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FEDERAL RESERVE BANK OF CHICAGO
PRESIDENT'S REPORT TO DIRECTORS
ACTIVITIES
FOR THE YEAR 1945
PRESIDENT'S REPORT TO DIRECTORS
ACTIVITIES OF THE HEAD OFFICE AND DETROIT BRANCH
During the Year 1945
COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES
Years 1945-1944
COMPARATIVE STATEMENT OF CONDITION
December 31,1945 -December 31,1944
and
STATEMENT OF EARNINGS AND EXPENSES - DISPOSITION OF NET EARNINGS
Years 1914-1945 Inclusive
-INDEXPage
ACCOUNTING DEPARTMENT:
Bookkeeping Division
Federal Reserve Books Division
General Books Division
1
1
1
.
BANK EXAMINATION DEPARTMENT
BANK AND PUBLIC RELATIONS DEPARTMENT
BINDERY AND OLD RECORDS DIVISION
BUILDING DEPARTMENT
1
6
6
7
CAFETERIA. .
CASH DEPARTMENT
CHECK DEPARTMENT
.
CODES AND TELEGRAMS DIVISION
COLLECTION DEPARTMENT
CONSUMER CREDIT DEPARTMENT
9
10
11
11
12
12
DISBURSING DEPARTMENT
DISCOUNT AND CREDIT DEPARTMENTS
14
14
FEDERAL RESERVE NOTE ISSUE DEPARTMENT
FILES DIVISION
FOREIGN FUNDS CONTROL DIVISION
16
16
16
GOVERNMENT B0ND DEPARTMENT
17
INVESTMENT DEPARTMENT
20
LEGAL DEPARTMENT
21
MAIL DIVISION
23
MEMBER BANK ACCOUNTS DIVISION. .
23
OFFICE MACHINE REPAIRS
23
PERSONNEL DEPARTMENT
PLANNING DEPARTMENT
PURCHASING DEPARTMENT
RATION CHECK DEPARTMENT
R.F.C. and C.C.C. CUSTODY DIVISIONS
RESEARCH DEPARTMENT
26
27
27
27
30
SAFEKEEPING DEPARTMENT .
31
TELEPHONE DIVISION
31
WAR BOND CUSTODY DEPARTMENT
WIRE TRANSFER DIVISION
WITHHELD TAX DEPARTMENT
31
32
32
24
DETROIT BRANCH
COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES - Years 1 9 4 5 - 1 9 4 4
COMPARATIVE STATEMENT OF CONDITION - December 31, 1945-December
STATEMENT OF EARNINGS AND EXPENSES - DISPOSITION OF NET EARNINGS
Years 1914 - 1945, Inclusive
34
. . .
43
31,1944
45
44
-1ACCOUNTING
DEPARTMENT:
Bookkeeping Division functioned 2,614,000 entries
during the year 1945 to the accounts of our member
banks. This compared with 2,503,000 entries during the year 1944 and reflected an increase of 4.4%
which,
for the most part, was due to the handling
of transactions involving United States financing
and redemptions of Savings Bonds. Approximately
90% of our total membership continued to maintain
active accounts throughout the year.
Federal Reserve Books Division effected 1,885,000
entries during the year 1945 in maintaining accounts with other Federal Reserve Banks and Branches
and with our Detroit Branch. This compared with
1,920,000 entries effected during 1944 and represented a decrease of 1.8% over that year. In addition to the functioning of entries, the investigation and adjustment of errors in cash letters sent
direct to other districts by our member banks constituted a substantial part of the work of the division.
General Books Division functioned 558,000 entries
during the year 1945. This compared with 377,000
during the year 1944, and represented a decrease of
5%, which was due principally to a new procedure
adopted September 1, 1945, in connection with the
entering of deposits in the account of the Treasurer
of the United States.
BANK EXAMINATION
DEPARTMENT:
Record of Examinations
Regular - State member banks - Joint with State Examiners
Regular - State member banks - Independent
Membership - Joint with State Examiners
Membership - Independent
Follow-up investigations - Independent
Total
Trust Departments - State member banks Joint with State examiners
Trust Departments - Independent
Trust Departments - Membership - Joint with State examiners
Trust Departments - Membership - Independent
Total
Number
of Banks
431
1
8
12
2
454
116
2
4
2
124
-2-
BANK EXAMINATION
DEPARTMENT:
(Continued.)
With the exception of the 13 Indiana banks
listed below, all State member banks and
their trust departments were examined at
least once during the calendar year of 1945.
Town
Name
Bremen
Cambridge City
Clay City
Columbia City
Columbus
Connersville
Connersville
Greensburg
Kokomo
Marshall
South Bend
Veedersburg
Warren
Bremen State Bank
The Wayne Trust Company
Farmers and Merchants Bank
Citizens State Bank
Irwin-Union Trust Company
The Central State Bank
Fayette Bank and Trust Company
Union Trust Company
Union Bank and Trust Company
Citizens State Bank
First Bank and Trust Company of South Bend
The Veedersburg State Bank
Exchange Bank
We had the assurance of the Director of Financial Institutions for the State of Indiana
that he would join us in examinations of all
State member banks, but because of lack of help
he was unable to complete the schedule.
Mr. McCord asked that we defer examinations of
the banks mentioned until immediately following
January 1, 1946, which under authority from
Mr. Paulger we agreed to do.
Applications for State Bank Membership
Acted upon or In Process
Applications
Applications
Applications
Applications
Applications
approved - Admitted to membership
approved - Incomplete
withdrawn
pending Washington
pending in Chicago on December 31, 1945
Changes in State Bank Membership during the Year
Number of State member banks as of December 31, 1944
New State members
Reductions
Number of State member banks as of December 31, 1945
18
4
5
0
0
27
433
18
5
446
-3BANK EXAMINATION
DEPARTMENT:
(Continued)
Reductions - 5
Urbana
Illinois
Busey's State Bank
Converted into Busey First National Bank, effective September 1, 1945.
Angola
Indiana
The Steuben County State Bank
Converted into First National Bank of Angola, effective August 1, 1945.
Hammond
Indiana
Mercantile Bank
Converted into Mercantile National Bank of Hammond, effective
November 1, 1945.
Ligonier
Indiana
American State Bank
A voluntary withdrawal, effective June 11, 1945.
Lohrville
Iowa
The Commercial Savings Bank
A voluntary liquidation.
Absorbed by Lohrville Savings Bank, nonmember, on January 2, 1945 •
New State Members - 18
Illinois
Chestnut
Chicago
Geneseo
Libertyville
Mazon
West Chicago
Bank of Chestnut
Devon-North Town State Bank
Central Trust & Savings Bank of Geneseo
First State Bank of Libertyville
Mazon State Bank
State Trust and Savings Bank
Indiana
Friendship
Knox
Ligonier
Middletcwn
The Friendship State Bank
Farmers Bank and Trust Company
American State Bank
Farmer's State Bank
Iowa
Elkader
Rock Rapids
Webster City
The Central State Bank & Trust Company
Lyon County State Bank
First State Bank
Michigan
Sturgis
The Citizens State Bank
-4BANK EXAMINATION
DEPARTMENT:
(Continued)
New State Members
Wisconsin
Goodman
Luxemburg
Milwaukee
Milwaukee
Citizens Bank of Goodman
Bank of Luxemburg
Lincoln State Bank
Wisconsin State Bank of Milwaukee
NATIONAL BANKS
Total number of National banks as of December 31, 1944
538
Additions during the year
Reductions during the year
Total number of National banks as of December 31, 1945
16
4
550
Additions - 16
Chicago
Illinois
Commercial National Bank of Chicago
A primary organization.
Chicago
Illinois
Marquette National Bank
A primary organization.
Lansing
Illinois
First National Bank of Lansing
A primary organization.
Leland
Illinois
Leland National Bank
A primary organization.
Marseilles
Illinois
Union National Bank of Marseilles
A primary organization.
North Chicago
Illinois
National Bank of North Chicago
A primary organization.
Rock Falls
Illinois
Rock Falls National Bank
A primary organization.
Rockford
Illinois
Central National Bank of Rockford
A primary organization.
Rockford
Illinois
City National Bank of Rockford
A primary organization.
>
-5BANK EXAMINATION
DEPARTMENT:
(Continued)
NATIONAL BANKS
Additions
Urbana
Illinois
Busey First National Bank
A conversion of Busey's State Bank,
Urbana (member).
Angola
Indiana
First National Bank of Angola
A conversion of The Steuben County
State Bank, Angola (member).
Hammond
Indiana
Mercantile National Bank of Hammond
A conversion of Mercantile Bank,
Hammond (member).
Kokomo
Indiana
Ferndale
Michigan
Ferndale National Bank
A primary organization.
(Detroit territory)
Sturgis
Michigan
First National Bank
A primary organization.
Kenosha
Wisconsin
Kenosha National Bank
A primary organization.
Chicago
Illinois
Continental National Bank and Trust
Company of Chicago
Consolidated with Continental Illinois
National Bank and Trust Company of
Chicago. Not a refund.
Cicero
Indiana
The Citizens National Bank of Cicero
A voluntary liquidation.
Succeeded by Hamilton County Bank,
Cicero, Indiana, (nonmember).
Belle Plaine
Iowa
The Citizens National Bank at Belle Plaine
A voluntary liquidation.
Succeeded by The Citizens State Bank
at Belle Plaine, Belle Plaine, Iowa,
(nonmember).
De Witt
Iowa
The First National Bank of De Witt
A voluntary liquidation.
Not succeeded by any other banking
association.
