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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 \ \ > •1 A\\ v. \ \ \ \ \ \ \ \ v ^ \ \ V\\\ • V V . '''\V\\\ ••\v\'1 \ 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 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 Svg 0 «o± "rt v 1 5 15 15 15 15 15 15 15 15 15 15 15 15 15 15 65 65 65 15 15 15 15 718 £j j 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! ^ M.S al Reserve ; in lation Deposits ft Cash ves B « £S d States ities • Bills iunted OP 1 )er Banks 1 ve Deposil HDEO 3 O <u so " 3 o 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 C O 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 65,594,545 124,573,279 118,337,284 114,948,296 3 76,261,394 62,605,343 s 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 to 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|' 587,677,766 447,833,0S8| Total, 1918.. $ 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 . o c 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 c. •a u a o uo 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 C O 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 1. Received from Comptroller 237,000 171,500 127,000 $50 $100 $500 Aggregate Amount Dollars $1,000 $5,000| $10,000 576,000 $5 RECEIVED, 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 C O 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 C O 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 37,080 233.949J 7,241| 10,989| 204,553| 184,053| 65,186| 60,466| 3,943] 24,353 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 G a 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 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%% 149 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 $ 9,840,500 2,004,000 4,292,200 8,456,200 13,790,800 168 283 509 $38,383,700 Feb. 1, 1922 Mar. 15, 1922 June 15, 1922 Aug. 1, 1922 Dec. 15 ,1922 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 S S ^ 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 IOO 9O 30 K«. $0 50 SO 40 2 li. eo 60 %r 80 70 C Umtei Stales ScCWI&M Owned 0—•——'Bills Pajuhle wfih Federal Resent flan* BO 10 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 ; C O \ 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 22 . 9 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 SepTemberOctober November December Millions of Barrett Barrels I6 I6 I 5 / \ IJ 14 (4 I 3 12 13 '"•"--. .J92J IZ verxth District Productun II 54- I I 10 I0 Prod uctjgn 9 9 9 8 7 7 6 6 5 5 4 4 to 3 Z I 1922 192.1 n la 3 ProcUctlOTl i 0 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 / / 1 yi / \/ M1 i i ( V \ / n / \ \\ y 1! / / / / \ / / V ^\ / \ V. ibfir \ V A V \ \ \ A / \ \ i C O 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 uJiL 1 ml 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
