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Federal Reserve Bank of Cleveland i 9 2 i SEVENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD ANNUAL REPORT of the Federal Reserve Agent of the Fourth Federal Reserve District to the Federal Reserve Board Covering Operations for the Calendar Year i 9 2 i FEDERAL RESERVE BANK OF CLEVELAND LETTER O F TRANSMITTAL January 27, 1922. SIR : I have the honor to transmit to you herewith the seventh annual report of the Federal Reserve Bank of Cleveland covering operations for the calendar year 1921. Respectfully, D. C. W I L L S , Chairman of the Board HON. W. P. G. HARDING, Governor, Federal Reserve Board, Washington, D. C. 4 DIRECTORS AND OFFICERS OF THE FEDERAL RESERVE BANK OF CLEVELAND F O R 1922 DIRECTORS CLASS A CLASS B ROBERT WARDROP, Pittsburgh, P a . C H E S S LAMBERTON, Franklin, P a . T H O M A S A. COMBS, Lexington, Ky. R. P . W R I G H T , Erie, Pa. O. N . S A M S , Hillsboro, Ohio. J O H N STAMBAUGH, Youngstown, O. CLASS C D. C. W I L L S , Cleveland, Ohio. L. B. W I L L I A M S , Cleveland, Ohio. W . W . K N I G H T , Toledo, Ohio. C. E. SULLIVAN, Member Advisory Council, Cleveland, Ohio OFFICERS D. C. W I L L S , Chairman of the Board E. R. FANCHER, Governor. and Federal Reserve Agent. M. J. FLEMING, Deputy Governor. J. C. NEVIN, Secretary and Assistant p . J. ZURLINDEN, Deputy Governor. Federal Reserve Agent. H G DAVIS> C a s h i e r G. A. STEPHENSON Manager Departw p TAYLQR) A s s i s t a n t C a s h i e n ment of Bank Relations. _ , . ^ ,. H W . H . FLETCHER, Manager Depart" R STRATER' A s s i s t a n t C a s h l e r C W ment of Examinations. - - ARNOLD, Assistant Cashier. G H F . V. GRAYSON, Auditor. - - WAGNER, Assistant Cashier. BERT V. CHAPPEL, Assistant SecreD. B. CLOUSER, Assistant Cashier. tary. C. L. BICKFORD, Assistant Cashier. PITTSBURGH BRANCH DIRECTORS C H A S W . BROWN, Pittsburgh, P a . R. B. MELLON, Pittsburgh, Pa. J A M E S D . CALLERY, Pittsburgh, Pa. * J O H N R. M C C U N E , Pittsburgh, Pa. GEORGE D E C A M P , Pittsburgh, Pa. OFFICERS GEORGE D E C A M P , Manager T H O M A S C. GRIGGS, Cashier. F - E. COBUN, Assistant Cashier. P. A. BROWN, Assistant Cashier. T " ^ JONES Assistant Federal Reserve Agent. CINCINNATI BRANCH DIRECTORS G. D. CRABBS, Cincinnati, Ohio. L. W . MANNING, Cincinnati, Ohio. JUDSON HARMON, Cincinnati, Ohio. W . S. ROWE, Cincinnati, Ohio. C H A S . A. H I N S C H , Cincinnati, Ohio. OFFICERS L. W . M A N N I N G , Manager. B. J. LAZAR, Cashier. HENRY N . OTT, Assistant Cashier. J O H N P . H . BREWSTER, Assistant P . J. FAULKNER, Assistant Federal Cashier. Reserve Agent. ^Succeeded HARRISON NESBIT, March 2, 1922 SEVENTH ANNUAL REPORT OF FEDERAL RESERVE BANK OF CLEVELAND RESULTS OF OPERATION Despite a slackening in industrial activity, in some lines amounting to stagnation for many months in the past year, credit accommodations extended to member banks in this District in 1921 show an increase of more than three hundred million dollars over last year. A considerable part of this may be attributed to a greater use of our facilities by country banks. From the early spring months, except for a slight dip in July, the number of banks borrowing at the end of each month has steadily grown from 230 in February to 420 in December—or an increase in the number of borrowing institutions of 82.6 from the low point in the year. Accommodations were extended to 59 more banks than in 1920 and the applications approved rose from 14,702 in 1920 to 17,463 in 1921. The total volume of loans and discounts to member banks during the year reached the surprising total of $3,218,832,680.30. It is interesting to note that while advances to banks in Ohio, Pennsylvania, and West Virginia increased approximately in the same ratio, credits granted to Kentucky banks reached a smaller total last year than the year previous, although the number of banks accommodated was slightly larger. A comparison of discount operations for the past two years shows t h a t the amount of commercial and industrial paper rediscounted in 1921 was practically double that of 1920. T h a t a better distribution of Government securities has been effected would seem to be indicated by the fact that the volume of member banks collateral notes secured by United States securities or their customers' notes secured in like manner, is approximately $144,000,000 less than the preceding year. The volume of agricultural and live stock paper discounted shows an increase of more than 188 per cent over 1920, but probably does not indicate the tremendous growth in agricultural credits for the reason t h a t borrowing banks find it more convenient to substitute commercial paper drawn in larger amounts, or Government securities, for large numbers of notes drawn for small amounts. The daily average of earning assets of the Federal Reserve Bank of Cleveland has declined approximately one hundred million dollars from J a n u a r y to December, while the average for the entire year is more than ninety million dollars less than in 1920. This tremendous decline is explained in large part by 7 the decrease in rediscounts for other Federal Reserve Banks, which totaled but $194,500,000 for 1921, compared with $1,406,000,000 in 1920, and by a decline of more than $250,000,000 in the volume of acceptances purchased and acquired. Net earnings for the year totaled $6,434,061.25, a decline of 46.1 per cent from earnings of the previous year. Of this amount $1,963,362.75 was carried to normal surplus account, $366,079.19 was transferred to super-surplus account, and $3,294,712.78, or 51.2 per cent, was paid to the Government as a franchise tax, as provided by law. Schedules 4 to 15 cover in detail the operations of the loan and discount department. MOVEMENT OF MEMBERSHIP Eight state banks, three of which are newly organized institutions, were admitted to membership during the year. Seventeen new national banks were chartered, nine national banks liquidated, and one small state bank withdrew from membership in the System. Of the nine national banks, five were merged with other members; one was succeeded by another national bank and one by a state bank, which became a member; one went into voluntary liquidation, and