First
National Bank
A primary organization.
Reductions - 4
-6-
BANK AND
PUBLIC RELATIONS
DEPARTMENT:
The bank and public relations program was broadened
in scope during 1945 by enlarged objectives and expanded activities. After the Bank and Public Relations Department was formally organized in April,
special emphasis was given to matters of administration and procedure in anticipation of an increased
bank relations staff and active participation by our
officers in our bank and public relations program.
During the year representatives from the Bank made
566 bank relations calls on member banks and 268 on
nonmember banks. Officers and employees of the Head
Office made 128 formal public addresses in 1945, of
which 117 were made by representatives of the Research and Bank and Public Relations Departments.
Bankers' group meetings held during the year, numbering 24, were attended by representatives of the Bank.
The Bank and Public Relations Department engaged in
several special bank relations projects. Meetings
were held in connection with the adoption of the new
check routing symbols. About 100 bankers were interviewed in connection with the request by the Board
concerning the credit needs of small business enterprise during the reconversion period and the extent
to which these credit needs can and will be met by
commercial banks. The banks in the Seventh District
which are members of the Bankers Association for
Foreign Trade were interviewed as a part of the export credit survey conducted upon the request of the
Senate Committee on Small Business. The Department
is studying the relationship between bank earnings
and salaries paid in member banks in Illinois classified by deposit size groups in cooperation with the
Committee on Personnel of the Illinois Bankers Association.
BINDERY AND
OLD RECORDS DIVISION:
The number of books bound decreased slightly from
15,730 in 1944 to 15,500 in 1945.
The acquisition of 16,280 square feet of space at
326 South Wells Street on January 1, 1945, materially
relieved our warehousing problem involving records,
supplies, surplus furniture, building material and
equipment, and made possible the release, without
penalty, of the 7,191 square feet of rented space at
523 South Plymouth Court which later events had proved
would not be needed before the lease on it expired in
April 1947. With the use of bank owned trucks the
move of 3 8 0 0 case spaces of records and material was
-7BINDERY AND
OLD RECORDS DIVISION:
(Continued)
accomplished from the Plymouth Court to the
Welle Street space. In addition, 83OO cases
of records were moved from the bank and 1000
cases from the Annex at 120 South LaSalle
Street to the Wells Street warehouse. Due to
the net increase in storage capacity, at present 78% of our warehouse space is occupied compared with 91% in December of 1944, leaving
comfortable room foracticipatedexpansion.
Early appraisal of the effects of the recommendations contained in the Report of the Committee on Destruction of Records dated May 24,
1945, indicates a possible saving, by accelerated destruction, of 4000 case spaces of old
records storage.
BUILDING DEPARTMENT:
During the year arrangements were made for the
first significant reduction in outside rented
space, from 139,698 square feet to 94,132 square
feet. The largest contribution to this rented
space reduction, which will become effective
early in 1946, was the acquisition of a large
floor, 30,000 square feet, in the Insurance
Exchange Building which offers greater economy
for any large uniform operation but is especially adapted to the new Treasury business machine
method of handling Savings Bond redemptions.
Quarters in the 120 South LaSalle Building had
mushroomed from an initial 30,000 square feet
devoted to the Bond Department Redemption Division to close to 70,000 square feet, with the
resulting unavoidable scattering of related
divisions among widely separated floors. The
availability of the second floor, south, of the
Insurance Exchange Building was a fortunate circumstance which will result in lower operating
cost even though the market square foot rent has
risen along with other well-located loop office
space in the past year.
We now hold approximately 50,000 square feet in
the Insurance Exchange Building on leases which
guarantee tenure to May 1, 1948, at which time
we may have recovered from a tenant a practically identical amount of space in this building,
and at the same time these leases provide escape
for us upon six months' prior notice beginning
at the end of the eighteenth month of their terms.
Remaining in the 120 South LaSalle Building, after
the moves back to the home building and the Insurance Exchange Building, will be roughly 15,000
square feet of office space occupied by the Army
-8BUILDING DEPARTMENT:
(Continued)
Bond Custodianship and the Withheld Tax Department, and the large vault in the basement.
During the year no significant alterations were
made and, with only a trickle of building supplies
like floor covering and sound reduction available
due to restriction or ordinary scarcity, only a
small amount of this kind of work has been completed. However, our postwar program involving
substantial renovation over a period of years was
entered upon with the decision of our Board of
Directors immediately to let a contract, for the
air conditioning of the 5th, 6th, 7th, 12th, and
14th floors of this building. At the end of the
year it appeared that it would be but a few days
before the successful bidder would be awarded the
contract. The completion of the air conditioning,
that is of the 8th, 9th, 10th, and 13th floors,
will follow somewhat later. Foundation work for
the conditioning of the entire building will be
included in the work immediately contemplated.
The Edison Company has begun a survey of our electrical equipment, looking to conversion of the
building's electrical current from direct to alternating which is expected to take place within
the next six months. The Edison Company, under its
policy of citywide conversion to alternating current production,has timed their inclusion of this
building in that plan with our need for alternating current now that we will be investing so much
money in new motors for the air conditioning. Under
the Utility Commission's orders the Edison Company
must reimburse owners for the remaining useful life
of their electrical equipment, according to definitely established rules. As Edison's survey has
not been completed, we have no close idea of what
the cost to us may be.
Preparation for the installation of the new doors
on vault No. 4 in the third basement early in
1946 is reported under Currency Operations and is
referred to here only to complete the record of
work with which the building organization has something to do.
We tabulate below occupied quarters, owned and
rented, as at the end of 1945, with parenthetical
figures indicating the changes to be effected
early in 1946:
I
BUILDING DEPARTMENT:
(Continued)
Square Feet
Rentable Area
Owned
230 South LaSalle Street
243,963*
Rented
166 West Jackson Boulevard
120 South LaSalle Street
175 West Jackson Boulevard
(insurance Exchange Building, South)
725 South Wells Street
(warehouse)
523 South Plymouth Court (warehouse)
326 South Wells Street
(warehouse)
Security Trust Building, Indianapolis,
Indiana
Total
*
6,000
83,086
20,945
6,000
7,191
16,278
(14,829)**
(50,834)**
( -0- )**
198
383,661
(338,102)**
The Federal Reserve Bank Building contains 307,138 square feet,
the difference, 6 3 , 1 7 5 square feet, being rented on term leases
to four tenants.
** Space in square feet to be occupied early in 1946.
CAFETERIA:
There were 658,664 meals served in our cafeteria
and dining rooms during 1945, against 687,031 in
1944. This was a daily average of 2,221 in 1945,
against 2,298 for the year 1944. Included in
these figures are light lunches served in the late
afternoon and evening, which numbered 511 daily
during 1945, against 519 for 1944. The average
check for the regular noon meals served in the
cafeteria ran 2 3 . 8 cents during the year 1945
against 23.3 cents during the year 1944.
Total cafeteria receipts were $144,735.64 in 1945,
against $145,379.01 in 1944. Meals provided at
the expense of the bank totaled 7,664, of which
2,338 were served to business guests of our officers, and 5,326 were served to bank employees on
the occasions of complimentary Thanksgiving and
Christmas luncheons, and in connection with the
sponsor program.
This past year presented many problems involving
the severe wartime restrictions and scarcities.
-10CAEETERIA:
(Continued)
However, we were able to continue to serve a special
cafeteria luncheon, which included meat, potatoes,
bread, butter, dessert, and beverage, for 25 cents.
This year we absorbed $43,081.71, or 22.9%, of the expense, against $38,868.20, or 21.1%, in 1944. At the
end of the year our percentage of expense absorbed was
gaining at a much greater rate than this 1.8% by which
the whole year 1945 exceeded 1944.
CASH DEPARTMENT:
The dollar value of currency paid out during the year
1945 amounted to $2,439,528,000 as compared with
$2,428,013,000 during the year 1944 - an increase of 1%.
The number of pieces of currency paid out during the
year 1945 amounted to 416,040,926 as compared with
405,949,900 during 1944 - an increase of 2%.
The dollar value of currency received and counted during
the year 1945 amounted to $2,288,066,259 as compared
with $2,030,278,372 during 1944 - an increase of 13%.
The number of pieces of currency received and counted
during the year 1945 amounted to 4 0 7 , 4 3 6 , 8 5 8 as compared
with 393,812,450 during 1944 - an increase of 3%.
The dollar value of coin paid out during the year 1945
amounted to $50,187,440 as compared with $50,553,062
during 1944 - a decrease of 1%.
The number of pieces of coin paid out during the year
1945 amounted to 623,182,449 as compared with 641,472,086
during 1944 - a decrease of 3%.
The dollar value of coin received and counted during the
year 1945 amounted to $38,355,971 as compared with
$36,043,315 during 1944 - an increase of 6%.
The number of pieces of coin received and counted during
the year 1945 amounted to 3 6 5 , 6 5 8 , 1 8 1 as compared with
323,457,622 during 1944 - an increase of 13%.
The dollar value of coin received from the Mint during
the year 1945 was $13,000,000 as compared with $16,250,000
during 1944 - a decrease of 20%.
-11CASH DEPARTMENT:
(Continued)
The number of pieces of coin received, from
the Mint during the year 1945 amounted to
260,000,000 as compared with 340,000,000 during
1944 - a decrease of 24%.
Additional vault facilities are required because
of the increased currency and coin activities.
At the time the vault was built, one section was
not completed and required only the installation
of a main entrance door, an emergency door, and
lowering platform. Contracts were let in 1945
and the installation is now being completed. This
section of the vault will increase the capacity
by one-third.
