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7

OPERATION OF
FEDERAL
RESERVE BANK
OF CHICAGO
1923
SEVENTH FEDERAL RESERVE
DISTRICT

NINTH ANNUAL
REPORT TO
THE FEDERAL RESERVE
BOARD




OPERATION OF
FEDERAL
RESERVE BANK
OF CHICAGO
1923
SEVENTH FEDERAL RESERVE
DISTRICT

NINTH ANNUAL
REPORT TO
THE FEDERAL RESERVE
BOARD




FEDERAL RESERVE BANK OF CHICAGO
DIRECTORS AND OFFICERS
FOR 1924
CLASS A—DIRECTORS

George M. Reynolds, Chicago, Illinois
Charles H. McNider, Mason City,
Iowa
Elbert L. Johnson, Waterloo, Iowa
CLASS B—DIRECTORS

August H. Vogel, Milwaukee, Wisconsin
Stanford T. Crapo, Detroit, Michigan
Robert Mueller, Decatur, Illinois
CLASS C—DIRECTORS

William A. Heath, Evanston, Illinois
Frank C. Ball, Muncie, Indiana
James Simpson, Chicago, Illinois
OFFICERS

William A. Heath, Chairman and Federal Reserve Agent
James Simpson, Deputy Chairman
Walter F. McLallen, Secretary
DIVISION OF ISSUE

Walter F. McLallen, Assistant Federal Reserve Agent
DIVISION OF EXAMINATIONS

William H. White, Assistant Federal
Reserve Agent, Manager
Charles G. Rutledge, Acting Assistant
Federal Reserve Agent
DIVISION OF BANK RELATIONS

Everett L. Harris, Manager
DIVISION OF RESEARCH AND
STATISTICS

Frank M. Huston, Manager
DIVISION OF AUDIT

Francis1 R. Burgess, Auditor
Walter A. Hopkins, Assistant Auditor
COUNSEL

Charles L. Powell
MEMBER FEDERAL ADVISORY
COUNCIL

John J. Mitchell, Chicago, Illinois

DETROIT BRANCH
DIRECTORS

Emory W. Clark
Julius Haass
Charles H. Hodges
James Inglis
John W. Staley*
OFFICERS

John G. Baskin, Assistant Federal
Reserve Agent
William C. Schrader, Acting Assistant
Federal Reserve Agent
George T. Jarvis, Assistant Auditor
William R. Cation, Manager
John B. Dew, Cashier
Herbert H. Gardner, Assistant Cashier
Harlan J. Chalfont, Assistant Cashier
Henry M. Butzel, Assistant Counsel

DEPARTMENTS OF
OPERATION
OFFICERS

James1 B. McDougal, Governor
John H. Blair, Deputy Governor
Charles R. McKay, Deputy Governor
LOANS AND CREDITS

Kent C. Childs, Controller of
and Credits
Allen R. LeRoy, Manager,
(Iowa)
Ralph H. Buss, Manager,
(Michigan and. Wisconsin)
count Department.
Frank R. Hanrahan, Manager,
(Illinois and Indiana)
Eugene A. Delaney, Manager,
Department

Loans
Loans
DisLoans
Credit

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
Fred Bateman, Manager, Securities
Department
COLLECTIONS

William C. Bachman, Controller of
Collections
Irving Fischer, Manager, Check Department
Louis G. Pavey, Manager, Collection
Department.
ADMINISTRATION

James H. Dillard, Controller of Administration
Robert J. Hargreaves, Manager, Personnel Department
Louis G. Meyer, Manager, Service
Department
Frank A. Lindsten, Manager, Disbursing Department
Walter A. Hanson, Manager, Accounting Department
Richard C. Huelsman, Manager, Planning Department
FISCAL AGENCY

Don A. Jones, Controller of Fiscal
Agency Functions
John H. Rumbaugh, Manager, Government Bond Department

*To fill a vacancy in this directorate caused by the death of James T. Keena.




Loans

FEDERAL

RVE
C H I C AGO

RESE

OF

BANK

Chicago, January 12, 1924

the honor to
submit herewith the ninth annual
report of the Federal Reserve Bank
of Chicago, covering the year 1923.
GENTLEMEN:

hav e

I

Respectfully,
W. A. HEATH,
Chairman and Federal Reserve
Agent

FEDERAL RESERVE BOARD

Washington, D. C.




FEDERAL RESERVE BANK OF CHICAGO
Comparative Volume of Operations in Principal Departments
1923, 1922 and 1921
NUMBER OF PIECES HANDLED

1923

1922

1921

Bills discounted:
29,349
51,656
21,196
Applications
140,994
94,971
245,885
Notes discounted
20,326
10,819
20,241
Bills purchased in open market for own account
268,485,138
200,648,371 187,789,755
Currency received and counted
165,914,172 161.447,983
206,613,000
Coin received and counted
.'
78,509,000
68,943,000
Checks handled
88,649,000
Collection items handled:
13,898,456
17,644,076
10,458,817
U. S. Government coupons paid
i
378,234
*411,897
All Other
442,271
U. S. Securities—issues, redemptions, and ex
**4,054,353 **6,180,208
(b) 22,041.349
changes by Fiscal Agency department
178,246
213,565
Telegraphic transfers of funds
246,453
..(a)
(c) 6,147,573
Envelopes received and dispatched
7,460,018
(In thousands of dollars)
AMOUN.TS HANDLED
1,581,004
4,168,477
2,508,032
Bills discounted
1
138,276
253,464
265,360
Bills purchased in open market for own account
1,133,869
1,172,217
1,501 901
Currency received and counted
15,694
17,273
Coin received and counted
28,843
14,054,405
14,661,227
Checks handled
23,074,243
Collection items handled:
97.607
89,443
U. S. Government coupons paid
89,818
480,383
605,026
All Other
763,273
U. S. Securities—issues, redemptions, and ex
1.765,445
1,934,493
changes by Fiscal Agency department
1,116,402
9.284.101
13.904.999
Telegraphic transfers of funds
15.588.668
* This figure represents the individual coupons, whereas 1922 and 1923 figures show the
number of coupon collections.
**War Savings and Thrift Stamps counted by certificates as number of stamps were not
available.
(a) Data not available.
(b) Large increase due to redemption of War Savings securities which matured J a n . 1,
1923.
(c) Partly estimated and no figures available for the Detroit Branch.

Movement of Assets and Liabilities
Federal Reserve Bank of Chicago—1920 to 1923 Inclusive
LIABILITIES

ASSETS

500

500

400 •

400

100

100

1920

1 2 1922
91




1920

1921

1922 1923

OPERATION OF THE FEDERAL
RESERVE BANK OF CHICAGO
IN

1923

PERATIONS of the Federal Reserve Bank of Chicago during 1923 reflected the continued expansion of production
and trade in the Middle West. Borrowings of member
banks in 1923 averaged higher but increased to a lesser degree
than production and trade. This reflected an improved condition which enabled many member banks to meet the needs of
their customers with less extensive recourse to the Federal Reserve Bank. An important development during the year was the
continued progress in agricultural sections toward the liquidation of slow loans, a movement under way at the close of the
preceding year.
Departments of the Bank as a whole carried an increased volume of work, exercising their functions, however, with no
increase in personnel, thus reflecting greater efficiency in operation. Details of these operations are shown with comparisons
in the following pages.

O

FINANCIAL RESULTS OF OPERATIONS IN 1923
business activity
1923 and resultant demand for banking
bills on hand, inR EFLECTING theonaccommodation,intotal aggregated $137,cluding rediscounts
December 31, 1923,
771,447 compared with $88,436,129 on December 30, 1922, and
total cash reserves changed from $562,253,274 to $553,389,771.
While a slight decline in deposits took place between these dates
throughout the year they were on a higher level than in 1922.
The trend of the principal items of assets and liabilities from
the beginning of 1920 through 1923 is presented in the charts
on the opposite page.
Net earnings during the year 1923 were $1,178,355 compared
with $1,405,215 in 1922. Franchise tax paid to the United States
absorbed $246,586, resulting in net profits for the year of $931,769
compared with $929,104 in the preceding year.
DISCOUNT OPERATIONS IN 1923
HE higher average
traceable largely to
operations
larger centers
T financialdemand, the ofinloans in 1923 was and the increasing
commercial
requirements of country banks steadily



NINTH ANNUAL REPORT

FEDERAL RESERVE BANK OF CHICAGO
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

600

600

F. R. NOTE CIRCULATION
500

500

400

400

300

300

200

200

100

100

200

200

1

PUF CHASED B l LLS
1
1
I

100

200

200

UNITED STATES SECURITIES
100

100

500

500

DISCOUNTS FOR OWN MEMBERS
400

400

300

300

200

200

100

100

1921



1922

1923

FEDERAL RESERVE BANK OF CHICAGO
decreasing from the first of the year until the middle of September, when seasonal needs reversed the trend. Generally speaking, crops were good, and corn as well as hogs and cattle brought
fair prices. Improvements in volume and price of dairy products
have been material factors in betterment of the agricultural situation in some sections of the district. Loans in industrial and
commercial centers have shown an increasing trend.
Detailed statistics are shown in the Appendix, Schedule 2.
Loans on January 3 aggregated $77,791,000 and on December 26
were $105,167,432. In 1922 on January 4 loans were $189,127,000 and on December 27 had tapered off to $88,100,000. The
high point in 1923 occurred on October 31, with an aggregate of
$118,527,000, whereas in the preceding year the figure on January
4 marked the point of greatest aggregate loans, and the highest
figure during the normal period of seasonal autumn expansion
was $102,585)^000 recorded on December 6.
A total of 973 member banks were accommodated during 1923
compared with 1,129 in 1922. The aggregate of loans this year
reached $2,508,082,000 and the corresponding figure for 1922 was
$1,581,004,000. The discount rate, which was reduced to 4 ^
per cent from 5 on March 25, 1922, was maintained at that figure during the entire year 1923.
Loans to Member Banks—Federal Reserve Bank of Chicago
IOWA

ILLINOIS

••
•1

m

1
1

•
•
•
•

•

JUY 1, 1921

DEC 50,1922
JUNE 50,1925
DEC.SI.W

••

•

•EC.^1,1921
JULY 1, 1922

MICHIGAN

••

••••
• • 1•

DEC .51,1920

•
•
0

10O

200

700

400

500

)

I

DEC5.1921

•
100

200

500

400 500

1

r

DEC.51,1925

100

200

500

400

500

)

200

500

400 5OO

•i

••
••
•••

1

1
1
)

100

•••••

DEC.5O.I922
JUNE JC0 925

0

TOTAL

•
•
•

•
JULY 1.1927.

