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NINTH ANNUAL REPORT of the Federal Reserve Bank of Dallas For the Year Ended December 31 1923 Eleventh Federal Reserve District i rt^rTsvir^iYWr^rrstfr^trKtrs?;^^ FEDERAL RESERVE BANK OF DALLAS NINTH ANNUAL REPORT of the Federal Reserve Bank of Dallas For the Year Ended December 31 1923 Eleventh Federal Reserve District LETTER OF TRANSMITTAL Federal Reserve Bank Dallas, Texas, February 11, 1924 Gentlemen: I have the honor to submit the following report concerning the operations of the Federal Reserve Bank of Dallas and conditions in the Eleventh Federal Reserve District, for the year ended December 31, 1923. Yours respectfully, LYNN P. TALLEY, Chairman of the Board and Federal Reserve Agent Federal Reserve Board Washington, D. C. DIRECTORS AND OFFICERS OF THE FEDERAL RESERVE BANK OF DALLAS 1924 DIRECTORS CLASS A JOHN T. SCOTT, Houston, Texas HOWELL E. SMITH, McKinney, Texas W. H. PATRICK, Clarendon, Texas CLASS B MARION SANSOM, Fort Worth, Texas FRANK KELL, Wichita Falls, Texas J. J. CULBERTSON, Paris, Texas CLASS C LYNN P. TALLEY, Dallas, Texas CLARENCE E. LINZ, Dallas, Texas W. B. NEWSOME, Dallas, Texas OFFICERS LYNN P. TALLEY, Chairman and Federal Reserve Agent W. B. NEWSOME, Deputy Chairman CHAS. C. HALL, Assistant Federal Reserve Agent W. J. EVANS, Assistant Federal Reserve Agent R. L. FOULKS, General Auditor CHAS. C. HUFF, General Counsel E. B. STROUD, JR., Counsel B. A. McKINNEY, Governor R. R. GILBERT, Deputy Governor VAL J. GRUND, Deputy Governor R. BUCKNER COLEMAN, Cashier W. O. FORD, Assistant Cashier JAMES L. LUMPKIN, Assistant Cashier REECE T. FREEMAN, Assistant Cashier W. D. GENTRY, Assistant Cashier J. L. HERMANN, Assistant Cashier EL PASO BRANCH DIRECTORS DWIGHT P. REORDAN, El Paso, Texas W. C. WEISS, El Paso, Texas W. W. TURNEY, El Paso, Texas E. M. HURD, El Paso, Texas A. P. COLES, El Paso, Texas OFFICERS DWIGHT P. REORDAN, Manager W. P. CLARKE, Assistant Federal Reserve Agent M. CRUMP, Cashier ALLEN SAYLES, Assistant Cashier HOUSTON BRANCH DIRECTORS FRED HARRIS, Houston, Texas FRANK ANDREWS, Houston, Texas R. M. FARRAR, Houston, Texas GUY M. BRYAN, Houston, Texas E. F. GOSSETT, Houston, Texas OFFICERS FRED HARRIS, Manager S. H. LEAVELL, Assistant Federal M. D. JENKINS, Cashier Reserve Agent L. G. PONDROM, Assistant Cashier MEMBER, FEDERAL ADVISORY COUNCIL W. M. McGREGOR, Wichita Falls, Texas NINTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF DALLAS Operations of the Federal Reserve Bank of Dallas in 1923 were much larger than in 1922, as will be observed from the statistical exhibits appended, and reflect the generally improved conditions which prevailed in agriculture, finance and industry. Notwithstanding the substantial increase in physical volume of business handled by the bank in 1923, compared with 1922, and consequent heavier net earnings, operating costs were less than the preceding year. In the annual report of 1922 reference was made to the restoration of more normal banking conditions than had obtained since 1918, and the liquidation of indebtedness manifest since the closing months of 1921, which had continued in that year. It is gratifying to report that the past year has witnessed further progress in this direction, and materially lessened the problems confronting the management of the bank incident to the attention and scrutiny of the daily transactions of those member banks in an extended condition. A comparison of loans to member banks, as of December 31, 1921, and 1923, is indicative of the improvement in financial conditions in the past two years. On December 31, 1921, 536 banks owed this bank $50,597,000, while on the same date in 1923 the number of borrowing banks was 98, and total loans of $8,872,000, the smallest since February, 1918. The year opened with the majority of the member banks in a satisfactory condition. This was especially true in agricultural sections, where the liquidation from the crops of 1922 afforded relief to practically all of the banks, and enabled many to retire their indebtedness in full. While the district on the whole was intrinsically sound, there continued some serious local situations, particularly in Arizona, New Mexico and Oklahoma, which caused the management of 8 Federal Reserve Bank of Dallas this bank much concern. The member banks affected by these "spotted" conditions, the result of the very severe decline in livestock values, and crop reverses over the previous two years, have received very close attention throughout the year. Many of them have been reorganized and refinanced through the suggestion and assistance of the Federal Reserve Bank of Dallas, while in others unfortunately the crises in their affairs were reached and their suspension was inevitable. The first three months of the year witnessed a slight seasonal increase in loans, due to the normal demand for crop financing. The demand for credit became heavier as spring advanced, and loans sharply increased. This tendency continued through the month of August, the peak of $49,183,000 being reached on September 1. From that date to the close of the year there was a steady contraction of loans, the result of liquidation from the movement of cotton, the largest decrease of approximately $20,000,000 occurring in the month of September. FEATURES OF 1923 OPERATIONS Loans, rediscounts and investments: Notes discounted and rediscounted for member banks Bills bought for our own account Bills bought for other than own account Purchase and sale of securities for our own account Purchase and sale of securities other than own account No. of pieces 90,071 8,199 34 81 1,104 Amount $ 300,693,699.10 132,798,455.22 262,075.63 95,394,500.00 65,993,309.88 Currency and Coin: Bills received and counted Coin received and counted 37,912,457 34,814,710 185,914,319.00 20,919,743.02 Check collections: Checks collected Collection items handled Return items U. S. Government checks paid U. S. Government coupons paid 30,666,251 128,476 607,541 784,256 1,010,501 6,237,614,548.18 166,901,723.72 32,336,229.15 92,368,300.54 6,374,801.04 79,417 20,237 2,570,505,113.61 44,279,540.84 2,883,060 5,797 169,279,909.79 198,006,000.00 20,674 34,657 72,805 88,496 23,723,527.29 46,478,600.00 146,833,537.13 147,869,501.89 5,869,351,753.30 Transfers: Transfer of funds other than five per cent fund of national banks Transfer of funds for five per cent fund of national banks Fiscal Agency: U. S. securities issued, converted, redeemed, cancelled, and exchanged Subscription receipts issued, redeemed, cancelled, and reissued Custody of Securities: Collateral securities received from outside sources Collateral securities received inter-departmental transactions Securities deposited for safe-keeping Securities withdrawn from safe-keeping Balances settled through Gold Settlement Fund to a 10 Federal Reserve Bank of Dallas EARNINGS AND EXPENSES The volume of earning assets held by the bank on December 31, 1923, was 23.7 per cent more than the same date in 1922. Except for the month of January, when the average holdings were less than in 1922, the ratio of increase has ranged from 7.2 per cent in February to 36.4 per cent in October. The bank's gross earnings during the year were $2,356,436, as compared with $2,085,744 in 1922. Of this amount $826,172, or 35 per cent, resulted from the purchase of bills, and $1,170,021, or 49.7 per cent, resulted from the rediscount of paper. Current net earnings in 1923 were $965,208, as compared with $570,384 in 1922. The average rate on bills discounted was 4^> per cent, compared with 5.08 per cent in 1922, and on purchased paper 4.13 per cent, as compared with 3.67 per cent in 1922. The annual rate of net earnings to paid in capital was 23 per cent in 1923, compared with 13.5 per cent in 1922. Current expenses in 1923, including furniture and equipment, were $1,403,290, as compared with $1,548,100 in 1922, a decrease of $144,810, or 9.4 per cent. The expense account of the bank has received close attention throughout the year, and notwithstanding a heavy increase in the physical volume of business handled, very substantial reductions have been made in many principal items, those in which the largest decreases were effected being salaries, printing and stationery, furniture and equipment, and cost of printing Federal Reserve notes. As in 1922, the absorption of approximately $45,000 of the expense of Fiscal Agency operations offset the decrease in other activities, and with the increased volume of business handled, free service and facilities rendered member banks, added greatly to the cost of operations. On December 31, 1922, after adjustments necessary in closing the books for the year had been made, the bank's capital was $4,195,000, and surplus $7,496,307. Semi-annual dividends were paid to member banks on June 30 and December 31, 1923, at the rate of 6 per cent per annum. After making provision for depreciation allowances and reserves to care for possible losses Federal Reserve Bank of Dallas n which might occur in the bank's assets, the balance in current net earnings of $80,853 was transferred to surplus, making that account $7,577,160 on December 31, 1923. Schedule 1 shows comparative December 31, 1921, 1922 and 1923. balance sheets as of Schedule 2 shows comparative statement of earnings and expenses in 1921, 1922 and 1923. Schedule 3 shows disposition of income in 1923. INVESTMENT OPERATIONS The bank has continued its policy of entering the open market as a means of employment for its surplus funds above reserve requirements, and in order to provide sufficient earnings to meet expenses and dividends. The extent of these investments, which consisted of purchases of bankers acceptances and government securities of short maturity, was governed by the volume of rediscounted paper and reserve ratio. Average daily holdings of bills were $19,995,000, compared with $5,391,000 in 1922, and fluctuated with a low point of $435,000 on September 5, and a maximum of $47,976,000 on December 26, as shown by weekly statements in the appendix. These purchases were made through the Federal Reserve Banks of Boston, Chicago, New York and Philadelphia, the majority of the transactions being handled through the Federal Reserve Bank of New York. The total amount of bankers acceptances purchased during 1923 was $74,875,000, as compared with $33,153,000 in 1922, and total purchases of government securities were $44,133,000, as compared with $17,850,000 in 1922. Schedules 12 and 15 show the volume of these investment operations in 1923. 12 Federal Reserve Bank of Dallas DISCOUNT OPERATIONS The total volume of paper discounted for, and purchased from, member banks in the Eleventh District, from other Federal Reserve Banks and in the open market in 1923, was $433,492,000, as compared with $270,377,000 in 1922, an increase of 60.3 per cent. The accompanying chart, in connection with schedules 4 to 8, inclusive, indicates the trend, and shows that with the exception of February and March there was a steady increase in bills discounted from January to August, the minimum during that period being $12,743,000 in March, and maximum $42,516,000 in August. Holdings of bills discounted, as summarized in weekly statements in the appendix, fluctuated from a maximum of $48,282,000, on August 22, to a minimum of $12,293,000 on December 26. Average daily holdings of bills discounted were $25,993,000, as compared with $31,655,000 in 1922. The number of banks served in 1923 was 617, a decrease of 44, or 6.6 per cent from 1922. The number served constituted 72 per cent of the total members in the district. The largest reduction in total amount of rediscounted paper occurred in September and amounted to $19,103,000. The ratio of rediscounts of borrowing banks to their basic lines, or the amount contributed to the working assets of this bank on December 31, was 114 per cent, compared with 140 per cent in 1922. The following table shows, by months, classified by states, the liability ratio of borrowing banks to their basic lines in 1923: MONTH January February March April May June July August September October November December Arizona (Per Cent) 57 49 42 36 18 11 19 37 46 28 21 11 Louisiana (Per Cent) New Mexico (Per Cent) Oklahoma (Per Cent) 55 37 35 33 19 32 27 33 46 56 68 41 92 104 111 123 128 140 115 190 206 201 138 108 243 279 266 277 328 370 370 422 434 338 290 414 Texas (Per Cent) 53 52 61 57 67 66 81 95 85 72 66 68 Of the total paper discounted in 1923, $145,193,000, or 48.3 per