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Federal Reserve Bank




of Cleveland
1920

SIXTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD

• i f

Proposed new building of Federal Heserve Bank of Cleveland




ANNUAL REPORT
of the

Federal Reserve Agent
of the

Fourth Federal
Reserve District
to the

Federal Reserve Board

Covering Operations
for the
Calendar Year
1920

FEDERAL RESERVE




BANK

OF CLEVELAND

LETTER OF TRANSMITTAL

February 18, 1921.
SIR : I have the honor to transmit to you herewith the sixth
annual report of the Federal Reserve Bank of Cleveland covering
the year 1920.
Respectfully,
L. B. WILLIAMS,

Deputy Chairman and Acting Federal Reserve Agent.
HON.

W. P. G. HARDING, Governor,
Federal Reserve Board,
Washington, D. C.




DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF CLEVELAND
FOR 1921
DIRECTORS
CLASS A

CLASS B

ROBERT WARDROP, Pittsburgh, Pa,

THOMAS A. COMBS, Lexington, Ky.

CHESS LAMBERTON, Franklin, Pa.
O. N. SAMS, Hillsboro, Ohio.

R. P. WRIGHT, Erie, Pa.
JOHN STAMBAUGH, Youngstown, O.

CLASS C
L. B. WILLIAMS, Cleveland, Ohio.
H. P'. WOLFE, Columbus, Ohio.
C. E. SULLIVAN, Member Advisory Council.
OFFICERS
L. B. WILLIAMS, Deputy Chairman E. R. FANCHER, Governor.
of the Board and Acting Federal
M. J. FLEMING, Deputy Governor.
Reserve Agent.
R j ZURLINDEN, Deputy Governor.
J. C NEVIN Secretary and Assistant R G D
Cashier
Federal Reserve Agent.
_ A „
,,
W. K TAYLOR, Assistant Cashier.
G. A. STEPHENSON, Manager DepartR R STRATER A s s i s a n t
ment of Bank Relations.
'
*
Cash.er.
C W AR OLD
W. H. FLETCHER, Manager Depart- * < Assistant Cashier,
ment of Examinations.
G. H. WAGNER, Assistant Cashier.
D B
F. V. GRAYSON, Auditor.
- - CLOUSER, Assistant Cashier.
BERT V. CHAPPEL, Assistant Secre-

C. L. BICKFORD, Assistant Cashier.

tary.

PITTSBURGH BRANCH
DIRECTORS
CHAS. W. BROWN, Pittsburgh, Pa.

R. B. MELLON, Pittsburgh, Pa.

JAMES D. CALLERY, Pittsburgh, Pa.
HARRISON NESBIT, Pittsburgh, Pa.
GEORGE DECAMP, Pittsburgh, Pa.

OFFICERS
GEORGE DECAMP, Manager

THOMAS C. GRIGGS, Cashier.

F. E. COBUN, Assistant Cashier.

P. A. BROWN, Assistant Cashier.

T. M. JONES, Assistant Federal
Reserve Agent.

CINCINNATI BRANCH
DIRECTORS
G. D. CRABBS, Cincinnati, Ohio.

L. W. MANNING, Cincinnati, Ohio.

TUDSON HARMON, Cincinnati, Ohio.
W. S. ROWE, Cincinnati, Ohio.
CHAS. A. HINSCH, Cincinnati, Ohio.

OFFICERS
L. W. MANNING, Manager

B. J. LAZAR, Cashier.
JOHN P. H. BREWSTER, Assistant
Cashier



P. J. FAULKNER, Assistant Federal
Reserve Agent.




SIXTH ANNUAL REPORT OF THE
FEDERAL RESERVE BANK OF CLEVELAND
RESULTS OF OPERATION

Gross earnings of the Federal Reserve Bank of Cleveland for the
year 1920 amounted to $14,458,619.07. The expense of operation
amounted to $2,515,741.07. The dividends provided for in the
Act have been paid, and $11,215,837.25 transferred to surplus.
With the addition of this sum, surplus account now totals
$20,304,837.25, or 95 per cent, of the subscribed capital.
Schedule 1 shows the movement of principal asset and liability
items during the calendar year 1920.
A comparative balance sheet (Schedule 2) shows the condition
of this bank on December 31, 1920, and the same date a year ago.
Schedule 3 itemizes principal charges and credits to profit and
loss account for the years 1920 and 1919.
Schedule 4 tabulates the daily average of earning assets divided
into the principal sources of revenue, with earnings and average
rate on each class of investment, and the rate of gross and net
earnings to daily average capital for the years 1920 and 1919
respectively.
Schedule 5 shows the total volume of loans, discounts, and
investments, divided into principal classifications, for the year 1920
as compared with 1919.
DISCOUNT OPERATIONS
While the demand for loans and rediscounts from our member
banks was strong throughout the year, the total volume was not
as large as in 1919, although the number of approved applications
greatly exceeds the number approved in 1919. The number of
member banks accommodated was greater than in 1919, indicating
that our rediscount and loan facilities were availed of more
generally. The number of approved applications was 14,702 as
compared with 12,182 in 1919. The number of banks accommodated
was 450 as compared with 409 in 1919. The total loans to members,
including rediscounts, were $2,895,670,536.08 as compared with
$3,125,856,369.10 in 1919.
It is interesting to note that of the amount of rediscounts in
1920, compared with the amount in 1919, the paper secured by
United States Government securities decreased about $505,000,000
and paper based on commercial transactions increased in volume
about $270,000,000, while agricultural and livestock paper rediscounted shows an increase of $1,423,000.
Included in the commercial transactions was $26,557,361.57 of
trade acceptances as compared with $14,091,343.03 in 1919. This
indicates that the trade acceptance is continuing to gain in popularity throughout the country, and noticeably so in this district.




The Federal Reserve Bank of Cleveland throughout the year was
in a position to grant substantial accommodations to the other
Federal Reserve banks. In fact, at one period accommodations
were granted to seven other Federal Reserve banks at the same
time. With the exception of San Francisco, each of them has been
served in this way at some time during the year. The volume of
these rediscounts "was $ 1,406,072,415.00 as against $229,017,300.00
in 1919. The peak of such rediscounts was reached on October 9,
with a total of $150,108,359.00.
Schedule 6 shows the loans and rediscounts for member banks
classified by states.
Schedule 7 shows the number of approved applications classified
by the states in which the banks are located.
Schedule 8 shows the number of banks accommodated, classified
by states, supplemented by information showing how many of these
banks in each state were state member banks.
Schedule 9 is a comparison of the various classes of rediscounts
and loans discounted for our member banks.
Schedule 10 shows the classification of paper rediscounted for
State bank members.
Schedule 11 shows a classification of acceptances purchased in
the open market compared with such purchases in 1919. It shows
an increase in the volume of these acceptances of about $45,000,000.
Schedule 12 is a schedule showing purchases of United States
Government securities aggregating $878,588,500, compared to
purchases totalling $284,617,250 in 1919. Included in these
purchases for the year 1920 were $641,500,000 of two per cent
certificates, of which $641,000,000. together with $190,000,000 of
four per cent certificates that were also included in the year's
purchase, represented loans to the United States Government for
short periods (usually one to five days) at times when the various
issues of Treasury certificates of indebtedness were passing through
the period of redemption.
Schedule 13 is a comparison of daily average earning assets for
the years 1919 and 1920.
Schedule 14 is a comparison of daily earning assets by months
for the year 1920.
Schedule 15 shows a comparison of total earnings by months for
the years 1919 and 1920.
Schedule 16 shows a comparison of the average rate of earnings
per annum by months for 1919 and 1920.
RESERVE POSITION

From a reserve position of about 50 per cent, at the opening of
the year a gradual decline occurred until during the month of April
the low point of about 44 per cent, was reached, by reason of heavy
discounting and a strong demand for loans.




