Full text of Annual Report of the Federal Reserve Bank of Cleveland : 1922 : Eighth Annual Report to the Federal Reserve Board

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ANNUAL REPORT
of the

Federal Reserve Agent
of the

Fourth Federal
Reserve District
to the

Federal Reserve Board

Covering Operations
for the
Calendar Year
1 9 2 2

FEDERAL RESERVE BANK OF CLEVELAND







LETTER OF TRANSMITTAL

January 17, 1923.
SIR: I have the honor to transmit to you herewith the eighth
annual report of the Federal Reserve Bank of Cleveland, covering
operations for the calendar year 1922.
Respectfully,
D. C. WILLS,
Chairman of the Board.
HON. EDMUND PLATT, Vice Governor,
Federal Reserve Board,
Washington, D. C.







DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF CLEVELAND
FOR I 9 2 3

DIRECTORS
CLASS A
R O B E R T W A R D R O P , Pittsburgh, Pa., 1923

O. N . SAMS, Hillsboro, Ohio, 1924
C H E S S LAMBERTON, Franklin, Pa., 1925

CLASS B
THOMAS A. COMBS, Lexington, Ky., 1923

J O H N STAMBAUGH, Youngstown, Ohio, 1924
R. P . W R I G H T , Erie, Pa., 1925

CLASS C
D. C. W I L L S (Chairman), Cleveland, O., 1923
W. W. KNIGHT, Toledo, O., 1924

L. B. WILLIAMS (Deputy Chairman), Cleveland, 0 . , 1925
C. E . SULLIVAN, Member Federal Advisory Council, Cleveland, Ohio
OFFICERS
D. C. W I L L S , Chairman of t h e Board
E . R. FANCHER, Governor.
and Federal Reserve Agent.
M. J. FLEMING, Deputy Governor.
J. C. N E V I N , Secretary and Assistant
F . J. ZURLINDEN, Deputy Governor.
Federal Reserve Agent.
H. G. DAVIS, Cashier.
G. A. STEPHENSON, Manager, Depart- W. F . TAYLOR, Assistant Cashier.
ment of Bank Relations.
H . F . STRATER, Assistant Cashier.
W. H . FLETCHER, Manager, DepartC. W. ARNOLD, Assistant Cashier.
ment of Examination.
G. H . WAGNER, Assistant Cashier.
B. V. CHAPPEL, Assistant Secretary.
D . B. CLOUSER, Assistant Cashier.
F . V. GRAYSON, Auditor.
C. L. BICKFORD, Assistant Cashier.
CINCINNATI BRANCH
DIRECTORS
G. D . CRABBS, Cincinnati, Ohio.
CHARLES A. HINSCH, Cincinnati, Ohio.
JUDSON HARMON, Cincinnati, Ohio.
T . J . DAVIS, Cincinnati, Ohio.
L. W. MANNING, Cincinnati, Ohio.
OFFICERS
L. W. MANNING, Manager.
J. P. H. BREWSTER, Assistant Cashier.
B. J. LAZAR, Cashier.
H . N . O T T , Assistant Cashier.
P. J. FAULKNER, Assistant Federal Reserve Agent.
PITTSBURGH BRANCH
DIRECTORS
C H A R L E S W. B R O W N , P i t t s b u r g h , P a .

R. B. M E L L O N , Pittsburgh, Pa.

J. D . CALLERY, Pittsburgh, P a .
J. R. M C C U N E , Pittsburgh, Pa.
G E O . D E C A M P , Pittsburgh, Pa.

OFFICERS
G E O . D E C A M P , Manager.
P . A. BROWN, Assistant Cashier.
T. C. GRIGGS, Cashier.
F . E. COBUN, Assistant Cashier.
T . M . JONES, Assistant Federal Reserve Agent.
COUNSEL
S Q U I R E , SANDERS and DEMPSEY, Cleveland.







'

EIGHTH ANNUAL REPORT OF
FEDERAL RESERVE BANK OF CLEVELAND
RESULTS OF OPERATION

T h a t still further progress in the readjustment of banking and
business to meet the change in economic conditions had been made
in 1922 is evidenced by figures covering the operations of the
Discount Department of the Federal Reserve Bank of Cleveland
for t h a t period. An additional reflection of this accomplishment
may also be found in the condition of member banks in this
District, to which reference is made elsewhere in this report.
Loans and discounts to member banks were more than 50 per
cent less than in 1921, although the number of approved applications was 25 per cent less. The number of borrowing banks
increased from 509 in 1921 to 540 in 1922. It is interesting to
note t h a t all of our 105 state bank members were borrowing at
some time in the year.
All classes of rediscounts show smaller totals than in 1921, the
percentual decline being least in agricultural and live-stock paper.
During the year 1922 no paper of other Federal Reserve banks
was rediscounted at the Federal Reserve Bank of Cleveland.
Daily average earning assets were $120,473,495, compared
with an average of $171,675,075 in 1921, a decline of about 30
per cent. The average rate of earnings in 1922 was 4.099 per
cent, compared with 5.395 per cent the preceding year.
Net earnings for the year amounted to $2,533,016.02. Of this
sum dividends paid to stockholding member banks amounted to
$692,436.27; reserves for depreciation, etc., totaled $264,327.96;
the surplus fund was enlarged in the sum of $861,263.90, and the
balance, $714,987.89, was transferred to the Government as
franchise tax in accordance with the provisions of the Federal
Reserve Act.
Schedules 4 to 15 cover in detail operations of the Discount
I )PT"}?1 r*t"TTlPT"lt"

MOVEMENT OF MEMBERSHIP

Three state banks, having total resources at time of admission
of $13,597,412, were admitted to membership during the year
1922.
Four national banks were admitted during the period under
review, three being newly organized banks, while the fourth
was organized to succeed an institution whose charter had expired.
Nine national banks liquidated in the Fourth Federal Reserve
District, seven being merged with other institutions, one surrendering its national charter to operate as a state bank, and the
other being succeeded by a new organization.




