Full text of Annual Report of the Federal Reserve Bank of Dallas : Eighth Annual Report of the Federal Reserve Bank of Dallas for the Year Ended December 31, 1922

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EIGHTH ANNUAL REPORT
of the

Federal Reserve Bank
of Dallas

For the Year Ended
December 31
1922

Eleventh Federal Reserve District




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FEDERAL


RESERVE BANK OF DALLAS




EIGHTH ANNUAL REPORT
of the

Federal Reserve Bank
of Dallas

For the Year Ended
December 31
1922

Eleventh Federal Reserve District



LETTER OF TRANSMITTAL

Federal Reserve Bank
Dallas, Texas, February 14, 1923
Gentlemen:
I have the honor to submit the following report concerning the operations of the Federal Reserve Bank of
Dallas and conditions in the Eleventh Federal Reserve
District, for the year ended December 31, 1922.
Yours respectfully,
W. B. NEWSOME,
Chairman of the Board and
Federal Reserve Agent
Federal Reserve Board
Washington, D. C.




DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF DALLAS
1923
DIRECTORS
CLASS A
JOHN T. SCOTT, Houston Texas
HOWELL E. SMITH, McKinney, Texas
W. H. PATRICK, Clarendon, Texas

CLASS B
MARION SANSOM, Fort Worth, Texas
FRANK KELL, Wichita Falls, Texas
J. J. CULBERTSON, Paris, Texas

CLASS C
LYNN P. TALLEY, Dallas, Texas
CLARENCE E. LINZ, Dallas, Texas
W. B. NEWSOME, Dallas, Texas

OFFICERS
LYNN P. TALLEY, Chairman and Federal
Reserve Agent
W. B. NEWSOME, Deputy Chairman
CHAS. C. HALL, Assistant Federal Reserve Agent
DWIGHT P. REORDAN, Assistant Federal Reserve Agent
VAL J. GRUND, General Auditor
CHAS. C. HUFF, General Counsel
E. B. STROUD, JR., Counsel

B.
R.
R.
R.

A. McKINNEY, Governor
G. EMERSON, Deputy Governor
R. GILBERT, Cashier
BUCKNER COLEMAN, Assistant
Cashier
FRED HARRIS, Assistant Cashier
W. O. FORD, Assistant Cashier
JAMES L. LUMPKIN, Assistant Cashier
REECE T. FREEMAN, Assistant Cashier

EL PASO BRANCH
DIRECTORS
W. C. WEISS, El Paso, Texas
J. F. WILLIAMS, El Paso, Texas
W. W. TURNEY, El Paso, Texas
E. M. HURD, El Paso, Texas
A. P. COLES, El Paso, Texas
OFFICERS
W. C. WEISS, Manager
W. P. CLARKE, Assistant Federal ReM. CRUMP, Cashier
serve Agent
ALLEN SAYLES, Assistant Cashier

HOUSTON BRANCH
DIRECTORS
FLOYD IKARD, Houston, Texas
FRANK ANDREWS, Houston, Texas
R. M. FARRAR, Houston, Texas
GUY M. BRYAN, Houston, Texas
E. F. GOSSETT, Houston, Texas
OFFICERS
FLOYD IKARD, Manager
S. H. LEAVELL, Acting Assistant Federal
M. D. JENKINS, Cashier
Reserve Agent
L. G. PONDROM, Assistant Cashier

MEMBER FEDERAL ADVISORY COUNCIL



R. L. BALL, San Antonio, Texas




EIGHTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK OF DALLAS
While the closing months of 1921 witnessed some improvement in the banking situation in the Eleventh District, and in
December of that year this institution was enabled to retire its
indebtedness to other Federal reserve banks, the new year opened with considerable uncertainty, and the financial outlook was
far from encouraging.
Of the many problems experienced in the operations of the
bank during the past twelve months, the most difficult was unquestionably that of adopting a safe credit policy for those member banks in an extended condition. The activities of the
Eleventh District are devoted in a large measure to primary production, and since our prosperity is dependent upon the basic industries of farming and cattle raising, it necessarily follows that
any influences affecting those interests are immediately reflected
in our commercial life. The depreciation in the value of our
principal commodities in 1920, and crop failures over a large
part of the agricultural belt in 1921, left many member banks,
particularly the smaller institutions in strictly farming communities, in a very distressing condition. They had exhausted their
sources of liquidation, and with a gradual shrinkage in deposits
were obliged to seek further advances, in order to maintain reserves and provide their customers with sufficient funds to make
another crop. It resolved itself, therefore, into a question of
meeting the credit requirements of those banks until another
crop was harvested.
This condition, largely inherited from 1920-1921, has been
the most serious confronting the management of the Federal
Reserve Bank of Dallas in 1922. Fortunately, the War Finance
Corporation began making loans in the district early in the year.
The use of those facilities by banks in an over-extended condition,
as a means of obtaining long time credits, was rather encouraged.



8

Federal Reserve Bank of Dallas

While the effect of the advances was immediately felt in the reduction, or retirement of member banks' indebtedness here, this
was not the only advantage. The Corporation's advances to nonmember banks lessened the demands of those institutions on member banks, and both member and non-member banks were enabled,
with the proceeds of the advances, to retire indebtedness outside
the district, which, but for the assistance mentioned, would have
increased the demands on this bank.
In the early spring months the increase in price of commodities was the means of some liquidation, and a more optimistic
feeling among the bankers was created. This improvement, while
not appreciably reducing the lines of credit to extended banks,
nevertheless afforded them some relief, and proved beneficial in
meeting their current demands. The heavy decrease in volume
of business, and lower prices, lessened the credit requirements
of members, and except in the months of June, July and August,
there was a gradual decline in the bank's holdings of rediscounted
paper from the first of the year. At the same time the reserve
ratio was increasing, and purchases of government securities,
and bankers' acceptances, were engaged in as a means of increasing the bank's earnings.
In September the active autumn liquidating season began,
and for the balance of the year the reduction in bank loans was
quite heavy. The liquidation was more manifest in the cities, but
many of the smaller banks anticipated their maturities and retired their lines in full, for the first time since 1919. The improved credit situation in the agricultural section, however, was
offset by developments in west Texas, and southern New Mexico,
where the livestock industry was seriously threatened by a long
drouth. Member banks in the El Paso territory have suffered
severe losses through the depreciation of livestock values, as the
cattle are not in condition to market. Remedial measures are
being taken by moving the cattle to old Mexico, and other places
where pasturage is good, but the outcome is uncertain, and the
situation most distressing. Were it not for this the outlook for
business in the Eleventh District in 1923 could be described as
most encouraging. It is certain that credit conditions are much
improved over a year ago.



Federal Reserve Bank of Dallas

FEATURES OF 1922 OPERATION

Loans and discounts, 108,463 items, aggregating $222,556,513.
Acceptances purchased, 3,145 items, aggregating $47,820,221.
Federal reserve notes and other paper money handled and
counted, 30,923,378 pieces, aggregating $162,972,524.
Shipments of currency and coin to banks outside of Dallas,
El Paso and Houston, 14,026 shipments, aggregating
$74,822,669.
Checks (drawn on banks) collected, totaled 27,304,947 items,
aggregating $4,416,658,700.
Notes and drafts, bonds and coupons, received for collection,
125,706 items, aggregating $133,845,329.
Telegraphic transfers of funds, 18,709 transfers, aggregating
$663,139,000.
Balances settled through gold settlement fund, $4,696,969,629.
United States Government checks and warrants handled,
2,259,444 items, aggregating $116,243,156.
Government bond department transactions 1,966,810 items,
aggregating $450,931,625.
Securities received as custodian, $244,628,456.
EARNINGS AND EXPENSES
The volume of earning assets held by the bank on December 31,
1922, was 4.9 per cent less than in 1921, and about the same
ratio has been maintained throughout the year. The bank's gross
earnings during the year were $2,085,774, as compared with
$4,243,648 in 1921. Of this amount $197,994, or 9.5 per cent, resulted from the purchase of paper, and 77.2 per cent, or $1,609,383,
resulted from the rediscount of paper. Current net earnings were
$570,384, as compared with $2,382,792, in 1921. The average rate
on bills discounted was 5.08 per cent, compared with 6.25 per cent
in 1921, and on purchased paper 3.67 per cent, against 6.10 per
cent in 1921. The annual rate of net earnings to paid in capital
was 13.5 per cent in 1922, compared with 56.7 per cent in 1921.



10

Federal Reserve Bank of Dallas

Current expenses in 1922, including furniture and equipment, were $1,548,100, as compared with $1,860,856 in 1921, a
decrease of $312,756, or 16.8 per cent. The expense account of
the bank has received close attention throughout the year, and
reductions have been made wherever possible. The partial absorption of the expense of Fiscal Agency functions offset the
large decrease in other activities, and there was no diminution in
the free service and facilities rendered member banks, notwithstanding the decreased physical volume of transactions.
On December 31, 1921, after adjustments necessary in closing the bank's books for the year had been made, the bank's
capital was $4,203,000, and surplus $7,394,097. Semi-annual dividends were paid to member banks on June 30 and December 31,
1922, at the rate of 6 per cent per annum. After providing for
depreciation allowances and reserves to care for probably losses
in the bank's assets, the balance in current net earnings of
$102,209 was transferred to surplus, making that account
$7,496,307, on December 31, 1922.
Schedule 1 shows comparative balance sheet as of December 31,
1920, 1921, and 1922.
Schedule 2 shows comparative statement of earnings and expenses in 1920, 1921 and 1922.
Schedule 3 shows disposition of income in 1922.
INVESTMENT OPERATIONS
The very heavy reduction in rediscounts from member banks
caused the bank to enter the open market as a means of increasing its earning assets. The extent of these operations, which
consisted of purchases of bankers' acceptances and government
securities, were governed by the bank's reserve position, and
varied in amounts from one to two million dollars in the early
months, to fifteen and twenty-five millions toward the close of
the year.
Practically all of the purchases of bills were made through
the Federal Reserve Banks of Chicago and New York, although
a few arising from transactions in this district were handled.



Federal Reserve Bank of Dallas

n

This policy was adopted as a means of stimulating local interest
in acceptances and creating a discount market for bills in this
district.
Late in the year an arrangement was made with the Federal
Reserve Bank of New York, under which this bank participated,
on a percentage basis, in the New York bank's daily purchases
of acceptances. It frequently happened that these allotments
were not sufficient for our requirements, and in such instances
separate orders, or commitments, were entered into.
The average daily holdings of acceptances in 1922 was
$5,390,898.59, and the average rate on such paper was 3.67 per
cent; compared with $115,882.35, and 6.10 per cent in 1921.
In the latter part of the year the eastern discount markets
broadened considerably on account of the heavy demand for bills
by commercial banks and firms and individuals seeking temporary employment of idle funds. This resulted in the supply of
bills increasing, and the rate temporarily declined. This decline
was only temporary, however, and in November and December
the market stiffened, late purchases being around 4 per cent.
Schedule 13 shows the volume of bankers' acceptances purchased, rates and maturities.
Purchases of government securities, principally treasury
certificates of short maturity, have been made from time to time
during the year, this bank co-operating with the other Federal
reserve banks through an agreement reached at the spring conference of Governors of the Federal reserve banks.
Schedule 14 shows all transactions of government securities
in 1922.
DISCOUNT OPERATIONS

The total volume of paper discounted for, and purchased
from, member banks in the Eleventh District, from other Federal
reserve banks, and in the open market, in 1922, was $270,376,734,
as compared with $772,690,510 in 1921, a decrease of $502,313,776,
or 65 per cent. The accompanying chart indicates the trend, and
shows that except in June, July and August, there has been a
continuous reduction in the volume of rediscounted paper handled



12

Federal Reserve Bank of Dallas

since January 1. The number of banks served in 1922 was 661, a
decrease of 43, or 6.5 per cent from 1921. The number served
constituted 77 per cent of the total members in the district. The
largest reduction in total amount of rediscounted paper occurred
in September, and amounted to $7,923,000. The total borrowings
by banks, classified by states, were as follows:
MONTH
Texas
January
$35,295,767
February
20,924,068
March
19,155,806
April
16,177,705
May
12,259,295
June
14,418,294
July
14,139,265
August
15,725,759
September .... 12,584,545
October
11.399,739
November
10,962,914
December
8,975,816
Total

$192,018,973

Oklahoma Louisiana
$1,278,251
$322,841
1,259,135
381,272
917,666
212,262
1,322,698
293,074
1,568,370
444,039
1,059,003
179,893
903,041
271,241
809,075
256,828
388,556
164,295
521,796
230,024
1,357,409
121,614
899,521
120,950

New Mexico
$1,549,167
860,128
1,049,817
722,870
834,327
719,876
743,762
610,790
1,179,741
647,886
873,478
1,127,316

$12,284,521 $2,998,333

$10,919,158

Arizona
$347,283
236,280
314,499
613,386
724,377
448,358
248,146
366,357
232,234
276,848
156,868
370,892
$4,335,528

Total
$38,793,309
23,660,883
21,650,050
19,129,733
15,830,408
16,825,424
16,305,455
17,768,809
14,549,371
13,076,293
13,472,283
11,494,495
$222,556,513

The ratio of rediscounts of borrowing banks to their basic
line, or the amount contributed to the working assets of this bank
on December 31, was 140 per cent; compared with 142 per cent
in 1921. In the table below is shown, by months, classified by
states, the liability ratio of borrowing banks to their basic lines
in 1922:
MONTH
January
February
March
April
May
June
July
August
September
October
November
December

Arizona
(PerCent.)
98
86
121
139
99
107
108
70
93
114
106
75

Louisiana
(Per Cent.)
59
91
134
119
83
150
142
135
160
160
124
99

New Mexico Oklahoma
(Per Cent.) (Per Cent.) (Per
220
440
181
413
143
422
155
356
195
381
163
411
221
447
246
413
145
418
179
301
135
230
249
257

Texas
Cent)
115
114
117
104
114
117
135
127
126
96
74
96

Of the total paper discounted in 1922, $80,695,000, or 36.3
per cent, consisted of notes secured by government obligations, as
compared with $454,684,000, or 58.8 per cent in 1921, and
$999,943,000, or 78 per cent in 1920.



Federal Reserve Bank of Dallas

13

RESERVE POSITION

In the latter part of 1921 the bank's reserve position began
to improve with the seasonal liquidation, which resulted in decreased earning assets, increased deposits, and gold holdings. On
December 15, 1921, rediscounts with other Federal reserve banks,
necessary continuously since January 1, were retired. The reserve ratio promptly responded to the changes which occurred
late in 1921, and throughout 1922 our reserve position has been
well above legal requirements. The fluctuations in ratio had no
special significance, as the bank's reserve position has been
largely regulated and influenced by the extent of open market
transactions and outside operations.
From a ratio of 45.5 per cent on January 4, when total cash
reserves aggregated $36,026,000, there was practically a continual advance until March 22, when the ratio increased to 65
per cent, and total reserves aggregated $49,002,000. From that
time until May 31 combined reserves ranged between $45,000,000
and $49,000,000. In June, July and August, on account of increased borrowings of member banks, decreased deposits, and
gold holdings, the ratio ranged between 52 and 66 per cent, the
low point for that period being 52.3 per cent on August 25, when
total cash reserves aggregated $39,259,000.
In September the reserve position again improved, and continued strong for the remainder of the year, the ratio of 74.5
per cent which was reached on October 13, when total cash reserves aggregated $73,083,000, being the high point of the year.
As will be noted from Exhibit A, showing weekly movement
of principal assets and liabilities, total deposits showed an upward
trend from the first of the year, when the aggregate was
$43,972,000, until February 8, when they reached $50,765,000. In
the spring and summer months the changes were rather irregular,
and ranged between $44,000,000 and $48,000,000. In September
the seasonal liquidating period began, and for the remainder of
the year deposits showed a substantial increase.
CLEARING AND COLLECTION OPERATIONS

The number and dollar value of checks handled by the
Transit Department during the year 1922 increased slightly over



14

Federal Reserve Bank of Dallas

the year 1921, as evidenced by the tabulation appearing in
schedule 17. The number of checks handled by the Head Office
during any one day reached the maximum on October 14, when
113,017 were handled, as compared with the daily maximum of
106,802, handled during 1921.
The
and our
a fewer
methods

clerical force was decreased by twelve during the year,
ability to handle the increased volume of checks with
number of employes can be attributed to improved
and increased efficiency of especially trained employes.

The total number of checks forwarded us for collection
would have been considerably larger had it not been for the
fact that many checks were forwarded by member banks in this
district direct to other Federal reserve banks for collection and
credit to their account with us. An increasing number of banks
have taken advantage of the direct sending privilege which
provides the most expeditious channel through which they could
convert checks payable in other Federal reserve districts into
actually collected funds.
Maturing notes, bills, drafts
items handled for collection and
office in 1922, numbered 83,611,
compared to 58,917, aggregating

and other non-cash collection
credit when paid, by the head
aggregating $74,782,919.79, as
$60,747,959.08 in 1921.

Of the total number of banks using the collection services,
approximately 61 per cent were our member banks, and 39 per
cent other Federal reserve banks and their member banks. The
number of collection items, however, received from other Federal
reserve banks and their member banks, was 56 per cent, as compared to 44 per cent received from our member banks.
Up to August 15, 1922, no charge was made for the collection
services rendered member banks, except such charges as were
made by collecting banks. Since that date, however, in addition to any exchange charge or fee imposed by the collecting or
paying agent, the following charges are being made:
1. Cost of all telegrams, including telegrams in connection
with advice of payment or non-payment of collection items.



