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FOURTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF DALLAS
FOR THE YEAR ENDED DECEMBER 31, 1918
WASHINGTON
GOVERNMENT PRINTING OFFICE
1919
LETTER OF TRANSMITTAL.
FEDERAL RESERVE BANK,
Dallas, Tfx., January 15, 1919.
Sm: I have the honor to transmit herewith the fourth annual
report of the Federal Reserve Bank of Dallas, covering the year 191R.
Respectfully,
w. F. RAMSEY,
Reserve Agent.
Federal
and
Ohairman
Hon. W. P. G. HaRDING,
Governor, Federal Reserve Board,
Washington, D. 0 .
2
TABLE OF CONTENTS.
Pap.
Financial results of operation ............................................. .
5-6
Earnings, expenses, dividends, etc .................................... .
5
<'omparative balance sheets .......................................... .
5
Profit and loBS statements ............................................ .
ti
General lmsineBB and banking conditions ................................... .
6-S
Volume of busineBB ................................................... .
H-7
7
Labor ................................... · .... ························
Money market .......................................... ... ......... . .
8
Discount operations ...................................................... .
-9
Rediscounte--commercial paper ....................................... .
8
Rediscounts-Liberty loans .......................................... .
8-0
!)
Trade acceptances .......... .. ............................ ... ......... ~
!)
Growth of open market for acceptances ............................... .
Policy on acceptance purchases .................... . .................. .
9
Reserve position ..................................................... .
9
Movement of membership ................................................ .
10
National banks ....................................................... .
10
State banks .......................................................... .
10
C'apital stock account ..................... .. . .... ..... ........ .... ... .
10
R elations with national bank members .................................... . ]0-11
Discount operations .................................................. .
10
Fiduciary powers granted . .. ..... ........ ............................. .
11
Relations with State banks and trust companies ............................ . 11-12
Discount operations .................................................. .
11
Examinations .. . ........................................ ..... ........ .
ll
Reserves ....... . .................. ..... ............................. . 11-12
Fiscal agency operations ................................................. . 12-14
Allotment of Treasury certificates among banks ....... .................. .
12
Deposits of Treasury funds with banks and their withdrawal. ........... .
12
Flotation of Liberty loans ............................................ .
12
]3
War savings certificates .............................................. .
War Finance Corporation ............................................. .
13
C'apital IBBues Committee ............................................. .
l4
Note iBBues ............................................................. .
15
Federal Reserve notes .................... .................. .... ...... .
15
Federal Reserve bank notes .......................................... .
15
Position of commercial banks as a result of war financing .................... . 15-16
Increase of their obligations ........................................... .
15
Effect on commercial paper of district ..•...... .. ........ .. .............
16
Relations to and effect on general business ............................. .
16
Policy to be pursued in restoring liquidity of banks ......................... . 16-17
Time in which they can clear up their "war paper" .................... .
16
Policy of Federal Reserve Bank toward them meanwhile ................ . 16-17
3
4
TABLE OF CONTENTS.
Page.
Operations of Federal Reserve Bank branches .............................. .
Internal organization ..................... . ............................... .
Clearings ................................................................ .
Effc>ct upon reserves ..... . ........................................... .
Immediate rrerlit entry .............................................. .
Reserve City Clearing House .............................................. .
Collections ............................................................... .
Gold settlement fund ..................................................... .
Ban king quarters-new building .......................................... .
17-1
18-21
21-22
22
~2
23
23-24
24
24
EXIIIBITS.
A. Movement of earning aBSets during calendar year ......................... 25-26
B. Movement of cash reserYes, net deposits, etc ............................ 27-28
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.
29.
30.
31.
32.
33.
34.
35.
Comparative statement of earnings and expenses ........................ .
Comparative statement of resources ·and liabilities ....................... .
Earnings, expenses, and dividend payments for calendar year .......... .
Disrounts ............................................................ .
Rediscounts for 1918, by months. and distribution, hy •. tales ............ .
Discount rates for 1918 and date on which effectiYe .................... .
Classification by maturities of bills discounted ......................... .
C'laBSification of trade acceptances, by maturities ....................... .
Bills of lading drafts .................................................. .
Statement of bankers' acceptanC'es .................................... .
Operations in United Htates bonds and securities ....................... .
Purchases of municipal wan-ant ....................................... .
Member hanks' collateral notes ........................................ .
Average reserves of member hanks ..................................... .
Numher of member hanks, by, tates ................ : . ................ .
Total 1-'tate-hank membership .................... . .................... .
Recapitulation of capital stock account. ............................... .
Combined statement of condition of member national hanks ............ .
List of member banks granted fiduciary powers .................... . .... .
Liberty bond subscriptions-third loan ................................. .
Liberty bond subscriptions-fourth loan .......................... . ..... .
Average monthly balances with war loan depositaries-chart ............. .
Applications received by the caltle loan agency ...................... . .
Federal Reserve notes outstanqing, 1918-chart ............. . .......... .
Federal Reserve notes outstanding, 1917-chart ........................ .
Number of Federal Reserve notes, by denominations, during year ........ .
Number of Federal Reserve notes, by denominations, since organization ..
Amounts of Federal Reserve notes received for redemption or credit ...... .
Cost of Federal Reserve notes printed during year 1918 .................. .
Federal Reserve agent's statement o£ notes on hand .................... .
Comparative statements of condition of the El Paso branch .............. .
Number and amount of checks handled .............................. ..
Funds paid out and received through gold settlement fund ............. .
Gold settlement fund settlements and balances, by months .............. .
Amount of currency and coin shipped to member banks, by months, ..... .
29
29-30
30
30
31
31
31
31
31
32
32
33
33
33
33
33-35
35
36
36
37
37-38
39
39
40
41
42
42
43
43
44
44
44
45
45
45-46
FOURTH ANNUAL REPORT OF THE FEDERAL
RESERVE BANK OF DALLAS.
FINANCIAL RESULTS OF OPERATION.
EARNINGS, EXPENSES, DlVlDE DS, ET .
The Federal Reserve Bank of Dallas has made great headway in
the matter of earnings in 1918, as is shown by Schedule 1. Total
earnings for the year amounted to $2,089,526 and were 66 per cent
of the banks capital, as compared with 1917, when the total earnings
were $568,592, or 20 per cent of its capital. Liberal deductions from
earnings have been made for depreciation on certain asset items, as
shown in the attached analysis of the profit-and-loss account.
The bank has paid dividends up to date, and it is expected that
future dividend requirements will be promptly met. On June 30,
1918, a dividend of 6 per cent was paid member banks covering the
operating period from July 1, 1917, to June 30, 1918. The amount
distributed was $168,871.16. After paying this dividend, and
allowing for liberal depreciations, $610,496.88 remained in the profitand-loss account. At its meeting on December 12 the board of
directors declared a dividend at the ru.te of 6 per cent per annum for
the operating period from July 1 to December 31, 1918, payable on
the latter date. The dividend amounted to $92,328.75. After
making the distribution, and providing for depreciation and all
proper deductions, $1,184,408 remained in the profit-and-loss account, enabling the bank to set up a surplus fund of $592,204, and
reserve an equal amount as a franchise tax payable to the Government on call.
The great expansion in the bank's operations has also necessitated
an increase in the expense account. It has been necessary to make
extensive additions to the equipment, pay out large amounts for
furniture and :fixtures, stationery, and supplies, and to make revisions
in and additions to the pay roll.
Expenses amounted to $535,424 in 1918 and were 26 per cent of
the earnings.
COMPARATIVE BALANCE SHEETS FOR DEC, 31 1 1916, 1917, AND 1918.
Comparative balance sheets or statements of condition of the bank
as of the above dates are attached as Schedule 2.
5
6
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
PROFIT-AND-LOSS STATEMENTS FOR
1916 1 1917 1
AND
1918.
An analysis of the profit-and-loss statements for the above dates
is attached as Schedule 3.
GENERAL BusiNEss AND BANKING CoNDITIONS.
VOLffifE OF BUSINESS.
In spite of disturbed conditions and the serious curtailment of
many industries, on account of the war and the drought existing over
a large area of the district, the volume of business transacted has
been generally satisfactory. The high prices of all classes of merchandise more than offset the decreased number of orders in certain
lines, and the financial returns from the year's operations are expected to be as good as in)917. The prices obtaining for goods had
the effect of restricting purchases mainly to essentials, and nonessential lines have suffered. The influenza epidemic seriously
affected trade during the early fall months. Retail lines suffered,
especially, and have not yet completely recovered. With the signing
of the armistice, and the removal of various governmental restrictions,
some improvement was noticeable, and a general restoration of
activities is anticipated in the near future.
The year 1918 opened with depressed business in the western and
southwestern portions of the district on account of the very serious
drought, and while conditions improved somewhat in the early spring
as the result of good rains, this relief was only temporary, and throughout the summer and early fall months trade in those sections was very
unsatisfactory. During the fall and winter, however, the protracted
drought was effectually broken.
Crops in the eleventh district in 1918 were disappointing. The
yield of feed was light, and much below that of a normal year. The
production of small grain in the district was approximately 8,500,000
bushels of wheat, 25,000,000 bushels of oats, and 80,000,000 bushels
of corn. These yields were much below the production of 1917,
which was approximately 15,000,000 bushels of wheat, 35,000,000
bushels of oats, and 85,000,000 bushels of corn, and were not sufficient
for local consumption. The wheat crop was especially disappointing
in the counties of west and northwest Texas, the principal grain
producing section of the district. In many counties the grain did not
even germinate on account of dry weather.
As an offset, however, to these poor agricultural returns, business
in the larger cities has been good. Plenty of work was available and
wages have been the highest on record. At cantonment cities and
towns adjacent to military posts especially, local business has been
the heaviest ever experienced.
ANNUAL REPORT OF FEDERAL RE ERVE BANK OF DALLAS.
7
Manufacturing has been as active as fuel restrictions, labor conditions, and the supply of raw materials would permit. War contracts
took precedence over ordinary operations.
The cattle and sheep industries, of great importance in this district,
have been heavily damaged and demoralized on account of drought
conditions. Poor ranges and high prices of feed have forced many
stockmen to sacrifice their herds. Market receipts, reflecting this
condition, have been very heavy, and consisted principally of stock
cattle in an unfinished shape, sacrificed by stockmen on account of
the high cost of feed.
Post-office receipts and bank clearings have increased at the
principal cities of the district throughout the year. Postal receipts
for the first 11 months of 1918 at the principal cities show an increase
of 41.3 per cent over the samo period the previous year. Clearings
at the same cities, covering a similar period, show an increase of
16.7 per cent.
The number of business failures in the district during 1918 shows
a reduction of 37.9 per cent, as compared with 1917, and is indicative
of generally healthy conditions. Every month has shown a reduction, both in tho number of suspensions and the amount of liabilities
involved, the latter decreasing 12.8 por cent during the year.
The building industry has been inactive throughout 1918, and
governmental regulations have caused operations to be subordinated
entirely to war activities. The valuation of permits issued at the
principal cities shows a decrease of 17.9 per cent over 1917. The
year closes, however, with a very bright prospect for building, and
with the removal of all regulations, authorities anticipate that the
new year will be one of unprecedented activity.
The discovery of oil in the vicinity of Ranger has caused much
activity in that section and made local business excellent. The
field has been greatly extended, and the general belief seems justified
that the Ranger district is destined to become one of the most
important oil-producing sections in the Unit~d States.
LABOR.
Labor conditions have been unsettled throughout the year. The
wage scale has been very high, but there has been a dearth of workmen. The selective draft demoralized forces, causing a scarcity of
men, skilled and unskilled, ·and the substitution of women in large
numbers has resulted. In many instances this change has been
very satisfactory and the efficiency of organizations in many lines
has not materially suffered, and has, we learn, in some establishments been improved.
8
ANNUAL REPORT 01' FEDERAL BE ERVE BANK OF DALLAS.
MONEY MARKET.
The year 1918 has proven a year of borrowing rather than liquidation. The exhibits attached show the large expansion in discount
operations, and tho extent to which the facilities of this institution
have been availed of. Thoro is little evidence at present of any
slackening in the demand. It has been the policy of this institution
during the year to impres upon member bank the necessity of
keeping their a set in a liquid condition, to cmtail tho extension
of credits to those lines os ential to tho Goverru:nent's war program,
to carefully scrutinize now financing and by the purcha e of Treasury
certificates to be prepared to moot their bond payments without
inconvenience. Many banks havo adhered strictly to this policy,
others, less consOTvative and patriotic, have disregarded our admonition and as a result have found it difficult, without outside assistance, to mako their instalment payments when clue, or "keep their
house in order."
Member banks in the drouth section have had the heaviest demand throughout the year and had practically no liquidation. On
account of disturbed market conditions and the scarcity of shipping, the 1918 cotton crop moved very slowly, and many banks
have been badly extended as a result. Some of them have boon
carrying large amounts of cotton, bought on a high market, which
their customers were always reluctant and usually unwilling to sell
on account of the loss involved.
Rates have not changed materially and have been steady to firm
throughout the year. The heavy demand for funds, and the inevitable credit expansion which resulted, have not, on the whole, unduly
Jisturbed financial conditions, and if immediate relief is afforded
by the movement of cotton, as now seems likely, there is no reason
why basic conditions should not be sound.
·
DrsooUNT OPERATIONS.
REDISOOUNTS-
OOMMEROIAL PAPER.
Schedule 4 shows the discount operations of the bank during 1918.
This exhibit covers the rediscounting of commercial, industrial, and
agricultural paper. It will be noted that the aggregate of such paper
handled in 1918 was $587,677,767, against $57,052,636 in 1917.
The total number of banks accommodated in 1918 was 548, of which
205 were new banks which had not previously used our facilities.
The largest note discounted was $3,750,000; the smallest, $10.50.
REDISOOUNTS-LIBERTY LOAN.
Schedule 5 shows by months the volume of paper discounted,
including largely member banks' promissory notes secured by Gov,
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
9
ernment obligations. The amount of such paper handled has
been unusually heavy, and the bank's facilities in this regard have
been freely availed of by member banks. This method of temporary
advances has proven attractive to member banks, but the purpose
of the same has unquestionably been often misunderstood, and such
facilities not infrequently abused. A large number of banks seem to
look upon this institution as an inexhaustible supply of funds, and
instead of using its rediscount machinery for the maintenance of
reserves have sought advances for their own gain.
TRADE ACCEPTANCES.
During the past year an increasing number of inquiries have been
received as to the use of acceptances, and some of the larger firms of
the' district have substituted this credit instrument for the openbook accounts. Further progress in this regard is expected, but the
transition will be gradual and it will take considerable time to effect
the general use of trade acceptances. In the first place, on account
of keen competition among wholesalers and jobbers, it is not unlikely that the merchant will continue to trade with those firms which
permit the open account, with dates of payment uncertain, rather
than with their competitors who use acceptances which provide for
liquidation at a fixed maturity. Schedule 8 shows the volume of
trade acceptances rediscounted by this bank during the year.
GROWTH OF OPEN MARKET FOR ACCEPTANCES.
The volume of acceptances handled in the open market in this
district is negligible. In fact, there is really no "open market" for
this class of paper, the transactions which the bank has handled consisting principally of purchases from the larger banks of their own
acceptances, although it has purchased bills from other Federal
Reserve Banks when the demand in the district was light.
POLICY ON ACCEPTANCE PURCllASES.
The executive committee has always favored the purchase of
acceptances and has made as attractive rates on such paper as market
conditions warranted. Schedules 7 to 10 show total investments in
acceptances, maturity of same, and rates at which purchased.
RESERVE POSITION.
The reserve position of the bank throughout the year is indicated
by Exhibit B and attached chart. The required reserves have
been fairly well maintained during the year, although during the fall
months there was an unprecedented demand for loans, which made
it necessa.t·y to rediscount with other Federal Reserve Banks in order
to maintain 1·eserve requirements.
116026---19-2
10
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
MOVEMENT OF ~:f.EMBERSHTP.
NATIONAL BANKS.
On January 1, 1918, there were 621 national banks in this district,
with a total capital and surplus of $93,732,000. Seventeen national
banks, with a total capital and surplus of $5,272,000, have been
added during the year; and during the same period eight national
banks, with a total capital and surplus of .., 46 ,000, have liquidated.
On December 31, l 91 , the total national bank membership wa 630,
with capital and surplu of 96,879,000.
The paid-in capital of this bank on December 31, 1917, wa $2, 794,900, which has been increased by the addition of State banks and
through increases in capital and surplus of national hanks to $3,154,300
onDecember 31,1918.
STATE BANKS.
On January 1, 1918, there were 11 State bank members in this
district, with a capital of $960,000 and total resources of $11,133,000.
During the year the bank has made reasonably satisfactory progress
in State bank memberships and has added 87 banks, having a total
capital and surplus of $7,372,000 and total resources, according to
the latest figures available, of . 43,305,000. One State bank, with
capital and surplus of $63,000, retired from the system by liquidation during the year. Schedule 15 shows the total membership in
the district, by States, as of December 31, 1918.
CAPITAL STOCK ACCOUNT.
