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SIXTH ANNUAL REPORT of the Federal Reserve Bank of Dallas For the Year Ended December 31 1920 m m m SIXTH ANNUAL REPORT of the Federal Reserve Bank of Dallas For the Year Ended December 31 1920 DIRECTORS AND OFFICERS OF THE FEDERAL RESERVE BANK OF DALLAS 19 2 1 DIRECTORS CLASS A JOHN T. SCOTT, Houston, Texas HOWELL E. SMITH, McKinney Texas B. A. McKINNEY, Dallas, Texas CLASS B MARION SANSOM, Fort Worth, T e n * 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 Federal Reserve Agent and Secretary „ „ „ „ r ,, r , T ,,. . . „ j , „ R taDt • -MG™A««T CARL B. TEAGARDEN, General Auditor CHAS. C. HUFF, General Counsel E. B. STROUD. JR., Office Counsel R. L. VAN ZANDT, Governor LYNN P. TALLEY, Deputy Governor SAM R. LAWDER, Cashier R - BUCKNER COLEMAN, Assistant Cashier FRED HARRIS, Assistant Cashier DWIGHT P. REORDAN. Assistant Cashier FORD, Assistant Cashier w o JAMES L. LUMPKIN. Assistant Cashier REECE T. FREEMAN. Assistant Cashier EL PASO BRANCH DIRECTORS W. C. WEISS U. S. STEWART, El Paso, Texas W. W. TURNEY, EJ Paso, Texas A. F. KERR, El Paso, Texas A. P. COLES. El Paso. Texas OFFICERS W. C. WEISS, Manager W. P. CLARKE, Ass't Federal Reserve A»ent M. CRUMP, Cashier ALLEN SAYLES, Assistant Cashier HOUSTON BRANCH DIRECTORS E. F. GOSSETT FRANK ANDREWS, Houston, Texas R. M. FARRAR. Houston, Texas GUY M. BRYAN, Houston, Texas J. J. DAVIS, Galveston, Texas OFFICERS E. F. GOSSETT, Manager R. L. KING. Ass't Federal Reserve Agent LAURENCE E. DIGNAN, FLOYD IKARD, Cashier Cashier MEMBER FEDERAL ADVISORY COUNCIL R. L. BALL, San Antonio, Texas Assistant OPERATION OF THE FEDERAL RESERVE BANK OF DALLAS IN 1920 In attempting to briefly review the activities of the Federal Reserve Bank of Dallas for 1920, it is appropriate to refer to some of the conditions prevailing throughout the year. Among the important problems which have confronted the management of the bank in its operations of 1920 were those of orderly readjustment, and the necessity of limiting the expansion of credit without unduly interfering with the processes of production and distribution. Many of the economic evils of the twelve months immediately preceding this year were inherited with the turn of 1920, and some substantial readjustments in the whole credit and financial structure were inevitable. Early in the year the Federal Reserve Bank undertook an educational campaign among member banks with a view of encouraging liquidation and of effecting a reduction in the volume of loans for investment or capital purposes in order that the agricultural and industrial interests of the district might be assured the support during the busy season which their importance justified. The closing months of 1919 witnessed an era of reckless extravagance and indulgence in luxuries at a pace heretofore unequalled. After this period of "fictitious prosperity," as the result of abnormal profits, high wages, and high prices of commodities, attempts to restore financial operations to anything like a normal, or pre-war, basis were slow of accomplishment. In some Federal Reserve districts discount rates were greatly increased in an effort to check speculation. In this district, however, it was not deemed expedient to unduly tax the agricultural and livestock interests, from which the greatest credit demands were had, and while rates were somewhat increased, the advance was not as great as in some other sections. It is still believed that this procedure was one of wisdom. 6 Federal Reserve Bank of Dallas From the position of strong reserves, which the bank enjoyed early in the year, the demand for credit greatly increased as the spring months advanced, and in April rediscounting with other banks became necessary. This condition has obtained continuously since that time. On account of the heavy decline in the price of cotton, and other products of the farm and ranch, banks in agricultural sections, especially, have received insufficient liquidation. As the result many of them are in a greatly extended condition, and the year closes with some uncertainty as to the future. It will continue to be the policy of the bank to extend the absolutely necessary assistance to its member banks which have been the heaviest sufferers in this regard, and in every legitimate way encourage agricultural and livestock production. FINANCIAL RESULTS OF OPERATION Financially the results of the bank's operations in 1920 have surpassed the record of 1919 and of previous years when the financing of war time needs resulted in abnormally high profits. The increase in productive assets of the bank is reflected in gross earnings, which in 1920 amounted to $4,904,521.93, an increase of 60.1 per cent, over 1919, when earnings were $3,062,250.84 Net earnings were $3,354,675.07, as compared with $2,079,415.01 in 1919, an increase of $1,275,260.06, or 61.3 per cent. The ratio of net earnings to paid in capital in 1920 averaged 89.2 per cent., as compared with 60.7 per cent, in 1919. Depreciation of various assets to an amount considered conservative has been made in the same manner, and upon the same basis prescribed by the Federal Reserve Board. Reserves for possible losses have also been set up. The increased! volume of business handled by the Bank in 1920, as will be shown by the comparative statistical exhibits which follow, has greatly increased the operating cost. No small part of the increased expenses is due to the free services performed for member banks, such as transportation on in and out bound currency shipments, telegraphic charges on transfers, etc. The advance in replacement cost of equipment and stationery, the increased wage scale, and necessity for additional clerical force, are other factors contributing to the heavy cost Federal Reserve Bank of Dallas 7 of operating the bank in the year. Expenses for 1920 were $1,549,846.86, an increase of $567,011.03, or 57.6 per cent, over 1919. After making appropriate adjustments in the profit and loss account, following the dividend payment of December 31, 1919, the Bank's capital was $3,420,700, and surplus, $3,029,937. On June 30th a dividend at the rate of 6 per cent per annum, covering the operating period, January 1st to June 30th, amounting to $106,284.71 was paid. At the same time there was carried to surplus $1,122,333.60. On December, 21st, 1920, another dividend at the rate of 6 per cent, per annum, covering the operating period, July 1st to December 31st, amounting to $119,139.18 was paid. The balance in Profit and Loss Account of $1,880,473.47 was added to surplus, making a surplus on December 31, 1920, of $6,032,744, or 73.5 per cent, of the Bank's subscribed capital. Schedule 1 shows comparative balance sheet as of December 31, 1917 to 1920. The growth in the banking business of the district is reflected in the increase of 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, 1920, were $83,222,544.51 as compared with $77,767,567.87 on December 31, 1919, $56,363,336.64 on December 31, 1918 and $29,639,163.47 on December 31, 1917. The capital of the bank on December 31,1920, was $4,098,550, as compared with $3,420,700 on December 31, 1919, $3,154,300 on December 31, 1918, and $2,794,900 on December 31, 1917. Total resources on December 31, 1920, were $173,998,000.00, as compared with $199,821,000 on December 31, 1919; $119,830,000 on December 31, 1918; and $110,153,000 on December 31, 1917. Schedule 2 shows comparative statement of earnings and expenses for the years 1917, 1918, 1919, 1920, and since organization. Schedule 3 shows the disposition of income for 1920. DISCOUNT OPERATIONS In preceding annual reports the increase in discount operations has been worthy of special notice. This year is no excep 8 Federal Reserve Bank of Dallas tion, and the volume of paper handled, and number of banks accommodated, have reached new totals. From a total of 210 banks served in January, the number increased each month, some 600 being accommodated in December. The increase in total bills discounted and bought •was $51,162,912, or 4.1 per cent, over 1919. As compared with 1918 the increase was 110.3 per cent. Of the total paper handled, 69.7 per cent, consisted of notes of member banks secured by government obligations. Throughout the year the amount of notes discounted, secured by Government obligations, has constituted a large percentage of the total advances, indicating that the banks are still carrying government securities in large amounts. A total of 702 banks were accommodated in 1920, as compared with 607 in 1919, and 548 in 1918. Of the number served 94 were new banks not previously using our rediscount facilities. HOLDINGS OF DISCOUNTED AND PURCHASED PAPER Beginning in January an increase of $19,204,000 was shown in total loans to members. Of total loans outstanding on January 31st of $62,525,000, $14,950,000 consisted of rediscounts for other Federal Reserve banks. Of the total loans to members 56 per cent was government secured paper. February showed a net increase in total loans of $9,979,000, and increase in rediscounts for other Federal Reserve banks of $8,550,000. There was no material change in the percentage of paper secured by government obligations, the total on February 28th being $35,857,000. In March an increase of $8,783,000 in bills discounted for members was shown. On March 31st rediscounts for other Federal Reserve banks totaled $10,000,000. April showed an increase in bills discounted for members of $18,765,000. The establishing of progressive rates, effective May 21st, and fixing the basic line of credit for member banks made the demand very heavy, and a good many banks immediately took advantage of their "basic line," with the result that total loans in May increased $10,688,000. Rediscounts with other Federal Reserve banks on May 31st amounted to $13,000,000. Federal Reserve Bank of Dallas 9 In June the rediscounts for member banks decreased $5,066,000; total loans outstanding on June 30th amounted to $82,174,000, which included rediscounts with other Federal Reserve banks on June 30th of $4,476,000. July showed an increase of $18,091,000 in rediscounts for members. Rediscounts with other Federal Reserve banks on July 31st aggregated $26,616,000. ; Member Bank rediscounts increased $7,454,000 in August. Rediscounts with other Federal Reserve banks on August 31st aggregated $32,487,000, and total loans held by the bank on that date were $75;232,000. September showed an increase of $9,148,000 in rediscounts for members, and increase of $5,549,000 in rediscounts with other Federal Reserve banks. October showed a decrease of $5,221,000 in member banks' rediscounts, and $5,208,000 in rediscounts with other Federal Reserve banks; the latter, on October 30th, amounting to $32,828,000. November showed a net decrease in total loans of $7,038,000, and decrease of $4,073,000 in rediscounts with other Federal Reserve banks, the latter on November 30th, aggregating $28,755,000. December showed a decrease in total loans of $7,117,000, and reduction of $2,060,000 in rediscounts with other Federal Reserve banks, the latter, December 31st, aggregating $26,695,000. TRADE ACCEPTANCES While some progress has been made during the year in the use of trade acceptances among wholesale and retail trades, the progress in their use has been slow. The bank has responded to many inquiries for forms, and undertaken, as opportunity presented, to encourage the practice of taking trade acceptances in settlement of sales. It is believed some headway is being made, as the advantage of the trade acceptance over the old method of carrying open accounts, is obvious. The various associations of credit men throughout the district, and other organizations of business men have, by a campaign of education among business houses, done much towards popularizing this paper. Schedule 10 shows the volume of this paper handled in 1920, classified by maturities. 10 Federal Reserve Bank of Dallas BANKERS' ACCEPTANCES Purchases of bankers' acceptances during the year aggregated $8,348,277, as compared with $12,415,232 in 1919, a decrease of $3,931,955. Of the total $7,726,192 were purchased from banks in the Eleventh District, and $622,085 through other Federal Reserve banks. The number of banks handling acceptance credits, or those which accept, has increased in the year, and the volume of acceptances created has been larger than previously. The acceptances of many of the larger banks in the district have been sold in the North and East, and such bills subsequently purchased by this Bank. The use of acceptances, and their purchase by the investing public have been encouraged, and it is believed investors are alive to the attractiveness of such paper. It is, however, practically a new form of financing in this district, and the field is still undeveloped. The Bank has recently given notice of the discontinuance of the policy of purchasing unendorsed bills of any one drawer exceeding 10 per cent, of the capital and surplus of the accepting bank. This will doubtless limit the purchases, but should have the effect of distributing the bills in other districts, which is most desirable. Schedule 12 shows the volume of bankers' acceptances bought, rates at which purchased, and maturities. RESERVE POSITION The bank entered the year with a strong reserve position and for some time its reserve percentage, ranging between 50 and 70, was among the highest in the system. This position was maintained until April. While it continued rediscounts were taken from other Federal Reserve banks, the maximum of $23,500,000 being reached on February 28th. As the spring months advanced, however, the demands from member banks steadily increased and reserves declined accordingly. In April rediscounting with other Federal Reserve banks became necessary, and has been essential since that time, in order to maintain legal requirements. In the past the Bank has been enabled to retire its paper with other Federal Reserve banks as cotton moved, and the fall liquidating season passed. This has not been possible in 1920, and on December 31st the Bank had $26,694,000 rediscounted with other Federal Reserve banks. Federal Reserve Bank of Dallas 11 CLEARING OPERATIONS The District Clearing House plan touched upon in the annual report for the year ending December 31, 1919, was discontinued on March 1st, 1920, and the name of the District Clearing House was changed to the Transit Department and its operations conducted in accordance with the method outlined in Circular No. 3, 1920. Instead of making an arbitrary charge to the reserve accounts of our member banks covering any debit balances that they would receive under the District Clearing House plan from a pre-determined mail schedule, the total amount of our daily sendings to each bank is handled as a separate transaction and is charged to their reserve account after receipt of the cash letter has been acknowledged. This plan obviously gives the member bank sufficient time to prepare its reserve account to meet the charge and there is no occasion for adjustments due to irregularities in the mails, over which the Federal Reserve Bank or the member bank has no control. The Reserve City Clearing House has continued to prove very satisfactory to its members and advantageous to the country banks in making quick settlement of our sending to them. The banks as a whole are realizing more and more the necessity of paying their checks presented to them through the mails in the quickest time possible and are taking advantage of the facilities for this extended through the Reserve City Clearing House. This applies to non-member institutions as well as to member banks. Direct Routing Although the statistics exhibited on other pages in this report show conclusively the increasing number of checks handled during the year 1920 over previous years, a still greater increase would have been shown if it were not for the direct sending privilege accorded member banks. Arrangements may be made, when it is desirable, in order to save time, by member banks, 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. Practically 65 per cent, of our member banks using our transit facilities have taken advantage of the direct routing privilege, resulting in their not only obtaining quicker credit for their 12 Federal Reserve Bank of Dallas checks, but also a saving in time and expense in the presentation of the checks and avoids unnecessary handling and delays in this bank and its branches. "Station K" A branch of the Dallas Post Office, officially designated by the Post Office Department as "Station K," was established in the Federal Reserve Bank at Dallas on February 20, 1920, and began operations on that date. Realizing the congestion of mail facilities generally, and in particular in the Dallas Post Office, due to the fact that the volume of business handled there has outgrown the present building, and in order to save a delay of 1% to 2 hours each day which has occurred at a time of the day when the delay frequently means a whole day, application was made to the First Assistant Postmaster General through the Postmaster in Dallas for the creation of a lettered station of the Dallas Post Office to serve the Federal Reserve Bank and business houses located in its vicinity. This application was granted without delay and has proven, beyond a doubt, of decided benefit to all concerned. "Station K" is located in our own building and all mail is pouched and dispatched from this office direct to mail trains, thereby avoiding delay in passing through the general Post Office or the Jackson Street Terminal. All mail bearing the address "Station K" is delivered from trains immediately upon arrival direct to "Station K" in pouches so labeled, similar to delivery made to any other Post Office. Within a very short time "Station K" will be located in our new building on the same floor with the Transit and Mailing