Federal Reserve Bank of Dallas

15

2. A charge of fifteen cents on each returned unpaid collection item, other than those which have been protested for nonpayment.
3. Cost of insurance and registration in cases where it is
necessary to forward securities or coupons by insured registered
mail.
MOVEMENT OF MEMBERSHIP

On January 1, 1922, the total number of national banks in
this district was 655, with combined capital and surplus of
$116,359,000. During the year 25 national banks were granted
charters, as shown by schedule 20, while 18 were dropped through
liquidation, merger, and other causes, as indicated by schedule
21, making a net increase of 7, or total on December 31, 1922,
of 622.
The total state bank membership on January 1 was 206, with
combined capital and surplus of $21,940,000. During the year
7 state banks were admitted; 14 liquidated, consolidated with
other institutions, or were converted into national banks, making
a net decrease during the year of 7, or a total on December 31,
1922, of 199.
Schedule 24 shows, by states, the number of state bank members on December 31, 1922, together with capital, surplus, and
total resources, as compiled from the latest figures available.
Schedule 25 shows total membership, national and state, by
states, on December 31, 1922.
FEDERAL RESERVE NOTES

The movement of Federal reserve notes in the district in
1922 has been quite similar to that in 1921, a decrease in circulation being shown throughout the year, except for a few weeks
in the fall. From January 4, when notes in actual circulation amounted to $35,226,000, there was a gradual recession
until June 28, when circulation amounted to $25,624,000. This
was the lowest point reached in the year. The ''elasticity" of
this form of currency was very clearly demonstrated in 1922,
as with the movement of cotton in the early fall months the






ft)

FEDERAL RESERVE NOTES OUTSTANDING
FEDERAL

RESERVE B/1NK OF DALLAS

Federal Reserve Bank of Dallas

17

seasonal demands for currency began, and for the next few weeks
there was a steady increase, the maximum circulation of
$44,430,000 being reached on October 18.
Following the crop movement notes in circulation again decreased, and continued downward, except for a brief period prior
to the holidays, when there normally occurs an active demand for
new currency for Christmas.
The Federal Reserve Agent issued notes to the bank during
the year aggregating $33,684,000, as compared with $25,762,000 in
1921, and $69,245,000 in 1920. The bank returned to the Agent
notes fit for use aggregating $5,334,400, as compared with
$13,217,000 in 1921, and $13,825,000 in 1920. Notes aggregating
$23,453,150 were returned to the Comptroller for destruction, as
compared with $57,760,775 in 1921, and $49,310,520 in 1920.
Schedule 27 shows the number of notes, by denomination,
received, issued, and returned to the Comptroller for redemption during 1922, while schedule 28 is a consolidated statement of
notes received, issued to the bank, and returned to the Comptroller since organization, and on hand December 31, 1922.
Schedule 29 shows the inter-district movement of notes during 1920.
FEDERAL RESERVE BANK NOTES
On December 31, 1921, the bank had Federal reserve bank
notes outstanding of $2,949,800, and notes in actual circulation
amounting to $2,726,441. New notes aggregating $2,572,000
were issued in 1922; notes aggregating $2,890,800 were sent to
Washington for redemption; $2,631,000 were outstanding, and
$704,309 in actual circulation on December 30, 1922.
On the same date notes aggregating $2,112,000 were held by
the Comptroller as reserve stock, and securities aggregating
$1,395,900, consisting of 2 per cent consols of 1930, were lodged
with the United States Treasurer as cover for the notes.
In December special 2 per cent C. of I. (Pittman Act)
aggregating $1,900,000, purchased originally as security for F. R.
bank notes, but against which no circulation was outstanding,
were retired.



18

Federal Reserve Bank of Dallas

The amount of Federal reserve bank notes outstanding on
December 31, 1921, amounts issued to replace unfit notes, and
redemptions in 1922, are shown by schedule 31.
FIDUCIARY POWERS TO NATIONAL BANKS

Six additional banks were granted authority to act in fiduciary capacities in 1922, making a total of 67 which have received
such approval, as shown in schedule 33.
There has been no unusual developments in this connection
in 1922, or any indication of special interest on the part of
national banks in receiving trust powers, and handling that
character of business. Inquiries were received from several
banks, and they were furnished blanks and full information as
to requirements. In two or three instances the applications were
filed, but an investigation of the condition of the applicants disclosed that approval of the request was not justified, and the
applying banks were so informed. A few of the larger banks
in the cities continued to feature fiduciary functions, and a profiitable class of business has been derived from this source. As
commented upon in previous reports, however, the majority of
banks are not actively exercising the powers which have been
granted them under Section 11.
MEMBER BANK RELATIONS DEPARTMENT

The field representatives and the Assistant Federal Reserve
Agent in charge of the Member Bank Relations Department made
931 visits to member and non-member banks during the year
1922. Of this number 528 were regular member bank calls, made
for the purpose of better acquainting the member banks with
the operations of the Federal Reserve System, and to explain the
different facilities offered. In view of the fact that a great number of our member banks were not using all of the facilities
offered them by the Federal reserve bank, these visits have been
very helpful to them.
Representatives of the department made 179 special visits
to member banks for the purpose of securing first-hand information as to the conditions existing in the different localities, and
for the further purpose of collecting past due rediscounts. It



Federal Reserve Bank of Dallas

ly

has been necessary, in a great many instances, for a representative to remain in a town for several days in order to complete the
work. These special assignments have naturally resulted in a
decrease in the number of banks visited by the representatives
of this department.
Representatives visited 224 non-member banks, located in
the same town with member banks. While no special efforts were
put forth to solicit membership in the Federal Reserve System,
we have called on all non-member banks located in towns with
members, and explained operations of the System to them, and
furnished any other information desired. Where requested, our
representatives have attended meetings of directors, and stockholders, of non-members for the purpose of explaining requirements of membership and the advantage of the connection.
The department had a representative (or Assistant Federal
Reserve Agent in charge of the department) at every bankers'
convention and group meeting in the district, and in a great many
instances addresses have been made by the Assistant Federal
Reserve Agent. A representative also attended a great many
public gatherings, such as chambers of commerce meetings, of
rotary clubs, and other similar organizations; several addresses
having been made before these bodies by the Assistant Federal
Reserve Agent in charge of the department.
During the year approximately 800 member banks were
furnished with a poster frame and glass, advertising membership in the System. New posters will be furnished at intervals
of something like six months, to be substituted for the old posters.
At every opportunity member bankers, non-member bankers,
and the general public are extended a special invitation to call
at the bank, and as a result of these invitations we have visitors
practically every day. They are shown through the building
and the operations of the different departments are fully explained. These visits have proven to be especially instructive to
member bankers and enables them to get first-hand information
as to the proper handling of the different transactions with this
institution. Experience has shown that this personal contact



20

Federal Reserve Bank of Dallas

permits a closer relationship and affords opportunity for a clearer understanding and appreciation of the problems of the member
bank.
BANK EXAMINATIONS
Two hundred and forty bank examinations were made by
our Examination Department during the year 1922. Every state
bank member in our district was examined at least once during
the year, with the exception of two banks in Arizona, which
were scheduled for joint examination in December, but could not
be reached at that time by the state examiners.
By comparison with the results for the previous year there
was a decrease in the number of state banks examined in connection with applications for membership, and also a decline in
the number of special or emergency examinations of state banks,
the decrease in each instance being largely attributable, directly
or indirectly, to the improved condition of these banks.
The following comparative summary shows the number of
examinations of various kinds conducted during 1921 and 1922:
State Banks:
1922
1921
Applications for membership
12
53
Joint with state examiners
181
175
Special or independent
17
30
Total number of state bank examinations.... 210
National Banks:
Joint with national examiners
Special examinations

258

7
15

1
7

22

8

8

0

Total number of examinations made during
the year
240

379

Total number of national examinations
Private Banks:
For War Finance Corporation

Included in the total number of examinations made during
1921 were 113 national bank examinations made by our examiners while loaned to the Comptroller's Department, a class of
work that we were not called upon to perform in 1922.



Federal Reserve Bank of Dallas

21

The total distance traveled by our examiners in the course
of their work during the past year was 60,715 miles. This distance
being, in respect to its area, one of the four largest districts in
the System, and having the third largest number of state bank
members, the mileage to be covered in our examination work is
necessarily large, particularly so in view of the exigencies involved in arranging itineraries and dates to conform to the
plans of the state examiners. It should be said, however, that
almost without exception, the state examiners, as well as the
various state banking commissioners, have accorded us the utmost
co-operation and assistance in arranging joint examinations of
our members.
Due to the general improvement in banking conditions, as
compared with the previous year, we were able to make a reduction in our force of examiners early in 1922, the number of fulltime field men being reduced from five to three. At the same
time it has been our constant endeavor to improve our examination methods with a view of enhancing the efficiency and thoroughness of the work. To this end, early in 1922, with the consent
and approval of the Federal Reserve Board, we revised our examination report form by modifying or enlarging the schedules
or reportable information with a view of securing a more thorough
and complete picture of local credit conditions than was possible
under the old form of report.
INTERNAL ORGANIZATION AND PERSONNEL

On January 1, 1922, the personnel of the Board of Directors
was John T. Scott, Howell E. Smith, B. A. McKinney, Class A;
Marion Sansom, Frank Kell, J. J. Culbertson, Class B;
W. F. Ramsey, W. B. Newsome, H. 0. Wooten, Class C.
The Board of Directors held 12 meetings in 1922, with an
average attendance of 8. In January the following officers were
elected to serve in 1922:
B. A. McKinney, Governor.
R. G. Emerson, Deputy Governor.
R. R. Gilbert, Cashier.
R. B. Coleman, Assistant Cashier.
Fred Harris, Assistant Cashier.
W. 0. Ford, Assistant Cashier.
J. L. Lumpkin, Assistant Cashier.
Reece T. Freeman, Assistant Cashier.
C. C. Huff, General Counsel.
E. B. Stroud, Jr., Office Counsel.



22

Federal Reserve Bank of Dallas

At the same time the Federal Reserve Agent announced the
reappointment of Chas. C. Hall and Dwight P. Reordan, Assistant
Federal Reserve Agents.
Mr. R. L. Ball, Chairman of the National Bank of Commerce
of San Antonio, was re-elected a member of the Federal Advisory
Council, to represent the Eleventh District in 1922.
At the January meeting of the Board Messrs. Culbertson,
Newsome and Smith, were appointed members of the Executive
Committee. These gentlemen, with the Governor and Federal
Reserve Agent, constituted the Committee until May, when
Messrs. Sansom and Scott replaced Messrs. Culbertson and
Newsome on the Committee. While only six formal sessions of the
Committee were held in 1922, informal conferences upon administrative policies were had almost daily.
There were but two changes in officials during the year. In
January Val J. Grund, formerly on the staff of the Chief Federal
Reserve Examiner, was elected General Auditor, succeeding
Carl B. Teagarden, who resigned in November, 1921.
A shadow was cast over the bank by the death of Judge
William F. Ramsey, Chairman of the Board and Federal Reserve
Agent, on October 27. The Judge's genial personality and kindly
disposition, greatly endeared him to his fellow directors, and
entire official and clerical staff, many of whom had been associated with him during his entire connection with this institution, of nearly seven years. His broad vision, keen knowledge
of conditions, and sympathetic interest in the problems of the
member banks, earned for him the respect and high esteem of the
entire banking fraternity of the Eleventh District.
On November 3 the Federal Reserve Board appointed
W. B. Newsome, Class C Director and Deputy Chairman of the
Board, as Chairman and Federal Reserve Agent, to serve until
December 31. On December 27 Mr. Newsome was reappointed
indefinitely, or pending the appointment of a new Class C Director
for the full three year term, (succeeding Mr. H. 0. Wooten) and
designation as Federal Reserve Agent.
The terms of Messrs. B. A. McKinney, Class A Director,
Group 3, and Marion Sansom, Class B Director, Group 1, expired



Federal Reserve Bank of Dallas

23

on December 31, 1922. The annual election conducted in
November resulted in W. H. Patrick, President of the First
National Bank of Clarendon, Texas, being chosen to succeed
Mr. McKinney, (who did not seek re-election) and the re-election
of Mr. Sansom.
On December 11 the Federal Reserve Board announced the
appointment of Clarence E. Linz of Dallas, as Class C Director,
to serve the unexpired term of Judge Ramsey, or until December
31, 1923.
On December 31, 1922, the total number of officers and employes at the head office and branches was 600, as compared with
637 on December 31, 1921, and 613 on December 31, 1920. The
reduction of 37 in the total number does not reflect the actual
or net decrease, as included in the total on December 31 were 18
temporary employes, ]5 of which were engaged in Fiscal Agency
work at the head office and El Paso Branch, and 3 assigned to
the banking departments of the head office and El Paso Branch.
Therefore, the number of regular employes at the head office and
branches on December 31, 1922, was 582, as compared with 637
on December 31, 1921, or a net reduction in the year of 55
employes.
While it was possible to make reductions in the staff in
practically every department in 1922, the decreases effected in the
Credit, Loan & Discount, Service and Transit departments were
larger than in others. This was accomplished, not alone by the
reduced volume of operations, but redistribution of work in the
departments, and increased efficiency and co-operation of the
staff.
During the year the Bookkeeping Department was reorganized, various outside accounting functions being transferred to
it, and the title changed to "Accounting Department." In the
transfer it was necessary to provide additional employes for the
Accounting Department, and at the end of the year the force
numbered 31, as compared with 17 in the Bookkeeping Department on January 1. The re-organization did not involve any increase in the total number of employes, however, but merely the
reassignment of those who had previously been engaged in other
accounting functions.



24

Federal Reserve Bank of Dallas
FISCAL AGENCY OPERATIONS

The Fiscal Agency Department was called upon during the
year 1922 to perform certain functions not theretofore handled
on a large scale; namely, the redemption of Victory Notes and
War Savings Certificates, and the handling of War Finance Corporation matters.
Acting as fiscal agent for the War Finance Corporation during the time the peak load was being handled as to volume of
loans and renewals, ten employes were assigned to that work,
eight of whom were still engaged at the end of the year. This
bank disburses funds and attends to the collection of principal
and interest on advances made for the Corporation, and acts as
custodian of notes, chattels and collateral.
It will be noted, by referring to the schedule shown, that
$26,500,000 was advanced for the Corporation during the year
1922, and repayments of 50 per cent of that amount received.
This work was carried on at the El Paso Branch, as well as the
Head Office.
It was necessary to build up a large force of employes to
take care of the redemption and exchange of War Savings Certificates, Series 1918, maturing January 1, 1923, there being
twenty-five extra employes in the Department at the close of
the year, the majority of whom were engaged during the latter
part of December. The redemption of War Savings Stamps, as
well as called Victory Notes was also handled by our branches.
In making a comparison as to the volume of work handled
in the Department for the years 1921 and 1922, it will be noted
that Liberty Bonds and Certificates of Indebtedness transactions
handled during the year 1922 were less than the previous year;
however, on the other hand, the increase in volume incident to
the redemption of Victory Notes and War Savings Certificates
more than offset the decrease in other functions.
At the beginning of 1922, the Department had forty-nine
employes; at the close of the year there were sixty-four, twentyfive of whom were extra, fourteen employed temporarily and
eleven transferred from other departments to handle War Sav


Federal Reserve Bank of Dallas

25

ings work, which would show a reduction of ten employes insofar
as regular functions are concerned. In addition to these ten
employes there were transferred during the year from various
divisions of the department, five employes to the War Finance
Corporation Division, thus allowing a reduction of fifteen employes on regular functions only. This comparison is made
because of the fact that the handling of redemption of War
Savings Certificates and other Government securities other than
short time Certificates of Indebtedness are not regular transactions and we are called upon to handle such only once or twice
a year for a short period.

OPERATIONS OF THE EL PASO BRANCH
On January 1, 1922, the directorate of the Branch was composed of W. C. Weiss, W. W. Turney, U. S. Stewart, A. P. Coles
and E. M. Hurd. No changes in the board have occurred during
the year.
The officers elected to serve during 1922 were W. C. Weiss,
Manager; M. Crump, Cashier; Allen Sayles, Assistant Cashier;
W. P. Clarke, Assistant Federal Reserve Agent and Auditor.
On January 1, 1922, the branch had 64 employes, while at
the close of the year the staff numbered 63, distributed by departments as follows:
Auditing 2, Accounting 3, Cash 9, Credit 3, Fiscal Agency 4,
Loan and Discount 5, Mailing 3, Officers' Secretaries 3, Service
and Protection 16, Transit 14, Special Representatives 1.
Gross earnings of the Branch in 1922 were $329,823.25, compared with $731,754.21 in 1921. Current net earnings in 1922
were $166,967.25, compared with $535,837.37 in 1921. Expenses
of the Branch in 1922 were $162,856.00, as compared with
$195,916.84 in 1921.
At the close of the year the Branch membership consisted
of 55 national and 9 state banks with capital and surplus of
$8,280,000 for national, and $976,000 for state banks. There was
a decrease in membership during the year of seven banks; four
by consolidation, one by liquidation, and two by failure.