cent, consisted of notes secured by government obligations, as compared to $80,694,000 or 36.3 per cent in 1922, and $454,685,000, or 58.8 per cent in 1921. Federal Reserve Bank of Dallas 13 RESERVE POSITION The bank's reserve position, which began to improve with the seasonal liquidation of 1922, has continued fairly strong throughout 1923, and been maintained well above legal requirements. Except for a few weeks in mid-summer, when it appeared that rediscounting with other Federal Reserve banks would be necessary, the fluctuations in ratio had no special significance, as the bank's reserve position has been largely regulated and influenced by the extent of open market transactions and outside operations. From a ratio of 48.1 on January 3, when total cash reserves aggregated $44,829,000, there was little change, until January 31, when the ratio increased to 56.7 per cent, and total reserves were $51,098,802. From that time until the late summer months the range was between 44.7 and 54.6. During this period combined reserves fluctuated between $35,000,000 and $48,000,000. In June, July and August, on account of decreased deposits, and gold holdings, the ratio ranged between 43 and 53 per cent, the low point for that period being 43.3 per cent on July 17, when total cash reserves aggregated $33,865,000. In the latter part of August the reserve position began to improve and continued strong until November, declining for-the remainder of the year as the volume of open market operations was increased. As will be noted from Exhibit A, weekly movement of assets and liabilities, member banks' reserve deposits showed a downward trend from the first of the year, when the aggregate was $52,192,000, until the first part of August, when they declined to $43,314,000. During the spring and summer months the changes were irregular, ranging between $42,520,000 and $52,501,000. In September the seasonal liquidating period began, and for the remainder of the year deposits showed a substantial increase. CLEARING OPERATIONS The increased volume of business handled in the district in 1923 is clearly reflected in the operations of the Transit Department. The number of checks handled showed a substantial 14 Federal Reserve Bank of Dallas increase over any previous year. As will be observed from schedule 18 the volume was especially heavy during the last three months, due to the increased number of cash transactions incident to the marketing of cotton and other fall crops, and fall collections. During this period a daily average of 106,000 checks passed through the Transit Department. The largest number of checks handled at the head office in any one day was 125,103, on November 14, compared with a maximum of 113,017 on October 14, 1922. The privilege of routing items direct to other Federal Reserve banks for collection and credit on the books of this bank was availed of by 141 member banks in 1923. This service has proven especially attractive and expedited the interchange of items with other districts. It is interesting to note that of the 30,000,000 checks handled during the year, 600,000 were returned for various reasons. In other words, one out of every 50 items handled was returned. The volume of non-cash collections handled in an increase of 2.2 per cent in number, and 24.7 amount, over 1922. The number handled in 1922 aggregating $133,845,000, compared with 128,476, $166,902,000 in 1923. 1923 showed per cent in was 125,706, aggregating Clearings through the reserve city clearing house during the year aggregated $1,250,000,000. This service, which effects a saving in time of one to two days, is of great benefit to the banks which participate. Notwithstanding the increased volume of transit operations handled, the clerical force was reduced by six during the year, or approximately nine per cent in the payroll of the department. MOVEMENT OF MEMBERSHIP On January 1, 1923, the total number of national banks in this district was 662, with combined capital and surplus of $119,510,000. During the year 22 national banks were granted charters, as shown by schedule 19, while 14 were dropped through Federal Reserve Bank of Dallas 15 liquidations, mergers, and other causes, as indicated by schedule 20, making a net increase of 8, or a total on December 31, 1923, of 670. The total state bank membership on January 1 was 199, with combined capital and surplus of $18,817,000. During the year 7 state banks were admitted; 13 liquidated, consolidated with other institutions, or converted into national banks, making a net decrease during the year of 6, or a total on December 31, 1923, of 193. Schedule 23 shows total membership, national and state, by states, on December 31, 1923. FEDERAL RESERVE NOTES The movement of Federal Reserve notes in 1923, while similar to that of 1922, was much larger and reflected the increased volume of business handled. As in the past, the trend was seasonal, a decrease in circulation being shown in the first half of the year, and a heavy increase during the latter part on account of the crop movement. From January 3, when notes in actual circulation amounted to $38,595,000, the fluctuations were normal, and except for one or two weekly periods in the early spring the decline was continuous, the minimum of $26,705,570 being reached on May 31. The elasticity of Federal Reserve notes as a circulating medium was again demonstrated, as with the movement of cotton in the early fall the seasonal demand for currency began, and for the next few weeks there was a gradual but heavy expansion, the maximum of $60,280,750 being reached on October 20. Following the active crop movement the trend was downward, and this was the tendency during the closing weeks of the year, except for a very brief period prior to Christmas, when there normally occurs an active demand for new currency for the holidays. The Federal Reserve Agent issued notes to the bank during the year aggregating $52,240,000, as compared with $33,684,000 C O FEDERAL RESERI/E NOTES I N ACTUAL CIRCUL4TIDN FEDERAL RESERI/E B/1NK OFH4LMS Federal Reserve Bank of Dallas 17 in 1922, and $25,762,000 in 1921. The bank returned to the Agent fit notes aggregating $12,200,000, as compared with $5,968,000 in 1922, and $13,217,000 in 1921. Notes aggregating $25,181,945 were returned to the Comptroller for destruction, as compared with $23,453,150 in 1922, and $57,760,775 in 1921. Schedule 25 shows the number of notes, by denomination, received, issued and returned to the Comptroller for redemption during 1923, while schedule 26 is a consolidated statement of notes received, issued to the bank, and returned to the Comptroller since organization, and on hand December 31, 1923. Schedule 27 shows the movement between the Federal Reserve Bank of Dallas and other Federal Reserve districts during 1923. FEDERAL RESERVE BANK NOTES Exclusive of notes secured by a deposit of gold or lawful money with the United States Treasurer, this bank, on December 30, 1922, had Federal reserve bank notes outstanding of $893,484 and notes in actual circulation of $704,309. During 1923 new notes amounting to $260,000 were issued, and notes amounting to $320,000 were redeemed. On December 31, 1923, this bank had outstanding Federal reserve bank notes of $471,000 and notes in actual circulation of $470,500. As cover for the notes outstanding on this date there were lodged with the Treasurer of the United States securities amounting to $545,900, consisting of two per cent consols of 1930. The movement of Federal reserve bank notes during 1923, including those retired by deposits of lawful money with the Treasurer of the United States, is shown in schedule 29. BANK RELATIONS The work of building up close and effective co-operation between our institution and its member banks, as well as developing our relations with non-member banks and the general public along educational lines, has continued to receive the earnest attention of the Member Bank Relations Department. Representatives of the department made a total of 802 visits to banks during the year just closed, of which 595 were regular visits to member banks, 195 to non-members, and 12 were special missions performed for other departments of the bank. 18 Federal Reserve Bank of Dallas During the year the department furnished speakers for 23 gatherings of various kinds, most of these addresses being delivered by the Assistant Federal Reserve Agent in charge. The various bankers' conventions held in the district in 1923 were attended by a representative of the department, or its supervising officer. Although no active campaign for new members was conducted in the past year, our field men and speakers have taken advantage of every opportunity to disseminate among the eligible non-member banks full information concerning the advantages and facilities afforded by membership in the System. A total of 1140 visitors were shown through our building during the year just closed. BANK EXAMINATIONS During 1923 the policy of examining each state member bank jointly with the state authorities, at least once during the twelve months' period, was continued. With a force of three full time examiners, assisted by two special representatives attached to our branches at Houston and El Paso, 200 examinations were made by the department during the course of the year, as compared with 232 in 1922. The decrease was almost entirely confined to the number of "special" or emergency examinations necessary, reflecting the general improvement that has occurred in banking conditions in this district. In the course of their work our examiners traveled a total of 46,874 miles during the year. A comparative summary of the examinations made in 1923 appears below: State Banks: Joint with state examiners Applicants for membership Special or independent 1923 177 8 10 1922 181 12 17 Total 195 210 1 4 7 15 5 200 22 232 National Banks: Joint with National examiners Special Total Grand total Federal Reserve Bank of Dallas 19 INTERNAL ORGANIZATION AND PERSONNEL On January 1, the personnel of the Board of Directors was John T. Scott, Howell E. Smith and W. H. Patrick, Class A; Marion Sansom, Frank Kell and J. J. Culbertson, Class B; W. B. Newsome and Clarence E. Linz, Class C, (a vacancy existing in the latter class by reason of the expiration on December 31, 1922, of the term of H. 0. Wooten). Twelve meetings of the Board were held in 1923, with an average attendance of six. At the January meeting the following officers were elected to serve in 1923: B. A. McKinney, Governor R. G. Emerson, Deputy Governor R. R. Gilbert, Cashier R. B. Coleman, Assistant Cashier Fred Harris, Assistant Cashier W. 0. Ford, Assistant Cashier J. L. Lumpkin, Assistant Cashier Reece T. Freeman, Assistant Cashier E. B. Stroud, Jr., Counsel C. C. Huff, General Counsel At the same meeting the Federal Reserve Agent announced the reappointment of Charles C. Hall and Dwight P. Reordan, Assistant Federal Reserve Agents. At the meeting on January 8, R. L. Ball, Chairman of the Board of the National Bank of Commerce, San Antonio, was reelected a member of the Federal Advisory Council to serve in 1923. On February 24, the Federal Reserve Board announced the appointment of Lynn P. Talley of Dallas as Class C Director, for the three year term ending December 31, 1925, and his designation as Chairman of the Board and Federal Reserve Agent for 1923. Mr. Talley qualified on March 15. There were but few changes in the official staff during the year. In May, R. L. Foulks was elected Assistant Auditor, a Federal Reserve Bank of Dallas position created by the rearrangement of work in the Auditing Department. In June, R. B. Coleman, formerly Senior Assistant Cashier, was elected a Director and appointed Manager of the Houston Branch, succeeding Floyd Ikard, resigned. The vacancy caused by Mr. Coleman's transfer to Houston was filled by the election of W. D. Gentry, formerly Manager of the Loan and Discount Department, as Assistant Cashier. Mr. Gentry was assigned the Cash and Service departments. On September 1, Dwight P. Reordan, Assistant Federal Reserve Agent in charge of Member Bank Relations, was transferred to El Paso as Acting Assistant Manager. On the same date W. J. Evans, Manager of the Department of Examination and Statistics, was appointed Acting Assistant Federal Reserve Agent, in charge of Member Bank Relations, in addition to his duties as Manager of the Department of Examination and Statistics. The terms of Messrs. Howell E. Smith, Class A Director, Group 