 25 SCHEDULE 6.—Operations of Federal Reserve Clearing System FEDERAL RESERVE BANK OF CHICAGO (Figures include cash items only) NUMBERS IN THOUSANDS; AMOUNTS IN THOUSANDS OF DOLLARS Items drawn on Banks in own District Month Items forwarded to other F. R. Banks and their Branches Items drawn on Treasurer of United States Total Number Amount Number Amount Number Amount Number Amount 968,189 880,275 1,219,091 1,031,937 1,109,820 1,194,213 1,105,168 1,110,976 1,210,872 1,268,756 1,171,851 1,275,858 293 273 364 305 311 311 315 316 315 359 354 411 32,129 26,819 35,712 30,874 32,302 ^8,404 34,513 36,758 38,869 41,807 40,568 43,495 318 230 405 526 387 419 294 252 471 585 465 448 61,805 42,914 58,192 62,846 53,855 38,078 45,833 41,767 51,884 58,494 52,312 61,172 69,617 13,547,006 60,411 12,850,573 53,374 17,568,032 3,927 3,533 3,490 432,250 415,171 636,337 4,800 4,862 3,447 629,152 729,881 471,349 January. . . February.. March . . . . April May June July August... . September. October. . . November. December. 5,165 4,699 6,070 5,386 5,830 6,161 5,691 5,813 5,830 6,233 6,002 6,737 Total: 1922. 1921. 1920. 5,776 5,202 6,839 6,217 6,528 6,891 6,300 6,381 6,616 7,177 6,821 7,596 1,062,123 950,008 1,312,995 1,125,657 1,195,977 1,270,695 1,185,514 1,189,501 1,301,625 1,369,057 1,264,731 1,380,525 78,344 14,608,408 68,806 13,995,625 60,311 18,675,718 'Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 1—Transfers of Funds AMOUNTS IN THOUSANDS OF DOLLARS Transfers over Leased Wires "All Others Month Incoming January... February.. March.... April May June July August.... September. October. . . November. December. Total amounts: 1922 1921 Total number: 1922 1921 343,960 342,755 486,075 391,279 503,300 564,037 502,921 528,282 498,014 562,526 447,406 495,866 6,052,083 4,122,284 5,666,421 3,479,685 67,555 51,623 57,050 44,769 136,523 136,913 109,265 135,160 196,410 215,645 190,804 203,393 202,452 209,125 203,987 246,818 873,806 875,486 1,164,358 973,634 1,238,767 1,399,287 1,060,182 1,313,793 1,250,685 1,378,393 1,129,104 1,247,504 718,068 586,790 741,962 675,070 728,152 750,598 703,756 889,845 843,659 856,377 847,002 942,822 2,186,495 13,904,999 1,682,132 9,284,101 88,960 81,854 "Including transfers for account 5 per cent fund of National Banks. Total 1921 Outgoing 393,323 395,818 569,018 447,195 539,057 619,605 366,457 582,118 550,219 606,742 477,711 504,820 Total 1922 26 213,565 178,246 SCHEDULE 8.—Clearings and Transfers through the Gold Settlement Fund FEDERAL RESERVE BANK OF CHICAGO IN THOUSANDS OF DOLLARS Week Ending January 5 (three days). January 12 January 19 January 26 February 2 February 9 February 16 February 23 March 2 March 9 March 16 March 23 March 30 April 6 April 13 April 20 April 27 May 4 May 11 May 18 May 25 June 1 June 8 June 15 June 22 June 29 July 6 July 13 July 20 July 27 Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Nov. 2 Nov. 9 Nov. 16 Nov. 23 Nov. 30 Dec. 7 Dec. 14 Dec. 21 Dec. 28 Dec. 29-30 (two days). . Total: 1922 1921 1920 Payments to other F. R. Banks Receipts from other F. R. Banks 107,886 175,485 197,623 179,887 183,092 165,958 151,125 184,840 198,974 216,616 224,236 220,726 213,183 186,938 188,517 201,718 196,559 220,770 202,873 233,118 227,391 178,487 212,608 232,883 272,941 236,886 175,032 241,979 229,488 230,383 212,257 216,577 230,184 223,756 217,946 174,424 211,930 286,190 246,291 226,647 225,129 326,694 265,470 235,630 176,464 226,245 253,434 201,640 232,011 208,088 270,895 232,324 91,204 111,473 181,750 174,056 185,780 193,614 176,518 161,457 182,921 204,933 215,534 229,401 223,968 180,024 205,729 187,986 190,805 203,419 217,725 197,997 234,310 237,280 175,077 212,086 272,184 273,513 234,784 220,015 233,328 244,743 217,105 212,496 214,695 239,500 215,387 217,742 187,419 219,448 275,140 226,492 247,753 194,101 327,068 252,994 237,109 190,915 210,904 239,242 204,862 225,727 230,081 253,386 213,200 130,852 11,279,632 8,698,247 11,780,535 Net Loss 3,587 6,265 23,567 1,919 1,082' 33,159 531 10,913 3,045 4,876 3,410 522 2,102 8,65 i' 13,278 i',882' 8,369 204 11,050 19,799 31,028 12,476 15,341 14,192 6,284 17,509 19,124 11,346,028 8,900,334 11,682,192 98,343 Net change in ownership of gold since establishment of fund in 1915 27 Net Gain 5,893 10,522 10,560 10,332 5,959 5,165 3,242 18,791 6,860 1,192 9,889 39,301 572 44,983 15,255' 239 9,3i6' 12,995 7,518 21,106 '374' 1,479 14,451 3,222 21,993' 39,648 66,396 202,087 279,951 SCHEDULE 9.—Principal Assets and Liabilities of Reporting Member Banks in Leading Cities as of the last report date in the month FEDERAL RESERVE DISTRICT OF CHICAGO IN THOUSANDS OF DOLLARS Last Report Date in Loans and Discounts Total Loans and secured by Stocks Discounts including Rediscounts with Fed- and Bonds other . than U. S. Bonds eral Reserve Bank Investments U. S. Securities All Other Net Demand Deposits Time Deposits Accommodation at F. R. Bank 1922 January February.... March April May June July August September... October.... November... December. . . 