1

WISCONSIN

INDIANA
JULY 1,1921

1

100 ZOO 500 400
In Millions of Dollars

500

0

TOO

200

300

400 500

COLLATERAL AND SAFEKEEPING OPERATIONS
of
collateral of
ment bonds
Treasury notes
the major portion
T HE amount andsecurities held asconstituteyear,which Governincreased during the first five months of the
followed by a
downward movement until September, when an upward trend



NINTH ANNUAL REPORT
began. At the beginning of 1923 approximately $79,000,000 of
collateral was held, and on December 31 the figure was $93,000,000. The high point was recorded on June 1, with $112,766,000
and the low of $66,000,000 was shown February 15.
A total of 504 member banks, or 35 per cent of the membership
of the district, availed themselves of the safekeeping services
of the bank in 1923, as compared with 598 in the preceding year.
The high point in volume of securities entrusted for safekeeping
other than those held for collateral was $130,900,000 on October
25 and the smallest amount at any time during the year was
$92,000,000 on January 11.
Securities Held as Collateral—1922 and 1923
Millions o f D o l l a r s

c

••1

later al H Id
Tot a
U.S.i Jond i and Treas

120
•

•

•

•

:oiio Ural to No 'm

ofMeniber

—

US.Securities Collateral to Rediscount 1
U.S.Treasury Certificates Collateral to totes ofM

»

Ban)

A
\

j

100

L i \'

\

80

\

\
\

V\

V

V
\

20
. ^
• • " •

V

j

40

n

lank

—-

s^

••—

- ^
^

r

I;.
//

V

\

^/

••

v\

/

— —

Jon Feb Mar Apr Hay June July Aug Sept Oct

r
Nov Dec Jan Feb

XT—

a—

—

—

Mar Apr May June July Au« S.pt Oct Nov

1922

Dec

192^

NOTE—Data as of the 1st and 15th of each month

INVESTMENTS
1923
Bankers'
exclusive
of transactions under
agreement
DURING point holdings ofrepurchase Acceptances afluctuated
from a low
of. $9,050,000 on January 18 to
peak of
$43,427,000 on August 2, and at the close of the year stood at
$40,403,000. Bankers' Acceptances bought for account of this
bank during the year amounted to $214,383,000, an increase over
the previous year of $20,863,000, with the number of items increased proportionately. Sales from portfolio were only $8,000,000, as against $109,920,000 the preceding year. Transactions
under agreement showed a falling off both in amount and number
of items, with the result that while Acceptances purchased (including bills taken under repurchase agreements) show an in


FEDERAL RESERVE BANK OF CHICAGO
crease, there was a slight decrease in the aggregate of items
handled from 20,326 in 1922 to 20,241 in 1923.
Holdings of United States securities (including those held
under agreement) reached a high point of $84,900,300 on March
15 and thereafter decreased to a low of $6,549,000 on October 8.
At the close of the year the holdings were $10,757,000. Transactions show a. decrease in dollars from 1922, but an increase in
number of Certificates of Indebtedness, Treasury Notes, and securities handled under repurchase agreement. The decrease in
number of bond transactions is accounted for by the maturity of
the Victory Notes, which contributed largely to the volume
in 1922.
COMPARATIVE TABLE OF GOVERNMENT SECURITY TRANSACTIONS
AND 1922—AMOUNTS IN THOUSANDS OF DOLLARS
1923
Number
of Transactions

1923

1922

Totals

and

Amount

1,006
813
2,142
2,250

76,505
73,083
198,472
211,317

684
523
2,342
1,867

171,252
88,345
243,996
237,697

3.356
9,710

43,015
23,840

1.938
20 940

92.693
83.002

19.277

Certificates of Indebtedness
Notes:
Market Purchases
Market Sales
.
Bought with Agreement
Sold under Agreement
U. S. Bonds:
Bought ...<
Sold

Amount

Number
of Transactions

626,232

28,294

916.985

Treasury

NOTE.—Includes transactions for the account of member and other banks, but
temporary Treasury Certificates purchased from the Treasury Department.

excludes

DEPOSIT AND FEDERAL RESERVE NOTE
LIABILITIES; RESERVE POSITION
LTHOUGH Federal Reserve note circulation averaged
higher in 1923 than in 1922, it remained at a low level
compared with 1919, 1920, and 1921. As shown in Schedule 2,
Federal Reserve notes in circulation, which amounted to $419,333,000 on January 3, declined in volume until the end of that
month when they stood at $382,693,000, the low point for the
entire year. The peak in autumn expansion came on September
5 when Federal Reserve notes aggregating $417,207,000 were in
circulation, an increase of $34,514,000 over January 31. The
high record for the* year, which occurred on December 26, was
$420,296,000. Total deposits reached their peak on May 23, when
they aggregated $298,977,000.
There was a downward trend in total cash reserves during
February and March, after which an upward movement began
to manifest itself, its climax occurring on May 29 when cash
reserves totaled $574,643,000. Thereafter the trend was down-

A




NINTH ANNUAL REPORT
ward until August, when reserves began to increase, reaching a
level of $591,457,000 on September 5, the peak for the year.
The reserve ratio at the beginning of 1923 stood at 79.0 per
cent compared with 81.5 per cent at the close of the year. During this period reserve percentages fluctuated from 74.6 per cent
on April 4 to 85.2 per cent on August 29.
MEMBERSHIP
IVE
in this district were admitted to the Sys1923 and thirteen withdrew. In addition to seven
Ftem instateonbanksmonths' notice, one institution was absorbed
withdrawals
six
by a non-member, another was converted into a national bank,
two were declared insolvent, one consolidation took place, and
one state bank was rechartered, resulting in a net reduction of
eight state bank members in this district during the year. Fourteen national banks, including the state member bank which became national, were admitted, and fourteen withdrew. Four of
the latter number were absorbed by other national banks, one
was succeeded by another national bank, five were absorbed by
state banks, two were consolidated with other national banks,
and two were declared insolvent.
Comparative statistics of membership at the close of 1921,
1922, and 1923, are given:
COMPARATIVE F I G U R E S O F M E M B E R S H I P
December 31, 1923
Nat'l
Illinois
Indiana.
Iowa
Michigan
Wisconsin
Totals

State

336
191
348
82
107

63
19
l'»7
153
24

•1,064

371

December 30, 1922

Totals Nat'l
404
210
455
235
131

333
192
351
81
107

1,435 ••1,064

December 31, 1921

State Totals

Nat'l

State

Totals

406
212
459
234
132

332
194
353
80
107

72
20
106
153
26

404
214
459
233
133

1,443

1,066

377

1,443

73
20
108
153
25
379

*Does not include the Ogden National Bank of Chicago, which though chartered at the
close of the year, was not recorded as a member until January 2, 1924, since the capital
stock accounts of t >»is bank were automatically closed until that date on account of the
mailing of dividend checks to member banks.
**Does not include Portage Park National Bank of Chicago and First National Bank of
Marion, Wisconsin, which were recorded as members January 2, 1923, though chartered
at the close of 1922.

FIDUCIARY POWERS
TOTAL of twenty-six member banks in the Seventh District were authorized by the Federal Reserve Board to
exercise fiduciary powers, and one was authorized to act as trustee only. The tabulation in the appendix (Schedule 11) shows
that seven authorizations were granted to banks in Illinois, an
equal number each in Indiana and Iowa, two in Michigan, and

A




10

FEDERAL RESERVE BANK OF CHICAGO
four in Wisconsin, the latter number including the granting of
trustee powers to one institution.
BANK EXAMINATIONS
Division of Bank
a
and the field work for the year has been
T HEreduced forcecredit Examinations has been operating with
confined largely to
examinations of member banks and
to a limited number of examinations of state banks applying for
membership.
The volume of office work, including analysis of reports of examinations of approximately 1450 banks, shows little change.
Friendly relations with and the cooperation of the Chief National
Bank Examiner's Office under the Comptroller of the Currency
and the five State Banking Departments continue very satisfactory.
BANK RELATIONS
HE policy of having the Bank Relations men visit member banks regularly has been continued during 1923, in
which period 1823 calls of this kind have been made. There have
also been 1658 calls made on non-member banks, the purpose
being to explain membership in the System to as many as possible of the non-member state banks in the district during the
year. Wherever requested a representative has also been furnished to meet with the officials and stockholders of member
and non-member banks to discuss the relations between the Federal Reserve bank and its member banks.
The Bank Relations Department has supervised the furnishing of speeches and other information about the System requested by member banks and outside organizations, and has
sought to bring about more intimate contact and better understanding between the Federal Reserve Bank, its stockholding
member banks and the citizens of the Seventh District.

T

THE DIVISION OF RESEARCH AND STATISTICS
HE Division of
and Statistics was called upon
extensively
to
T during 1923 moreResearchFederalthan in previous years for
compile information for the
Reserve Board and
officers of this bank. It has also met a constantly growing' demand from outside sources. Such work has been in addition to
the maintenance of the statistical reporting service, in which continued care has been taken to avoid duplication of available statistics gathered elsewhere. Besides the Business Conditions report, with its circulation of 22,000, the department has compiled
each month detailed statistical summaries.
With the April 1 issue of Business Conditions, presentation of
the statistical data in index form was begun—a change made



11

NINTH ANNUAL REPORT
possible by the work of previous years, and adopted to furnish
a constant base for monthly comparisons. It is now possible
beginning with the January, 1924, returns to include in this index
a yearly comparison month by month of agricultural machinery
data.
The Reference Library, connected with the Division of Research and Statistics, was enlarged during the year by purchases
of recent publications, by gifts from the Board's duplicate stock,
and by deposits from the Chicago Public Library. This commercial and financial library is being brought together for use
by all departments of the bank, as well as by member banks and
the business public. The Reference Library staff has supervision also of the Recreational Library, a project of the Personnel
Department to assist employees in obtaining general and periodical collateral reading.
PART TAKEN IN GOVERNMENT FINANCING
in
years, this
its
with
financing in
during which
A StionpreviousGovernment bank continued1923,work in connecperiod $141,349,000 of United States Treasury Certificates of Indebtedness, $138,633,200 of Treasury Notes, and $2,889,125 of
Treasury Savings Certificates were distributed.
In the exercise of its capacity as Fiscal Agent, there were surrendered to the bank in 1923 for exchange, conversion, redemption, etc., Government securities amounting to $1,162,202,270
numbering 32,559,156 pieces. Against these surrenders the
bank has delivered 433,091 pieces amounting to $910,222,775.
The largest operation of the year was the redemption and
exchange of War Savings Certificates, Series of 1918, which
matured on January 1, 1923. While a large part of the work
in connection with this came during December, 1922, it extended
well into the new year, and is reflected in the 1923 figures. In
handling this work, the bank redeemed a total of $91,344,588,
representing 20,141,266 stamps.
A number of banks and brokers find the telegraphic transfer
of securities through the office of the Commissioner of the Public
Debt a great convenience, and during the year the bank has
accepted for telegraphic transfer $260,783,900 and delivered
$276,104,000 of Government securities against receipts by other
Federal Reserve banks.
Practically no new business was handled for the War Finance
Corporation, only four loans amounting to $221,817 being made
during the year. This bank, however, made 220 renewals involving an aggregate of $5,358,000 and handled a little over
$23,000,000 of collateral against these loans.




