Full text of Annual Report of the Federal Reserve Bank of Cleveland : 1923 : Ninth Annual Report to the Federal Reserve Board

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Federal Reserve Bank
of Cleveland




1923

NINTH 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
1923

FEDERAL RESERVE BANK OF CLEVELAND







LETTER OF TRANSMITTAL

January 26, 1924.
SIR: I have the honor to transmit to you herewith the ninth
annual report of the Federal Reserve Bank of Cleveland, covering
operations for the calendar year 1923.
Respectfully,
D. C. WILLS,
Chairman of the Board.
HON. D. R. CRISSINGER, Governor,
Federal Reserve Board,
Washington, D. C.







DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF CLEVELAND
FOR 1924
DIRECTORS
CLASS A
O. N . SAMS, Hillsboro, Ohio, 1924
C H E S S LAMBERTON, Franklin, Pa., 1925
R O B E R T W A R D R O P , Pittsburgh, Pa., 1926

CLASS B
J O H N STAMBAUGH, Youngstown, Ohio, 1924
R. P . W R I G H T , Erie, Pa., 1925
G E O R G E D . CRABBS, Cincinnati, Ohio, 1926

CLASS C
W. W . KNIGHT, Toledo, Ohio, 1924
L. B. WILLIAMS (Deputy Chairman), Cleveland, Ohio, 1925
D. C. W I L L S (Chairman), Cleveland, Ohio, 1926
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.
W. H . FLETCHER, Assistant Federal
F.
J. ZURLINDEN, Deputy Governor.
Reserve Agent and Manager, DeJ. C. NEVIN, Cashier and Secretary.
partment of Examination.
J. B. ANDERSON, Assistant Federal ReW. F . TAYLOR, Assistant Cashier.
serve Agent a n d Manager, StaH. F . STRATER, Assistant Cashier.
tistical Department.
C. W. ARNOLD, Assistant Cashier.
G. A. STEPHENSON, Assistant Secretary
G. H . WAGNER, Assistant Cashier.
and Manager, Department of
D. B. CLOUSER, Assistant Cashier.
Bank Relations.
C. L. BICKFORD, Assistant Cashier.
F . V. GRAYSON, Auditor.
CINCINNATI BRANCH
DIRECTORS

OFFICERS

E . S. L E E
JUDSON H A R M O N
J O H N OMWAKE
CHAS. W.

DUPUIS

L. W . M A N N I N G

L. W. MANNING, Manager
B. J. LAZAR, Cashier

J. P . H . BREWSTER, Assistant Cashier
H. N. O T T , Assistant Cashier
P. J. FAULKNER, Assistant Federal
Reserve Agent

PITTSBURGH BRANCH
DIRECTORS

OFFICERS

CHARLES W. BROWN
J . D . CALLERY
R. B. M E L L O N
C H A S . D . ARMSTRONG

GEO. DECAMP




G E O . D E C A M P , Manager

T . C. GRIGGS, Cashier

P. A. BROWN, Assistant Cashier
F. E. COBUN, Assistant Cashier
T. M . JONES, Assistant Federal
Reserve Agent
COUNSEL

S Q U I R E , SANDERS and DEMPSEY, Cleveland.




NINTH ANNUAL REPORT OF
FEDERAL RESERVE BANK OF CLEVELAND
RESULTS OF OPERATIONS

T h a t there was a gradual improvement during 1923 in the
commercial and industrial activity in this District is evidenced
by the figures covering the operations of the discount department
of the Federal Reserve Bank of Cleveland for the year. The
average daily holdings of bills discounted for member banks during the first two months of the year was about 30 million dollars,
while during the last two months the average rose to approximately 65 million dollars. The total amount of accommodations
extended to member banks during 1923 was $2,436,807,574.37, as
compared with $1,523,345,721.49 in 1922, or an increase of about
60 per cent. The number of banks accommodated, however, decreased from 540 in 1922 to 470 in 1923. State banks receiving
accommodations numbered 94 as compared with 105 last year,
but the amount of credit extended to them was nearly double t h a t
of last year, being $583,331,580.00 in 1922 and $1,033,977,081.61
in 1923. It is interesting to note that the greatest percentage
increases are found in the loans and rediscounts to the member
banks in Pennsylvania and West Virginia.
A comparison of the various classes of rediscounts shows t h a t
paper secured by Government obligations increased 68 per cent;
paper otherwise secured increased 42 per cent; while rediscounts
of trade acceptances increased only 2 per cent. The amount of
agricultural paper rediscounted shows a decline of 17 per cent,
while no bankers' acceptances at all were offered for rediscount
as compared with 700 thousand last year. The number of
approved applications for loans and discounts, however, was
about 1,000 less than in 1922.
Daily average earning assets were $106,765,117.00 in 1923
compared with $120,473,495.00 last year and $171,675,075.00 in
1921. The decline from last year is accounted for entirely by
the smaller holdings of United States securities. The average
rate of earnings in 1923, however, was 4.287 per cent compared
with 4.099 per cent last year.
Net earnings for the year aggregated $2,104,431.00, of which
dividends paid to stockholders amounted to $725,627.00, and reserves for depreciation, etc., amounted to $1,183,210.00, while
the balance, $195,594.00, was carried to surplus account.
Schedules 4-15 cover in detail the operations of the discount
department.




