The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal
PRESIDENT'S ANNUAL
Reserve
REPORT
ACTIVITIES
Bank
of
TO THE
FOR THE
Chicago
BOARD OF DIRECTORS
YEAR
1946
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT S REPORT
TO BOARD OF DIRECTORS -1946
CONTENTS
Head
Office
S e r v i c e s to M e m b e r B a n k s
Discounts and Other Credits
Currency and Coin
Collection of Checks and Noncash Items.
Safekeeping
Investments
Research
Examination of Banks
Bank and Public Relations
Page 1
2
3
4
5
6
7
8
S e r v i c e s to G o v e r n m e n t A g e n c i e s —
Treasury Department - Issuance of Government Securities
Treasury Department - Servicing of Government Securities
Treasury Department - Redemption of Government Securities
Treasury Department - Foreign Funds Control
Treasury Department - Withheld Taxes
Reconstruction Finance Corporation and Commodity Credit Corporation
9
10
11
12
13
14
Consumer
18
Credit
Activities
S u p p l e m e n t a r y Bank O p e r a t i o n s
Accounting
Telephone, Wires, and Mail
Personnel
Procurement
Building
Legal
Planning_
Detroit
,
20
21
22
23
24
26
27
Branch
S e r v i c e s to Member Banks —
Discounts and Other Credits
Currency and Coin
„, ,
Collection of Checks and Noncash Items
Safekeeping
28
29
30
31
S e r v i c e s to G o v e r n m e n t A g e n c i e s —
Treasury Department - Issuance of Government Securities
Treasury Department - Servicing of Government Securities
Treasury Department - Redemption of Government Securities—
Treasury Department - Withheld Taxes
Reconstruction Finance Corporation and Commodity Credit Corporation
. 32
33
. 34
- 35
. 36
Supplementary
Bank O p e r a t i o n s
Accounting.
Telephone, Wires, and Mail__
Personnel__
. 38
39
40
Statements
Statement of Earnings and Expenses.
Statement of Condition
Cumulative Statement of Disposition of Net Earnings
41
42
43
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S
SERVICES TO MEMBER BANKS
Discounts and Other Credits
REPORT
TO BOARD O F DIRECTORS - 1946
NOTE - The Federal Reserve Banks are empowered to supply funds to member banks and, under certain
prescribed conditions, to commercial firms.
GENERAL SUMMARY
Member bank borrowings increased somewhat over the previous year.
The maximum borrowings outstanding a s of any one day were $302,300,000
on April 1, 1946.
Numerous negotiations were conducted in connection
with Industrial Loans and Commitments. In many instances we were successful in assisting the prospects in arranging for financing through the
normal channels, with the result that only two commitments, aggregating
$382,666.67, were entered into under Section 13b during the year 1946.
Guarantees under Regulation V have been almost completely liquidated.
As of December 31, 1946, there were 15 guarantees in force, aggregating
$10,359,000, and it is anticipated that loans outstanding under such guarantees will be paid in full during the next few months either a s the result of
completion of contracts now in process or final settlement of pending termination claims. During the operation of the V loan program 1,586 guarantees
were processed at the head office, involving an aggregate of approximately
$1,658,000,000.
STATEMENT OF YEAR'S OPERATIONS
1946
increase
or decrease
395
357
+ 10.6%
1
239
155
1
NUMBER OF TRANSACTIONS
Advances to Member Banks Secured by U. S. Govt. Obligations
1945
256
443
241
1
- 99.6%
- 46.1%
- 35.7%
$429,002,000
140.1%
222,967,855
359,450,869
302,170,204
256.918
- 99.9%
- 54.2%
- 72.1%
- 95.6%
Industrial Loans Advances
Commitments
Guarantees under Regulation V Issues
Terminations
Reductions
Loans Purchased
DOLLAR VALUE OF TRANSACTIONS
Advances to Member Banks Secured by U. S. Govt. Obligations
Industrial Loans Advances
Commitments
Guarantees under Regulation V Issues
Terminations
Reductions
Loans Purchased
$1,030,155,000
382,666
43,650
164,696,832
84,442,640
11.347
Page 1
FEDERAL RESERVE BANK OF CHICAGO
SERVICES TO MEMBER BANKS
Currency and Coin
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - Currency and coin produced in the Mints and in the Bureau of P r i n t i n g and Engraving a r e routed
into general circulation through the Federal Reserve Banks, which act a s distributing agents between the
Treasury and the Banking community. Commercial banks d e s i r i n g c u r r e n c y or coin may obtain it f r o m
this Bank In exchange for their draft, a charge to t h e i r r e s e r v e account, e t c . Similarly, banks having
e x c e s s cash may turn it in to this bank and obtain funds in r e t u r n . Incoming cash is either used to sup
plement new currency and coin in outgoing shipments, o r , if unfit f o r f u r t h e r circulation, is r e t u r n e d to
the Treasury for destruction.
GENERAL SUMMARY
1946 has been a year of substantially increased
activity over 1945 in all phases of Cash Department work, the volume of receipts and payments
both a s to amount and pieces being the highest
recorded for any year in the history of the Bank.
Net circulation of our Federal Reserve Notes
reached an all-time high of $4,602,370,000 on
December 24,1946, a s against a high of
$4,458,295,000 a year ago, the net increase
amounting to $144,075,000.
STATEMENT OF YEAR'S OPERATIONS
1946
CURRENCY AND COIN
PIECES
Currency Outgoing
Incoming
Coin Outgoing
Incoming - from banks
- from mints
DOLLAR VALUE OF PIECES
Currency Outgoing
Incoming
Coin Outgoing
Incoming - from banks
- from mints
1945
465,288,540
499,617,483
416,040,926
407,436,858
+
756,312,988
481,142,829
325,250,000
623,182,449
365,658,181
260,200,000
+
+
+
21.4%
31.6%
25.0%
$2,749,670,700
2,879,538,129
$2,439,528,000
2,288,066,259
+
+
12.7%
25.9%
59,230,122
45,851,998
15,100,000
50,187,440
38,355,971
13,000,000
+
18.0%
19.5%
16.1%
FEDERAL RESERVE NOTE ISSUES - FEDERAL RESERVE AGENT
PIECES
49,026,000
51,540,000
Received from Washington
80,398,000
53,918,000
Issued to Bank
DOLLAR VALUE OF PIECES
Received from Washington
Issued to Bank
increase
or decrease
$587,000,000
742,515000
Page 2
$538,000,000
985,750,000
+
+
+
+
-
+
-
11.8%
22.6%
5.1%
32.9%
9.1%
24.7%
SERVICES TO MEMBER BANKS
Collection of Checks and Noncash Items
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD O F DIRECTORS - 1 9 4 6
NOTE - The Federal Reserve Banks act as nation-wide clearing agents for the routing of checks between
commercial banks in much the same manner as clearing house associations do in local communities, and
accept and pay checks drawn by the Federal Government. They also collect drafts, notes, bonds, coupons,
acceptances, etc., for member banks and deliver against payment securities sold by member banks. The
Reserve Banks act as clearing houses for ration checks.
GENERAL SUMMARY
The number of country checks cleared in 1946 was 20% greater than the
number cleared during 1945; the volume of all checks handled was up 13%.
Noncash items processed declined slightly during the year, while ration
checks were off 91%.
During 1946 the volume of Commercial items showed an increase over the
preceding year, but the trend of coupon and security items continued downward.
STATEMENT OF YEAR'S OPERATIONS
1946
CHECKS
Number of Checks handled
City
•Country
Government - Paper
- Card
Total all items
1945
increase
or decrease
42,435,255
168,024,163
7,004,569
38,745,465
256,209,452
39,544,093
140,058,461
8,826,467
38,790,456
227.219.477
7.3%
20.0%
20.6%
.1%
12.8%
3,795
3,956
13l
$42,768,284,000
27,343,275,000
6,459,897,000
2,931,456,000
$79,502,912^000
$35,925,822,000
21,829,193,000
10,730,191,000
2,659,650,000
$71,144,856,000
19.0%
25.3%
39.8%
10.2%
11.7%
NONCASH ITEMS
Pieces
City
•Country
Coupon and Security
Total
40,451
225,662
520.440
786,553
37,115
220,732
537,118
794,965
•Includes direct sendings to other Federal
Reserve Banks by our Member Banks
121,198
117,405
3.2%
84,192,000
694,350,000
1.042.226.000
$ 1,820,768,000
73,005,000
694,554,000
921,863,000
1,689,422,000
15.3%
13.1%
7.8%
571,642,655
.3%
#NOTE: Daily average number of cash
letters dispatched
Dollar value of Checks handled
City
Country
Government - Paper
- Card
Total all items
Dollar value of pieces
City
•Country
Coupon and Security
Total
$
•Includes direct sendings to other Federal
Reserve Banks by our Member Banks
RATION CHECKS
Number of items handled
Total unit value
569,830,391
728,659
3,099,291,115 pts.
Page 3
8,233,759
139.896.784.592 pts.
9.0%
2.2%
3.1%
1.1%
91.1%
97.8%
SERVICES TO MEMBER BANKS
Safekeeping
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT S REPORT
TO BOARD OF DIRECTORS -1946
NOTE
Federal Reserve Banks act a s depositoi ies for s e c u r i t i e s owned by m< mlwr banks Securities so
held are completely serviced a s to collection of interest, redemptions, exchanges etc. A fret' safekeepii g
service for United States Savings Bonds, S e r i e s E, is extended to m e m b e r s of the a r m e d f o r c e s and to the
general public.
GENERAL SUMMARY
The number of pieces processed in general safekeeping routines increased during the year, and
438,000 pieces, valued at over five billion dollars,
were held as of December 31, 1946.
During 1946, 226,509 War Savings Bonds were
deposited by the public for safekeeping. 30%
of those bonds were deposited by the soldiers
and 70% by civilians. Over 414,000 Bonds were
released during the year, compared to 326,000
during the year 1945, and on December 31, 1946,
there remained in our safekeeping 863,872 Bonds
with a face value of approximately 75 millions of
dollars.
STATEMENT OF YEAR'S OPERATIONS
•IMS—
SAFEKEEPING - MEMBER BANKS. ETC.
Pieces
Securities - Received
281,851
Released
252,522
Held as of Dec. 31
438,942
Coupons detached from Securities
907,288
Dollar Value of pieces
Securities - Received
Released
Held as of Dec. 31
Coupons detached from Securities
Receipts Issued
Receipts Released
Receipts Outstanding
SAFEKEEPING - SAVINGS BONDS
Pieces
Received - U. S. Army Personnel
Civilian
Releases - U. S. Army Personnel
Civilian
Held as of Dec. 31, 1946
U. S. Army Personnel
Civilian
Dollar Value of pieces
Received - U. S. Army Personnel
Civilian
Released - U. S. Army Personnel
Civilian
Held as of Dec. 31, 1946
U. S. Army Personnel
Civilian
increase
or decrease
IMS—
263,309
232,762
409,613
836,146
+
7.0%
8.5%
7.2%
8.5%
+
+
+
$37,165,447,774
37,525,805,554
5,550,509,996
113,138.766
$38,000,981,096
37,257,570,997
5,910,867,776
106,166,894
+
+
2.2%
.7%
6.1%
8.5%
33,212
33,318
60,058
33,725
32,112
60,164
+
-
1.5%
3.8%
.2%
68,981
157,528
352,838
61,291
321,572
87,372
291,862
34,393
- 78.5%
+ 80.3%
+ 20.9%
+
78.2%
530,223
333.649
814,080
237,412
+
$ 3,779,000
11.377.000
16,010,000
7,139,000
$16,065,000
9.962,000
12,398,000
4,225,000
25,604,000
49.278.QQ9
Page 4
37,835,000
45.040.000
-
+
+
+
-
+
34.9%
40.5%
76.5%
14.2%
29.1%
68.9%
32.3%
9.4%
SERVICES TO MEMBER BANKS
Investments
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - The Federal Reserve Banks act a s securities agent for member banks. Purchase and sale of
bonds, either for their own account or for the account of customers, may be effected through their Reserve
Bank without charge.
GENERAL SUMMARY
The operations of the Investment Department increased somewhat during
1946. Purchases were up 28% in number and 7 1/2% in value, sales increased
1% in number and 8% in value.