7

One small state bank withdrew from membership in the System.
The net result was a loss for the year of three banks, the
number of members at the end of the year being 881. The total
paid-in capital of the bank on December 31, 1922, was $11,708,050.
The changes in membership throughout the year are given in
detail in Schedules 16 and 17.
RELATIONS WITH MEMBER BANKS

A cordial and friendly relation with our member banks has been
increased and extended by frequent personal contacts through
the department of bank relations. During the past year 1,680
calls were made upon members, and 86 upon non-members on
matters of interest. Eighteen group meetings and four state
conventions were also attended by representatives of this department.
BANK EXAMINATIONS

The Examination Department of the Federal Reserve Bank of
Cleveland has continued to act in complete harmony with the
various state banking departments and the office of the Comptroller of the Currency.
There has been no change in the staff of this department, except
t h a t one assistant examiner has been commissioned as an
examiner.
Eighty-six examinations of member banks were conducted
during the year, the total resources of these banks at time of
examination being in excess of one billion dollars. Three examinations of state banks were made in connection with applications for membership in the System.
In Schedule 18 may be found a detailed statement of the various
examinations conducted during the year.
FEDERAL RESERVE NOTES

There has been a marked contrast in the movement and circulation of Federal Reserve Notes as compared with the year 1921.
Reported circulation as of December 31,1921, stood at $214,775,185
and a sharp decline in amount followed until February 4, when
the low point of the year, $191,130,100, was reached. The
movement for the balance of the year was slightly upward, with
a sharp upturn in December.
During the current year the Federal Reserve Agent received
$175,300,000 from the Comptroller of the Currency and there was
issued and reissued to the bank $191,045,000. The Federal
Reserve Agent redeemed $11,785,000 during the year and there
was $144,224,150 returned to the Treasurer of the United States
for redemption and delivery to the Comptroller for destruction.
The record of interdistrict movement of notes indicates that
$85,807,345 in fit and unfit notes was returned to the bank for
use or to Washington for redemption by other Federal Reserve
banks, while $75,243,500 in fit and unfit notes issued by other
banks was returned to them or to Washington for redemption;




8

the bulk of these operations in each direction affecting the Federal
Reserve Banks of New York and Chicago.
Except for a sharp rise in the amount of notes issued in December, the outstanding feature of circulation has been the complete
freedom from any spectacular rise or fall. The balance outstanding as of December 31, 1922 ($274,900,550), while a little higher
than a year ago, may be said to reflect an unusual demand for
currency for seasonal buying and a decline in this figure may
be expected during the early months of 1923.
FEDERAL RESERVE BANK NOTES
The necessity for bank note circulation in the small denominations (l's—2's—5's) has passed, by reason of the introduction of
United States issues in larger volume during the year.
The
reverse operation of the Pittman Act (buying silver and coining dollars) has provided a basis for enlarged issues of silver
certificates, and a larger portion of the fixed amount of Legal
Tender Notes is now issued in smaller denominations.
A year ago the liability of this bank for Federal Reserve Bank
notes outstanding stood at $5,843,000, secured by deposit with
the Treasurer of the United States of $8,040,000 special Certificates of Indebtedness. During the year all of these certificates
have been redeemed by the Treasury Department, which has
assumed liability for the negligible amount of these notes still
outstanding on December 31.
OPERATIONS OF BRANCHES
There has been no change in the scope of the functions of the
branches at Cincinnati and Pittsburgh, both of which have continued to render full and complete service in the respective
territories allotted to them.
NEW BANK BUILDING
During the past year work on our new building has progressed
quite satisfactorily considering the many strikes and labor
difficulties t h a t have arisen. It is estimated at this time t h a t the
building will be ready for occupancy on or about May 1, 1923.
As a result of the bank operating in one building instead of six,
as at present, and with the splendid working quarters and strong
vaults t h a t have been installed, member banks may be assured of
additional and better service than we are now able to render
because of our congested working quarters and inadequate vault
facilities.
CLEARING AND CHECK COLLECTION DEPARTMENT
The number of checks handled by the Federal Reserve Bank of
Cleveland during the year 1922 exceeds by more than nine
million the number handled in any previous year, although the
amount involved is considerably less than that of 1920. This
phenomenon is probably explained by the difference in the prices
of commodities, a reduction in the volume of income tax payments, and a smaller volume of dealings in government securities.




Q

During the year 1922 a total of 57,292,868 items was handled,
of which 53,251,136 were payable in this District, 1,840,571 were
forwarded to other Federal Reserve banks and their branches,
(including items forwarded direct to drawee banks in other
districts), and 2,201,161 were drawn on the Treasurer of the
United States. The daily average number of items handled
throughout the year was 189,267.
On October 16 a new high record was established when this
bank and its branches handled 333,372 items.
Schedule 23 gives in detail the operations of this department.
COLLECTION DEPARTMENT

The year 1922 was another of increased activity in the Collection Department. The volume of items handled showed an
average monthly increase of 22 per cent over 1921. Items were
handled in the amount of $405,362,426.39, consisting of 349,551
actual collections.
In accordance with recent recommendations, the Federal
Reserve Bank of Cleveland has authorized its member banks to
forward their non-cash items direct to the Federal Reserve
banks of districts in which they are payable. So far, however,
only about 10 per cent of our member banks have availed themselves of this privilege, and these banks for the most part have
confined their operations to sending direct only such items as
are payable in cities in which Federal Reserve banks or branches
are located.
Ninety and seven-tenths per cent of collection items handled
originated in this District. Twenty-three and eight-tenths per
cent of all collections handled were local collections—i. e., payable
in the cities of Cleveland, Cincinnati, or Pittsburgh.
The percentage of collections returned unpaid during 1922 was
1.06 per cent less than in 1921. Approximately 85 per cent
of the total number handled were paid, with 14 per cent unpaid, about 72 per cent being paid without deduction.
FISCAL AGENCY OPERATIONS

The great increase in the volume of work handled by the
Fiscal Agency department during the last two months of the year
was occasioned by the redemption of the called Victory Notes and
the 1918 series of War-Savings Stamps. Figures showing the
number and amount of War-Savings Stamps received during
November and December for exchange or redemption as of
January 1, 1923, are not included in the totals for the year but
are given separately in Schedule 29. Schedule 30 gives in detail
the redemption of the called Victory Notes.
Thirteen issues of United States securities were offered for
subscription during the year. The total subscriptions to these
issues amounted to $717,842,300, which was nearly 100 per cent
in excess of the amount allotted, $373,921,700.




