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THIRD ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF DALLAS
FOR THE YEAR ENDED DECEMBER 31, 1917
WASHINGTON
GOVERNMENT PRINTING OFFICE
1918
LETTER OF TRANSMITTAL.
FEDERAL RESERVE BANK,
Dartas, Tex., January 15, 1918.
Sm: I have the honor to transmit herewith the thil'd annual
report of the Federal R('serve Bank of Dallas, covering the year 1917.
Respectfully,
w. F. RAMSEY,
Chairman and Federal Reserve Agent.
Ron. W. P. G.
HARDING,
Governor, Federal Reserve Board,
Washington, D. C.
3
TABLE OF CONTENTS.
Page.
Earnings, expenses, and dividends ........................................ .
7
Business and banking conditions in the district ............................. .
8
Discount operations ...................................................... .
10
Bill-of-lading collections .........................•........ .. ................
10
Acceptances purchased ................... .... ................... ..... .... .
11
11
United States bond operations ................... . .......................... .
Municipal warrants purchased ............................................. .
11
Membership within the district ............................................. .
12
Relations with national banks .............................................. .
13
State banks and trust companies .... .............. ..... .................... .
13
13
Accommodation of member banks through discounts ........................ .
Member bank deposits ..................................................... .
14
Examinations of member banks ............................................ .
15
Open-market operations .... ....... ............... ................... . .... . .
15
Discount rates ..................... , .............................. ........ .
16
Government deposits ..................................................... .
16
Federal Reserve note issues................................................ . 17-20
l\'lanagement of bank ..................................................... .
20
Election of directors .................. .. ...... ........ ......... ..... ...... .
21
22
Bank premises ................... . .................. ...... ............... .
Examinations of the bank .................................................. .
22
Check clearing and collection .............................................. .
22
Gold settlement fund ..... ...... .......... .. .............................. .
25
Shipments of currency and coin ............................................ .
25
Liberty loan campaigns .................................................... . 25-27
EXHIBITS.
1. Comparative statement of condition, 1916-17 ..... ................ .. ..... .
28
2. Comparative statement of earnings and expenses, 1916-17 ................. .
28
3. Chart showing earnings and expenses .............. ................ ..... . .
29
4. Rediscount operations ............. ............... ............. ... ..... .
29
5. Discount rates ......................................................... .
30
6. Classification by maturities of bills discounted and bought................ .
30
7. Classification of trade acceptances, by maturities ........................ .
30
8. Bill-of-lading drafts ........................................ . .......... .
31
9. Bankers' acceptances .......... ... ......... ... ......................... .
31
10. Operations in United States bonds and securities ......................... .
31
11. Bonds and Treasury notes held on December 31, 1917 . .... .............. .
32
12. :Municipal warrants purchased ...................................... ... . .
32
13. Member banks' collateral notes........................................ .
33
14. Chart showing reserve position of bank ................................. ..
33
15. Reserve deposits ....................................................... .
34
16. Government deposits .................................................. .
34
17-23. Federal Reserve note issues ........................................ . 35-39
24. Check clearing and collection ............... ........................... ..
39
25. Gold settlement fund .................................................. .
39
26. Currency and coin shipped to member banks........................... .
40
27. Liberty loan campaigns .............................................. ..
41
28. Expenditures on account of Liberty loans ............................... .
43
5
THIRD ANNUAL REPORT. OF THE FEDERAL
RESERVE BANK OF DALLAS.
FINANCIAL RESULT. OF 0PERATIQ:!';.
EAU:-I'JNGS
.KXPENSES, OJVlDENDl:l, WrC.
In submitting the annual report of the operation. of the Federal
Reserve Bank of Dallas for 1917, attention is called to the headway
made by thi institution in the matter of earning . The exhibit of
earnings is the more gratifying in reviewing the unusual developments of the year just closed. The work in every department of the
bunk has increa eel in uch Yolume that additional employees were
essential; salary adjustments have necessarily been made, in order to
obtain and retain an efficient force, and our expense account further
enlarged by the pmchase of additional equipment, . tationery and
supplies, etc.
In the year just clo eel we haYe further extended the period to
which the bank has paid dividends to June 30 1917, the actual period
covered by this dividend being November 1, 1916, to June 30, 1917,
a.nd at the rate of 6 per cent. The amount paid was $107,908.18. The
dividend wa di bur eel December 31, 1917. Upon its declaration
there remained in the profit-and-los account $205,353.08 after charging off $32,324.77 depreciation on fnrni!ure and equipment, and
$7,500 as depreciation on bank premise . While the bank continue.
to be behind in its dividend payment for the period from July 1 to
December 31, 1917, the profit-ancl-lo. s account carrie sufficient to
cover this period, Yfhich it i not deemetl wise to pay out at this time.
Some idea of the expansion of operations of this bank and the
growth of its business will be had from the attached exhibits antl
charts. The comparative balance heet. for December 31, Hl16, and
1917, i . hown as Exhibit 1. Statement showing earnings aiHl l'Xpenses of the bank for the year 1917, and since organization, il:l attached as Exhibit 2. A chart showing earning and expenses of the
bank is attached as Exhibit 3.
It should also be borne in mind that the cost of this addition aI
equipment, stationery and supplies, and in fact everything essential
to the proper conduct of the bank'. affairs, ha. increased by 25 10
100 per cent during the year.
7
54009-18--2
8
ANNUAL HEPORT OF FEDERAL RE ERVE BANK Ol!' DALLA .
GENERAL BusiNESs AND BANKING
'oNDITIONS IN THE DrATRICT.
Industrial and commercial activities in the district haYe been well
maintained throughout the year. The business outlook is good
notwithstanding unfavorable crop returns from ections where
drought was seriou . Quite in contrast to one year ago, it can not
be said that agricultural conditions throughout the year were faYorable; production has not been normal and the results in many portions disappointing. uome of the best cotton-growing sections of
the district-counties that a year ago produced thousands of balethis year raised practically nothing. A drought, probably the worst
in the history of Texas, in any event the most serious in recent
years, has prcYailed tlu·ough central, outh, southwest, and west
Texas for the greater part of the year and the damage wrouuht can
uot be estimated in dollars. ~ ot only was the cotton crop in those
counties a complete failure, but the yield of corn and forage crops
was also small and in fact, the farm products raised in those sections
were not sufficient for home consumption, with practically no surplus for marketing.
The production of wheat in Texas was approximately 15,000,000
bushels; oats, ±0,000,000 bushels; and corn, 5,000,000 bushels. These
yields were below the average productions. HoweYer, the excellent
prices at which these commodities were sold, ranging from 25 to
100 per cent higher than last year, more than offset in value, the
decrease in yield.
The cattle and Jive-stock indu try generally, one of large importance in this district, except in tho ·e sections where range conditions were bad from lack of rain, has enjoyed a prosperous yea.r.
Prices for all classes of live stock and sheep have reached record
figures and stockmen have shared liberally in the prosperity caused
by high prices as the result of war conditions.
The oil fields have worked to capacity throughout the year; new
territory has been developed, fields extended and the production increased; the price for the output were the highest in the history
of the district and the only restriction of activities has been the
scarcity of water, the high price of casing and labor, and, in fact, of
all materials entering into the production.
The car situation has been more or less serious wit.h lumber mills
throughout the year and ha curtailed operations to some extent; a
slowing down in orders has been the result. The millions of feet of
lumber purchased by the Government for cantonment and ship construction have been a . timulus to the industry and caused unprecedented activity.
The copper and zinc mines of Arizona and New Mexico haYe
worked to capacity throu~hout the year and production has been
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
9
about normal. Demand for eopper, already quite active, was of
course stimulated by war conditions, and with prices, as for prac..
tically every other commodity, at record figures, the industry seems
destined for a long run of prosperity. The coal mines of Oklahoma
and west and southwest Texas have been busy all the year and the
output has been larger than in 1916.
Manufacturing in all lines has been active. After war was declared a large number of Government contracts were placed in this
district, which had the effect of increasing operations and providing
work during an otherwise dull period. The wholesale and jobbing
trade by reason of the advance in the price of goods, while doubtJess ho·w ing a reduction in the number of orders received, has been
large in volwne and the results for the year are satisfactory. The
large mail-order houses have enjoyed an excellent business. There
has unquestionably been a tendency to restrict the purchase of luxuries and some lines have suffered as the result of the practice of
economy and the limited buying of nonessentials. The more staple
classes of merchandise have been in good demand, and retail distribution is fully up to last year's figures.
Banks of the district entered the year in a generally strong condition. After the good crop of 1916 collections were satisfactory
and a general liquidation of accounts took place. As a conSequence,
banks were carrying the heaviest deposits in their history and the
financial situation was all that could reasonably be expected. This
condition existed as the borrowing season was approached. The
seasonal demands were normal and were met without disturbances.
Rates have been comparatively easy during the year and fluctuations
in rates not material. The response of the banking institutions,
member and nonmember, to the Government's plans of war financing
has been indeed liberal.
Clearings at the principal cities of the district for the 11 months
ending November 30, 1917, show an increase of 34 per cent over the
same period of 1916.
Post-office receipts at the larger cities have been unusually large
and show a heavy increase for the year over 1916, the cantonment
cities. especially Waco, showing increases of from 25 to 75 per cent.
The number of commercial failures in this district and amount of
liabilities involved have each month shown a substantial decrease as
compared with 1916, and indicates that business is on a generally
sound basis.
To summarize, it may be stated that business has been very satisfactory in 1917, and the new year is approached with optimism.
Adjustments to war conditions have gradually been made, and while
conservatism will continue to be the general policy in many lines,
and new undertnkings will be entered upon with caution and deliber-
10
ANNUAL .REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ation, it is believed the future will justify the prediction that the
year 1918 will be as prosperous as the past year.
AcTIVITIES OF 'J'HE FEoER.\L RESEHYE BANK DURING THE YEAR.
DJSCOUN'l' OPERATIONS.
The volume of discount operations of the bank shows a la1ge increase over 1916, the aggregate for the year being $92,129,552.99 as
compared with $22,055,589.56 last year. There were accommodated
dm-ing the year by rediscounts 258 member banks, of which 29 were
banks which had not previously rediscounted with us. The largest
note discounted was for $958,000, the smallest $10.50. Exhibit 4
shows the volume of our discount operations by months throughout
the year. Exhibit 5 shows the changes in our discount rates during
the year. The changes have been but few, as conditions, whHe unusual, have not made revision necessary. Exhibit 6 shows the classification, by maturities, of the paper discounted during the year.
The facilities offered by this bank for handling the so-called commodity paper have never been extensively availed of by our member
hanks. This is unquestionably due to the fact that during the past
two years all commodities raised on the farm, and for which the
preferential rate on this class of paper was established to aseist in
gradual marketing, have sold at prices far beyond those predously
received. As the result there was no occasion for the storage of the
products and little necessity of assistance of banks to finance producers pending their marketing.
While the use of trade acceptances in substitution for open-book
accounts is being gradually adopted by business men in this district,
there yet remains much educational work to impress upon manufacturers and jobbing houses the desirability of this form of paper and
its adoption by commercial interests generally. Our officials have
endeavored in every possible way to arouse interest in this form of
paper and have the trade acceptance substituted for the open-book
account, and their efforts have met with some success. This is evidenced by the increased numbers of inquiries for information on
trade acceptance. Exhibit 7 shows the amount of trade acceptances
discounted during the year and maturities of the same.
BILL OF LADING COLLECTIONS.
The service rendered member banks through the handling of bill of
lading collections has been a means of relieving them of a burden
upon their facilities during the crop-moving period. It has proven
a source of earnings as well, since interest as 4 per cent is charged
on the items while outstanding. The total of such items handled
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
11
during the year wns $5,339,916.91, classified, by commodities, is shown
in Exhibit 8.
ACCEPTA~
E BUSL"'TESS.
The Yolume of acceptances which this bank has handled throughout the year, both by purchase in the open market and through other
Federal Resene Banks, has hown a large increase over the amount
bought in 191G. The acceptance system is geowing in this district,
and we predict a still further and more rapid development of this
method of creclits as the banks become familiar with the advantages
of the bills. The purchase of acceptances has proven advantageous
in increasing our earning assets, as well a.s providing a cover for the
jssuo of Federal Reserve notes. Exhibit 9 shows the amount of acceptance,s purchased rates at. which pmchasecl and classification by
m~~tiM
·
The rates on acceptances purchased have averaged 3.32 per cent.
Most of the acceptances purchased covered goods imported or exported, and only a small percentage of the transactions were domestic. There is a growing tendency, however, to use dome,stic acceptances, and we believe the field will ultimately be developed, and domestic acceptances be offered in larger volume. The purchase of acceptances has been principally from member banks.
UNITED STATES BOND OPERATIONS.