Departments and the quickest possible attention can be given to both incoming and outgoing mail. By reason of this facility we have been enabled to reduce the time schedule applying to a great number of banks in this district and we have been enabled to add 85 or 90 additional points to our two and three day collection schedule. This feature is one of the most important things that we have accomplished for the advantage of our member banks. Intra and Inter District Time Schedules Constant attention has been given to the time collection schedule applying between the Federal Reserve Banks, their Branches, and member banks, with the view of insuring collection of checks according to actual transit time. From time to Federal Reserve Bank of Dallas 13 time circulars have been issued giving the availability dates of the collection of checks drawn on the various towns in this district, as well as those drawn on various cities and states of other districts. These schedules are constantly being revised as conditions warrant and will be still further revised until they reflect the actual time in which collection is made. That this is proving satisfactory to our member banks is shown by the increasing number of checks handled each month. During the month of January, 1920, the average number of checks handled in the Transit Department daily was 68,000, as compared with 82,000 handled in November of the same year, or an increase of approximately 21 per cent. The fact that all banks in the Eleventh Federal Reserve District continue to appear on the par list is also a contributing factor to the increasing number of items handled. This not only simplifies the matter of routing checks to us for collection, but also affords a much quicker and more satisfactory means for collection. A conference is to be held by representatives of all the Federal Reserve Banks durnig the early part of the coming year, at which time an official inter-district schedule will be decided upon and adopted. The schedule as now in effect is published in the Federal Reserve Board's Bulletin of September, 1920. However, investigation has developed several inconsistencies in this schedule which will be corrected and a new schedule issued shortly after this conference. It will probably be obligatory for all Federal Reserve Banks to incorporate the interdistrict schedule in their own schedule, thereby according the quickest possible collection on checks passing through Federal Reserve Banks. Collections Since the establishment of our Collection Department on January 1, 1918, our facilities for the handling of all forms of collection items for our member banks and other Federal Reserve Banks, their branches, and other banks, have been used to a great advantage. This is clearly shown by the increase in the number of items handled during January and December, 1920. In January we handled 700 items for collection, totaling $1,757,000 against 2172 items, totaling $5,452,100 during December, indicating an increase of 200 per cent., both in amount and number of items. 14 Federal Reserve Bank of Dallas General On September 1st, 1920, Mr. R. B. Coleman, Assistant Cashier, formerly in charge of the Cash and Trust Department activities, was made supervising officer in charge of the Transit Department, about the same time Mr. J. L. Hermann, formerly manager of various other departments of the bank, assumed the duties of the manager of the Transit Department. Considering the difficulties under which the Transit Department was functioning due to being spread out on several floors of our old building and important divisions being actually located a block away, work on our new building was hastened so that on December 12th the entire Transit Department was moved into its new quarters and all of its divisions are now on the same floor for the first time since the early part of 1918. Specially designed equipment is being prepared and installed to facilitate still further the work of the Transit Department. Schedule 16 shows number and amount of items handled by months during 1920, with totals for the preceding two years. MOVEMENT OF MEMBERSHIP On January 1, 1920, the total number of national banks in this district was 643; with combined capital and surplus of $106,458,000. During the year 31 national banks were granted charters, as shown by schedule 19. Through liquidation, merger, and other causes, as indicated by schedule 20, 11 were dropped from membership, making a net increase of 20, or total on December 31, 1920, of 663. On January 1, 1920, our total state bank membership was 115, with combined capital and surplus of $10,211,000. During the year 74 state banks were admitted, two consolidated with other institutions, making a net increase during the year of 72, or a total on December 31, 1920, of 187. Schedule 21 shows, by states, the number of state bank members on December 31, 1920, together with capital, surplus and total resources, as compiled from the latest figures available. Schedule 22 shows total membership National and State, by states, on December 31, 1920. CHANGES IN BANK'S CAPITAL DURING 1920. Schedule 23 is a recapitulation of the Bank's capital stock account in 1920. Federal Reserve Bank of Dallas 15 FEDERAL RESERVE NOTES The seasonal fluctuations in Federal Reserve notes are indicated in the chart shown on page 44. In contrast to previous years, notes in large amounts were issued well into the Spring and Summer months, indicating the heavy volume of business which has continued in 1920. In past years the peak in note issues was reached in the fall, when the movement of cotton began. The movement of notes has reflected the necessity for increased circulation, as the result of high prices. Starting in January a reduction in notes outstanding of some $3,000,000 occurred. February showed an increase from $75,534,320 to $80,280,050; in March an increase of $1,500,000 was shown; April showed an increase of $1,750,000; May an increase of $1,200,000; June showed an increase of less than $100,000; July showed a reduction of $3,000,000; August showed an increase of $600,000. In September the seasonal demand began, and an increase of $9,000,000 was shown. October showed an increase of $3,000,000; November showed a decrease of $7,000,000; December a decrease of $3,000,000. Schedule 24 shows the number of notes, by denominations, received, issued, and returned to the Comptroller for redemption during 1920. Schedule 25 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, 1920. Schedule 26 shows the interdistrict movement of notes during 1920. FEDERAL RESERVE BANK NOTES There has been no change in the amount of the Bank's circulation of Federal Reserve bank notes in 1920, the total being $11,032,400—of this amount $7,101,000 was in actual circulation on December 31,1920. $1,643,800 held by the Bank and branches, and $2,283,600 forwarded to the Comptroller and in process of redemption. The increasing demands for currency of small denominations are very largely met by Federal Reserve bank notes. RELATIONS WITH MEMBER BANKS, NATIONAL AND STATE It is believed that the same friendly relations which have characterized past transactions with member banks continued 16 Federal Reserve Bank of Dallas in 1920. For the especial purpose of educating member banks in the use of the Bank's facilities, and promoting a closer relationship, the Member Bank Relations Department was organized early in the year. Another section of this report covers the work of the new department. In its relations with 849 banks it is very natural that deficiencies in service would arise, and misunderstandings occur. Where these instances were brought to the attention of the officials, a special effort has been made to adjust them, and if any monetary loss was involved by reason of mishandling on our part, refunds were promptly made. The growth in discount operations testifies to the use of that service by member banks. Special facilities, such as telegraphic transfers, currency and coin shipments without cost, trust custodies, etc., have been freely used by member banks. The bank believes that its members are entitled to the best possible service and has sought every opportunity to extend its facilities. Following this policy it began, in November, to absorb the transportation on in and out bound shipments of subsidiary coin, notwithstanding most unfavorable working conditions and crowded quarters in the Cash Department. This new facility has proven very popular. With a total state bank membership constituting 23 per cent, of all member banks, the state banks have shared proportionately in the service rendered. The successful result of the campaign for state bank members to which reference is made in another section of this report, shows that the facilities of this bank appeal to the state banks, and the most important function, that of rediscounting, has been very freely used by state bank members, as the appended exhibits show. FIDUCIARY POWERS TO NATIONAL BANKS Schedule 29 shows the banks which have been granted fiduciary powers. Ten banks were approved for the exercise of such facilities in 1920. Many of the larger city banks are making a special feature of trustee functions and have obtained a nice line of business as the result. Others have merely received the authority and are not, as we understand, taking advantage of the same. BANKS AUTHORIZED TO ACCEPT UP TO 100 PER CENT. Four banks were authorized to accept drafts and bills of Federal Reserve Bank of Dallas 17 exchange up to 100 per cent, of their capital and surplus in 1920, making a total of 24 which now have this authority, as per schedule 30. MEMBER BANK RELATIONS DEPARTMENT The Board of Directors of this bank at its regular meeting in April, authorized the organization of a Member Bank Relations Department. Mr. R. R. Gilbert, Manager of our El Paso Branch, was elected senior Assistant Cashier of this bank, in charge of member bank relations, and returned to Dallas the latter part of May to organize the department and supervise its work. Mr. C. H. Wells, on account of his broad experience in various departments of the bank, and also in field work, was appointed Manager of the department, and three field representatives holding advanced positions in our organization, and well qualified to represent this bank in a creditable manner, were selected. While there was a general understanding of the services performed by the Federal Reserve Bank in extending credit, collecting checks, supplying and receiving currency, many bankers were not familiar with the other operations and services of the bank, and while circulars issued from time to time, clearly explained the facilities of this bank, it was found that many bankers were not reading and digesting them, with the result that very frequently information of value to them was overlooked. It was decided to have field representatives visit all m«jmber banks in this district to discuss with their officers current banking problems, fully explain the services offered, suggest, if possible, how the bank visited could best make full and proper use of the facilities of this bank, to its advantage, and explain the requirements in connection therewith, so each one would thoroughly understand the benefits to which they were entitled, and would be in a position to avail themselves, if they so desired, of services which this bank stands ready to perform for members. It was also decided that field representatives should visit eligible non-member banks and trust companies in the district, and explain the advantages of membership in the Federal Reserve System, soliciting applications, when that course appeared advisable. Work of a special nature, which required a trip by a representative of this bank, has been from time to time, assigned to the Member Bank Relations Department for attention. 18 Federal Reserve Bank of Dallas In August the legislature of the State of Louisiana passed a law purporting to give member and non-member banks in Louisiana the right to charge exchange on all checks received for collection from outside sources, including Federal Reserve banks. Immediately thereafter approximately fifty non-member banks, which were remitting at par for items received from the Federal Reserve Bank of Dallas, advised of their intention to cancel their par agreement, and to charge exchange on all items received for collection. Two field representatives of this bank were immediately sent to Louisiana to call upon banks which cancelled their agreements, and succeeded in getting most of such banks to again remit at par for items sent them by this bank. Between July 1st, when field work was commenced, and December 31, 1920, three hundred twenty - one members and two hundred twenty-four non-members, or a total of five hundred forty-five banks in this district were visited by field representatives. A better understanding of our functions, policies and services has resulted from these personal visits, and a great many more banks are availing themselves of all, or part of the services offered to members than was the case at the time the Member Bank Relations Department was established. STATE BANK MEMBERSHIPS Beginning in January an active campaign for state bank members was inaugurated. The eligible banks in the territory of the Houston Branch were first solicited and many applications were received. Twenty-two banks in that section alone were added as the direct result of the campaign. The condition of some of the banks would not permit favorable action by our Executive Committee. In such instances the attention of the banks was called to the deficiencies, and after correcting the matters the applications were re-considered. Later the eligible banks in the immediate Dallas district were approached, with fair results. An active interest in membership has been shown T)y the state banks, and there is undoubtedly a better understanding of what the connection insures. This is evidenced by the number of state banks which joined in 1920, many of the largest institutions becoming members. Toward the end of the year, as the financial situation became strained, and demands for credit heavier, many state banks made applications, and Federal Reserve Bank of Dallas 19 inquiries as to membership were especially heavy. Unfortunately many have waited too long, and on account of their extended condition could not be admitted. The Bank has continued to receive the* hearty co-operation of the Banking Commissioners of the states of the district, and the successful results of the campaign are in a large measure due to this support. Seventytwo state bank members were added in 1920. Action on twenty applications was deferred account criticisms by examiners, and the applications of four banks were approved, but they failed to qualify for various reasons. BANK EXAMINATIONS The Department of Examination made the following examinations in 1920: State Bank applicants Joint, with State Bank Examiners. Special, or independent Total _ 82 58 10 _„ 150 In a few instances the examination of state bank applicants was made by representatives of the bank other than the regular examining force. On account of the examiners being occupied with special examinations and credit investigations of member banks, a number of joint examinations were missed. We frequently failed to receive from State bank examiners prompt advices of examination of state bank members, and the first notice of the examination was receipt from the Banking Department of copies of reports. Additional examiners will be added to the Department of Examination early in the new year, and it is planned to make an independent or joint examination of every state bank member in 1921. It will also be our purpose to conduct these examinations in a manner calculated to be helpful to the member, and by constructive suggestions promote a better understanding of the operations of this Bank. BANKING QUARTERS In addition to the bank building on Commerce Street, operations in five other locations were continued in 1920, the same as during the year previous. Although very satisfactory progress on 20 Federal Reserve Bank of Dallas the Bank's new building was made in 1920, it was not possible to get relief, by removal to it, until December, when the Bookkeeping, Mailing, and Transit Departments were transferred to the new location. This partially relieved the very congested condition in the bank building proper. While all of the departments have worked under the greatest handicaps, through lack of space, conditions in the Cash, Trust, and Loan and Discount Departments were the most unsatisfactory. It is hoped that all departments can move to the new building by February 15, 1921, and the problem of "housing" will be permanently settled. The new building is very imposing, and meets every requirement of modern banking. Upon recommendation of the Board of Directors, the Federal Reserve Board, in the early fall, approved the purchase of a lot on Wood Street adjoining the Bank's new building. The size of the lot is 45 by 100 feet, and will permit the bank to make a substantial addition to the present building if future needs make necessary. INTERNAL ORGANIZATION AND PERSONNEL. On January 1, 1920, the personnel of the Board of Directors was J. T. Scott, E. K. Smith, 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. No change in the directorate occurred in the year. The Board of Directors has held eleven meetings in 1920, regular sessions being held each month except in August, when many of the Directors were out of the State on vacation. The tense credit situation throughout the year, and the affairs and problems of the bank, have received the Board's close consideration. The terms of Messrs. Smith, Class A Director, and Culbertson, Class B Director, expired on December 31, 1920. These gentlemen represented banks in groups 2 and 3, respectively. In November an election was