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EIGHTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF RICHMOND
For the Year Ended December 31, 1922
CALDWELL HARDY
Chairman and Federal Reserve Agent
EIGHTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF RICHMOND
For the Year Ended December 31, 1922
CALDWELL HARDY
Chairman and Federal Reserve Agent
FEDERAL RESERVE BANK
OF RICHMOND
CALDWELL HARDY,
Chairman of Board,
and
Federal Reserve Agent
J. G. FRY,
Asst. Federal Reserve Agent
K. H. LEE,
Asst. Federal Reserve Agent
February 16, 1923.
FEDERAL RESERVE BOARD,
Washington, D. C.
DEAR SIRS:
I have the honor to submit herewith the eighth annual
report of the Federal Reserve Bank of Richmond, covering the
year 1922.
Respectfully,
CALDWELL HARDY,
Chairman and Federal Reserve Agent.
Table of Contents
Part I
PAGE
GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
7
FINANCIAL RESULTS OP OPERATIONS
9
DISCOUNT OPERATIONS
9
BANKERS' ACCEPTANCES
10
TRADE ACCEPTANCES
12
CLEARING OPERATIONS
13
NON-CASH COLLECTIONS
14
GOLD SETTLEMENT FUND
15
NOTE ISSUES
15
CURRENCY AND COIN SERVICE
,
16
BOND COUPONS CUT FOR BANKS
17
RESERVE POSITION
17
MOVEMENT OF MEMBERSHIP
18
BANK RELATIONS DEPARTMENT
18
BANK EXAMINATION DEPARTMENT
19
CAMPAIGN FOR PAR POINTS
20
INTERNAL ORGANIZATION
21
MEMBER FEDERAL ADVISORY COUNCIL
24
BALTIMORE BRANCH
24
FIDUCIARY POWERS
26
BANKS AUTHORIZED TO ACCEPT UP TO 100% OF CAPITAL AND SURPLUS
27
MONTHLY REPORT OF GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
28
FISCAL AGENCY OPERATIONS
29
GOVERNMENT SAVINGS ORGANIZATION
29
WAR FINANCE CORPORATION
29
APPENDIX 1—LIST OF STATE MEMBER BANKS IN FIFTH DISTRICT
31
APPENDIX 2—LIST OF NATIONAL BANKS TN FIFTH DISTRICT AUTHORIZED TO E X ERCISE FIDUCIARY POWERS
33
Part II
CHART—MOVEMENT OF FEDERAL RESERVE NOTES AND EARNING ASSETS DURING
1920, 1921 AND 1922
EXHIBIT—MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS
39
40
Schedules
SCHEDULE 1
42
Comparative Statement of Condition December 31, 1922, and December
31, 1921.
SCHEDULE 2
44
Comparative Statement of Profit and Loss, Dividend and Surplus Accounts for the Years Ending December 31, 1922, and December 31, 1921.
SCHEDULE 3
46
Comparative Analysis of Current Expenses for the Years 1922 and 1921.
SCHEDULE 4
48
Gross Earnings (Classified), Expenses, Net Earnings and Dividends Accrued During the Year 1922 by Months.
SCHEDULE 5
49
Average Daily Holdings of Earning Assets (Classified), Daily Earnings
thereon and Rate of Earning by Months for the Year 1922.
SCHEDULE 6
Comparative Statement of Daily Average Holdings of Earning Assets,
Earnings Thereon and Average Rate per Annum for Years 1922 and
1921.
50
4
EIGHTH ANNUAL REPORT OF THE
PAGE
51
SCHEDULE 7 a-g
Daily Average Amount of Outstanding Accommodation to Member Banks,
Through the Discount and Purchase of Paper, in Each State of the
Fifth District, by Calendar Months During 1922 and 1921.
SCHEDULE 8
58
Loans and Investments During the Year 1922 Compared with 1921, 1920
and 1919 by Months.
SCHEDULE 9
59
Total Amount of Bills Discounted and Bought During 1922 Classified
as to Kind of Paper and Shown by States.
SCHEDULE 10
61
Total Bills Discounted and Bought During Each Month of 1922, Shown
by States.
SCHEDULE 11
62
Number of Member Banks in Each State Accommodated Each Month
Through the Discount or Purchase of Paper During 1922.
SCHEDULE 12
•
63
Total Amount of Bills Discounted and Bought During Each Month of
1922, Classified According to Maturities at the Time of Discount or
Purchase.
SCHEDULE 13
64
Distribution by Maturities of Each Class of Paper Held at Close of
Business December 31, 1922.
SCHEDULE 14
:
65
Changes in Discount Hates During the Year 1922.
SCHEDULE 15
66
Total Reserve Accounts of All Member Banks, Reserves of Discounting
Member Banks and Liability of Discounting Banks for Paper Discounted (Including Acceptances) at Close of Business December 31,
1922, By States, With the Number of Member Banks and the Number
of Discounting Member Banks with Outstanding Balances on December 31, 1922.