During the early spring months a fluctuation within narrow
limits occurred, reserves running roughly between the 42 and 50 per
cent, levels. From that time on, as a result of a curbing of nonessentials loans, speculation, and profiteering, that was accomplished
by our member banks, there has been a slow but steady improvement, the high point for the year (61.4 per cent.) being reached on
December 21.
A chart showing gold reserve carried and gold reserve required
is appended as Graph C, while the fluctuations in the gold reserve
against combined net deposit and Federal Reserve note liability is
shown in Graph D.
MOVEMENT OF MEMBERSHIP
By reason of the extreme business activity and the consequent
necessity for additional banking facilities, 21 national banks were
organized in this district during the year. Sixteen state banks
were also admitted to membership during the year, having total
resources in excess of fifty million dollars. Nine member banks
liquidated in the period under review, seven of which were national
banks, and two state banks. Of the former, two were merged with
State banks members, three were succeeded by other national
banks, while the assets of the other two were taken over by State
banks. Of the two liquidated state banks, one went into the hands
of a receiver and the other was succeeded by a national bank.
In two instances there have been consolidations of member
banks—two national and two state banks consolidating in each
instance.
The final result of the movement of membership was a net gain of
12 national banks and 14 state banks—a total of 26—giving us a
membership at the close of the year of 869. The total paid-in
capital stock of this bank on December 31 was $10,702,850, an
increase during the year of $1,169,900.
While no intensive campaign for State bank members has been
conducted during the year, interest in membership has not been
permitted to slacken. The mail campaign begun in 1919 has been
continued, with gratifying results. Our Bank Relations department has also assisted the bringing the desirability of membership
to the attention of banks that have shown an interest.
RELATIONS WITH MEMBER BANKS
The establishment of the Department of Bank Relations has
has been amply justified by the results achieved. Through the
medium of personal calls on all member banks by travelling
representatives of this department, information has been given
and service rendered which could not have been accomplished
by any other means.
The men selected for this work are all experienced in banking,
can "talk the banker's language" and are thoroughly familiar with
Federal Reserve bank operations and the rulings of the Federal



Reserve Board. Many misunderstandings are cleared up and
differences adjusted which might otherwise result in endless
correspondence. Reports from many banks all indicate that the
service is highly appreciated.
During the eight months this Department has been in operation,
1,011 regular calls have been made upon member banks, as well as
special visits occasionally made upon non-members in the interest
of membership or other matters. Representatives have been
present at fifteen "Group" meetings, three state conventions, and
three county meetings.
Representatives of this Department have encouraged the
purchase of bankers' and trade acceptances as a profitable secondary
reserve, and a decided interest in these forms of investment may
be traced to this source.
BANK EXAMINATIONS
Owing to the uncertain credit conditions and the unusual
demands for credit during the past year, it has been necessary for
us to give particular attention to the condition of member banks
as well as make a careful analysis of all reports of examination.
The analysis of financial statements is under the supervision of
our Discount Department, but a close cooperation with the Examination Department has resulted in the interchange of information
to the distinct advantage of both. With the acquisition of new
members and the broadened scope of our operations, the work of
the department has been largely increased in order to make our
examinations of more value, and further expansion is now intended.
We have enjoyed the fullest cooperation from the banking
departments of this district and except in a few instances, where it
has been impossible to make the necessary arrangements, we have
operated in conjunction with the state examiners; however, owing
to the uncertainty of credit conditions and a desire to be of greater
service to our member banks, it may be necessary to increase
somewhat the number of independent examinations of our state
bank members.
We have established the custom of furnishing to the Board of
Directors of each institution a copy of the report of examination
and we have had many expressions of appreciation from them.
The present personnel of the department consists of a manager,
three field examiners, and one assistant, all experienced examiners
familiar with the operations of the Federal Reserve Banks. The plan
has been to build on the proper foundation and function with a minimum but thoroughly experienced staff.
A statement of examinations and special credit investigations
conducted during the year may be found in Schedule 18.



FISCAL AGENCY OPERATIONS

With the successful flotation of the Victory Loan in 1919, the
activities of the Fiscal Agency department slackened somewhat,
but the sale of various issues of certificates of indebtedness and the
redemption thereof, conversions and exchanges of bonds, payment
of coupons, the sale of war savings securities, and other Fiscal
Agency functions, have served to make the year one of extreme
activity.
Eighteen issues of Treasury certificates of indebtedness were
offered for subscription during the year. The number of subscribers to these issues was 8,064, and the total amount alloted
$350,343,500. Subscriptions amounted to $431,705,000, or more
than 23 per cent, in excess of allotments. A detailed statement of
subscriptions and an analysis of payments may be found in
Schedules 19 and 20.
Certificates amounting to $1,248,891,000 were redeemed during
the year, as shown in Schedule 21.
Exchanges of temporary for permanent bonds of war issues were
made during the year in an amount in excess of one-half billions
of dollars, involving the handling of over 3,656,000 pieces. Denominational exchanges totalled $109,165,000 (including certificates of
indebtedness). Schedules 22 and 23 give in detail the operations
of these departments.
More than ten million coupons from bonds and certificates
of indebtedness were redeemed during 1920, in the amount of
$63,240,118. Schedule 24 tabulates the results of the coupon
department work.
Other activities of the fiscal agency department are shown in
Schedules 25, 26 and 27.
FEDERAL RESERVE NOTES
Following the seasonal inflow of Federal reserve notes during the
month of January, there was a steadily increasing demand for
currency during the year, as a result of which an expansion
of the circulating medium occurred, amounting to approximately
one hundred millions of dollars. The high point of the year
was reached on December 23, when notes outstanding totalled
$383,787,990.
Graph D depicts the movement of notes outstanding and in
actual circulation throughout 1920, as well as the ratio of gold
reserve to combined net deposit and note liability, and Schedule 28
shows the issue and redemption of notes for the year. It is interesting to note that, notwithstanding the expansion, the ratio of gold
reserve at the end of the year was greater by about 10 per cent,
than at the beginning.
Currency operations with member and non-member banks
totalled $1,237,030,644, while total receipts and shipments covering
all money operations reached the sum of $1,991,131,170. Detailed
statements of the operations of the money department are shown
in Schedules 29 and 30.



9

FEDERAL RESERVE BANK NOTES

The volume of Federal reserve bank notes has remained practically unchanged during the year, the increase in bank notes outstanding on December 31 being but 3 per cent, in excess of that
one year ago.
It is noted that a shrinkage has occurred in both $1.00 and $2.00
bank notes outstanding, with a more than offsetting compensation
in fives. This is accounted for in the fact that $1.00 and $2.00 notes
were not procurable in sufficient quantities to meet the demand
when at its height, and notes of the $5.00 denomination were taken.
At one time during the year fully 30 per cent, of the total volume
of outstanding bank notes was in process of redemption.
Schedule 31 shows issue and redemption operations covering
the year 1920.
CLEARING AND COLLECTION OPERATIONS
Voluntary agreement to remit at par for all cash items forwarded
by this bank have been received from all banks in this district, with
the exception of two located in Kentucky, where collections are
now made through agents.
A more free use of the check collection facilities afforded by our
transit department is being made, 40 more member banks utilizing
this service than used it during the year 1919. The number of
banks in other districts forwarding items direct to us is rapidly
increasing, some districts having granted the direct sending
privilege to all of their members.
During the year 42,365.690 checks aggregating $15,155,475,713
were handled by this office and the two branches. The additional
work incident to the prompt and efficient handling of this immense
volume of checks necessitated a corresponding increase in our
transit and bookkeeping clerical forces, which numbered 229 at
the close of the year, as compared with 124 on December 31. 1919.
The volume of non-cash items has increased immensely during the
year, our foreign and city collection departments handling during
that period 200,000 items aggregating more than one quarter
billion dollars.
A detailed statement covering the operation of our check clearing and collection departments appears in Schedule 33.
PERSONNEL
On September 30, the resignation of Mr. D. C. Wills as Federal
Reserve Agent and Chairman of the Board was regretfully accepted
to permit his appointment to the Federal Reserve Board, and
Mr. L. B. Williams, Deputy Chairman, was appointed Acting
Federal Agent.
The personnel of the Board of Directors has not changed, by
reason of the reelection of Mr. Robert Wardrop (Class A), and
Mr. Thomas A. Combs (Class B). The vacancy created by the
resignation of Mr. Wills has not been filled by the Federal Reserve
Board.



10

There have been relatively few changes in our official staff.
Mr. M. J. Fleming and Mr. F. J. Zurlinden, formerly Assistants
to the Governor, were appointed Deputy Governors.
The title of Mr. G. A. Stephenson, formerly Assistant Cashier,
has been changed to Manager of the Bank Relations Department,
this work coming under the direct supervision of the Chairman of
the Board.
Mr. C. L. Bickford, who has been Chief Teller since the organization of the bank, has been appointed Assistant Cashier. Mr. Bert
V. Chappel, formerly Assistant to the Secretary, has been promoted
to Assistant Secretary, effective January 1, 1921.
Mr. B. J. Lazar, who had been serving as Assistant to the
Manager, was appointed Cashier of the Cincinnati Branch, and
Mr. Frank E. Cobun, formerly manager of the Pittsburgh
Branch transit department, has been appointed Assistant Cashier
at that place.
The vastly increased work of nearly all departments, and the
establishment of new departments in connection with the performance of additional functions, has naturally resulted in a corresponding increase in our clerical staff, which now numbers (including
forces at the branches) 976 employees.
Schedule 34 compares the number of employees in the various
departments on December 31. 1920, and on the corresponding
date of the previous year.
BANK PREMISES
In addition to the land acquired by purchase in 1919 as a site for
the new home of the Federal Reserve Bank of Cleveland, there has
also been acquired through lease adjoining land having a frontage
on Superior Avenue of about 67 feet, running through 200 feet to
Rockwell Avenue. This additional space will provide, together
with the land already purchased, an area of about 43,000 square
feet.
Plans for the proposed new building have been prepared by
Messrs. Walker and Weeks, local architects, and on or about
February 1, 1921, it is the intention to begin the razing of the old
buildings now on the site and start the erection of a ten-story
building especially designed to meet our requirements. The
entire building will be used for the operations of the bank, as our
growth has been so rapid it is felt that all the space will be
needed in carrying on the business of the bank and to afford
facilities for giving more and better service to member banks.
On February 28, 1920, property was purchased at the corner of
Liberty Street and Anderson Avenue, in the city of Pittsburgh.
This property was formerly owned by the Second National Bank
of Pittsburgh. It has a frontage of 36 feet on Liberty Street and
a depth of 112 feet on Anderson Avenue, and comprises ten stories
above the ground with basement and sub-basement.