Schedule 17 shows the changes in the capital stock account during
the year; also a summary of the movement of member banks.
RELATIONS WITTI NATIONAL BANK MEMBERS.
DISCOUNT OPERATIONS.
The relations existing between this bank and its national bank
members through cliscount operations are for the most part extremely
cordial and friendly, and the service extended during the past year
has been very satisfactory, fully meeting the expectations of
members. The exhibits attached show the volume of discount operations in 1918. There has been a steady increase in the volume of
paper handled. A large number of banks which had not heretofore
discounted with the Reserve Banks have availed themselves freely
of its facilities. The number of notes offered has been very large.
Failure to comply with regulations has necessitated the return of
considerable paper on account of ineligibility. An improvement has
been shown in this respect during the year, however, and disregard
of discount regulations is less frequent than formerly.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
11
l•'IDUCIARY POWERS.
The number of banks in the district which have been granted
fiduciary powers up to December 31, 1918, is shown on Schedule 19.
Such powers were granted to five banks in 191 . Prior to the passage of tho amendment to the Federal Reserve Act on September 26
the number of such applications >Ytts not large. More recently, however, several inquiries have been received. Four are now pending,
and from the revived interest, as evidenced by inquiries for blanks,
it is probably only a question of time until mauy additional banks
will eek these powers.
RELATIO~
wrTTI STATE BANK
AND
TRv
T C'oMPA:xrEs.
DISCOUNT OPERATION .
As a result of the unfavorable eonclition which have existed in
parts of the district, and the unprecedented demand for loans, a good
many State banks have joined the system largely for the purpose of
using the Reserve Bank's rediscount facilitie .
EXAMINATIONS.
The bank's relations with State banks and trust companies in connection with examinations are confined mainly to the investigation
of their condition when they make a:pplication for membership.
This examination not only enables the executive committee to ecure
:first-hand information regarding the applying bank, and to base its
recoillmendation on the same, but it permits the bank to readily make
the analysis required by the Federal Reserve Board. The banking
commissioners of the various States in this distriet furnish two copies
of their report of the last examination made. It frequently happens,
however, that a State bank has not been recently examined. The
reports received from the State banking department would not,
therefore, reflect the bank's true condition, and this has led to an
independent examination by the Reserve Bank. After a State bank
is admitted the department's reports are accepted and it has not been
necessary to conduct a special examination of State bank members.
RESERVES.
The banking laws of Texas have been amended and permit State
banks which join the Federal Reserve system to conform to its reserve
requirements. As this permits a distinct reduction in reserves it has
proven an inducement to State banks to join the system. In the
other States in this district, however, the banking laws are not so
favorable, and while permitting State banks to join the system, and
count balances with the Reserve Bank as part of their required reserve
with approved reserve agents, they do not accept the same in lieu
12
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
of their statutory requirements. In Louisiana the State law permits
balances with the Federal Reserve Bank to count only as cash
reserves on hand. This is the sole concession made by the statutes of
that State, and the situation obviously interferes with progress in
State bank membership in Louisiana.
FrsOAL AGENCY OPERATIONS.
ALLOTMENT OF TREASURY OERTIFIOATES AJ',10NG BANKS IN DISTRIOT.
Schedules 20 and 21 show the allotment of Treasury certificates,
the amount subscribed, number of subscribers, and other data covering all issues offered in 1918 .
A very active campaign under the supervision of Mr. Nathan Adams
was conducted throughout the year to promote the sale of these
securities. While fair headway has been made and the campaign has
been reasonably successful, the results, due to the extreme drought and
inability to market cotton, have not been as satisfactory as desired.
DEPOSITS OF TREASURY FUNDS WITH BANKS AND THEIR WITHDRAWAL.
Schedule 22 shows, by months, the amount of funds with depositary
banks throughout the year.
FLOTATION OF LIBERTY LOANS.
During the third Liberty loan campaign the members of the central
advisory committee and the executive committee who had served
for the :first and second loan campaigns continued in office. ·Mr.
J. W. Hoopes again acted as executive manager.
Intensive organization work was conducted for two months previous
to the actual selling period, business men being sent into practically
every county in the district to appoint suitable county chairmen
and advise on sales methods. The loan was oversubscribed by nearly
$31,000,000. The women's Liberty loan organization, under the
chairmanship of Mrs. E. B. Reppert, collected about $23,000,000 in
subscriptions.
The fourth Liberty loan campaign held in September and October,
1918, under the same management as previous efforts, resulted in
an oversubscription of approximately 12 pet cent in spite of crop and
cattle raising conditions which in some sections were merely unsatisfactory and in others deplorable. The women's Liberty loan organization collected about $36,000,000.
Few bonds were bought as investments by bankers or with a view
to helping out in gaining quotas, they doing their part rather in
accommodating customers and very effectively pushing the sale of
bonds to the public. The work of inducing the public to keep their
bonds and to prepare for another loan is being conducted vigorously.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
13
WAR-SAVINGS CERTIFICATES.
The activities of the fiscal agency department in connection with
the sale of war-savings certificates and stamps have been confined to
the receipt and distribution of the stamps.
W Al~ FL- A CE CORPORATION.
The War Finance Corporation, acting through this bank, has made
advances to banks in the cattle-raising and agricultural sections
on their promissof} notes, secured by the paper of farmers and
cattlemen. On July 22 the corporation announced that it would
make loans to banks located in drought-stricken ro;ections of the district, such advances to be adequately secured. Up to December 31,
23 npplications for loans aggregating $899,263 had been received. •
Supporting the applications was collateral aggregating $] ,185,639.
The proposed plan has not been generally availed of, and onlY' 12
applications were accepted by the executive committee and the War
Finance Corporation. These applications aggregated $377,000 and
were secured by collateral aggregating $520,841. On August 22
the corporation announced its willingness to make advances for
crop-moving purposes, but no applications were received.
In September the cattle loan agency of the War Finance Corporation was opened, the purpose of the organization being to make loans
to stock raisers in this district. From the date the agency opened
there was a deluge of applications for loans, and the aggregate received
up to December 1 was $16,254,312. Of this amount, loans aggregating
$3,750,090 were made. In the latter part of November the corporation announced that no additional applications would be received
after December 1. It is anticipated that the active work of the
agency will be closed soon after the beginning of the year. The aid
extended by the local cattle loan agency has been of incalculable
benefit. Cattle conditions in the West have been quite distressing
for many months past on account of the drought; the banlcs were
unable to render necessary financial assistance to their customers
among the stockmen. The year closed with conditions greatlY'
improved in the cattle country, and it is hoped that before many
months pass the industry will again be on its feet and contribute to
the prosperitY' of the district. The agency reestablished confidence
in this industrY' and brought about a more liberal treatment of such
loans both by the banlrs and the investing public.
14
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
CAPITAL ISSUES COMMITTEE.
In the latter pru·t of January a district or subcommiLtee (•f the
Capital I sues Committee was appointed, consisting of W. F. Ramsey,
chairman· R. L. Van Zandt, vice chairman; Edwru·d Gray, Dallas;
Howell E. Smith, McKinney, Tex.; W. C. Stripling, Fort Worth,
Tex. An advisory or filLxilim·y committee wa appointed, consisting
of W. R. Grim, Texarkana, Tex.; Edwru·d Rotan, Waco, Tex.; John
Sealy, Galveston, Tex.; J. 0. Terrell, San Antonio, Tex.; D. E.
Waggoner, Dallas, Tex.; E. 0. Tenison, Dallas, Tex.; Lewis Hancock.
AusLin, Tex.; John W. Poe, Ro well, N.Mex.; L. C. Shattuck, Bisbee.
Ariz.; R. D. Wilbor, Hugo, Okla.; H. W. Smith, Ruston, La.
When the War Finance Corporation Act was passed in April, and
the Capital Issues Committee formally created, the above-named
·gentlemen were reappointed, and have served throughout the year.
The activities of the local Capital Issues Committee in the early
weeks of its organization were not extensive. As more publicity was
given the matter, however, and an active campaign made to conserve
capital and crerlit and restrict the operations of stock salesmen, the
number of applications greatly increased. and the functions of the
committee expanded materially.
The committe<.', while not attempting to throttle legitimate new
financin(J' necessru-y to the national welfare, · has done much to conserve capital and protect the public. The rapid development of the
oil fields uf Ranger, Bmkhumett, and adjacent territory caused the
district to be Il0oded with i ues of stocks in oil companies. The
majority of such issues were highly speculative, and many of the
proJects were absolutely without merit. It was, of comse, impossible
to keep the public, especially in rmal communities, from investing
in worthless stocks, and many cases were reported of the exchange of
Liberty bonds and secmities of recognized value for stock in various
companies. The committee, however, has constantly endeavored to
protect the people from these stock swindlms, and many dishonest
operators have felt the effects of its supervisory powers.
The following data describes the committee's operations:
It is estimated that 250 issues of securities, aggregating $50,000,000,
have been passed upon by the committee.
Total number of applications withch·awn or abandoned upon the
advice of Chairman Ramsey, either through correspondence or at the
committee's meetings, 21.
Aggregate amount of securities thus discomaged (estimated),
$24,107,500.
Total number of applicants induced to content themselves with
smaller issues than originally applied for, 36.
Aggregate amount of these reductions, $1, 29,000.
Total ecurities effectively suppressed, $25,937,300.
ANNUAL REPORT OF FEDERAL RESERVE lsANK OF DALLAS.
15
NoTE IssuE
FEDERAL RESERVE NOTES.
There is attached, as Schedule 24 , a chart showing the amount of
Federal Reserve notes outstanding in 1918. Schedule 25 shows
similar data for 1917. The increase is quite con picuous. The
seasonal movement of currency started about August 1 and
continued l:rntil the middle of October. During that period our
note circulation increa ed approximately . 30,000,000. The amounts
issued, by weeks, between tho e dates were:
Week endingAugust 3...... ..... ...... . .... ... . . . . ...... . . . .. . . . . . ..
August 10.. . .. .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
August 17 .. . . . . . ... . . . . . . . ... ........ .... . ... . . . .......
August 2 J ..• .• . •.••••..• . •.•.• . • .••• • • • •• • . •. • . •. • . • . . .
August 31.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Septemb r 7 .. . .. . .. . . . .... . . . . . . . ... . . . .. .. ... . . . . . . .
Septembe>r l4 .... .. . .. . . ... ....... ............ . .... . ..
September 21. . .. . . . . .. ...... .. .. . . ..... . . . ...........
eptember 28 . . .. ...... ... . .. .. . . ... . . .... . .. ... . .. . ..
October 5 . . ........ .. . ... . ..... . ... . .. ... ... . . . . . .. . . . .
October 12 ................ . ... . ... . . . .. . .. . . . . . ... . ... .
Oclob r lD .. ____ .. ______ . . . . . . . . . . .. . . . . . . . .. . . . . . . . . ..
$375, 000
490,000
2, 280, 000
3, 255, 000
6, 640, 000
5, 765, 000
3, 730, 000
3. 345, 000
580,000
4. 230, 000
l , 555, 000
3 5, 000
The bank has continued its practice of i suing notes to supply
currency during the fall crop-moving season and against the deposit
of gold. Through tbe substitution of notes for gold we have greatly
strengthened our po ition. We have conducted an active campaign
to increa e our gold holdings by the exchange of currency therefor.
The reserve against note outstanding has alway been above requirements, and the cover of gold and commercial paper far in excess of
the amount required.
FEDERAL RESERVE BANK NOTES.
The bank has had occasion during the year to issue Federal Reserve bank notes in large amounts, and on December 31 the bank's
liability on account of such notes in actual circulation was $5,539,900.
PosiTION OF CoMMERCIAL BANKS As A REsULT OF
WAR
FINANCING.
INCREASE OF THEIR OBLIGATIONS.
The position of commercial banks in this district has fluctuated
materially during the year. There is attached, as Schedule 18, a
statement showing the condition of national banks on the dates of
the first five calls of the comptroller in 1918. On account of the
peculiar conditions obtaining in the district during practically the
entire year, and the unprecedented demand for funds, the banks
have found it necessary to borrow heavily.
16
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
EFFEOT ON COMMERCIAL PAPER OF DISTRICT.
The large amount of the assets of member banks put in Government obligations during the year has resulted in a very dull market
for commercial paper. Purchases of such paper .have been negligible. During normal times there is a rather active demand for
commercial paper in this district, and in the early months of the
year it was the practice of the larger banks especially to ;make quite
an inve tment in the arne, the banks finding commercial paper an
attractive investment. In 1919 some of the larger banks employed
a portion of their funds in this manner, but the amount so invested
has been much smaller than in former years, as urplus fund were
not available for that purpose. We do not expect an active market
for commercial paper for some time yet; certainly not until the
banking situation is more settled.
RELATION
TO AND EFFECT ON GENERAL BU !NESS.
The necessity of the banks lending their resources to the Government has forced them to a policy of conservatism, and the extension
of new credits has been curtailed. This policy has not interfered
unduly with business. It has probably affected the financing of
nonessential indu tries, but this was absolutely necessary in the
financial situation of the past year if the Government's requirements
were to be successfully met.
PoLICY To BE PuRsUED I
RE TORING LIQUIDITY oF BANKS.
PROBABLE TIME IN WIIICII TilEY CAN CLEAR UP TUEIR "WAR PAPER.''
Any statement as to the period of caiTying ''war paper" or paper
secured by Government war obligations would be hazardous. We do
not think many banks will desire to caiTy thi paper for long periods,
a most of the banks make such loans at low rates of intere t, and
mainly through patriotic motives. Of course, the time required for
the resumption of normal conditions will be an important factor, for,
if money matters are not unduly strained and conditions return to
normal within a reasonable time, the banks will soon be able to get
rid of most of their "war paper." The period of one year could
probably be conservatively fixed as the time for liquidating paper of
the character refeiTed to. We belie-ve the general public appreciate
the importance of holding their Liberty bonds and paying therefor
out of their earnings. In extreme cases the assistance of banks will
be sought.
POLICY OF FEDERAL RESERVE BANK TOWARD TUEM MEANWHILE.
This bank's policy toward banks which have assisted in the extensive financial program of the Go-vernment will continue to be one of
service, and the facilities of this institution will be freely extended
in e-very way consistent with sound banking principles. At the
AXX
AL REPORT OF FEDERAL TIE. ERVE BANK OF DALLAS.
17
same time it bas been the practice of our officials to discourage undue
expansion and restrict aclyances to legitimate needs, until the return
of normal conditions. W c desire to assist the banks in the period of
financial readjustment upon ·which they are now entering, and confidently expect the transition to be made without undue disturbance.
OPERATION/'\ OF FEDERAL RESERVE BANK BRANCHES.
The acti'riti~s of the El Paso branch during the six and one-half
months of its existence ha·ve fully justified the wi. dom of its establishment. Schedule 31 shows the condition of the branch on .Jul)'
15 (a month after its opening) ancl on December :31, 1918. Drought
conditions in the El Paso section have created a very heary demand
for funds from the branch. The u e of the Rescrvc Bank's collection
facilities has also greatly developed, and the number of item::; handled
daily has increased from approximately 3,000 during the early clays
of the bank's operations to 7,000 at the close of the year. This
increase has been principally from items receiv<'d from members
within the territory of the branch. All nonmembcl' bank ' in the
El Paso branch territory are now remitting for item· to the branch
at par, except five in Arizona, nine in New Mexico, and nine in
Texas.
The shipping facilities of the branch for cuiTency and coin have
been utilized very freely, and from the day of opening to the encl of
the year outgoing money shipments were: Currency, $7,400,370;
silver, $576,963 · gold, $692,865. Incoming shipments during the
' arne period were: Currency, $6,092,659; silver, $530,871; gold,
$97,185 . A upply of currency and coin sufficient for the needs of
the teiTitory served by the branch i kept on hand as well as a supply
of unissued Federal Reserve notes.
The branch opened with 60 member banks. There baw1 since
been added six State banks, making a total membership on Dccembf'r
31, 1918, of 66.
The territory assigned to the branch includes 18 counties in Texas,
as follows:
.\ndrews.
Brewster.
'rane.
'ulberson .
Ector.
El Paeo.
Iludspeth.
Jeff DaY:is.
Loving.
:'.fartin.
~lidlan<l .
Pecos.
Presidio .
Reeves.
Terrell.
Val Yer<le.
Ward.
Winkler.
Si..."rteen counties in New Mexico (or all the territory in that Stat&
included in the Eleventh District), as follows:
Bernalillo.
Chaves.
Curry.
Dona Ana.
Eddy.
Grant.
116026-19-3
Guadalupe.
Lincoln.
Luna.
Otero.
Quay.
Roosevelt.
Siena.
Socorro.
Torrance.
\"a! encia.
1
.\.N
T
AL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
Five counties in Arizona (or all the territory in that tate included
in the Eleventh District), a follows:
Coclili!e.
Graham.
Greenlee.
Pima.
Santa Cruz.
The directors appoint<'d b~· the Federal Reserve Board for tlw first
year wore W. W. Turney and A. P. Coh, of El Pa..qo; those ekcted
by the board of directors of the h<'ad offtco W<'re U .. '. Stewart and
A. F. Kerr, of El Paso, and Sam R. Lawder, of Dallas. Mr. Lawder
was appointed manager. All of the e gentlomon have been reelected
to servo during 1919, :.mel :Mr. La.wdcr was again de ignatcd as
manager.