10

There was a marked decline during the year in the number
and amount of conversions as well as in the number and amount
of all classes of exchanges. There was a marked increase, however, in the amount of Treasury Savings Securities issued. The
redemption of Government coupons remained on about the same
level as last year.
Detailed statements of the operation of the various Fiscal
Agency departments appear in Schedules 27 to 34.
PERSONNEL

There has been no change in the directorate of this bank since
our last report. In the 1922 election Messrs. Chess Lamberton
(Class A) and R. P. Wright (Class B) were reelected.
But one change occurred in the directorates at our branches,
Mr. T. J. Davis succeeding Mr. W. S. Rowe as a director at the
Cincinnati Branch. Mr. Rowe was not a candidate for reappointment.
There have been no changes in the official staff.
During the first eleven months of the year there had been
a steady reduction in force, until on December 1 there were
about 50 less people on our payroll than at the first of the year.
During the month of December, by reason of the tremendous
amount of work incident to the redemption of called Victory
Notes and 1918 series of War-Savings Stamps, it was necessary
to make substantial temporary additions to the force until these
operations are disposed of.
A comparative statement of the number of bank employees on
December 31, 1921, and December 31, 1922, is appended as
Schedule 35.
GENERAL BUSINESS AND FINANCIAL CONDITIONS

While the value of earning assets held by the Federal Reserve
Bank of Cleveland at the close of the year shows but a small
loss from the amount held at the close of the previous year,
there is a distinct change in the character of assets held. Bills
discounted have declined from approximately 115 million to 38
million. Bills purchased have increased from 5 million to 51
million, and holdings of government securities (other than Treasury certificates to secure bank note circulation) have increased
from 53^2 to nearly 26 million.
The year has been marked by a plentiful supply of money and
credit, relatively low interest rates, and substantial increases both
in demand and time deposits in member banks. On the basis of
figures furnished by 84 reporting member banks in this District,
loans and discounts have increased 9.8 per cent and deposits
have increased 19.4 per cent.
The year closed with interest rates firm and plenty of credit
available for legitimate business.




11

The revival in commercial and industrial activity which was
noticeable in the early months of the year gained momentum
as the year progressed, and by the end of December a quite substantial recovery had been effected.
In some lines of industry new production records were established. This is true especially of the automobile and rubber tire
industries. The iron and steel industry is continuing to expand
and is working in this District from 75 to 85 per cent of normal
capacity. Coal production, which was curtailed sharply as a
result of the coal strike and later affected to a greater or less
degree by the strike of the railway shopmen, has been resumed
vigorously, and while stocks generally, either in the hands of the
dealers or the public, are not as large as usual at this time of
year, the fuel shortage is more apparent than real.
Mercantile concerns generally report a satisfactory volume of
business, with heavy holiday buying. While there is no evidence
of the extravagant purchasing of 1919, there is a noticeable
demand for the better grades of goods.
Agricultural yields for the most part were up to average, and
the rather sharp advance in the price of farm products during the
past few months has resulted in a considerable increase in the
purchasing power of the farmer.




FEDERAL RESERVE BANK OF CLEVELAND
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

iiiiiiiiiusKiiniiiHiiiiiiiitiisM
1920




1921

1922

SCHEDULE 1. Movement of Principal Assets and Liabilities During 1922
FEDERAL RESERVE BANK OF CLEVELAND
(Amounts in Thousands of Dollars)
Bills discounted for member banks

Date

Total
Earning
Assets

Total

Bills secured
by U. S.
Government
Obligations

Other bills
discounted

Bills
bought
in Open
Market

United
States
Securities

Total
Cash
Reserves

Member
Banks
Reserve
Deposits

Total
Deposits

Federal
Reserve
Notes in
Circulation

Reserve
Percentages

1

2

3

4

5

6

7

8

9

10

11

134,638
136,312
132,954
134,538

212,472
206,712
198,948
195,471

69.9
70.5
74.6
78.7

(2+5+6)

'