11

During the year 1921 there will be erected in the basement and
sub-basement of this building a vault which will have a total area
of approximately 1,300 square feet.
Work incident to this
improvement has already been started. At the time of acquiring
the building the Pittsburgh branch occupied sub-basement, basement, and the first and second floors. Since that time the branch
has grown so rapidly that it has been necessary for it to use both
the third and fourth floors and a part of the fifth floor. It is
believed, however, that the building is large enough to take care of
the needs of the Pittsburgh branch for a period of several years.
OPERATION OF BRANCHES
The branch banks at Cincinnati and Pittsburgh have continued
in operation, and a heavily increased volume of work has resulted
in materially increased forces at both points.
No new functions have been added to the scope of branch
operations, but it is now thought that by February 15 the work
of taking over the subtreasury at Cincinnati will have been accomplished, and that branch will then perform the functions heretofore
conducted at that point by the Treasury Department.
CONDITION OF MEMBER BANKS
That the member banks of this district continue properous is
evidenced by the comparative statement of condition shown in
Schedule 32. A gain in resources of all members of $200,000,000
is shown, part of which is accounted for by the addition of figures
covering 28 new members. A fairly large reduction is noted in
United States securities held and in bills payable.
MISCELLANEOUS
With a view of safeguarding the health of our employees we have
engaged the part-time services of a competent physician for the
purpose of making physical examinations of all applicants for employment, as well as periodic examinations of those on our staff.
A nurse has also been engaged to assist in the employees' restroom and to visit absentees.
- Heavily increased operations of some departments have necessitated securing additional space. Early in the year the money
department was moved from the main banking floor to a space in
the basement formerly occupied by a restaurant. The Williamson
Company has built a new floor on the roof of one wing of the
building, which now houses our General Files, Analysis and Multigraph departments. We have also taken over space in the subbasement of the Williamson building for use in storing transfer
files, and as a supply store-room. Two floors of the Halle building
on Superior avenue have been leased, and our transit and mailing
department moved there in November. These changes have
relieved our cramped conditions somewhat, although many
departments are still crowded and others are unable to expand
the scope of their work by reason of lack of space.




12

To relieve a badly congested telephone switch-board, a system
of automatic 'phones has been installed, connecting the principal
departments of the bank. This has proven efficient, convenient
and economical.
As an added precautionary measure we have purchased a truck
for use of the Pittsburgh branch in transporting currency and
securities. The volume of such handling in Pittsburgh is large,
being exceeded only by that at the main office.
Since the first of January, 1920, the library staff has increased
from three to seven, including the part-time services of the editor
of the monthly magazine "Federal Reserve Notes."
During the past summer a weekly newspaper entitled "4-D
NEWS" was started, consisting of five or six multigraphed sheets
each week. This is issued for employees only, and gives the weekly
news of the work of the various departments and the personnel of
the bank and its branches. The library furnishes news items from
periodicals and newspapers concerning the Federal Reserve system
and affairs in the Fourth District. The preparation and distribution of this paper occupies the greater part of one assistant's time.
The "Service Bulletin," also issued by the library, was described
in last year's report. It lists and briefly digests articles of interest
to bankers in current periodicals. Fifteen hundred copies are
printed every half month and sent to all the member banks of the
District, and to the officers and heads of departments in this bank.
The book collection consists of 570 volumes, including practically
all of the up-to-date works on banking and finance, and standard
works on general economics, statistics, accounting, office practice,
business English, etc. We have no recreational collection.
Ninety weekly and monthly periodicals are received regularly,
and scanned carefully for indexing or digesting. Seventeen
newspapers are subscribed for, ten of which are local publications
from the chief cities of the District. Most of these are clipped for
banking or financial items.
The library is maintained not only for the benefit of the employees
of this bank, but also for reference use by the member banks of the
District and by any individuals who may find here what they
could not obtain conveniently elsewhere.
A fair example of the month circulation of the books and periodicals to our own bank employees can be taken from our November
figures, when we issued fifty-four books and pamphlets for personal
reading, and 376 periodicals. The number of reference questions
answered a month is estimated at about 50 or 60. Some of these
require many hours of search, and compilation or copying after the
material is collected. The number of requests coming to us by
letter and from the outside is growing steadily.
13



In reporting the work of the library during the past year, we
cannot omit the compilation of an index to the Rulings and Opinions
of Counsel of the Federal Reserve Board, for the years 1917 to
date. This has been a sizable task, and has taken a great deal of
the time of several people for the last three months.
GENERAL BUSINESS AND BANKING CONDITIONS
The past year has witnessed a rather startling change in the
business situation. The early months of the year were characterized by extreme activity in all lines of business endeavor. A rapid
expansion of bank credit was taking place without restraint, with
no corresponding increase in the volume of production. Business
extravagance was just as widespread as individual extravagance,
and apparently was limited only by the ability to secure funds
or credit.
During the early spring and summer months it became apparent
that production and consumption, in some lines, were drawing
more nearly together and there soon was manifested a disposition
to retrench. The automotive and kindred lines were among the
first to slow up, followed quickly by nearly all the major industries
in the District.
Credit was strained by reason of large and expensive inventories,
manufacturing operations fell off in the face of a severe decline in
prices, and the lack of adequate transportation facilities slowed up
deliveries and resulted in the accumulation of an immense amount
of "frozen" credit represented by finished goods on shipping
platforms and at freight depots which could not be moved.
With the slowing up of the business machinery and the improvement in transportation during the summer and fall months, the
credit strain became somewhat relieved, but we were called upon
to rediscount heavily for other Federal Reserve Banks and the
improvement was not immediately reflected in easier credit in the
Fourth District, although as the volume of Federal rediscounts
lessens, the situation will be helped in some degree.
The year closed with prices materially lowered from the peak of
the year, industry in most lines at low ebb, wage reductions and
part-time employment, with a large number of unemployed. It
is estimated that the number of unemployed in the District is in
excess of 300,000.
The diminished purchasing power of the unemployed has
naturally affected both wholesale and retail trade, although both
lines are stimulated somewhat by price concessions.
There is some discontent among farmers over the prices received
for the 1920 crops, which has been offset to some extent by the
size of yield. Generally speaking, the 1920 crops were especially
favorable as to both quantity and quality, although the burley
tobacco crop was disappointing in that a considerable part of
the production was low grade, which growers find quite difficult to
sell at a satisfactory price.



U

FEDERALRESERVE BANK Of CLEVELAND
NET DEPOSIT LIABILITY.
f.R. NOTE CIRCULATION,
CASHRESERVES.AIJP RESERVERATI0S.I920.

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15



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SCHEDULE 1.

Federal Reserve Bank of Cleveland
Movement of Principal Asset and Liability Items during the Calendar Year 1920
(Amounts in thousands of dollars)
Purchased Bills

Discounted Bills

Date

Total
Earning
Assets

Total
Held

Discounted for Member Banks
in this District
DisPurchased
counted
Purchased from other
C
B
A
for other
in open
F. R.
Secured by
F. R.
Market
Percent
Banks
Total
COT'I War
Banks
(B + A)