STATEMENT OF YEAR'S OPERATIONS
increase
or decrease
1946.
1945
3,772
158
1,951
-
2,541
119
1,954
2
+ 48.4%
+ 32^8%
.2%
100.0%
103
§§
+ 87.3%
5,984
4,671
+ 28.1%
7,051
437
1,486
854
6,958
417
1,398
2
947
+ 1.3%
+ 4.7%
+ 6.2%
100.0%
- 9.8%
53
49
+ 8.1%
9,881
9,771
+ 1.1%
NUMBER OF SECURITY TRANSACTIONS
PURCHASES
U. S. Governments Member Banks and Others
Other F. R. Banks
Repurchase Agreement
"
"other F. R. Bks.
Others
Member Banks and Others
Total Purchases
SALES
U. S. Governments Member Banks and Others
Other F. R. Banks
Repurchase Agreement
"
" other F. R. Bks
"
" matured
Others
Member Banks and Others
Total Sales
POLLAR VALUE OF SECURITY TRANSACTIONS
PURCHASES
U. S. Governments Member Banks and Others
$ 172,762,850
Other F. R. Banks
10,683,100
Repurchase Agreement
12,894,767,000
" other F. R. Bks
Others
Member Banks and Others
792,000
Total Purchases
$13,079,004,950
SALES
U. S. Governments Member Banks and Others
$ 165,058,050
Other F. R. Banks
18,069,950
Repurchase Agreement
9,561,542,000
"
" other F. R. Bks.
" majured
3,310,899,000
Others
Member Banks and Others
235,400
Total Sales
$13,055,804,400
Page 5
$
117,467,250
6,793,900
11,863,079,000
175,000,000
+ 47.1%
+ 57.2%
+ 8.7%
- 100.0%
507,500
+ 56.1%
$12,162,847,650
+ 7.5%
$
90,698,150
3,279,650
8,499,762,000
175,000,000
3,343,351,000
+
+
+
-
82.0%
450.9%
12.5%
100.0%
1.0%
259,900
-
9.4%
$12,112,350,700
+ 7.8%
SERVICES TO MEMBER BANKS
Research
FEDERAL RESERVE BANK O F CHICAGO
PRESIDENTS REPORT
TO BOARD OF DIRECTORS -1946
NOTE - Information on current economic developements in which the Federal Reserve System has an
interest is gathered and interpreted by the Bank. These studies are made available not only to the officers
and directors of this Bank and to the Board of Governors, but also to member banks and business firms in
the Seventh Federal Reserve District. Members of the research staff maintain continuing close contact with
leaders of banking, industry, agriculture, and trade s o as to obtain first-hand information on banking and
business in this Reserve District.
GENERA I, SUMMARY
In the past year there has been a marked expansion in the Department's activities, largely because of the increased tempo of research activity throughout
the Federal Reserve System sponsored by the Board of Governors. A number
of statistical series were expanded, and the first survey of commercial and
industrial loans made since 1942 was conducted in over 200 District member
banks. More than 300 retail firms were added during the year to our lists of
respondents voluntarily furnishing us monthly reports of their sales and credit
transactions.
An extensive program of visiting in the agricultural sections of the District was
continued during the year in the maintenance of close relations with country
bankers in our study of agricultural conditions. The Agricultural Letter, issued
weekly during the year, reached a circulation of approximately 4,000.
In the study of current business trends and their implications for banking and
other activities, close relationships were maintained not only with bankers, but
also with policy-level executives of major District companies, both in the manufacturing and retail fields. A study of the meat packing industry with the aid of
the Robert Morris Associates was made during the year, the first of a series of
industrial-financial studies designed to meet the needs of bank credit men.
The Department's standing as a source of economic information in the midwest
was further strengthened during the year. In addition to the thousands of in1
quiries from banks, business firms, and the officers and departments within the
bank which were handled in the Library, a very considerable amount of time was
spent by other members of the staff not only in answering other inquiries, but in
actual research in the case of requested information not readily available.
%
Results of our research activities were given recognition in the press from time
to time besides being circulated in our publications and releases. For our statistical s e r i e s over l6o banks and department stores submitted reports weekly, and
more than 500 credit unions and small loan companies, 228 banks, and over 800
firms reported monthly. In addition, approximately 500 country banks returned
questionnaires for a quarterly survey of farm land values, more than 300 banks
analyzed their large demand deposits accounts for us twice during the year in
the deposit surveys, and over 1,400 firms in nine lines of trade submitted
financial statement information for our annual retail credit survey.
Page 6
SERVICES TO MEMBER BANKS
Examination of Banks
F E D E R A L R E S E R V E BANK O F CHICAGO
PRESIDENT'S REPORT
TO BOARD O F DIRECTORS - 1 9 4 6
NOTE - The Bank makes an examination of the state member banks in its district each calendar year.
Field investigations required in connection with applications for permission to exercise banking functions are
also carried out. Various applications and reports required by law to be rendered by organizations performing
KnnUng services in this Reserve District are analyzed and reviewed by the Bank before being submitted to
the Board of Governors.
GENERAL SUMMARY
The schedule of examinations of State member
banks and their trust departments for the year
1946 was completed with the exception of one
trust company.
STATEMENT OF YEAR'S OPERATIONS
increase
1946
or decrease
447
7
141
432
+
+
2
NUMBER OF EXAMINATIONS MADE
Regular
Membership
Trust Departments
Follow-up Investigations
Holding Co. Affiliate
1945
2
20
124
1.
Total Member Banks as of Dec. 31
538
+
2.2%
16
+
37.5%
75.0%
1.6%
4
550
446
433
10
18
13
443
5
446
996
1.002
Note A - Additions to Membership
Note B
National Banks
Belmont National Bank of Chicago, Chicago, Illinois
Citizens National Bank of Chicago, Chicago, Illinois
Marine National Bank of Chicago, Chicago, Illinois
Michigan Avenue National Bank of Chicago, Chicago, Illinois
Peoples National Bank of Chicago, Chicago, Illinois
(The above does not include five state members converted to
national banks)
-
—
NUMBER OF MEMBER BANKS IN 7TH F. R. DISTRICT
National Banks
550
As of Jan. 1
10
Additions (see note A)
1
Withdrawals (see note B)
559
As of Dec. 31
State Banks
As of Jan. 1
Additions (see note A)
Withdrawals (see note B)
As of Dec. 31
3.5%
65.0%
13.7%
+
3.0%
- 44.4%
+ 160.0%
.7%
±
Withdrawals
One National Bank withdrawal was the result
of a m e r g e r with a state nonmember bank under
the c h a r t e r of the State Bank.
Thirteen withdrawals of State m e m b e r banks
were occasioned by c h a n g e s as follows
5 converted to national banks.
State Banks
Bank of Rogers Park, Chicago, Illinois
State Bank of Chrisman, Chrisman, Illinois
De Kalb Trust & Savings Bank, De Kalb, Illinois
The Farmers State Bank, Brookston, Indiana
Dlllsboro State Bank, Dillsboro, Indiana
Fidelity Trust Company, Indianapolis, Indiana
The Ripley County Bank, Osgood, Indiana
First Trust and Savings Bank, Galva, Iowa
Security State Bank, Mt. Ayr, Iowa
State Bank of Edmore, Edmore, Michigan
1 consolidated with a national bank.
4
withdrawals in order to establish offices
not permitted as a member bank because
of inadequate capital.
2 voluntary liquidations.
1 became ineligible because of s e c u r i t i e s
company affiliate.
Page 7
16%
FEDERAL RESERVE BANK OF CHICAGO
SERVICES TO MEMBER BANKS
Bank and Public Relations
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - The personnel assigned to the public relations staff visit member and non-member banks, attend
conventions and group meetings, and deliver public addresses, etc., and in general attempt to determine
ways in which the Bank's s e r v i c e s to its members may be improved.
GENERAL SUMMARY
The Bank and Public Relations program was expanded during 1946. While it is
important that a s many banks a s possible should be contacted during the year,
emphasis has been placed on services rendered rather than on volume. The
exchange of information on banking, fiscal, monetary, and economic problems
has been the dominant purpose of all contacts.
All major bankers' meetings held in the District have been attended by one or
more representatives. These meetings include the annual convention of the
American Bankers Association, group meetings, and special meetings such as
trust and credit conferences, industrial and agricultural meetings, etc. Attendance at these was governed largely by operational considerations.
While the bank does not maintain a speakers' bureau, it does endeavor to supply
speakers when the invitation is extended by a member bank or other appropriate
organization. During 1946, officers and representatives reported 80 speeches
made.
Several studies were conducted to obtain bankers' opinions on proposed legislation which would affect banking, and on Governmental programs of interest to
the System. These studies covered such subjects a s the "Veterans' Housing
Program." "insurance of Export Credits," and "Blanket Participation Loans
under RFC Guarantee."
In furthering the public relations aspect of the program, several meetings of
financial, trade, and industrial leaders were held at the Bank. These meetings
were called to foster better relations and to exchange current information. A
trade conference was held to obtain information on inventory problems and shifts
in buyers' habits.
STATEMENT OF YEAR'S OPERATIONS
increase
or decrease
1946
1,023
519
1,542
Number of Visits Made
Member Banks
Non-member Banks
Total
1945
431
195
626
+ 137.3%
+ 166 1%
+ 146 3%
Number of Public Addresses Given
71
128 **
- 44.5%
Number of Bankers' Group Meetings Attended
57
24 **
+ 137.5%
N. B.: 1945 figures represent approximately nine months activity as a formally organized
department and are therefore not strictly comparable.
Includes figures for Detroit Branch.
Page 8
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Issuance of Government Securities
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS -1946
NOTE - The Federal Reserve Banks act as agents of the Treasury Department in the presentation of new
i s s u e s of Government securities to the general public. Information and instructions are relayed from
Washington throughout this district, and all operations necessary to the placing of new Treasury i s s u e s in
the hands of the public are carried out. The Bank qualifies commercial banks and others in the district as
agents in the sale of U. S. Savings Bonds,Series E, to the public; and s e r v i c e s those agents as regards
supplies of new bonds, applicable Treasury directives, and the processing of paid registrations, etc. The
Bank analyzes the s a l e s of U. S. Savings Bonds, and furnishes the Treasury Department with detailed reports
showing what the public purchased in the various cities, counties and states of this district.
GENERAL SUMMARY
As no War Loan Drives were processed and no
cash offerings for market securities (other than
for Treasury Bills) were made during the year,
an all-over decrease in the volume of work will
be noted. Market securities issued during the
year were practically all offered on an exchange
basis.
Lacking the stimulus of war, sales of Series E
Savings Bonds by issuing agents also show a substantial decrease. During the year, 1,023 agents
discontinued as such.
STATEMENT OF YEAR'S OPERATIONS
increase
or decrease
1946
1945
181,400
22,700
309,500
33,500
41.4%
32.2%
185,150
398,050
392,300
745,700
52.8%
46.6%
$ 20,575,700,000 $ 26,832,545,000
19,590,000
35,605,000
23.3%
45.0%
NEW ISSUES
Subscriptions
Forms
Received
Treasury (Other Than E Bonds)
"E" Bonds
Subscribers Involved
Treasury (Other Than E Bonds)
"E" Bonds
Dollar Value of Subscriptions
Received
Treasury (Other Than E Bonds)
"E" Bonds
Allotted
Treasury (Other Than E Bonds)
"E" Bonds
14,702,380,000
19,590,000
13.9%
45.0%
17,076,395,000
35,605,000
ISSUING AGENTS
Series E Savings Bonds Sold
Pieces
Maturity Value
Number of Qualified Issuing
Agents as of December 31
$
SALES ANALYSIS
Number of Reports Prepared
Dollar Value
5,700
58,700
$ 1,306,670,000 $ 7,192,465,000
SHIPPING AND DELIVERY
Pieces Shipped
Treasury (Other Than E Bonds)
"E" Bonds
9,775,000
24,792,000
775,440,000 $ 1,463,700,000
3,236
161,000
9.280.000
Page 9
4,259
611,000
25.198.000
-
60.6%
47.0%
-
24.0%
90.3%
81.8%
-
73.6%
63,2%
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Servicing of Government Securities
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD O F DIRECTORS - 1946
NOTE - The Federal Reserve Banks handle the servicing of all government securities. Such v o r k includes
exchanges, transfers, custody of blank stock, accounts of depositary banks, etc.