January

4
11
18
25

132,008
126,945
109,495
97,462

112,825
107,943
90,387
79,460

44,138
41,947
36,946
32,761

68,687
65,996
53,441
46,699

5,370
4,930
5,036
3,930

13,813
14,072
14,072
14,072

242,537
241,835
247,566
259,751

131,625
134,836
127,763
129,081

February

1
8
15
21

102,588
107,431
103,606
99,851

75,869
77,115
73,380
64,874

31,504
30,492
29,411
25,834

44,365
46,623
43,969
39,040

3,275
2,415
2,310
2,535

23,444
27,901
27,916
32,442

258,630
258,743
269,856
258,232

134,800
136,131
144,554
130,632

141,015
143,609
152,245
132,874

192,826
192,920
192,625
193,598

77.5
76.9
78.2
79.1

March

1
8
15
22
29

108,186
104,824
110,071
97,216
101,998

66,308
59,286
52,402
51,968
55,001

25,344
20,990
21,232
19,517
24,023

40,964
38,296
31,170
32,451
30,978

3,267
3,980
3,071
2,427
3,135

38,611
41,558
54,598
42,821
43,862

254,758
255,670
265,710
263,966
266,336

134,797
131,111
148,400
130,926
136,180

138,129
132,388
150,955
136,695
141,179

195,931
196,839
195,727
195,696
197,788

76.3
77.7
76.6
79.4
78.6

April

5
12
19
26

111,196
113,328
115,014
103,325

60,365
60,789
61,199
49,540

22,955
23,485
24,331
19,101

37,410
37,304
36,868
30,439

3,243
2,826
2,102
2,032

47,588
49,713
51,713
51,753

261,768
255,375
253,663
263,251

141,303
133,547
139,689
134,223

146,473
135,616
142,232
137,528

197,566
204,064
200,589
200,344

76.1
75.2
74.0
77.9

May

3
10
17
24
31

107,051
116,641
121,645
131,817
131,194

41,87650,099
47,925
50,110
49,405

17,558
24,368
25,456
28,527
29,488

24,318
25,731
22,469
21,583
19,917

3,324
3,144
8,262
9,747
9,278

61,851
63,398
65,458
71,960
72,511

257,111
255,004
243,335
237,041
244,622

135,041
140,003
141,419
138,061
140,833

137,917
142,906
144,467
144,230
145,867

199,048
199,346
195,595
196,869
198,627

76.3
74.5.
71.6
69.5
71.0




7
14
21
28

132,427
131.548
128,538
128,851

43,766
40,834
42,091
36,950

24,599
22,002
22,922
23,640

19,167
18,832
19,169
13,310

13,136
14,549
14,446
16,200

75,525
76,165
72,001
75,701

234,944
240,154
235,900
240,822

140,542
141,053
141,485
140,261

142,912
148,865
143,153
144,843

197,302
198,057
195,532
197,279

69.1
69.2
69.7
70.4

t5

133,281
127,983
127,607
123,053

41,392
34,657
35,953
24,967

23,795
15,339
22,400
14,828

17,597
19,318
13,553
10,139

16,062
16,988
15,316
21,738

75,827
76,338
76,338
76,348

239,644
242,546
242,843
247,054

144,205
143,122
148,117
145,440

145,906
145,334
151,009
148,860

200,004
201,269
195,387
195,555

69.3
70.0
70.1
71.7

16
23
30

122,953
124,060
125,876
124,095
129,106

28,910
28,909
30,066
25,982
26,566

18,401
18,508
21,861
16,152
15,135

10,509
10,401
8,205
9,830
11,431

26,115
26,521
27,655
27,898
30,825

67,928
68,630
68,155
70,215
71,715

248,363
247,114
246,034
243,618
252,632

149,277
142,987
146,547
140,012
149,547

152,110
145,591
149,553
142,966
154,276

194,025
198,680
197,278
199,753
201,943

71.8
71.8
70.9
71.1
70.9

September

6
13
20
27

128,971
132,807
127,164
130,079

27,847
28,093
32,794
32,519

15,033
19,105
21,049
20,333

11,914
8,988
11,745
12,186

29,826
33,412
34,215
37,862

71,298
71,302
60,155
59,698

256,008
253,163
256,896
268,815

149,325
147,912
147,460
152,520

153,669
1 51,462
152,236
155,071

205,256
212,564
209,383
218,691

71.3
69.5
71.0
71.9

October

4
11
18
25

123,442
132,752
127,629
121,026

26,391
36,079
42,384
37,429

14,694
21,693
24,240
21,599

11,697
14,386
18,144
15,830

37,091
36,962
35,864
34,581

59,960
59,711
49,381
49,016

265,526
268,650
265,046
275,979

146,180
147,265
151,350
145,434

149,259
149,996
154,299
147,954

215,999
226,320
222,289
225,111

72.7
71.4
70.4
74.0

November

1
8
15
22
29

120,271
131,125
131,382
120,167
135,582

42,899
53,797
48,051
42,550
54,606

23,406
33,257
29,106
22,878
34,376

19,493
20,540
18,945
19,672
20,230

33,821
39,111
45,825
50,415
54,291

43,551
38,217
37,506
27,202
26,685

277,460
273,707
269,158
272,792
273,481

149,357
148,202
149,786
140,208
149,579

151,978
149,173
152,282
143,540
1 52,949

222,537
227,931
229,100
227,572
234,214

74.1
72.6
70.6
73.5
70.6

December

6
13
20
27

134,037
141,903
140,028
136,206

47,137
53,616
50,830
50,681

24,792
31,241
28,459
28,147

22,345
22,375
22,371
22,534

60,181
61,568
58,975
53,302

26,719
26,719
30,223
32,223

272,892
268,726
273,148
290,876

148,260
145,161
141,804
151,807

150,764
148,792
144,221
153,473

234,555
241,974
252,370
257,372

70.8
68.8
68.9
70.8

June

July

19
26
August

2




S C H E D U L E 2.—Statement of condition of the Federal Reserve Bank of Cleveland,
December 31, 1921 and December 31, 1922.
RESOURCES
Reserves:
Gold settlement fund—Federal Reserve board
Gold redemption fund—Federal Reserve notes

Legal tender notes and silver coin and certificates. . .

Earning Assets:

Dec. 30, 1922

Dec. 31, 1921

$ 13,483,813.97
71,888,545.76
193,303,005.00
5,924,518.86

$ 12,241,185.00
41,454,889.78
177,327,155.00
5,106,763.74

$284,599,883.59

$236,129,993.52

7,391,401.30

7,156,461.30

$291,991,284.89

$243,286,454.82

19,384,992.29
19,156,400.00
51,007,018.19

71,573,560.71
43,020,295.00
5,377,834.29

U. S. Government securities:
13,841,500.00
10,979,100.00
45,200.00
458,400.00

Other Treasury certificates of indebtedness

Other U. S. bonds

Less unearned discount and depreciation reserve U. S.
Add interest accrued and premium paid on U. S.

Non-Reserve Cash:
National bank notes and notes of other Federal

Miscellaneous Assets:

414,800.66

458,400.00
4,455,050.00
431,000.00

$115,287,410.48

$133,653,640.00

336,722.96

430,537.93

420,478.83

99,431.30

$115,371,166.35

$133,322,533.37

4,885,591.00
501,203.27

4,750,660.00
3,329,754.00
793,537.00

$5,386,794.27
60,788,356.96

$8,873,951.00
46,192,481.06

5,292,307.88
1,869,381.97
120,152.27

2,104,000.80
1,847,738.38
3,918.07
539,400.00

393.97
34,727.92
1.585.82
19,667.54
500.00

LIABILITIES

Total
Deposits:

Total
Other Liabilities:

Total liabilities




16

8 040,000 00
285,500.00
12,000.00

7,147.55
17.28
8,504.31

$7,338,717.37
$480,876,319.84

$4,510,726.39
$436,186,146.64

$242,565,230.00

$214,775,185.00
5.797,071.00

$242,565,230.00

$220,572,256.00

545.427.79
144.487,080.91
82,000.00
905,029.65
717,750.45
146,737,288.80
55,801,403.76

6,274,521.65
130,933,385.81
656,000.00
127,098.45
137,991,005.91
43,519,674.79

$202,538,692.56

$181,510,680.70

11,708,050.00
23,495,543.09
568,804.19

11,134,100.00
22,634,279.19
334,830.75

$480,876,319.84

$436,186,146.64

S C H E D U L E 3.—Statement of profit and loss account.
January

1, 1922, to December 30, 1922.

EARNINGS
Discount on bills discounted—members
Discount on rediscounts for other Federal Reserve

$2,247,666.62
743,759.06
1,946,914.79
17,494.26
4,749.46
27,222.96
5,370.59
1,104.40

Discount on bills purchased
Profit on United States securities

Service charges—collection department
Total

$4,994,282.14

CURRENT E X P E N S E S

$1,707,346.47
321,691.80
432,227.85

Total

$2,461,266.12

CURRENT N E T EARNINGS

48,889.04
313,217.00

Deductions from current net earnings

$264,327.96

Net deductions from current net earnings....
N E T EARNINGS AVAILABLE FOR DIVIDENDS,
SURPLUS AND FRANCHISE TAX
Dividends paid (No. 12 on June 30, No. 13 on Dec. 30.)
Carried to surplus fund

$2,533,016.02

$692,436.27
861,263.90
714,987.89

$2,268,688.06

$2,268,688.06

Total

S C H E D U L E 4.—Daily average earning assets.