Total
Held

U. S.
Securities

Total
Net
Cash
Deposit
Reserves

Reserve
Percentages

F. R
Notes in
Circulation

Actual

Adjusted*

Obligations

9,500
2.500
8,900

161,239
143,359
134,685
130.694
134,595

114,920
100,854
95,525
90,957
93,040

71.3
70.4
70.9
69.6
65.4

43,317
51,343
51,852
52,738
54,734

4,902
12,386
11,939
18,574
18.621

48,219
63,729
63,791
71,312
73,355

28,364
27,364
35,364
24,550
24,414

183,934
191,758
185,966
198.065
188.972

119,611
124,172
135,018
131,799
134,333

262.997
262.345
254,607
255,587
256,556

48.1
49.6
47.7
51.1
48.3

49.4
52.8
53.2
56.6
55.4

139,860
149,986
162,480
175,984

8,600
8,550
4,915
9,865

131,260
141,436
157,565
166,119

86.801
92,316
112,845
120,880

66.2
68.8
68.5
69.8

58,336
59,150
61,120
64,383

15,619
17,032
8,491
5,736

73,955
76,182
69,611
70,119

24.855
24,264
24,279
24,279

187,159
185,877
189,374
187,853

128,352
124,212
136,201
134,980

257,936
272,544
270,050
283,835

48.5
46.8
46.6
44.9

54.7
53.3
49.9
48.6

250,008
266,696
241,097
267,444

159,114
175,190
135,614
181,219

9,715
26,415
9,250
37,891

149,399
148,775
126,364
143,328

101,927
101,950
78,957
94,409

68.2
68.5
67.8
65.9

62,757
63,943
63,705
61,576

3,868
2,794
543
413

66,625
66,737
64,248
61,989

24,269
24,769
41,235
24,236

196,219
187,753
214,794
195,055

128,159
128,432
135,237
129.489

279,676
288,006
283,217
296,044

48.1
45.1
51.3
45.8

51.4
52.1
53.7
54.8

Apr. 2
9
16
23
30

262,675
244,635
247,980
264,029
256,233

171,525
160,693
162,530
183,077
175,709

27,695
20,570
23,989
53,652
42,526

143,830
140,123
138,541
129,425
133,183

94,500
90,489
84,514
72,956
77,176

65.7
64.6
61.0
56.4
57.9

58,627
56,476
54.978
50,742
50,563

287
261
6,260
5,999
5,749

58,914
56,737
61,238
56,741
56,312

32,236
27,205
24,212
24,211
24,212

206,036
215,734
216,770
205,750
225,033

140,606
119,762
126,137
126,329
139,942

291,613
304,348
302,583
307,829
305,875

47.7
50.9
50.6
47.4
50.5

54.1
55.8
57.5
61.1
61.3

May 7
14
21
28

254,220
246,750
256,548
250,789

173,902
167,388
174,707
168,480

33,512
32,263
44,232
40,193

140,390
135,125
130,475
128,287

84,109
83,320
81,259
81,550

59.9
61.7
62.2
63.6

50,375
50.034
53,566
54,542

5,734
5,128
4,075
3,568

56,109
55,162
57,641
58,110

24,209
24,200
24,200
24,199

223,699
229,874
214,078
227,547

135,010
132.486
129.278
131,023

307,294
308,372
305,310
310,964

50.6
52.1
49.3
51.5

59.4
60.6
60.4
61.4

159,795
162,352
150,592
173,410

36,875
40,186
37,797
50,868

122,920
122,166
112,795
122.542

75,301
80,806
69,875
75.324

61.3
66.1
61.9
61.5

54,316
53.549
55.329
52,612

2,988
2,408
1.900
1,210

57,304
55,557
57,229
53.822

24,199
24.657
24,235
24.868

238,502
234,770
233,579
222.968

137,144
125,135
120,702
120,176

306,057

315,201
307,026
315,789

53.8
53.3
54.6
51.1

62.8
62.8
63.4
63.1

Jan.

237,822
234,452
243,340
229,056
241,264

161,239
143,359
144.185
133.194
143,495

Feb. 6
13
°

2
9
16
23
30

27

238,670
250,432
256,370
270,382

Mar. 5
12
19
26

June 4
241,298
11
242,566
18
232,056
25
252.100



July

10,001
10,001

51,328
50,800
49,336
56,600
57,551

24,189
24,165
24.165
24,165
26,165

224,786
232,371
240.598
248.041
253.170

127,338
124,480
125,889
127,672
132,902

312.585
320,621
316,143
316,021
315,526

51.1
52.2
54.4
55.9
56.5

65.0
64.4
66.2
68.8
70.9

45,537
43,153
32,486
45.452

9,329
21,559
16.892
21,440

54.866
64.712
59,378
66.892

24.166
24,166
25,093
24,166

238,124
238,019
237,240
230,076

127,045
132,372
135,498
137,872

314,771
326,617
322,899
334,884

53.9
51.9
51.8
48.7

70.5
70.5
71.8
74.3

13,122
2,615

47.7

43,988
41.097
40,541
40,298

57,110
43,712
40,541
50,298

24,165
44,165
43,142
24,181

228,938
227,058
240,515
232,297

139,326
134.777
131.842
130,072

331,336
350,558
344,203
350,647

48.6
46.8
50.5
48.3

75.6
71.3
74.0
78.6

37,798
40,188
44,474
33,894
39,435

48.2
48.6
50.2
42.8
47.8

39.586
38,937
40,220
40,350
39,956

10,000
9.441
6,030

49,586
48,378
46,250
40,350
39,956

24,143
24,143
24,143
25,143
24,143

257,733
250,018
236,329
256,424
254,320

138,788
144,826
133,994
139,448
138,267

345,751
352,480
351,657
350,553
352,123

53.2
50.3
48.7
52.3
51.9

80.6
80.4
78.5
80.5
80.2

88,538
89,266
77,680
95.766

45,048
45,344
36,529
50,069

50.9
50.8
47.0
52.3

39,727
35,772
34,055
31,201

39,727
35,772
34,055
31,201

24,143
24,142
35,143
24,142

245,337
270,909
265,587
275,850

142,586
138,819
131.481
135.701

346,776
351,659
342,885
352,873

50.1
55.2
56.0
56.5

79.0
79.8
79.6
79.4

91.589
101,325
99,047
113,256
117,760

44,059
58,250
51,793
58,905
54,176

48.1
57.5
52.3
52.0
46.0

27,511
27.070
26,074
26,229
26.581

27,511
27,070
26,074
26,229
26,581

24,143
44,642
56,643
24,643
24,643

276,666
276,875
283,510
301,077
287,326

139,005
138.806
141,477
126,445
135,281

341,873
349,311
348,232
365,707
350,725

57.5
56.7
57.9
61.2
59.1

80.8
74.9
73.4
77.1
75.9

2
9
16
23
30

255,035
253,307
242,706
237,078
237,855

179,518
178,342
169,205
156,313
154,139

61,097
54,494
51.979
47,333
54,755

118,421
123,848
117,226
108.980
99,384

69,077
74,040
67,265
56,765
51,919

58.3
59.8
57.4
52.1
52.2

51,328
50,800
49,336
45,599
47,550

Aug. 6
13
20
27

246,683
264,722
265,799
287,772

167,651
175,844
181.328
196,714

64,083
63,979
74,964
99,620

103,568
111,865
106,364
97,094

54,208
60,777
57,829
51,650

52.3
54.3
54.4
53.2

Sept. 3
10
17
24

287,688
304,407
282,607
296,146

206,413
216,530
198,924
221,667

114,993
116,388
111,972
135,620

91,420
100,142
86,952
86,047

46,343
55,853
44,153
41,011

50.7
55.7
50.8

Oct. 1
8
15
22
29

275.092
295,698
297,941
282,663
285,282

205,383
223,177
227,548
217,170
221.183

122,906
140,440
139,032
137,874
138.750

78,457
82,737
88,516
79.296
82,433

Nov. 5
12
19
26

293,640
269,446
258,862
263,215

229,770
209,532
189,664
207,872

141,232
120,266
111,984
112,106

Dec. 3

255.000
261.957
257,624
242,617
250,557

203.346
190,245
174,907
191,745
199,333

111,757
88,920
75,860
78,489
81,573

10
17
23
30

10,000

* Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other Federal
Reserve Banks.




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SCHEDULE 2.—Statement of condition of the Federal Reserve Bank of Cleveland,
December SI, 1920, compared with December 31, 1919.
1920

RESOURCES
Gold
Gold
Gold
Gold
Gold
Gold
Gold

$15,621,947.15
177,635,395.00
77,015,078.21
5,576,200.00
270,600.00
46,000.00
5,284,829.60
281,450,049.96

redemption fund, Federal Reserve notes.
with Federal Reserve agent
settlement fund
coin and certificates
with foreign agencies
in transit for redemption
held in New York assay office
Total gold reserve..

Legal tender notes and silver certificates and coin.
Legals and silver in transit for redemption
Total cash reserve
Federal Reserve notes on hand
Federal Reserve bank notes on hand
Nickels and cents
Our mutilated Federal Reserve notes forwarded for redempDue from Treasurer U. S. 5% Fund (Federal Reserve bank
notes)
Overdrafts
Total
National bank notes and notes of other Federal Reserve
banks
Unassorted currency
Uncollected transit items
Total deductions from gross deposits

$1,872,462.24
128,794,225.00
43,848,018.81
4,870,097.50
10,768,257.35
475,500.00

1,560.202.95
668,100.00
283,678,352.91

635,770.45
77,100.00
191,341,431.35

1,496.30

17,355,115.00
460,010.00
1,376.15

190.628,560.90

1,732,565.00

War loan expenses advanced
Other deferred charges
Difference account
Real estate owned
Due from banks—war loan accounts.
Disbursements—banks premises
Total resources.

