Full text of Annual Report of the Federal Reserve Bank of Dallas : Seventh Annual Report of the Federal Reserve Bank of Dallas for the Year Ended December 31, 1921

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SEVENTH ANNUAL REPORT
of the

Federal Reserve Bank




of Dallas

For the Year Ended
December 31
1921

SEVENTH ANNUAL REPORT
of the

Federal Reserve Bank




of Dallas

For the Year Ended
December 31
1921




DIRECTORS AND OFFICERS
OF THE

FEDERAL RESERVE BANK OF DALLAS
1922

DIRECTORS
CLASS A
JOHN T. SCOTT, Houston, Texas
HOWELL E. SMITH, McKinney, Tt>xas
B. A. McKINNEY, Dallas, Texas

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

CLASS C
W. F. RAMSEY, Dallas, Texas
W. B. NEWSOME, Dallas, Texas
H. O. WOOTEN, Abilene, Texas

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

B.
R.
R.
R.

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

EL PASO BRANCH
U. S. STEWART, El Paso, Texas
E. M. HURD, El Paso, Texas

DIRECTORS
W. C. WEISS
W. W. TURNEY, El Paso, Texas
A. P. COLES, El Paso, Texas

OFFICERS
W. C. WEISS, Manager
W. P. CLARKE, Assistant Federal ReM. CRUMP, Cashier
serve Agent
ALLEN SAYLES, Assistant Cashier

HOUSTON BRANCH
DIRECTORS
E. F. GOSSETT, Houston, Texas
FRANK ANDREWS, Houston, Texas
R. M FARRAR, Houston, Texas
GUY M. BRYAN, Houston, Texas
J. J. DAVIS, Galveston, Texas
OFFICERS
FLOYD IKARD, Manager
R. L. KING, Assistant Federal Reserve
LAURENCE E. DIGNAN, Cashier
Agent
M. D. JENKINS, Assistant Cashier

MEMBER FEDERAL ADVISORY COUNCIL




R. L. BALL, San Antonio, Texas

LETTER OF TRANSMITTAL
Federal Reserve Bank,
Dallas, Texas, January 16, 1922
Sir:
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, 1921.
Yours respectfully,
W. F. RAMSEY,
Chairman of the Board and
Federal Reserve Agent.
Honorable W. P. G. Harding,
Governor, Federal Reserve Board,
Washington, D. C.




SEVENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK OF DALLAS
INTRODUCTION
A history of the operations of the Federal Reserve Bank
of Dallas covering the past twelve months, produces further
proof of the test to which the facilities of the institution have
been subjected.
During no period in the bank's activities have conditions
been more unusual, or the business and credit situation more
strained. Following the decline in commodity prices, which
began the latter part of 1920, and the subsequent general demoralization of markets, a large percentage of member banks
was unable to adequately reduce their lines in the fall, when
liquidation normally occurs in this district. There was a
tendency in some sections to hold commodities for higher
prices, while in others there was either no market for the
products or the yields were unsatisfactory on account of partial crop failures. This necessitated a larger carry-over of
indebtedness into 1921 than at any time previously, and very
early in the year the Federal Reserve Bank of Dallas was
called upon to extend additional credit to finance spring crop
preparations. Many member banks already in an over-extended condition and unable to reduce their loans on account
of the depressed market for farm products, also faced the
necessity of meeting a gradual withdrawal of deposits.
The situation was exceptional and called for the exercise
of extreme patience and sound judgment. The management
of the Federal Reserve Bank of Dallas, early recognizing the
danger in conditions, immediately began effective measures
to conserve credit and restrict advances to member banks to
their indispensable requirements. In February a slight increase in discount rates was established in order to place the
rates of the Dallas district in line with those in other parts
of the country. At the same time the progressive, or graduated, rates which had been in effect since May, 1920, were



6

Federal Reserve Bank of Dallas

abolished. The advance in rates was deemed justified in view
of the necessity of rediscounting many millions with other
Federal reserve banks at a higher rate than charged member
banks.
Throughout the year the bank has encouraged, in every
legitimate way, the gradual and orderly marketing of livestock and agricultural commodities in order that loans might
be retired. It has sought the co-operation of member banks
in the reduction of borrowings; at the same time liquidation
has not been insisted upon, or forced, where it meant disaster
to the banks or undue losses to producers, either by the sale
of commodities on a declining market or the sacrifice of live
stock in an unfinished or unmarketable condition.
For the first five months of the year there was a gradual
reduction in loans to member banks, resulting to a considerable extent from the sale of government securities, the practice of more rigid credit policies by member banks, more
economical farming methods, and the general reduction in
wages and price of commodities. In the four months following, loans to members increased slightly, while in October,
the first month of the fall liquidating season, a material reduction was shown.
Further decreases in loans were effected during the
months of November and December, when the demands for
credit were lessened, and the relief afforded member banks
through advances from the War Finance Corporation was reflected in the financial situation in the district. By reason
of this improvement the bank's gold position was materially
strengthened, and on December 15 rediscounting with other
Federal reserve banks, necessary since January 1 on account
of unusual credit demands, was discontinued.
While further headway in the readjustment period has
been accomplished in the past twelve months, there is still
much to be done in this direction, and the outlook for 1922
is not especially encouraging. Unsatisfactory crop returns
in a large part of the rich agricultural belt of the district have
made it necessary to carry over another large volume of indebtedness, and financial conditions are not unlike those
which existed a year ago.
Notwithstanding the policy of helpfulness and co-opera


Federal Reserve Bank of Dallas

?

tion which the bank has pursued in its relations with member
banks, there have been some suspensions and failures during
the year, attributable largely to the lack of proper supervision
and an over-extended condition. Had it not been for the
constructive measures and assistance rendered by the bank
other suspensions would have resulted. By extending further
credit, where the condition of the member bank justified, and
suggesting changes in management and official reorganization,
the bank has saved some very bad situations.
FINANCIAL RESULTS OF OPERATION
The decrease in amount of earning assets is reflected in
the bank's gross earnings for 1921, which were $4,243,648, or
13.5 per cent less than 1920.
Net earnings in 1921 were $2,382,792 as compared with
$3,354,675 in 1920, a decrease of $971,883 or 28.9 per cent.
The ratio of net earnings to paid-in capital in 1921 averaged
56.7 per cent, as compared with 89.2 per cent in 1920. The
average rate on bills discounted in 1921 was 6.25 per cent
compared with 5.67 in 1920. The decreased volume of paper
handled more than offset the increase in average rate.
While the volume of business handled was much smaller
than in 1920, and the bank's earnings so reflect, the cost of
operation was not reduced proportionately. It was not possible to make any appreciable reduction in the wage scale,
although the clerical force was slightly cut during the latter
half of the year.
At its meeting in July the directors authorized the absorption by the bank of the expense of fiscal agency operations for the year ending June 30, 1922. These expenses
have approximated $75,000 for the past year.
The expense of operations in 1921 was $1,860,856 as compared with $1,549,847 in 1920, an increase of 20.0 per cent.
On December 31, 1920, after appropriate entries in the
profit and loss account had been made, the bank's capital was
$4,098,550, and surplus $6,032,744.
On June 30 a dividend at the rate of 6 per cent per annum,
covering the bank's operations for the first six months of the
year, amounting to $124,618.69 was paid. At the same time



8

Federal Reserve Bank of Dallas

$1,079,933 was added to surplus. On December 31 another
dividend at the rate of 6 per cent per annum, covering the
operating period from July 1 to December 31, amounting to
$127,592.24 was paid.
The balance in profit and loss account of $281,419 was
added to surplus, making the surplus account on December
31, 1921, $7,394,097, or 88 per cent of the bank's subscribed
capital.
Schedule 1 shows comparative balance sheet as of December 31, 1919, 1920 and 1921.
The decrease in volume of banking business of the district
is reflected in the decrease in the principal asset and liability
items, such as productive assets, gold reserves, capital, surplus, reserve deposits of member banks and total resources.
Total earning assets on December 31, 1921, were $55,291,598, as compared with $83,222,000 on December 31, 1920,
$77,768,000 on December 31, 1919, and $56,363,000 on December 31, 1918.
The capital of the bank on December 31, 1921, was
$4,203,200, as compared with $4,098,000, on December 31,1920,
$3,420,000 on December 31, 1919, and $3,154,300, on December
31, 1918.
Total resources on December 31, 1921, were $122,029,000,
as compared with $174,665,000 on December 31, 1920, $200,492,000 on December 31, 1919, and $119,830,000 on December
31 1918.
Schedule 2 shows comparative statement of earnings and
expenses for the years 1918, 1919, 1920 and 1921.
Schedule 3 shows the disposition of income for 1921.
DISCOUNT OPERATIONS
The unusual demands for credit by member banks have
continued in the past year, and the rediscount facility, the
most important function exercised by the bank, has been
sought by 82 per cent of the members. Of a total membership
on December 31, 1921 of 861, 704 were accommodated in the
year.
The volume of paper handled in 1921 was 40 per cent



Federal Reserve Bank of Dallas

9

less than in 1920, but the number of banks accommodated
increased 3 per cent over 1920; and the number of applications
increased 58 per cent.
Of the total paper rediscounted, the borrowings by states
were as follows:
Number of
Percentage
States
Banks Served Amount
of Total
Arizona
10
$ 6,480,274
.8
Louisiana
17
23,157,745
3.0
New Mexico
39
21,505,538
2.8
Oklahoma
31
25,101,238
3.3
Texas
_.. 607
695,751,693
90.1
The largest amount of paper was handled in the month
of January and the smallest in December.
The ratio of rediscounts of borrowing banks to their basic
line, or amount contributed to the working assets of this bank
on December 31st, was 142 per cent.
The following table shows, by months, the liability ratio
of borrowing banks to their basic lines in 1921, classified by
states:
MONTH
January
February
March
April
May
June
July
August
September
October
November
December

Arizona
(Percent.)
128
119
136
151
113
117
_
102
156
188
141
139
106

Louisiana
(Percent.)
121
113
64
103
90
99
138
112
126
79
65
148

New Mexico Oklahoma
Texas
(Percent.) (Percent.)
(Percent.)
250
381
145
272
312
135
254
260
118
255
257
120
260
250
119
286
254
•
111
241
266
125
252
326
' 128
317
339
137
257
333
120
248
390
111
228
512
112

In other words, the borrowings of member banks exceeded, by the percentage shown, their contribution to the working
assets of the Federal Reserve Bank of Dallas, or what is
termed the "basic line", which is arrived at by deducting
35 per cent from the member's average reserve deposit,
adding to this the amount contributed to the capital stock of
the Federal reserve bank, and multiplying by two and onehalf, which is the lending ability of the Federal reserve bank.
By reason of these excess borrowings, as commented
upon in a preceding paragraph, the bank was obliged to re


10

Federal Reserve Bank of Dallas

discount with other Federal reserve banks until December
15th. The maximum of $27,275,000 was reached on January
13, 1921.
In 1920 the maximum of rediscounts with other Federal
reserve banks was $39,097,256 on September 10th, and minimum $1,000,000 on May 12th.
Schedule 16 shows rediscount transactions with other
Federal reserve banks in 1921.
Of the total paper discounted in 1921, $454,684,000 or 58.8
per cent consisted of notes secured by Government obligations, as compared with $999,943,000 or 78 per cent of the
total in 1920.
The volume of this paper has shown a steady decrease
throughout the year, on account of the reduced holdings of
government securities by member banks. Early in the year
the rate on government secured paper was slightly increased,
and the loan value of Liberty bonds was fixed at 85 per cent
and Victory notes at 95 per cent of their face value. Bonds
in large blocks have been sold in the East and to investors
in this district. As these sales were by the banks which had
been under the necessity of borrowing on the securities, there
was a corresponding decrease in the volume of paper discounted secured by government obligations. Holdings of
treasury certificates by member banks were less than in 1920,
and the largest subscriptions were from individuals, firms
and corporations, or from banks to supply their customers,
and not for their own account.
TRADE ACCEPTANCES
Schedule 10 shows the volume of this class of paper handled in 1921, classified by maturity.
It is not believed that the development of trade acceptances in 1921 has been any more extensive than in previous
years. The progress being made in their use by the trade
seems slow and unsatisfactory. Some of the largest mercantile houses have adopted the acceptance in settlement of purchases, and their experience has justified the change. On
account of competition, and the willingness of dealers to
carry open accounts, granting extensions, as necessary, in


Federal Reserve Bank of Dallas

In-

stead of handling in the form of acceptances, with a fixed date
of settlement, the trade acceptance has not been generally
adopted in this district. It is believed that as conditions in
mercantile lines become normal, and stricter credit policies
necessarily resorted to, the acceptance will find favor with
a larger number of firms. This bank will continue to encourage the development in every possible way.
B A N K E R S ' ACCEPTANCES
Purchases of bankers' acceptances during the year aggregated $694,022, as compared with $8,348,277 in 1920. All the
purchases of this class of paper in 1921 were from the accepting banks in this district. Conditions in the district in 1921
were not favorable to the growth of acceptance credits, and
the amount of new bills created has been rather limited.
This is partially attributable to the depressed market for
commodities, as well as the decreased and unsettled export
trade. As the fall season opened and the necessity for financing cotton and other commodities began, there was a noticeable increase in the acceptances created in this district, and
the volume outstanding during the closing months of the
year was heavier than in earlier months. The demands on
this bank for credit were so heavy, and its available funds
so actively employed in taking care of the indispensable needs
of member banks, that our purchase of acceptances has been
very small; in fact, the bank has not entered the open market
to purchase bills as it has previously done in seasons when
it held surplus funds.
There have been some inquiries and demand for acceptances by banks, individuals and firms, with funds seeking
investment, and it is believed there is an increasing appreciation of the desirability of such paper for temporary employment of idle funds.
During the year one bank was granted authority to accept up to 100 per cent of its capital and surplus, making a
total of 28 which had received this permission on December
31, 1921, as per schedule 33.
Schedule 12 shows the volume of bankers' acceptances
purchased, rates and maturities.



12

Federal Reserve Bank of Dallas
RESERVE POSITION

In order to maintain its required reserve position the
bank found it necessary to rediscount with other Federal reserve banks continuously until December 15th. The amount
of these rediscounts varied, according to the demand for
accommodations from member banks. As will be observed from
"exhibit A " showing the movement of deposits, Federal reserve note circulation and reserves, had this inter-district
accommodation not been extended, the bank's "adjusted" reserve position would have reached the vanishing point on
several occasions.
Beginning in January, rediscounts with other Federal
reserve banks fluctuated between $21,000,000 and $27,000,000
and the bank's reserve to combined deposit and note liability
ranged between 39.8 and 41.4 per cent.
In February, March and April rediscounts with other
Federal reserve banks ranged from $6,600,000 to $17,500,000,
and during this period the reserve ratio fluctuated between
37.6 and 40.9 per cent.
In May, June and July rediscounts with other Federal
reserve banks ranged between $2,500,000 and $19,000,000,
and the reserve ratio between 37.9 and 41 per cent.
In August, September and October rediscounts with other
Federal reserve banks were between $7,600,000 and $24,600,000, and reserve ratio 38.3 to 41.4 per cent.
The bank's adjusted reserve improved materially in
November, and by reason of such improvement its interdistrict borrowings were almost retired, being reduced on at
least one day in the month, to less than $1,000,000. This
position was not of long duration, however, and rediscounting
in moderate amounts was continued until December 15th,
when the bank retired its borrowings with other Federal reserve banks. During the remainder of the year the bank's
gold holdings became stronger and its reserves improved
until, on December 31st, its ratio was 43.1 per cent.
CLEARING OPERATIONS
The annual report for the year ending December 31, 1920,
touched upon the plan adopted March 1, 1920, whereby the



Federal Reserve Bank of Dallas

13

aggregate of our daily transit items, sent to each bank, would
be handled as a separate transaction, and charged to the reserve account of the member bank after receipt of the cash
letter had been acknowledged. Effective March 10,1921, this
plan was discontinued, and our daily transit sendings to each
bank, both member and non-member, are now forwarded for
collection, and remittance of proceeds, in accordance with
method outlined in our Circular No. 3, series of 1921.
Despite the continued heavy volume of checks cleared
through our transit department, during the year just closed,
the number of employees required for this work has been considerably reduced. Improved methods and increased efficiency, following the housing of the department in our new
building, are the most important factors contributing to the
decreased cost of clearing operations.
The reserve city clearing house continues to function
satisfactorily, and has come to be regarded as almost indispensable for the settling of balances between the members
thereof, but its benefits accrue not alone to the comparatively
few banks comprising this association. Country banks in
increasing numbers are availing themselves of the facilities
offered by the reserve city clearing house, and recognize it
as a convenient medium through which to convert their drafts
into available funds, immediately upon receipt by this institution. Many banks, non-member and member, are settling
for our transit sendings with exchange payable through the
reserve city clearing house. This and other factors have
contributed toward the reduction in the mail collection time
schedule for this district.
Direct routing of checks is playing an important role in
clearing operations. When it is desirable, in order to save
time, member banks may arrange, by application to the Federal Reserve Bank of Dallas, for direct routing of their items
to the head office or branch in the Eleventh Federal Reserve
District, outside of their territory, or to other Federal reserve
banks or branches, for credit at the head office or branch to
which they are attached.
One hundred and fifteen member banks in the Eleventh
District have been accorded the direct routing privilege,
thereby effecting a saving of the time required for the items
to reach the head office or branch to which they are attached.



14

Federal Reserve Bank of Dallas

Direct routing eliminates unnecessary handling, and provides the means for the quickest possible collection and credit
of checks.
The privilege of direct sending is not restricted to member banks of this district, as many banks in other Federal
reserve districts are also routing checks direct to the head
office and branches of this institution, and the saving in time
and expense is quite an item.
The annual report for the year 1920 describes "Station
K " as a branch of the Dallas Post Office, and enumerates the
many advantages expected to be derived therefrom. With
the completion of our new building, "Station K " was located
on the third floor with the transit and mailing departments.
Mail to this bank is delivered from trains direct to "Station
K", in pouches so labeled, and our out-going mail is dis*
patched in pouches direct to mail trains.
Our transit and mailing departments adjoin "Station K "
and operate in complete unison. In the mailing department,
the out-going envelopes are pulled from the tills in the racks
according to colors which denote train time. Many vexatious
delays and troublesome losses have in this manner been avoided. "Station K " is one of the most valuable extensions of
service to our member banks.
As far as it is possible to do so the time collection schedule published by this institution has been perfected to a
degree where it coincides almost entirely with the actual time
required to collect the checks. Inconsistencies have been
eliminated whenever found, and the schedule now in effect
varies very little with actual transit time. The slight variance is attributable almost entirely to delayed trains, and
certain other causes over which we cannot exercise control.
During the early part of the year 1921, a conference was
held in Washington of representatives of all Federal reserve
banks, and an official inter-district schedule was adopted
which corrected inconsistencies in the old schedule, and
brought the published collection schedule to within actual
transit time. The new schedule, as now operating, proves
satisfactory, and shows to have been calculated upon an
equitable basis.