Bills discounted—members and other Federals
Acceptances bought and acquired from Federals
Totals




17

1922

1921

$48,409,783.82
21,376,093.09
50,687,618.08

$137,468,147.88
12,490,960.33
21,715,966.58

$120,473,494.99

$171,675,074.79

S C H E D U L E 5.—Earnings on loans, discounts and investments
(including rediscounts for other Federal Reserve banks).
1922

Bills discounted—members (including rediscounts for
other Federal Reserve banks)
Acceptances bought and acquired
U. S. bonds, notes and certificates
Total
OTHER EARNINGS
Profits realized on U. S. securities
Penalties on deficient reserves
Transfers
Sundry profits

$2,247,666.62
743,759.06

1.946,914.79

^,041,788.08
737,532.38
479,840.12

$4,938,340.47

.259,160.58

$17,494.26
27,222.96
4 749.46
6,474.99

$55,941.67
$4,994,282.14
2,461,266.12
2,533,016.02
11.542,457.00
43.25
21.94
7.44

Total other earnings
Grand total gross earnings
Total expenses
Net earnings
Capital account (average)
Rate gross earnings to capital
Rate net earnings to capital
Rate net earnings to capital and surplus

1921

$4,540.98
57.017.35
61,672.82
8,470.96

$131,702.11
$9,390,862.69

2,956,801.44
6,434,061.25
11,004.569.00
85.34
58.47
19.90

S C H E D U L E 6.—Comparison of various classes of rediscounts and loans,
and 1921.

1922

(Amounts in thousands of dollars)

Discounted paper secured by U. S. Government obliga-

All other
Totals

1922

1921

1,083,488
700
13,881
4,450
420,827

2,225,602
17,264
26,119
5,734
944,114

1,523,346

3,218,833

S C H E D U L E 7.— United States Government securities
1922
$54,000,000.00
68,000.000.00
14,130,500.00
8,099,000.00
9,558,500.00
11,884,500.00
5.000.00
6,925,000.00
10,321.500.00
5,000.00
5,023.800.00
557,000.00
114,800.00
2,325,000.00
6,194,500.00
721,500.00
15,954.550.00

3 3A% Victory L. L. notes
4Vi% Fourth L. L. bonds
4Vi% Treasury bonds 1947-52




45.200.00
$213,865,350.00

18

purchased.
1921

$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
4,444,800.00
56,000.00
$348,877,700.00

S C H E D U L E 8.—Rediscounts for other Federal Reserve banks.
\911

1921

$194 502 479 50

S C H E D U L E 9.- -Acceptances

purchased in open market and acquired from other
Federal Reserve banks.
1922
$115,821,961.21
31,696,950.85
1,365,000.00

Bankers' Acceptances—Dollar exchange

129,630.07
$149,013,542.13

SCHEDULE

Totals

11.—Comparison of rediscounts

Customers' paper secured by U. S. securities
Direct loans secured by commercial paper
Direct loans secured by U. S. securities

SCHEDULE




$73 749 630 77
35 274 021 51
4,768,794.13
166 171 06
79 801 25
$114,038 418.72

10.—Loans and rediscounts to member banks by states.

Kentucky banks.. . .
Ohio banks
Pennsylvania banks.
West Virginia banks

SCHEDULE

1921

1922

1921

$41,563,883.43
669,973,695.99
796,315,267.07
15,492,875.00

$43,210,037.50
1,215,924,065.12
1,923,178,866.52
36,519,711.16

$1,523,345,721.49

$3,218,832,680.30

and loans to state bank
1922

1921

$194,034,582.00
1,742,728.00
251,500.00
387,302,770.00

$581,207,324.00
9,467,099.00
354,300.00
1,196,777,739.00

$583,331,580.00

$1,787,806,462.00

12.—Approved applications for loans and

19

members.

rediscounts.

1922

1921

829
7,43 5
4,520
355

1,064
10,107
5,707
585

13,139

17,463

S C H E D U L E 13.—Banks accommodated.

Kentucky
Ohio
Pennsylvania.
West Virginia
Totals.
Of the above, 105 were State bank members, distributed as follows:
1922
1921
Kentucky
4
6
Ohio
79
74
Pennsylvania
18
17
West Virginia
4
3
Totals

105

100

S C H E D U L E 14.—Daily average earning assets by months.
1921
January
February
March
April
May
June
July
August
September
October
November
December
Daily average

5114,923 243.16
102,811 713.21
105,138 513.89
109,956 085.12
119,616; 412.00
127,636, 038.43
124,464, 088.35
123,926, 368.94
125,910, 841.99
123,638 842.77
126,908, 505.10
139,316, 839.95

$227, 578,471.71
201, 376,595.53
186, 339,614.77
187, 062,190.11
176, 327,37627
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

$120,473,494.99

$171,675,074.79

Total earnings by months.
1921
January
February....
March
April
May
June
July
August
September...
October
November...
December.. .

$467,893.90
368,422.95
385,839.58
387,565.76
415,545.94
418,598.14
419,091.41
411,469.39
395,183.92
399,219.62
435,809.81
489,641.72

51,131,401.61
871,658.38
887,690.48
861,803.63
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

$4,994,282.14

$9,390,862.69




20

S C H E D U L E 15 .—Average rate of earnings by months.

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

SCHEDULE
Date of
Admission

April
April

8
11

16.—State banks admitted during

Name of Bank

Date of
Admission
May
May
May
Aug.

4
13
19
10

banks admitted during

First National Bank in Conneautville Conneautville, Pa
Old National Bank
Wallins Creek, Ky

Name of Bank

1922.
Shares
Subscribed

585
40
336

Shares
Subscribed

36
50
18
60

membership.

Location

27




5.395%

1922.

Location

Withdrawn from

Sept.

4.099%

Cleveland, Ohio
Sylvania, Ohio

Name of Bank

Date of
Admission

1921
5.75%
5.56%
5.52%
5.53%
5.46%
5.45%
5.49%
5.33%
5.18%
5.16%
5.02%
4.84%

Location

State Banking & Trust Co
Farmers & Merchants Bank Co

New National

1922
4.74%
4.63%
4.29%
4.26%
4.06%
3.95%
3.94%
3.78%
3.78%
3.83%
4.06%
4.09%

Shares
Surrendered

25
21

S C H E D U L E 17.—Member banks liquidated or consolidated during

1922.
Shares
Surrendered

Disposition

Name of Bank

Location

Alliance National Bank
First National Bank
Dollar Savings Bank & Trust
Co
City National Bank
National Bank of Delphos

Alliance, Ohio.. .
Alliance, Ohio.. .

1 Merged to form the Alliance First
J National Bank

180
120

Bellaire, Ohio. . .
Canton, Ohio. . .
Delphos, Ohio...

135
300

Buckeye National Bank

Findlay, Ohio. . .

Farmers Bank Co

Pandora, Ohio. .
Ravenna, Ohio. .

Merged with First National Bank .
Merged with Geo. D. Harter Bank
Succeeded by Old National Bank
of Delphos
Merged with Buckeye Commercial
Savings Bank
Merged with First National Bank.
Succeeded by First Savings Bank &
Trust Co
Merged with Commercial Banking
& Trust Co

Farmers & Producers National Sistersville.W. Va \ Merged to form the Union National
Sistersville.W. Va f Bank
Bank
Peoples National Bank

00
69

Ravenna National Bank
Commercial National Bank. . . .