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1,565,270 1,573,108 1,546,502 1,534,654 1,586,510 1,550,619 1,562,886 1,576,323 1,573,982 1,624,909 1,599,000 1,609,200 1,885,110 1,869,490 1,877,103 1,828,310 1,781,607 1,777,614 1,742,107 1,683,092 1,691,725 1,645,861 1,614,276 1,597,690 435,471 445,514 422,754 426,514 484,871 484,141 499,847 528,071 519,930 552,361 543,436 539,093 443,207 441,607 438,842 432,349 446,555 446,632 440,422 440,646 437,047 427,202 432,028 451,127 123,950 144,992 142,974 167,969 185,109 212,037 209,502 243,097 245,846 252,647 256,353 295,202 145,951 139,659 143,424 137,291 135,807 134,395 119,990 123,953 143,673 120,922 131,785 138,288 382,457 384,686 388,188 391,155 404,225 401,532 402,093 408,320 405,146 407,299 419,044 432,776 337,213 348,193 346,890 347,669 349,830 350,168 342,696 341,784 343,265 354,046 360,985 380,098 1,260,480 1,320,730 1,288,998 1,336,576 1,422,458 1,400,916 1,440,402 1,440,503 1,437,964 1,439,081 1,434,443 1,467,033 1,323,597 1,317,378 1,257,524 1,264,907 1,287,108 1,239,107 1,267,405 1,299,128 1,254,017 1,279,535 1,262,766 1,246,541 648,472 658,773 657,473 659,041 667,576 681,109 682,359 701,687 700,355 731,179 732,092 744,470 660,152 659,254 658,010 653,791 656,642 660,430 653,296 652,397 649,618 656,738 662,486 655,772 56,804 27,290 33,677 17,991 15,877 10,020 7,196 19,665 17,443 25,669 40,360 38,244 280,149 285,620 314,056 260,986 210,688 218,954 185,412 121,249 131,800 100,711 85,803 104,890 NOTE.—Figures are for about 109 banks, which submit weekly reports to the Federal Reserve Board, located in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Peoria, Milwaukee, and Sioux City. SCHEDULE 9A.—Principal Assets and Liabilities of Reporting Member Banks in Federal Reserve Bank City as of the last report date in the month FEDERAL RESERVE DISTRICT OF CHICAGO IN THOUSANDS OF DOLLARS Last Report Date in Total Loans and Discounts including Rediscounts with Federal Reserve Bank 1922 January February.... March April May 1,046,182 1,056,963 1,037,515 1,026,633 1,082,025 1,049,000 June 1,052,049 July 1,066,013 August September... 1,063,343 1,101,574 October November... 1,068,641 December. . . 1,075,246 Loans and Discounts secured by Stocks and Bonds other than U. S. Bonds Investments TJ. S. Securities All Other Net Demand Deposits Accommodation at F. R. Bank 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1,245,813 1,239,197 1,245,366 1,211,367 1,183,085 1,186,876 1,163,200 1,116,833 1,130,102 1,094,039 1,071,319 1,062,079 319,626 329,845 303,439 310,389 365,780 360,484 373,041 400,369 394,786 424,850 414,965 408,470 320,506 318,116 317,285 313,294 324,370 325,796 320,799 321,417 317,075 309,718 314,781 331,546 40,1^ 60,964 57,609 79,678 93,825 112,734 107,937 133,330 132,374 130,024 136,818 162,254 40,566 39,550 44,926 44,526 46,506 47,471 38,965 38,947 54.220 39,907 48,534 53,394 173,519 176,144 176,425 177,728 185,422 181,261 176,799 175,726 171,682 172,417 180,520 193,538 137,135 147,250 146,613 144,914 147,065 143,363 133,933 132,424 134,180 145,339 154,820 171,943 870,020 921,926 878,356 916,070 986,569 959,519 981,590 997,652 990,053 995,441 990,967 1,008,717 930,616 931,481 885,903 891,116 905,302 864,895 874,403 901,761 874,529 892,790 875,611 863,050 312,419 315,973 311,474 310,959 315,083 324,492 322,781 334,514 328,505 352,616 350,499 361,276 308,677 309,843 313,991 314,374 315,517 318,288 312,588 311,567 309,947 312,386 316,239 313,413 15,817 6,307 19,720 3,460 9,274 5,979 2,442 6,225 8,500 8,648 11,081 14,763 152,725 156,391 182,000 139,048 108,785 122,684 103,519 51,133 57,785 40,395 32,631 49,838 NOTE.—Figures are for about 50 banks located in Chicago, which submit weekly reports to the Federal Reserve Board. Time Deposits SCHEDULE 10.—Debits to individual accounts FEDERAL RESERVE DISTRICT OF CHICAGO IN THOUSANDS OF DOLLARS 'Summary for 21 Centers *Cedar Rapids, la. *Bloomington, 111. *Bay City, Mich. Month 1922 May June July. . August September October November December Total 1920 3,858,652 3,523,914 4,389,187 3,945,171 4,097,957 4,326,058 3,995,629 3,991,612 4,070,134 4,438,210 4,051,955 4,615,171 January February March April 1921 4,321,991 3,512,764 3.992,927 3,819,083 3,765,913 3,827,910 3,781,428 3,874,899 3,848,068 4,068,910 3,827,166 4,195,461 5,161,983 4,300,416 5,359,715 4,910,702 4,791,361 5,072,942 5,235,135 4,733,163 4,969,417 5,086,227 4,559,162 4,885,453 49,303,650 46,836,520 59,065,676 1922 1921 1920 1922 1921 1920 1922 1921 1920 9,998 8,959 10,082 9,713 10,449 10,026 9,804 10,019 10,115* 10,598 10,043 11,346 13,123 10,018 11,229 10,585 9,874 9,704 9,915 10,145 11,534 10,707 11,380 12,125 16,819 12,475 16,682 16,148 14,342 14,651 14,846 14,164 15,969 14,128 14,243 15,680 8,917 8,849 13,409 10,617 9,200 9,553 9,751 9,538 9,799 9,953 9,442 11,702 10,126 10,499 13,105 11,531 8,860 9,624 9,936 9,519 9,631 9,396 8,548 9,923 13,382 15,134 20,818 14,666 11,907 12,886 12,395 11,799 12,734 11,888 10,290 11,195 37,646 29,794 27,799 22,606 21,228 22,830 29,693 21,342 21,899 23,555 20,814 24,255 48,220 37,997 57,130 47,390 39,863 41,940 40,094 39,388 39,668 42,946 37,861 41,157 39,792 37,711 48,640 43,543 32,038 41,347 50,244 46,117 50,020 51,784 45,728 49,332 130,339 180,147 120,730 120,698 159,094 303,461 513,654 536,296 121,152 January February March April May *Des Moines, la. 3,342,244 2,743,992 3,374,286 3,074,281 3,079,139 3,211,922 3,350,871 2,997,834 3,182,828 3,338,043 2,984,381 3,274,411 29,002 30,170 34,649 31,904 35,194 33,817 36,136 30,667 35,576 36,210 34,933 38,111 31,073 28,261 34,227 31,120 27,940 26,655 26,725 25,289 28,434 30,274 25,963 30,226 36,289 34,983 43,525 41,651 34,695 36,426 37,166 32,906 36,483 34,857 32,445 34,289 11,831 11,245 14,610 12,664 13,290 13,908 14,310 15,430 13,897 14,583 13,525 15,520 13,768 11,147 15,083 14,491 13,072 12,889 14,145 13,572 13,389 12,661 11,318 13,619 20,044 17,160 23,077 17,981 17,610 19,436 18,617 18,898 18,987 10,028 14,363 14,630 64,246 56,738 78,201 65,997 68,229 71,587 67,217 64,690 68,510 72,384 73,028 75.536 75,674 65,530 90,763 78,732 67,073 69,185 63,289 63,842 64,238 69,506 65,025 68,934 98,156 88,840 163,197 110,789 91,002 97,247 91,814 82,002 83,881 86,338 75,756 75,859 32,331,033 30,831,583 37,954,232 406,369 346,187 435,715 164,813 159,154 216,831 826,363 841,791 1,144,881 2,628,922 2,377,977 2,937,013 2,625,014 2,688,686 2,866,520 2,526,494 2,551,243 2,630,976 2,929,346 2,618,619 2,950,223 June July. . . August September October November December Total •Decatur, 111. 