Federal Reserve Bank of Dallas

15

Our Circular No. 48, 1921, contains the collection time of
checks drawn on points in this district, as well as those drawn
on various cities and states of other Federal reserve districts.
Prior to 1921, comparatively few banks availed themselves
of the facilities for quick collection of so called non-cash
items, extended through our collection department. The
year just closed witnessed a large increase in the number of
items of this class handled. In October, 1920, we made 1,825
collections, while in October, 1921, we collected 5,748 items,
or an increase of 3,923 collections; this represents an increase
in volume of more than 200 per cent.
In several instances during the past year certain checks
which we received for collection became involved in the failure
of drawee banks. Although our liability as collection agent
terminates when we charge the amount of the uncollected
checks to the accounts of our endorsers, we have deemed it
advisable, in the interest of our endorsers, to file claims in
their behalf with the proper governmental authority, where
we are furnished with the necessary authorization. Several
such claims have been filed, established, and allowed as preferred creditor's claims, and we have been enabled to collect
the full amount of the checks involved, for our endorsers.
In other instances, the claims have been allowed as general
creditor's claims, and we have accounted to our endorsers
for such dividends as have been collected. This service is
rendered without cost to our member banks. Otherwise, considering the time involved and the necessary legal assistance,
it would be quite an item of expense to them.
MOVEMENT OF MEMBERSHIP
On January 1,1921, the total number of national banks in
this district was 663, with combined capital and surplus of
$116,168,000. During the year 16 national banks were granted characters, as shown by schedule 19.
Through liquidation, merger, and other causes, as indicated by schedule 20, 24 were dropped from membership,
making a net decrease of 8, or total on December 31, 1921, of
655.



16

Federal Reserve Bank of Dallas

On January 1,1921, our total state bank membership was
187, with combined capital and surplus of $21,175,500. During the year 26 state banks were admitted, 7 liquidated, consolidated with other institutions or were converted into national banks, making a net increase during the year of 19, or
a total on December 31, 1921, of 206.
Schedule 23 shows, by states, the number of state bank
members on December 31,1921, together with capital, surplus,
and total resources, as compiled from the latest figures available.
Schedule 24 shows total membership, national and state,
by states, on December 31, 1921.

FEDERAL RESERVE NOTES
The decreased volume of business transacted in this district in 1921 is reflected in the movement of Federal reserve
notes, shown in the appended chart.
The reduction in notes in circulation has been gradual,
but heavy, and on December 31,1921, the amount outstanding
was $45,215,775 less than on the same date a year ago. In
past years the peak of issues has taken place in the fall months,
when the demands for currency for crop moving purposes
were greatest. This has not been the case in 1921, and except
in the month of September, when deliveries to the bank were
very heavy, there was a steady contraction in note circulation, instead of an increase. September was the only month
in the year in which the amount outstanding at the end of
the month was greater than the month preceding.
Aside from the reduced volume of business and consequent lessened demand for currency, an important factor
which contributed to the reduction was the decrease in shipment of notes to banks on the Mexican border for circulation
in Mexico. In 1920 notes in large amounts were used for
this purpose, while in 1921 shipments of currency to border
banks for Mexican circulation have been negligible.
The Federal Reserve Agent issued notes to the bank during the year aggregating $25,762,000, as compared with $69,245,000 in 1920. The bank returned to the Agent notes fit
for use aggregating $13,217,000, as compared with $13,825,000
in 1920. Notes aggregating $57,760,775 were returned to the




Federal Reserve Bank of Dallas

^

Comptroller for destruction, as compared with $49,310,520 in
1920.
It will be noted that the amount of notes returned by the
bank to the Agent, were less than in 1920, and notes redeemed,
or sent to the Comptroller for destruction, have made up a
large part of the decrease in circulation.
Schedule 26 showTs the number of notes, by denominations, received, issued, and returned to the Comptroller for
redemption during 1921. Schedule 27 is a consolidated
statement of notes received, issued to and received from the
Bank, and returned to the Comptroller since organization,
and on hand December 31, 1921.
Schedule 28 shows the inter-district movement of notes
during 1921.
FEDERAL RESERVE BANK NOTES
On December 31, 1920, the bank had Federal reserve
bank notes in actual circulation amounting to $7,101,000. New
notes aggregating $1,980,000 were issued in 1921, notes totaling $7,775,000 were sent to Washington for redemption, and
$2,949,800 were outstanding on December 31, 1921. Of this
amount $2,726,441 were in actual circulation.
On the same date Federal reserve bank notes of $4,668,000 were held by the Comptroller as reserve stock, and securities amounting to $3,295,900 were lodged with the United
States Treasurer as cover for the notes. These consisted of2 per cent, consols of 1930, aggregating $1,395,900, and special
2 per cent, certificates of indebtedness (Pittman Act) aggregating $1,900,000.
In April Pittman Act one year special certificates, aggregating $3,900,000, purchased originally as security for Federal
reserve bank notes, but against which no circulation was outstanding, were retired.
The demand for currency in small denominations is met,
to a large extent, by Federal reserve bank notes, and they
have gradually taken the place of silver certificates and silver
dollars.
The amount of Federal reserve bank notes outstanding
on December 31, 1920, amounts issued to replace unfit notes,
and redemptions in 1921, is shown by schedule 30.






00

FEDERAL RESERVE NOTES OUTSTANDING

Federal Reserve Bank of Dallas

19

RELATIONS WITH MEMBER BANKS—NATIONAL
AND STATE
In another section of this report, covering the operations
of the Member Bank Relations Department in 1921, reference
is made to the bank's activities in promoting closer relationship with members. The best evidence of accomplishment
along this line is the larger number of banks which have used
the facilities offered. Better service, and the more efficient
and intelligent handling of member bank transactions have
been the first consideration of the bank's officers. While the
Member Bank Relations Department is concerned principally
with disseminating information and educational propaganda
about the Federal Reserve System, the operating officers of
the bank, who are in close touch daily with transactions of
members, are able to render invaluable assistance. The unusual conditions and peculiar problems which obtained in 1921
have emphasized the close relationship between the Federal
Reserve Bank and its '' customers'', the member banks. With
a large membership, over a territory of vast areas, there have
unquestionably been instances where the service rendered has
fallen short of the member banks' expectations. Errors of
omission and commission have crept in regardless of the best
efforts to prevent them, but it is believed they were inconsequential when compared with the number of transactions satisfactorily and expeditiously concluded.
FIDUCIARY POWERS TO NATIONAL BANKS
Only two banks were granted fiduciary powers in 1921,
making a total of 61 banks which had received such permission on December 31, 1921, as shown in schedule 32.
Some of the larger banks have featured their trust departments and are obtaining a profitable line of business. The
majority of the banks authorized to exercise these special
functions, however, have not used them, as disclosed by replies received to the questionnaire recently sent out by the
Federal Reserve Board. Various reasons are advanced for
this, but it seems principally attributable to unfamiliarity
with the handling of trust business by the officers of commercial banks.



20

Federal Reserve Bank of Dallas
MEMBER BANK RELATIONS DEPARTMENT

The field representatives and the Assistant Federal Reserve Agent, in charge of the Member Bank Relations Department, made 1163 visits to member and non-member banks in
the district during 1921. Visits were made to 687 member
banks in following out the established policy of a personal
visit to each member from time to time for the purpose of
fostering better relations, the establishment of more perfect
contact between the Federal Reserve Bank of Dallas and its
branches with its members, and the encouragement of the
more frequent use of this bank's facilities. Each visit is
covered by a complete report with respect to the bank visited,
which report is always supplemented by a resume of the general conditions, prospects for liquidation, etc. Digests from
all such reports are prepared and sent to each member of the
Executive Committee for his information.
Visits were made to 362 non-member banks located in the
same town, or cities, with member banks.
In addition to the visits above mentioned, representatives
of the Member Bank Relations Department made 114 special
calls on member and non-member banks to secure specific
credit information, or for the purpose of personally handling
matters incident to our check collection system, as it affected
some of our non-member banks.
A representative of the Member Bank Relations Department, or the Assistant Federal Reserve Agent, has attended
all group meetings and bankers' conventions held in the district, and several addresses regarding the purposes of the Federal Reserve System and functions of the Federal reserve
banks have been delivered by the Assistant Federal Reserve
Agents on such occasions.
Officers or representatives of member banks visit the
Federal Reserve Bank of Dallas almost daily, in order to secure
first hand information about the operation of the different
departments of the bank with which they frequently come in
contact. These visits have resulted in much good, and it is
believed are very interesting an instructive to the visitor.



Federal Reserve Bank of Dallas

21

Our traveling representatives make it a point to extend the
bankers called upon a cordial invitation to visit the head
office and its branches.
STATE BANK MEMBERSHIPS
While no active campaign for state bank members was
conducted in 1921, 56 applications were received, of which 26
were favorably acted upon, and the memberships of the banks
concluded. Action on the remainder was deferred on account
of the condition of the banks. A number of inquiries were
received from banks which had membership under consideration, and the matter has also been discussed personally by
officers of state banks with the Federal Reserve Agent's Department throughout the year. In such instances, of course,
all necessary information was furnished. The extended condition of many state banks precluded favorable recommendation upon their applications by our Executive Committee,
and the banks were frankly advised of the Committee's attitude, and the suggestion was made that they set about to
improve their condition. This was done in several instances,
and upon reconsideration of the application by the committee
favorable action was had.
It is expected that as financial conditions become improved there will be increased interest in membership on the
part of the state banks, and it is hoped to add to our membership as the condition of the applicants admit. There is
a growing appreciation on the part of state banks of the advantages of the connection, and as normal conditions are
restored there is no reason why the splendid success already
accomplished in this district, in state bank members, cannot
be continued.
BANK EXAMINATIONS
On December 31,1921, there were 206 state bank members
of the Federal Reserve System in this district, as compared
with 187 at the beginning of the year. The number of joint
examinations conducted in 1921 by the Examination Department was 175, as against 58 in 1920. Thus while there was
a growth in state bank membership of only ten per cent



22

Federal Reserve Bank of Dallas

there was an increase of more than 200 per cent in the number
of joint examinations made during the year. There was also
an increase of more than 150 per cent in the aggregate number
of examinations of all kinds, including joint, special, independent and those made in connection with applications for
membership.
The following comparative summary shows the number
of examinations of various kinds conducted during 1920 and
1921:
1921 1920
State Banks:
Applicants for membership .._
53
82
Joint with state examiners
175
58
Special or independent
30
10
Total number of state bank examinations
National Banks:
Joint examinations
1
Special examinations
7
Regular examinations made or
participated in by our examiruers while loaned to the Comptroller of Currency
113

258

150

121

Total number of examinations made during
the year
379 150
The results accomplished during the year just closed were
made possible by increasing our force of examiners and establishing closer relations with state supervisory officials.
Wholehearted cooperation and unstinted assistance in
the matter of bank supervision have been exchanged with
state and national authorities during the year. The various
State Banking Commissioners and their examiners, almost
without exception, have rendered invaluable aid in planning
and executing joint examinations and otherwise making the
present system of dual supervision more satisfactory and
effective. Close relations have also been maintained with the
Chief National Bank Examiner of the Eleventh District. By
an arrangement made through the Federal Reserve Board



Federal Reserve Bank of Dallas

23

two of our examiners were loaned to the Comptroller of Currency early in 1921 and served as national bank examiners
during the greater part of the year.
During the course of the year the department made 6,800
abstracts of examination and condition reports, 1,050 credit
status reports, and 350 special analyses of examination reports.
BANKING QUARTERS
On March 12th, with the transfer of the Cash and Trust
departments to the new building, all divisions of the bank
had been moved, and while there was necessarily some confusion incident to the transfer and operation of the bank in
the new location, this was rapidly overcome, and normal
activities were resumed without undue delay. Adequate space
is now provided for all departments, and working conditions
are ideal. The present building meets every requirement
necessary for the safe and expeditious handling of the bank's
business, and every modern feature for the comfort and welfare of the staff has been arranged for. As might be expected,
when all the departments were moved to the new building,
it was necessary to make some slight revisions in the space
originally allotted the different departments to conform to
their actual working requirements. More room was needed
for some divisions than the plans provided for, while in practice other departments found it possible to make a slight
reduction in their space. These re-arrangements, however,
did not materially affect the original plans. The judgment
of the building committee, in making suitable provision for
the future growth of the bank, has been fully justified.
The reports of the branches, made a part hereof, describe
the quarters occupied at El Paso and Houston.
INTERNAL ORGANIZATION AND PERSONNEL
On January 1, 1921, the personnel of the Board of Directors was J. T. Scott, Ed. Hall, B. A. McKinney, Class A;
Marion Sansom, Frank Kell, J. J. Culbertson, Class B; W. F.
Ramsey, W. B. Newsome, H. O. Wooten, Class C.
Mr. Hall, having been appointed as Commissioner of Insurance and Banking of Texas, and his service in that capacity
being deemed incompatible with a directorship in this bank,



24

Federal Reserve Bank of Dallas

his resignation was presented and accepted at the March
meeting. A special election for the purpose of choosing a
successor to Mr. Hall was held, with the result that Howell E.
Smith, Cashier of the First National Bank, McKinney, Texas,
was elected.
The Board of Directors has held eleven meetings in 1921,
regular sessions being held in each month except September,
when many of the Directors were out of the State on vacation.
At its meeting in January the Board elected the following
officers to serve in 1921:
R. L. Van Zandt, Governor
Lynn P. Talley, Deputy Governor
Sam R. Lawder, Cashier
R. B. Coleman, Assistant Cashier
Fred Harris, Assistant Cashier
Dwight P. Reordan, Assistant Cashier
W. 0. Ford, Assistant Cashier
J. L. Lumpkin, Assistant Cashier
Reece T. Freeman, Assistant Cashier
Carl B. Teagarden, General Auditor
C. C. Huff, General Counsel
E. B. Stroud, Jr., Office Counsel
At the same meeting R. L. Ball, of San Antonio, was reelected to serve on the Federal Advisory Council in 1921.
Messrs. McKinney, Newsome and Sansom were also reappointed members of the Executive Committee, to serve for
three months. These gentlemen were re-designated as members of the committee, from time to time, during the year, and
have served continuously. The Committee held ten formal
meetings in 1921. Informal sessions, or conferences, on important administrative matters, have been held almost daily.
At the July meeting our directors reluctantly accepted
the resignations of Deputy Governor Talley and Cashier Lawder, on account of their election to senior official positions
in a large commercial bank in Dallas.
To fill the official vacancies thus created, the services of
R. G. Emerson, Assistant to Governor of the Federal Reserve
Board, were loaned the bank, and R. R. Gilbert, formerly
Assistant Federal Reserve Agent, was elected Cashier to succeed Mr. Lawder.



Federal Reserve Bank of Dallas

25

Dwight P. Reordan, formerly Assistant Cashier, was appointed Assistant Federal Reserve Agent, in charge of Member Bank Relations, to succeed Mr. Gilbert.
By the re-arrangement of official duties, in which the
departments formerly under the supervision of Mr. Reordan
were assigned other Assistant Cashiers, the number of Assistant Cashiers was reduced from six to five. Mr. Reordan had
supervision of the Service and Bookkeeping Departments. The
former was transferred to Assistant Cashier Ford, and the
latter to Assistant Cashier Lumpkin. At the same time the
Securities, or Trust Department, which had been under Mr.
Ford's supervision, was transferred to Mr. Harris.
In August Mr. Emerson was elected Acting Deputy Governor, and served in that capacity the balance of the year.
In November the resignation of Carl B. Teagarden, General Auditor, was accepted, and D. S. Lawhon, formerly
Assistant General Auditor, was designated Acting General
Auditor.
The terms of Messrs. John T. Scott, Class A Director,
and Frank Kell, Class B Director, expired on December 31,
1921. These gentlemen represented banks in groups 1 and 2,
rspectively. Between November 17th and December 1st an
election was held to choose their successors, which resulted
in the re-election of Messrs. Scott and Kell, to serve for the
three year term beginning January 1, 1922.
In December the Federal Reserve Board re-designated
W. F. Ramsey Chairman of the Board, and Federal Reserve
Agent, for one year beginning January 1,1922, and re-appointed W. B. Newsome as Class C Director, for the three year
term beginning January 1, 1922, re-designating Mr. Newsome
Deputy Chairman of the Board for 1922.
The total number of officers and employes at the head
office and branches on December 31, 1921, was 637, as compared with 613 on December 31, 1920. The reduction of 25
employes in the Transit Department and 29 employes in the
Fiscal Agency Department, was more than offset by increases
in the Cash, Credit, Loan and Discount and Service Departments. The addition of 36 employes to the latter department
was due to the necessity for increased protection and janitor



26

Federal Reserve Bank of Dallas

service in the maintenance of the new building and operation
of the Cuisine division, or cafe. The heavier volume of work
in the Credit and Loan and Discount departments necessitated
increases in their personnel.
The entire staff of the bank has demonstrated a very
commendable spirit of loyalty, and the smoothness with which
the business of each department is at present transacted is
adequate proof of the cooperation existing throughout the
organization.
The number of employes at the head office and branches
on December 31, 1921, is shown in schedule 34.
FISCAL AGENCY OPERATIONS
The functions performed by this department, as well as
the volume handled, was much the same as last year with the
exception of the handling of War Finance Corporation matters.
The most important changes effected during the year
were the curtailment of activities of the war savings publicity
organization done at the direction of the Treasury Department, which permitted a reduction in the clerical force of
thirteen employes, and the acquisition of responsibility and
added duties in connection with War Finance Corporation
transactions.
The department, as a whole, has handled more volume
this year than during the preceding one, and notwithstanding
this fact, the clerical force has been reduced 37 per cent from
76 to 49 employes. However, it would be unfair not to add
that 13 of the 27 employes released from the department
during the year were attaches of the war savings publicity
organization, and, by eliminating all employes of that organization, both last year and this year, for the purpose of comparison, a real reduction of employes in all operating divisions
of 25 per cent is enjoyed.
It might be of interest to mention the fact that both the
former supervising officer and the manager of the department
left it within thirty days prior to the beginning of this year
and their successors were promoted from the ranks of the
department itself.