12

FEDERAL RESERVE BANK OF CHICAGO
GOVERNMENT SAVINGS ORGANIZATION
of Treasury Savings
in the Seventh District
approximated the volume
SALES during 1923however, Certificatesrepresents last year,
$26,000,000, of which,
$8,000,000
certificates
issued in exchange for the 1918 Series of War Savings Stamps.
Cash sales show decreased volume this year because the 1923
certificates were sold at a lower interest rate. On December 1,
1923, a new issue was placed on sale yielding 4^4 per cent per
annum, compounded semi-annually if held until maturity, and
the bank's sales of this issue during December were $6,000,000.
GOLD SETTLEMENT FUND
HE volume of balances settled through the Gold Settlement Fund increased in 1923. Receipts from other Federal Reserve banks aggregated $12,928,473,000 compared with
$11,346,028,000 in the preceding year. Payments to other Federal Reserve banks were $12,936,848,000 resulting in a net loss
of $8,375,000 from transactions between this district and other
Federal Reserve districts, as compared with a net gain of
$66,396,000 in 1922. Schedule 7 of the Appendix presents the
weekly figures of these transactions.
The Gold Settlement Fund increased from $77,261,000 on
December 30, 1922, to $106,900,072 December 31, 1923, the result of these transactions and a large volume of deposits.

T

POSITION OF MEMBER BANKS
RADUALLY increasing volume of time deposits and a
downward movement in demand deposits are the outstanding developments shown by the tabulation in the appendix
(Schedule 8), giving principal assets and liabilities of reporting
member banks in leading cities. The separate statistics for
member banks in Chicago (Schedule 8-a) exhibit similar movements in both time and demand deposits, as well as a shrinkage
in holdings of Government securities. The reporting member
banks in leading cities represent approximately 64 per cent of
member bank resources and more than 40 per cent of the total
banking resources of the district; the members reporting in
Chicago comprise 98 per cent of member bank resources and
about 77 per cent of the total banking resources of the city.
Payment by check at 21 centers in the district aggregated
$55,366,897,000 in 1923, an increase of over 6 billion or 12 per
cent above the total in the preceding year, as shown in Schedule
9, "Debits to Individual Accounts."
As was the case during 1922, the aggregate average reserve
balances maintained by all member banks of the district were
above the total legal requirement throughout the year. The
percentage of excess showed a downward trend from a high
point of 4.16 in January to 2.63 per cent in November.

G




13

NINTH ANNUAL REPORT
CLEARINGS AND COLLECTIONS
HE combined total of checks handled during 1923 by the
Detroit Branch and the Chicago bank was over 88,000,000,
representing about $23,000,000,000 as compared with 78,344,000
items in the preceding year, involving $14,608,408,000.
The percentage of increase over the corresponding period of
1922 in the aggregate number of checks handled by this bank
and the Detroit Branch was 12.9. The number of items on
Chicago and Detroit banks increased 4.7 per cent, and checks on
banks outside these cities increased 15.9 per cent, while a gain
of 4.5 per cent in the number of Government checks was shown.
On August 15 participation by non-member banks in the par
check collection system was placed on a voluntary basis and
the use of agents other than banks for the purpose of making
par collections of checks upon non par-remitting banks discontinued. Since that time only 1J4 per cent of the total number
of banks in this district have withdrawn from the par list because of a desire to return to the former practice of deducting exchange from checks drawn upon them. The combined resources
of such banks amount to only 24/1,000 of one per cent of the
combined resources of all banks in the district as of June 30,
1923.
Collections of non-cash items by this bank in 1923 also showed
considerable gain over 1922, amounting to 771,148 separate items
totaling $763,272,927. In the preceding year the corresponding
figures were 624,895 items and $605,025,864.

T

NUMBER OF COLLECTION ITEMS HANDLED
Drawn on

Received from

Seventh Federal
Reserve District

Other

Commercial
Items
discount Department....
Member Banks,District 7
Member Banks, Other
Districts
Other Federal Reserve
Banks
Total:
1923
1922

Bonds
and
Coupons

Commercial
Items

2,989
77,671

0
85,812

12,881
83,895

16,441

29,770

761

160.069

240,289

1.206

257,170
228.832

355,871 •
281,201

98,743
82.739

Total

Districts
Bonds
and
Coupons
0
58,686
169
509
59,364
32,123

1923

15.870
306,064

1922

9,221
227,026

47,141

73,821

402,073

314,827

771,148

624,895

Note—The number of coupons has been counted separately in the table above, whereas
in the table showing the volume of operations each coupon collection is treated as a single
item.

CASH AND CURRENCY OPERATIONS
HE year 1923 showed an increase of receipts and payments
of currency and coin of approximately 30 per cent over
1922. Currency received amounted to $1,489,837,000 as com-

T




14

FEDERAL RESERVE BANK OF CHICAGO
pared with $1,175,234,000 for the year 1922, payments totaling
$1,473,976,000 as compared with $1,168,900,000 for the previous
year. The demand for currency and coin was quite large
throughout the year, and the number of shipments to and from
out-of-town banks increased from 76,750 in 1922 to 84,571 during
1923. The Federal Reserve note circulation of this bank reached
the high point in December, the net outstanding circulation
amounting to $423,600,000, which was $10,000,000 below the
high of 1922. During the year a considerable amount of gold
certificates was paid out, which probably reduced the Federal
Reserve note circulation by $40,000,000.
TRANSFER OF FUNDS
TOTAL of $12,741,394,000 was transferred over the leased
wires in 1923, representing 151,413 transactions. All other
transfers numbered 95,040, resulting in a total of 246,453 compared with 213,565 tra-nsfers in 1922. The aggregate of $15,588,668,000 transferred in 1923 compares with $13,904,999,000 the
preceding year.

A

INTERNAL ORGANIZATION
URING 1923 there was but one change in the personnel
of the Board of Directors. The vacancy caused by the
resignation of Albert R. Erskine necessitated a special election
in the early part of the year for a Class B director, at which
Robert Mueller, of Decatur, Illinois, was elected to fill the unexpired term.
Elbert L. Johnson, Class A, and" Robert Mueller, Class B,
whose terms expired at the end of 1923, were re-elected. James
Simpson, Class C, whose term also expired at the end of 1923,
was reappointed by the Federal Reserve Board.
The Directors for the year 1924 will consist of the following:

D

CLASS A—Elbert L. Johnson, Waterloo, Iowa; Charles H. McNider, Mason
City, Iowa; George M. Reynolds, Chicago, Illinois.
CLASS B—Stanford T. Crapo, Detroit, Michigan; Robert Mueller, Decatur,
Illinois; August H. Vogel, Milwaukee, Wisconsin.
CLASS C—Frank C. Ball, Muncie, Indiana; James Simpson, Chicago, Illinois ; William A. Heath, Evanston, Illinois.

William A. Heath was again designated by the Federal Reserve Board as Chairman and Federal Reserve Agent for 1924,
and James Simpson Deputy Chairman.
The Executive Committee for 1923 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.



15

NINTH ANNUAL REPORT
These Committees will serve the Board of Directors in 1924
as constituted during the past year.
The Building Committee, which was composed of the Governor, the Federal Reserve Agent, George M. Reynolds, James
Simpson, and August H. Vogel, rendered their final report during the year upon completion of the new building.
There were three resignations in the official staff during the
year:
Sterling B. Cramer, Deputy Governor, resigned in February. No appointment
was made to fill this vacancy.
A. H. Vogt, Controller of Accounting, resigned in February-. The office of
Controller of Accounting was assumed by the Controller of Administration,
in addition to his other duties.
W. K. Lyle, resigned as Manager Personnel Department in June. R. J.
Hargreaves, Chief Employment Division, was promoted to this position.

Detroit Branch
HE Board of Directors for the year 1923 was composed of
John Ballantyne, Emory W. Clark, Julius Haass, Charles
H. Hodges, and up to April 1, R. B. Locke, who resigned on
that date and was succeeded by James T. Keena as a director.
W. R. Cation, Cashier, was promoted to Manager of the Branch
to succeed Mr. Locke and J. B. Dew, Assistant Cashier, assumed the duties of cashier. F. J. Maurice, Assistant Cashier,
resigned in April. H. H. Gardner, Acting Assistant Federal
Reserve Agent, and H. J. Chalfont were promoted to assistant
cashiers. W. C. Shrader was appointed Acting Assistant Federal Reserve Agent and assumed his new duties in June.

T

OPERATIONS AT THE DETROIT BRANCH
operations at Detroit reflect improved
conditions in
branch.
THE loans the nineteen counties served by the creditcent Aggregate
for the year show approximately 50 per
increase over 1922. The number of items handled decreased as
compared with 1922, as did the number of banks accommodated. Nearly every department of the branch showed an increased volume of operations. Non-cash collection items payable at the City of Detroit were 25 per cent in excess of 1922.
and items drawn payable to country banks expanded 10 per
cent. The transit department handled 20 per cent more items
than in the preceding year, and bills received and counted by the
Currency Department increased 25 per cent, the amount of silver
handled increased greatly, while new currency issued practically
doubled in amount over 1922.
Gross earnings are approximately sixty thousand above 1922,
resulting from larger holdings of bills discounted. Increased
rental expense resulting from the leasing of additional space
to care for greater volume of business caused a slight advance
in total expenses for the year. Net earnings show a slight increase over the preceding, year.



