Full text of Annual Report of the Federal Reserve Bank of Dallas : Sixth Annual Report of the Federal Reserve Bank of Dallas for the Year Ended December 31, 1920

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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

•m
nm
SiS

**, *
L

m
m

PI

m
P m
m
m

^•
^
i m • H • B nm 9
B H to m m

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 I D
V

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

1919

1918

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

$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

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
2.20

5.12

4.26

i

4.64

5.39
2.10

•si
a.

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

en

H
733,566

(b) Direct from reporting
F. R. banks, and from
l,360,229i 1,095,085
other sources

427,860

16,449

5,167

20

7

H
11,006

3,662

20

178

26,852,297.50

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

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
8. Notes on hand at end of
month
9. Total

_




8
O

399,790

6. Issued to F. R. Bank

i

22,455,522.50

_. 4,658,532 4,785,651 1,837,150

5. Total

8

o

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

15,520,475 13,117,365 5,899,339 243,584

136,186

1,682

2,920

115,900

860

1,815

244,115,150.00

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

S

>

3

356,321,605.00

9,741,000 8,820,090 4,196,430 188,913

a

51,318,402.50

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




I

386,000

599,000

169,000

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

w
d

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