conducted to choose their successors. Mr. Smith was not eligible for re-election on account of his official connection with a bank in group 1, while he represented banks in group 2. The polls opened November 16th, and closed November 30th, resulting in the election of Ed Hall, President of the First State Bank and Trust Company of Bryan, Texas, as Class A. Director, and re-election of Mr. Culbertson as Class B Director. Of 315 banks in group 2, Federal Reserve Bank of Dallas 21 only 75 forwarded ballots which could be counted. Of 460 banks in group 3, only 70 votes, or 15 per cent, were cast. It is regretted that so little interest is manifested in these elections by member banks. At its first meeting in January the Board elected the following officers to serve in 1920: R. L. Van Zandt, Governor. Lynn P. Talley, Deputy Governor-Cashier. Paul G. Taylor, Assistant Cashier. ; R. B. Coleman, Assistant Cashier. Fred Harris, Assistant Cashier. D. P. Reordan, Assistant Cashier. W. C. Weiss, General Auditor. Carl B. Teagarden, Assistant General Auditor. Charles C. Huff, Counsel. At the same meeting R. L. Ball, Chairman of the Board of the National Bank of Commerce, San Antonio, Texas, was elected a member of the Federal Advisory Council, representing the Eleventh District, succeeding Dr. E. P. Wilmot, of Austin. Mr. Ball attended the Board meeting in June, and made a very interesting report of the proceedings of the Advisory Council. On January 16th and 17th a meeting of officials of the Head Office and Branches, in the way of a "Staff Conference," was held at Dallas for the purpose of discussing operating matters, and organization problems. Many excellent recommendations were made to the Executive Committee, resulting in improved service and increased operating efficiency. At its meeting in January the Board formally adopted the amendment to the by-laws increasing the Executive Committee from three to five, and fixing the second and fourth Thursdays as regular meeting dates. Pressure of important matters has not permitted regular meetings of the Committee, at all times, but informal sessions have been held on call of the Governor, as special or emergency matters necessitated. At the Board meeting in February the dual position of Deputy Governor and Cashier was divided, and two separate offices created. Mr. Talley continued as Deputy Governor, and Sam R. Lawder, heretofore Manager of the Houston Branch, was elected Cashier. In February Paul G. Taylor resigned as Assistant Cashier to accept an official position in a commercial bank in Dallas. In March, Floyd Ikard, Manager of the Fiscal Agent's 22 Federal Reserve Bank of Dallas Department, was elected Assistant Cashier, in charge of Fiscal Agency matters. At the April meeting of the Board R. R. Gilbert was elected Senior Assistant Cashier, in charge of Member Bank Relations, and W. C. Weiss, General Auditor, elected Manager of the El Paso Branch, to succeed Mr. Gilbert. In May the Board elected Carl B. Teagarden, formerly Assistant General Auditor, as General Auditor, to succeed Mr. Weiss. In September W. O. Ford was elected Assistant Cashier, in charge of the Cash and Trust Departments. James L. Lumpkin, Manager of the Credit Department, was, in November, elected Assistant Cashier, in charge of the Credit Department. Following revised organization lines, the Member Bank Relations Department was placed under the direct supervision of the Federal Reserve Agent in November, and R. R. Gilbert resigned as Assistant Cashier and was appointed and qualified as Assistant Federal Reserve Agent. In December the resignation of Paul S. Miller, Cashier of the Houston Branch, was accepted, effective January 1, 1921, and Floyd Ikard, Assistant Cashier, Head Office, was elected to that position. The latter part of December the Federal Reserve Board announced the re-election of W. F. Ramsey as Class C Director, for 3 years beginning January 1, 1921, and his re-designation as Chairman of the Board, and Federal Reserve Agent for one year. The Board also announced that W. B. Newsome, Class C Director, had been re-designated Deputy Chairman of the Board in 1921. Daily meetings of the senior and junior officials were held up to the early fall months, when they were temporarily discontinued account of the increased work of the officers. Additional employes have been necessary in practically every department to handle the increased business. The largest additions were in the Credit, Loan and Discount, and Transit Departments, in which divisions the work was heaviest. The Board of Directors, in December, appointed a "committee on System," consisting of the Cashier, Assistant Cashier Coleman, and the General Auditor. The duties of the Committee include a study of the present systems, and recommendations for changes, etc. , Federal Reserve Bank of Dallas 23 A bonus of 20 per cent, on salaries up to $1,500.00; 15 per cent, above $1,500.00, to $3,000.00; and 10 per cent, from $3,000.00, not exceeding $5,000.00, was paid in 1920. The total distributed was $56,105.00. Schedule 31 shows, by departments, the number of employes at the Head Office and Branches on December 31, 1920. FISCAL AGENCY DEPARTMENT The operations in this Department during the year 1920 were somewhat different than heretofore, due chiefly to the elimination of a bond issue and the addition of the temporary-permanent coupon bond exchanges. Plans for the latter were completed well in advance and this work has been carried on with dispatch. A separate division was created at first for handling these transactions, but after the peak load was over it was, for economy's sake, merged with the Conversion Division. For a like reason the Depositary Division was merged with the Certifi. cates of Indebtedness Division; the work in the Depositary Division having been reduced considerably on account of cessation of bond payments and increased little, incident to the consignment feature of the temporary-permanent exchanges of bonds. During the year special attention was given to the records of the Department and distribution of work, with a view of condensation to absorb any possible slack in the clerical force, the results being satisfactory, to the extent that the Bond Exchange Division, created for handling temporary permanent bond transactions, was made up largely of employes released from other Divisions of the Department, also that the Department as a whole had a force of seventy-six employes at the end of the year 1920, which includes sixteen employes of the War Savings Division, which became a part of the Department during the year, against eighty employes at the close of the year 1919, a decrease of twenty employes, or twenty-five percent in the Operating Divisions. There were nine experienced employes, as well as two Executives, released from the Fiscal Agency Department and transferred to other Departments of the bank during the year. The rise and fall in volume of work in this Department rarely affects all of the Divisions simultaneously, consequently the transferring of employes from one Division to another is effected very advantageously. It is believed that such transfers 24 Federal Reserve Bank of Dallas are conducive to keeping employes more interested in their duties and is, no doubt, responsible to a great extent for the low labor turnover record the Department enjoys. The War Savings Publicity Bureau, operated under the supervision of Mr. Dinsmore W. Hume, Federal District Director, was on July 1, 1920, merged with the Fiscal Agency Department and since that date known as the War Savings Division of the Fiscal Agency Department. The purpose of the War Savings Division is to educate the people of the Eleventh District along lines of thrift and saving. The method used consists principally of preparation and distribution of circulars and pamphlets promiscuously throughout this District and securing publicity through the press. Also several traveling representatives are engaged in organizing Thrift and Savings Clubs or Societies, special attention being given to assisting in the organization of Thrift banks in schools, which effort is apparently meeting with success. U. S. Treasury Certificates of Indebtedness. Sales of Certificates of Indebtedness during 1920 amounted to $67,000,000 as compared with $262,000,000 in 1919, a decrease of 74 per cent. The number of subscriptions in 1920 was 4,100 as compared with 6,100 in 1919, a decrease of approximately 35 per cent. Considerable activity was experienced throughout the year in connection with purchases and re-sales of certificates for banks and investors through banking institutions; in fact, it has become a common practice with some of the large member banks to subscribe for a greater amount of certificates than for their own investment, with a view of re-selling, thus assisting in supplying the unsatisfied demand usually following the closing of subscription books of certificates. This practice is profitable to the banks making heavy purchases, because such subscriptions are generally paid for by credit through the medium of the War Loan Deposit Accounts, thereby increasing their deposits, as well as earning interest on the certificates. Sales and Purchases of Liberty Bonds and Victory Notes Advantage is being taken of our facilities offered to member banks in the sale and purchase of Liberty Bonds and Victory Notes. The total amount of such transactions as shown by Federal Reserve Bank of Dallas 25 accompanying schedule, appears small, but these sales and purchases are usually for small amounts and include practically all issues. There being no well established market in this District, such deals are consummated in the Eastern market; we acting merely as forwarding agents. Temporary-Permanent Coupon Bond Exchanges These transactions cover the delivery of permanent bonds in lieu of temporary bonds surrendered, of the same issue and bearing same rate of interest. The total amount of such permanent bonds delivered during the year 1920 was $63,500,000, the largest proportion of which was of the Third Loan, $42,350,000 Third's being delivered, which amount is 40 per cent. of the $104,900,000 temporary coupon bonds delivered in this District on original subscriptions allotted; however, it is not believed that a great many more temporary Third's will be presented to us for exchange, on account of the general exodus from the District of these bonds. Full preparation has been made for handling the temporary exchanges of the Fourth Loan; $133,000,000 coupon bonds having been delivered on allotment in the Eleventh District. Conversion Transactions Conversion transactions increased 100 per cent, over the year 1919. This increase was occasioned mostly by the presentation of temporary 4 per cent, bonds of the first and second loans for permanent 4% per cent, bonds. The units handled under this head are more cumbersome and tedious, because of the special interest coupons. Miscellaneous Exchanges, Transfers and Interchanges Under this head come exchanges for registered bonds, registered for coupon, changes in ownership of registered bonds and denominational interchange of coupon bonds. These transactions have increased 50 per cent, over the previous year, with the exception of denominational interchanges, which decreased; however, interchanges are very simple and consume little time. Sale of War Savings Securities Sales of this class of securities fell off considerably. Banks generally have become prejudiced against handling War Sav 26 Federal Reserve Bank of Dallas ings Securities on account of the intricate accounting necessary and it is difficult to overcome this prejudice. Redemption of War Savings Certificates exceeded by far the Sales. Treasury Savings Certificates are redeemed only at the Treasury Department and we are not furnished with figures on such. Interest Coupons and Government Warrants Paid The amount of interest coupons paid during the year was $8,136,465.43, there being 1,935,212 pieces, compared with $6,798,056.63 and 2,035,577 for the year 1919. The fact that there was about $1,300,000 increase in amount paid and decrease of 100,000 in number of coupons is explained by the fact that U. S. Treasury Certificates of Indebtedness Coupons, as to pieces, are for relatively much larger amounts than Bond Coupons, a large amount of the former being included in 1920 payments. G o v e r n m e n t Warrants paid in 1920 amounted to $52,537,635.05 against $117,102,800.82 for year 1919, a decrease of 55 per cent; the number of pieces handled decreased 60 per cent. Shipment of Securities 33,782 separate shipments of securities, the par value of which amounted to $370,000,000 in round figures, were made during the year 1920. In 1919 there were 30,153 shipments, amounting to $447,500,000. Securities on Hand At close of business December 31, 1920, there remained in custody of the Fiscal Agency Custodian of Securities and on hand with Tellers, securities amounting to $101,167,303.27, composed of 53 different varieties or classifications. This total does not include collateral pledged to secure War Loan Deposits with designated depositaries, War Savings Securities and permanent coupon bonds outstanding with Consignment Agents. Such collateral is held by our Trust Department; Trust receipts covering same being issued to and held by the Fiscal Agency Department. OPERATIONS OF THE EL PASO BRANCH FOR 1920 At the close of 1920 there were fifty-nine National and thirteen State banks attached to the Branch, with capital and surplus of $8,404,000 for National banks, and $1,545,700 for State banks. During the year there were added three National bank Federal Reserve Bank of Dallas Zi and three State bank members. All El Paso banks are now members, the Security Bank & Trust Company having completed its membership in December. During the year one member bank suspended operations, being a State bank situated in New Mexico. The depressed conditions existant in this section have tended to convince non-member banks of the wisdom of membership in the Federal Reserve System, and a large number of membership applications are expected with the restoration of normal conditions. Several banks in the Branch's territory have been granted fiduciary powers, with one or two applications now pending. Several others have made inquiry in this respect and additional applications are expected. GENERAL CONDITIONS Livestock Drouth conditions prevailing in this territory for three years, coupled with demoralized market conditions for the past year, has made the path of the stockmen extremely rocky. The past year was considered favorable to the livestock industry in so far as the growing of stock is concerned. During the major portion of the year grass was good, cattle are in good condition, and are expected to winter well. When financial conditions in Europe have been so adjusted as to open her markets to receive our cattle, the depression in this line should be largely overcome. The wide variance between prices paid the cattle raiser and those charged the consumer has weakened demand in this country. The lowering of retail prices is necessary before an equilibrium can be established, and when this has been accomplished the industry should be rapidy restored to pre-war conditions. Sheep raisers have suffered equally with cattle raisers. Sheep and wool having dropped to an extremely low price level, almost entirely precluding sales in those lines. Agricultural Due to continuous favorable conditions, agriculturists, with the exception of cotton raisers, have been fairly prosperous. Agriculture is confined to the irrigated sections, and irrigable lands are being rapidly placed under cultivation. Truck and fruit are very successfully raised, the yield per acre being very 28 Federal Reserve Bank of Dallas satisfactory and future developments along this line are expected to be on a rather extensive scale. Mining Copper mining is practically at a standstill, the output being only a small percentage of normal with prices extremely low, and mines, it is reported, being operated at a loss. Non-Liquidity of Bank Loans Banks generally are in a rather extended condition and the demoralized livestock market conditions have rendered their loans almost entirely non-liquid. Banks are pressing stockraisers to liquidate as far as possible, however, enforcing the usual amount of seasonal liquidation would result, it is thought, in great sacrifice on the part of the stock-raisers. Trade Wholesale and retail trade activity has suffered a decline during the past few months as compared with corresponding months of previous years. Retail trade was stimulated during the holidays by heavy price recessions and intensive sales campaigns. Stocks on hand to be carried into 1921 are reported as being large. ORGANIZATION In May, 1920, W. C. Weiss was elected a Director and designated as Manager of the Branch, succeeding R. R. Gilbert, transferred to the Head Office as Senior Assistant Cashier. No other changes have occurred in the Board of Directors, the gentlemen originally appointed by the Federal Reserve Board, and elected by the Board of the Head Office serving throughout the year. The Executive Committee meets daily to pass upon rediscount offerings and discuss the important matters of operation. In March the office of Assistant Cashier was created and Allen Sayles elected to the position. The Board of the Head Office re-elected M. Crump as Cashier. In February J. H. Niendorff, Assistant Federal Reserve Agent and Auditor was transferred to the Houston Branch, being succeeded by R. L. King, Auditor, Fiscal Agency Department of the Head Office. In November Mr. King was transferred to the Houston Federal Reserve Bank of Dallas 29 Branch, being succeeded by W. P. Clarke, formerly Assistant Auditor of the Branch. At the beginning of the year the force consisted of forty-one, while on December 31st it numbered sixty-one, including officers. Further increases are anticipated as a result of the expanding Loan and Discount, Credit and Cash activities. QUARTERS The first two years of operation the Branch occupied space in the First National Bank Building; however, rapidly expanding operations rendered these quarters entirely inadequate. During 1919 the Federal Reserve Board authorized the construction of a building. A site, 52x120 feet, was secured at No. 351 Myrtle Avenue, and construction begun November., 1919. The building was completed and occupied August 15th, 1920. The new quarters provide ample space for present needs with provision for the future in that four additional stories may be added. The building is 40x100 feet, constructed of reinforced concrete, faced with brick, and includes two floors, mezzanine and full basement. Cash Department Operations The facilities of the Branch in this connection have been freely utilized during the year 1920. Cash receipts aggregated $41,673,456.89 and shipments aggregated $38,175,114.51 as compared with receipts during 1919 of $13,990,01401 and shipments of $12,977,397.47. Discount Operations On December 31, 1919, total discounts and rediscounts held by the Branch aggregated $3,194,356.32 and on December 31, 1920, an aggregate of $11,677,974.03 was held, divided as follows: Rediscounts _ $9,614,618.57 M. B. Collateral notes... 