Exhibit 10 shows the operations of the banlc in United States
bonds during the year. Of the amount of bonds held $2,732,400
cover Federal Reserve Bank note circulation. During the year the
bank purchased $1,337,750 from member banks and $50,000 in the
open market. The table referred to shows the amount of bonds
converted ·into Treasury notes and sales of such securities. Holdings
of United tates bonds on December 31, 1917, are shown in Exhibit 11.
MUNICIPAL WARRANTS.
Our investment in municipal warrants has not been large. Exhib.it 12 shows the volume of such transactions, rates at which purchased, maturities, and classification of these securities by character
of bodies issuing.
The amendment to the Federal Reserve act, pas,sed during the
latter part of 1916, by which member banks can borrow on their own
notes, for a period not exceeding 15 days, such notes to be secured
by eligible paper, or United States securities, has filled a long-felt
want, and the facilities offered by such short-time accommodation
have grown in popularity with our members, as evidenced by Exhibit 13, showing the amount o:f this class of paper handled and the
12
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
number of banks for which we have discounted. The service extended by these promissory notes enable our member banks to care
for any unusual demands of a temporary nature, and is especially
helpful in building up debit reserves.
CHANGES r:N TilE RE ERYE PO I'l'IO <
OF THFJ BANK DUlliNG THE YEAR.
The attached chart (Exhibit 14) shows the reserve po.sition of the
bank throughout the year. It will be noted that the bank has at
all times been well above the amount required.
TIIE
FEDERAL RESER\'E BANK AND MEMBER BANK • .
HANGER IN MEMBERSHIP DUE TO TUAN. F'ER
FROJ\1 A
D TO O'l'Ili<'..R
DI TRICTS.
The membership of this bank has not been affected during the year
by transfers from or to other districts, and, so far as we are informed, no alterations are 'contemplated in the boundary lines of the
eleventh district, except the agitation of a slight change in northern
New Mexico, which has not seemed to meet with the approval of any
considerable number of the banks which would be affected by the
change. While the area covered by the eleventh district is rather
extensive, we believe the service rendered our members, even in the
remotest sections, is satisfactory, and transfers to other districts are
therefore not necessary or desirable.
;\10\'E~fENT
OF MEl\IBERSHll' Wl'I'HlN THE 01 TIU T.
On January 1, 1917, there were 621 member banks in this dist.rict.
The total capital subscribed by these banks was $5,400,100, of which
$2,695,300 had been paid in. During the year 9 banks .liquidated,
retiring from business entirely or taking out State charters. This
reduced our paid-in capital stock $17,200. There were added during the year by new national charters and State banks' memberships
20 banks, increasing our paid-in capital $48,350.
Additional stock allotments, by reason of increase in the capital
and surplus of member banks, have been made, aggregating $143,600,
with $71,800 paid in. Stock surrendered on account of reduction in
the capital and surplus of members, aggregated $9,900 and reduced
our paid-in capital $4,950.
After taking into consideration the changes in membership enumerated above, we have in the district on December 31, 1917, 632
member banks, with total subscribed capital of $5,589,800 and total
paid-in capital of $2,794,900, an increase in number o-ver December
31, 191G, of 11 and increase in amount of capital paid in of $9,600.
The membership, by States, is as follows: Arizona, 7; Louisiana, 12;
New Mexico, 32 · Oklahoma, 30; Texas, 551; total, 632.
ANNUAL REPORT OF FEIJERAL RESERVE BANK OF DALLAS.
IU:LATlON TO
"ATIONAL BANKS,
TAT}~
H,\NJ{S 1 AND TR
T
13
COUPA~IES.
The officials of this bank appreciate that the succe s of the institution depends in a large mea ure upon the attitude of our member
banks, and it is a real pleasnre to mention the hearty cooperation of
the institutions generally of the district. Our relations with them
are most cordial and we continue to enjoy their good will. As in
other section , there developed some opposition over installation of
the check-clearing plan, but thi unfavorable sentiment has largely
though not entirely disappeared.
Expedence has demonstrated that much good can be accomplished
by personal contact with the bankers of the district, and following
the practice adopted since the bank opened, one or more of the official
staff have attended the various bankers' meetings, district and State,
held during the year.
RELATION TO STATE BANKS AND TRUST COJ\fPANIES-S'l'ATE BANK
MEMBERSHIPS.
The preceiling paragraph referring to relations with member
banks includes, of course, those State banks which are already members. The eligible State banks have not only been ciTcnlarized, but
special letters written, detailing at length the prerequisite to membership ad•antages and benefits to be derived, etc .
•\.sa rnle, the State banks are friendly to the sy tern, and we think
the majority of them are as patriotic as our own members. There
are probably several reason· for the apparent apathy of State banks.
Many State bankers have the impression, to a large extent erroneou
that b~· joining they will be subject to dual snpervision. Another
cletenent factor is the question of exchange, and some objections to
membership are based on that score. These and many other reason
nre a<.lYanced for State banks remaining out of the system. The
fact that financial conditions have been comparatively easy since the
Federal Hesct·•e System was established, for which its existence is
directly responsible, and the ability of State banks to derive indirect benefit from the system through their national-bank corre5ponclents is, "·e believe, one of the principal reasons why so little
progress has been made in State-bank membership. The number of
State banks in the district eligible for membership, based on figures
compiled from a bank directory of July 1917, is as follows: Arizona,
6; Loui iana, 3~; New Mexico, 28; Oklahoma, :"i • Texas, 370; total.
442.
AC00)fi\£0J)ATION
OF
)lEJ\IBER
BANKS THUOUGU
DISCOUNTS
AND
THE
PURCHASE OF ACCEPTANCE .
In a paragraph preceding mention is made of the accommodation
to member banks by discount operations, and nn exhibit attached
14
ANN
.\L REPORT
0}'
:FEDERAL RESERVE BANK OF DALLAS .
. hows the number of banks senecl and the \'Ohm1e of paper handled.
These functions are being rapidly developed, and the growth in such
operations in 1917 has really been phenomenal. As the banks use
our rediscount facilities and become familiar with our requirements
they appreciate that the same are not onerous, and if they "keep
their house in order," they are assured every service consistent with
ound banking principles. There may hav existed in the past some
criticism of so-called "red tape" in this regard. If such fear did
previou ly prevail, we believe it has been almost, if not entirely,
eliminated. Our executive committee has always inclined to be
liberal in polic·y. although requiring that offerings come within our
regulations.
The acceptance field i yet to be developed in this district, and the
Yolume of this class of paper handled by bank is not large, though
we have purchased some acceptance from membPr banks in limitPd
amonnts, as shown in Exhibit 9 attached. Acceptance credits furni h an excellent means of hancUing cotton accounts, and their
liquidity, Parly maturity. and fa,·ornble rates hould make such
investments qnite attractin"!, and we anticipate a rapid growth in the
acceptance market.
Exhibit l;) shows the depo. its of member banks, by months,
throughout the year, excess carried, and amount of OYet·drafts.
Penalties for deficient resenes amounted during the year to
$12,96 .16. \Ye require a weekly reporl from member banks, showing their net deposits, from which the reserve balances are calculated,
and if deficiencies occur penaltie are assessed. The member banks,
we think, are disposed to keep their reserve balances at the required
figure, uncl there ha been considerable improvement shown during
the year. Notwithstanding the final transfer of resen'es after the
pas age of the amendments to the act, June 21. 1917. deficiencies were
not large, nor were the amount of penalties increased perceptibly.
Unfamiliarity with time schedule-. the operation of the clearing
system. and availability of items for credit contribute to the impairment of required reserve . Experience shows that often the same
banks nre offender week nfter week and, as in other requirements,
bnnks that eomply with rP.gulations are seldom, if e"e1·. on the
d('ficicnt list.
Amounts of overdraft!:> were compamti,·ely small, as shown by
Exhibit l.i, and han resulted in impaired resen· s, through a mi under tanding of mail !:i hedules. deferred nntilabilit.v of items
handled through the district clearin~ house. and clelny 111 receipt of
rPmittanccs and trnnsfers.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
15
PERIODIC REPORTS REGARDING CONDITION OF 1\fEllfBER BANKS-EXAl'tHNA'l'IONS OJo' JIIE::\IllER BANKS.
The reports of concli'tion of member bank on the periodic examinations by the chief examiner's force, as well as the statements submitted on the Comptroller calls, are carefully examined and analyzed by the Federal Reserve agent and our credit information
division. Memoranda of 1musual or unfavorable item appearing
thereon are made and form a permanent record in our credit files.
If of a serious nature, remedial steps are immediately taken . It is
gratifying to report that few such cases have arisen during the year
and as a result only three special examinations by the officers of this
bank were necessary.
uch ilwestigations have, without excepLion,
disclo eel an entire willingness on the part of the member bank lo
correct irregularities, and conform strictly with the department' ·
regulations and those of the Federal Reserve Bank. We endeavor,
in such instance , to act in an advisory capacity, a well as to institute regulatory measures.
BANK FAILURES WITIIJX TilE DIS'l'HIC"l' .
There have been no bank failure in the eleventh district during
the year. In one or two ii1stances, where unfaYorable rC'ports about
a bank's condition have been receiYed, special attention was immediately giYen .
0\' F.RDUF. 1'.\PER.
This bank has held no overd~e paper during the year, provision
having been made by member banks to take care of all papel' as it
matured.
TrrE FEDERAL RESERVE BANK AND TIIE PUBLIC.
OPEN JII.ARKET OPERA1'10N
OF TilE FEDERAL RESERVE B.\NK.
There has been a large increase in our open-market activities during the year. The volume of paper purchased in this manner is
shown in the following tables and attached exhibits. The favorable
rates at which such investments are offered, and the liquidity of the
same, make them attractive for the employment of our funds. A
large portion of the earning a sets of the bank throughout the year
have consisted of open-market purchases. Most of these operation
have been conducted for us by the Federal Reserve Bank of New
York, as member banks in this district have as yet engaged in such
business only in a very lilnited way. We anticipate a rapid development in this field and growth of such operations with this bank.
It is a service for which the banks were establi. hed, and their re~ ources can be employed to excellent advantage by such investments.
54009-18-3
16
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
EFl'' EC'l' OF TilE DISCOUNT RATE POLICY OF 'l'IIE BANK UPON GENEHAL
l\1ARKET RATES.
Rates of discount are of course governed by financial conditions
and the general principle of supply and demand. We have made but
slight changes in our rates during the year. Even with conditions
somewhat abnormal on account of the war, there has been no occaion for rate to be increased materially. Fluctuation in the rates
of commercial banks in Lhe district were not great, and we do not
believe thnt variations either way throughout the year have exceeded
nquestionably this is to a considerabl extent dne to our
1 per cent.
rates and facilities of rediscount. The effect or influence, therefore ,
of our rediscount policy on general market rates is to equalize the
same and, while not necessnrily reducing the rntes of commercial
banks, to exert the healthy condition of stability. The ele,Tcnth district is unlike the district in the East, in that it is largely agricultural, and variations in rates are not subject to local conditions as in
the larger finnncial centers.
PUBLl I1.' Y WORK OJ<' THE BANK.
The aYerage individual know but little of the operations of the
Federal Reserve Bank, except that it ·i a " bank for bankers," and
1hcrefore has no transactions with the public. There is, however, a
growing appreciation in the public mind of what the institutions
mean to the financial world, and of the service rendered to member
bank. . While this bank has never actively undertaken any public
relation work, and has no publicity department proper, it is our
policy to keep the public well informed, through the local newspapers
nnd Associated Pre , of Lhe bank's activities.
THE
FEDERAL RESERVE
BA
' K AND TIIE GovER
l\IENT.
GOVERNJUEN 'l' DEPO J'l'S.
Prior to the inauguration of the Govemment s war financing our
relations as fiscal agent had been confined principally to receiving
deposits from local authorities, for credit in the Treasurer's general
account, and making transfers of funds. Exhibit 16 . hows the
amount of such deposits and transfPrs pnor to the handling of
Liberty loan funds.
RELATION TO l'IIE UNITED S'l'ATES TREASURY.
This subject is partly covered in the paragraph preceding touching fiscal operations. Other relations, of course, include transactions
with the subtreasuries in the supply of Yarious forms of money, particularly small bills and fractional coins, of which, since we haYe
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
17
extended our ervice and developed additional functions pertaining
to those of a subtreasury, it has been necessary to keep large amounts
on hand. We endeavor to supply our member banks with all forms
of currency and coin, and therefore our transactions and frequent
relations with the Treasury are somewhat intimate.
RELATION TO TilE C011IP'l'HOLLER's O.F.f'ICE.
The office of the chief examiner for the district, who is really lhe
comptroller's representative on the ground, is in the banlc building.
During the year the examiners ha1e been called in conference by
the chief examiner and our officials bad the opportunity to meet
them and discus matters of mutual interest. The Federal Reserve
agent's department and the bank proper have frequent transactions
with the comptroller in connection with Federal Resene notes, lhcir
receipt, redemption, etc.