Sandusky, Ohio.

72

129
21
60
180

Changes in title.
Phoenix & Third National Bank, Lexington, Kentucky, changed to Phoenix National
Bank & Trust Co.
Madison National Bank, Richmond, Kentucky, changed to Madison National Bank & Trust Co.
Merchants National Bank, Dayton, Ohio, changed to Merchants National Bank & Trust Co.
Lebanon National Bank, Lebanon, Ohio, changed to Lebanon National Bank & Trust Co.
National Bank of Logan, Logan, Ohio, changed to First National Bank in Logan.
New Knox National Bank, Mt. Vernon, Ohio,changed to Knox National Bank in Mt. Vernon.
National Exchange Bank, Steubenville, Ohio, changed to National Exchange Bank & Trust Co.
Clinton County National Bank, Wilmington, Ohio, changed to Clinton County National
Bank & Trust Co.
First National Bank, Wilson, Pennsylvania, changed to First National Bank of Clairton,
Wilson, Pennsylvania.

S C H E D U L E 18.—Statement of examinations

and special credit

investigations.
Total Resources
at time of
examination

Examinations of State bank members in cooperation with State
examiners
Independent examinations of State bank members
Independent examinations of National banks
Examinations of National banks in cooperation with National bank
examiners
Special credit investigations of National banks
Special credit investigations of State bank members
Independent examinations of State banks incident to applications for
membership

1,992,000.00
8,935,000.00
2,384,000.00
12,888,000.00
$1,076,596,000.00

Totals




$1,024,647,000.00
25,278,000.00
472,000.00

22

S C H E D U L E 19.—Banks granted fiduciary powers during 1922—District
City

Name of Bank

Third National Exchange Bank
Clinton County National Bank

No. 4.

State

Athens
Butler

Ohio.
Pennsylvania.
Ohio.

Marietta
Monessen
Richmond
St. Clairsville
Sandusky
Springfield
Warren
Wilmington

Ohio.
Pennsylvania.
Ohio.
Kentucky.
Ohio.
Ohio.
Ohio.
Ohio.
Ohio.

Kentucky banks authorized to act as:
Trustee
Executor
Administrator
Registrar of stocks and bonds
Ohio banks authorized to act as:
Trustee
Executor
Administrator
Assignee
Guardian
Receiver

Guardian of estates
Receiver
Committee of estates of lunatics
''Or in any other fiduciary capacity, etc."
Trustee under any mortgage to secure bonds,
etc.
Agent or trustee for the purpose of registering,
countersigning or transferring certificates
of stock, bonds, or other evidence of
indebtedness, etc.
"Or in any other fiduciary capacity, etc."

Pennsylvania banks authorized to act as:
Trustee
Executor
Administrator
Registrar of stocks and bonds
Guardian of estates

Assignee
Receiver
Committee of estates of lunatics
"Or in any other fiduciary capacity, etc."

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, 1922, and
December 31, 1921.
1922
Denominations

Outstanding
Dec. 31, 1921

Issued

Redeemed

Outstanding
Dec. 31, 1922

$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

$37,785,000
41,100,000
73,460,000
32,100,000
5,300,000
400,000
900,000

$28,503,270
31,856,730
59,586,400
26,384,050
7,679,700
593,000
1,071,000
205,000
130,000

$35,836,590
51,902,070
110,922,440
53,164,650
17,116,300
2,13 5,500
3,178,000
185,000
460,000

$239,864,700

$191,045,000

$156,009,150

$274,900,550

Hundreds
Five Hundreds. . ..

S C H E D U L E 21.—Total cash receipts and disbursements, from all sources,
office and branches, for the year ending December 30, 1922.
Receipts

Pittsburgh




23

main

Disbursements

$339,956,009.15
162,785,386.19
393,670,124.06

$340 442 410 96
164 909 920 32
385 250 076 31

$896,411,519.40

$890,602,407.59

S C H E D U L E 22.—Currency

operations

with

member

and

non-member

Receipts

banks.

Disbursements

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

$55,966,299
35,275.876
39,181,731
39,237,934
42,982,197
44,674,771
41,068,575
39,862,909
38,403,412
50,627.639
53,151.894
68.892,537

$23,325,240
35,623,244
37,226.727
40,007,584
36,097,423
40,792,192
37,428,944
46,880,964
56,264,916
53,787,157
60,303,387
74,227,717

Totals

$549,325,774

$541,965,495

S C H E D U L E 23.—Transit

department check clearings
Cleveland Office

and

collections.

Items

Cincinnati

On
On
On
On

7,757,256
16,277.723
562,139
841,063

$2,805,535,300.15
1,825,252,841.70
71,041,651.77
73,176,703.60

25,438,181

$4,775,006,497.22

342,744

76,089,500.08

2,458,827
10,004,430
275,665
785,726

$1,426,716,279.61
917,194.178.81
89,319,767.60
82,582,197.04

13,524,648

$2,515,812,423.06

160,188

$45,410,309.48

10,645,218
1,002,767
574,372

6,107,682

$2,790,355,220.24
1,146,310,779.28
458,579,790.64
59,407,623.62

18,330,039

$4,454,653,413.78

347,299

$89,450,307.32

Branch

On other banks in District No 4

Pittsburgh

Amounts

Branch

Pittsburgh banks
other banks in District No. 4
banks in other districts
Treasurer of United States
Totals

Items sent to Main Office and Cincinnati Branch
Recapitulation
Total number of items handled
Total amount of items handled
Items and amounts handled by both parent bank and branches
and not duplicated in above figures




24

57,292,868
511,745,472,334.06
850,231

$210,950,116.88

S C H E D U L E 24.—Comparison of average daily number of items handled
1922, and December, 1922.

January,

Cleveland

Cincinnati

Pittsburgh

67,419
98,340

41,546
50,019

55,950
70,702

30,921

8.473

14,752

S C H E D U L E 25.—Volume of checks handled for members and other Federal Reserve
banks by the Federal Reserve Bank of Cleveland and its branches,
January 1, 1922, to December 31, 1922.
Dai y Average

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

Items

Amounts

Items

4,122,885
3,724,044
4,731,751
4,529,390
4,866,275
5,079,690
4,757,552
4,770,187
4,851.680
5,344,192
5,038,702
5,476,520

$826,547,221.06
759,269,056.17
946,049,831.28
905,708 657.35
948,494,697.26
1,001,305,286.93
978,986,899.37
982,866,582.43
1,040,443,005.04
1,134,533,352.75
1,069,430,751.68
1,151,836,992.74

57,292,868

$11,745,472,334.06

164.915
164,386
175,250
183,593
187,164
195,373
190,302
176,673
194,067
213,768
207,121
219,061

Amounts

$33,061,888.83
33,576,795.94
3 5,038,882.64
36,798,906.94
36,480,565.27
38,511,741.80
39,159,475.96
36,402,466.01
41.617,720.19
45,381,334.09
44,195,721.62
46,073,479.71

NOTE:—This schedule includes Government checks listed under "Checks Drawn on Treasurer of
the United States."