CHECK: DEPARTMENT:
This department handled 39,544,093 City Checks during the year 1945, with a dollar value amounting
to $35,925,822,000, which is an increase of 4.82%
in City Checks handled and 7.17% in the dollar
value of City Checks handled compared with the year
1944.
The number of Country Checks handled was 140,058,461,
with a dollar value of $21,829,193,000, which is an
increase of 5.59% in Country Checks handled and 7.65%
in the dollar value of Country Checks handled, compared with the year 1944.
47,616,923 Government Checks were handled, with a
dollar value of $13,389,841,000, which is an increase of 25.26% in Government Checks handled and
a decrease of 13.15% in the dollar value of Government Checks handled compared with the year 1944.
Total number of checks handled for the year 1944 was
227,219,477, with a dollar value of $71,144,856,000,
which is an increase of 9.04$ in total checks handled and 2 . 7 8 % in dollar value of total checks handled compared with the year 1944.
CODES AND
TELEGRAMS DIVISION:
During 1945, 1,050,246 telegrams were handled through
the Chicago relay office of the Federal Reserve
Leased Wires System (the Chicago "Turret") as against
a total of 1,014,738 for the year 1944 - an increase
for 1945 of 3.5% over 1944.
-12CODES AND
TELEGRAMS DIVISION:
(Continued)
During 1945, 156,765 telegrams were handled
by the Codes and Telegrams Division of the Federal Reserve Bank of Chicago, as -against a total of 165,388 for the year 1944 - a decrease
of 4.1% from 1944.
COLLECTION DEPARTMENT:
The number of City items handled during the year
1945 was 37,115 compared with 41,210 during
1944 - a decrease of 9.94%.
The number of Country items handled during the
year 1945 was 220,732, compared with 220,646
during the year 1944 - an increase of .04%.
The number of Coupon and Security transactions
handled during the year 1945 was 1 3 0 , 6 3 4 , compared with 138,299 during the year 1944 - a decrease of 5.54%.
CONSUMER CREDIT
DEPARTMENT:
A spot check of the books and records of 3 , 5 1 3
Registrants (vendors for the most part) during
1945 was made in order to determine the extent
of compliance of the Registrants' transactions
with the provisions of Regulation W. In addition, approximately 7,500 inquiries concerning
the Regulation (through correspondence, telephone,
and personal interview) were answered and 1,352
new licenses issued.
Three hundred and twenty towns and cities in the
district were visited by an investigator at least
once (23 for the first time) during the year. Out
of the 3,513 investigations conducted, 1,362 disclosed a total of 5,103 violations. The investigators filed detailed reports of their review of
292,898 credit transactions.
In twenty cases the investigations showed that the
Registrants were apparently willfully violating
the Regulation and in seventeen instances conferences were held with the Registrants (six at the
Head Office and eleven at the Detroit Branch).
In response to requests by various organizations,
six talks on the Regulation for the purpose of
-13CONSUMER CREDIT
DEPARTMENT:
(Continued)
clarifying problems and answering any questions
that might be raised were conducted by the Consumer Credit Department (four by the Head Office
and two by the Detroit Branch). Under the authority contained in Section 12(m) of the Regulation, the bank granted permission to five department stores and two clothing stores to adopt
systems of billing their charge accounts in cycles.
Following a conference at the Head Office on
July 10, 1945 attended by two representatives
of the Board of Governors, one Registrant in
the Detroit area consented to the entry of a
court decree restraining it from violations of
Regulation W which decree was entered on July 20
1945 in the District Court of the United States
for the Eastern District of Michigan, Southern
Division.
The continuation of an apparently willful practice of violating the Regulation by another
Detroit area Registrant resulted in a formal
hearing which was held at the Detroit Branch on
November 9, 1945 before a Hearing Commissioner,
appointed by the Board of Governors.
The investigative activity continued to disclose
a trend from credit to cash sales and that the
Registrants, for the most part, desire that the
Regulation be continued at least in some form.
Circular Letters
Amendment No.
Amendment No.
Amendment No.
Amendment No.
Amendment No.
and Amendments mailed
15 - Mailed 2/ 6/45
16 - Mailed 5/28/45
17 - Mailed 7/30/45
18 - Mailed 9/26/45
19 - Mailed 11/21/45
8,685
37,585
13,171
36,951
32,091
Press Release Re: Suspension of Licenses Safeway Finance Co. & Local Finance Co.,
St. Louis, Missouri - Mailed 3/15/45
884
Statement for the Press Re: Consumers
Home Equipment Co. Consent Injunction Mailed 7/20/45
300
Statement Re: Consumers Home Equipment Co.
Consent Injunction - Mailed 7/20/45
779
Number of Registrants as of 12/31/45
130,446
35,281
-14CONSUMER CREDIT
DEPARTMENT:
(Continued)
Number of Registration Statements Received
1,267
Number of Registration Statements Cancelled
1,060
DISBURSING
DEPARTMENT:
DISCOUNT AND
CREDIT DEPARTMENTS:
The activities of this department remained at
about the same level as in 1944. Expense items
covering bank operations, for a total of
$5,654,592.35, were functioned during the year,
as compared with $5,904,737.37 for the previous
year - a decrease of 4.2%. Fiscal Agency expense charges functioned, including the prepayment of emergency expenses incurred by the
State War Finance Committees in this district
on account of War Loan Drives and payments made
to Qualified Agents for cashing United States
Savings Bonds, for which monthly vouchers were
submitted to 30 Governmental agencies or subsidiaries, totaled $7,265,488.38, as compared
with $5,197,341.26 for the previous year - an
increase of 39.8%.
Advances to Member Banks
Member bank borrowings during the year 1945 increased somewhat over previous years. During
the year the Head Office made 357 advances to
member banks aggregating $429,002,000, all of
which were secured by United States Government
obligations. The primary purpose of the borrowings was to replenish reserve accounts. The
maximum member bank borrowings outstanding as of
any one day was $21,950,000 on March 31, 1945,
to assist banks in meeting their deposit withdrawals over the April 1 tax date. Otherwise,
the amount of borrowings as of any one day was
relatively small and a negligible factor in the
amount of outstanding Federal Reserve credit.
Guarantees under Regulation Y.
With the cessation of hostilities following V-J
Day, there was a marked decline in the activities relating to the issuance of guarantees on
behalf of the War Department, the Navy Department, and the United States Maritime Commission.
During the year 1945, 2 3 8 guarantees were approved and issued, having an aggregate amount of
-15DISCOUNT
AND
CREDIT DEPARTMENTS:
(Continued)
$244,328,750. While It had been expected that
a substantial volume of applications would be
received in connection with termination guarantees following cessation of hostilities, the
demand for such assistance was relatively small.
Out of the total of 238 guarantees issued during the year 1945, 123 were termination guarantees, in an aggregate amount of $82,810,000.
Only one financing institution exercised its
right to request the Guarantor to purchase the
guaranteed portion of the loan during the year.
This was in the case of Littelfuse, Inc., a company which encountered financial difficulties.
The First National Bank of Chicago requested
that the War Department purchase 90% of the outstanding loan. The purchase was made on September 28, 1945, and amounted to $256,918.31. This
loan is being given close attention and it is believed that the company will in due time liquidate the indebtedness without loss to the War Department.
Since the inception of the V loan program in
March 1942, 1682 guarantees have been issued
through the Head Office in an aggregate amount
of $1,461,484,000. Of that number 7 encountered
difficulties which resulted in the exercise of
the rights under the guarantee agreements by the
financing institutions. Over the four-year period the 7 purchases of loans made on behalf of the
War Department aggregated $1,423,878. These purchased loans on the whole have liquidated very
satisfactorily and it appears will in all instances be paid in full with the exception of the
loan of Boardman Manufacturing Company, on which
a loss of $13,551 has been sustained, and the
Goshen Veneer Company, on which a loss of approximately $120,000 is anticipated by the Guarantor.
Guarantee fees collected during the year for credit to the Guarantors aggregated $1,600,972.88, and
commitment fees collected aggregated $238,134.34,
making total guarantee and commitment fees collected $1,839,107.22. Our expenses incident to
handling the Regulation V activities aggregated
$144,044.
-16FEDERAL RESERVE
NOTE ISSUE DEPARTMENT:
Federal Reserve Notes received from Washington
by the Federal Reserve Agent amounted to
$538,000,000 during the year 1945 - a decrease
of 64.89% compared with the amount received in
the year 1944.
Federal Reserve Notes issued to the Federal Reserve Bank of Chicago, by the Federal Reserve
Agent during the year 1945 amounted to
$985,750,000 - a decrease of 10.27% compared
with the amount issued in the year 1944.
CAPITAL STOCK
Paid-In
Capital
No. of
Members
December 31, 1945
$21,073,650
996
December 3 1 , 1944
19,598,700
221
Increase
$ 1,474,950
25
New members
Memberships terminated
31
6
Number of Adjustments in stock holdings
due to increases in capital and surplus
Number of adjustments due to
decreases in capital and surplus
815
9
FILES DIVISION:
In the General Files, material received from
both bank and fiscal agency operations at the
main bank building totaled 1,600,000 pieces,
which were collected and received, indexed,
sorted, and filed as compared with 1,800,000
pieces for the previous year. Calls for individual items at the service desk by auditors
and checkers dropped from an average of 130
requests daily in 1944 to 88 in 1945. The decrease, both in pieces received and the number
of service calls, is due to change in fiscal
agency operations.