2,025,450.00 B/L drafts _ 37,905.46 During the year paper discounted and rediscounted, amounted to $72,965,052 divided by months as follows: January _ $4,068,444 February _ _ 3,263,882 March 5,511,959 ^ Federal Reserve Bank of Dallas April _ 4,839,174.00 May .._ 5,867,918.10 June — __ _ - - 5,799,422.44 July _ ._ 6,984,346.00 August 4,742,672.39 September _ 6,631,097.49 October 7,724,723.76 November _ 8,517,687.88 December 9,013,723.35 Bill of Lading drafts discounted during 1920 aggregated $1,147,283.98 as compared with $1,014,329.02 in 1919. The commodities and amounts covered by bill of lading drafts discounted were, Alfalfa hay $ 517,455.64 Alfalfa meal _ 340,123.67 Dried beans 289,794.67 Sixty-five of the seventy-two member banks discounted or rediscounted paper during the past year. Clearing Operations During the past year 2,636,925 items aggregating $526,490,147.04 were handled, an increase over 1919 of 452,081 items amounting to $70,518,751.76 representing an increase of 20.7 per cent, in number handled. The expected seasonal increase in the number of checks handled did not materialize during the fall of 1920, attributable it is believed to the curtailment of non-essential credit, and the demoralized cattle and wool markets. During the first six months of 1920, the Branch handled an average of 60,000 items per month more than during the corresponding months of 1919. The number handled during the last six months of 1920 was somewhat less than the number handled druing the first six months of 1920, whereas, during the last six months of 1919 the number handled was considerably in excess of the number handled during the first six months of 1919. Mail transfers amounting to $46,053,604.54 were purchased from member banks during 1920 as compared with $9,514,666.01 during 1919. Trust Department Operations During 1920 securities aggregating $6,376,809.16 were deposited and $5,538,804.82 were withdrawn, as compared to Federal Reserve Bank of Dallas 31 deposits of $8,046,589.67 and withdrawals of $7,314,660.24 during 1919. This decrease is attributable to the retirement of Treasury Certificates, large amounts of which were deposited during 1919. Earnings and Expenses Gross earnings Expense Net earnings 1919 Monthly Average Total $302,263.35 $25,188.61 8,341.10 100,093.20 202,170.15 16,847.51 1920 Total $457,104 29 173,659.54 283,444.75 Monthly Average $38,092.02 14,471.62 23,620.39 OPERATIONS OF THE HOUSTON BRANCH FOR 1920. Membership At the close of the year 1919 the Houston Branch had a membership of 101 banks. Many applications for membership were received during 1920 and twenty-seven state and three national banks were admitted. During this same period three national banks were consolidated, while one national and one state bank were transferred to this territory from the Dallas district, increasing the total membership of this territory to 130, being an increase of approximately twenty-nine per cent, for the year. The fact that several applications are at this time under consideration and that the increase noted above was almost wholly occasioned by the admission of state banks may be considered as satisfactory evidence of the increasing appreciation of the facilities offered by the Federal Reserve System. General Conditions Liquidation of their indebtedness by member banks proceeded in a fairly satisfactory manner during the year 1919, and the year 1920 opened with member bank rediscounts of approximately $3,000,000 and bills payable secured by government obligations of approximately $5,000,000. With the beginning of the crop planting period of the early spring, advances to member banks increased steadily, and contined to do so throughout the summer months, reaching a maximum on September third on which date rediscounts of $13,000,000 and bills payable of $9,000,000 were outstanding, as compared to rediscounts of $1,700,000 and bills payable of $6,000,000 outstanding on the same date in 1919. While this comparison shows an increase of 32 . Federal Reserve Bank of Dallas $14,300,000 in outstanding loans, reference to member bank reserves on the same dates discloses an increase of only $1,720,000, balances of $9,057,000 on September third, 1919, and $10,778,000 on September third, 1920, being carried. With reference to the production of crops it may be said that the yield of cotton, rice and truck was very gratifying, while due to the excellent condition of the ranges the cattle industry flourished. However, the rapid and general decrease in price of practically all commodities, which began with the harvesting season, has to a large extent offset these favorable conditions and liquidation of agricultural and livestock paper, which was experienced to some extent immediately preceding the slump in all markets has now practically ceased, and in fact a number of banks are at this time increasing their rediscount lines. With demands for further accommodations being received from practically all sections of this territory, at a time which is normally the liquidating period, the management is urging upon member banks the vital necessity of effecting substantial reductions in their loans and discounts in order that they may be prepared to care for the indispensable needs of their communities during the coming year. The situation at the close of the year 1920 is largely one in which the benefits of the year's labor remain in the hands of the producers who are reluctant to dispose of them at a price lower than the cost of production. Organization The officers of the Houston Branch on January 1, 1920, were as follows: Sam R. Lawder, Manager. . , E. F. Gossett, Cashier. Paul S. Miller, Assistant Federal Reserve Agent, Auditor. Early in the spring Mr. Lawder was elected Cashier of the Head Office, Mr. Gossett and Mr. Miller, Manager and Cashier respectively of the Branch, J. H. Niendorff, then Assistant Federal Reserve Agent and Auditor of the El Paso Branch, being transferred to a similar position with the Houston Branch, and Laurence E. Dignan was elected Assistant Cashier. Mr. Niendorff resigned in October and R. L. King of the El Paso Branch succeeded him. In November Floyd Ikard, Assistant Cashier at the Head Office, was elected to succeed Mr. Miller, resigned. Federal Reserve Bank of Dallas 33 The Directorate has with two exceptions remained intact during the year. When elected Manager, Mr. Gossett automatically succeeded Mr. Lawder. Early in the year R. M. Farrar was appointed to succeed J. C. Chidsey, resigned.. The Board of Directors is now as follows: Guy M. Bryan Frank Andrews J. J. Davis R. M. Farrar E. F. Gossett With the addition of new member banks and the institution of the service of collecting all checks at par there has been a steady increase in the personnel. At the beginning of 1920, sixty-two persons were employed as compared to eighty-one on November thirtieth. The Branch opened on August fourth, 1919, with forty-five employees. There follows a table reflecting the average number of employees in each department for the year: Transit _. _ _... 25 Cash 11 Auditing _ _ 5 Bookkeeping: _ _ 4 Mailing _ _ _ 5 Loan and Discount _ _ _ _... 3 Credit _ _ _ 1 Utility and various 17 Quarters The rapid growth of the Branch has exceeded all expectations. The quarters occupied since its opening are totally inadequate, while the building is not fire-proof and vault facilities are not sufficient. Moreover, ventilation, lighting and general working conditions are not desirable. In November authority was given to purchase the lot measuring one hundred feet square at the corner of Texas Avenue and Caroline Street. This site was secured for a consideration of $65,000. Plans for a three-story building are now being drawn and it is hoped that the new structure will be ready for occupancy by September, 1921. Cash Department Operations The Cash Department, during the first eleven months of 1920, received 3,476 shipments of currency, gold and silver, totalling $29,277,535. This represents a monthly average of 316 shipments aggregating $2,661,594, as compared to a similar average in 1919 of 109 shipments amounting to $1,640,856. 34 Federal Reserve Bank of Dallas Outgoing shipments during the same period numbered 3,240 and totalled $31,280,356, or a monthly average of 294 shipments and a monthly average amount of $2,843,669. During the period of operation in 1919 the monthly average of outgoing shipments was 317, while the average amount shipped monthly was $2,823,946. Transfers bought and sold during this period aggregated $273,333,621.38, discount collected on these transactions amounting to $142,794.52. All interest coupons from U. S. Government bonds, which are presented to the Branch for redemption, are handled in this department as are all Treasury warrants which are accepted for immediate credit. Credit Department Operations During the first eleven months of 1920, this department received and examined 963 rediscount offerings, consisting of 12,521 notes, aggregating $54,102,211.03. Of these 11,485 notes, totalling $48,614,119.13 were accepted. The largest number of notes handled in a single day was on March fifth on which day 226 notes were acted upon. T h e Federal Reserve Examiner's report dated October 2, 1920, at which time approximately 3,500 rediscounted notes were examined, reflects fourteen exceptions, divided as follows: Minor technicalities _ ~ 6 Credit risk _ 8 While at the opening of the year no additional collateral was required of any member bank to support its rediscount line, such collateral was secured from twenty-one banks during the year and was held to better secure the indebtedness of fourteen banks at the close of the year. Directors' guaranties were required of three banks. Discount Operations Ninety-six banks availed themselves of the discount facilities of the Houston Branch during the first eleven months of 1920. Accommodations granted these banks may be divided as follows: No. Offerings No. Notes Amount Rediscount 958 11,485 $ 48,614,119.13 Member Bank Coll. Notes (U. S. Secured) 1,653 192,702,742.13 Member Bank Coll. Notes (Otherwise Secured) 10 421,111.15 958 13,148 $241,737,972.41 Federal Reserve Bank of Dallas 35 Earnings on bills discounted may be classified as to amount earned under normal rates and that earned under progressive rates, as shown: Earned under normal discount rates $774,368.77 Earned under progressive rates 8,208.54 Total earnings on bill discounted $782,577.31 The earnings shown above as collected under the progressive rates were calculated on borrowings in excess of the basic line, from the application of the progressive rate schedule on May 21st, 1920, until November 30th, 1920. Twenty-nine banks were charged during this period under this schedule. Paper, consisting chiefly of member bank collateral notes secured by war obligations in the aggregate amount of $37,524,761.32, has been furnished the head office for rediscount with other Federal Reserve banks during the first eleven months of the year. Interest charged by the discounting banks for the accommodations granted amounted to $85,536.88. The average number of notes handled monthly by the Loan and Discount Department was 1,195, the average amount being $21,976,179.31. During the period of operation in 1919 the number of notes averaged 271 and the amount $19,120,556.33, or an increase of approximately 440 per cent, in the number of notes handled. Clearing Operations Clearing operations for the year 1920 have registered a healthy increase over those of the preceding year, despite the fact that livestock and crops have not moved as they normally do. During the latter part of 1919 it became apparent that additional space would be required for the transit department, and in April it was allotted a portion of the second floor of the Hermann Building, the floor space being almost as large as that occupied by the remaining departments. During the first eleven months of 1920 this department handled 4,678,779 clearing items, aggregating $1,382,258,000, or a daily average of 17,333 items as compared to a similar average of 12,643 for the period of operation in 1919. The largest number of items handled in any single day was 30,125 in October. The following comparative figures serve to indicate the 36 Federal Reserve Bank of Dallas downward trend of prices in general: 348,504 items totalling $218,286,407 were handled during November, 1919, while for the same period of 1920, 460,633 checks and drafts aggregating $145,059,285 were cleared. Trust Department Operations The trust department continues to show a gradual increase in activity. On August 15th, 1919, eleven days after the opening of the Branch, trust custodies held amounted to only $26,500, while the peak was reached in October of this year, being $9,222,900. The average amount of securities held for safekeeping and as collateral for 1920 was $6,713,209. Earnings From the standpoint of revenue the operation of the Houston Branch during 1920 has been quite satisfactory, gross earnings for the first eleven months of $939,410.28 being realized, while expenses of $203,029.85, exclusive of purchase of a building site at $65,000, reduce this figure to a net amount of $736,380.43. This represents a monthly average earning of $66,943.67 as compared to a similar average of $24,730.78 for the months during 1919 in which the Houston Branch was in operation. REVIEW OF GENERAL BUSINESS CONDITIONS IN 1920 The extraordinary changes in business conditions witnessed in this district, as elsewhere, during the year 1920, presents, in review, a record of memorable developments in all lines of industry, trade and finance. The year 1919 had been a prosperous one for all classes. Wages and the prices of farm products had risen to record levels, and the district entered the New Year with a large balance of trade in its favor, as reflected by the fact that the Federal Reserve Bank of Dallas was loaning freely to other districts. The demand for farm products and manufactured goods had so far outstripped the supply that every resource of energy and capital was invoked in behalf of increased production. As one of the results of this situation there was a heavy increase in this district's cotton acreage. Anticipating the financial strain of moving a large cotton crop, as well as foreseeing the inevitable reaction in the price situation, the Federal Federal Reserve Bank of Dallas 37 Reserve Bank of Dallas early in the year began making preparations to meet the approaching crisis by gradually increasing its discount rates and warning the public that a stricter policy of credit conservation was imperatively necessary. Its position received the prompt co-operation and support of the commercial banks, and the month of February witnessed a general increase in interest rates throughout the district. Despite these measures, however, bank loans continued to show a steady increase, until it became necessary for the Federal Reserve Bank to establish a scale of progressive discount rates to be applied to all banks borrowing in excess of their basic line. Toward the end of the summer it became apparent that the production of cotton had materially exceeded the current demand, and the resultant decline in the price of this staple, combined with a similar depression in the livestock market, as well as practically all other products of the District, accentuated the slowing-up that had already manifested itself in the business situation generally as the result of increasing priceresistance on the part of retailers and consumers. The drastic decline in merchandise prices which had begun in other sections of the country earlier in the year did not reach the Eleventh District in force until the month of August, although in the case of farm products there had been a steady depreciation for some time prior to that month. Throughout the remainder of the year the downward sweep of prices continued. Coming as it did at the crop-moving season, when the credit strain was at its normal peak, only the effective functioning of the district's financial institutions, aided by the reJiscount facilities of Federal Reserve Banks in other districts, made it possible to meet credit requirements and thereby avoid disaster to the business community. The end of the year found the district completing the harvesting of a 4,500,000-bale cotton crop, with approximately 2,000,000 bales still in the hands of producers; discount rates slightly lower and credit conditions somewhat improved as a result of partial liquidation; wholesale trade and building enterprises