GENERAL SUMMARY
The volume in pieces of securities received for
denominational exchange and public debt transfers shows a slight decrease whereas the pieces
issued and the maturity value of securities
handled show an increase for the year 1946 over
1945.
Activities in the Depositary Banks Division also
show a decrease of 26% in the number of payments
handled in 1946,
As in other Bond Department operations, the above
declines resulted from the ending of the war-time
financing program.
STATEMENT OF YEAR'S OPERATIONS
1946
DENOMINATIONAL EXCHANGE
Pieces Received
Marketable Issues
Public Debt Transfers
Pieces Issued
Marketable Issues
Public Debt Transfers
Maturity Value
Received
Marketable Issues
Public Debt Transfers
Issued
Marketable Issues
Public Debt Transfers
DEPOSITARY BANKS
Number of Payments Handled
Depositary Balances as of Dec. 31,
Number of Qualified Depositaries
- Dec. 31
CUSTODY
Pieces
Received from Treasury Department
Prepared for Delivery
1945
increase
or decrease
135,750
39,900
154,000
40,800
- 11.9%
124,000
35,250
88,000
23,300
+ 40.9%
+ 51.3%
$1,933,000,000
3,347,450,000
$1,522,525,000
2,912,147,000
+ 27.0%
+ 14.9%
1,933,000,000
2,485,000,000
1,522,525,000
2,369,386,000
+ 27.0%
+ 4.9%
288,500
$351,794,000
390,000
$2,954,190,000
- 26.0%
- 88.1%
1,669
1,658
.7%
10,580,000
11,153,000
27,766,000
25,625,000
- 61.9%
- 56.5%
Page 10
-
2.2%
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Redemption of Government Securities
NOTE -In connection with their duties a s Fiscal Agent of the United States, the Federal R e s e r v e
banks
accept (and pay) Government securities eligible for redemption, either directly from the holders thereof, or,
in the case of Savings Bonds, from commercial banks designated a s paying agents. Securities paid in redemption are processed a s directed by the Treasury and are turned over to the Bureau of the Public Debt
for final settlement and disposal.
GENERAL SUMMARY
The number of pieces of U. S. Savings Bonds r e deemed in 1946 was 8% less than in 1945 whereas
the redemption value indicates an increase of 13%
over 1945.
The number of other government securities r e deemed decreased in volume 55% whereas the r e demption value shows an increase of 7%. This
marked decrease in the number of pieces redeemed
is accounted for by the large decline in the number
of Adjusted Service Bonds received - 410,000 less
pieces being received this year than in 1945, which
year marked their maturity.
Coupons redeemed show an increase in pieces a s
well a s in dollar value.
STATEMENT OF YEAR'S OPERATIONS
1946
REDEMPTIONS
U. S. Savings Bonds Redeemed
Pieces
By Paying Agents
By F. R. B.
Total
$25 Pieces, Series E,
Included Above
Redemption Value of Pieces
By Paying Agents
By F. R. B.
Total
Number of Qualified Paying
Agents as of December 31
Other Bonds, Notes,
Certificates and Bills
Redeemed
Pieces
Amounts
U. S. and Other Governmental
Agency Coupons Redeemed
Pieces
Dollar Value
SECURITY MAIL
Pieces Received
increase
or decrease
1945
21,230,000 98.0%
427,000 2.0%
21,657,000 100.0%
23,071,000 97.6%
564,000 2.4%
23.635.000 100.0%
-
15,718,000
18,508,000
- 15.1%
72.6%
78.3%
$733,823,000 86.5% $676,765,000 90.0%
114,227,000 13.5% 74.965,000 10.0%
$ 848,050,000 100.0% $751,730,000 100.0%
8.0%
- 24.3%
- 8.4%
+ 8.4%
+ 52.4%
+ 12.8%
+
4.3%
2,363
2,265
375,000
$11,187,000,000
838,000
$10,450,000,000
- 55.3%
+ 7.1%
2,278,000
$140,075,000
2,054,000
$107,884,000
+ 10.9%
+ 29,8%
375.000
494.600
- 24.2%
Page 11
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Foreign Funds Control
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - The Bank a c t s a s agent of the T r e a s u r y D e p a r t m e n t in the e n f o r c e m e n t of Executive o r d e r s and regula
tions pertaining to the control of foreign funds and foreign exchange t r a n s a c t i o n s .
GENERAL SUMMARY
The number of license applications processed during
1946 was slightly below that of 1945 even though all
matters pertaining to Foreign Funds Control of the
8th, 9th, 10th, and 11th Federal Reserve districts
were consolidated here. This slight decrease was
made possible through the relaxation of Treasury
controls.
The number of property reports processed declined
more than 50% because of the revocation of the r e porting requirements by the Treasury Department.
The United States government printing office during
September, 1946 assumed the duties of distributing
all public documents pertaining to Foreign Funds
Control which accounts for the decrease of 35% in
the total pieces of special mailings.
The Foreign Funds Control operation was terminated
as of the end of the year.
STATEMENT OF YEAR'S OPERATIONS
License applications processed
Relayed to Washington for action
Acted on by Bank
Total
1945
671
4,803
5,474
712
4.773
5.485
22
63
- 65.1%
18
40
65
128
- 72.3%
- 68.8%
131,200
160,000
- 18.0%
Property Reports Processed
Owned by foreigners in U. S.
Territory
Owned by U. S. Citizens in
Foreign Territory
Total
Total Pieces of Special Mailings
Public Documents
Proclaimed List of Certain
Blocked Nationals
Special Blocked Nationals
Miscellaneous
Total
increase
decrease
1946
+
-
5.8%
.6%
.2%
16,250
35,750
- 54.5%
799
2,958
- 73.0%
6.400
38.950
- 83.6%
154,649
237.658
- 34.9%
In addition, 28,600 TCR-1 reports of currency transactions were received and handled from
2159 reporting institutions. Moreover, 124 new reporting institutions were circularized and
all requests for additional copies were filled by mailing and by delivery at the window.
Page 12
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Withheld Taxes
NOTE - The Bank a c t s a s agent of the Treasury Department, assisting the Bureau at Internal Revenue In the
collection of funds deposited In commercial banks by employers under withholding tax arrangements.
GENERAL SUMMARY
As of the close of the year 1946 there were 1576
banks carried in our accounts a s Depositaries for
"Withheld Taxes." Depositaries paid to us during
the year more than 877 millions of dollars represented by over 514,000 receipts. The dollar value
of the receipts decreased approximately 12% from
the 1945 dollar value; however, the number
issued increased approximately 2%.
Offices of the Internal Revenue Department deposited with us their certificates of deposit amounting to
approximately 920 millions of dollars, represented
by more than 554,000 receipts.
1820 receipts were reported during the past year
by employers a s either lost or not received, necessitating the issuance of duplicates.
STATEMENT OF YEAR'S OPERATIONS
1946
1945
Number of receipts
Issued by depositaries
514,758
505,869
Dollar value of receipts
Issued by depositaries
$877,315,566
$995,674,506
Page 13
increase
or decrease
+
1.7%
- 11.9%
SERVICES TO GOVERNMENT AGENCIES
Reconstruction Finance Corporation and
Commodity Credit Corporation
FEDERAL RESERVE BANK OF
CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS-1946
NOTE - The Federal Reserve Banks are fiscal agents of the Reconstruction Finance Corporation and the
Commodity Credit Corporation. In such capacity the Bank disburses the proceeds of loans, makes advances
for the accounts of various Governmental corporations, maintains custody of collateral, handles work
relative to the redemption and exchange of securities, etc.
RECONSTRUCTION
FINANCE
CORPORATION
OPERATIONS
GENERAL SUMMARY
Disbursements and receipts for account of the Reconstruction Finance Corporation during the year 1946 were appreciably reduced from the totals of the previous
year. Most of the reduction was due to the gradual elimination of programs
handled for the RFC - Office of Defense Supplies. Under this Office, butter and
meat subsidy payments were discontinued after removal of price controls on these
commodities. Cancellation of alcohol purchase contracts in the latter part of 1945
also resulted in greatly reduced amounts for 1946 under the Alcohol Program,
although a review of all wartime purchases of alcohol to effect price adjustments
required much detail work. Repayment prior to 1946 of most of the RFC direct
loans to industrial borrowers holding war contracts was also a factor in the r e duced totals.
Considerable work was performed during the year for account of the RFC - Office
of Defense Plants in the maintenance of accounting records of plant costs and detailed inventory records of machinery and equipment. A new activity handled for
this Office during 1946 was the comparison of the plant inventories, taken by the
RFC Engineering Division, with this bank's inventory records prior to release of
l e s s e e s from accountability for the property leased.
Transactions in connection with sales of surplus government property were
handled for account of War Assets Corporation a subsidiary of RFC until March
25, 1946 when this activity was transferred to the War Assets Administration
The large totals for the year 1945 as compared with 1946 under Custody Liability
were due to receipt and release of inventories of commodities represented by
warehouse receipts under programs of the RFC - Office of Defense Supplies. Most
of these inventories were disposed of prior to 1946.
Activity under a new program of the RFC Mortgage Company covering the purchase of mortgages guaranteed or insured by the Veterans Administration had
just started prior to the end of 1946.
(continued on next page)
Page 14
SERVICES TO GOVERNMENT AGENCIES
Reconstruction Finance Corporation and
Commodity Credit Corporation
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT S REPORT
TO BOARD OF DIRECTORS -1946
(continued from previous page)
STATEMENT OF YEAR'S OPERATIONS
DISBURSEMENTS
1946
R. F. C. War Activities
Direct Loans, Purchases, Etc. of RFC
RFC - Office of Defense Plants
RFC - Office of Defense Supplies
RFC - Office of Metals Reserve
RFC - Office of Rubber Reserve
Smaller War Plants Corporation
The RFC Mortgage Company
U. S. Commercial Company
War Assets Corporation
War Damage Corporation
increase
or decrease
1945
$
4,886,653
32,302,022
182,380,678
532
13,875
7,796,542
7,191
2,698,451
14,738
$ 41,023,829
40,420,503
511,777,916
14,944
70,531
846,320
1,103,988
427,609
3,776,834
10,072
- 88.0%
- 20.0%
- 64.3%
- 96.4%
- 80.3%
+ 821.2%
- 99.3%
- 100.0%
- 28.5%
+ 46.3%
$ 599,472.546
- 61.6%
$
628,358
272,723
696,359
+ 614.7%
- 85.1%
- 81.0%
$
1,597,440
+ 191.9%
$234,764,377
$ 601,069,986
- 60.9%
$
1,626,262
38,002,112
11,132,768
20
91,273
11,715,744
805,695
40,422,610
34,380
$ 48,984,165
41,157,244
31,317,500
496,351
204,781
12,186,565
3,914,891
17,719,812
9,243
- 96.7%
- 7.7%
- 64.4%
- 100.0%
- 55.4%
- 3.9%
- 79.4%
+ 128.1%
+ 271.9%
$ 103,830,864
$155,990,552
- 33.4%
$ 14,409,817
377,291
685,665
$ 10,430,349
7,091,115
3,308,432
+ 38.1%
- 94.6%
- 79.2%
$ 15,472,773
$ 20,829,896
- 25.7%
$119,303,637
$176,820,448
- 32.5%
Total Disbursements under
War Activities
$230.100.682
Other RFC Activities
Direct Loans, Purchases, Etc. of RFC $ 4,491,302
Federal National Mortgage Association
40,459
The RFC Mortgage Company
131,934
Total Disbursements under
Other Activities
$
Total Disbursements
4,663,695
RECEIPTS
R. F. C. War Activities
Direct Loans, Purchases, Etc. of RFC
RFC - Office of Defense Plants
RFC - Office of Defense Supplies
RFC - Office of Metals Reserve
RFC - Office of Rubber Reserve
Smaller War Plants Corporation
The RFC Mortgage Company
War Assets Corporation
War Damage Corporation
Total Receipts under
War Activities
Other R. F. C. Activities
Direct Loans, Purchases, Etc. of RFC
Federal National Mortgage Association
The RFC Mortgage Company
Total Receipts under
Other Activities
Total Receipts
(continued on next page)
Page 15
SERVICES TO GOVERNMENT AGENCIES
Reconstruction Finance Corporation and
Commodity Credit Corporation
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT S REPORT
TO BOARD OF DIRECTORS -1946
(continued from previous page)
CUSTODY LIABILITY
Balance on Hand at Beginning of Year
Received During Year
Released During Year
$292,767,808
231,172,887
397,681,562
$
214,066,779
1,246,530,280
1,167,829,252
+ 36.8%
- 81.5%
- 65.9%
292,767,807
- 56.9%
199
+ 22.1%
126,259,133
Balance on Hand at End of Year
BLANKET PARTICIPATION AGREEMENTS BETWEEN
R.F.C. AND COMMERCIAL BANKS
Number of Agreements
In Effect at Beginning of Year
New Agreements
199
243
In Effect at End of Year
442
Number of Loans Guaranteed
In Effect at Beginning of Year
New Loans Reported
Loans Paid in Full or Withdrawn
Loans Purchased by R. F. C.