FOREIGN FUNDS
CONTROL DIVISION:
The following are details of fiscal agency
operations for -the Treasury Department handled
by the Foreign Funds Control Division during
1945:
-17FOREIGN FUNDS
CONTROL DIVISION:
(Continued)
License applications received 5,485
License applications forwarded to Washington
License applications acted on by the
Federal Reserve Bank of Chicago
712
4,773
Reports on Form TFR-300 of all foreignowned property subject to the jurisdiction
of the United States, received
63
Reports on Form TFR-300 forwarded to Washington
63
Reports on Form TFR-500, relating to property
in foreign countries in which on May 31, 1943,
persons subject to the jurisdiction of the United
States had an interest, received
Reports on Form TFR-500 forwarded to Washington
64
64
Number of
Mailings
Mailing List
Total Pieces
24
3,200
160,000
certain Blocked Nationals
11
3,250
35,750
Special Blocked Nationals
31
34 ( 8 7 pieces)
2,958
11
3,200
Public Documents
The Proclaimed List of
*Miscellaneous
*
38,950
237,658
Includes 3 mailings of Instructions re TCR-1 Currency
Reports - 4,450 pieces in each mailing.
In addition 53,400 TCR-1 reports were mailed with
the above mentioned Instructions and all requests
for additional copies were filled by mailing and
by delivery at the window.
GOVERNMENT BOND
DEPARTMENT:
Operations for the year indicate an increase in the
number of savings bonds received for redemption,
whereas a decrease is noted under the volume of
savings bonds and other marketable securities is-
-18GOVERNMENT BOND
DEPARTMENT:
(Continued)
sued against sales. During the year only two War
Loans Drives were handled, whereas during 1944 there
were three War Loan Drives.
The dollar value of subscriptions and applications
to the Seventh and Victory Loan Drives in 1945, exclusive of purchases " y commercial banks for their
b
own accounts under deposit formula, are as follows:
Sales
Seventh War Loan Drive
Victory Loan Drive
Quota
$3,758,600,000
2,938,200.000
Totals
....
$2,162,000,000
1,588,000,000
$6,696,800,000
$3,750,000,000
(Figures above represent sales covering the entire states of the
district, and are not merely the figures for the Seventh District.)
Comparative figures for the year 1945 with 1944 for
the operations listed below are exclusive of operations by our Detroit Branch.
New Issues
Exclusive of Series E Sales by Agents
1945
Number of Subscription and
application forms received
Number of Subscribers involved
1944
Percentage
of Change
755,000
993,000
-23.9
1,138,000
1,540,500
-26.1
Amount of Subscriptions and
applications received
$28,868,150,000
$27,875,765,000
+ .3
Amount of Subscriptions and
applications allotted
$17,112,000,000
$17,928,514,000
-
.4
Series E Savings Bonds
Sales by Issuing Agents
Number of Pieces
Maturity Value
Number of Qualified
Issuing Agents (Dec. 31)
24,792,000
31,414,000
-21.0
$ 1,463,700,000 $ 1,751,271,000
-16.4
^,550
- 6.4
4,259
-19GOVERNMENT BOND
DEPARTMENT:
(Continued)
U. S. Savings Bonds Redeemed
All Series
Paying Agents commenced functioning October 1, 1944
1944
Number of Pieces
By Paying Agents
By F.R.B.
Total Pieces
23,071,000
564,000
23,635,000
Redemption Value
By Paying Agents
By F.R.B.
Total Redemption Value
5,200,000
10,679,000
15,879,000
+343.6
- 94.7
+ 48.8
18,508,000
13,282,000
+ 39.3
$676,765,000
$140,186,000
74,965,000
$751,730,000
$25. pieces (included in above)
Number of qualified
Paying Agents
Percentage
of Change
330,553,000
$470,739,000
+382.7
- 77.3
+ 59.6
2,110
2,265
7.3
Other Bonds/Notes/Certificates/
Bills - Redeemed
Number of Pieces
Maturity Value
838,000
$10,450,000,000
562,000
$10,776,888,000
+49.1
- 3.0
U. S. and Other Governmental Agency
Coupons Redeemed
Number of Pieces
Dollar Value
2,054,000
2,086,000
- 1.5
$107,884,000
$87,447,000
+ 23.3
154,000
96,000
+ 60.4
88,000
90,000
- 2.2
$1,522,525,000
$1,158,299,000
+ 3l.4
+
Denominational Exchanges
Marketable Issues
Pieces Received
Pieces Issued
Maturity Value
C.P.D. Transfers
Pieces Received
Maturity Value
40,800
$2,912,147,000
40,600
$2,746,111,000
Pieces Issued
Maturity Value
23,300
$2,369,386,000
26,200
$1,646,749,000
.49
+ 6.0
- 11.0
+ 43.8
-20GOVERNMENT BOND
DEPARTMENT:
(Continued)
War Loan Deposit Account
Percentage
of Change
1945 1944
Number of qualified
Depositaries (December 31)
1,658
Number of payments handled
+ 3.2
$2,954,190,000
Depositary Bank balances
(December 31)
1,606
$2,457,642,000
+ 20.2
370,000
+ 5.4
390,000
Bond Custodian
Number of Pieces received
from Treasury Department
27,766,000
35,361,000
- 21.4
Number of Pieces prepared
for delivery
25,625,000
32,810,000
- 21.9
2,651,600
- 81.3
33,119,000
- 22.0
Incoming Security Mail
Number of Pieces of
mail received
*
494,600*
Reflects payment of saving bonds by paying agents.
Shipping and Delivery
Number of Pieces shipped
25,809,000
INVESTMENT DEPARTMENT:
U. S. SECURITIES PURCHASED
1945
1944
2541
119
3662
-
1954
2
4616
200
22
2082
-
5966
1 9
19 4 4
45
Transactions-Member Banks and Others $
117,467,250 $
l6l,06l,250
Other Fed.Res. Banks
6,793,900
10,610,650
Retirement System
12,635,000
Repurchase Agreement
11,863,079,000
10,534,855,000
" other
F.R.Bks.
175,000,000
$12,162,340,150 $10,719,161,900
-21INVESTMENT DEPARTMENT:
(Continued)
OTHER SECURITIES PURCHASED
1945 1944 1945 1944
55
55
23 Transactions-Member Banks
and Others
1
" Retirement System
24
$
$
507,500 $
- _
507,500 $
142,000
200,000
342,000
U. S. SECURITIES SOLD
6958
417
_
1398
2
947
9722
5230 Transactions-Member Banks
$
90,698,150 $
84,339,400
and Others
6,102,000
3,279,650
" Other Federal Res.Bks.
394
1
1
7,310,000
Retirement System
8
7,452,878,000
8,499,762,000
" Repurchase Agreement
1357
175,000,000
—
" (Other F.R.Bks.)
2,955,551,000
3,344,351,000
"
"
(Matured)
987
$12,113,090,800 $ 1 0 , 5 0 6 , 1 8 0 , 4 0 0
7976
OTHER SECURITIES SOLD
49
49
68 Transact ions-Member Banks
and Others
54
" Retirement System
122
LEGAL DEPARTMENT:
$
259,900 $
- 2,284,000
$
259,900 $
304,500
2,588,500
The activities of this department have continued
to be extensive during 1945. An Assistant Counsel
has been assigned to the Personnal Department to
handle legal questions and to assist in dealing
•with administrative problems arising under the War
Manpower, Selective Service, Veterans' Administration, Fair Labor Standards, Salary Stabilization
and Withheld Tax Regulations. An Assistant Counsel has also been assigned to the Detroit Branch
where he is in immediate charge of its numerous
legal matters, as well as being the administrative
head of its Consumer Credit Department. Another
member of this department has devoted most of his
time in the review of Regulation V Loan Agreements
and the preparation of guarantee agreements and
supplements thereto for this bank as Fiscal Agent
for the War and Navy Departments. The Federal Reserve Share-the-Loss Program which became effective
-22LEGAL DEPARTMENT:
(Continued)
January 1, 1945, has its activities centered here
as the chairman of the System Insurance Committee
is located at this bank. General Counsel in this
department handles an extensive amount of legal
matters and assists in the administrative work for
the Committee, also, an Assistant Counsel serves
as Secretary of such Committee.
Other legal matters handled " y this department inb
clude the following: extensive correspondence and
conferences with officials of member banks concerning regulations and rulings of the Board of Governors and other legal matters; examination and approval of all applications for membership, 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 with and preparation of legal memoranda for Board of Governors, as well as frequent
consultation with its members and staff; examination
and approval of leases for additional space in other
buildings; examination and approval of contracts entered into by this bank for various types of services, including the negotiation of a revised Fiscal
Agency contract with the Reconstruction Finance Corporation; examination and approval of indemnifying
bonds and court orders relating to special custody
deposits of securities by member banks; protesting
of real estate tax rates on our bank building; numerous questions relating to our safekeeping and
check clearing operations and to our Fiscal Agency
functions for the Treasury Department and the Reconstruction Finance Corporation; claims and related
correspondence arising under our bankers' blanket
bond and numerous questions 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.
This department has continued its close association
with the officers in charge of the Consumer Credit
Department in the administration and enforcement of
Regulation W. During the latter part of the year,
the General Counsel, acting as Counsel for the Board
of Governors, conducted the first System Administrative Hearing before a Hearing Commissioner in the offices of the Detroit Branch to assist the Board in
determining whether or not, on the basis of various
violations, it should revoke the license of a registrant under Regulation W doing a credit business in
that area.