26

Federal Reserve Bank of Dallas

Total discounts and rediscounts in 1922 amounted to
$35,795,585.96, or approximately $62,000,000 less than the amount
discounted during 1921. At the close of business December 31
the total paper held aggregated $4,593,458.06, distributed as follows :
Rediscounts
$4,412,081.13
Member Bank Collateral Notes
172,030.00
Bill of lading drafts
9,346.93
At the close of the year paper aggregating $346,355.01 was
held from four suspended member banks. Total amount of paper
held from these institutions when they suspended was $411,462.73,
a reduction of $65,107.72 having been effected.
Discount facilities were extended 65 banks during the year;
1,536 offerings containing 9,809 notes and drafts being received
and analyzed. There were also received and analyzed 574 offerings containing 2,729 notes totaling $14,504,005.25, tendered as
additional collateral. At the close of the year additional collateral was in hand from 14 banks, collateral to secure transit
sendings from one bank and directors' guaranties to secure rediscounts from 7 banks.
The service of the Cash Department was freely used in 1922.
Currency and coin shipments received averaged 554 per month,
and shipments forwarded averaged 283 per month. Shipments
received in the year aggregated 6,648, totaling $28,920,125.84,
while shipments forwarded
aggregated 3,397, totaling
$31,759,233.87. A total of 2,878,343 pieces of currency, and
6,121,208 coins were received, verified, and assorted during the
year. The work of handling this volume was greatly increased
by a more rigorous inspection of all incoming gold and silver
coin for the detection of light weight and uncurrent coin.
Transfers of funds for member banks were effected to the
number of 13,251, the total amount involved being $185,381,970.77.
Transit operations included the collection of checks drawn
upon 61 member and 64 non-member banks, $2,095,583 items totaling $230,300,265.18 drawn upon these institutions, were handled
in 1922. There were received from banks in the branch territory,
and forwarded for collection to other Federal reserve banks and



Federal Reserve Bank of Dallas

27

branches, 215,027 items, totaling $28,850,152.91. Warrants drawn
on the Treasurer of the United States were received and paid,
the number of these items being 195,484 and their amount
$19,665,743.65. The grand total of all items handled was
2,506,094, totaling $278,816,161.74, representing a monthly average of 208,841.
In 1921, 2,380,335 items, aggregating
$308,810,838.76 were handled.
During the year the Branch acted as Fiscal Agent and Custodian for the War Finance Corporation, and in that capacity
made 118 advances, aggregating $9,856,990, to borrowing institutions. At the close of the year, paper aggregating $8,226,106.82
was held for the Corporation's account; all repayments and renewals thereof being handled on the Corporation's behalf. The
Branch also began to function as Fiscal Agent of the United States
to the extent of handling the redemption of War Savings Stamps,
exchange of Treasury Savings Certificates therefor, and Victory
Notes, called by the Treasury Department for redemption. It is
anticipated that approximately $1,000,000.00 in War Savings
Stamps will be redeemed.
The Branch occupies its own building, a structure of two
floors, mezzanine and basement, built and occupied in 1920.
OPERATIONS OF THE HOUSTON BRANCH

On January 1, 1922, the directorate of the Branch was composed of Frank Andrews, Guy M. Bryan, J. J. Davis, R. M. Farrar
and E. F. Gossett. In August Mr. Davis resigned, on account of
ill health, and Manager Ikard was appointed to fill the vacancy.
The officers elected to serve during 1922 were Floyd Ikard,
Manager; L. E. Dignan, Cashier; M. D. Jenkins, Assistant Cashier, and R. L. King, Assistant Federal Reserve Agent and Auditor.
On January 1, 1922, the Branch had 73 employes, while at
the close of the year the staff numbered 70, distributed by departments as follows:
Accounting 6, Auditing 2, Cash 10, Collection 2, Credit 1,
Loan and Discount 4, Mailing 3, Transit 18, Service 24.
It should be mentioned that, although the net reduction in
the total number of employes was but three, the actual clerical



28

Federal Reserve Bank of Dallas

force was decreased by eight. Eemoval to the new building
necessitated the employment of five additional employes for its
proper maintenance. During the past two years the clerical force
has been reduced approximately 20 per cent.
Gross earnings of the Branch in 1922 were $171,392.94, compared with 618,931.90 in 1921. Expenses in 1922, including depreciation charges, were $209,786.99. The lack of demand for
accommodation was the cause of decreased earnings. As the
Branch is not permitted to engage in open market purchases, an
average of some $5,000,000 remained idle during the year, so far
as the Branch was concerned.
At the close of the year the Branch membership consisted of
99 national and 39 state banks with capital and surplus of
$23,163,000 for national and $4,257,000 for state banks. There
was a net increase in membership during the year of three, six
new members being added while two consolidations were effected,
and one failure occurred. The number of non-member banks
decreased 19, there now being 255. Several of the larger state
bank members secured national bank charters during the year.
Discount operations were slack during the entire year. In
the fall of 1921 80 of the 138 member banks were borrowing
$11,700,000 from the Branch. Due to fairly favorable yields and
prices of cotton and rice, the activities of the War Finance
Corporation, Federal Land Bank, and other agencies, the number of borrowers was reduced to 63, and total borrowings to
$3,900,000 by March, 1922. Although the seasonal demand for
funds comes in the spring, loans to member banks continued to
decline through the summer and fall, and on December 30, 1922,
bills discounted aggregated only $586,274.15 to 18 banks, which
was the lowest point reached since the Branch was established.
On that date member banks' reserves amounted to $13,227,153.54.
The peak of bills discounted since the Branch opened was
$22,100,000 on September 3, 1920, on which date member banks'
reserves were $10,700,000.
The following table, showing the total discounted paper held
by the Branch at the close of the last four years, is especially
interesting:
December 31, 1919
$ 9,500,000
December 31, 1920
10,500,000
December 31, 1921
7,100,000
December 31, 1922
586,000



Federal Reserve Bank of Dallas

29

The Loan and Credit Departments received for credit 12,198
notes amounting to $34,386,167.80, of which 2,055, aggregating
$2,657,082.50 were rejected for various reasons.
Since the Branch was established two member banks have
failed, one in 1921 and another in 1922. The former's indebtedness at the time of closing was $64,614.92. It has since been
reduced to $19,702.49, with prospects of entire liquidation. The
latter bank was reorganized and its indebtedness, which was less
than $10,000, was paid.
Operations of the Cash Department were heavier than ever
before. Currency and coin shipments received aggregated 4,769,
totaling $37,930,971.28, while outgoing shipments numbered 5,205,
and amounted to $49,212,172.00. Wire transfers received aggregated $420,864,008.11, and those sent $235,191,951.32. During
the latter part of the year the practice of receiving gold coin at
bullion value was begun.
The Transit Department also experienced its busiest year,
5,636,357 items, aggregating $921,693,104.50 being handled. The
largest number of items handled in one day was 37,926 and the
smallest 10,828. An average of 18 people were employed in this
department.
The activities of the Collection Department have steadily
grown. Items numbering 28,475, amounting to $46,435,098.60
were received as compared to 19,415 items of the value of
$27,619,264.98 during 1921. Collection was affected on 25,192
items totaling $45,413,578.93.
Trust custodies declined gradually from $10,700,000 on
December 31, 1921 to $6,400,000 on July 5, 1922, but shortly thereafter increased to approximately $11,000,000, around which figure
they remained during the balance of the year, closing on December 30, 1922, at $11,195,562.
The new building was occupied in February. It admirably
serves the purpose of a modern banking room, providing adequate space for all departments. The total investment in real
estate, banking house and fixtures is $408,317.60.
REVIEW OF BUSINESS CONDITIONS IN 1922
The industrial recovery which began in 1921 continued with
steadily increasing momentum throughout the year just ended.



30

Federal Reserve Bank of Dallas

Illustrative of the improvement which occurred in business and
financial conditions is the fact that member banks' individual
deposits rose from $561,000,000 on December 31, 1921, to approximately $675,000,000 on December 31, 1922, which brought
deposits up to a total that was only about seven per cent below
the record peak of $725,000,000 reached in 1920.
The outstanding factor in the upward trend of business conditions was the improved position attained by the district's leading industry, agriculture. Farm products, which in 1920 and
1921 suffered a relatively greater depreciation than did most of
the country's other basic products, took an upwTard turn in 1922,
and this reaction went far towards bringing the prices which the
farmer receives to a parity with those he has to pay. In fact, the
district's cotton crop in 1922, left in the hands of the producers
a comfortable margin of profit, due to the economy with which
it was produced and to the sharp advance that occurred in the
cotton market last fall when the rapid depletion of the visible
supply, coupled with the fact that the country had produced
another short crop, carried the price almost up to war-time levels.
In this district, despite a heavy increase in cotton acreage over
that of 1921, the 1922 yield seems to have fallen below the average
for the previous ten years, due to weather and insect damage.
The district's feed crops, however, were fairly successful, the
yield being probably sufficient to supply home consumption until
the 1923 crops are harvested.
The livestock industry in the Southwest made further headway in recovering from the trying conditions of 1920 and 1921.
The advances made in this district by the War Finance Corporation during the past fifteen months, aggregating $32,000,000, had
a stabilizing effect upon financial and market conditions, and
served to tide many badly extended banks over the worst of the
recent depression. The growth of deposits in 1922 enabled many
of these banks to retire a large part of their indebtedness to the
Corporation and to resume something like their normal function
in financing the current needs of the livestock growers. Although some sections of the district—particularly New Mexico—
suffered another prolonged drouth, late fall rains placed most
of the range country in fair condition for wintering stock, and
the outlook generally is reasonably favorable.



Federal Reserve Bank of Dallas
Wholesale and retail trade reacted well during 1922 to the
more favorable trend of developments in the basic industries.
Trade activity improved steadily, both in volume and uniformity.
Most dealers made the January inventory taking the occasion
for scaling stock values down to a bedrock basis, following a
year of steadily falling prices. Losses Avere written off by the
stronger firms, and a program of efficiency and economy, as well
as a more cautious credit policy, was outlined for the new year's
operations. At the same time, many of the weaker firms succumbed to the strain imposed upon their resources by losses sustained from depreciation or mismanagement, with the result that
the month of February witnessed the heaviest aggregate of commercial failures ever recorded in this district. From that time
on, however, conditions grew steadily better. Wholesale distribution was enlivened by the promise of good crops, and with
the fulfillment of this promise business in all lines was expanded.
Sales steadily increased, the commercial mortality rate declined,
and the year ended with retailers reporting a very satisfactory
December trade.
The district's oil industry received a fair share of the prosperity which characterized the general situation during the year.
With the market price of oil standing at a fairly lucrative figure,
the district's oil fields established a new high record of production for the month of March, and although both the price and the
volume of production subsequently declined, the average level
of oil values for the year was well above that of 1921. Another
feature of the district's mineral resources that came in for its
share of industrial progress was the mining industry in Arizona
and New Mexico. Resumption of activity by the copper mines
and smelters in those states served to inject new life in the
business situation there, and placed a brighter aspect upon the
outlook in that section for 1923.
No labor disturbances of major importance, except the railway shopmen's strike, occurred during the past year. While
there has been a surplus of common labor throughout the year,
the demand for skilled labor showed a steady increase, and at
the close of the year there was little, if any, surplus in the supply.
The building industry, in particular, enjoyed another busy year.
Construction enterprises, as measured by the valuation of permits
issued at the larger cities, reflected an increase of 50 per cent
for the first quarter of the year over the corresponding period in
1921, and while this spread was gradually reduced during the
succeeding months, the volume of construction for the entire
year was well above that of 1921.



EXHIBIT A
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922
(Amounts in Thousands of Dollars)
BILLS DISCOUNTED

i

Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May

4
11
18
25
1
8
15
21
1
8
15
22
29
5
12
19
26
3
10
17
24
31

52,102
54,133
51,148
50,572
49,566
46,904
44,793
44,399
42,490
41,769
41,319
39,792
40,065
39,258
39,350
39,543
39,545
37,954
36,276
35,823
36,389
37,015

H2
47,557
49,588
46,603
46,027
45,021
42,359
40,248
39,854
37,945
37,038
35,338
34,811
35,084
34,277
' 34,319
34,512
34,514
32,973
31,295
30,842
31,408
31,331




8,678
8,580
8,288
7,988
7,675
6,733
6,471
6,189
5,465
5,091
4,139
3,797
3,247
3,242
3,364
2,894
2,530
2,183
1,795
1,655
1,541
1,359

1

4
38,879
41,008
38,315
38,039
37,346
35,626
33,777
33,665
32,480
31,947
31,199
31,014
31,837
31,035
30,955
31,618
31,984
30,790
29,500
29,187
29,867
29,972

ft

Svg

£S

0

«o±

"rt v

5

15
15
15
15
15
15
15
15
15
15
15
15
15
15
65
65
65
15
15
15
15
718

£jj
6

4,530
4,530
4,530
4,530
4,530
4,530
4,530
4,530
4,530
4,716
5,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966

1

7
36,026
33,056
36,841
36,943
38,297
44,701
43,094
45,330
44,235
44,968
46,179
49,002
46,374
46,098
46,711
46,968
46,661
45,686
45,919
48,261
46,516
49,305

8

41,260
42,978
42,414
42,175
42,929
44,960
42,708
45,757
43,819
44,225
46,230
44,764
44,254
44,229
45,334
45,341
46,090
44,467
45,502
43,496
44,902
43,931

H
1

9

10

43,972
44,222
44,826
45,230
45,685
50,765
46,906
49,848
46,124
47,162
47,427
47,396
47,941
46,016
47,611
47,091
48,386
46,412
47,512
45,367
46,695
46,117

35,226
33,732
33,142
31,569
31,247
30,507
29,895
29,657
29,387
29,015
28,689
28,004
27,219
27,994
27,175
27,006
26,390
27,045
26,816
26,506
25,650
26,256

ve
;ntagee

.t! ^

al Reserve
; in
lation

B «

O <u

so
M.S
1

Deposits

• Bills
iunted

OP

)er Banks 1
ve Deposil

HDEO
3

Cash
ves

o

d States
ities

"3

to

v>

Bought
Den Marke

V

Q

ations

+ 6)

Earning
Vssets

secured by
. Govern-

For Member Banks

CO

V <U

1

n
45.5
42.4
47.3
48.1
49.8
55.0
56.1
57.0
58.6
59.0
60.7
65.0
61.7
62.3
62.5
63.4
62.4
62.2
61.8
67.1
64.3
68.1

to

EXHIBIT A—Continued
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1

38,529
38,277
40,584
41,123
41,102
41,583
42,583
43,246
44,032
42,683
44,632
45,322
45,263
42,669
42,787
41,496
40,643
40,619
39,106
41,166
48,898
46,999

Nov. 8

48,053
49,603
48,460
49,373
50,336
51,284
52,376
49,036

Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

15
22
29
6
13
20
27

31,311
31,280
32,904
32,756
32,123
32,590
33,185
33,856
34,719
34,545
35,036
36,245
37,179
35,883
34,681
31,976
30,144
25,835
22,625
21,525
19,531
18,148
17,929

16,595
15,230
15,056
14,530
14,494
15,478
14,200




1,528
1,372
2,212
1,220
1,378
1,028
1,183
1,476
1,534
1,190
1,252
1,432
1,578
1,616
1,839
1,252
1,661
1,613
1,490
2,038
1,313
1,154
1,808
1,211
1,019
1,079

753
776
1,523

992

29,783
29,908
30,692
31,536
30,745
31,562
32,002
32,380
33,185
33,355
33,784
34,813
35,601
34,267
32,842
30,724
28,483
24,222
21,135
19,487
18,218
16,994
16,121
15,384
14,211
13,977
13,777
13,718
13,955
13,208

2,002
1,781
2,189
2,876
2,498
2,512
2,917
2,909
2,832
2,157
3,615
3,096
2,103

805
2,125
4,039
4,868
6,303
8,000
8,585
16,092
15,826
17,099
20,070
20,366
21,153
22,942
24,827
24,95923,397

5,216
5,216
5,491
5,491
6,481
6,481
6,481
6,481
6,481
5,981
5,981
5,981
5,981
5,981
5,981
5,481
5,631
8,481
8,481
11,056
13,275
13,025
13,025
12,938
12,864
13,164
12,864
11,963
11,939
11,439

49,748
48,724
44,142
43,947
44,532
43,023
42,318
41,868
38,095
41,747
39,829
40,775
43,092
52,689
53,300
62,192
62,858
64,692
68,345
66,722
62,065
57,545
67,148
60,135
60,171
57,601
55,228
51,149
54,153
53,171

46,357
46,290
44,238
44,772
44,469
46,038
44,649
44,577
43,887
45,002
45,049
44,971
44,304
47,940
47,549
50,359
49,437
50,457
51,331
54,365
55,079
50,966
55,817
56,049
54,752
53,931
53,653
53,854
54,482
52,499

48,377
49,216
45,230
47,346
45,709
47,510
47,288
47,453
44,224
47,060
47,158
46,624
46,571
50,381
49,531
53,694
51,860
51,723
52,486
55,882
57,292
53,605
57,912
58,186
57,393
55,818
55,398
55,603
55,295
54,158

26,727
25,906
26,229
25,624
27,250
25,963
26,283
26,022
26,860
26,851
27,233
27,993
29,865
35,076
36,354
39,334
41,284
43,092
43,964
44,430
43,369
43,314
43,541
41,888
40,687
39,896
39,938
38,937
39,719
39,685

66.2
64.9
61.8
60.2
61.0
58.6
57.5
57.0
53.6
56.5
53.5
54.6
56.4
61.7
62.1
66.9
67.5
68.2
70.9
66.5
61.7
59.4
66.2
60.1
61.3
60.2
57.9
54.1
57.0
56.7

CO

CO
CO

34

Federal Reserve Bank of Dallas
EXHIBIT B

FEDERAL RESERVE BANK OF DALLAS
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

F.R.NOTE CIRCULATION
100

Ml

PURCHASED BILLS
20

20

O

0

60
UNITED STATES SECURITIES

/

•?.'////
///////yy
/

140

DISCOUNTS FOR OWN MEMBERS

120

•55

1920



1921

1922

Federal Reserve Bank of Dallas

35

SCHEDULE 1
COMPARATIVE STATEMENT OF CONDITION
FEDERAL RESERVE BANK OF DALLAS
(In thousands of dollars)
Dec. 30
Dec. 31
1922
1921
Gold and gold certificates
$ 10,121
$
7,263
Gold settlement fund—Federal Reserve Board
6,214
8,518
Gold with foreign agencies
RESOURCES

Total gold held by bank

Dec. 31
1920
$ 10,008
2,074
86

16,335

15,781

12,168

22,576
1,349

11,093
2,941

24,484
4,431

40,260

29,815

41,083

6,289

6,149

4,455

46,549

35,964

45,538

710
13,712
26,827

8,962
41,635
165

15,903
54,793
247

41,249

50,762

70,943

2,630

2,630

3,979

1,900

8,300

52,557
1,937

55,292
2,168

83,222
1,639

146
30,190
1,927

156
25,694
2,755

586
42,963
717

Total resources

133,306

122,029

174,665

LIABILITIES
Capital paid in
Surplus

4,195
7,496

4,203
7,394

4,099
6,033

641
54,461
537

4,344
43,372
297

1,660
46,995
245

55,639

48,013

48,900

Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, silver, etc
Total reserves

:

Bills discounted:
Secured by U. S. Gov't. obligations
All other
Bills bought in open market
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Total earning assets
Bank premises
5 per cent redemption fund against
F. R. Bank notes
Uncollected items
All other resources

Deposits:
Government
Member bank-reserve account
All other
Total deposits



8,678

36

Federal Reserve Bank of Dallas
SCHEDULE 1—Continued

F. R. notes in actual circulation
37,761
35,470
79,453
F. R. bank notes in circulation—net
liability
704
2,726
7,101
Deferred availability items
26,089
22,635
28,235
All other liabilities
1,422
1,588
844
Total liabilities
133,306
122,029
174,665
Ratio of total reserves to deposit* and
F. R. note liabilities combined
49.8
43.1
*40.1
*Net deposits prior to March 18, 1921, and total deposits beginning with
that date.
SCHEDULE 2
EARNINGS AND EXPENSES
EARNINGS

Discounted bills
Purchased bills
United States securities
Transfers—net earnings
Deficient reserve penalties
Miscellaneous
Total earnings

1922
1921
1920
$1,609,383 $3,829,840 $4,044,612
197,994
7,980
73,212
195,049
171,151
270,874
89,339
350,969
50,432
124,163
158,569
32,917
21,175
6,286
$2,085,775 $4,243,648 $4,904,522
CURRENT EXPENSES

Salaries:

Bank officers
$ 132,184 $ 133,545
Clerical staff
680,629
735,904
Special officers and watchmen
37,134
34,598
All other
105,356
82,470
Governors' conferences
261
714
Federal Reserve Agents' conferences
297
295
Federal Advisory Council
250
200
Directors' meetings
6,003
7,004
Traveling expenses}
30,383
39,185
Assessments for Fed. Res. Board expenses....
26,189
25,759
Legal fees
708
93
Insurance (life, fidelity, casualty, workmen's
compensation, and general liability)
24,454
39,607
Banking House:
Taxes and fire insurance
31,389
37,599
Light, heat and power
28,212
27,632
Repairs and alterations
3,215
18,476
All other
Rent, including light, heat and power, and
minor alterations
3,743
9,660
Fire insurance—Furniture and equipment....
643
194
Furniture and equipment*
155,843
Printing and stationery (including office and
other supplies)
86,459
114,405



117,768
649,100
20,177
39,456
651
64
400
6,530
30,851
21,695
2,622
31,067
3,476
6,896
13,797
14,904
82,883
67,998

37

Federal Reserve Bank of Dallas
SCHEDULE 2—Continued
Telephone
12,213
Telegraph
58,383
Security shipments
3,933
Currency and coin shipments
54,206
Postage and expressage (other than on
money and security shipments)
71,402
Federal Reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping
charges
Taxes on Federal Reserve Bank note circulation
All other expenses
Total current expenses
Current net earnings

9,652
68,680
(a) 1,603 J
(a)74,870J

3,938
56,900

69,946

65,506

44,262

65,915

86,514

12,336

23,150

22,825

12,639
48,508

22,286
61,571

46,397
78,080

79,352

$1,515,391 $1,860,856 $1,549,847
570,384 2,382,792
3,354,675

tOther than those connected with governors' and agents' conferences and
meetings of directors and advisory council.
*Charged to Profit and Loss in 1922 and to current expenses prior to
that year.
(a) Cost of security shipments from January to June included with cost
of currency and coin shipments.