7

MOVEMENT OF MEMBERSHIP

During 1923 four state banks having total resources at time of
admission of nearly 20 million dollars were admitted to membership in the System, while one state bank withdrew.
Twelve national banks were admitted to membership during
the year, all of which were new institutions.
Nineteen national banks were liquidated or consolidated
during 1923, two of which were placed in the hands of receivers.
Of the remaining seventeen, five were liquidated and merged
with existing state banks, two were liquidated and merged with
state banks to form new state banking institutions, three were
merged with existing national banks, one went into voluntary
liquidation, while in three instances, two national banks were
liquidated and merged to form a new national bank.
Three member state banks were liquidated, two of which were
merged with national banks to form a new state bank, while
the other was merged with a state bank already existing.
The changes in membership throughout the year are given in
detail in Schedules 16 and 17.
RELATIONS WITH MEMBER BANKS

The department of bank relations has continued to maintain
cordial and friendly relations with our member banks by frequent
personal calls. During the year, 1,566 regular and nine special
visits were made to member banks and sixty-four visits to nonmembers. Fifteen group meetings and one national and four
state conventions were attended by representatives of this department. One member of the staff was transferred to work
with the examination department, an employee of another department of the bank being assigned to his position.
BANK EXAMINATION

The examination department of the Federal Reserve Bank of
Cleveland has continued to act in close cooperation with the
various state banking departments and the office of the Comptroller of the Currency.
During the year fifty-four examinations, including special
credit examinations, were conducted by the department. The
total resources of these banks at the time of examination were
nearly $800,000,000. Three examinations of state banks were
made in connection with applications for membership in the
System.
Two members of the staff resigned during the year to accept
positions with other banks, and their places were filled by assignments from the bank relations department.
Schedule 18 shows the operations of the department during the
year. Schedule 19 is a statement of the banks granted fiduciary
powers during 1923.




8

FEDERAL RESERVE NOTES

On December 30, 1922, Federal Reserve notes outstanding
amounted to $274,900,550. Following the usual seasonal decline
in January, the amount in circulation rose slightly during February and continued at about the same level until the latter part
of July. Thereafter the movement showed an upward trend,
the rise becoming more marked during the holidays, until on
December 31, 1923, notes outstanding amounted to $281,712,820,
or 2.5 per cent higher than a year ago.
During the current year the Federal Reserve Agent received
$172,380,000 in notes from the Comptroller of the Currency, and
there were issued and reissued to the bank notes totaling $174,000,000. The Federal Reserve Agent redeemed $167,187,730
during the year, and returned notes to the amount of $153,787,730
to the Treasurer of the United States for redemption and delivery
to the Comptroller for destruction.
Schedule 20 gives in detail the issues and redemptions of Federal Reserve notes during the year.
Currency operations with member and non-member banks
totaled $1,561,107,256 in 1923 as compared with $1,091,291,269
in 1922, or an increase of 44 per cent. Total receipts and shipments covering all money operations at the three offices amounted
to $2,321,111,743.03 for 1923 as compared with $1,787,013,926.99
last year, or an increase of 30 per cent. Schedules 21 and 22
are detailed statements of the operations of the money department.
CLEARING AND COLLECTION OPERATIONS

During 1923 the transit department of the Federal Reserve
Bank of Cleveland handled over 66 million checks, aggregating
more than 24 billion dollars. The number of items handled was
greater by 9 million than the number handled in 1922, which had
been the high record for items handled. Omitting from our
comparison the official checks which were not included in the
totals for last year, the amount involved is nearly 25 per cent in
excess of last year.
Of the 66,311,794 items handled, 61,396,156 were payable in
this District, 2,382,180 were forwarded to other Federal Reserve
banks and their branches (including items forwarded direct to
drawee banks in other districts) and 2,533,458 were drawn on the
Treasurer of the United States.
Schedules 23 to 26 give in detail the operations of this department.
COLLECTION DEPARTMENT

During the year the collection department handled collections
in the amount of $469,979,000 as compared with $405,362,000 in
1922, or an increase of 16 per cent. The number of items handled
shows an increase of 12 per cent, totaling 389,941 in 1923 as compared with 349,551. The above figures for 1923 do not include




9

redemptions of 103,256 pieces, totaling $5,918,293, for the account of Federal Land banks.
On October 1 the work of the country collection departments
of both branches was taken over by the country collection department of the main office. City collections, however, are still
being made at Pittsburgh and Cincinnati.
The total amount of local or city collections, i. e., collections
payable in the cities of Cleveland, Cincinnati or Pittsburgh, was
19 per cent of the total number of items handled. Forty-four
per cent of this figure was handled at Cleveland and 56 per cent
at the branches.
Approximately 85 per cent of the total number of items handled
was paid, of which amount about 89 per cent, or 76 per cent of
the total number handled, was paid without deduction for
exchange charges.
FISCAL AGENCY OPERATIONS