one into the hands of a receiver. The net result was an increase of seven state and eight national banks, giving a total membership at the end of the year of 884. The paid-in capital stock of the bank on December 31 was $11,134,100. Schedules 16 and 17 show changes in membership, etc., during the year. RELATIONS WITH MEMBER BANKS The department of bank relations, established during the early months of 1920, has effectively carried on the work for which it was created and is responsible for a much more general use of the facilities of this bank than heretofore. An analysis of reports covering visits to a representative number of banks indicates that about 60 per cent of our members have increased the number of Federal Reserve bank services utilized, while less than 8 per cent show a decrease. During the year 1,472 regular and 12 special visits were made to member banks. The number of non-member banks called on was 79. Four state meetings were attended, as well as two county and fourteen group meetings. BANK EXAMINATION DEPARTMENT We continue to enjoy very friendly relations with the banking departments of the various States, and since our examiners have been commissioned by the Comptroller of the Currency, a closer affiliation with the office of the Chief National Bank Examiner has been created. In addition to examinations of member banks, this department investigates applications of banks requesting permission to 8 exercise fiduciary powers, permission to invest in stock of foreign banking corporations, and applications incidental to the Clayton Act. The personnel of the department remains as it was in 1920. By reason of the excellent cooperation of the various departments within the bank, it has been possible properly to conduct the examinations of our larger state bank members. In one institution 31 offices were examined simultaneously, with the assistance of 55 men from other departments. Schedule 18 shows the extent of operations of this department during the year. A list of banks granted fiduciary powers is appended as Schedule 19. FEDERAL RESERVE NOTES The movement of Federal Reserve notes has been graphic in reflecting the results of the period of readjustment. It has further demonstrated the soundness of the view held by economists and financiers t h a t an elastic currency is one that rises and falls according to the volume and velocity of business transactions. There is an interesting parallel in the fact that on J a n u a r y 1, 1921, the earning assets of this bank were 253 million and Federal Reserve notes in circulation 344 million, while on J a n u a r y 1, 1922, earning assets had been reduced to 133 million and notes in circulation to 214 million. There is another interesting observation, that the decline in notes at no time reduced the volume to a point where there was a shortage in currency. As a matter of fact, more pieces of currency were handled by our money department in 1921 than in 1920, but the reduction may be accounted for largely by retirement of the larger denominations, thus reflecting price declines, wage adjustments, and more economical habits of the people. Schedule 20 shows the movement of Federal Reserve notes during the year, and Schedules 21 and 22 reflect activities of the money department. FEDERAL RESERVE BANK NOTES During and immediately following the war period, as an incidental emergency measure, the melting of silver dollars and the sale of bullion to the Allies resulted in a contraction in the volume of silver certificates, necessitating a corresponding increase in the issue of Federal Reserve bank notes of the smaller denominations. With the recoinage of silver dollars and the consequent reissue of silver certificates, providing what is believed will be an adequate supply of currency of smaller denominations, the volume of Federal Reserve bank notes outstanding has been substantially reduced, declining during the year from $22,000,000 to $5,000,000. It is the intention to retire these notes from circulation as other forms of currency are provided in their stead. Schedule 23 shows bank notes issued, redeemed and outstanding. 9 OPERATIONS OF BRANCHES The branches of the Federal Reserve Bank of Cleveland at Pittsburgh and Cincinnati have continued in operation. This bank on February 10 took over the Sub-treasury at Cincinnati and since that time has performed the operations formerly handled by the Sub-treasury so far as related to currency and coin. This has resulted in great convenience to our members in permitting them to make shipments of coin to and from this bank. The Pittsburgh branch has furnished currency service to the banks in its territory since it was opened, and the recent addition of vault space there permitted t h a t branch to offer coin service early in January of 1922. CLEARING AND CHECK COLLECTION DEPARTMENT That the use of the clearing and check collection facilities of the Federal Reserve Bank of Cleveland continues to grow is evidenced by an increase of more than five and one-half million in the number of items handled, the total number reaching nearly 48 million compared with over 42 million the previous year. This is an increase in the daily average number of items handled of approximately 18,000. By reason of lower prices and general business inactivity, the amount handled fell from more than $15,000,000,000 to slightly over $11,000,000,000. Schedules 24 to 27 give the details of the operations of the check collection department. OPERATION OF COLLECTION DEPARTMENT More than one-half of our members have made use of our collection facilities, and during 1921 there was a noticeable increase in the volume of non-cash items handled. The number of coupons and securities received for collection increased considerably as a result of the liberal policy of this bank in absorbing transportation charges on shipments of such collections. In the past year this office handled over 200,000 items, amounting to more than $205,000,000. Of these, 171,683 were paid, and the balance (about 15 per cent) returned. Ninety-one per cent of all collection items was collected without charge, while the balance was paid at an average cost of one-tenth of one per cent. Other Federal