Earnings
Current expenses

PROFIT AND LOSS ACCOUNT
1922
1921
1920
$2,085,775 $4,243,648 $4,904,522
1,515,391 1,860,856 1,549,847

Current net earnings

$ 570,384 $2,382,792

Additions to current net earnings:
Amounts deducted from reserve for—
Depreciation on United States bonds
$ 231,523
Probable losses
80,984
Assessment account expenses Federal Reserve Board charged to profit and loss
All other
*107,113 $
Total additions

$ 419,620 $

$3,354,675

$
884

16,167
43

884 $

16,210

Deductions from current net earnings:
Depreciation allowances on bank premises
$ 161,018 $ 139,230
Furniture and equipment
32,710
Reserve for probable losses
439,000
561,500 $ 130,963
Reserve for depreciation on United
States bonds
49,295
All other
3,151
20,087
11,691
Total deductions



$ 635,879 $ 770,112 $ 142,654

38

Federal Reserve Bank of Dallas
SCHEDULE 2—Continued

Net deductions from current net earnings

$ 216,259

$ 769,228

$ 126,444

Net earnings available for dividends, surplus,
and franchise tax
$ 354,125 $1,613,564

$3,228,231

Dividends paid
$ 251,915 $ 252,211 $ 225,424
Transferred to surplus account
102,210 1,361,353 3,002,807
Franchise tax paid United States Government
*Includes $55,000 representing excess of sale price over net book value of
old bank building sold during the year.

SCHEDULE 3
STATEMENT OF DISPOSITION OF INCOME
CALENDAR YEAR 1922
Earnings:
Discount on bills discounted
Discount on bills purchased
Interest on U. S. securities
Penalties on deficient reserves
Miscellaneous earnings
Total earnings
Additions to earnings:
Amounts deducted from reserve for:
Depreciation XJ. S. securities
Probable losses
All other

$1,609,383.22
197,994.27
195,048.76
50,432.35
32,916.24
$2,085,774.84

$ 231,523.00
80,984.44
107,114.18

Total additions
Total income

419,621.62
$2,505,396.46

Less:
Expense current
$1,515,390.56
Depreciation on building and fixed machinery
and equipment
161,019.24
Furniture and equipment
32,710.06
Reserve for probable losses of liquidating
banks
439,000.00
Dividends paid
251,914.87
All other
3,151.84
Total expenses and deductions
Net amount available for transfer to surplus,
calendar year 1922
Disposition of amount available for transfer
to surplus:
Transferred to surplus, December 30, 1922



$2,403,186.57
102,209.89

102,209.89

SCHEDULE 4
VOLUME OF PAPER DISCOUNTED AND BOUGHT, BY MONTHS, DURING 1922, CLASSIFIED ACCORDING TO CHARACTER
OF PAPER, WITH TOTALS FOR PRECEDING YEARS
DISCOUNTED PAPER
TOTAL PAPER DISCOUNTED AND PURCHASED
MONTH

Total

Secured by
Gov't War
Obligations

Trade
Acceptances All Other
1922

January

.

1921

10,708,111

76,350,062

93,354,685

12,517,136

73,472,589

93,928,153

104,925,502

23,986,654

64,554,999

108,952,001

117,860,855

39,650,522

702,805

16,533,213

60,495,342

111,446,184

130,702,524

39,333,585

65,654,755

117,350,253

113,247,122

45,453,965

59,174,721

110,216,572

100,213,598

52,244,194
68,294,345

62,821

20,211,570 ;

February

23,660,883

12,034,772

60,215

29,556

11,536,340

None

23,660,883

67,374,398

March

21,650,050

9,582,246

None

12,089

12,055,715

15,000

21,665,050

April

19,129,733

5,967,313|

None

8,777

13,153,643

50,000

19,179,733

3,660,738

10,000

7,448

12,152,222

1918

92,139,895

18,481,918 $ 37,000

15,830,408

1919

83,946,095

402,564 $ 39,195,873 $ 91,743,276$

38,793,309 $

May

1920

June

16,825,424|

4,420,743

None

18,201

12,386,480

1,910,971

18,736,395

July

16,305,455|

2,805,810|

None

81,535

13,418,110

505,259

16,810,714

August ....

17,768,809|

3,555,738|

None

130,382

14,082,689

1,007,692

18,776,501

63,452,441

111,587,861

95,139,511

September

14,549,3711

5,579,950|

None

123,705

8,845,716

4,117,346

18,666,717

65,594,545

124,573,279

118,337,284

76,261,394

62,605,343

114,948,296

October

13,076,293|

5,481,700|

None

5,374

7,589,219 11,662,900

24,739,193

138,314,107

87,663,080

November

13,472,283|

5,757,7751

None

139,023

7,575,485

6,907,252

20,379,535

53,515,388

124,346,664

72,583,833

77,499,588

December

11,494,4951

3,365,175|

None

74,923

8,054,397

5,870,822

17,365,317

45,052,713

110,881,368

60,542,451

79,089,314

Total,

1922.

Total, 1921.
Total,

1920.

Total, 1919..

! 222,556,513 $

80,693,878'$107,215

771,996,488

454,684,761 154,113

3,864,792 313,292,822

694,022

1,280,178,511

999,942,925 703,722

5,670,523 273,861,341

8,348,277

1,124,946,145 l,105,059,651|'

Digitized
FRASER 587,677,766 447,833,0S8|
Total, for
1918..


$

s
3
to

r

693,834 $141 ,061,586 $33,152,611 $255,709,124

None

1,887,002 117,999,492 12,415,232

None

2,056,753 137,787,925 25,024,122

$772,690,510
$1,288,526,788
$1,237,361,377

CO

$612,701,888

SCHEDULE 5
VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS
(In Thousands of Dollars)
DISCOUNTED PAPER
ii

U. S. Securities Total Discounts and Open
Market Operations
Purchased

PURCHASED PAPER

"2 fa

E

<D

O

d

MONTH

o

£&
o

C u
ti v

V

o

c

•sf

H
H<
n<
38,793 18,482
63
37
January
February
23,661 12,035
29
60
21,650
9,582
12
March ..
April
19,130
5,967
9
15,830
May
3,661
7
10
16,825
4,421
18
June
16,306
2,806
82
July .
17,769
3,556
131
August
14,550
5,580
124
September
13,076
5,481
5
October
13,472
5,758
139
November
11,495
3,366
75
December
Total, 1922 222,557 80,695 107 694
1921 771,997 454,685 154 3,865
1920 L,280,178 999,943 704 5,670




•a*

35

i)
XI

8
. oc

It

•i

o
bo

c

"3
S3
o
— u
0
a x
&£
H
403
403
9,447 10,764
5,492
6,045
6,221
15
15
5,835
6,174
50
6,980
50
4,660
703
7,492
678
25
4,797 1,911 1,686
7,589
225
5,740
505
7,678
499
6
7,192 1,008
6,890
1,008
5,301 4,117 4,067
3,545
50
4,973 11,663 10,274 1,389
2,617
4,088 6,907 6,907
3,487
4,548 5,871 5,426
3,506
445
71,111 69,950 33,153 31,013 2,140
694
694
120,105 193,188
8,348 8,348
273 861
o in
•p <u

a
v u
c.
•a
au o
o
H<

Z
T3
C
n!

"d
C
o

186

») 1)

H C

Bl
^ *d

6,250
2,075

500
50
150
7,845
425

oq
O\

39,196
23,661
28,101
19,180
16,533
20,811
17,311
18,827
18,817
32,584
20,804
17,735

CM
ON

92,743
67,374
73,573
64,555
60,495
67,655
59,175
63,453
66,065
62,605
53,515
45,053

o
CM

O\

83,947
85,350
210,928
117,952
111,446
148,720
115,487
111,638
125,573
114,961
125,347
113,881

369
1,161 16,689 273,560
3,570
776,261
1,465,230
13 176,691

to

Federal Reserve Bank of Dallas

41

SCHEDULE 6
REDISCOUNTS
Volume of Rediscounts for 1922:
Rediscounts for member banks
$222,556,513.00
Acceptances purchased in Open Market
2,032,563.58
Acceptances Purchased from other Federal Reserve banks 14,667,610.66
Acceptances Purchased for our account by other Federal
Reserve banks
31,120,047.22
Other Paper rediscounted for other Federal Reserve banks..
None
Total

$270,376,734.46

Volume of Rediscounts for 1921:
Rediscounts for member banks
$771,996,488.00
Acceptances Purchased in Open Market
694,022.00
Acceptances Purchased from other Federal Reserve banks..
None
Acceptances Purchased for our account by other Federal
Reserve banks
None
Other Paper rediscounted for other Federal Reserve banks
None
Total

$772,690,510.00

Total number of banks served in 1922
Total number of new banks served in 1922
Largest note rediscounted in 1922
Smallest note rediscounted in 1922

661
36
900,000.00
5.50

SCHEDULE 7
NUMBER OF BANKS IN THE, ELEVENTH FEDERAL RESERVE DISTRICT, ACCOMMODATED THROUGH THE DISCOUNT OF
PAPER DURING 1922, DISTRIBUTED BY STATES
Texas
Oklahoma
Louisiana
New Mexico
Arizona
Total



561
45
7
37
11
661

SCHEDULE 8
VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE
FEDERAL RESERVE BANK OF DALLAS
(Amounts in thousands of dollars)
Month

January
February
March
April
May
June
July
August
September
October

Louisiana* Oklahoma* New Mexico*

$ 323
381
212
293
444
180
272
257
164
230

November
121
December
121
T O T A L : 1922
$ 2,998
1921
26,251
1920
26,232
Number of member
banks at end of
year:
1922
17
1921
18
1920
20
Number of member
banks accommodated:
1922
7
1921
17
1920
14

Texas

Arizona*

Total

$

38,793
23,661
21,650
19,130
15,830
16,825
16,306
17,769
14,550
13,076
13,472
11,495
$ 222,557
771,997
1,280,178

35,296
20,924
19,156
16,178
12,259
14,418
14,139
15,726
12,585
11,399
10,963
8,976
$ 192,019
694,835
1,201,012

$ 347
236
315
614
725
448
248
366
232
277
157
371
$4,336
6,474
4,617

37
42
43

747
749
737

10
10
10

861
861
850

37
39
38

561
607
604

11
10
9

661
704
702

$ 1,278
1,260
917
1,323
1,568
1,059
903
809
389
522
1,357
900
$12,285
22,942
27,757

$ 1,549
860
1,050
722
834
720
744
611
1,180
648
874
1,127
$10,919
21,495
20,560

50
42
40

45
31
37

?

* Figures in this column relate only to that part of the State located in this district.



Number of
Number of
member bank sin member bank s acdistrict at end commodated durof month
ing month
856
856
860
860
862
862
865
863
863
862
863
861

536
468
430
512
444
431
498
485
425
175
175
181

J30
C/3

to

43

Federal Reserve Bank of Dallas
SCHEDULE 9

DISCOUNT RATES FOR 1922 AND DATES ON WHICH EFFECTIVE
CLASS OF PAPER
TIME
Jan. 1st Jan. 9th July 12th
M. B. C. Notes secured by U. S.
15 days
Government Obligations
& less
5y2
5
41/£
M. B. C. Notes secured by Eligible Paper

15 days
& less

5%

5

4%

Rediscounts secured by U. S. Goveminent Obligations

1 to
90 days

5y2

5

4%

Commercial Paper

1 to
90 days

5%

5

4y2

Agricultural and Livestock Paper

1 day to
6 months

5%

5

4^

1 to
90 days

5y2

5

4y2

Trade Acceptances

Bankers' Acceptances purchased at market rates subject to agreement.

SCHEDULE 10
CLASSIFICATION BY MATURITIES OF BILLS BOUGHT AND
DISCOUNTED FOR 1922
Due
Due
Due
Due
Due

within 15 days
within 30 days
within 60 days
within 90 days
after 90 days

$ 98,505,009.00
14,585,149.00
36,416,146.00
65,416,270.00
40,786,550.00

Total

$255,709,124.00

Bankers' Acceptances purchased from the Portfolio of other Federal
Reserve banks, are not included in the above classification.

SCHEDULE, 11
CLASSIFICATION OF TRADE ACCEPTANCES BY MATURITIES
FOR 1922
Due within 15 days
$ 55,397.83
Due within 30 days
24,438.39
Due within 60 days
454,729.25
Due within 90 days
159,268.21
Total



$693,833.68

44

Federal Reserve Bank of Dallas
SCHEDULE 12

CLASSIFICATION OF BILL LADING DRAFTS AS TO COMMODITY
Based
Based
Based
Based
Based
Based

on Grain and Grain Products
on Cotton and Cotton Products
on Hay
on Beans
on Rice
on Miscellaneous Products

Total

$

379,587.72
90,198.09
285,037.38
None
179,892.88
960,479.13

$ 1,895,195.20

SCHEDULE 13
STATEMENT OF BANKERS' ACCEPTANCES. RATES AND TIME.
(PURCHASED)
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Due
Due
Due
Due
Due

purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased

Total
within
within
within
within
after

15
30
60
90
90

at
at
at
at
at
at
at
at
at
at
at
at
at

3 %
3%%
3%%
3%%
3%%
3%%
33,4%
3%%...
4 %
4%%
4%%
4%%
5 %

days
days
days
days
days

Total

? 3,451,099.59
3,734,012.92
1,061,014.42
1,865,200.31
2,468,608.51
2,452,281.87
4,253,080.47
159,966.19
12,145,635.64
1,045,305.60
98,841.70
402,563.58
15,000.00
$33,152,610.80
$ 1,030,975.07
3,339,592.56
8,360,166.58
19,407,534.09
1,014,342.50
$33,152,610.80

Bankers' Acceptances purchased from the Portfolio of other Federal Reserve Banks are not included in the above classifications.

STATEMENT OF BANKERS' ACCEPTANCES. RATES AND TIME.
(DISCOUNTED)
Amount discounted at 5%
Due within 15 days
Due within 30 days
Due within 60 days
Due within 90 days
Total




$
.1....."..."."!.]."
""...."....
"1~'~.
$

107,214.94
' None
15,000.00
43,458 04
48,'756!90
107,214.94

45

Federal Reserve Bank of Dallas
SCHEDULE 14

OPERATIONS IN BONDS AND SECURITIES FOR THE YEAR 1922
United States Bonds and Treasury Notes held on December 31st, 1921.
Registered 2% Consols 1930
$1,395,900.00
Registered 3% Conversion Bonds 1946-7
1,233,600.00
U. S. Certificates of Indebtedness, Pitman Act
1,900,000.00
Total

$4,529,500.00

Purchases and Sales of United States Securities for the Year 1922.
Victory L.. L.. Notes 4%% purchased from City of Dallas,
Dallas, Texas, at $100.25
$ 161,000.00
Victory L. L. Notes 4%% purchased from Dallas National
Bank, Dallas, Texas, at $100.25

25,000.00

U. S. 3% Certificates of Indebtedness purchased from the U. S.
Treasury at par
1,000,000.00
U. S. 4*4% Certificates of Indebtedness purchased from the U.
S. Treasury at par
250,000.00
U. S. 3% Certificates of Indebtedness purchased from the U. S.
Treasury at par
2,000,000.00
U. S. 3% Certificates of Indebtedness purchased from the U. S.
Treasury at par
1,000,000.00
U. S. 3% Certificates of Indebtedness purchased from the U. S.
Treasury at par
1,000,000.00
U. S. 3% Certificates of Indebtedness purchased from the U. S.
Treasury at par
1,000,000.00
U. S. 3 % % Certificates of Indebtedness purchased from the U.
S. Treasury at par
U. S. 3 % % Certificates of Indebtedness purchased from the U.
S. Treasury at par
U. S. 3 % % Certificates of Indebtedness purchased from the U.
Treasury at par
U. S. 3 % % Certificates of Indebtedness purchased from the
Southwest National Bank, Dallas, Texas, at par
U. S. 3 % % Certificates of Indebtedness purchased from the
Southwest National Bank, Dallas, Texas, at $100.03125
U. S. Wz% Certificates of Indebtedness purchased in the Open
Market at $100.257
U. S. 4%% Treasury Notes purchased from the Southwest National Bank, Dallas, Texas, at $102.00




250,000.00
250,000.00
25,000.00
500,000.00
550,000.00
500,000.00
500,000.00

46

Federal Reserve Bank of Dallas
SCHEDULE 14—Continued

U. S. 4*4% Treasury Notes purchased from the U. S. Treasury
at par

50,000.00

U. S. 3%% Certificates of Indebtedness purchased from the
Dallas National Bank, Dallas, Texas, at par

150,000.00

U. S. 3%% Certificates of Indebtedness purchased through
Federal Reserve Bank, New York, N. Y., at par
3,000,000.00
U. S. 3%% Certificates of Indebtedness purchased through
Federal Reserve Bank, New York, N. Y., at par

500,000.00

U. S. 3%% Certificates of Indebtedness purchased through
Federal Reserve Bank, New York, N. Y., at par

900,000.00

U. S. 3%% Certificates of Indebtedness purchased from the
First National Bank, Mineral Wells, Texas, at par

75,000.00

IT. S. 3%% Certificates of Indebtedness purchased through
Federal Reserve Bank, New York, N. Y., at par

500,000.00

SCHEDULE. 15
MEMBER BANKS COLLATERAL NOTES
Total amount of Member Banks Collateral Notes
Total number of banks accommodated in this manner

$92,602,283.12
270

PAPER SECURED BY UNITED STATES BONDS AND CERTIFICATES
OF INDEBTEDNESS
Member Banks Collateral Notes
Member Banks Discounts
Total




$80,332,267.47
361,610.43
$80,693,877.90

SCHEDULE 16
DAILY AVERAGE EARNING ASSETS, EARNINGS THEREON, AND AVERAGE RATE PER ANNUM
YEAR 1922, AS COMPARED WITH YEAR 1921
Earning Assets
1922
1921
$31,655,263.94
$61,237,903.81

Bills discounted, members
Bills bought in open market and from other F. R.
Banks
5,390,898.59
United States Securities...'.
6,903,863.85
Total

$43,950,026.38

115,882.35
7,877,780.82

197,994.27
195,048.76

$69,231,566.98

$2,002,426.25

•Included $905.35 earned in 1920 but credited in 1921.
**Actual rate on 1921 earnings of Bills Purchased 6.10.
JDoes not include $72.35 earned in 1922 but credited in 1923.