S C H E D U L E 26.—Checks drawn on the Treasurer of the United States, handled
by the Federal Reserve Bank of Cleveland and its branches, January 1,
1922, to December 31, 1922.
Amounts
January
February....
March
April
May
June
July
August
September.. .
October
November...
December.. .

123,285
108,855
184,570
199,474
159,493
217,393
134,186
121,621
224,913
285,087
224,853
217,431

$16,577 824.49
15.505 311.27
19,557,082.74
17,301, 165.70
14,740,174.60
18,893,449.19
15,937,959.33
16,753,694.95
21,202,124.27
19,436,039.93
19,349,169.74
19,912 528.05

Totals

2,201,161

$215,166,524.26




25

S C H E D U L E 27.— United States securities—subscriptions, allotments and deliveries
Treasury Certificates of Indebtedness

Series

TM
D
TD2
TJ
TS
TM2
TD

1923
1922
1922
1923
1923
1923
1923

Date of
Issue

Mar.
Apr.
June
June
Sept.
Dec.
Dec.

15,
15,
1,
15,
15,
15,
15,

Date of
Maturtiy

1922 Mar.
1922 Oct.
1922 Dec.
1922 June
1922 Sept.
1922 Mar.
1922 Dec.

15,
15,
15,
15,
15,
15,
15,

Rate

1923
1922
1922
1923
1923
1923
1923

4V4%
3y 2 %
3 3% %
33/4%
3 /4%
3%%
4%

No.
of
Subscriptions
398
92
75
143
191
51
67

Pieces
Delivered

Amount
Allotted

$22,650,000
13,590,000
18,120,000
22,650,000
18,120,000
6,313,000
10,559,000

6,814
3,156
3,489
4,012
3,928
1.062
1,856

$221,191,500 $112,002,000

24,317

430
479
671
622
1,210

$153,532,600
49,795,000
24,162,300
113,055,600
55,750,000

$40,305,000
49,795,000
24,162,300
45,573,000
43,673,700

13.905
18,360
15,327
16,985
22,957

3,412

$396,295,500 $203,509,000

87,534

1,017

Total

Amount
Subscribed

$51,219,000
29,805,500
30,357,500
39,677,000
53,260,500
6,313,000
10,559.000

Treasury notes
A
A
B
B
C

1925
1926
1925
1926
1925

Feb.
1, 1922 Mar. 15,
Mar. 15, 1922 Mar. 15,
June 15, 1922 Dec. 15,
Aug.
1 1922 Sept. 15,
Dec. 15. 1922 June 15,

1925
1926
1925
1926
1925

43/4%
4%%
4%%
4»/4%
4'/ 2 %

Total

Treasury bonds
1947-52

Oct.

16, 1922|Oct.

16, 1952 4V4%

Grand Total

1,163 • $100,355,300
5,592

$717,842,300 $373,921,700

S C H E D U L E 28.—Redemptions of Treasury Certificates of
Main Office
Pieces
Jan.
Feb.
Mar.
April
May
June

July

281
8,559
6,373
1,046
180
4,178
259
1,732
3,144
4,360
128
2,173

Aug.
Sept.
Oct.
Nov.
Dec.
Total 32,413
Spec.
Spec.
2%%

Amount

Cincinnati Branch
Pieces

Amount

$58,410,700

Indebtedness.
Totals

Pittsburgh Branch

Pieces

152,634

Amount

Pieces

Amount

$489,000
8,651,500
17,046,500
3,060,500
238,000
14,522,500
515,500
3,604,000
9,299,000
10,462,000
184,000
4,323,500

147
1,579
4,104
373
52
3,440
137
1,728
2,093
780
107
1,557

$211,000
3,291,000
7,142,500
578,500
73,500
6,410,000
134,000
2,963,000
3,052,500
1,878,000
334,500
2,310,000

117
1,3 59
4,23 5
526
67
2,212
46
1,516
1,590
245
46
1,389

$346,000
9,517,000
20,530.000
1,342,500
72,500
16,659,500
102,000
7,365,500
6,819,000
783,500
63,000
4,689,000

545
11,497
14,712
1,945
299
9,830
442
4,976
6,827
5,385
281
5,119

$1,046,000
21.459,500
44,719,000
4,981,500
384,000
37,592,000
751,500
13,932,500
19,170,500
13,123,500
581,500
11,322,500

$72,396,000

16,097

$28,378,500

13,348

$68,289,500

61,858

$169,064,000

68,000,000

68,000,000

54,000,000

Total 32,413 $194,396,000




54,000,000
16,097

$28,378,500

26

13,348

$68,289,500

61,858

$291,064,000

S C H E D U L E 29.—Redemptions of Treasury savings securities.
Maturity value
War-Savings

Certificates.

Certificates

•Series
Series
Series
Series

1918.
1919
1920
1921

Total

Stamps

Amount

Certificates

Stamps

Amount

Certificates

Stamps

Total

Amount

Certificates

Stamps

Amount

20,395
3,105
850
621

259,499
28,940
7,904
5,846

$1,297,495.00
144,700.00
39,520.00
29,230.00

51,799
13,027
4,842
4,142

598,628
162,206
57,210
46,581

$2,993,140.00
761,030.00
286,050.00
232,905.00

14,459
1,610
904
946

176,818
12,465
8,122
9,574

$ 884,090.00
62,325.00
40,610.00
47,870.00

86,653
17,742
6,596
5,709

1,034,945
193,611
73,236
62,001

$5,174,725.00
968,055.00
366,180.00
310.005.00

24,971

302,189

$1,510,945.00

73,810

854,625

$4,273,125.00

17,919

206,979

$1,034,895.00

116,700

1,363,793

$6,818,965.00

Cards

Stamps

Amount

Cards

Stamps

Amount

Cards

Stamps

Treasury Savings

Stamps.

Cards

Series 1921

Stamps

10

83

Series 1921

8,319

117,478

Grand Total

33,300

Thrift

Pittsburgh Branch

Cincinnati Branch

Main Office

Amount
$

83.00

108

1,150

29,369.50

24,362

220,473

$

1,150.00

31

300

55,118.25

8,415

88,129

1,076,248 j $4,329,393.25

26,365

$

Total

300.00

149

1,533

$

1,533.00

22,032.25

41,096

426,080

$

106,520.00

Stamps.
$

419,750 j $1,540,397.50 |

98,280

$

$

295,408 j $1,057,227.25

157,945 | 1,791,406

$6,927,018.00

*1918 Series War-Savings certificates figures include only current value redemptions prior to maturity and Class 1 and 2 exchanges.