'Davenport, la. "Chicago, 111. 2,898,058 2,330,876 2,593,598 2,468,688 2,454,662 2,497,960 2,424,556 2,547,308 2,525,688 2,709,978 2,581,023 2,799,188 'Figures for only those cities which are marked with an asterisk are included in the district summary and in the national summary of 141 centers. NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not included in the table. SCHEDULE 10 (Continued).—Debits to individual accounts FEDERAL RESERVE DISTRICT OF CHICAGO IN THOUSANDS OF DOLLARS *Fort Wayne, Ind. *Flint, Mich. *Dubunue, la. *Detroit, Mich. Month 1921 1920 1922 1921 1920 1922 1921 1920 1922 1921 1920 July . August September October November December 443,087 403,803 516,859 490,190 526,023 542,982 574,030 588,363 548,708 554,040 545,937 651,296 479,627 389,988 461,007 477,262 493,899 472,623 535,570 509,487 490,863 486,356 444,616 504,924 695,584 568,558 717,625 685,573 622,532 712,564 705,128 656,977 690,291 658,449 579,609 590,501 11,935 11,660 13,718 12,554 12,888 12,992 12,241 11,632 12,782 13,151 12,457 15,068 14,438 11,781 15,034 13,092 13,676 11,639 11,676 10,746 11,699 12,358 12,248 12,207 15,727 14,290 18,880 16,371 15,919 14,693 16,163 14,594 16,025 15,969 14,843 14,767 19,558 17,087 22,787 32,369 28,074 27,278 22,286 24,466 24,781 26,740 27,099 28,547 18,695 14,882 18,301 20,450 21,466 21,338 24,700 25,250 24,399 23,032 21,554 21,069 42,200 34,850 46,226 48,291 41,731 47,487 53,426 44,484 41,852 35,690 25,150 22,618 27,986 26,261 30,350 28,311 30,213 31,941 31,357 28,072 33,125 32,832 32,305 35,246 30,022 25,530 31,115 30,588 28,714 30,072 28,113 26,690 27,095 27,669 27,299 33,487 31,278 30,178 36,583 34,990 34,280 35,493 38,135 33,626 34,126 33,989 33,295 34,909 Total 6,385,318 5,746,222 7,883,391 153,078 150,594 188,241 301,072 255,136 484,005 367,999 346,394 410,882 1922 January February March April May *Grand Rapids, Mich. January February March "Kalamazoo, Mich. Jackson, Mich. ""Indianapolis, Ind. July August September October November December 65,334 50,124 60,011 55,950 63,232 63,344 59,983 62,156 59,104 64,155 60,868 65,870 85,432 72,309 76,857 76,922 76,261 80,852 72,061 80,557 85,086 89,187 85,425 96,801 94,784 86,238 95,804 100,987 96,382 97,161 102,918 95,964 94,584 96,106 95,538 95,759 128,100 119,521 153,018 125,229 139,871 150,564 145,641 136,234 140,381 147,215 144,353 176,168 143,900 122,209 140,939 132,927 131,828 144,606 139,243 133,658 128,617 135,803 130,011 147,696 169,549 152,608 175,601 162,535 168,425 179,180 186,914 187,891 167,848 158,963 146,645 163,954 14,889 11,716 14,544 14,919 17,873 19,999 19,002 18,071 16,837 18,216 16,994 18,800 17,048 12,543 14,729 14,745 15,113 13,726 16,189 15,407 14,871 15,581 13,338 16,443 21,345 18,719 18,156 19,548 20,021 17,097 20,469 21,747 23,326 21,156 16,857 16,826 17,437 14,710 17,209 17,265 17,079 18,038 17,731 19,090 19,038 19,877 18,886 21,978 19,963 15,322 19,662 17,653 17,249 17,987 15,969 16,703 17,246 17,270 16,663 20,119 20,549 17,993 22,744 23,480 21,692 23,336 23,985 24,424 24,968 25,986 23,457 25,028 Total 730,131 977,750 1,152,225 1,706,295 1,631,437 2,020,113 201,860 179,733 235,267 218,338 211,806 277,642 May •Figures for only those cities which are marked with an asterisk are included in the district summary and in the national summary of 141 centers. SCHEDULE 10 (Continued).—Debits to individual accounts FEDERAL RESERVE DISTRICT OF CHICAGO IN THOUSANDS OF DOLLARS ' M i l w a u k e e , Wis. ' L a n s i n g , Mich. *Peoria, 111. Moline, 111. Month 1921 1920 January February March April May June July August September October November December 17,917 16,863 21,734 23,262 26,078 28,986 26,606 25,727 25,597 27,210 25,254 30,500 19,880 17,593 22,084 23,091 20,192 23,311 21,599 21,378 20,915 21,577 18,198 20,155 25,236 21,760 29,113 27,927 28,980 31,637 29,952 27,644 26,430 25,665 •22,843 20,994 217,005 213,848 263,205 220,409 237,263 244,219 241,747 226,383 244,496 269,351 240,463 267,634 295,734 249,973 318,181 2,886,023 2,765,928 1921 1920 8,523 9,027 10,351 9,975 8,659 8,689 7,494 6,837 7,582 7,522 7,589 7,694 11,154 13,476 11,688 10,864 12,223 31,210 29,854 34,988 33,090 36,646 37,435 36,191 35,077 35,265 38,735 35,706 45,019 40,243 32,597 38,679 35,743 34,122 32,512 32,891 31,203 32,973 33,473 27,976 35,461 50,002 42,230 52,674 46,741 47,372 53,090 52,509 45,292 43,995 41,789 37,003 40,798 99,942 59,405 429,216 407,873 553,495 317,900 254,781 318,814 298,203 287,952 295,189 307,874 270,639 295,922 305,121 287,593 293,369 6,805 6,494 8,087 9,874 9,472 8,526 9,752 7,327 7,776 7,619 7,435 7,152 3,533,357 96,319 1920 •South Bend, Ind. *Sioux City, l a . *Rockford, 111. 1922 1921 274,058 222,297 233,644 222,181 215,763 225,594 218,209 222,327 227,746 243,189 221,342 239,578 Total 1920 1922 1921 1922 1922 Springfield, 111. (A) January February March April May June July. .. August September October November December 18,205 16,114 20,321 20,698 19,663 20,368 20,015 19,408 19,745 22,044 19,096 23,224 21,799 19,422 22.'