Earnings
Average Rate
1922
1921
1922 1921
$1,609,383.22$ $3,829,839.95 5.08 6.25
7,979.58* 3.67
171,150.92 2.83
$4,008,970.45

4.56

6.88**
2.17
5.79

00

SCHEDULE 17
OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM
(Figures include cash items only.)
(Numbers in thousands; amounts in thousands of dollars.)

MONTH
January
February
March ..
April .
May
June
July .
August
September
October
November
December
Total, 1922
1921
1920

Items drawn
on banks
in own district
Number
1,937
1,765
2,089
1,898
1,968
2,047
1,919
1,977
2,142
2,470
2,258
2,574
25,044
24,947
25,315

Amount
329,818
276,703
316,237
281,222
300,226
300,946
293,549
308,708
421,396
484,847
416,045
409,533
4,139,230
4,016,991
6,174,543

Items forwarded
to other F. R. Banks
and their branches
Number
105
99
112
98
107
105
105
103
97
107
106
127
1,271
1,196
1,831

Amount
15,597
14,520
17,365
12,615
13,764
13,479
12,458
13,086
12,244
13,760
13,674
14,868
167,430
267,237
787,181

Items drawn on
Treasurer of
United States
Number
83
72
88
96
92
95
56
72
83
97
89
68
991
1,146
1,145

Amount
12,087
12,397
11,795
9,557
8,988
9,189
7,707
7,933
7,358
8,239
7,215
7,535
110,000
99,276
107,662

•Exclusive of duplications on account of items handled by both parent bank and branch.




TOTAL*
Number
2,125
1,936
2,289
2,092
2,167
2,247
2,080
2,152
2,322
2,674
2,453
2,769
27,306
27,289
28,291

Amount
357,502
303,620
345,397
303,394
322,978
323,614
313,714
329,727
440,998
506,846
436,934
431,936
4,416,660
4,383,504
7,069,386

CO

ft-

49

Federal Reserve Bank of Dallas
OPERATIONS OF CHECK CLEARING AND COLLECTION
DEPARTMENT DURING 1922

AWljonsJcmFeb /yiarApr/VQyJuneJulyAuQSeptQdt
Bcamrs
2.1

A( '

ZO
19

/
/
/

18
17
16
Iff

Not/ Dec Thousands
of
Items
2.1 0
2.00
190
\

I 80
\

170
I 60
I5"O

14

(40

A,

13

130

/

120
II O
to
9

/

Ft
••...^

I 00
90

/

8

SO

7

10

e

60

5

.50

4

A-

3 —

w

• Da \yAverage/ 'moor

terns 4and/ ed

40

• D a i tyAm'age I Vumb
SCO. e a t

TCTTIS Hanc tied

30

»e at

Z

ZO

i

to




SCHEDULE 18
COLLECTION ITEMS HANDLED BY THE FEDERAL RESERVE BANK OF DALLAS AND ITS BRANCHES
Year 1921
Month:
January
February
March
April
May

June

July...
August
September ...
October
November
December
Totals for 1921....

No.
2,245
2,012
2,998
4,392
6,626
6,726
6,220
5,574
5,757
5,728
4,908
5,731
58,917

Amount
5,359,176.72
5,201,540.58
4,761,809.51
5,255,018.50
5,192,377.65
4,368,996.51
4,425,330.02
3,930,892.40
5,717,578.77
6,097,469.28
5,232,755.38
5,205,013.76
$ 60,747,959.08

$

No.
412
359
365
570
733
785
838
891
830
863
700
824
8,170

$

$

Amount
611,499.79
659,826.56
419,823.56
766,155.04
591,013.95
702,201.86
596,711.19
673,181.63
647,859.74
906,329.40
704,518.42
791,417.37
8,070,538.51

TOTAL

HOUSTON

E L PASO

DALLAS

No.
848
994
1,088
1,341
1,885
1,621
1,851
2,022
2,101
1,919
1,717
2,028
19,415

Amount
1,634,682.52
1,772,081.64
1,965,182.85
2,316,176.47
2,574,364.14
1,772,910.10
2,089,227.36
2,297,884.41
3,230,432.50
3,284,160.61
2,238,876.12
2,443,286.26
$ 27,619,264.98
$

No.
3,505
3,365
4,451
6,303
9,244
9,132
8,909
8,487
8,688
8,510
7,325
8,583
86,502

Amount
7,605,359.03
7,633,448.78
7,146,815.92
8,337,350.01
8,357,755.74
6,844,108.47
7,111,268.57
6,901,958.44
9,595,871.01
10,287,959.29
8,176,149.92
8,439,717.39
$ 96,437,762.57

$

53

Year 1922:
January
February
March
April
May
June .
July
August .
September
October
November
December
Totals for 1922....

5,530
5,483
6,316
6,352
7,162
6,959
6,682
6,677
8,411
9,229
7,187
7,623
83,611




$

5,162,993.94
5,504,832.87
5,302,032.49
4,760,734.06
4,839,262.27
4,262,570.56
4,538,580.30
5,250,879.47
9,252,523.50
9,813,591.43
7,862,024.01
8,232,894.89
$ 74,782,919.79

596,895.89
906 $
560,353.99
822
866,442.74
1,039
607,664.69
897
1,142,073.25
1,086
1,371,388.81
1,144
1,328.874.84
1,173
1,220,990.74
1,236
1,213,578.21
1,071
1,338
1,027,846.16
1,432,342.72
1,440
1,4"33
1,258,859.00
13,585 |$ 12,627,311.04

1,951
2,053
2,643
2,111
2,358
2,278
2,108
2,255
2,490
3,303
2,460
2,465
28,475

$

2,964,353.86
2,753,706.14
3,263,316.07
2,294,257.79
2,882,722.17
2,535,107.19
2,212,799.11
3,422,429.02
5,115,438.21
8,336,135.96
• 5,594,271.97
5,060,561.11
$ 46,435,098.60

8,387
8,358
9,998
9,360
10,606
10,381
9,963
10,168
11,972
13,870
11,087
11,521
125,671

$

8,724,243.69
8,818,893.00
9,431,791.30
7,662,656.54
8,864,057.69
8,169,066.56
8,080,254.25
9,894,299.23
15,581,539.92
19,177,573.55
14,888,638.70
14,552,315.00
|$133,845,329.43

if

51

Federal Reserve Bank of Dallas
SCHEDULE 19

NUMBER AND AMOUNTS OF WIRE. TRANSFERS FOR THE
YEAR 1922
Number
Amount
January
1,414
$49,889,000
February
1,267
41,902,000
March
1,465
51,039,000
April
1,300
49,311,000
May
1,473
60,467,000
June
1,433
48,385,000
July
1,343
44,944,000
August
1,498
48,537,000
September
1,876
65,042,000
October
2,042
74,819,000
November
1,845
69,754,000
December
1,753
59,050,000
Total

18,709

$663,139,000

SCHEDULE 20
NEW NATIONAL BANKS, 1922
OKLAHOMA
Bokchito
Centrahoma
Durant
Hugo
Idabel
Kemp City
Kenefick
Mill Creek

First National Bank
First National Bank
American National Bank
City National Bank
State National Bank
First National Bank
First National Bank
Mill Creek National Bank

TEXAS
Beaumont
Beaumont.....
Brownsville
Buda
Corrigan
Corpus Christi
Dallas
Ennis
Follett
Harlingen
Kenedy
Kenedy
Mexia
Port Arthur
San Antonio
Swenson
Wellington

City National Bank
Texas National Bank
State National Bank
Farmers National Bank
Corrigan National Bank
State National Bank
Republic National Bank
First National Bank
.Follett National Bank
Security National Bank
First National Bank
Nichols National Bank
Prendergast-Smith National Bank
Merchants National Bank
Commercial National Bank
Swenson National Bank
City National Bank

,

N. B.—First National Bank, DeKalb, Texas, (a conversion of the First State
Bank) was authorized to commence business December 30, 1922, but did not open
as a national bank until January 2, 1923.



52

Federal Reserve Bank of Dallas
SCHEDULE 21
NATIONAL BANKS LIQUIDATING DURING 1922

LOUISIANA
Oak Grove

First National Bank

Insolvent

NEW MEXICO
Columbus

First National Bank

Liquidated—Succeeded by
First
National
Bank,
Deming, N. M.

Hope

.First National Bank

Insolvent

Lakewood

Lakewood National Bank....Liquidated—Succeeded by
First
National
Bank,
Loving, N. M.

Roswell

American National Bank....Liquidated—Succeeded by
Citizens National Bank

TEXAS
Baird

Home National Bank

Voluntary
liquidation —
Succeeded
by
First
Guaranty State Bank

Booker

..Edwards National Bank

Collinsville

Edna

.Collinsville National Bank. Liquidated—Succeeded by
Security State Bank
.Border National Bank
Liquidated—Taken over by
First National Bank
Allen National Bank
Voluntary liquidation

Ennis

Ennis National Bank

Liquidation—Affairs taken
over by First National
Bank, Ennis

Eagle Pass

Insolvent

Farwell

.Farwell National Bank

Insolvent

Moran

First National Bank.

Insolvent

Roby

First National Bank

San Antonio

State National Bank

Liquidated—Succeeded
First State Bank
Liquidated—Succeeded
City National Bank

by
by

Stephenville

Farmers National Bank

Liquidated—Succeeded

Stephenville

First National Bank

Wylie

First National Bank

Liquidated—Succeeded by
Farmers Guaranty State
Bank.
Farmers Guaranty State
Bank
Consolidated with First
State Bank




by

Federal Reserve Bank of Dallas

53

SCHEDULE 22
NEW STATE BANKS, 1922
TEXAS
Bedias
Blooming Grove
Iola
Olney
Roby
Stephenville
Tahoka

<

First State Bank
Blooming Grove State Bank
Iola State Bank
Farmers State Bank
First State Bank
Farmers Guaranty State Bank
Guaranty State Bank

SCHEDULE 23
STATE BANKS LIQUIDATING DURING 1922
NEW MEXICO
Lovington
TEXAS
Beaumont
Beaumont
Collinsville
Dallas
El Paso
El Paso
Kenedy
Kenedy
Mercedes
Port Arthur
Silverton
Troup
Woodville

First Territorial Bank

Insolvent

Guaranty Bank & Trust Co.Converted into the City
National Bank of Beaumont, Texas
Texas Bank & Trust Co Converted into the Texas
National Bank
First Guaranty State BankLiquidated
.Guaranty Bank & Trust Co.Converted into the Republic National Bank
El Paso Bank & Trust Co...Liquidated — Assets purchased by City National
Bank
Security Bank & Trust Co.Liquidated—Succeeded by
Border National Bank, El
Paso
Farmers & Merchants
Converted into the First
State Bank
National Bank, Kennedy
Texas
First State Bank & TrustConverted into the Nichols
Company
National Bank, Kenedy,
Texas
Bank of Commerce & TrustLiquidated—Succeeded by
Company
First National Bank
Merchants State Bank
Converted into the Merchants National Bank,
Port Arthur
Briscoe County State BankLiquidated through First
National Bank
Guaranty State Bank
Insolvent
Woodville State Bank
Insolvent

N. B.—First State Bank, DeKalb, Texas (granted a national bank charter
December 30, 1922), commenced business as the First National Bank, DeKalb, on
January 2, 1923.




54

Federal Reserve Bank of Dallas
SCHEDULE 24
TOTAL STATE BANK MEMBERSHIP, ELEVENTH FEDERAL
RESERVE DISTRICT, DECEMBER 29, 1922
Total
Surplus Resources
Capital
33,000 $ 42,000 $
781,000
$
30,000
10,000
351,000

ARIZONA
Safford
Tombstone

.Bank of Safford
.Cochise County State Bank

LOUISIANA
Monroe
Shreveport

Central Savings Bk. & Trust Co.
Continental Bank & Trust Co.—

375,000
300,000

125,000
100,000

3,254,000
5,637,000

NEW MEXICO
Alamogordo
Albuquerque
Corona
Portales

First State Bank
State Trust & Savings Bank
Stockmens State Bank
Security State Bank

50,000
100,000
30,000
25,000

5,000
80,000
6,000
5,000

678,000
1,329,000
125,000
288,000

OKLAHOMA
Broken Bow
Coleman
Fort Towson
Valliant

McCurtain County Bank
Coleman State Bank
First State Bank
Farmers State Guaranty Bank....

25,000
25,000
50,000
50,000

3,000
3,000
5,000
10,000

229,000
240,000
469,000
368,000

TEXAS
Alice
Alpine
Alto
v
Anson
Avery
Ballinger
Bay City
Bay City
Bedias
Beeville
Bishop
Blooming Grove
Bomarton
Bonham
Bonham
Bremond
Bridgeport
Brownfield
Bryan
Caddo Mills
Canton
Canyon

Citizens State Bank
Alpine State Bank
Alto State Bank
Anson State Bank
Avery State Bank
Ballinger State Bk. & Trust Co.
Bay City Bank & Trust Co
First State Bank
First State Bank
Beeville Bank & Trust Co
First State Bank
Blooming Grove State Bank
First State Bank
Fannin County Bank
First State Bank
First State Bank
Bridgeport State Bank
Brownfield State Bank
First State Bank & Trust Co
Caddo Mills State Bank..Texas State Bank
First State Bank

60,000
30,000
25,000
50,000
25,000
60,000
65,000
100,000
25,000
50,000
25,000
50,000
32,000
100,000
200,000
50,000
25,000
25,000
100,000
30,000
50,000
40,000

20,000
40,000
5,000
55,000
13,000
4,000
20,000
10,000
5,000
32,000
11,000
5,000
2,000
50,000
100,000
12,000
5,000
25,000
50,000
20,000
25,000
6,000

482,000
255,000
233,000
618,000
159,000
378,000
630,000
533,000
140,000
360,000
295,000
190,000
183,000
857,000
1,539,000
529,000
139,000
331,000
1,045,000
206,000
188,000
283,000




55

Federal Reserve Bank of Dallas
SCHEDULE 24—Continued
Celina
Celina
Childress
Childress
Clarendon
Clifton
Clifton..
Coahoma
Commerce
Commerce
Como
Cooper
Copperas Cove
Corsicana
Cross Plains
Crowell
Cuero
Dallas
Dallas
Decatur
DeKalb
Del Rio
Denton.
East Bernard
Edgewood
El Paso
Emhouse
Falfurrias
Ferris
Flatonia
Floydada
Forney
Franklin
Frost
Galveston
Galveston
Ganado
Gatesville
Georgetown
George West
Gilmer
Goldthwaite
Gonzales
Graford

Capital
Celina State Bank
35,000
First State Bank
50,000
100,000
City Guaranty State Bank
50,000
Farmers & Mechanics State Bk.
50,000
Farmers State Bank
•
Farmers Guaranty State Bank
30,000
40,000
First Guaranty State Bank
25,000
First State Bank
25,000
Citizens State Bank
50,000
State Bank of Commerce
25,000
Como State Bank
100,000
Security State Bank
First State Bank
35,000
200,000
First State Bank
30,000
.First Guaranty State Bank
30,000
First State Bank
100,000
First State Bank & Trust Co
1,000,000
Central State Bank
250,000
Dallas County State Bank
60,000
Security State Bank
100,000
First State Bank
100,000
.Del Rio Bank & Trust Co
50,000
First Guaranty State Bank
50,000
.Union State Bank
35,000
.Farmers & Merchants State Bk.
American Trust & Savings Bank 350,000
30,000
.First State Bank
75,000
Falfurrias State Bank
50,000
Farmers & Merchants State Bk.
50,000
Flatonia State Bank
50,000
First State Bank
25,000
Forney State Bank
30,000
First State Bank
25,000
Citizens State Bank
200,000
South Texas State Bank
400,000
Texas Bank & Trust Co
35,000
Farmers State Bank
50,000
Guaranty State Bk. & Trust Co.
50,000
Farmers State Bank
50,000
First State Bank
50,000
Gilmer State Bank
100,000
Trent State Bank
75,000
Gonzales State Bk. & Trust Co.
50,000
First State Bank




Surplus
12,000
60,000
10,000
30,000
20,000
2,000
13,000
4,000
25,000
5,000
40,000
5,000
30,000
50,000
110,000
10,000
80,000
8,000
10,000
20,000
10,000
20,000
•

2,000

15,000
6,000
2,000
20,000
15,000
50,000
150,000
600,000
2,000
14,000
50,000
11,000
4,000
50,000
25,000
20,000

Total
Resources
182,000
348,000
574,000
723,000
187,000
382,000
280,000
159,000
221,000
314,000
205,000
559,000
193,000
1,211,000
360,000
306,000
624,000
4,950,000
5,355,000
171,000
347,000
559,000
391,000
245,000
175,000
2,921,000
137,000
430,000
321,000
455,000
435,000
192,000
378,000
279,000
4,666,000
8,907,000
82,000
486,000
895,000
240,000
247,000
829,000
519,000
259,000