2, and J. J. Culbertson, Class B Director, Group 3, expired on December 31, 1923. In the annual election conducted in November Messrs. Smith and Culbertson were re-elected for the three year term beginning January 1, 1924. On December 7, the Federal Reserve Board announced the redesignation of Lynn P. Talley as Chairman of the Board and Federal Reserve Agent, W. B. Newsome as Deputy Chairman of the Board, for 1924, and the reappointment of Clarence E. Linz as a Class C Director for the three year term beginning January 1, 1924. On December 31, 1923, the total number of officers and employees of the bank and branches was 557, as compared with 600 on December 31, 1922, and 637 on December 31, 1921. FISCAL AGENCY OPERATIONS In its capacity as Fiscal Agent of the United States the bank has continued to exercise functions incident to the receipt and disbursement of funds, custody of securities, the offering of new Federal Reserve Bank of Dallas 21 issues of securities, and the redemption and exchange of certificates, bonds and notes. During the year interest coupons and government warrants were transferred from the Accounting Department to the Fiscal Agency Department to effect more economical and expedient handling. The volume handled in 1923 was in excess of that of 1922, the increase being principally due to the large number of war savings stamps handled, and the fact that the 1918 series, maturing January 1, 1923, was included in 1923, although much of the work incident to handling that series was performed in 1922. The volume of victory notes redeemed during the year was very large, the total exceeding that of 1922. This was to be expected, however, since the last series of notes matured in May, 1923, others having been called in 1922. While the allotment of certificates of indebtedness and treasury notes during the year was less than in 1922, it is of interest to note that resales and purchases for investors show a gain of 100 per cent over the preceding year. The number of exchanges, denominational interchanges, transfers and conversions of bonds showed a substantial decrease, which was anticipated, as a majority of temporary bonds had already been exchanged. Sales of registered treasury savings certificates were about 25 per cent heavier than in 1922, and indications are that sales for 1924 will greatly exceed the previous two years. The transactions of the War Finance Corporation showed a decrease as compared with the previous year, total advances of approximately $3,500,000 being only 13 per cent of the amount advanced in 1922. Loans repaid in whole, or in part, in 1923, approximated $10,500,000, compared with repayments of $13,500,000 in the previous year. There were 37 permanent employees engaged in Fiscal Agency operations at the head office on December 31, 1923, as compared with 39 at the close of 1922. Of the 37 employees referred to four were brought into the department by the trans- Federal Reserve Bank of Dallas fer of interest coupons and government warrants. In other words, a net reduction of six employees would have been effected but for the addition of the two functions mentioned. There were three temporary employees engaged in Fiscal Agency operations at the head office on December 31, 1923, as compared with 25 on the same date 1922. The appended statistical exhibits also cover Fiscal Agency transactions at El Paso and Houston branches. OPERATIONS OF THE EL PASO BRANCH The El Paso Branch has continued to render a very useful service to member banks in the extreme western part of the district, and with the exception of two functions the volume of business handled, both in number and amount, exceeded that of 1922. Financial conditions in the branch territory were very unfavorable due to the depression in the livestock industry, from which the majority of member banks in the west derive their business, and throughout the year the management of the branch has been confronted with many serious problems incident to the affairs of extended banks. The volume of paper discounted and rediscounted in 1923 amounted to $35,336,000, 56 banks being served, as compared with $35,795,000, to 65 banks, in 1922. The average daily holdings of discounted and rediscounted paper were $5,365,000, while reserve deposits averaged $3,301,000 daily. At the close of the year total loans aggregated $3,343,000 to 28 banks, compared with $4,593,000 to 32 banks, on December 30, 1922. The branch discounted 266 collateral notes, aggregating $7,342,000, and rediscounted 10,171 member bank receivables, aggregating $27,995,000. While the volume of currency and coin received and forwarded showed an increase over 1922, the amount of funds transferred for member banks was much less than the previous year. Receipts of currency and coin aggregated $30,587,000, and ship- Federal Reserve Bank of Dallas 23 ments aggregated $35,766,000. Transfers of funds to and from member banks aggregated $153,099,000. Transit operations were heavier than in 1922, 2,688,000 items (including treasury warrants and return items) aggregating $349,704,000 being handled. The department received for collection 19,892 items, aggregating $12,712,000. At the beginning of the year 64 banks (55 national and 9 state) were attached to the branch. One state bank member nationalized, and five national banks were closed in 1923, making a net decrease in membership of five, or 59 (51 national and 8 state) at the close of the year. At the end of the year the branch had four officers and 66 employees, compared with four officers and 63 employees at the close of 1922. The expense of operations, excluding furniture and equipment, during the year was $168,787, compared with $162,857 in 1922. The principal operations of the branch in 1922 and 1923 are summarized in the table below: Number 1923 1922 Amount 1923 1922 Notes discounted and rediscounted 10,437 9,809 $ 35,336,614.89 $ 35,795,585.96 Currency and coin shipments received 5,860 6,648 30,586,598.77 28,920,125.84 Currency and coin shipments forwarded.... 3,314 3,397 35,765,764.29 31,759,233.87 Transfers of funds 12,875 13,251 153,098,639.41 185,381,970.77 Check collections 2,446,146 2,310,610 329,339,750.81 259,150,418.09 Treasury warrants 197,040 195,484 17,198,448.10 19,665,743.65 Collection items handled 19,892 13,585 12,712,128.70 12,627,311.04 Return items 45,157 36,124 3,165,962.62 7,566,696.82 OPERATIONS OF THE HOUSTON BRANCH General business and financial conditions in the territory served by the Houston Branch have been exceptionally good during the past year, and the physical volume of business handled showed a substantial increase over the operations in 1922. The cotton crop produced in the branch territory moved rapidly, and 24 Federal Reserve Bank of Dallas enabled country banks to maintain favorable balances with their correspondents early in the fall. It was largely through these increased deposits that the larger banks were enabled to go through the year with but nominal borrowings. The demand for loans and discounts was comparatively light throughout the year. The average daily holdings of discounted and rediscounted paper were $2,545,000, while reserve deposits averaged $13,532,000 daily. At the close of the year total loans aggregated $638,324, to ten banks, compared with $586,274 to 18 banks, on December 30, 1922. The branch discounted 243 collateral notes aggregating $29,661,000, and rediscounted 7,442 member bank receivables aggregating $10,424,000. Of the number of notes offered for rediscount approximately 60 per cent (30 per cent in amount) were submitted by state bank members. Operations of the Cash Department were very heavy, the amount of funds received and transferred by wire, for the account of member banks, exceeding former records. Receipts of currency and coin from member and non-member banks aggregated $42,513,000, and shipments to member and non-member banks totaled $45,230,000. Transfer of funds to and from member banks aggregated $973,431,000. Transit operations were heavier than in 1922, 6,306,559 items (including treasury warrants and return items) aggregating $1,470,987,000 being handled. The department received for collection 28,460 items, aggregating $67,780,000. At the beginning of the year 138 member banks (99 national and 39 state) were attached to the branch. Four national and two state banks were admitted to membership in 1923. One state bank member nationalized, and one national bank consolidated with a non-member state bank, the national bank surrendering its charter, making a net increase in membership of five, or 143 (103 national and 40 state) at the close of the year. The number of non-member banks decreased from 255 to 246 during the year. All but six of these banks are on the par list. Federal Reserve Bank of Dallas 25 At the end of the year the branch had four officers and 68 employees, compared with four officers and 70 employees at the close of 1922. The expense of operation for the year, excluding furniture and equipment, was $191,068, compared with $198,799 in 1922. The principal operations of the branch in 1922 and 1923 are summarized in the table below: Number Amount 1923 1922 1923 1922 Notes discounted and rediscounted 7,685 10,143 ? 40,085,722.58 $ 31,729,085.30 Checks collected 6,037,567 5,215,966 1,444,807,658.13 1,242,495,411.23 Treasury warrants handled 168,754 429,840 19,562,602.09 21,023,556.54 Collection items handled 28,460 28,475 67,780,248.74 46,435,098.60 Return items 100,238 89,235 6,616,353.20 6,892,932.62 Transfer of funds.. 20,779 15,482 973,430,944.65 714,752,464.57 Currency and coin received 42,513,471.00 37,930,971.28 Currency and coin shipped 45,230,800.00 49,212,172.00 BUSINESS CONDITIONS IN 1923 The year 1923 may be described as a period of stabilization, so far as business conditions in the Eleventh Federal Reserve District are concerned. Production, prices, bank loans and trade assumed a more normal aspect during the year just closed than has been visible since pre-war days. The previous year, although marked by important gains in the direction of recovery from the depression of 1921, did not witness a complete demonstration of the district's recuperative powers, owing to adverse conditions affecting agriculture. During 1923, however, a combination of favorable factors, including the production of the most profitable cotton crop in the history of the district, a sharp upturn in the sheep and wool markets, a fuller employment of labor and productive capital, an easier money market and a marked stabilization of commodity prices, restored industry and business to a practically normal state of prosperity, except in certain sections of the district—such as Arizona, New Mexico and Southeastern Federal Reserve Bank of Dallas Oklahoma—where the principal industries, livestock and agriculture, have not yet fully recovered from severe reverses suffered in 1920 and 1921. The heavy and profitable yield of the Texas cotton crop in 1923 brought to a large group of the district's population a wave of prosperity that has seldom been equalled in the past. Early in the year the statistical position of cotton and favorable reports on the Texas crop outlook made it apparent that unless some extraordinary and improbable catastrophe should intervene, the output and market price of the 1923 cotton crop would be such as to immensely enhance the purchasing and debt-paying power of the district. Confidence engendered by this promising outlook enlivened both wholesale and retail distribution throughout the first half of the year, although it was not until the early fall, when the crop was actually harvested and marketed under favorable conditions and at high prices, that the tide of business activity reached its peak. An indication of the magnitude of "fall liquidation" experienced by the banks may be found in the fact that during the period from August 21 to December 31 the Federal Reserve Bank's loans to member banks fell from $49,200,000 to $8,800,000, reaching the lowest point touched since February, 1918. Not only was there a healthier and more normal demand for credit than in 1922, but also a greater ability on the part of the banks to supply the demand out of their own resources. The increasing volume of business activity denoted by the expansion of bank loans during the year was accompanied by a corresponding growth in bank deposits. On June 30, 1923, deposits of member banks aggregated $719,861,000 and on September 14 had increased to $818,813,000. Based on reserves carried