inactive; commercial failures and unemployment increasing; retail trade activity fairly steady; and banks generally exerting pressure to secure further liquidation with the view of building up reserves to meet the decline in deposits, as well as to provide for credit demands of 1921. Business and 38 Federal Reserve Bank of Dallas industry still labored under the handicaps of a nation-wide depression, but there were unmistakable evidences of a gradual improvement in general conditions. Enforced lessons of economy and thrift, as well as strong influences directed toward the adoption of a rational program of production for the year 1921, gave promise of an early adjustment of the various interests of the district to the new basis of economic conditions. With a large store of wealth in the form of unsold farm and mineral products on hand, the district awaits with confidence the working out of the law of supply and demand. The comparative statistics tabulated below furnish a summary of the principal indices of business and industrial conditions in the district during the year 1920. TEXAS CROP PRODUCTION Bales of Cotton Bushels of Wheat Bushels of Oats Bushels of Com. Bushels of Grain Sorghums.. Barrels of Petroleum 1919 3,098,967 33,742,000 94,500,000 195,000,000 59,344,000 96,622,606 1920 4,200,000 15,925,000 44,100,000 174,200,000 61,000,000 103,460,160 Increase or Decrease Per Cent. + 35.5 —52.8 —53.3 —10.6 +2.8 +7.0 FORT WORTH LIVESTOCK RECEIPTS Cattle and Calves Hogs Sheep 1919 1,266,635 1920 1,134,073 453,292 393,740 588,004 410,396 Increase or Decrease Per Cent. —10 —30 —13 Federal Reserve Bank of Dallas BUSINESS FAILURES 1919 No. Liabilities 48 $ 695,082 41 930,894 17 252,971 24 226,206 35 304,739 31 210,444 23 261,727 30 249,603 7 48,883 22 263,516 28 253,516 16 186,817 Tanuary February March April May June July August September October November December Total No. 33 31 19 16 15 35 41 33 36 42 50 124 1920 Liabilities $ 284,096 1,830,522 203,445 100,582 168,165 278,668 1,148,614 411,027 864,924 2,947,957 839,548 2,141,462 475 $11,219,010 RECEIPTS Twelve Months 1919 1920 $ 250,749 $ 253,841 174,988 180,235 2,206,458 2,365,913 434,132 457,223 947,542 981,527 209,186 215,869 1,167,825 1,328,196 926,130 862,359 319,006 373,099 252,439 252,782 211,828 244,497 Increase Decrease Per Cent +1.2 +3.0 +2.7 + 5.3 + 3.6 +3.2 + 18.7 —6.9 + 16.9 + .1 +15.4 322 POSTAL Austin Beaumont Dallas El Paso Ft. Worth Galveston Houston San Antonio Shreveport Waco Wichita Falls Total $3,884,398 $7,100,283 $7,515,541 BUILDING PERMITS No. 145 968 1599 1242 2000 5720 4065 2710 1637 Austin Beaumont Dallas El Paso Fort Worth Galveston Houston San Antonio Shreveport Total 20087 1919 $ 250,317 1,057,074 13,921,565 2,245,587 19,053,157 666,272 6,874,380 3,973,330 3,538,386 No. 188 2347 2647 1473 2234 3793 3878 2594 2286 1920 $ 753,341 1,621,629 13,755,219 3,302,338 10,373,229 672,116 8,561,468 4,813,544 5,737,720 $51,580,068 21440 $49,590,604 BANK CLEARINGS Austin Beaumont Dallas El Paso Fort Worth Galveston Houston San Antonio Shreveport Waco Wichita Falls Total „ „ __ 1919 $ 213,728,049 70,361,813 1,631,376,165 308,861,839 900,098,820 397,359,563 1,117,571,425 376,516,801 175,859,143 148,213,082 211,316,745 $5,551,263,445 $ 1920 84,349,049 75,779,546 1,868,685,312 346,074,091 992,888,032 409,843,066 1,504,251,520 425,016,741 251,133,509 164,917,421 228,476,113 $6,351,414,400 +5.8 Increase or Decrease Per Cent. +200.0 + 53.4 —1.2 +47.0 —45.5 + .9 +24.5 +21.1 +62.1 —3.8 Increase or Decrease P e r Cent. —60.5 +7.7 + 14.5 + 12.0 + 10.3 +3.1 +34.6 + 12.8 +42.8 • + 11.3 +8.1 + 14.4 EXHIBIT A. MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING THE CALENDAR YEAR 1920 (Amounts in Thousands of Dollars) DISCOUNTED BILLS Discounted for Member Banks in this District T5 SJ3 $17,360 22,259 34,207 35,354 35,526 33,584 32,311 33,133 35,404 35,931 34,607 27,544 31,121 36,971 32,407 37,978 42,023 44,684 44,512 45,447 48,831 49,715 12 13 Reserve Percentages is I X M- 2 Jan. 2 $76,787 $57,135 $-28,903 $28,232 Jan. 9 76,659 57,342 -24,350 32,992 Jan. 16 81,160 62,638 -17,814 44,824 Jan. 23 77,919 59,562 -12,000 47,562 Jan. 30 75,814 62,511 -14,950 47,561 Feb. 6 77,538 64,200 -19,341 44,859 Feb. 13 80,080 64,996 -21,935 43,061 Feb. 20 81,861 67,827 -22,390 45,437 Feb. 27 85,864 71,848 -23,500 48,348 Mar. 5 82,459 68,403 -15,665 52,738 Mar. 12 78,407 64,791 -14,000 50,791 Mar. 19 80,328 53,977 -10,300 43,677 Mar. 26 69,400 -56,014 -7,825 48,189 Am-. 2 82,923 69,471 -10,000 59,471 Apr. 9 80,170 65,066 -10,000 55,066 Apr. 16 82,654 69,116 -5,000 64,116 Apr. 23 89,143 75,537 -5,000 70,537 Apr. 30 87,786 73,552 3,000 76,552 May 7 90,157 75,983 3,000 78,983 May 14 87,808 74,023 5,000 79,023 May 21 87,914 74,214 10,000 84,214 May 28 87,312 73,652 13,000 86,652 10 'I .2 "8 I 8 e c 4 A X PURCHASED BILLS 61.5 67.5 76.3 74.3 74.7 74.9 76.0 72.9 73.2 68.1 68.1 63.1 64.6 62.2 57.8 59.2 59.6 58.4 56.4 57.5 58.0 57.4 SI is 3 "S 0.0 i 1,456 $ 5,165 5,065 1,221 5,065 1,191 5,065 1,026 1,037 1,072 1,818 1,768 1,750 1,790 1,350 1,085 1,120 1,186 838 1,282 1,340 1,968 1,908 1,519 1,434 1,394 •a « fcO 6,621 $13,031 $57,700 $43,980 $74,814 6,286 13,031 59,208 45,749 74,256 6,256 12,266 58,795 50,573 73,648 6,091 12,266 56,528 46,122 72,591 1,037 12,266 60,710 49,207 71,677 1,072 12,266 59,904 47,978 73,868 1,818 13,266 61,035 51,190 74,499 1,768 12,266 61,821 51,070 76,782 1,750 12,266 59,453 52,428 77,089 1,790 12,266 63,448 52,176 78,298 1,350 12,266 60,987 45,189 79,126 1,085 25,266 53,275 40,499 78,641 1,120 12,266 61,669 39,405 77,367 1,185 12,266 57,819 47,160 79,396 838 13,266 54,508 41,525 79,987 1,282 12,266 53,810 42,505 79,839 1,340 12,266 47,601 43,007 79,584 1,968 12,266 50,237 44,026 79,906 1,908 12,266 53,722 47,853 81,725 1,519 12,266 51,218 44,238 80,461 1,434 12.266 49,283 42,701 80,174 1,394 12,266 50,204 41,181 82,008 48.6 49.3 47.3 47.6 50.2 49.2 48.6 48.4 45.9 48.6 49.1 44.7 52.8 45.7 44.9 44.0 38.8 40.5 41.5 41.1 40.1 40.8 77.3 73.8 65.7 62.0 62.6 65.0 66.0 65.9 64.0 60.6 60.3 53.4 59.5 53.6 53.1 48.0 42.9 38.1 39.1 37.1 32.0 30.2 50 3 © I EXHIBIT A—Continued. 10 Date une 4 une 11 une 18 une 25 July 2 July 9 July 16 July 23 July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 Oct. 1 Oct 8 Oct. 15 Oct. 22 Oct. 29 Nov. 5 Nov. 12 Nov. 19 Nov. 26 Dec. 3 Dec. 10 Dec. 17 Dec. 23 Dec. 30 91,501 86,594 81,633 86,341 86,752 89,859 86,338 84,906 84,999 86,617 84,197 85,602 86,469 86,152 87,389 85,387 89,427 87,154 90,093 87,273 88,386 90,987 93,336 90,747 86,310 89,634 85,591 87,943 82,735 85.737 81,411 78,210 73,338 67,904 73,475 73,039 76,873 72,384 72,017 72,075 73,228 71,243 72,654 73,648 73,378 74,425 72,606 76,398 74,303 77,717 73,742 74,750 77,638 80,242 77,858 73,716 77,140 73,097 75,449 70,241 74.253 68,885 8,000 15,225 4,000 5,000 9,451 11,000 16,590 22,250 26,716 27,889 30,374 31,278 34,540 38,902 39,097 37,185 37,419 37,961 34,688 34,285 33,944 32,828 28,629 27,089 27,807 26,600 30,553 29,808 26,615 23.133 27,711 86,210 88,563 71,904 78,475 82,490 87,873 88,974 94,267 98,791 101,117 101,618 103,932 108,188 112,280 113,522 109,791 113,817 112,264 112,405 108,027 108,694 110,466 108,871 104,947 101,523 103,740 103,560 105,257 96,856 97,401 96,596 50,801 49,766 31,655 34,228 34,775 37,110 35,419 38,155 38,888 39,488 39,596 40,599 41,980 43,684 43,913 42,298 42,909 43,095 42,992 42,340 40,858 42,883 43,989 41,549 40,311 41,236 41,618 41,868 35,018 34.656 34,028 58.9 56.2 44.0 43.6 42.2 42.2 39.8 40.5 39.4 39.1 39.0 39.1 38.8 38.9 38.7 38.5 37.7 38.4 38.2 39.2 37.6 38.8 40.4 39.6 39.7 39.7 40.1 39.8 36,2 35.5 35.2 1,025 990 463 405 405 655 680 620 658 1,123 688 680 555 508 698 515 753 585 310 1,265 1,370 1,070 815 610 315 215 215 215 215 195 247 1,025 990 463 405 405 655 680 620 658 1,123 688 680 555 508 698 515 763 585 310 1,265 1,370 1,070 815 610 315 215 215 215 215 195 247 12,266 12,266 13,266 12,461 13,308 12,331 13,274 12,269 12,266 12,266 12,266 12,268 12,266 12,266 12.266 12,266 12,266 12,266 12,266 12,266 12,266 12,279 12,279 12,279 12,279 12,279 12,279 12,279 12,279 12,279 12,279 12 50,379 51,727 49,884 50,912 52,862 49,668 49,553 49,173 47,889 46,718 48,127 47,086 47,366 48,932 50,040 48,500 48,786 49,278 54,532 51,488 50,210 49,734 51,702 54,071 49,953 50,181 48,891 48,781 48,401 48,715 47,632 13 43,882 83.677 41,448 82,584 34,848 82,454 40,492 82,351 42,581 82,782 42,871 82,074 39,951 81,175 39,514 79,864 38,907 79,192 38,736 79,509 38,055 79,202 38,183 79,494 39,441 79,415 38,379 81,527 37,588 84,567 30,427 87,950 33,714 88,782 31,522 89,940 38,454 90,947 32,337 92,042 31,019 91,974 34,441 91,071 39,675 90,265 41,717 87,797 34,293 86,584 40,118 84,464 36,016 83,780 40,327 81,181 35,067 81,296 38,498 81,993 34,612 79,474 14 39.5 41.7 42.5 41.4 42.2 39.8 40.9 41.2 40.5 39.5 41.0 40.0 39.9 40.8 41.0 41.0 39.8 40.6 42.1 41.4 40.9 39.6 39.8 41.7 41.3 40.3 40 8 40 1 41.6 40.4 41.8 (!) Minus sign indicates paper discounted for other Fedsral Reserve Banks. (=) Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other Federal Reserve Banks. 33.2 29.4 39.1 37.4 34.6 30.9 27.2 22.5 17,9 15.9 17.0 14.2 10.8 8.4 9.0 9.6 10.0 9.6 15.9 13.8 13.2 13.5 17.8 20.8 18.3 18.9 15.3 15.6 18.7 21.2 17.5 42 Federal Reserve Bank of Dallas I FEDERAL RESERVE BAIiK OFDALLAS. MOVEMENT OFEARMNG ASSETS DURinG 1920. ii 5O so 0 iil A UNITED STATES SECURITIES PURCHASED BILLS HELD W SO 60 40 20 PERCENTAGE OFWARPAPER TO TOTAL DISCOUliTS FOR BANKS IN DISTRICT. izs DISCOUNTED BILLS. (SEE NOTE BELOW) TOTAL EARNING ASSETS JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. jL :3k]ier3eaut& iff 6ofvrnmentTf&r(Xilwalums discounted,fbrSatUcs utSfatrict. C--Joint SKseounbcdlPafierfietiL. B3i 43 Federal Reserve Bank of Dallas FEDERAL RESERVE BANK OFPALLAS NET DEPOSIT LIABILITY, ^ £ F.R.NOTECIRCULATION, § S$ OtSH RESERVES. ANP RESERVE RATIOS. 1920. 30 90 \ 70 70 .-"V 60 30 60 SO SO 40 40 \ 30 30 20 I 10 V RESERVE PERCENTAGES. ACWAL'A'.AIXIUSTED -B- SEEliOTEBELOW. F.R.NOTECIRCULATiCH MO 120 100 80 60 40 20 •n mm SiS **, * L m m PI m P m m m iB m•HHt^o^•• Bnmm9m mmi 140 IZO 100 60 20 DEPOSIT AND ER. NOTEUABILIVES. -L; AW TOTAL RESERVES/C: JAN. EEB. MAR. APRAMAY JUKE JULY AUG. SEPT. OCT NOV. DEC. reducing t d d J F M A M O J A S O N M J N A 5 O \N \D J P M A M J d /\ 5 0 IV D B W//////W//A to FEDERAL K E 5 E R I / E NOTES OUTSTANDING FEDERAL RE5EKVE B.A/VK OF D A L L A S 45 Federal Reserve Bank of Dallas SCHEDULE 1 COMPARATIVE STATEMENT OF FEDERAL RESERVE BANK OF DALLAS, INCLUDING ITS BRANCHES Resources: 1920 1919 1918 1917 Gold and Gold Certificates... Gold settlement fund Gold with foreign agencies.... $10,008,000 2,074,000 86,000 $ 6,469,000 17,073,000 3,415,000 $ 5,722,000 6,923,000 204,000 $11,900,000 24,520,000 1,838,000 Total gold held by banks.. Gold with F. R. Agent Gold redemption fund 12,168,000 24,484,000 4,431,000 26,957,000 27,545,000 3,712,000 12,849,000 22,352,000 2,193,000 38,258,000 25,037,000 1,218,000 Total gold reserves Legal tender notes, silver, etc Total reserves Bills discounted (Secured by Gov'm't War obligations) .. All other Bills bought in open market and acceptances acquired from other F. R. Banks.... 41,083,000 58,214,000 37,394,000 64,513,000 4,455,000 45,538,000 1,197,000 59,411,000 1,374,000 38,768,000 779,000 65,292,000 15,903,000 54,793,000 39,376,000 18,940,000 14,395,000 31,130,000 8,740,000 247,000 6,421,000 2.448,000 14,140,000 70,943,000 3,979,000 64,737,000 3,966,000 47,973,000 3,990,000 22,880,000 4,496,000 U. S. Cert, of Indebtedness.. 8,300,000 9,065,000 4,400,000 1,430,000 832,000 Total earning assets. Bank premises Uncollected items and other deductions from gross de- 83,222,000 1,639,000 77,768,000 399,000 56,363,000 29,638,000 42,287,000 61,325,000 23,252,000 15,086,000 586,000 726,000 558,000 360,000 312,000 1,135,000 137,000 TOTAL RESOURCES .... Liabilities: Capital paid in Surplus _ Government deposits Due to members — Reserve Account Deferred availibility items.... Other deposits, including foreign government credits 173,998,000 199,821,000 119,830,000 110,153,000 4,099,000 4,152,000 1,660,000 3,421,000 2,029,000 2,900,000 3,154,000 2,795,000 2,493,000 6,609,000 46,995,000 27,560,000 63,372,000 39,347,000 32,453,000 15,250,000 44,155,000 9,766,006 245,000 2,043,000 8,000 Total gross deposits V. ft. notes in actual circulation P. R. bank notes in circulation—net liability AD other liabilities 76,460,000 107,662,000 50,204,000 60,530,000 79,453,000 74,930,000 59,239,000 46,788,000 7,101,000 2,733,000 10,461,000 1,318,000 5,540,000 1,693,000 40.000 119,830,000 110,153,000 Total -bills on hand U. S. Government bonds... S per cent. Redemption fund against F. R. Bank notes.. AS other resources TOTAL LIABILITIES 173,998,000 199.821.000 46 Federal Reserve Bank of Dallas SCHEDULE 2 COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES OF BANK (INCLUDING BRANCHES) FOR YEARS 1917, 1918, 1919 AND 1920, AND SINCE ORGANIZATION. Earnings: 1917 1918 1919 1920 Since Organization Bills discounted Members including those acquired from other F. R. Banks $209,064.66 $1,497,378.83 $2,443,805.63 $4,044,612.34 $ 8,194.861.45 Bills bought in open m a r k e t , including those acquired from other F. R. Banks.... 138,512.74 175,884.70 113,396.94 73,211.72 501,006.10 U. S. Securities 163,439.28 152,159.48 229,080.04 270,874.35 815,553.15 Municipal Warrants. 6,832.79 7,995.08 14,827.87 Trans.—Net earnings .. 34,027.34 149,732.95 193,661.44 350,968.48 728,390.21 Deficient Res. pen 12,968.16 56,304.89 81,984.32 158,569.01 309,826.38 Sundry Profits 4,202.20 8,106.16 322.47 6,286.03 18,916.86 Bill of Lading Drafts.. 13,641.29 13,641.29 Service Charges—Net.. 383.00 28,322.70 28,705.70 569,430.17 2,089,526.08 3,062,250.84 4,904,521.93 10,1)25.729.02 Total Expenses: Assessment Acct, Ex. F. R. Board 11,438.78 15,222.96 20,362.04 21,694.53 68,718.31 Fed. Advisory Council 150.00 1,894.06 991.64 399.62 3.435.32 Governor's Conferences 398.42 232.20 788.52 651.23 2.070.37 Fed. Res. Agents Conferences „. 207.64 421.66 109.44 64.08 802.82 Salaries : 41,050.54 68,544.44 87,212.00 117,768.48 314,575.46 Bank Officers Clerical Staff 39,940.27 170,134.31 390,992.87 649,100.42 1,250,167.87 Special Officers and 33,615.08 6,362.58 20,177.14 2,761.68 4,313.68 Watchmen All others 2,980.78 5,463.64 11,883.44 39,455.89 59,783.75 6,395.36 6.39S.36 Life Ins. Prems Directors remunerative 18,940.2* 4,446.72 6,529.58 3,521.89 4,442.05 Expense Officers and Clerks Traveling Expenses. 1,138.77 7,756.95 14,577.96 30,850.70 54,324.38 Legal Fees 2,400.00 2,215.00 2,400.00 2,621.70 9,636.70 Rent 658.50 5,525.65 14,904.33 21,088.48 1,184.00 1.745.73 3,476.08 7,616.93 Taxes and Fire Insur 1,211.12 869.47 1,882.50 3,188.78 3,937.92 9,878.67 Telephone 584.46 21,772.00 56,900.49 88,924.73 TeleeraDh 9,667.7f 39,882.62 65,506.99 133.244.36 3.166.3: Postage 24 688 4" 25,556.30 4S.487.96 111.311.41 8,424.31 Expressage 28,842^84 Ins. and Premium on Fidelity Bonds 3,851.00 10,774.23 13,308.24 24,671.51 52,604.98 Light, Heat * Power... 1,468.24 2,413.82 3,365.04 6,895.92 14.143.02 Printing & Stationery. 12,180.00 25,072.20 41,008.79 67,998.00 146,258.99 Repairs and Alteration! 2,472.86 4,805.62 13,193.79 13,797.21 34,269.48 All other not specifiet 5,029.00 20,278.20 41,348.56 78,080.07 144.735.83 C o s t of F. R. Cur issued 30,910.82 82,729.93 136,575.81 155,735.64 405.952.20 Equipment 32,325.00 70,717.85 82,882.95 227.684.1Z 41,758.32 Cost of Currency Ship merits to ana from Members and Non Members 25,519.46 30,863.06 56,382.52 Depreciation, B• n1 Premises . 7,500.00 7,500.00 3,284,061.38 982,835.83 1,549,846.86 535,424.44 215,954.25 Total Federal Reserve Bank of Dallas 47 SCHEDULE 3 Statement of Disposition of Income Calendar Year 1920 Income: Discount on bills discounted Discount on bills purchased Transfers bought and sold—net charges Penalties on deficient reserves Interest earned on U. S. Securities Miscellaneous profits $4,044,612.34 73,211.72 350,968.48 158,569.01 270,874.35 6,286.03 Total income $4,904,527.93 Less: Expense current $1,549,846.86 Dividends paid June 30th 105,980.14 Dividends paid December 31st 119,107.91 Interest paid on surrendered stock. 335.84 Reserved for possible loss account Bank of Ranger 130,962.71 Other miscellaneous losses 11,648.41 Net profits—calendar year 1920 1,917,881.87 $2,986,640.06 Plus: Reserve set aside in December, 1919, for expense P. R. Board first half 1920, returned to Profit and Loss account in 1920 , 16,167.01 $3,002,807.07 Disposition of accumulated Net Profits: Transferred to Surplus June 30th Transferred to Surplus December 31st $1,122,333.60 1,880,473.47 $3,002,807.07 $3,002,807.07 SCHEDULE 4 VOLUME OF PAPER DISCOUNTED AND BOUGHT, BY MONTHS, DURING 1920, CLASSIFIED ACCORDING TO CHARACTER OF PAPER, WITH TOTALS FOR THREE PRECEDING YEARS DISCOUNTED Month January February March April May June July August September October November December Total $ 83,529,010 74,720,062 93,491,943 107,195,326 111,179,549 117,290,253 109,534,072 110,782,861 124,040,779 113,553,296 124,051,664 110,809,696 Secured by Govt War Obligations PAPER PURCHASED PAPER Bankers Acceptances Trade Acceptances All Other $76,922,369 69,092,532 80,004,498 88,583,792 91,475,623 91,503,554 75,913,070 82,733,488 90,242,115 83,891,128 92,211,106 77,369,650 None None $ 134.426 100,000 135,000 153,074 None None 181,222 None None None $ 157,242 7,430 148,952 572,837 139,525 729,460 346,694 435,972 690,888 1,110,659 778.335 552,529 $ 6,449,399 5,620,100 13,204,067 17,938,697 19,429,401 24,904,165 33,274,308 27,613,401 32,926,.'. 54 28,551,509 31,062,223 32,887,517 Bankers Acceptances $ 1920 417,085 1,630,000 436,210 1,756,675 266,635 60,000 682,500 805,000 532,500 1,395,000 295,000 71,672 $ 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 1,288,526,788 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 2,056,758 137,787,920 25,024,122 Total 1917.... 