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TheFederal
Reserve
Bank
OfPhiladelphia

Table
of Contents
ý.

,

2
President's Letter

3

ýI3
ýýis

A Message From Our First Vice President
Nineteen Ninety-Three: A Watershed Year For Banking
Board of Directors
Officers
Advisory Councils
Statement of Condition
Earnings and Expenses
Operating Statistics

ý ý-

7
16
18
20
22
23

24

J

President's
Letter

The

national and District economies showed marked improvement in 1993. The year began
with lingering concerns about the strength of the recovery and ended with a well-entrenched

expansion. Nearly 2 million jobs were created and the rate of inflation remained low. Although
the District economy lagged behind improvements nationally, the region clearly ended the year on a
positive trend.
Monetary

policy played a key role in helping to stimulate a durable expansion. Interest rates reached
20- and 30-year lows. As 1994 begins,
the emphasis of monetary policy is on fostering sustainable
economic and job growth against a background of low inflation. Although a very accommodative
monetary stance was appropriate to get the economy moving, a more neutral stance is essential to
sustain growth. Lightening up on the monetary accelerator in a timely fashion is better than
slamming on the brakes later.
Banking in

the District and the nation also improved notably in 1993. Bankers focused on cutting
costs,broadening revenue
sources,and reducing problem assets. With favorable interest rate spreads
The ongoing
and an expanding economy, balance
sheets and earnings strengthened considerably.
challenge for banking is to
industry of
establish a profitable place in the fast-pacedfinancial services
the future. An accompanying
banking.
article in this report focusesmore closely on
Here

at the Federal Reserve Bank of Philadelphia, new technologies,changing regulations,and a
dynamic
competitive environment are affecting every aspect of our operations. Our emphasis is on
Our
ever-higher levels of
quality and productivity with a strong service and people orientation.
investments in
people and new technologies are yielding positive results and positioning us well
for the future.

£&'

h.
EdwardG. Boehnc
President

A Message
FromOurFirstVicePresident

sa provider of payment services,we face the same challenges every bank facestoday.
"technology and the regulatory
environment are changing. Our customersare demanding better

A

service. And competition is driving us to respond more efficiently.
In 1993 we began
major efforts to prepare ourselvesand our customersfor significant changesin the
check-handling and funds-transfer businesses.
In the check
area, we began installing a new processing system that will allow us to use electronics
more and handle paper less. We also began preparing for the introduction

in 1994 of new check

presentment rules known as "same-day settlement. "

To better

position itself for same-daysettlement, the Federal Reservehas introduced an attractive

package of new check products. Meanwhile, we have helped many smaller institutions around the
District
prepare to receive more presentments directly from private-sector institutions.
In the
areaof electronic funds, the Fed moved closer to fully implementing new rules regarding
daylight
overdrafts. These rules will limit the risks to the payment system associatedwith large
unfunded money transfers. We have
District financial institutions
made every effort to help Third
adjust to the new
rules. In October, we gave them the capability to better track their reserveaccount
activity. They can
now check their account balanceswith us at any time via computer.
The

payment system is changing. The regulations are tougher. The competition is keener. The
but we are
need for service is
is
stronger. We recognize that no organization's success assured,
prepared to meet
the challenge.

ýý

ýýý.
William H. Stone, Jr.
First Vice President

forBanking
Nineteen
Year
Ninety-Three:
AWatershed

The

decade of the 1990sbegan with the nation's
hanks weathering a torrent of economic and
financial pressures. Now they are seeing some

light on the horizon. The immediate problems have
passed. Banks have taken advantage of an improving
economy,favorable interest rates, and aggressive
cost-cutting to strengthen themselves. But they still
must face the challenge of surviving in a rapidly
changing financial services industry.
For a number
of years, one problem after another
cascadedover banking. The competitive pressuresof
the 1980shad pushed too many banks into unwise
excessesand, ultimately, failure. By 1990, a crisis
atmosphere had developed, putting banks and their
regulatorson the defensive. The turmoil in banking
rippled out into the
economy, deepening the
recessionand slowing the
processof recovery.
Meanwhile, Congress,
concerned about the loss of public
confidence and taxpayer dollars due the thrift crisis,
to
enacted the sweeping FDIC Improvement Act (FDICIA)
of 1991. The Act,
which contains some 123 provisions,
raisedbankers'
concerns about soaring compliance costs
and burdensome
new red tape.