December 31, it is estimated that deposits of member banks in this district at the end of the year totaled approximately $871,000,000. While the district has many reasons for regarding 1923 as one of the most prosperous years in its history, and is looking forward to a continuation of similar conditions in 1924, there is no disguise for the fact that the situation during the past twelve months has been spotted with a number of unfavorable Federal Reserve Bank of Dallas 27 features. The record of commercial failures shows an abnormally heavy business mortality rate, although to a large extent it might be traced back to financial difficulties that had their inception in previous years. In those sections of the district where the cattle industry predominates, the economic, finanacial and physical conditions affecting production have shown that improvement in this industry is necessarily a slow process. Finally, there is always present in any era of rapid recovery—especially in the case of such a spectacular recrudescence as is being enjoyed by the cotton industry in the Southwest—the danger of the temptations presented to the producers to allow themselves to be led into the evils of speculation, extravagance and over-production. EXHIBIT A MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923 to GO (Amounts in Thousands of Dollars) BILLS DISCOUNTED For Member Banks It S3" ffl <U EO Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. May May May May May 3 10 17 24 31 7 14 21 28 7 14 21 28 4 11 18 25 2 9 16 23 29 52,866 52,610 50,722 50,440 45,369 48,673 50,103 49,918 49,934 52,412 50,288 52,717 51,297 51,167 49,290 50,828 48,367 47,387 47,844 47,983 48,106 47,323 14,426 15,346 16,282 16,714 16,820 15,441 15,587 16,780 16,913 18,552 18,826 18,800 19,286 19,533 19,948 23,238 24,526 24,985 25,712 25,978 27,738 29,422 1,074 1,706 1,699 1,625 1,850 1,312 1,308 1,778 1,313 1,840 1,254 1,715 1,002 741 768 2,650 2,574 1,716 1,621 2,345 3,675 2,969 OP a, J2O M.S 13,352 13,640 14,583 15,089 14,970 14,129 14,279 15,002 15,600 16,712 17,572 17,085 18,284 18,792 19,180 20,588 21,952 23,269 24,091 23,633 24,063 26,453 ~5~ ~25,132~ 23,506 22,082 21,368 21,291 21,074 22,598 21,420 21,403 21,252 18,756 21,478 20,507 20,130 17,338 15,586 14,461 13,023 12,753 12,626 10,988 9,522 13,308 13,758 12,358 12,358 7,258 12,158 11,918 11,718 11,618 12,608 12,706 12,439 11,504 11,504 12,004 12,004 9,380 9,379 9,379 9,379 9,380 8,379 44,829 46,771 47,988 45,937 51,098 45,470 44,392 43,433 42,686 43,398 43,250 39,356 40,656 38,763 40,216 38,017 38,640 40,357 38,290 36,983 37,111 36,096 52,192 55,227 55,637 54,254 54,968 54,078 54,361 54,055 52,626 54,605 53,496 51,283 51,192 50,455 52,162 50,373 50,676 49,091 49,705 48,118 49,139 47,822 54,470 57,489 57,907 56,044 57,362 55,838 56,807 55,787 54,567 56,623 55,896 54,013 55,885 53,335 54,165 52,933 52,764 51,832 51,554 50,532 50,786 49,874 10 38,595 36,782 35,353 34,437 32,679 32,617 31,832 31,314 30,800 31,210 30,381 29,800 28,954 29,449 29,136 28,723 28,160 28,269 28,127 27,428 27,195 26,768 11 48.2 49.6 51.5 50.8 56.7 51.4 50.1 49.9 50.0 49.4 50.1 47.0 47.9 46.8 48.3 46.6 47.7 50.4 48.1 47.4 47.6 47.1 Ox re3 re in •1 re to IT EXHIBIT A—Continued June 6 June 13 June 20 June 27 July 4 July 11 July 18 July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Nov. 28 Dec. 5 Dec. 12 Dec. 19 Dec. 26 Daily Average 47,334 45,364 46,832 48,151 47,785 50,469 50,378 47,997 47,648 47,629 48,572 50,681 50,180 47,755 50,710 53,612 54,449 57,120 59,511 60,806 58,259 65,203 64,884 61,068 62,840 65,281 66,673 63,692 65,330 66,974 31,312 30,616 31,826 33,734 33,935 37,822 40,817 43,590 44,599 45,182 46,162 48,282 47,937 45,541 38,932 33,960 30,124 26,870 22,920 22,812 22,353 21,305 19,826 17,174 15,675 15,019 14,957 13,544 12,667 12,293 53,218 25,993 3,890 2,942 3,264 2,752 2,650 4,201 5,491 6,158 6,484 6,566 6,554 8,601 7,170 8,265 6,571 6,522 5,025 4,067 2,057 3,353 3,856 3,139 3,380 3,227 3,032 3,030 3,163 2,352 1,917 2,808 27,422 27,674 28,562 30,982 31,285 33,621 35,326 37,432 38,115 38,616 39,608 39,681 40,767 37,276 32,361 27,438 25,099 22,803 20,863 19,459 18,497 18,166 16,446 13,947 12,643 11,989 11,794 11,192 10,750 9,485 12,642 12,969 13,227 12,638 12,071 10,867 7,781 2,627 1,270 667 630 619 464 435 9,999 17,872 22,546 28,470 27,966 29,214 27,127 32,118 33,278 37,615 40,886 43,982 45,436 43,869 46,284 47,976 3,380 1,779 1,779 1,779 1,779 1,780 1,780 1,780 1,779 1,780 1,780 1,780 1,779 1,779 1,779 1,780 1,779 1,780 8,625 8,780 8,779 11,780 11,780 6,279 6,279 6,280 6,280 6,279 6,379 6,705 39,951 36,931 37,169 35,963 36,069 33,651 35,715 36,378 36,045 37,822 39,991 42,360 45,031 53,915 52,072 60,549 62,376 63,407 62,155 67,136 67,109 64,733 61,830 65,713 62,822 62,792 60,497 60,111 58,777 61,218 48,827 48,336 46,384 45,205 46,127 46,171 44,996 44,293 43,314 43,352 43,741 44,097 44,423 47,196 48,671 51,553 51,973 53,633 54,153 57,759 56,865 59,147 58,515 58,973 58,230 59,716 61,225 58,465 59,425 58,082 50,855 49,307 47,176 48,020 47,379 46,940 47,303 45,925 44,994 45,027 45,440 46,059 46,359 48,764 49,857 53,790 56,392 55,373 55,718 60,184 59,722 62,815 60,734 62,211 60,452 62,720 63,522 60,689 60,493 62,265 28,045 27,264 27,831 27,561 29,996 30,347 30,702 31,036 31,858 32,989 34,385 38,064 40,394 44,290 45,796 49,970 51,653 56,737 58,272 59,583 59,509 57,788 58,161 57,450 56,810 56,596 56,724 55,274 55,118 55,508 50.6 48.2 49.6 47.6 46.6 43.5 45.8 47.3 46.9 48.5 50.1 50.4 51.9 57.9 54.4 58.4 57.7 56.6 54.5 56.1 56.3 53.7 52.0 54.9 53.6 52.6 50.3 51.8 50.8 52.0 19,995 7,230 46,929 52,021 54,240 39,183 50.2 O > 5 to Si 5! r to to 30 Federal Reserve Bank of Dallas EXHIBIT B FEDERAL RESERVE BANK OF DALLAS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 100 I I I I 100 I F. R.NOTE CIRCULATION 60 60 PURCHASED BILLS 40 20 40 40 UNITED STATES SECURITIES 20 20 120 120 \ I \ \ \ DISCOUNTS FOR OWN MEMBERS 100 100 1921 1922 1923 Federal Reserve Bank of Dallas 31 SCHEDULE 1 COMPARATIVE STATEMENT OF CONDITION (In thousands of dollars) RESOURCES Dec. 31 1923 $ 25,814 Dec. 30 1922 $ 22,576 Dec. 31 1921 $ 11,093 2,252 1,349 2,941 Gold held exclusively against F. R. notes 28,066 Gold settlement fund with F. R. Board 12,339 Gold and gold certificates held by banks 11,904 23,925 6,214 10,121 14,034 8,518 7,263 Total gold reserves Reserves other than gold 52,309 6,015 40,260 6,289 29,815 6,149 Total reserves Non-reserve cash 58,324 2,866 46,549 * 35,964 * 550 8,322 710 13,712 8,962 41,635 8,872 49,438 14,422 26,827 50,597 165 1,780 4,575 325 2,630 2,630 8,678 1,900 6,680 64,990 11,308 52,557 4,530 55,292 5% redemption fund—F. R. Bank notes.. 28 Uncollected items 23,652 Bank premises 1,911 All other resources 3,248 146 30,190 1,937 1,927 156 25,694 2,168 2,755 $155,019 $133,306 $122,029 $ 52,802 471 $ 37,761 704 $ 35,470 2,726 58,115 2,679 541 54,461 641 537 43,372 4,344 297 61,335 55,639 48,013 Gold with Federal Reserve agents Gold redemption fund with U. S. Treasury Bills discounted: Sec. by TJ. S. Government obligations Other bills discounted Total bills discounted Bills bought in open market U. S. Government securities: Bonds Treasury notes Certificates of indebtedness Total U. S. Government securities Total earning assets TOTAL RESOURCES LIABILITIES F. R. notes in actual circulation F. R. Bank notes in circulation—net Deposits: Member bank—reserve account Government Other deposits Total deposits 32 Federal Reserve Bank of Dallas SCHEDULE 1—Continued Deferred availability items Capital paid in Surplus All other liabilities 26,929 4,192 7,577 1,713 22,635 4,203 7,394 1,588 $155,019 TOTAL LIABILITIES 26,089 4,195 7,496 1,422 $133,306 $122,029 49.8% 43.1% Ratio of total reserves to deposit and F. R. note liabilities combined 51.1% Contingent liability on bills purchased for foreign correspondents *Not shown separately prior to 1923. $832 SCHEDULE 2 EARNINGS AND EXPENSES EARNINGS 1923 1922 Discounted bills $1,170,022 $1,609,383 Purchased bills 826,172 197,994 United States securities 268,659 195,049 Deficient reserve penalties 62,361 50,432 Miscellaneous 29,222 32,917 Total earnings $2,356,436 1921 $3,829,840 7,980 171,151 124,163 110,514 $2,085,775 $4,243,648 $ 132,184 680,629 37,134 105,356 261 297 250 6,003 30,383 $ 133,545 735,904 34,598 82,470 714 295 200 7,004 39,185 26,189 708 25,759 93 26,001 47,348 14,857 30,485 28,212 3,215 3,743 31,793 54,667 12,213 58,383 * 30,052 27,632 18,476 9,660 49,818 64,587 9,652 68,680 112,819 *146,419 CURRENT EXPENSES Salaries: Bank officers $ 135,730 Clerical staff 619,370 Special officers and watchmen 37,365 All other 111,275 Governors' conferences 510 Federal Reserve Agents' conferences 361 Federal Advisory Council 1,278 Directors' meetings 6,064 Traveling expensesf 24,976 Assessments for Federal Reserve Board expenses 25,034 Legal fees 321 Insurance (other than on currency and security shipments) 28,073 Insurance on currency and security shipments 20,918 Taxes on banking house 33,070 Light, heat and power 25,622 Repairs and alterations, banking house.. 6,738 Rent 1,248 Office and other supplies 27,467 Printing and stationery 35,067 Telephone 12,189 Telegraph 50,988 Postage 95,409) Expressage 22,304) 33 Federal Reserve Bank of Dallas SCHEDULE 2—Continued Federal reserve currency: Original cost, including shipping charges Cost of redemption, including shipping charges Taxes on Federal Reserve bank-note circulation All other expenses 27,435 44,262 65,915 6,437 12,336 23,150 2,482 33,497 12,639 50,372 22,286 **217,414 Total current expenses $1,391,228 $1,515,391 $1,860,856 tOther than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. •Insurance on currency and security shipments is included with postage and expressage. **Includes $155,843 for furniture and equipment which, since 1921, has been charged direct to profit and loss. PROFIT AND LOSS ACCOUNT 1923 1922 1921 Earnings $2,356,436 $2,085,775 $4,243,648 Current expenses 1,391,228 1,515,391 1,860,856 Current net earnings $ 965,208 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds $ 17,795 Probable losses All other 4,659 $ 570,384 $2,382,792 $ 231,523 80,984 *107,113 $ Total additions $ 22,454 Deductions from current net earnings: Depreciation allowances on bank premises $ 42,242 Reserve for probable losses 590,000 Reserve for depreciation on United States bonds Furniture and equipment 12,062 All other 11,076 $ 419,620 $ $ 161,018 439,000 $ 139,230 561,500 32,710 3,151 49,295 ** 20,087 884 884 Total deductions $ 655,380 $ 635,879 $ 770,112 Net deductions from current net earnings 632,926 216,259 769,228 Net earnings available for dividends, surplus and franchise tax 332,282 354,125 1,613,564 Dividends paid 251,429 251,915 252,211 Transferred to surplus account 80,853 102,210 1,361,353 •Includes $55,000 representing excess of sale price over net book value of old bank building sold during the year. **Included with current expenses prior to 1922. 