SCHEDULE 16
67
Daily Average by Months of Deposits and Federal Reserve Notes in
Circulation, Reserves and Reserve Percentages for the Year 1922.
SCHEDULE 17
68
Daily Average Deposits of Member Banks and U. S. Treasurer By Months
1916 to 1922.
SCHEDULE 18
69
Analysis of Capital Stock Account for the Year 1922.
SCHEDULE 19
70
Inter-District Movement of Federal Reserve Notes—F. R. Notes of
Other F. R. Banks Shipped by Richmond for Credit or Redemption,
And F. R. Notes of Richmond Received from Other F. R. Banks During
the Year 1922.
SCHEDULE 20
71
Federal Reserve Notes Issued, Retired and in Actual Circulation by
Months During the Year 1922.
SCHEDULE 21
72
Denominations of Federal Reserve Notes Issued and Retired During the
Year 1922 and Outstanding at Close of Years 1922 and 1921.
SCHEDULE 22
73
Federal Reserve Agent's Record of Federal Reserve Notes Received,
Issued to Bank and Returned to Comptroller During the Year 1922,
by Denominations.
SCHEDULE 23
74
Federal Reserve Agent's Statement of Federal Reserve Notes From Organization to December 31, 1922.
SCHEDULE 24
Statements of Federal Reserve Bank Notes Received and Redeemed and
Balance in Retirement Account on December 31, 1922.
75
FEDERAL RESERVE BANK OF RICHMOND
PAGE
76
SCHEDULE 25
Clearing Operation—Daily Average Number of Items, Daily Average
Amount and Amount Per Item Handled by Federal Reserve Bank of
Richmond (Baltimore Branch Included) During Each Month of 1922.
SCHEDULE 26
78
Direct Routings—Number and Amount of Cash Letters Sent Direct to
Other Federal Reserve Banks and Branches by Member Banks in the
Fifth District During 1922, By Months.
SCHEDULE 27
79
Non-Cash Collection Items Handled During the Year 1922, By Months.
SCHEDULE 28
>....
80
Gold Settlement Fund Transactions During the Year 1922.
SCHEDULE 29
81
Total Amount Received From and Paid To Each Other Federal Reserve
Bank Through the Gold Settlement Fund on Account of Daily Clearings.
SCHEDULE 30
82
Currency and Coin Received From and Delivered or Shipped To Member and Non-Member Banks in the Fifth District During the Year
1922.
SCHEDULE 31 a-b
,
84
Receipts and Payments of Paper Currency During the Years 1922 and
1921.
SCHEDULE 32...
86
Private Wire Operations—Total Number of Messages Sent and Received Over Private Leased Wires During the Year 1922.
SCHEDULE 33
87
Wire Transfers of Funds Over Private Wires to and from Other Federal Reserve Districts for Account of Member Banks of the Fifth District During 1922, By Months.
SCHEDULE 34
88
Wire Transfers of Funds Over Private Wires To and From Other Federal Reserve Districts for Account of Member Banks of the Fifth District During 1922, By Federal Reserve Districts.
SCHEDULE 35
89
Bond Coupons Cut for Banks by Custodian of Securities During Each
Month of 1922.
SCHEDULE 36
90
Interest Coupons from U. S. Securities Paid by Federal Reserve Bank
of Richmond and Charged to Treasurer of U. S. During the Year 1922,
By Months.
SCHEDULE 37
91
Fiscal Agency Operations During the Year 1922.
SCHEDULE 38
94
Analysis of U. S. Treasurer's General Account for the Year 1922.
SCHEDULE 39
95
Number of Pieces of Registered Mail Handled During 1922, By Months.
SCHEDULE 40
96
Salaries of Officers and Employees of the Federal Reserve Bank of
Richmond.
SCHEDULE 4 1 . . . . :
Sundry Data and Comparisons for the Years 1922, 1921 and 1920.
97
OFFICERS AND DIRECTORS OF
THE FEDERAL RESERVE BANK OF RICHMOND
For Year 1923
Directors
CALDWELL HARDY, 1923, Chairman
EDMUND STRUDWICK, 1924,
of the Board, Richmond, Va.
Richmond, Va.
FREDERIC A. DELANO, 1924, Deputy
Chairman, Washington. D. C.
JOHN F. BRTJTON, 1925, Wilson, N. C.
EDWIN C. GRAHAM, 1925,
D. R. COKER, 1923, Hart'sville, S. C.
L.
E.
JOHNSON,
1923,
Alderson,
Washington, D. C.
ROBERT LASSITER, 1925,
W. Va.
Charlotte.
N. C.
CHAS. E. RIEMAN, 1924, Baltimore,
Md.
Officers
GEORGE J. SEAY, Governor.
CALDWELL HARDY, Federal
CHAS. A. PEPLE, Deputy Governor.
R. H. BROADDUS, Deputy Governor.
Agent and Chairman of the Board.
J. G. FRY, Assistant Federal Reserve
ALBERT S. JOHNSTONE, Assistant to
Governor.
J. S. WALDEN, J R . , Assistant
to
Governor.
Reserve
Agent.