The branch was opened in quarters on the third floor of the First
National Bank Building, together with vault and cage space in th<'
aff' clrposit Heetion of tho First National Bank. Th<'se quarters have
now provf'n inadequate and additional room has boon arranged for
to provide for Llw rapidly incroa. ing operation of tho branch.
A fore<' of U wu employed upon opening on June 17. The work
~xpanded . o rapidly tha.t additional clerks were neecs ary, and on
December 31 the force numbered 34, including officers.
Tho executive committee of tho branch moots every day to pa s
upon discount offerings and c-onsider other important matters affeeting operations.
A cla ification of pap<'l· under rcdi, count shows that 80 per cent
of the rodi count for momb<'r banks in the El Pa o t<'JTitory ar<' based
on live stock and agriculture.
Member banks arc rapidly learning that as practically all of their
payments, on account of withdmwals of funds, maturing obligation~,
and otherwi e, arc made through the braneh bank, it is to their
advantage to accumulat<' all of their funds there. Banks arc also
finding it convenient to u e tho trust department of tho branch for
tho keeping of thoir Gov<'rnmen t ecuritics, and a a portion of th<>
general account of tho Treasurer of tho United taLes is carried at the
branch, Governm<'nt vouchers are paid by tho brHllch upon presentation, and members are given immediate credit for the ·o items.
The Lolal expen~o of opcrn.tion of the branch from date of opening
to December 31 was $61 472.08, which includ<'s co t of equipment,
$20 163.01. Revenues from all OUl'ces within branch territory for
the same period wore $ 1,4 4.04, which includes earned discount
on all rediscounts and member bank collateral notes handled through
tho branch since thl' date of opening.
MISCELLANEOUS.
INTERNAL ORGANIZATION.
The board of diroc.tors has held 12 meeting· dlll'ing 1918, at which
a quorum was pre "ent. No chango has occurred in tho personnel
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
19
of tho board during tho year. On December 21, 1917, Mr. W. F .
Ram ey wa reelected a cla C director for the three-year term
beginning January 1, 191 , and redesignated as chairman of the
board and Federal Reserve agent. On December 11, 1918, he was
reappointed chairman and Federal Reserve agent for tho year 1919.
On the same date Mr. W. B. Newsome was reelected class C dire tor
and redesignated deputy chairman of tho board for 1919. Mr. Newsom has upon written request of Chairman Ramsey, and in tho
latter's enforced absence from tho office generally served a a member
of tho executive committee. Class A Director B. A. McKinney has at
various time during tho year served as o-ovcrnor of tho bank in the
absence of Governor VanZandt and tho neces ity of Deputy Governor
Hoopes giving attention to Liberty loan matters.
Tho term of Messrs. John T. Scott, class A director representing
banks in group 1, and Frank Kell class B director repro enting banks
jn group 2, expired on December 31, 1918. In accordance with the
provision of the Federal Reserve Act, as amended on September 26,
1918, an election of directOI was held for tho ucces'Ol'S of the
.above named. The polls opened on November 19 and closed December 3, Me Sl'S. Scott and Koll being reelected to servo for the threeyear term beginning January 1, 1919. Little interest was manifested
in the clo ·tion, and a very small per cent of the banks eligible and
~ntitlcd to vote took advantage of tho privilege.
On January 10, Dr. E . P. Wilmot, pro ·idont of the Austin National
Bank, Austin, Tex., was ole ted a member of tho Federal Advisory
Council, representing this district. Dr. Wilmot ha attend d the
various meetings of the council, and upon hi return made an interesting oral report to tho board of directors.
The officers of the bunk meet daily from 9.30 to 10 a.m. to discus
variou matters of operation and present important correspondence.
The executiYe committee meets daily to pass upon ofierings for
rediscount and other important matters. It has been the policy of
the executiYe committee to adhere as closely as practicable to the
typical organization chart submitted by the Federal Reserve Board
in March last. In so doing it has, of course, required a complete
reorgallization of some departments, and with the natural growth in
operations and the creation of new divisions, on account of fiscal
agency fm10tions, the bank's forae has greatly expanded. To keep
the work on a current basi (which has always been the bunk's
policy) has been extremely difficult. It has been necessary to substitute women and untrained men and to educate them in the work
of the bank. In the early summer months authority of the Federal
Reserve Board for the payment of a alary bonus was obtained.
The bonus was distributed on December 31 and amounted to
$45,103 .59.
20
A"n'TUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
The election of Mr. Sam R. Lawder a manager o1 the El Pa o
branch created a \acancy in the staff of the head office. Mr. Lawder
for evcrnl months pa t had devot cl ills entire time to work :in the
war loan clepartment in connection with A sistant Ca hier Gilbert.
Fpon Mr. Lawder's removal to El Pa o, Mr. Gilbert, as managing
head, remained in sole charge of fiscal agency matters. The work of
that bureau developed to such proportions that it was neces n.ry to
provide capable as i tants, which was clone by the n.ppointmen t of
fessrs. D. P. Rc01·clan and Floyd Ikard as as :istant managers.
At the board meeting on April 5 Mr. Paul G. Taylor, formerly
assi taut cashier of the South Tcxa · C'ommereial National Bank of
Houston was elected assistant ea hier. Mr. Taylor has immediate
supernsion of employrrlCJit of needed help, the> di trict clearing
hou e, bookkeeping, mail and purchasing depnrtmcnt nnd the priYale
wire operations. At the same meeting Mr. R. B. ColE:'man , '''ho since
'eptembcr, 1917, had been serving as ncting a.s istanL cashiN, wa
elected o.ssi tant cashier in immedin t<' charge of the cash di,Yision,
including currency hipment , Yault cu toclics, and transfers. On
,June 3 Mr. Fred Ilarris, mano,ger of the loan and dis ·ount department,
was elected as i tant cnshier, continuing in general charge of the
discount department. The detailed operation, and cll'ricnl force of
that division are hancll<'d by Mr. C. E. Breg, appointed a i tant
manager in the late summer. Mr. James L. Lumpkin in fa.y la twas
de ignated manager of the credit. department. Mr. Lumpkin bad
been acting in thtl,t capacity tor several month. previou ly. In
Augu t last Mr. John A. :Monrol' was a ign<'d to the cr<'clit department as assi tant to Mr. Lumpkin.
Mr. R. E. Chambers wn in February selected as chief examiner of
tate bank . ~fr. J. II. Blocker, formerly 1m examiner for the
banking department of Texas was employed early in the year to do
special examination work under direction of tht> Fe lernl Reserve
agent. Heretofore the clutiE:'s of both Mes rs. Chamber~ and Blocker,
for the most part, consist0d in exnmining tate banks applying for
member hip.
Tht>re ha been no change in the per onnel of the Federal Reserve
agent's departmpnt.
Jotwithstanding the fact that the work in the
department increased greatly during the year, no additions have been
ma.de to the force. Under the upervision of Ag<'nt Ramsey, lhe
department is handled by Assistant Federal ReserYe Agent Charles C.
Hall with a force of two. .\.gent Ram ey, in addition to his work as
such, ba found it necessary to devote a large portion of his time to
the Capital Issues Committee, the cattle loan agency, nnd drought
relief matters. The latter work, which consisted in the distribution
of 5,000,000 set aside by the Treasury Department for deposit in
banks in the West and Southwc t, nnd the custody uncl sub titution
AXKUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
21
of collateral security to the 'arne, ha been one of rC'sponsibility n,nd
much detn.il.
The dctn,ils of State bank membership, the issuance and receipt of
Federal Reserve noks, applications for fiduciary powers, preparation
Qt weekly, monthly, and annual report , applications affecting member bank ' stock holding., monthly letter on businc 's conditions,
and correspondence rC'lating to these m1ttter ' are handled by As istnnt
Federal Resprve Agent llall.
CLEARINGS.
The chcck-colleotion system approved by tbc Federal Reserve
Board, which went into effect July 15, 1916, ha been continued
throughout the year 191 with very 'n,tisfactory rPsults. There has
been a marked increase in the number and amount of checks handled,
notwithstanding the fact that no active campaign has been conducted
or et program followed in oliciting new clearing aceounts or addition to the par list. The number of cheoks hn,ndled in January was
378,625, and the amount was :5213, 11,405. The numbPr handled
in December was 725,141, and the nmount was . 277,583,048, an
increase of 91 per cent in the number tmd of 30 per cent in the amount
of item handled during the first and last month of the y<'ar.
For some time after general clearing operations wpre undertn,ken
the number of checks handkd for account of other Federal Reserve
Banks greatly exceeded the number received from and handled for
the account of our member banks. The situation is now reversC'd
and the number of checks depo ited by hank of this eli trict constitutes over 60 per CC'nt of the total numhN·. This incrC'n,se in the number of items and the addition to the number of clearing Mcount has
crt'ated a fe<'ling of optimi m, and we believl.' that thC' nrxt year will
witnes' an even grC'ater growth and development of the clearing
operations of the bank.
The majority of items handled for the· account of mt'mber banks
i , of com· e, received from the larger hanks of this district. They
:find it very much to their advantage, in that it enables them to make
quioker collection, obviate. the necessity of having their funds scattered over a wide territory, and sav<'. thP expC'nsc of extra accounting.
A lm'gc number of the checks which they receive from their country
correspondents are deposited for collection in the district cll.'aring
house. A number of country hanks, however, which heretofore have
preferred sending their mi cellaneous items to their city conespondents, are now availing themselves of the par coll<'ction ystem and
find it quite as satisfactory, and in some instance more convenient
because it permits of quicker pre entation, quicker advice of nonpayment, and enables them to maintain their re erve balance without making o many transfer of funds.
22
ANNUAL REPORT O:b' FEDERAL RESERVE BANK OF DALLAS.
One other feature that has no doubt encouraged the use of the par
collection facilities was the discontinuance on June 15 of the service
charge of It cents on ca h items handled through the district clearing
hou e.
EFFI!:CT
~FPON
RESERVES.
Our method of collecting the amounts of checks forwarded to
member banks hy making charge to tl1eir reserve accounts has not
materially affected the rcsm..-es for the rea on that the charge is not
made until suflicient tim!' has elnp::;ecl for them to receive our district
clearing house letters and make remittance to cover. The banks of
this di. trict have becomP thoroughly familiar "~ith thi ' method and
handle our cash letter~ n.eeordingly.
Onlyocca ional clehys in tho mails cause reserve deficiencies. These
are adjusted by m1tking nn improvoment in reserve accounts, where
it is found that deficiency wa due to mail delay and not to lack of
diligence on the part of the paying bank. We ure satisfied that
this method of collection .is tho quickest and best. It is a afoguard
again ' t the holding up of remittances and absolutely a ures prompt
collection .
. Under our method of handling checks the maintenance of reserves
is very much simplified. A cleitring is made of the items received
from and item ent to a member hank, and only tho net balance i
entered in the reserve account. This method permits the member
banks to pay for the items wo send them with items of similar
character.
During the year a number of penalties have been a sessed for reserve
deficiencies and there ha> been occasional overdrafts. yet the aggregate reserves have been well maintained.
IM IEDIATE CHEDIT ENTRY.
It would be inconvenient for the majority of our member banks to
make ettlement of their district clearing bouse debit balances were
it not for the fact that provi ion has been made to accept for immediate credit checks and drafts other than tho c drawn on banks in
the Federal Reserve city.
In addition to drafts on Dallas, member bank may remit for
immediate credit in reserve account drafts drawn on banks in other
Federitl Reserve cities and points on which other Federal Reserve
Banks allow us immediate credit.
The reserve city clearing house also provides a convenient facility
for tho country banks and has been of muoh assistance to them in
making quick ettl~ment of their district clearing house balances.
.\.NXFAL REPORT OF FEDERAL TIE 8TIYE BANK OF DALLAS.
23
RE ERVE CITY CLEAR! G HOUSE.
The resE>rve city clearing house, whicb is now regarded us almo~t a
rwce sity, ha for the year 1918 very well served the purpo~e for
which it was c>stablished. H is operated for the convenic>rlce of
former rc> ' ei"Ve city bank. and at their expen e. The members continuc> to end the actual clwcks and drafts which they receive to the
dnnvee banks for credit. .\.gain t these sendings tlwy draw draft
in favor of the Federal Re ervc Bank and forward them for th<•ir c·reclit
in t.hc reserve city clearing house. A clearing is eil'ected and resultant halan<·e arc a<i>ised hy wire. "ettlemcnt of balances is mnclc• on
the. arne day hy charging or crediting reserve a<·c·ount. .\.11 members
nre . ituated o that mail dispatched for Dallas will he n•ceivecl by tho
Federal Reserve Bank in time for clearings at 11.:30 a. m. This prrmits advising of resultant balances by 12m. and giYrs the membrt'"!
three hours in which to pn•pnr·e their re:sern' to meet tht> charges.
By reason of the members of the rr erve city ch•nring hou~e gnmting perm.i ston to the majority of their country corresponrl nt: to
draw drnfts payable through there erve city cle;lrina house, n lnrgP
number of tll(' eountry bimks of this r.listrict that do not :iind it
c·onvenient to carry a Dalla account un• providPd with means of
making ettlement of th ir di 'trict clearing hou. l' bnlunces in immedintl'ly available fund .
'fhe operation of th reserve city ·lem·ing hou. e, in addition to
snving for its llll'mhers onr day's time in making collection o( th
<·bcc·ks they r ceive drawn on other members, obviates the necessity
of handling tl great number of m.i ' ellaneous i terns hy the Fcdl'ral
Reserve Bank.
COLLECTION, .
pon the authority of the Federal Reserve Board and by it direction, the Federal Re crve Bank of Dalla , on January I, 191 , e'tabli heel a eollection department for the handling of all forms of coll('ttion item , and dming the year we have handled for our memhN
hank and othl'r Federal Re erve Banks a total numbl'r of 4,962 collrction items, or an averag<' of 413 a month.
A circulnr letter wa issued December 27, 1917, to banks of this
district, tating the condition and regulation governing the operations of this department. The banks of the di trict, however, ha e
not made much use of this facility, the majority of our collection
being received from other Federal Rcservr Banks m· from thl'it·
member .
•\.11 item hnmlled through this department arc ent to bunk in
the cities where they ar payable, and th collecting banks arl' rl'quested, if they lind it inconvenient to remit in Dallas exchangP, to
remit to the Federal Rc enTc Bank of their distriet for our account.
2-1:
.<\NNUAL RU:PORT OF FEDERAL RE~EUYE B.\NK OF DALLAS.
The greater part of our collection business has consisted of items
payable at Dalla .
GOLD SETTLEMENT
Fr~D.
The gold ~ettlement fund continues as an ideal medium for making
settlement balances between Federal Reserve Banks and a a stabilizer of tht> exchange mark<'t. It ha proven especially valuable in
making trnn fen; for the account of the TrC'asurer. which have been
extraorclinarily heavy, due to the Government's fi cal activities.
, ehedule :~:~ shows the amount of gold this bank received and paid
out through the gold settlement fund for the year 191 .
In our opinion, a great improvement in operation was made when
on July 1, 191 , Lhe Federal Reserve Banks commenced to make
daily srttlcmcnt of their balances through the gold fund.
13.\~KTNG
QUAHTERS-NEW B ILDI:\'G.
The hank proper and the fiscal agency clepartmen t have been seriously crowded throughout the year, and, as a result, great difficulty has
heen experienC'ed in han<lling the increased volume of busines . The
additional functions undertaken, as a result of the war, and thr normal
<'Xptul i011 i11 opemtions of the hank now find it bacUy crowded in
ev-ery depur1 ment in fact, the busines of all division , both of the
hank proper and of the fiscal agency, has so greatly expanded that it is
UE'eessnry to u e four different buiJ dings. This, of coursE', is quite inconYenient, to . ay nothing of the ri k involved in Lhe handling of sreu ritieR between thr various departments. B cau. e of lack of office
space it wag ncce sary in thr early summer months to put on a night
fore<' in th discount department. This was in the nature of au
experiment, ns additional clerks could not he accommodatrd. It
hn~. however, prov-en adv-antageous.
The hoard of directors and the executive committ0e, after much
deliberation and car0ful thought llS to various offer of buildings and
lot, in the early fall purcha C'd n site 162 by 18:3 feet on South .\.kard
Street, onr hlock remon~d from Commerce Street, one of the principal down-town thoroughfares. The !oration, while lightly out of
tlw principal husineRs and banking di trict of the city, is v-ery con-venient. Plans arc now being prepared by the well-known architectural finn of Graham, _\ndcrson, Probst & White, of Chicago, for
a building adequate for all department of the bank. Th building
committee, of which Gov. VanZandt is chairman, ha' al o employed
Thoma Bruer Boyd (Ine.), of ow York, to arrange the interior.
It is hopt>d that, without unnecessary delay, the bank will ha,~e a
structure which will not only an wer pre ent needs but, as far a
can be rea onably determined, adequately meet future requirements
and care for tht> rapid growth in it operation .