52,052,600 11,272,269 None 177,953 35,602,378 9,743,505 TOTAL PAPER DISCOUNTED AND PURCHASED 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 f 10,708,111 12,517,136 23,986,654 39,650,522 39,333,585 45,453,965 52,244,194 68,294,345 76,261,394 87,663,080 77.499,588 79,089,314 1,237,361,377 612,701,888 49 Federal Reserve Bank of Dallas SCHEDULE 5 REDISCOUNTS Volume of rediscounts for 1920: Rediscounts for Member Banks $1,280,178,511.55 Acceptances purchased 7,726,192.55 Acceptances rediscounted for or acquired from 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 Volume of rediscounts for 1919: Rediscounts for Member Banks $1,224,946,144.78 Acceptances purchased 12,415,232.70 Acceptances rediscounted for or acquired from other Federal Reserve Banks 10,077,783.41 Other paper rediscounted for other Federal Reserve Banks 57,500,000.00 Total Total number of banks served in 1920 Total number of new banks served in 1920 Largest note rediscounted -, _ Smallest note rediscounted .$1,304,939,160.89 702 94 $ 6,134,000.00 10.50 SCHEDULE 6 MEMBER BANKS OFFERINGS HANDLED BY CREDIT DEPARTMENT, DURING THE ENTIRE YEAR, 1920 National Banks, 7298 offerings, submitting 85, 316 items, aggregating State Banks, 1725 offerings, submitting 25,817 items, aggregating $301,555,471.10 $ 36,068,893.72 SCHEDULE 7 REDISCOUNTS FOR 1920 BY MONTHS AND DISTRIBUTION BY STATES Month January February March April...... May. .. June July. August. September.... October November.... December Total Texas Louisiana Oklahoma New Mexico Arizona Total $81,850,875 73,323,695 89,669,557 102,638,448 107,156,312 110,686,523 101,241,070 104,090,139 114,146,482 104,000,316 113,316,224 98,892,311 $ 55,903 77,356 1,071,727 1,872,513 831,542 1,479,475 2,775,223 1,917,688 4,255,052 3,512,192 4,003,846 4,380.036 $ 535,735 665,831 1,348,867 1,157,310 1,739,209 2,396,897 2,890,266 2,850,821 3,218,563 3,294,014 3,899,515 3,759,563 $ 996,497 558,180 1,073,224 1,339,820 1,353,188 2,214,593 2,165,025 1,541,604 1,939,473 2,120,400 2,332,021 2,926,157 $ 90,000 $ 83,529,010 95,000 74,720,062 328,568 93,491,943 187,235 107,195,326 99,299 111,179,550 512,765 117,290,253 462,488 109,534,072 382,609 110,782,861 481,209 124.040.779 626,374 113,553,296 500,058 124,051,664 851,629 110,809,696 1,201,011,952 26,232,553 27,756,591 20,560,182 4,617,234|l,280,178,512 Total paper rediscounted as shown above $1,280,178,511.55 Federal Reserve Bank of Dallas 50 SCHEDULE 8 DISCOUNT RATES FOR 1920 AND DATES ON WHICH EFFECTIVE Class of paper Jan. Feb. Feb. June 1st 2nd 26th 10th Time Up to 90 days 5 6 6 6 Industrial and CommercialUp to 90 days 5 6 6 6 Agricultural and Live Stock. After 90 days 55* 6 6 6 Agricultural and Live Stock. Up to 90 days 5 6 6 6 Trade Acceptances _ Rediscounts secured by L. L. Bonds Up to 90 days 5 and Victory Notes 554 5'/ 2 sy, Rediscounts secured by Certificates of Indebtedness Up to 90 days 454 5 * 5 M. B. C. Notes secured by L. L. Bonds and Victory Notes Up to 15 days 5 5'/a 554 M. B. C. Notes secured by Certificates of IndebtednessUp to 15 days 454 5 5 * M. B. C. Notes secured by Eligible Paper Up to 15 days 5 6 6 6 M. B. C. Notes secured by War Finance Corporation Bonds Up to 15 days 6 7 7 Rediscounts secured by War Finance Corporation Bonds Up to 90 days 6 7 7 * Notes secured by Treasury Certificates of Indebtedness discounted at the rate borne by the Certificates attached with a minimum rate of 5 per cent. SCHEDULE 9 Due Due Due Due Due within within within within after CLASSIFICATION BY MATURITIES O F BILLS DISCOUNTED AND BOUGHT, 1920 15 days $1,004,590,508.00 30 days _.., 171,176,339.00 60 days _ 90,480,804.00 90 days 120,049,162.00 90 days 45,229,977.00 Total „ $1,431,526,790.00 SCHEDULE 10 Due Due Due Due CLASSIFICATION OF TRADE-ACCEPTANCES BY MATURITIES within 15 days _ $ 737,962.00 within 30 days 909,007.00 within 60 days 2,590,079.00 within 90 days _ 1,433,475.00 Total - $ 5,670,523.00 51 Federal Reserve Bank of Dallas SCHEDULE 11 Based Based Based Based Based BILL OF LADING DRAFTS grain and grain products _ hay cotton and cotton products , miscellaneous .._ beans _ _ on on on on on Total $11,280,491.00 437,670.00 396,624.00 „. 499,044.00 277,477.00 $12,891,306.00 SCHEDULE 12 STATEMENT Purchased Purchased Purchased Purchased Purchased Purchased at at at at at at OF BANKERS' ACCEPTANCES—RATES AND TIME 5% 5J4% 5^4% 5%% 6% 6%% _ — - _ _ $ - _ . Total 355,000.00 62,085.00 1,435,000.00 110,000.00 5,706,192.00 680,000.00 $ 8,348,277.00 TIME CLASSIFICATION Due Due Due Due within within within within 15 30 60 90 days days days days _ _ Total $ 269,000.00 1,682,668.00 4,401,621.00 1,964,988.00 .$ 8,348,277.00 SCHEDULE 13 OPERATIONS IN U N I T E D STATES BONDS AND SECURITIES FOR T H E YEAR 1920 BONDS AND TREASURY NOTES H E L D ON DEC. 31, 1919 Registered 2% consols of 1930 $ 2,450,900.00 Registered 2% Panama Series 1938 155,000.00 Registered 2% Panama Series 1936 126,500.00 Registered 2% Conversion Bond series 1946 507,400.00 Registered 3% Conversion Bond Series 1947 726,200.00 Registered 2% U. S. Special Certificates of Indebtedness... 8,300,000.00 U. S. 4*/£% Bearer Certificates of Indebtedness 765,000.00 1st Series 3%% L. L. Bonds 600.00 2nd Series 4% L. L. Bonds 1,100.00 3rd Series 4%% L. L. Bonds 2,700.00 4th Series 4%% L. L. Bonds 4,250.00 Victory 434% Notes 10,650.00 Total _ $13,050,300.00 Federal Reserve Bank of Dallas 52 BONDS AND TREASURY NOTES—PURCHASES, SALES AND CONVERSIONS. U. S. 4J*2% Certificates of Indebtedness: Sold at par U. S. 4%% Certificates of Indebtedness: Purchased from member banks Sold at par U. S. S%% Certificates of Indebtedness: Purchased from member banks Sold at par U. S. 6% Certificates of Indebtedness: Purchased from member banks Sold at par _ Fourth Series A%% L. L. Bonds: Bought (Fifths exchanged for Fourths) Sold at par „ Victory L. L. Notes: Sold at par (Exchanged for Fourths) Sold at par - $ 765,000.09 1,000.00 1,000.00 - 418,000.00 418,000.00 272,500.00 272,500.00 _ 500.00 50.00 6,000.00 500.00 BONDS AND TREASURY NOTES HELD ON DEC. 31, 1920. Registered 2% Consols of 1930 Registered 2% Panamas series of 1938 Registered 2% Panamas series of 1936 Registered 3% Conversion Bonds series of 1946 Registered 3% Conversion Bonds series of 1947 Registered 2% U. S. Special Certificates of Indebtedness 1st Series 3%% L. L. Bonds 2nd Series 4% L. L. Bonds 3rd Series 4J4% L. L. Bonds _ 4th Series 4%% L. L. Bonds Victory 4?4% L. L. Notes $ 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 SCHEDULE 14 MEMBER BANK COLLATERAL NOTES. Total number Member Banks' collateral notes Number of banks accommodated in this manner PAPER SECURED BY U. S. BONDS AND CERTIFICATES OF INDEBTEDNESS: Member bank collateral notes Member bank rediscounts Total $996,993,341.00 401 $984,579,555.00 15,363,370 $999,942,925 SCHEDULE 15 DAILY AVERAGE EARNING ASSETS, EARNINGS THEREON AND AVERAGE RATE PER ANNUM, YEAR 1920, AS COMPARED WITH YEAR 1919. Earning Assets 1919 1920 Earnings 1920 1919 Bills discounted members and other F. R. Banks $71,272,502.30 $52,648,648.18 $ 4,044,612.34 $ 2,443,805.63 Bills bought in open market and 73,211.72 from other F. R. Banks 113,396.94 2,364,798.74 1,329,121.85 United States Securities 10,122,422.74 270,874.35 229,080.04 12,834,309.39 Total $85,435,933.54 $65,135,869.66 $ 4,388,698.41 $ 2,786,282.61 Average Rate 1920 1919 5.65 4.64 5.39 2.10 4.64 2.20 5.12 4.26 •si a. i a SCHEDULE 16 OPERATIONS OF CHECK CLEARING AND COLLECTION DEPARTMENT DETAILED CLASSIFICATION OF NUMBER AND AMOUNT OF ITEMS HANDLED, BY MONTHS, DURING 1920, WITH TOTALS for 1920, 1919 and 1918. (AMOUNTS IN THOUSANDS OF DOLLARS) MONTH an. 1 to Jan. 15 an. 16 to Feb. 15.. •eb. 16 to Mar. 15. lar. 16 to Apr. 15. .pr. 16 to May 15. lay 16 to June 15. une 16 to July 15. ily 16 to Aug. 15. ug. 16 to Sept. 15 ept. 16 to Oct 15.. >ct. 16 to Nov. 15. rov. 16 to Dec. 15 >ec. 16 to Dec. 31. Totals: 1920 1919 1918 Located in F. R. Located outside Bank and Branch F. R. Bank and Cities Branch Cities Number Amount Number Amount Items drawn o n Treasurer of United States Number Am't. 785,770 $196,662 99,174 $ 96,544 177,789 189,691 1,789,227 436,681 225,515 225,779 1,787,509 454,994 229,776 169,602 1,767,432 375,618 192,077 145,378 1,750,257 320,074 181,396 129,252 1,923,663 325,020 168,699 133,249 1,920,934 302,504 165,378 121,531 1,891,450 297,972 175,439 132,059 1,927,792 323,859 176,808 167,313 2,110,731 402,285 188,273 158,923 2,138,781 382,872 191,987 136,905 2,113,139 330,718 65,285 1,114,201 153,773 121,956 56,837 $3,395 5,684 89,137 69,280 10,518 117,536 15,862 9,592 151,122 7,343 84,951 7,058 51,634 9,452 75,424 9,721 49,547 8,918 80,469 7,706 137,907 7,555 101,633 4,858 79,480 Items forwarded TOTALS (a) to other F. R. Banks and their 1918 1919 Branches 1920 Number Am't. Number Amount Number Amount Number Amount 107,023 $33,082 217,097 64,482 223,271 46,993 198,127 70,061 156,822 74,922 131,413 72,379 120,362 51,340 125,065 61,176 116,839 49,176 113,841 85,904 125,536 82,839 127,261 62,623 67,765 32,204 1,048,804 $ 2,273,250 2,305,575 2,312,871 2,250,278 2,321,423 2,261,629 2,257,317 2,269,617 2,481,849 2,590,497 2,534,020 1,383,402 329,683 696,538 738,284 631,143 549,966 533,994 494,151 490,131 514,815 664,420 632,340 537,801 256,120 366,810 $148,465 842,998 297,204 837,782 261,966 968,607 308,133 891,286 327,488 837,246 342,675 839,621 320,624 944,143 338,427 929,578 369,124 1,195,676 376,001 1,737,492 652,375 1,917,493 602,815 1,103,789 340,671 210,342 $ 112,730 391,070 205,660 374,456 187,823 465,352 207,395 395,777 181,960 422,527 191,250 558,084 192,370 583,340 203,172 608,916 227,721 707,227 288,898 768,070 316,114 755,916 286,355 409,325 155,181 2,294,267 1,871,511 23,020,886 4,303,032 1 144 957 107,662 1,830,422 787,181 28,290,532 7,069,386 13,412,521 4,685,968 1,150,939 1,144,256 9,591,545 7 fi07 699 1,264,544 157,169 1,405,493 686,844 6,650,402 2,756,629 375,056 553,618 5,207,636 1,703,135 602,603 108,879 465,105 390,997 (a) Exclusive of duplications on account of items handled by both parent bank and branch. Federal Reserve Bank of Dallas 55 SCHEDULE 17 NUMBER AND AMOUNT OF TRANSFERS BOUGHT BY WIRE AND MAIL, BY MONTHS FOR THE YEAR 1920 January February March April May June July August September October November December Total Number 651 1044 603 818 624 616 768 1402 628 816 858 1313 10,141 By Wire Amount $36,527,290.62 32,045,254.32 42,711,053.54 38,444,383.09 36,680,096.44 34,014,900.88 29,972,500.79 37,334,087.49 37,877,649.50 48,133,101.36 47,212,150.70 49,620,180.69 $470,572,649.42 Number 463 381 441 561 684 640 511 662 820 917 889 900 7,869 By Mail Amount $33,124,612.86 21,015,785.98 23,239,444.31 30,107,864.73 34,640,085.38 35,634,672.15 27,521,301.23 35,665,274.92 43,295,391.46 55,085,886.35 42,570,009.94 34,367,919.08 $416,268,248.39 SCHEDULE 18 NUMBER AND AMOUNTS OF WIRE TRANSFERS SOLD BY MONTHS FOR THE YEAR 1920 January February March April May June Jury August September October November December Total _ , Number 869 679 902 831 862 878 957 1001 1258 1293 1151 1179 11,860 Amount $69,357,948.71 40,757,450.48 55,474,143.00 42,373,322.14 42,052,164.60 49,114,707.51 49,528,206.00 44,284,647.55 46,590,323.78 48,507,106.20 41,766,264.61 40,967,297.44 $570,773,582.02 56 Federal Reserve Bank of Dallas SCHEDULE 19 NEW NATIONAL BANKS, 1920 Homer, Louisiana American National Bank Homer, Louisiana Commercial National Bank Mansfield, Louisiana American National Bank Oak Grove, Louisiana First National Bank Ruston, Louisiana First National Bank Grady, New Mexico First National Bank Loving, New Mexico First National Bank Caney, Oklahoma First National Bank Coalgate, Oklahoma City National Bank Durant, Oklahoma Commercial National Bank Amarillo, Texas City National Bank Bangs, Texas ..First National Bank Bandera, Texas ..First National Bank Bertram, Texas ..First National Bank Caddo, Texas First National Bank Dallas, Texas Dallas National Bank Fabens, Texas ..First National Bank Falfurrias, Texas First National Bank Granger, Texas ..Granger National Bank Hamilton, Texas Perry National Bank Mathis, Texas First National Bank Necessity, Texas First National Bank Perryton, Texas Perryton National Bank Port Neches, Texas —First National Bank Quitaque, Texas First National Bank Rice, Texas First National Bank Rio Grande, Texas First National Bank Rocksprings, Texas First National Bank Sipe Springs, Texas First National Bank White Deer, Texas -First National Bank Wichita Falls, Texas Security National Bank SCHEDULE 20 NATIONAL BANKS LIQUIDATED DURING 9120 Boswell, Oklahoma-F. & M. National Bank Succeeded by State Exchange Bank Lehigh, Oklahoma.—Merchants National Bank.....Taken over by First State Bank, Lehigh Bowie, Texas National Bank of Bowie Succeeded by Security State Bank Campbell, Texas Campbell NatL Exch. Bank...Succeeded by Citizen's State Bank, Greenville Dallas, Texas Tenison National Bank Consolidated with City National Bank, Dallas Lubbock, Texas Farmers National Bank Consolidated with Sec. State Bk. & Tr. Co., Lubbock Plainview, Texas Citizens National Bank Consolidated with First Nat. Bank, Plainview Robert Lee, Texas.... First National Bank Succeeded bya state bank Rusk, Texas First National Bank Succeeded by F. & M. State Bank & Trust Co., Rusk San Juan, Texas First National Bank Merged with San Juan State Bank Stamford, Texas Citizens National Bank Succeeded by Guaranty State Bank, Stamford 57 Federal Reserve Bank of Dallas SCHEDULE 21 TOTAL STATE BANK MEMBERSHIP, ELEVENTH FEDERAL RESERVE DISTRICT, DECEMBER 31, 1920 (Figures shown compiled from latest statements available.) ARIZONA Safford Tombstone Bank of Safford Cochise County State Bank Capital $ 33,000 30,000 Surplus $42,000 10,000 Total Resources $656,000 155,000 LOUISIANA Monroe Shreveport Central Savings Bk. & Tr. Co... 375,000 Continental Bank & Trust Co... 300,000 125,000 100,000 2,195,000 4,715,000 NEW MEXICO Albuquerque Cloudcroft Corona Lovington Mountainair Portales State Trust & Savings Bank First State Bank _ Stockmens State Bank, First Territorial BankMountainair State Bank Security State Bank... 100,000 25,000 30,000 60,000 25,000 25,000 65,000 3,000 6,000 25,000 10,000 5,000 1,053,000 138,000 161,000 219,000 325,000 348,000 OKLAHOMA Broken Bow Coleman Fort Towson Valliant McCurtain County Bank Coleman State Bank. First State Bank Fanners State Guaranty Bank.. 40,000 25,000 50,000 50,000 10,000 1,000 20,000 23,000 249,000 160,000 345,000 483,000 60,000 30,000 25,000 50,000 25,000 60,000 65,000 100,000 100,000 250,000 50,000 25,000 25,000 100,000 200,000 50,000 25,000 25,000 100,000 50,000 40,000 35,000 50,000 50,000 50,000 30,000 40,000 25,000 30,000 25,000 25,000 200,000 30,000 20,000 35,000 12,000 55,000 10,000 12,000 20,000 10,000 20,000 130,000 30,000 10,000 4,000 50,000 100,000 12,000 2,000 25,000 50,000 25,000 2,000 8,000 40,000 50,000 3,000 20,000 20,000 8,000 3,000 8,000 13,000 40,000 5,000 572,000 381,000 236,000 636,000 131,000 414,000 679,000 461,000 2,177,000 3,117,000 543,000 392,000 338,000 1,409,000 1,746,000 498,000 140,000 393,000 831,000 264,000 326,000 269,000 473,000 911,000 349,000 394,000 323,000 270,000 316,000 210,000 340,000 1,318,000 259,000 TEXAS Alice Citizens State Bank._ Alpine Alpine State Bank Alto Alto State Bank Anson Anson State Bank. Avery -Avery State Bank Ballinger Ballinger State Bank & Tr. Co. Bay City Bay City Bank & Trust Co Bay City First State Bank. _... Beaumont Guaranty Bank & Trust Co Beaumont Texas Bank & Trust Co. Beeville Beeville Bank & Trust Co Bishop First State Bank _ Bomarton First State Bank BonhamFannin County Bank Bonham. First State Bank _ Bremond First State Bank Bridgeport Bridgeport State Bank Brownfield Brownfield State Bank Bryan First State Bank & Trust Co Canton Texas State Bank Canyon .First State Bank Celina Celina State Bank Celina First State Bank Childress Farmers & Mechanics State Bk. Clarendon Farmers State Bank Clifton Farmers Guaranty State Bank.. Clifton First Guaranty State Bank Collinsville First Guaranty State Bank Colorado First State Bank Commerce Citizens State Bank Copperas Cove First State Bank Corsicana First State Bank Cross Plains First Guaranty State Bank 58 Federal Reserve Bank of Dallas TOTAL STATE BANK MEMBERSHIP, ELEVENTH FEDERAL RESERVE DISTRICT, DECEMBER 31, 1920—Continued Capital TEXAS—Continued Crowell First State Bank. 3 30,000 Cuero First State Bank & Trust Co... 100,000 Dallas Central State Bank 1,000,000 Dallas..., Dallas County State Bank 250,000 Dallas Guaranty Bank & Trust Co. 1,000,000 DeKalb ..First State Bank 50,000 Del Rio Del Rio Bank & Trust Co 75,000 Denison Denison Bank & Trust Co 160,000 Denton First Guaranty State Bank 50,000 East Bernard Union State Bank 50,000 Edgewood -Farmers & Merchants State Bk. 35,000 El Paso American Trust & Savings Bk. 350,000 El Paso El Paso Bank & Trust Co 200,000 El Paso Security State Bank & Tr. Co... 200,000 Falfurrias Falfurrias State Bank 75,000 Ferris Farmers & Merchants State Bk. 50,000 Flatonia Flatonia State Bank 50,000 Floydada First State Bank 50,000 Forney Forney State Bank 25,000 Franklin First State Bank 30,000 Frost Citizens State Bank 25,000 Galveston South Texas State Bank 200,000 Galveston Texas Bank & Trust Co 400,000 Ganado Farmers State Bank 35,000 Gatesville Guaranty State Bank & Tr. Co. 50,000 Georgetown Fanners State Bank 50,000 George West First State Bank ,... 