.M >s 22,254 20,817 20,004 21,357 18,637 18,190 18,269 17,418 20,220 29,610 24,342 31,606 29,717 27,584 28,108 28,541 25,458 27,116 27,502 24,623 26,218 35,498 46,330 76,068 65,618 70,037 71,959 66,856 64,277 67,146 74,294 61,945 70,660 55,860 47,917 60,930 45,156 33,778 38,860 35,444 34,022 33,045 35,486 30,832 30,852 71,649 67,038 83,538 79,272 75,765 76,211 70,578 60,930 66,239 67,102 56,110 50,489 22,287 22,212 26,821 26,194 29,829 32,806 33,148 34,159 34,207 35,340 33,037 40,227 15,584 15,591 22,953 25,718 26,577 28,663 24,207 23,879 26,063 26,553 22,216 25,601 15,846 18,896 14,361 16,337 23,264 24,017 24,269 24,331 21,585 24,248 20,336 16,504 23,271 21,254 26,558 25,011 22,775 25,382 25,415 23,194 21,830 23,647 22,797 25,652 25,250 20,507 27,893 25,635 22,596 23,481 26,576 23,270 22,876 22,480 22,218 24,212 Total 238,901 241,295 330,425 770,688 482,182 824,921 370,267 283,605 243,994 286,786 286,994 (A) Comparable figures for 1920 n o t available. •Figures for only those cities which are marked with an asterisk are included in t h e district s u m m a r y and in the national s u m m a r y of 141 centers. SCHEDULE 10 (Continued).—Debits to individual accounts. FEDERAL RESERVE DISTRICT OF CHICAGO IN THOUSANDS OF DOLLARS •Waterloo, la. * Waterloo, la. Month Month 1922 1922 January..... February... March April May June July 1921 12,531 11,795 16,335 15,517 14,785 14,905 14,392 12,448 10,998 13,679 13,509 10,227 11,892 11,729 15,343 16,359 25,921 21,219 18,750 20,861 18,790 1921 1920 August September.. October. . . . November.. December. . 13,639 14,987 16,597 14,145 17,041 11,299 11,549 13,220 10,250 12,119 17,189 17,534 16,582 14,911 14,149 Total. . 176,669 142,919 217,608 1920 •Figures for only those cities which are marked with an asterisk are included in the district summary and in the national summary of 141 centers. SCHEDULE 11.—New National Banks, 1922 Bank Location MICHIGAN Lawton Grand Rapids First National Bank City National Bank ILLINOIS Chicago Douglas National Bank IOWA Lorimor First National Bank NOTE.—On account of the mailing of dividend checks to member banks on December 28, 1922, in payment of dividends to December 31, 1922, the capital stock accounts of this bank were automatically closed until January 2, 1923. For this reason, the Portage Park National Bank of Chicago, Illinois, and the First National Bank of Marion, Wisconsin, chartered at the close of 1922, were not recorded as member banks until January 2, 1923. SCHEDULE 12.—-Consolidations and Liquidations of National Banks in 1922 Name of Bank Location IOWA . Sioux City Disposition Continental National Bank... Absorbed by Sioux National Bank Absorbed by First National Bank Fairfield National Bank Absorbed by Iowa Loan & Trust Co. National State Bank Mt. Pleasant Fairfield MICHIGAN Grand Rapids City National Bank Newcastle Consolidated with Grand Rapids National Bank Citizens National Bank INDIANA Greencastle Consolidated with First National Bank Consolidated with Farmers National Bank as Farmers & First National Bank First National Bank SCHEDULE 13.—State Banks—Liquidations and Withdrawals—1922 Location Date Name of Bank Disposition MICHIGAN Grand Rapids.... City Trust & Savings Bank Thompson Savings Bank Hudson February 1, 1922.. Nationalized November 23,1922. Withdrawal INDIANA Hillsboro Hillsboro State Bank February 9, 1922.. Withdrawal WISCONSIN Stratford Stratford State Bank September 9, 1922. Withdrawal 33 SCHEDULE 14.—Customary money rates in Chicago at commercial banks in 1922 January Demand money Commercial paper Brokers' 6 months' paper. Year money Acceptances Notes secured by Certificates of Indebtedness. . February March 51/2 ©6 5>|@6i/2 4% ©5 6 3% 5i/2 @6 5 @6V2 5 5 ©6 5 @6 4M@5 4 @5H 51/2 @6 5 ©6 5 4M@6 3^g@3% 3M@3^ 5 ©6 4M@6 4V4,@4% 6 3^@4M 41/2 ©6 41/2 ©6 4M@6 4 4 April @5>/2 July Demand money Commercial paper Brokers' 6 months' paper. Year money Acceptances Notes secured by Certificates of Indebtedness. . August September October 5 ©51/2 5 @5M 4\i ©41/2 5 ©51/2 4M @5V2 41/2 ©5 41/2 ©51/2 4M@5i/ 2 41/2 @4% 5 ©51/2 41/2 @5i/2 41/2 ©5 3 @4J4 3 @4M 3 @4SA 3VS ©4 4 ©5 4 4 ©5 4^@5V2 ©5 May ©6 3 @3M 4 ©51/2 4 4M @5i/2 4% ©51/z NOTES SECURED BY CERTIFICATES OF INDEBTEDNESS 34 4i/2 mu 5 ©51/2 4 ^©51/2 41/2 ©5 6 4 ©5 5 ©51/2 41/2 ©51/2 41/2 ©5 Spread of Money Rates in Chicago at Commercial Banks 19Z1 5 ©6 41/2 ©(5 November December PER CENT 19Z0 June 192Z SCHEDULE 15.—State Bank membership in Federal Reserve Bank of Chicago by states and cities with year of admission ILLINOIS CITY Argenta. . . Auburn Barrington Blandinsville Chicago Cicero Cowden Des Plaines Divernon Eureka Evanston Fulton Geneva Hinckley Hinsdale Joliet Kewanee La Grange Magnolia Marshall Martinsville Matteson Mattoon BANK ADMITTED The Gerber State Bank Auburn State Bank First State Bank of Barrington Huston Banking Company Adams State Bank Auburn Park Trust & Savings Bank Austin State Bank Capital State Savings Bank Central Trust Company of Illinois Chicago Trust Company Depositors State Bank Drexel State Bank First Trust & Savings Bank Foreman Bros. Banking 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 The Northern Trust Company North-Western Trust & Savings Bank Reliance State Bank Second Security Bank Security Bank of Chicago South Side Trust & Savings Bank Standard Trust & Savings Bank State Bank of Chicago Union Trust Company United State Bank Woodlawn Trust & Savings Bank Morton Park State Bank. Western State Bank of Cicero State Bank of Cowden Des Plaines State Bank First State Bank Farmers State Bank Evanston Trust & Savings Bank State Bank & Trust Company Whiteside County State Bank State Bank of Geneva Hinckley State Bank Hinsdale State Bank Commercial Trust & Savings Bank Joliet Trust & Savings Bank Union State Savings Bank & Trust Company The La Grange State Bank First State Bank The Marshall State Bank Martinsville State Bank First State Bank Central Illinois Trust & Savings Bank *Withdrew from membership, February 10, 1923. 