25
AXXLTAL HEPORT OF FEDERAL RESERYE BANK OF DALLAS.
Exmsrr A.- Mot•ement of principal eaming assets of the Federal Resen•e Bank of Dallas
dnring the calendar year 1918.
[In thou~ancls of <lollar" i.e.,
(lOO
umittNI.]
Dic:-
eounteo
paper st>·
cured by
l'11ilcd
.
tnll'~
Bill'
nther elise unted
paper .
(1+21
hou~hl
ln open
lll'JrkC(.
war ohh!!atlunC\.
;!
3, 07.
3,fi5t
4, 2~1
Jan.!.~ .................. ..
Jan. 25 ................... .
I"~ b. 1. .................. .
Feb. s ................... .
B'eb. 15 ................. ..
5,H~
12,6'\l
ll,R39
8,114
q,H2
13,8061
1R,36~
9,9~
22,135
24,409
25,2"0
25, !57
2H,.iiX I
27,7051
27,113
28, wo
11, 1t5
11 ,569
12,211
~J.iH H
12,719
13,B9
.June2 ................ ..
1 I, 73-~
12,646
16, 119
1R,671l
22,427
15,023
10, 97~
lR, 351
14,251
15,465
15,753
15,793 1
16,373
17, !i94
13,431
June 14 .................. .
Jnne 21. ................ ..
~~l~ 12:::::::::::::.:.:::
J.uh• 19 ... ................
July 2~ .................. .
:t~~: ~::::_:::::::::::::::
..\ug. lti ..........•........
AU!(. 23 ................... 1
.\UJ(. 30................. ..
Sept.6 ................... .
20,06R
17,702
~~r,:: ~:::::::::: .. :::::::
()(-1.4 ................... .
Oct. 10 ................. ..
.
ON. 25 ..... ............ ..
tH·t.l~ ..................
1
21, 6&~
30, OO.i
29, 750
39, ;,,;6
12,917
42,4:31
45, ~72
lli,359
51.-'>~9
I
2-R: 7AS
29, 749
32,327
:n, 800
~9
31,7651
31,229
I
13,623
13,5ftl
13,0.1 1
13, 263 1
12, 41i\
12, 171
11,291
0, 971
10,7221
!O,OHO
' 110
6,417
5, 480
5,2b6
,:;, 92i
4, 980
4,555
4, 9(',0
I, .)55
"'43
56, 00~
52. S,)
;)fi, 95.l)
.30,61)7
45,677
192.5
1:700
2,100
.')0,0~
2 195
43, 3X9
42, 6.35
2:940
2, 910
3, ~'t;
1,02.;
15,720
~~. 973
40,RI~
:u;oo
19,564
41, 17H
:!,300
2, 403
.;0,931
22, 19R
22,180
22,7521
23,0K!
23,166
10,419
1~, 275
2 1 t)iS
7
23.2
21.0
22.5
22.9
30, ~13
30,3S9
29,924
29,970
23.
30,1--5~
24.2
11.6
27,522
~1,2q8
25,919
21,41H
22,743
13.0
1-'t i
19.5
1 .7 .
29,392
31,5R5
2.~. 094
20,223
23,1WR
2 .0
35.3
2~, 94R
32, 67S
19, otn
27,591
30 336
269
30,722
ao;
:n, -t7~
29,260
27, 97R
29,MJ
1, 910
'l'otol
rarnin~
il."'"-t'tS.
6
5
22,620
1,650
1,630
1,5.SO
1.320
1.120
971
170
ftl4
619
!i54
t\34
095
1,300
(l~.i\
hou~hl.
-20
1,:!20
1, 170
~~I
PN CC'nL
and
2~, 930
31,002
34,163
as, 179
29,922
I 1,380 I
2X, 7tn
37. 70,)
I
2R 995
32,
31i, 't'>91
2~, 7;)2
27,166
27,9.';.~
3S,2J6
29,011
2.1,0qs
2.), 191
25, 155
26,947
30, oq2
33,1-13
:ll,M2
21,666
21,924
Sepl. 27 ................. .. 1
Dec. •L .................. .
10, 7:!9
x,23
}far. 29 .................. .
\pr.li ................... .
.\pr. 12 .................. .
.\pr. 19 .................. .
Vee. 13 ................. .
Dee. 20 ................. ..
J)e•·. 27 ................. ..
'12"<
~,304
6, 71R
Mar. 22 .................. .
~.619
9, 190
10, (j;J,
10,995
s;o3:;
Mar. 1.................. ..
Mar.~ ................... .
Mar. lb .................. .
Nov. Vi ............ ..... .
:-iov. 22 .................. .
:-\ov. 29................. .
1
I
5, 3 4
b 71
Feb. 21 ................. ..
~0\". 1...••.•••.•...•...•.
.:SO\"."·· . . . . . . . . . . . . . . . . .
,997
,635
3,H2
Jan. 4................... ..
Jan.ll .................. ..
'l'Jtnl
bills tli•·
cotmlcd
2~,R16
40. 4
30,07~
42.3
39,049
3R, 753
43.2
43.'-
42.5
46.0
41.7
42.9
46.1
so.o
50.b
51.2
43. 1
3~,
672
39,fill
:Jfl,2i2
35,021i
35, 1R4
37,046
10,153
44, IIi
as, aoa
:34,270
34,517
:!5,037
30, 141
51.S
41.9
33,402
39.4
~~.314
39.9
4~. 0
41,453
3.'>,970
43,671
39,1i.1fl
31,0111
3\766
10,026
43,551
4:J,050
4fl, 121i
53.7
53. 0
b2.5
57. 4
45,276
51.
51, 754
52,621
57, 1(13
112, 4:l7
1~1, 117
s
4~. 90~
52, 2~4
:,2.0
51.5
57, 30R
53.
50.6
51.0
49.7 '
32.6
51 1 i6N
sq,
~
5·~,au;
4 ,077
.;2, 2-Rl I
lfi,329
4r:,565
40,:105
;,2, 99~
53. 44~
32, NtH
43, ~i9
,'i3,612
:lX. 9
31.1
'30.!;
32.4
31. 4
33.R
31.5
2'2.1
36.X
4R. 799
4~,
299
6·1,529
6:1,516
53,1 9
5 '1 ~
52,234
51,470
.55, 209
59,39
li0,35~
59, 779
.=>4, 779
61,512
26
A '.:
AL REPORT OF FEDERAL RESERVE BA K OF DALLAS.
ss ?z ~-++++++++++-l+t-1++++++++++-IH+I++H+;I-Ht~t-t-t-++++++-t-t-1-+-H?c
ss
45 60 1-t+H++-t++H,.-t+l-t++M.t+!r;+Hii+t" .
.. I
40 S4 1-t+H++-t++H-+hl'+-!-1 H+t+++Hf-tt-f\H-++tt++fllf\Tit-H+HA-+±-l-H-IS4
3S
~
48 t++-H-t++-H-t-H-f+t-H+t-t-H-t+i-H-t+t-1-Hfl-rtr-H-H IH'iW-tll*-l~,f-148
42
30
JO
I
. I
,. 36
36
2S
.30
I.
lJ
i.
20
24 t++-H-I-Ht-H-t-H-f-hi'-H+t-f-:1H-+-H-H-t-H-H-t-M'I~++HH++t-H-t++Hi!f
H-++H-1-U-lll'--
IS
IS
-1-H-H-l-H-Ilii+-H-l-*+-~/8
10
10
s6H-t+tl..H-H+-t-l-t+++H:-++-l-H-H-t+t-H-t+++H-H--l-H++t-H-H-t-H+I 6
s
I
0
O
4-lf IIZf/4 5ZI/4
IS'lEi3SIZ~llf!IOI?J!fJilifZii!6SIZI!JllfZ9/15l3.1J6BlDP4/flllSI8511!i36J1lDP 0
JAN. Fl!S MCH A,.R
MAY JUNE JuLY AU6 SEPT. OCT. ffOV.
[)EO-
0
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
27
B.-Movement of cash reserves, net deposits, Federal Reserve note liab-ilities,
and the reserve percentage of the Federal Reserve Bank of Dallas, during the calendar
year 1918.
EXHIBIT
rtn thousands of dollars; i.e., 000 omitted.]
Ratio of
cash re-
Total cash
reserves.
Federal
Reserve
notesJn
actu~l circulation.
Net deposits.
(2+3)
serves to
net deposit
and Fed-
eral Heserve note
liabiliLies
combined.
Jun.L ............................. ...... .
Jan. 11. ............................. ..... .
Jan. 1 ........•.....•...... . ............ . .
Jan. 25 ............................. ...... .
Feb.!. ............................. ...... .
Feb. 8 ............................. ....... .
Feb. 15 ......••••••.•..•..•.•.••..•. .•.•..•
Feb. 21. ......•......••.............. •.....
e~: ~~:::
::::::::::::::: J
Mar. 22 .......•....•.••.....••.....•. •••...
Mar. 29 ....•••.•.•.•..•....•....... ........
::::::
~~~: f2: :::::::::::::::::::::::::::::
Apr. 19 .....•. . .•..........................
Apr. 26 ............................. ...... .
llfny3 ............................ . ....... .
May 10.....•...............•...•... .......
May17 .••.•...•.•.....•.•.•.•....•. •.•....
May 2-1. ......••••..............•.•.. ...•.•
May 31. ..... .. •.......•..••..•...•... .. •..
June 7 ..•....••.•....•.•...•....... ... .. ..•
June 14.........•.........•. .. .......•.. . ..
June 21. ..................•.......... ......
June28 ............................• .......
July5....... ... ........... .. ............. .
July 12............................. .. . ... .
July 19...... . ............................ .
.TuJy 26...... .. ............................
Aug.
!
2 ............................. ...... ..
Aug. 9............................. ....... .
Aug. 16............................. ...... .
.Aug. 23 .. ........... . .................... ..
~1ft
: .: :
Oct. 10 ...... .. ................... . ... . ... .
Oct. 18 .................... . ............. ..
Oct. 25 ......................... . ......... .
Nov.
::-<ov.
Nov.
Nov.
Nov.
I. ............................. ...... .
8 ............................. ....... .
15 ..... ... . ....... ..... ..... . . ... . ... .
22............................. ...... .
29 ................ ..... ..... ...... .. . .
Dec. 6 ............................. ....... .
Dec.l3 ............................. ...... .
B:~: ~: : :::: ~::::: :::: ::: :::::::::::::::::
1
2
3
63,923
45 490
-19,2-13
54,60-l
36, 29S
40,523
46,073
45,510
11,617
55,395
5-3,190
51,700
55,04-.1
5-1,971
-1.9,435
47,24-.1
47,036
17,768
43 -119
36; 952
34,983
33,792
3.5,374 1
31,34-l
40;)(72
37,991
37,0:fl
·U, . !5
34,575
41,45.1
41,150
777 1
:n,
3:!, !39
32 596
:l4;75
36,420
36,166
36,543
30,455
31,290
35,115
30,222
32,360
33,335
38,661
41,483
3R,674
41,187
:!9,00
41,38-1
43,36
~·b~
48;438
34,833
38,337
3 ,539
37,757
40,436
35,353
37,802
3R,R07
49.2
-~~.6
49.R
16.2
52.9
54.2
5·1. 7
5-3.0
.;o.o
3-l, 073
30, 76fi
31,037
32,859
:!5,064
.'i2. 7
36 &;()
36:227
35,622
35,207
34,740
3·1, 131
3.3, 557
33, 19-~
32;&.
33, ·2.~
59. 3
40,096
~~·1~~
38, 1(}-1
ll2.1
6-t. 5
0-l.ll
39,525
3·1,25-1.
3fi,iHR
09.0
70.0
li5. 0
40,760
33,173
30,605
35,8-14
i\-J.4
42, ()76
42,369
34, 7li9
:!-1,229
37,743
39,012
38,145
36,902
31,05-8
3·1,603
·II 251
4:!;607
36,711
36, . 26 1
37,~05
69.5
6l 1
t.\6.
67. I
U5.4
33,758
I
I
aa,2s-t
32,626
43.2
I
:J3,32S
33, 190
3~,208
39,727
32,984 1
32,750
:)3,020
33,1iH
34,852
34,9!15
:Jg,079
11,962
29,761
;J6, !7R
~~~~
31,396
·igm
as; 919
53;223
56,39
57,191
6! 150
02;373
38,4-10
34,655
34,586
62,512
61,912
60,860
62,102
35,951
28,097
3 ,493
31,765
32,066
23,185
31,337
'
6!,063
59,847
58,792
32,018
31, 125
59,286
26,621
58,360
50,666
28,().16
59,57
51. 6.
51.2
52.6
5:1.4
50.
.J7.0
4.. 5
45.1
47.1
41.4
13.3
42.1
45.2
44.-'i
40.4
43.0
40.2
42.0
48.2
48-0
51.2
52.9
42.0
42.5
42.2
42.2
46. a
4(). 9
28
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
J
I
?0
r.
/00HH~rm+~H++bH++H~+H~~++~++HH++H+++H++H/a)
1
~
~
ss
4S
40 60 l+l-+H--l+H++H-H-H++H--l++++++H++++++-iH-r++t++-H++H++lOO 40
so H-++f-1-tt-H.-l--l+t++
I
2() H-1-t+t--H-t+t--H-t+-H-!-+ H+f--h+H
0
4 HIll$/If 15"811 EI211Y2"1S4Q17i!IJIJ'~l!fil1.
,
I+++HH+~H+~-~HH++Ha7
219iiU916~6S6JlF4'H Ill$/
l!i/'Z4960iDO
'A . FEB. MCH APR. MAI"''JUifE JVLI'"' AU<i. Se!"T' XT. IVOV.
F-C.
0
29
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
CHEDL'LE
!.-Comparative statement of earnings and expenses o.f bank .for yea7S 1916,
1917, and 1918. and since organization.
1917
1918
1916
Since
organization.
EAR:NINGS.
2.123,074.!1!\
30,836.78
a25,277.0S
37tl, 802.22
15,ll53.J7
Bills discounted, members...................... Sl, 477,035. 49
Bills discounted, other Federal Hcsen·e 13anks..
20,313-~4
Acceptances bought in open market.............
175, !!84. 70
United States bonds and Trcnsury notes........
152, 159.48
~luniCJpal wnrrnnts.. ... ...... ..... ....... .... ..
7,995.08
l'rotlts realized on Umtcd States sccurilJes .................... .
'J'rans!ers, net earnings..........................
149,732.95 1
56,304. ~0
Deficient reserve, penalties......................
Sundry profits ................•.........•.•.••.•
Bill or lad in~ drafts ............•.......•........
emce charges ( uet) ........................... -~
4,007.fi7
192,2.;;;.14
ti9,273.05
30.283.56
13 ,6-11.29
2S,322. 70
Total. ....... ... ......................... .
EXPENSES .
•\ sscssmeut account expense Federal Rcsen·e
Board ..............•..........................
Fednral Adv1sory Council expenses............. .
Governors' Conferences .. . ... ......... ....... -..
Federal Reserve Agents' Conrerem:cs ........... .
Salaries:
Bank officers................................
C'lencal staff. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special officers and watchmen...............
All other....................................
Directors' remw1eration and expenses...........
Officers' and clerks' traveling e>.-penses.... .. . ...
Lc~tal lees... ................. ............. . .....
Rent.. ..... . ....................................
Taxes and fire insurance........................
'l'elephone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . .
~~~~~~::: ::::::::::::::::::::::::::::::::::::
Expressa~e... .. . .•. . . . . . . . . . . ... . ... . . . . . . . . . . . .
Insurance and premiums on fidelity bonds......
Light, heat, and power.........................
Printlng and stationery.........................
Repairs and al tcralions. . . . . . . . . . . . . . . . . . . . . . . . .
,\11 others not specified..........................
C'ost or Federal Reserve currency issued .........
Equipment.....................................
Tota.l. ........•...............•...........
ScHEDULE
:l.209,fi58.02
====
11,43 . 78
150.00
39 .42
207.64
82
752.80
1,300. '0
613.55
t,l,f>37. S2
:1,240.27
1,!r.l1.42
1. 212.85
:1:1. 0[>5. Ox
68,544.4 t
41,056.54
39,9·10. 27
2~,:361 ..16
170,134.31
2, 7111.6~
4,313. 6X
1,1n.o2
2,980. 78
5,·1fi3.6-l
2,585.33
4,442.05
:1,521.89
4,259.10
7, 7.56. 95
1, 138.77
1. 234.33
2,400.00
2,422. 40
2,215.00
u;;s.5o ··-··· ······· .............
927.20 ·······-·····
1, 2ll.12
R71. 74
1, 2.56
69.•17
f>84.46
9,667.7·
645.24
3,1fXI.32
24,6 .43
3,os.. 43
28,842.84
10, 71'3. 23
'424. 31
1,517.92
476.73
10,774.2:1
1,46 .24
2,413.82
1.3111.65
25,072.20
o,327.37
496.97
4,R05.62
2,472.86
200.30
20,278.20
5.154.00
6,298.69
2, 729.93
30,910. 2
12,346.43
41,758.32 ··········-·· ···-··-·-···-
179,495. t;t;
2TJ. 551. 5·1
9,275.3.