16

FEDERAL RESERVE BANK OF CHICAGO

APPENDIX
SCHEDULE 1—Comparative Statement of Condition
IN THOUSANDS OF DOLLARS
Dec. 31,
1923

RESOURCES

Dec. 30,
1922

Dec. 31,
1921

Gold with Federal Reserve agent
Gold redemption fund with L. S. Treasury
Gold held exclusively against F. R. notes.
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank

384,917
4,196

410,108
2,199

312,163
26,284

389,113
106900
49,091

412,307
77,261
50,981

338.447
79,130
22,025

Total gold reserves
Reserves other than gold

545,104
8,286

540,549
21,704

439,602
15,870

553,390

562,253

455,472

48,866
46,468

24.875
48,996

59,832
125,688

95,334
42,437

73,871
14,565

185.520
8,489

4,425
4,868
1,464

4,426
#10,855
47,552

4,490
#5,115
17,039

Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Government obligations.
Other bills discounted

7,500

Total bills discounted .
Bills bought in open market
U. S. Government Securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities.

10,757

Total Resources

220,653

665
98.525
8,288
702

1.665
77,273
7,010
1,521

784.373

5% Redemption fund—F. R. Bank notes.
Uncollected items
Bank premises
All other resources

26,644

151,269

66,451
8,264
240

Total 'Earning Assets

62,833

148,528

821.702

763.594

LIABILITIES

F. R. notes in actual circulation
F. R. Bank notes in circulation—net.
Deposits:
Member bank—reserve account ...
Government
Other deposits

406,901

420,506

402,463
7,386

268,212
2,745
1,052

282,901
1,294
2,659

237,012
9,849
2,353

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

272,009
58.611
15,179
30,426
1,247

286,854
68,248
14,772
30,398
924

249,214
57,201
14,307
29,025
3,998

Total Liabilities
Ratio of total reserves to deposit and F. R. note
labilities combined
Contingent liability on bills purchased for foreign
correspondents

784.373

821.702

763.594

81.5%

79.5%

69.9%

2,640

4.093

3,808

*Not shown separately prior to 1923.

#Including Victory notes.




17

SCHEDULE 2—Movement of Principal Assets and Liabilities During 1923
AMOUNTS IN THOUSANDS OF DOLLARS

Total
Earnings
Assets

Date

(2+5+6)

Bills Discounted
for Member Banks
Total

Bills
Secured bv
U. S. Govt.
Obligations

1

Jan.
Jan.
Tan.
Tan.
Tan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
Tune
Tune
Tune
Tune
Tuly
Tuly
Tuly
July
Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24
31
7
14
21
28
7
14
21
28
4
11
18
25
2
9
16
23
29
6
13
20
27
3
11....
18
25
1
8
15
22
29

_...

2

3

150,684
151.277
136,742
126,034
134,133
144,420
145.534
153,295
178,024
179,952
182,558
179,816
173,152
188,406
155,750
160,257
151,879
161,991
148,509
150,683
145,584
135,667
136,595
131,759
136,993
157,252
146,384
133,369
141,742
133.006
140.089
133,610
129,731
123,182
121.333

77,791
64,477
60,988
67,380
56,666
55,619
56,534
61.697
75,682
76,753
79,898
92,742
96,986
112,202
78,683
83,711
89,746
101,302
88,412
91,068
83,778
80,554
82,795
73,830
84,367
101,347
91,023
82,250
86,113
77,403
81,490
78,392
75,515
72,249
68,635

31,246
22,105
23,420
29,232
19,875
22,012
23,394
28,332
41,620
45,770
46,804
53,822
50,602
57,884
40,124
43,128
43,563
46,724
35,417
36,636
32,949
33,984
39,193
33.281
38.112
50,760
43,896
31,902
36,296
31.254
38.714
28,474
26,668
28,300
32.548




Other Bills
Discounted
4

46,545
42,372
37,568
38,148
36,791
33,607
33,140
33,365
34.062
30,983
33,094
38,920
46,384
54,318
38,559
40,583
46.183
54,578
52,995
54,432
50,829
46.570
43,602
40,549
46,255
50,58?
47,127
50,348
49,817
46.149
42,776
49,918
48,847
43,949
36,087

Bills
Bought
in Open
Market
5

16,098
16,055
9,850
10,039
9,502
13,863
13,821
17,194
27,841
29,499
28,375
28,400
31,112
32,696
33.452
33,853
.'6,320
35,017
33,783
33.906
33.354
29,859
28,343
31,055
41,471
43.043
44,144
39.141
43,161
45,575
47,346
45,152
44,690
42,071
43.081

United
States
Securities

t>

56,795
70,745
65,904
48,615
67,965
74,938
75,179
74,404
74,501
73,700
74,285
58,674
45,054
43,508
43,615
42,693
25,813
25,672
26,314
25,709
28,452
25,254
25,457
26,874
11,155
12,862
11,217
11,978
12,468
10,028
11,253
10,066
9,526
8,862
9,617

Total
Cash
Reserves

7

547,395
541,477
557,393
559,128
" 551,692
539,050
538,022
542,802
512,153
513,490
509,722
517,757
515,415
509,314
538,588
536,514
535,583
532,477
548,155
547,257
566,787
574,643
571,093
566,571
548,094
543,410
565,821
568,995
559,933
556,362
555,242
570,058
575,099
571,261
586.497

Member
Banks'
Reserve
Deposits
8

269,917
276,817
284,192
278,797
283,330
278,166
275.902
281,931
279,117
280,978
281,017
277,022
269,434
280,477
277,572
281,988
271,744
277,670
281,919
275,632
292,137
278,287
276,940
281,643
271,169
276,172
281,752
278,474
281,238
269,127
270,650
274,586
281,424
264,270
273.910

Total
Deposits

9

273,617
280,151
287,625
283,002
288,659
281,430
280,779
288,057
282,975
286.420
285",423
295,054
274.784
287,097
281,091
287,441
275,511
287,216
284,545
289.340
298',977
287,307
294,780
283.629
272,855
280,879
284,575
282,393
287,305
272.588
279,482
?78,529
284,364
267,555
278.779

Federal
Reserve
Reserve
Notes in Percentage
Circulation
10

419,333
406,086
395,522
389,307
382,693
383,252
386,353
389,883
392,898
394,691
391,487
391,856
393,330
395,330
395.284
395,506
394,382
394,132
396,092
396.287
396,773
402,403
401,993
399,386
400,752
404,058
413,982
410,779
404,928
400,976
401,106
406,102
407,970
408,953
409.967

11

79.0
78.9
81.6
83.2
82.2
81.1
80.6
80.1
75.8
75.4
75.3
75.4
77.1
74.6
79.6
78.6
80.0
78.2
80.5
79.8
81.5
83.3
82.0
83.0
81.4
79.3
81.0
82.1
80.9
82.6
81.6
83.3
83.1
84.4
85.2

2

c

>
r

pa

w
o
-

SCHEDULE 2—Continued
Sept. 5
Sept. 121
Sept. 19 '
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14....
Nov. 21
Nov. 28
Dec. 5.
Dec. 12
Dec. 19
Dec. 26
Daily Average...

123,521
118,505
130,108
135,826
153,153
150,525
164,196
158,316
165,283
151,227
131,816
142,832
162,147
151,396
143,417
134,137
156,720
148.766

74,148
66,054
75,251
87,122
105,286
101,096
115,062
111,951
118,527
105,382
82,545
92,702
114,025
104,432
93,579
86,159
105,167
86,046

37,145
26,857
29,481
38,427
53,002
49,714
59,335
56,574
62,515
52,891
39,033
46,663
62,968
57,261
47,708
40,914
53,292

37,003
39,197
45,770
48,695
52,284
51,382
55,727
55,377
56,012
52,491
43,512
46,039
51,057
47,171
45,871
45,245
51,875

39,897
41,932
43,955
40,257
40,188
42,659
42,155
37,751
37,087
36,957
39,453
41,871
39,107
39,365
39,940
38,354
40,602
34.228

9,476
10,519 •
10,902
8,447
7,679
6,770
6,979
8,614
9,669
8,888
9,818
8,259
9,015
7,599
9,898
9,624
10,951
28.492

591,457
579,597
562,631
564,638
557.784
554,747
547,986
544,650
528,259
550,668
576.351
560,732
542,974
554,446
568,983
564.115
564,900
552.282

267,141
271,723
269,634
267,618
268,229
266,221
277,769
268,524
264,272
270,186
283,980
277,146
269,285
272,870
281,008
266,496
271,265
275,636

278.890
274,556
274,828
272,593
277,556
269,404
284,083
273,145
266,756
272,716
287,724
281,758
274.312
279,404
284,395
268,849
276,541
280.953

417,207
414,481
412,134
412,250
415,011
415,859
412,236
410,865
406,302
407,790
404,136
401,919
405,089
406,311
405,855
409,723
420,296
403,605

85.0
84.1
81.9
82.4
80.5
81.0
78.7
79.6
78.5
80.9
83.3
82.0
79.9
80.9
82.4
83.1
81.1
80.7

SCHEDULE 3—Volume of Discount and Open Market Operations

Bills Bought in Open Market

Month

Total

AgriculSecured
by U. S. Bankers' Trade tural and
Govern- Accept- Accept- Live
Stock
ances
ances
ment
Paper
Obligations

Tanuary
142,685 110,666
February
162,007 119,165
March
251,530 171,270
April
212,954 162,624
May
212,300 159,036
Tune
214,158 153,338
July -.
206,526 151,666
195,874 149,131
August
207,283 151,482
September
242,094 177,755
October
229,722 174,275
November
December
230,949 187,379
Total: 1923.. 2,508,082 1,867,787
1922... 1,581,004 996,767
1921... 4.168,477 2,323,715




"so

50
75
1.446

184
64
206
89
162
344
204
277
61
201
185
109
2,086
1,321
9,147

4,481
3,621
7,436
4,954
5,373
5,104
3,708
3,097
4,920
7,325
6,113
7.161
63,293
105,376
192,620