115
933
167
6
199
133
18
+ 601.5%
+ 827.7%
115
875
In Effect at End of Year
+ 122.1%
+ 660.8%
Amount of Loans
Balance of Loans at Beginning of Year
New Loans Reported
Repayments and Withdrawals
Purchased by R. F. C.
$ 2,583,917
41,199,257
11,482,288
226,804
$ 3,214,191
630,274
+1,181.7%
+1,721.7%
Balance of Loans at End of Year
$32,074,082
$2,583,917
+1.141.2%
Contingent Liability of R. F. C.
Balance at Beginning of Year
Incurred During Year
Reductions by Payments and Withdrawals
Reductions by Purchase of Participation
$ 3,348,740
38,660,013
10,562,984
226,804
$ 3,994,775
646,035
+ 867.7%
+1,535.0%
Balance at End of Year
$31,218,965
$3,348,740
+ 832.2%
1,219,727
1,242,723
Total Number of Transactions Handled
COMMODITY
CREDIT
CORPORATION
-
1.8%
OPERATIONS
GENERAL SUMMARY
During the first half of the year activities handled for Commodity Credit Corporation continued at the high level of the previous year. Due to increased rates of
subsidy payments and higher prices under the purchase programs the amounts
disbursed were greater than during the same period of the year 1945. However
after removal of price controls during the last half of 1946, the subsidy programs
were discontinued.
(continued on next page)
Page 16
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD O F DIRECTORS
-1946
SERVICES TO GOVERNMENT AGENCIES
Reconstruction Finance Corporation and
Commodity Credit Corporation
(continued from previous page)
Government purchases of commodities for Lend Lease which are included in the
totals of the Program Accounting Division - New York in the statement below
were discontinued during the year; however, purchases of commodities for United
Nations Relief and for foreign governments cash payment accounts continued in
large volume. These purchases account for the increase in disbursements for
the Area Fiscal Office - Chicago.
Purchases and sales of grain included in the Grain Branch Office - Chicago totals
continued at a high level during the year 1946.
Effective July 1, 1946 the Commodity Credit Corporation changed to a branch
office system of accounting under which the Federal Reserve Banks are no longer
required to keep accounts for the individual programs, but are required to keep
control accounts for each branch office for which disbursements or receipts are
functioned.
STATEMENT OF YEAR'S OPERATIONS
1946
DISBURSEMENTS
Area Fiscal Office - Chicago
Area Fiscal Office - New York
Cotton Branch Office - New Orleans
Fiscal Control Division - Washington
Grain Branch Office - Chicago
Graii Branch Office Kansas City
Grain Branch Office - Minneapolis
Program Accounting Division New York
Loans from Banks
$172,040,315
6,115,199
11,336,624
7,328,969
270,786,209
2,589,258
23,376,949
271,920,376
Total Disbursements
RECEIPTS
Area Fiscal Office Chicago
Area Fiscal Office - New York
Fiscal Control Division - Washington
Grain Branch Office - Chicago
Grain Branch Cffice - Kansas City
Grain Branch Office - Minneapolis
Program Accounting Division - New York
Loans from Banks
Miscellaneous Accounts
increase
or decrease
1945
$ 63,174,519
1,934,185
3,701 806
60,100,189
281,709,069
724,648
6,861,959
376,016,571
10,045,343
+
+
+
+
+
-
$765,493,899
$804,268^289
-
$ 10,163,311
$
+ 118.0%
121
4,661,956
- 100.0%
-
-
67.4%
-
1.0%
+
_
51.5%
102
4,772,781
_
.
4.8%
-
29,109,049
215,908,722
9,478,918
213,655,622
172.3%
216.1%
206.2%
87.8%
3.8%
257.3%
240.6%
27.7%
3,150,187
12
- 100.0%
Total Receipts
$238,070,855
$252,829,926
-
CUSTODY LIABILITY
Balance on Hand at Beginning of Year
Received During Year
Released During Year
Balance on Hand at End of Year
$ 91,190,062
185,045,604
238.212,654
$ 38,023,012
$ 49,891,533
237,097,896
195.799.367
$ 91,190,062
+ 82.7%
- 21.9%
+ 21.6%
- 58.3%
4,957,231
9,193,757
Total Number of Transactions Handled
Page 17
-
5,8%
46.0%
FEDERAL RESERVE BANK O F CHICAGO
CONSUMER CREDIT ACTIVITIES
PRESIDENT S REPORT
TO BOARD OF DIRECTORS -1946
NOTE - The Board of Governors of the Federal Reserve System works through the Reserve Banks In its
regulation of credit and instalment buying. Each Bank investigates credit activities throughout its district
to ascertain whether or not Executive orders and related directives are violated.
GENERAL
SUMMARY
During 1946 a spot check of the books and records of 3,579 Registrants (mostly
vendors) was made for the purpose of determining the extent of compliance of
the Registrants' credit transactions with the provisions of Regulation W. In
the same period approximately 7,000 inquiries concerning the Regulation
(through correspondence, telephone, and personal interview) were answered
and 2,643 new licenses issued.
Three hundred twenty-four municipalities were visited, at least once, during
the year by investigators who filed detailed reports covering their review of
314,025 credit transactions. Violations, totaling 4,110, were disclosed in
1,442 of the 3,579 investigations conducted in 1946. Registrants were apparently wilfully violating the Regulation in 17 c a s e s . In this connection, 14 disciplinary conferences were held; 1 at the head office and 13 at the Detroit Branch.
Complying with the requests of various organizations, speakers were furnished
on 10 occasions (7 by the head office and 3 by the Detroit Branch) for the purpose of clarifying problems and answering questions. Prior to December 1,
1946 under the authority contained in Section 12(m) of the Regulation the bank
granted permission to 8 Registrants (6 department stores, a ladies' wearing
apparel shop, and an automobile accessory dealer) to adopt systems of billing
their charge accounts in cycles.
A Registrant Company in the Detroit area, and its President, following a hearing in the United States District Court, were found guilty of violating Regulation
W while under an injunction issued on July 19, 1945. The president of the
registrant company was sentenced to serve one year in an institution to be
designated and the corporation was sentenced to pay a fine of $2,500. Execution of the sentences has been deferred pending an appeal.
In another disciplinary proceeding under Regulation W, the license of another
registrant was suspended for 60 days, and the registrant placed under judicial
decree restraining further violations of the Regulation. This case was also
unique in that the disciplinary proceedings before described were preceded
by a formal hearing in Detroit before a representative of the Beard of Governors and also a formal hearing before the Board of Governors in Washington.
•
Although Regulation W as revised effective December 1, 1946 removed restrictions with respect to charge sales and single payment loans, our number
of Registrants of record has not been affected since persons solely engaged
in extending that type of credit were operating under a general license not
requiring registration. Registrants, however, engaged in making instalment
sales of wearing apparel, jewelry, or any of the other 26 articles removed by
the revised Regulation are still included in our file of Registrants until a
check can be made in order to determine whether or not such Registrants
extend instalment credit for any of the articles presently listed in the revised
Regulation.
(continued on next page)
Page 18
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
CONSUMER CREDIT ACTIVITIES
TO BOARD OF DIRECTORS - 1946
(continued from previous page)
STATEMENT OF YEAR'S OPERATIONS
1946
1945
increase
or decrease
2,284
723
4,076
7,083
2,252
724
4,577
7,553
+ 1.4%
1%
- 11.0%
- 6.2%
2,284
549
2,252
4 74
+ 1.4%
+ 15.8%
2,167
130.446
135.339
- 3.7%
+ 8.0%
+ 7.7%
Inquiries Received
By Letters
By Personal Interviews (Estimated)
By Telephone Calls
(Estimated)
Total
Mailings
Dictated Replies
Form Letters
Letters written regarding incorrect
Registration Statements received
and letters to Registrants concerning
violations disclosed in investigators
reports, as well as other letters,
such as follow-ups
Circular Letters and Amendments
Total
2,086
140,907
145,826
Speakers Furnished
By Head Office
By Detroit Branch
Total
7
10
Number of Registrants as of December 31
4
+ 75.0%
+ 50.0%
66.7%
35,281
3
+ 4.6%
2
6
+
36,919
Number of Registration Statements Received
2,563
1,267
+ 102.2%
Number of Registration Statements Cancelled
925
1,060
- 12.7%
1,352
+ 95.5%
Licenses Issued
2,643
Investigations
Number Conducted (including calls on cash dealers) 3,579
Credit Transactions Reviewed
314,025
Number of Investigations Disclosing Violations
1,442
Violations Disclosed
4,110
Page 19
3,513
292,898
1,362
5,103
+
+
+
-
1.9%
7.2%
5.9%
19.5%
FEDERAL RESERVE BANK OF CH,CAGO
SUPPLEMENTARY BANK OPERATIONS
Accounting
PRESIDENT'S REPORT
t o BOARD OF DIRECTORS-1946
NOTE - The central accounting routines of the Bank include the maintenance of the reserve accounts of
member banks, the constant analysis of those reserves as regards the legal minimum of each bank, the
maintenance of accounts with other Federal Reserve Banks through an interdistrict settlement fund, the
transfer of funds by wire for member banks, the handling of all Bank disbursements, the compilation of
claims for services rendered the government, the assembly of cost data and construction of reports, etc.
GENERAL SUMMARY
Central accounting volumes varied during the
year. Federal reserve book entries, transfers
of funds, and expense disbursements increased;
general ledger entries, member bank reserve
accounts entries and central files activities decreased. The number of banks against whom
reserve deficiency penalties were assessed remained about the same, but the amount of the
penalties increased 41%.
STATEMENT OF YEAR'S OPERATIONS
GENERAL LEDGER
Number of entries functioned
increase
or decrease
1945
1946
341.230
1.362.080
FEDERAL RESERVE BOOKS
Number of entries functioned
MEMBER BANK RESERVE ACCOUNT
Number of entries functioned
Active accounts as of Dec. 31
357.887
1.276.301
6.7%
2,530,247
2,613,649
3.2%
810
802
1.0%
-
4.7%
MEMBER BANK RESERVES
EXCESS over REQUIREMENT
Period
Maximum
Jan. 15
Sep. 30
Minimum
ASSESSABLE DEFICIENCIES
Number of different banks
Amount of Penalties Assessed
TRANSFERS OF FUNDS
Number
Interdistrict
By wire
By mail
Intradistrlct
By wire and mail
Total
EXPENSE DISBURSEMENTS
Dollar value of items handled
Expense vouchers functioned
(Bank and Fiscal Agency Combined)
Fiscal Agency claims prepared
Cost entries
CENTRAL FILES
Incoming pieces filed
Books bound
Amount
$217,692,000
122.285.000
Period
Dec. 31
Apr. 30
Amount
$232,716,000
128.565.000
6.5%
4.9%
179
$ 9.697
$ 5.697
78,558
2,573
67,448
2,523
+
+
16.5%
2.0%
88,698
84,003
+
5.6%
169,829
153,974
+
10.3%
$13,150,162
6,363,177
$ 12,920,080
7.265.488
54,672
52,363
+
4.4%_
1,325,000
14.400
1,600,000
15,500
-
17.2%
7.1%
Page 20
181
-
1.1%
+ 70.2%
+ 1.8%
- 12,4%,
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
SUPPLEMENTARY BANK OPERATIONS
Telephone, Wires, and Mall
TO BOARD OF DIRECTORS - 1946
NOT* - In addition to the usual mail and telephone facilities, the Bank maintains the central relay unit of
a leased wire s y s t e m having connections with the Board of Governors in Washington, with the other Federal
Reserve Banks and branches, and with the Treasury Department. Telegrams effecting transfers of funds for
members, F i s c a l Agency operations, and other banking transactions are processed both in code and in clear.