TnE FEDEUAL Rmn:m'E
B .\NK A
o NoTE I
GE ERAL POLICY lN TilE MATTER 01''
' OTE I
UE-.
UES.
The bank has not altered its previous policy of i suing Federal
Reserve notes to supply the currency needs of the district at cropmoving periods and other· seasons and as the means of increasing
our gold stock. The Federal Reserve note is rapidly being substituted for other forms of currency. The chart attached (Exhibit 17)
shows the amount of notes outstanding during the year. There i.
also attached a chart (Exbibit 18) showing similar figure for 1916.
A comparison proves interesting and shows that whereas the total
outstanding on January 1, 1917, was $23,762,855, the amount on
December 31, 1917, was $47,716,950, while the minimum during the
year was $18,905,115, on July 30. Exhibits 19 and 20 show all
transactions in note during 1917 and ince organization of the
bank to December 31, 1917.
SUBSTITUTION OF FEDERAL RESERVE NOTES l' OH GOLD A
CIRCULA'Tl G
MEDIUM.
ince the passage of lhe amendments to the act, whereby only
balances with the Federal Reserve Bank count as reserve, there
is no occasion for member banks to bold gold in any considerable
amounts. We have taken advantage of this opportunity to increase
our stock of gold by exchange for Federal Re. erve notes. Considerable gold has been thus acquired, and Federal Resene notes
substituted. Further teps will be taken ~n this direction, since
the notes can be issued directly against gold and gold held by the
Federal Reserve agent as_ cover is counted as reserve. Not only have
18
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
member banks been willing to cooperate by shipping us their gold
for Federal Reserve notes and other currency, but many nonmember
banks have done so.
CO"VER OF NOTES I
UED .
Exhibit 21 is a transcnpt of the daily statement of the Federn l
Resene agent's department on December 31, 1917. IL show.· thl'
cover of notes is ued, both gold and commercial paper.
DENOliiL"ATION
01'' NOTE
ISSUED.
Exhibit 19 shows the denominations of notes issued during the
year. Of the notes issued, fi>es, tens, and t"enties are in greatest
demand, especially tens and twenties, and it has been difficult to
maintain a sufficient supply of these notes to meet requirements.
There is small demand for fifties an l hundreds, and if ordered it is
generally to fill a special purpose of creating balances, or to meet a
temporary requirement.
A \'ERAGE LIFE OF NO'l"ES I
UEU.
It would, in our opinion, require careful study of this matter, and
probably the working out of a test plan to determine with any degree
vf accuracy the a\'erage life of Federal Resene notes. Any statement or estimate, therefore, is pnrely guesswork. The purpose for
which issued, or rather the individual circum tances of issue, and
location of bank to which furnished, and other fa.ctors enter into the
problem. The smaller denominations, being issued in greater numbers, naturally become mutilated sooner than others. .Assuming that
the paper used in the preparation of the notes is of the same standard
(.•f quality as other forms of United States currency, it occurs to us
that the amount of unfit notes returned for redemption and de truction in proportion to the amount issued, is q11ite large. It is the
practice in this district to begin issuing Federal Re CITe notes for
the crop movement about the middle of Augnst.
hipments for
this purpose continue through October, nnd often occur in November.
About the first of the year member banks begin to return them, and
our experience is that about 50 per cent of the not s returned are
mutilated and have to be forwnrded to Wa hington for destruction.
Along with our own notes are large numbers of notes of other districts,
and the latter are as a rule in better condition than our own. We
have noted this fall a comparatively small number of twenties returned, and are unable to account for this fact unless it be that they
are used for troops pay rolls and find their way back more slowly
than the other denominations.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
I
19
TERDI TRIC'r li£0\'EMENT OF NOTE •
Amounts of Federal Reserve notes of this bank rec<.'ived from other
banks exceeded by over GO per cent the amounts of notes of other
banks returned by us. The ratio has been smaller 1his year than last
on account of the shipment of notes of other banks to cantonment
points in this district for soldier ' pay roll .
nch ~1otcs have come
to us in original packages. Exhibit 22 shows the amounts of notes
receiYecl from other FcLleral Re. ene Banks and returned to such
banks during the calendar year 1917. The total amount of our notes
received from other banks was $5,765,280. The total amount of
notes o.f other banks retmned to them 'm $3,506,D50. The cost per
thousand dollar:-; of our notes returnetl is approxi1nately 221 cents.
This includes amounts returned direct to us or forwarded to the
Treasury Department for redemption. The Federal ReserYe Banks
nearest Dallas, of course, rPceive the largest nu111ber of our notes,
St. Louis, Kansas City, and Atlanta returning more than any other
banks. From New York also we receive our notes in large amounts.
REDEl\IPTlON .\ ' D OESTHUC'r!ON OF NOT1'1:\.
Exhibit 20 hows the tunowlt of notes forwar led to the comptroller for redemption and destruction during thr> ytar, as well as
total amount redeemed and destroyed since the bank " ·as established
to Decembee 31, 1917.
COST OF
1-'f;J)EH~\L
HE EH\'E NOTES.
Exhibit 23 attached shows the cost of Federal Rescne notes printed
for the bank during 1917. The tatement shmYs :1 large increase
over 1916, as om transactions in notes during th·! year luwe been
Yery heavy, neces itaLing large orders from the comptroller. Early
in the year the Federal Re ene Board arranged to haYe a minimum supply of notes of this bank always ll\' ailaiJle in Washington and at the Suutrcasury of Sl. Louis. The supply agreed upon
in the seYeral denominations has been sufficient for our requirements. The cost of the notes ha added materially to our expense
account.
l'EDEH.U, HESEHYE BA ' K NOTE .
The1·e has been no occa. ion to usc Federal Rt'':i 1 Ye bank notes
cluri.J1g the pa t year. On .T anuary 1 we held these c·irculating notes
aggregating $2,000,000. During the ycur we incrc:tscd the same to
$2,732,4.00, and that amount is now held I y ns. The bank-note
circulation will be used only in emergencies. It i · impracticable to
use these note in view of the circulation tax. \V1th the supply of
Federal Rcsene notes always ample for our currency requirements,
there should be little necessity to issne the bnnk notes.
20
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
FEDEHAL RESERVE AGE '1'
AND NOTE ISSUE .
In the issue of Federal Re ene notes the Federal Reserve agent
endeavors to be of real service to the bank and, as the Government's
representative to comply with all requirements of the Federal Reserve act regarding note issues. The supply of notes has to be carefully "·atched and the various denominations maintained at all
times. The Federal Reserve agent's department and the bank officials
work in close cooperation in such transactions, and, as a result, render
efficient service to our members, which we feel is an important fnnction of Federal Reser1e banks. The deposit o.f a supply of notes
with the Assistant Treasurer at t. Louis, to be availed of in emergencies has been very advantageous and enabled us to secure shipments quickly where, on account of unusual demand we could not
judge our needs in advance.
AMENDl\ffiN'l' HEGARDING NOTE RE EUVE,
Since the passage of this amendment to the act, on Juno 21, the
hank's position has been mnterially strengthened since gold with the
agent counts as part of the banks required reserve, and notes can be
issued directly again t gold. The issuing power of the banks is thus
materially increa eel.
INTERNAL 1fANAGEJ\fENT OF 'I'IlE B .\NIC
1'
NC'l'IOKS AND WORK OF DIUEC'l'OR , EXECUTIVE CO::Ul\Il'l"l'EES, OFl'l IA.L
AND
CLI~IUCAL
STAFF, 1\IEl\fBER OF AD\'I 'OUY CO:UNCIL.
Our boar<l of directors meets the first Tues<lay of each month, an<l,
with the exception of August, when . orne of our members were una,·oidably absent from the State, the meetings have been held regularly, a total of 11 lun·ing been held in the year. At all of these meetings a quorum has been present, and at mo t of them a full attendance. The directors have discussed the affairs of the bank in the
free t and fullest manner. The members are all men of large
affairs, repre enting various lines o£ business, and the three classes
of directors are typical of the commercial, industrial, and financial
interests of the district.
There ha been no change in the personnel of our board in 1fll7.
On December 19, 1916 class C director, II. 0. Wooten, whose term
expired December 31, 1916, was reappointed by the Federal Reserve
Board for the three-year term beginning Jan nary 1, 1917.
On January 3 class 0 director. IV. B. :rewsome, was designated
deputy chairman of the board and cleputy Federal Reserve agent for
the year ending December 31, 1917.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
21
The terms of class A director, E. K. Smith, and class B director,
J. J. Culbertson, expired December 31. In accordance with the provisions of section 4 of the Federal Reserve act an election of successors to these gentlemen was held, the polls opening November 20 and
closing December 4. Director Smith was originally elected by banks
in group 2, and Director Culbertson by group 3. The banks were l'egrouped, with the result, however, that no change was made in the
grouping from last year. The present grouping is as follows: Group
"o. 1, banks with an aggregate capital and surplus of $120,000 or
more; group No. 2, banks with an aggregate capital and surplus of
$60,000 but less than $120,000; group No. 3, banks with an aggregate
capital and ·urplus of le s than $60,000.
Of 221 banks in group 2 only 50 sent in certificates of election of
district re erve elector. Mr. Smith was reelected, being the only
nominee, and recei\·ed 50 votes. Of 201 banks in group 3 only 25 ent
in certificates of election of district reserve elector. Mr. Culbertson
was reelected, being the only nominee, and received 25 votes.
As in the past, our member banks took very little interest in the
election, as inclicatecl by the small number of banks certifying the
election of a district reserve elector. In snch an important matter,
and one so vitally affecting the bank, it would seem that our members,
if not desiring to make a nomination, would, at least, take enough interest to vote. It would be encouraging to the nominee to know that
all of the member banks had a part in his election.
The executive committee of the bank, as its name implies, directs
the affairs of ~1is institution, under the supervision and control
of the board of directors, and exercises the powers conferred on it by
the by-laws. The governor as chairman of the execuLi\ e commitlee,
makes monthly reports to the board of dircclor , in which the work
of the committee is fully reviewed. The committee meets daily to
pass on eli cotmt offerings, to initiate open-market pul'chases, transactions in securities if any are contemplated, an 1 to eli cuss matters
of importance which may haYe developed during the pa. t 2± hours.
The officers of the bank meet on Tuesday and Friday of each week,
at 9 o clock a. m., for a general discussion and re\~iew o.f operations .
.Any important correspondence received since the previous meeting
is read. Official communications with the Federal Resen-e Board
are also, if deemed desirable, presented and matters of policy outlined. The e meetings enable the officers to keep in the closest touch
with deYelopments from day to day.
At the directors' meeting January 4 Mr. T. J. Record was reelected
to represent the eleventh district on the Federal Advisory Council.
:Mr. Record ha attended the regular sessions of the council, and fre<]lH-'ntly conferred with our directors and officials on subjects dis7
22
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
cussed by the council and matters of general interet to the eleventh
district.
On December 31, 1917, there 'n'n' employed by the bank, including the district clearing house, 90 clerks and 9 officers.
OFFICE AND VAULT FACILITIES-BANK PRE::If! E .
The nllllt space proper of the bank is ample for present, needs,
and we belieYe sufficient for our requirements for some time to come.
Thi is not true, however, of office :facilities, and additional space is
needed some of the departments being badly crowded. At a recent
meeting of our board the clas. B directors were appointed a committee to consider the feasibility of leasing additional quarters, or
of adding new stories to the present building. Their report ''"ill soon
be submitted. In the meantime some relief has been afforded by the
leasing of space in a near-by building for the Lib0rty Joan and depositary divisions.
EXAl\JINATlONS BY l'WDEU,\L RESEU\'E
EXAl\!J~En.
The bank proper and the Federal Resene agent' department were
examined by the chief examiner and his taif for the Federal Re·er·Ye Board on February 13, 1917. This examination included e,·ery
department of !his institution, ::md was mo t thorough, a pr Yious
examinations have be0n. It is gratifying to state thaL on the schedule " uggestions to officer ," the chief examiner repol'tNl "none."
Commenting on the conduct of the affairs of the institution the chief
examiner reports, "The bank ha · a well-balanced and efficient organization."
CLEARING OPERATION .
ince the beginning of general clearing operations July 15, 19ll\:
there has been a gradual and steady increa e in the number and
amount of item ' handled. While this increase is due to busines"
development rather than to solicitation, till the member banks in
this district are begi1ming to realize the advantages offered them in
the Federal Resene par collection ystem and are antiling them. elve.~
of its facilities to an increasing extent.
It, has not been the policy of this bank to resort to solicitation in
order to increase its par list. New clearing accounts are welcomed,
howeYer, arid advantage is taken of eYery opportunity to explain to
banks that contemplate sending us their miscellaneou items the
achantages that are to be gained. It seem de irable for the smooth
working of the system and for the insurance of its permanency that
the development be gradual.