-23MAIL DIVISION:
As shown below, sharp reduction took place
number of pieces of ordinary mail received
patched during the year, the assumption by
ual banks of over-the-counter savings bond
being the principal contributing factor.
in the
and disindividredemption
Introduction of a mechanical sorting device for consolidating mail made a gratifying contribution to
the accuracy record and apparently saved a large part
of its cost in the first year of operation.
1945
Total Pieces
Received
2,301,540
Total Pieces
Dispatched
4,749,778
MEMBER BANK
ACCOUNTS DIVISION:
1944
3,091,624
8,778,106
Decrease
790,084
4,028,328
Percent
25.56
45.89
Analyses reflected 284 assessable deficiencies in reserves of l8l banks (Head Office territory) for computation periods ending in the year 1945. Penalties
covering these deficiencies amounted to $5,187.20 and
were assessed in accordance with regulations. Comparative figures for computation periods ending in the
year 1944 reflected 2 6 7 deficiencies in the accounts
of 200 member banks involving assessments totaling
$ 5 , 5 7 6 . 7 5 . The maximum number of penalties assessed
against any one bank during 1945 was eight (weekly
basis - in one instance) as against seven (in one instance) during 1944.
The reserves of all member banks in the Seventh District for the year 1945, adjusted on the basis of semimonthly periods, reflected a maximum excess over requirements of $233,000,000, or 11.05%, for the period
December 16-31, and a minimum excess of $128,000,000,
or 6.24%, for the period April 16 - 30. Maximum and
minimum excess reserves over requirements for the year
1944 were $188,000,000, or 10.48$, and $120,000,000,
or 6.68$, and occurred during the periods of July 1 15 and April 1 6 - 30, respectively.
OFFICE MACHINE
REPAIRS DIVISION:
The usual service was maintained by this division
throughout the year on a peak amount of purchased and
rented mechanical equipment in use in the bank and
-24OFFICE MACHINE
REPAIRS DIVISION:
(Continued)
fiscal agency divisions. This work was carried
on under conditions similar to those existing during the preceding several years and included the
improvising of parts by our mechanics in instances
where replacements could not be secured from the
suppliers.
PERSONNEL DEPARTMENT:
Recruitment of New Employees
The Counselor for Women and two of the interviewers have called on the Placement Counselors
at the various high schools throughout the
Chicago area, visiting informally with them,
and acquainting them with the opportunities in
the Bank for high school graduates.
In addition, the Placement Counselors have been
invited individually to come to luncheon in the
Bank with the Manager of Personnel, Assistant
Manager, Counselor for Women, and the interviewers. During their visit, they were shown various
departments of the Bank and the types of positions offered.
Counseling
Between 150 and 300 employees each month came to
the Counselor for Women in 1945 either voluntarily or upon recommendation for some type of counseling. Briefly, the kinds of problems presented
most frequently were: vocational, family, social,
economic, educational, health, emotional, and
housing. In these interviews, the Counselor acted
as liaison between management and personnel.
Similar problems arose in the case of the men in
the Bank, although not in the same proportion,
and were handled by the Manager, Assistant Manager, and occasionally by the interviewers.
Medical
For the year 1945, the following is an outline of
the activities of the Medical Department:
Physical Examinations
781
New Medical Cases
31,136
New Surgical Cases
5,101
Repeat Medicals
16,427
Repeat Surgicals
768
Re-Examinat ions
203
54,416
Total
Cases Sent Home
901
1,174
Visiting Nurses' Visits
Cases Referred
1,367
-25PERSONNEL DEPARTMENT:
(Continued)
Recreational Library
In January, 1945, a branch of the Chicago
Public Library was opened in the Bank to
make, available to employees all types of
recreational reading material. There are
more than 1200 employees registered, and
the total monthly circulation exceeds 1000
books.
Training Within Industry
In 1945, 6l employees completed the Job
Instruction Training satisfactorily, 9 employees completed the Job Relations Training, and 9 employees completed the Job
Methods Training.
American Institute of Banking
During 1945, there were 194 class (including January and September enrollments) enrollments in A.I.B. courses. Of this number,
all but 48 of the courses were taken by women
of the Bank.
Personnel Figures
Year end figures of employees (excluding
officers and extra help) 1944-1945 inclusive are:
Men
Women
Total
Annual Salaries
December 31, 1944
862
29%
2102
71%
2964
$5,489,732.00
1945
825
31.5%
1793
68.5%
26l6
5,424,216.00
During the year 621 persons (excluding extra
help) were hired and 913 left the Bank. A
total of 2,452 applicants were interviewed.
Since September 1, 1940, 373 employees have
left to enter Military Service.
Of this
number 339 were men and 34 were women.
Payroll and Related Figures
There were approximately 5000 (including extra help and out-of-records cases) detailed
earnings and W-2 forms prepared for 1945.
The following five items suggest in round
figures the money involved:
-26PERSONNEL DEPARTMENT:
(Continued)
Gross Salaries
Tax Withheld
Overtime Pay
Retirement Deductions
Bond Deductions
over
"
"
"
"
$6,000,000
835,000
600,000
370,000
370,000
There were also leave deductions, supper
money, Hospital Plan dues, Community Fund
deductions, loan repayments and notary
fees to " e accounted for in the records.
b
Over 80,000 payroll checks were prepared.
PLANNING DEPARTMENT
Methods Division
During the year the Methods Division continued its work of development and improvement of the Bank's systems and procedures. Among the larger assignments
handled were an overall survey of the
Bank's personnel and payroll records, the
installation of a revised reissues routine
in the Government Bond Department, and a
survey and analysis of the Bank's forms
and printing. Extensive systems research
work was carried out for the Treasury Department regarding the revision of procedures within the Federal Reserve Banks and
the Bureau of the Public Debt in connection
with the handling of redeemed United States
Savings Bonds.
A portion of the department's effort was
directed toward the preparation of the
Bank's systems for the multitude of improvements in mechanical equipment and procedure techniques that will be available
within the next few years. Basic plans were
completed looking toward the application of
improved methods to future revisions, and
the assembling of information and 'know-how'
so that the Bank's management may make future systems decisions as improved methods
are available, without the necessity of waiting for the completion of all research at
that time.
Cost Division
The Bank's monthly Expense and Operations
Reports and the Federal Reserve Board's
Functional Expense Reports were compiled
and distributed to all departments in the
Bank.
-27PURCHASING DEPARTMENT:
During the year 1945 the Purchasing Department
issued 8,496 purchase orders, totaling approximately $ 6 3 6 , 0 0 0 , for building and office supplies,- printing and stationery, furniture and
equipment, and for such other expenses as were
necessary to the conduct of our business. These
figures compared with 10,171 orders, with a
dollar value of $861,000, during 1944, and represent a decrease of 16.5% in the number of orders and 26.1% in the dollar value over that
year.
Inventories were maintained at levels slightly
below those of 1944 and prices in general continued the slight upward trend noted in the
preceding year.
The activities of the related Stock Eoom, Print
Shop, and Addressograph Sections continued at
a high level particularly with respect to
Treasury financing and associated transactions.
RATION CHECK DEPARTMENT:
This department handled 8,233,759 ration checks
during the year 1945 compared with 8,798,778
handled during the year 1944 - a decrease of
6.42
R.F.C. and C.C.C.
CUSTODY DIVISIONS:
The RFC Custody Division which acts as Fiscal
Agent and Custodian for the Reconstruction
Finance Corporation and its affiliated Corporations made disbursements during the year totaling $601,069,000., compared with total disbursements of $745,264,000 for the year 1944. Receipts for the year 1945 aggregated $176,820,000.,
compared with $132,537,000. for the year 1944.
Disbursements in connection with loans, investments and purchases directly for account of the
RFC during the year 1945 aggregated $45,429,000.
while receipts amounted to $77,134,000., compared with $28,992,000. in disbursements and
$57,262,000. in receipts for the year 1944. Of
the 1945 totals, disbursements in connection
with the Surplus Property Disposal Program were
$3,776,000. and receipts $17,719,000.
Other
transactions in connection with the war effort
were largely represented by loans to industry,
disbursements aggregating $41,023,000. and receipts $48,984,000.
-28R.F.C. and C.C.C.
CUSTODY DIVISIONS:
(Continued)
Several of the RFC Subsidiary Corporations
which had been organized to handle separate
activities in connection with the Defense Program -were dissolved during the year 1945. These
Corporations -were the Defense Plant Corporation,
Defense Supplies Corporation, Rubber Reserve
Company and Metals Reserve Company. The activities formerly handled for these subsidiaries
have been handled since July 1, 1945 in practically the same manner except that they come dirently under the RFC Offices of Defense Plants,
Defense Supplies, etc. Disaster Loan Corporation was also dissolved effective July 1, 1945,
and its activities assumed by the RFC.
Although a large volume of transactions in connection with Defense Plants and Defense Supplies
continued during the year 1945, the volume was
somewhat less than during the previous year.
Disbursements and receipts in connection with
Defense Plants were $40,420,000. and $41,157,000.
respectively in 1945, compared with $106,982,000.
and $40,140,000. respectively in 1944. Disbursements and receipts in connection with Defense
Supplies Programs were $511,777,000. and $31,317,000
respectively in 1945, compared with $597,603,000.
and $20,598,000. in 1944.
Sales of a large number of mortgages which had
been held for account of The RFC Mortgage Company
and the Federal National Mortgage Association accounted for increases in receipts in connection
with these activities. For the year 1945, receipts totaled $7,223,000. and $7,091,000. respectively, compared with $5,379,000. and $2,409,000.
respectively for 1944.
Receipts in connection with loans and rental agreements entered into by Smaller War Plants Corporation and transferred to Reconstruction Finance Corporation for servicing, increased from $5,324,000.
in 1944 to $12,186,000. in 1945.