1,239,400.00
61,235.93
1,302,132.23

1,122,000.00
39,976.71
20,711,042.86

3,179,863.00
4,219,137.00
66,229,836.00
73,628,836.00

3,456,640.00
3,185,787.00
77,055,466.83
83,697,893.83

72,964,290.19
49,218,695.00
79,160,350.64
27,211,202.53

63,043,012.89
101,474,120.00

23,799,000.00
414,800.00
16,200.00
402,400.00
10,250.00

23,299,000.00
414,800.00
16,200.00
402,400.00
10,250.00
284,000.00

930,011.31
240,323.88
252,507,500.93

672,342.16
226,732.80
237,104,852.93

82,019.98
201.59
39.08
1,505,946.50

Bills discounted
Member banks collateral notes
Rediscounts for other Federal Reserve banks
Acceptances purchased
United States bonds and securities:
2% Treasury special certificates of indebtedness to secure
circulation
3 % conversion bonds
3 K % Liberty loan bonds.
4 X % Liberty loan bonds
U. o. Victory loan notes
4J~% Certificates of indebtedness- .
Less unearned discount and depreciation reserve on U. S.
securities
Add interest aecrued on U. S. securitiesLiquid value of earning assets.

330,385.98
2,362.28
193.76
640,000.00
51,127,523.44

48,606,679.40

13,715.10
612,718,744.32

LIABILITIES
Federal Reserve notes in actual circulation
Federal Reserve bank notes in actual circulation.
Total currency in actual circulation
United States Government deposits
Member banks reserve accounts
Official checks and drafts outstanding
Foreign government credits
Collected funds on deposit
Deferred availability items
Gross deposits
Reserved for depreciation U. S. securities
Reserved for taxes on Federal Reserve bank notes..
Reserved for Federal Reserve board expenses 1921.
Unearned discount and interest
Capital paid in
Surplus fund
Treasurer of the U. S. (Special deposit account)
Total liabilities
,




1919

23

585.628,028.59

348,951,400.00
22,735,244.00
371,686,644.00

283,501,770.00
22,491,000.00
306,292,770.00

4,561,530.01
150,347,364.41
126,286.88
328,000.00
155,363,181.30
54,553,240.33
209,916,421.63

1,675,111,23
129,415,061.66
200,015.64
5,928,112.60
137.218,301.13
71,603,531.00
208,821,832.13

70,782,22
37,209.22
10,702,850.00
20,304,837.25
612,718,744.32

89,450.85
45,055.98
46,554.88
582,891.31
9,532,950.00
9,089,000.00
51,127,523.44
585,628.028.59

SCHEDULE 3.—Comparative statement profit and loss account, 1920-1919.
1919
Credits, Profit-loss account
Earnings:—
Discount on bills discounted
Discount on rediscount for other Federal Reserve banksDiscount on bills purchased
Income from United States securities
Penalties on deficient reserves
Transfers bought and sold—net
Miscellaneous
Rents received—net
Service charges—collection department
Total _
Expenses:—
Cost of Federal Reserve currency (including tax on bank
note circulation)
Furniture and equipment
Depreciation, bank premises (charged off)
Premium on United States bonds and securities (charged
off)
Coupon shipment lost (charged off)
Operating Expenses:—
Main office
Cincinnati branch
Pittsburgh branch
Disbursements—bank premises
Dividends paid
Difference account
Reserve for depreciation, U. S. securities
Reserve for Federal Reserve board expense
Reserve for taxes—Federal Reserve bank notes
Transferred to surplus

$108,824,59
6,644,563.05
3,926,264.73
3,064,408.37
602,938.46
102,804.10
99,390.90
17,283.81
965.65

$5,341,785.14
1,882,984.84
450,308.07
66,441.90
45,606.92
4,569.03
9,133.18

14,567.443.66

7.800,829.08

536,575,94
141,008.55
129,550.55

246,983.25
53,414.55
254,683.73
5,044.06
4,199.85

1,259,437.99
213,390.48
320.162.85
45,165.66
604.194.07
48,220.30
53,900.02

728,899.24
141,735.87
179,941.98
556,785.69
530.00

11,215,837.25

46,554.88
45,055.98
5,537,000.00

14,567,443.66

7,800,829.08

SCHEDULE 4.—Daily average earning assets, earnings thereon and average rate
per annum, for the year 1920, compared with the year 1919.
Earning Assets
1920

1919

1920

3illsdiscounted,
members and
other Federal
Reserve Banks $180,302,268.03 $126,649,267.08
Acceptances
bought and acquired from
other Federal
Reserve Banks
Jnited States
bonds, notes,
and certificates
of indebtedness

54,215,374.65

Average
Rate.
%

Earnings

44,147,873.88

1919

1920

1919

5.86

4.22

1,882,984.84

5.65

4.27

10,570,827.78 $5,341,785.14

3,064,408.37

27,476,461.37

20,388,886.71

602,938.46

450,308.07

2.19

2.21

261,994,104 05

191,186,027.67

14,238,174.61

7,675,078.05

5.44

4.02




24

SCHEDULE 4.—Continued.

OTHER EARNINGS
1920

!919

Profits realized on U. S. securities.
Penalties on deficient reserves
Transfers
Rents
Sundry profits

$102,804.10
93,390.90

Total other earnings.

220,444.46

125,751.03

14,458,619.07
2,515.741.47
11,942,877.60
10.073,244.00
143.53%
118.56%

7,800,829.08
1,350,97489
6.449,854.19
9.281,982 00
84.04%
69.49%

$2,350 00
66,441.90
45,606 92
9,133.18
2,219.03

18,249.46

Grand total gross earnings
Total expenses
Net earnings
Capital account (average)
Rate gross earnings to capitalRate net earnings to capital - -

SCHEDULE 5.—Values of loans, discounts and investments handled during year 11)20
as compared with 1919.
Discounted and Purchased:

1919

Bills discounted, members
Member banks collateral notes
Acceptances bought in open market and acquired from other
Federal Reserve Banks
Rediscounts. Federal Reserve Banks
United States securities

318,330,395 64
229,017,300 00
284,617,250.00
3.957,821,314.74
$315,144,465.76
2.751,978,955 00
307,168,931.77
250,600,797 09
2 73,000,650.00

5,531,962,990.11
1,634,069,190.49

Total.
Increase over 1919_.

367,311,764.38
1,406,172,415.72
878.588,500.00

$606.073.419.49
2,331,897,764.29
388,707,241 25
1.326,912,065.08
878,372,500.00

Paid and Sold:
Bills discounted, members
Member banks collateral notes
Acceptances
Rediscounts, Federal Reserve Banks
United States securities

S349.775,194.10
2.776.O81.175.OO

5,547.743,216.18
1,589,921.901.44

Total.
Increase over 1919_.

8615,995.696 79
2,279.674.8.39.29

3.897,893,799.62

SCHEDULE G.—Loans and Rediscounts for Member Banks, by States.
1919
$49,709,059
1.062,756,584
1.753.118,3:0

Kentucky banks
Ohio banks
Pennsylvania banks.
West Virginia banks

30,086,523

2.895,670,536

Total

S59.145.705
1,324,416.219
1,712,941.061
29,353,382
3,125.856,367

SCHEDULE 7.—Approved applications for Loans and Discounts.
1919
Kentucky banks
Ohio banks
Pennsylvania banks.
West Virginia banks

1,034
6,701
4,130
317

Total




12,18?

25

SCHEDULE 8.—Banks Accommodated.
1919

Kentucky
Ohio
Pennsylvania.
West Virginia
Total.

409

Of the above, 76 were State bank members, distributed as follows:
1920 1919
Kentucky
6
7
Ohio
._ 51
45
Pennsylvania
17
19
West Virginia
2
2
Total

76

73

SCHEDULE 9.—Comparison of various classes of rediscounts and loans
1920 and 1919.
1920
Commercial and industrial paper
_ $482,840,719.09
26,557,361.57
Trade acceptances
Agricultural and live stock paper
2,035,984.68
Bankers' acceptances
_.
10,015,270.06
Customers' paper secured by U. S. securities
94,546,361.39
Member bank collateral notes secured by commercial paper. .
3,960,540.00
Member bank collateral notes secured by United States
2,274,415,299.29
securities
Member bank collateral notes secured by War Finance
759,000.00
Corporation Bonds
Member bank collateral notes secured by Government
540.000.00
securities other than War issues
Total