Items received and handled for account of other Federal Resenc
Banks are in number almost equal to the number received and han-
{
I
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
23
died for account of our member bank . ·while the num.ber of items
received from member banks has greatly incren ed, it i not meant
to convey the impression that the number of clearing accounts ha...:
increased in proportion. The majority of these items are received
from the large central banks, the country banks still preferring to
. end their items to their city corre pondent with whom they have
had satisfactory relations extending over a long period of timP.
A large portion of such items forwarded, however, finally seek collection through the district clearing house, the city banks finding it
much to their advantage to send u the items, thus obviating the
necessity of having their funds . catterecl over a wide territory and
also :wing the expen e of extra accounting. The method of operation, with few exceptions, remains unchanged.
On account of the delayed mail senice the average collection timll
of item drawn on banks in this district has been increa ed, and as
a con equence it has been n cessary to withhold credit lo other Federal Re erve Banl ' accounts for an additional 24 hours, mah.-ing
proceeds of uch items now available in four clays after receipL
·when conditions become normal it is possible that the for·mer pract}ce of crediting such item in three day will be resumed.
EFFECT UPON
RES"ERYE, .
The method of making charge to member banks' accounts covering
items sent them, after sufficient time has elapsed .for us to receive
their credit ad vice, whether or not same has been received, has not
materially affected the reserve of member banks. Although in a
number of cases penalties were assessed for deficiencies, and occasional overdrafts, the aggregate resenes have been well maintained,
which indicates that the majority of member banks ha.,·e become
thoroughly familiar with the effect of deferred time schedules on
the available re en-es.
It has been the policy o.f this bank to improve impaired balances
occasionally by mail delays, but not until a thorough investigation
bas been made of the mail schedule and not until it is found that the
member bank has exercised due diligence in restoring such balance.
Improvement is not made then unless our attention has been directed
to the delay. This method has been productive of much good in that
member banks are now checking lhe daily statement o£ account forwarded them immediately upon receipt. This has also enabled us
to keep the time schedules current.
ER\'J{'E CHARGES.
The service charge in thi district applicable to all items on which
deferred credit is giYen has permitted of the accumulation of sufficient funds to oft'set all expenses incidental to the operation o£ the
24
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
district clearing house, in which has been included a monthly depre('iation charge of 2 per cent on equipment. The cost of equipment
has not been inc] uded in this expense.
Il\DIEDI.ATE CREDIT ENTRY.
This bank has maintained its liberal policy toward its members
in the manner of making settlement of debit balances receiYed in the
district clearing house. Immediate credit upon receipt has been
given for drafts drawn on banks in <111 Federal Reserve cities, as well
as points on which other Federal Reserve Banks allow us immediate
credit.
The means afforded by the operation of the re erve city clearing
honse has also been of much assistance to the cotmtry banks in making quick settlement of such balance .
RESERVE CITY CI..EARING IIOU E.
The reserve city clearing house, operated for the convenience of
former re ene city banks and at their expense, has fulfilled all expectations. Il operations are regarded now as a necessity. The
member banks of the clearing house continue to send the actual
checks and drafts which they receive on each other to the drawee
banks :for credit. Against these drawings they draw drafts in favor
of the Federal Reserve Bank and forward it for their credit in reserve city clearing house. A clearing is effected and resultant balances
ad vised by wire. Settlement of balances is made on the same day.
Debit balances may be covered in any of the following ways: Debited
to reserve account of debtor bank; remittance by mail to other
Federal Reserve Banks for credit of Federal Re erve Bank of Dallas
at the cunent rate of exchange; or by arrangement with any other
hank to deposit funds with the Federal Re erve Bank for that purpose and remittance of currency by registered mail insured. Dispo ition of credit balances are subject to the instructions of the credi1or hanks. In the absence of ad·dce the reserYe city clearing house
account is closed by making debit or credit entry to resene account.
Some of the large member banks not participating in the reserve
ity clearing house have made drafts, drawn on them by their country correspondents immediately available at the Federal Reserve
Bank, by permitting us to charge their reserve account. Viewing the
clearing operations of this district as a whole, the service rendered to
member banks, as well as to other banks, would be difficult to overestimate. Opposition to the plan has greatly decreased, and expresf'ions of cooperation are being continually received. Exhibit 24
~hows the total operations of the district clearing house for the year
December 15, 1916, to December 15, 1917.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
SERVICE RE 'DERED TO TIIE BANK
25
BY THE GOLD-SE'ITLEJ\!ENT FUND.
During the past year the bank and its members availed themselves
to an increasing extent of the services of the gold-settlement fund.
As shown in Exhibit 25, this bank paid out during the year in gold
through the gold-settlement ftmd $637,849,800 and received payments
of $647,424,000. This plan has obYiated the necessity of. hipping
millions of dollars in settlement of balances between Federal reserve
banks. It has proven especially valuable in making heavy transfers
for the accotmt of the Treasurer, occasioned by the Government's
fiscal acti>ities. The concentration by this plan of accumulated funds
from proceeds of Liberty bond sales has enabled ns to make these
transfers at a small attendant expense and thus to avoid actual cash
_hipments to meet the Treasurer's demands.
That this plan has to a marked degree stabilized the exchange market and tended to properly distribute credit throt1ghout the country
is obvious. It also affords an effective means of making deposits in
goltl with the Federal re erve agent as coYer for the issmmce of
Federal resene notes and transfers resulting therefrom.
The necessity of this plan in promoting transactions between the
Federal reserve banks becomes more and more apparent. In our
opinion improvement could be made only by effecting :;ettlemcnts at
more frequent intervals.
Exhibit 2.3A shows, by months, the ettlement and resultant balances, both debit and credit, made during the year. This does not
incl11<lc the man~· other transactions made through the ftmd.
SUlP:M:JL"'l'S OF CURRENCY AND COIN.
Exhibit 26 gives the amotmts of currency and coin shipped, by
months, to member banks during the year. The bank has rendered a
tlistinct senice to its members in this regard, but especially have C•ur
facilities been used during the cotton movement of the late summer
and fnll months. While previously the banks of the district called
upon their rcsene city correspondents and the ubtrcasuries for
their currency and coin needs, they now order through us, and we
have met their demands by keeping ample stocks on hand, and h::t ve
1 hu performed the functions of a Subtreasury.
The total currency
and coin shipments during the year were $55,717,633, a cons:iclerable
increase over 1916 the total for that year being $45,527 252. 'l'he
large shipments to member banks at cantonment sites, for construction and soldiers' pay rolls, accotmt for part of the increase.
HISTORY OF LIDERTY LOAN ORGANIZATION.
On May 15, 1917, the first Liberty loan central advisory committee
was called together. The committee was composed of about 80 o£
26
ANNUAL REPORT OF FEDERAL BE ERVE BANK OF DALLA.S.
the principal bankers and merchants of the eleventh Federal district,
together with the F deral Reserve Bank officers. At the meeting
an executiYe committee of 17 members wa. formed.
It was not deemed necessary to have separate committees for the
different phase of activity the responsibility for the conduct of the
campaign resting very largely upon Mr. J. W . Hoopes, as executive
manager, the executive committee meeting when necessary. At a
somewhat later date a chairman of the women's Liberty loan committee of the eli trict was appointed. At the first meeting of the
executive committee it was ugreecl unanimously that the county
judge should be appointed chief local organizer. The judge was
requested to call a meeting at the county seat of all the more re~pon ible citizens in the county, :mel at this meeting ubcommittee
were appointed to hanclie the loan in those cities, towns, and communities remote from the county seat. The response of the county
judge was reasonably good; in some cases, particularly good, although it should be noted that owing to the short time at our disposal, the newness of the whole propo ition, and the geographic extent of the district, ·organization was not as near perfect as conld
have been desired.
The banks were approached through letters, and the respon e was
gratifying. In some cases where the county judge refused to act,
hanks took the whole bm·den of the loan 11pon their shoulders. The
loan wn subscribed Yery slow])' at first, morE.' than 50 per cent of it
being subscribed during the last week.
During the period of the second Liberty loan campaign the an1e
committee as before was appointed to handle the matter. ~\..rrange
ments for orga:nlzation and publicity were startrcl on September
H) in preparation for the opening of the ('llmpaign on October 1.
The earlier start, as compared with the first campaign, was of great
advantage, and resulted in a 95 per cent county organization; that
is to say, 95 per cent of our 293 counties wer organized, with a
chairman and a committee. The unorganized section.· of our district compri eel c01mtics in which there are neither railroads nor
towns o£ any size.
The county judge was again designated as ehie£ local organizer,
and in most case was found a Yery sati factory organizer. The
banks howed more enthusiasm during the second campaign, adverti ed the loan more extensiYely, and generally showed an awakening
to the needs of the . ituation. The women's Liberty loan committee
was particularly well organized, and a careful esbmate shows that
at lea t $13,000 000 in subscriptions were obtained a a lirect re ult
of the efforts of the women's committee, which was orga:nlzed with
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
27
a. chairman in each county, working in conjunction with the county
judge.
Appreciative acknowledgment is hereby made to the many citizens who patriotically and lmselfishly cooperated in the work o£
the local Liberty loan organization and who freely devoted their
time to the task of placing the bonds in the hands of subscribers.
Exhibit 27 gives detailed information regarding subscriptions to
the first and second Liberty loans received by the bank, also regarding the distribution of c rtificates of indebtedness sold through the
bank.
Exhibit 28 gives expenditures and number of employees of the
Liberty loan department, also amotmt of reimbursements received
from the Treasnry Department.
CONCL SIOX.
The influence and effect which the operations of tb is bank have
had not only in the financial world but in the channels of trade generally would be difficult to estimate. With the rapid growth in our
resources and the general deYelopment of facilitie not before undertaken, the sphere of the institution's u efulness is thus broadened
and its opportunities for real sen-ice increased. For the past two
:rears-in fact since the bank was establi. heel-conditions in th'
ele\'enth district lun·e been generally prosperous, and the pro>erbial
::rainy days" for bankers haYc not materialized. The bank hn
therefore not. been thoroughly testPd. There unquestionably exi ts
in the minds of the initiated, howewr, an appreciation o-f th(' sen-ice
Federal Resene Banks can and do render, and the a ·surru1cc that
when stres. n1l times come they can tnrn to thi. in titntion for
a sistance. The management of the Dallas bank will continne, as it
has in the past to encourage our members to use our facilities and
become familiar with our methods. The majority of the banks haYe
already clone so and the task of education is les nrclnons. The
bank's position is well established. The institution is dedicated to
service. Its functions and activities have just begun. We approach
the new year, therefore, with confidence, in the firm belief and a surance that past achieYements and service will be even surpa sed in the
future.
28
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
gxumn 1.-0olllpnrati·ve statement of the Ji'edcml Rese1·ve Ba11k of Dallas.
Dec. 31, 1917.
Dec. 31, 19!6.
RESOURCES.
Bills discounted and bought.......... . ......... . ......... . .... . ... .. ....
nited States bonds to SC('Ufe circulation. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other United States bonds and 'rreasury notes................ .. .. .. .. ...
Investments, municipal warrants.... .. ... . ............. . . . ..............
22,880,546. 54
2, 732, 400. 00
3, 193, 700.00
150,458.74
i~i%:~;~~~~::::::::::
::::::::::::::::::::::::::::::::::::::::: ~~:~H!
ash and due from banks (not resene) ...................................
S3, 032, 115.69
2, 000, 000. 00
3, 033,250.00
127,318. 7
1
H:m:~
5, 227,722.99
1, 407,448.37
Federal Reserve bank notes on hand.....................................
2, 732,400.00
2, 000,000.00
Credit balance lu gold settlement fnnd........ ........................ ... 24,520,700.00
14,946,500.00
Gold with agent for retirement of outstanding Federal Reserve notes..... 25,036,675 00
22,862,855.00
Goldand la\\·fulmoney . .. ............................................... 1 13,800,493.91
5,30, 94.50
Gold held with foreign agencies..................... . ............. .... ...
1,837,500.00 ..... ...... ... .
Deferred debits. . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5, 022, 023. 23
Deferred deblt5-{lhecks and drafts in process or collection................
6, 581,975.95
:Federal Reserve Banks-transfers bought (net)............ . .............. 3, 619,774.36
1---------·1--------
Total .... ................. . ........................................ 113,240,141.99
59,932,
. 79
~~~~~rs:~~~: ~~~~:is~~:~~:: i·~:n:~~~~::::::::::::::::::::::: :::::::::\i=4=~ j='i=i~;~=50=g=: =:~=.: ;.:~=s~=~=:
2
L=g=l==24=.;:
~~~:r~:ft<t~~~~~~l_-_- ::::::::::::::::::::::::::::::::::::::::::::::::::
Dne to other Federal Reserve Banks (net) ... ............................
Deferred credit•-ehccks and drafts in process of collection ... ........ ....
Federal Reserve Bank notes (secured by nlted States bonds)..... ......
4
~;Ao~; ~: ~
1, 515,970.49
7, 497,4 9. 90
2, 732,400.00
&=?