34 Federal Reserve Bank of Dallas SCHEDULE 3 STATEMENT OF DISPOSITION OF INCOME CALENDAR YEAR 1923 Earnings: Discount on bills discounted Discount on bills purchased Interest on U. S. securities Penalties on deficient reserves Miscellaneous earnings Total earnings $1,170,021.42 826,172.15 268,659.41 62,361.28 29,221.92 $2,356,436.18 Additions to earnings: Amount deducted from reserve for depreciation IT. S. securities $ Amount recovered from reserves for account Bank of Ranger. All other Total additions Total income $ 17,795.00 10,000.00 339.42 28,134.42 $2,384,570.60 Less: Expense current Current profit and loss account Furniture and equipment $1,391,228.15 6,755.84 12,062.15 Reserve for depreciation: Bank premises Fixed machinery and equipment Reserve for probable losses of liquidating banks Dividends paid Total expenses and deductions Amount available for transfer to surplus, calendar year 1923 26,068.35 16,173.88 600,000.00 251,429.01 $2,303,717.38 80,853.22 Disposition of amount available for transfer to surplus: Transferred to surplus December 31, 1923 80,853.22 SCHEDULE 4 VOLUME OF PAPER DISCOUNTED AND BOUGHT, BY MONTHS, DURING 1923, CLASSIFIED ACCORDING TO CHARACTER OF PAPER, WITH TOTALS FOR PRECEDING YEARS Purchased Paper DISCOUNTED PAPER MONTH Total January February ... March April May June July August September October .... November December i $ Secured by U. S. Gov't. Obligations All Other TOTAL PAPER DISCOUNTED AND PURCHASED 1923 9,015,209 None $ 6,713,450 None 10,000 6,256,999 4,579,156 17,559,605 3,774,657 None 16,382 8,952,325 6,435,451 19,178,815 12,107,356 None 4,935 10,891,439 2,759,763 13,366,750 None 155,440 12,644,820 10,066,138 None 42,791 13,579,193 None 25,346,508 17,906,083 $ 105,050 $ 8,785,824 $ 2,670,385 $ 20,576,468$ 39,195,873 67,374,398 76,350,062 73,472,5S9 93,928,153 104,925,502 25,763,493 19,179,733 64,554,999 108,952,001 117,860,855 3,253,923 29,420,933 16,533,213 60,495,342 111,446,184 130,702,524 16,605,092 2,180,849 28,894,870 1S',736,395 65,654,755 117,350,253 113,247,122 70,153 18,841,408 1,698,636 34,189,390 16,810,714 59,174,721 110,216,572 100,213,598 None 26,196 17,143,494 None 42,516,198 18,776,501 63,452,441 111,587,861 95,13.9,511 21,476,050 None 17,849 12,310,020 9,463,747 43,267,666 18,666,717 65,594,545 124,573,279 118,337,284 12,645,950 None 110,386 17,792,850 9,414,983 39,964,169 24,739,193 62,605,343 114,948,296 138,314,107 10,838,200 None 166,722 12,305,756 14,301,825 37,612,503 20,379,536 53,515,388 124,346,664 72,583,833 6,264,000 None 22,738 12,221,870 18,116,631 36,625,239 17,365,317 45,052,713 110,881,368| 60,542,451 145,193,461 None 32,490,754| 30,549,186 23,310,678 Total, 1923 18,508,608 |$ 300,694,000 Total, 1922 222,556,513 Total, 1921 771,996,488 Total, 1920 Total, 1919 5 93,354,685 21,665,050 26,714,021 33,803,919 1919 23,660,883 26,167,010 80,693,878 $107,215 $ 1920 83,946,095 12,743,364 42,516,198 1921 91,743,276$ 12,980,449 23,003,730 1922 92,139,895 748,642 $154,751,897 $74,875,349 $375,569,349 693,834 141,061,586 33,152,611 694,022 454,684,761 154,113 3,864,792 313,292,822 1,280,178,511 999,942,925 703,722 5,670,523 273,861,341 8,348,277 1,224,946,145 ,105,059,651 None 1,8-87,002 117,999,492 12,415,232 $255,709,124 $ 772,690,510 $1,288,526,788 CO $1,237,361,377 en CO SCHEDULE 5 VOLUME, OF DISCOUNT AND OPEN MARKET OPERATIONS (In Thousands of Dollars) S. Securities 1 Total Discounts and Open Bills Bought in Open Market |U. Purchased Market Operations BILLS DISCOUNTED S MONTH •° o o 1 Jan Feb. March April May June July Aug Sept Oct Nov Dec a o d 17,906 12,981 12,743 23,004 26,167 26,714 32,491 42,516 33,804 30,549 23,311 18,508 u - a •o, M V a o 8 o Sj 13 V rt o m< H< H 9,016 6,713 3,775 12,107 13,367 10,066 13,579 25,346 21,476 12,646 10,838 6,264 105 10 16 5 156 43 70 26 18 110 167 23 S •a* 'H •as •2 « B.s *T3 to C *; •OP h <J 4,175 3,122 4,036 35 5,274 29 6,943 40 7,328 39 8,303 4,753 1,432 5,672 1,854 2,175 10,557 2,072 6,699 1,651 7,761 • h o < V u 3 0 H 2,670 4,579 6,435 2,759 3,254 2,181 1,699 - a E2 S u rt a m< 4,610 2,645 3,136 4,326 4,916 6,229 5,583 2,759 5,672 3,174 9,237 2,181 10,500 1,584 10,959 4,784 9,464 9,189 5,061 9,415 9,165 3,535 14,302 13,676 2,809 18,117 17,256 " * CO <L> ho u a v O. QI 25 253 206 23 a rt £ o 1,100 1,600 19,000 5,000 1,198 500 3,210 115 275 250 626 861 4,500 2,000 5,600 75 350 CO CM oq <N ON il 80 749 51,686 32,264 70,802 74,875 72,184 2,691 Total, 1923 300,694 145,193 69,950 33,153 31,013 2,140 1922 222,557 80,694 107 694 71,112 193,188 694 694 1921 771,997 454,685 154 3,865 120,105 r "C U s ON 40,676 22,560 21,976 26,263 29,421 32,105 34,190 42,516 45,268 50,064 37,613 37,050 39,196 23,661 28,101 19,180 16.533 20,811 17,311 18,827 18,817 32,584 20,804 17,735 OS 92,743 67,374 73,573 64,555 60,495 67,655 59,175 63,453 66,065 62,605 53,515 45,053 7,275 36,858 419,702 1,161 16,689 273,560 3,570 776,261 37 Federal Reserve Bank of Dallas SCHEDULE 6 REDISCOUNTS Volume of Rediscounts for 1923: Rediscounts for member banks $300,693,999.10 Acceptances purchased in open market 1,240,240.88 Acceptances purchased from other Federal Reserve banks 57,923,106.37 Acceptances purchased for our account by other Federal Reserve banks 73,635,107.97 Other paper rediscounted for other Federal Reserve banks Total None $433,492,454.32 Volume of Rediscounts for 1922: Rediscounts for member banks $222,556,513.00 Acceptances purchased in open market 2,032,563.58 Acceptances purchased from other Federal Reserve banks 14,667,610.66 Acceptances purchased for our account by other Federal Reserve banks 31,120,047.22 Other paper rediscounted for other Federal Reserve banks None Total Total number of banks served in 1923 Total number of new banks served in 1923 Largest note rediscounted in 1923 Smallest note rediscounted in 1923 $270,376,734.46 617 20 $2,200,000.00 5.50 SCHEDULE 7 NUMBER OF BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT ACCOMMODATED THROUGH THE DISCOUNT OF PAPER DURING 1923, DISTRIBUTED BY STATES Texas Oklahoma Louisiana New Mexico Arizona Total 523 43 10 32 9 617 SCHEDULE 8 VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE (Amounts in thousands of dollars) CO oo MONTH January ... February March April May June July August .... September October .... November December TOTAL, 1923 1922 1921 Number of member banks at end of year: 1923 1922 1921 Number of member banks accommodated: 1923 1922 1921 89 91 101 43 134 359 684 906 1,285 2,176 1,981 1,006 P 8,855 2,998 26,251 1,030 581 542 914 1,500 764 1,112 778 298 539 470 413 P 8,941 12,285 22,942 $ 1,159 974 1,350 812 1,157 1,198 1,589 1,305 1,071 1,033 1,019 921 $13,588 10,919 21,495 15,383 11,171 10,602 21,143 23,347 24,342 28,843 39,369 31,093 26,765 19,757 16,156 17,906 12,981 12,743 23,004 26,167 26,714 32,491 42,516 33,804 30,549 23,311 18,508 $267,971 192,019 694,835 245 164 148 92 29 51 263 158 57 36 84 12 1,339 4,336 6,474 $300,694 222,557 771,997 17 17 18 50 50 42 33 37 42 754 747 749 9 10 10 863 861 861 10 7 17 43 45 31 32 37 39 523 561 607 9 11 10 863 861 862 862 863 863 863 862 862 863 864 863 617 661 704 •Figures in this column relate only to that part of the State located in the Eleventh District. 207 222 253 328 375 413 508 515 224 143 128 92 5 as 39 Federal Reserve Bank of Dallas SCHEDULE 9 DISCOUNT RATES FOR 1923 AND DATES ON WHICH EFFECTIVE CLASS OF PAPER TIME Jan. 1st 15 days M. B. C. Notes secured by U. S. Government obligations— & less M. B. C. Notes secured by eligible paper 15 days & less 1 to Rediscounts secured by U. S. Government obligations.. 90 days 1 to 90 days Commercial paper Agricultural and livestock paper 1 day to 6 months 1 to 90 days Trade acceptances Bankers acceptances purchased at market rates subject to agreement. SCHEDULE 10 CLASSIFICATION OF TRADE ACCEPTANCES BY MATURITIES FOR 1923 Due Due Due Due within within within within 15 days 30 days 60 days 90 days $ 18,843.74 193,758.95 189,266.24 346,773.22 _ Total $748,642.15 SCHEDULE 11 CLASSIFICATION OF BILL OF LADING DRAFTS AS TO COMMODITY Based Based Based Based Based on on on on on grain and grain products cotton and cotton products hay rice miscellaneous products Total $ 74,619.88 31,834,502.93 440,724.81 36,584.69 28,098.42 $32,414,530.73 r- o SCHEDULE 12 VOLUME OF ACCEPTANCES PURCHASED DURING 1923, DISTRIBUTED BY RATES 5 3% percent 4 per cent 4 V& per cent January February.... March April May June July August September. October NovemberDecember... P 499,188 1,502,068 1,275,091 392,301 $ 1,924,722 2,984,747 4,510,119 2,249,487 2,218,869 505,954 1,120,651 116,038 66,125 107,075 117,975 1,011,345 1,544,221 577,985 130,437 26,216 529,000 192,379 1,021,041 1,108,480 7,687,518 7,881,470 14,197,881 16,606,597 1,191,662 472,111 39,784 382,039 392,188 40,361 64,160 19,515 9,463,747 9,414,983 14,301,825 18,116,631 Total. $3,668,648 $17,836,449 $49,914,230 $2,925,632 $530,390 $74,875,349 MONTH per cent 4% per cent 14,166 23,709 130,674 Total $ 2,670,385 4,579,156 6,435,451 2,759,763 3,253,923 2,180,849 1,698,636 to SCHEDULE 13 VOLUME OF ACCEPTANCES PURCHASED DURING 1923, DISTRIBUTED BY MATURITIES MONTH January February.... March April May June July August September. October November.. December... Total. Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days 91 days to 6 months Total 569,670 92,769 2,631 65,000 28,000 30,000 625,295 ,053,130 ,624,986 782,632 896,240 482,240 ,090,651 1,193,770 1,507,469 1,251,053 861,155 1,114,769 1,364,300 214,362 851,320 1,448,887 3,432,882 1,113,345 1,177,914 306,309 363,623 100,000 192,379 921,041 50,000 1,233,137 969,809 1,072,099 4,992,315 5,417,528 7,162,797 7,014,927 8,840,197 10,304,161 1,138,762 306,916 469,313 1,111,805 9,463,747 9,414,983 14,301,825 18,116,631 $938,070 $8,901,731 $19,958,629 $42,016,362 $3,060,557 $74,875,349 33,761 $ 2,670,385 4,579,156 6,435,451 2,759,763 3,253,923 2,180,849 1,698,636 So a to to SCHEDULE 14 VOLUME OF BILLS DISCOUNTED DURING 1923, DISTRIBUTED BY MATURITIES MONTH January February March April May June July August September October November December Total 61 to 90 days 91 days to 6 months Within 15 days 16 to 30 days 31 to 60 days $ 1,308,573 337,438 699,099 976,840 866,565 1,700,437 1,395,650 1,502,824 923,897 1,083,963 631,772 884,373 $ 1,327,768 1,337,216 1,901,415 2,186,239 1,900,659 3,229,428 3,677,667 4,487,150 2,136,804 2,040,635 1,469,511 1,037,536 $ 2,471,255 $ 2,873,660 1,934,966 2,026,171 3,181,435 2,357,438 3,624,135 3,183,590 3,680,155 4,798,407 5,187,232 5,079,331 8,337,411 4,250,126 7,368,732 1,435,782 2,317,118 572,699 2,973,180 680,209 2,117,558 1,036,219 1,215,940 906,984 $ 34,539 28,998 39,839 39,048 1,431,641 5,672,404 10,556,405 6,698,973 7,761,628 $ 9,924,827 7,344,658 4,603,977 12,884,668 14,751,325 11,141,469 14,786,352 26,276,476 22,178,427 13,204,739 11,325,471 6,567,883 113,719 140,901 336,285 4,500 13,593 2,570 10,055 31,174 134,264 $ 17,906,083 12,980,449 12,743,364 23,003,730 26,167,010 26,714,021 32,490,754 42,516,198 33,803,919 30,549,186 23,310,678 18,508,608 $32,263,475 $154,990,272 $12,311,431 $26,732,028 $44,409,117 $787,061 $300,694,000 Demand and sight drafts $ $29,200,616 Over 6 months Total 05 Go 05 to a 3 43 Federal Reserve Bank of Dallas SCHEDULE 15 OPERATIONS IN BONDS AND SECURITIES FOR THE YEAR 1923 United States Bonds and Treasury Notes held on December 31, 1922 Registered 2% Consols 1930 Registered 3% Conversion Bonds 1946-7 U. S. Certificates of Indebtedness, Series TM U. S. Certificates of Indebtedness, 3 % % Series TJ U. S. Certificates of Indebtedness, 3 % % Series TS $ 1,395,900.00 1,233,600.00 $ 619,000.00 2,984,500.00 5,075,000.00 Total 8,678,500.00 $11,308,000.00 Purchases and Sales of United States Securities for the Year 1923 (Purchases) Special One-day 2%% Certificates of Indebtedness purchased from the Treasury of the U. S. at par $20,500,000.00 Special Two-day 2y2% Certificates of Indebtedness purchased from the Treasury of the U. S. at par 3,500,000.00 Treasury Notes Series B-1926 41/4% purchased from the San Antonio Joint Stock Land Bank, San Antonio, Texas, at 99.00 2,700,000.00 U. S. 4% Certificates of Indebtedness purchased through the Federal Reserve Bank of New York at par 5,000,000.00 U. S. 4% Certificates of Indebtedness, Series TD-1923, purchased through the Federal Reserve Bank of New York at par 3,571,000.00 U. S. 3 % % Certificates of Indebtedness, Series TS, purchased from the F. & M. National Bank, Shamrock, Texas, at par 50,000.00 U. S. 3 % % Certificates of Indebtedness, Series TJ, purchased from the F. & M. National Bank, Shamrock, Texas, at par 50,000.00 U. S. 3 % % Certificates of Indebtedness, Series TM-2, purchased from the Dallas National Bank, Dallas, Texas, at par 98,000.00 44 Federal Reserve Bank of Dallas SCHEDULE 15—Continued U. S. 4% Certificates of Indebtedness, Series TD-1923, purchased from the First National Bank, Houston, Texas, at 99.75 500,000.00 U. S. 4 ^ % Certificates of Indebtedness, Series TM-1924, purchased from the Republic National Bank, Dallas, Texas, at par 200,000.00 U. S. 4^4% Certificates of Indebtedness, Series TS-2-1923, purchased from the Republic National Bank, Dallas, Texas, at par 10,000.00 U. S. Treasury Notes 5%%, Series A-1924, purchased through Federal Reserve Bank of New York, at par and 25/32 _ 2,500,000.00 U. S. Treasury Notes 4%%, Series A-1925, purchased through Federal Reserve Bank, Kansas City, Mo., at par 3/32 2,000,000.00 U. S. 4%% Certificates of Indebtedness, Series TM-2-1924, purchased through the Federal Reserve Bank of New York, at par IT. S. 4V2% Certificates of Indebtedness, Series TM-1924, purchased through the Federal Reserve Bank of New York, at par and 1/16 2,500,000.00 100,000.00 U. S. 4% Certificates of Indebtedness, Series TD-2, purchased through the Federal Reserve Bank of New York, at par 429,000.00 IT. S. 4%% Certificates of Indebtedness, Series TM-1924, purchased from the Southwest National Bank, Dallas, Texas, at par and 1/16 100,000.00 U. S. 4%% Certificates of Indebtedness, Series TD-1924 purchased from the Southwest National Bank, Dallas, Texas, at par 250,000.00 U. S. Treasury Notes 4%%, Series A-1927, purchased from the Southwest National Bank, Dallas, Texas, at par 