The tremendous volume of work connected with the redemption of the War Savings Stamps, Series of 1918, which began during the last two months of 1922, continued through the first few
months of the new year. During the year, a total of 15,057,983
stamps of this series was redeemed, the total amount being
$75,289,915.
There was also a heavy volume of work in connection with the
redemption of Victory notes in May of this year, total redemptions of which during the year amounted to 500,600 pieces,
aggregating $105,268,900.
Subscriptions to the eight issues of United States securities
offered during the year amounted to $353,038,800, or twice the
amount allotted, which totaled $177,988,200.
Conversions during the year amounted to $1,069,750 as compared with $4,191,050 in 1922, and exchanges of all classes declined from $158,668,000 in 1922 to $128,386,450 in 1923.
Schedules 27 to 30 show in detail the operations of the fiscal
agency department.
OPERATION 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 BUILDING
On Thursday, August 23, the new bank building at Superior
Avenue and East 6th Street was formally opened to the public and
approximately 30,000 people visited our new quarters on that
day. A number of the departments of the bank had been moved
from the Williamson and other buildings in the two weeks immediately preceding, but it was not until Monday, August 27, that
the bank as a unit functioned in its new home.




10

September 11-12-13 were set aside as special visiting days for
the bankers of this District, and several hundred responded to
this invitation. During the entire month of September the staff
of the bank relations department made no visits to member
banks in the District, but, instead, acted as hosts to bankers
visiting Cleveland.
During the last four months of the year approximately 1,700
bankers, 150 students and 1,600 other interested persons were
shown through our new building. These do not include the visit
of 500 members of the Business Women's Club, nor the visit of
seventy-five foreign trade representatives. No count was made
of the many hundreds who have casually dropped in to view the
lobby and main banking room.
PERSONNEL

The death of Mr. H. G. Davis, Cashier, on March 16, came as
a sudden shock to all. He submitted to what was apparently a
minor operation, complications developed and he died six days
later. The vacancy created by Mr. Davis' death has been filled
by Mr. J . C. Nevin, who resigned as Assistant Federal Reserve
Agent to accept the office of Cashier. Mr. Nevin remains Secretary of the Board. To succeed Mr. Nevin both Mr. W. H.
Fletcher and Mr. J. B. Anderson were named Assistant Federal
Reserve Agents. Mr. Fletcher remains as Manager of the Department of Examination and Mr. Anderson as Manager of the
Statistical Department. To succeed Mr. B. V. Chappel, resigned, Mr. Geo. A. Stephenson was named Assistant Secretary.
There was but one change in the Board of Directors of this
bank in t h a t Mr. Geo. D. Crabbs of Cincinnati was elected to
succeed Mr. Thos. A. Combs as Class B director. Mr. Crabbs
had previously been a director of the Cincinnati branch of this
bank. Mr. Robt. Wardrop was reelected Class A director, while
Mr. D. C. Wills was reappointed Class C director and redesignated Chairman of the Board.
At the Pittsburgh branch Mr. Chas. D. Armstrong was appointed as director to succeed Mr. J. R. McCune, deceased, while
at Cincinnati Messrs. C. S. Lee, Jno. Omwake, and Chas. W.
Dupuis were appointed to succeed Messrs. Geo. D. Crabbs, Chas.
A. Hinsch and T. J . Davis, respectively.
A comparative statement of the number of bank employees on
December 30, 1922, and December 31, 1923, is appended as
Schedule 31.
GENERAL BUSINESS CONDITIONS

The revival in industry which began late in 1921 continued well
into the summer months of 1923. Production of goods in most
lines was heavy—some industries establishing new high records,
particularly the automobile and allied lines. Freight car loadings
showed large gains over the previous year. The volume of building operations continued on an unprecedented scale, although



11

there are still complaints of housing shortages in many sections.
This is especially true of the lower-priced residential structures.
During the latter months of the year, while production was
maintained in many instances at a high level, there was a distinct
feeling of cautiousness in the business world, evidenced by a handto-mouth buying policy and a disposition to forego heavy future
commitments.
The value of agricultural products is above the average of the
past few years, and very little complaint is heard from agricultural
sections of the district with reference to the general situation.




12

FEDERAL RESERVE BANK OF CLEVELAND
MILLIONS OF DOLLARS
350

MILLIONS OF DOLLARS
350

300

300

250

250

200

200

150

150

100

100

100

100

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DISCOUNTS FOR OWN MEMBERS
150

150

100

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1923
1922
1921



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SCHEDULE 2.—Statement of the condition of the Federal Reserve Bank of Cleveland
December 31, 1923 and December 30, 1922.
RESOURCES
Cash Reserves:
Gold bullion, coin and certificates
Gold settlement fund—Federal Reserve Board
Gold with Federal Reserve Agent
Gold redemption fund—Federal Reserve notes

.