The aggregate number of transactions handled during
the year 1945 was 1,242,723, compared with 1,458,601
in 1944.
The CCC Custody Division handles transactions as
Fiscal Agent and Custodian for the Commodity Credit
Corporation. The total disbursements for account
of this Corporation during the year 1945 amounted to
-29R.F.C. and C.C.C.
CUSTODY DIVISIONS
(Continued)
$804,268,000. and the total of receipts was
$252,829,000. These totals were lower than
the aggregate amounts disbursed and received
for the year 1944, which were $1,463,697,000.
and $565,057,000., respectively.
Reduction in the amounts of purchases during
1945 under the Lend Lease Commodities Purchase
Program accounted for the difference in the total of disbursements between the two years. Disbursements under this program in 1944 amounted
to $1,041,354,000. whereas the total for 1945
was $376,016,000. The difference between the
total receipts for the two years was, partiallydue to the 1944-45 Dairy Products Purchase Program under which the proceeds of sales of butter
and cheese were not remitted to the Fiscal Agent
during the year 1945 as had been done under the
program which was handled during the
previous year. However, remittances under the
current 1945 Dairy Products Purchase Program
which started in the latter part of 1945, were
made to this Bank as Fiscal Agent. Receipts in
connection with Dairy Products Purchase Programs
amounted to $72,851,000. in 1944 and but
$4,285,000. in 1945. Disbursements under these
programs amounted to $56,023,000. in 1945 against
$52,992,000. in 1944.
Disbursements and receipts in connection with
various Grain Loan and Purchase Programs as well
as some Subsidy and Price Support Programs administered by the Production and Marketing Administration, Grain Branch, Chicago Office, totaled
$206,207,000. and $215,908,000., respectively in
1945 compared with $234,201,000. and $265,083,000.
in 1944.
A large number of drafts drawn against Commodity
Credit Corporation by County Agricultural Conservation Committees of the Agricultural Adjustment
Administration and other paying agents in payment
of subsidies in connection with production of milk,
beef, sheep, cheese and other commodities were paid
by the Division during the year 1945. The total
number of such drafts was 2,989,156 and the amount
$145,241,000. For the year 1944 the number of
drafts was 2,889,035 and the amount $110,428,000.
The total number of items handled for Commodity
Credit Corporation during the year 1945 was
9,193,757, compared with 4,149,084 in 1944. The
-30R.F.C. and C.C.C.
CUSTODY DIVISIONS:
(Continued)
increase was due to re-listing and shipping to the
several CCC Regional Offices during the year
1945, of all drafts paid during the year as well
as those paid during the previous year.
RESEARCH DEPARTMENT:
During 1945 the Research Department strengthened
further the position of the Bank as a regional
center of economic information and leadership.
The regular publications, statistical series,and
economic studies were continued. An estimated
8,000 inquiries from banks, business firms, and
Government agencies were answered. Upon request
by banks, farm advisers and county agents, business firms, and schools, 43,500 reprints were
distributed of the Business Conditions article
on "Soil Depletion—A Challenge to Farming". The
research staff played an important role in the
successful initiation of the School of Banking
at the University of Wisconsin. The weekly Agricultural Letter was well received by Seventh
District country bankers. After V-J day, a
series of press releases summarized the results
of the inquiry into the impact of the war upon
the Chicago industrial area which was undertaken
with the cooperation of the Chicago Committee for
Economic Development and the Chicago Association
of Commerce. Continuing study is being made of
the postwar problems and prospects of the industrial and agricultural areas of the Seventh District.
Continued emphasis was placed upon services rendered by the research staff to officers and departments within the Bank. A series of luncheon
meetings was held with representatives of the
Bank Examination and Bank Relations Departments
to discuss current developments in banking. A
thorough study was made of T-loans authorized by
the Bank. Twenty-five discussions were given at
the meetings of the Executive Committee during
the year. Plans were made for a series of periodic meetings with officers and senior employees
of the Bank for lectures and discussions on the
role of the Federal Reserve System in the modern
economy as an important part of the program of
executive training and development.
-31SAFEKEEPING- DEPARTMENT:
The total amount of securities received during
1945 was $38,000,981,097 as compared with
$35,271,596,575 during 1944, an increase of 8%.
Securities released during 1945 amounted to the
sum of $37,257,570,997 as compared with
$34,601,517,211 during 1944, an increase of 7%.
Total securities held at close of business December 31, 1945, amounted to $ 5 , 9 1 0 , 8 6 7 , 7 7 6 , compared with $5,167,457,677 as of December 31,1944,
an increase of 14%.
Number of receipts outstanding at close of business December 31, 1945, was 60,164 as compared
with 58,551 as of December 31, 1944, an increase
of 3%.
Number of pieces held at close of business December 31, 1945, was 409,613 as compared with
379,066 as of December 31, 1944, an increase of
8%.
Number of coupons detached from securities on
coupon maturity dates was 836,146 as compared with
860,288 on December 31 of the respective years
1945 and 1944, a decrease of 3%.
Total amount of coupons detached and credited as
of December 31, 1945, amounted to $106,166,894
as compared with $87,471,200 as of December 31,
1944, an increase of 21%.
TELEPHONE DIVISION:
Local out-going calls decreased from an average
of 28,800 calls per month in 1944 to 28,470 in
1945. Four hundred and forty-six terminals were
in operation in December 1945 as compared with
449 in 1944. Public telephones, in addition to
relieving the traffic on the bank lines of employees' personal calls, netted a revenue from
the Telephone Company of $1,133.39.
WAR BOND CUSTODY
DEPARTMENT:
There was a marked decrease in receipts of United
States Savings bonds from Army personnel after V-E
Day. In April, 1945, receipts numbered 4l,06l as
-32WAR BOND CUSTODY
DEPARTMENT:
(Continued)
compared with 14,918 in December, 1945.
As service men were released, bonds were withdrawn from custody. Withdrawals in April, 1945,
were 11,937 as compared with 52,580 in December,
1945.
Safekeeping of U. S. Savings Bonds
for Army Personnel
1945
1944
Bonds received
No. of deposits
$16,065,140
321,572
$25,713,295
Bonds released
No. of releases
$12,397,790
57,119
$ 4,573,110
41,966
Total held at close
of business December 31
$37,835,435
$34,168,085
582,251
Safekeeping of U. S. Savings Bonds
for Public
Bonds received
No. of deposits
$ 9,961,913
30,098
$ 9,450,900
29,204
Bonds released
No. of releases
$ 4,225,375
12,844
$ 3,125,000
8,112
Total held at close
of business December 31
$45,039,961
$39,303,424
WIRE TRANSFER
DIVISION:
153,974 transfers of funds were made during the
year 1945, compared with 152,228 during the year
1944 - an increase of 1.15%.
The dollar value of the transfers made during the
year 1945 amounted to $36,149,724,000, compared
with $35,232,170,000 during the year 1944 - an increase of 2.60%
WITHHELD TAX
DEPARTMENT:
As of the close of the year 1945 there were 1 6 8 9
banks in District No.7 qualified as Depositaries
for "Withheld Taxes". 1542 of these Depositaries
were located in our Head Office territory and 147
were in the Detroit Branch territory. Here at
-33WITHHELD TAX
DEPARTMENT:
(Continued.)
the Head Office, Depositaries during the year 1945
paid to us approximately 996 millions of dollars
represented by over 505,000 receipts which were
issued by these Depositaries to employers for the
20 per cent withheld tax deducted from salaries
and wages paid to their employees.
Offices of the Internal Revenue Department deposited with us at the Head Office their certificates
of deposit amounting to approximately 1055 millions
of dollars represented by over 545,000 receipts.
l68l receipts were reported during the past year by
employers, as either lost or not received, necessitating the issuance of duplicate receipts by the
Withheld Tax Department.
-34DETROIT
BRANCH
1945
1945 has been a year of continued activity for the Detroit Branch.
In general, this activity in most departments was about on par with the
previous high year.
The ending of the war in both the European and Japanese theatres resulted in the following changes: On August 31 the Branch returned to a
forty-hour work week, from a forty-four hour week; on September 30 the
City of Detroit returned to Eastern Standard Time, and on October 31 the
Liaison Office of the War Department at the Branch was discontinued.
From a banking standpoint, the most important piece of legislation passed
by the Michigan legislature during the year, was the Anti-Branch Bank
Bill which went into effect on April 4.
On March 3 a contract was let for razing the building at 140 West Fort
Street, known as the old Peninsular Bank Building, the site of which was
acquired for the land in January. The demolition of this building was
a start on the new building program aimed to give the Branch suitable and
adequate quarters to carry on its activities under one roof. The Branch
is still occupying 19,000 feet in each of two buildings outside the main
bank.
Inasmuch as both of these buildings are owned by separate interests—one of which intends to occupy and the other which may sell—a constant hazard is present of having to find space elsewhere.
An active Bank Relations program did not get under way until the lifting
of gasoline rationing which permitted automobile travel. 192 calls were
made on member and non-member banks, and 1 6 9 of these calls were made
after October first. During the year, representatives of the Branch also attended eleven group meetings or other bankers' meetings sponsored
by the Michigan Bankers Association.
ACCOUNTING RESERVES:
The following tabulation indicates that
reserve city banks maintained excess reserves at minimum levels, while country
banks maintained substantial excess reserves:
-35DETROIT
BRANCH
ACCOUNTING RESERVES:
(Continued)
City Banks
Per Cent of Excess
1944
1945
High
Low
Average
Last period of year
2.6%
0.5%
1
.4%
1.4%
3.8%
0.5%
1.4%
1.9%
Country Banks
High
'
Low
.