Federal Reserve Bank of Dallas

27

This department moved into the new building in February, 1921, on schedule and without mishap. Fifty-eight
registered mail pouches with rotary locks were required to
accommodate the securities, the aggregate of which was
nearly one hundred million dollars.
The various exchanges of Liberty bonds shows an increase of 16 per cent over last year, especially with reference
to temporary-permanent exchanges incident to handling those
of the Fourth Loan, none of which were exchanged prior to
January 1, 1921.
The number of separate shipments of securities handled
increased 50 per cent.
There were practically the same number of separate issues
of certificates of indebtedness this year as last, the issues of
this year including two series of three-year notes.
The total amount of subscriptions allotted, as well as the
number of subscriptions, was about ten per cent less than last
year; however, the aggregate amount of subscriptions received were in excess of the aggregate of quotas assigned to
this district.
The issues offered during the last half of the year,
although bearing lower interest rates than those of the first
half, were largely over-subscribed.
Approximately one-third of the total amount of certificates and notes allotted in this district were resold almost
immediately in the eastern market.
Resales of government securities transactions assumed
considerable proportions, increasing during the year; approximately 500 separate transactions being handled.
Quick sale of treasury certificates was made possible
through special arrangement by the Treasury Department,
such plan eliminating the necessity of shipping certificates,
deliveries being effected from regular stock of Federal reserve
banks and accounting cleared through the Treasury Department.
Liberty bonds and Victory notes sales also increased considerably, there still being a general exodus of bonds from this
district.



28

Federal Reserve Bank of Dallas

The aggregate amount of resales of both certificates and
bonds was $28,500,000, practically all being sold in the New
York market. These transactions represent practically ten
times as much volume and four times as much money as compared with last year.
The aggregate net sales of war savings securities were
about 33 per cent less than last year. Renewed interest and
increased sales were noticed during the last two weeks of the
year, incident to offerings of new issues of Treasury savings
certificates.
Redemptions of war savings stamps from postmasters
were about the same. This is the principal item as far as
volume is concerned in connection with war savings transactions.
The number of interest coupons handled was about 20
per cent less than last year, while government warrants show
an increase of about 10 per cent.
The activities of the War Finance Corporation in connection with making loans on cotton and livestock in this district
began in earnest early in the fall and this bank, acting as
fiscal agent, has attended to disbursement of all such advances,
and retains custody of papers and collaterals and collection
of interest, principal, substitution of collateral, renewals, etc.
The handling of these transactions has entailed considerable
work and required constant close supervision and was carried
on without acquiring additional help. Advances on cotton
amounted to $1,337,933.50, and on livestock $5,232,498.34.
Commencing July 1st, the Treasury Department discontinued the practice of reimbursing this bank for expenses incurred in handling fiscal agency transactions, except in
connection with certificates of indebtedness and war savings
publicity matters, necessitating this bank absorbing expense,
not heretofore borne, at the rate of about $65,000 per annum.
OPERATIONS OF THE EL PASO BRANCH
On January 1, 1921, the directorate of the branch was
composed of W. C. Weiss, W. W. Turner, U. S. Stewart,
A. P. Coles, and A. F. Kerr. No changes in the Board have
occurred during the year.



Federal Reserve Bank of Dallas

29

The officers elected by the directors of the head office
to serve in 1921 were W. C. Weiss, Manager; M. Crump,
Cashier; Allen Sayles, Assistant Cashier, and W. P. Clarke,
Assistant Federal Reserve Agent and Auditor.
The personnel of the branch remains practically unchanged from the close of 1920, and on December 31, 1921, was as
follows:
Transit 15, Cash 7, Loan and Discount 5, Credit 4, Auditing 4, Bookkeeping 4, Mailing 2, Sundry 23.
At the close of the year 1921 the branch membership consisted of 59 national and 12 state banks, with capital and
surplus of $8,551,050 for national and $1,545,000 for state
banks. During the year 3 member banks—2 national and 1
state— suspended operations; both national banks re-opening
after a short period of suspension. Membership decreased 2,
occasioned by the suspension of the state bank member and
consolidation of 2 national banks. No increase in membership is anticipated until normal conditions have been restored
and banks have further opportunity to place their houses in
order.
Practically the entire membership of the district exercised the rediscount privilege during the year, 68 of the 71
member banks having been accommodated. Continued heavy
discount operations evidence the service of the branch in
meeting the demand for credit in the district. Average discounts and rediscounts of the branch have been approximately
double the prorata participation of its membership. During
the year discounts and rediscounts amounted to $97,866,448.99,
divided by months as follows:
January _
$ 8,471,874.83
February
8,031,542.93
March
10,103,466.11
April _
8,288,984.06
May _
10,046,439.00
June
12,864,176.87
July
_.._
6,609,736.25
August
8,573,827.21
September
8,319,616.62
October
5,916,623.86
November
4,889,951.58
December
_
5,750,209.67



30

Federal Reserve Bank of Dallas

At the close of the year total paper held aggregated
$9,102,199.51, classified as follows:
Rediscounts
$ 8,042,874.31
M. B. Collateral Notes
U. S. Secured
844,740.00
Otherwise Secured
204,500.00
B/L Drafts
10,085.20
Credit activities considerably expanded during the year,
2,228 rediscount offerings, consisting of 11,650 notes, and 883
additional collateral offerings, consisting of 5,233 notes, having been received and analyzed. Additional collateral to secure rediscounts was required of 25 banks at the beginning
of the year which number steadily increased to 32 at its close.
Collateral to secure transit sendings has been required of 4
banks, and director's guaranties to secure rediscounts required of 7.
Member banks made free use of the privileges afforded
by the branch in connection with currency and coin transactions. There were received during the year 3,385,726 bills
amounting to $28,188,100, and 11,055,201 coins amounting to
$6,532,558.50. There were shipped and delivered 4,223,367
bills amounting to $33,818,788 and 5,284,701 coins amounting
to $3,641,658.50. Total number of incoming and outgoing
shipments were 7,162 and 3,143 respectively, a monthly average of 597 and 262 respectively, amounting to $2,893,388.21
and $3,121,703.88 respectively.
This department effected 11,026 transfers of funds, involving $145,635,394.83, the larger part of which were made
by telegraph, the expense in connection being absorbed by
the Federal Reserve Bank.
The check collection operations are reflected by months,
comparative with 1920, in the following:




Federal Reserve Bank of Dallas

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

1920
No.
239,033 $
205,944
264,332
258,597
261,463
217,478
206,335
199,193
198,719
: 204,396
203,116
218,689
2,677,295

31
1921

Amount
49,972,808.44
46,611,844.44
51,404,887.35
47,625,720.14
47,871,752.10
45,980,179.85
39,873,947.87
39,197,536.43
41,362,548.18
40,940,236.42
38,786,783.08
39,948,652.93

No.
206,299
188,914
222,816
200,913
192,555
198,362
188,092
191,173
187,846
206,641
196,773
233,393

Amount
$ 34,836,757.53
30,285,361.73
35,444,944.34
27,816,820.21
24,705,334.37
24,824,071.39
25,048,653.48
21,823,857.16
22,440,310.72
25,126,169.25
24,684,120.54
26,968,203.43

529,576,897.23

2,413,777

324,004,604.15

The city banks fully appreciate the advantage of the direct routing privilege, which promotes the economical handling of check collections. The branch receives for collection
at par, checks drawn upon all banks in the branch district,
as well as checks drawn upon banking institutions in other
districts on the Federal Reserve Board par list.
The branch received from its member banks during 1921,
for safekeeping or as collateral to secure advances, and deposited in its securities department, securities aggregating
$5,911,387.42. Securities withdrawn during the year amounted
to $6,962,967.26.
Permanent quarters were occupied in August, 1920, and
have adequately met demands. Working conditions in the
old quarters were deplorable, and relief from those conditions
has considerably strengthened the morale of the organization,
and greatly facilitated the handling of business in all departments.
The building now consists of two floors, mezzanine and
full basement. Provision has been made for four additional
stories should increased operations make it necessary.
There follows a comparative statement of earnings and
expenses for the years 1920 and 1921:
Gross Earnings
Expense
Net Earnings




1920
1921
Total
Mo. Average
Total
Mo. Average
$457,104.29 $38,092.02 $731,754.21 $60,979.51
173,659.54
14,471.62
195,916.84
16,326.40
283,444.75
23,620.39
535,837.37
44,653.11

32

Federal Reserve Bank of Dallas

OPERATIONS OF THE HOUSTON BRANCH
On January 1, 1921, the directorate of the branch was
composed of Frank Andrews, Guy M. Bryan, J. J. Davis, R.
M. Farrar and E. F. Gossett. No changes in the Board have
occurred during the year.
The officers elected by the Directors of the head office to
serve in 1921 were E. F. Gossett, Manager; Floyd Ikard,
Cashier; L. E. Dignan, Assistant Cashier and R. L. King,
Assistant Federal Reserve Agent and Auditor. In April
M. D. Jenkins was elected Assistant Cashier. In July Mr.
Gossett resigned to accept an official position with a local commercial bank, being succeeded by Mr. Ikard, who was, in
turn, succeeded by Mr. Dignan. Mr. Gossett continued as a
director.
At the close of 1921 the branch had 73 employes, as compared with 76 at the beginning of the year. A traveling representative and special examiner was added on January 1st.
The net increase in membership for the year was 4, making a total of 135 members. The additions were 3 national
and 4 state banks. Two consolidations were effected and 1
member bank failed, which is the only member bank failure
since the Branch opened in 1919. On January 1st there were
275 non-member banks in this territory, and of this number 11
have failed. In each instance the Federal Reserve Bank successfully protected its interests as well as those of its endorsers and no losses were incurred. All non-member banks
are remitting at par.
The Loan and Discount Department handled this year a
total of 2,190 offerings, aggregating $37,987,072.10. Member
bank collateral notes aggregating 1595, totaling $91,445,475,07
were discounted. Immediate credit was given on 138 bill of
lading drafts, amounting to $992,274.81. These drafts represented the exportation of cotton to Europe and the domestic
shipment of rice. The total number of notes and drafts handled during the year was 16,462 and the total amount, $129,432,547.17. The largest note handled was $1,000,000, and the
smallest $10.00. Since its opening the Branch has loaned
$485,821,861.16.
93 banks rediscounted their paper this year, and of this
number 35 were required to furnish additional collateral.



Federal Reserve Bank of Dallas

33

To date the branch has sustained no losses in its loans.
The indebtedness of the defunct member bank previously
mentioned has since been reduced approximately 65 per cent
and it is believed that little losses will be incurred.
Each year more success it attained in requesting financial
statements, yet there is still considerable misunderstanding
in this territory regarding the purpose and necessity of procuring statements.
This department examined 16,804 notes, of which 1,937
were rejected.
The Cash Department received 4,943 shipments of coin
and currency, aggregating $46,604,363.32. Outgoing shipments aggregating 3,524 of a dollar value of $54,123,069.82
were made. The ban placed on foreign moneys by the Mexican Government swelled the receipts considerably and the
currency received was badly mutilated. Wire transfers received totaled $270,191,845.16 and those sent, $172,131,680.35.
The activities of the Collection Department have increased
steadily throughout the year. Items aggregating 19,415,
totaling $27,629,014.98 were received, and of same 16,587
aggregating $25,705,206.64 were collected.
The Transit Department handled 5,040,492 items, the dollar value of which was $1,265,756,781.29, as compared to
5,235,955 checks amounting to $2,138,087,919.62 during 1920.
From the above figures it will be observed that there was
not a great difference in the number of items handled in 1921
as compared to 1920. However, the dollar value was almost
twice as large in the latter year, which indicates, in a measure,
the further downward trend of prices. The largest number
of checks handled in one day was 30,125 and the smallest
10,795.
An average of 22 employes handled the affairs of this
department.
At the close of business December 31,1920, trust custodies
totaled $7,741,531, represented by 431 trust receipts, but by
the same date in 1921 had increased to $10,733,590.46, against
which 546 receipts were outstanding. In connection with
member bank liquidation it is interesting to note that of the



34

Federal Reserve Bank of Dallas

figure first given securities aggregating, in round figures,
$5,000,000 were pledged as collateral and $2,000,000 were held
for safe-keeping, while one year later, or at the close of business in 1921, securities pledged as collateral totaled only $4,000,000, and those held for safe-keeping had increased to
$6,600,000.
In April work was begun on the new building, which will
be ready for occupancy by February 1, 1922. It will consist
of two floors, mezzanine and basement and its cost, including
fixtures and vault, will be approximately $350,000.
The building is designed along simple architectural lines
and the plans contemplate a structure of modest, yet comfortable, appointments. Provision has been made for present
requirements and future expansion of the branch's operations
as far as the latter can be foreseen.
Total earnings for 1921 were $618,931.90 and expenses
were $219,986.55. The principal source of revenue was bills
discounted, $575,131.62 of the gross earnings being derived
from these transactions.
REVIEW OF BUSINESS CONDITIONS IN 1921
The year 1921 will doubtless be recorded in the Eleventh
Federal Reserve District as being the period in which occurred the most precipitous part of the descent of business
activity from post-war peaks to normal or peace-time levels.
While prices of both raw and manufactured products generally registered a greater decline in 1920 than during 1921,
the latter year witnessed a much more pronounced slowing up
of activity in all channels of production and distribution than
was evident during 1920.
The district's leading industry, cotton, set the pace in
scaling production, the acreage in that community for 1921
being reduced approximately 25 per cent as compared with
1920.
Oil, which ranks second in importance among the district's basic products, was the last commodity to yield to the
economic forces which were inexorably bringing about a general lowering of price levels. At the beginning of. the year
crude oil was still selling at the peak price of $3.50 per barrel,



Federal Reserve Bank of Dallas

35

but violent breaks occurring in the market within the course
of two months carried the price down to $1.75, greatly depressing the activities of this industry and causing many of
the larger producing companies to suspend drilling operations.
Livestock growers, confronted by a persistent and unprecedented shrinkage in the domestic and export demand for
meat, continued to market their animals upon a steadily declining market until financial losses and the depletion of
breeding herds brought about a situation which made it imperatively necessary to seek new means of financial relief.
Under these conditions sales of calves at the principal slaughter markets of this district increased enormously, and at one
time during the year reached a volume of such magnitude
as to seriously endanger the future productivity of the livestock industry in the Southwest.
In all lines of trade the depressing effects of the reduced
buying power of agricultural communities made itself felt
early in 1921 among wholesalers, jobbers and retailers alike.
The farm implement trade, which constitutes one of the largest and most important lines of business in the Eleventh
District, suffered more severely than any other branch, being
more directly dependent upon the fortunes of the farmers
themselves.
The month of August marked the turning point of the
year in the tide of business activity. A slight but appreciable
improvement in the financial condition of the district was
noticeable about the time the returns from the wheat crop
were received, and throughout the fall season the improvement steadily increased as new money flowed into the district
from the fall crop movement.
The price of cotton, which had fallen as low as ten cents
per pound early in the year, rose suddenly in August to the
twenty cent level as a result of a bullish crop condition report.
Most of this gain was maintained throughout the remaining
months of the year. This development completely transformed, almost immediately, the entire aspect of the district's
business situation. Wholesale trade was first to feel the effects of the changed conditions. Wholesalers and jobbers
immediately encountered an enlarged and more confident buying demand, which was well sustained throughout the re-




36

Federal Reserve Bank of Dallas

mainder of the year, despite a slight set-back in the price of
cotton which occurred late in the month of November. Retail distribution also showed a corresponding improvement.
The situation in the livestock industry took a more favorable turn early in the fall when financial assistance in the
form of loans from the War Finance Corporation became
available. At the end of December livestock loans aggregating approximately $16,000,000 had been distributed from this
source among the banks and cattle loan companies in this
district, making it possible for them to extend new credits
for the purpose of further assisting the breeders through the
present crisis.
A sharp increase in building activities, reported by all of
the large cities of the district, was one of the most important
developments of the latter part of 1921, resulting in a marked
stimulus to the lumber industry and other interests devoted
to the production and distribution of building materials, as
well as affording appreciable relief to the distressing problem
of unemployment.
Among other important evidences of a change for the
better in the business situation which appeared in the latter
part of the year was the steady increase in the demand for
oil, the price of which had, on December 31, advanced to $2.25
per barrel; a continuous growth in the domestic and foreign
consumption of cotton; a more encouraging prospect for an
early resumption of the copper mines and smelters of Arizona
and New Mexico; a more stable tendency in livestock prices;
and a greatly improved capacity on the part of the banking
institutions of the district for meeting the credit requirements
of business and industry. Lower discount rates, reduced
loans, and increased cash reserves reflect the stronger position
of the banks of the district at the end of 1921, a situation quite
in contrast to conditions at the close of 1920. The improvement in the banking situation is illustrated by the fact that
on December 31,1920, our outstanding loans to member banks
amounted to $97,000,000, of which $26,694,600 was rediscounted with other Federal Reserve Banks, whereas at the
close of 1921, loans to member banks aggregated only $50,000,000, and our indebtedness to other Federal Reserve Banks
had been retired.




Federal Reserve Bank of Dallas

37

These facts seem to indicate clearly that the " corner has
been turned" and that the affairs of the district as a wholeare now beginning to make definite headway in the direction
of improvement. The situation is, however, unusaully '' spotted". The distribution of the funds received from the 1921
crops has been extremely uneven, due to geographical variations in crop and weather conditions, and while banks
throughout most of West Texas reaped the benefit of abundant and profitable harvests, in other parts of the district the
banks are in many instances still struggling with a most
serious situation.
Although the aggregate of our loans to member banks at
the close of the year had receded to a sum that might perhaps
be regarded as a "normal" amount, the banking situation
has by no means attained normalcy as yet, the carry-over of
"frozen loans" being still abnormally large, while the aggregate of liquid and desirable loans employed in financing the
healthy activity of industry and trade, is still abnormally
small. On the whole, however, the banks of the district appear to be steadily improving their position and are awaiting
with increasing confidence the demands that will be made
upon them in 1922.
The comparative statistics tabulated below and appended
charts furnish a summary of the principal indices of business
and industrial conditions in the district during the year 1921.