2f;1, 292,435.51
~~~;:J~:~~
2, 511,0 9. 77
2, 000,000.00
1---------·;---------
•rotal ........ .... .. ............. . ........................... . .... .. 113,240,111.99 1 59,932,888.79
ExmBIT 2.-Compa1·ntive statement ot ca1•nings and expenses of bank for ycurs
1917, 1916, and since 01·ganization.
1917
Since organization .
1916
EARNINGS.
Bills discounted, meml>crs....................................
Bills discounted, other Federal Reserve Banks................
Acceptances bought in open market... . .................. . ...
United States bonds and Treasury notes......................
Municipal warrants.. . ..................... . ..................
Profits realized on United Statessecurities............. . ......
Transfers-net earnings.......................................
Deficient rescrYe-Pene.lties.... ............... ...... . . . ......
Sundry profits.......................... . . ................. .. .
Total. . .............................................. . . .
$198,571. 22
$205, 232. 29
10,493. 44 . . . . . . . . . . . . . .
138,512.74
10,879.64
159,431. 61
6-1,576. 25
6, 832. 79
736. 80
4,007.67 ...... . .... ...
34,027.34
7, 305.20
12,968.16 . . . . . . . . .
3, 747.42
18, 144:46 ·
$&16, 030.47
10,493.44
149,392.38
22-1,642. 74
7, 858. 49
4,007.67
42,552.19
12,968.16
22,177.40
1-------1·-------1-------568, 592.39
306,874.64
1, 120,131.94
11,438.78 1
150. 00
398. 42
207. 6-1
9, 664. 82
752. 80
1' 300. 80
613. 55
4 ,314. 86
1, 346.21
1,699.22
821.19
41,050.54 1
39,940.27
2, 761. 68
2, 980. 78
3, 521. 89
1, 138. 77
33,055.
28,361. 56
1, 771.02
2, 585. 33
4, 259.10
1, 23·1. 33
EXPENSES.
Assessments. account expense Federal Resen·e Board .... . ... .
Fedora! Advisory Council expenses .......................... .
Governors' conferences....... .. . .. .............. .. ........ . .. .
Federal Reserve agents' conferences...... . ..... .. ... ......... .
Salaries:
Bank officers ................................ . ...... . . .. . .
Clerical stall' ..... ... .......................... ........ . .. .
~~
Insurance and premiums on fidelity bonds....................
Light1 heat, and power . ........................ . .......... . ..
l'rintmg and stationery....... ... . ........... ....... .. ....... .
Repairs and alterations.................................. . ....
AU others not specilled, including exchange...................
Cost or Federal Reserve currency issued.............. ... .....
1,517. 92
1, 46 . 24
6, 327.37
2, 472. 86
5 154. 00
30; 910.82
12,346.43
110,951.22
103,417.23
4, 9(\1. 70
7,613.11
13,705.80
4, 953.73
5, 236.25
10,079.78
3,439.18
2,3 .29
1, 685. 73
10,126.45
30,690. 87
6,371. 14
2, 965.29
16,236.07
3, 173.09
18,828.57
50,6-10.81
Total........ . . . . . . . . . . .. . . . . . . . . . . . . .. .. . . . . .. . . . . . . . . .
167, 811. 74
122,556. 20
459,645.79
~~~~e~~c-~~-~~~ ~~~~~~-~: :::::::::::::::::::::::::::
Directors' remuneration and expenses........................
Officers' and clerks' traYcllng expenses....... . ............ ....
k~~~l.r~~~:::::::::::::::: :::::::::::: ::::::::::::::::::::::::: ..... ~~~~-. ~- .....~·-~~-. ~~-
Taxes and fire insurance. . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . .
~~~~f~~W:::::::::::::::: ::::::::::::::::::::::::::::::::::::
~~~s':;.;ge:::::::::::::::::: :::::::::::::::::::::::::::::::::
927. 20 .... .. ....... .
~~: !~
~;k~J~
~~: ~
1g;~83: g
476.73
1, 318.65
496.97
209. 30
6, 29 . 60
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ExHIBIT
3.-0ha?·t showing
ean~ings and expenses
of Da.lla.~ for 1911.
of the
Fede1·a~
29
Reserve bani.;
1
1os,ooo r--r-J.Tan_.-,-fi.e_b.__,M--,a_r.,--A'Tp-r.-,-U,ary--rJ._urn_e,--Ju,l~y.--A-,u~g~.rS_e,_'P_f,--O,ct._. ..,:.M,o_v._.,a_e,~'C:.:...,._
100,ooot----t-+-+-++-t--+-+-+--l-1--l--l-+-+++-+-+-+-+--l~HI-+-l
95,000 t-t-H~--t-t-+-+-+-+-+--+-++-+-+++++-+--+--¥1/~--1---1
90,000HH--t-t-t--++-+-+-+-+-+-+-.J-f-----l-+--+-+--+--l---!,.l/:...J-+-+-l
s s,ooot-----t-+-+-+-++--+-++-+-+--+-+-+-+--+---+---+---l---l~b-</~-+-+-+~
80,0001-----t-+-+-+-+-+--+-++-+-+--+-+-+-+--+---+---+---l---l.L/+-+-+-+-+~
75,0001-----t-+-+-+-+-+-+-++-+-+--+-+-l--+--+---+---+---l--+l-I--J---..1-l-+-l
70,000 t-HI-t--t-t-+-++-l-+-+-+-+-+-j----ji--J---J---+71-+-+---.+--t--+-+---l
65,000·r--t--t-+-++--+---+--+-+-+--+-+-+--+--+---+---l---l----"~l--j,Ll-l-l-~
60,000 t-H--+-+-+-+--+-+-+-+-Hi-----+-+-+-+--+-+1-/-l-+.L-1 1-1--l---l---1----l
55,ooot-t-H~-t-+-+-+-+-+++-+-+-.J-~1--III---+
/-----11--+-+-+--t-----t-----.j
50,0001----t-t-t-t-t-+-+-+-i-i-+-+-+-+-i-+-:}./4-+-4--+-+-+-+-+~
45,000 t----t-t-t-t-t-+-+-+-i-+-+-+-+-+-h4=-l/-+-+---+f~·+-+-+-+-+-~
4o,ooot----t-t-+-+-+-+-+-+-+-+-+-+-+-t--7'4-v-+-+-+-A--+-+-+-+-+-+~
35 000
' 11111111rht=:!:=bt_.....'9-l/--t--t--t-tf+--t--t-t--t--t--t---l
3o,ooot----t-+-+-+-+-++--b""vl-t--t-+-+-+-¥-'+'-=--"''-.:+:-+---+-+-+-+-+--+~
l!S,OOO I-HI-t--::;t=+-+~l/-f--l-:,...f--.t-+-:+-+-''_··j---ji--J----f=::l--+-+-+---1--+-+-l
zo.ooot=:j==t:::=.....-~v--jf--+t---+!7-+---t""·q·_'-++·--.+·--·+--1-++---¥-:.:_/+·---1--.---t.~·
. . .._,--l-k-L--+---1
15,000 f-t----1-+.,,....+-+.:+.-4----l-c-11--1-l--1-+-+-+-¥+-+--+--+-+. . ._·1----~-r--·l-+-l
10,000 .. , ..., ---
----
--~----·
5,000 '--..I..........L...-'---'---'---l-L...-.1..-...J.__..L__L__J_--.l__JL...-J...._.J.._,.L__..L_....L.....L--l-L-L-.J_..L....J
Expenses
- - - Revenues
--·---··· Net Revenue
ExnnHT 4.-Rediseounts.
Yolume of redi ·counts for 1917:
Hediscounts for member banks ___________________________ $52, 052, 599. 99
Bankers' acceptances pur<'hasecl ------------------------ 35,076, 917.00
Rediscounts for other Federal re>:erve banks_____________
5, 000, 036. 00
Total ________________________________________________ 92,129,552.99
Volume of rediscounts for J916:
Rediscounts ror member banks___________________________ 18, 512, 542. 85
Banker ' atccptances purcha ed ------------------------- 3, 543, 046. 71
Total------------------------------------------------ 22,055,589.56
Total number of banks accommodated in 1917_________________
258
'l'otal number of new bank accommodated in 1917 ___________ _
29
Largest note redi counted, $958,000; .mallest, $10.50.
3Q
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
REDISCOUNTS FOR 1917, BY MON'r!IS, AND DISTRIBUTION BY STATES.
Month.
January.................................
~~~~~~~:::::::::::::::::::::::::::::::::
ApriL..................................
~:::::::::::::::::::::::::::::::::::::
July.....................................
Au~:ust.
. .... .• .. . .. . . . . .. . . . .. . . .. . . . . . •
September....... ........ . . ......... ... . .
October.................................
November...............................
December ..............•.........•... ___
Total... .. . ... ... . . ... .. ...........
Texas.
Oklahoma.
$621,024 . . .. ..... .. .
~~:i~~
1,545,~
H~:k7
.....23,210
~:~~m:~~
53,ooe
3,703,544
3,904,851
4,670,209
10,940,833
12, 407,467
2, 759,341
106,800
35,066
170,000
110,000
15, ooo
New
Mexico.
Arizona.
Louisiana.
S37, 795
2~~:~
241,292 ··· "i56;4i9"
::::::::::::
221,958 -·----·-·---
$21,958
~~:~
212,966
483,979
610,809
227,229
435,022
:::::::::::: --··--2o;47i
.. . . . . .. .. . .
7, 250
.. .. . .. . . .. .
25,767
...........•...•...•....
91,000
-- "io7;ia7·
228,493
---------1--------:------47,269,977
742,454 1 3,481,674 1
394,939
163, 556
'--------'--
•rota! of paper rediscounted as shown above, $52,052,600.
ExHmr-r 5.-DiM·ount mtcs /01' 1911 and dates on 1chieh cfjecliv .
Class or paper.
Time.
Jan.L
Jnn.24.
May 23. Dcc.5.
- - - - - - - - - - - - - - - - 1 · - - - - - · 1- - - - - - - Industrial and commcrrial.. ................... .
Do .. . ..................................... .
Do .......... . .................... . ... __ ... .
Agricultural and li\'e-stock .................... .
Do .............................. __ ...... . _.
Do ........................................ .
Do ........................................ .
Trade acceptances . ........ . . ..... .... ........ . .
Do ............................. __ ..... ____ .
Commodity paper .......... . ...... ......... ... .
Member bank rediscounts, Voitrd States securities.
Up to15days.....
4.0
3.5
16to 60 days......
4.0
4.0
61to90days......
4.0
4.5
Up to 15 days.....
4.0
3.5
16 to 60 days......
4.0
4.0
61 to 90 days......
4. 0
4. 5
91davsto6rnonth'
4.5
5.0
p to60dr•ys.....
3.5
3.5
61 to 90 days . . . . . .
3. 5
3. 5
l'pto90duys .....
3.0
3.6
Up to 1.5 days ...................... .
4.5
5.0
3.5
3.5
3.5
3.5
3.5
Me:~, i):inir.coiiitc·r;;l-noics; ui1iieci-sinies sc:· tf~~o9<J5d~i:~s: :::: ::::::::: :::::::::
3.5
3.5
3.5
3. 5
4.0
ctrritics.
Mnmbrr bank collateral notes, othersecurilic~ ........ do ........... .
3.5
3.5
3.5
4.0
4.5
3.5
4.0
4.0
4.5
4.5
4.0
4.5
4.5
5.0
3.5
4.0
4.0
ExllJBlT G.-Classification by mafrtritieiS of bills diliCOttl!tccl a11d bought in 1911.
Due within 1:5
____ :. ___________________________________ _ $34,4 (),685.99
Due 16 to 30 days _________________________________________ _ 7,32;) 335.16
Due 31 to GO uays ______________________ ___________________ _ 29,947,444.15
Due 61 to 00 day~------------------- ------------------------ 15,243,514.05
Due 91 day to 6 mouths __________________________________ _ 5,126,574.00
TotnL ______________________________________________ _
92,129.553.35
da~·s
Exu1m-r 7.--Glassi[wation ot trade acceptances by maturities.
Due
Due
Due
Due
\Yithin 15 day.·----------------------------------------16 to 30 day-----------------------------------------31 to 60 days__________________________________________
61 to 90 days___________________________________________
iji6, 967. 00
3,911.00
85, 938. 00
81, 137. 00
----------
Total________________________________________________
177,953.00
ANNUAL REPORT OF FEDERAL RE 'ERVE RANK OF DALLAS.