Total gold reserves
Legal tender notes, silver coin and certificates
Total cash reserves
Non-Reserve Cash:
National bank notes
Federal Reserve bank notes
Subsidiary silver, nickels and cents

Dec. 31, 1923

Dec. 30. 1922

5 12.176,467.16
68,752.107.81
225,020,275.00
3,426,758.52

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

$309,375,608.49
5.561.348.00

$284,599,883.59
7,391.401.30

$314,936,956.49

$291,991,284.89

$4,531,890.00
40.578.00
611.293.87

$2,841,060.00
2.044,531.00
501,203.27*

$ 5.183.761.87

$ 5,386,794.27

$23,625,635.00
25,392.350.00
44,045.615.39

$19,384,992.29
19,156,400.00
51.007,018.19

$458,400.00
45,200.00
414,800.00
9,029.700.00
1.247.000.00

$458,400.00
45,200.00
414,800.00
10,979,100.00
13,841,500.00

Par value of earning assets
Deduct unearned discount and depreciation reserve for
U. S. securities
Add interest accrued and premium paid on U. S. securities

$104,258,700.39

$115,287,410.48

375,918.41
138.254.99

$336,722.96
420.478.83

Liquid value of earning assets
Uncollected I terns
Bank Premises:
Banking house—Cleveland
Banking house—Pittsburgh
Other real estate—Cincinnati

5104.021.036.97
53,180.195.36

$115,371,166.35
60,788.356.96

Total non-reserve cash
Earning Assets:
Bills discounted for member banks
Member bank collateral notes
Bills bought in open market
U. S. Government securities:
U. S. 4\4% Liberty Loan bonds
U. S. bonds issued since 1921
Other U. S. bonds
Treasury notes
U. S. certificates of indebtedness

Total bank premises
Less reserves for depreciation
Bank premises—net
Total miscellaneous assets
Total Resources
LIABILITIES
Federal Reserve notes in actual circulation
Deposits:
U. S. Treasury—General account
Member bank reserve accounts...
Foreign banks
Non-member banks—Clearing account
Official checks and drafts outstanding
Total deposits
Deferred Availability Items
Other Liabilities:
Capital stock paid in
Surplus fund
Miscellaneous liabilities
Total Liabilities

$7,971,212.71
950,988.90
267,000.00

$5.932,307.88t
962,381.97
267,000.00

$ 9,189,201.61
92,199.01

$7,161, 689.85
156 114.65

$9,097,002.60
69,689.02

$7,005, 575.20
177 027.52

$486,488,651.31

$480,720,205.19

$243,322,895.00

$242,565,230.00

$3,322,426.56
151,669,895.29
175,904.15
1.019.224.03
387,940.42

$545 427.79
144,487 080.91
82 000.00
905 ,029.65
717 ,750.45

$156,575,390.45
49,897,626.00

$146,737, 288.80
55,801, 403.76

$12,333,400.00
23,691.137.57
668,202.29

$11,708, 050.00
23,495 543.09
412, 689.54

$486,488,651.31

$480,720,205.19

•Subsidiary silver included under "Legal tender notes, silver coin and certificates."
fConstruction cost to December 30, 1922.




16

SCHEDULE 3.—Statement of profit and loss account.
January 1, 1923 to December 31, 1923.
EARNINGS
Discount on bills discounted—Members
Discount on bills purchased
Interest on United States Securities
Profit on United States Securities
Penalties on deficient reserves
Income on banking house—Cleveland
Income on banking house—Pittsburgh
Service charges—Collection department
Miscellaneous profits

$2,326,578.84
1,511,553.65
739,934.80
1,552.09
29,564.65
4,868.78
28,744.00
865.35
11,428.29

Total
CURRENT EXPENSES
Main office
Cincinnati Branch
Pittsburgh Branch

"~

$4,655,090.44
$1,687,506.56
341,603.02
521,549.68

Total

$2,550,659.26

C U R R E N T N E T EARNINGS
Additions to current net earnings
Deductions from current net earnings

$11,546.72
1,194,756.85

Net Deductions from current net earnings

.

N E T EARNINGS AVAILABLE FOR DIVIDENDS, SURPLUS AND FRANCHISE TAX
DISTRIBUTION OF N E T EARNINGS
Dividends paid (No. 14on J u n e 30, No. 15onDec.30)
Carried to surplus account
Total.

$2,104,431.18

$1,183,210.13
$ 921,221.05

$725,626.57
195,594.48

~

$921,221.05

SCHEDULE 4.—Daily average earning assets.
1923
Acceptances bought and acquired from Federals
Total

1922

$51,717,164.34
36,380.252.40
18.667,700.00

$48,409,783.82
21.376.093.09
50,687.618.08

$106,765,116.74

$120,473,494.99

SCHEDULE 5.—Earnings on Loans, Discounts and Investments.
1923
Bills discounted—Members
Acceptances bought and acquired
U. S. bonds, notes and certificates
Total
O T H E R EARNINGS
Profits realized on U. S. Securities
Penalties on deficient reserves
Transfers
Sundryprofits
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
•Includes $11.79 representing gold bullion expense.