Reserve Banks and branches forwarded but five per cent of the items handled during the year. The remainder was received from our member banks. Fifty per cent of all items forwarded to us was sent outside the district for collection. BANK PREMISES AND NEW BANK BUILDING As anticipated in our last report, the work of demolishing the structure on the site of the new building was begun on February 1, and the work of excavating followed immediately. Work was 10 suspended for a short period because of a strike, but is now progressing at a satisfactory rate and it is hoped that the building will be finished at the close of 1922. The additional vault facilities needed at the Pittsburgh branch have been supplied by the installation of equipment which is believed will meet the requirements of that office for some time to come. The quarters formerly occupied by the Sub-treasury in the Government building at Cincinnati have been remodeled to suit the needs of our work, and all money operations for the territory supplied by that branch are effected through that office. FISCAL AGENCY OPERATIONS The sale of Treasury certificates and Treasury notes, exchanges, conversions, collection of coupons and other Fiscal Agency functions, while somewhat reduced in volume, have nevertheless been maintained on such a scale as to permit of but small reduction in the working force of these departments. Each of the eighteen issues of United States Treasury certificates and notes offered during the year was over-subscribed with the exception of the first issue of Treasury notes, to which issue all subscriptions were allotted in full. The accumulation of war-loan bonds in the hands of investors would seem to be indicated by the activity of the denominational exchange division, where 355,362 pieces were received and 75,805 delivered. In Schedules 28 to 34 may be found details of the operations of the various Fiscal Agency departments. PERSONNEL At the expiration of his term as a member of the Federal Reserve Board, Mr. D. C. Wills was reappointed Chairman of the Board of Directors, and Federal Reserve Agent. The personnel of the Board of Directors remains substantially the same, the election of November resulting in the re-election of Messrs. Sams (Class A) and Stambaugh (Class B). Mr. W. W. Knight, of Toledo, has been designated by the Federal Reserve Board as Class C Director, taking the place of Mr. H. P. Wolfe who was not a candidate for reappointment. The Boards at branch offices remain unchanged. But one change occurred in the official staff of the bank. Mr. Henry N. Ott, formerly chief teller at the Cincinnati branch was designated assistant cashier in charge of the money department. The increased volume of work handled by some departments has necessitated in some cases a larger office force, which has for the most part been satisfactorily met by the transfer of employees from other departments where the work has slackened. The result is an increase of but eight in the number of employees during the year. 11 Schedule 35 compares the number of employees on December 31, 1921, and on the corresponding date the previous year. BUSINESS AND FINANCIAL CONDITIONS Heavy losses in commercial deposits, a slight loss in savings deposits (except in some centers where heavy declines have occurred) and a considerable degree of liquidation at some points are the outstanding features of the change t h a t has occurred in financial conditions in this district during the past year. On the basis of figures of 85 reporting member banks (complete figures of all members are not yet available) the loss in demand deposits is about fifteen per cent. Time deposits have declined (on the basis of figures submitted by the larger state banks and trust companies and national banks having large savings departments) about 43^ per cent during the year. This loss has been felt more at some places than at others, and is particularly noticeable at points where economic life is sustained by a single industry, especially those having a large foreign population. Not only has the volume of earning assets of the Federal Reserve bank shrunk about 47 per cent from the first of the year, but there has been a distinct change in the character of the assets held. At the close of 1920, this bank was rediscounting for other Federals a total of $79,000,000, while at the end of 1921 there was no such rediscounting whatever. The supply of domestic and foreign bankers' bills was small, due to business inactivity, and the total of such bills held declined $22,000,000 from that of a year ago. That liquidation throughout the district had progressed to a point where credit conditions were easier is indicated by a slight easing off in interest rates and the fact t h a t issues of Treasury certificates and notes offered were heavily over-subscribed, particularly during the last half of the year, notwithstanding that they were less attractive as investments, from the standpoint of yield, than earlier issues. The year 1921 opened with business generally dull, and except for spasmodic activity in some industries might fairly be said to have remained so throughout the year. During the fall months there was a slight revival in the iron and steel trade, and at the end of the year activity in this line is at 35-40 per cent of capacity. The automobile and allied trades have maintained a fair degree of activity. Brick and cement production has been good, but other major industries have been at low ebb throughout the year. Agricultural yields were well up to the average, although prices of agricultural products are still out of line with prices of manufactured goods. 