31
l.CxHIBl'l' 8.-Bi/t oj lading draft.~.
llused
lla.·ed
Based
Based
Ba. ·ed
Based
Based
on grain aut! ~-:rain produ<:tt:L------- _ -------------- __ $1, 339, 365. 41
on alfalfn_____________________________________________
330, 495. 14
on hnY------------------------------ ----- ---------- __
131,273.91
on cotton nnrl cotton l)roclucts__________________________ 3, 259, 159. 74
on wooL ____________ -------·--------------------------192, 572. 38
on miscellaneous produce______________________________
70, 558. 20
on machlnet·y, hardware, furniture, etc __ ------·· _______
16, 492, 13
i\, 33~,916. 91
•rota! ---------------
BxHllli 'l'
Purchased
Purdla ·ed
Purchased
Purchased
Purchao;ed
Purchased
Purchased
Purcha ed
Pnrchal'ed
Purchased
Purchased
Purchased
Purchased
9.- 8/atemenl of
banker.~·
accrptances-Ra/es and tim e.
$150,000.00
at 4 per <:em _________ ---------- -------------
11.t
at
at
at
at
at
at
at
nt
at
at
at
40,000.00
3i per cent_____ _ ____
---------------:3i per cent_ ____ _______________ ---------------- 1.260,352.64
31\r JJer cent_ _________________________________ _ 1.281,898. 53
3! per cent__ -------------------------------- -- 6, 178,486.82
3i per cent_ ___________________ ---------------- 10, 331, 446. 67
81.5o per cent_ ________________________ __________ _ 1,951,765. 04
3-t pe~· cent_ ______ -------- _ --------------- 6.561,325.42
81'1! per cent_____________________ -------------14,242.72
3k per cent____________________ -------------- 3, 511, 201. 29
42!),238.25
3tu per ceut_ _____ ----------------------------3 per cent_ ____________________________________ _ 2, 746.030.
2;{ per cent___________
_______ --------620,928. 10
TotnL_
__
__
~5,076,916.26
TIME CLAI'I:lli"TCa'l'IO:'i.
Due within 15 clu~· ----------------------------- ___ -- -$428, 906. 99
Due 16 to 30 daYS---------------------------------------3,700,6!)0.16
Due 31 to 60 days-------------------------------------- --- __ 18,806,052.06
nue 61 to 90 clays__________ --------------------------- ___ 10,140,407.05
Total ______ ____ ____________________________ ---------- 35,07fl.016.26
Average rate of <li.·count at which purcha!'!e. were mn<le. 3.H2 per cen ..
ExnWI 'I' 10.-0prra/ir)ll.~
ltegistered
Registered
Reg! tered
Registered
Registered
in l"nilerl
.'!tate.~
lmndN awl ser•Jtri/ir·s for the ?tear 1911.
.
Held on
Dec. Sl, 1916.
2 per cent consol bond,.; of 19:30 ___ _
2 pe~· cent Panama hom!.·, ><erie. 1936__
2 per cent Panama boncl.·, F;eries 193 _
3 per cent conver ion bonrls, ~erie.· 1916-!6
3 per cent one-year '!'rea ·ury notes
'l'otnL _ ------ ____ _
B{)XUH .1:-U TIII::AHl"TtY
$2,923,350
542, 500
155,000
707,400
705,000
5.033.2:)0
:\"OTI';!<-I'I " K (; HIHE~.
:<.\I.ES . .\XLI C"0:-1\"KICHIONS.
Hegistered 2 per cent cou ol bond!' of 1930:
Purchase from member banks, at par
Converted ______________ ---------- -----------------------
$478, 750
9<l1,200
32
ANNUAL R EPORT OF 1<'EDERAL RESERVE BANK 0.1<' DALLAS.
Registered 2 per cent Panama., series 1936:
Purchased from member banks, at pur_ _______ ______________ _
Converted-------------------------------------------------United States 3 per cent conversions, 1916--46, sold at 102__ _ __
United States 3 per cent conversion><, 1917-47, received by conversion
of 2 per cent bonds __________________________ __ _______________ _
$84,000
500,000
200,000
7:L6, 200
nited States 3 rer cent one-yeut· Treasury note :
Received by conversion of 2 per cent bonds ___________________ _
72J,OOO
Heplaced by new notes ___________ __________________________ _ 1,430, 000
Charged to Treasurer of United Stntes _____________________ _ ] , 430, 000
Fit·st series 3! per cent Liberty bonds:
Purchased from Treasury Department_ __________ ____________ _
3,800
775, 000
Purchased from mf>mber bank ------------------------ -----Sold at par ______________________________________________ _
301 , 700
Second series 4 per cent Liberty bonds:
Purchased from Tren ury Department_ ______________________ _
3,400
Purchased in open market_ _________________________________ _
50, 000
400
Sold at par ______ ------------------------------------ ----11.- BrJI!ds anet 'l'r ' a&ury
ExHJBlT
not e.~
l! elcl on D ec;. 31, 1917.
Hegistered 2 per cent <'OU ol s of 1930 ____________________________ _ ~2.450,000
Registet·ed 2 per cent Ptlnamas, series 1938-----------------------155, 000
Reooistered 2 per cent Panamas, series 1936_______________________ _
126, 500
Registered 3 per cent conversion bonds, set·ies 1946_______________ _
i107,400
726,200
Registered 3 per cent conversion bonds, serie 1947----------------Registered 3 per cent one-year Trensur~· notes _____ ____ __________ _ 1,430, 000
477,100
Fit·st series 3! per cent Liberty bOnd. - - ---------------- - - ------Second Aerie.· 4 IJPl' cent Lib('rt~ boncls ___________________________ _
53,000
Totnl -------------------- --------------------------------
ExHJBlT
:ll:ttnicipalit y.
I
5, 926,100
12.-Purclwses of mmtidpa/ wan·auts.
Maturity at time of dlseo•mt.
Rate.
Matutih
value.·
-----~--...,.---------1
San A.n tonio, Tex .... .. .... ..
Oo . .. .. ... .. ...... .. .... .
Do . .. .. ... . . .. .... .. ... ..
Do ... ..... .. .... . .. . .... .
Do .... .... .. .... ... ..... .
N ew York C'lty .. .. .. .... . .. ..
Do .. . ... .. ..... .. ...... ..
Do . .. ......... ...... . .. ..
Do . .. . ...... ... ...... .. ..
Do . . . .. . ... ..... .... .. .. .
1\ewnrk,N . J .. .. . ... .... .... .
Ptr unt.
4 After 90 days, but within six months ............. .
4 . ••. . do . • .•••.•. .• ••.. •.•••. •. .• . . .. • .. .••• •• . •• . .•
After 30 days, but within 60 days ...... . .... ..... ..
a; . .... do . ............ .. ....... .... .. . ........ .. .... .
3! .... . do .. . ................... .... .. ..... .. ........ .
3t After 90 da~s, but witbln six months .. . .. .. ..... ..
2• . .... do ....... . ........ ........... ............... ..
2& ... .. do . . ... .......... ...... ...... .. . .. .. .. .. .. .. . .
. .... do .... ...... .... ............. .. ............. ..
.. .. . do . ... .. ......... . ....... ................ .... .
..
Zi . .. do . . ......... . . . ..... .. .. .. ................. ..
3
~
$46,265.00
104,193. 74
S2, 291.67
51,703.47
52,062.50
50,606.50
50,561.21
30,317.2!
25,395. 55
253,955. 48
20,350. 00
Total . ........... .. .. ....... . ........... .. ......... ............ .. .. ... .. ..... . .. . ..... , 737,902. 3:J
ANNUAL REPORT OF FEDERAL RE ERn; BANK OF DALLAS.
BXEmiT 13-Aiem/Jer IJanks'
33
col1a teml11otes.
Total of member banl;s' collateral notes ________ _______ ____ _ $33,374, 300.00
Number of hank accommodated in this manner_____ ___ _ __ ___
87
Paper . e<:Ht·erl by Unite<! States bon<l>; ancl certifkates of lnclehtE'flnes :
Merubet· lmuk. ' coll atel'tll notes _____ __ _____ _________ ___ $1 G, 270, 250. 00
l\fembel' bank r ed isco unts___ __ __ ____ ___ __ ______ ______ ___
2, 019. 20
lted iscouuts for othet· Fetlernl Reset·ve Banks__________ __
5, 000,036. ()()
Total ________ __ ___ ___ ___ __ ____ _________ __________ __ __
21,272.305.20
Exl:lml'l' 14.-Reserve po11il·ion.
Jan
105
100
!l5
reb
Mar.
Apr. May
June July
~f-
70
65
60
55
50
Oct.
Nov.
Oec.
1--
..........
~
1'- r-
85
80
Sept:
t-.....
/
~0
75
Avg
-- -- '
/
....
'
-- -- '
'
,
...
/
'
'
/
--\ f'<;.- --
- -
-
-
!'.....
-r--.,.
',
/
---Percentage of Gold Reserve fo Federal Reserve nofe circ<Jiin'/orr
-----Percentage of reserve aga/r1sf net depos1'f 1/abiltiy
Yearl.v averages :
Gold reserve against Fede1·a1 Reserve note Habillty-90.2.
Gold reserve agnlnst net deposit llablllty-78.0.
34
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ExHIBIT 115.-Statement shotei1lg the r equiret reserve deposits of member bank8
by months, ammtnt actuall11 carried, ea:cess, and amount of overdrafts during
year 191"1.
--Reqmred
reserves.
Actual reserves.
Excess.
Overdrafts.
$535, 756, 0.12. 00
468, 327, 600. 00
502, 679, 028. 00
463, 679, R-12. 00
495,698,072.00
440, 829, 125. 00
551,402,462.00
665, 708, 910. 00
680, 415, 672. 00
875, 290, 000. 00
903,299,725.00
882, 415, 000. 00
$652, 010, 040. 64
543, 170, 460.14
623, 494' 182. 22
558, 738, 029. 48
600, 902, 055. 42
580, 425, 581. 49
715,560, 7S7. 09
767,902,583. 65
759,123,816.81
957,179,988.21
1, 058,948,144.19
1, 133,257,371. 70
$116, 2M, 008. 64
84, 842, 860. 14
120, 815, 164. 22
• 9.j, 058, 187. 48
105,203,983.42
139,596,456.49
164, 148, 295. 09
102,193,673.65
78, 708, 144. 81
81,889,988.21
155, MS, 419.19
260,842,371.70
11, 202. 972. 32
45,709.91
117, 7U.()t
94,6-19.92
117,96-1.36
361,602.97
891,370.34
62,558.66
154,399. 16
200,779.96
435,188.22
340,861.96
Total. .................. .. ... 7, 455,601,468.00
8, 960, 703, 001. 04
1, 495,201,533.04
4, 015, 768. 81
JnnUI•ry ....................... .. ...
Febmary . ............... ...... . ...
Marcil. ........................ . ...
April .............. .. .......... . ...
May . ............... .. ........ .. ...
June ...... .................... .. .. .
July ........................... . ...
AUb'IJSt ............... . ....... .. ...
September ... .•.. •..•. ... ... ..•.
Octcber ...•..................... ...
...
November .. ............ ...... .. ...
December .....••...••........... ...
•rotal amount of peno.ltle9 on deficient reserves cbargea during year 1917, '12,968.16.
Exnmrr 16.-Anw-unt oj deposits in the T1·eas1trer's general aoootmt, and annount
of tratlsfers from the swme by months, to·r the period prior to Mar. 81, 191"1,
the fl,t-.~t date of deposit in the account ot Liberty loan funds.
January... ....................... ... .....................................
Febmary. . .. . .. .. .. .. .. .. .. .. .. .. . . .. . . .. .. .. .. .. . .. .. .. .. .. .. .. .. .. .. ..
Mnrcb ... ..................................... ............... . ..... ......
Total. . ........................ .............. .... ... .. ........... ..
Funds
received.
Payments
W7,645.42
413, 226. 60
410,854.63
l, 073, 015. 68
11111de.
$327,846.51
663,821.86
1- - - - - - 4 - - - - - 1,240, 726.65
2,06-1,684. 05
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
35
ExamiT 17.
)111.
49
Jan Feb liar Apr
May
Sep
Aug
Jm Jul
Mll.
Nov
Oct
48
47
(
46
)
45
44
1/
43
I
I
42
41
}
40
39
38
37
(
-
I
-·
{"
36
35
34
I
I
33
32
31
30
I
29
I
28
I
27
26
I
25
24
23
22
21
20
'
"" \ \
./I
I
!~
19
Federal Reserve Notes
.......
r--....
J
Outstanding
I
I
I
/
I
I
I
I
I
J
Dee
~9
../'"'\
~8
47
46
~5
~4
43
42
41
40
39
38
37
36
35
34
33
32
31
30
29
28
27
26
25
24
23
22
21
20
19
Year of 1917.
36
AN NCAL REPORT OF FEDERAL R li:SE RVE BANK OF DALLAS.
J<J xH llli T
1 .
Mil.
JUl.
43 Jan Feb Mar
Apr
Ma.y
J..m Jul
Sep
Aug
Oct Nov Dec
43
42
42
41
41
40
40
39
39
38
38
37
37
36
36
35
35
34
34
33
33
32
32
31
31
~0
30
29
29
28
28
27
~7
26
26
25
1/
24
/
v
!'....