FirstFidelity
Bank
i'hiladennsyivano

Bank
FirstFidelity
Pemisylvonia
Phladelphia,

With loan portfolios shrinking,
revenues declining, and the
regulatory burden mounting,
some questioned whether the
banking industry could survive.
But bankers went to work,
making the necessary
adjustments, and their efforts
paid off.
l lac scar 1993 brml-hr Llcar
signs that banks have begun to
turn things around. Both the
number and size of failing banks
continued to decrease. The

bank insurance fund is no longer losing Harney closing
institutions and is beginning to rebuild its reýuurces.
Banks' financial statements are much improved.
Fueled by favorable interest rate spreadsand aggressive
cost-cutting, bank earnings rose to record highs. Bank
capital is at its highest levels since the 1960s. Loan
quality at most banks has improved dramatically. With
the national economy picking up speed. loan demand is
beginning to recover.
Meanwhile, a sensible implementation process for
FDICIA has kept it from stifling the industry- as much
as some bankers had feared. In addition. the more
prudent banking climate fostered by FDICIA will
benefit banking over the long haul. In the end,

I

Bethlehem
Office
of MOO
Bankof theCommonw
Allentown,
PennsylvoAk

I

I

Railroad
Branch
Farmers
TrustBank
Lebanon,
Pennsylvania

ýI

TheBrynMawr TrustCompany
BrynMawr,Pennsylvania

prompt corrective action, more frequent
examinations, and risk-based deposit
insurancepremiums will discourageexcessive
risk-taking and reduce the number of bank
failures.

In short, banking has reached a watershed, a
turning point. It has overcome its immediate
difficulties that threatened. But as they look
to the future, bankers recognize that their
work of restoring the industry to long-run
prosperity has just begun.
Although banks
experienced record profits
in 1993,
they also experienced some of the
sharpestlossesof market share in the
industry-'shistory. Mutual funds,
mortgage
companies,and finance companies are
growing substantially faster
than the banks.
Recognizing
this, banks are finding new ways
to reclaim their
business. They
and exploring

share of the financial services
are aggressively cutting costs

new revenue opportunities.

Lending has
long been
its growth

the core business of

banks, but

potential is limited. As the economy picks

up momentum, loan demand
banks arc
«-ill grow. But
bank
getting a smaller
share of the business. Longtime
customershave been
turning to capital markets and
finance
companies for credit. Even consumer loans are
being
replaced by home
equity lines of credit-many
through
nonbank lenders.

Bank
of Philadelphia
Reserve
TheFederal
Pennsylvania
Philadelphia,

I

Recognizing the need for reliable flows of fee income,
banks have become creative in developing a wider array
of financial services. They have strengthened their
existing service lines: credit cards, data processing.
correspondent services, services to low and moderate
income customers, and letters of credit. And they have
also introduced new ones: annuities and mutual funds
for consumers,and derivatives for risk-management.
As a result, noninterest income has already become
major component of rc%Cn[I Ii
r[lnIc

I

rlll,

I)j,

Hank,. incluýliný

7rll

is
!e revolution in information-transfer technology
Bank,N.A.
Commerce
CherryHilt NewJersey

changing the ways financial firms provide services.
Delivering products to bank customers via telephone
and computer. exchanging information across V-11,1
networks, accessingand processing massive amounts o
information quickly-these

are the grounds on Whi"11

banks «"ill compete. Competition
and the high fixed
costs of developing these infomation networks will
drive the banking industry toward
,rcarcr
\onetheless, there
will always be a role for coil"""'t(ý
oriented banks to serve the needs of towns and diver'`
neighborhoods. These banks will need to keel) their
fcxus on the basics: providing
customer service. "111"
fostering strong
and healthy commllnir\ relations

`ý
(040m91
ý Ne
arm

I

i

Banks

are making a heroic effort to adapt to
a new financial
environment. But the
industncannot make all the necessanchangesunless
government changes too.
To compete
effectively-locally; nationally,
and internationally-banks
need more
freedom
to operate. They need the
freedom
that other financial service
Providershave
to offer a wide array of
Products
on a nationwide basis. And they
need some
relief from what has become a
disproportionately
burdensome regulatorv
structure.
Changing
banks' legal
and regulator
environment
Will not be ease. It will
require
careful judgment
on the narr of
1a«
--makers
and regulators. With technological change
and market
competition driving banks to be more like
other financial
firms,
policymakers must refine their
concept
of What makes banks
unique. And they must
begin
to focus
on the issue of which activities, rather
than Which
institutions,
require regulation.