M
S3

53

w
in

IN THOUSANDS OF DOLLARS

Bills Discounted

w
o

w
U. S. Securities
Purchased

Total Discount and Open
Market Operations

J3
<

w
td

All
Other

Total

Bankers' Dollar Trade
ExAcceptAcceptchange ances
ances

Bonds Certifiand cates of
Notes Indebtedness

1923

1922

1921

n
27,354
39,157
72,568
45,287
47,729
55,372
50,948
43,369
50,820
56,813
49,149
36,300
574,866
477,465
1,641,549

15,438
15,123
26,354 25,530
22,303 20,492
19,496 18,280
11.385
10,800
25,786 24,726
29,373 27,558
16,830
16,698
26,609 25,923
22,154 21,384
22,224 21,693
27.408 26.383
265,360 254,590
253,464 249,637
138,276 132,825

315
824
1,811
1,216
585
1,060
1,815
132
686
770
531
1.025
10,770
3,827
5.451

7,070
10,808
9,546
6,240
9,398
11,465
13,729
8,924
7,988
4,630
8,626
8.685
107,109
158,198
21,214

408,518 244,003 474,436
243,325
208,453 195,692 405,294
9,284
321,810 204,015 556,911
38,431
244,291 166,841 387,789
5,601
146,747 426,025
242,409
9,326
303,277
182,778 455,443
51,868
106,017 331,867
263,837
14,209
232,019
148,930 312,805
10,391
181,859 333,920
261,404
19,524
274,592
218,640 294,722
5,714
267,419 214,084 250,410
6,847
28860?
421.621 308.820
21.560
436,080 3,316,631
2,431,227
438,561
210.475
4,538.442

S

o
>
o
o

NINTH ANNUAL REPORT
SCHEDULE 4—Volume of Bills Discounted for Member Banks in Each State
AMOUNTS IN THOUSANDS OF DOLLARS

Month

lanuary
February
March
April
May
June
Tuly
"August
September
October
November
December

'Michigan

'Illinois! *Indiana Iowa

48,941
: 95,943
; 141,510!
! 110,615!
' 107.8S7J
114,625
96.270]
86,975
! 108,434
i 117,999
101,753
101,260

9,434
8,584
16,900
17,146
14,684
15,704
17,915
15,364
15,742
17,262
10,281
13,014

9,639
5,340
7,986
8,630
14,216
12,440
15,729
15,034
15,874
23,509
27,852
25,147

71,302
47,026
71,264
66,853
61,590
53,577
66,415
67,531
54,378
67,469
75,167
78,696

•Wisconsin

NumNumber of
ber of member
member banks
banks accomin dis- modated
trict at during
end of
the
month month

Total

3,369 142,685 1,442
5,114 162,007 1,441
13,870 251,530 1,441
9,710 212,954 1,438
13,953 212,300 1,438
17,812 214,158 1,440
10,197 206,526 1.438
10,970 195,874 1,440
12,855 207,283 1,440
15,855 242,094 1,440
14,669 229,722 1,437
12,832 230,949 1,435

598
444
502
451
512
521
515
511
521
568
594
604

Total: 1923
11,232.182 172,030 181,396 781,268 141 ,206 2,508,082
1922
i 628,790 138,051 198,467 532,518 83,178 1,581,004
1921
1,687,314 273,191 635,256 1,284,464 288,252 4,168,477
Number of member !
banks at end of year:
235
131
1.435
1923
! 404
210
455
132
1,443
234
1922
406
212 I 459
133
1,443
233
1921
404 ! 214 j 459
Number of member
banks accommodated:
167
82
973
1923
244 I
147
333
194
1,129
1922
282 I
155 I 400
1.191
195
1921
297 I
160 I 429

* Figures in this column relate only to that part of the State located in the Seventh
district.

SCHEDULE 5—Operations of Federal Reserve Clearing System
(Figures include cash items only)
NUMBERS IN THOUSANDS; AMOUNTS IN THOUSANDS OF DOLLARS

Month

Items drawn on
banks in
own District
Number

January
February..
March
April
May
June
July
August
September
October
November.
December.
Total:
1923
1922
1921

6,470
5,364
6,706
6,211
6,549
6,783
6,319
6.283
6,270
7,203
6,661
7,367

Amount
1,435.126
1,548,670
2,175,606
1,868,267
1,922,193
1,983,118
1,791,011
1,756,448
1,722,200
1,973,201
1,800,630
1 843,235

78 186 21,819,705
69,617 13,547,006
60,411 12,850,573

Items forwarded
to other F. R.
Banks and their
Branches
Number Amount
432
370
504
396
417
463
416
412
428
466
428
518

Items drawn on
Treasurer of
United States

"Total

Number Amount Number

Amount

41,712
38,162
50,955
44,098
46,438
50,970
41,712
43,054
46,412
46,023
37,792
39,556

481
395
477
501
445
355
323
298
413
545
426
357

77,913
57,891
57,486
54,358
52,987
60,305
45,542
44,321
52,430
59,150
54,823
57,444

7,383 1,554,751
6,129 1,644,723
7,687 2,284,047
7.108 1,966,723
7,411 2.021,618
7,601 2.094,393
7,058 1,878,265
6,993 1.843,823
7,111 1,821,042
8,214 2,078,374
7,515 1,893,245
8.242 1,940,235

5,250 526,884
3,927 432,250
3.533 415,171

5,016
4,800
4,862

674.650
629,152
729.881

88,452 ?3,021,239
78.344 14,608,408
68.806 13.995.625

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




20

FEDERAL RESERVE BANK OF CHICAGO
SCHEDULE 6—Earnings and Expenses
1923

EARNINGS

1922

1921

$3,872,139
1,420,395
1,049,666
37,573
131,586

Total Earnings

$3,862,291 518,829,302
547,339
374,864
2,081,340
858,205
49,761
123,250
208,132
196,549

$6.511.359

Discounted Bills
Purchased Bills
United States Securities
Deficient Reserve Penalties
Miscellaneous

$6.748.863 $20,382,170

$ 332,875
1.947,951
108.696
344,363
711
363
1,007
9,094
31,780
97,426

S 367,156
1,907,058
155,333
236,665
309
348
992
8,221
42,083
98,307
1,387

332,652
1,888,877
138,792
156,492
615
244
1,099
11,731
48.131
105,227

38.601
56,083
230,455
49,602
88.308
42.176
144,239
112,922
30,164
62,125
207.994)
55,244)

67,400
48,424

76,128
24,663

205,729
83,090
109,172
31,328
62,168
245,014

273,625
120.847
128,770
31,872
71,621
237,238

210,993
57,752
2,006
110,094

95,378
82,631
33,425
198,439

768,220
106,811
98.655
•229,948

CURRENT EXPENSES

Salaries:
Bank Officers
Clerical Staff
Special Officers and Watchmen
All Other
Governors' Conferences
Federal Reserve Agents' Conferences
Federal Advisory Council
Directors' Meetings
# Traveling Expenses
:
Assessments for Federal Reserve Board Expenses
Legal Fees
Insurance (other than on currency and security
shipments)
Insurance on Currency and Security Shipments
Taxes on Banking House
Light, heat and power
Repairs and alterations Banking House
Re i t
Office and other supplies.
Printing and Stationery
Telephone
Telegraph
Postage
E
Federal Reserve Currency:
Original Cost, including shipping charges
Cost of Redemption, including shipping charges.
Taxes on Federal Reserve Bank Note Circulation.
All Other Expenses
Total Current Expenses.

$4,373,024
1923

PROFIT AND LOSS ACCOUNT

$4,080,057 $ 4,852,258
1922

1921

$6,511,359
4,373,024

$6,748,863 $20,382,170
4,080,057 4,852,258

$2,138,335

$2,668,806 MS.529.912

$

11,957

$ 144,554
300,000
127,465 $

4,826

41.903

$ 572.019 $

4.826

$ 451,044
363.586
166.662
20,591

$1,400,000 $

145,000
500,000

$1,001,883

$1,835,610 $ 1.029.621

Net Deductions from Current Net Earnings

$ 959.980

$1,263,591 $ 1.024.795

Net Earnings available for dividends, surplus and
franchise tax
Dividends paid
Transferred to Surplus Account
Franchise Tax Paid United States Government

$1,178,355
$ 904,371
27,398
246.586

$1,405,215 <U4.505.117
$ 876203 $ 853,785
**52.901 2,075.323
**476.111 11.576.009

Current Net Earnings
Additions to Current Net Earnings:
Amounts deducted from Reserve for Depreciation
on United States Bonds
All other
Total Additions
Deductions from Current Net Earnings:
Depreciation allowances on bank premises
Reserve for probable losses
Furniture and Equipment
All other
Total Deductions

$

29,946

238,923
196,687

t

384,621

# Other than those connected with governors' and agents' conferences and meetings of
directors and of the advisory council.
*Includes $118,158 for Furniture and Equipment which since 1921 has been charged
direct to profit and loss.
tlncluded with current expenses prior to 1922.
**Bank also charged its surplus account and paid the United States Government $710,190
as an additional franchise tax for 1921.




21

NINTH ANNUAL REPORT

SCHEDULE 7—Clearings and Transfers Through the Gold Settlement Fund
IN THOUSANDS OF DOLLARS

Week Ending
January 4 (three days).
January 11
January 18
January 25
February
1
February
8
February 15
February 21
March 1
March 8
March 15
March 22
March 29
April 5
April 12
April 19
April 26
May 3
May 10
May 17
May 24
May 31
Tune 7
Tune 14
June 21
Tune 28
July 5
July 12
July 19
July 26
August
2
August
9
August 16
August 23
August 30
September 6
September 13
September 20
September 27.
October 4
October 11
October 18
October 25.
November
Novembe
Novembe
Novembe
Novembe
Decembe
Decembe
Decembe
Decembe
Dec. 28-31 (three days)
Total:
1923
1922
1921

Payments
to other
F. R. Banks

Receipts
from other
F. R. Banks

156,859
259,543
258,480
262,994
279,139
212,415
1^9,305
213,905
316,505
228,230
251,869
248,943
241,665
231,696
226,015
259,690
272,765
277,291
223,758
259,322
266,158
229.836
261,307
238.530
296,745
268.510
253,624
225,268
270,206
256,019
247,665
215,172
197,362
246,020
217.646
188.079
229,047
288,768
251,567
245,843
238,666
241,947
269,707
259,395
220,380
235,083
300,199
212.671
257,403
240,917
289,093
237.902
159.724

139,898
245,888
274,082
271,192
251,464
213,264
211,087
205,780
280,605
242,789
235,143
264,288
255,883
230,425
233,404
256,607
284,222
259,975
235,363
256,337
295,458
242,722
248,299
237,385
286,409
273,303
263,418
239,863
249,315
259,562
242,028
231,096
205,620
242,095
228,375
188,396
228,284
265,390
252,990
244,089
228,621
236,256
269,341
248,790
243,341
236,060
282,493
212.271
272,323
238,221
293,408
246,075
149.480

12,936,848
11.279,632
8.698.247

12,928,473
11,346,028
8.900.334

Net Loss
16,961
13,655
27,675
8,125
35,900
16,726
1,271
3,083
17,316

'£985
13,008
1,145
10,336

20,891
"""5,637
3,925
763
23,378
1,754
10,045
5,691
366
10,605




15,602
8,198
849
11,782
14,559
15.345
14,218
7,389
Tl7457
11,605
29,300
12,886

4,793
9,794
14,595
3,543
15,924
8,258
10,729
317
1,423

22,961
977

17,706
400
14,920
2,696

8,375

Net gain in ownership of gold since establishment of fund in 1915.