35 1921 1918 1918 1920 1921 1922 1917 1918 1914 1917 1918 1921 1917 1917 1917 1918 1917 1918 1920 1917 1918 1918 1918 1917 1917 1918 1918 1921 1919 1918 1921 1917 1917 1917 1917 1920 1920 1917 1920 1918 1920 1918 1918 1917 1919 1918 1921 1918 1915 1917 1917 1918 1918 1918 1917 1918 1918 SCHEDULE 15.—State Bank membership in Federal Reserve Bank of Chicago ILLINOIS—Continued CITY Moline Mount Carroll Oak Park. Oswego Polo Rock Island St. Charles Seneca Shannon Springfield Wenona BANK ADMITTED 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 Polo State Bank First Trust & Savings Bank Stewart State Bank. Farmers Trust & Savings Bank State Bank of Seneca State Bank of Shannon Ridgely-Farmers State Bank First State Bank of Wenona " . 1918 1918 1918 1918 1920 1918 1917 1918 1921 1920 1918 1921 1921 1918 1919 1918 South Whitley Terre Haute Tipton INDIANA Steuben County State Bank Farmers State Bank Farmers State Bank Fayette Bank & Trust Company Sparta State Bank St. Joseph Valley Bank Fletcher Savings & Trust Company Citizens State Bank Discount & Deposit State Bank Kent State Bank Farmers State Bank Grant Trust & Savings Company North Liberty State Bank Dickinson Trust Company United States Bank & Trust Company American Trust Company St. Joseph Loan & Trust Company Mayer State Bank The Terre Haute Trust Company Farmers Loan & Trust Company 1918 1918 1919 1918 1918 1917 1922 1918 1917 1918 1919 1918 1918 1918 1919 1918 1918 1918 1918 1918 Algona Alta Vista Ames Armstrong Audubon Avoca Barnes City Battle Creek Bellevue Bennett Blairsburg Brighton Britt Cedar Falls Cedar Rapids Chariton Charter Oak Cherokee Clearfield IOWA County Savings Bank Alta Vista Savings Bank. . Story County Trust & Savings Bank State Bank of Armstrong 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 1918 1918 1918 1921 1918 1918 1918 1918 1918 1920 1918 1918 1918 1917 1918 1918 1918 1918 1920 Angola Bargersville Colfax Connersville Cromwell Elkhart Indianapolis Jamestown Kentland La Fontaine Marion North Liberty Richmond Rochester South Bend 36 SCHEDULE 15.—State Bank membership in Federal Reserve Bank of Chicago IOWA—Continued CITY Clinton Corwith Corydon Davenport Decorah Des Moines Dexter Early Elberon Eldora Elkader Ellsworth Fairbank Fairfield Farragut Fort Madison Fostoria Fremont Garwin Gilbert..... Gilman Grand River Grant Greenfield Hudson Humboldt Jefferson Knoxville Lake View Lakota Leon Lockridge Logan Lowden Lytton Magnolia Malcom Mapleton Marshalltown Mason City Mechanicsville Mediapolis Missouri Valley Mondamin Monticello Moorhead Moville New Hampton Newton Ogden BANK ADMITTED Peoples Trust & Savings Bank Peoples State Bank Wayne County State Bank American Commercial & Savings Bank Citizens Savings Bank Winneshiek County State Bank Bankers Trust Company Central State Bank Iowa Loan & Trust Company Iowa State Bank Citizens State Bank State Bank of Early Farmers State Bank Citizens Savings Bank Elkader State Bank Farmers State Bank , State Bank of Ellsworth Fairbank State Bank Iowa Loan & Trust Company Iowa State Savings Bank Commercial Savings Bank American State Bank Fort Madison Savings Bank Citizens Savings Bank. State Bank of Fremont Garwin State Bank Gilbert Savings Bank Citizens Savings Bank Farmers State Bank Farmers Savings Bank Greenfield Savings Bank Hudson Savings Bank Peoples State Bank Jefferson Savings Bank Guaranty State Bank Lake View State Bank Farmers & Drovers State Bank Farmers & Traders State Bank Lockridge Savings Bank State Savings Bank Lowden Savings Bank . Farmers Savings Bank Magnolia Savings Bank Malcom Savings Bank Mapleton Trust & Savings Bank Marshalltown State Bank City-Commercial Savings Bank Mechanicsville Trust & Savings Bank Commercial State Bank State Savings Bank Mondamin Savings Bank Lovell State Bank Monticello State Bank Moorhead State Bank Moville State Bank State Bank of New Hampton Citizens State Bank Jasper County Savings Bank City State Bank 37 1917 1920 1922 1918 1918 1918 1918 1918 1917 1920 1920 1920 1918 1918 1918 1918 1918 1918 1922 1918 1920 1919 1920 1918 1921 1918 1918 1917 1920 1919 1920 1920 1918 1918 1918 1921 1918 1918 1918 1918 1918 1919 1920 1918 1918 1918 1917 1920 1918 1918 1918 1918 1918 1921 1919 1918 1918 1918 1918 SCHEDULE 15.—State Bank membership in Federal Reserve Bank of Chicago IOWA—Continued CITY Osage. . . . -. Osceola Ottumwa Perry Remsen Riceville Roland Royal Sac City Schaller Shenandoah Sibley Sioux Center Solon Storm Lake Strawberry Point Sutherland Terril Thompson Tipton Ute Vail Van Wert Victor Wapello Waterloo Webster City Winterset Adrian Albion Alpena Ann Arbor Armada Bay City Bellevue Benton Harbor Big Rapids Birmingham Blanchard Blissfield Britton Caledonia Caro Carson City Carsonville Cass City Cassopolis BANK ADMITTED The Home Trust & Savings Bank Iowa State Bank Ottumwa Savings Bank Peoples Trust & Savings Bank Farmers Savings Bank Riceville State Bank Farmers Savings Bank Home State Bank Farmers Savings Bank Sac County State Bank Schaller Savings Bank Security Trust & Savings Bank Sibley State Bank Sioux Center State Bank Ulch Bros. State Bank Security Trust & Savings Bank Strawberry Point State 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 Victor Savings Bank Wapello State Savings Bank Waterloo Bank & Trust Company Hamilton County State Bank Madison County State Bank 1918 1920 1917 1918 1918 1918 1918 1918 1918 1918 1920 1920 1919 1918 1921 1920 1921 1917 1918 1918 1918 1920 1918 1917 1920 1921 1918 1918 1920 1920 MICHIGAN Adrian State Savings Bank Commercial Savings Bank Lenawee County Savings Bank Albion State Bank. Commercial & 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 Blanchard State Bank Blissfield State Bank Peoples State Savings Bank State Bank of Caledonia State Savings Bank Farmers & Merchants State Bank The First State Bank The Pinney State Bank Cass County State Bank 1918 1918 1918 1918 1915 1918 1918 1918 1919 1918 1918 1918 1918 1919 1918 1918 1918 1919 1921 1921 1920 1919 1919 1918 1919 1921 1918 38 SCHEDULE 15.