"he banking
doWnturnis
over. Now the focusmust
beon
the long-term
challengesahead. With continued
hard
Workand
prudent management-and under
proper
regulation-banks
in the Third District and
across
the nation
can build on their recent successes
andassulrP
L_
-- 11emselves
vCJ
a leading role in a dynamic
f nanciaý
environment.

Bank
FirstPennsylvania
CoreStates
Office
Independence

Pennsylvania
Philadelphia,

1

Board
of Directors

Board of Directors and
n 1993,Jane G. Pepper was appointed chairperson of the
James M. Mead was appointed a Class C director and deputy chairman. Carl L. Campbell

I

Samuel A. McCullough. J. Richard Jones was
was elected a Class A director, replacing
Mead, and David W. Huggins was
elected a Class B director, replacing James M.
reelected a Class B director.

Chairperson
Jane G. Pepper
President
The Pennsylvania I lorticultural SociCt\
Philadelphia, PA
Deputy
Chairman
Janes M. Me-ad
President and Chief I"xcciltl\'c Officer
Capital Blue Cross
Harrisburg, PA

Carl L. Campbell
1're. ident and Chief Executive O icer
keystone Financial, Inc.
I Iarrishur,. P:\
Donald J. Kennedy
Business Manager
International Brotherhood

of

ElectricalWorkerslocal Union : '69
Trenton. \J

H. "ernard
hrý1jde1jt l. N-nch
and (: Iticf I:
xecutivc Otliccr
ýl'irst. I)ltinnal
'
\\ý.
Ih

Dank
ýminý,
Gan_
l; Simn1ennýtn
"
esitcdºdc
nt andChief Executi\-e
t

Officer
Chern.
ankJSnrth.
N.
A.
Hill`\-J

jam

Chairman11,
l ,ircýºdcnt
Chief

h'ýcýutiýc
and
(, o
Officer
nsolid.

I'hiladelh ý k; il (:

c)rp.l(: O\RAI1. º

1.Richard Jones
officer
.
(Thief Executive
I'ic, idcnt and
Jackson-(;rosy(umpany
I'hiladelphia. 1 \

1)avid \\'. Hu#;#;ins

Exccutiýe officer
President and (thief
lnc.
R\IS'ICchnologics,
Marlton.

NJ

I

Officers

n 1993,John B. Shaffer became vice president and general auditor in the Audit Department. replacing

I

Donald J. \IcAnenv, who retired.

In the Check Operations Department, Arun Jain was promoted to assistant rice president. Henri- T. Kern, assistant%-iCC
president, took charge of Check ProcessingOperations, and assistant vice president Kevin J. McCabe took charge
of the Check Adjustments Division.
In the Department of Credit, Examination, Supervision and Regulation, the following changeswere made: Michael E.
Collins, vice president, assumed responsibility for Financial Institutions Surveillance and Support Services and for the
Automation function. Louis N. Sanfclice, vice president, assumed responsibility for International Examinations, and
Stephen M. Hoffman accepted the position of assistant director at the Board of Governors.
In the Legal Department, Jeanette Paladino was promoted to assistant counsel.

Edward G. Boehne
President

Michael E. Collins
Vice President

William H. Stone, Jr.
E:firstVice President

Robert A. Dobie
\icc President

Donald F. Doros
Executive Vice President

Patrick L. Donahue
Vice President

Edward J. Coia
Senior Vice President

William Evans, Jr.
Vice President

Thomas K. Desch
Senior Vice President and
Lending Officer

Joanna H. Frociin
,
Vice President and
Check Product Manager

Eileen PAdezio
Assistant Vice President

Peter `I. DiPlacido
Senior \ icc President

Jem- Katz
Vice President

John G. Bell
ResearchO iccr

Richard \V. Lang

Edward M. Mahon
Vice President and
General Counsel

Gerard A. Call-mm
Assistant Vice President
and Planning Officer

Frederick M. Manning

Shirley L. Coker
Assistant (: cninscl

Senior Vice President and
Director of Research
Ronald B. Lankford
Senior Vice President
D. Blake Prichard
Senior Vice President
Robert .I. Bucco
\ice Prc, ident
J. Wau-ren Bowman, .Ir.
Vice President

®

Vice President and CommnuinityAffairs Ofticcr
Stephen A. Meyer
Vice President and
Associate Director of Re, carch
Louis N. Sanfelice
Vice President

John B. Shaffer
Vice President and
General Auditor
MIilissa M. Tadeo
V Ice President