17

1922

$2,326,578.84
1,511,553.65
739,934.80

$2,247,666.62
743,759.06
1,946,914.79

$4,578,067.29

$4,938,340.47

45,906.41*
78,012.90
4,655,090.44*
2,550,659.26
2,104,431.18*
12,096,217.00
38.48%
17.39%
5.91%

$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%

SCHEDULE 6.—Comparison of various classes of rediscounts and loans, 1923
and 1922.
(Amounts in thousands of dollars)
1923
Discounted paper secured by U. S. Government obligations
Bankers' acceptances
Trade acceptances
Agricultural and livestock paper
All other
.
Total—

1922

T4~110
3,689
598,109

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

$2,436,808

$1,523,346

$1,820,900

SCHEDULE 7.— United States Government securities purchased.
1923
Special 2Vi% Certificates of Indebtedness
Special 3 % Certificates of Indebtedness..
3 Vi% Certificates of Indebtedness
3 3A% Certificates of Indebtedness...
4% Certificates of Indebtedness
4Vi% Certificates of Indebtedness
4Vi% Certificates of Indebtedness
5% Certificates of Indebtedness
5 Vi% Certificates of Indebtedness
5Vi%
Certificates of Indebtedness
53/4% Certificates of Indebtedness
4Vi% Treasury Notes
4 % % Treasury Notes
4Vi%
Treasury Notes
4 3 /i% Treasury Notes
5Vz%
Treasury Notes
5 3 4% Treasury Notes
333 /i% Victory Liberty Loan Notes
..
4 /4% Victory Liberty Loan Notes
4V4% Treasury Bonds, 1947-52

1922

$325,000,000

Total

$345,589,100

$213,865,350

SCHEDULE 8.—Items handled by the Discount Department during years 1923
and 1922.

Total

1923

1922

25,990
8,942
16,526

26,713
9,731
11,068

51,458

47,512

SCHEDULE 9.—Acceptances purchased in open market and acquired from other
Federal Reserve Banks.
1923
$162,658,311.59
36,280,175.12
4.526,732.95

Total




18

1922
$115,821,961.21
31,696,950.85
1,365,000.00

104,419.80

129,630.07

$203,569,639.46

$149,013,542.13

SCHEDULE 10.—Loans and rediscounts to member banks by states.
1923
Kentucky Banks
Ohio Banks
Pennsylvania Banks.
West Virginia Banks
Total

1922

$41,361,963.26
933,910,309.44
1,426.753,882.08
34,781,419.59

$41,563,883.43
669.973,695.49
796,315,267.07
15.492,875.00

$2,436,807,574.37

$1,523,345,721.49

SCHEDULE 11.—Comparison of rediscounts and loans to State Bank members.
1923
Customers' Paper secured by IJ. S. Securities
Direct Loans secured by U.S. Securities
Total

1922

$270,705,515.23
1,490,771.38
102,500.00
761,678,295.00

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

$1,033,977,081.61

$583,331,580.00

SCHEDULE 12.—Approved applications for loans and rediscounts.

West Virginia Banks
Total

1923

1922

715
7.852
3,038
487

829
7,435
4,520
355

12,092

13,139

SCHEDULE 13.—Banks accommodated.
1923
Ohio
Pennsylvania
Total

1922

33
282
145
10

39
307
182
12

470

540

Of the above, 94 were State bank members, distributed as follows:

Ohio

Total




19

1923

1922

3
70
18
3

4
79
18
4

94

105

SCHEDULE 14.—Daily average earning assets by months.
1923
January
February
March
April
May
une
uly..
August
September
October
November
December

J

Daily Average

1922

$110,806,623.62
95.442,255.32
109,524,398.06
115,446,302.62
115.114,555.76
105,476,869.18
101,470,657.84
106,993,733,74
101,182,124.17
100,271.670.52
105,432,917.75
112,938,942.69

$114,923,243.16
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

$106,765,116.74

$120,473,494.99

Total earnings by months
1923

1922

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

$379,642.19
308,601.62
393,781.97
407,897.53
425,720.02
385.249.57
383,157.85
402,202.88
369,181.52
379,329.62
386.832.47
433,493.20*

$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

Total

$4,655,090.44*

$4,994,282.14

•Includes $11.79 representing gold bullion expense.

SCHEDULE 15.—Average rate of earnings by months.