Average
Period Ending Dec. 15
31%
17%
22%
25%
25%
15%
19%
22%
During 1945 there were twenty-seven deficiencies in reserve balances involving sixteen member banks, compared with twenty-four and sixteen,
respectively, in the preceding year.
BANK EXAMINATIONS DEPARTMENT:
All state member banks in the Lower Peninsula
were examined during the year.
Four reexaminations were made.
CASH DEPARTMENT:
Percentage relation
to 1944 activity
Currency Deposits: Number of notes
Amount
87,233,275
$549,852,408
1.9% inc.
.2% "
Currency Payments: Number of notes
Amount
102,194,501
$670,410,367
5.5% dec.
17.8% "
Coin Deposits:
Coin Payments:
Number of coins
Amount
$
22,327,674
2,268,807
20% dec.
5.8% inc.
Number of coins
Amount
86,143,995
$ 6,233,660
3 6 . 6 % dec.
32.3% "
-36DETROIT
BRANCH
CHECK DEPARTMENT:
1945
Percentage relation
to 1944 activity
Number of items - City
Country
Government
10,852,000
Total
33,327,000
1% inc.
3 * "
%
11% "
4% "
$16,289,468,000
9% dec.
1,228,000
9,065,439,000
(units)
23% inc.
Dollar amount of checks handled
15,647,000
6,828,000
Ration Checks O.P.A. Items
Representing
COLLECTION DEPARTMENT:
Percentage relation
to 1944 activity
Number of items City
Country
Coupons
Purchases and Sales
of Securities
Total
22,190
19,180
20,536
4%
4%
dec.
1%
dec.
3%
dec.
1,676
63,582
dec.
0
CONSUMER CREDIT - REGULATION W:
Investigations made
Disciplinary Conferences held
Cash Reports
Special Calls
931
7
169
64
On July 20, 1945, there was secured in U. S. District Court, a Consent Decree restraining Consumers Home Equipment Co. and its president from
violating Regulation W. On November 9, 1945, a
formal hearing was held in this office before a
Commissioner appointed by the Federal Reserve
Board with respect to violation of Regulation
W on part of Motor City Credit Jewelry Company.
Both of these disciplinary actions were "firsts"
in the history of Regulation W.
-37DETROIT_
BRANCH
DISCOUNT AND CREDIT DEPARTMENTS:
Several banks continuing their policy of maintaining a fully invested position and minimum
cash reserves, made use of our credit facilities
for temporary periods to adjust their reserve
positions. Of the seven banks accommodated,
three were located in Detroit and four were
classed as country banks.
The number of guarantee agreements issued declined both as to number and amount, the downward
trend being accelerated in the last half of the
year after termination of the two wars. Substantial progress was made during the latter part of
the year in terminating guarantee agreements, the
number in effect at the end of the year totaling
only 60 compared with 112 a year ago and with 127
at the high point.
1944
Loans to member banks
Number of banks accommodated
Number of leans
Total amount
Outstanding loans at close of year
8
7
46
131
$354,600,000 $1,492,447,000
0
0
Industrial loans, Section 13b.
Direct Loans - Number
Amount
Balance outstanding
at close of year
0
0
1
$ 300,000
0
15,000
0
0
0
0
0
0
1
2
$600,000
150,000
450,000
0
74
$230,905,000
57
$60,455,000
112
$705,370,000
60
$107,340,000
Commitments - Number
Financing Institutions
Amount of Loan
Financing Institutions' portion
Our portion
Outstanding at close of year
Guarantee Agreements - Regulation V.
Issued during year - Number
Amount
In effect at close of year Number
Amount
1945
-38DETROIT
BRANCH
GOVERNMENT BOND DEPARTMENT:
Percentage relation
to 1944 activity
1,410,500
1,746,900
Subscriptions to
Government Securities
(Marketable Issues) - Number
Amount
Savings Bonds & Tax
Notes Issued
40% inc.
358% "
8,755
Market Transactions - Purchases
56
Sales
119
15% inc.
30% dec.
$2,362,767,000
Number
Amount
$
392,252
301,694,990
24% dec.
27% "
Savings Bonds Issued
Number
By Agents
Amount
$
10,086,304
343,741,147
36% dec.
31% "
Number
Amount
$
10,311,787
478,753,045
35% dec.
31% "
Number
Amount
81,918
$
8,097,670
22% dec.
4% "
Savings Bonds
Shipped to Agents
Reissues of Savings
Bonds & Tax Notes
Percentage relation
to 1944 activity
REDEMPTIONS
Amount
Pieces
Series A-E
By Detroit Branch
By Banks
Total
Pieces
Amount
72,010
9,904,499
$ 3,814,364
265,790,314
9,976,509
$ 2 6 9 , 6 0 4 , 6 7 8 39% inc.
48%
inc.
$
34%
inc.
Series F & G
8,858
Other Bonds, Tax Notes,
Bills, Certificates,
and others
Coupons Paid
7,389,000 30% inc.
2% inc.
$511,463,625
225,984
9% inc.
-39DETROIT
BRANCH
GOVERNMENT BOND DEPARTMENT:
(Continued)
The following operations were begun at the
Detroit Branch on June 1, 1945:
Par Value
Transactions
Pieces
506,850
39
137
Treasury Bond Transfers
836,100
36
102
Treasury Bond Redemptions
209,650
130
198
2,000
1
2
Registered Treasury Bonds
Exchanged for Coupon Bonds
$
Redemption Exchange (Called Bonds
Exchanged for New Issues)
Registered Treasury Bonds
Requisitioned on Original Issues
13,340,000
806 (items) 2,157
Adjusted Service Bonds
Received for Redemption
4,459,468
3,443
84,646
Coupon Bonds Exchanged for
Registered Bonds
1,776,000
44
161
40,781,057
597
1,653
Excess Profits Tax Refund
Bonds Forwarded to Treasury
Department for Release
of Registration
MAIL ACTIVITY:
Incoming
Outgoing
Incoming
Outgoing
PERSONNEL DEPARTMENT:
Ordinary Mail
Ordinary Mail
Registered Mail
Registered Mail
Pieces
341,164
463,459
43,607
34,828
(no percentage
comparison)
On December 31, 1945, the personnel of
the Branch was composed of 7 officers and
664 employees. This was a reduction of 44
employees over the end of the previous year.
In effecting this reduction 338 were hired
-40DETROIT
PERSONNEL DEPARTMENT:
(Continued)
BRANCH
and 402 were released. On a basis of daily
average of persons on the payroll, this indicates a turnover of 55.8%, which is 11.8%
less than the turnover in 1944. 85% of those
presently employed " y the Branch have been
b
hired since January 1, 1941.
The annual basic salary increase was $56,846.
The present staff is distributed - 189 men
and 482 women.
R.F.C. AGENCIES:
Office of Defense Plants
Disbursements for the year amounted to
approximately $70,000,000, about one-half of
the amount disbursed during 1944. Volume of
sales and transfers during the year was maintained and during the past two to three
months there has been a steadily increasing
volume of inventory declared surplus.
Surplus Property Disposal
The volume of sales transactions under this
program was not as large as had been anticipated. The number of transactions processed
totaled approximately 4,300, in total amount
of approximately $10,000,000. In addition,
as at the close of the year, funds held in
"Suspense" totaled approximately $7,000,000
involving approximately 2,400 transactions
not yet processed by the Loan Agency.
Office of Defense Supplies
The Meat Subsidy Program continued active with
an average of 500 claims a month and a total
disbursement of approximately $12,000,000.
The RFC Mortgage Company and Federal
National Mortgage Association
During the year approximately 3,000 Title VI
mortgages of a total of 3,500 held by The RFC
Mortgage Company at the beginning of the year
were either sold or paid in full.
-41R.F.C. AGENCIES:
(Continued)
During the year practically all of the approximately 5,700 mortgages held by the Federal
National Mortgage Association at the beginning
of the year were either sold or paid in full.
Commodity Credit Corporation
These activities carried on for the Federal Reserve Bank rather than for the RFC, continued in
volume during the year, particularly under the
Dairy Feed Payment Program. This program included
the payment of approximately 212,000 drafts in the
amount of approximately $12,000,000. The C.C.C.
activities were increased by the Beef Production
and Sheep and Lamb Production Programs, under
which approximately 4,800 drafts were paid in total amount of $182,000.
Reconstruction Finance Corporation
Just prior to December 1, 1945, our disbursement
activities were increased by the addition of disbursements for administrative expenses including
payrolls of the Detroit Loan Agency, as well as
the administrative expenses, operating expenses
and payrolls of the local regional office of the
Department of Commerce handling the Surplus Consumer Goods Program. Such payrolls are disbursed
every two weeks and the other expenses as required.
Under this procedure, approximately 3,500 checks
were issued during December. From present indications, the number of checks issued monthly will
average better than 3,000.
SAFEKEEPING DEPARTMENT:
Number
Amount
Percentage relation
to 1944 activity
Member Banks
Receipts Issued
Receipts Released
Balance Dec.31,1945
3,087 $2,219,773,612
17%
3,272
2,316,466,204
457,402,598
12%
dec.
dec.
War Savings Bonds
Receipts Issued
Receipts Released
Balance Dec.31,1945
14,019
5,233
$
7,948,040
2,401,905
18,309,605
23%
101%
44%
inc.