Herbert E. Taylor
Vice President and Secretary

\ish P. \iswunathzui
I)cpurN- Check Product \Ianal-lcr

Theodore \ 1. Crone
Assistant Vice President
and Economist

Dean Cmushore
Research( )nicer and hconoI1 t

John J. Deibel
assistantVicc President

Robe NT
rt
Downes,Jr.
As,
ji tansVice President
JohnV.
Heelan
International
ExaminationsOfficer
Eugene
E. Hendrzak
Assistant
Vice President
JoanM.
Immel
Examination
ReviewOfficer
Arun Jain
Assistant
Vice President

T. Kern
'
Assistant
Vice President
Alan
an L. Ejel
Vice President
Man_
M. Labaree
Assistant
General Auditor
Thomas
P. Lambinus
ant \Vicc President
in J. McCabe
Ass,
Assistant
Vice President
Joseph
I \IeCai,
Administrati\-e
n
Sen ices Officer

Alice J. Menzano
Disaster-Recovery Planning and
Quality- Assurance Officer

Loretta J. Mester
Research Officer and Economist

Edward Morrison
s-,stems Development Officer
Camille MI. Ochman
AssistantVice President
Jeanette Paladino
_AssistantCounsel
Patrick M. Regan
Vice President
.\ssistant
t; d%-.
-,u-d G. Rutizer
:lssistant Vice President
Sherrill Shaffer
Assistant Vice President
and Economist
Itiehm-d A. Sheaffer
Vicc }'residcnt
:\., istant

Ronald R. Sheldon
Assistant Vice President
Marie Tkaczyk
Assistant Vice President
Sharon N. Tomlinson
Assistant Vice President
Thomas L. Tweedale
Assistant Vice President
Annie R. Ward
Operations Officer
Elizabeth S. Webb
Assistant Counsel
Bernard M. Wennemer
Assistant Vice President
Anthony J. White
Officer
Financial Services
Richard A. Valente
Audit Officer

Councils
Advisory

Bank's four advisory councils include representatives from many of the Third District's leading

The

industries. The regular meetings between members of the councils and the Bank's senior officers

pnn ide a venue for the exchange of important information about local business and the economy.
The 1993 members of the advisory councils are listed below.

Small Business/Agriculture
Adyisory Council
aairpuson
Lozelle DeLuz
President
DeLuz \Ianagcnicnt
Wilmington, DE
Cbnnon
Deputy
Raymond L. Blew, Jr.
President
Centerton Nurseries
Bridgeton, NJ
William R. Carnerer, III
Owner
Camerer's Farm
Jersey Shore, PA
G. Wallace Caulk, Sr.
President
Exchange Tract Limited
Woodside, DE
John L. Coates
President
Tri-County Hardware
lBerwick, R-1
Arlene Coggins
Secretar
Coggins Waste Management, Inc.
Ocean Cite, NJ

I

Kernel G. Dawkins
President
Kernrodco Development and
Construction, Inc.
Philadelphia, PA

18

C. William Haines
President
Larchmont Farms
Mount Laurel, NJ

Tamara M. Ciccioli
\Ianager/Measurer
Bridgeton Onized FCt
Bridgeton, NJ

Allan Hawkins
Owner
Hawkins Cleaning Service
Philadelphia, PA

Linda Dolinger
'Measurer/\lanager
Capital Health System Ct'
Harrisburg, PA

William J. Oyler
Owner
Ovler's Farm
Biglerville, PA

Albert F. Farnschlader

John C. Simms, A'MMD
Burnt dill Veterinary Center
Shippensburg. PA
Gregory L. Sutliff
President
Sutliff Chevrolet Company
Harrisburg, P-A

Credit Union
Advisor- Council
Chairman
Anthony LaRosa
President and CEO
Police and Fire FCU
Philadelphia, PA
DeputyChairman
I)avid Baker
President
lark Educational FCt York, PA
Susan Bicking
CEO
Mobil 1167 FC['
Paulsboro, NJ

President and

CE0

Lehigh Valley Postal Employees
FCU
Allentown, PA

Linda Fischer
CEO
Barrington FCV
Barrington,NJ
Andrew L. Jaeger
CEO and Manager
NJDOI' C[
Trenton, NJ

ChristineM. Kacznlýuvzvk
Manager

DEXS'I'A FCU
ilnlin"gton, 1)1
Roger base
President
Dover ECU
Dover, DE
Thomas S"ierzýPresident and CEO
timithhlinc Employees FCl
Philadelphia. PA
John 1). t n. ugst
President