13.071\. 7fi
1 , 147.8.1
12, ilO.GH
7, 451.2.1
10, 73~. 2
l,t\.10.30
~, 270. 79
535,424.44
995,070.23
15,222.961
1, 94.06
232.20
121.611
9,66~.
.
:lU~U~
59,533. i l
17,145.37
5,379.11
41,30 . 27
7, 978. 71
39,106.77
133,370.74
41.75 .32
---------1--------1·--------1--------167, 11.74
122,556.20
2.-Comparative statement of the Federal Reserve Bank of Dallas.
Dec. 31,1918.
Dec. 31, W17.
Dec. :n, 1916.
RESOURCES.
Bills discounted and bought. ......................... . .• $47,973,536.64 122, xxn, 546.54
United Stales bonds to secure circulllhOn................
6, 632,400.00
2, 732,400.00
Othrr United Stales bonds and Treasury notes..........
1.757.400.00
3.193.700.00
I nvestmcn Ls-mumcl pal warrants ...................................... .
1~n. 458.74
tiS2,05 . 19
Bill ofladlnf(-dralts ..............•......................................
!I an k premises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . . . . .
2'20, i~. 39
1:36.736.:11
Furniture nnd fbctures ...... .............•. . . ... ..•... . ...... ............
11,000.00
C'nsh and due from banks (not r~ser>e)..................
:1.073. ~75. ~~
;;, 227. 722. 99
Federal Reserve bank notes on band. . • . . . . . . . . . . . . . . . . .
696, 500. 00
2, 732, ·100. ()()
Actual balance in ~old settlement lund..................
6,023.261.30
24,520,700.00
Gold with agent for retirement o! outstanding Fcdcrnl Reserve notes............................................ 24,515,645.00
2.1,036,675.00
7.005,685.50
13,896,493.91
Oold and lawful money..................................
.3,032, 115.69
2, 000,000. 00
3,033,256.00
127.31R ~7
11,072. :.o
H4.241l.:Jl
37,164.:12
1,407, 148. :!7
2,000,000.00
U,946,500.00
22,862,R55.00
5,30.~, 94.50
B~~~~?f8i~~~~h~:~~:::c~~~ii~ ;~:~;:~ ~; ~:,;~~{~:~~ :1· ··9;4.45.5,917.04
~~; ~~: ~~- ···3,619.
~;:~: :::
· ::: ~: ~~~: ~~: ~~
774.36 ..............•
Federal Rcscr>e 13atlks-nanslers hought (net)..........
War loan expenses rcollecliiJie).......... .. . . .. . . . .. . . . . .
Du~ !rom other Federal Reserve llanks (ncl)............
511. 73tl. 79 ...................... . ....... .
2, 295.468 ..51 .............................. .
Tolal.. . ........................................... jll5,912,g56.98
113,2 10.J<Il.99
39,932,R8R. 79
30
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
RcrrEDULE
2.-Comparatire statement of the Federal Reserve Bank of Dallas-Continued.
Dec. 31, 1918.
Dec. 31, 1917.
Dec. 31, 1916.
L1An1UTIES.
Cap1tal stock. . .......................................... $3.15-1,300.00
226,216.69
Net profits..............................................
Fcderallleserve notes issued. .. .. . . .. .. .. . . .. .. .. .. .. .. . 60,495,080.00
Reserve deposits (net)................................... 32,550,876.94
Government deposits . ....... ..... ....................... 1 2,493.217.68
Du~ lo oth r F~doral Reserve banks (net) ............................ ..
9,323, 668.58
Deferred credlts-cbccks and dreftsm process or collectwn
Feder~! H sen•o bank notes (secured by United States
s~~~~~:~:.·.::: :::::::::::::::::::::::::::::::::::::::::::
Hescrve for franchise tax................................
War Flnancn rorporalion...... ... .. .... ...... .. .. .. .. . ..
Reserve for deproriation.................................
6,~~:~: gg
$2,794,900.00
217,906.06
47,716,950.00
44, 15.5, 240.99
6, 609,284.55
1, 515,970.49
7,497,489.90
S2, 696,050.00
33,864.51
24,162, 85.5. 00
25,742,902.95
1, 493,691.05
1, 292,435.51
2, 511,089.77
2, 732, 400. 00
2,000,000.00
592,204.24
8,026.10
240,662.50
3.-Earnings, expenses, and di1•idend payments for calendar year 1918, also
amounts carried to surplus fund and reserved for Government franchise taxes.
ScHEDULE
rapital Dec. 31, 1918 ................................ . ............................ •........... $3,15-1,300.00
~~~i~~!c" ~?~:!~~ii~i,:::: ::::::::::::::: ·: :::::: ·:::::::::::::::::::::::::::::: :·S4ii,.... _. 89
<'<!~t of Fcdoralll~'en·e currency fincludmg expre,.age, msurance, etc.)!.......
~IL<eellancous charge• account notr ""u~• '.....................................
Jlcpaif', alterations, lml'rovcmcnt•, ctr., to honk building.....................
Furniture and equipment-total nmount c·horg~d ofT during year...............
2,089,52li.08
82,729.93
None.
4,!!05. 1\2
None
'l'otnl (•urrcnt expcnsrs .......................................... .... . ................ .
535,424.44
~i~r~~:~~~ ~~rJ;;;~ri: iui ·:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
I, .;54, 101. f14
205,353.08
'l'otnl. .............................................................................. . 1, 759,454.72
Lesq:
Depreciation on bnnk premises................. . . . .. .. . . . .. .. .. . . . .. . . .. . . Ill, 73tL 31
Oth~r depredation allowam~s or extraordinary ilems charged to proOt-nnr!lo"" ncrount ...................... ~ ... .. . ... .. . . .. . . . .. .. .. . . . . . . .. . . . . . 11, 145. 01
.I mount t rons~ rrcd to account rrsen·~d for depreciation on Uruted States
240, Hli2. 50
bonds.................... . . . . . .. . . . . .. .. .. . .. . . . .. .. .. . . .. . .
Net nmotmttwail:lble for
<li,~Iclend>:,
surplus, and franchise taxes .................. ..
3l3, ,>J3. 2
I, 445, OLO. llO
Di\·idcnds paid:
llntc p;lid June 30, 1918; p('riod t'O\Wcrl, Juh• I, 1017-Junc 30. 1918.......... lliS, 871.lli
Dnto paid, nee. 31, 1918: period cowred. Ju!r I , 1918-Dce. 31, Jnl .. . .. .. .. 92,32R. 75
302.50
lnterc.<t paid on slo<·k surrrnd~red ........ :.. . .. .. . . . . . . . . . .. .. . . . . .. . . .
•rotnl dh·idcntl payment• ............... . .......................................... .
Carried to surplus lund........... . . .. .. .. .................................. .. . .. ..... ..
for franchise tnx" ................................... . .... .
20l.iii12.H
592,204.25
592,204.24
TotaL................................................................. . .............
1, 445,910.90
Transferred to accounL
arc~rYe
SCHEDULE
4.-Discounts.
,
Volume of discounts for 191 :
Discounts for member banks ......................................................... $587.677,767.27
·
Bankers' acceptnnrc• pnrcha.•ed in open market and !rom other Federal Reserve
Banks.............................................................................. 33,20<i, 13~. ill
TotaL ............................................................................. tl20,944,205.03
Volume of discounts for 1917:
Dlseounts for member banks ................................ . . . .................... ..
Bankers' acceptance purcbased ................................................... .
Rcdlscounts for oth r }'cdernl Reserve Banks ...................................... ..
52, OS2, .';99. 99
35, 076, 017. 00
Total ....................................................•..•............•..........
92,129,552.99
'l'otnl number of banks arcommodated in 191 ......................................... ..
'l'otnl number or new banks accommodated in L918 ................ . ..................... .
'4
205
Largest note rediscounted. $3,750,000.00; smallest, $10.50.
' Including both Federal Reserve notos and Federal Reserve Bank notes.
5, 000, 03H. 00
31
Ai,.XUAL REPORT OF l'EDERAL IlESER\"E BA~K OF DALLAS.
ScHEDULE
5.-Rediscountsfor 1918, by
'l'cxn.q,
~font h.
i~~H~~~y::::
\prJ!.. .. ..
::::::::::
tl8,!189,177.(l2
72,3~0,
719.64
I , 323, ~1'3 IS
Total. ........... , .:;40, 158,74-1.36
o,.;s7,232 21
n
..
June ................ .
tuly. . .. .
. ...... .
, \UgLt>( . . . . . . . . . . . ..
::;,•pl~mh~r. ...........
.
........... ..
....... ..
I>etrmiJer ........... .
Ortoh~r.
Xo\·emll~r.
l'0t tl pJ.prr
1'(.\
li ..;t·ountNI u..q
• cHEour.E
~hown
ahove,
$l'53, 4121'3
394,401. 9'J
\.12,822.;11
llOO' 927. 52
995,955.92
1, 062, 570.40
"""5:i;i4;,. 70
1,363,6R9.!l2
1,09il,830. I
1.242,317. 71
1, 213,41il.ll
771,561.65
978,015 3
n . .;2t,917 n
131,8f\4.57
2.;,sso no
197' .107 27
251,089. 9()
271,181.20
207,315. t 2
2li;i, 028. 2;i
1, 828, ()'2J 31
21,1ill,71
9
6.-Discount rates for 1918 and dales on which effective.
Jmluslrial ami comm rcial .......................
Do............... .. ..........................
Do ...........................................
A~riculturnl and lin~·slock .......................
Oo ...........................................
Do ...........................................
Do ...........................................
Trade acceptances ...............................
Do ...........................................
Up lo 15 dnys ........ .
16 to (\0 day~ ......... .
61 to 90 days ........ ..
Up to 15 clliys ....... ..
16lo 60 days ........ ..
61lo 90 days ........ ..
91 days to 6 months .. .
Up to 15 days ....... ..
16to60dnys ...... ... .
61lo90days ........ ..
Up to 15 days ....... ..
no ...........................................
bank rediscounts, United
tates securi·
Do ........................................... 16to90days ........ ..
Idem her bank collateral notes, United States se- Up to 15 days ........ .
curilies.
~!ember hank collaterol notes, other securities... Up to 15 days ....... .
CHEDULr'
334,849.53
~7,H77 ,i6i .2i .
Time.
tics.
SS15, 000. 00
1. 16.' f>17. 32
10,000.00
1,974,427.ti2
3,6S7,446.91l
2, 237' 602. 92
3, 692, 980. 11
4, 13), 911 25
3, 751,844.97
2, 642,937. 7~
...... 7o;5ai.'is·
C'lass of paper.
~fember
Louisiana .
. \ri7.ona.
St 12,747. 2R
525,751.40
S82, 290. 2
ss~. 632. 15
9~,301. 9
1,:124,376.14
I. 4H, 401. '0
1,5.51, 199. 15
I, I 7H, 668. 2.;
~lny . . . .
nnd distribut?"on, by States.
Oklahoma.
6. 522,191\. 12
9,
,183.09
1 '966, 084.2
33, 6115. 694. 4g
aun4,4.
40, :142, 470. 20
45, '-40, 89.i. ~5
f\2, 721,003 Oil
6 • 042, 604. i\3
7~, 256,327. 3ti
.. .
month.~.
Jan. 1.
Prr cent.
4
I
Apr. 15.
Sept. f>.
I PfT cc111.4
Ptr CC111.
4i
+!
4~
5
4
4
41
4i
4!
5
~~
4,
r,
t~
5
31
3!
5t
4
4-t
5\
3~
4~
-~!
4
4
4
3!
41
4}
4
5
4
4
!~
I~
4l
4
7.-r'las&ijication by maturities of bills discounted in 1918.
if:ifi[~~fuu.
/••••-•- • • • • -• •·• •-• • • • ~~:m:1~
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58<, 677. <C.6. oo
ScrrEDULE
8.-C'lassijication of trade acceptances by maturities.
Due within 15 days......................................................................
Dne 10 to 30 days........................................................................
Due3lto60days........................................................................
Due 61 to 90 days........................................................................
SI37,I86. 71
389,260. 18
923,320.50
606, 99U. 53
Total .............................................................................. --2-,-0-56-,-7-57-.-0-2
ScHEDULE
9.-Bills oflnd1'n17 drafts.
~~~~~~!!~!!an.~~-~~~~-~~~-~:~~:::::::::::::::::::::::::::::::::::::::::::::::::::::::
.~~;~~
Uased on hay............................................................................
Based on cotton and cotton products................................................. ....
Based on misce)laneous produce. . . . . . .. • .. .. .. • .. • .. .. . .. . .. .. . .. .. .. .. .. . .. .. . .. .. .. .. .
238,076. Q.l
6, 756, 180.27
401, 479. 6.';
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8, 472, 695. 2ll
-----
32
ANN'GAL REPORT OF FEDERAL RE.'ERVE BANK OF DALLAS.
, 'cHEDL:Lil
10.- talemenl of bankers' acceplancrs-Ralcs and time.
}~::~~~~~!~It g~~~:~t:::: ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: s~;~J:~: ~
0
f>~~~l~~~~ ii ~:~ ~~l::::::::::::::: :::::::::::::::::::::::::::::::::::::::::::::::::: ·~~;~:&~
:t
f,~~~~:~ ~t ir:H~~~i~::::::: :::::::::::::::::::::::::::::::::::::::::::::::::::::::::
: ~Hlt ~
~ili~!~i~ g~i ~~~~m~ ~ ~ ~ ~ ~ ~ ~ :~ :~ ~ ~ ~~~ ~ ~ ~ ~~~~ ~ ~~~~ ~ ~~~ ~ ~ ~ ~ ~: ~: ~ ~ ~ :~ :~ ~ ~ ~ ~ ~ ~: ~ ~: :*~~~~
Purchased ut 3< per cent._...............................................................
Totul..............................................................................
7.'i0, noo. oo
-...,.---33~ 2«6, I~' 76
'rillE CLASSIJo'JCA'I'ION.
Due within 15 days ....... ....... ... ..... ........... . .. _................................ .
Due 16 to 30 d.-ys ....................................................................... .
Due 3lto 60 <lays ...........•................•.......••.......••.......•.......••........
Due 61 to 90 days ......... ... .......•.................. _•...•...........•.......• .... . ...
Total ................................................................ ·-············
ScaEnt.:LF.
I, 931, HXI. Oil
10,501, Si~. 1'j
1-1, 9~-
'90~. 7()
5,f4..4J)51.'1.9
33,266,·13S. 76
ll. -0 peralion.s in United Stoles bonds and -~ec-uril_ie.~ .fm· lh1• ymr 1918.
l10ND~
ANll TREA~tm\" NOH:. HELO ON DEC. :11.
1917.
Regislere<l 2 per cent consols of 1930 ..................................................... .
Re~istered 2 [ler cent Pan=s, series 193S .............................................. .
Registered 2 per rent Pa.namas, series 1936 .................. ...... ...................... .
Re·~istered 3 per cent conversion bonds, series 1946 ...................................... .
Heglstered 3 per cent com·ersion honds, series 1947 ..................................... ..
Registered 3 per cent 1-year Treasurr notes ............................................. .
First series 31 per cent Liberty honds ................................. . ........ ... . .... ..
Second series lt)er cent Liberty bonds ................................................. ..
$;!, 4ii0, 900. (Ill
Total. ............................................................................ .
5, 920, 100.00
HONDS AND TREASURY NOTE&-PURCHASES, SALE...;, AND
155, 000.()(1
126, 500.0<1
-i07, 400. on
726, 2(Kl. 00
l, 430, 000. uo
477,100.00
53,000.00
-----
CON,~EHSlONS.
Utliled States 3 p r cent 1-year Treasury notes cba.rged to Treasurer of the United State~ ..
Ftrst series 3~ per cent Liberty bonds old at par ...... _................................. .
$705, 0<~). 00
Sold nt par .......................................................................... .
'l'hird series per cent LibertY hond :
l'ttrchascc [rom Treasury. Department .............................................. .
'old at par. ..... . .......... ..... ........ ........... ... . .... . ........................ .
Fourth series 4\ percent Liherty bonds ........................................... ...... .
Sold at par .......................................................................... .
Sp<'t'it\1 2 per cent 'J'n•a"ury certificates of indohteclnc"s purcha.,od from 'J'reasury D<'t.mrl-
101,900.00
Seco~~r~~~~tt lr~~~~~}~r1~';,los~~~:- ... _. _................. _.. .......... ....... _..... .
1\
nl('lllt ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
~ por Cl"nt 'J'rra."iury rertlfienlrs of indt Ltcdm•ss:
·
476,500.00
t.O, 000.00
12, 4.'i0.00
7,0.'il).()()
29,500.00
12,800.00
:J. l 7.5, 0(1(). 00
Ont'-tiay
Purrha:<Nl from Tn'a.'urv llC[lartment. .... .......... ............................... .
C'har!(cd to Trca.""l' of United States._ ....................................... __ .... .