—State Bank membership in Federal Reserve Bank of Chicago MICHIGAN—Continued CITY Charlotte Chelsea Coloma Constantine Coopersville Croswell Davison Dearborn Detroit Eaton Rapids Edmore Elk Rapids Evart Farmington Fennville Fenton Flint Flushing Fountain Frankenmuth Fremont Grand Haven Grand Rapids Greenville Hart Highland Park Hillsdale Holland Holly Hopkins Howell Imlay City Ionia Jackson BANK ADMITTED 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 State Bank of Croswell Davison State Bank Dearborn State Bank American State Bank Bank of Detroit Central Savings Bank Commercial State Savings Bank Detroit Savings Bank Dime Savings Bank First State Bank of Detroit 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 Evart State Savings Bank Farmington State Savings Bank 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 Grand Haven State Bank Peoples Savings Bank Commercial Savings Bank Grand Rapids Savings Bank Kent State Bank Peoples Savings Bank Commercial State Savings Bank Oceana County Savings Bank American State Bank Highland Park State Bank Hillsdale Savings Bank First State Bank Holland City State Bank First State & Savings Bank Hopkins State Savings Bank First State & Savings Bank Lapeer County Bank Peoples State Bank State Savings Bank Central State Bank Jackson State Savings Bank 39 1917 1918 1919 1918 1920 1918 1919 1921 1918 1918 1917 1918 1917 1922 1917 1917 1917 1917 1917 1918 1917 1921 1918 1918 1919 1918 1921 1918 1918 1917 1918 1917 1917 1918 1919 1918 1918 1918 1917 1918 1918 1917 1917 1919 1918 1917 1921 1917 1918 1918 1918 1919 1919 1919 1918 1918 1918 1917 1918 SCHEDULE 15.—State Bank membership in Federal Reserve Bank of Chicago MICHIGAN—Continued CITY Jonesville Lake Odessa Lakeview Lansing Lapeer Lenox Lowell Ludington Manchester Manistee Marcellus Marshall Marysville. Mason Midland Milan Milford Monroe Montague Morenci Mt. Clemens Mt. Pleasant Nashville New Haven Niles. Northville Onsted Paw Paw Petersburg Petoskey. Pinconning Pontiac Port Huron Redford Rochester Rogers City Romeo Royal Oak Saginaw St. Charles St. Clair Saline Saugatuck Sebewaing South Haven Sparta Spring Lake Suttons Bay BANK ADMITTED Grosvenor Savings Bank Lake Odessa State Savings Bank Commercial State Savings Bank Farmers & Merchants State Bank American State Savings Bank Lapeer Savings Bank Macomb County Savings Bank City State Bank Ludington State Bank The Peoples Bank The Union Savings Bank Manistee County Savings Bank G. W. Jones Exchange Bank Commercial Savings Bank Marysville Savings Bank Farmers Bank First State & Savings Bank Chemical State Savings Bank Milan State Savings Bank Farmers State Savings Bank First State Bank Dansard State Bank Farmers State Bank Wakefield State Bank The Ullrich Savings Bank Exchange Savings Bank Isabella County State Bank Farmers & Merchants Bank State Savings Bank New Haven Savings Bank Niles City Bank. Lapham State Savings Bank Onsted State Bank Paw Paw Savings Bank H. C. McLachlin & Co. State Bank First State Bank of Petoskey Pinconning State Bank *American 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 Bank of Saginaw The American State Bank St. Charles State Bank Commercial & Savings Bank Saline Savings Bank Fruit Growers State Bank Farmers & Merchants State Bank Citizens State Bank Sparta State Bank Spring Lake State Bank Leelanau County Savings Bank 1918 1919 1918 1918 1917 1917 1919 1918 1918 1918 1918 1918 1918 1918 1920 1919 1919 1919 1918 1922 1918 1917 1920 1918 1918 1917 1918 1918 1919 1920 1917 1919 1918 1918 1917 1918 1920 1918 1918 1917 1918 1917 1918 1917 1918 1918 1918 1919 1919 1917 1918 1915 1921 1918 1920 1920 1918 *Withdrew from membership, February 23, 1923, incident to reorganization under national charter. 40 SCHEDULE 15.—State Bank membership in Federal Reserve Bank of Chicago MICHIGAN—Continued Tecumseh 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 Traverse City Vicksburg Warren Washington Wayne Williamston 1918 1918 1918 1919 1919 1918 1918 1919 1919 1918 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 Bank of Sturgeon Bay State Bank of Waupun Marathon County Bank Union Bank of Winneconne Baraboo Burlington Clinton Delavan Green Lake Janesville Kenosha Kewaunee Madison Milwaukee Mineral Point Mosinee Oakfield Platteville Plymouth Seneca Sheboygan Sturgeon Bay Waupun Wausau Winneconne 1918 1918 1917 1919 1918 1920 1918 1919 1914 1917 1915 1917 1918 1918 1918 1918 1918 1918 1918 1920 1918 1918 1918 1918 1918 *Withdrew from membership, January 22, 1923. SCHEDULE 16.