Franklin Mint FCI
Media, PA

Thrift Institution
AdvisotlCouncil
Chairman
Edward J.
Molnar
President :
and CEO
Har1ey-sN-ille
Savings Bank
Harley-sN-ille,
P-\
Cepu Chairman
William
H, Kiick
Prcý'ýIcnt
and CEO
First Federal
Savings Bank
Hanover,
P--\
Gregor.
DiPaolo
ExecutiN
e Vice President
SouthJersey
Savings and
Loan
Association
'lurnersville,
NJ

Ste\, G.
pre,.en H arrisit:
President
Artisans. and CEU
Savings Bank
Wilmington,
DE
John
D. Hollenbach
President
first
Saý-in«
perkasie, ,s Bank
p.\

HerbertHOt

president nsby
CapeSavings
Bank,SLA
C
PC\la. Court
House.NJ
R. Hostler

president
kcliarice and (: 1=.
0
Savings Association
:
na, IA

leil ann
Roberts
.
President
1
irst Tina
1)o\%-ningtn`ý.
n1Savings Bank PASA

Patricia A. Saunders
SecretarMorton Savings and
Loan Association
Morton. PA
Joseph J. Tryon
Presidcnt
I Iatboro Fcdcral Savin,,,s
Hatboro, P:1
Thomas H. Nan Arsdale
President
Franklin First Savings
Wilkes-Barre, PA
Craig W. ) ates
President
Farmers' & Mechanics'
Savings Bank, SL\
Burlington. NJ

CommunityBank
Advisory Council
Chairman
Paul 1 1. Myl-wider
President and CEO
I)clamarc \ationai Bank
(; eor,,ctOvvn. DE
DeputyChairman
Ray L. \\ioIfe
Presidcnt and
I: armcrs Tust (omhany
Carlisle, R\
J. Gerald &vewicz
President and CF()
The First National Bank cif Renwick
Bcnwick. PA

S. Eric Beattie
President and CEO
Nazareth National Bank
Nazareth, PA
Frederick W Bisbee
President and CEO
First National Trust Bank
Sunbury. PA
Betsy Z. Cohen
Chairperson and CEO
The Jefferson Bank
Haverford, PA
Joseph H. Doble
President
\Iullica Hill
Farmers National Bank of
Mullica Hill, NJ
Owen O. Freeman, Jr.
Chairman
Coll, mon«'ealth State Bank
Newtown, PA
John H. O'Neill
President and CEO
Mount Holly State Bank
Mount Holly. NJ
Marelin K. Sites
Executive Vice President
\lercersburg
First National Bank of
Nlerccrsburg, PA
Harold L. Slatcher
President
County Bank
Rehoboth Beach. DE
Harry W Van Sciver
President
Burlington County Bank
Burlington, NJ

Statement
of Condition

1991

1993

ASSETS
Goldcertificate
account:
drawing
Special
rightscertificates:
Other
cash-coin:
Loans
andsecurities:

Discounts and advances
Federal agency-obligations
['. S. government securities

7btalloansand securities
Cash items in processof collection
Bank premises-net
Operating equipment-net
Foreign currencies
Interest/premium on securities

Other
assets:

All other

S399,000,000
303,000,000

lxxl
y3-47.1)lXl.
303A1xl.0l

1-1,909,088

2,3. 2 1.,ý(4
-3

; ()lSSO.lxx'
1(r4.746,28,97933(ý
.
$9535 ýh-'
.

7,675,000
173,784,193

12,582,512,457
S12,765.971,650

69.101
;
45 09.) ýý
'4y'

5444,950,469
47,217,110
20,629,762

857,ti; 5,500
270,021,524

'; 4
166.504--

I 2.90,04X)

1.1,991,019

Interdistrict
settlement
account:

9
'iti. ib
ý

920,991.595
-

,x

"totalassets

S16,059.5ISO 17

1-0
, 14.''(,. n_

Noteliabilities:

Federal reserve notes

51i, 0?i, 9i 1,909

$11i-11,: 10"1`I

Deposits:

I)chositor\ institutions' rescnc.
Forcign

LIABILITIES
AND
CAPITAL
ACCOUNTS

All othcr
iOtnl deposits

Other
liabilities:

$2.260.673,190

Deferred availabilitc
cash items
All Other

7r'itnlliabilities

Capital
accounts:

' In, luddsq(/le
ri]

doe'io Ii'i. c rv

43 US12,54)
113
),614,769

2.20-1.l(xti"Xý

i, ý(ý

ý"

ýý
ýý '_'(1"iýý
1ý
i(kti"(ý'ý,ý
1ti,=.
h_'"O

Sl5,8,3 2,0%2,41
i

Capital
Surplus

iOtal liabilities

2.248,443.648
5.33i. b01)
(,,ti91,942'

113,722,,
S(M)
113,i 22.ti1O
and capital

51 n, lº5ka,; 1S,Il 1;

11i "' 1ý'ýXý
117,

Earnings Expenses
and

1992

1993

Current
earnings:

From V. S. government securities
From discounts. advancesand
miscellaneous sources
From services to depository institutions
Total current earnings

Netexpenses:

Operating expenses
dedumm- rcimhun. ihlc c\lpcmc,
.Mier

Cost of earningscredits
Total net expenses
Current

Additions
tocurrent
netearnings;

ºiet earnings

(Tairaon alc, of o%crnmcnt sccuritics
(rain on foreign currency transactions
\lisccllancous non/operating income

76ta1additions

Deductions
from
netearnings;current

I. Ossun tiorcign currency transactions
Miscellaneous non/operating expenses
I'o. t retirement benefit obligation
:Assessmentby the Board of (; oycrnors:

Boardexpenditures
FederalReservecurrency
Total deductions

Ne1odditionskdrducrions)
Nt't

'i"n'ufiOn
ofearrings:

earnings

ºufon pýýnxnt t., l ý. 'Ircn. unl
.

I )1%
l, icn,i, I,.ud
Paid to V. S. Trca%urý

Rctaincd to equate surplus to capital
del earrings

.I

"'udes
(-O-clOf
urrr:

r; '. "

r.: .

....

$598,122,497
48,571,087
39,574,727
$686,268,311

$77,310,333
23,892,111

; 3(}4,183.274
85.651,898
41.061.467
S630.996,639

1?7
5i0.SOS.
19.217.932

$101,202,444

6.059
ý90.0?

$585,065,867

$540.970.580

$1,372,820
10,195,174

S3.494.576
0
9.953

14,126

$11,582,120
0
1,654,422*
33,089,175
5,218,700
12,787,760
0.57
$52,75o,
($41,167,937)
$543,897.930
$6,873,347
540,61903

(3,595,100)

$3.504.529

4?. 716.399
1,468,1ii*

0
5,135.i00
10.348.66?

$59.869.416
6..

ý
; 4.4, hii\nýa;

S6.8i6.095
46i,ii?. 198
1?.?1i. -100
S4-4

$543,897.930

887 1

1,! 1ý
.

Operating
Statistics

1993

1993

1992

199

Volume

Valu
Dollar

SERVICES
TO
DEPOSITORY
INSTITUTIONS
Volume

Wiretransfers
of funds:
ACH:

5.8 million
transfers
Government

Commercial

Check
processing:

U.S. Government

All others

DollarValue
$15.3 trillion

43.9 million
items

$64.6 billion

120.8 million
items

S47 billion

21.4 million
checks

$23.8 billion

1.2 billion

S1.7 trillion

Currency received
and counted
Coin received
and counted

Loans
to depository
institutions:

943 million
notes
101 thousand
bags

715

$16.9 trilli111

37.3 million

$ä?.2 b1111

ICCIIIS

111.2million

$313.2 hillioýý

items

22.6 million

IlioI
$,27.91)i11io

checks

checks
Cashoperations:

5.3 million
transfers

1.2 billion

ý

$1.4 rrillioýý
i

checks
511.9 billion

I billion

$13.1 hilh0'n

notes
$67.3 million

126 thousand
bags

S830million

$174 mi'hOII
ýI

1?47

$2.7bill'oo

$14.3 trillion'
t

SERVICES
TOU.S.TREASURY
book
Electronic
entrytransfers:
bonds
Savings
issued:
Food
stamps
redeemed:

997.1 thousand
transfers

$13.5 trillion

9,87.9thousand
transfers

2.5 million
bonds

5514.3 million

5.2 million
bonds

145.4 million
Coupons

S751.1 million

162.4million

$91.1W11110

$ti13 n)illion

BANKLIBRARY
FEDERALRESERVE

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Designed
by \(; S Associatcs
PhototýmPby
by H. Mark Weidman
Project
Coordination
by RossanaMancini
Printin:

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102