TEXAS CROP AND MINERAL PRODUCTION.
Valuation

Production
1921

1920

Increase or
Decrease
Per Cent

Bales of cotton
2,200,000
4,345,000 — 49.4
Bushels of wheat
_
20,810,000 20,579,000 + 1.1
Bushels of oats
33,570,000 32,780,000 + 2.4
Bushels of corn
....156,920,000 142,662,000 + 10.0
Bushels of grain sorghum 56,550,000 60,992,000 — 7.3
Barrels of petroleum
_..109,652,586 103,460,160 + 6.0




1921
$177,100,000
20,810,000
13,092,000
84,737,000
23,186,000

1920

Increase or
Decrease
Per Cent

$286,789,000
35,396,000
21,635,000
119,836,000
73,800,000

—
—
—
—
—

38.2
41.2
39.5
29.3
68.6

to

39

Federal Reserve Bank of Dallas

FEDERAL RESERVE BANK OF DALLAS
MOVEMENT OF EARNING ASSETS
DURING 1920 AND 1921
MILLIONS OF DOLLARS

MILLIONS OF DOLLAR

UNITED STATES SECURITIES

20

A
/

///yy//

W/AW/A

V/A

•y//

YAA

y

/A
40

PURCHASED BILLS
20

160

DISCOUNTED BILLS
S££ NOTE BELOW

140

140

120

100
80

60
40
20

140

140

TOTAL EARNING ASSETS
120

120

100

100

80

1920

1921

A - Paper secured by D. 3. OOTernae&t obligations diaooimted for banks in district.
B - Total paper discounted for banks in district.
C - Total dlsoounted paper held.
Spaee between lines 3 and C represents - where above line B - paper discounted for,
and - where below U n a B - paper redisoomted with, other Federal Eeserre Banks.




EXHIBIT A
MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1921
(Amounts in Thousands of Dollars)
Reserve
Percentages (2)

DISCOUNTED BILLS
Discounted for Member
Banks in this District

1H
SO

1

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

7
14
21
28
4
11
18
25
4
11
18
25
1
8
15

Apr.
Apr.
May
May
May
May
June
June
June
June
June

22
27
4
11
18
25
1
8
15
22
29

1

83,131
82,155
82,430
81,320
82,584
83,027
79,325
80,983
80,378
78,334
75,153
75,685
74,540
75,552
74,084
73,236
74,564
72,487
74,754
72,798
73,254
70,345
74,276
70,880
72,134
70,103

2

3
1
70,705 I 27,189
69,729
26,567
23,194
70,029
68,944
21,485
70,208
17,540
13,812
70,676
66,991
14,500
68,665
13,615
12,399
68,099
66,055
13,455
13,437
62,874
14,663
63,406
14,764
62,140
12,405
63,252
12,169
61,780
7,437
64,832
6,600
66,160
6,882
64,083
4,950
66,350
6,131
64,248
4,617
64,704
5,500
62,795
2,500
66,726
7,408
61,830
4,125
65,086
8,425
63,574




4
1
97,894
96,296
93,223
90,429
87,748
84,488
81,491
82,280
80,498
79,510
76,311
78,069
76,904
75,657
73,949
72,269
72,760
70,965
71,300
70,379
69,321
68,295
69,226
69,238
69,211
71,999

5

1

33,628
31,154
30,844
28,763
27,705
25,560
24,279
25,241
24,184
23,106
21,095
21,851
21,565
20,270
17,937
16,632
16,291
14,867
14,280
14,369
13,592
14,334
13,444
14,134
13,777
14,286

6

34.4
32.4
33.1
31.8
31.6
30.3
29.8
30.7
30.0
29.1
27.6
28.0
28.0
26.8
24.3
23.0
22.4
20.9
20.0
20.4
19.6
21.0
1
9.4
20.4
19.9
19.8

I

7

147
147
122
97
97
72
55
39

21
21
25
25
25
25
25
171
171
171
171
171
169
150

1

8

1

12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
12,279
8,379
8,379
8,379
8,379
8,379
8,379
7,379
7,379
8,879
6,879
6,379

9

I

45,669
46,033
44,407
46,849
45,093
43,741
44,874
45,136
42,565
42,268
44,388
45,028
42,674
41,885
39,606
42,458
39,694
39,973
38,655
40,447
36,910
38,160
35,991
36,253
36,123
34,181

10 1
48,443 !
49,582
50,607
52,187
52,520
53,653
53,689
52,164
50,865
53,874
56,123
56,436
51,613
49.872
46,901
47,760
48,870
44,950
45,891
46,835
46,974
45,450
45,768
45,858
45,924
44,563

11 1
78,280
75,263
74,397
72,363
71,369
69,029
67,152
66,020
66,763
64,119
61,848
59,947
59,215
58,607
57,461
56,844
55,095
54,615
54,127
51,734
50,144
50,044
49,191
48,213
46,642
45,557

12

40.2
40.6
39.8
41.4
40.0
39.0
40.9
40.4
39.1
39.6
37.6
38.7
38.5
38.6
38.0
40.6
38.2
40.1
38.6
41.0
38.0
40.0
37.9
38.5
39.0
37.9

I

13

16.3
17.2
19.0
22.4
24.4
26.7
27.7
28.2
27.7
27.0
26.2
26.1
25.2
27.2
26.3
33.5
31.8
33.2
33.7
34.8
33.3
34.2
35.3
30.7
34.6
28.6

ft
-4

53

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

6
13
20
27
3
10
17
24
31
7
14
21
28
5
11
19
26
2
9
16
23
30
7
14
21
28

66,633
64,360
65,013
64,099
61,867
61,723
60,701
61,420
59,912
59,998
57,869
64,044
66,523
65,096
64,749
62,245
62,885
60,425
61,015
60,447
59,372
59,608
58,537
57,931
57,131
56,086

60,144
57,845
58,524
57,620
55,388
55,244
54,252
54,971
53,713
54,527
52,495
59,124
61,680
60,483
60,036
57,497
58,137
55,677
56,217
55,814
54,639
54,875
53,804
53,223
52,436
51,391

10,450
16,445
18,287
19,136
19,220
17,735
19,753
21,726
24,610
24,059
24,295
18,266
14,851
12,108
7,649
8,225
8,465
7,251
5,495
970
2,487
3,000
1,877
1,000

70,594
74,290
76,811
76,756
74,608
72,979
74,005
76,697
78,323
78,586
76,790
77,390
76,531
72,591
67,685
65,722
66,602
62,928
61,712
56,784
57,126
57,875
55,681
54,223
52,436
51,391

14,470
13,684
14,501
14,466
14,406
13,586
13,536
14,035
14,781
14,639
13,950
14,770
14,993
14,865
12,812
13,266
13,487
13,664
11,909
10,668
12,052
11,938
10,387
10,093
9,834
9,512

20.5
18.4
18.9
18.8
19.3
18.6
18.3
18.3
18.9
18.6
18.2
19.1
19.6
20.5
18.9
20.2
20.3
21.7
19.3
18.8
21.1
20.6
18.7
18.6
18.8
18.5

110
136
110
100
100
100
70
70
70
42
20
20
70
70
170
205
205
205
255
90
190
190
190
165
165
165

6,379
6,379
6,379
6,379
6,379
6,379
6,379
6,379
6,129
5,429
5,354
4,900
4,773
4,543
4,543
4,543
4,543
4,543
4,543
4,543
4,543
4,543
4,543
4,543
4,530
4,530

35,200
35,340
35,529
34,416
33,761
34,274
33,467
31,950
31,921
32,809
34,865
34,092
35,141
36,618
34,016
35,052
33,966
33,682
33,152
33,597
31,600
32,424
34,479
33,726
40,467
38,493

44,557
44,032
44,492
42,925
41,284
42,615
42,708
42,763
40,515
41,348
42,983
46,264
48,388
46,356
47.406
47,796
46,465
43,882
44,321
45,450
43,196
45,815
45,298
45,428
47,310
49,042

(1) No acceptances were bought from or sold to other Federal Reserve Banks.
(2) Prior to March 18, net deposits as given below were used in calculating reserve percentages:
February 4
$41,393,000
January 7
$35,289,000
March 4
February 11
43,001,000
January 14
38,109,000
March 11
February 18
42,436,000
January 21
37,098,000
January 28
40,899,000
February 25
45,659,000

45,398
43,331
43,470
42,323
41,769
40,827
39,946
39,059
39,106
39,409
39,415
39,814
40,224
42,074
41,433
40,246
39,752
39,630
38,488
37,888
37,000
36,638
36,302
35,255
36,327
36,292

39.1
40.5
40.4
40.4
40.6
41.1
40.5
39.0
40.1
40.6
42.3
39.6
39.7
41.4
38.3
39.8
39.4
40.3
40.0
40.3
39.4
39.3
42.3
41.8
48.4
45.1

21.6
19.6
17.9
17.5
19.8
16.6
12.5
9.2
10.8
12.8
18.4
22.9
27.7
29.7
30.5
29.6
31.6
33.4
39.2
36.3
35.7
40.0
40.6

$42,125,000
42,718,000

(3) Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other Federal Reserve Banks. A blank (—) in this column indicates that no accommodation was extended to or received from other Federal Reserve Banks.



I3
o

a

42

Federal Reserve Bank of Dallas

FEDERAL RESERVE BANK OF DALLAS
DEPOSITS, F. R.NOTE CIRCULATION, CASH RESERVES
AND RESERVE RATIOS, 1920-1921
PER CENT

PER CENT
-AC 7 W

L

RE SEFWE

DS

JSTi

80

I

70

-4—

60
50

V

60

\

V"
* - >

—«•

40
\

30

A '

I

\
\

20

"*-

\

1

10

^

i

•W

••*

s

*

A
\

t
1

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS
80

DEPOSITS

60
40
20

20

120

F. R. NOTE CIRCULATION
100

100

80
60
4O

DEPOSIT AND F. R.NOTE LIABILITIES, L,AND TOTAL RESERVES, C

180
160
140
120
100
80
60
40
20
0

1920

1921

idjuated percentages are saloulated after reducing or increasing reserves held by
the amount at aoconmadation received from or extended to other Federal Reserve banice.
The deposit ourve is based on "net deposits" up to tlarch 11, 1921, and on
deposits" thereafter.
Digitized for "total
FRASER



43

Federal Reserve Bank of Dallas
SCHEDULE 1
COMPARATIVE STATEMENT OF CONDITION
RESOURCES

(In thousands of dollars)
Dec. 31
Dec. 31
1921

Gold and gold certificates
Gold settlement fund F. R. Board
Gold with foreign agencies

$

7,263
8,518

Dec. 31

1920

$

10,008
2,074
86

1919

$

6,470
17,073
3,414

Total gold held by bank
Gold with F. R. Agent
Gold redemption fund

15,781
11,093
2,941

12,168
24,484
4,431

26,957
27,545
3,712

Total gold reserves
Legal tender notes, silver, etc

29,815
6,149

41,083
4,455

58,214
1,197

35,964

45,538

59,411

8,962
41,635
165

15,903
54,793
247

39,376
18,940
6,421

Total bills on hand
U. S. bonds and notes
U. S. Certificates of indebtedness:
One year certificates (Pittman Act)
All other

50,762
2,630

70,943
3,979

64,737
3,966

1,900

8,300

8,300
765

Total earning assets
Bank premises
5 per cent redemption fund against
F. R. Bank notes
Uncollected items
All other resources

55,292
2,168

83,222
1,639

77,768
399

156
25,694
2,755

586
42,963
717

558
61,892
464

122,029

174,665

200,492

4,203
7,394

4,099
6,033

3,421
3,030

4,344
43,372
297

1,660
46,995
245

2,900
63,372
2,043

48,013
35,470

48,900
79,453

68,315
74,930

2,726
22,635
1,588

7,101
28,235
844

10,461
39,916
419

122,029

174,665

200,492

43.1

*40.1

*49.0

Total reserves
Bills discounted:
Secured by U. S. Gov't. obligations
All other
Bills bought in open market

TOTAL RESOURCES
LIABILITIES
Capital paid in
Surplus
Deposits:
Government
Member bank-reserve account
All other
Total deposits
F. R. notes in actual circulation
F. R. bank notes in circulation—net
liability
Deferred availability items
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined

•Calculated on basis of net deposits and F. R. notes in circulation.



44

Federal Reserve Bank of Dallas

SCHEDULE 2
COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES
FOR YEARS 1919, 1920 and 1921
EARNINGS
1921
1920
1919
Discounted bills
$3,829,840
$4,044,612
$2,443,806
Purchased bills
7,980
73,212
113,397
United States securities....
171,151
270,874
229,080
Transfers—net earnings
89,339
350,969
193,661
Deficient reserve penalties
124,163
158,569
81,984
Miscellaneous
21,175
6,286
323
!-. '

Total earnings
4,243,648
CURRENT EXPENES
Salaries:
Bank officers
133,545
Clerical staff
735,904
Special officers and watchmen
34,598
All other
82,470
Governors' conferences
714
Federal Reserve Agents' conferences..
295
Federal Advisory Council
200
Directors' meetings
7,004
Traveling expenses*
39,185
Assessments for Federal Reserve
Board expenses
25,759
Legal fees
93
Insurance (life, fidelity, casualty,
workmens' compensation and general liability)
39,607
Banking house:
Taxes and fire insurance
37,599
Light, heat and power
27,632
Repairs and alterations
18,476
Rent, including light, heat and power
and minor alterations
9,660
Fire insurance—Furniture and equipment
194
Printing and stationery (including
office and other supplies)
114,405
Telephone
9,652
Telegraph
68,680
Security shipments
**l,603
Currency and coin shipments
**74,870
Postage and expressage (other than
on money and security shipments)
69,946
Furniture and equipment
155,843
Federal Reserve currency:
Original cost, including shipping
charges
65,915
Cost of redemption, including shipping charges
23,150
Taxes on Federal Reserve bank-note
circulation
22,286
All other expenses
61,571
Total current expenses
Current net earnings




1,860,856
2,382,792

4,904,522

3,062,251

117,768
649,100
20,177
39,456
651
64
400
6,530
30,851

87,212
390,993
6,363
11,883
788
109
992
4,447
14,578

21,695
2,622

20,362
2,400

31,067

13,308

3,476
6,896
13,797

1,746
3,365
13,194

14,904

5,526

67,998
3,938
56,900

41,009
3,189
21,772

79,352

51,075

65,506
82,883

39,883
70,718

86,514

85,719

22,825

8,028

46,397
78,080

42,829
41,348

1,549,847
3,354,675

982,836
2,079,415

Federal Reserve Bank of Dallas

45

EARNINGS AND EXPENSES (Cont'd)
PROFIT AND LOSS ACCOUNT
Earnings
Current expenses

1921
$4,243,648
1,860,856

1920
$4,904,522
1,549,847

1919
$3,062,251
982,836

Current net earnings

2,382,792

3,354,675

2,079,415

884

16,167
43

470

884

16,210

470

139,230
561,500

130,963

Additions to current net earnings:
Assessment a/c expenses Federal
Reserve Board, previously charged
to profit and loss
_
All other
Total additions
Deductions from current net earnings:
Depreciation allowances on Bank
Premises
,
Reserve for possible losses
Reserve for depreciation on U. S.
bonds
Assessment a/c expenses Federal
Reserve Board
All other

49,295

20,087

11,691

16,167
21,854

Total deductions
770,112
Net deductions from current net
earnings
769,228
Net earnings available for dividends,
surplus and franchise tax
1,613,564
Dividends paid
252,211
Transferred to surplus account
1,361,353

142,654

38,021

126,444

37,551

3,228,231
225,424
3,002,807

2,041,864
196,335
1,845,529

*Other than those connected with Governors' and Agents'
conferences
and meetings of directors and of the Advisory Council.
**Cost of security shipments from January to June included
with cost of
currency and coin shipments.