75,000.00 Total Purchases for the Year 1920 $44,133,000.00 (Sales) Special One-day Certificates of Indebtedness 2%% sold to the Treasury of the U. S. at par $20,500,000.00 Federal Reserve Bank of Dallas 45 SCHEDULE 15—Continued Special Two-day Certificates of Indebtedness 2%% sold to the Treasury of the U. S. at par 3,500,000.00 U. S. Government Registered Consol Bonds 2%, Series 1930, sold to A. S. Pratt & Son, Inc., Washington, D. C, at 102.125 400,000.00 U. S. Government Registered Consol Bonds 2%, Series 1930, sold to A. S. Pratt & Son, Inc., Washington, D. C, at 102.250 250,000.00 U. S. Government Registered Consol Bonds 2%, Series 1930, sold to A. S. Pratt & Son, Inc., Washington, D. C, at 102.375 200,000.00 U. S. 3 % % Certificates of Indebtedness, Series TJ-1923, sold to the Federal Reserve Bank, Chicago, 111., at par.... 2,000,000.00 U. S. 3 % % Certificates of Indebtedness, Series TS-1923, sold to the Federal Reserve Bank, Chicago, 111., at par.... 3,000,000.00 U. S. 4*4% Certificates of Indebtedness, Series TM, sold to the First National Bank, Farmersville, Texas, at par 50,000.00 U. S. 3 % % Certificates of Indebtedness, Series TM-2, sold to the Treasury of the U. S. at par 98,000.00 U. S. 4%% Certificates of Indebtedness, Series TM, sold to the Treasury of the U. S. at par 569,000.00 U. S. 3 % % Certificates of Indebtedness, Series TJ-1923, sold to the Treasury of the U. S. at par 1,034,500.00 U. S. 4% Certificates of Indebtedness, Series TD, sold to the First National Bank, Houston, Texas, at par 500,000.00 U. S. 3 % % Certificates of Indebtedness, Series TS, sold to the Treasury of the IT. S. at par 2,125,000.00 U. S. 4% Certificates of Indebtedness, Series TD-1923, sold to the Treasury of the U. S. through the Federal Reserve Bank of New York at par 8,571,000.00 U. S. 4x/4% Treasury Notes, Series B-1926, sold to the San Antonio Joint Stock Land Bank, San Antonio, Texas, at 99.00 2,700,000.00 U. S. 4Y2% Certificates of Indebtedness, Series TM-1924, sold to the Republic National Bank, Dallas, Texas, at par 200,000.00 U. S. 414% Certificates of Indebtedness, Series TS-1923, sold to the Republic National Bank, Dallas, Texas, at par 10,000.00 46 Federal Reserve Bank of Dallas SCHEDULE 15—Continued U. S. 4%% Certificates of Indebtedness, Series TM-1924, sold to the First National Bank, Kemp, Texas, at par and 1/16 100,000.00 U. S. 4% Certificates of Indebtedness, Series TD-2, sold through the Federal Reserve Bank of New York, at par 429,000.00 U. S. 4%% Certificates of Indebtedness, Series TM-2, sold through the Federal Reserve Bank of New York, at par 2,500,000.00 U. S. 4%% Certificates of Indebtedness, Series TD-1924, sold to the Southwest National Bank, Dallas, Texas, at par 25,000.00 Total Sales for the Year 1923 $48,761,500.00 United States Bonds and Treasury Notes held on December 31, 1923 Registered 2% Consols 1930 Registered 3% Conversion Bonds 1946-7 U. S. Certificates of Indebtedness, 414% Series TD-1924 U. S. Certificates of Indebtedness, Series TM-1924 U. S. Treasury Notes, 5%% Series A-1924 U. S. Treasury Notes, 4%% Series A-1925 U. S. Treasury Notes, 4 ^ % Series A-1927 $ 545,900.00 1,233,600.00 $ 225,000.00 100,000.00 325,000.00 $2,500,000.00 2,000,000.00 75,000.00 4,575,000.00 Total $6,679,500.00 SCHEDULE 16 MEMBER BANKS' COLLATERAL NOTES Total amount of member banks' collateral notes Total number of banks accommodated in this manner $150,812,482.47 156 Paper secured by United States Bonds and Certificates of Indebtedness Member banks' collateral notes Member banks' rediscounts Total $144,739,700.00 453,761.93 $145,193,461.93 SCHEDULE 17 DAILY AVERAGE EARNING ASSETS, EARNINGS THEREON, AND AVERAGE RATE PER ANNUM, YEAR 1923, AS COMPARED WITH YEAR 1922 1 Bills discounted, members Bills bought in open market and from other F. R. banks United States Securities Total Earning Assets 1923 1922 $25,993,379.27 $31,655,263.94 19,995,427.52 7,229,494.52 5,390,898.59 6,903,863.85 $53,218,301.31 $43,950,026.38 tDoes not include $72.35 earned in 1922 credited in 1923. •Includes $72.35 earned in 1922 credited in 1923. Earnings 1923 1922 $1,170,021.42* $1,609,383,221 826,172.15 268,659.41 197,994.27 195,048.76 $2,264,852.98* $2,002,426.25t Average Rate 1923 1922 4.50 5.08 4.13 3.72 3.67 2.83 4.26 4.56 SCHEDULE 18 OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM (Figures include cash items only. Numbers and amounts in thousands) Items forwarded to Items drawn on Items drawn on other Federal Reserve Treasurer of banks in own Banks and their United States district branches MONTH Number Number 2,394 1,999 2,402 2,161 2,250 2,287 2,202 2,216 2,402 2,923 2,692 2,795 January February March April May June July August September October November December Total: Amount 1923 1922 1921 $ 452,449 394,819 478,318 454,356 435,149 416,238 388,933 446,153 574,867 718,841 645,183 574,946 130 100 110 98 103 99 99 28,723 25,054 24,958 $5,980,252 4,481,056 4,332,648 Amount Number Amount Total* Number 79 95 89 105 $ 16,516 12,197 14,522 13,359 14,574 13,934 12,342 12,142 11,512 12,605 11,264 12,389 68 65 68 71 70 63 61 61 62 69 63 64 9,150 7,191 7,941 7,066 7,776 8,409 7,139 7,032 7,632 8,017 7,338 7,677 2,592 2,164 2,580 2,330 2,423 2,449 2,362 2,369 2,543 3,087 2,844 2,964 $ 478,115 414,207 500,781 474,781 457,499 438,581 408,414 465,327 594,011 739,463 663,785 595,012 1,199 1,271 1,196 $157,356 167,430 267,237 785 991 1,146 I 92,368 110,000 99,276 30,707 27,316 27,300 $6,229,976 4,758,486 4,699,161 92 •Exclusive of duplications on account of items handled by both parent bank and branch Amount OPERATIONS OF CHECK CLEARING AND COLLECTION DEPARTMENT DURING 1922 AND 1923 MckApr /feyJuneJu\y Aug Sept Qct Nov Pe cJanFeb Of Do/loirs Afch Apr May June July JvgStpt f 26 A / 24 A y •** SO -v / So 70 Go IS. 10 120 I 06 —*>• 130 i 10 ft zo 16 Oet Noy Dec Thousand* Items A Daily average cunourit oj iterru handled CscaJe at left) B ™ ^ " ^ T V l l l v Cll/Pracip n u m b e r of itpm<; ha.Tidl0<J f«ral» »t»-i/iKt^ " _ 50 8 40 6 zo 4 20 Z 10 0 /2 19 o 53 Federal Reserve Bank of Dallas SCHEDULE 19 NEW NATIONAL BANKS DURING 1923 OKLAHOMA Bennington American National Bank TEXAS Alpine State National Bank Bridgeport Bridgeport National Bank DeKalb First National Bank Eastland Exchange National Bank Fort Worth Texas National Bank Galveston South Texas National Bank Graford First National Bank LaPorte First National Bank Leonard .Leonard National Bank Llano Citizens National Bank Longview Rembert National Bank Nordheim Pirst National Bank Norton First National Bank Paradise Pirst National Bank Perrin First National Bank Quanah Pirst National Bank Quanah Security National Bank Refugio P'irst National Bank Rowena First National Bank Streetman Pirst National Bank Taft First National Bank Federal Reserve Bank of Dallas 51 SCHEDULE 20 NATIONAL BANKS TERMINATING MEMBERSHIP DURING 1923 ARIZONA Clifton First National Bank Insolvent State National Bank Absorbed by National Bank of Carlsbad Lovington First National Bank Insolvent Magdalena First National Bank Insolvent Mountainair First National Bank Insolvent American National Bank Absorbed by First National Bank, Idabel, Oklahoma Amarillo City National Bank Bangs First National Bank Enloe First National Bank Llano Llano Marble Falls Home National Bank .Llano National Bank .First National Bank Miles Miles National Bank Port Lavaca First National Bank Absorbed by National Bank of Commerce, Amarillo, Texas Absorbed by First State Bank, Bangs, Texas Absorbed by Guaranty State Bank, Enloe, Texas Insolvent Insolvent Absorbed by Citizens State Bank, Marble Falls, Texas Liquidated—Succeeded b y Guaranty State Bank, Miles, Texas Absorbed by First State Bank, Port Lavaca, Texas NEW MEXICO Carlsbad OKLAHOMA Idabel TEXAS SCHEDULE 21 STATE BANKS ADMITTED DURING 1923 TEXAS Austwell Abernathy Idalou Rochester Sylvester Slaton Taft _ Austwell State Bank .First State Bank .First State Bank First State Bank First State Bank Slaton State Bank First State Bank 52 Federal Reserve Bank of Dallas SCHEDULE 22 STATE BANKS TERMINATING MEMBERSHIP DURING 1923 TEXAS Alpine Alpine State Bank Converted into State Bank, Alpine, Texas Bonham Fannin County Bank Insolvent—Assets sold by Bank Commissioner to Fannin County State Bank of Bonham Bridgeport Bridgeport State Bank Converted into Bridgeport National Bank DeKalb First State Bank Converted into First National Bank, DeKalb, Texas Galveston South Texas State Bank Converted into South Texas National Bank, Galveston, Texas Graford First State Bank Converted into First National Bank, Graford, Texas Leonard First State Bank Converted into Leonard National National Bank, Leonard, Texas Malone First State Bank Insolvent Paradise Paradise State Bank Converted into First National Bank, Paradise, Texas Penelope Penelope State Bank Perrin First State Bank Quanah Streetman Withdrew Converted into First National Bank, Perrin, Texas First Guaranty State Bank..Converted into First National Bank, Quanah, Texas First State Bank Converted into First National Bank, Streetman, Texas SCHEDULE 23 MEMBER BANKS BY STATES December 31, 1923 Arizona Louisiana New Mexico Oklahoma Texas National 7 National 15 National 29 National 46 National 573 State 2 State 2 State 4 State 4 State 181 Totals 670 193 Total Total Total Total Total 9 17 33 50 754 863 53 Federal Reserve Bank of Dallas SCHEDULE 24 RECAPITULATION OF CAPITAL STOCK ACCOUNT, 1923 Number of member banks December 31, 1922 (National) Number of member banks December 31, 1922 (State) New national banks organized during 1923 State banks and trust companies admitted during 1923 662 199 22 7 14 13 National banks terminating membership during 1923 State banks terminating membership during 1923 Total member banks December 31, 1923 890 27 863 Total subscribed capital stock December 31, 1922 $8,389,300 Stock allotted member banks for quarter ending: March 31, 1923 June 30, 1923 September 30, 1923 December 31, 1923 $ 25,600 144,200 50,000 52,500 Total 272,300 8,661,600 Stock surrendered for quarter ending: March 31, 1923 June 30, 1923 September 30, 1923 December 31, 1923 48,200 120,300 65,500 42,700 276,700 Total subscribed capital stock December 31, 1923 8,384,900 Total paid-up capital stock December 31, 1922 4,194,650 Subscriptions paid in quarter ending: March 31, 1923 June 30, 1923 September 30, 1923 December 31, 1923 12,800 72,100 25,000 26,250 Total Cash subscriptions refunded for surrender of stock, quarter ending: March 31, 1923 24,100 June 30, 1923 60,150 September 30, 1923 32,750 December 31, 1923 21,350 Total paid-up capital stock December 31, 1923 136,150 4,330,800 138,350 $4,192,450 O 4- SCHEDULE 25 NUMBER OF EACH DENOMINATION AND AGGREGATE AMOUNT OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO BANK, AND RETURNED TO THE COMPTROLLER DURING 1923 NUMBER OF NOTES FEDERAL RESERVE NOTES $5 1. Received from Comptroller 3,200,000 2. Received from F. R. Bank and from U. S. Treasurer (fit notes) 496,000 $10 $100 Aggregate Amount $500 $1,000 $5,000 $10,000 Dollars $20 $50 1,600,000 716,000 12,000 8,000 800 48,120,000 377,500 269,000 1,500 700 170 335 12,200,000 3. Received by Comptroller from Treasurer for destruction and credit of F. R. Agent's account 1,918,353 611,969 390,357 13,025 8,156 127 133 25,181,945 4. Total 5,614,353 2,589,469 1,375,357 26,525 16,856 1,097 468 85,501,945 5. Issued to F. R. Bank 2,902,000 1,657,500 934,500 14,700 350 645 52,240,000 9,100 r 6. Returned to Comptroller of Currency for destruction, including notes returned by U. S. Treasurer for credit of F. R. Agent's account 1,918,353 611,969 390,357 13,025 8,156 127 133 25,181,945 4,820,353 2,269,469 1,324,857 27,725 17,256 477 778 77,421,945 7 Total SCHEDULE 26 NUMBER OF EACH DENOMINATION AND AGGREGATE AMOUNT OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO BANK, AND RETURNED TO THE COMPTROLLER SINCE ORGANIZATION, AND ON HAND AT CLOSE OF BUSINESS DECEMBER 31, 1923 NUMBER OF NOTES FEDERAL RESERVE NOTES $5 1. Received from Comptroller 16,236,000 2. Received from F. R. Bank and from U. S. Treasurer (fit notes) 2,228,000 3. Received by Comptroller from Treasurer for destruction and credit of F. R. Agent's account 11,848,963 $10 $20 $50 8,988,000 4,924,000 156,000 3,535,090 1,699,430 75,853 6,622,112 3,412,402 111,619 $100 Aggregate Amount $500 $1,000 $5,000 $10,000 Dollars 76,000 2,400 2,000 288,140,000 65,500 528 1,584 92,670,150 44,889 407 485 204,472,325 4. Total 30,312,963 19,145,202 10,035,832 343,472 186,389 3,335 4,069 585,282,475 5. Issued to F. R. Bank 16,756,000 11,777,090 6,311,430 221,813 134,000 1,526 2,768 355,801,150 6. Returned to Comptroller of Currency for destruction, including notes returned by U. S. Treasurer for credit 485 11,848,963 6,622,112 3,412,402 111,619 44,889 407 of F. R. Agent's account 312,000 10,040 816 746,000 7,500 1,402 7. On hand at end of month.... 