GENERAL SUMMARY
Local outgoing calls decreased from an average of 28,470
per month in 1945 to 27,940 in 1946. 446 terminals were
in operation in December, 1945, a s compared with 439 in
1946. The average number of both incoming and outgoing
long distance calls transmitted decreased from 1,387
calls per month in 1945 to 1,215 calls in 1946.
Mail Department activities fell off significantly during
1946, reflecting the approach to normal with the gradual
disappearance of war related duties. On July 1, 1946,
we began, on an experimental basis, the use of air transport in the collection of checks. Since that time we have
used either Air Express or Air Freight to collect checks
drawn on the cities of Boston, Buffalo, New York, and
St. Louis. We are participating in air collection in order
to gain first-hand experience and to encourage this progressive effort.
During 1946, 1,082,729 telegrams were handled through
the Chicago relay office of the Federal Reserve Leased
Wires System (the Chicago "Turret") a s against a total
of 1,050,246 for the year 1945 - - an increase for 1946
of 3.1% over 1945.
STATEMENT OF YEAR'S OPERATIONS
TELEGRAMS PROCESSED
Received - Leased Wires
In Code
In Clear
1946
65,383
1945
increase
or decrease
8,806
59,138
8,336
10.6%
5.6%
Received - Commercial Wires
In Code
In Clear
16,054
4,059
14,618
3,478
9.8%
16.7%
Dispatched - Leased Wires
In Code
In Clear
49,030
12.985
45,890
12,870
6.8%
.9%
6,540
8.575
7,191
5,244
9.1%
63.5%
1,863,593
2,302,772
- 19.1%
3.414.416
4,749.778
- 28.1%
Dispatched - Commercial Wires
In Code
In Clear
MAIL HANDLED
Number of pieces received
Number of pieces dispatched,
mail and express
Page 21
SUPPLEMENTARY BANK OPERATIONS
Personnel
FEDERAL RESERVE BANK O F CHICAGO
PRESIDENT'S REPORT
TO BOARD O F D I R E C T O R S - 1 9 4 6
NOTE - All general personnel activities of the Bank are handled by a central personnel unit. Such work
includes the keeping of salary and personnel records, educational and welfare programs, and the maintenance
of a medical department and an employees' cafeteria.
GENERAL SUMMARY
The total number of employees in the Bank dropped to 2,510 at the end of the
year, a decline of 106 during the period. Personnel turnover ratios increased
during 1946, as indicated by increases of 311 in separations and 497 in additions. Our chief sources of new employees continued to be the current
graduating c l a s s e s of the local high schools, and applicants responding to our
newspaper advertisements. These staff additions, together with transfers of
surplus employees from departments whose operations are declining, served
our needs during the period.
A modified Plan For Hospital Care was adopted during the year, replacing
the previous Plan. Under the new arrangements, benefits are expanded to
include surgical fees, and the Bank assumes slightly l e s s than two-thirds of
the cost to the employee. A canteen was established during the year; the
Bank Credit Union was given permanent quarters in the Bank building and
an adequate office staff was provided; and various employees' activities
programs, such as sports leagues, orchestra, chorus, recreational library,
were expanded during the year, as was our employee educational program.
A job evaluation program was launched in 1946 for the purpose of providing
a comprehensive appraisal of our salary structure. This work will be completed in 1947.
STATEMENT OF YEAR'S OPERATIONS
PERSONNEL UNIT
Number of Regular Employees
As of December 31
New Employees
Separations
1946
increase
or decrease
1945
2,510
1,118
1,224
2,616
621
913
+
+
4.0%
80.0%
34.1%
52
68
-
23.5%
1,189
51,596
1,670
904
48,331
1.174
1,803
550
1,675
513
+
+
7.6%
7.2%
36
39
-
7.7%
+
7.3%
Number of Extra-Help Employees
As of December 31 (Chiefly Cafeteria
and bldg. Depts.)
MEDICAL DEPARTMENT
Physical Examinations
Requests for Medical Care
Visits by Nurse
31.5%
6.8%
42.2%
CAFETERIA
Daily Average Number of Meals Served
Cafeteria
Noon
Evening
Officers' Dining Room
Total Meals
2.389
Page 22
2,227
SUPPLEMENTARY BANK OPERATIONS
Procurement
FEDERAL RESERVE BANK O F CHICAGO
PRESIDENT'S REPORT
TO BOARD O F DIRECTORS-1946
_
NOTE - The central procurement units of the Bank handle the purchasing of all equipment and supplies, the
storage of supplies, and the maintenance of a printshop, an addressing division, and an office machine repair
shop.
GENERAL SUMMARY
During 1946, the Purchasing Department issued 7729
purchase orders totaling approximately $670,000 for
building, office supplies, printing, stationery, furniture
and equipment, etc. The number of orders written decreased during the year, but their value was 5% in exc e s s of the 1945 figure because of generally higher
prices. The number of items carried in the Bank's
stockroom increased somewhat during the year. In
excess of 3600 jobs were processed through our Shop
during the year, with an increase of 16.9% impressions
over 1945. Some new equipment was installed.
STATEMENT OF YEAR'S OPERATIONS
1946
7,729
$670,000
PURCHASING
Purchase Orders
Dollar Value
1945
8,496
$636,000
PRINTING
(Jobs Processed)
Duplicating
Mimeograph
Multilith
Multigraph
Photostat
Cutting
Jobs
372
792
438
369
1,447
3,418
Impressions
45,000
969,000
5,634,000
2,058,000
71,000
8,777,000
230
5,273,000
ADDRESSOGRAPH UNIT
Plates made and corrected
Plates removed and transferred
Carbon paper inserted into forms
Impressions made on forms
envelopes, statements, etc.
3,772
1,818
608,000
4,362,000
Page 23
Jobs
365
889
353
562
1,362
3,531
Impressions
36,000
962,000
4,057,000
2,420,000
33,000
7,508,000
1,837,000
76
2,612
1,957
936,000
increase
or decrease
+
9.0%
5.3%
16.9%
187.0%
44.4%
7.0%
35.0%
22.3%
SUPPLEMENTARY BANK OPERATIONS
Building
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - The operation of the Bank's main building and subsidiary space i s handled by a general maintenance
staff. This work includes routine duties, such a s janitor service and elevator service, a s well a s major
alterations and upkeep.
GENERAL SUMMARY
Total space in use dropped during the year from 383,661 square feet (243,963
owned and 139,698 rented) to 342,226.5 square feet, all the reduction being in
outside rented space. This reduction in rented quarters of 41,434 square feet
will be increased on April 30, 1947, by 6,000 square feet with the expiration
of a warehouse lease which need not be replaced.
Air conditioning of the 5th, 6th, 7th, 12th, and 14th floors, started early in 1946,
is now ready for winter operation (that is filtering, warming, and circulating air)
except for certain motors, the procurement of which is being expedited with all
possible effort. Extension of air conditioning to the remaining floors, 8th, 9th,
10th, and 13th, must await relaxation of Civilian Production Administration
restrictions.
No. 4 Vault in the 3rd basement, of which only the walls, floor and ceiling had
been constructed at the time this building was erected, has been turned over to
the Cash Department in full operating condition. It will be used principally for
coin wrapping operations.
Conversion of building light and power from Direct Current to Alternating Current has reached the stage where bids are about to be taken. This i s a project
involving over $200,000, of which about one-half will be absorbed by the Edison
Company and the balance by the Federal Reserve Bank, a s customer, under
Edison Company rules a s filed with the Illinois Commerce Commission.
A warehouse containing about 23,500 square feet was rented under a 10-year
lease on June 15, 1946, for old records and miscellaneous storage.
With CPA restrictions still in effect since March 26, 1946, construction costing
more than $1,000 is forbidden, and, aside from the air conditioning and Vault
No. 4, projects which had been started before the date of the restraining order,
and the Alternating Current conversion, which i s not subject to the restriction,
none of the other contemplated major alterations have been attempted. In only
one case, necessary repairs to our newly rented warehouse, did we have r e course to the CPA and this project, worth over $ 8,000.00, was promptly approved. Our landlord assumed $5,000.00 of this cost.
(continued on next page)
Page 24
SUPPLEMENTARY BANK OPERATIONS
Building
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
(continued from previous page)
Interior decorations such as drapes, floor covering (except rubber tile, linoleum, etc.), shades, and furniture being unrestricted, even if in very short
supply, a limited amount of such work was carried on this year. The Directors' Room was very completely renovated and several offices and open spaces
on the 2nd floor were made more attractive. More work in this direction is
planned when the market again affords the right variety of selection at a fair
price.
Tabulated below are occupied quarters, owned and rented, at the end of 1946
and 1945:
Square Feet Rentable
Area in Use at Year-End
1946
Owned:
243,963 *
230 South LaSalle Street
1945
243,963 *
Rented:
6,000
166 West Jackson Boulevard
11,210.5
120 South LaSalle Street
51,331
175 West Jackson Boulevard
(Insurance Exchange Building South)
6,000
725 South Wells Street
(warehouse)
-0523 South Plymouth Court
"
-0326 South Wells Street
23,524
416 Federal Street
"
198
Security Trust Building, Indianapolis, Ind
Total
342,226.5
6,000
83,086
20,945
6,000
7,191
16,278
- 0 -
198
383,661
* The Federal Reserve Bank Building contains 307,138 square feet,
the difference, 63,175 square feet, being rented on term leases
to four tenants.
Page 25
SUPPLEMENTARY BANK OPERATIONS
Legal
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - Legal matters arising in the course of this Bank's operations (litigations, preparation and approval
of legal documents, preparation of memoranda relating to the laws of states in this R e s e r v e District) are
handled by a central legal staff.
GENERAL SUMMARY
Legal matters handled by the department during the year included examination
and approval of all applications for membership in the Federal Reserve System,
applications of national banks to exercise fiduciary powers and all documents
evidencing changes in the corporate status of state member banks and trust
companies; correspondence and conference with officials of member banks concerning regulations and rulings of the Board of Governors; correspondence with
and preparation of legal memoranda for Board of Governors, a s well a s frequent
consultation with its members and staff; examination and approval of indemnifying bonds and court orders relating to special custody deposits of securities by
member banks; numerous questions relating to our safekeeping and check clearing operations, also our fiscal agency functions for the Treasury Department and
the Reconstruction Finance Corporation; preparation of supplements and other
documents relating to remaining V and T loans, and consultation with officers in
charge of Credit Department regarding loans and commitments under Section 13b
of the Federal Reserve Act, including examination and approval of all documents
in connection therewith; consultation in connection with our administration of
Foreign Funds Control regulations, including supervision of the Foreign Funds
Control Department in the absence of the senior officer in charge; etc.
This department has continued its close association, advising and working with
the officers in charge of the Consumer Credit Department in the administration
and enforcement of Regulation W. During the year, the General Counsel at the
request of the Board of Governors served a s the Government's principal witness
in the case of a registrant under Regulation W, a criminal contempt proceeding
involving violations of Regulation W, in which the Federal District Court at
Detroit, Michigan, found the defendants guilty.
The Federal Reserve System Share-The-Loss program which has been in effect
since January 1, 1945, has its activities centered in this bank since the chairman
of the system Insurance Committee is located here. The General Counsel in this
department handles an extensive amount of legal matters and frequently participates in discussions involving administrative matters for the Committee; also
the Assistant General Counsel serves a s secretary of this Committee.
Page 26
SUPPLEMENTARY BANK OPERATIONS
Planning
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE
The design and installation of new accounting s y s t e m s in the Bank i s handled by a centralized
methods staff. Continuing research and review of h e latest developments in mechanical accounting devices
and of existing accounting methods and controls are carried on by this unit.