56

Federal Reserve Bank of Dallas
SCHEDULE 24—Continued

Grand Prairie
Grand Prairie
Greenville
Hallsville
Hamilton
Hamlin
Hedley
Hereford
Hillsboro
Iola
Italy
Jacksonville
Josephine
Junction
Kaufman
Kerens
Kilgore
Killeen
Killeen
Kirkland
Ladonia
LaFeria
Lamesa
Leakey
Leonard
Liberty
Lockney
Longview
Loraine
Lorenzo
Lubbock
Lubbock
Lufkin
Luling
Luling
Madisonville
Malone
Matador
Mathis
Maypearl
Maypearl
McAllen
McGregor

First State Bank
Guaranty State Bank
Citizens State Bank
:
Farmers State Bank
Hamilton Bank & Trust Co
First State Bank
Guaranty State Bank
.First State Bank & Trust Co
First State Bank
Jola State Bank
Farmers State Bank
First Guaranty State Bank
Josephine State Bank
Junction State Bank
First State Bank
.First State Bank
.Kilgore State Bank
First State Bank
Guaranty State Bank
-First State Bank
First State Bank
Cameron County Bank
First State Bank
First State Bank
First State Bank
.Liberty State Bank
.Lockney State Bank
.Commercial Guaranty State Bk.
First State Bank
.First State Bank
Lubbock State Bank
Security State Bk. & Trust Co.
Citizens Guaranty State Bank....
Citizens State Bank
Lipscomb Bank & Trust Co
Farmers State Bank
First State Bank
First State Bank
.First State Bank
Citizens State Bank
Farmers & Merchants State Bk.
First State Bank & Trust Co
First State Bank




Capital
40,000
25,000
100,000
25,000
50,000
40,000
25,000
50,000
150,000
25,000
40,000
63,000
30,000
100,000
100,000
50,000
25,000
35,000
30,000
50,000
35,000
25,000
60,000
25,000
50,000
35,000
50,000
50,000
30,000
25,000
100,000
100,000
75,000
25,000
75,000
25,000
25,000
38,000
30,000
25,000
25,000
130,000
50,000

Surplus
20,000
5,000
1,000
50,000
10,000
10,000
50,000
15,000
5,000
13,000
25,000
6,000
110,000
80,000
30,000
13,000
17,000
3,000
10,000
3,000
30,000
2,000
12,000
4,000
3,000
30,000
25,000
50,000
6,000
5,000
7,000
55,000
25,000
8,000
13,000
20,000
25,000
25,000
6,000

Total
Resources
274,000
105,000
398,000
274,000
426,000
510,000
127,000
676,000
858,000
128,000
297,000
636,000
133,000
1,033,000
657,000
353,000
178,000
334,000
133,000
178,000
446,000
286,000
635,000
80,000
436,000
360,000
231,000
381,000
445,000
317,000
1,393,000
649,000
527,000
196,000
363,000
382,000
185,000
348,000
149,000
201,000
141,000
725,000
369,000

57

Federal Reserve Bank of Dallas
SCHEDULE 24—Continued
McKinney
Memphis
Mertens
Mission
Moran
Mount Calm
Mount Pleasant
Munday
Murchison
Nacogdoches
Normangee
North Zulch
Olney
Orange
Paducah
Palmer
Pampa
Paradise
Paris
Paris
Pecos
Penelope
Perrin
Piano
Post
Quanah
Rails
Rails
Reagan
Rice
Richardson
Richland
Roaring Springs
Robstown
Robstown
Roby
Rockwall
Royse City
Rusk
Sabinal
San Antonio
San Augustine
Santa Anna
Savoy
Seminole
Seymour

Central State Bank
Citizens State Bank
First Guaranty State Bank
First State Bank
Moran State Bank
First State Bank
Guaranty State Bank
First State Bank
First State Bank
Commercial Guaranty State Bk.
First State Bank
Farmers Guaranty State Bank....
.Farmers State Bank
Guaranty Bank & Trust Co
First State Bank
First Guaranty State Bank
Gray County State Bank
Paradise State Bank
First State Bank
Lamar State Bank & Trust Co.
Pecos Valley State Bank
Penelope State Bank
First State Bank
Farmers State Bank
First State Bank
.First Guaranty StaTe Bank
First State Bank
Guaranty State Bk. & Trust Co.
First State Bank
First State Bank
Citizens State Bank
First State Bank
First State Bank
.First State Bank
Guaranty State Bank
First State Bank
Guaranty State Bank
First State Bank
Far. & Mer. State Bk. & Tr. Co.
First State Bank
Central Trust Company
Commercial Guaranty State Bk.
First State Bank
First State Bank
First State Bank
First Guaranty State Bank




Capital
75,000
75,000
25,000
50,000
40,000
40,000
60,000
35,000
25,000
100,000
25,000
25,000
30,000
100,000
50,000
25,000
25,000
25,000
150,000
150,000
110,000
25,000
25,000
60,000
25,000
100,000
25,000
60,000
25,000
50,000
35,000
25,000
25,000
25,000
50,000
40,000
50,000
50,000
100,000
80,000
200,000
50,000
35,000
25,000
40,000
35,000

Surplus
7,000
25,000
7,000
10,000
10,000
30,000
5,000
3,000
50,000
25,000
3,000
6,000
50,000
18,000
13,000
100,000
54,000
20,000
1,000
13,000
40,000
3,000
50,000
15,000
8,000
20,000
4,000
20,000
21,000
15,000
15,000
1,000
18,000
25,000
3,000
3,000
11,000
20,000
9,000
30,000
6,000

Total
Resources
624,000
488,000
155,000
509,000
403,000
184,000
572,000
254,000
112,000
1,171,000
226,000
150,000
179,000
593,000
423,000
268,000
261,000
100,000
1,451,000
1,793,000
554,000
197,000
125,000
417,000
235,000
836,000
178,000
352,000
187,000
220,000
156,000
329,000
183,000
313,000
441,000
329,000
284,000
313,000
578,000
529,000
3,446,000
410,000
460,000
177,000
188,000
209,000

58

Federal Reserve Bank of Dallas
SCHEDULE 24—Continued

Shamrock
Shiro
Sinton
Slaton
Snyder
Spearman
Stamford
Stephenville
Streetman
Sweetwater
Tahoka
TeagueTerrell
Tioga
Trenton
Tyler
Valley Mills
Valley View
Waco
Waxahachie
Weatherford
Wellington
West
Wharton
Wharton
White Deer
Wills Point
Winnsboro
Wolfe City
Wortham
Wylie.
Yoakum

Farmers & Merchants State Bk.
Farmers State Bank
Bank of Commerce
First State Bank
First State Bank & Trust Co
Guaranty State Bank
First State Bank
Farmers Guaranty State Bank....
First State Bank
Texas Bank & Trust Co
Guaranty State Bank
First State Bank
^irst State Bank
First Guaranty State Bank
.Guaranty State Bank
Peoples Guaranty State Bank....
Citizens State Bank
First Guaranty State Bank
First State Bank & Trust Co
Guaranty State Bk. & Trust Co.
First State Bank
Wellington State Bank
First State Bank
Security Bank & Trust Co
.Wharton Bank & Trust Co
First State Bank
.First State Bank
Merchants & Planters State Bk.
First State Bank
First State Bank
.First State Bank
.Yoakum State Bank

Capital
50,000
25,000
50,000
40,000
50,000
25,000
100,000
100,000
25,000
100,000
25,000
75,000
200,000
30,000
25,000
100,000
30,000
25,000
300,000
200,000
125,000
50,000
50,000
50,000
50,000
25,000
100,000
30,000
50,000
50,000
75,000
100,000

$13,666,000

Surplus
50,000
15,000
12,000
4,000
25,000
5,000
35,000
20,000
75,000
165,000
2,000
10,000
34,000
4,000
8,000
50,000
24,000
26,000
50,000
15,000
150,000
5,000
44,000
30,000
20,000
15,000
25,000
100,000

Total
Resources
567,000
159,000
401,000
296,000
375,000
82,000
674,000
647,000
194,000
827,000
173,000
677,000
1,434,000
188,000
89,000
1,751,000
148,000
110,000
1,843,000
1,219,000
879,000
479,000
353,000
351,000
773,000
231,000
624,000
426,000
300,000
710,000
525,000
1,621,000

$5,151,000 $122,682,000

Capital
Surplus

13,666,000
5,151,000
Total Capital and Surplus

Arizona
Louisiana
New Mexico
Oklahoma
Texas

$18,817,000

SCHEDULE 25
MEMBER BANKS BY STATES
December 31, 1922
National
8
State
National
15
State
National
33
State
National
46
State
National
560
State

Totals



662

2
2
4
4
187
199

Total
Total
Total
Total
Total

10
17
37
50
747
861

59

Federal Reserve Bank of Dallas
SCHEDULE 26
RECAPITULATION OF CAPITAL STOCK ACCOUNT, 1922
Number of member banks December 31, 1921 (national)
655
Number of member banks December 31, 1921 (state)
206
New national banks organized during 1922
25
State banks and trust companies admitted during 1922
7
National banks liquidating during 1922
State banks and trust companies liquidating during 1922

18
14

893

32

Total member banks December 31, 1922
Total capital stock December 31, 1921
Stock allotted member banks for quarter ending:
March 31, 1922
June 30, 1922
September 30, 1922
December 31, 1922

861
8,406,400
$ 52,500
149,900
73,200
52,200
327,800

Total
Stock surrendered for quarter ending:
March 31, 1922
June 30, 1922
September 30, 1922
December 31, 1922

8,734,200
51,200
185,300
48,400
60,000
344,900

Total stock December 31, 1922
Total paid-up capital stock December 31, 1921
Subscriptions paid in quarter ending:
March 31, 1922
June 30, 1922
September 30, 1922
December 31, 1922

8,389,300
4,203,200
26,250
74,950
36,600
26,100
163,900

Total
Cash subscriptions refunded for surrender of stock,
quarter ending:
March 31, 1922
June 30, 1922
September 30, 1922
December 31, 1922

4,367,100
25,600
92,650
24,200
30,000
172,450

Total paid up capital December 31, 1922
4,194,650
N. B.—First State Bank, DeKalb, Texas, was granted a national charter
December 30, 1922, but did not open as the First National Bank, DeKalb, until
January 2, 1923. The conversion is not counted in this report.



OS

o

SCHEDULE 27
NUMBER OF EACH DENOMINATION AND AGGREGATE AMOUNT OF FEDERAL RESERVE NOTES
ISSUED TO BANK, AND RETURNED TO THE COMPTROLLER DURING 1922
NUMBER OF NOTES
FEDERAL RESERVE NOTES
$10

$20

2,400,000

100,000

576,000

237,000

171,500

127,000

$5

1. Received from Comptroller

$50

$100

$500

RECEIVED,

Aggregate
Amount
Dollars
$1,000 $5,000| $10,000
24,520,000

2. Received from F. R-. Bank
and from U. S. Treasurer
(fit notes)
3. Received by Comptroller
from Treasurer and Federal
Reserve Agent for destruction and credit of F. R.
Agent's account

1,658,178

480,235

421,138

18,541

9,051

90

60

23,453,150

4. Total

4,295,178

751,735 1,124,138

21,901

11,551

90

170

53,941,150

5. Issued to F. R. Bank
6. Returned to Comptroller of
Currency for destruction,
including notes returned by
U. S. Treasurer for credit
of F. R. Agent's account

2,287,000

816,500

628,500

11,000

6,900

260

144

33,684,000

1,658,178

480,235

421,138

18,541

9,051

90

60

23,453,150

7. Total

3,945,178 1,296,735 1,049,638

29,541

15,951

350

204

57,137,150




3,360

2,500

110

1

5,968,000
CO

SCHEDULE 28
NUMBER OF EACH DENOMINATION AND AGGREGATE AMOUNT OF FEDERAL RESERVE NOTES RECEIVED,
ISSUED TO BANK, AND RETURNED TO THE COMPTROLLER SINCE ORGANIZATION, AND ON
HAND AT THE CLOSE OF BUSINESS DECEMBER 31, 1922
NUMBER OF NOTES

FEDERAL RESERVE NOTES

1. Received from Comptroller
2. Received from P. R. Bank
and from U. S. Treasurer
(fit notes)
3. Received by Comptroller
from Treasurer and Federal Reserve Agent for destruction and credit of F.
R. Agent's acocunt

$1,000 $5,000| >io,ooo

$50

$100

7,388,000 4,208,000

144,000

68,000 1,600

2,000

240,020,000

1,732,000 3,157,590 1,430,430

74,353

64,800

358

1,249

80,470,150

9,930,610 6,010,143 3,022,045

98,594

36,733

280

352

179,290,380

$5

13,036,000

$10

$20

$500

Aggregate
Amount
Dollars

4. Total

24,698,610 16,555,733 8,660,475

316,947 169,533 2,238

3,601

499,780,530

5. Issued to F. R. Bank

13,854,000 10,119,590

207,113 124,900 1,176

2,123

303,561,150

6. Returned to Comptroller of
Currency for destruction,
including notes returned by
U. S. Treasurer for credit
of F. R. Agent's account
7. On hand December 31, 1922
8. Total




5,376,930

9,930,610 6,010,143 3,022,045
914,000

426,000

261,500

24,698,610 16,555,733 8,660,475

98,594

36,733

280

352

179,290,380

11,240

7,900

782

1,126

16,929,000

316,947 169,533 2,238

3,601

499,780.530

CO

SCHEDULE 26
INTERDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES DURING YEAR 1922
5's

P. R. Bank
of

Ret'd
R'ec'd
to
from
$ 28,900 $ 34,750
Boston
266,500 198,250
New York
57,000
31,000
Philadelphia
73,000
69,000
Cleveland
57,250
42,000
Richmond
820,635 1,017,000
Atlanta
230,000 301,000
Chicago
711,000 630,250
St. Louis
51,250
25,000
Minneapolis
723,000 791,500
Kansas City
404,440 839,250
San Francisco
Total
|$3,351,475|$4,050,500
500's
Rec'd
from
Boston
New York
$
Philadelphia .—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
San Francisco
Total
$

1,000's

Ret'd
to

$
1,500
16,500
46,000
500
1,500
4,500
2,500
500
10,000
8,000
3,000
14,000
7,500
4,500
500
500
4,500
18,500
14,000
24,500
61,500[$ 121,500




10's
R'ec'd
Ret'd
from
to
$ 89,400 $ 98,500
538,500
366,500
107,250
67,000
138,500
135,000
83,000
115,400
466,380 1,119,250
592,500
222,000
731,000
397,000
76,250
29,000
779,500
383,000
869,500
242,810
$2,513,490| $5,133,750]

R'ec'd
Ret'd
from
to
$
6,000
$
21,000
83,000
10,000
6,000
5,000
5,000
16,000
19,000
3,000
30,000
9,000
10,000
4,000
1,000
15,000
28,000
86,000
54,000
$ 169,000| $ 242,000

100's
50's
Ret'd
R'ec'd
Ret'd
Rec'd
from
from
to
to
$ 20,200 $ 43,300 $ 18,600 $ 45,400
311,400
258,900
211,850
198,450
49,000
21,000
64,750
20,500
45,300
39,500
146,800
50,000
42,800
16,200
63,650
19,350
137,900
126,300
103,800
118,100
154,300
121,500
190,150
99,500
83,400
115,500
72,500
116,950
18,800
14,100
9,850
13,450
160,800
140,800
104,050
122,100
330,700
197,700
216,800
141,850
$ 920,450| $l,227,500| $1,070,100| $1,379,800
1922
1921
5,000's
Total Amounts
Total Amounts
Rec'd
Rec'd
Ret'd
Ret'd
Rec'd
Ret'd
from
from
to
from
to
to
$ 254,400 $ 358,950 $1,056,900 $ 743,650
1,818,050 1,995,500 6,247,950 5,784,500
237,500
956,300
438,500
988,750
545,500
753,600 1,638,750 1,463,600
329,350
433,700 1,401,490 1,009,010
2,606,755 3,335,950 5,963,740 5,239,750
1,260,500 2,260,950 2,901,150 4,182,700
2,332,950 2,472,150 5,080,575 4,028,850
10,000
175,050
531,850
275,650
399,100
2,528,400 3,466,350 5,652,300 6,395,900
2,001,780 4,294,750 3,967,415 6,725,250
| $ 10,000 $14,090,235[$20,086,050|$35,298,120!$37,061,360

OS
CO

20's
Ret'd
Rec'd
from
to
? 97,300 $ 129,500
606,500
690,200
159,000
97,500
341,500
237,500
182,000
130,900
931,000
1,049,340
979,000
581,500
930,500
976,000
118,000
89,000
1,140,000 1,584,000
914,980 1,960,000
$6,004,220 $7,921,000

I"
Go

Federal Reserve Bank of Dallas

63

SCHEDULE 30
FEDERAL RESERVE AGENT'S STATEMENT OF FEDERAL RESERVE
NOTES ON HAND, OUTSTANDING, RECEIVED FROM
COMPTROLLER OF THE CURRENCY, CANCELLED,
AND COVERAGE OF TOTAL ISSUE, AS OF
DECEMBER 31, 1922
RESOURCES
Federal Reserve notes on hand
Federal Reserve notes outstanding

$ 16,929,000.00
43,800,620.00

Collateral security held against outstanding Federal Reserve notes:
Gold and gold certificates

7,471,000.00

Credit balance in gold redemption fund

2,605,135.00

Credit balance with Federal Reserve Board

12,50TJ,O00.DO

Eligible paper

41,105,919.11
1?4,411,674.11

LIABILITIES
Federal Reserve notes received from Comptroller of the
Currency—gross amount
Less returned to Comptroller for destruction
Received from Comptroller—net
Gold and gold certificates
Eligible paper




240,020,000.00
179,290,380.00
60,729,620.00
22,576,135.00
41,105,919.11
$124,411,674.11

64

Federal Reserve Bank of Dallas
SCHEDULE 31

FEDERAL RESERVE BANK NOTES OUTSTANDING DECEMBER 31,
1921, ISSUED AND REDEEMED DURING 1922 AND
OUTSTANDING DECEMBER 31, 1922
.-.
,.
Outstanding
December
31, 1921