50,000 Gilmer Gilmer State Bank 50,000 Goldthwaite Trent State Bank 50,000 Gonzales Gonzales State Bank & Tr. Co. 75,000 Graford , First State Bank 50,000 Grand Prairie First State Bank 40,000 Grand Prairie Guaranty State Bank 25,000 Hallsville Farmers State Bank 25,000 Hamlin First State Bank 40,000 Hedley Guaranty State Bank 25,000 Henderson ....First State Bank 25,000 Hereford First State Bank & Trust Co 50,000 Hillsboro First State Bank 150,000 Houston State Bank & Trust Co 200,000 Italy Farmers State Bank so.qoo Jacksonville Farmers Guaranty State Bank.. 50,000 Jacksonville First Guaranty State Bank 63,000 Junction Junction State Bank. 100,000 Kaufman... First State Bank 100,000 Kenedy Farmers & Merchants State Bk. 50,000 Kenedy First State Bank & Trust Co 60,000 Kerens First State Bank 50,000 Kilgore Kilgore State Bank 25,000 Killeen First State Bank 25,000 Kirkland..., First State Bank 50,000 Ladonia First State Bank 35,000 La Feria Cameron County Bank 25,000 Lamesa First State Bank 30,000 Leakey First State Bank 25,000 Leonard First State Bank 50,000 Liberty Liberty State Bank 35,000 Lockney Lockney State Bank 50,000 Longview .Commercial Guaranty State Bk. 50,000 Surplus $ 27,000 46,000 500,000 110,000 100,000 50,000 60,000 58,000 6,000 10,000 10,000 50,000 20,000 15,000 None 13,000 3,000 5,000 15,000 15,000 50,000 100,000 600,000 5,000 10,000 50,000 17,000 15,000 25,000 25,000 20,000 20,000 None None 20,000 13,000 25,000 50,000 15,000 10,000 20,000 14,000 23,000 110,000 80,000 60,000 80,000 40,000 13,000 13,000 None 15,000 3,000 40,000 500 10,000 4,000 3,000 None Total Resources $ 440,000 748,000 7,844,000 1,970,000 5,864,000 400,000 699,000 3,358,000 460,000 268,000 212,000 2,329,000 2,545,000 2,363,000 414,000 268,000 639,000 779,000 245,000 371,000 331,000 4,145,000 7,813,000 125,000 543,000 859,000 345,000 240,000 854,000 639,000 267,000 318,000 127,000 130,000 429,000 137,000 146,000 676,000 992,000 2,906,000 399,000 333,000 586,000 688,000 668,000 492,000 753,000 353,000 192,000 589,000 321,000 580,000 162,000 561,000 63,000 398,000 373,000 402,000 270,000 Federal Reserve Bank of Dallas 59 TOTAL STATE BANK MEMBERSHIP, ELEVENTH FEDERAL RESERVE DISTRICT, DECEMBER 31, 1920—Continued Total TEXAS—Continued Capital Surplus Resources Loraine First State Bank $ 30,000 $ 443,000 $ 30,000 Lorenzo First State Bank 25,000 25,000 314,000 Lubbock Lubbock State Bank 100,000 50,000 1,076,000 Lubbock Security State Bank & Tr. Co... 100,000 6,000 654,000 Lufkin Citizens Guaranty State Bank.. 75,000 5,000 509,000 Luling Citizens State Bank 25,000 6,000 235,000 Luling Lipscomb Bank & Trust Co 75,000 55,000 414,000 Madisonville Farmers State Bank 25,000 25,000 430,000 Malone _ First State Bank 25,000 8,000 166,000 Matador First State Bank 25,000 13,000 393,000 Mathis - F i r s t State Bank 30,000 16,000 200,000 Maypearl Citizens State Bank 25,000 25,000 232,000 Maypearl Farmers & Merchants St. Bank 25,000 25,000 248,000 McAllen First State Bank & Trust Co 100,000 15,000 951,000 McGregor First State Bank 50,000 5,000 429,000 McKinney..., Central State Bank 75,000 7,000 842,000 Memphis.. Citizens State Bank 75,000 50,000 637,000 Mercedes Bank of Commerce & Trust Co. 50,000 5,000 230,000 Mertens -First Guaranty State Bank. 25,000 5,000 145,000 Moran Moran State Bank 30,000 6,000 306,000 Mt. Calm First State Bank. 40,000 8,000 211,000 Mt. Pleasant Guaranty State Bank 60,000 30,000 696,000 Munday First State Bank , 35,000 5,000 331,000 Nacogdoches Commercial Guaranty State Bk. 100,000 50,000 1,998,000 Normangee First State Bank 25,000 25,000 241,000 North Zulch Farmers Guaranty State Bank.. 25,000 None 188,000 Orange Guaranty Bank & Trust Co 100,000 10,000 358,000 Paducah. First State Bank 50,000 50,000 463,000 Palmer -First Guaranty State Bank...... 25,000 18,000 211,000 Pampa - G r a y County State Bank. 25,000 10,000 253,000 Paris First State Bank 150,000 100,000 1,969,000 Paris Lamar State Bank & Trust Co. 150,000 50,000 1,938,000 Pecos Pecos Valley State Bank 110,000 37,000 939,000 Port Arthur Merchants State Bank. 100,000 42,000 1,855,000 Post First State Bank 25,000 2,000 157,000 Quanah First Guaranty State Bank 100,000 50,000 1,180,000 Rails _ First State Bank 25,000 15,000 243,000 Rails _ Guaranty State Bank & Tr. Co. 60,000 4,000 441,000 Reagan First State Bank. 25,000 15,000 185,000 Rice , First State Bank... 50,000 10,000 271,000 Richardson Citizens State Bank 35,000 4,000 206,000 Roaring Springs-First State Bank... 25,000 15,000 193,000 Robstown. First State Bank 25,000 8,000 278,000 Rockwall Guaranty State Bank 45,000 8,000 739,000 Royse First State Bank 50,000 25,000 316,000 Rusk Farm. & Mer. St. Bk. & Tr. Co. 100,000 1,000 578,000 Sabinal —-First State Bank 80,000 None 455,000 San Antonio Central Trust Co 1,000,000 160,000 9,231,000 San Augustine Commercial Guaranty State Bk. 50,000 6,000 590,000 Santa Anna First State Bank 35,000 16,000 549,000 Savoy First State Bank ._ 25,000 8,000 208,000 Seminole First State Bank 40,000 30,000 203,000 Seymour First Guaranty State Bank 35,000 4,000 167,000 Shamrock Farmers & Merchants State Bk. 50,000 50,000 503,000 Shiro— Farmers State Bank 25,000 20,000 157,000 Silverton Briscoe County State Bank 25,000 None 87,000 Sinton...,. Bank of Commerce 25,000 25,000 .466,000 Slaton First State Bank 40,000 2,000 323,000 Federal Reserve Bank of Dallas 60 TOTAL STATE BANK MEMBERSHIP, ELEVENTH FEDERAL RESERVE DISTRICT, DECEMBER 31, 1920—Continued TEXAS—Continued Snyder Spearman Stamford Sweetwater_ Terrell _ Tioga Trenton Troup Tyler Valley Mills Valley View Waco Waxahachie Weatherford Wellington Wharton White Deer Wills Point Winnsboro Wolfe City-._ Woodville Wortham Wylie _ Capital First State Bank & Trust Co...$ 50,000 25,000 Guaranty State Bank _... 55,000 First State Bank 100,000 Texas Bank & Trust Co First State Bank _.. 200,000 First Guaranty State Bank. 30,000 Guaranty State Bank 25,000 —Guaranty State Bank _ 25,000 Peoples Guaranty State Bank.. 100,000 Citizen-, State Bank 30,000 First Guaranty State Bank 25,000 First State Bank & Trust Co... 200,000 Guaranty State Bank & Tr. Co. 200,000 First State Bank 125,000 Wellington State Bank 50,000 Security Bank & Trust Co 50,000 First State Bank 25,000 First State Bank _ _ 100,000 Merchants & Planters State Bk. 30,000 First State Bank 50,000 Woodville State Bank 30,000 First State Bank 50,000 50,000 First State Bank _ 15,186,000 Capital Surplus .... _ .. _ _ Total Capital and Surplus Surplus $ 25,000 3,000 19,000 85,000 165,000 15,000 8,000 20,000 32,000 3,000 10,000 30,000 20,000 20,000 75,000 15,000 8,000 35,000 30,000 25,000 None 3,000 40,000 Total Resources $ 339,000 97,000 871,000 776,000 1,646,000 279,000 147,000 300,000 1,348,000 159,000 141,000 2,117,000 1,333,000 1,078,000 623,000 386,000 291,000 594,000 521,000 436,000 129,000 284,000 346,000 5,989,500 147,221,000 15,186,000 __ 5,989,500 _ 21,175,500 SCHEDULE 22 MEMBER BANKS BY STATES December 31, 1920 Arizona Louisiana New Mexico Oklahoma Texas Totals National 8 National 18 National 37 National 36 National 564 663 State 2 State 2 State 6 _ State 4 State 173 187 Total Total Total Total Total _ 10 20 43 40 737 850 Federal Reserve Bank of Dallas 61 SCHEDULE 23 RECAPITULATION OF CAPITAL STOCK ACCOUNT, 1920 Number of member banks December 31, 1919 (national) 643 Number of member banks December 31, 1919 (state) 115 New national banks organized during 1920 _ 31 State banks and trust companies admitted during 1920 74 863 National banks liquidating during 1920 11 State banks and trust companies liquidating during 1920 Total member banks December 31, 1920 Total capital stock December 31, 1919 Stock allotted member banks for quarter ending: March 31, 1920 _ _ June 30, 1920 September 30, 1920„ December 31, 1920 — Total _ _ Stock surrendered for quarter ending: March 31, 1920 June 30, 1920 , September 30, 1920. December 31, 1920 _ _ _ Total stock December 31, 1920 Total paid-up capital stock December 31, 1919 Subscriptions paid in quarter ending: March 31, 1920 June 30, 1920 _ _ September 30, 1920 _ _ December 31, 1920... 2 13 850 $6,841,400 $162,200 549,600 489,500 265,900 $ 31,900 32,900 41,200 5,500 _ $ 81,100 274,800 244,750 132,950 1,467,200 $8,308,600 111,500 $8,197,100 $3,420,700 733,600 Total _ $4,154,300 Cash subscriptions refunded for surrender of stock quarter ending: March 31, 1920 $ 15,950 June 30, 1920 16,450 September 30, 1920 _ 20,600 December 31, 1920 _ 2,750 55,750 Total paid-up capital December 31, 1920 $4,098,550 NUMBER OF FEDERAL RESERVE NOTES BY DENOMINATIONS AND AGGREGATE AMOUNTS RECEIVED, ISSUED TO BANK AND RETURNED TO THE COMPTROLLER DURING 1920 NUMBER OF NOTES $5 $10 $20 $50 $100 $500 $5,000 $10,000 $1,000 Aggregate Amount Dollars 1. Received from Comptroller 2,100,000 2,196,000 800,000 24,000 20,000 800 1,200 53,260,000.00 2. Received from F. R. Bank 209,500 4,400 3,550 40 645 13,825,000.00 157,000 761,000 3. Received from Treasurer of U. S. (Fit notes) 4. Received by Comptroller from Treasurer of U. S. for destruction and credit of F. R. Agent's account (unfit notes): (a) From other F. R. Banks 1,041,3021 733,566 427,860 16,449 5,167 20 7 _ 8 O 3,662 20 178 26,852,297.50 _. 4,658,532 4,785,651 1,837,150 55,855 32,379 880 2,030 116,392,820.00 2,825,000 2,821,000 1,058,500 31,300 25,350 430 1,425 69,245,000.00 827,650 27,455 8,826 40 185 49,310,520.00 5,226,732 4,649,851 1,886,150 58,755 34,176 470 1,610 118,555,520.00 8. Notes on hand at end of month 9. Total i H 11,006 7. Returned to Comptroller of Currency for destruction, including notes returned by U. S. Treasury for credit of F. R. Agent's account.... 2,401,732 1,828,851 H 22,455,522.50 399,790 6. Issued to F. R. Bank 8 o (b) Direct from reporting F. R. banks, and from l,360,229i 1,095,085 other sources 5. Total en O NUMBER OF FEDERAL RESERVE NOTES BY DENOMINATIONS AND AGGREGATE AMOUNTS RECEIVED, ISSUED TO BANK, AND RETURNED TO THE COMPTROLLER SINCE ORGANIZATION, AND ON HAND AT CLOSE OF BUSINESS, DECEMBER 31,1920. NUMBER OF NOTES $5,000 $10,000 $1,000 Aggregate Amount Dollars $100 $500 1. Received from Comptroller 8,928,000 6,896,000 3,328,000 144,000 68,000 1,600 2,000 196,960,000.00 2. Received from F. R. Bank 1,236,250 2,557,850 1,042,450 56,400 40 735 61,918,750.00 $5 3. Received from Treasurer of U. S. (Fit notes) 350 $20 $10 140 4. Received by Comptroller from Treasurer of U. S. for destruction and credit of F. R. Agent's account (unfit notes): (a) From other F. R.Banks 2,214,662 i 1,616,804 (b) Direct from reporting F. R. banks, and from 3,141,212* 2,046,571 other sources 5. Total 6. Issued to F. R. bank 180 $50 58,300 7,400.00 13 CO o 850,660 23,514 6,693 21 7 46,117,052.50 17,757 5,093 21 178 51,318,402.50 15,520,475 13,117,365 5,899,339 243,584 136,186 1,682 2,920 356,321,605.00 9,741,000 8,820,090 4,196,430 188,913 115,900 860 1,815 244,115,150.00 678,049 7. Returned to Comptroller of Currency for destruction, including notes returned by U. S. Treasury for credit of F. R. Agent's account.... 5,393,475 3,698,275 1,533,909 41,271 11,786 42 185 98,076,455.00 8. Notes on hand at end of month 13,400 8,500 780 920 14,130,000.00 15,520,475 13,117,365 5,899,339 243,584 136,186 1,682 2,920 356,321,605.00 9. Total 386,000 599,000 I 169,000 a S > 3 b 6. S" Co INTERDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES DURING YEAR 1920 SO's 10's 20's 100's 5's Rec'd Ret'd R-fd Ret'd Rec'd Rec'd F. R. Bank Rec'd Refd Rec'd Ret'd from to to to from of from to from to from $ 47,300 San Francisco 495,000 65,000 66,500 67,750 1,358,000 529,000 1,834,992 35,000 1,360,250 639,715 $ 59,950 $1,009,760 667,300 3,436,500 988,500 68,550 951,000 103,700 114,350 1,951,250 1,135,650 1,677,750 467,000 1,233,000 942,200 2,351,800 101,950 107,000 1,186,500 1,979,500! 618,500 883,360 $ 200,350 $ 312,200 $ 201,850 1,362,600 2,097,950 1,309,700 180,000 438,000 22^500 305,800 678200 495,500 180,450 313,300 922,500 1,615,050 1,831,100 1,630,100 1,250,000 1,596,000 2,177,700 1,498,000 3,188,380 1,791,800 193,500 184,500 249,000 1,939,350 2.850,350 2,514,500 970,250 1,976,580 2,433,150 $ 54,000 $ 71,650 403,950 550,400 62,800 78,700 218,150 97,7501 49,150, 97,550 239,350 103,500 280,000 289,250 478,550 11Q.950 39,500 15,250 402,550 IP 1,650 229,950 394,350 $ 39,800 $ 55,000 540,800 504,000 54,500 106,700 75,800 77,500 39,850 61,000 137,050 162,200 196,000! 171,300 359,600 i 160,700 24,700 in 35,000: 176,700 O 347,700 342,700 290,000 « Total.. 6,498,5071 5,465,650 16,569,4201 9,695,450 15,893,060 13,599,500 2,648,400 1,789.550 1920 Total Amounts Rec'd Refd from to 2,170,500 1,788,100 1919 Total Amounts Rec'd Ret'd to from $ 589,300 4,423,550 738,950 1,392,950 768,650 4,670,500 4,431,750 4,558,650 590,900 6,007,200 4,610,350: $ 494,200 $ 356,800 3,581,350 3,092,900 548,000 509,000 606,700 811,300 734,750 595,700 3,857,150 2,824,450 3,229,500 2,112,950 5,458,235 2,738,850 339,900 415,350 3,945,150 2,973,800 1,971,060 1,742,500 Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City 500's F. R. Bank of Boston New York Philadelphia.... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Total Rec'd from $ 500 28,000 3,000 3,500 2,500 19,000 8,000 21,500 1,500 18,000 12,500 1 118,000 Ret'd to 1000's Ret'd Rec'd to from $ 500 50,000 1,500 2,500 2,000 4,000 22,500 5,000 500 16,500 19,500 $ 3,000 118,000 15,000 4,000 28,000 28,000 5,000 38,000; 2,000 16,000 50,000 124,500| 307,0001 5000's Rec'd Ret'd from to $1,466,560 7,266,650 1,626,800! 1,695,750 3,061,000 5,290,250 $10,000 3,847,000 5,000 8,272,822 404,500 6,974,350 4,299,205 $126,000 4,000 8,000 20,000 44,000 36,000 6,000 12,000 44,000 3O5,OOo! None 15,0001 44,204,887 32,782,750 24,765,0951 18,173,600 6. So wd S3 & 8 Federal Reserve Bank of Dallas 65 SCHEDULE 27 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, 1920. Resources Federal Reserve notes on hand $ Federal Reserve notes outstanding Federal Reserve notes sent to Comptroller of the Currency for destruction , Eligible paper held as security for outstanding Federal Reserve notes Gold and gold certificates on hand Credit balance in gold redemption fund Credit balance with Federal Reserve Board 14,130,000.00 84,753,545.00 98,076,455.00 70,943,294.51 6,331,000.00 5,919,060.00 14,234,000.00 $294,387,354.51 Liabilities Federal Reserve notes received from Comptroller of Currency—gross amount $196,960,000.00 Collateral pledged against outstanding Federal Reserve notes: Gold and gold certificates _ 26,484,060.00 Eligible paper , 70,943,294.51 $294,387,354.51 SCHEDULE 28 COMBINED STATEMENT OF CONDITION OF NATIONAL BANKS ELEVENTH FEDERAL RESERVE DISTRICT (In thousands of dollars) Number of banks 642 Feb. 28, 1920 Resources: Loans and Discounts ... $ U. S. Government Securities Other Bonds All other resources Total Liabilities: Capital stock Surplus Undivided profits Individual deposits Due to banks All other liabilities Total 586,171 147,831 20,526 307,723 Number Number Number Number of banks of banks of banks of banks 648 651 May 4, 1920 June 30, 1920 658 660 Sept. 8, Nov. 15, 1920 1920 $ 594,623 $574,622 $570,130 $566,449 132,040 20,239 270,330 119,359 15,369 241,798 114,664 17,176 253,691 113,059 19,055 283,352 $1,062,251 il.017,232 $951,148 $955,661 $956,915 $ 67,641 40,230 17,250 666,273 210,354 60,503 $ 69,090 $ 70,653 $ 71,631 $ 71,991 43,961 40,832 43,010 43,422 22,190 18,158 20,057 20,628 646,738 606,774 591,958 590,811 89,867 98,448 96,978 109,560 130,384 122,686 130,145 130,984 $1,062,251 $1,017,232 $951,148 $955,661 $956,915 66 Federal Reserve Bank of Dallas SCHEDULE 29 LIST OF BANXS IN ELEVENTH FEDERAL RESERVE DISTRICT WHICH HAVE BEEN GRANTED PERMISSION TO ACT IN FIDUCIARY CAPACITIES. Date Granted Abilene, Texas Citizens National Bank July 13,1915 Albuquerque, New Mex... State National Bank December 30,1915 Amarillo, Texas First National Bank June 10,1918 Austin, Texas American National Bank December 11,1916 Beaumont, Texas First National Bank April 5,1916 Bonham, Texas First National Bank May 4,1915 Brownwood, Texas Citizens National Bank. , July 31,1919 Carlsbad, New Mexico First National Bank October 6,1917 Colorado, Texas .....C.ty National Bank April 27,1915 Corsicana, Texas Corsicana National Bank, August 8,1916 Dallas, Texas American Exch. Natl. Bank January 15,1920 Dallas, Texas City National Bank March 22,1919 Dallas, Texas -..Dallas National Bank October 6, 1920 Dallas, Texas , National Bank of Commerce... April 27,1915 Denison, Texas State National Bank July 31,1919 El Paso, Texas City National Bank October 9,1919 El Paso, Texas First National Bank January 9, 1920 Fort Worth, Texas Far. & Mer. Natl. Bank January 27, 1920 Fort Worth, Texas Fort Worth Natl. Bank April 22, 1918 Fort Worth, Texas First National Bank August 24,1915 Fort Worth, Texas Stockyards National Bank April 27,1915 Galveston, Texas... First National Bank November 29,1915 Granger, Texas First National Bank May 8,1915 Greenville, Texas Greenville Natl. Exch. Bank... April 27,1915 Houston, Texas National Bank of Commerce... July 16, 1919 Marshall, Texas First National Bank September 10,1915 Marshall, Texas Marshall National Bank October 19, 1915 McKinney, Texas First National Bank , April 22,1915 Nogales, Arizona First National Bank October 24,1919 Orange, Texas _ First National Bank October 24,1919 Palestine, Texas Royall National Bank December 26,1917 Port Arthur, Texas First National Bank , July 19,1915 Roswell, New Mexico Citizens National Bank , March 7, 1917 Roswell, New Mexico First National Bank April 1,1918 San Angelo, Texas San Angelo NatL Bank October 29,1917 San Angelo, Texas Central National Bank July20, 1916 San Angelo, Texas First National Bank March 25,1919 San Antonio, Texas Lockwood National BankDecember 3,1919 San Antonio, Texas —..National Bank of Commerce... March 30,1920 Sealy, Texas Sealy National Bank July 19,1915 Sherman, Texas Commercial National Bank December 4, 1918 Sherman, Texas M. & P. National Bank March 30,1920 Shreveport, Louisiana Commercial National Bank June 15,1917 Shreveport, Louisiana First National Bank February 21,1916 Silver City, New Mexico..Silver City Natl. Bank August 13,1919 Stanton, Texas First National Bank April 27, 1915 Texarkana, Texas..., Texarkana Natl. Bank July 16,1919 Troup, Texas First National Bank April 5,1916 Tucson, Arizona .....Consolidated National Bank... July 30, 1915 Tucson, Arizona Arizona National Bank June 11,1919 Tyler, Texas Citizens National Bank August 21,1916 Victoria, Texas Victoria National Bank October 20, 1916 Waco, Texas First National Bank July 16, 1919 Waxahachie, Texas Citizens National Bank October 6,1920 Wichita Falls, Texas City National Bank March 22,1919 Wichita Falls, Texas First National Bank. May 14,1919 Federal Reserve Bank of Dallas 67 S C H E D U L E 30 BANKS A U T H O R I Z E D TO ACCEPT UP TO 100 PER CENT O F T H E I R CAPITAL AND SURPLUS Authority Location Name of Bank Granted Austin, Texas American National Bank August 27,1918 Brownwood, Texas Brownwood National Bank June 11,1919 Dallas, Texas American Exch. Natl. Bank September 6,1916 Dallas, Texas City National Bank September 25,1917 Dallas, Texas Dallas National Bank August 26,1920 El Paso, Texas First National Bank January 9,1920 Fort Worth, Texas Far. & Mec. Natl. Bank June 22,1920 Fort Worth, Texas Fort Worth National Bank July 30,1918 Fort Worth, Texas National Bank of Commerce... October 15,1919 Fort Worth, Texas Stockyards National Bank October 7, 1919 Gainesville, Texas First National Bank October 29,1919 Hillsboro, Texas Citizens National Bank May 13,1919 Honey Grove, Texas State National Bank October 15,1918 Houston, Texas First National Bank December 16,1918 Houston, Texas Houston Natl. Exch. Bank August 20,1918 Houston, Texas.. Lumberman's National Bank.. August 12, 1919 Houston, Texas National Bank of Commerce .. Aug 21,1919 Houston, Texas South Tex. Com. Natl. Bank.... August 14,1916 Houston, Texas Union National Bank April 12, 1918 Navasota, Texas First National Bank August 9,1918 Nogales, Arizona First National Bank September 17,1918 Paris, Texas Lamar State Bank & Tr. Co July 22,1919 San Angelo, Texas First National Bank August 14, 1919 Sherman, Texas ~ Commercial National Bank..... July 13,1920 Terrell, Texas American National Bank June 5,1918 Terrell, Texas First National Bank May 3,1918 Waco, Texas First National Bank July 22,1919 Waxahachie, Texas Waxahachie Natl. Bank October 16,1910 S C H E D U L E 31 NUMBER O F EMPLOYES ( I N C L U D I N G T H E E L PASO AND HOUSTON BRANCHES) DECEMBER 31, 1920 Department Male Female Total Auditing (Bank) 15 3 18 Auditing (Fiscal Agency) 5 2 7 Bookkeeping 18 4 22 Cash 9 15 24 Credit 12 2 14 Federal Reserve Agent's 6 4 10 Fiscal Agency 39 39 78 Loan and Discount _ 18 3 21 Mailing 15 15 Member Bank Relations 4 2 6 Office Service 63 18 81 Secretaries and Stenographers to Senior Officers 1 3 4 Transit 114 38 152 Trust 3 5 8 El Paso Branch Bank 29 23 52 Auditing 4 1 5 Houston Branch Bank 41 26 67 Auditing 4 2 6 Officers 23 23 Total 423 190 613 Federal Reserve Bank of Dallas 68 S C H E D U L E 32 U N I T E D STATES TREASURY C E R T I F I C A T E S O F INDEBTEDNESS SUBSCRIPTIONS A L L O T T E D Date Jan. Feb. Mch. Apr. Apr. Apr. May June Tune July July Aug. Sept Sept. Oct Nov. Dec. Dec. of Issue 2, 1920 2, 1920 15, 1920 1, 1920 15, 1920 IS, 1920 17, 1920 15, 1920 15. 