46

Federal Reserve Bank of Dallas
SCHEDULE 3
STATEMENT OF DISPOSITION OF INCOME
CALENDAR YEAR 1921

Income:
Discount on bills discounted
Discount on bills purchased
Interest on U. S. Securities
Transfers bought and sold—net charges
Penalties on deficient reserves
Miscellaneous profits

$3,829,839.95
7,979.58
171,150.92
89,339.43
124,163.47
21,175.03

Total income

$4,243,648.38

Less:
Expense current
$1,778,247.80
Depreciation on bank buildings and furniture and equipment
221,838.00
Dividends paid June 30th
124,618.69
Dividends paid December 31st
127,592.24
Reserve for possible losses account liquidating banks
561,500.00
Reserve for depreciation on U. S. Securities
49,294.50
Other miscellaneous losses
19,204.15
Net profits—calendar year 1921
Disposition of accumulated Net profits:
Transferred to Surplus June 30th
Transferred to Surplus December 31st




2,882,295.38
1,361,353.00

1,079,933.42
281,419,58
$1,361,353.00

$1,361,353.00

SCHEDULE 4
VOLUME OF PAPER DISCOUNTED AND BOUGHT, BY MONTHS, DURING 1921, CLASSIFIED ACCORDING TO CHARACTER
OF PAPER, WITH TOTAL FOR THREE PRECEDING YEARS
Purchased
Paper

DISCOUNTED PAPER
MONTH

TOTAL

Secured by
Gov't. War
Obligations

Banker's
Acceptances

Trade
Acceptances

All Other

Banker's
Acceptances

60,685,854 79,903 556,189 30,421,330
None
91,743,276
January ....
49,190,814 None
None
198,143 17,985,441
67,374,398
February ..
50,440,970 54,210 440,032 22,516,471
20,906
73,451,683
March
42,338,479 None
3,916
372,187 21,840,417
64,551,083
April
34,388,996 None
362,173 25,594,173
150,000
60,345,342
May
34,145,816 None
356,253 31,133,486
19,200
65,635,555
June
27,620,528 None
323,066 31,171,127
60,000
59,114,721
July
34,446,349 None
448,869 28,537,223
20,000
63,432,441
August
36,497,679 None
166,301 28,880,565
50,000
65,544,545
Sept
35,493,239 None
345,362 26,611,742
155,000
62,450,343
October ....
27,166,867 None
194,083 25,954,438
200,000
Nov
53,315,388
22,269,170 20,000 102,134 22,646,409
15,000
45,037,713
Dec
694,022|
771,996,488| 454,684,761 154,113 ,864,792 313,292,822
Total 1921
Total 1920 1,280,178,511| 999,942,925 703,722 5 ,670,523 273,861,341 8,348,277
Total 1919 1 ,124,946,145| 1,105,059,651 None 1 ,887,002 117,999,492 12,415,232|
Total 1918
587,677,766| 447,833,088 None 2 ,056,753 137,787,920 25,024,122]
47,052,564|
11,272,269 None
177,953 35,602,378 9,743,505|
Total 1917




TOTAL PAPER DISCOUNTED AND PURCHASED
1921

91,743,276
67,374,398
73,472,589
64,554,999
60,495,342
65,654,755
59,174,721
63,452,441
65,594,545
62,605,343
53,515,388
45,052,713
772,690,510|

1920

83,946,095
76,350,062
93,928,153
108,952,001
111,446,184
117,350,253
110,216,572
111,587,861
124,573,279
114,948,296
124,346,664
110,881,368

1919

92,139,895
93,354,695
104,925,502
117,860,855
130,702,524
113,247,122
100,213,598
95,139,511
118,337,284
138,314,107
72,583,833
60,542,451

1918

10,708 ,111 ^3
12,517 ,136 g
23,986 ,654 <*
39,650 ,522 3
39,333 ,585 «
45,453 ,965 ^
52,244 ,194 gS
68,294 ,345 §
76,261 ,394 ?•87,663 ,080 o
77,499 ,588*-<79,089 ,314 M

1,288,526,788|
1,237,361,377|
| 612,701,888

48

Federal Reserve Bank of Dallas
SCHEDULE 5

REDISCOUNTS
Volume of Rediscounts for 1921:
Rediscounts for member banks
$ 771,996,488.00
Acceptances purchased
—
694,022.00
Acceptances purchased for our account by other Federal
reserve banks
None
Other paper rediscounted for other Federal reserve banks
None
Total

$ 772,690,510.00

Volume of Rediscounts for 1920:
Rediscounts for member banks
$1,280,178,511.55
Acceptances purchased
7,726,192.55
Acceptances purchased for our account, by other Federal
reserve banks
622,085.00
Other paper rediscounted for other Federal reserve banks
143,000,000.00
Total

$1,431,526,790.10

Total number of banks served in 1921
Total number of new banks served in 1921
Largest note rediscounted in 1921
Smallest note rediscounted in 1921

704
46
$1,650,000.00
10.35

SCHEDULE 6
NUMBER OF BANKS ACCOMMODATED THROUGH THE DISCOUNT OF
PAPER DURING 1921, DISTRIBUTED BY STATES
Texas
Oklahoma
Louisiana
New Mexico
Arizona

607
31
17
39
10

Total

704
SCHEDULE 7

REDISCOUNTS FOR 1921 BY MONTHS AND DISTRIBUTION BY STATES
New
Month
Texas Oklahoma Louisiana Mexico
Arizona
Total
January
82,295,867 3,251,935 2,886,464 2,720,677 588,333 91,743,276
February
59,919,963 2,254,337 2,640,944 1,580,265 978,889 67,374,398
March
65,120,234 1,922,734 3,426,279 2,163,064 819,372 73,451,683
April
59,503,986 1,570,290 1,815,588 1,257,581 403,638 64,551,083
May
54,702,180 1,476,095 1,845,135 1,994,318 327,614 60,345,342
June
59,152,323 1,570,240 2,299,457 2,063,206 550,329 65,635,555
July —
52,603,235 1,614,271 2,694,049 1,825,205 377,961 59,114,721
August
57,427,349 1,513,573 2,151,288 1,656,916 683,315 63,432,441
September
60,954,486 1,117,940 1,486,538 1,415,953 569,628 65,544,545
October
57,420,601 1,790,790 1,282,036 1,607,350 349,566 62,450,343
November
47,029,139 2,844,166 1,627,105 1,410,917 404,061 53,315,388
December
38,706,002 2,015,117 2,096,518 1,799,252 420,824 45,037,713
Total
694,835,365 22,941,488 26,251,401 21,494,704 6,473,530 771,996,488;



Federal Reserve Bank of Dallas

49

SCHEDULE 8
DISCOUNT RATES FOR 1921 AND DATES ON WHICH EFFECTIVE
CLASS OF PAPER
Time
Jan. 1 Feb. 15 May 16 June 25 Nov. 4
Industrial and Commercial.. 90 days
6
7
6%
6
5%
Agricultural and Livestock.. 6 mon.
6
7
6%
6
5%
Trade Acceptances
90 days
6
7
6%
6
5%
Rediscounts secured by L. L.
B. and Vic. Notes
90 days
5%
6
6
6
5%
Rediscounts secured by U. S.
Cert, of Indebt
90 days
5
6
6
6
5%
M. B. C. Notes secured by
L. L. B. and Vic. Notes
15 days
5%
6
6
6
5%
M. B. C. Notes secured by
C. of 1
15 days
5
6
6
6
5%
M. B. C. Notes secured by
Eligible Paper
15 days
6
7
6%
6
5%
Notes secured by Treasury Certificates of Indebtedness discounted at
the rate borne by the Certificate attached with a minimum rate of 5%.
Bankers' Acceptances purchased at market rates subject to agreement.
SCHEDULE 9
CLASSIFICATION BY MATURITIES OF BILLS DISCOUNTED
AND BOUGHT IN 1921
Due
Due
Due
Due
Due

within fifteen days
within thirty days
within sixty days
within ninety days
after ninety days

$506,367,345
26,252,446
69,605,455
110,417,555
60,047,709

Total

$772,690,510
SCHEDULE 10

CLASSIFICATION OF TRADE ACCEPTANCES BY MATURITIES
Due
Due
Due
Due

within
within
within
within

fifteen days
thirty days
sixty days
ninety days

$ 290,210
1,043,252
1,402,079
1,129,251

Total

$3,864,792

SCHEDULE 11
CLASSIFICATION OF BILL LADING DRAFTS AS TO COMMODITY
Based on grain and grain products
Based on cotton and cotton products
Based on hay
Based on beans
Based on rice
Miscellaneous products
Total



$1,000,220.76
1,652,553.97
382,028.14
42,520.10
236,909.93
27,310.78
$3,341,543.68

50

Federal Reserve Bank of Dallas
SCHEDULE 12
STATEMENT OF BANKERS'ACCEPTANCES—RATES AND TIME

Amount
Amount
Amount
Amount
Amount

purchased
purchased
purchased
purchased
purchased

at
at
at
at
at

5 per cent
5y2 per cent
6 per cent
6% per cent
7 per cent

Total
Due
Due
Due
Due

within
within
within
within

$100,000.00
64,840.00
358,276.00
150,000.00
20,906.70
$694,022.70

fifteen days
thirty days
sixty days
ninety days

$ 19,200.00
204,076.00
259,840.00
210,906.70

Total

$694,022.70

SCHEDULE 13
OPERATIONS IN UNITED STATES BONDS AND SECURITIES
FOR THE YEAR 1921 AND TREASURY NOTES
HELD ON DECEMBER 31, 1921
Registered 2% Consuls of 1930
Registered 2% Panama Bonds 1938
Registered 2% Panama Bonds 1936
Registered 3% Conversion Bonds 1946
Registered 3% Conversion Bonds 1947
Registered 2% U. S. Special Certificates of Indebtedness
First Series 3%% Liberty Loan Bonds
Second Series 4% Liberty Loan Bonds
Third Series 4\i% Liberty Loan Bonds
Fourth Series 4*4% Liberty Loan Bonds
Victory 4%% Loan Notes
Total

$ 2,450,900.00
155,000.00
126,500.00
507,400.00
726,200.00
8,300,000.00
600.00
1,100.00
2,700.00
4,700.00
4,150.00
$12,279,250.00

PURCHASES AND SALES OF UNITED STATES SECURITIES
FOR THE YEAR 1921
Registered 2% Consuls of 1930 sold to A. S. Pratt & Son, Washington, D. C, at par
$ 1,055,000.00
Registered 2% Panama Bonds 1936-38 par to A. S. Pratt & Son
281,500.00
U. S. 2% Certificates of Indebtedness sold to U. S. Treasury
at par
6,400,000.00
U. S. 4% Certificates of Indebtedness sold at par to the Treasury
of the United States
3,000,000.00
V. S. 5% Certificates of Indebtedness sold at par to various
banks and individuals
100,000.00
U. S. 5%% Certificates of Indebtedness sold to various banks
and individuals
370,000.00
U. S. 5V2% Certificates of Indebtedness sold on New York market at par
100,000.00
First Series 3%% L. L. Bonds sold through Federal Reserve
Bank, New York, at $95.54
600.00



Federal Reserve Bank of Dallas

51

Second Series 4*4% L. L- Bonds sold through Federal Reserve
Bank, New York, at $97.08
Second Series 4*4% L. L. Bonds sold through Federal Reserve
Bank, New York, at $96.98
Third Series 4 ^ % L. L. Bonds sold through Federal Reserve
Bank, New York, at $97.62
Fourth Series 4*4% L. L. Bonds sold through Federal Reserve
Bank, New York, at $95.52
Fourth Series 4%% L. L. Bonds sold through Federal Reserve
Bank, New York, at $97.38
Fourth Series 4*4% L. L. Bonds sold through Federal Reserve
Bank, New York, at $97.28
Victory Notes 4%% sold through Federal Reserve Bank, New
York, at $99.98
Victory Notes 4%% sold through Federal Reserve Bank, New
York, at $99.88
Total

1,000.00
100.00
2,000.00
700.00
4,000.00
700.00
4,000.00
150.00
$11,319,750.00

U. S. 4% Certificates of Indebtedness purchased from U. S.
Treasury at par
$ 1,000,000.00
U. S. 4% Certificates of Indebtedness bought at par from the
U. S. Treasury
2,000,000.00
U. S. 5% Certificates of Indebtedness bought at par from the
U. S. Treasury
100,000.00
U. S. 5%% Certificates of Indebtedness bought at par from the
TJ. S. Treasury
370,000.00
U. S. 5V2% Certificates of Indebtedness bought from City National Bank, Dallas, Texas, at par
100,000.00
Total

$3,570,000.00

UNITED STATES BONDS AND TREASURY NOTES HELD ON
DECEMBER 31, 1921
Registered 2% Consols 1930
Registered 3% Conversions 1946-7
U. S. Certificates of Indebtedness Pitman Act
Total

$1,395,900.00
1,233,600.00
1,900,000.00
$4,529,500.00

SCHEDULE 14
MEMBER BANKS COLLATERAL NOTES
Total amount of member banks collateral notes
Total number of banks accommodated in this manner

$497,862,178.10
507

PAPER SECURED BY UNITED STATES BONDS AND CERTIFICATES
OF INDEBTEDNESS
Member banks collateral notes
Member banks rediscounts
Total




$448,378,815.75
6,305,945.00
$454,684,760.75

C

to

SCHEDULE 15
DAILY AVERAGE EARNING ASSETS, EARNINGS THEREON AND AVERAGE RATE PER ANNUM, YEAR 1921,
AS COMPARED WITH YEAR 1920
Earning Assets
1921
1920
Bills discounted members and other F. R. Banks .$61,237,903.81 $71,270,731.02
Bills bought in open market and from other F. R.
Banks.,
115,882.35
1,333,574.79
United States Securities
Total




7,979.58*

73,211.72

Average Rate
1921 1920
6.25
5.67
6.88**

5.49

7,877,780.82

12,840,190.58

171,150.92

270,874.35

2.17

2.11

$69,231,566.98

$85,444,496.39

$4,008,970.45

$4,388,698.41

5.79

5.14

•Includes $905.35 earned in 1920, but credited in 1921.
**Actual rate on 1921 earnings 6.10.

Earnings
1921
1920
$3,829,839.95 $4,044,612.34

Federal Reserve Bank of Dallas

53

SCHEDULE 16
PAPER REDISCOUNTED WITH. OTHER FEDERAL RESERVE BANKS
DURING EACH MONTH OF 1921
MONTH
January
February
March
April
May
June
July
August
September
October
November
,
December
Totals for Year.




F. R. B. Boston
None
None
None
7,500,000
10,000,000
18,000,000
25,000,000
31,500,000
23,000,000
20,500,000
12,500,000
3,000,000
151,000,000

F. R. B. Cleveland
49,000,000
34,500,000
33,000,000
17,500,000
None
None
9,000,000
5,500,000
6,500,000
None
None
None
155,000,000

Ox

SCHEDULE 17
OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM
(Figures Include Cash Items Only)
(NUMBERS IN THOUSANDS; AMOUNTS IN THOUSANDS OF DOLLARS)
Items drawn on banks in own district

PERIOD

Located in F. R.
Bank and branch
cities
Number i

Amount

Located outside
F. K. Bank and
branch cities
Number

Amount

Items drawn on Items forwarded
to other F. R.
Treasurer of
Banks and their
United States
branches
Number I Amount Number

Amount

ft

Total Number*

2
1921

120$ " 5 M 6 8
Jan. 1 to Jan. 15
962 T467T66
59 $ 4,065
61 "277)23 1,202
228 106,970 1,851 259,466
Jan. 16 to Feb. 15....
89
7,995 127 36,370 2,295
230 101,883 1,782
Feb. 16 to Mar. 15...
232,296
77
7,893 103 26,262 2.192
268 111,757 2,029 241,430 103
9,686 112 27,887 2,512
Mar. 16 to Apr. 15...
7,579 100 21,031 2,388
222
Apr. 16 to May 15...
201,384 104
92,744 1,842
247
7,937 109 21,548 2,421
May 16 to June 15...
205,722
96
96,689 1,969
9,601 100 17,445 2,162
214
June 16 to July 15...
190,084 102
88,962 1,746
220
82 14,677 2,011
7,149
July 16 to Aug. 15...
194,163
77
84,434 1,632
88 15,191 2,3'J3
7,258
244
Aug. 16 to Sept. 15...
207,537
71
93,226 1,920
265 125,742 1,871 271,613
84 16,309 2,316
7,640
Sept. 16 to Oct. 15...
96
272 119,694 1,739
Oct. 16 to Nov. 15...
255,305 108
85 18,173 2,204
8,529
Nov. 16 to Dec. 15...
276 112,152 1,733 238,053
94
93 15,693 2,196
9,666
9,628 1,187
Dec. 16 to Dec. 31... 149
916 122,043
52
4,278
70
59,108
2,955 1,251,829 21,992 2,765,162 1,146 99,276 1,196 267,237 27,289
Total: 1921.
2,294 1,871,511 23,021 4,303,032 1,145 107,662 1,831 787,181
1920.
1,151 1,144,256 9,592 2,697,699 1,265 157,169 1,405 686,844
1919.
•Exclusive of duplications on account of items handled by both parent bank and branch.




Total Amount*

1920 |

1,049
2,273
2,306
2,313
2,250
2,321
2,262
2,257
2,270
2,482
2,591
2,534
1,383

1919

367
843
838
969
891
837
840
944
930
1,196
1,737
1,917
1,104

28,291
13,413

1921

235,622
410,801
368,334
390,760
322,738
331,896
306,092
300,423
323,212
421,304
401,701
375,564
195,057
4,383,504

1920

329,683
696,538
738,284
631,143
549,966
533,994
494,151
490,131
514,815
664,420
632,340
537,801
256,120

1819

148,465
297,204 %
261,903 3
308,133 oj
327,488 ^
342,675 g
320,624 3
338,427 ?
369,124 O
376,001^
652,375 O
602,815 §
340,671 a

7,069,386
4,685,968

OPERATIONS OF CHECK CLEARING AND COLLECTION DEPARTMENT
DURING 1919, 1920 and 1921
Million!
at

J F MA M J J A S 0 N D J F M

32
30
28

24
22
70
18
IB

/
\
A

14
s

10
8
6
4
?

s

s

0 N D J F MA M J J A

0 N D
160

A
/ \
\\
\
\

26

12

M J J /A

A

- —

V.. ../




f

\

140

130

1

/

J//

ss

—y
\

120

\

1 10

V
\..

J

\no

*•—_ —
-\

/

/

s —^

1

*^_

90

to

80

9

70

J

60
50

A-

—

.....

f at noun

Dni/

/•

tcmt

died

AC

d/rrf

3C

ot

•—•»

R -

—

o

r~ J

/

ISO

Dnil r at rraq

?o

19 19

19 ?0

?l

n

56

Federal Reserve Bank of Dallas
SCHEDULE 18

NUMBER AND AMOUNTS OF WIRE TRANSFERS SOLD BY MONTHS
FOR THE YEAR 1921
January
February
March
April
May
June
July
August
September
October
November
December
Total

Number
1,142
958
1,067
1,057
1,158
1,176
1,148
1,284
1,409
1,534
1,370
1,370

Amount
$ 36,631,000
29,340,000
36,718,000
28,418,000
39,380,000
46,539,000
39,804,000
39,886,000
42,299,000
41,852,000
41,570,000
46,893,000

14,673

$469,330,000

SCHEDULE 19
NEW NATIONAL BANKS, 1921
OKLAHOMA
Boswell
Idabel

Citizens National Bank
Idabel National Bank

TEXAS
Arlington
Canadian
Clifton
Dallas
Electra
Farwell
Fort Worth
Houston
Houston
Houston
Mercedes
Mexia
Nocona
Quinlan

Farmers National Bank
Southwestern National Bank
Clifton National Bank
Southwest National Bank
Security National Bank
Farwell National Bank
Continental National Bank
Guaranty National Bank
Public National Bank
State National Bank
First National Bank
City National Bank
Peoples National Bank
First National Bank




Federal Reserve Bank of Dallas

57

SCHEDULE 20
NATIONAL BANKS LIQUIDATING DURING 1921
LOUISIANA
Homer
Monroe

American National Bank...Liquidated—Succeeded by
Commercial Natl. Bank
Citizens National Bank .Consolidated with Ouichita
National Bank

TEXAS
Childress
Cisco
Cleburne
Cooper
Crawford
Dallas
Desdemona
Eastland
Eastland
Fort Worth
Hearne
Jakehamon
Necessity
Nocona
Piano
Ranger
Sealey
Sipe Springs
Venus
West Columbia
Wichita Falls
Wichita Falls




City National Bank

Liquidated—Succeeded by
City Guaranty State Bk.
American N a t i o n ! Bank...Liquidated—Succeeded by
Guar. State Bk. & Tr. Co.
Natl. Bank of Cleburne
Insolvent.
Farmers National Bank Insolvent.
First National Bank
Insolvent.
Security National Bank Liquidated—Succeeded by
Southwest National Bk.
First National Bank
[nsolvent.
American National Bank... Consolidated with Security State Bank & Trust
Co.
City National Bank
Liquidated—Succeeded by
Security State Bank &
Trust Co.
Natl. Bank of Commerce Liquidated—Succeeded by
Continental National Bk.
First National Bank
Insolvent.
First National Bank
.Liquidated
First National Bank
Liquidated
.Nocona National Bank
Liquidated—Succeeded by
Peoples National Bank
F. & M. National Bank Liquidated—Succeeded by
Farmers State Bank
First National Bank
Insolvent.
Farmers National Bank Consolidated with Sealey
National Bank
First National Bank
Insolvent.
First National Bank
Consolidated with Farmers
National Bank
First National Bank
Liquidated—Assets purchased by Guaranty State
Bank
American National Bank...Liquidated—Succeeded by
First National Bank
Exchange National Bank.... Liquidated.