22

Net Gain

4,315
8,173

66,396
202.087
271,579

SCHEDULE 8—Principal Assets and Liabilities of Reporting Member Banks as of the Last Report Date in the Month
In Leading Cities
IN THOUSANDS OF DOLLARS

LastReport
Date in

Total Loans and
Discounts including Loans and Discounts
Investments
Rediscounts with
secured by Stocks
Federal Reserve
and Bonds other
All Other
U. S. Securities
Bank
than U. S. Bonds
1923

lanuary
February
March
April
May
Tune
July
August
September
October
November
December

1,661,539
1,684,768
1,736,300
1,755,672
1,782,316
1,776,695
1,749,334
1,742,505
1,759,893
1,780,667
1,765,241
1,757.418

Net Demand
Deposits

Time Deposits

Accommodation
at F . R. Bank

U

1922

1923

1922

1923

1922

1923

1922

1923

1922

1923

1922

1923

1922

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

539,754
542,358
548,045
552,066
584,887
584,018
585,652
573,127
579,630
588,236
587,949
592,150

435,471
445,514
422,754
426,514
484,871
484,141
499,847
528,071
519,930
552,361
543,436
539,093

319,468
300,189
286,800
273,708
279,874
289,699
280,734
295,508
273,066
264,946
255,052
284,270

123,950
144,992
142,974
167,969
185,109
212,037
209,502
243,097
245,846
252,647
256,353
295,202

359,748
362,354
370,367
367,495
358,607
348,113
354,777
342,664
340,384
337,456
342,051
349,770

382,457
384,686
388,188
391,155
404,225
401,532
402,093
408,320
405,146
407,299
419,044
432,776

1.527,981
1,517,589
1,470,340
1,487,567
1,516,121
1,480,302
1,485.725
1,495,870
1,453,740
1,458,622
1,436,241
1.470,801

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

757,734
759,810
771,486
773,061
785,341
787,171
783,683
779,960
781,944
790,046
798,630
801,341

648,472
658,773
657,473
659,041
667,576
681,109
682,359701,687
700,355
731,179
732,092
744,470

19,177
44,108
63,952
54,872
44,120
63,243
41,475
36,605
52,881
77,065
69,895
59,722

56,804
27,290
33,677
17,991
15,877
10,020
7,196
19,665
17,443
25,669
40,360
38,244

w
W
<
W

NOTE.—Figures are for about 106 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 8A—In Chicago

j

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

066,883
082,872
126,871
140,475
166,556
156,081
124.582
119,407
132,774
,154,436
,136,472
.129.923

1,046,182
1.056,963
1,037,515
1,026,633
1,082,025
1,049,000
1,052,049
1,066,013
1,063,343
1,101,574
1,068.641
1,075,246

407,277
407,902
413,570
415,026
447,605
440,276
437,250
423,629
430,234
440,545
439,416
440,290

319,626
329,845
303,439
310,389
365,780
360,484
373,041
400,369
394,786
424,850
414,965
408,470

176,906
158,554
143,282
126,931
127,067
138,011
122,531
143,918
124,991
121,549
114,088
146.506

40,127
60,964
57,609
79,678
93,825
[12,734
107,937
[33,330
132,374
[30,024
136,818
162,254

186,264
186,686
191,798
190,384
179,937
171,844
177,649
163,550
166,339
163,975
166.786
171.468

173,519
176,144
176,425
177,728
185,422
181,261
176,799
175,726
171,682
172,417
180,520
193,538

n
1,036,336 870,020
1,030,135
921,926
995,110
878,356
1,002,877
916,070
1,029,031
986,569
997,832
959,519
981,590
993,046
997,652
1,000,820
990,053
971,908
995,441
983,175
990,967
970,116
1,003,369 1,008,717

367,254
367,688
376,425
370,831
375,673
373,107
369,333
363,946
365,201
371.100
372,891
378.930

NOTE.—Figures are for about 49 banks located in Chicago, which submit weekly reports to the Federal Reserve Board.




o
•aj

IN THOUSANDS OF DOLLARS
312,419
315,973
311,474
310,959
315,083
324,492
322,781
334,514
328,505
352,616
350,499
361,276

8,047
26,186
40,956
34,232
16,795
38,944
17,484
17,187
29,483
44,088
31,626
29,536

15,817
6,307
19,720
3,460
9,274
5,979
2,442
6,225
8,500
8,648
11,081
14,763

X
I—I

n
>
o
o

NINTH ANNUAL REPORT
SCHEDULE 9—Debits to Individual Accounts
IN THOUSANDS OF DOLLARS

Month

* Summary for 21
Centers
1923

January

February..
March
April
May
Tune
Tuly
August
September
October
November
December

1922

4,810,899
4,383,817
4,828,041
4,737,859
4,899,390
4,772,812
4,509,455
4,240,633
4,208,411
4,660,972
4.428,485
4,886,123

*l?ay City, Mich. * Mlooniington, 111 'Cedar Rapids, Ta

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

Total. 55.366,897

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

1922

1923

1922

11,481
10.397
15,970
11,997
11,233
1 1,562
10.734
10,398
10,918
11,204
9,564
11,281

8,917
8,849
13,409
10,617
9,200
9,553
9,751
9,538
9,799
9,953
9,442
11,702

27,139
21,693
31,246
28,189
28,696
29,241
27,296
25,862
27,877
31,626
25,306
28,630

37,646
29,794
27,799
22,606
21,228
22,830
29,693
21,342
21,899
23,555
20,814
24,255

49,303,650 127.677

121,152

136.739

120,730

332.821

303,461

Total.. 35.278.972

'Detroit,
Month

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

*Davenport, la.

1923

*Decatur. 111.

*Des Moiiies, la.

1922

1923

1922

37,548
32,348
36,377
35,404
38,235
34.292
31,746
30,294
30,129
33,949
31.650
33,847

29,002
30,170
34,649
31,904
35,194
33,817
36,136
30,667
35,576
36,210
34,933
38,111

14,488
12,611
16,684
15,478
15,608
16,423
15.754
16.054
15,076
14,986
14,165
14,363

11,831
11,245
14,610
12,664
13,290
13,908
14,310
15,430
13,897
14,583
13,525
15,520

82,322
67,298
95,650
86,655
85,332
103.416
79,815
73,404
72,223
83,406
72,249
74,312

64,246
56,738
78,201
65,997
68,229
71,587
67,217
64,690
68,510
72,384
73,028
75,536

32,331,033 405.819

406,369

181.690

164,813

976.082

826.363

1922

1923
3,153,458
2,929,918
3,069,933
3,054,525
3,100,634
2,941,388
2,859,024
2,644.705
2,631.379
2,929,548
2,812,412
3,152,048

1922
9,998
8,959
10,082
9,713
10,449
10,026
9,804
10,019
10,115
10,598
10,043
11,346

'Chicago, 111.
Month

1923
10,303
8,442
9,876
9,180
10,362
10,591
10,043
10,797
10,438
12,848
11,686
13,111

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 -

Mich.

1923

1922

*Dubuque, la.

1923

*Flint, Mich.
1922

Fort Wayne, Ind
1923

1922

1923

1922

1923

1922

1923

623,392
583,430
684,043
672,530
709,107
720,921
638,497
630,679
628,324
675,990
654,044
697,177

443,087
403,803
516,859
490,190
526,023
542,982
574,030
588,363
548,708
554,040
545,937
651,296

16,806
12,267
15.807
14,391
14,425
15,174
14.423
12,945
13,162
14,932
14,306
15,500

11,935
11,660
13,718
12,554
12,888
12,992
12,241
11,632
12,782
13,151
12,457
15,068

31,00^
27,218
33,655
34.149
34,619
35,413
28.412
30,141
31,039
34..057
32,325
34,610

19,558
17,087
22,787
32,369
28,074
27,278
22,286
24,466
24,781
26,740
27,099
28,547

35,643
31,500
38,447
35,579
48,989
46,975
41,142
37,442
35,643
39,922
39,441
40,788

27,986
26,261
30,350
28,311
30,213
31,941

6,385,318 174.138

153,078

386.645

301,072

471,511

367,999

Total.. 7.918.134

31,357
28,072
33,125
32,832
32,305
35,246

•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.




24

FEDERAL RESERVE BANK OF CHICAGO
SCHEDULE 9—(Continued).—Debits to Individual Accounts
IN THOUSANDS OF DOLLARS

'Grand Rapids, Mich. Indianapolis, Ind
Month
January
February...
March
April
May

June

July
August
September.
October
November
December..
Total.

1923

1922

1923

66,383
57,098
69,493
64,583
69,715
70.870
67,208
67,594
69 300
67,279
60,650
70,626

65,334
50,124
60,011
55,950
63,232
63,344
59,983
62,156
59,104
64,155
60,868
65,870

174,96(
145,28C,
156,646
148,337
167,536
168,050
161.827
148,841
141,040
155,313
149 060
162,951

800,799

lanuary...
February...
March
April
May
June
Tuly
August
September
October...
November
December.
Total

1922
17,437
14,710
17,209
17,265
17,079
18,038
17,731
19,090
19,038
19,877
18,886
21,978

730,131 1,879.856 1.706.295 259,515

201.860

249.045

218,338

1923

1922
17,917
16,863
21,734
23,262
26,078
28,986
26,606
25,727
25,597
27,210
25,254
30,500

5

128,100
119,521
153,018
125,229
139,871
150,564
145,641
136,234
140,381
147,215
144,353
176,168

Milwaukee, Wis.