GENERAL SUMMARY
At the close of 1945, the Methods Division had started
the task of preparing the Bank's routines and systems
for the multitude of improvements m mechanical equipment and procedures that will be made available by
postwar developments. This work was continued and
expanded during 1946. and a substantial portion of the
Division's effort was directed toward the assembly of
the basic detail that will be necessary for future
systems work.
Considerable emphasis was placed on projects which
would benefit the Bank's general departments, for
during the war y e a r s their systems were given only
the minimum of n e c e s s a r y attention, a policy which
was forced on us at that time by equipment shortages
and the p r e s s of work in fiscal agency operations.
Among the new s y s t e m s installed during the year was
a punched-card control routine covering savings bonds
redemptions operations.
In some instances, improvements were deferred until
future dates, f o r several factors, such as the inadequate
delivery schedules of most equipment manufacturers
and the probability of accelerated obsolescence of
present equipment purchases, made much new installation
work inadvisable during 1946.
There was a considerable increase in s y s t e m s service
work during the year. Several cost surveys were made
during the period, among them one covering the cost
of wrapping coin for member banks. Several statistical
projects were completed for operating departments.
Page 27
DETROIT BRANCH
SERVICES TO MEMBER BANKS
Discounts and Other Credits
FEDERAL RESERVE BANK O F C H I C A G O
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS -1946
NOTE - The Federal Reserve Banks a r e empowered to supply funds to m e m b e r banks and, under certain
prescribed conditions, to c o m m e r c i a l f i r m s
GENERAL SUMMARY
Seven banks, three city and four country, were a c commodated with loans during 1946, the same
number a s the previous year. The number and
amount of loans, however, showed a decline. The
borrowings, except in one case, were made for
short periods to adjust cash reserves.
During the year, the last of the Regulation V guarantees was terminated, ending the program under
which 342 guarantees were issued involving loans
totaling $911,250,500, the guaranteed portions
totaling $793,103,475.
STATEMENT OF YEAR'S OPERATIONS
1946
increase
or decrease
113
NUMBER OF TRANSACTIONS
Advances to Member Banks Secured by U. S. Govt. Obligations
1945
131
13.7%
Industrial Loans Advances
Commitments
- 100.0%
- 100.0%
Guarantees under Regulation V Issues
Releases
DOLLAR VALUE OF TRANSACTIONS
Advances to Member Banks Secured by U. S. Govt. Obligations
60
57
107
- 43.9%
$941,250,000
$1,492,447,000
36.9%
300,000
450,000
- 100.0%
- 100.0%
60,455,000
635.500.000
- 100.0%
Industrial Loans Advances
Commitments
Guarantees under Regulation V Issues
Releases
132,125,000
Page 28
- 100.0%
- 79.2%
FEDERAL RESERVE BANK OF CHICAGO
DETROIT BRANCH
SERVICES TO MEMBER BANKS
C u r r e n c y and Coin
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS -1946
NOTE - Currency and coin produced in the Mints and in the Bureau of Printing and Engraving are routed
into general circulation through the Federal Reserve Banks, which act a s distributing agents between the
Treasury and the Banking community. Commercial banks desiring currency or coin may obtain it from
this Bank in exchange for their draft, a charge to their r e s e r v e account, etc. Similarly, banks having
e x c e s s cash may turn it in to this bank and obtain funds in return. Incoming cash i s either used to sup
plement new currency and coin in outgoing shipments, or, if unfit for further circulation, i s returned to
the Treasury for destruction.
GENERAL SUMMARY
All currency and coin activities increased during
1946. Outgoing coin was up 75% over the previous
year, while incoming coin was 66% in excess of
the 1945 volume. Outgoing and incoming currency
were 6% and 10%, respectively, over the 1945
figures.
STATEMENT OF YEAR'S OPERATIONS
PIECES
Currency Outgoing
Incoming
Coin Outgoing
Incoming - from banks
from mints
DOLLAR VALUE OF PIECES
Currency Outgoing
Incoming
Coin Outgoing
Incoming - from banks
- from mints
increase
or decrease
1946
1945
109,041,131
96,539,485
102,194.501
87,233,275
+
+
6.7%
10.6%
150,809.500
37,103.235
110,960,000
86.143.995
22,327,674
66,855,000
+
+
+
75.0%
66.1%
65.9%
$670,340,229
620,623,523
$670,410,367
549,852,408
-
.1%
12.8%
8,481,445
3,878,173
4,535.000
6,233,660
2,268,807
4,480,000
Page 29
+
+ 36.0%
+
70.9%
+
1.2%
DETROIT BRANCH
SERVICES TO MEMBER BANKS
Collection of Checks and Noncash Items
FEDERAL RESERVE BANK O F
T O
CHICAGO
PRESIDENT'S REPORT
BOARD OF DIRECTORS -1946
NOTE
The Federal R e s e r v e Banks act a s nation-wide clearing agents for the routing of checks between
commercial banks in much the s a m e manner a s clearing house a s s o c i a t i o n s do in local communities, and
accept and pay checks drawn by the F e d e r a l Government They also collect d r a f t s notes bonds, coupons,
acceptances, e t c . , for member banks and deliver against payment s e c u r i t i e s sold by m e m b e r banks The
Reserve Banks act a s clearing houses for ration c hecks.
GENERAL SUMMARY
The number of country checks cleared increased
28% during 1946; while the number of a l l checks
handled rose 15% during the year. Noncash items
increased 6%; ration checks declined 89%.
STATEMENT OF YEAR'S OPERATIONS
1946
CHECKS
Number of Checks Handled
City
Country
Government - Paper
- Card
Total
1215.
12,277,000
20,060,000
1,597,000
4.496.000
38,430,000
10,852,000
15,647,000
1,803,000
5.025.000
33.327.000
Daily average number of cash
letters dispatched to Michigan
Banks and F. R. Banks
Dollar Value of Checks Handled
City
Country
Government - Paper
- Card
Total
NONCASH ITEMS
Pieces
City
**Country
Coupon and Security
Total
536
+ 13.1%
+ 28.2%
- 11.4%
- 10.5%
+ 15.3%
530
1.1%
8.7%
19.9%
74.1%
4.0%
$ 9,179,236,000 $ 8,442,197,000
3,149,263,000
3,776,629,000
4,317,908,000
1,117,664,000
380.100.000
395,179,000
$ 14,468,708,000 $16.289.468,000
19,015
18,923
27,611
65,549
+
+
+
+
11.6%
6.9%
1.6%
5.9%
5,389
+
13.6%
+
+
+
+
46.3%
108.7%
14.1%
57.0%
$ 38,786,055
64,922,721
68.664.565
$ 172,373,341
**Includes direct sendings to other Federal
Reserve Banks by our Member Banks
$ 125,140,316
S 52,044,940
129,000
1,228,000
778,964,000 pts 9,065.439.000 pts
Page 30
11.2%
17,036
17,700
27,170
61.906
**Includes direct sendings to other Federal
6.123
Reserve Banks by our Member Banks
Dollar Value of Pieces
$ 56,748,390
City
135,506,970
**Country
78.357.349
Coupon and Security
$ 270,612,709
Total
RATION CHECKS
Number of items handled
Total units processed
increase
or decrease
+ 140.5%
- 89.5%
- 91.4%
DETROIT BRANCH
SERVICES TO MEMBER BANKS
Safekeeping
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - F e d e r a l R e s e r v e Banks a c t a s d e p o s i t o r i e s for s e c u r i t i e s owned by m e m b e r banks. S e c u r i t i e s s o
held a r e c o m p l e t e l y s e r v i c e d a s to collection of i n t e r e s t , redemptions, exchanges, e t c . A f r e e safekeeping
s e r v i c e for United States Savings Bonds, S e r i e s E, is extended to m e m b e r s of the a r m e d f o r c e s and to the
g e n e r a l public.
GENERAL
SUMMARY
Securities held in safekeeping declined $311
million during 1946, the principal factor being
a reduction in war loan collateral of $215 million which was drawn down a s war loan deposits
declined. The aggregate number of pieces
handled during the year showed a small increase.
STATEMENT OF YEAR'S OPERATIONS
1946
SAFEKEEPING - MEMBER BANKS, ETC
Pieces
Securities - Received
117,693
Released
91,832
Coupons detached from securities
144,455
Dollar Value of Pieces
Securities - Received
Released
Held as of Dec. 31
Coupons detached from securities
$1,836,026,343
2,147,803,548
413,066,398
8,586,931
Page 31
1945
Increase
or decrease
144,954
51,730
128,635
- 18.8%
+ 77.5%
+ 12.3%
$2,477,139,352
2,483,217,434
724,843,603
8,677,894
- 25.9%
- 13.5%
- 43.0%
- 1.0%
DETROIT BRANCH
FEDERAL RESERVE BANK OF CHICAGO
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
I s s u a n c e of G o v e r n m e n t S e c u r i t i e s
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS -1946
NOTE - T h e F e d e r a l R e s e r v e Banks act a s agents of the T r e a s u r y D e p a r t m e n t in the p r e s e n t a t i o n of new
i s s u e s of Government s e c u r i t i e s to the general public. Information and i n s t r u c t i o n s a r e relayed f r o m
Washington throughout this d i s t r i c t , and all o p e r a t i o n s n e c e s s a r y to the placing of new T r e a s u r y i s s u e s in
the hands of the public a r e c a r r i e d out. The Bank q u a l i f i e s c o m m e r c i a l banks and o t h e r s in the d i s t r i c t a s
agents in the sale of U. S. Savings Bonds, S e r i e s E, to the public; and s e r v i c e s those agents a s r e g a r d s
supplies of new bonds, applicable T r e a s u r y d i r e c t i v e s , and the p r o c e s s i n g of paid r e g i s t r a t i o n s , e t c . The
Bank analyzes the s a l e s of U. S. Savings Bonds, and f u r n i s h e s the T r e a s u r y Department with detailed r e p o r t s
showing what the public purchased in the v a r i o u s c i t i e s , counties and s t a t e s of this d i s t r i c t .
GENERAL SUMMARY
Issuing activities of a l l categories declined during
the year. Direct sales of Series E Savings Bonds
dropped 47% in number of pieces involved, and
direct sales of other T r e a s u r y issues were off 61%.
The number of Series E Bonds sold by issuing agents
during the year was 72% less than in 1945.
STATEMENT OF YEAR'S OPERATIONS
increase
or decrease
NEW ISSUES
Subscriptions
Forms Received
Treasury (Other Than E Bonds)
"E" Bonds
1946
15,775
2,034
Allotted
Treasury (Other Than E Bonds)
"E" Bonds
ISSUING AGENTS
Series "E" Savings Bonds sold
Pieces
Maturity Value
$
60.7%
46.8%
45,576
313,734
64.6%
47.1%
504,827,900
5,501,825
$ 1,537,535,525
10,468,275
- 67.2%
- 47.4%
395,057,075
5,573,650
$
40,156
3,824
16,115
165,825
Subscribers Involved
Treasury (Other Than E Bonds)
"E" Bonds
Dollar Value of Subscriptions
Received
Treasury (Other Than E Bonds)
"E" Bonds
1945
1,537,775,750
10,542,400
- 74.3%
47.1%
10,086,304
458,321,530
• 72.7%
- 64.7%
2,752,898
161,656,515
$
Number of qualified Issuing Agents as of
December 31
SALES ANALYSIS
Number of Reports Prepared
Items Tabulated (dollar value)
SHIPPING AND DELIVERY
Pieces Shipped
Treasury (Other Than E Bonds)
"E" Bonds
404
$
564
• 28.4%
134
510,135,015
10,553
$ 1,980,041,670
- 98.7%
74.2%
60,843
229,759
Page 32
137,416
392,519
-
55.7%
41.5%.
DETROIT BRANCH
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Servicing of Government Securities
FEDERAL RESERVE BANK O F CHICAGO
PRESIDENT'S
REPORT
TO BOARD O F DIRECTORS - 1946
NOTE - The F e d e r a l Reserve Banks handle the s e r v i c i n g of all government s e c u r i t i e s . Such work includes
exchanges, t r a n s f e r s , custody of blank stock, accounts of depositary banks, e t c .
GENERAL SUMMARY
The volume of work involved in servicing operations connected with government securities
varied during the year. Denominational exchanges increased during 1946; depositary bank
and custody volumes declined.