12 FEDERAL RESERVE BANK OF CLEVELAND DEPOSITS, F.R.NOTE CIRCULATION, CASH RESERVES AND RESERVE RATIOS, 1920-1921 PER CENT RF<!CBVF -riw; W I J - 90 80 "<• / 70 •v' N r/ s . *£ V R I T i n c • <-» U> . • " 100 S*aWWW»*f • * • * 90 60 vk •y 70 ,• 40 40 30 30 10 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 300 DEPOSITS 700 DEPOSIT AND F. R.NOTE LIABILITIES,'*^ AND TOTAL RESERVES.C 600 500 400 300 200 100 4 t H H *1920J , S * - £ 4 £ 4 4 l * 3 .4 1921 adjusted percentages are calculated after lncreaaiag reserves held by the anount Of accomodation extended to other Federal Reserve banks. The rivposlt ourve is baaed on "netKepoalta" up to liarch 11, 1921, and on "tota oepealta" thereafter. v F E D E R A L R E S E R V E BANK OF CLEVELAND MOVEMENT OF EARNING ASSETS DURING 1920 AND 1921 MILLIONS OF DOLLARS 150 MILLIONS OF DOLLARS UNITED STATES SECURITIES 100 100 O t Ah WMWWmm W//M fa JL 50 A % v%<^ ^ m % WA wM m "ZZVZzzZZL 50 O 150 150 k - Paper secured by U . S. Government obligations discounted for banks In district. B - Total paper dlocounted for banks In district. C - Total discounted papor hold. Space between lines D and C represents paper discounted for other Federal Reserve banks. Schedule 1. Movement of Principal Asset and Liability Items During 1921 [Amounts in Thousands of Dollars] Date Total Earning Assets (2+7 + 10) Total Held (3+4) Discounted Bills Discounted for Member Banks in this District DisB C A counted for other Total Securedby Per cent F. R. (2—3) U.S.Gov't Banks (5+4) Obliga'ns 4 5 Purchased Bills Total Held (8+9) Bought from other F. R. Banks 7 8 Actual Adjust- edt 10 11 12 13 14 15 25.093 24,643 24,643 24,643 24,643 284,450 302,969 311,569 311.527 150.641 151,229 155,525 154.970 340,666 333,859 322,181 322,562 59.4 64.2 66.9 66.1 74.5 76.4 76.7 78.2 25,093 19,303 14,843 11,000 32,746 32,445 31,857 29,034 24,644 24,644 24,643 24,644 296.426 301.113 309,110 319,858 156,157 156,034 153,827 154.755 312,111 316,165 306,979 312,502 66.6 65.1 68.8 69.9 78.3 72.5 75.3 75.3 38,533 33,145 25,670 24,012 8,883 5,656 1,058 537 29,650 27,489 24.612 23,475 24,644 24,649 26,648 24,673 309,201 310,649 312,976 307,005 150,805 154,538 148,788 155.000 302.311 302,374 291,710 293,082 69.2 69.3 71.1 68.5 74.0 73.6 74.3 71.9 42.0 40.8 40.1 39.3 38.1 21,596 19,161 19,184 17,520 14,802 521 171 162 21,075 18,990 19,022 17,520 14,802 24,663 24.643 24,767 24,768 24,643 285.971 295,864 278,283 284,895 285,756 146,451 144,149 143,560 144,328 139,853 285,259 286,863 283,489 280,599 280,320 66.2 68.6 65.2 67.0 68.0 69.8 71.6 67.7 68 3 69 0 40.3 41.2 33.9 37.6 11,510 9,910 8,691 6,755 11,510 9,910 8,691 6,755 24.662 23,668 43,659 22,672 276,974 273,812 279,812 294,469 148,049 139,431 145,167 138.412 276,548 277,093 269,829 266,951 65.2 65.7 67.4 72.6 662 66.1 67 7 72.9 2 7 14 21 28 246,771 220,709 206,051 210,996 197,445 173,217 161,265 142,991 72,535 57,487 45,764 31,917 124,910 115,730 115,501 111,074 55,679 46,619 48,336 51.787 44.6 40.3 41.8 46.6 24,683 22,849 20,143 43.362 Feb. 4 11 18 25 199,401 212,412 190,783 188,497 116,918 136,020 119,440 123,819 26,810 15,354 14,500 13,615 90,108 120,666 104,940 110,204 35,638 60,914 47,293 49,699 39.6 50.5 45.1 45.1 57.839 51.748 46,700 40,034 Mar. 4 11 18 25 188,423 188,360 168,970 186,915 125,246 130,566 116.652 138,230 12,399 13,455 13,437 14,663 112,847 117,111 103,215 123,567 51,074 54,984 44,657 51,075 45.3 47.0 43.3 41.3 Apr. 1 8 15 22 27 188,305 181,546 193,854 187,549 180,937 142,046 137,742 149,903 145,261 141,492 14,764 12.405 10,669 5,437 4,000 127,282 125,337 139,234 139 824 137,492 53,403 51,086 55,844 54,902 52,449 11 18 25 189,885 187,762 176.081 155,655 153,713 154,184 123.731 126,228 3,972 1,475 1,225 1,075 149,741 152,709 122,506 125,153 60.335 62,917 41.553 47,015 9 Total Deposits Reserve* Percentages 24,683 22,849 20,143 18,269 1 Jan. 3 Purch'sd Total U.S. in open Securities Cash Market Reserves (7—8) F. R. Notes in Circulation 6 8 15 22 29 167,316 175,931 197,568 172,909 174,275 138,279 147,593 131,473 147,026 149.157 138,279 147,593 131,473 147,026 149,157 51,446 57,108 38,346 52,066 53,102 37.2 38.7 29.2 35.4 35.6 6,361 5,387 4,443 3,231 2.390 6.361 5.387 4,443 3.231 2,390 22,676 22,951 61,652 22,652 22.728 286,417 268,144 257,977 256,410 257,703 141,042 138,910 157,869 132,888 134,839 267,955 263,451 259,509 255,402 254.841 70.0 66.6 61.8 66.0 66.1 July 6 13 20 27 176,147 173,232 168,074 168,365 152,264 149,258 144,208 144,471 7,007 152 264 149,258 144,208 137,464 54,259 55,122 48,374 42,955 35.6 36.9 33.5 31.2 1,228 1,304 1,196 1,225 1,228 1,304 1,196 1,225 22,655 22,670 22 670 22,669 260,826 258,275 255,645 249,542 141,418 139,798 137,409 134,953 254,854 252,084 246,526 243,527 65.8 65.9 66.6 65.9 67.8 Aug. 3 10 166,824 161,444 156,057 151,593 146,913 142,810 138,319 133,583 129,626 124,748 8,326 5,265 4,763 4,079 6,820 134,484 133,054 128,820 125,547 117,928 40,938 44,343 38,406 42,921 43,638 30.4 33.3 29.8 34.2 37.0 1,343 1,648 1,830 1,323 1,521 1,343 1,648 1,830 1,323 1,521 22,671 21,477 20.644 20,644 20,644 257,163 258,245 260,709 267,851 264,657 144,943 138,852 140,082 140,439 136,025 239,795 240,430 236,790 236,969 234,852 66.8 68.1 69.2 71.0 71.4 69.0 69.5 70.4 72.1 73.2 157,266 156,298 160,027 152,124 134,370 133,754 139,334 131,382 9,625 9,910 13,603 12,783 124,745 123,844 125,731 118,599 45,502 45,095 40,026 40,233 36.5 36.4 31.8 33.9 2,250 1,880 1,513 1,561 2,250 1,880 1,513 1,561 20,646 20,664 19,180 19,181 261,311 259.069 249,245 248,182 140,400 142,966 140,356 135,041 235,728 233,545 228,882 226,546 69.5 68.8 67.5 68.6 72.0 71.4 71.2 72.2 150,801 154,571 146,368 147,144 130,439 135,011 127,423 129,951 7,463 7,133 6.278 5,967 122,976 127,878 121,145 123,984 40,074 41,500 36,846 40,734 32.6 32.5 30.4 32.9 2,010 2,209 2,610 2,859 2,010 2,209 2,610 2,859 18,352 17,351 16,335 14,334 247,624 244,452 239,685 244,052 136,662 136,741 132,310 136,875 223,868 223,872 219,400 218,555 68.7 67.8 68.1 68.7 70.8 69.8 69.9 70.3 146,573 147,730 145,845 131,165 119,234 128,820 131,954 131,871 117,431 106,244 5,443 3,245 2,160 535 242 123,377 128,709 129,711 116,896 106,002 41,701 45,633 45,601 44,589 38,953 33.8 35.5 35.2 38.1 36.7 3,423 3,446 2,885 2,645 2,902 3,423 3.446 2,885 2,645 2,902 14,330 12,330 11.089 11,089 10,088 240,839 238,383 234,550 255,653 258.845 135,652 132,696 135,023 136.030 132,341 215,448 218,941 216,598 216,793 213,492 68.6 67.8 66.7 72.5 74.8 70.1 68.7 67.3 72.6 74.9 118,074 130,711 141,461 128,693 104,496 114,565 123,888 110,397 104,496 114,565 123,888 110,397 38,149 44,537 47,275 42,709 36.5 38.9 38.2 38.7 2,448 2,696 4,103 4,689 2,448 2,696 4,103 4,689 11,130 13,450 13,470 13,607 1 258,131 254,323 244.559 254.614 130,307 136,962 132,565 128,353 212,707 216,640 222,823 221,819 75.3 71.9 68.8 72.7 17 24 31 Sept. 7 14 21 28 Oct. 5 11 19 26 Nov. 2 9 16 23 30 Dec. 7 14 21 28 •Prior to March 18. net deposits, as given below were used in calculating reserve percentages: Xan. 7, $138,365,000 Jan. 14, $137,750,000 Jan. 21, $143,871,000 Jan. 28, $148,725,000 Feb. 18, 142,339,000 Feb. 25, 145.061,000 Mar. 4. 