United States -l pt•t' rent hoa.rcr certi!lcatcs or lndchtetlness:
tl. 000,000.00
II , 000, lXJO. 00
::~~~~g~~a [i.g~ ~.e~~~~,"t,~,~~~rt-~~-~~.:::: :::::::::::::::::::::::::::::::::::::::::::
~~~~r~~,f,''~-;.~;.;.5iU.ei-.<ii uiiiieil. ~i.:,i.;.~:::::::::::::::: ::::::::::::::::::::::::::::::::
1, 247,000. ()II
~gr~~~~~::~::.~~~;t~:~-L~~L ~~ ~: ~ ~ ~ ~~: ~ ~ ~ ~ ~ ~ ~ ~ ~: ~ ~:: ~: ~: ~ ~: ~ ~ ~ ~ ~ ~: ~ ~ ~ ~ ~: ~
2, 000, UO<I. 0<!
2, 039. O<Xl. IJII
29~. '11111. on
Unitod St:tll•s 1] per t•unt ho:t.rer certificates of indohtedne~s:
l'uruha.,rd from Tre!ISnry Dcp~rt ment .............................................. .
UONO~
Rc~istcrcd
R~gl<t~red
Rc~i<tcrcd
Rc~L<tt•red
H.e~i~1err<l
2 pl'r t'('nf
2 pt•r coni
2 per r nt
3 rcr ('('nt
:3 [)Cr ('('111
AND
TREA~URY
honds,
~f'fil's
515. 000. (~)
ats;ono.oo
NOTEH UELD ON UEC. 3J, 1918.
consols of 1930 .............. _.................................... . .
Panamas, scri<'S 19:1. ... . . .. . • . . . • .. .. .. .. . • . .. .. .. . .. •• .. ... • •• • . .. .
1''\nnmas, series 193<i... _.......................... _.... ... .. .. .. ..
conwrsion hond•. '~ries J9.J6. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . ..
conYl'r~ion
I, 6~7, 000.00
~75, 000.00
t,J1.;, ooo. on
19-17......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reqi,tcrcol3 per cent ont•-yonr Tr~n<ury not~s........................................ .. . .
2 Jl('r rent Unitt•cl f'llllrs. rerial cvrt i!lc<ttcs or inrlchtedncss...................
United tales 3l per cent hearer ecrtific·ues of indt•hlt•dncss..............................
Rc~derl'·l
~~~3~r~~;t~r£t~~~~~~~:Hm~~£?~_:_::
::::::::::::::::::::::::::::::::::::::::::::::::
Fmtrth •encs 1\ per coni Lihcrty bond•.............. ... .. . . . . .. .. .. . . . .. . .. . .... . . . .•.
2, 450, !IIXI.Illl
1.5.i, <JOO. on
l2ti, :000.00
-'07. 1110. on
i2fi. 200.00
725,0110.00
:1, 17-5.000.00
.;OO.IXKUXI
.~: 1~: ~
IIi, 700.tl0
Total. .............................................................................--~-.3-89-. -,_-1)(-J
S()(-.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
12.-Purchases of municipal warrants.
ScHEDULE
I
Municipality.
San Antoruo.. .. . ... ....
Maturity
value.
Maturity at time of discount.
Rate.
P('r crnt.
4
33
After 90 days hut within 6 months ...................... $382,207.9
SciiEDULE
13.-Member banks' collctteral notes.
Total of member l,anks' collateral notes .................................................. $459,888,553. 00
Number of hanks accommodated in this manner.........................................
426
Paper secured by United St:1tes bonds and certificates of indebtedness:
Member hanks' collateral notes.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440, 935, 658. 00
M~mber hanks' rediscounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6, 897,430. 00
TotllJ ..................... . ........................................................ 447,833,088.00
ScHEDULE
14.-Average reserves of member banks, 1918.
Actual reserves. Overdrafts.
~b~~iry:::: ::::::::::::::
June.......................
July .......................
August ....................
September.................
OctolJCr ...................
Novcmher.................
December .................
.. 12,597,822.97
40,731, 629. 71
3 '651, 032. 72
37,200,961.11
38,232,456.43
34, 374, 337. 24
31,013,321.88
28, 2~, 741. 46
30, 235, 990. 97
30,613, 159. 65
29.ll '.507. 53
29,1\55,621. 39
Yearly average .. . ...
34, 225,715. 25
March .....................
~~~::::::::::::::::::::::
ScrrEDULE
514,510.52
6, 338.38
9,565. 92
56,765.33
5~, 9ll. 27
271,410.00
80,640.52
119,3
13
180,029. 7fi
4ll, 142. ~3
318,043.43
344,857. 16
!55, 969.
~0
Re~~~:~. re- Excess rcscn·ps. Dc~e~~~i. rc-. 5, 185,582.45
$37' 397' 700. 00
5, 770, 183. 33
34,955, 108. 00
34, 056, 119. 00
4, 585, 3J7.
3, 969,995.78
33, 174, 200. 00
7, 76,545. 16
30,297,000. 00
27,365,200. 00
6, 737' 727. 24
4, 234,619.36
26, 698, 002. 00
27,555,300. 00
009,053.33
30, 541' 1 00 ·······--······30, 232, 100. 00 ................
29, 790, f\00. 00 ······-·-·······
29,891, 800. 00 ···-·-· ·········
oo.
30,996, 190. 75
3, 073,555. 10
-----·········
...............
·-············
------········
···--····-····
$485,13 79
30,082.78
990,135.90
581,035.77
..............
15.-Number of member banks, by States, Eleventh Federal Reserve District,
Dec. 31, 1918.
National.
State.
Arizona . ................................................................ .
Louisiana ............................................................... .
New ?.fexico ............................................................. .
Oklahoma ................ . .............................................. .
Tec'<BS ................................................................... .
TotaL ........................................................... . . .
ScHEDULE
··············
..............
so ----·-····-···
State.
Total.
5~3
2
I
5
2
87
630
630
97
727
8
13
32
34
10
14
37
36
---- --------
16.-Total State bank membership, Eleventh Federal Reserve District, Dec.
31, 1918.
Capital.
Total
Surplus. resources.
ARIZONA.
Safford................ Bank or SafTord ............................. ..
Tombstone............ Cochise County State Bani<. ................. .
$."l.3,000
30,000
$10,000
5,000
$640,000
301,000
25,000
5,000
235,000
100,000
25,000
30,000
25,000
25,000
40,000
5,000
50,000
10,000
4,000
599,000
190,000
589,000
153,000
200,000
J.OUISIANA.
Lake Providence...... Lnke Providence Bank .... . ................. ..
NEW MEXICO.
Albuquerque..........
Corona................
Lovington ............
Mountainair..........
Portales .. ...... . ......
American Trust & Savings Bank ............ ..
Stockmens State Bank . ........ . ............. .
First Territorial Dank.............. ...... .... .
Mountainair State Bank .. . ................. ..
Security State Dank .................... . .... .
34
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ScHEDULE
16.-Total State bank membership, Eleventh Federal Reserve District, Dec.
91, 1918-Continued .
Capital.
Surplus.
Total
resources .
$50,000
40.000
5,000
11.000
$160,000
462,000
30,000
25,000
:m,ooo
3.1,000
10,00()
314,000
390,500
25,000
5,000
12.000
12, ()Oil
115,000
25 000
50,000
100,0(10
OKLAllOMA.
Fort 'l'owson....... .. . First State Bonk .................. ....... .... .
\ 'allia.nL. ............ . . Farmers Stat~ Guaranty Bank ............... .
TEX ...
Alpin~ ................. llpme
State Bank ........................... .
.lito. tate Bank ............ ........... . ..... .
\nson State Bank ........................... .
AHry State B!lnk ............ . .............. .
Bullmger State Bank & Trust Co ............ ..
nuornnty Bank & '!'rust Co .................. .
Tp xa~ Bank ·'!'rust f'o .. ............ ... ... .. .
Beevill~----··--------- flocvillr Hunk & '!'rust Co .................... .
Donham .............. Fannin County Bank ........................ .
Do ............. . .. First f'tat.ellank ................... .. .... .... .
Bremond ........ _... _ ..... do ..... ... ..... ............... __ .. _._. __ . .
Brownfield ............ llro"•nficld Rtate Bank ...................... ..
Cunyon .......... . .... l'irs t Stntr Otmk .................... .. ....... .
CI1ildress . . ...... _... . . Farmers & Mechanics Stall• Bunk ...... . . -.. -.
Colorado .............. Fir<t Stat~ Bank ............................ ..
Commerce ............ C'iti?.rnsRtulc Oank .......................... .
Corsicana ............. F1rst tate Hank ............................. .
Cuero ................. First tate Bank & Trust Co..... . ........... .
Dallas ................. C'c·nlral f'tate Bank ........................... .
Do ......... . ...... First .'tal<' Bank ....... . ..................... .
De Kalb .... -------··· ..... do .. -------·····---······--···----········
Drnison ............... Denison Hank & Trust Co . . . .. .............. .
Alto ...... ............
.lnson ................
Avery ... ........ ......
Ballinger..............
Beaumont. ....... -.. Do ................
~l'Y,~';~- ·.·.: ::::::::: ~f'~~~s ffa~~'i~~~tsf~~~ -~~-~ ~:::::::::::::
Do ................ Rio Grande Valley Bank & '!'rust Co......... .
Ennis ... .............. First Guaranty State Bank & '!'rust Co ...... .
Flatonia ... ______ ._... Flatonia .tal.o Bank ............ _... _.. _._ .. ..
Franklin .............. First lateBank.................... .... ..... .
Frost ................. Citizens State Dank .......................... .
Galveston ....... _..... , outb 'rexns Stnte Bank_._ ................. __
Gilmer ................ <1ilmer State Bank........................... .
Gold! hwnitP. _........ Trent State Bank ......... _................. ..
Graford ...... ------- .. First StatP Bank .. . .............. . ... . ...... ..
Orand Proirir .. _........... do .... _.... _.. __ ....... __ ... _._ . __ ... ___ ._
Hamlin ............... First State Dank............................. .
Hansford .............. Guaranty State Bank ........... ----··-------Hereford ... _.--._ . _.. _ First State Bank & Trust Co.- .. _.......... __ _
Hillsboro .............. First State Dank.... _. __ ._ ....... __ .. __ . . _._ ..
Italy .. -... __ .......... Farmers State Bank . . -- .... __ .......... _____ .
Jacksonville........... Farmers Guaranty State Dank._ ......... ____ _
Do ... _. __ ..... .... First Guaranty State Bank .... _......... __ .. .
Junction .............. Junction State Bank ......................... .
Kerens .......... _. __ .. First State Bank....... _. __ ........ . ......... .
Kllleen ............. . ....... do ... ~-- ................................. .
Kirkland .............. __ ... do._ ........................... . ......... .
Ladorua-------------·· ..... do._ ..................................... .
Lamesa .................... do._ ..................................... .
Leonard .... . ......... --··.do .......................... --------· . ... .
t~!'::l::::::::::: ::: ~~elat~t~t:J:~::: :::::::::::::::::::::::
Lubbock ..... -.... _...
Do ................
Memphis ..... _.... __ ..
Mount Calm.- ........
Mount Pleasant ...... _
Nacogdoches . . _._.....
Lubbock State Bank... _._ ........... _....... .
Secunty State Bank & Trust Co. ___ __. .. .... .
Citizens State Bank ... _... _....... _. . .... ____ .
First State Bank ................ __ ...... .... ..
Guaranty State Bank ... _..... ...... . . _...... .
Commercial Guaranty State Bank. _...... __ ..
~~~~bg~~-·-: ::::::::: . ~-~~j::~~~-~~::::::: :::::::::::::::::::::::
Palmer . . ........ _..... First Guaranty State Bank._ .. _............. .
PariS ........ . . __ .. __ .. First State Bank........... _................ __
Do ................ Lamar Stale Dank & Trust Co ............... .
Pecos .. __ ......... _... Pecos Vallev State Bank .. _..... _......... _.. _
Post City- ... ---. __ ... First tate Bank. . ....... _....... _. __........ .
Quanah............... First Guaranty State Bank .. _..... ___ .. _.... .
Reagan.- ............. First State Bank..... __ .. _._ ............... __ _
R ichardson. - ... _..... Citizens State Bank._ .... _.. _.............. _._
Rockwall ............. Guaranty State Bank ..................... _. . _
Royse.- __ ......... _. . . First State Bank............................. .
Rusk ...... . .......... Farmers & Merchants State Bank . ........... .
SabinaL .............. First Slate Bank...... ------.··-·--·· ........ .
Santa Anna ................ do .. __ _.................................. .
Savoy .......... . ........... do . ............................... ....... .
Shamrock.- ..... -.... . Farmers & Merchants State Bank .......... .. _
7,500
fJO,OOO
IOO,llOO
250.1100
liO,OOO
100.000
2()(),1Kl0
.sn,nno
2ii,ll00
25,1Ml0
r,n,uon
30,000
2.1,000
!OO,IXIO
lOII,IKJO
200,1KJO
250,000
;,o,ooo
lOll, uoo
33,000
200,(1(10
500. 000
100,000
40,000
~0,000
25,000
12.5,000
50,01)0
50,000
25.000
40,000
25,000
25,000
50,000
150,000
25,000
50,000
50,000
50,000
gg.~
I
10000
2'•,000
2J.OO
10,000
2,ti'l8
2,500
:lO.OOII
3~,1)()1)
ll,OUII
~5.000
34,937
2.';, OllO
~.oon
········
···
90, 000
20,0tl0
2,000
10,000
25,000
12,500
12,500
25,000
7,000
20.200
10,000
2,000
50,000
15,000
12,500
10,000
10, 000
50,000
25,000
7,500
10,000
12,500
20,000
5,000
5,500
25' 000
25' 000
3o;ooo
50,000
25,000
25,000 ···········
100, 000
17,500
100,000 ·· ··--·-··75,000
47,500
25,000
7,000
15,000
60,000
100,000
20,000
25,000
25,000
50,000
50,000
25,000
12,500
150,000
75,000
150,000
17,500
110,000
29,000
25 000 ...........
100:000
50.000
25,000
7,000
25,000
3,000
35,000
1,800
35,000
15,000
25,000
15,000
30,000
25 000
35,000
s;ooo
25,000
5,500
25,000
25,000
223,01\0
110,000
217,000
1, 229,0()()
2, 721,000
273,000
91,000
1,079,000
21tl, 000
251.01)0
296,000
31.';,01)(1
92,000
2'12 (!(~)
10.0()0
51-1. 0()0
2, 036,000
3. 702,000
403, non
t.ll.S!l,OOH
153,1100
1,695.~12
3, 613,000
G;lo.ono
321,000
206,001)
210,000
1,927 000
230,000
464,000
133,000
2!7, noo
145,000
8.1,000
561,000
705,000
299,000
366,000
53:!,000
378,000
402,498
171,000
157,000
423,000
251,000
509 000
238:000
107,000
582,000
~:·~
126:000
450,000
1,150,000
130,000
425,000
241 , 000
1, 334,000
1, 156,000
553,000
62,000
616,000
123,000
257,000
220,000
425,000
281,000
252,000
1 2, 000
171,000
303,000
35
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
SCHEDULE
16.-Total State bank membership, Ele-venth Federal Reserve District, Dec.
91, 1918.-Continued.
Capital.
Total
resources.
Surplus.
TEXAs-continued.
Sinton. . . . . . . . . . . . . . . . Bank of Commerce.. . . ..... ...... ........ .... .
Stamford . . ............ First State Bank............................. .
Sweetwater .... ..... .. Texas Bank & 'Prust Co ••....... •. .... ....• ...
TerrelL ............... First State Bank.................... .•. ... ...
Tioga... ...... ........ First Guaranty State Bank .................. .
Trenton............... Guaranty State Bank .............. .. ........ .
Tyler ...................... do . ... ................................... .
Do.. . . . . . . . . . . . . . . Peoples 0 uaranty State Bank........... . .... .
Weatherford.......... First State Bank ........................ .... . .
Wharton...... . . . . . . . . Security Bank & Trust Co ............ ....... .
White Deer........... First State Bank............................. .
Wmnsboro............ Merchants & Planters State Bank..... .... ... .
Wolle City ............ First State Bank............... ...... ........ .
Wylie ...................... do .... . ........... ..... .................. .
$25,000
55,000
100,000
100,000
30,000
25,000
200,000
100,000
125 000
$154,000
381,000
365,000
786,000
224,000
105,000
1,085,000
640 000
7,000
13,000
75,000
60,000
7, 500
5,000
55,000
25,000
15,000
6,000
m;ooo
so' ooo
25 000
····
so:ooo ·······
21,000 I
22,000
15,000
295,000
87 000
317:000
339,000
390,000
6, 483,000 1 2· 065,645
51,914,000
1
50,000
30,000
~~~~~~::::::: :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~:~:m
Total capital and surplus... . ................. . ................ . ........ . ................ 8, 54 , 645
ScHEDULE 17 .-Recapitulation
of capital-stock account, 1918.
Numher of member banks Dec. 31, 1917 (national) .................................... .
Number of member hanks Dec. 31, 1917 (Slate) ....................................... .
New natlonalllanks organized durin~ !OJ, ............................................ .