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

_

Average




20

1923

1922

3.97%
4.14%
4.18%
4.24%
4.30%
4.33%
4.40%
4.36%
4.36%
4.38%
4.39%
4.39%

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

4.287%

4.099%

SCHEDULE lb.—State banks admitted during 1923
Date of
Admission
March 10
April
9
June
30
Nov. 12

Name of Bank

Shares
Subscribed

Location

360
17
750
1,200

Pearl-Market Bank

New National Banks admitted during 1923.
Date of
Admission
Jan.
Ian.
Feb.
Feb.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
July
Oct.

3
5
14
24
10
5
7
12
25
30
17
1

Name of Bank

Shares
Subscribed

Location

72
78
23
18
132
35
330
36
17
30
240

Third National Bank
First National Bank in Wellington . . Wellington, O

Brotherhood of Railway Clerks Na-

Pittsburgh, Pa.

150

Withdrawn from Membership.
Date of
Withdraw'l
Mar.

Shares
Surrendered

Location

Name of Bank

30

20

SCHEDULE 17.—Member banks liquidated or consolidated during 1923.
Name of Bank

Shares
Subscribed

First-Second National Bank
Peoples Savings & Trust Co
National Bank of Barnesville . .
Peoples National Bank

1,620
216
96
75

Fourth National Bank

900
1,200
840

Hayden-Clinton National Bank

43
American National
Trust Co

Bank

&

Location

Disposition

Akron, Ohio
\ Merged to form the First Trust &2
Akron, Ohio
/ Savings Bank.
In hands of receiver.
Barnesville, O
Bellefontaine, O . . Merged with Commercial 8z Savings
Bank Co.
Cincinnati, O. _.\ Merged to form the Fourth 82
Cincinnati, O. . . /
Columbus, Ohio.- Merged with Huntington National
Bank.
Cuyahoga Falls.O.
Trust Co., Akron, O.

180

Dayton, O

First National Bank in Elyria. _

219

Elyria, O

American National Bank
First National Bank
Springfield National Bank
First National Bank
First National Bank
First National Bank _
Liberty National Bank

135
180
31
96
144
150
78
240
180

Peoples National Bank
East Pittsburgh Nat'l Bank
Wilmerding National Bank

150
180
60

Findlay, O
Findlay, O
Huron O
In hands of Receiver.
Springfield, O..
Troy, O
\ Merged to form the First Troy NaTroy, O.
_/
Farrell, Pa
Franklin, Pa
Merged with East End Savings &
Pittsburgh, Pa
Trust Co.
Waynesburg, Pa._ Merged with Citizens National B'k.
Wilmerding, Pa. 1 Merged to form the First National
Wilmerding, Pa. J
Bank.




21

Merged with Merchants National
Bank &2 Trust Co.
Merged with Lorain County Savings &i Trust Co.
\ Merged to form the American-First
J

Changes in title.
Union Savings Bank & Trust Co., Cincinnati, Ohio, changed to Union Trust Co.
Falls Banking & Trust Co., Cuyahoga Falls, Ohio, changed to Falls Banking Co.
American National Bank, Dayton, Ohio, changed to American National Bank & Trust Co.
First National Bank, Hamilton, Ohio, changed to First National Bank & Trust Co.
First National Bank, Higginsport, Ohio, changed to First National Bank, Winchester, Ohio.
Citizens National Bank, Lebanon, Ohio, changed to Citizens National Bank &i Trust Co.
Bellevue Realty Savings & Trust Co., Bellevue, Pennsylvania, changed to Bellevue Savings &
Trust Co.
First National Bank, Ford City, Pennsylvania, changed to First National Bank & Trust Co.

SCHEDULE 18.—Statement of examinations and special credit investigations.
No.
Independent examinations of State bank members
Examinations of National banks in co-operation with National bank
examiners
Special credit investigations of National banks
Regular credit investigations of State bank members in co-operation
with State examiner
Special investigations of State members
Independent examinations of State banks incident to applications
for membership
.
Total

Amount

7

$19,123,000.00

1
4
38
1

386,000.00
5.000.000.00
743,831,000.00
5.980.000.00

3

17.810,000.00

54

$792,130,000.00

SCHEDULE 19.—Banks which were granted fiduciary powers during 1923District No. 4.
City

Name of Bank
Alliance

Brownsville
Canonsburg
Columbus
Cynthiana
Dayton
Ford City
Georgetown
Lancaster
Lebanon
McKeesport
Middlesborough
Mt. Vernon
New Castle
Pittsburgh
Somerset
Toledo
Uniontown
Vandergrift
•Supplemental fiduciary powers.




22

State
Ohio.

Ohio.
Ohio.
Ohio.
Ohio.

Ohio.

Ohio.

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, 1923, and
December 30, 1922.