144.330,000 Mar. 11, 145,617,000 Feb. 4, $132,951,000 Feb. 11, $146,727,000 fAdjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other F. R. banks. in this column indicate that no accommodation was extended to or received from other F . R. banks. SCHEDULE 2.—Statement of condition of the Federal Reserve Bank of Cleveland December 31, 1920 and December 31, 1921 1921 RESOURCES Gold Gold Gold Gold Gold Gold Gold $ 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 1920 5.106,763.74 177,327.155.00 41,454,889.78 12.241,185.00 $236,129,993.52 Legal tender notes and silver certificates and coin. Legals and silver in transit for redemption Total cash reserve $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 7.156,461.30 1,560.202.95 668,100.00 $243,286,454.82 $283,678,352.91 Nickels and cents Due from Treasurer U. S. 5% Fund (F. R. B. notes). Overdrafts Total 793,537.00 539,400.00 3.918.07 $1,336,855.07 1,239.400.00 61.235.93 $1,302,132.23 National bank notes and notes of other F. R. banks. Unassorted currency Uncollected transit items Total deductions from gross deposits. 3,329,754.00 46.192.481.06 $54,272,895.06 4,750,660.00 71,573,560.71 43,020,295.00 1,496.30 3,179,863.00 4,219,137.00 66,229,836.00 $73,628,836.00 72,964,290.19 49,218,695.00 79,160,350.64 27,211,202.53 Bills discounted Member Banks' collateral notes Rediscounts for other F. R. banks Acceptances purchased United States bonds and securities: 2% Treasury certificates of indebtedness to secure circulation Other Treasury certificates of indebtedness 5Vi% Treasury notes 3 % Conversion bonds 3'/2% Liberty Loan bonds 4Vi% Liberty Loan bonds Victory loan notes Par value of earning assets 458,400.00 4,455,050.00 133,653,640.00 414,800.00 16,200.00 402,400.00 10,250.00 $253,197,188.36 Less unearned discount and depreciation reserve U. S. securities Add interest accrued on U.S. securities Liquid value of earning assets 430,537.93 331,106.63 133,322,533.37 930,011.31 240,323.88 252,507,500.93 War loan expenses advanced Reimburseable expenses, account of Fiscal Agency Dept Other deferred charges Difference account New building and construction accounts Real estate owned Disbursements suspense Disbursements—bank premises Total resources 5,377,834.29 8,040,000.00 285'500.00 12,000.00 414.800.00 16.200.00 7,147.55 8,504.31 2,104,000.80 1,847,738.38 17.28 $436,186,146.64 23.799,000.00 82,019.98 201.59 39.08 1,505,946.50 f3.~7~iy.i6 $612,718,744.32 LIABILITIES Federal Reserve notes in actual circulation Federal Reserve bank notes in actual circulation. Total United States Government deposits Member Banks' reserve accounts Official checks and drafts outstanding Foreign government credits Deposits on which reserve is computed. Deferred availability items Total deposits $214,775,185.00 5,797,071.00 $220,572,256.00 $348,951,400.00 22,735,244.00 6,274,521.65 130,933,385.81 127.098.45 656,000.00 137,991,005.91 43,519,674.79 $181,510,680.70 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 Reserved for miscellaneous liabilities. Capital paid in by members Surplus fund Super-surplus fund Total liabilities 334,830.75 11,134,100.00 22,268,200.00 366,079.19 $436,186,146.64 107,991.44 10,702,850.00 20,304,837.25 18 $371,686,644.00 $612,718,744.32 S C H E D U L E 3.—Statement of profit January and loss account. 1, 1921 to December 31, 1921. EARNINGS Discount earned on bills discounted—Members Discount earned on rediscounts of other F. R. banks Discount earned on bills purchased Interest earned on U. S. Securities Penalties on deficient reserves—Member banks Domestic transfers bought and sold (net) Miscellaneous profits Service charges—Collection department Profits realized on U. S. Securities $7,335,030.25 706,757.83 737,532.38 479,840.12 57,017.35 61,672.82 7,357.17 1,113.79 4,540.98 $9,390,862.69 Total CURRENT EXPENSES Main office Cincinnati Branch Pittsburgh Branch. 2,093,883.83 383,599.82 479,317.79 2,956,801.44 Total CURRENT N E T EARNINGS Additions to current net earnings Deductions from current net earnings 126,733.76 276,412.20 149,678.44 Net deductions from current net earnings N E T EARNINGS AVAILABLE FOR DIVIDENDS, SURPLUS AND FRANCHISE TAX Dividends paid (No. 10 on June 30, No. 11 on December 31).. Carried to normal surplus account Carried to super-surplus account Paid to Government as a franchise tax 6,284,382.81 660,228.09 1,963,362.75 366,079.19 3,294,712.78 Total S C H E D U L E 4.—Daily 6,284,382.81 average earning assets. 1921 Bills discounted—Members and other Federals . Acceptances bought and acquired from Federals 1920 19 $137,468,147.88 12,490,960.33 21.715,966.58 $180,241,107.83 54,215,374 65 27 476 461 37 $171,675,074.79 Total 6,434,061.25 $261 932 943.85 S C H E D U L E 5.—Earnings on Loans, Discounts and Investments. 1921 Bills discounted—Members Acceptances bought and acquired U. S. Bonds, notes and certificates 1920 $8,041,788.08 737,532.38 479,840.12 $9,259,160.58 Total $10,570,827.78 $14,238,174.61 3,064,408.37 602,938.46 OTHER EARNINGS Profits realized on U. S. Securities Penalties on deficient reserves • Transfers Sundry Profits $4,540.98 57,017.35 102,804.10 99,390.90 18,249.46 61,672.82 8,470.96 Total other earnings Grand total gross earnings Total expenses Net earnings Capital account (average) Rate gross earnings to capital Rate net earnings to capital $131,702.11 9,390,862.69 2,956,801.44 6,434,061.25 11,004.569.00 85.34% 58.47% $220,444 46 14,458.619.07 2,515,741.47 11,942,877.60 10,073,244.00 143.53% 118.56% S C H E D U L E 6.—Comparison of various classes of rediscounts and loans, 1921 and 1920. 1921 Commercial and industrial paper Trade acceptances Agricultural and live stock paper Bankers' acceptances Customers* paper secured by U. S. securities M. B. collateral notes secured by commercial paper M. B. collateral notes secured by War Issues M. B. collateral notes secured by.War Fin. Corp. Bonds M. B. collateral notes secured by Gov. Sec. other than war issues $941,879,746.93 26,118,528.55 5,734.835.31 17,263,918.74 46,490.904.77 2,233,300.00 2,178,363,646.00 1920 $482,840,719.09 26,557,361.57 2,035,984.68 10,015,270.06 94,546,361,39 3,960,540.00 2,274,415,299.29 759,000.00 747,800.00 540,000.00 $3,218,832,680.30 TotaL $2,895,670,536.08 S C H E D U L E 7.