STATEMENT OF YEAR'S OPERATIONS
1946
DENOMINATIONAL EXCHANGE
Pieces
Received Marketable Issues
Public Debt Transfers
Issued Marketable Issues
Public Debt Transfers
Maturity Value
Received Marketable Issues
Public Debt Transfers
Issued Marketable Issues
Public Debt Transfers
DEPOSITARY BANKS
Number of Payments handled
Number of Qualified Depositaries
as of December 31
Depositaries' Balances as of
Dec. 31
CUSTODY
Pieces
Received from Treasury Dept.
Prepared for Delivery
Dollar Value
Received from Treasury Dept.
Prepared for Delivery
increase
or decrease
1945
8.9%
.6%
380
3,286
349
3,305
+
1,812
2,234
1,025
1,760
+
76.8%
26.9%
$22,766,500
390,220,800
$14,656,000
324,204,400
+
+
+
55.3%
20.4%
22,766,500
123,361,000
14,656,000
136^323,800
55.3%
9.5%
11,975
23,912
49.9%
131
131
$57,404,344
$527,356,801
3,001,321
2.920,689
10,329,738
10,465,098
$ 1,060,490,400
1,332,250,045
$2,731,425,200
2,885,525,695
Page 33
+
-
89.1%
70.9%
72.1%
-
61.2%
53.8%
DETROIT BRANCH
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Redemption of Government Securities
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - In connection with i t s duties a s F i s c a l Agent of the United States, the F e d e r a l R e s e r v e Banks
accept (and pay) Government s e c u r i t i e s eligible f o r redemption, e i t h e r d i r e c t l y f r o m the h o l d e r s t h e r e o f , o r ,
in the c a s e of Savings Bonds, f r o m c o m m e r c i a l banks designated a s paying agents. S e c u r i t i e s paid in r e d emption a r e p r o c e s s e d a s d i r e c t e d by the T r e a s u r y and a r e turned over to the Bureau of the Public Debt
for final s e t t l e m e n t and disposal.
GENERAL SUMMARY
With the exception of coupons, redemptions in
general declined during 1946. The number of
U. S. Savings Bonds paid decreased 25%, and
the number of other securities 35%. U. S.
Savings Bonds, redeemed directly by the Bank
decreased 16%, but the money paid out in such
transactions was up 51%.
STATEMENT OF YEAR'S OPERATIONS
1945
1946
increase
or decrease
REDEMPTIONS
U. S. Savings Bonds Redeemed
Pieces
By Paying Agents
By F. R. Bank
Total
$25 Pieces Included Above
Redemption Value of Pieces
By Paying Agents
By F. R. Bank
Total
Number of qualified paying agents as
of Dec. 31
8,277,038 99.2%
.8%
67.923
8.344,961 100.0%
6,194,421
9,008,587
81.1% - 31.2%
$261,099,036 93.7% $295,585,730 96.2% - U.7%
3.8% + 50.7%
17.633.955
6.3%
11.703.452
$278,732,991 100.0% $307,289,182 100,0% - 9.3%
199
197
Other Bonds, Notes, Certificates and Bills Redeemed
Pieces
36,038
Maturity Value
$378,530,925
U. S. and Other Governmental Agency Coupons Redeemed
239,358
Pieces
$16,547,738
Dollar Value
SECURITY MAIL
Pieces received
74.2%
11,028,087 99.3% - 24.9%
80.868
- 16.0%
11.108.955 100.0^ - 24.9%
36.880
Page 34
+
1.0%
55,060
$491,834,325
- 34.5%
- 23.0%
225,986
$14,715,826
+ 5.9%
+ 12.4%
- 31.9%
54,145
F D R L reserve B N OF
E E A
AK
PRESIDENT'S REPORT
TO BOARD O F DIRECTORS - 1 9 4 6
DETROIT BRANCH
SERVICES TO GOVERNMENT AGENCIES
Treasury Department
Withheld Taxes
CHICAGO
NOTE - The Bank acts as agent of the Treasury Department, assisting the Bureau of Internal
Revenue in the collection of funds deposited in commercial banks by employers under
withholding tax arrangements.
GENERAL SUMMARY
The number of receipts issued by depositaries increased during the year, while the total value of
receipts issued declined.
STATEMENT OF YEAR'S OPERATIONS
increase
or decrease
WITHHELD TAX
Number of Receipts
Issued by Depositaries
Credited to U. S. Treasurer as
Income Tax
Dollar Value of Receipts
Issued by Depositaries
Credited to U. S. Treasurer as
Income Tax
1946
1945
130,463
+ 5.6%
127,745
$
123,510
123,493
+ 3.4%
333,523,000
324,149,000
Page 35
$
473,732,000
- 29.6%
506,938,000
- 36.1%
DETROIT BRANCH
SERVICES TO GOVERNMENT AGENCIES
Reconstruction Finance Corporation and
Commodity Credit Corporation
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
NOTE - The Federal Reserve Banks a r e fiscal agents of the Reconstruction Finance Corporation and the
Commodity Credit Corporation. In such capacity the Bank disburses the proceeds of loans, makes advances
for the accounts of various Governmental corporations, maintains custody of collateral, handles work
relative to the redemption and exchange of securities, e t c .
GENERAL SUMMARY
Excluding operations connected with Defense Plant
Corporation inventory analysis, the work in this department, with a few minor exceptions, showed a substantial decrease. Approximately 80% of the assigned
personnel was engaged in inventory analysis work.
STATEMENT OF YEAR'S OPERATIONS
1946
RECONSTRUCTION FINANCE CORPORATION
1945
increase
or decrease
Accounting entries
Payments Disbursed
Received
19,084
20,186
37,524
66,837
- 49.1%
- 69.8%
Other Payroll Checks Issued for
Loan Agency
18,321
3,617
+ 406.5%
Accounts receivable
1,152
2,311
- 50.1%
Interest Endorsements
Custody Activities
Receipts
Releases
Collections
Coupons
Number of Reports Prepared
13,151
2,079
1,413
470
1.132
33,530
(continued on next page)
Page 36
34,899
- 62.3%
2,348
11,876
9,186
1,277
-
32,828_
11.4%
88.1%
94.9%
11,3%
+_ 2.1%
DETROIT BRANCH
SERVICES TO GOVERNMENT AGENCIES
Reconstruction Finance Corporation and
Commodity Credit Corporation
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
(continued from previous page)
Receipts
Loans, Investments, Purchases
Directly for Account of R. F. C.
$ 1,055,720
Surplus Property Disposal Program
13,369,109
Loans to Industry
2,830,843
Defense Plants
27,847,895
Defense Supplies Program
27,749
Metals Reserve Program
33,962
Federal National Mortgage Association
(including sales of mortgages held)
177,937
R. F. C. Mortgage Company
2,633,412
(including sales of mortgages held)
Loans and Rental Agreements Transferred
from Smaller War Plants Corporation
1,650,273
Total
$
2,260,219
16,016,637
11,679.423
50,280,868
448,266
1,319,916
- 53.3%
- 16.5%
- 75.7%
- 44.6%
- 93.8%
- 97 4%
22,215,359
- 99.2%
16,112,838
- 83.6%
3,065,116
-
46 2%
$49,626,900
$ 123,398,642
- 59.8%
$
$
+
+
Disbursements
Loans, Investments & Purchases
Directly for Account of R. F. C.
Surplus Property Disposal Program
Loans to Industry
Defense Plants
Defense Supplies Program
Metals Reserve Program
Federal National Mortgage Association
R. F. C. Mortgage Company
Smaller War Plants Corporation
Administrative Expense - Loan Agency
Total
Total Number of Transactions
1,948,136
5,711,430
20,664,575
13,810,692
439
20,247
94,152
1,540,575
2,917,254
34,587
2,545,085
8,714,369
76,167,619
14,094,316
78,412
711,372
2,361,620
319,983
316,411
$46,707,500
$105,343,774
- 55.6%
39,270
104,361
- 62.4%
$11,742,444
$12,170,710
-
3,764
5,487
-
766
1,073
- 28.6%
170,705
900
216,954
688
- 21.3%
+ 30.8%
100.0%
23 4%
34.4%
72.8%
2.0%
99.4%
97.1%
96.0%
381.4%
822.0%
COMMODITY CREDIT CORPORATION
Disbursements
Grain Loan and Purchase Programs and
Subsidy Price Support Program
Total Number of Transactions
3.5%
31.4%
Pieces Handled
Checks Issued
Disbursements
Drafts
Schedules
Page 37
FEDERAL RESERVE BANK O F CHICAGO
DETROIT BRANCH
SUPPLEMENTARY BANK OPERATIONS
Accounting
PRESIDENT'S REPORT
TO BOARD O F DIRECTORS -1946
NOTE
The central accounting routines of the Bank include the maintenance of the r e s e r v e accounts of
m e m b e r banks, the constant analysis of those r e s e r v e s a s r e g a r d s the legal minimum of each bank, the
maintenance of accounts with other F e d e r a l R e s e r v e Banks through an i n t e r d i s t r i c t settlement fund, the
t r a n s f e r of funds by wire f o r m e m b e r banks, the handling of all Bank d i s b u r s e m e n t s , the compilation of
claims f o r s e r v i c e s r e n d e r e d the government, the a s s e m b l y of cost data and construction of r e p o r t s , etc.
GENERAL SUMMARY
Accounting volumes varied during the year.
The number of entries in member bank reserve
accounts and federal reserve books increased;
general ledger entries, expense disbursements,
and central files receipts declined.
STATEMENT OF YEAR'S OPERATIONS
1945
1946
GENERAL LEDGER
Number of entries functioned
44.169
47,996
FEDERAL RESERVE BOOKS
Number of entries functioned
247,629
236,088
MEMBER BANK RESERVE ACCOUNTS
Number of entries functioned
Active accounts as of Dec. 31
337,005
98
318,200
increase
or decrease
MEMBER BANKS RESERVES
EXCESS over REQUIREMENT
Period
Reserve City
Aug. 1
Maximum
Oct. 10
Minimum
Country
Maximum
Minimum
Jan. 15
Jul. 31
ASSESSABLE DEFICIENCIES
Number of Banks
Amount of Penalties
101
-
8.0%
4.9%
+
-
5.9%
3.0%
Amount
Period
Amount
$8,349,000
2,326,000
Dec. 7
Apr. 20
$11,789,000
1,688,000
- 29.2%
4 37.8%
$14,501,000
8,223,000
Jan. 15
Feb. 28
$15,978,000
9,924,000
- 9.2%
- 17.1%
10
$595
15
$509
- 33.3%
+ 16.9%
EXPENSE DISBURSEMENTS
Dollar value of items handled
Vouchers functioned
Fiscal Agency Claims prepared
CENTRAL FILES
Incoming pieces filed
$3,037,801
2,243,195
$3,509,994
2,477,222
294f916
320,139
Page 38
- 13.5%
- 9.4%
D E T R O I T BRANCH
S U P P L E M E N T A R Y BANK O P E R A T I O N S
Telephone. Wires, and Mail
FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS -1946
NOTE - In addition to the usual mall and telephone facilities, the Bank i s a unit in a leased wire
system having connections with all other Federal Reserve Banks and Branches, the Board of
Governors, and the Treasury Department. Telegrams effecting transfers of funds for member
banks, Fiscal Agency work, and other banking transactions are processed both in code and in clear.
GENERAL SUMMARY
The volume of work handled by the several communications services declined during the year except for
telegrams handled over commercial wires. Incoming
leased wire messages were up 1.5%, outgoing messages
were down 6.7%. Local telephone calls were up 1.1%,
but long distance calls and the number of terminals in
use decreased during the year. Both incoming and outgoing mail declined during 1946.