25
24
23
23
/
22
22
I
21
21
20
J
20
_,)
19
19
].8
18
17
17
16
15
14
13
\
v
,.,
I
~
\ --,.. ,_
(
I
J
16
15
a
f"Y'
Federal Reserve Notes Outstanding
13
Year
of
1916.
ANNUAL REPORT OF FEDERAL RE ERVE BANK OF DALLAS.
37
19.-Number of l•'ederal Resrrw 11otcs, b!i deuominations, and agyregate amounts received, issued to tlle lwnk, and t·efttrned to the comptroller
during the 1Jea1· 1911.
EXRilliT
Fives.
Twenties.
Tens.
-==1
1,188,000 1- 1,188,000 -1 668,000
Reooved from comptroller
Reooved !rom Federal Reserve
Bank ............................ .
135,000
269,500 110,500
Received by comptroller !rom Treas- j
urer of United States lor destruction and credit of Federal Reserve
agen;:t:~~:~~ ~:~ ~~~~~~::::: :1 1,874,197
Fl
Hundreds.
Ctles.
,~,
7,500
Aggregate
amount.
16,000
133,180,000
24,100
8,365,000
320,080
87, m;
837
132
7, 767,305
1, 777,580
866,273;
16,337 1
40,232
49,312,305
1, 476,550
750,500
I
25,050
40,086, 400
132
7, i67,305
551,197
Issued to Federal Reserve Banlr. .... 1,351,050
Returned to Comptroller of tbe Cur. roncy for destruction, tncluding
notes returned by United States
Treasurer for credit of Federal
Reserve agent's ac~ount .... . ..... ·1
I
~~
I
aw,080
87, 773!
1
i
21,o13
_,_
837
I
Exrruwr 20.-N1unber ot Federal Beserve notes, by denominations. and aggreya.te mno11.nts ·received, issued to the bank, and retnl"lted to the comptmllet·
since orga.ni.zation and. on hand at close ot b1t&iness on Dec. 31, 1911.
I
Hundreds.
Aggregate
amount
Fives.
'fens.
Received from comptroller ...... .
Received from Federal Reserve
Bank ......................... .
Received l rom Treasurer of United
States (fit notes) ... _.......... .
Received by comptroller from
Treasurer of United States for
destruction and credit of Federal Reserve agent's account
(unfit notes):
From other Federal Reserve
Banks.................... ..
Direct from reporttng Federal
Reserve Banks and from
other sources ............. . .
3,028,000
2,328,000
1,164,000
66,000
40, 000
168, 500, 000
459,250
686,350
259,450
29,400
31,750
18,993,750
350
140
180
13
Total. ...... ........... ..
4,455, 713
Issued to Federal Reserve Bank..
Returned to Comptroller of the
Currency for destruction, tnaludtng notes returned by United States Treasurer for credit
of Federal Reserve agent's nocount ...... ..... .............. .
Notes on hand at end of month ...
3,076,000
2,844,090 11,330,930
Total. ..................... .
4,455, 713
-
Twenties.
-
1
FUtles.
-
7,400
I
109,483
858,630
1,005, 713
374,000
269
32
I, 732,125
69,926
23,440
366,540!
91,918~
1,652
154
9,894,925
3,450,956! 11,538,988;
87,334
71,936
99,128,200
65,413
46,350
7 ,345, 150
1,921
20,000
186
25,400
12,268,050
8,515,000
87,334
71,936
99,128,200
471,366;
135,500
I
120,558~
87,500
3,450,956! 11,538,988;
38
ANN
AL REPORT OF FEDERAL RES8RVE BANK O:F DALLA .
J<~xHmiT
21.- l ·'c(leral
R e.~rtT C
a11
nf' .~
not e account DPc. 31. 1911.
Balance
forward.
Description.
Debit.
Balance.
Credit.
RE SOURCES.
Federal Resen·e notes on hand .. .... . . _. _........ .
:~:m:~:~
Federal Reserve notes outstanding .. ............. . !1: ~M:~:~
Fedeml Reserve notes sent to Comptroller of Cur·
rency for destruction ........................... . 12, 258, 050. 00 S10, 000. 00 . . . . . . . . . . . . 12, 268, 050. 00
Hills to secure Federal Reserve notes .. ........... . 23, 131, 747. 18 379,200. 25 630, 400. 89 22, 880,546.54
Funds held against Federal Reserre notes:
Gold coin and certificates on hand .......... . .. H, 080, 000.00
14,080,000.00
:::::::::::: ··io;ooo:oo·
g~:~t ~:1~: :~t~~ed~~~\"R~~~~:~~ai-d'.'::
2, 482, 675. 00
8, 474, 000. 00
2, 4 2, 675. 00
8, 474, 000. 00
TotaL ...... . ........ .. ..................... . ... .. ..... ....... . .... . ... . . . .... .... . 116, 417, 221. 54
LIABILITIES.
l<'rderal Rc er"e notes received from Comptroller
of Currency, gross amount ............ . .. .. .. . . . 6 , 500, 000. 00
Collateral pledged against outstanding Federal
Resen•e notes:
6 '500, 000. 00
6
~~fd ~: -_::::::::::::::::::::::::::::::::::::
Total.. .... ....... _... ___ _.. _.. . ... ... __ _...... ...... _..... ..... ..... . ... . ... ..... 116,417,221.54
22.-Arnounts ot Fedet·at Reset-ve notes ot the severat denominations
rcccir ect ft·om ot7te1' F ecleml Reserve Banlcs jot· reclemption or credit and
returned to other Federal R eserve Banl~s tot· t·ed emption or credit by the
f'c(/Prat Rese1-ve Ba~1k ot Dallas duri-n g the pe1·iod Jan.1, 1911, to Drc. 31, 1fl11.
ExHIBIT
----- -,-----Fives.
:Federal Reserve Rank or-
Tens.
Received Rrtumed Received Returned Received Returned
from.
to.
from.
to.
from.
to.
Boston. ........ .... ................ ..
l'\ew York...... .. ............. ... ....
Philadelphia.. ..... ..... .. .. .........
C!O\' CIIilld .. . .. .. .. • .. .. .. • • .. .. .. .. ..
Richmond ... ........ ...... . ... . .....
Atlanta .... ............ .. .... .. ... ...
Twenties.
- - - - - -·- - , - - -
S12, 270
217,805
11,500
6, 420
6, 000
233,500
225, ooo
506, 500
13,170
97, 700
- - :- - - -1-- --1- -- - 1- - ~. 115
113,160
49,410
25, 630
58,080
103,000
29, 955
64,670
14,970
242, 2/iO
$82,100
389, 210
33,500
15, 930
13,430
319,500
379, 000
649, 000
23, !!40
152,950
$274, 960
219,990
247,890
14, 270
15, 910
224,830
39, 680
156,040
22,770
256,670
MO, 180
355,500
47,000
12, 760
13, 420
215, 000
200, 000
464, 000
21,540
!i7, 600
S1, 12(}
195,920
14,900
252, 540
14,940
166,900
51, 700
146, 31i0
26,080
239,900
2, 136,570
1, 495, 150
1, 617,640
1, 159, 800
C'hieago _.. . .. .. .. .. .. .. .. . .. . .. .. . .. .
St. Louis.. ....... . ............... ....
Minneapolis.... . ... .. .. . .. . . ...... .. .
Klillsas C'lty .... . .. .. .. . .. .. .. . .. .. .. .
Dallas .... ............ ..... -- -........ .. ...... ........ .. ...... .. ... ......... ... ....... ....... · .. .. ... ..
San Francisco.. ...... .. ...... .. ......
38,805
16,260
78,710
22,140
100,6-10
49,460
Total....... .. ... .. . . . . .. .. . .... 1, 368, 670
723,500
Fifties.
Federal Reserve .Bank of-
Boslon.. ...... ... .. ... .. ...... ... .. ..
I
15,050
31,500
4, 800
1700
15,250
50
$1,800
20,400
4, 200
100
Atlanta.. ....... ...... .. . .. . ...... .. .
70,400
12; 900
122,100
7,400
323,200
~:;,~:~ndct'.' ::: :::: :: : : : ::: :: : : : : : : : : :
~r_;~~i5::: : :: : : :::::::: : : : ::::: ::: ::
1,~
9
l ;~
~·~ .... ... ... .
g; ~
Minneapolis.............. . ... .... .. ..
50
1,250
Kansas C'ity... .. ........... ......... .
1,400
14,200 '""i;3ixi'
Dallas .. .... . ....... .. .... .... .... .... .. .. ........... ...... . ····- · ·· ···
an Francisco.. ... ......... ......... .
5, 350
8, 300
3,100
Total........ ... • .. .. .. . . . .. . .. •
Total.
Received Returned Received Returned Received Returned
from.
from.
to.
lo.
from.
to.
Philadelphia .. .... .. . ... . . .. . . ... . . ..
New York.... ..... ..... .. . .. .........
I
Hundreds.
~800
22,500
200
1,100
1, 000
1~. 200
2,600
1, 100
1,200
1,800
$1-11 , 400
I, 014, 415
101,000
36,410
33,500
960,500
921,000
1, 961 , 500
58,000
310,950
S283, 695
566,920
312,450
295,390
91,980
525,830
129,335
373,720
66,250
754,820
.. . ..........
·· ·· 10,400
··· ··· · ........
226,605
106,560
I------ 1 ------I--~-- 1------I------:------
158,800
67,500
483,600
61,000
5, 765, 280 13, 506, 950
39
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
ExHmiT 23.-Cost of new Federal Reserve notes printecl dw·ing vear
Cost of printing Federal Reserve notes during January, 1917 (details not available)-------------------------------------------------------------Cost of printing Federal Reserve uoles during February, 1917: Fives, 85,000
sheets, 'nlue $1,700,001); tens, 93,000 sbeets, value $3,i:!O,OOO ___________ _
Cost of printing Federal Reserv notes during March, 1917 : Fives, 61,000
sheets, value $1,220,000; tens,~. 71 ,000 sheets, value $2.1l40,000; twenties,
44,000 sheets value $3,520,0v0; fifties, 9,000 sheets, value $1,800,000;
hundreds, 8,000 sheets, value $3,:.!00,000---------- --------------------Cost of printing l!'edernl Reserve note during April, 1917 : 84,01)0 sheets,
value :j;3i700,000 (further details unavailable) ------------------------ -Cost of pr nting Federal Reserve notes during March, 1017 (details unavailable)-------------------------------------------------------------Cost of printing Fedeml Reserve notes during period June 1 to 1 , 1917,
Inclusive: Fives, 42,000 sheets, value $840,000; tens, 20,000 sheets, value
$800,000----------------------------------------------------------Cost of printing Federal Reserve notes dming period June 19 to 30, 1917, Inclusive: Fives, 54,000 sheets, value $1,080,000; tens, 23,000 sheets, value
$9,200,000------- --------------------------------------------------Cost of printing Federal Reserve notes during July, Au:;_ust, and September,
1917 : Fives, 2,000 sheets, vnJue $40,000; twenties, 22,000 sheets, value
$1,760,000----------------------------------------------------------
191'1.
$652.99
6,117.50
6,633.02
2,886.91
3,093.12
2,130.82
2,646.33
877.44
During the year we paid a total of $2,746.79 fostage on transporting our new and
unissued l!'ederal Reserve not<'s bPtween places o custody. This nece sitated payment
ot Insurance covering these shipments as follows :
Washington to Dallas, $20,860,000----------------------------------- - -- $2, 503. 20
Washington to St. Louis Subtreasury, tor our account, $11,480,000__________ 1, 148. 00
St Louis ubtrcasury to Dallas, $4,800,000______________ ___ ______________
696. 00
Total----------------------------------------------------- -----
4,347.20
sho-wing total item.~ handled through the
clem·ing house to1· .12 months ending Dec. 81, 1917.
Exnlll T 24.-Stntement
Items handled.
With
service
charges.
Without
service
charges.
di.~trict
Amount handled.
With
service
charges.
Without
service
charges.
1917.
January. . ........................................
February. ................. .. ....................
March ................... ---·----- .. -------- .. ----
286,9'l8
246,108
288,075
25,427
23,113
27,870
132,747,2 9.20
29,716,051.78
34,055,645.75
$26,4.23,472.78
24,853,171.80
28,992,748.18
June ... .. ..... -------- --------------------- -----July __ ... _____ ...................................
248,329
2-1,701
24,513
34,9 ,54 .71
33,209,055.53
36,823,Ul0.04
30,450,449.85
~~~·-·::::::::::::::::: ::: :::: :::::: ::::: :::: ::::
~~:~
234,065
~u~ ~::~~u~:~ ~::~g:~J~
~i~1~~~:::::::::::::::::::::::::::::::::::::::
m:~~ 35,030
~~:~~ 60,007,754.56
~;g~~:~~:~ n:m:~!:~
November. . .. .. .. .. .. .. .. .. .. .. . .. .. .. .. . .. .. .. .