— United States Government securities purchased. 1921 Special 2% Certificates of indebtedness. Special 4% Certificates of indebtedness. 4Vi% Certificates of indebtedness 4i/ 2 % Certificates of indebtedness 43/4% Certificates of indebtedness 5% Certificates of indebtedness 51/4% Certificates of indebtedness 514% Certificates of indebtedness 53/4% Certificates of indebtedness 6% Certificates of indebtedness 51/2% Treasury notes 5 % % Treasury Notes.. 4Vi% Fourth Liberty Loan bonds 4 % % Victory notes..J $343,000,000.00 71,500.00 47,000.00 52,500.00 150,000.00 344,500.00 550,000.00 130,500.00 17,500.00 13,400.00 56,000.00 4.444,800.00 $348,877,700.00 Totals. 20 1920 $641,500,000.00 190,000,000.00 22,075,500.00 20,070,000.00 1,200,000.00 3,743.000.00 $878,588,500.00 S C H E D U L E 8.—Rediscounts for other Federal Reserve Banks. 1921 $194,502,479.50 1920 $1,406,172,415.72 S C H E D U L E 9.—Acceptances purchased in open market and acquired from other Federal Reserve Banks. 1920 1921 - $73,749,630.77 35,274,021.51 4,768,794.13 166,171.06 79,801.25 $285,447,493.52 77,087,437.46 3,985,812.36 116,904.29 674,116.75 $114,038,418.72 Bankers'Acceptances—Domestic Bankers' Acceptances—Dollar exchange . $367,311,764.38 S C H E D U L E 10.—Loans and rediscounts to member banks by states. 1921 West Virginia banks . 1920 $43,210,037.50 1,215,924 065.12 1,923,178,866.52 36,519,711.16 $3,218,832,680.30 ._ _. Totals 49,709,059.18 1,062,756,583.65 1,753,118,369.75 30,086,523.50 $2,895,670,536.08 S C H E D U L E 11.—Comparison of rediscounts and loans to State Bank 1921 members. 1920 $581,207,324.00 9,467,099.00 354,300.00 1,196,777,739.00 $132,061,532.44 18,125,328.50 630,000.00 980,093,318.00 $1,787,806,462.00 Customer's paper secured by U. S. Sec Direct loans secured by commercial paper Direct loans secured by U. S. securities $1,130,910,178.94 S C H E D U L E 12.—Approved applications for loans and discounts. 1921 1,064 10,107 5,707 585 1.086 8 706 4,520 390 17,463 21 1920 14 702 S C H E D U L E 13.—Banks accommodated. Kentucky Ohio Pennsylvania. West Virginia Totals. Of the above, 100 were State bank members, distributed as follows: 1921 1920 Kentucky 6 6 Ohio74 51 Pennsylvania 17 17 West Virginia 3 2 Totals 100 76 S C H E D U L E 14.—Daily average earning assets by months 1921 January February March April May June— JulyAugust September October November December 1920 - $227,578,471.71 201,376,595.53 186.339,614.77 187,062,190.11 176,327,376.27 176,796,036.97 173,437,629.41 157,831,136.32 155,834,244.76 151,303,152.87 138,918,272.68 129,264,386.30 $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 Daily average $171,675,074.79 $261,932,943.85 Total earnings by months 1921 $1,131,401.61 871,658.38 887,690.48 861,805.63 827,582.57 805,005.35 818,714.67 722,556.96 669,583.84 669,258.63 579,720 58 545,883.99 Totals 22 $ 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 $9,390,862.69 January February March April May June July August September October November December 1920 $14,458,619.07 S C H E D U L E 15.—Average rate of earnings by months. 1921 5.75% 5.56% 5.52% 5.53% 5.46% 5.45% 5.49% 5.33% 5.18% 5.16% 5.02% 484% January February March April May June July August September October November December 1920 4.48% 4.88% 5.05% 5.23% 5.21% 5.35% 5.50% 5.56% 5.82% 607% 5 93% 5.87% 5.39 5/10% Average 5.43 6/lC% S C H E D U L E 16.—State Banks admitted during 1921. Date of Admission March April April July Sept. Sept. Nov. Dec. 18 4 8 15 6 6 25 31 Name of Bank Shares Subscribed Location Cleveland, Ohio The Midland Bank. Cleveland, Ohio East Pittsburgh Savings & Trust Co. East Pittsburgh, Pa Dollar Savings Bank Co. St. Clairsville, Ohio. _ . Minerva Banking Co. _ Minerva, Ohio . First-Tyler Bank & Trust Co -- Sistersvi'.le, W. Va Peoples Savings Bank Co. Delta, Ohio .... Commonwealth Banking & Trust Co. Cleveland, Ohio 150 .. 1,440 180 50 32 180 36 210 New National Banks admitted during 1921 Date of Admission Jan. Feb. Feb. Feb. Feb. March April April 19 2 8 11 18 12 4 14 May 18 9 June August 12 August 11 August 2b Sept. 27 Sept. VA L\ Oct. 9 Nov. Name of Bank Location Arnold, Pa Stone, Ky Pitcairn, Pa Seward. Pa Saegertown, Pa Koppel, Pa Pikeville, Ky Mineral City, Ohio Falmouth, Ky Central City, Pa North Belle Vernon, Pa Willoughby, Ohio West Alexander, Pa Flushing, Ohio Fleming, Ky Sardinia, Ohio Jerome, Pa Arnold National Bank First National Bank Peoples National Bank First National Bank First National Bank First National Bank Day and Night Nat*l Bank. First National Bank First National Bank Central City National Bank Peoples National Bank First National Bank Citizens National Bank Community National BankFirst National Bank Farmers National Bank First National Bank Withdrawn from Name of Bank Oct. 36 36 54 18 17 45 34 1 1 40 18 36 45 8 18 30 16 30 Membership Location 7 Shares Subscribed Shares Surrendered 26 23 S C H E D U L E 17.—Member banks liquidated during 1921. Name of Bank Second National Bank American National Bank First National Bank Peoples National Bank Central National Bank Northern National Bank Savings & Trust Co National Commercial Bank Shares Surrendered Disposition Location Merged with First National Bank, Ironton, Ohio Ironton Waynesburg, Pa. _ Voluntary liquidation Sistersville, W.Va. Succeeded by First-Tyler Bank & Trust Co Pittsburgh, Pa. . . Merged with First National Bank of Pittsburgh Columbus, Ohio.. Merged with Citizens Trust and Savings Bank Cleveland, Ohio.. Cleveland, Ohio.. First National B a n k . . Beaver, Pa West Alexander National Bank. West Alexander, Pa.. 180 162 105 1,800 156 563 Merged with Cleveland Trust Co.. Merged with Guardian Savings and Trust Company In hands of Receiver 1,650 60 Succeeded by Citizens Nat'l Bank. 33 Changes in Title New First National Bank, Columbus, Ohio, changed to First National Bank in Columbus. Northern National Bank, Cleveland, Ohio, changed to Northern National Bank Savings and Trust Company. Citizens National Bank, Cincinnati, Ohio, changed to The Citizens National Bank & Trust Company of Cincinnati. Bridgeport Bank 8z Trust Company, Bridgeport, Ohio, changed to Bridgeport Bank Company. Alliance Bank Company, Alliance, Ohio, changed to Alliance National Bank. S C H E D U L E 18.