Denominations

Outstanding
Dec. 30, 1922

Total
Outstanding
Dec. 31. 1923

Issued

Redeemed

$35,836,590
51,902,070
110,922,440
53,164,650
17,116,300
2,135,500
3.178.000
185.000
460.000

$28,720,000
29,480,000
75,600,000
32,400.000
6.100,000
700,000
1,000,000

$30,713,310
36,655,400
70,800.520
22,511,500
5,077,500
582,500
817,000
10,000
20,000

$33,843,280
44,726,670
115,721.920
63,053,150
18,138,800
2,253,000
3,361,000
175,000
440,000

$274,900,550

$174,000,000

$167,187,730

$281,712,820

Five Hundreds
Thousands
Five Thousands
Ten Thousands
Total

1923

S C H E D U L E 21.— Total cash receipts and disbursements from all sources, main
office and branches, for year ending December 31, 1923.
Receipts
Cleveland
Pittsburgh
Total

.

Disbursements

$401,886,531.82
196,275.390.90
569,578,890.60

$388,504,962.38
196,322,944.85
568,543,022.48

$1,167,740,813.32

$1,153,370,929.71

S C H E D U L E 22.—Currency operations with member and non-member banks.
Receipts

Disbursements

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

$70,453,347
47,699,357
59,512.373
57,326.928
65,499,547
65,537,906
65,589,332
64.153,023
59,568,985
74,614,328
64,320,472
86,431,605

$44,203,062
61.457,641
57,310,974
62,724,563
67,229,941
69,954.559
59.719,765
75,510.039
66,768,239
64.043.757
71,171.266
80,306.247

Total

$780,707,203

$780,400,053




23

SCHEDULE 23.—Transit department check clearings and collections.
Cleveland Office.
Items
On other banks in District No. 4

Total
Items sent to Cincinnati and Pittsburgh Branches

Amounts

8.372.140
19,237,140
796,317
1.081,549

$5,891,815,766.39
2,174,946,848 06
90,411,626.45
78,937.934.20

29,487,146

$8,236,112,175.10

454.997

$120,016,210.81

3.074,235
10,937,335
398,770
879,000

$4,441,344,860.78
1,095,591,138.54
103,528,777.93
110,499,405.82

15.289,340

$5,750,964,183.07

208,960

$55,862,458.56

7,432.927
12.342.379
1,187,093
572,909

58.078,765,538.65
1,410,841,630.87
504.312,867.26
64,879.990.43

21,535,308

)10,058,800.027.21

457.164

$132,597,008.61

Cincinnati Branch.
On
On
On
On

Cincinnati banks
other banks in District No. 4
banks in other districts
Treasurer of United States
Total

Items sent to Main Office and Pittsburgh Branch

Pittsburgh Branch.
On
On
On
On

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

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

66.311,794

$24,045,876,385.38
$308,475,677.98

1.121.121

SCHEDULE 24.—Comparison of average daily number of items handled January,
1923, and December, 1923.

January, 1923
December, 1923
Increase in daily average




24

Cleveland

Cincinnati

98,458
111,842

49,457
55,841

71,437
81,463

13,384

6,384

10,026

Pittsburgh

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, 1923, to December 31, 1923.

Items

Daily Average
Items
Amounts

Amounts

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

5,619,783
4,581,547
5.701,315
5,482,039
5,435,792
5,643,216
5,437,413
5,368,532
5.217,689
6,052,466
5,665,535
6.106,467

$1,798 645.319.28
1,432 139,518.39
1,944 241,798.11
2,058 159,213.39
2,223 492,659.57
2,236 500,514.94
2,140 329,663.54
1,979 219,572.99
1,960 771,967.85
2,236 258,713.53
1.990, 416,311.96
2,045, 701,131.83

Total

66,311,794

$24,045,876,385.38

216,145
208.252
213,722
219.280
209,068
217,047
217,496
206,483
217,403
232,787
233,106
244,259

$69,178,666.13
65,097 250.84
73,169 197.84
82,326, 368,54
85,518, 948.45
86,019, 250.58
85,613 186.53
76,123; 829.73
81,698, 831.98
86,009, 950.53
82,488, 575.49
81,828, 045.26

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,
1923, to December 31, 1923.
Items

Amounts

January
February
March
April
May
une
uly
August
September..
October
November. .
December. .

191,040
178,491
227,949
265.419
232,059
190,302
174,446
164,461
220,439
267,373
217,798
203,681

$27,625,242.15
22,437,506.21
21,515,983.08
22,386,482.78
22,772.353.92
20,419,416.96
17,887,166.31
17,560,748.22
18,019,103.05
22,480,860.12
20,450,406.40
20,762,061.25

Total

2,533,458

$254,317,330.45

J




25

SCHEDULE 27.— United States Treasury Securities—subscriptions and allotments.
Treasury certificates of indebtedness.
Series

Date of
Issue

TS 2-1923 March 15, 1 9 2 3 . .
T M 1924 March 15. 1 9 2 3 . .
T D 2-1923 June 15, 1923
T M 2-1924 Sept. 15. 1923....
TI
1924 Dec. 15, 1923
TD
1924 Dec. 15, 1923

Date of
Maturity

Rate

Sept. 15. 1923...
March 15. 1924.
Dec. 15. 1 9 2 3 . . .
March 15, 1924.
June 15, 1924...
Dec. 15. 1 9 2 4 . . .