326,276
66,319,565.08
December........................... -·----.......
363,095
37,114
65,242,748:78
60,904,236.82
TotaL ......................... -.. -- .... -- - ~ -~3~,3-:-5-:-2-,6-::70:-~;---:3-54-,-550-:-i,r-50-1,-53-0-,-19_4._7_8-1-488-,-67-2-,1-09
- .-11
Disbursement, district cl arlng bouse _______________________________ _ $51,262.80
Cost per Item handled with service charges __________________________ _
. 01529
Cost per item, includng those handled without service charges __________ _
. 01379
Cost per $1,000 handled with service charges-------------------------. 10221
Cost per $1,000, Including those handled without service charges ________ _
. 05177
ExHIBIT 23.-F1mds paid out and ,-ecei·L'cd through gold-settlement tund dw·ing
yea1· 1.91'1.
Total payment. received through medium of gold-settlement fund
during 1917-------------------------------------------- ____
Total payments made through medium f gold-s ttlemem fund
during 1917 ------------------------------------------------
~647,
424, 000
637,849,800
40
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
To verify above 'figures:
Gold-settlement fund balance Dec. 31, 1916 ___________ ------ 14,946,500
Funds receiYecl during ye::u·, a aboYe _____________________ _ 647,424,000
Total _________________________________________________ _
062.370,500
Funds transfenecl during year, U' above ___________________ _ 61$7,849,800
Gold- ettlement fund balance Dec. 31, 1917---------------
24,520,700
E.:s:HmrT 25A.-Statement slwwing by months the gold settlement fund settlements and resultant balances, both debit and credit, to1· yeat· 191"1.
Funds wired Funds wired
by us.
to us.
Month.
January.........................................
$37,522,000
$32,097,000
~~~~~~~~: :::::::::::::::::::::::::::::::::::: ~9:~~;l:
?.\l:~~::::: ::::::::::::::::::::::::::::::::::::::: ~g:5~~:888
June....... . ....................................
July.............................................
August..........................................
September......................................
October....................................... ..
November.. .....................................
December..... ..... ... .... ......................
32,945,000
33,297,000
40,881,000
43,291,000
75,006,000
72,142,000
74,218,000
~~;~~;~
~~:~~~:888
47,349,000
34,855,000
47,443,000
50,120,000
97,245,000
88,160,000
75,010,000
Debit
balances.
Credit
balances.
$5,425,000
... -~·-~~~~~- -..si; i65;ooo
::::::::::::::
..............
..............
..............
. .. .... .... . . .
............. .
..............
..............
H~~:ggg
14,40-1,000
1,558,000
6,562,000
6,829,000
22,239,000
16,018,000
792,000
l---------1----------:---------~--------
Total for year............................. 536,224,000
Net for year ............................................ .
607, 344,000
71,120,000
1
9,017,000
1..............
80,137,000
71,120,000
ExRmiT 26..--Statcment showing anw1mt of cmTcncy and coin ship1)ed to member IJanTcs by months, d1tri-ng 1917, detailed as to natm·e ancl denomination.
PAPER MONEY.
Ones and
twos.
Month.
Fives.
Tens.
October...........................
November .. .... ................ ..
December . . ......................
$61,200
114,800
118,903
158,500
136,800
195, 72
123,500
517,200
425,000
320,350
282,550
313,352
$109,500
145,250
322,250
260,500
27 '160
343,200
2.'i7,500
1,375,800
2,386,000
1,586,100
951,165
320,250
$551,000
681,000
1,077,500
711,000
517,580
523,500
591,100
2, 323,000
3,919,500
3,424,500
3, 162,750
1,032,500
$464,000
445,000
702,500
584,500
588,600
411,000
496,000
3,669,000
3, 712,000
3,560,000
3,844,000
1,018,160
$179,000
431,350
1,828,000
609,000
95,000
1,000
81,500
422,000
91,000
453,900
535,500
274,000
Total ....................... ~
2, 768,027
8,335,675
18,514,930
19,494,760
5, 084, 2.'i0
~~~~~::: ::::::::::::::::::::::I
~~:::::::::::::::::::::::::::::
June ..............................
July ..............................
te~,!i,-ei-·.::: ::::::::::::::::::::
Twenties.
Other.
SILVER AND SUBSIDIARY COIN.
Month.
Ones.
50, 25, and
10 cent
pieces.
~~~~Y.-:::::::::::::::::::::::::::::::::::::::::::: ~8:a
!~:~~
17:i,og
32,700
15,300
54,950
142,000
103, 750
62,800
37,500
497, 550
?.\l:~~:::::: :::::::::::::::::::::::::::::::::::::::::::
June................... ..... ...................... ...
July....................................... .. .. .......
August...............................................
September........ .. .................................
October..............................................
November.................................... . .......
December......... . ..................................
Total ........................................ . . .
Nickels
and
pennies.
31,490
23,100
156,200
206,680
279,725
33,200
99;875
1441
1,240
1,500
1, 335
I, 180
1,570
575
23,420
37,200
28,505
5, 220
18,765
$1,376,001
1,841,475
4,073, 978
2,356,135
1,645, 770
1,626,331
1,588,575
,MJ,570
10,919,380
9, 756,830
8,877,185
3, 114,402
901,490
120,951
55,717,632
i5:~
1-----'--1-----
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
41
liJ:chibit 27.-0perations of Libm·ty loan depa1·tment.
FffiST LIBERTY LOAN.
Total amount of bonds subscribed for ___________________________ $48, 962, 000
Total amount of bonds subscribed for by nonmember banks______ $9,190,200
Banks and individual subscriptions through member hanks______ $39, 771, 800
Total number of subscribers____________________________________
93, 707
Total number of individual subscribers-------------------------92, 475
Total number of subscrip,Lions by corporations___________________
410
Total number of subscriptions by member banks_________________
434
Total number of sub. criptions by nonmember banks______________
388
SECOND LIBERTY LOAN.
Total amount of bonds subscribed for_ _________________________ _ $77,899,850
Total amount of bond ubscribed for by nonmember bani• _____ _ $20,878,900
Banks and individual ·nbscriptions through membet· banks______ _ $57,020,950
Total number of subscribers___________________________________ _
250,206
Total number of subscriptions through member banks ___________ _
153.266
Total number of sub. cription. through nonmember banks ________ _
96,940
T1·easury certificates of indebtedness.
Issue of-
Group, or allotment to subscriber.
o\pr. 25 ................ .
~ J!· · · · · · · · · · · · · · · · · · ·
May 10 ................ .
m:~ :~ 1:~~::::::::::::::::::::::::::::::::::::::::
$100,000 and less.....••..•..•........•..•....••..•.....
~:~:~~~=~:::::::::::::::::::::::::::::::::::::::
Number
of subscribers.
Total
amounts al·
lotted to
each group.
9
3
2
$1,280,000
860,000
635,000
1, 775,000
950,000
1,500,000
133
33
12
5
1
1,470,000
1,500,000
1,095,000
960,000
500,000
155
15
9
2
1, 095,000
483,000
541,000
281,000
99
18
7
7,000,000
5,525,000
May 25.. .• . . • . . • . . • • . . .
:_,~;~ :~~ 1:~::
::::::::::::::::::::::::::::::::::::::
$100,000 and less ..................................... ..
$250,000 and less...................................... .
2,400,000
JuneS ................ .. $25,000 and less...................................... ..
100,000 and less...................................... ..
$100,000 and less..................................... ..
:i~o:x'~~~~ef!ss::::.~:::::::::::::::::::::::::::: ::::
80
15
9
3
1
Aug. 9................ .. $25,000 and less ...................................... ..
$50,000 and less ....................................... .
$100,000 and less..................................... ..
$250,000 and less ...................................... .
$500,000 and less..................................... ..
84
19
8
7
3
t;g;~ :~~ \:~:::::::::::::::::::::::::::::::::::::::::
50
14
6
791,000
690,000
815,000
492,000
512,000
3,300,000
965,000
835,000
690,000
1,190,000
1,020,000
4, 700,000
Aug. 28.................
$100,000 and less...................................... .
$250,000 and less..................................... ..
4
~·~
552:000
689,000
2,430,000
42
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
Treasury certificates of indebtedness-Continued.
Number
or subscrlbers.
Issue of-
Group, or allotment to subscriber.
Sept.I7 ·----- -- ·-------
m:~:~~ ~~::::::::::::::::::::::::::::::::::::::::
58
Sept. 26 .. . - -··········· $25,000 aud less .. ..... . .......•. . ...•...•.•..........•.
174
58
19
8
6
m&:~E~/~1:::::::::::::::::::::::::::::~:::::::::
Total
amounts allotted to
each group.
14
4
1
1
$759,000
625,000
365,000
200,000
418,000
2,367,000
~i~iE~:::::::::::::::: :::::::::::::::::::::::
$500,000 aud less ..•••.•••.••....•....... _... _.•... . ....
2,289,000
2,486,000
I, 735,000
1, 700,000
2,385,000
10,595,000
Oct 18 ..• .. .•. - ·-·----- $25,000 and less .•.•... . .... ------ •. . ••.••.•.......•.•••
$50,000 aud less .......•... ---- - --- ..•••.••• --- ....•.•••
$100,000 and Jess ...•..••.......••.•... . .••..••.•.•... . .
$250,000 and less ••..••..•.•. .. •.•.•... ----·· •.•••...•• 6
~o6o~~~d l':s5:::::::::::: : ::::::::::::::::::::::::
196
65
27
10
3
2
2, 738,000
2,930,000
i·~·~
1, wo:ooo
1,065,000
12,038,000
Oct. 24 .. . .•..••••••.•.•
m:~ :~~ l~::::: :::::::::::::::::::::::::::::::::::
142
~o6o~~~def;ss:::::::::::::::::::::::::::::::::::::
1
1
$100,000 and less ...••..•. -·-·- -- -·--·· .. . ••.••.... ----.
$250,000 and less •..•.. - --- .. --- - · . . .•.•.•••.•.•..... ---
38
15
4
2,047,000
1, 670,000
1,380,000
675,000
445,000
1,000,000
7,217,000
Nov. 30.•••.••••••.•...•
m:~:~~~~:::::::::::::::::::::::::::::::: : :::::::
~
1,~:~
~~~oJ~U=~~::::::::::::::::::::::::::::::::::::: - - - -1-g k?ll:~
--1
I, 726
5, 388,500
62,960 500
UNITED STATES ClllRTIFICATES OF INDEBTEDNESS.
Purrhascs.
Maturity.
June 29, 1917 .........
June30, 1917 .........
July 17, 1917 ..... ....
July 30, 1917 .........
Nov. 15, 1917 .........
Nov. 22, 1917 ..•.•....
Nov.30, 1917 . . .. ....
Dec. 15, 1917 .........
Do ... .... .. . ....
June 25, 1918 ..•......
Total.. ........
Rate.
Per cent.
2
3
3
3~
3i
4
n
4
4
-·-······-
From
Treasury
Departmont.
$2,000,000
900,000
65,000
14,000
595.000
667,000
11, 000
428,000
1,585, 000
215, 000
Disposition.
From
banks.
Total.
.. ..... .....
$2.000,000
900.000
80,000
277,000
878,000
1, 512,000
151.000
548,000
3, 705,000
215.000
·...sis:ooo·
263,000
283.000
845,000
140.000
120.000
2,120, 000
........... .
6,480,000 1 3, 786,000
10,266, 000
Sold to
banks.
lleld to
maturity.
$2,000,000
···iooo:ooo·
65,000 ·.... is:ooo·
Total.
14,000
207.000
667,000
10,000
170,000
1,660, 000
215, 000
·-----------
$2,000,000
900,000
80.000
277,000
878,000
1,512, 000
151, 000
548,000
3, 705,000
215, 000
3,908,000
6,358,000
10,266, 000
263,000
671,000
845.000
141, 000
37 .000
2,045. 000
ANNUAL REPORT OF FEDERAL RESERVE BANK OF DALLAS.
43
ExHmiT 28.-Statement of e:r:pendit11res d1tring year.
First loan.
Salaries........................................... . ............
Traveling............................................. . . . ......
Telephone nnd telegraph.......................................
$15,994.30
416.35
199.25
Second loan.
519, 720.36
2,595.43
6, 180.54
Total.
$35,714.66
3,011.78
6, 379.79
~i~~~~~~~t{:_:_~~~~ ~ ~ ~ ~~ ~ ~ ~~~~~ ~ ~ ~ ~ ~~~~~ ~ ~ ~ ~ ~ ~ ~ 1::tij~a ~~~ ~~~ ~~~m~~
Total...................................... . ... .. . . . . . . . .
1--------~---------1---------
32, 162.07
59,580.15
91,742 .22
Reimbursements by Treasury Department: First loan, $22,369.95; second loan,
$5,426.71; total, $27,792.66.
On December 31, 1917, there were employed 67 clerks in the war loan department, excluding the two officers in charge.
0
@FedFRASER