Federal Reserve Bank of Dallas
SCHEDULE 21
NEW STATE BANKS, 1921
TEXAS
Caddo Mills
Childress
Cohoma
Commerce
Como
Cooper
Decatur
Emhouse
Greenville
Hamilton
Josephine
Killeen
Mission
Murchison
Paradise
Penelope
Perrin
Piano
Quinlan
Richland
Robstown
Streetman
Teague
Wharton
West
Yoakum

Caddo Mills State Bank
City Guaranty State Bank
First State Bank
State Bank of Commerce
Como State Bank
Security State Bank
Security State Bank
First State Bank
Citizens State Bank
Hamilton Bank & Trust Company
Josephine State Bank
Guaranty State Bank
First State Bank
.First State Bank
Paradise State Bank
Penelope State Bank
First State Bank
Farmers State Bank
First State Bank
First State Bank
Guaranty State Bank
First State Bank
First State Bank
Wharton Bank & Trust Company
First State Bank
Yoakum State Bank

SCHEDULE 22
STATE BANKS LIQUIDATING DURING 1921
NEW MEXICO
Mountainair

Mountainair State Bank

Insolvent.

TEXAS
Colorado
Denison
Henderson
Houston
Jacksonville
Quinlan

First State Bank

Liquidated—Taken over by
Colorado National Bank
Denison Bank & Trust Co....Liquidated—Succeeded by
Citizens State Bank
First State Bank
Insolvent.
State Bank & Trust Co
Converted into State National Bank
Farmers Guaranty St. Bk Insolvent.
First State Bank
Liquidated—Succeeded by
First National Bank




59

Federal Reserve Bank of Dallas

SCHEDULE 23
TOTAL STATE BANK MEMBERSHIP, ELEVENTH FEDERAL RESERVE
DISTRICT, DECEMBER 31, 1921
ARIZONA
Safford
Tombstone

Bank of Safford
Cochise County State Bank

Capital
$ 33,000
30,000

Surplus
$ 42,000
10,000

Total
Resources
$ 587,000
295,000

LOUISIANA
Monroe
Shreveport

Central Savings Bk. & Trust Co. 375,000
300,000
Continental Bank & Trust Co

125,000
100,000

3,199.000
4,288.000

NEW MEXICO
Albuquerque
Cloudcroft
Corona
*Lovington
Portales

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

100,000
25,000
30,000
60,000
25,000

80,000
3,000
6,000
43,000
5,000

1,105,000
95,000
109,000
428,000
246,000

OKLAHOMA
Broken Bow
Coleman
Fort Towson
Valliant

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

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

3,000
3,000
10,000
2,000

218,000
189,000
263,000
306,000

TEXAS
Alice
Alpine
Alto
Anson
Avery
Ballinger
Bay City
Bay City
Beaumont
Beaumont
Beeville
Bishop
Bomarton
Bonham
Bonham
Bremond
Bridgeport
Brownfield
Bryan
Caddo Mills
Canton
Canyon
Celina
Celina
Childress
Childress
Clarendon
Clifton
Clifton
Coahoma
*Collinsville
Commerce
Commerce
Como

Citizens State Bank
Alpine State Bank
Alto State Bank
Anson State Bank
Avery State Bank
Ballinger State Bk. & Trust Co.
Bay City Bank & Trust Co
First State Bank
Guaranty Bank & Trust Co
Texas Bank & Trust Co
Beeville Bank & Trust Co
First State Bank
First State Bank
Fannin County Bank
First State Bank
First State Bank
Bridgeport State Bank
Brownfield State Bank
First State Bank & Trust Co
Caddo Mills State Bank
Texas State Bank
First State Bank
Celina State Bank
First State Bank
City Guaranty State Bank
.Farmers & Mechanics State Bank
Farmers State Bank
Farmers Guaranty State Bank..
First Guaranty State Bank
-First State Bank
First Guaranty State Bank
Citizens State Bank
State Bank of Commerce
Como State Bank

60,000
30,000
25,000
50,000
25,000
60,000
65,000
100,000
100,000
250,000
50,000
25,000
32,000
100,000
200,000
50,000
25,000
25,000
100,000
30,000
50,000
40,000
35,000
50,000
100,000
50,000
50,000
30,000
40,000
25,000
25,000
25,000
50,000
25,000

20,000
40,000
12,000
55,000
12,000
4,000
20,000
10,000
20,000
130,000
32,000
10,000
1,000
50,000
100,000
12,000
5,000
25,000
50,000
21,000
25,000
6,000
3,000

419,000
275,000
235,000
503,000
94,000
336,000
471,000
548,000
1,577,000
2,736,000
380,000
341,000
159,000
919,000
1,584,000
393,000
148,000
253,000
809,000
159,000
166,000
267,000
171,000
291,000
571,000
842,000
205,000
307,000
235,000
122,000
183,000
161,000
253,000
174,000




10,000
60,000
10,000
30,000
20,000
1,000
8,000
12,000
3,000
25,000

60

Federal Reserve Bank of Dallas
SCHEDULE 23—Continued

Cooper
Copperas Cove
Corsicana
Cross Plains
Crowell
Cuero
Dallas
Dallas
Dallas
Decatur
DeKalb
Del Rio
Denton
East Bernard
Edgewood
El Paso
El Paso
El Paso
Emhouse
Falfurrias
Ferris
Flatonia
Floydada
Forney
Franklin
Frost
Galveston
Galveston
Ganado
*
Gatesville
Georgetown
George West
Gilmer
Goldthwaite
Gonzales
Graford
Grand Prairie
Grand Prairie
Greenville
Hallsville
Hamilton
Hamlin
Hedley
Hereford
Hillsboro
Italy
Jacksonville
Josephine
Junction
Kaufman
Kenedy
Kenedy
Kerens
Kilgore
Killeen
Killeen
Kirkland

Capital
Security State Bank
100,000
First State Bank
35,000
First State Bank
200,000
First Guaranty State Bank
30,000
First State Bank
30,000
First State Bank & Trust Co
100,000
Central State Bank
1,000,000
Dallas County State Bank
250,000
Guaranty Bank & Trust Co
1,000,000
Security State Bank
60,000
First State Bank
100,000
Del Rio Bank & Trust Co
100,000
First Guaranty State Bank
50,000
Union State Bank
50,000
Farmers & Merchants State Bank
35,000
American Trust & Savings Bank 350,000
El Paso Bank & Trust Co
200,000
Security Bank & Trust Co
200,000
First State Bank
30,000
Falfurrias State Bank
75,000
Farmers & Merchants State Bank
50,000
Flatonia State Bank
50,000
First State Bank
50,000
Forney State Bank
25,000
First State Bank
30,000
Citizens State Bank
25,000
South Texas State Bank
200,000
Texas Bank & Trust Co
400,000
Farmers State Bank
35,000
Guaranty State Bank & Trust Co. 50,000
Farmers State Bank
50,000
First State Bank
50,000
Gilmer State Bank
50,000
Trent State Bank
100,000
Gonzales State Bank & Trust Co. 75,000
First State Bank
50,000
First State Bank
40,000
Guaranty State Bank
25,000
Citizens State Bank
100,000
Farmers State Bank
25,000
Hamilton Bank & Trust Co
50,000
First State Bank
40,000
Guaranty State Bank
25,000
First State Bank & Trust Co
50,000
First State Bank
150,000
Farmers State Bank
50,000
First Guaranty State Bank
63,000
Josephine State Bank
30,000
Junction State Bank
100,000
First State Bank
100,000
Farmers & Merchants State Bank
50,000
First State Bank & Trust Co
60,000
First State Bank
50,000
Kilgore State Bank
25,000
First State Bank
35,000
Guaranty State Bank
30,000
First State Bank
50,000




Surplus
5,000
40,000
3,000
30,000
50,000
500,000
110,000
125,000
25,000
80,000
8,000
10,000
12,000
50,000
26,000
25,000
20,000
2,000
15,000
5,000
15,000
20,000
15,000
50,000
150,000
600,000
2,000
13,000
50,000
18,000
4,000
50,000
25,000
20,000
20,000
1,000
5,000
1,000
50,000
20,000
12,000
50,000
15,000
12,000
25,000
6,000
110,000
80,000
50,000
90,000
30,000
13,000
16,000
2,000

Total
Resources
620,000
177,000
1,083,000
238,000
326,000
503,000
5,890,000
2,905,000
8,359,000
154,000
351,000
448,000
363,000
218,000
149,000
3,015,000
2,339,000
1,808,000
113,000
293,000
270,000
421,000
482,000
155,000
289,000
213,000
3,689,000
7,232,000
88,000
428,000
708,000
218,000
157,000
691,000
498,000
204,000
246,000
108,000
377,000
224,000
328,000
431,000
94,000
473,000
887,000
322,000
593,000
105,000
750,000
622,000
331,000
531,000
250,000
120,000
301,000
107,000
229,000

Federal Reserve Bank of Dallas

61

SCHEDULE 23—Continued
Ladonia
LaFeria
Lamesa
Leaky
Leonard
Liberty
Lockney
Longview
Loraine
Lorenzo
Lubbock
Lubbock
Lufkin
Luling
Luling
Madisonville
Malone
Matador
Mathis
Maypearl
Maypearl
McAllen
McGregor
McKinney
Memphis
*Mercedes
Mertens
Mission
Moran
Mt. Calm
Mt. Pleasant
Munday
Murchison
Nacogdoches
Normangee
North Zulch
Orange
Paducah
Palmer
Pampa
Paradise
Paris
Paris
Pecos
Penelope
Perrin
Piano
Port Arthur
Post
Quanah
Rails
Rails
Reagan
Rice
Richardson
Richland

First State Bank
Cameron County Bank
First State Bank
First State Bank
First State Bank
Liberty State Bank
Lockney State Bank
Commercial Guaranty State Bk.
First State Bank
First State Bank
Lubbock State Bank
Security State Bank & Trust Co.
Citizens Guaranty State Bank....
Citizens State Bank
Lipscomb Bank & Trust Co
Farmers State Bank
First State Bank
First State Bank
First State Bank
Citizens State Bank
Farmers & Merchants State Bk.
First State Bank & Trust Co
First State Bank
Central State Bank
Citizens State Bank
Bank of Commerce & Trust Co.
First Guaranty State Bank
First State Bank
Moran State Bank
First State Bank
Guaranty State Bank
First State Bank
First State Bank
Commercial Guaranty State Bk.
First State Bank
Farmers Guaranty State Bank..
Guaranty Bank & Trust Co
First State Bank
First Guaranty State Bank
Gray County State Bank
Paradise State Bank
First State Bank
Lamar State Bank & Trust Co...
Pecos Valley State Bank
Penelope State Bank
First State Bank
Farmers State Bank
Merchants State Bank
First State Bank
First Guaranty State Bank
First State Bank
Guaranty State Bank & Trust Co.
First State Bank
First State Bank
Citizens State Bank
First State Bank




Capital
35,000
25,000
60,000
25,000
50,000
35,000
50,000
50,000
30,000
25,000
100,000
100,000
75,000
25,000
75,000
25,000
25,000
38,000
30,000
25,000
25,000
130,000
50,000
75,000
75,000
50,000
25,000
50,000
40,000
40,000
60,000
35,000
25,000
100,000
25,000
25,000
100,000
50,000
25,000
25,000
25,000
150,000
150,000
110,000
25,000
25,000
60,000
100,000
25,000
100,000
25,000
60,000
25,000
50,000
35,000
25,000

Surplus
10,000
3,000
30,000
1,000
11,000
10,000
3,000
30,000
25,000
50,000
6,000
5,000
7,000
55,000
25,000
8,000
13,000
20,000
25,000
25,000
6,000
7,000
50,000
5,000
7,000
10,000
2,000
10,000
30,000
5,000
3,000
50,000
25,000
2,000
50,000
18,000
13,000
100,000
53,000
40,000
12,000
40,000
50,000
3,000
50,000
15,000
7,000
20,000
4,000
20,000

Total
Resources
422,000
207,000
541,000
69,000
421,000
331,000
219,000
296,000
350,000
250,000
870,000
475,000
470,000
146,000
308,000
255,000
107,000
348,000
133,000
158,000
156,000
664,000
284,000
555,000
538,000
151,000
130,000
328,000
194,000
187,000
498,000
234,000
96,000
1,254,000
210,000
141,000
460,000
468,000
241,000
211,000
94,000
1,462,000
1,671,000
540,000
136,000
128,000
341,000
1,317,000
176,000
839,000
154,000
302,000
140,000
203,000
136,000
255,000

62

Federal Reserve Bank of Dallas
SCHEDULE 23—Continued

Capital
Roaring Springs..First State Bank
25,000
25,000
Robstown
.First State Bank
50,000
Robstown
Guaranty State Bank
60,000
Rockwall
Guaranty State Bank
50,000
Royse City
First State Bank
Rusk
F. &. M. State Bk. & Tr. Co
100,000
Sabinal
First State Bank
80,000
San Antonio
Central Trust Co
200,000
San Augustine
Commercial Guaranty State Bk... 50,000
Santa Anna
First State Bank
35,000
Savoy
First State Bank
25,000
40,000
Seminole
First State Bank
35,000
Seymour
First Guaranty State Bank
50,000
Shamrock
F. &. M. State Bank
25,000
Shiro
Farmers State Bank
25,000
Silverton
Briscoe County State Bank
50,000
Sinton
Bank of Commerce
40,000
Slaton
First State Bank
50,000
Snyder
First State Bank & Trust Co
25,000
Spearman
Guaranty State Bank
Stamford
.First State Bank
100,000
Streetman
First State Bank
25,000
Sweetwater
Texas Bank & Trust Co
100,000
50,000
Teague
First State Bank
200,000
Terrell
First State Bank
30,000
Tioga
First Guaranty State Bank
25,000
*Troup
Guaranty State Bank
25,000
Trenton
Guaranty State Bank
100,000
Tyler
Peoples Guaranty State Bank
30,000
Valley Mills
Citizens State Bank
25,000
Valleyview
First Guaranty State Bank
300,000
Waco
First State Bank & Trust Co
Waxahachie
Guaranty State Bk. & Trust Co. 200,000
125,000
Weatherford
First State Bank
50,000
Wellington
Wellington State Bank
50,000
West
First State Bank
50,000
Wharton
Security Bank & Trust Co
50,000
Wharton
.Wharton Bank & Trust Co
25,000
White Deer
.First State Bank
100,000
Wills Point
First State Bank
Winnsboro
Merchants & Planters State Bk. 30,000
50,000
Wolfe City
First State Bank
30,000
Woodville
Woodville State Bank
50,000
Wortham
First State Bank
75,000
Wylie
First State Bank
100,000
Yoakum
Yoakum State Bank
Capital
Surplus

10,000
20,000
9,000
30,000
6,000
50,000
25,000
10,000
3,000
25,000
5,000
35,000
20,000
75,000
5,000
165,000
8,000
20,000
10,000
32,000
4,000
9,000
115,000
23,000
24,000
50,000
15,000
150,000
10,000
44,000
30,000
25,000
3,000
15,000
25,000
100,000

Total
Resources
171,000
189,000
346,000
316,000
254,000
653,000
420,000
4,105,000
400,000
362,000
184,000
151,000
141,000
355,000
110,000
57,000
377,000
262,000
322,000
83,000
615,000
168,000
762,000
525,000
1,253,000
159,000
309,000
114,000
1,232,000
108,000
128,000
2,213,000
1,202,000
856,000
485,000
292,000
368,000
765,000
180,000
486,000
340,000
273,000
128,000
977,000
493,000
1,240,000

$15,516,000 $6,424,000 $126,338,000
15,516,000
6,424,000

Total Capital and Surplus
•Data on these banks is from latest statements available.