—Statement of examinations and special credit No. I ndependent examination of State bank members Examinations of State bank members in cooperation with State Examiner Independent examinations of National banks Examinations of National banks in cooperation with other National bank examiners Independent examinations of State banks incident to application for membership Special credit investigations of National and State bank members 24 investigations. Total Resources at time of examination 20 $ 37.914,000.00 58 27 573,445,000.00 287,705,000.00 13.492,000.00 S C H E D U L E 19.- -Banks which were granted fiduciary No. 4. Name of Bank Clark County National Bank 1. 2. 3. 4. 5. 6. 7. 8. * powers in City 1, 2, 3, 4, 5, 6*, 7, 8 1 , 2 , 3 , 4 , 5 , 6 , 7 . 8. 1.2. 3,4, 5,6, 8 . . . 1, 2. 3, 4, 5,6, 7, 8. 2, 3, 5 , 6 , 8 1, 2, 3,4. 5, 6, 8 . . . 1, 2, 3,4, 5,6, 7, 8_ 1, 2, 3,4, 5 . 6 , 7 . . . 1, 2, 3,4, 5,6, 8 . . . 4, 8 . 1, 2. 3,4, 5, 6, 8_._ 1. 2, 3.4, 5,6, 7. 8_ 1, 2, 3,4, 5.6*. 7 , 8 Butler 1921—District State Ohio. Ohio. Ohio. East Liverpool Erie -New Kensington Ohio. New Philadelphia Pittsburgh Ohio. Waynesburg.. . . . . . Kentucky. Winchester Trustee. Executor. Administrator. Registrar of Stocks and Bonds. Guardian of Estates. Assignee and Receiver. Committee of Estates of Lunatics. "Or in any other fiduciary capacity, etc." Receiver only. S C H E D U L E 20.—Federal Reserve notes issued and redeemed during the year and comparative statement of outstanding notes December 31, 1921, and December 31, 1920. Denominations Outstanding Dec. 31, 1920 Total Outstanding Redeemed $36,323,880 65,017.820 160,999,140 83.776,000 27.327,100 1,743.000 2,511,000 395,000 600.000 $28,000,000 31,520.000 45,920,000 9,700,000 4,400,000 800.000 1,100,000 $37,769,020 53.879,020 109,870,300 46,027,300 12,231,100 214,500 262.000 5,000 10,000 $26,554,860 42,658,800 97,048.840 47,448,700 19,496,000 2,328,500 3,349,000 390,000 590,000 $378,692,940 $121,440,000 $260,268,240 $239,864,700 Five Hundreds Thousands Total 1921 Issued S C H E D U L E 21.—Total cash receipts and disbursements, main office and branches, year ending December 31, 1921. Receipts Disbursements $326,472,123.82 188,957,496.44 393,663,031.80 $909,092,652.06 Total 25 $325,405,382.23 182,419,577.08 398,707,106.64 $906,532,065.95 SCHEDULE 22.—Currency operations with member and non-member Receipts banks. Payments $69,135,276 47,318,856 62,066,946 48,363.098 50,281,706 53,041.510 46,536,984 43,573,736 43.295.441 43,053,423 43,737.654 53,161,916 $33,304,974 40,654,591 36,649,826 42,097,654 37,074,443 38,889,637 34,938,003 36,516,093 38.232,506 35,048,838 39,405,898 48,938.454 $603,566,546 $461,750,917 January February March April May June JulyAugust September.. October November. _ December... Total S C H E D U L E 23.—Federal Reserve Bank notes issued, redeemed and year ending December 31, 1921. outstanding, Outstanding Dec. 31, 1920 Outstanding Notes Redeemed Dec. 31, 1921 During 1921 $ 8,836,000 1,320,000 900,000 $17,156 000 3,244,000 4,344,000 $ 6,601,930 1 225,370 1,694,000 $23,209,300 Total Notes Issued During 1921 $14,921,930 3,149,370 5,138,000 Denomination $11,056,000 $24,744,000 $9,521,300 Federal Reserve Bank notes to be redeemed for which Treasurer of United 3,678,000 $5,843,300 Bal. outstanding. Net liability.. SCHEDULE 24.—Transit department check exchanges Cleveland Office and Items collection. Amounts 4,315,632 13,913,447 491,072 830,127 19,550,278 $1,392,156,475.40 865,086,876.42 152,193,678.71 77,471,566.74 12,324,717 $2,486,908,597.27 4,924,365 9,748,915 800,323 524,011 $2,891,875,646.06 1,113,256,536.12 442,671,719.39 83,435,842.78 15,997,614 Cincinnati $4,259,155,740.51 2,229,237 9,160,547 227,690 707.243 Total $2,289,012,890.98 1,686,314,631.98 204,249,302.40 79,578,915.15 $4,531,239,744.35 Branch Total.. Pittsburgh Branch Total.. Recapitulation Total number of items handled. Total amount of items handled. 47,872,609 26 $11,277,304,082.13 S C H E D U L E 25.—Combarison of average daily number of items handled 1921, December, 1921. January Pittsburgh Cleveland Cincinnati 60,112 72,520 37,209 44,634 49,619 57.882 12,408 January, 1921 December, 1921 Increase in daily average 7,425 8,263 S C H E D U L E 26.—Volume of checks handled for members and other Federal Reserve Banks by the Federal Reserve Bank of Cleveland and its branches January 1, 1921, to December 31, 1921. Amount Items January February March April May June July August September. . October November. . December... Total H. 080,533 359.08 866,138 884.68 1,129,093 088.69 973,459 420.39 884,470 928.21 985,154 648.34 844,387 746.86 835,060 ,637.82 921,443 744.03 920,677 394.74 859,192 475.47 977,691 753.82 3,673,512 3,328,887 4,511 475 4,041,772 3,704,375 4,142,248 3.821,103 3,850,981 3,973,318 4,212,974 4,061,012 4,550.952 47,872,609 Daily Average Amount Items 146,940 151,320 169,322 155,452 148,579 159,317 152,844 142,629 158,931 168 518 171,617 175,036 $43,221 334.36 39,369 949.29 42,463 254.01 37,440, 746.94 35,378 837.12 37,890, 563.39 33,775, 509.88 30,928 171.76 36,857; 749.76 36,827, 095.79 36,399, 036.98 37.603, 528.99 $448,155,778.27 $11,277,304,082.13 NOTE:—This schedule includes Government checks listed under "checks drawn on Treasurer of die United States." S C H E D U L E 27.—Checks drawn on the Treasurer of the United States, by the Federal Reserve Bank of Cleveland and its branches, January 1921, to December 31, 1921. Items handled 1, Amounts January February March April May June July August September.. October November. . December... 108,420 92,957 205,348 217,303 169.253 221,437 128,490 125,335 204,161 220,557 160.343 207,777 $14,935 295.42 18,062 684.25 27.707 584.26 26,656 298.95 21,137 677.09 23,250 414.53 17,195 915 45 18.539,298.76 19,115 507.86 18,090; 172.20 15.816 583.66 19 978 892.24 Total 2,061.381 $240,486,324.67 27 S C H E D U L E 28.