State hanks and trust companies admitted during 1918 .............................. .
621
11
17
87
ali one.! bnnks liquidal ing during 1918......................... ....... ................
State banks liqulr!ating during 101 . . . .. .. . . . . . . . . . . . . . . . . . . .. . . . . . .. .. . . . . . . . . .. . . . ..
1
736
~
Total number m mbcr banks Dec. 31, 1918 ......... . .......................... :.. .. . .. • .
727
771,600
TotaL ..... .......... ... ........................................ . ...... ......... . . ...... 6,361,400
Stock surrendered quarter en•Jing-
i~~1~. 1\~:_: ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ $!!~ i
52,800
Total capital stock Dec. 31, 1918 ........................................................ _ 6, 30 , 600
Total paid-up capital stock Dec. 31, 1917 ... . . . .. • . .. .. .. .. .. . . .. .. • . • . . . • .. . .. . . • . .. . . . . . . .. .. . 2, 794,900
Subscriptions pnid in quarter ending-
i~X~-:~~.;~{~:_:~~ ~ ~ ~ ~ ~ ~~ ~ ~~ ~ ~~ ~~~ ~ ~~~ ~ ~ ~ ~~~ ~~ ~~ ~~~ ~~~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~ ~ ~ ~~~ ~ ~ ~~ ~~~~~ ~ ~ ~ ig~
e
385,800
Total. .................................................................................. . 3,180, 700
C'ash subscriptions refunded Cor surrender o! stock quarter endingMar. 31, 1918 ................... .... .... ...... . .. ................ ... .............. . $6,150
Jun~
S~pt.
30, 191 .. . ........ . ................. . .. ...... . .... . ... ..... ..... ............ .
30, 191 ...... .. .................... .................. .... ................. .. .
Dec. 31, 101 ..................................... .... .... . . . . ...... .............. .
7,050
4,400
,800
26,400
Total paid-up capital Dec. 31, 191 . . . .. .. .. .. .. .. . ... . .. . . . .. . .. . .. . . . . . . .. . .. .. .. . .. ... 3,15-J, 300
36
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ScHEDULE
lB.-Combined statement of condition of member national bank&, Eleventh
Federal Reserve District.
[In thousands of dollars.)
Number of Nwnber of Nwnber or Nwnber of Nwnber of
banks, 619; banks, 623; banks, 626; banks, 627; banks, 628;
Mar 1,
May 10,
June29,
Aug. 31,
Nov. 1,
1018.
191 .
191 .
1918.
1918.
RESOURCES.
407,4 3
97,3-12
Iii, 207
Loans tlDd dL«eotmts ...................... .
Unilod tales bon:Js ...................... .
Other bonJs, securities, etc ............... .
All olher resources ....................... ..
207, l!lll
'l'olal. ............................. ..
727,288
385,139
106,215
15,622
-110,219
172, 7HU
12,592
181l, 7.'>3
6-14,947
679,742
728,01·1
61,213
34,736
16,970
61,770
3·1,929
17, fl64
H,3.'>2
399,600
73, 12ii
OO,ii71
728,014
3R2, 1;'13
121, 2~2
v;, 10o
371,. 7
1 .~2,260
15, 71'S
158,984
701, ·Ifill
60 99\J
9 ,2!!ll
1J c, 450
LlA BILITIES.
Capital stock..............................
Surplus....................................
Un lil•iucd profits.........................
Natioml-bank notes outslanJing..........
[n Jivllual deposits........................
Bank deposit .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
All other liabilities.........................
60 430
33; ~62 1
lti,BS9
43, 2.;0
4!\1,846
103, 2fi.J
17,977
3-l:OOR
1!1,033
43,890
•140, 030
70, ~~~
3~~;~
32, 46n
61,729
32, 400
61, 13ii
34,8H\
17,923
14.370
402,212
73,414
45,.172
701,469
64-1,947 1
679,742
)----
Total..... . . . . . . . . . . . . . . . . . . . . . . . . . . .
ScHEDULE
727, 288
19.-List of member banks which have been granted fiduciary powers.
Location.
Name ol bank.
Application
approved.
Abilene, Tex............................
Albuquerque, N. Mex...................
Amarillo, Te...'<................ .... .. .....
Austin, Tex.............................
Beaumont, Tex .........................
CitlZens National Bank ........................ .
State National Bank ........................... .
First National Bank .......................... ..
American National Bank....................... .
fust National Bank .......................... ..
July 13,1915
Dec. 30,1915
June 10,191
Dec. 11,1916
Apr. 5,1916
May 4,1915
Oct. 29,1917
Oct. 6,1917
Apr. 2i, 1915
Aug. 8,1916
Nov. 29,1915
Apr. 27,1915
Aug. 16,1917
Aug. 24,1915
A-pr. 22,191
Apr. 27,1915
Nov. 29,1916
May
,1915
Apr. 27,1915
Apr. 22,1915
Sept. 10,1915
Oct. 19,1915
May 28,1915
June 16.1917
Dec. 26, 1917
July 19, 1915
Mar. 7,1917
Apr. 1,1918
July 20,1916
Apr. 17,1915
Oct. 29,1917
July 19, 1915
Dec. 4,1918
June 15, 1917
Feb. 21, 1916
Apr. 27,1915
Apr. 5,1916
July 30,1915
Aug. 21,1916
Oct. 20, 1916
Apr. 24,1918
1
~~~i:I ,T.;:.-<: :::::::::::::::::::::::::
Carlsbad, N.Mex .......................
Colorado, Tex...........................
Corsicana, Tex ..........................
Dallas, Tex ..............................
Do............................ . .....
Do ..................................
Fort Worth, Tex........................
Do ..................................
Do..................................
Galvest.on..t Tex ..........................
· crundp'teii Ni.iio;,i.·,·E-,;cliiilli6ni.nk::: ::::::::::
First National Bank ........................... .
City National Bank............................ .
Corsioona National13ank ...................... ..
City National Bank ............................ .
National Banko! Commerce .................. ..
Tenlson National Bank ........................ .
First Nattonal Bank .......................... ..
Fort Worth National Bank .................... .
Stockyards National Bank ..................... .
Flrst Nattonal Bank .......................... ..
g~:J~~il;;e.;e;c:: ::::::::::::::::::::::: · o~c6~0.Viili,-NatioD.i.i
McKmney, Tex ......................... First National Bank .......................... ..
Marshall, Tox ................................ do .......................................... .
Do .................................. Marshall National Bank....................... ..
Mexia, •rex.............................. Frrst Nattonal Bank .......................... ..
Or.mgo, Tex ................................. do.......................................... .
Palestine, Tex .......................... Royal Nattonal Bank .......................... ..
Port Arthur, Tex ....................... First National Bank ........................... .
Roswell, N. Me...x ........................ Citizens ational Bank ........................ .
Do ................................ First NatiOnal Bank .......................... ..
San Angelo, Tex . ....................... Central NatiOna.IBnnk ........................ ..
Do .................................. 'First National Bank ........................... .
·:Excliani:e nri.Dk:: ::::::::::
0
1
sea1~, Te·,c:::::::::::::::::::::::::::::: ~!!'l~N'i:l. i~~~tho~~-~~~::::::::::::::::::::::
Sherman, Tex........................... Commercial National Bank .................... .
hr~~~~~:~ -~~::::: ::::::::::::::::::::: · llis~~atioru;i
Stanton, Tex................................. do ......................................... ..
Troup, Tex ..... . ............................ do .............. . ............ . ... . ... . ..... ..
Tucson, Ariz............................ onsolldated NatiOnal Bank .................. ..
Tyler, Tex .............................. Citizens National Bank ....................... ..
VIctoria, Tex ............................ Victoria National Bank ........................ .
Wieblta Falls, Tex...................... National Bank of Commerce .................. ..
'Bank::::::::::::::::::::::::::::
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ScHEDULE
37
20.-Liberty bond subscription&-Third loan.
State.
National
banks.
State banks.
Texas ...........................
Arizona ..... .... ........... ......
Louisiana........................
New Mexico .....................
Oklahoma ...................•...
$62, 80S, 700
1,294,350
4,119,400
2,553,800
1, 972,950
$28,056,350
2, 918,350
3,930,000
1,121,150
998,050
Total. .....................
72,749,200
37,023,900
$4,413,050
$2,034,500
S97, 312, 600
4,212, 700
8,049,400
3,674,950
2,971,000
. ............... ··············
............... ····-··-······
··-··········· .................
-·······---·-· ................
Number of Amount of
subscribers. subscriptions.
State.
I
Individuals
Total
and
amount of
corporations. subscriptions.
Private
banks.
2,034,500
4,413,050
Quota.
116,220,650
Amount over
subscribed.
Per cent.
Texas ...........................
Arizona ........... ..... ...... ....
Louisiana......... .......... .....
New Mexico .....................
.Oklahoma ..... . .................
611,741
16,263
41,405
26,092
23,709
$97' 312, 600
4,212, 700
8,049, 400
3,674,950
2,971,000
$73, 910,000
1,500,000
5,500,000
2,550,000
2,003,500
$23,402,500
2, 712,700
2,549, 400
1,124,950
967,500
32
181
46
44
48
Total . .... .......... .......
719,210
116, 220, 650
85,463,500
30,757,150
36
METHOD OF PAYMENT.
g'!":Osiie;y.·.;;.iciif::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: $3~:1~~:~~t~~
Certificates o! indebtedness............ . . . .. . . . . • . . . . .. . . . . .. . . .. . . .. . . . . . . . . . . . . .. . .. . . • .. 15, 136,500. 00
unpalao~:l~~~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
116 1
• ~:m:~
Grand total ......................................................................... 116,220,650.00
LEADING CITIES.
Number o! Amount o!
subscribers. subscriptions.
Cities.
7, 72712~
8,
25,116
7,979
14,733
4, 745
32,553
20,832
8,947
10,841
ScHEDULE
$1,436,800
2,258,000
8,609,150
2,444,950
5,377,100
2,248,550
9, 742,950
4,231,650
1, 705,900
3,505,400
21.-Liberty bond subscriptions-Fourth loan.
State.
Nat10nal
banks.
Texas ...........................
Arizona..........................
Lornslana... . .... .. ..............
NewMexico .....................
Oklahoma .......................
79,374,500
1, SR:I, 150
4, 773,350
2,650, 400
1, 912.950
Total ......................
90,294,350
State bank.,.
Private
banks.
$35, 756, 800
$5,589,850
3,419,150 ··············
4,848,800 ....... . .... ..
993,600 ..............
1,045, 950 ·· · ········· ··
46,064,300
5, 589,850
Individuals Total amount
or
and
corporations. subscriptions.
$3, '20,050
50
21,300
109,950
80,350
$124,641,200
5,002,350
9,643,450
3, 753,950
3,039, 250
4, 131,700
146,080,200
38
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ScHEDULE
21.-Liberty bond subscriptions-Fourth loan--Continued.
State.
Numheror
subscribers.
Amount of
subscnptions.
Quota.
Amount
O\·ersubscribed.
632,026
$124,641,200
$107,784,000
$16,R57,200
Texas.... . .. . . ....... ........... . .....
i~~~~a.·.::: ::: ::: ::: : : :::: :::::::: ::
~u~g
s:~~:~~
~:~f:8oog
rer cent
(over).
16
~.m:~~
1~
New MexiCO ....... _..•............ _. _.
23, ~~
3, 753,950
2, 031,000
1, 722,950
5
Oklahoma ...... . . . . . _... ............ _. _ _ _23_,_"'-~_ _ _ _3_,_03_9_,2_5_o_ _ _ _2_.86_9,'-000
__ _ _ _1_70_,_2_50_ _ _ _ _6
Total............................
1
753,960
1
1
146,080,200
1
126,000,000
1
20,080,200
16
METHOD OF PAYMENT.
F:if~~f~-i~ei~~~i~:~~:::::: :::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 1~;lli; t~: ~g
Unpaid~;~i1a;~.·-:: ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~f;£~;~~: 88
1
Grand total .................. _.......... .... ... . ... --- ...................... . . __ .... 146,080,200. oo·
LEADING CITIES.
Cities.
o:~o~f.'-rex::::::::::::: ::::::::::::::::::::::::::::::::::::::::::::::::
Dallas, Tex . .... ... ........................ . ... . ........ . .................. .
~~~~Wori_g~'fex:::: ::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Galveston, Te:~................... . .. . .... .. ........................ . ....... .
Houston, Tex ................... ..... .............................. .. ...... .
San Antonio, Tex ..... ........ ........... ......... ................ .... ..... .
~~~~eJ;r't; LB.::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
•
Number of Amount of subsubscribers. scriptions.
5,461
11,840
35,838
9,962
18,142
6,840
33,185
25,704
10,833
9,177
$1,607,050
2, 607,450
12,708,200
2,830,450
5,939,600
2,849,400
12,624,450
5,316,450
4,255,950
2,246,200
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
39
22.-Chart showing average monthly balances maintained with war loan depositaries in Eleventh Federal Reserve District, 1918, and par value of securities pledged
as collateral to such deposits.
CHEDULE
Months /9/8
~
0
""
""t:
~
~
~
~
~
---
~Q.
"t:
~
~
'
'I'
"'
"
~
<>
<:)
II
I
\
\
I
I
I
\
I
\
I
I
\
\
I
'
I
\
,
I
I
I
I
I
I
I
I
I
I
I
I
\
I
I
\
\
I
I
I
\
I
\
I
\
I
I
~
I
I
\
I
I
I
I
~ 30
~
I
I
I
I
I
\
I
I
I
'
zs
~
.,~'''
I
zo
,
I
I
I
,, '
I
'
15
/0
s
ScHEDULE
I
I
I
I
I
I
~
"'
~
~
V)
-- '
.
I
35
t:
""'"~
--- Average monthlY, deposits maintained wt"tn clesignaterl Oepositrzries.
I
I
.;::
~
3-
..
.,~
~
"
"
Cotldteral h,ar vJ/ue) Jeposi,Jd to sJcur« J-ar LoJn Oepbsits.
~
~
~
40
.c.
t
""'~!::
.....
~
§"'
v
v
!'-..
..........
I1\
I
I1\
\\ I1\ I/ \
v
I
\~
I
23.-Application& received by the Cattle Loan Agency up to Dec. /11, 1918.
Total number of applications received... . ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
678
Aggregate amount ......•.................................................................. $16,254,312.00
135
Total number of applications approved, on which the money was actuaJJy paid.... . . . . . . .
Amount actually paid................................................... .. .. ....... ..... . . $3,750,090.50
$360,000.00
Amount of largest loan prud out....................................... ... . .. .. ............
Amount of smallest loan. .... ............................................... ..............
$1,500.00
40
ANNUAL REPORT OF FEDERAL RESERVJ!l BANK OF DALLAS.
ScHEDULE
Jan.
Feb.
24---Federal Reserve notes outstanding, year 1918.
Mar.
Apr.
June
May
July
Aug. Sept.
Oct.
Nov.
63
Dec.
6)
62
1\
I \. h
I
\
61
so
I
5'
62
61
60
H
58
58
>7
57
56
I
56
I
S5
I
54
55
54
53
53
52
52
51
...
48
51
50
49
48
47
47
"
46
:i
4"1
,;
...
~
0
~
..
0
~
~
49
45
43
42
41
40
39
38
37
\
46
\.
+5
44
43
42
"-
"
\
I
I
I
\
34
33
32
40
39
38
\
37
I
36
35
41
\
"
\.../"' r----....
I
I
J
36
35
34
33
32
X
:::;
.."'ts
0
!\.
t::l
...,~
!'
41
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
CHEDULE
25.-Federal Reserve notes outstanding, 1917.
Vil.
49
Ja.n Feb liar Apr lola
Jm Jul
Aug
J
47
46
45
44
43
I
I
42
41
40
39
(
38
37
I
II'
36
35
34
I
33
I
I
I
32
31
30
(
29
I
28
I
27
26
I
25
24
22
21
20
De c
./""\
~8
23
!.111.
Nov
Oct
Sell"
"\.
"
,\
/'1
\
I""""'
19
Federal Reserve Notes
........
!--...
I
./
Outatandi~
I
I
I
/
I
I
J
v
I
7
/
49
48"
47
46
45
44
43
42
41
40
39
36
37
36
35
34
33
32
31
30
29
26
27
26
25
24
23
22
21
20
19
lear gt 1917.
42
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
26.-Number of Federal Reserve notes, by denominations and aggregate amounts
received, issued to the 5anlc, and returned to the comptroller during the year 1918.
SCHEDULE
-
--
-Number or note~.
Fives.
Received !rom comptroller ............... 1, 700,000
Received from Federal Reserve Banlr. .. .
429,000
Received by comptroller !rom Treasurer
of tho United States for destruction and
credit ol Federal Reserve agent's account ~nn11t notes) :
(a) rom other Federal Reserve
Banks........... -- ... -.-- .... . -.. -.
269,970
(bkDlrect from reporting Federal
eserve Banks and from other
sources .............................