1920 15, 1920 15, 1920 16, 1920 15, 1920 15, 1920 15, 1920 15, 1920 15, 1920 15, 1920 Date of Maturity Dec. 15, 1920 Mch. 15, 1920 Mch. 15, 1921 July 1, 1920 July 15, 1920 Oct. 15, 1920 Nov. 15, 1920 Jan. 3, 1921 June 15, 1921 Jan. 15, 1921 Mch. 15, 1921 Aug. 16, 1921 Sept. 15, 1921 Mch. 15, 1921 Mch. 15, 1921 May 16, 1921 June 16, 1921 Dec. 15, 1921 Series TD 1920 TM4 1920 TM 1921 E 1920 F 1920 G 1920 H 1920 A 1921 TJ 1921 B 1921 TM2 1921 C 1921 TS 1921 TM3 1921 TM4 1921 D 1921 TJ2 1921 TD 1921 Rate 4%% 4J^% 4?4% 434% 5 % SY4% 5%% 5%% 6 % 534% 534% 6 % 6 % 5%% 5%% 5?4% 5?4% 6 % Total No. of SubAllotment scribers $ 8,506,500 378 14,868,500 317 4,719,500 390 4,986,000 247 3,092,000 122 1,836,000 200 2,014,500 130 2,567,000 151 4,000,500 284 1,192,500 145 495,000 108 2,544,000 262 2,692,500 236 1,945,000 102 3,008,500 252 3,492,000 250 1,426,000 150 3,606,500 374 $66,992,500 4098 METHOD OF PAYMENT Credit in War Loan Deposit Account Cash Other Issues of Certs, of Ind. Exchanged War Finance Corporation Gold Bonds-Exchanged Total $42,350,697.50 20,004,802.50 4,634,000.00 3,000.00 .$66,992,500.00 REDEMPTIONS United States Treasury Certs, of Ind Special One-day Certificates War Finance Corporation Gold Bonds Total $133,619,500 176,000,000 830,000 $310,449,500 Federal Reserve Bank of Dallas 69 SCHEDULE 33 DEPOSITARY BANKS—DULY QUALIFIED AND DESIGNATED Balance on deposit, January 1st, 1920 $37,330,139.94 Amount of Deposits made on Account of Payments of Certificates of Indebtedness by Credit in War Loan Deposit Account, VizJanuary $ 5,228,000.00 February _ 11,253,697.50 March 1,827,000.00 April _ 7,253,000.00 May 1,359,500.00 June 3,728,500.00 July __ 710,500.00 August _ 1,436,500.00 September 2,420,500.00 October _ __ 1,686,000.00 November 2,377,000.00 December _ 3,028,000.00 Total Deposits _ Grand Total $42,308,197.50 $42,308,197.50 _ $79,638,337.44 Amount Withdrawn from Depositaries for the Year: January $38,735,860.09 February 12,360,989.95 March ...._ 3,844,362.40 April _ _ 4,716,375.00 May _ 3,023,083.60 June _ _ __.. 1,942,516.40 July 3,492,455.00 August _ _ 524,381.08 September _ 1,719,416.42 October __ _ 2,378,997.50 November _ 3,204,400.00 December 1,742,458.00 Total Withdrawals Balance on Deposit, December 31, 1920 $77,685,295.44 $77,685,295.44 $ 1,953,042.00 Total number of qualified depositaries at close of business, 1919 751 Number of banks qualifying, 1920 9 Number of banks increasing designation 9 Number of banks cancelling designation _... 20 Number of qualified depositaries at close of business, 1920 740 70 Federal Reserve Bank of Dallas S C H E D U L E 34 COLLATERAL P L E D G E D T O S E C U R E U. S. D E P O S I T S W I T H DESIGNATED D E P O S I T A R I E S IN WAR LOAN D E P O S I T ACCOUNT Collateral held January 1, 1920 January February March April May Tune July , August September _ October _ November December _ $ 62,306,083.06 _....$ _ _ Total collateral pledged 7,977,700.00 8,913,175.00 5,266,511.45 5,912,900.00 630,950.00 4,571,350.00 569,250.00 1,843,800.00 4,455,793.23 5,519,011.80 1,835,246.41 3,631,981.38 $ 51,127,669.27 Grand Total Collateral Withdrawn: January February March April May June July August September October November December _ $113,433,752.33 $ 43,241,070.61 11,079,952.54 16,135,466.21 _... 6,219,830.15 5,065,850.00 6,071,300.00 2,826,750.00 2,485,950.00 3,694,456.00 4,021,344.73 3,668,373.80 4,366,041.41 _ Total collateral withdrawn $108,876,385.45 Balance held December 31, 1920 $ 51,127,669.27 , _ $108,876,385.45 $ 4,557,366.88 S C H E D U L E 35 AMOUNT O F SECURITIES P L E D G E D AGAINST WAR LOAN D E P O S I T ACCOUNT AT T H E E N D O F EACH M O N T H January February March April May June July August September October November December - $27,042,712.45 24,875,934.91 14,006,980.15 13,700,050.00 9,265,150.00 7,765,200.00 5,507,700.00 4,867,550.00 5,628,887.23 7,124,554.30 5,291,426.91 4,557,366.88 : Federal Reserve Bank of Dallas 71 SCHEDULE 36 CONVERSIONS, EXCHANGES, INTERCHANGES AND TRANSFERS OF LIBERTY BONDS AND VICTORY NOTES Temporary-Permanent Coupon Bond Exchanges Temporary Permanent Bonds Permanent Bonds Bonds Surrendered Requested Delivered Issue No. Pieces Amount No Pieces Amount No Pieces Amount 223 $ 26,250 223 $ 26,250 223 $ 26,250 First 4's First 454's 11338 2,419,100 9668 2,419,100 9642 2,400,900 First-2nd 454's 7 2,350 7 2,350 7 2,350 Second 4's 1101 163,250 1023 163,250 1023 163,250 Second 454's 60757 18,663,950 50376 18,663,950 50269 18,562,700 Third 454's 272358 42,400,000 224524 42,400,000 224069 42,356,600 Fourth 454's 8300 924,500 6981 924,500 None Total 354084 $64,599,400 292802 $64,599,400 285233 $63,512,050 SCHEDULE 37 CONSIGNMENT TRANSACTIONS Returned First ^ Second 4%'s Third 4^' Total Del's Returns BaL Outstanding Delivered $ 130,300 727,700 2,891,400 Temporary $ 86,600 670,900 2,717,300 $3,749,400 $3,474,800 167,450 3,642,250 $ 107,150 Outstanding Permanent Consignments $ 31,350 $ 12,350 25,600 31,200 50,200 123,900 $167,450 3,642,250 $107,150 SCHEDULE 38 CONVERSIONS ; | • • ' ' First 4's _ Second 4's Victory 334's Victory 434's $ 2,028,950 11,198,050 22,050 10,050 Total First 3j£'s First 4's First 4%'s Second 4's Second 4^'s Third 4^'s Fourth 4^'s Victory 3?4's Victory 4%'s $13,261,100 Denominational Interchanges Coupon for Coupon $ 142,200 13,500 59,450 55,650 1,525,650 1,548,500 2,043,200 184,500 1,723,850 Total $7,296,500 Transfers Registered for Registered $ 38,000 1,000 37,400 7,450 182,700 120,350 243,850 10,000 87,900 $728,650 72 Federal Reserve Bank of Dallas SCHEDULE 39 EXCHANGE TRANSACTIONS First 3i^'s First 4's First 4J4's Second 4's Second 4 ^ ' s Third 454's Fourth 454's Victory 3%'s Victory 4%s Registered for Coupons $ 681,800 1,700 67,200 59,400 424,250 470,450 748,400 51,700 287,650 Total $2,792,550 Coupons for Registered 5219,350 1,250 145,000 15,600 1,013,900 1,565,900 1,589,050 10,100 774,750 $5,334,900 SCHEDULE 40 RECAPITULATION Conversions Denominational Coupon Interchanges Transfers ) Registered for Coupons $2,792,550 Exchanges ) Coupons for Registered 5,334,900 ) Total Grand Total $8,127,450 _ _ $13,261,100 7,296,500 728,650 8,127,450 $29,413,700 SCHEDULE 41 UNITED STATES SECURITIES PURCHASED AND RESOLD Certificates of Indebtedness Liberty Bonds and Victory Notes as follows: Issue Sold First 35^'s $ 250 Second 4's 1,100 Second 4J4's 12,900 Third 4J4's 9,250 Fourth 4 ^ s 9,950 Victory 3%'s 50 Victory 43^'s 29,150 Total $62,650 _... $7,821,000 Purchased $ 3,000 30,000 1,400 20,550 $54,950 Federal Reserve Bank of Dallas 73 SCHEDULE 42 SHIPMENT OF SECURITIES Month January ..._ February March April _ May June __ July August September October November December Number of Shipments 1226 911 1982 2381 5000 5511 _ 3193 2885 _ 2618 2981 _ 2761 2333 _.... _ _ Total _ _ Monthly Average...._ 33782 2815 Amount $18,764,037.59 11,999,591.03 78,734,414.35 42,474,816,10 33,737,267.83 69,569,786.60 20,995,473.63 16,877,789.89 22,061,025.60 14,471,511.71 16,164,941.59 24,362,575.89 $370,213,231.81 $ 30,851,102 SCHEDULE 43 MAIL HANDLED Month January February March April May June July August September October November December _ _ _ _ Total Total (Incoming and Outgoing Monthly Average... Incoming (No. of pieces) 9,832 8,747 24,013 11,922 12,785 15,277 20,738 15,412 12,497 10,992 9,596 10,882 Outgoing (No. of pieces) 20,411 15,266 11,859 16,346 18,328 38,741 29,626 20,127 24,490 21,853 20,277 28,684 139,657 255,893 11,638 21,324 32,962 74 Federal Reserve Bank of Dallas SCHEDULE 44 INTEREST COUPONS AND GOVERNMENT WARRANTS PAID Months January February March _ April May June July _ August September October November December ' _ _ _ Total Interest Coupons No. of Pieces Amount 155,014 $ 540,843.28 85,872 228,247.75 229,200 1,113,852.45 224,086 778,161.64 155,705 553,689.48 227,750 1,348,744.70 92,863 294,968.12 65,710 167,207.73 113,131 629,738.33 191,049 736,898.19 144,108 549,690.59 250,724 1,239,423.17 Government Warrants No. of Pieces Amount 22,248 $ 4,298,487.44 21,691 4,446,383.27 25,415 10,072,170.67 23,755 4,963,646.35 23,178 2,822,899.22 24,012 3,404,976.82 22,269 4,514,064.97 24,833 4,038,284.91 24,303 3,630,871.78 26,507 2,994,001.28 28,216 3,662,126.92 28,338 3,689,739.42 1,935,212 $8,136,465.43 294,765 $52,537,653.05 Average per month 161,268 $ 678,038.79 24,564 $ 4,378,137.75 SCHEDULE 45 WAR SAVINGS SECURITIES Sales Redemptions Thrift Stamps War Savings Stamps Treasury Savings Certificates Sales January February March April May June July August September October November December Total _ $1,083.75 219.75 194.75 214.00 33.00 28.50 15.75 14.00 38.25 236.75 7.50 None $2,086.00 Redemptions $6,937.50 725.75 25.50 975.75 56.50 144.25 None 187.50 1,852.00 56.75 1.00 31.25 $10,993.75 Sales Redemptions Sales Redemptions $46,980.36 6,748.42 8,859.60 2,925.75 3,140.80 1,146.75 852.72 1,571.25 756.00 2,260.77 839.78 909.45 $76,991.65 $118,376.71 5,620.83 1,608.10 1,912.92 3,354.69 17.60 17.64 None 1,517.52 $93,524.00 36,013.60 38,584.80 $185,987.20 190,324.00 41,389.80 3,611.00 None 21,748.00 None 1,676.00 2,933.00 2,522.00 None 846.00 $451,037.00 22,493.00 22,713.60 11,759.40 5,768.40 8,799.00 15,624.00 6,146.60 248.71 13,335.20 870.70 25,887.60 1,070.19 $134,615.61 ' $300,649.20 War Savings Certificates Redeemed for Postmasters $38,492.32 45,082.14 71,635.15 175,148.41 184,366.26 149,327.72 160,979.50 131,455.09 155,460.35 166,057.60 204,439.79 289,604.73 $1,772,049.06 g 8 i & 8 XI- b SCHEDULE 46 CURRENCY RECEIPTS FROM AND SHIPMENTS TO MEMBER AND NON-MEMBER BANKS, BY MONTHS, DURING 1920, COMPARED WITH 1919. Receipts From From Non-mbr. Member Banks Banks January February.... March April May June July August September. October November. December. Shipments To To Member Non-mbr. Banks Banks $ 9,735,084.00 $1,470,896.45 $6,595,675.00 923,356.75 8,540,781.00 5,832,196.00 715,465.75 9,996,379.00 10,218,643.50 632,802.05 9,101,977.00 11,221,713.00 395,242.18 8,420,620.00 11,730,284.73 245,804.58 9,671,068.89 10,667,807.50 226,022.19 9,082,986.00 12,595,578.00 254,616.59 11,763,510.00 12,140,011.78 263,322.89 16,520,921.00 11,460,618.50 595,048.30 13,019,977.00 15,563,807.65 391,538.99 7,623,817.00 21,229,742.96 570,695.56 10,613,106.00 20,301,219.00 Totals: 1920.. 152,696,706.62 1919. 72,517,591.00 6,684,812.28 120,950,817.89 3,211,249.00 90,265,516.00 $413,275.00 342,605.00 62,600.00 270,350.00 197,250.00 139,650.00 507,930.00 803,600.00 979,355.00 796,040.00 669,730.00 608,044.00 Total Receipts 1920 1919 $11,205,980.45 $11,650,883.00 6,755,552.75 6,876,183.00 10,934,109.25 5,343,083.00 11,854,515.05 5,482,689.00 12,125,526:91 4,975,116.00 10,913,612.08 3,578,568.00 12,821,600.19 5,952,929.00 12,394,628.37 4,7.75,854.00 11,723,941.39 4,933,440.00 16,158,855.95 6,327,253.00 21,621,281.95 5,116,973.00 20,871,914.56 10,715,869.00 Total Shipments 1920 $ 7,008,950.00 8,883,386.00 1919 I 2,197,268.00 3,556,432.00 4,712,700.00 4,343,472.00 4,581,155.00 7,182,435.00 6,505,384.00 7,147,391.00 be 14,096,340.00 3 14,804,005.00 10,058,979.00 9,372,327.00 8,617,870.00 9,810,718.89 9,590,916.00 12,567,110.00 17,500,276.00 13,816,017.00 8,293,547.00 13,470,784.00 11,221,150.00 12,214,053.00 126,741,246.89 5,790,429.00 159,381,518.90 4,545,903.00 94,811,419.00 75,728,840.00 INDEX Page Financial results of operation _ _ 6 Earnings, expenses, dividends, etc. _ 6-7 Comparative balance sheets _ 7 Comparative statement of earnings and expenses7 Disposition of income _ 7 Discount operations „ _ 7-8 Rediscounts 8 Holdings of discounted and purchased paper _ _ 8 Trade acceptances ._ 9 Bankers' acceptances _ 10 Reserve position _ 10 Clearing operations i... 11-14 Direct routing , _ 11-12 Station "K" 12 Intra and inter-district time schedules 12-13 Collections , 13 Movement of membership 14 National banks 14 State banks _ _ 14 Capital stock account ~ — 14 Note issues 15 Federal Reserve notes IS Federal Reserve Bank notes _ 15 Relations with member banks—National and State..., 15-16 Fiduciary powers to national banks _ — 16 Banks authorized to accept up to 100 per cent— 16-17 Member Bank Relations Department .. 17-18 State bank memberships _ _ _18-19 Bank examinations _ ,.... 19 Banking quarters _J 19-20 Internal organization and personnel 20-23 Fiscal Agency Department 23-24 U. S. Treasury Certificates of Indebtedness _ 24 Sales and purchases of Liberty bonds 24-25 Exchanges, conversions and transfers 25 Sale of War Savings Securities.._ .25-26 Coupons and warrants paid _ _ 26 Shipments of securities _ 26 Securities on hand _ —., 26 Branches _ _ .26-36 Operations of El Paso Branch —26-31 Operations of Houston Branch , 31-36 General business and banking conditions 36-39 EXHIBITS A. Movement of principal asset and liability items during calendar year _ .40-41 CHARTS Movement of earning assets during 1920 Net deposit liability, F. R. note circulation, cash reserves, and reserve ratios 1920 _ Federal Reserve Notes outstanding in 1919 and 1920 SCHEDULES 1. Comparative statement of resources and liabilities _ 2. Camparative statement of earnings and expenses _ _ 42 43 44 45 46 INDEX—Continued 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43 44. 45. 46. Page Disposition of income for calendar year_ _ Volume of paper discounted and bought by months, d u r i n g 1920, etc. _ Volume of paper rediscounted and bought in 1920 and 1919 Number and amount of offerings handled by Credit Department Rediscounts for 1920, by months, and distribution, by states Discount rates for 1920 ..._ _ Classification, b y maturities, of bills discounted and bought.— Classification of trade acceptances _ Classification of bill of lading drafts , Statement of bankers' acceptances—rates a n d time Operations in United States b o n d s a n d securities Member bank collateral notes _ E a r n i n g s from loans and investments, 1920-1919 _ N u m b e r a n d a m o u n t of checks handled in T r a n s i t D e p a r t m e n t N u m b e r a n d a m o u n t of transfers b o u g h t b y wire a n d mail N u m b e r a n d a m o u n t of wire transfers sold N e w National banks 1920 National banks liquidated during 1920— 47 48 49 49 49 SO 50 50 51 51 51 52 53 54 55 55 56 56 Total State bank membership _ 57-60 Member banks by states _ 60 Recapitulation of capital stock account 61 Federal Reserve notes received, issued, and redeemed during 1920 62 Federal Reserve notes received, issued, and redeemed s i n c e organization _ _ _ 63 Interdistrict movement of Federal Reserve notes 64 Statement of Federal Reserve Agent's account, December 31, 1920 _ _ 65 Combined statement of condition of national banks 65 List of banks granted fiduciary powers 66 Banks authorized to accept up to 100 per cent 67 Number of employes (including both branches) by departments 67 Treasury certificates of indebtedness subscriptions 68 Depositary banks—duly qualified and designated _ 69 Collateral pledged to secure U. S. deposits _ 70 Amount of securities pledged against war loan deposits, end of each month _ 70 Conversions, exchanges, interchanges, etc 71 Consignment transactions 71 Conversions _ 71 Exchange transactions _ 72 Recapitulation _ _ 72 U. S. Securities purchased and resold _ 72 Shipment of securities _ 73 Mail handled, by months _ 73 Interest coupons and government warrants paid 74 Sales and redemptions of Thrift Stamps, War Savings Stamps, Treasury Savings Certificates, etc _ 75 Intra district movement of currency for years 1920 and 1919.. 76