Ones
Twos
Fives
Tens
Twenties
Totals

New notes
Issued in
1922 to
r m i , . , „,,<;*
P
notes
redeemed

. . ,.
Unfit notes
redeemed
during 1922

—
,.
Outstanding
December
31, 1922

$1,474,220
269,780
419,030
400,310
386,460

$2,068,000
184,000
320,000

$1,803,220
177,780
481,030
256,310
172,460

$1,739,000
276,000
258,000
144,000
214,000

$2,949,800

$2,572,000

$2,890,800

$2,631,000

SCHEDULE 32
COMBINED STATEMENT OF CONDITION OF MEMBER NATIONAL
BANKS ELEVENTH FEDERAL RESERVE DISTRICT
(in thousands of dollars)

~~,-T ~ ^ ~
RESOURCES:

Number
of Banks
649
Dec
- 31.
1921

Loans and discounts
$463,399
U. S. Governm't Securities 84,769
Other bonds
27,171
All other resources
207,805
Total
LIABILITIES:
Capital stock
Surplus
Undivided profits
Individual deposits
Due to Banks
All other liabilities
Total



$783,144

Number
of Banks
653
Mar
- !0,
1922

Number
of Banks
659
May 5,
1922

Number
of Banks
658
June 30,
1922

Number
of Banks
661
Sept. 15,
1922

$494,391 $504,289 $505,919 $528,990
86,721
86,336
92,025
96,287
22,512
21,713
22,664
23,142
218,684 223,868 216,426 266,066
$822,308 $836,206

$837,034

$914,485

$ 73,140 $ 74,552 $ 76,636 $ 77,047 $ 78,130
42,751
42,549
42,625
42,100
41,970
16,052
18,190
18,836
17,442
19,566
476,222 498,629
510,975 523,355 554,630
71,081
79,840
83,509
76,453 109,882
103,898 108,548 103,625 100,637 110,307
$783,144

$822,308 $836,206

$837,034

$914,485

Federal Reserve Bank of Dallas

65

SCHEDULE 33
LIST OF BANKS IN ELEVENTH FEDERAL RESERVE DISTRICT
WHICH HAVE BEEN GRANTED PERMISSION TO
ACT IN FIDUCIARY CAPACITIES
ARIZONA
Nogales
Tucson
Tucson

First National Bank
Arizona National Bank
Consolidated National Bank

LOUISIANA
Shreveport
Shreveport

Commercial National Bank
First National Bank

NEW MEXICO
Albuquerque
Albuquerque
Carlsbad
Roswell
Roswell
Silver City
Silver City

First National Bank
State National Bank
First National Bank
Citizens National Bank
First National Bank
American National Bank
Silver City National Bank

TEXAS
Abilene
Amarillo
Austin
Beaumont
Bonham
Brenham
Brownsville
Brownwood
Cameron
Clarksville
Colorado
Corsicana
Dallas
Dallas
Dallas
Dallas
Denison
El Paso
El Paso
El Paso
Fort Worth
Fort Worth

Citizens National Bank
First National Bank
American National Bank
First National Bank
First National Bank
First National Bank
Merchants National Bank
Citizens National Bank
Citizens National Bank
First National Bank
City National Bank
Corsicana National Bank
American Exchange National Bank
City National Bank
Dallas National Bank
National Bank of Commerce
State National Bank
City National Bank
First National Bank
State National Bank
Farmers & Mechanics National Bank
First National Bank




66

Federal Reserve Bank of Dallas
SCHEDULE 33—Continued

Fort Worth
Fort Worth
Galveston
Granger
Greenville
Houston
Houston
Longview
Marshall
Marshall
McKinney
Orange
Orange
Palestine
Port Arthur
San Angelo
SanAngelo
San Angelo
San Antonio
San Antonio
San Antonio
Sealy
Sherman
Sherman
Stanton
Texarkana
Troup
Tyler
Victoria
Waco
Waxahachie
Wichita Falls
Wichita Falls




Port Worth National Bank
Stockyards National Bank
First National Bank
First National Bank
Greenville National Exchange Bank
National Bank of Commerce
State National Bank
First National Bank
First National Bank
Marshall National Bank
First National Bank
First National Bank
Orange National Bank
Royall National Bank
First National Bank
Central National Bank
San Angelo National Bank
First National Bank
Frost National Bank
.Lockwood National Bank
National Bank of Commerce
Sealy National Bank
Commercial National Bank
M. & P. National Bank
First National Bank
Texarkana National Bank
First National Bank
Citizens National Bank
Victoria National Bank
First National Bank
Citizens National Bank
City National Bank
First National Bank

Federal Reserve Bank of Dallas

67

SCHEDULE 34
BANKS AUTHORIZED TO ACCEPT UP TO 100 PER CENT OF THEIR
CAPITAL AND SURPLUS
ARIZONA
Nogales

First National Bank

TEXAS
Austin
Brownwood
Dallas
Dallas
Dallas
Dallas
Dallas...
El Paso
Fort Worth
Fort Worth
Fort Worth
Gainesville
Hillsboro
Honey Grove
Houston
Houston
Houston
Houston
Houston
Houston
Navasota
Paris
San Angelo
Sherman
Terrell
Terrell
Waco
Waxahachie

American National Bank
First National Bank
American Exchange National Bank
City National Bank
Dallas National Bank
Republic National Bank
Southwest National Bank
First National Bank
Farmers & Mechanics National Bank
Fort Worth National Bank
Stockyards National Bank
.First National Bank
.Citizens National Bank
State National Bank
First National Bank
Houston National Exchange Bank
Second National Bank
National Bank of Commerce
South Texas Commercial Nat'l Bank
Union National Bank
First National Bank
Lamar State Bank & Trust Company
First National Bank
Commercial National Bank
American National Bank
First National Bank
First National Bank
Waxahachie National Bank




-

68

Federal Reserve Bank of Dallas
SCHEDULE 35
NUMBER OF EMPLOYES
INCLUDING THE EL PASO AND HOUSTON BRANCHES
DECEMBER 31, 1922

DEPARTMENT
Accounting
Auditing
Cash
Credit
Examination and Statistical
Fiscal Agency
Loan & Discount
Mailing
Member Bank Relations
Secretaries and Stenographers to Senior
and Junior Officers
Service
Special Agents
Transit
Utility
El Paso Branch Bank
El Paso Branch Auditing
Houston Branch Bank
Houston Branch Auditing
Officers




Male
26
16
12
12
9
35
19
12
4

Female
5
1
19
4
3
29
4
....
....

3
79
2
90
1
34
2
41

10
26
....
24
....
27
....
27

Total
31
17
31
16
12
64
23
12
4

22

....

13
105
2
114
1
61
2
68
2
22

420

180

600

1

1

SCHEDULE 36
CURRENCY AND COIN RECEIPTS FROM AND PAYMENTS TO MEMBER AND NON-MEMBER BANKS, BY MONTHS,
DURING 1922, WITH TOTALS FOR 1921 AND 1920
(In thousands of dollars)
MONTH

January
February
March
April
May
June
July
August
September
October
November
December
Total, 1922
Total, 1921
Total, 1920




RECEIPTS
From
From
Member Vonmember
Ranks
Banks

16,297
12,719
13,456
11,998
12,393
13,360
11,735
10,728
10,203
14,251
15,832
17,525
160,497
197,594
152,697

347
314
376
298
314
290
302
367
316
411
407
392
4,134
5,896
6,685

PAYMENTS
To
To
Nsonmember
Member
Banks
Hanks

5,732
6,888
8,432
7,747
8,253
9,253
10,073
14,212
20,922
12,661
9,543
12,572

126,288
102,419
120,951

187
263
277
260
261
321
417
735
915
537
367
540
5,080
6,101
5,790

TOTAL RECEIPTS
1922

1921

1920

16,644
13,033
13,832
12,296
12,707
13,650
12,037
11,095
10,519
14,662
16,239
17,917
164,631

20,400
16,106
19,757
16,481
19,338
17,602
20,238
16,079
12,730
14,814
15,30*
14,641

11,206
6,756
10,934
11,854
12,125
10,914
12,822
12,395
11,724
16,159
21,621
20,872

TOTAL PAYMENTS
1922

1921

1920

7,773
6,954
8,630
9,061
9,209
7,907
8,635
8,636
13,111
9,046
7,247
12,311

7,009
8,883
10,059
9,372
8,618
9,811
9,591
12,567
17,500
13,816
8,294
11,221

CO

203,490

5,919
7,151
8,709
8,007
8,514
9,574
10,490
14,947
21,837
13,198
9,910
13,112
131,368

a

108,520
159,382

126,741

O5
to

70

Federal Reserve Bank of Dallas
SCHEDULE 37

CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT
FUND
(In thousands of dollars)

Week ending—
January
5 (3 days)
12
19
26
February 2
9
16
23
March
2
9
16
23
30
April
6
13
20
27
May
4
11
18
25
June
1
8
15
22
29
July
6
13
20
27
August
3
10
17
24
31




'

Payments
to other
F. R. Banks
$ 23,250
47,097
40,897
41,326
37,069
37,539
33,284
38,924
36,265
43,957
42,949
41,125
39,898
38,423
37,025
41,928
41,093
36,462
38,812
40,407
48,713
34,778
34,807
44,862
41,826
39,905
31,097
37,844
37,375
35,389
40,447
34,934
39,751
39,846
33,237

Receipts
from other
F. R. Banks
$
23,687
45,005
43,463
39,819
37,917
41,003
33,781
40,173
34,341
44,183
45,071
41,606
40,074
37,276
36,098
42,282
38,969
39,200
37,661
46,886
43,788
35,639
33,326
40,175
42,733
38,374
32,465
32,968
36,775
34,714
39,119
38,203
38,680
39,808
36,991

Net Loss Net Gain
$ 437
$ 2,092
2,566
1,507
848

3,464
497

1,249
1,924
226

2,122
481
176

1,152
927
354

2,124
2,738
1,151
6,479
4,925
861

1,481
4,687
907

1,531
1,368
4,876
600
675

1,328
3,269
1,071
38

3,754

71

Federal Reserve Bank of Dallas
SCHEDULE 37—Continued
September 7
14
21
28

39,427
46,835
59,319
59,814

46,976
50,540
67,353
63,648

7,549
3,705
8,034
3,834

October

60,598
47,023
78,240
67,332

61,145
49,768
74,931
64,552

547
2,745

November 2
9
16
23
29

58,906
49,836
59,246
61,745
41,806

57,963
54,612
53,384
62,306
40,941

December 7
14
21
28

56,425
50,731
54,052
45,208

53,436
46,885
58,075
44,382

2,989
3,846

26,071
2,315,160
2,452,558
3,514,733

18,576
2,321,726
2,435,566
3,492,989

7,495

5.....
11
19
26

(2 days) 29-30
Total, 1922
Total, 1921
Total, 1920

3,309
2,780
943
4,776
5,862
561
865

4,023
826
6,566
16,992
21,744

Net change in ownership of gold since establishment of fund in 1915




$9,695

SCHEDULE 38
DEBITS TO INDIVIDUAL ACCOUNTS
Month.
Jan. ...
Feb. ...
March
April .
May ...
June .
July ...
Aug. .
Sept. .
Oct. ...
Nov. ...
Dec. ...
Total

(In thousands of dollars)
Beaumont, Texas*
Summary for 11 centers*
Albuquerque, N. M.*
Austin, Texas*
1920
1922
1920
1922
1921
1922
1921
1920
1922
1920
1921
1921
19,108 21,415
526,519
15,296|$ 18,553 $ 15,085
12,134
7,683
551,763|$ 698,650
7,994 $ 9,055
15,775 19,809
460,149
15,617 14,498
12,094
10,550
7,003
548,921
466,274
7,492
7,254
524,469
16,152 21,197
14,943 15,154
13,303
13,280
8,232
627,458
496,774
8,761
6,187
470,827] 443,091] 595,1601
12,800 22,764
15,406 12,851
11,313
12,981
7,944
8,423
5,713
486,707
12,736 19,365
15,130 14,211
12,764
13,268
8,967
584,042
437,088
8,082
5,572
479,097
13,592 21,017
14,994 14,534
11,226
13,274
9,684
582,581
453,385
8,733
7,787
432,944
12,588 21,323
12,665 13,538
10,906
11,758
9,389
579,773
424,419
8,019
7,652
14.063J 20,517
440,729
12,724 13,425
10,322
11,711
8,191
566,814
435,510
6,5981 6,995]
12,613 20,129
541,700
18,573] 14,177
14,248]
19,319]
7,966
630,664
512,987
7,069| 7,596|
13,331 20,882
589,166
20,863| 15,528
14.256J
19,297
9,670
689,884
567,447
7,617| 8,567|
556,549
12,848 18,046
16,529] 14,170
14,513|
16,405
9,721
615,626
527,296
8,134| 9,000|
605,692
14,782 19,237
16,261| 17,195
13,326
18,329]
619,756 10,377
577,461
8,698| 8,582|
86,275|$~ 99,305|$ 172,306|$ 153,567|$ 192,258|$174,366|$ 170,388|$245,701
|$6,114,1548|$5,893,495|$7,339,329|$104,827

•Figures for only those cities which are marked with an asterisk are included in the district summary and in the National
summary of 141 centers.
Note: Centers which have not reported continuously for 18 months ending December 31, 1922, are not included in the table.
Dallas, Texas*
El Paso, Texas*
Fort Worth, Texas*
Galveston, Texas
Jan. ...
150,103
164,375
239,080 34,458
35,215 42,983
137,684
103,005 $ 110,893 $ 66,708 $ 101,328 44,586
Feb. ...
131,028
131,552
171,800 27,061
30,332 36,491
125,653
95,537
85,479 50,398
76,251 35,151
March
148,763
152,704
197,062 31,696
35,428 43,174
142,066
91,142 105,667 65,040
83,298 42,171
April ..
132,670
137,276
173,863 28,707
32,328 41,592
119,459
82,273 106,911 59,625
77,834 37,567
May ....
138,789
135,629
166,678 33,779
33,469 47,204
106,776
78,554 103,304 59,688
84,202 36,189
June .
144,514
133,439
170,661 33,423
37,232| 41,948] 101,707]
84,961 110,174 56,982
85,507 34,606
July ....
128,096
123,822
157,928 30,920
28,731| 38,7441
88,408
86,156 115,236 61,498
80,656 40,582
Aug. .
130,049
124,531! 153,084 30,589
29,080j 33,722
87,520
94,230 114,799 68,392
91,195 45,336
Sept. .
179,770
155,576
184,374 27,860
28,384 37,041
86,428] 103,673
118,707 109,533 104,421 55,951
Oct. ...
200,507
172,329
213,935 29,835
31,930 40,513
100,674] 122,466
123,988 124,521
89,757 58,875
Nov. ...
183,245
157,269
192,399 30,137
33,132 42,588
105,617) 128,667
111,785 93,268
69,421 52,466
Dec. ...
199,070
166,224
185,684 34,532
36,454 47,154
120,962| 144,458
113,548 83,601
74,102 97,353
Total
|$l,866,604|$l,754,726|$2,206,548i$372,997 $391,715[$493,154|$l,322,954|$l,215,122|$l,320,491|$899,254|$l,017,972|$580,833



ft(ft

S C H E D U L E 38—Continued
Houston, Texas*

San Antonio, Texas

Shreveport, La.*

44,613 $
37,477
32,266|$ 40,888 $ 31,441
110,108 136,519 173,471 27,179
Jan. ...
37,218
31,699
25,603| 33,553
90,361 114,046 138,624 22,824
28,036
Feb. ...
24,446
42,067
30,760j 37,884
105,969 127,971 156,023 27,271
30,994
March
27,706
100,510 107,668 149,277 24,656
40,598
April .
29,673
28,719 36,063
30,002
M a y ...
44,007
105,059 101,218 146,082 28,033
29.941J 35,372
36,504
27,051
June .,
40,968
99,630 109,569 138,855 27,348
32,514
32,917 35,687
24,508
July ...
29,153
93,540 104,179 166,484 26,069
26,477| 31,581
30,151
23,618
Aug. ...
105,098 108,250 167,047 28,867
29,017
29,184] 32,961
27,226
29,577
Sept. .
138,645 129,307 176,602 30,972
31,370
29,945
28,138 39,087
31,235
Oct. ...
139,942 138,705 187,178 31,143
35,336
34,216
26,757 37,356
27,016
Nov. ...
123,952 115,573 154,925 28,865
35,922
27,129] 33,568
37,764
31,737|
Dec. ...
29,103| 34,772]
131,209 128,691 155,763 31,095
37,280
36,108|
Total |$l,344,023|$l,421,696|$l,910,331|$334,322 $346,994|$428,772j$ 384,572j$ 346,072|$ 447,549|$
Jan
Feb. ...
March
April .
May ...
June .

July ...
Aug. ...
Sept. .
Oct. ...
Nov. ...
Dec. ...
Total

|$

Tucson, Ariz.*
Waco, Texas*
6,555
6,893
7,467 15,380
18,578|$ 21,719|
6,859
6,398
5,595 12,649
15,548| 20,663|.
6,666
6,683
6,503 14,800
16,006| 19,761|
6,851
5,731
7,360 13,078
13,742| 17,883
7,426
7,645
7,777 14,097
13,138! 17,044
7,743
8,467
8,333j 14,208
13,341 17,752
7,248
7,147
6,856 13,075
13,182 16,364
6,181
6,277
6,527 14,213
12,808 15,184
6,456
6,311
6,788 24,375
19,477 21,561
7,358
7,171
7,310 25,023
21,413 22,567
8,473
7,415
7,006 20,004
16,107 18,011
9,166
7,623
7,049 18,862
16,871 19,483
86,982|$ 83,761|$ 84,571|$199,764 190,211|$227,992|.