---

-

2.895,670,536.08

$236,202,626.56
14,091.343.03
612,585.31
~~~98~868.~639.2d
1,036,700.00

2,774.571,475.00
473,000.00

3,125,856,369.10

SCHEDULE 10.—Comparison of rediscounts and loans to State Bank members.
1920
Commercial and industrial paper.
Customer's paper secured by United States securities
Direct loans secured by commercial paper.
Direct loans secured by United States securities
Total

-

-




-

1919

$132,061,532.44
18,125,328.50
630,000.00
980,093,318.00

$29,530,524.64
26,450,256.38
128,000.00
900,467,700.00

1,130,910,178.94

956,576,481.02

SCHEDULE 11.—Acceptances purchased in open market and acquired from other
Federal Reserve Banks.
1920
$285,447,493.52
77,087,437.46
3,985,81236

_

.
._

_

$218,372,205.66
94,754,068.03
749.100.16

116,904,29
674,116.75

1,563,236.08
2.891,785.71

367,311,764.38

Banker's acceptances—Foreign..
Banker's acceptances—Domestic _. _
Banker's acceptances—Dollar exchange
Trade acceptances—Foreign..
Trade acceptances—Domestic. .
Total

1919

318,330,395.64

SCHEDULE 12.— United States Government securities purchased.
1920
$641,500,000.00
190,000,000.00

Special 2% Certificates of indebtedness Special 4% Certificates of indebtedness 4% Certificates of indebtedness
4 yi % Certificates of indebtedness
4 K % Certificates of indebtedness
534 % Certificates of indebtedness
6% Certificates of indebtedness
4 K % Victory notes
3X% Victory notes

22,075,500.00
20,070,000.00
1,200,000.00
3,743,000.00

Total.

878,588,500.00

1919
$262,341,000.00
60,000.00
22,206,000.00
150.00
10.100.00
284,617,250.00

SCHEDULE 13.—Daily average earning assets.
1920
Bills discounted—Members and other Federals
Acceptances bought and acquired from Federals
United States bonds, notes and certificates

27

$180,241,107.83
54,215,374.65
27,476,461.37

$126,649,267.08
44,147,873.88
20.388,886.71

261,932,943.85

Total




1919

191,186,027.67

SCHEDULE 14.—Daily average earning assets by months.
1920
January
February
March
..r
Aprii
May
June
July
August
September
October
November
December

__

---

-

-__

-

Daily average for the year

$235,829.909 94
254,557,105.74
264,260,318.66
258,552,995.17
| 256,798,653.56
244,705,636.63
247,554,655.24
262,111,613.77
289,977,061.07
288,240,253 14
274,063,783.27
258,001,583.62

$164,241,659.28
170,948,548.14
173,910,959.15
172,964,435.24
171,087,917.18
173,873,814.06
181,768,332.74
191.824,941.40
193,874,811.41
206,106,660.00
244,364,640.72
247,963,050.47

261,932,943 85

,.
-

1919

191,186.027.67

SCHEDULE 15.—Total earnings by months.
1920

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

1919

$908,596.11
1,003,681.83
1,150,204.22
1,124,701.15
1,151,969.38
1,090,436.20
1,190,453.62
1,261.307.88
1,405,485.38
1,504,844.32
1,363,651.87
1,303,287.11
14,458,619.07

Total.

$579,071.59
542,337.96
597,249.96
569,322.33
589,252.34
575,335.53
617,770.11
645,136.99
619,345.67
697,076.84
844,457.78
915,338.80
9,133.18
7,800,790.80

SCHEDULE 16.—Average rale of earnings by months.
1920
January
February
March
April
May
J une
July
August
September
October
November
December

1919

_

Average rate per annum.




4.02%

28

SCHEDULE 17.—State Banks admitted during 1920.
Date of
Admission
1920
Jan. 31
Feb. 26
Feb. 27
Feb. 27
Feb. 28
March 1
March 6
March 18
April 26
May 11
May 25
June 5
June 30
Aug. 2
Nov. 8
Dec. 29

Location

Narne of Bank

Atwater, Ohio_
Atwater Savings Bank Co
Wooster, Ohio
Commercial Banking & Trust Co
Washington, Pa
Real Estate Trust Co
New Philadelphia, Ohio.
Merchants State Bank
Butler. Pa_
Guaranty Trust Co
Bcliaire, Ohio...
Dollar Savings Bank & Trust. Co
Antwerp. Ohio..
Antwerp Exchange Bank Co
Napoleon, Ohio_
Napoleon State Bank
St. Marys. Ohio.
American State Bank
Ddphos. Ohio.
Peoples Bank
Bowling Green, Ohio
State Bank
New Philadelphia, Ohio_
Ohio Savings & Trust Co
Upper Sandusky, Ohio__
Lewis Bank & Trust Co
Middle-town, OhioAmerican Trust & Savings Bank
Adcna Commercial 8z Savings Bank . Adena, Ohio
Cleveland, Ohio
First Trust & Savings Co

Shares
Subscribed
18
109
300
90
300
105
17
45
36
36
30
90
135
72
36
7200

NEW NATIONAL BANKS ADMITTED DURING 1920
Dale•of
Admission
1920
29
4
19
Feb

Jan
Feb

March 6
March 8
March 21
18
May

June
July

25
21
2
11
19
25
24
8
21
29
5

Aug.
Aug.
Aug.
Aug.
Sept.
Oct.
Oct.
Oct.
Nov.
Nov. 27
Dtc. 21
Dec. 31

Name of Bank

Location

Citizens Nationat Bank
First National Bank
Citizens National Bank
Citizens National Bank
First National Bank
Harveysburg National Bank
Peoples National Bank in Bellefontaine.
First National Bank in Carrollton
First National Bank
First National Bank
First National Bank
South Side National Bank
First National Bank
National City Bank & Trust Co
Mutual National Bank
First National Bank
Farmers National Bank
Brotherhood of Locomotive Engineers Cooperative National Bank..
Superior National Bank & Trust Co.
Rockford National Bank
First National Bank

Ellwood City. Pa
Davidsville, Pa
Bluffton, Ohio
Somerset. Ky
Kansas, Ohio
Harveysburg, Ohio
Bellefontaine, Ohio
Carrollton, Ohio
West Alexandria, OhioAntwerp, Ohio.
Lynchburg, Ohio.
Butler. Pa
Rockford. Ohio...
Marion. Ohio
Middleport. Ohio,.
Volant, Pa
Edon, Ohio
Cleveland, Ohio.
Cleveland, Ohio.
Rockford, Ohio..
Sipesville, Pa

Shares
Subscribed
39
23
16
43
15
9
75
65
27
13
20
48
51
198
33
11
8
360
1050
35
17

MEMBER BANKS LIQUIDATED DURING 1920

Name of Bank

Location

Peoples National Bank

Belletontaine,
Ohio.

City National Bank

Disposition

Marion, Ohio

Struthers Savings &i Banking Co Struthers. Ohio-__
Upper Sandusky,
Commercial National Bank
Ohio.
Toledo, Ohio
National Bank of Commerce
First National Bank

Cleveland, Ohio__

Union Commerce National Cleveland, Ohio_.
Bank.
Superior Savings & Trust Co.__ Cleveland, Ohio__




29

Shares
Surren
dered

Succeeded by Peoples National
Bank in Bellefontaine
- _.
75
Merged with Brighton Bank Ql
Trust Co., Cincinnati, Ohio
30
Succeeded by National City Bank
& Trust Co., Marion, Ohio
120
In hands of receiver. _
60
Succeeded by Lewis Bank & Trust
Co., Upper Sandusky. Ohio
90
Merged with Guardian Trust &l
Savings Bank, Toledo. Ohio
900
Assets taken over by First Trust
6; Savings Co
3600
Assets taken over by Citizens Savings & Trust Co. _ _
3600
Succeeded by Superior National
Bank & Trust Co
1050

SCHEDULE 17.—Continued.
CHANGES IN TITLE
Cuyahoga Falls Savings Bank Co., Cuyahoga Falls, Ohio, changed to Falls Banking &
Trust Co.
First National Bank, Elm Grove, W. Va., changed to First National Bank & Trust Co.
Guardian Trust & Savings Bank, Toledo, Ohio, changed to Commerce Guardian Trust
& Savings Bank.
Guaranty Safe Deposit & Trust Co., Butler, Pa., changed to Guaranty Trust Co.
The National Bank of Elyria, Ohio, changed to First National Bank in Elyria.
CONSOLI DAT IONS
Superior National Bank & Trust Co., Cleveland, Ohio, and Central National Bank,
Cleveland, Ohio, consolidated to form the Central National Bank Savings oi Trust Co.,
Cleveland, Ohio.
First Trust & Savings Co., Cleveland, Ohio, and Citizens Savings & Trust Co., Cleveland,
Ohio, consolidated to form the Union Trust Co., Cleveland, Ohio.

SCHEDULE 18.-—Statement of examinations and special credit investigations.
State Banks for membership
State Bank Members, in conjunction
with State Authorities
State Bank Members, independently
National Banks, independently

17
67
29
3

SCHEDULE 19.—United States Treasury certificates of indebtedness,

subscriptions and allotments.
Series

T D 1920
TM4 1920
T M 1921
E 1920
F 1920
G 1920
H 1920
A 1921
TJ 1921
B 1921
TM2 1921
C 1921
T M 3 1921
TS 1921
TM4 1921
D 1921
TI2 1921
TO 1921

Date of
Issue
January 2. 1920
February 2, 192O__.
March 15, 1920
April 1, 1920
April 15, 1920