Surplus
21,000
15,000
10,000
20,000
25,000
3,000
1,000

.$21,940,000

Federal Reserve Bank of Dallas

63

SCHEDULE 24
MEMBER BANKS BY STATES
December 31, 1921
Arizona
Louisiana
New Mexico
Oklahoma
Texas
Totals

National
8
National 16
National 37
National 38
National 556

State
2
State
2
State
5
State
4
State 103

Total 10
Total 18
Total 42
Total 42
Total 749

655

206

861

SCHEDULE 25
RECAPITULATION OF CAPITAL STOCK ACCOUNT, 1921
Number of member banks December 31, 1920 (national)
Number of member banks December 31, 1920 (state)
New national banks organized during 1921
State banks and trust companies admitted during 1921

663
187
16
26

892

National banks liquidating during 1921
State banks and trust companies liquidating during 1921

24
7

31

Total member banks December 31, 1921
Total capital stock December 31, 1920
Stock allotted member banks for quarter ending:
March 31, 1921
June 30, 1921
September 30, 1921
December 31, 1921

861
$8,197,100
$ 98,100
206,300
252,000
52,400

Total
Stock surrendered for quarter ending:
March 31, 1921
June 30, 1921
September 30, 1921
December 31, 1921
Total stock December 31, 1921
Total paid-up capital stock December 31, 1920
Subscriptions paid in quarter ending:
March 31, 1921
June 30, 1921
September 30, 1921
December 31, 1921

$8,805,900
$ 25,500
31,800
69,000
273,200

$ 49,050
103,150
126,000
26,200

Total




399,500
$8,406,400
4,098,550

Cash subscriptions refunded for surrender of stock
quarter ending:
March 31, 1921
$ 12,750
June 30, 1921
15,900
September 30, 1921
34,500
December 31, 1921
136,600
Total paid up capital December 31, 1921

608,800

304,400
$4,402,950

199,750
$4,203,200

SCHEDULE 26
NUMBER AND AGGREGATE AMOUNTS OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO BANK, AND
RETURNED TO THE COMPTROLLER DURING 1921
Aggregate
NUMBER OF NOTES
Amount
FEDERAL RESERVE NOTES
$20
$50
$10
$5
$100 $500 $1,000 $5,000 $10,000 Dollars
392,000
304,000
18,540,000
1. Received from Comptroller 1,708,000
2. Received from F. R. Bank
and from U. S. Treasurer
(fit notes)

296,000

463,000

266,000

12,680

5,900

318

404

13,217,000

3. Received by Comptroller
from Treasurer for destruction and credit of F. R.
Agent's account

2,878,957

1,831,633

1,066,998

38,782

15,896

148

107

57,760,775

4. Total

4,882,957

2,686,633

1,636,998

51,462

21,796

466

611|

89,517,775

5. Issued to F. R. Bank

1,826,000

483,000

552,000

7,200

2,100

56

164

25,762,000

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

2,878,957

1,831,633

1,066,998

38,782

15,896

148

107

57,760,775

4,704,957

2,314,633

1,618,998

45,982

17,996

204

271|

83,522,775

1

7. On hand at end of month....
8. Total




1

1

1

SCHEDULE 27
NUMBER AND AGGREGATE AMOUNTS OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO BANK, AND
RETURNED TO THE COMPTROLLER SINCE ORGANIZATION, AND ON HAND AT
CLOSE OF BUSINESS, DECEMBER 31, 1921
Aggregate
NUMBER OF NOTES
Amount
FEDERAL RESERVE NOTES
$5
$10
$20
| $50
$100 | $500 | $1,000 | $5,000 ^10,000 Dollars
1. Received from Comptroller 10,636,000| 7,288,000| 3,632,000 144,000j 68,000 1,600 2,000|
215,500,000
2. Received from F. R. Bank
and from U. S. Treasurer
(fit notes)
3. Received by Comptroller
from Treasurer for destruction and credit of F. R.
Agent's account

1,532,250

3,020,850

1,308,450

70,980

62,300

358

1,139

75,135,750
O5

3
8,235,182

5,495,148

2,595,887

80,066

27,682

292

155,203,630

4. Total

20,403,432| 15,803,998| 7,536,3371 295,046| 157,982 2,148| 3,431|

445,839,380

5. Issued to F .R. Bank

11,567,000

9,303,090

190

4,748,430 196,113 118,000

916

1,979

269,877,150

I

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

8,272,432

5,529,908

2,600,907

80,053

27,682

190

292

155,837,230

7. On hand at end of month....

564,000

971,000

187,000

18,880

12,300 1,042

1,160

20,125,000

1
8. Total



O5

20,403,432 15,803,998| 7,536,337 295,046| 157,932| 2,148| 3,431

1

445,839,380
O5

SCHEDULE 28
INTERDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES DURING YEAR 1921
100's
50's
20's
Refd
Rec'd
Refd
Rec'd
Refd
Rec'd
Refd
from
from
from
to
to
to
to
64,400
74,500 $
37,000 $
35,300 $
225,500 $ 257,500 $ 231,000 $
636,400
375,450
458,800
536,700
1,486,000 1,919,200 1,135,400
86,300
95,750
346,000
47,500
249,500
45,500
234,000
94,400
256,150
601,800
113,000
569,500
90,500
226,750
67,500
107,250
314,000
43,250
386,240
39,500
249,010
209,600
140,900
249,200
215,300
1,636,750 2,364,960 1,437,500
247.300
364,250
240,300
208,000
881,250 1,257,100 1,755,900
124,500
118,600
306,600
267,100
1,194,500 2,100,720 1,421,000
30,600
18,800
198,600
29,500
195,300
30,300
123,000
205,800
179,600
314,500
311,300
1,582,250 2,434,000 2,468,500
494,900
317,100
300,400
336,100
1,042,250 1,845,100 2,681,500
2,140,050| 2,048,350| 2,115,600| 2,261,700
8,881,260| 13,579,120| 12,591,200
1921
1920
1000's
10,000's
Total Amounts
Total Amounts
Rec'd
Ret'd
Rec'd
Refd
Refd
Refd
Rec'd
Rec'd
from
from
to
to
from
from
to
to
$ 1,056,900 $ 688,150 $ 1,466,560 $ 589,300
$ 3,000 $ 8,000
6,247,950 5,501,500 7,266,650 4,423,550
159,000
63,000
$10,000
988,750
2,000
891,300 1,626,800
738,950
5,000
1,638,750 1,289,100 1,695,750 1,392,950
5,000
9,000
1,401,490
20,000
957,010 3,061,000
768,650
11,000
5,963,740 5,085,250 5,290,250 4,670,500
67,000
21,000
3,847,000
2,901,150 3,693,200
35,000
4,431,750
11,000
5,080,575 3,808,850 8,272,822 4,558,650
19,000
33,000
404,500
399,100
7,000
445,850
590,900
5,000
5,652,300 5,674,400 6,974,350 6,007,200
49,000
16,000
3,967,415 5,289,750 4,299,205 4,610,350
43,000
33,000
210,000
414,000|
10,000 35,298,120| 33,324,360| 44,204,887| 32,782,750

10's
5's
Refd
Rec'd
Rec'd
to
from
from
$ 75,700 $ 81,750 $ 647,900 $
Boston
671,250 1,590,750 2,567,000
New York
525,500
Philadelphia .... 112,250 125,750
713,000
134,750 100,000
Cleveland
823,000
97,500 197,750
Richmond
1,674,550
1,427,730 1,577,000
Atlanta
794,500
382,250 378,500
Chicago
1,300,920
1,060,235 925,750
St. Louis
64,350
94,500
41,000
Minneapolis
1,364,000
1,191,500 1,159,250
Kansas City
804,900
San Francisco.. 633,415 679,500
Total
5,827,580| 6,880,350 ll,309,770|
F. R. Bank
of

500's

F. R. Bank
of

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
San Francisco..
Total

Ret'd
Rec'd
from
to
$
500 $ 3,000
32,000 108,500
1,500
3,500
5,000
9,000
1,500
1,000
16,500
11,000
31,000
8,000
5,500
12,000
3,500
3,500
30,000
21,000
31,500
14,500
116,000| 237,500




Federal Reserve Bank of Dallas

67

SCHEDULE 29
Federal Reserve Agent's statement of Federal Reserve notes on
hand, outstanding, received from Comptroller of the Currency, canceled, and coverage of total issue, as of December 31, 1921.
RESOURCES
Federal Reserve notes on hand
$ 20,125,000.00
Federal Reserve notes outstanding
39,537,770.00
Collateral security held against outstanding Federal Reserve notes:
Gold and gold certificates
6,701,000.00
Credit balance in gold redemption fund
2,158,285.00
Credit balance with Federal Reserve Board
2,234,000.00
Eligible paper
50,739,414.25
$121,495,469.25
LIABILITIES
Federal Reserve notes received from Comptroller of Currency—gross amount
$215,500,000.00
Less forwarded to the Comptroller for destruction
155,837,230.00
Received from Comptroller—net
59,662,770.00
Gold and gold certificates
11,093,285.00
Eligible paper
50,739,414.25
$121,495,469.25

SCHEDULE 30
FEDERAL RESERVE BANK NOTES OUTSTANDING DECEMBER 31,
1920, ISSUED AND REDEEMED DURING 1921 AND
OUTSTANDING DECEMBER 31, 1921

Ones
Twos
Fives
Tens
Twenties
Totals




New notes
Outstanding ^ g ^ J , 1 1
Unfit notes Outstanding
December _______ 11T , m redeemed
December
31, 1920
notes
during 1921
31, 1921
redeemed
$5,950,220
$1,540,000
$6,016,000
$1,474,220
689,780
200,000
620,000
269,780
628,030
240,000
449,000
419,030
753,310
353,000
400,310
723,460
337,000
386,460
$8,744,800

$1,980,000

$7,775,000

$2,949,800

68

Federal Reserve Bank of Dallas
SCHEDULE 31

COMBINED STATEMENT OF CONDITION OF NATIONAL BANKS
ELEVENTH FEDERAL RESERVE DISTRICT
(In thousands of dollars)
Number
of Banks
657
Feb. 21,
1921

Number
of banks

Number
of banks

657

657

652

Apr. 28,
1921

June 30,
1921

Sept. 6,
1921

$497,000
89,843
20,170
189,795

$483,755
88,586
22,211
181,099

$464,557
86,342
23,954
190,298

$852,029

$796,808

$775,651

$765,151

% 72,954
43,433
16,954
528,852
84,465
105,371

$ 73,625
43,469
21,162
495,641
68,234
94,677

$ 73,830
43,626
19,366
480,916
58,638
99,275

$ 73,225
43,390
20,409
468,524
61,113
98,490

$775,651

$765,151

RESOURCES:
Loans and Discounts
$518,020
U.S. Government Securities 101,297
Other Bonds
17,648
All other resources
215,064
Total

Number
of banks

LIABILITIES:
Capital stock
Surplus
Undivided profits
Individual deposits
Due to banks
All other liabilities
Total




$852,029

Federal Reserve Bank of Dallas

69

SCHEDULE 32
LIST OF BANKS IN ELEVENTH FEDERAL RESERVE DISTRICT
WHICH HAVE BEEN GRANTED PERMISSION TO ACT
IN FIDUCIARY CAPACITIES
ARIZONA
Nogales
Tucson
Tucson
LOUISIANA
Shreveport
Shreveport
NEW MEXICO
Albuquerque
Albuquerque
Carlsbad
Roswell
Et'oswell
Silver City
TEXAS

Abilene
Amarillo
Austin
Beaumont
Bonham
Brenham
Brownsville
Brownwood
Cameron
Colorado
Corsicana
Dallas
Dallas
Dallas
Dallas
Denison
El Paso
El Paso
El Paso
Fort Worth
Fort Worth
Fort Worth
Fort Worth
Galveston
Granger
Greenville
Houston
Marshall
Marshall
McKinney
Orange
Palestine
Port Arthur
San Angelo
San Angelo
San Angelo
San Antonio



-First National Bank
Arizona National Bank
Consolidated National Bank
Commercial National Bank
First National Bank
First National Bank
State National Bank
First National Bank
Citizens National Bank
First National Bank
Silver City National Bank
"

\

' • • $ •*•••••;•••"' "•'

Citizens National Bank
First National Bank
-American National Bank
First National Bank
First National Bank
First National Bank
Merchants National Bank
Citizens National Bank
Citizens National Bank
City National Bank
Corsicana National Bank
American Exchange National Bank
City National Bank
Dallas National Bank
National Bank of Commerce
.State National Bank
City National Bank
First National Bank
State National Bank
Farmers & Mechanics National Bank
First National Bank
Fort Worth National Bank
Stockyards National Bank
First National Bank
First National Bank
Greenville National Exchange Bank
....National Bank of Commerce
First National Bank
Marshall National Bank
First National Bank
First National Bank
Royall National Bank
First National Bank
Central National Bank
San Angelo National Bank
First National Bank
Lockwood National Bank

70

Federal Reserve Bank of Dallas

San Antonio
Sealy
Sherman
Sherman
Stanton
Texarkana
Troup
Tyler
Victoria
Waco
Waxahachie
Wichita Falls
Wichita Falls

National Bank of Commerce
Sealy National Bank
Commercial National Bank
M. & P National Bank
First National Bank
Texarkana National Bank
First National Bank
Citizens National Bank
Victoria National Bank
First National Bank
Citizens National Bank
City National Bank
First National Bank

SCHEDULE 33
BANKS AUTHORIZED TO ACCEPT UP TO 100 PER CENT OF THEIR
CAPITAL AND SURPLUS
ARIZONA
Nogales

First National Bank

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




American National Bank
Brownwood National Bank
American Exchange National Bank
City National Bank
Dallas National Bank
Southwest National Bank
First National Bank
Farmers & Mechanics National Bank
Fort Worth National Bank
Stockyards National Bank
First National Bank
Citizens National Bank
State National Bank
First National Bank
Houston National Exchange Bank
Lumberman's National Bank
National Bank of Commerce
South Texas Commercial National Bank
Union National Bank
First National Bank
Lamar State Bank & Trust Company
First National Bank
Commercial National Bank
American National Bank
First National Bank
First National Bank
Waxahachie National Bank

Federal Reserve Bank of Dallas
SCHEDULE 34
NUMBER OF EMPLOYES
(INCLUDING THE EL PASO AND HOUSTON BRANCHES)
DECEMBER 31, 1921
DEPARTMENT
Auditing
Bookkeeping
Cash
Credit
Examination and Statistical
Fiscal Agency
Loan and Discount
Mailing
Member Bank Relations
Secretaries and Stenographers to Senior
and Junior Officers
Securities
Service
Transit
El Paso Branch
Auditing
Houston Branch
Auditing
Officers
TOTAL




Male

Female

Total

21
14
12
17
12
30
30
15
5

1
3
18
8
3
19
7

22
17
30
25
15
49
37
15
6

3

11
4
33
27
26
1
27
2

14
4
117
127
60
4
67
6
22

192

637

84
100
34
3
40
4
22
446

1

SCHEDULE 35
CURRENCY RECEIPTS FROM AND PAYMENTS TO MEMBER AND NON-MEMBER BANKS, BY MONTHS, DURING
1921, WITH TOTALS FOR 1919 AND 1920
[In Thousands of Dollars]

MONTH
January ....
February .
March
April
May
June
July
August
September
October ....
November
December
Total: 1921.
1920.
1919.




Receipts
Payments
From
To
To
Prom
Member Non-member Member Non-member
Banks
Banks
Banks
Banks
I 980
$ 19,970
430
6,793
569
15,688
418
6,385
1,139
19,034
723
7,491
933
15,975
506
8,128
290
18,726
612
8,919
508
17,150
452
7,399
305
19,728
510
8,330
334
15,642
437
8,302
' 356
12,222
508
12,755
180
14,359
455
8,866
161
14,978
326
7,086
346
14,122
519
11,965
"1977594
5,896
102,419
6,101
152,697
6,685
120,951
5,790
72,580
3,208
90,145
4,573

Total Receipts
1921
20,400;$
16,106
19,757|
16,481
19,338
17,602
20,238
16,079
12,730
14,814
15,304
14,641
203,490

1920

1919

11,206 $11,650
6,756 6.S76
10,934 5,343
11,854 5,483
12,125 4,975
10,914 3,579
12,822 5,953
12,395 4,776
11,724 4,933
16,159 6,327
21,621 5,117
20,872 10,716

Total P a y m e n t s
1921
7,773
6,954
8,630
9,061
9,209
7,907
8,635
8,636
13,111
9,046
7,247
12,311
108,520

1920

1919

7,009 $ 2,197
8,883 3,556
10,059 4,713
9,372 4,344
8,618 4,581
9,811 7,183
9,591 6,505
12,567 7,147
17,500 14,096
13,816 14,804
8,294 13,471
11,221 12,214
126,741

159,382
75,728

94,811

C/3

73

Federal Reserve Bank of Dallas
SCHEDULE 36

UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS
SUBSCRIPTIONS ALLOTTED
Date
Jan.
Jan.
Feb.
Men.
Mch.
Apr.
May

June
June
Aug.
Aug.
Sept.
Sept.
Sept.
Nov.
Nov.
Dec.
Dec.

of Issue
15, 1921
15, 1921
15, 1921
15, 1921
15, 1921
15, 1921
16, 1921
15, 1921
15, 1921
1, 1921
1, 1921
15, 1921
15, 1921
15, 1921
1, 1921
1, 1921
15, 1921
15, 1921

Date of
Maturity
Apr. 15, 1921
Oct. 15, 1921
July 15, 1921
Sept. 15, 1921
Mch. 15, 1922
Oct. 15, 1921
Feb. 16, 1922
June 15, 1922
June 15, 1924
Mch. 15, 1922
Aug. 1, 1922
Mch. 15, 1922
Sept. 15, 1922
Sept. 15, 1924
Apr. 1, 1922
Sept. 15, 1922
June 15, 1922
Dec. 15, 1922

Series
E 1921
F 1921
G 1921
TS2 1921
TM 1922
H 1921
A 1922
TJ 1922
A 1924
TM2 1922
B 1922
TM3 1922
TS 1922
B 1924
C 1922
TS2 1922
TJ2 1922
TD 1922

Rate
5%%
5%%
5%%
5%%
5%%
5%%

5y2%
5%%
5%%
5%%
5%%

5 %
5%%
5%%
4%%
4%%
4%%

4y 2 %

Total

Number of
Allotment Subscribers
100
$ 2,197,000
243
1,424,000
130
2,552,000
174
2,546,000
221
2,396,000
265
2,764,500
244
4,071,500
331
4,708,000
166
4,058,600
35
2,489,000
105
5,289,500
153
5,278,500
259
3,979,000
127
5,449,000
87
1,541,000
159
3,586,500
120
2,605,000
266
4,175,000
$61,110,100

METHOD OF PAYMENT
Credit in war loan deposit account
Cash
Other certificates of indebtedness exchanged
Total

3,185
$44,332,550
13,326,050
3,451,500
$61,110,100

REDEMPTIONS
United States Treasury certificates of indebtedness

$42,395,500

CERTIFICATES OF INDEBTEDNESS PURCHASED FROM BANKS AND
RE-SOLD TO INVESTORS




$21,082,500

74

Federal Reserve Bank of Dallas
SCHEDULE 37
DEPOSITARY BANKS—DULY QUALIFIED AND DESIGNATED

Balance on deposit January 1, 1921
Amount of deposits made on account of payments of certificates of indebtedness by
credit in war loan Deposit account:
January
$ 2,230,000.00
February
2,067,000.00
March
2,561,500.00
April
1,414,250.00
May
2,152,500.00
June
6,714,900.00
July
None
August
6,766,500.00
September
11,282,900.00
October
None
November .,
3,657,000.00
December
5,486,000.00
Total deposits
Grand total

$44,332,550.00s

$ 1,953,042.00

44,332,550.00
$46,285,592.00"

Amount of withdrawals from depositaries
for the year:
January
February
March
April
May
June
July
August
September
October
November
December

$ 2,905,300.58
1,090,070.02
2,319,671.40
1,755,479.46
3,417,414.98
1,839,340.44
4,458,702.49
3,343,832.61
4,593,110.01
9,877,981.16
2,578,655.76
1,955,259.81