Texarkana, Texas*
5,888
9,401
6,451
10,133
6,849
12,300
6,103
11,083
7,831
9,369
7,866
9,146
6,821
7,001
6,526
7,198
6,759
7,923
7,116
8,745
7,061
9,415
9,882
9,715
85,153|$ 79,962|$111,429

651
9?O

3
CO

SCHEDULE 39
PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST
REPORT DATE IN THE MONTH
(In thousands of dollars)
Total loans and
Investments
discounts
Accommodation
Net demand
Time
(including redisat
Last report date in
deposits
deposits
U. S.
counts with
F. R. Bank
All
other
securities
F. R. Bank)
1922
1922
1921
1921
1922
1921
1922
1921
1922
1921
1922
1921
9,091 10,722 $190,998 $210,912 61,486 59,305
7,740 33,401
$235,051 $278,658 39,071 42,510
January ....
8,040 10,364 198,312 209,337 62,593 62,009
233,676 271,842 43,937 43,318
6,072 29,163
February ...
7,890 10,552 197,130 202,611 63,004 59,868
237,071 268,244 41,927 41,269
4,680 27,571
March
7,325
9,566 203,908 197,846 64,021 60,577
236,133 265,705 42,926 37,086
April
4,085 22,485
8,290
9,959 209,587 197,744 65,500 61,359
237,786 264,402 45,948 35,803
May
2,931 19,515
8,112 10,555 208,737 188,267 64,964 61,360
236,679 253,846 49,802 38,056
June
3,599 18,962
253,011
47,841
233.949J
7,241| 10,989| 204,553| 184,053| 65,186| 60,466| 3,943] 24,353
37,080
July
239,069 250,686 48,850 38,600
9,368 206,793 181,128 64,013 60,779
7,899
August
4,222 22,070
254,071 250,768 50,485 41,194
7,452
9,518 223,564 182,808 65,949 59,829
September
5,747 22,736
274,805 251,099 48,023 39,198
8,025 10,158 239,796 189,989 69,578 60,087
October ....
5,033 22,579
272,972 244,040 48,016 39,533
8,651 10,414 240,187 187,934 69,468 60,353
November .
3,666 16,705
267,865 245,271 57,830 39,299
9,444 235,044 192,069 70,527 58,995
8,955
December .
2,690 12,687
NOTE: Figures are for about 52 banks, which submit weekly reports to the Federal Reserve Board, located in Dallas,
El Paso, Houston, Fort Worth, Galveston, San Antonio, Shreveport and Waco.




ft

aG

75

Federal Reserve Bank of Dallas
SCHEDULE 40

UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS
TREASURY NOTES AND TREASURY BONDS ALLOTTED
CERTIFICATES OF INDEBTEDNESS
Date
Mar.
Apr.
June
June
Sept.
Dec.
Dec.

of issue
15, 1922
15, 1922
1 , 1922
15 , 1922
15 , 1922
15 , 1922
15., 1922

Date
MaturityMar. 15, 1923
Oct. 16, 1923
Dec. 15, 1923
June 15, 1923
Sept. 15, 1923
Mar. 15, 1923
Dec. 15, 1923

Series
TM 1923
D 1922
TD 1922
TJ 1923
TS 1923
TM2 1923
TD 1923

Rate
4%%
3%%
3%%
3%%
3%%
3%%

4 %

Number of
Allotment Subscribers
350
$6,000,000
80
3,600,000
113
4,800,000
153
6,000,000
184
4,800,000
122
4,889,500
107
3,002,000
$33,091,500

1,109

TREASURY NOTES
Feb. 1, 1922
Mar. 15, 1922
June 15, 1922
Aug. 1, 1922
Dec. 15 ,1922

Oct. 16, 1922

Mar.
Mar.
Dec.
Sept.
June

15,
15,
15,
15,
15,

1925
1926
1925
1926
1925

A-1925
A-1926
B-1925
B-1926
C-1925

4%%
4%%
4%%
4i/4%

4%%

TREASURY BONDS
Oct. 15,1952
1947-52
4*4%

Total amount of subscriptions and subscribers
METHOD OF PAYMENT
Credit in War Loan Deposit Account
Cash
Other Certificates of Indebtdeness
Victory Notes
Total

149

$ 9,840,500
2,004,000
4,292,200
8,456,200
13,790,800

168
283
509

$38,383,700

1,282

7,201,300

684

$78,676,500

3,075

173

$ 56,226,300.00
11,558,700.00
2,576,000.00
8,315,500.00
$ 78,676,500.00

SCHEDULE 41
REDEMPTIONS
United States Certificates of Indebtedness
United States Victory Notes
Total

$ 27,504,500.00
15,371,100.00
$42,875,600.00

SCHEDULE 42
U. S. SECURITIES—RESALES
United States Securities purchased from banks and resold
to investors
$ 35,997,350.00



O5

§"

s

SCHEDULE 43

^

SALE AND REDEMPTION OF WAR SAVINGS SECURITIES

W. S. S.
Total

Sales
None

Redemp.
$4,040




Treasury
Savings
Stamps

Thrift
Stamps
Sales
None

Redemp.
$19,236.25

Sales
$79.00

Redemp.
$2,810.00

Treasury
Savings
Certificates
Sales
$2,971,160

Redemp.
$5,934

£
War
Savings
Certificates
Sales
None

Redemp.
$747,764.31

^j
«>
^y
SS
^
o

r

77

Federal Reserve Bank of Dallas
SCHEDULE 44
BOND TRANSACTIONS
Temporary-Permanent exchanges
Exchange of Denominations
Registered received for Coupon
Coupon received for Registered
Registered received for transfer
Received for conversion
Miscellaneous

Pieces Received
28,156
%
59,121
21,721
5,292
630
3,840
34,216

Total

152,976

Amount
2,992,450.00
7,357,500.00
4,773,650.00
1,359,400.00
390,900.00
406,200.00
5,128,669.98

% 22,408,769.98

SCHEDULE 45
SHIPMENT OF SECURITIES
Year
1922
1922
1922
1922
May
1922
1922
June
1922
July
1922
August
September 1922
1922
October
November 1922
December 1922

Month and
January
February
March
April

No. of Shipments
3,723
3,108
3,888
2,966
2,178
3,089
2,102
2,383
2,576
2,878
2,376
8,912
40,179

Total

No. of Pieces
153,386
150,376
148,663
145,724
136,442
144,885
84,770
76,713
103,713
230,081
116,990
167,679
1,659,422

Amount
$ 18,324,029.79
31,492,784.65
34,232,223.06
19,463,749.67
14,669,942.87
28,544,185.07
9,128,484.07
21,367,770.00
15,474,800:74
27,508,026.12
21,398,657.17
25,617,730.67
$267,222,381.88

SCHEDULE 46
GOVERNMENT WARRANTS AND INTEREST COUPONS
Pieces
991,024
1,268,420

Warrants
Coupons

Amount
$110,001,821.39
6,241,335.04

SCHEDULE 47
WAR FINANCE CORPORATION TRANSACTIONS
Amount of advances outstanding January 1, 1922
Amount of advances made during year 1922
Total advances
Amount of repayment received during year
Total amount outstanding December 31, 1922



$ 5,880,631.75
26,607,214.03
32,487,845.78
13,379,681.71
% 19,108,264.07

Bales of Cotton
Bushels of Wheat
Bushels of Oats
Bushels of Corn
Bushels of Grain Sorghum
Barrels of Petroleum




TEXAS CROP AND MINERAL PRODUCTION.
Production
Valuation
Increase or
Increase or
1921
1922
Decrease
Decrease
1922
1921
Per Cent
Per Cent
$386,575,000
$176,952,000+ 118.5
3,290,000
2,198,000 + 49.6
10,991,000
9,992,000
20,810,000 — 52.0
20,810,000 — 47.2
18,406,000
33,465,000
33,570,000 — 0.3
13,092,000 -f 40.6
95,101,000
114,580,000 156,920,000 — 27.0
84,737,000 -j- 12.2
39,400,000
39,400,000
56,550,000 — 30.3
23,186,000 + 69.9
117,106,545 109,652,586 4- 6.8

to

MOVEMENTS OF PRINCIPAL ASSET AND LIABILITY ITEMS OF FIFTY-TWO
MEMBER BANKS IN SELECTED CITIES DURING 1921 AND 1922
Mitliora J a n

Ft to Mar

Apr

May

June

July

Aug

Sept

OcX

Noi/

Dec

Jan

Apr

Alar

Ala/

June July

Auq

Sept Oct

Dec/

Dollar.
•30C

Dollars
300
A_

ZOO

.

......

y

^ - ~

—•—
"n—rj

•

v

—

•

—

.

20O

>

1
i OO

Tote il

A

Loans cnd Oisi ounb

C
Umtei Stales ScCWI&M Owned
0—•——'Bills Pajuhle wfih Federal Resent flan*

BO
10
60

30

%r

80
70

2
li.

eo

K«.

$0

50

SO
40

IOO
9O

V—-

—

-t•_

\

—-v

A

AO

—30

V

\° /

2.0

\

10

10

a
g
7
6

\

e

\

- —'V- —

. E.

--'

\—•i

\

A
.—'—

A
\

3

,

V

2


I


8
7
6

\

?\

L

-—x

A

J\

5

A

4

r

DEBITS TO INDIVIDUAL ACCOUNTS AT THIRTEEN CITIES, BY WEEKS,
DURING 1921 AND 1922

M""OlUJ anua
of

~b (UtI'

arch

AIll'"

av

J une

A u usl:

Ju/

Oc~r

l1:ernbtzr

00

NDl'e171tw.r

tmber

Dcilars
190

185

,

,~.

180

175

\

--182'
----1922

170

165

..'

1

160

1.55

\

, ,,

\

I"

150

145

:
; I~

I

IV

I
I

IA

/

I

\

I

l

'.-

f

II
Il,

\ 1'. f

\

I
\

I

~\

140
~

I~

~

V

135

130

,

1\

\
\

I~
\ fJ

If

V

.J

125

I

I

V /I

V

"I
Iv'/ V 1\\

IV

115
110

.f,\l

It-

I,~I!.

,I

V

I ·

'i

"

120

\

I

I

,.,

11'i11,

II

~

I

I'"'"

.,~

I
I

I

,
I

t

IDS

100

o ITI



II

I I

IfllllllJrll11111I1

1I I I I I I I I I I

cO

o

NUMBER AND VALUATION OF BUILDING PERMITS ISSUED AT TEN PRINCIPAL
CITIES IN ELEVENTH FEDERAL RESERVE DISTRICT
DURING 1921 AND 1922
Jln-n Fab AVir Apw Map June,

Uni/Vie.

Inn Yeh Mar Anf Mav

JulyAua Sfffft

1

9

7

71

CF

P<* Km if s Ts
Do '/ors

DTK « f

IT.

6

A

S
/
/

4

/

V

/

f

\

\ |
V—

1

A

J V

\ .

7

;

CO

\

i

V

\

3
**/

/

2


1


-~"

1

1

\
\

'

\

A/UTH berflf Pel
I T I T hous

Issi red
'

\

f

s

\
s

A

V

V

\
t

V

\

\

r

v

V

\
\
QD

?\

1.922

GO

to
LIVE STOCK RECEIPTS AT FORT WORTH DURING 1921 AND 1922
Thousands Jan
of
Head

FebMar Apr May June July Auq Sept Oct Not/ Dec Jan Feb Mar Apr Alay June JulyAug Sept Oct Nay Dec Thousands
Of
Head
\Z0

If0

60

eral Reserv e Bank

50

o

40

a3

1 00
90

!\
!\
i

80

\

\ Shee p

1

/

L\ ^

i
logs!

i

i '"•-

/

><
\
\

f
\

/

1

i




/
/

/

\
\

/
/'

As

A
/ )/
/ V

A,

/

ves

\ \

\ > :oTfle
\
\

I

\

/
/

sj

faitres

/

r

/

/\--^
/
\ /'
\>
\

/

/

\
\

/

Shpf P
\
\

V

•• /
X—;

?"*
1.9

/

/

\\
A
\
\\
\ /
\\ \\
\

70

30

If
Os

2O
10
0

PRODUCTION OF CRUDE OIL IN ELEVENTH FEDERAL RESERVE DISTRICT
DURING 1921 AND 1922
MttlionsJavuary February Alarch.
May
June
July August SepTemberOctoberNovember December Millions
of
Barrett
Barrels
I6
I6
I 5

/

\

IJ

14

(4

I 3
12

13
'"•"--. .J92J

IZ
verxth District Productun

II

I I

10

I0
Prod uctjgn

9

9

9

8

7

7

6

6

5

5

4

4

3
Z
I



54-

1922
192.1

n la

3

ProcUctlOTl

i
0

to
3

a
O

oo

COMMERCIAL FAILURES IN THE ELEVENTH FEDERAL RESERVE DISTRICT
DURING
Thousands J

F M

A

A*\ J

S

O N

D

1920, 1921 AND

J F A f ^ A I J

1922

J ^ S O N P

J

F A\

A M

J

J

A

S

O

H

D

Do I tars

Kailvres

7000
€000
5000
4-000

700
600

A

A
/\

3000

A

2000

300

ZOO

100

(\
J1

/

// y\ i/
1

M1

i

i

( V
\ /

n

/ \
\\

y

1/ !
/
/
/

\ /

/

V

^\ /

\
V.

ibfir

\

V

A

V

\
\

\

A
/ \
\
i

CO

400
iOO

k— A

v
V

V

ZOO

/
/ /
V

Ct)

a

too
90
9f\
70
60
50
40
30

a*
O

20

—

/




/

1

1
V

\V

/

A

Ban

/ 000
900
800
700
600
500
400

\l 1

A

1 mluJiL

500

i

J \V

19?\

22_

85

Federal Reserve Bank of Dallas
POSTOFFICE RECEIPTS AT ELEVEN PRINCIPAL CITIES
ELEVENTH FEDERAL RESERVE DISTRICT
DURING 1921 AND 1922
Thousq/icfeJan Feb Afar Apr MayJuneJulyAuq

IN

SeptOct Uov Dec

Dollars

1

9 00

/,

600

1

1
I

100

f

/

6 0O

500

400

300

ZOO

100




A\

,
1921

/
Jv/ C- Cm.

s

/s

1
1

86

Federal Reserve Bank of Dallas

NET SALES OF TWENTY-TWO TEXAS DEPARTMENT STORES
DURING 1921 AND 1922
Millions J a n
o/ I—
Dollars

Feb

Mar

/4pr

/lay

June

July

Aug

Sept

Oct

Nov

Dec

9
7
6
j

5

4

.1921

r 7

\
3

2

1




\
\ \\
\ %

/

/

87

Federal Reserve Bank of Dallas
INDEX
Introduction
Features of 1922 operation
Earnings and expenses
Investment operations
Discount operations
Reserve position
Clearing and collection operations
Movement of membership
Federal reserve notes
Federal reserve bank notes
Fiduciary powers to national banks
Member bank relations department
Bank examinations
Internal organization and personnel
Fiscal agency operations
Operations of the El Paso Branch
Operations of the Houston Branch
Review of business conditions in 1922
Texas crop and mineral production

_

Page
7-8
9
9-10
10-11
11-12
13
13-15
15
15-17
17-18
18
....18-20
20-21
21-23
24-25
25-27
27-29
29-31
78

EXHIBITS
A. Movement of principal assets and liabilities during 1922
32-33
B. Movement of earning assets and Federal reserve note circulation 34
CHARTS
Federal reserve notes outstanding
Movements of principal asset and liability items of fifty-two member
banks in selected cities during 1921 and 1922
Operations of check clearing and collection department during 1922....
Debits to individual accounts at thirteen cities, by weeks, during
1921 and 1922
Number and valuation of building permits issued at ten principal
cities in Eleventh Federal Reserve District during 1921 and 1922
Livestock receipts at Fort Worth during 1921 and 1922
Production of crude oil in Eleventh Federal Reserve District during
1921 and 1922
Commercial failures in the Eleventh Federal Reserve District during
1920, 1921 and 1922
Post office receipts at eleven principal cities in Eleventh Federal
Reserve District during 1921 and 1922
Net sales of twenty-two Texas department stores during 1921 and
1922



16
79
49
80
81
82
83
84
85
86

88

Federal Reserve Bank of Dallas
INDEX—Continued
SCHEDULES

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.

Page
Comparative statement of condition
35-36
Earnings and expenses
36-38
Statement of disposition of income calendar year 1922
38
Volume of paper discounted and bought, by months, during 1922,
classified according to character of paper, with totals for preceding years
39
Volume of discount and open market operations
40
Rediscounts
41
Number of banks in the Eleventh Federal Reserve District, accommodated through the discount of paper during 1922, distributed by states
41
Volume of bills discounted for member banks in each state
42
Discount rates for 1922 and dates on which effective
43
Classification by maturities of bills bought and discounted for
1922
43
Classification of trade acceptances by maturities for 1922
43
Classification of bill lading drafts as to commodity
44
Statement of bankers' acceptances. Rates and Time. (Purchased)
44
Statement of bankers' acceptances. Rates and Time. (Discounted)
44
Operations in bonds and securities for year 1922
45-46
Member banks collateral notes. Paper secured by United States
bonds and certificates of indebtedness
46
Daily average earning assets, earnings thereon, and average
rate per annum year 1922, as compared with year 1921
47
Operations of Federal reserve clearing system
48
Colection items handled by the Federal Reserve Bank of Dallas
and its branches
50
Number and amounts of wire transfers for the year 1922
51
New national banks, 1922
51
National banks liquidating during 1922
52
New state banks, 1922
:
53
State banks liquidating during 1922
53
Total state bank membership, Eleventh Federal Reserve District,
December 29, 1922
54-58
Member banks by states
58
Recapitulation of capital stock account, 1922
59
Number of each denomination and aggregate amount of Federal
reserve notes, received, issued to bank and returned to the
Comptroller during 1922
60
Number of each denomination and aggregate amount of Federal
reserve notes received, issued to bank, and returned to the
Comptroller since organization, and on hand at the close of business December 31, 1922
61




Federal Reserve Bank of Dallas

89

INDEX—Continued
Page
29. Interdistrict movement of Federal reserve notes during year
1922
62
30. Federal reserve agent's statement of Federal reserve notes on
hand, outstanding, received from Comptroller of the Currency,
cancelled, and coverage of total issue, as of December 31, 1922.... 63
31. Federal reserve bank notes outstanding December 31, 1921,
issued and redeemed during 1922 and outstanding December 31,
1922
64
32. Combined statement of condition of member national banks
Eleventh Federal Reserve District
64
33. List of banks in Eleventh Federal Reserve District which have
been granted permission to act in fiduciary capacities
65-66
34. Banks authorized to accept up to 100 per cent of their capital
and surplus
67
35. Number of employes, including the El Paso and Houston
branches, December 31, 1922
68
36. Currency and coin receipts from and payments to member and
non-member banks, by months, during 1922, with totals for
1921 and 1920
69
37. Clearings and transfers through the gold settlement fund
70-71
38. Debits to individual accounts
72-73
39. Principal assets and liabilities of reporting member banks in
leading cities as of the last report date in the month
74
40. United States treasury certificates of indebtedness, treasury
notes and treasury bonds allotted
75
41. Redemptions
75
42. U. S. securities—resales
75
43. Sale and redemption of war savings securities
76
44. Bond transactions
77
45. Shipment of securities
77
46. Government warrants and interest coupons
77
47. War Finance Corporation transactions
77