1,708,000 30,312,963 19,145,202 10,035,832 343,472 186,389 3,335 4,069 8. Total r 204,472,325 25,009,000 585,282,475 en 56 Federal Reserve Bank of Dallas SCHEDULE 27 FEDERAL RESERVE NOTES MOVEMENT BETWEEN FEDERAL RESERVE BANK OF DALLAS AND OTHER FEDERAL RESERVE BANKS DURING 1922 AND 1923 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Total Total 1922 Received Returned from: to: $ 254,400 $ 358,950 1,818,050 1,995,500 237,500 438,500 545,500 753,600 329,350 433,700 2,606,755 3,335,950 1,260,500 2,260,950 2,332,950 2,472,150 175,050 275,650 2,528,400 3,466,350 2,001,780 4,294,750 Total 1923 Received Returned from: to: $ 172,000 $ 402,900 1,418,900 1,514,300 202,000 473,700 444,000 854,800 274,900 349,100 3,109,900 3,629,400 1,287,000 2,625,800 2,949,700 2,951,100 160,100 318,400 2,853,100 3,801,400 2,327,500 5,939,100 $14,090,235 $15,199,100 $20,086,050 $22,860,000 SCHEDULE 28 FEDERAL RESERVE AGENT'S STATEMENT OF FEDERAL RESERVE NOTES ON HAND, OUTSTANDING, RECEIVED FROM COMPTROLLER OF THE CURRENCY, CANCELLED, AND COVERAGE OF TOTAL ISSUE, AS OF DECEMBER 31, 1923 RESOURCES Federal Reserve notes on hand $ Federal Reserve notes outstanding Collateral security held against outstanding Federal Reserve notes: Gold and gold certificates Credit balance in gold redemption fund Credit balance with Federal Reserve Board Eligible paper 25,009,000.00 58,658,675.00 7,391,000.00 3,923,190.00 14,500,000.00 57,298,810.33 $166,780,675.33 LIABILITIES Federal Reserve notes received from Comptroller of the Currency—gross amount $288,140,000.00 Less returned to Comptroller for destruction 204,472,325.00 Received from Comptroller—net Gold and gold certificates Eligible paper 83,667,675.00 25,814,190.00 57,298,810.33 $166,780,675.33 57 Federal Reserve Bank of Dallas SCHEDULE 29 FEDERAL RESERVE BANK NOTES OUTSTANDING DECEMBER 30, 1922, ISSUED AND REDEEMED DURING 1923 AND OUTSTANDING DECEMBER 31, 1923 Outstanding Dec. 30, 1922 Ones Twos Fives Tens Twenties $1,739,000 276,000 258,000 144,000 214,000 Issued in 1923 Redeemed in 1923 Outstanding Dec. 31, 1923 260,000 $1,386,116 220,014 249,000 71,000 85,000 $352,884 55,986 269,000 73,000 129,000 $ (1) $2,631,000 $260,000 (2) (3) $2,011,130 $879,870 (1) Of the notes outstanding December 30, 1922, amounting to $2,631,000, this bank was liable for the redemption of only $893,484. A deposit of lawful money with the Treasurer of the United States on December 30, 1922, amounting to $1,737,516 provided for the retirement of the remaining outstanding notes. This deposit of lawful money was increased on February 9, 1923, to $2,100,000 by an additional deposit of $362,484 made to complete the retirement of notes of the $1 and $2 denominations. (2) Of the notes redeemed in 1923 amounting to $2,011,130, notes amounting to $1,691,130 were redeemed out of the deposit of lawful money amounting to $2,100,000, such redemptions reducing the deposit to $408,870, an amount sufficient to retire notes of the $1 denomination amounting to $352,884 and notes of the $2 denominations amounting to $55,986 shown as outstanding on December 31, 1923. The remaining redemptions amounting to $320,000 were made in the regular way by charge to our five per cent redemption fund. (3) Of the notes outstanding December 31, 1923, amounting to $879,870, this bank is liable for the redemption of only $471,000, which are the notes of the $5, $10, and $20 denominations. 58 Federal Reserve Bank of Dallas SCHEDULE 30 NUMBER OF OFFICERS AND EMPLOYEES, INCLUDING THE EL PASO AND HOUSTON BRANCHES, AS OF DECEMBER 31, 1923 DEPARTMENT Male NUMBER Female Total Accounting 23 3 26 Auditing 14 1 15 Cash 13 18 31 13 2 15 6 2 8 Fiscal Agency 27 13 40 Loan and Discount 19 4 23 Mailing 12 Credit Examination and Statistical 12 Member Bank Relations 3 .... 3 Secretaries and Stenographers to Senior and Junior Officers 3 10 13 76 25 101 Service Special Agents 1 1 Transit 85 Utility 2 El Paso Branch Bank El Paso Branch Auditing Houston Branch Bank Houston Branch Auditing Officers Total 39 25 2 25 64 25 65 2 40 110 2 3 3 23 23 404 153 557 SCHEDULE 31 CURRENCY AND COIN RECEIPTS FROM AND PAYMENTS TO MEMBER AND NON-MEMBER BANKS, BY MONTHS, DURING 1923, WITH TOTALS FOR 1922 AND 1921 (In thousands of dollars) MONTH January February.... March April May June July August September. October NovemberDecember.. Total, 1923. Total, 1922. Total, 1921. RECEIPTS From From Non-Membei Member Banks Banks PAYMENTS To To Member Non-Membei Banks Banks TOTAL RECEIPTS 1923 18,389 12,796 14,932 13,797 14,580 14,115 14,289 12,496 11,881 17,293 17,045 20,249 425 388 435 379 426 321 443 167 102 129 169 192 7,441 7,858 9,656 9,279 9,770 12,161 10,965 20,906 22,162 16,356 12,711 12,015 328 386 378 472 551 609 455 958 792 535 481 424 18,814 13,184 15,367 14,176 15,006 14,436 14,732 12,663 11,983 17,422 17,214 20,441 181,862 160,497 197,594 3,576 4,134 5,896 151,280 126,288 102,419 6,369 5,080 6,101 TOTAL PAYMENTS 1922 1921 1923 1922 1921 16,644 13,033 13,832 12,296 12,707 13,650 12,037 11,095 10,519 14,662 16,239 17,917 20,400 16,106 19,757 16,481 19,338 17,602 20,238 16,079 12,730 14,814 15,304 14,641 7,769 8,244 10,034 9,751 10,321 12,770 11,420 21,864 22,954 16,891 13,192 12,439 5,919 7,151 8,709 8,007 8,514 9,574 10,490 14,947 21,837 13,198 9,910 13,112 7,773 6,954 8,630 9,061 9,209 7,907 8,635 8,636 13,111 9,046 7,247 12,311 185,438 C O 157,649 164,631 131,368 203,490 108,520 en CO 60 Federal Reserve Bank of Dallas SCHEDULE 32 CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND (In thousands of dollars) Week Ending January 4 (3 days) 11 18 25 February 15. 21. May June July August Net Loss Net Gain 2,022 2,296 4,000 3,639 2,724 6,013 361 584 62,894 53,670 54,670 55,942 46,551 62,805 51,178 51,677 53,240 47,659 89 2,492 2,993 2,702 43,945 47,265 51,000 46,229 43,713 46,277 49,439 47,605 232 988 1,561 3. 10. 17. 2431. 48,452 46,103 46,459 52,524 37,833 51,630 44,331 46,103 52,522 39,687 7. 14. 21. 28. 44,744 46,255 49,491 42,988 48,515 41,877 50,760 42,469 5. 12. 1926. 39,846 41,335 45,271 42,967 41,700 37,469 45,039 46,797 2. 9. 16.. 23.. 30- 38,052 35,934 38,405 47,859 47,849 37,918 35,529 38,983 50,775 52,479 March April Payments to Receipts from other F. R. other F. R. Banks Banks $ 32,278 $ 34,300 52,632 54,928 53,942 57,942 51,915 48,276 52,814 50,090 45,067 51,080 49,549 49,910 43,912 44,496 15.. 22.. 29.. 5. 12.. 19. 26. 1,108 1,376 3,178 1,772 356 2 1,854 3,771 4,378 1,269 519 1,854 3,866 232 3,830 134 405 578 2,916 4,630 61 Federal Reserve Bank of Dallas SCHEDULE 32—Continued Week Ending September 6 13 20 27 Payments to Receipts from other F. R. other F. R. Banks Banks 41,106 49,456 67,416 68,578 80,821 84,515 77,049 79,782 Net Loss October 4 11 18 25 74,419 77,098 75,402 74,868 76,315 77,383 75,937 77,828 November 1 8 15 22 28 85,009 74,335 59,640 78,323 59,363 81,837 73,249 62,197 77,980 59,608 3,172 1,086 6 13 20 27 28-31 (3 days) 78,290 66,287 71,805 60,530 39,506 77,486 65,759 73,661 62,386 35,655 804 528 $2,884,800 2,315,160 2,452,558 $2,901,919 2,321,726 2,435,566 Net Gain 8,350 1,162 3,694 2,733 December Total: 1923 1922 1921 1,896 285 535 2,960 2,557 343 245 1,856 1,856 3,851 $17,119 6,566 $ 16.992 Net gain in ownership of gold since establishment of fund in 1915, $26,814. SCHEDULE 33 DEBITS TO INDIVIDUAL ACCOUNTS (In thousands of dollars) S u m m a r y for 11 centers* 1921 1922 1923 Month January 605,258 526,519 551,763 February 494,600 460,149 466,274 March 547,188 524,469 496,774 April 488,255 470,827 443,091 May 486,003 486,707 437,088 June 465,461 479,097 453,385 July 420,874 432,944 424,419 August 448,966 440,729 435,510 September540,722 541,700 512,987 October 629,517 589,166 567,447 November.... 583,636 556,549 527,296 December.... 620,979 605,692 577,461 $6,331,459|$6,114,548|$5,893,495 Total to Beaumont, Texas Austin, Texas Albuquerque, N . M . 1921 1923 | 1922 | 1921 1923 | 1922 1921 1923 | 1922 $ 9,514 $ 7,683 $ 7,994 $ 17,337 $ 12,134 $ 15,296 $ 18,334 $ 15,085 $ 19,108 15,775 14,498 15,220 7,254 14,979 10,550 12,094 7,003 8,389 16,152 15,154 16,017 6,187 16,209 13,280 13,303 8,232 9,808 12,800 12,851 16,525 5,713 16,556 12,981 11,313 7,944 8,779 12,736 14,211 17,133 5,572 13,967 13,268 12,764 8,967 9,534 13,592 14,534 17,401 7,787 14,065 13,274 11,226 9,684 10,403 12,588 13,538 16,299 7,652 11,956 11,758 10,906 9,389 10,262 14,063 13,425 15,660 6,598 14,649 11,711 10,322 8,191 9,168 12,613 14,177 14,564 7,069 18,291 19,319 14,248 7,966 8,568 13,331 15,528 16,495 7,617 20,239 19,297 14,256 9,670 8,979 12,848 14,170 15,915 8,134 22,363 16,405 14,513 9,721 10,539 14,782 17,195 15,634 8,698 23,766 18,329 13,326 10,377 9,975 $113,918| $104,827| $86,275 $204,377|$172,306|$153,567 $195,197| $174,366) $170,388 to Corsicana, Texas* Dallas, Texas El Paso, Texas Fort Worth, Texas p 6,733 January 150,103 164,375 31,993$ 34,458 35,215 193,256 122,250 $ 137,684 103,005 4,978 4,847 131,028 131,552 February 28,543 27,061 30,332 159,058 95,537 105,992 125,653 4,708 148,763 152,704 5,525 March 167,932 91,142 36,070 31,696 35,428 111,870 142,066 4,654 132,670 137,276 5,619 145,326 82,273 April 32,125 28,707 32,328 95,649 119,459 3,975 138,789 135,629 5,560 149,039 78,554 May 30,723 33,779 33,469 88,715 106,776 3,789 144,514 133,439 146,415 5,767 33,462 33,423 37,232 June 84,961 73,591 101,707 3,333 128,096 123,822 128,462 6,504 28,252 30,920 28,731 86,156 July 88,408 62,193 3,523 130,049 124,531 139,566 8,115 27,118 30,589 29,080 August 94,230 87,520 62,983 5,813 179,770 155,576 184,133 10,207 24,656 27,860 28,384 September86,428 103,673 67,012 5,769 200,507 172,329 218,768 11,164 29,706 29,835 31,930 October 83,464 100,674 122,466 5,057 183,245 157,269 217,059 11,068 November.... 28,756 30,137 33,132 73,610 105,617 128,667 6,266 199,070 166,224 226,674 12,639 34,185 34,532 36,454 December86,041 120,962 144,458 Total $93,879) $51,734] $2,075,688|$l,866,604|$l,754,726 $365,589|$372,997|$391,715 $l,033,370|$l,322,954|$l,215,122 •Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. SCHEDULE 33—Continued Galveston Texas* 1923 | 1922 1921 Houston, Texas 1923 | 1922 Roswell, N. M.* 1921 1923 1922 January . $ 96,206 $ 66,708 $ 101,328 $ 133,571 $ 110,108 $ 136,519 $ 2,491 $ 1,920 February 73,963 50,398 76,251 99,384 90,361 114,046 2,421 2,847 March 81,763 65,040 83,298 115,945 105,969 127,971 2,405 2,292 April 87,288 59,625 77,834 107,969 100,510 107,668 2,484 2,709 May 71,738 59,688 84,202 110,940 105,059 101,218 2,302 2,777 June 76,881 56,982 85,507 106,479 99,630 109,569 2,304 2,180 July 71,838 61,498 80,656 104,581 93,540 104,179 2,609 2,426 August 96,674 68,392 91,195 ' 113,178 105,098 108,250 2,962 2,273 September128,501 109,533 104,421 146,282 138,645 129,307 2,192 2,688 October 149,585 124,521 89,757 164,382 139,942 138,705 3,063 2,706 November.... 78,301 93,268 69,421 136,063 123,952 115,573 2,566 2,587 December.... 57,409 83,601 74,102 141,381 131,209 128,691 2,926 $l,070,147| $899,254|$l,017,972 $l,480,155|$l,344,023|$l,421,696 $29,896 $28,234| Total 1921 San Antonio, Texas* 1921 1923 1922 $ 31,287 $ 27,179 $ 32,266 25,603 26,826 22,824 31,639 30,760 27,271 27,875 28,719 24,656 32,529 29,941 28,033 31,502 32,917 27,348 27,962 26,477 26,069 33,201 29,184 28,867 32,153 28,138 30,972 35,236 26,757 31,143 33,295 27,129 28,865 33,380 29,103 31,095 $376,885| $334,322| $346,994 Shreveport, La. Texarkana, Texas Tuscon, Arizona Waco, Texas 7,303 $ 8,744 $ 6,555 $ 6,893 January 41,614 5,888 31,441 $ 37,477 9,073 19,572 15,380 $ 18,578 February 29,428 31,699 6,451 6,039 15,548 28,036 10,948 16,184 12,649 6,475 6,859 6,398 March 38,645 24,446 6,849 16,006 6,752 16,263 14,800 30,994 10,586 7,843 6,666 6,683 April 34,640 27,706 6,103 13,742 6,541 14,454 13,078 29,673 8,727 7,505 6,851 5,731 34,565 30,002 7,831 13,138 May 13,778 14,097 6,361 36,504 8,962 8,647 7,426 7,645 33,911 27,051 7,866 13,341 June 13,624 14,208 6,720 32,514 8,672 7,438 7,743 8,467 31,047 24,508 6,821 13,182 July 12,772 13,075 5,548 30,151 8,445 6,605 7,248 7,147 31,842 23,618 6,526 12,808 August 20,090 14,213 5,733 27,226 8,273 6,439 6,181 6,277 31,895 29,577 6,759 19,477 28,793 24,375 September... 6,752 29,945 9,541 6,987 6,456 6,311 39,080 31,235 7,116 21,413 29,326 25,023 October 6,994 34,216 11,287 7,791 7,358 7,171 36,913 27,016 7,061 16,107 23,743 20,004 November.... 