STATEMENT OF YEAR'S OPERATIONS
1945
increase
or decrease
14,532
5,958
20,490
12,387
7,800
20,187
+ 17.3%
- 23.6%
+ 1.5%
15,547
4,991
20,538
15,846
6,070
21,916
1.9%
17.8%
6.3%
952
423
1,375
653
394
1,047
+ 45.8%
+ 7.4%
+ 31.3%
2,520
163
2,983
1,599
176
1,775
+ 57.6%
+ 163.1%
81,537
2,125
138
80,625
2,280
143
1.1%
6.8%
3.5%
310,088
351,311
- 11.7%
401,728
10.105
469,545
1Q.72T
- 14.4%
- 5,8%
1946
TELEGRAMS PROCESSED
LEASED WIRE
Received In Code
In Clear
Total
Dispatched In Code
In Clear
Total
COMMERCIAL WIRE
Received In Code
In Clear
Total
Dispatched In Code
In Clear
Total
TELE PHONE CALLS HANDLED
Calls handled by switchboard Outgoing - local
- long distance
Terminals in use December 31st
MAIL HANDLED
Number of pieces received & routed
Number of pieces dispatched mail
express
P a g e 39
68.1%
DETROIT BRANCH
SUPPLEMENTARY BANK OPERATIONS
Personnel
FEDERAL RESERVE BANK O F CHICAGO
T O
B O A R D
PRESIDENT'S REPORT
DIRECTORS-1946
O F
NOTE
All general personnel activities of the Bank are handled by a central personnel uniL Such work
includes the keeping of salary and personnel records, educational and welfare programs, and the maintenance
of a medical department and an employees' cafeteria.
GENERAL SUMMARY
During July a program was inaugurated providing for the training
of messengers in the operation of adding machines, typewriters,
etc. The objective of this program is the building up of a pool
from which the lower job classifications can be filled* During
March a course of training was started for supervisory employees.
The Branch's Job Evaluation Program was started August 20th,
and at the close of the year descriptions had been completed for
all jobs, and all jobs were tentatively rated*
STATEMENT OF YEAR'S OPERATIONS
Increase
or decrease
1946
1945
672
258
328
602
716
358
402
672
6.1%
28.0%
18.4%
10.4%
Physical Examinations Prospective Employees
Bank Employees
Total
9
218
227
296
296
26.3%
23.3%
Requests for Medical Care
3,782
4,583
- 17.5%
PERSONNEL DIVISION
Number of Employees
As of January 1
New Employees
Separations
As of December 31
MEDICAL
Number of Cases
In Addition, 395 employees received 2 influenza vaccinations
CAFETERIA
Number of meals served
Cafeteria
Noon
Complementary
Guest of Bank
Bank Employees
Total All Meals
50
1,111
29,813
Daily Average Number of Meals Served
Cafeteria
Noon
258
28,652
Page 40
Cafeteria established August 13, 1946
FEDERAL RESERVE BANK OF CHICAGO
STATEMENT OF EARNINGS
PRESIDENT S REPORT
TO BOARD OF DIRECTORS -1946
COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES
1946
1945
21,235,190.45
20,076,761.05
6,853,344.65
5,646,079.14
Assessment for Board of Governors
303,483.83
303,183.13
Cost of Federal Reserve Currency
632,515.27
601,748.39
Total Net Expenses
7,789,343.75
6,551,010.66
Current Net Earnings
13,445,846.70
13,525,750.39
231,045.60
415,492.84
12,090.60
7,059.64
243,136.20
422,552.48
13,688,982.90
13,948,302.87
EARNINGS
EXPENSES:
Operating Expenses
ADDITIONS TO CURRENT NET EARNINGS:
Profit on Sales of U. S. Government Securities
Other Additions
Total Additions to Current Net Earnings
.
Total Current Net Earnings and Additions to Current Net
Earnings
DEDUCTIONS FROM CURRENT NET EARNINGS:
Provision for Building and Vault Improvements
—
Retirement System (Salary Compensation Adjustment)
281,169.00
Other Deductions
500,000.00
—
47,045.57
328,214.57
Net Earnings
517,991.79
13,360,768.33
Total Deductions from Current Net Earnings
17,991.79
13,430,311.08
DISTRIBUTION OF NET EARNINGS:
Paid United States Treasury (Section 13B)..
—
2,515.92
Dividends Paid
1,311,792.03
1,215,381.20
Transferred to Surplus (Section 7)
12,048,976.30
12,212,413.96
13,360,768.33
13,430,311.08
Surplus January 1
53,028,929.96
33,200,672.77
Transferred to Surplus — as above
12,048,976.30
12,212,413.96
SURPLUS ACCOUNT (SECTION 7)
Transferred to Surplus from Reserves for Contingencies
Surplus December 31
—
65,077,906.26
7,615,843.23
53,028,929.96
FEDERAL RESERVE BANK OF CHICAGO
STATEMENT OF CONDITION
PRESIDENT'S REPORT
TO BOARD OF DIRECTORS - 1946
COMPARATIVE STATEMENT OF CONDITION
ASSETS
GOLD CERTIFICATES ON HAND AND DUE FROM
U. S. TREASURY
REDEMPTION FUND — FEDERAL RESERVE NOTES
Dec. 31, 1946
Dec. 31, 1945
3,369,272,586.87
136,644,442.30
3,027,002,225.62
135,309,484.62
31,559,710.71
28,147,809.10
Total Cash
3,537,476,739.88
3,190,459,519.34
BILLS DISCOUNTED
18,291,000.00
6,110,000.00
18,291,000.00
6,110,000.00
U. S. GOVERNMENT SECURITIES
3,455,402,000.00
3,796,779,000.00
Total Bills and Securities
3,473,693,000.00
3,802,889,000.00
3,056,737.98
3,106,267.93
22,944,300.00
16,558,000.00
387,335,826.02
341,423,582.27
6,952,192.13
9,424,256.96
7,431,458,796.01
7,363,860,626.50
4,573,143,890.00
4,444,532,650.00
2,366,136,539.01
2,347,114,726.64
U. S. Treasurer — General Account
65,227,171.74
139,437,239.01
Other Deposits
68,163,011.09
111,559,178.50
2,499,526,721.84
2,598,111,144.15
265,651,182.65
241,593,949.32
1,885,674.25
1,825,344.62
7,340,207,468.74
7,286,063,088.09
CAPITAL PAID IN
22,434,650.00
21,073,650.00
SURPLUS (Section 7)
SURPLUS (Section 13B)
65,077,906.26
1,429,383.78
53,028,929.96
1,429,383.78
2,309,387.23
2,265,574.67
7,431,458,796.01
7,363,860,626.50
OTHER CASH
Total Bills
BANK PREMISES
FEDERAL RESERVE NOTES OF OTHER BANKS
UNCOLLECTED ITEMS
OTHER ASSETS
Total Assets
LIABILITIES
FEDERAL RESERVE NOTES IN ACTUAL CIRCULATION
DEPOSITS:
Member Bank — Reserve Account
Total Deposits
DEFERRED AVAILABILITY ITEMS
OTHER LIABILITIES
Total Liabilities
CAPITAL
ACCOUNTS
OTHER CAPITAL ACCOUNTS
Total Liabilities and Capital Accounts
Page 42
FEDERAL
FEDERAL RESERVE BANK OF CHICAGO
RESERVE
BANK
OF CHICAGO
PRESIDENT S REPORT
TO BOARD OF DIRECTORS -1946
STATEMENT OF EARNINGS, EXPENSES, AND DISPOSITION OF NET EARNINGS
NOVEMBER 16, 1914 (Date of Incorporation) TO DECEMBER 31, 1946
EARNINGS AND EXPENSES
CURRENT
EARNINGS
YEAR
1914-15 $
268,885
CURRENT
NET
EARNINGS
CURRENT
EXPENSES
$
245,584
$
23,301
1916
1917
1918
1919
1920
665,937
2,083,164
8,481,747
12,012,078
30,303,218
237,731
584,069
1,478,310
2,450,244
4,164,176
428,206
1,499,095
7,003,437
9,561,834
26,139,042
1921
1922
1923
1924
1925
20,382,170
6,748,863
6,511,359
5,202,169
5,424,663
4,734,100
4,080,057
4,373,024
3,946,436
3,744,039
1926
1927
1928
1929
1930
6,567,043
6,167,352
8,936,418
9,889,451
4,834,153
1931
1932
1933
1934
1935
DISPOSITION OF NET EARNINGS
ADDITIONS
TO
CURRENT NET
EARNINGS
DEDUCTIONS
FROM
CURRENT N E T
EARNINGS
$
$
3,210
NET
EARNINGS
$
20,091
DIVIDENDS
PAID
$
TRANSFERRED
TO
SURPLUS
(Section 7)
$
PAID
U.S.
TREASURY
(Section 13B)
$
~
69,307
25,000
269,343
198,356
985,630
332,600
403,206
1,231,879
6,805,081
8,576,204
25,875,749
361,319
862,259
604,635
700,807
792,769
15,648,070
2,668,806
2,138,335
1,255,733
1,680,624
4,826
572,019
41,903
27,857
12,646
1,147,779
1,835,610
1,001,883
374,467
571,997
14,505,117
1,405,215
1,178,355
909,123
1,121,273
853,785
876,2.03
904,371
909,123
934,016
3,824,437
3,887,058
3,696,679
4,092,369
3,805,117
2,742,606
2,280,294
5,239,739
5,797,082
1,029,036
13,098
13,061
11,833
8,050
298,510
501,781
365,710
488,143
380,467
273,218
2,253,923
1,927,645
4,763,429
5,424,665
1,054,328
985,959
1,029,990
1,099,761
1,170,363
1,211,418
1,267,964
897,655
3,663,668
3,651,464
- 157,090
4,143,601
5,613,671
6,764,554
8,152,371
6,177,615
3,524,401
3,432,693
3,854,009
3,551,838
3,697,540
619,200
2,180,978
2,910,545
4,600,533
2,480,075
263,967
874,264
373,245
1,611,990
951,304
273,272
812,517
1,493,297
4,808,032
2,660,159
609,895
2,242,725
1,790,493
1,404,491
771,220
1,170,633
1,029,933
858,127
761,334
753,583
-
1936
1937
1938
1939
1940
4,423,476
4,575,583
3,954,026
4,254,602
4,831,217
3,453,380
3,199,558
3,318,002
3,316,352
3,471,164
970,096
1,376,025
636,024
938,250
1,360,053
1,526,060
811,188
1,637,141
521,313
1,530,021
1,563,978
499,607
1,182,207
476,646
282,100
932,178
1,687,606
1,090,958
982,917
2,607,974
725,553
763,115
791,007
819,532
826,919
153,241
883,370
279,031
158,265
1,770,131
28,354
28,354
20,714
5,120
10,924
1941
1942
1943
1944
1945
5,089,095
6,590,508
8,738,325
14,204,919
20,076,761
4,227,534
5,177,403
5,850,233
6,757,377
6,551,011
861,561
1,413,105
2,888,092
7,447,542
13,525,750
163,061
386,898
4,137,334
383,895
422,552
157
602,842
1,266,073
517,991
1,024,465
1,197,161
5,759,353
7,831,437
13,430,311
896,766
955,508
993,684
1,115,422
1,215,381
100,484
237,632
4,765,619
6,710,302
12,212,414
27,215
4,021
50
5,713
2,516
1946
21,235,190
7,789,344
13,445,846
243,136
328,214
13,360,768
1,311,792
12,048,976
Totals
$263,304,184
$120,515,269
$142,788,915
$16,912,606
$25,522,286
$134,179,235
$28,285,067
$80,418,343
2,127
215,799
6,200,446
7,875,397
14,688,500
-
2,075,323
657,289
27,398
TRANSFERRED
TO
SURPLUS
(Section 13B)
$
FRANCHISE
TAX
PAID U.S.
$20,091
$
215,799
-
BALANCE
TO
PROFIT
& LOSS
41,887
-61,978
-
10,394,480
-
-
602,838
-
11,576,009
1,186,301
246,586
-
187,257
-
560,738
121,279
932,366
669,479
1,091,513
-
-26,322
17,637
-
$150,618
25,030
12,767
206
-
-
-
-
-
$11,681
-
$25,313,526
-
$
-
ADJUSTMENTS TO ABOVE TOTALS:
Purchase of FD.I.C. Stock Year 1934
- 19,748,517
Transferred to Reserves for Contingencies, Years 1940, 1942, and 1943
Transferred to Surplus (Section 7) from Reserves for Contingencies Year 1945
-
3,207,763
7,615,843
1,417,702
Payments from U.S. Treasury Years 1934 and 1935
Totals $263,304,184
$120,515,269
$142,788,915
$16,912,606
$25,522,286
$134,179,235
$28,285,067
$65,077,906
$150,618
$1,429,383
$25,313,526
$
Page 43
@FedFRASER