*Peoria, 111.
1922

1922

1923

6.805
6,494
8.087
9,874
9,472
8,526
9,752
7,327
7,776
7,619
7,435
7,152

40,401
32.740
41,244
39,415
40,995
41,194
39.072
37.895
37.570
41,553
39.212
42,315

295,734 3.283.479 2,886,023 101.897

96,319

473.606 429,216

South Bend, Ind

Springfield, 111.

1923
279,922
242,053
279,195
269,564
295,825
291.793
271,807
256,490
259,652
293,767
264,781
278,62f

1922

Moline, 111.

7,746
7,157
8.556
9.894
9,315
9,193
8,168
8,586
8,557
8.815
7,823
8,087

*Rockford, 111.

217,005
213,848
263.205
220,409
237,263
244,219
241,747
226,383
244,496
269,351
240,463
267,634

*Sioux City. la.

1923

Total

1923
22,643
17,432
21,746
20,699
21,028
22,676
21,207
19,715
19,795
21.216
19,785
21,103

Month
January
February...
March
April
May
Tune
Tuly
August
September
October .
November
December

1922
14,889
11,716
14,544
14,919
17,873
19,999
19,002
18,071
16,837
18,216
16,994
18,800

30,500
28.500
40.450
40,061
41,092
41.613
36,168
36,924
29.820
29,700
27.626
33,925
416,379

1923

Kalamazoo, Mich

24,238
16,239
20,647
21,594
22,646
23,697
21,286
23,038
23.039
22,289
18.879
21,923

* Lansing, Mich.
Month

1922

Jackson, Mich.

1922

1923

24,662
16.456
28,042
24,688
25,862
26,625
24,758
22,178
21.867
24,702
22,656
25,235

18,205
16,114
20,321
20,698
19,663
20,368
20,015
19,408
19,745
22,044
19,096
23,224

74,770
63,914
86,044
76,100
76.441
78.035
72,023
70.584
69,781
80,403
71,166
78,650

287.731

238,901

897.911

1922
35,498
46,330
76,068
65,618
70,037
71,959
66,856
64,277
67,146
74,294
61,94570,660
770.688

1923

1923

1922

1923

31,210
29,854
34,988
33,090
36,646
37,435
36,191
35,077
35,265
38,735
35,706
45,019

1922

34,904
29,067
36,006
38,121
44.972
47,867
40.741
40.305
36,130
44.893
38.953
38,754

22,287
22,212
26,821
26,194
29,829
32,806
33,148
34,159
34,207
35,340
33,037
40,227

28,121
24,716
29,579
27.893
26,905
28,887
28,917
26.214
24,738
27.187
25,085
28,116

23,271
21,254
26,558
25,011
22,775
25,382
25,415
23,194
21,830
23,647
22,797
25,652

470.713

370.267

326.358

286,786

*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.




25

NINTH ANNUAL REPORT
SCHEDULE 9—(Continued).—Debits to Individual Accounts
IN THOUSANDS OF DOLLARS
*Waterloo, la.

'Waterloo, la.
Month

Month
1922

1923
18,161
14,146
21,483
18,214
18,684
18,693
17.758

lanuary
February
March
April
May
Tune
Tuly

1923
August
.September
October
November
December

12,531
11,795
16,335
15,517
14.785
14,905
14.392

1922

17,386
17,248
19,678
17,448
18,251
217.150

Total

13,639
14,987
16,597
14,145
17,041
176.669

*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— Transfers of Funds
AMOUNTS IN THOUSANDS OF DOLLARS

Month

Transfers over
Leased Wires
Incoming

6,452,551
6,052,083

Total Number:
1923
1922

6,288,843
5,666,421

79,984
67.555

Total Amounts:
1923
1922

632,362
478,402
505,295
499,921
548,084
577,816
525,335
474,010
447,436
536,971
507,748
555,463

71,429
57.050

All other:

Total
1923

Total
1922

241,588
183,265
247,065
228,173
271,235
272,336
215,715
219,299
231,424
230,620
229,200
277.354

1,528,763
1,145,082
1,303,234
1,272,393
1,370,876
1,421,238
1,291,205
1,185,641
1,130,890
1,275,684
1,260,142
1,403,520

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

Outgoing

654,813
483,415
550,874
544,299
551,557
571,086
550,155
492,332
452,030
508,093
523,194
570,703

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

f

2,847,274 15,588,668
2,186,495
13,904,999
95,040
88,960

246,453
213,565

*Including transfers for account 5 per cent fund of National banks.

SCHEDULE 11—Member Banks Authorised and Approved in 1923 to
Exercise Fiduciary Powers
ILLINOIS

Amboy
Batavia
Eyanston
Lincoln
Rockford
Sycamore
Sycamore

First National Bank
Fjrst National Bank
City National Bank
Lincoln National Bank
Forest City National Bank
Citizens National Bank
Sycamore National Bank

IOWA

Buffalo Center..First National Bank
Davenport
First National Bank
Fort Dodge
Fort Dod»?e National Bank
Sheffield
First National Bank
Sioux City
Security National Bank
Thornton
First National Bank
Tipton
City National Bank

INDIANA

Attica
Central National Bank
Columbus
First National Bank
CrawfordsvilleFirst National Bank
East Chicago. United
States
National
Bank of Indiana Harbor
Gary
National Bank of America
Rising Sun
National Bank of Rising
Sun
Rushville
Peoples National Bank

MICHIGAN

Benton Harbor American National Bank
Pontiac
The American National Bank

WISCONSIN

Waukesha
Waukesha National Bank
Wausau
American National Bank
*Wausau
First National Bank
Wisconsin Rapids.—First National Bank

"Trustee only.




26

FEDERAL RESERVE BANK OF CHICAGO
SCHEDULE lZ~New National Banks, 1923
Location

Bank

ILLINOIS
Chicago
Chicago
Chicago
Chicago
Riverside
lierwyn

Portage Park National Bank
Broadway National Bank
fackson Park National Bank
Foreman National Bank
First National Bank
First National Bank •

INDIANA
Rushville
IOWA
Bellevue
Sheffield

First National Bank
First National Bank

MICHIGAN
Pontiac :
Ypsilanti
Reed City

American National Bank
Peoples National Bank
Reed City National Bank

WISCONSIN
Marion
Kenosha

First National Bank
United States National Bank

American 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 members until January 2, 1923.
Similarly, the Ogdcn National Bank of Chicago was not recorded as a member until
January 2, 1924.

SCHEDULE 13—Consolidations, Conversions, and Liquidations of National
Banks in 1923
Location

Name of Bank

ILLINOIS
Lincoln

First National Bank

Gridley

First National Bank

Lovington

First National Bank

INDIANA
Indianapolis
Rushville

Commercial National Bank
Peoples National Bank

IOWA
Dubuque

Dubuque National Bank

Pella
Jefferson
Burlington
Fort Dodge
MICHIGAN
Saginaw
Pontiac
WISCONSIN
Racine
Highland




Disposition
Absorbed by American National
Bank
Absorbed by State Bank of
Gridley
Absorbed by Hardware State
Bank
Absorbed by National City Bank
Succeeded by American National
Bank
Consolidated with Second National Bank
Absorbed by Security State Bank

Farmers & Merchants Nationa'
Bank
Declared insolvent
Absorbed by the First Iowa State
First National Bank
Trust ft Saving* Bank
Webster County National Bank Absorbed by the Webster County
Trust & Savings Bank
Commercial National Bank
Absorbed by Second National
Bank
National Bank of Pontiac .. Consolidated with American National Bank
American National Bank
First National Bank
27

Absorbed by Manufacturers National Bank
Declared insolvent.

NINTH ANNUAL REPORT
SCHEDULE lA^-State Banks Admitted in 1923
Location

Name of Bank

ILLINOIS
Chicago
Mt. Carroll

Twenty-Sixth Street State Bank
First State Bank

MICHIGAN
Brown City

Brown City Savings Bank

IOWA
Burlington

First Iowa State Trust & Savings
Bank

Fort Dodge

Webster County Trust & Savings
Bank

SCHEDULE 15—State Banks—Liquidations and Withdrawals—1923
Location
ILLINOIS
Chicago...

Moline..

Name of Bank

Disposition

Date

Mechanics & Traders State
Hank
'Merchants Loan & Trust
Companv
*Illinois Trust & Savings
Bank
Foreman Trust & Savings
Bank
State Savings Bank & Trust
Company
Moline Trust & Savings
Bank
Peoples Savings Bank &
Trust Company
First State Savings Bank....

Consolidation

December 26, 1923.

Withdrawal

April 6, 1923

Withdrawal
Withdrawal
Withdrawal
Rechartered
Absorbed by
member

Converted to a National Bank
Withdrawal
Declared insolvent
Withdrawal

Bank of Southern Wisconsin

April 7, 1923
April 7, 1923
August 2, 1923.
February 22, 1923.

MICHIGAN
Pontiac

American Savings Bank

February 23, 1923...

IOWA
Avoca
Sutherland...
Ogden

Avoca State Bank
First Savings Bank
City State Bank

Tuly 11, 1923
July 23, 1923
December 26, 1923.

INDIANA
Kentland.

Discount and Deposit State
Bank
November 13, 1923.

Mt. Carroll.
WISCONSIN
Janesville

Withdrawal

February 10, 1923.
April 9, 1923
April 9, 1923

Consolidation

non-

Declared insolvent

'Consolidated under name of Illinois Merchants Trust Co., which retained membership
in the Federal Restive System.

SCHEDULE 16—Treasury Savings Transactions During Year 1923
AMOUNTS IN DOLLARS
Transaction

Number of
Pieces

SALES:
Treasury Savings Certificates
EXCHANGES:
Treasury Savings Certificates issued in exchange
for War Savings Certificates—1918
Treasury Savings Certificates issued in exchange
for War Savings Certificates—1919

14,654

2,889,125

12,805

1,430,200

War Savings and Thrift Stamps Redeemed

28

:.