1918 Series War-Savings Certificates received during November and December, 1922, for exchange or redemption as of January

Exchanges
(Class 3)...
Redemptions.
Total

Certificates

Certificates

Certificates

Stamps

Amount

5,687
231,050

109,363
3,027,977

$ 546,815.00
15,139,885.00

1,103
54,517

21,708
799,278

$ 108,540.00
3,996,390.00

1,033
55,134

236,737

3,137,340

$15,686,700.00

55,620

820,986

$4,104,930.00

56,167




Stamps

Amount

Stamps
21,315
814,060
835,375

1, 1923.

Amount

Certificates

Stamps

Total

$ 101,575.00
4,075,300.00

7,823
340,701

152,386
4,641,315

$ 756,930.00
23,211,575.00

$4,176,875.00 ' 348,524

4,793,701 $23,968,505.00

S C H E D U L E 30.—Redemptions of Victory notes.
Pittsburgh Branch

Main Office

Total

Pieces

Pieces

Amount

306
2,473
34,510
110,898

$1,935,950
5,554,550
22,490,200
61,017,800

148,187

$90,998,500

Cincinnati Branch
Pieces

Amount

Total

Amount

Pieces

$1,935,950
12,643,700
22,490,200
127,906,650
$164,976,500

$5,473,500

452

'$1,615,650

81,866

37,066,850

55,475

29,822,000

306
5,135
34,510
248,239

84,076

$42,540,350

55,927

$31,437,650

288,190

2,210

Amount

S C H E D U L E 31.—Conversions.
Pittsburgh Branch

Main Office

Pieces
Received

First L. L. 4V4% permanent bonds delivered against permanent 4% bonds
Second L. L. 4 % % permanent bonds delivered against permanent 4% bonds
Victory 3 % % notes delivered against
Victory 4 3 4% notes delivered against
Total




Pieces
Delivered

Amount

Pieces
Received

Pieces
Delivered

Amount

Cincinnati Branch

Pieces
/Received

Pieces
Delivered

Total

Amount

Pieces
Received

Pieces
Delivered

Amount

1,915

1,869

$187,650

637

655

$56,200

215

215

$18,350

2,767

2,739

$262,200

5,414

5,614

1,154,700

2,343

2,071

201,350

513

514

47.300

8,270

8,199

1,403,350

20

6

1,900

4

4

4,000

24

10

5,900

202

198

480,600

81

39

85,000

412

354

1,954,000

695

591

2,519,600

7.551

7,687

$1,824,850

3,061

2,765

$342,550

1,144

1,087

$2,023,650

11,756

11,539

$4,191,050

SCHEDULE 32.—Exchanges.
Pittsburgh Branch

Main Office

Pieces
Pieces
Received Delivered

Registered bonds-notes delivered in exchange for
Coupon bonds-notes delivered in exchange for registered bonds-notes. . . .
Transfers of
registered
Bonds-notes of one denomination delivered in exchange for bonds-notes of
another denomination...
Treasury certificates-notes
-bonds of one denomination delivered in exchange
f o r certificates-notesbonds of another denomPermanent bonds delivered
in exchange for temporFirst Liberty Loan 31/2%
coupon bonds delivered
in exchange for interim
Total




Amount

Pieces
Pieces
Received Delivered

Amount

Total

Cincinnati Branch

Pieces
Pieces
Received Delivered

Amount

Pieces
Pieces
Received Delivered

Amount

27,896

23,261

$15,345,350

27.896

23,261

$15,345,350

26,132

16.027

14,257,500

26,132

16,027

14,257,500

7,906

6,207

3,662,900

7,906

6,207

3,662 900

282,607

27,367

43,402.100

137,130

21,699

$35,111,450

84,110

7,950

$18,734,350

503,847

57.016

97,247.900

959

6,3%

11,829,700

1.366

1,348

2,692,500

1,993

1,910

2,611,500

4,318

9,654

17,133,700

72,845

56,533

6,857.400

32,208

27,376

2,948,500

11,736

11,004

1,206.700

116,789

94,913

11,012,600

83

83

8,050

170,704

50,423

$40,752,450

97,839

20,864

$22,552,550

686,971

207,161

$158,668,000

83

83

8,050

418,428

135,874

$95,363,000

S C H E D U L E 33.—Treasury savings securities
Maturity value
Treasury Savings Certificates.
Pittsburgh Branch

Cincinnati Branch

Pieces

Pieces

Main Office
Pieces

Jan.
Feb.
Mar.
April

Amount

7,562

$91,775
32,550
65,800
100,150
69,875
107,750
114,250
84,450
202,225
17,650
30,425
1,119,200

Total 10,530

$2,036,100

May

June
iuiv
Aug.
Sept.
Oct.
Nov.
Dec.

353
183
208
262
230
371
334
291
496
76
164

Treasury Savings

Amount

Total

Pieces

17
18
8
49
9
45
34
2
7
1

$8,750
13,500
1,700
27,400
5,325
13,350
15,775
1,100
4,300

453
333
254
359
257
436
425
329
558
87
202

1,957

$16,775
46,425
19,700
21,825
7,950
10,325
12,525
16,200
28,000
2,275
3,950
308,650

894

143,925

10,413

$117,300
92,475
87,200
149,375
83,150
131,425
142,550
101,750
234,525
20,025
34,375
1,571,775

2,492

$494,600

1,084

$23 5,225

14,106

$2,765,925

83
132
38
48
18
20
57
36
55
10
38

100

Pittsburgh Branch

Amount

Pieces

Amount

Total

Cincinnati Branch
Pieces

Amount

Pieces

Feb.

15
20

$

15
20

50

$

50

65
20

Total

35

$

35

50

$

50

85

$2,036,135

2,542

Grand
Total

10,565

Amount

Stamps.

Main Office
Pieces

Amount

issued.

$494,650

1,084

$235,225

S C H E D U L E 34.—Government Coupons

14,191

65
20

$ .

85

$2,766,010

redeemed.

Number

Total

Amount

Amount

3,398,218
2,310,515
2,211,888

$26,309,042.07
19,099,096.30
16,643,262.85

7,920,621

$62,051,401.22

S C H E D U L E 35.—Comparative statement of employees.
Dec. 31, 1922

Bank
Audit

Total




30

D e c 31, 1921

272
185
30
244

278
177
33
110

731
229
214

598
203
176

1,174

977