6,622 37,764 9,501 9,174 8,473 7,415 39,352 31,737 9,882 16,871 24,960 18,862 December.... 8,597 36,108 10,218 8,793 9,166 7,623 Total $422,932| $384,572| $346,072 $114,233] $85,153| $79,982 $92,441 $86,982 $83,761 $233,559| $199,764| $190,211 NOTE: Centers which have not reported continuously for the 18 months ending December 31, 1923, are not included in the table. O5 CO PRINCIPAL ASSETS AND SCHEDULE 34 LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH (In thousands of dollars) Last Report Date In January February... March April May June July August September October November. December.. Loans and Discc unts Gn )SS 1922 1923 $262,388 $235,051 $ 268,243 233,676 269,109 237,071 258,305 236,133 248,147 237,786 248,159 236,679 250,885 233,949 257,915 239,069 270,534 254,071 287,266 274,805 296,014 272,972 293,868 267,865 INVESTMENTS U. S. All Other Securities 1922 1923 1922 1923 53,304 $ 54,656 61,927 64,328 60,582 62,914 54,849 52,758 56,192 53,113 53,181 59,462 39,071 $ 43,937 41,927 42,926 45,948 49,802 47,841 48,850 50,485 48,023 48,016 57,830 8,291 $ 9,017 9,515 9,054 9,036 9,291 10,443 10,746 10,940 12,309 13,655 14,141 Net Demand Deposits 1923 1922 Time Deposits 1923 9,091 $239,686 $190,998 $ 72,638 $ 8,040 247,213 198,312 74,762 7,890 236,134 197,130 75,666 7,325 226,181 203,908 75,764 8,290 220,570 209,587 73,667 8,112 214,175 208,737 75,806 7,241 208,505 204,553 74,783 7,899 208,088 206,793 74,415 7,452 227,821 223,564 75,543 8,025 251,102 239,796 76,833 8,651 260,504 240,187 79,384 8,955 257,638 235,044 83,038 1922 Accomn lodation at F. R. Bank 1922 1923 61,486 $ 4,371 $ 3,071 62,593 2,716 63,004 7,158 64,021 7,484 65,500 8,163 64,964 65,186 13,768 64,013 16,412 8,292 65,949 8,617 69,578 4,967 69,468 5,491 70,527 7,740 6,072 4,680 4,085 2,931 3,599 3,943 4,222 5,747 5;033 3,666 2,690 NOTE:—Figures are for about 52 banks in Dallas, El Paso, Houston, Fort Worth, Galveston, San Antonio, Shreveport and Waco which submit weekly reports to the Federal Reserve Bank. 8S S3 Co 65 Federal Reserve Bank of Dallas SCHEDULE 35 U. S. GOVERNMENT SECURITIES TRANSACTIONS, CERTIFICATES OF INDEBTEDNESS AND TREASURY NOTES Pieces Amount Definitive certificates issued 29,748 $ 78,024,000 Subscription receipts issued 3,225 96,189,000 32,973 11,853 3,653,133 44,826 SAVINGS SECURITIES Reg. Treas. Savings Certs, issued $174,213,000 $177,866,133 REDEMPTIONS Certificates of Indebtedness Victory notes Treasury notes War Savings and Thrift stamps Subscription receipts covering Certificates of Indebtedness Total $48,426,500.00 14,765,150.00 1,901,800.00 13,369,676.79 12,135,500.00 2,810,182 $90,598,626.79 EXCHANGES, CONVERSIONS AND TRANSFERS Temporary-Permanent exchanges Exchange of denominations Registered received for Coupon Coupon received for Registered Registered received for transfer Received for conversion Grand total $ 801,600.00 4,205,200.00 1,335,950.00 1,767,000.00 852,850.00 177,050.00 $9,139,650.00 Total number pieces, 32,515 RECAPITULATION Pieces Amount Certs, of Ind., Treasury notes and subscription receipts issued 32,973 $174,213,000.00 Savings securities issued 11,853 3,653,133.00 Redemptions 2,810,182 90,598,626.79 Exchanges, conversions and transfers 32,515 9,139,650.00 Total 2,887,523 $277,604,409.79 Subscription receipts cancelled and reissued and miscellaneous items 4,359 $90,787,250.46 Federal Reserve Bank of Dallas SCHEDULE 35—Continued PURCHASES AND SALES FOR INVESTORS Transactions Amount 1,104 $65,993,309.88 Certificates of Indebtedness Treasury notes Liberty bonds GOVERNMENT WARRANTS AND INTEREST COUPONS PAID Pieces 784,256 1,010,501 Warrants Coupons Amount $92,368,300.54 6,374,801.04 WAR FINANCE CORPORATION TRANSACTIONS Amount of advances outstanding January 1, 1923 Amount of advances made during year 1923 $19,021,262.49 3,603,680.83 Total advances Amount repayments received during year 1923 $22,624,943.32 10,339,266.02 Total amount outstanding December 31, 1923 $12,285,677.30 TEXAS CROP AND MINERAL PRODUCTION PRODUCTION 1923 Bales of cotton 1922 4,290,000 3,222,000 Bushels of wheat 16,370,000 9,992,000 Bushels of oats 47,040,000 33,465,000 Bushels of corn 96,440,000 114,580,000 Bushels of grain sorghum 41,602,000 39,400,000 125,991,628 117,106,545 Barrels of petroleum Increase or Decrease Per Cent -f + + — + 4- 33.1 63.8 40.6 15.8 5.6 7.6 VALUATION 1923 1922 Increase or Decrease Per Cent $652,080,000 $378,572,000 -- 72.2 16,861,000 10,991,000 + 53.4 26,813,000 18,406,000 + 45.7 96,440,000 95,101,000 — 43,682,000 39,400,000 + 10.9 1.4 54a MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS OF FIFTY-TWO MEMBER BANKS IN SELECTED CITIES DURING 1922 AND 1923 Jem, Fib /Ich Apr Algy Juw« July A vg Sept Oct Nov Vtc Jan f.b Atch Apt- May Junt July Auci S«<C Oct Ifey Hollars 300 ZOO — •l - M — — « « • —^— —B-^> ^-—• ^— 1 00 90 go TO Co „-•-•.. ~..x.... • • • ' """•••... 50 40 SO » ' • • • • 20 c- DE- 3l Loa ns a7ld Discour Vemanet 2}«^ OSITJ . . . . Uni tedSta tttStc i MM A B,IU PayaU JondT?. mew o id ^ at.or,/ 10 3 t 7 \ \ t | ; \ A 1 \ S 4 3 2 1 "* .- — f\ \ V * / V 1 ^ \ "7 19 22 \ \ / I 4— 1 J H v 19 2 3 D.c Mi\Um O5 QO 69 Federal Reserve Bank of Dallas DEBITS TO INDIVIDUAL ACCOUNTS AT THIRTEEN PRINCIPAL CITIES IN THE ELEVENTH FEDERAL RESERVE DISTRICT DURING 1922 AND 1923 Milho-ns Jan Dollars Feb A\ch Apr Mtxy June -July Auq Sept Oct of 'Dollars 800 700 Now D»c 800 \ f \ GOO 5O0 / s 700 600 500 400 400 300 300 A— B-- /923 1 932 200 200 )00 100 NUMBER AND VALUATION OF BUILDING PERMITS ISSUED AT ELEVEN PRINCIPAL CITIES IN THE ELEVENTH FEDERAL RESERVE DISTRICT DURING 1922 AND 1923 Jan Feb Alch Apr Alay June July Aug Sept Oct Nor Dec Jaw Feb Alch Apr May Jont July s4uq SetSl Oct Nor Dec 15 15 A in A /\ / \ HUuation of Permits Issued J a 8 7 / \ l w «///«>7i« of Dollars e 5 \ _ J **> 4 3 r 2 / y ^ \ Ct) \ •• v V- \ —v / si Nuv\ facro/ fVrmit slim f^Thc usand e N 1 V V /" > 9?- y \ \ / \ d P? LIVESTOCK RECEIPTS AT FORT WORTH DURING 1922 AND 1923 Thousands Jan Fe b AkhApr MayJuneJuly/luQ Sept Oct Nav Dec Jan Feb Mch/lpr/iqyJuveJuly Aug Sept Oct Nor Pec Thousands Of of Head Head A \ F^A / /O v / 100 90 70 JO 40 JO ZO 10 / \ /** -i -*/ n \ r 60 / "\ y N A \ y 0 V / 1 \ -v \ -A \ * \Calves 4 19 \ do \ 80 i \ \Sheep \ halves > \ 4 t I 00 V A 80 I 10 / V 7 y JH ~/ / \ \ V*. k . / / 60 f% A SO 1 /\ i/"(—- r \ ;V \ , \ \/ M 40 JO \ % \ /9 70 \ Sheep ZO 10 0 3 Si r to PRODUCTION OF CRUDE OIL IN ELEVENTH FEDERAL RESERVE DISTRICT DURING 1922 AND 1923 utO7ieJa.-n Feh Mch Apr May Juna Sapt OcL No*' D«c Jan. F*b Aleh Apr S%pit Oct AJ«y June 17 IG A 15 \A ft A N 13 \2 \\ 10 v / / r th Bislnct P o (UCCIOT r* f P-^v 1 1 1 r • \ — ^ ^ 9 f Ttno ^— \^- 8 7 G 5 4 3 2 y .' •, • •V 0 *««## Loumana ProducXior *** ** ,— y * / of A J ''* Bcurrtl* \ ,\ \\ 17 16 15 14 )3 \Z 1/ 10 9 8 7 6 5 4 3 2 * — S to 5 C/s COMMERCIAL FAILURES IN THE ELEVENTH FEDERAL RESERVE DISTRICT DURING 1922 AND 1923 Tbousandtjcm Fe b Alar Apr May June July Aug Sept Oct Nov Dec Jan Fe b filar Apr Ma y June July Auq Sept Oct Nov Dec Number of of Fai lures Dollars 6ooo 5ooo 4-000 / A \ i } 30O0 2000 A /\ 1 V mm. A A fcrlit \ 1 1 OOO 900 SOO 7oo (>00 V ; 11 \ \ / A / A \ A\ Norn her v V 500 f V / ^ V y \ \ //A\ V/ /' A \ \ A V boo Soo Aoo zoo ZOO too 90 s so 70 60 SO 40 0 40 300 JO 200 20 1 00 IS 2? So O5 ro ta 74 Federal Reserve Bank of Dallas POST OFFICE RECEIPTS AT ELEVEN PRINCIPAL CITIES IN ELEVENTH FEDERAL RESERVE DISTRICT DURING 1922 AND 1923 Thousands Oa-n Fefa Mch. Apr /Way June. July Dollar* Auq Sept Oct. tiov Dae 1500 1000 900 / V 800 700 *• GOO 500 400 300 200 100 A- ——1. B- — / . 92 B 75 Federal Reserve Bank of Dallas NET SALES OF TWENTY-TWO TEXAS DEPARTMENT STORES DURING 1922 AND 1923 Jem Feb Jorte July Auq Apr Dec Sept Cct Dollars 8 Millions Dollars 8 7 7 / 6 ft r 5 / ^ / ^ 4 / /, 3 / HZ.— is:>5 ?2 - — 131 2. J 76 Federal Reserve Bank of Dallas INDEX Introduction Features of 1923 operations Earnings and expenses Investment operations Discount operations Reserve position Clearing operations Movement of membership Federal reserve notes Federal reserve bank notes Bank relations Bank examinations Internal organization and personnel Fiscal agency operations Operations of the El Paso Branch Operations of the Houston Branch Business conditions in 1923 Texas crop and mineral production _ Page 7- 8 9 10-11 11 12 13 13-14 14-15 15-17 17 17-18 18 19-20 20-22 22-23 23-25 25-27 67 EXHIBITS A. Movement of principal assets and liabilities during 1923 28-29 B. Movement of earning assets and Federal reserve note circulation 30 CHARTS Page Federal reserve notes in actual circulation 16 Movement of principal asset and liability items of fifty-two member banks in selected cities during 1922 and 1923 68 Operations of check clearing and collection department during 1922 and 1923 49 Debits to individual accounts at thirteen principal cities in the Eleventh Federal Reserve District during 1922 and 1923 69 Number and valuation of building permits issued at eleven principal cities in the Eleventh Federal Reserve District during 1922 and 1923 70 Livestock receipts at Fort Worth during 1922 and 1923 71 Production of crude oil in Eleventh Federal Reserve District during 1922 and 1923 72 Commercial failures in the Eleventh Federal Reserve District during 1922 and 1923 73 Post office receipts at eleven principal cities in Eleventh Federal Reserve District during 1922 and 1923 74 Net sales of twenty-two Texas department stores during 1922 and 1923 75 77 Federal Reserve Bank of Dallas INDEX—Continued SCHEDULES Page 1. Comparative statement of condition 31-32 2. Earnings and expenses 32-33 3. Statement of disposition of income calendar year 1923 34 4. Volume of paper discounted and bought, by months, during 1923, classified according to character of paper, with totals for preceding years 35 5. Volume of discount and open market operations 36 6. Rediscounts 37 7. Number of banks in the Eleventh Federal Reserve District, accommodated through the discount of paper during 1923, distributed by states 37 8. Volume of bills discounted for member banks in each state 38 9. Discount rates for 1923 and dates on which effective 39 10. Classification of trade acceptances by maturities for 1923 39 11. Classification of bill of lading drafts as to commodity 39 12. Volume of acceptances purchased during 1923, distributed by rates 40 13. Volume of acceptances purchased during 1923, distributed by maturities 41 14. Volume of bills discounted during 1923, distributed by maturities 42 15. Operations in bonds and securities for the year 1923 16. Member banks' collateral notes 43-46 46 17. Daily average earning assets, earnings thereon, and average rate per annum, year 1923, as compared with year 1922 47 18. Operations of Federal reserve clearing system 48 19. New national banks during 1923 50 20. National banks terminating membership during 1923 51 21. State banks admitted during 1923 51 22. State banks terminating membership during 1923 52 23. Member banks by states 52 24. Recapitulation of capital stock account, 1923 53 25. Number of each denomination and aggregate amount of Federal reserve notes received, issued to bank, and returned to the Comptroller during 1923 54 78 federal Reserve Bank of Dallas INDEX—Continued 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. Page Number of each denomination and aggregate amount of Federal reserve notes received, issued to bank, and returned to the Comptroller since organization, and on hand at close of business December 31, 1923 55 Federal reserve notes, movement between Federal Reserve Bank of Dallas and other Federal reserve banks during 1922 and 1923 56 Federal Reserve Agent's statement of Federal reserve notes on hand, outstanding, received from Comptroller of the Currency, cancelled, and coverage of total issue, as of December 31, 1923.... 56 Federal reserve bank notes outstanding December 30, 1922, issued and redeemed during 1923 and outstanding December 31, 1923 57 Number of officers and employees, including the El Paso and Houston branches, as of December 31, 1923 58 Currency and coin receipts from and payments to member and non-member banks, by months, during 1923, with totals for 1922 and 1921 59 Clearings and transfers through the gold settlement fund 60-61 Debits to individual accounts 62-63 Principal assets and liabilities of reporting member banks in leading cities as of the last report date in the month 64 U. S. government securities transactions, certificates of indebtedness and treasury notes 65-66
@FedFRASER