4Vi%
4»/2%
4%
4 V4%
4%
4%%

Total

Number
of
Subscriptions

Amount
Subscribed

Amount
Allotted

119
777
107
198
86
194

$14,807,500
30,927,000
18,973,500
63,295,000
29,362,500
54,396,500

$10,817,500
26,687,000
8.895,500
23.405.500
10,143,000
21,636,500

1,481

$211,762,000

$101,585,000

1,098
4,413

$37,994,200
103,282.600

$23,319,200
53,084,000

5,511

$141,276,800

$76,403,200

6,992

$353,038,800

$177,988,200

Treasury notes.
A
B

1927 Jan. 16. 1923
1927 May 15, 1923

Dec. 15, 1 9 2 7 . . . 41/2%
March 15, 1927. 4 % %

Total




26

SCHEDULE 28.—Transactions in U. S. Government securities.
MAIN OFFICE

TOTAL
Pieces
Received

Pieces
Issued

Amount

Pieces
Received

Pieces
Issued

CINCINNATI BRANCH

Amount

Pieces
Received

Pieces
Issued

Amount

PITTSBURGH BRANCH
Pieces
Received

Pieces
Issued

Amount

Liberty Loan BondsNotes—Treasury Bonds—
Treasury Certificates of
Indebtedness— Treasury
Notes—
Redemption—
Treasury certificates of
Indebtedness
Special certificates of inTreasury notes redeemed
Victory notes—coupon
Victory notes—register'd
Liberty Loan
bonds
surrendered in paym't
of estate and inheritExchange—
Denominational
Temporary to permanent
Coupon to registered
Registered to coupon
Registered to registered
Conversion—4% to AlA%
TREASURY SAVINGS
SECURITIES—
Sale and exchange—Treas.
Redemption—Treasury
Savings stamps and
Thrift stamps—(separate

89,230 $177,988,200
77.530,000

16.411

89,230 $177,988,200
9,030

48,188.000

3,863

9.690.000

3,518

335

2,500,000

67,401

12.152.300

97,652

13,981,550

19,652,000

325,000,000

325.000,000
657

5.584.200

322

3.084,200

423,433

75,661,750

258,380

49,527,900

77.167

29.607.150

77.167

29.607,150

823,100

143

226,000

72

131.300

406

188.607
39,969
37,895
17,687

76,524
34.948
23,627
18,280

85.871,400
3,425,400
24,160,550
10,802,400

90,183
24,982
37,895
17,687

26,018
22,112
23,627
18,280

38,544,950
2,158.800
24,160,550
10,802,400

36.134
4,200

29,656
3,660

21.810,900
379,650

62.290
10,787

20,850
9,176

25,515,550
886.950

7,782
5,790

6,122
5,412

4,126.700
1,069,750

7,782
4,153

6,122
3,812

4.126,700
650,850

309

308

30,950

1,328

1,292

387.950

9.374

1,509,275*

6.781

1,139,275*

799

105,325*

1,794

264.675*

621

465,800

884,284

222,151

245.108

61,384

472,779

118,883

166.397

41.884

War Savings certificates
(separate stamps)
1918 Series
1919 Series
1920 Series
1921 Series

15,057,983
295,750
46,943
28,651

75.289,915
1,478,750
234,715
143,255

7,289.006
31,220
5,705
2,678

36,445,030
156,100
28,525
13,390

5,241,747
248,387
35.811
22,994

26,208,735
1.241,935
179,055
114,970

2,527,230
16,143
5,427
2,979

12,636,150
80,715
27,135
14,895

Total

17,129,630

263,517 $900,528,661

8,101,441

195,982 $751,909,404

6,133,697

34,423 $72,164,003

2.894,492

33,112 $76,455,254

' M a t u r i t y value.




1

SCHEDULE 29.—Government coupons redeemed.
Amount

Number

Total

2,813,226
1,813.051
1,807.352

$26,342,037
16,654,264
20.860,407

6,433,629

$63,856,708

SCHEDULE 30.—Redemptions for account of Federal Land Banks.
Total

Bonds—Registered form
Total

Main Office

Pieces

Amount

Pieces

Amount

100,119
3,088
49

$2,988,943
2,887,875
41,475

44.329
1,081
49

$1,403,707
996,825
41,475

103,256

$5,918,293

45,459

$2,442,007

Cincinnati Branch
Pieces
Interest Coupons

Total

Amount

Pittsburgh Branch
Amount

Pieces

25,389
893

$680,583
834,900

30,401
1,114

$904,653
1,056.150

26,282

$1,515,483

31,515

$1,960,803

SCHEDULE 31.—Comparative Statement of Employees.
Dec. 31, 1923
Bank
Transit and bookkeeping
Audit
Fiscal Agency

397
187
25
100

Total Cleveland
Pittsburgh
Cincinnati
Total




28

Dec. 30. 1922
272
185
30
244

709

731

263
185

229
214

1,157

1,174