—Member Banks Authorized and Approved in 1922 to Exercise Fiduciary Powers ILLINOIS Aurora Batavia Chicago Danville Freeport Galesburg Princeton Savanna INDIANA—Continued Merchants National Bank Batavia National Bank Lawndale National Bank Palmer National Bank Second National Bank Galesburg National Bank Citizens National Bank First National Bank Terre Haute . . . First National Bank Whiting First National Bank IOWA INDIANA Bloomington.. . First National Bank Columbia City. First National Bank Delphi Citizens National Bank First National Bank Elwood American National Bank Frankfort. . First National Bank Martinville. First National Bank Monterey.. . First National Bank Shelbyville. . Merchants National Bank South Bend Terre Haute. . .The Terre Haute Nat'l Bank 'Granted supplementary fiduciary powers. 41 Coif ax First National Bank Council Bluffs.. *City National Bank Decorah *Nat'l Bank of Decorah Dubuque The Dubuque National Bank Hampton Citizens National Bank Le Mars *First National Bank Mason City. . . . First National Bank Washington.. . . "Washington National Bank Waterloo First National Bank WISCONSIN Racine Racine Sheboygan Stevens Point. . First National Bank American National Bank Security National Bank First National Bank SCHEDULE 17.—United States Bonds and Notes, and Certificates of Indebtedness AMOUNTS IN DOLLARS Subscription Series 1947-52 A-1925 B-1925 C-1925 A-1926 B-1926 D-1922 TD-2-1922 TM-1923 TJ-1923 . . . TS-1923 TM-2-1923 TD-1923 Total Number of Subscribers Number of Shipments Manner of Payment Number of Pieces Total Subscriptions Victory Notes Certificates of Indebtedness War Loan Deposit Account Cash 8,750,000 1,520,500 37,558,632 47,179,125 14,961,368 7,445,675 4,034,000 50,175,400 5,128,450 995,000 38,915,600 20,136,500 27,231,500 27,391,800 29,319,000 23,552,500 3,197,000 9,732,500 8,389,400 863,500 768,500 4,309,200 2,262,000 2,207,000 292,200 10,331,000 314,389,557 56,958,293 3,199 1,067 1,945 1,927 1,141 1,462 177 140 398 191 280 77 114 3,668 1,067 1,944 1,902 1,140 1,462 186 156 581 238 312 78 135 57,189 20,434 13,728 21,426 7,113 14,170 2,633 3,374 4,768 3,775 3,582 681 1,450 74,961,800 84,145,300 48,138,600 71,436,100 65,964,800 59,107,200 21,000,000 28,000,000 35,000,000 35,000,000 28,000,000 3,521,000 20,768,000 13,691,800 28,000,000 48,138,600 12,098,250 65,964,800 10,807,200 16,800 54,500 3,299,000 1,912,000 2,240,500 15,000 650,000 12,118 12,869 154,323 575,042,800 180,278,950 23,416,000 1,507,000 SCHEDULE 17A.—United States Bonds and Notes, and Certificates of Indebtedness AMOUNTS IN DOLLARS Number of Pieces Total Cash Redemptions Victory Notes: Applied in payment of new issues, 3%% Applied in payment of new issues, 4%% Applied in payment of Income and Profits Taxes 3%% Applied in payment of Income and Profits Taxes 4%% Purchases for Cumulative Sinking Fund 4%% Liberty Bonds purchased for Cumulative Sinking Fund Treasury Notes purchased for Cumulative Sinking Fund Certificates of Indebtedness: Surrendered in payment of Income and Profits Taxes, Series of 1922 Applied in payment of new issues Bonds accepted in payment of Estate and Inheritance Taxes... 3% Bonds of 1908 43,129,900 68,560,650 205,922,400 1,446,000 2,000 390,634 Cash Redemptions: Victory 3%% Notes Victory 4M% Notes Certificates of Indebtedness Philippine 4 's War Finance Corporation Par Value 16,985 319,753 53,058 836 2 Redemptions 319,060,950 1,586 162,027 6,447,250 *172,057,150 74,500 20,650 19,250,000 8,300,000 5,000,000 80 56 13,704 3,474 471 794 28 312,000 23,416,000 824,200 3,760 578,061 Total Redemptions 5,073 554,766,460 134 *Does not include $1,774,550 Victory 4M% Registered Notes submitted in payment C-1925, December 15, 1922, for which assignment was not released until January, 1923. SCHEDULE 18.— Treasury Savings Transactions during Year 1922 AMOUNTS IN DOLLARS Number of Shipments Number of Pieces 61 6,460 6,521 135 17,115 135 5,117,325 17,250 5,117,460 EXCHANGES: Treasury Savings Certificates issued in exchange for War Savings Certificates 692 4,621 269,925 REDEMPTIONS: Treasury Savings Stamps Redeemed Thrift Cards Redeemed War Savings Certificates Redeemed 37 320 3,622 328,343 106,627 3,622 108,632 4,020,081 357 438,592 4,132,335 Transaction SALES: Treasury Stamps Treasury Savings Certificates Total Sales Total Redemptions 43 Par Value SCHEDULE 19.—Recapitulation of Fiscal Agency Transactions during 1922 AMOUNTS IN DOLLARS Number of Shipments Exchange of Temporary for Permanent Bonds Conversion Transactions Registered Surrenders Exchanges Denominational Exchanges Treasury Savings Transactions (a) Miscellaneous Transactions Issues and Redemption of Bonds, Notes and Certificates of Indebtedness (b) . .. 40,310 9,228 52,067 27,892 7,570 24,531 Number of Pieces 315,475 41,003 411,930 2,529,626 460,463 14,044,812 Par Value 32,535,700 22,567,250 295,709,650 1,195,363,100 9,519,720 99,388,662 12,869 732,384 1,129,809,260 174,467 Grand Total 18,535,693 2,784,893,342 (a) See Schedule 18 for detail. (b) See Schedule 17 for detail. SCHEDULE 20—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 Received Returned 1922 1921 1920 1922 1921 1920 Boston New York Philadelphia Cl?veland Richmond Atlanta St. Louis. Minneapolis Kansas City Dallas . San Francisco 4,302 39,529 4,131 24,107 2,695 5,536 23,650 11,991 10,207 2,194 8,815 5,564 66,613 6,203 32,206 4,442 8,552 36,618 17,328 14,135 4,220 13,608 6,630 58,740 7,164 21,777 6,530 8,976 37,459 16,411 14,836 4,760 14,288 3,517 19,285 4,672 18,944 2,969 3,394 9,930 9,731 6,746 1,283 7,122 5,600 23,495 5,991 25,011 4,493 5,099 15,871 14,684 10,918 2,840 9,012 5,571 28,264 6,529 25,262 4,293 6,363 14,926 21,833 12,367 3,832 9,990 Total 137,157 209,489 197,571 87,593 123,014 139,230 SCHEDULE 21.