April 15, 1920
May 17, 1920
June 15, 1920
June 15, 1920
July 15, 1920
July 15, 1920_
August 16, 1920
September 15, 1920.
September 15, 1920.
October 15, 1 9 2 0 . . .
November 15, 1920.
December 15, 1920
December 15, 1920.




December 15, 1920.
March 15, 1920
March IS, 1921
July 1, 1920_ _ . . .
July 15, 1920
October IS, 1920.November 15, 1920January 3, 1921
June IS, 1921 . . .
January 15, 1921..March 15. 1921
August 16, 1921
March 15. 1921
September 15, 1921.
March IS, 1921
May 16, 1921.. . .
June 15, 1921
December 15, 1921Total

30

Number
of
Subscriptions

Amount
Subscribed

714
461
488
414
144
329
248
227
522
238
295
631
163
752
488
710
313
927

$46,119,500
28,043,500
17,420,500
13,348,500
5,500,000
7,100,000
17,633,000
14,951,500
25,724.000
7,990,000
6,164,500
20,927,500
9,939,000
30,295.000
26,836,000
51,157,000
42,852,500
59,703,000

$46,119,500
28,043,500
17,420,500
13,348,500
5,500,000
7,100,000
10,814.000
14,624,000
25,132,500
7,990,000
6,164,500
15,057,500
9,831,000
29.205,000
14,393.000
31,350,000
28,550.000
39,700,000

8,064

Date of
Maturity

431,705,000

350.343,500

Amount
Allotted

SCHEDULE 20.—United States Treasury certificates of indebtedness.
ANALYSIS OF PAYMENTS
Certificates of
Previous Issues

Series

Credit to War
Loan Deposit Account

TD
TM4
TM
E

1920
1920
1921
1920
F 1920
G 1920
H 1920
A 1921
1921
1921
TM2 1921
C 1921
TM3 1921
TS 1921
TM4 1921
D 1921
1921
1921

$6,225,421.23
4,928,335.50
5,258,298.90
3,144,042.04
1,310,430.14
1,800,29832
2,541,000.00
3,072,000.00
6,180,998.53
1,913,821.39
2,096,497.94
3,728,000.00
1,367,500.00
7,138,500 00
1,750,500 00
4,417,970.02
2,024,494.94
7,539,411.81
74 43% 66.437,520.76

$33,841,578.77
19,827,164.50
9,298,201.10
10.193,457.96
4,189,569.86
5,299,701.68
8,273.000.00

853,500
2,892,500
293,000
141,000
752,000
1.271,000

8.68%
9.90%
2.04%
.45%
2.63%
3.20%

9,321,500.00
16,889,501.47
5,670,178.61
4.052,002.06
11.329,500.00
7.610,000 00
19,174,000 00
12.349.500.00
26,791,029 98
25,773,505 06
30.889,588.19

T o t a l . . 23,133,000

6.60%

260,772.979.24

Total

Cash

18.97%

SCHEDULE 21.—Treasury certificates of indebtedness redeemed.
Cincinnati
Branch

Pittsburgh
Branch

$129,149,000
37,308,000
222.037,500
47,385,500
60,500
108,862,000
21,647,000
1,341,500
155,653,000
8.526,500
93,495,500
232,577,000

$9,020,500
10,404.000
10,773,500
104,500
30,500
12,379,000
3,551,000
65,500
6,600,500
1.318,500
1.475.500
10.440,500

$15,856,500
8.378,000
29.420,000
57,500
5,500
20,675,500
4,581,000
51,000
20.343,000
5,376,000
6,521,500
13,419,000

1,058.043,000

66,163,500

Main
Office
January
February. .
March

April

May
June
July
August
September.
October
November.
December..
Total.

Total
$154,026,000
56,090,000
262,231,000
47,547,500
96,500
141,916,500
29,779,000
1.458,000
182.596,500
15,221,000
101,492,500
256,436,500

124,684.500 1,248.891,000

SCHEDULE 22.—Temporary-Permanent Exchanges.
Amount
X% Third liberty loan
4% First liberty loan converted
Second liberty loan
% First liberty loan converted
% Second liberty loan converted
% First liberty loan second converted
% Fourth liberty loan-.
Total




_

Number
Received

Number
Delivered

$252,823,250
231,900
1,186,550
40.598,550
221,080,450
38,550
5,023,900

1.321,974
2,844
9,952
156,405
524,297
60
24,849

1.036,432
2,166
6,467
135.974
434,699
60

520,983,150

2,040,381

1.61S.798

SCHEDULE 2i.—Denominational Exchanges.
Number
Received

Amount

Number
Delivered

$1,904,400
407.950
2.248.500
1,512,150
13.621,750
14,142.800
37.081.550
28.570,800
3.589.600
6.085,500

Total

16,362
5.296
12,825
16,771
53,522
80,599
252,317
260,838
3,056
925

2.1S8
504
2.309
1.582
14,883
12,443
39.815
58.015
884
3.403

109,165,000

3 'AVo First liberty loan
4% First liberty loan converted
4 % % First liberty loan converted
j Second liberty loan.
S
+ % Second liberty loan converted4 K % Third liberty'loan
4 X % Fourth liberty loan__
_
4 K % Victory liberty loan
3 K % Victory liberty loan
Treasury certificates of indebtedness-

702,511

136.026

SCHEDULE 24.—Government Coupons Redeemed.
FROM
CERTIFICATES OF
INDEBTEDNESS

FROM LIBERTY LOAN
BONDS, NOTES
Number
Main office _. _ .
Cincinnat i branch
Total..

Amount

Number

$25,918.476 61
13,927,902.15
15,999,082.80

29.402
22,031
15 381

$3,220,53693
1,456,368 96
2 717.751 24

10 574 731 i 55 815.461 56

66,814

7,394,657.13

4.875.450
2.721.777
2 977 504

Amount

SCHEDULE 25.—Exchanges.
Amount
Coupon bonds of various issues exchanged for registered bonds.
Registered bonds of various issues exchanged for coupon bonds.
Transfers of registered bonds of various issues

.' $63,092,400
8,192,500
2,882,050

Total.

74,166,950

SCHEDULE 26.—Conversions.
Number
Received

Number
Delivered

$21,256,800
77,875.350
13,617.100
5,010,400

119,684
350,522
30,287
3,114

106,699
295,346
5,579
8,618

117,759,650

503,607

416,242

Amount
First liberty loan converted 4% bonds into i'A% b o n d s . . .
Second liberty loan 4% bonds into 4J£% bonds.
Victory liberty loan 4y,% notes into i%% notes .
Victory liberty loan 3J<% notes into 4X% notes
Total




32

SCHEDULE 27.—Treasury Savings Securities Sales.
MATURITY VALUE
Treasury :
Savings
Certificates ,
January
February
March
April.

;

_

May

June
July

August
SeptemberOctober
November.
December.
.:

Total...

War
Savings
Stamps

Total

$153,000.00
80,300.00
96,900.00
51,100.00
14,800.00
13,900.00
15,200.00
7,400.00
3.700.00
3,500.00
4,200.00
8,900.00
452,900.00

433,420.00 , 23,421.75

SCHEDULE 28.—Federal Reserve Notes issued and redeemed during the year, and
comparative statement of outstanding notes December 31, 1920,
and December SI, 1919
1920

Total
Outstanding

Outstanding
Dec. 31, 1919

Tens

. ._

Fifties

- .

.

I ssued

Redeemed

$28,642,430
55 156 080
126 636 460
55,570,600
15 490 700
794,500
981 000
200 000
300.000

$34,540,000
49,940.000
96 720.000
49.000,000
15 700,000
1,000,000
1 600,000
200,000
300,000

S26.8SS.550
40,108,260
6'.35 7,320
20.794.600
3,863.000
51.500
70,000
5,000

$36,323,880
65.017.820
160,999,14C
83 776,000
27,327,100
1,743,000
2,511,000
395,000
600,000

283,801,770

Denominations

249,000,000

154,108,830

378,692,940

SCHEDULE 29.—Currency Operations with Member and Non-member Banks.
Month
January.

Receipts
$44,350,778
28,653,837
44,009,387
42,046,537
44,475,943
54 120 747
50,866,367
43,016,425
48 419 126
52,161,161
54 735 162
72,192,683

July

August

October
December
Total _ _

33

$34,702,470
54,558,551
49,094,410
56,434,436
44,996,876
53 220 037
52,455,290
64,375,623
65,611,283
60.305,519
54 778.385
67,449,611

579,048,153

_ __"__

March. _
April
May__




Payments

657.982,491

SCHEDULE 30.—Total Cash Receipts and Disbursements, Main Office and Branches,
Year ending December 31, 1920.
Receipts
Cleveland.

S324.562.690
179,860,224
493.081,488

_

$325,268,424
178,750.498
489.607,806

997,504,402

.

Pittsburgh
Total .

Disbursements

993,626.728

SCHEDULE 31.—Federal Reserve Bank Notes Issued, Redeemed and Outstanding,
Year ending December 31, 1920.

Denomination
Ones (New)

Notes
Notes
Outstanding
Issued
Redeemed Outstanding
Dec. 31, 1919 During 1920 During 1920 Dec.31,1920
$16,074,630 $15,728,000 $16,880,700 $14,921,930
4.277,370
2.880,000
4.008,000
3,149,370
5.223,150
2,224,150
5,138,000
2,139,000
23,831,150 23,112,850 23,209.300
22,491,000

Total

SCHEDULE 32.—Comparison of Aggregate Resources and Liabilities of Member
Banks in District 4 at the Close of Business December 29, 1920,
and December 31, l!)l!h
(000 omitted)

RESOURCES
Overdrafts
Acceptances & Letters of Credit _. .
U. S. Securities. __ _. . _.
All other Bonds, Securities, Etc
Banking House, Furniture & Fixtures
Other Real Estate