1,427

220,475

14,232

REDEMPTIONS:




Par

Value

1,650,675

20,141,266

91,344,588

FEDERAL RESERVE BANK OF CHICAGO
SCHEDULE 17—United States Bonds and Notes, and Certificates
of Indebtedness
AMOUNTS IN DOLLARS
SUBSCRIPTION'
Number
of
Shipments

Number
of
Pieces

Total Sub-

1,230
4 469

1,242
4,742

221
1S7
839
314

223
158
852
324

111
257
7.598

112
259

17,021
57,900
3,123
3,229
7,886
5,129
2,319
5,364

50,343,300
88,289,900
14,005,000
21,839,500
34,777,500
32,792,500
13,207,500
24,727,000

7.912

101,971

279.982,200

Certificates
of
Indebtedness

War Loan
Depo it
Account

Cash

218,100

698,000
4.175,500
4,545,000
11,386,500
6.168,000
3,481,000

42,524.500
43,576,400
11,645,500
17,143,000
25,640,000
19.091,500
6.731,500
18,940,500

7,343,800
11,353,400
1,636,500
521,000
4,374,400
2,314,500
308,000
2,305,500

34.078.200

30.454,000

185.292.900

30,157,100

Number
of Subscribers

Series
A-1927
B-1927
TS-2-1923
TD-2-1923
TM-1924
TM-2-1924
TJ-1924
TD-1924
Total

scriptions

MANNER OF PAYMENT
Victory
Series

Notes

A-1927
B-1927
Tb-2-1923
TD-2-1923
TM-1924
TM-2-1924
TT-1924
TD-1924

475,000
33,360.100
25,000

Total

SCHEDULE 18—United States Bonds and Notes, and Certificates of
Indebtedness
AMOUNTS IN DOLLARS
dumber of
Pieces

Total Cash Redemptions
Victory Notes:
Applied in payment of new issues 4^4%
Applied in payment of Income and Profits Taxes
Purchases for Cumulative Sinking Fund 4^4%
Certificates of Indebtedness:
Surrendered in payment of Income and Profit Taxes,
Series 1923
Applied in payment of new issues
Liberty Bonds purchased for Cumulative Sinking Fund
Treasury Notes purchased for Cumulative Sinking Fund
Bonds and Notes accepted in payment of Estate and
Inheritance Taxes
3 % Bonds of 1908
Total Redemptions

347,000
129,139,800
210,174.000
19,000

733,790

339,679,800

64,643
7
2,058

*35,852,750
1,850
5,150,000

136
3,343
2,608
718

296,000
30,454,000
11,170,000
11,650,000

968
20

1,562.550
1,200

808.291

Cash Redemptions:
Victory 3 & % Notes
Victory 4J4% Notes
Certificates of Indebtedness
Porto Rican 4's

Par
Value

533
710,652
22,586
19

Redemptions

435.818.150

^Includes $1,774,550 Victory 454% Registered Notes submitted in payment C-1925
December 15, 1922, for which assignment was released January, 1923.




29

NINTH ANNUAL REPORT
SCHEDULE 19—Recapitulation of Fiscal Agency Transactions During
AMOUNTS IN DOLLARS
Number of
Shipments
Exchange of Temporary for Permanent Bonds.
Conversion Transactions
Registered Surrenders Exchanges
Denominational Exchanges
Receipts and deliveries against other Federal
Reserve Banks
Treasury Savings Transactions (a)
War Finance Corporation Collateral.
Miscellaneous Transactions.
Issues and Redemption of Bonds, Notes and
Certificates of Indebtedness (b)

Number of
Pieces

20,705
5,122
35,858
21,207

10,098,200
3,029,050
178,546,200
418,784,600

42,035
20,170,152
14,873
10,615,935

536,887,900
95,884,388
23,063,707
90,330,650

910,262

715,800,350

32,992,247

Grand Total
(a)
(b)

Par Value

114,815
20,037
279,785
824,353

2,072.425,045

See Schedule 16 for detail.
See Schedules 17 and 18 for detail.

SCHEDULE 20—Currency Receipts from and Payments to Member and
Non-Member Banks
IN THOUSANDS OF DOLLARS
Total

Total Receipts
1923

1921

1922

January
February....
March
April
May
June
July
...
August
September.
October
NovemberDecember...
Totals

121,631
83,315
106,604
111,518
117,212
117,400
117,607
118,694
111,558
128,145
115,433
138,954

1923 .
.
1922 .
.
1921 .
.

1923

102,461
67,543
97,689
86,358
86,313
90,068
83,918
78,264
84,337
85,937
85,899
99,128

1,388,071

103,144
66,227
80,133
86,020
87,605
91,263
87,143
86,475
87,437
97,817
97,069

119,349

87,356
103,338
115,972
113,776
123,946
126,592
111,950
129,095
115,306
121,950
129.581
154,601

Payments
1922

1921

69,646
73,445
87,292
83,843
87,281
94,060
88,069
98,393
97J49
101,625
107,359
136,266

53,474
62,971
78,239
81,464
77.646
77,340
74,877
78,180
78,079
79,709
82,188
106,893

1,433,463
1,089,682

1,125,028

1.047,915

931.060

SCHEDULE 21—Federal Reserve Notes of the Federal Reserve Bank of
Chicago received from other Federal Reserve Banks for redemption
or credit, and notes of other Federal Reserve Banks returned
by the Federal Reserve Bank of Chicago for
redemption or credit.
IN THOUSANDS OF DOLLARS
Returned

Received
1923

1922

1921

1923

1922

1921

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

4,548
31,338
5,693
24,208
3,047
6,728
26,329
12,959
9,965
2,622
9,887

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

4,422
17,094
5,268
23,246
2,680
3,856
11,230
10,686
7,173
1,270
7,769

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

Total

137.324

137,157

209.489

94,694

87,593

123,014




30

SCHEDULE 22—Disposition of Federal Reserve Notes during the Year 1923
IN THOUSANDS OF DOLLARS

Notes Outstanding
December 31, 1922

Fit Notes Reissued
during 1923

Notes Redeemed
during 1923

Fit Notes Keturned
to Agent to reduce
Bank's Circulation

Notes Outstanding
December 31, 1923

73,242
130,049
181,237
37,181
30,475
6,105
10,328
1,985

TOTAL

73,560
81,840
104,240
33,600
8,000
1,800
1,600
0

0
0
0
600
500
0
800
300

65,065
95,849
113,801
28,230
7,176
841
1,247
5

0
0
0
600
500
0
200
1,300

81,737
116,040
171,676
42,551
31,299
7,064
11,281
980

470,603

FIVES
TENS
TWENTIES
FIFTIES
HUNDREDS
FIVE HUNDREDS...
THOUSANDS.....
FIVE THOUSANDS
to

New Notes Issued
during 1923

304,640

2,200

312,215

2,600

462,628

w

tr

O

SCHEDULE 23—Customary Money Rates in Chicago at Commercial Banks in 1923

n
January February
Demand money
Commercial paper
Brokers' 6 months' paper
Year money
Acceptances
Notes secured by Certificates of Indebtedness....




@sy2
5
<s>5V2 5
454(5)6 4|4@6
4^@434 4^@5
5
5
4^0414
4 @4ys
4^@5^
4y2@sy2

March
5 @sy2
43/(5)6
4^<®5
5 @5i4
4%@4*A
4y2@5y2

April

May

sy2
434 @ 6
454@5
5
4ys@4y4
4y2@5*A

5^
43/(5)6
434@5
5
4ys@4*A

June
sy2
5 @6
434@5

August September

July

5y2
5 @6
43^@5
454 <a>5
5'
4
@4?4 4 @4i4

sy2

October

November December

434(5)5
5
4 @4J4

sy2 @6
5^@6
4?4 @ 5
5
4 @4J4

5^(5)6
5 *(o>6
434@5
5 @5y2
4 @4*A

5^@6
5 @6
434@5
5
4 @4J4

4y2<a>sy2

4l/2@6

4y2@6

4y2@sy3

55*

Sy2(cb6

4J4@5
5

@>5y2

4

@4J4

4y2@sy2 4y2@sy2 4y2@sy2

n
>
o
o

INDEX
PAGE
8, 19
4, 17-19
11
11
6, 19
14, 30
12, 29
14, 20
7-8
14

ACCEPTANCES
ASSETS AND LIABILITIES
BANK EXAMINATIONS
BANK RELATIONS
BILLS PURCHASED
CASH AND CURRENCY OPERATIONS
CERTIFICATES OF INDEBTEDNESS
CHECK CLEARINGS
COLLATERAL AND SAFEKEEPING OPERATIONS
COLLECTIONS

DEBITS TO INDIVIDUAL ACCOUNTS (Volume of Checks)
DETROIT BRANCH
DIRECTORS OF BANK AND BRANCH
DISCOUNT OPERATIONS
DISCOUNT RATE
EARNINGS AND EXPENSES
FEDERAL RESERVE NOTES
FIDUCIARY POWERS
FISCAL AGENCY OPERATIONS
FRANCHISE TAX
GOLD SETTLEMENT FUND

:

-

GOVERNMENT FINANCING
INVESTMENTS
LOANS TO MEMBER BANKS
MEMBER BANKS—

Changes in number of
Fiduciary power granted to
Position of
MEMBERSHIP
MONEY RATES
NATIONAL BANKS—

New, Consolidations and Liquidations
OFFICERS OF BANK AND BRANCH
OPERATIONS—

Comparative volume, 1921, 1922, 1923
Detroit Branch
Financial Results
Schedules
ORGANIZATION OF BANK
PROFIT AND LOSS STATEMENT
RESEARCH AND STATISTICS DIVISION
RESERVE RATIO
RESERVES
SAFEKEEPING OF SECURITIES
SCHEDULES OF OPERATIONS
STATE BANK MEMBERS, CHANGES IN NUMBER OF
STATEMENT OF CONDITION, 1921, 1922, 1923
TRANSFER OF FUNDS
TREASURY SAVINGS CERTIFICATES
UNITED STATES SECURITIES
32




13, 24-26
2, 16
2
.5-7, 19-20
7
21
6, 9, 15, 30-31
10, 26
12, 28-30
5, 21
13, 22

12-13, 28-30
8, 17-19
7

10, 27-28
10,26
13, 23
10, 27-28
31

27
2
\

4
16
5
17-31
15-16
21
11
10
9
8
17-31
10, 28
17
15, 26
13, 28
6, 9, 12, 28-30


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102