—Federal Reserve Notes, 1922 FEDERAL RESERVE BANK OF CHICAGO IN THOUSANDS OF DOLLARS Fit Notes Notes returned Outstandto Agent ing to reduce December Bank's 30, 1922 Circulation Notes Outstanding December 31, 1921 Fives Tens Twenties Fifties Hundreds Five Hundreds Thousands Five Thousands Total Notes Issued during 1922 Fit Notes Re-issued during 1922 Notes Redeemed during 1922 62,834 118,618 178,508 35,621 31,407 6,059 10,181 3,990 61,120 84,480 75,040 20,800 7,600 1,000 2,000 9,500 17,000 50,000 56,712 83,049 107,311 19,240 8,532 953 1,253 5 3,500 7,000 15,C00 200 1,000 2,000 73,242 130,049 181,237 37,181 30,475 6,106 10,328 1,985 447,218 252,040 77,100 277,055 28,700 470,603 44 200 400 SCHEDULE 22.—Currency Receipts from and Payments to Member and Non-Member Banks FEDERAL RESERVE BANK OF CHICAGO IN THOUSANDS OF DOLLARS Receipts From Member Banks January February March April... May June July August September October November December Totals: 1922 1921 1920 Total Receipts Payments From Non-Member Banks To Member Banks To Non-Member Banks 1922 102,423 65,558 79,212 84,901 86,455 90,010 86,017 85,268 86,297 96,525 95,825 118,228 721 669 921 1,119 1,150 1,253 1,126 1,207 1,140 1,292 1,244 1,121 69,460 73,187 87,021 83,632 86,980 93,749 87,807 98,092 97,440 101,349 107,071 135,733 186 258 271 211 301 311 262 301 309 276 288 533 103,144 66,227 80,133 86,020 87,605 91,263 87,143 86,475 87,437 97,817 97,069 119,349 1,076,719 1,031,334 953,048 12,963 16,581 18.636 1,121,521 925,980 1,035,082 3,507 5,080 2,013 1,089,682 Total Payments 1920 1921 102,461 67,543 97,689 86,358 86.313 90,068 83,918 78,264 84,337 85,937 85,899 99,128 1,047,915 1922 78,772 46,843 72,454 77,540 78,195 88,870 91,847 74,836 83,192 86,204 89,864 103,067 69,646 73,445 87,292 83,843 87,281 94,060 88,069 98,393 97,749 101,625 107,359 136,266 1,125,028 971,684 1920 1921 60,803 80,483 84,662 90,469 85,765 87,358 89,494 91,567 94,936 89,562 79,215 102,781 53,474 62,971 78,239 81,464 77,646 77,340 74,877 78,180 78,079 79,709 82,188 106,893 931,060 1.037,095 SCHEDULE 23.—Federal Reserve Bank Notes, 1922 FEDERAL RESERVE BANK OF CHICAGO IN THOUSANDS OF DOLLARS Ones Twos Fives Tens Twenties Total Total notes received during 1922 from Comptroller of the Currency 3,848 104 Total notes returned during 1922 to Comptroller of the Currency for destruction 5,488 2,740 886 246 149 9,509 Total notes outstanding December 31, 1921 5,967 3,800 1,304 465 370 11,906 3,952 Total notes outstanding December 30, 1922 4,327 1,164 221 *6,349 418 219 •Covered in full by amount for which liability is assumed by United States Treasurer and amount held by the Federal Reserve Bank of Chicago; leaving no net liability to this bank on notes in circulation. INDEX ACCEPTANCES— PAGE Bankers' Trade 8, 11, 21-23 23 ASSETS AND LIABILITIES 7, 20-22 BANK EXAMINATIONS 13 BANK RELATIONS 13 BILLS ON HAND 7, 20-22 BRANCH BANK, DETROIT 19 CAPITAL AND SURPLUS 7 CASH AND CURRENCY OPERATIONS 6, 17, 45 CERTIFICATES OF INDEBTEDNESS ; CHECK CLEARING AND COLLECTION 15, 20, 23, 42-44 6, 16, 17, 26 COLLATERAL TO NOTES 10 COLLECTIONS 17 DEBITS TO INDIVIDUAL ACCOUNTS 16 DEPOSITS 7, 12, 20-22 DETROIT BRANCH 19 DIRECTORS OF BANK AND BRANCH 2, 3, 18, 19 DISCOUNT OPERATIONS 5, 6, 7, 23, 24 DISCOUNT RATES 9, 10 EARNING ASSETS 20-22 EARNINGS 7, 24, 25 EXAMINATIONS, BANK 13 EXPENSES 24, 25 FEDERAL RESERVE BANK NOTES 7, 45 FEDERAL RESERVE NOTES 7, 8, 12, 20-22, 44 FIDUCIARY POWERS GRANTED 12, 41 FINANCIAL RESULTS OF OPERATIONS 7 FISCAL AGENCY OPERATIONS . . 5, 6, 15, 42-44 FRANCHISE TAX 7 GOLD SETTLEMENT FUND 16, 20, 27 GOVERNMENT FINANCING 15, 42-44 GOVERNMENT SAVING SECURITIES 15, 43, 44 INVESTMENTS 6, 11, 20-23 MEMBER ADVISORY COUNCIL 2 MEMBER BANKS— Authorized to Exercise Fiduciary Powers Consolidations, Liquidations, and Withdrawals Loans to New Member Banks, Position of State Banks MEMBERSHIP, GROWTH OF 13, 41 12, 13, 33 5, 8, 9, 20-24 12, 13, 33, 35-41 16, 28, 29 12, 13, 33, 35-41 12 46 IN D E X—Continued PAGE MONEY RATES OFFICERS OF BANK AND BRANCH ORGANIZATION OF BANK POSITION OF MEMBER BANKS PROFIT AND LOSS STATEMENT RESERVE POSITION 34 2, 3, 18, 19 18 16, 28, 29 7, 25 12, 21, 22 RESERVES 7, 12, 20-22 SAFEKEEPING OF SECURITIES STATISTICAL AND ANALYTICAL DEPARTMENT STATISTICAL TABLES— 11 14 Operations in 1922 Compared with Two Preceding Years Purchase and Sale of U. S. Securities : Comparative Membership Collection Items Comparative Statement of Condition Movement of Principal Asset and Liability Items Discount and Open Market Operations Bills Discounted for Member Banks in Each State Earnings and Expenses Profit and Loss Statement Federal Reserve Clearing System Operations Transfers of Funds Gold Settlement Fund Principal Assets and Liabilities of Reporting Member Banks Debits to Individual Accounts New National Banks National Banks, Consolidations and Liquidations State Bank—Liquidations and Withdrawals Money Rates in Chicago State Bank Members Fiduciary Powers Granted United States Bonds and Notes, and Certificates of Indebtedness Treasury Savings Transactions Fiscal Agency Transactions, Recapitulation Interdistrict Movement of Federal Reserve Notes Federal Reserve Notes Currency Receipts and Payments Federal Reserve Bank Notes STATE BANK MEMBERS TRANSFERS OF FUNDS UNITED STATES SECURITIES 6 11 13 17 20 21, 22 23 24 24, 25 25 26 26 27 28, 29 30-33 33 33 33 34 35-41 41 42, 43 43 44 44 44 45 45 12, 13, 33, 35-41 6, 18 8, 11, 15, 42-44 47 SEVENTH FEDERAL RESERVE DISTRICT SHOWING CLEARING CENTERS REPORTING DEBITS 1 6(?AT«T J AND RAPIDS I O WA CHICAGO AURORA OHIO ISSOUR1
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