"
"
-42SAFEKEEPING DEPARTMENT:
(Continued)
Number
Amount
Percentage relation
to 1944 activity
War Loan Collateral
Receipts Issued
Receipts Released
Balance Dec.31,1945
197
157
30% dec.
35% inc.
$220,165,000
143,176,000
235,975,800
49% "
Special Custodies
Receipts Issued
Receipts Released
Balance Dec.31,1945
101
131
1,793,500
1,449,325
9% dec.
16% inc.
10% "
3,633,800
WAR LOAN DEPOSITARY BANKS:
Number of Accounts
Deposits
Withdrawals
Balance Dec.31,1945
131
27% dec
$998,531,670
938,029,982
527,356,801
20%
"
14% inc
WITHHELD TAX DIVISION:
Percentage relation
to 1944 activity
Number
Receipts issued by
Depositaries
Amount
123,510
$473,732,000
3%
inc.
16%
dec.
Receipts credited to
U.S. Treasurer as
Income Tax
123,493
506,938,000
2%
inc.
L2%
dec.
Balance Dec.31,1945
25,005
66,951,000
-
33%
dec.
-43COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES
1945
20,076,761.05
1944
14,204,919.31
5,646,079.14
5,518,956.74
Assessment for Board of Governors
303,183.13
285,802.95
Cost of Federal Reserve Currency
601,748.39
952,617.58
6,551,010.66
6,757,377.27
13,525,750.39
7,447,542.04
415,492.84
371,579.89
7,059.64
12,315.23
422,552.48
383,895.12
13,948,302.87
7,831,437.16
EARNINGS
EXPENSES:
Operating Expenses
Total Net Expenses
Current Net Earnings
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
Other Deductions
500,000.00
17,991.79
Total Deductions from Current Net Earnings
Net Earnings
517,991.79
13,430,311.08
7,831,437.16
2,515.92
5,713.45
1,215,381.20
1,115,421.66
12,212,413.96
6,710,302.05
13,430,311.08
7,831,437.16
Surplus January 1
33,200,672.77
26,490,370.72
Transferred to Surplus — as above
12,212,413.96
6,710,302.05
DISTRIBUTION OF NET EARNINGS:
Paid United States Treasury (Section 13B)
Dividends Paid
Transferred to Surplus (Section 7)
SURPLUS ACCOUNT (SECTION 7)
Transferred to Surplus from Reserves for Contingencies
Surplus December 31
7,615,843.23
53,028,929.96
33,200,672.77
-44-
COMPARATIVE STATEMENT OF CONDITION
ASSETS
GOLD CERTIFICATES ON HAND AND DUE FROM
U. S. TREASURY
REDEMPTION FUND — FEDERAL RESERVE NOTES
OTHER CASH
Dec. 31, 1945
Dec. 31. 1944
BILLS DISCOUNTED
INDUSTRIAL ADVANCES
3,236,811,089.87
97,906,719.42
29,840,551.40
3,190,459,519.34
Total Cash
3,027,002,225.62
135,309,484.62
28,147,809.10
3,364,558,360.69
6,110,000.00
—
6,110,000.00
Total Bills
U. S. GOVERNMENT SECURITIES
—
—
—
3,106,267.93
16,558,000.00
341,423,582.27
9,424,256.96
2,879,402.98
14,752,000.00
361,578,547.39
10,170,872.22
6,635,745,183.28
4,444,532,650.00
3,978,834,945.00
2,347,114,726.64
139,437,239.01
111,559,178.50
2,169,949,572.21
27,826,951.39
148,148,173.06
2,598,111,144.15
2,345,924,696.66
241,593,949.32
1,825,344.62
245,947,244.42
927,759.75
7,286,063,088.09
Total Assets
2,881,806,000.00
7,363,860,626.50
BANK PREMISES
FEDERAL RESERVE NOTES OF OTHER BANKS
UNCOLLECTED ITEMS
OTHER ASSETS
2,881,806,000.00
3,802,889,000.00
Total Bills and Securities
3,796,779,000.00
6,571,634,645.83
21,073,650.00
53,028,929.96
1,429,383.78
2,265,574.67
19,598,700.00
33,200,672.77
1,429,383.78
9,881,780.90
7,363,860,626.50
6,635,745,183.28
LIABILITIES
FEDERAL RESERVE NOTES IN ACTUAL CIRCULATION
DEPOSITS:
Member Bank — Reserve Account
U. S. Treasurer — General Account
Other Deposits
Total Deposits
DEFERRED AVAILABILITY ITEMS
OTHER LIABILITIES
Total Liabilities
CAPITAL
ACCOUNTS
CAPITAL PAID IN
SURPLUS (Section 7)
SURPLUS (Section 13B)
OTHER CAPITAL ACCOUNTS
Total Liabilities and Capital Accounts
-45FEDERAL RESERVE BANK OF CHICAGO
CURRENT EARNINGS, CURRENT EXPENSES, CURRENT NET EARNINGS, ADDITIONS TO CURRENT NET EARNINGS,
DEDUCTIONS FROM CURRENT NET EARNINGS, NET EARNINGS AND DISPOSITION OF NET EARNINGS
E A R N I N G S
Current
Earnings
Year
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Totals
$
Current
Net
Earnings
Current
Expenses
268,885
$ 245,584
237,731
665,937
2,083,164
584,069
1,478,310
8,481,747
12,012,078
2,450,244
30,303,218
4,164,176
20,382,170
4,734,100
6,748,863
4.080.057
4,373,024
6,511,359
5,202,169
3.946.436
5,424,663
3,744,039
6,567,043
3.824.437
6,167,352
3.887.058
8,936,418
3,696,679
9,889,451
4,092,369
4,834,153
3,805,117
4,143,601
3,524,401
5,613,671
3,432,693
6,764,554
3,854,009
3,551,838
8,152,371
3,697,540
6,177,615
4,423,476
3,453,380
3,199,558
4,575,583
3,318,002
3,954,026
3,316,352
4,254,602
3,471,164
4,831,217
4,227,534
5,089,095
5,177,403
6,590,508
5,850,233
8,738,325
6
,757,377
14,204 919
6,551,011
20,076,761
$242,068,994 $112,725,925
and
$
23,301
428,206
1,499,095
7,003,437
9,561,834
26,139,042
15,648,070
2,668,806
2,138,335
1,255,733
1,680,624
2,742,606
2,280,294
5,239,739
5,797,082
1,029,036
619,200
2,180,978
2,910,545
4,600,533
2,480,075
970,096
1,376,025
636,024
938,250
1,360,053
861,561
1,413,105
2,888,092
7,447,542
13,525,750
$129,343,069
E X P E N S E S
Additions
to
Current Net
Earnings
$
D I S P O S I T I O N
Deductions
from
Current Net
Earnings
$
2,127
69,307
4,826
572,019
41,903
27,857
12,646
13,098
3,210
25,000
269,343
198,356
985,630
332,600
1,147,779
1,835,610
1,637,141
521,313
1,001,883
374,467
571,997
501,781
365,710
488,143
380,467
273,218
273,272
812,517
1,493,297
4,808,032
2,660,159
1,563,978
499,607
1,182,207
476,646
1,530,021
282,100
13,061
11,833
8,050
298,510
263,967
874,264
373,245
1,611,990
951,304
1,526,060
811,188
163,061
157
386,898
602,842
4,137,334
1,266,073
383,895
422,552
13,430,311 517,991
$16,669,470
$25,194,072
Net
Earnings
$
20,091
403,206
1,231,879
6,805,081
Dividends
Paid
862,259
$120,818,467
$26,973,275
l,215,38l
Deductions from and
Additions to Surplus (Section 7)
Purchase of F.D.I.C. Stock Year 1934
Transferred to Reserves
for Contingencies
Years 1940, 1942 and 1943
Transferred to Surplus from Reserves
for Contingencies Year 1945
Paid U.S.
Transferred
Treasury
to Surplus
(Section 13B)(Section 13B)
$
932,178
1,687,606
1,090,958
982,917
2,607,974
1,024,465
1,197,161
5,759,353
7,831,437
771,220
E A R N I N G S
Franchise
Tax
Paid U.S.
$
Balance
to
Profit & Loss
$
361,319
604,635
700,807
792,769
853,785
876,203
904,371
909.123
934,016
985,959
1,029,990
1,099,761
1,170,363
1,211,418
1,170,633
1,029,933
858,127
761,334
753,583
725,553
763,115
791,007
819,532
826,919
896,766
955,508
993,684
1,115,422
8,576,204
25,875,749
14,505,117
1,405,215
1,178,355
909,123
1,121,273
2,253,923
1,927,645
4,763,429
5,424,665
1,054,328
609,895
2,242,725
1,790,493
1,404,491
Transferred
to Surplus
(Section 7)
$
NET
of
215,799
6,200,446
7,875,397
14,688,500
2,075,323
- 657,289
27,398
215,799
10,394,480
11,576,009
1,186,301
246,586
187,257
1,267,964
897,655
3,663,668
3,651,464
- 157,090
- 560,738
121,279
932,366
669,479
153,241
883,370
279,031
158,265
1,770,131
100,484
237,632
4,765,619
6,710,302
12,212,414
$68,369,367
602,838
1,091,513
- 26,322
17,637
28,354
28,354
20,714
25,030
12,767
206
5,120
10,924
27,215
4,021
50
5,713
2,516
$150,618
$
11,681
1,417,702*
$1,429,383
$19,748,517
20,091
41,887
-61,978
$25,313,526
$
:
* Payments from U. S. Treasury
Years 1934 and 1935.
3,207,763 -$22,956,280
7,615,843
$53,028,930
@FedFRASER