388,323
Total. .. . ...... ....... .. ..... .... 2, 787,293
Issued to Federal Reserve Bank ......... 1,560, 000
Returned to Comptroller ol the Currency
for destructio
including notes returned by the nited States Treasurer
for credit ol Federal Reserve agent's
account .......... . ........ . ........... .
658,293
Tens.
1,068,000
694,000
Twenties. Fifties.
612,000
342,500
0
22,700
4
565
178,651
54,
224, 745!
Aggregate
amount.
Hun·
dreds.
0 $31, 420,000
14,200 18,490,000
4, 274,490
122
50, 68(ij
718
137
5, 252,380
2,165,396; 1,060,()(19J
23,983
14,459
59,436,870
1, 411,500
10,600
15,300
40,795,000
841,000
0
Total. .......... . ...... . ........... 2,218,293
403,396;
1,814,896;
105,5696
1,283
259
9,526,870
946,5696
11,883
15,559
50,321,870
27.-Number of Federal Reserve notes, by denominations and aggregate amounts
received, issued to the banlc, and returned to the comptroller since organization and on
hand at close of business on Dec. 31, 1918.
ScHEDULE
Number of notea .
Fives.
Tens.
Received !rom comptroller ............... 4, 728,000 3,396,000
Received from Federal Reserve Bank ....
250 1,380,350
Received from Treasurer or the United
'
States (fit notes) ..... . .................
140
350
Received by comptroller from 'l'reasurer
olthc United States for destruction and
credlt or Federal Reserve agent's account (un11t notes):
(a~!;l:s~ ..~~~~.. ~~~~~ .. ~~~~~.
379,453
(bkDirect !rom reporting Federal
eserve Banks and from other
sources ........... ....... ........... 1,246, 953
248,577
Aggregate
amount.
HunTwenties. Fifties. dreds.
40,000 $99, 920, 000
45,950 37,483,750
1, 776,000
601,950
56,000
52,100
180
13
0
7,400
78,324
834
154
6,006,615
291
15,147,305
591,286
142,604
2,370
Total ..•• .. .... ............. .. .. . 7,243,006 , 5,616,353
2,599,058
111,317
86,395 158,665,070
Issued to Federal Reserve Bank.•........ 4,636,000 4, 255,590
Returned to Comptroller of the Currency
for destruction including notes returned by the Onited States Treasurer
for credit or Federal Reserve agent's
874,763
account ............................... . 1,664,006
Notes on hand at end or month ..........
943,000
486,000
2, 171,930
76,013
61,650 119, 140, 150
226,128
201,000
3,204
32,100
24,300
2,599,058
111,317
'l'otal. . . .......... ........ ....... .. 7,243,006
5,616, 353
I
445
21' 794, 920
17,630,000
86,395 1158,56.5,070
43
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
28.-Amounts of Federal Reserve notes of the several denominations received
from other Federal Reserve Banks for redemption or credit and returned to other Federal
Reserve Banks for redemption or credit by the Federal Reserve Bank of Dallas during the
period Jan. 1, 1918, to Dec. 31, 1918.
ScHEDULE
Tens.
Fives.
Federal Reserve Bank or-
---
Twenties.
I
Received
from.
I Returned
to.
Received
from.
Returned
to.
Received
from.
$27,730
320,100
47,500
2~,~
134, 500
556:680
San Francisco •••.••••••.•••••••
47; 750
80 000
274;600
114,500
256,250
48,000
400,500
76,250
1365,500
1,310, 500
243,500
726,500
88,000
662,000
882,600
621,000
99,600
807,500
133,140
$61,020
704,600
139, 500
505; 460
353,500
975,275
19,600
192,500
51,310
$72,050
838,000
115,500
42,000
57,000
665,720
768,000
1,300,900
52,000
389,000
101,390
631,000
1, 153,200
50,000
100,000
154,260
$25,100
506,000
80,750
279,000
103,000
579,000
449,000
510,000
88,000
789,000
205,620
Total. ••••••••..•••••.•.•
2, 533,375
1, 702,000
4,491,560
5,939,640
3, 743,260
3,614,470
Boston ..•••••.•.•.•.•.•.•.•••••
New York ..•.••••.•••......•.•
Philadelphia •••.••••••.•.•.....
Cleveland ••••••••.••.•••••..•..
Rlch!llond ••••••••••••..••.•.•.
Atlanta ••.••••••..•.•••.•••••••
Chicago ••••••••••.•.•.•.•••••••
St. Louis •..••••••..••.•.•.•.•.•
=Iffi~·:::::::::::::::::::
a~·~
I
FUties.
Federal Reserve Bank o!- ·
Boston•.•.•••••••••.•.••••.•••.
NewYork ....•••••••••.•••••••
Philadelphia ••••••••••••.•....•
Cleveland ••••••••••••••••..•••.
Rlch!llond •••••••••••••••.•.••.
Atlanta •••.•••••••••••••••.•••.
Chicago ••••••••••••.•.•.••••.•.
St. Louis ...•••••••••••••••••••.
Minneapolis ..••••••••••••.•.•••
Received
from.
Returned
to.
Received
from.
Returned
to.
13,700
52,750
$2,000
42,200
10,000
3,000
1,000
20,500
21,000
27,100
1,800
2,100
6,200
13,600
53,300
3,100
6,600
3,000
41,500
24,800
25,700
3,100
37,700
20,600
136,900
San Francisco •.••••••••••••••••
8;350
13,400
40,750
7,600
18,450
8,950
123,000
30,600
23,850
3,550
103,650
12,300
Total .•••.•••••••••••.•••
178,850
376,100
Kansas City .•••.••••.••.•..•••
ScHEDULE
Hundreds.
~·m
2;250
22,900
30,600
39,400
N~
~·~
Totals.
I
I
Received
from.
$166,500
1, 957,650
319,500
111,950
142, 250
1, 771,260
1,804, 000
3,~,~
777;950
321,510
Returned
to.
$432,100
2,127,300
397,950
1, 078,300
282,950
1,680,000
1, 501,400
1,436,800
242,150
2,228 350
910
447;
223,000 1 11,083,945 11,855,210
29.-Cost of Federal Reserve notes during year 1918.
Cost or
unissued.
Cost of
Issued.
Transportation. Insurance.
Balance carried over lor 1917 •••••••••••.••• $10,161.62 .•.•••••••••••••.. , •••.•.•••••••••••
~:
Returned
to.
:·.:.·: : :.: : ·: : :.:-: ·.: : J~~ :·::~~-~
! : :·:.::: ·__ ·::::.:::
I
September. • • • • • • • • • . • • • • • . • . • • • . • . • • • • • . •
767. 88 • • • • • • • • • . . •
$834. 55 $2, 203. 20
October. • . • • • • • • • • . • • • . • . • . • • • • • . • • • . . . • • • • • . • . • . • . • . • 23, 896. 50
465. 07
120. 00
November................................. • • • . • . . • .• • •
268. 50
479.25 .•••. •.•••.•
December.. •• • • • • • • • . • . • • • . • . • . • . • . • . . . • . • • • . • • . • . • • . • 18, 123. 75 • • . • • • . • . • • •
600. 00
New plates !or engraving..................
360.00 ••.••.••.•••••.•.•.•.•.•••••••.••..•
Total................................
34,778.87
43,348.99
1, 778.87
2,823.20
Total.
$10,161.62
3,480. 62
7,477. 71
9,374. 24
2, 961.36
987.12
268.56
3,805.63
24,481.57
747.75
18,623.75
300.00
82,729.93
44
.ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
CIIEDl::LE
30.-Fcderal Reserve agent',s statement of Federal Reserve notes on hand
outstanding.,~.. received from Comptroller of the Currency, canceled, and cot•crage of total
is.me ds of J.Jec . .'11, 1918.
RESOURCES.
Federal Reserve notes on hand ..................... . ....... ...... ...... ........... ...... ..
Federal Reserve notes outstanding ...... ... ... . _....... _..................................
Federal Rcscrv~ notes sent to Comptroller oft he Currency for destructiolJ.............. ....
Bills to secure Federal Re.scrve notes ........ _......... _... .... .... ..... . _._...............
Gold coin and certificates on hand .. _...... _..... ........ .......... . ...... _..... ....... ...
Cred!t balance in_ gold redemption fund.. . ........ .... ... ................. ...... ... ... ....
Credit balance w1th Federal Reserve Board......... ..... ..... ..... ... .. ....... ...... .....
S17, 630,000.00
60,495,080.00
21, 79+, 920.00
44,429, 120. 6
12,581,000.00
3, 087,205.00
6, G84, 000.00
Total. .................. _.... .. ................. _... _. .... _......... _... __ ... . .. _... 166,701,415.86
LIABILITIES,
Federal Reserve notes received from Comptroller or Currency, gross amount . . _............ 99,920,000.00
Funds received in reduction of liability for Federal Reserve notes. . ... ..... ............ ... 22,352,295.00
Collateral pledged against outstanding Federal Reserve notes. . . .. . .. .. . . . . . .. . . .. . .. .. .. . 44,429, 120.86
Total .................... ........................................................... _166, 701, -! 15.86
ScHEDULE
31.-Comparative statements of condition of the El Paso Branch of the Federal
Reserve Bank of Dallas as of dates shown.
Dec. 31, 1918.
July 15, 1918.
RESOURCES.
0
~~~g!;c~:'-~ ~oll~e~a~<;,~ic8:::::::::: :::::::::::::::::::::::::::::::: :::::::::::::::::
g~¥r~~t:j~~~~~:::: :::::::::::::::::::::::::::::::::::::::::
:~;i*:~!
Exchanges for clearing bouse...........................................
Collection items, debits. . . .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
S2, 666, 895. 51
858,450.00
19,070.27
43,451.33
2, 469,549.78
33,653.14
1, 549, <158. 62
3, 908,085.52 '
6, 909,157.59
!~ar~:::~~i::: :::::::::: :::::::::::::::::::::::::::::::::::::::: 1-------------------95Hrl~ 1.~~:~:~
Total . . ............................ ........... ... . ..............
I=~~='=~~=
LIABILITIES.
United States Government deposits .....................................................
315, 4.65. 47
Due to mcm ber bank-reserve accounts. . .. .. . .. .. . .. . . . . . . . . .. .. . . . .. ..
2, 850, 496. 76
3, 277, 599. 98
Due to bead office ................. _.. .. .. .. .. .. .. . . .. .. .. . . . .. .. .. . .. .. .. .. .. .. .. . .. .. ..
138, 371. 23
Due to nonmember clearing accounts...................................
4, 281.37 1.............. ..
'Collection items, credits................................................
901,467.92
1, 560,638.64
Cashier's m.."Pensc and return item checks....... ..... ..................
580.53
19,390.02
Federal Reserve notes outstanding.....................................
150,000.00
825,000.00
Llabilllies as custodian...... . ..........................................
1, 000.00
743,745.00
All other liabilities ...... _.. _...........................................
258.94
28,947.25
I
Total ............................................................ ,
ScHEDULE
3,008,085.521
6,909,157.59
32.-Number and amount Q{ checks (exclusive of Government checks) handled
by the Federal Reserve Bank of Dallas for the year 1918.
Number. j
Amount.
681,664
679,975
740,818
728,664
395,699
$111,855,408
203, 911, 994
186,074,240
205, 646, 272
180,201,850
189,601,375
190,621,440
201, 422, 572
225, 973, 272
287' 148, 800
314,364,570
284, 607' 312
154,306,189
6,323, 378
2, 741,224,294
196,716
363,818
347,204
438,100
368,525
395,275
530,832
566,088
45
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
Sc E£EDULE 33.-Funds paid out and received through gold settlement fund during year 1918.
PAYMENTS BY MONTIIS.
Debit.
Credit.
1918.
~~~~~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: s~H~:m:~ 1~:~~:ml
~.::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: :tm:~:~ ~:~~:~:~
July . . ... ..............•.. - ....... -- . -- .....•.....•.. •.. --.--.------82,821,652.65
76,F04,P64. 73
August ........... --.------.-.-- ..... -- .. -- ......... •............ -.--.
92,991,59 .16
95,009, 74.45
eptember ....... --.---.-.--. -- .... -- ..... -- ........•....... . ..•. ---9 , 211,732.38
95, 183,126.72
October ... .... ... -- ..... - ...............................•..... --.....
119,795,524.67
127,653,709.82
November...........................................................
138,609,716.64
132; ~~1, 263.79
December.......•..........................•......................•.• __1_29..:,_200__:_,_83_6_.2_4_ __13_1_:,_20__:_,0_63_.5_3
1
1
Total.. ............................ . ............................ 1, 141,923,433.74 1, 124,325,995.04
Balance Dec. 31,1917, brought forward............................... ...... . . . .... . . ...
24,520,700.00
BalanceDec.31,191 .................................................
6,923,261.30 ......... , ...... .
1, 148,846,695.04
1, 148,846,695.04
Gold settlement fund balances, Dec. 3'1, 1918 ........................................... .
ScHEDULE
6, 923,261.30
34.-Statement showing, by months, the gold settlement fund settlements and
resultant balances, both debit and credit, for year 1918.
Month.
January .................... ... ..
February ..................... ..
March .................. ........ .
t&~~--::::::::::::::::::::::::::
June ............••..............
July ..... . .. . .................. ..
te~~~iler::::::::::::::::::::::
October ................ . ...... ..
November .................... ..
December............• .. •...... .
Funds wired by
us.
Funds wired to
ns.
$80,812,000.00
65, 782, 000. 00
61, on, ooo. oo
64,961,000.00
70,778,000.00
60,343,000.00
68, 715, 02~. 40
67,877,363.16
68,279,677.38
95,806,442. 65
96,301,956.74
109,685,991.32
$81,742,000.00
67, 49~, 000.00
66,250,000.00
59,855,000.00
81,433,000. (l()
60, 984' 000. 00
70,980,625.48
90,597,524.45
94,914,646.72
122,590,379.82
102, 3~2· 691. 29
97, 89o, 003. 63
Total Cor year.............
910,353,457. 65
Net for year ........... ............... ..... ....... .
997' 112, 871. 39
86,759,413.74
Debit balance.
Credit balance.
. . .. .. .. . . .. .. .. . .
..................
$930, 000. 00
1,715,000.00
··--S5; ioo; ooo: oo· .... -~·-:~~~~: ~
..................
10,665,000.00
. .................
641,000.00
..................
2,265,599.08
.... ... ..... ......
22,720,161.29
..................
26,634,969.34
..................
26,783,937.17
..................
6,068,734.55
11,787,987.69 ....... ........ ..
16,893,987. 67
I
103,653,401.43
36,759,413.74
35.-Statement showing amount of currency and coin shipped to member
banks, by months, during 1918, detailed as to nature and denommation.
SCHEDULE
[Including El Paso Branch.]
PAPER MONEY.
Month.
Ones and
twos.
Fives.
Tens.
Twenties.
Other.
~~~~:::::::::::::::::::::::::::::::::: $~~:~ i~:~ sm:~ 'ill;~
~::::::::::::::::::::::::::::::::::::::
~i:~~
J~H~ 1J~:~8 J~J~
July.......................................
645,045 1,090,305 1,757,890 1,714,600
$766,500
156,000
83,000
196,050
102,300
187,400
151,000
~~~i:r~r.":::::::::::::::::::::::::::::::: 1,~n:~~ a,~;~~ ~;~~:~ ~:~~::~
236,500
224,000
112,000
905,500
August....................................
559,995
2·,898,100
5,429,110
November.................................
December.................................
303,594
483,095
342,295
1,220,600
955,820 1 1,225,990
1,814,350 1,783,100
Total.. ..............................
1 --------!1 ~------1-------
5,414,550
ll,760,040
6,357,780
22,063,095 1 23,154,110
290,500
3,410,750
46
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
35.-Statement showing amount of currency and coin shipped to member
banks, by months, during 1918, detailed as to nature and denomination-Continued.
ScHEDULE
SILVER AND SUBSIDIARY COIN.
Month.
~~!~~:-:::::::: ::::::::::::::::::::::::::
Ones.
MOO
50, 25, and 10
Nickels and
pennies.
S7,270.00
9,640.00
11,220.68
10,220-00
14,515-00
18,662-50
22,6ol2. 00
34,950.00
43,950.00
18,310.00
16,460.00
23,505.02
$1,530,030.00
1, 746,840.00
1, 707,291.33
1, 748,892.00
2,837,910.00
4,874,864.50
5, 837,212.00
16, 032, 185. 00
16,590,315.00
6,153,162.00
3, 078,711.50
6,474,490-32
231,345.20
68, 6U, 903.65
cent pieces
~~~~~r~~:::::::::::::::::::::::::::::::::
November .•.•................•............
December ..•••........•....•....•...•. .. •..
301,050
56,265
55,850
59,440
$18,260.00
28,750.00
44,475.65
42,600.00
48,900.00
132,350.00
224,200.00
226,150.00
293,750.00
87,250.00
66,702.50
184,900.30
Total .•....•...............•.....•...•
1,179,825
1, 398,188.45
~;~·::::::::::::::::::::::::::::::::::::::
June ..... .........•....... . ................
July ...................................... .
August ....................•.•..............
36,700
38,790
42,700
46,000
75,400
231,53-0
235,600
0
Total, paper
and silver.