$40,134,818.72s
Balance on deposit Dec. 31, 1921
Grand total

40,134,818.72
6,150,773.28
$46,285,592.00*

Total number of qualified depositaries at close of business 1921
Number of banks qualifying 1921
Number of banks increasing their designation
Number of banks cancelling their designation



723
1
5
18

75

Federal Reserve Bank of Dallas
SCHEDULE 38
COLLATERAL PLEDGED TO SECURE U. S. DEPOSITS WITH
DESIGNATED DEPOSITARIES IN WAR LOAN
DEPOSIT ACCOUNT
Collateral held January 1, 1921
Collateral pledged:
January
$ 3,155,350.00
February
2,533,650.00
March
2,386,113.08
April
2,017,340.00
May
2,313,256.61
June
8,732,917.63
July
1,824,353.83
August
11,815,174.68
September
19,111,561.04
October
1,476,723.49
November
4,934,078.37
December
9,584,387.50
$69,884,906.23s

$ 4,557,366.88

69,884,906.23s
$74,442,273.11*

Collateral withdrawn:
January
February
March
April
May
June
July
August
September
October
November
December

$ 2,901,136.38
2,346,037.50
2,310,723.00
2,505,569.98
2,633,183.35
4,454,294.96
5,512,871.06
9,034,791.42
12,737,345.25
9,660,638.14
5,423,810.48
6,524,784.61

$66,045,186.13s
66,045,186.13s
Balance of collateral held December 31, 1921....$ 8,397,086.98
$74,442,273.11*
SCHEDULE 39
AMOUNT OF SECURITIES PLEDGED AGAINST WAR LOAN DEPOSIT
ACCOUNT AT THE END OF EACH MONTH
January
February
March
April
May
June
July
August
September
October
November
December



? 4,813,580.50
5,001,193.00
5,077,083.00
4,588,353.10
4,268,426.36
8,547,049.03
4,858,531.80
7,638,915.06
14,013,130.85
5,829,216.20
5,339,484.09
8,399,086.98

76

Federal Reserve Bank of Dallas
SCHEDULE 40
BOND TRANSACTIONS, INCLUDING
CONVERSIONS, EXCHANGE, TRANSFERS, RE-SALES AND
MISCELLANEOUS
Temporary-Permanent Exchange

ISSUES
First 4%
First 4%%
First-second 4%%
Second 4%
Second 4%%
Third 4%%
Fourth 4%%

Pieces Received
65
2,842
142
668
11,064
45,764
344,252

$

Amount Pieces Delivered
Amount
$
5,700
64
6,350
583,450
2,692
565,200
19,700
136
19,700
53,550
616
56,000
2,386,450
9,821
2,287,800
4,755,700
41,369
4,721,600
56,127,200
278,143
55,125,600

Total
404,797
Bonds delivered on exchange by consignment
agents
19,555

$62,782,250

332,253

$63,931,750

2,771,800

13,751

2,771,800

424,352

5,554,050

346,004

$66,703,550

Denominational

Interchange

First 3%'s
First 4%'s
Second 4%'s
Third 41/4's
Fourth 4%'s
Victory 3%'s
Victory 4%'s

$ 169,100
234,800
1,126,300
2,012,950
2,660,850
534,100
2,016,700

Total
No. of pieces

$8,754,800
83,654

Transfer Transactions

First 3y2's
First 4%'s
Second 4%'s
Third 4%'s
Fourth 4%'s
Victory 3%'s
Victory 4%'s

_

Total
No. of pieces

$

Coupon Exchange Transactions

First 3%'s
First 4%'s
Second 4's
Second 4%'s
Third 4%'s
Fourth 4%'s
Victory 3%'s
Victory 4%'s ...._
Total
No. of pieces
First 3%'s
First 4%'s
Second 4%'s
Third 4%'s
Fourth 4%'s
Victory 3%'s
Victory 4%'s
Total
No. of pieces

Conversion Transactions

Total
No. of pieces

30,200
77,400

775,650
982,800
2,095,850
10,850
518,850
$4,491,600
21,157

Registered Exchange Transactions

23,400
12,000
117,600
210,750
356,150
100
64,100

$ 784,100
2,326

First 4's
Second 4's

$

$ 668,600
277,450
662,950
845,600
747,550
2,950
527,800
$3,732,900
12,601

Victory Conversion

$ 325,250
1,584,450

Victory 3%'s „
Victory 4%'s

$ 109,200
9,250

$1,909,700
20,385

Total
No. of pieces.

.$ 118,450
199

Sale of Bonds

First 3%'s
First 4%'s
Second 4%'s
Third 4%'s
Fourth 4%'s
Victory 3%'s
Victory 4%'s
Total
No. of pieces



$

99,150
251,900
1,375,500
1,536,950
1,728,700
97,350
2,525,500

$7,614,950
32,860

11

Federal Reserve Bank of Dallas
RECAPITULATION
Temporary permanent exchanges
Denominational interchanges
Coupon exchanges
Registered exchanges
Registered transfers
Conversions
Re-sales
Miscellaneous
Total

Pieces
424,352
83,654
21,157
12,601
2,336
20,584
32,860
59,628

Amount
$ 66,703,550
8,754,800
4,491,600
3,732,900
784,100
2,028,150
7,614,950
9,048,415

657,172

$103,158,465

SCHEDULE 41
SHIPMENTS OF SECURITIES
MONTH AND YEAR
January, 1921
February, 1921
March, 1921
April, 1921
May, 1921
June, 1921
July, 1921
August, 1921
September, 1921
October, 1921
November, 1921
December, 1921
Total

Number
Shipments
6,108
4,339
4,399
3,660
5,219
4,724
3,530
3,739
3,767
3,889
3,464
4,064

Number
Pieces
183,556
177,462
178,270
175,381
190,406
170,987
139,449
117,999
130,090
186,796
148,806
242,507

Amount
$ 57,887,069.88
38,109,459.97
34,395,655.86
31,476,562.28
25,694,202.87
27,209,736.66
16,348,271.70
15,000,915.83
23,145,101.56
22,875,285.38
14,391,309.88
23,710,614.26

50,902

2,041,709

$330,244,186.13

SCHEDULE 42
UNITED STATES INTEREST COUPONS AND WARRANTS PAID
MONTHS
January
February
March
April
May
June
July
August
September
October
November
December
Total



Interest Coupons Paid
Government Warrants Paid
Number
Amount
Number
Amount
153,222
$ 488,354.70
21,692
$ 2,868,412.20
83,570
238,611.57
24,428
3,471,476.73
133,623
834,513.86
28,481
3,628,977.93
135,663
622,411.71
28,247
3,514,637.92
111,741
595,462.60
28,867
3,641,175.72
148,873
857,659.46
27,091
3,250,153.46
65,181
249,458.85
24,593
4,755,996.22
44,398
210,666.17
29,947
3,696,043.18
87,841
498,211.59
28,529
3,251,142.19
134,858
687,250.15
29,461
3,713,548.47
97,937
424,499.52
31,036
6,025,151.36
160,797
769,192.84
30,472
6,412,311.28
1,357,704

$6,476,293.02

332,844

$48,229,026.66

GO

SCHEDULE 43
WAR SAVINGS SECURITIES-SALES AND REDEMPTIONS

MONTHS

WAR SAVINGS
STAMPS
Sales

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




Redemption

THRIFT STAMPS
Sales

Redemption

TREASURY
TREASURY SAVINGS
SAVINGS
CERTIFICATES
STAMPS
ReRedempdempSales
Sales
tion
tion

5 556.25 $215.00 None ! 27,315.60|$27 729.60
$ 8,952.76j$12,084.00
678.40
7.908.95J
6,434.54
631.76 130.00 150.25 21.00 None
44.00 100.00 None 19,085.40|
None
269.10
101.07 107.50
,681.60
43.25 None None 16,081.25
30.75
190.90
390.08
None
None None None 14,601.60
303.68
None 227.50
None
26.50 None None 14,949.45
7.25
37.53
None
None
2.75 281.00 None None 14,776.30
87.78
844.36
None
5.50 262.00 None None 17,011.40
243.02
None
105.00
13.50 118.00 None 10.00) 9,324.00]
50.40
109.20
None
36.00 None None] 13,514.101
.75
1,843.98
29.47
84.80
None None None| 16,521.30|
2.25|
1,831.48
None|
None
37.00 None None | 111,239.35|
1.50|
None
80.37|
|$20,245.17|$14,270.31|$l,111.25|$l,554.25 $336.00|$10.00|$282,328.70|$34,279.40|

WAR SAVINGS
CERTIFICATES
Sales

Hi

Redemption

130
304,631.84
176,887.10
163,451.90
163,081.98
110,440.45
115,890.86 55
89,150.91
77,697.45
84,622.75
86,408.79
94,314.07
91,940.77
|$1,558.518.87

BANK CLEARINGS AT AUSTIN, BEAUMONT, DALLAS, EL PASO, FORT WORTH,
GALVESTON, HOUSTON, SAN ANTONIO, SHREVEPORT, WACO, AND
WICHITA FALLS DURING 1920 AND 1921
Millions January February fAorch April
of
Dollars
600

May

June

July

August Sepixmbtr October Nowmberpecember Millions
of
Dollars

\

600

\

\

\

500

/

.S

<

\
500

/

2SLS
\
400

^

400

300

300

200

200

too

10O

o

o




CO

NUMBER AND VALUATION OF BUILDING PERMITS AT AUSTIN, BEAUMONT,
DALLAS, EL PASO, FORT WORTH, GALVESTON, HOUSTON, SAN ANTONIO
AND SHREVEPORT IN 1920 AND 1921
Number January February March April

May

June

August September October NovemberDecember Number

19? 1 ^ ^-

2500
2000

July

-

—

•>*

•

2'5O0

..-

2000

1 5OO

1500

1000

1000

500

soo

0

0

Millions
Of

Hollers

Dollars
5
4
3
2

\

/

^

X

I9?l

\

s

/

4

— ^
X

•4920...-

. .

—-

3

2

1

1

p

Q




So
in

to

LIVESTOCK RECEIPTS AT FORT WORTH,
1920 AND 1921
Thousands
Of

J F

M J

M

s o

J

N

D

j

M J

F M

s

J

Htad

1 20

K
\\
\

1 10
100
90

i

SO
10

/

J

ec
50

\ ^ /

40

V

j\
1

30
20
10

/1

f




D

J
I
\
\
\

Head
1 20

\

1 00

\

90

\

h

\

A
\

i

i
\
\

\

A

\

V

\

V

'
2n

A
j Y
/

i

\\

y

/ "

80

j\

—^5

\

ThouGandi
o/

11 0

Sheepj

Q

N

A

v
— J

0

:v A

j

i \
\

A
i/ \ v

1
Utl/

10

V

/ v *>*

60

\ \
\>
\\

A

i

V

o
50
40
30
20
10

19 ?i

o
GO

00
to

PRODUCTION OF CRUDE OIL IN ELEVENTH FEDERAL RESERVE DISTRICT
IN 1920 and 1921
Miihoms January February March
Of
Barrels
I 3

N
1 1
'0

May

June

July

August StpUTnber October NovemberDe comberMillions
Of

1 3
/

\J

V
\

Aprtl

*"** ^ " ^

• -•

h D/strn:t. prndui tinn

—---

"^^

•*•-

10
/

9
8

N

Tey as p/'oe^ /ct/on

1 1

/3-i

/9?l

^ "

12

/

"

^

"•

9

8

^y

7

7
6
5

5

4

4

3
Z
1
Q




3
L2 ii

*•

North I ouisia-m ^ produc^ t/on

—

—

—-"

.

*

2
I

ft

3

COMMERCIAL FAILURES IN ELEVENTH FEDERAL RESERVE DISTRICT IN 1920 AND 1921
Thousands

J

F M A

M

J A

J

s

0

N

D

J

p M

A

M

A

s

0

0

N

Mumber
Failures

Dollars

IOOO

100

6000

600

5OOO

500
/

4000

2000

1 OOO
900
300
100
600
500
4OO
3OO

zoo




i nn

A
1
I •*>\1

A

A1 \

3000

/

f\

A

V

f

I\
/]

He

1

\

\ /

/

I

If
if
1

J
V

(.9 ?a

\

vV

V

>

i

ZOO
ft

\ /

\

3OO

/

A

/

Ai nhititml

/

>

Ado

\

/
ft

>
100
30
80
10

N jmtrf

i

I

to

60
50

s

A-O

30

20

?\

10

GO
CO

84

Federal Reserve Bank of Dallas

POSTOFFICE RECEIPTS AT ELEVEN PRINCIPAL CITIES IN ELEVENTH
FEDERAL RESERVE DISTRICT DURING 1920 AND 1921
Thousands Jan
Dollar

Feb May Apr

May June

July

AUQ Sept

Oct

Nof Dec
/
/
/

800

/
/
/

1

700

600

500

400

300

200

100




K

1
1

/

1
•

I9ZQ

N

/

/

85

Federal Reserve Bank of Dallas

NET SALES OF TWENTY TEXAS DEPARTMENT STORES
DURING 1920 AND 1921
Mnr

Million* Jon

Apr

r^

Clu

JlfTIF

lulu

Ann

Sent

Oct.

Nay

npc

oSfars
9

7

e

t

4

/

s

5

A

'

s

^^
\

\

^

^

\

/

\

^ *

to/
/

3

2

1




w

/ * *

7

86

Federal Reserve Bank of Dallas

INDEX
Introduction
Financial results of operation
Discount operations
Trade acceptances
Bankers' acceptances
Reserve position
Clearing operations
Movement of membership
Federal reserve notes
Federal reserve bank notes
Relations with member banks—national and state
Fiduciary powers to national banks
Member Bank Relations Department
State bank memberships
Bank examinations
Banking quarters
Internal organization and personnel
Fiscal Agency operations
Operations of the El Paso Branch
Operations of the Houston Branch
Review of business conditions in 1921

Page
5
7
8-10
10-11
11
12
12-15
15-16
16-17
17-19
19
19-20
20-21
21
21-22
23
23-25
26-28
28-32
32-34
34-37

EXHIBIT
A. Movement of principal assets and liability items during 1921

40-41

CHARTS
Federal reserve notes outstanding in 1919, 1920 and 1921
Movement of earning assets during 1920 and 1921
Deposits, F. R. note circulation, cash reserves, and reserve ratios
1920-1921
Operations of check clearing and collection department during
1919, 1920 and 1921
Bank clearings at Austin, Beaumont, Dallas, El Paso, Fort Worth,
Galveston, Houston, San Antonio, Shreveport, Waco and Wichita Falls during 1920 and 1921
Number and valuation of building permits at Austin, Beaumont,
Dallas, El Paso, Fort Worth, Galveston, Houston, San Antonio
and Shreveport in 1920 and 1921
Livestock receipts at Fort Worth, 1920 and 1921
Production of crude oil in Eleventh Federal Reserve District in
1920 and 1921
:
Commercial failures in Eleventh Federal Reserve District in
1920 and 1921
Postoffice receipts at eleven principal cities in Eleventh Federal
Reserve District during 1920 and 1921
Net sales of twenty Texas department stores during 1920 and 1921



18
39
42
55
79
80
81
82
83
84
85

Federal Reserve Bank of Dallas

87

INDEX—Continued
SCHEDULES
1. Comparative statement of condition
2. Comparative statement of earnings and expenses for years
1919, 1920 and 1921
3. Statement of disposition of income calendar year 1921
4. Volume of paper discounted and bought, by months, during
1921, classified according to character of paper, with total for
three preceding years
5. Rediscounts
6. Number of banks accommodated through the discount of
paper during 1921, distributed by states
7. Rediscounts for 1921 by months and distribution by states
8. Discount rates for 1921 and dates on which effective
9. Classification by maturities of bills discounted and bought
in 1921
10. Classification of trade acceptances by maturities
11. Classification of bill lading drafts as to commodity
12. Statement of bankers' acceptances—rates and time
13. Operations in United States bonds and securities for the year
1921, and treasury notes held on December 31, 1921
14. Member banks collateral notes
15. Daily average earning assets, earnings thereon and average
rate per annum, year 1921, as compared with year 1920
16. Paper rediscounted with other Federal reserve banks during
each month of 1921
_
17. Operations of Federal reserve clearing system
18. Number and amounts of wire transfers sold by months for the
year 1921
19. New national banks, 1921
20. National banks liquidating during 1921
21. New state banks, 1921
22. State banks liquidating during 1921
23. Total state bank membership, Eleventh Federal Reserve
District, December 31, 1921
24. Member banks by states, December 31, 1921
25. Recapitulation of capital stock account, 1921
26. Number and aggregate amounts of Federal reserve notes
received, issued to bank, and returned to the Comptroller during 1921
27. Number and aggregate amounts of Federal reserve notes received, issued to bank, and returned to the Comptroller since
organization, and on hand at close of business, December
31, 1921
28. Interdistrict movement of Federal reserve notes during year
1921
29. Federal Reserve Agent's statement of Federal reserve notes
on hand, outstanding, received from Comptroller of the Currency, canceled, and coverage of total issue, as of December
31, 1921



Page
43
44-46
46

47
48
48
48
49
49
49
49
50
50-51
51
52
53
54
56
56
57
58
58
59-63
63
63
64

65
66

67

88

Federal Reserve Bank of Dallas
INDEX—Continued
Page

30. Federal reserve bank notes outstanding December 31, 1920,
issued and redeemed during 1921 and outstanding December
31, 1921
31. Combined statement of condition of national banks, Eleventh
Federal Reserve District
32. List of banks in Eleventh Federal Reserve District which have
been granted permission to act in fiduciary capacities
33. Banks authorized to accept up to 100 per cent of their capital
and surplus
34. Number of employes (including the El Paso and Houston
branches) December 31, 1921
35. Currency receipts from and payments to member and nonmember banks, by months, during 1921, with totals for 1919
and 1920
36. United States treasury certificates of indebtedness subscriptions allotted
37. Depositary banks—duly qualified and designated
38. Collateral pledged to secure U. S. deposits with designated
depositaries in war loan deposit account
39. Amount of securities pledged against war loan deposit account
at the end of each month
40. Bond transactions, including conversions, exchange, transfers,
re-sales and miscellaneous
41. Shipments of securities
42. United States interest coupons and warrants paid
43. War savings securities—sales and redemptions




67
68
69-70
70
71

72
73
74
75
75
76-77
77
77
78