Reserve with Federal Reserve Bank
Other Assets __
Total Resources

12-29-20
871 Banks

U-31-19
843 Banks

Increase

$1,624,793
1,036
18.044
299,171
473.462
67.867
13,092
515,061
341,2511
5,578
21.286

SI,405.718
1,187
26,917
338.150
459,348
61,757
11,109
334,612
353,019
5,607
19,437

$219,075

3,016,640

2,816,861

199,779

170.683
176,366
67,237
91,915
275.851
1,281.161
790,789
39,764
21,445
57.657
18,3.32
25.44')

159.699
163,917
48,899
90,363
258,680
1.180.174
677,511
48,371
28,920
108,252
27.333
24,742

10,984
12,449
18,338
1,552
17,171
100,987
113,278

3,016,640

2,816,861

199,779

14,114
6.110
1,983
16,449

Decrease

S 151
8.873
38.9 79

11,769
1,849

29

LIABILITIES
Capital
Undivided Profits
Circulation... _
Due to Banks and Bankers
Demand Deposits
Time Deposits
U. S. Deposits...
Bonds borrowed
Bills Payable
Acceptances and Letters of Credit
Total Liabilities.. .




34

698

8 607
7,475
50.595
9,001

SCHEDULE 33—Transit Department Check Clearings and Collection.
CLEVELAND OFFICE
Number of
Items
$3,662,346
12 582 282
395,361
543,038

6.010,810,178.46

1,787,090
8,625,591
171,763
504,079

$1,886,015,931.07
1,152,116,252 93
178,557,491.08
48,249,64501

11,088,523

3,264,939,320.09

3 695 400
9,104,860
734,936
428,944

$3 936 613,957.72
1.288,069,977.74
572,172,958.47
82,869,320.98

13,964,140

__

$3,246,092,059.20
2,288,867,253.86
380,255,771.68
95,595,093.72

17,183,027

On Treasurer of the United States.

Amount

5,879,726,214.91

CINCINNATI BRANCH

On banks outside District No. 4
On Treasurer of the United States-_
Total

_ _ _

_

PITTSBURGH BRANCH

On banks outside District No. 4_ __
On Treasurer of the United States

_-

_

Total - _

Checks drawn on the Treasurer of the United States, handled by
The Federal Reserve Bank of Cleveland and its Branches,
January 1, 1920, to December SI, 1920.
Items
.1 anuary
February
March
April
May

77,023
66,019
132,346
148,415
109.992
160,091
92,573
81,486
138,696
163,127
133,815
172,478

August
September.October
November- _
December _ .
Total

35

$22,531,401 19
16,591,187.33
18,940,468.00
32,807,765.58
17,422,308.02
22,903,055.55
14,696,95769
12,957,711.98
16,085,384.95
15,955,064.24
15,855,610.93
19,967.144.25

1,476,061

June
July--




Amounts

226,714,059.71

SCHEDULE 33.—Continued.

Volume of checks handled for members and other Federal Reserve Banks by the
Federal Reserve Bank of Cleveland and its Branches
January 1, 1.920, to December 31, 1920.
Daily Average
Items
3,092,683
2,715.414
3 714,748
3.471,599
3 269 727
3,724,501
3,655,032
3,512.127
3,633,301
3,813,702
3.664,136
3.968,720
42,235.690

15,155.475,713.46

April

___.
_ __

Total

Items

SI. 123,491,307.43
993,938,671.69
1,345.294,322 78
1,258.593,725.61
1 148 813 041 77
1,383,932,257.08
1,342,010,562.89
1,256,204,962.55
1,366,239,536.68
1,358,267,053.96
1,266,699,944.74
1,311,990,326.28

June _ _
July

August _
September. . _ _
October._
November _ _ _ _
December _

Amount

118,949
123,427
137 583
135,296
130 790
143,250
140,578
135,082
145,332
152.547
148.555
152,642

Amount
$43,211,204.13
45,179,030.52
49 825 715 66
49,124,243 38
45 952 521 67
53,228,163.73
51,615,790.88
48,315,575.48
54,649,581.48
54,330,682.15
51,531,567.34
50,461,166.39
597.425,242.81

NOTE:—This schedule includes Government checks listed under "checks drawn on Treasurer
of the United States."
Items handled by both parent bank and branches duplicated in the above schedule, 978,363:
amount $361,644,334.88.

COMPARISON OF AVERAGE DAILY NUMBER OF ITEMS HANDLED
JANUARY 1920, DECEMBER 1920
Cleveland

_

47 403
61,461

30,239
40.369

41.307
50,812

. . __

14,058

10,130

9,505

December
31. 1920

Increase in daily average.

Pittsburgh

_._ __

January 1920
December, 1920__ _

Cincinnati

December
31, 1919

SCHEDULE 34.—Comparative Statement of Employees.

Bank..

264

117

175
124
24
76

639

399

202

122

228
30

Audit.
Fiscal agency._ .
Pittsburgh

128




36

85

969

Total

606

'

SCHEDULE 35.—Banks granted fiduciary powers under Section lt(k) of the
Federal Reserve Act.
Date

Name

Location

Dec. 29 The Ashland National Bank

Ashland, Ky

Feb. 27 Traders National Bank

Mt. Sterling, Ky

Feb. 3 Newport National Bank

Newport, Ky

Aug. 12 Bell National Bank

Pineville, Ky

June 2 National Bank of Ashtabula

Ashtabula, Ohio

Feb. 10 The Bank of Athens, N. B. A_-Athens, Ohio
Dec. 22 The Fourth National Bank

Cadiz, Ohio

Dec. 21 City National Bank

Canton, Ohio

Oct. 30 Brotherhood of Locomotive
Cleveland, Ohio
Engineers Cooperative National
Bank of Cleveland.
Nov.23 The Central National Bank
Savings & Trust Co.

Cleveland, Ohio

Apr. 17 Northern National Bank

Cleveland, Ohio

June 9 The Ohio National Bank

Columbus. Ohio

Mar. 19 Kent National Bank

Kent, Ohio

Feb. 19 The National Bank of Com- Lorain, Ohio
merce.
Sept. 4 National City Bank & Trust Co.Marion, Ohio
July 29 Citizens National Bank

Piqua, Ohio

Jan. 24 Piqua National Bank

Piqua, Ohio

Jan. 14 Commercial National Bank

Tiffin, Ohio

June 16 Commercial National Bank

Youngstown, Ohio

Sept.30 First National Bank

Grove City, Pa




37

Powers Granted
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, receiver and
committee of estates of lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, receiver and
committee of estates of lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, receiver and
committee of estates of lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, receiver and
committee of estates of lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, registrar of stocks and
bonds.
Trustee, executor, administrator,
registrator of stocks and bonds,
guardian of estates, assignee and
receiver, committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
rcgist rar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrator of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver, committee of estates of
lunatics.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver.
Trustee, executor, administrator,
registrar of stocks and bonds,
guardian of estates, assignee and
receiver, committee of estates of
lunatics.

SCHEDULE $5.—Continued.

Banks granted fiduciary powers under Section 11 (k) of the
Federal Reserve Act.—Continued
Date

Name

Location

Aug. 12 Grove City National Bank

Grove City, Pa

July

New Brighton, Pa

2 Union National Bank

Sept.14 The Diamond National Bank ..Pittsburgh, Pa

Feb. 19 First National Bank

Pittsburgh, Pa

Nov. 24 First Notional Bank

Sharon, Pa

June

Elm Grove, W. Va

9 First National Bank

Apr. 22 Farmers & Producers National Sistersville, W. Va
Bank.




38

Powers Granted
..Trustee,
registrar
guardian
receiver,
lunatics.
Trustee,
registrar
guardian
receiver,
lunatics.
Trustee,
registrar
guardian
receiver,
lunatics.
Trustee,
registrar
guardian
receiver,
lunatics.
Trustee,
registrar
guardian
receiver,
lunatics.
Trustee,
registrar
guardian
receiver,
lunatics.
Trustee,
registrar
guardian
receiver,
lunatics.

executor, administrator,
of stocks and bonds,
of estates, assignee and
committee of estates of
executor, administrator,
of stocks and bonds,
of estates, assignee and
committee of estates of
executor, administrator,
of stocks and bonds,
of estates, assignee and
committee of estates of
executor, administrator,
of stocks and bonds,
of estates, assignee and
committee of estates of
executor, administrator,
of stocks and bonds,
of estates, assignee and
committee of estates of
executor, administrator,
of stocks and bonds,
of estates, assignee and
committee of estates of
executor, administrator.
of stocks and bonds.
of estates, assignee and
committee of estates of

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