- Number of Subscriptions 1921 1921 1921 1921 1922 1921 1922 1922 1922 1922 1922 1922 1922 1922 1922 1922 Date of Maturity January 15, 1 9 2 1 . . . January 15, 1 9 2 1 . . . February 15. 1921.. March 15, 1921 March 15, 1921 April 15, 1921 May 16, 1921 June 15, 1921 August 1, 1 9 2 1 . . . . August 1, 1921 September 15, 1921. September 15, 1921. November 1, 1921.. November 1, 1921._ December 15, 1921 . December 15, 1921 . April 15. 1921 October 15, 1921 July 15, 1921 September 15, 1921. March 15, 1922 October 15, 1921 . . . February 16, 1922-_ June 15, 1922 August 1, 1922 March 15, 1922 March 15, 1922 September 15, 1922_ April 1, 1922 September 15, 1922. June 15,1922 December 15, 1922. Total. Amount Subscribed Amount Allotted 225 617 475 425 721 429 496 469 377 130 249 393 88 201 122 338 $11,798,000 27.680,500 21,627,500 25,361,000 30,547,500 26,162,000 52,571.000 61,837,000 41,113,500 20,708,000 51,661.500 72,253.000 35,912,000 64,024,500 61,329,000 127,772,500 $ 7,559,000 16,841,000 12,221.000 23,634,000 28,341,000 16,125,000 23,300,000 39,225,000 19,370,000 11,295,000 10,100,000 13,320,000 7,984,000 14,28,0000 10.3030,00 20,700,000 $732,358,500 $274,598,000 United States Treasury Notes, Subscriptions and 1924 1924 subscrip- 5,755 Date of Issue Series E F G TS-2 TM H A TJ B TM2 TM3 TS C TS-2 TJ-2 TD United States Treasury certificates of indebtedness, tions and allotments. 870 523 Allotments $21,175,200 39,320.100 $21,175,200 36,500,000 June 15, 1921. June 15, 1924 September 15, 1921. September 15, 1924. Total 1,393 $60,495,300 $57,675,200 Grand T o t a l . . 7,148 $792,853,800 $332,273,200 S C H E D U L E 29.—Treasury certificates of indebtedness redeemed. Main Office Cincinnati Branch Pittsburgh Branch Total Pieces Amount Pieces Amount Pieces Amount Pieces Amount 2,527 78 6,522 1,177 3,279 6,549 1,811 2.829 7,221 3,512 333 4,820 $10,646,000 206.500 23.375,000 2.452,500 14,100,500 28,075,000 4.534.000 7,121.000 25,495,000 9,064,500 406,500 40,593,000 2,364 138 4,315 979 2.355 3,735 2,131 2,031 4,381 4,109 272 2,939 $5,188,000 162,500 8,296,500 2,102,000 4,863,500 7,641,500 4,322,500 3,844,000 7,689,500 7,187,500 518,000 9,803,500 1,322 9 3,641 706 1,855 3,562 972 1,824 4,154 3,591 255 3.703 $11,522,500 8,500 22,730,000 3,741.500 13,064,500 23,407,500 3,592,000 5,225,000 22,328,500 13,232.500 1.302,000 13.461,500 6.213 225 14,478 2,862 7,489 13,846 4,914 6,684 15,756 11,212 860 11.462 $27,356,500 377,500 54,401,500 8,296,000 32,028,500 59,124,000 12,448,500 16,190,000 55,513,000 29,484,500 2,226,500 63.858,000 Total 40,658 $166,069,500 Spec'l 4% Certific'tes 343,000,000 29,749 $61,619,000 25.594 $133,616,000 96,001 $361,304,500 Jan. Feb. Mar. Apr. May June luly Aug. Sept. Oct. Nov. Dec. Grd. Total 40,658 $509,069,500 343,000.000 29,749 $61,619,000 28 25,594 $133,616,000 96,001 $704,304,500 S C H E D U L E 30.—Redemptions of Treasury savings Maturity Treasury Savings Certificates certificates. Value War Savings Stamps Treasury Savings Stamps Total No. Amount Amount Thrift Stamps No. Amount No. 61 $18,700 1 9,949 153 $ 5 49.745 765 52,745 $13,186.25 10 $10.00 $ 5.00 68,445.00 13,961.25 Totals _ . 61 $18,700 10,103 $50,515 52,745 $13,186.25 10 $10.00 $82,411.25 Series 1919. Series 1920. Series 1921. Amount SCHEDULE No. Amount 31.—Conversions. Permanent Bonds Delivered in Return for Temporary Pieces Received First L. L. 4!4% Permanent Bonds delivered against . - _. 13,879 12,679 $1,223,050 39,872 35,641 3,790,450 48,320 $5,013,500 Permanent Bonds Delivered in Return for Permanent Pieces Received First L. L. 4V4% permanent bonds delivered against Second L. L. 4 %% permanent bonds delivered against Totals (a) Tax Exempt Victory Pieces Delivered 1,334,350 4,357 $1,551,900 Pieces Delivered 4 3 /4% Notes Amount Delivered 3 3/4% 2,054 506 Pieces Received 29 217,550 800 3,557 (fc) Taxable Victory Notes Delivered in Return for Tax Exempt Victory 4 3/4% notes delivered against 3 3A% notes received $ 880 Notes Delivered in Return for Taxable Victory 3 %% notes delivered against 4 %% notes Amount Delivered 3,715 4,595 - Bonds Pieces Received Amount Delivered Pieces Delivered 53,751 Second L. L. 4*4% permanent bonds delivered against temporary 4 % bonds received. Totals Bonds Pieces Delivered 3 3/4% 3,171 Notes 43/4% 3,011 $2,260,350 Amount Delivered $10,187 300 SCHEDULE 32.—Exchanges Amount Delivered Pieces Received Pieces Delivered 87,486 55,163 15,342 18,345 11,047,550 355.362 75,805 82,411,200 2,206,657 8,092 1.678,383 6,849 546,401,000 3.510.750 87 87 6.050 2,736,437 1.890,986 $698,718,850 Registered bonds delivered in exchange for coupon Coupon bonds delivered in exchange for registered Bonds of one denomination delivered in exchange for Permanent bonds delivered in exchange for temporary bonds.. Transfers of registered bonds of various issues Exchange of First loan 3 Vi% coupon bonds for 3 %% Grand totals of conversions and exchanges $36,329,250 SCHEDULE 33.—Treasury Savings Security Sales. Maturity Value Treasury Savings Certificates War Savings Stamps Treasury Savings Stamps Thrift Stamps Pes. Amount Pieces Amount Pieces Amount 174 50 69 74 19 41 31 25 11 11 13 43 $85,650,00 11,300,00 21,300.00 16,250.00 12,625.00 9,650.00 7,600.00 10,600 00 2,900.00 11.000.00 9,400.00 6,100.00 6,117 1,211 717 547 189 355 312 29 179 34 232 74 $30,585,00 6,055,00 3.585.00 2,735.00 945.00 1,775.00 1,560.00 145.00 895.00 170.00 1.160.00 370.00 5,404 1,577 801 1,518 61 $1,351.00 394.25 200.25 379 50 15.25 916 308 20 229.00 77.00 5.00 317 64 79.25 16.00 Total 561 $204,375.00 9,996 $49,980.00 10,986 2,746.50 Total Pieces Amount Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 275 $275.00 50 50.00 325 $325.00 New Issue 1921 Treasury Savings Certificates Dec. Pes. 31 $117,861.00 17,749.25 25,135.25 19,364.50 13,585.25 11,425.00 9,389.00 10,822.00 3,800.00 11.170.00 10,639.25 6,486.00 $257,426.50 Total Amount $7,040.00 $7,040.00 SCHEDULE 34.—Government Coupons redeemed. From Liberty Loan Bonds, Notes and Certificates of Indebtedness Number Amount $3,898,579 2,840.941 2,392,275 9,131.795 30 $28,967,380.10 24,490,371.54 8,662,462.95 $62,120,214.59 S C H E D U L E 35.—Comparative Statement of Employees. Dec. 31. 1921 Bank Audit - . . . Dec 31, 1920 278 177 33 110 264 228 30 117 598 31 202 128 977 Total 639 203 176 969