R. H. LEE, Assistant Federal
Reserve Agent.
HUGH LEACH, Auditor.
GEORGE H. KEESEE, Cashier.
E. G. GRADY, Controller of Accounts.
JOHN T. GARRETT, Manager
Bank
Relations Dept.
C. V. BLACKBURN,
THOMAS MARSHALL, J R . ,
W. W. DlLLARD,
EDWARD WALLER, J R . ,
GEORGE S. SLOAN,
Assistant Cashiers.
Counsel
MAXWELL G. WALLACE
Member Federal Advisory Council
JOHN M. MILLER, J R . , 1923,
Richmond, Va.
BALTIMORE BRANCH
Directors (1923)
A. H. DUDLEY,
Baltimore, Md.
WILLIAM INGLE, Baltimore, Md.
WALDO NEWCOMER, Baltimore, Md.
H. B. WILCOX, Baltimore, Md.
CARTER G. OSBURN, Baltimore, Md.
Officers
A. H. DUDLEY, Manager.
CHARLES N. DULEY, Assistant
E. G. GRADY, Assistant Manager.
CHARLES H. WYATT, Cashier.
Federal Reserve Agent.
HENRY SCHUTZ, Auditor.
F. McC. LEEKE,
M. F. REESE,
THOMAS I. HAYES,
C. P. HAMMOND,
Assistant Cashiers.
EIGHTH ANNUAL REPORT
FEDERAL RESERVE BANK OF RICHMOND
GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
During 1922 every branch of industry and business in the Fifth
Federal Reserve District made marked progress. When the year
began, business men were nervous and uncertain as to future developments, and were very cautious in making commitments for the future.
Labor was markedly restless, and serious strikes threatened. The
textile industry was operating only part time, and did not find ready
sales for its output. Agricultural depression was especially notable,
as a result of the very short cotton crop of 1921, poor tobacco yields,
and the almost complete failure of the fruit crop. Bank loans were
excessive and business failures were on the increase. Retail and
wholesale trade naturally showed the effects of decreased purchasing
power in laboring and farming circles. As the year 1922 advanced,
labor conditions grew worse, and finally the coal miners' and railway
shopmen's strikes developed, seriously retarding emergence from the
1921 slump.
By the middle of the year, however, a turn for the better was
clearly discernible. The results of the strikes were not as serious as
many people had feared they would be, and the New England textile
strike resulted in the transfer of a considerable volume qf business
from Northern to Southern mills. Building activity developed
steadily, and by mid-summer had absorbed a large part of the excess
labor supply. Meanwhile advance reports on agricultural yields
for 1922 were encouraging, and the surplus stocks of cotton and
tobacco having been greatly reduced, prices for the farmers' products
began rising. When the harvesting season arrived, satisfactory
prices for good yields improved the financial condition of the agricultural sections, except in the boll weevil infested counties of South
Carolina, and retail and wholesale trade picked up distinctly. The
settlement of the coal and railway strikes helped restore a measure of
confidence. As a consequence of these improvements, together with
some increase in foreign demand for American goods, the last third
of the year 1922 witnessed a distinctly larger volume of business
activity in every line of trade and industry. The year cloted with
textile mills operating full time and sold out several months ahead,
with farmers receiving profitable prices for cotton and tobacco, with
the lumber industry and other building supply dealers very busy,
8
EIGHTH ANNUAL REPORT OF THE
with bank loans decreased under last year and deposits much larger,
with business failures growing fewer, with new construction work
breaking previous records, and finally with no unemployment of
importance anywhere in the District.
VOLUME OF RESERVE BANK BUSINESS
There is a very wide-spread impression that because the total
volume of rediscounts for member banks made by Federal Reserve
Banks decreased during the past year, and the earnings were very
much less, and because the volume of Federal Reserve Notes outstanding was materially smaller, there was a corresponding decrease
in the total volume of business done, or work performed by Federal
Reserve Banks, and that this should be reflected in a large decrease in
expense of operation. A decrease in the volume of paper discounted
will naturally be followed by a decrease in earnings, because rediscounts are the principal source of earnings; but there are other
departments which render invaluable services to the banks and,
through them, to the public, from which no revenue is derived, but
which, on the contrary, involve very heavy expense in their operation.
Therefore, while a smaller volume of discounts will result in decreased
earnings, a decrease in expenses (except such as may result from
improved methods of operation and increased efficiency) can only be
effected by a decrease in the aggregate volume of business done, or
services rendered. The physical volume of business handled by the
Federal Reserve Bank of Richmond has increased and the scope of
services enlarged, and not withstanding there has been a material
reduction in expenses.
A study of the following report will disclose the fact that operations
in those departments which require the greatest number of employees,
and which handle the greatest physical volume of business, such as
the Transit Department, the Currency Department, the Coin Department, the Non-Cash Collection Department, and others, increased
greatly in volume during 1922 over any previous year. It will be
found also that in the Discount Department the volume of transactions
handled, and work relating to credits, did not decrease in anything
like the same proportion as the volume in dollars. As an illustration:
While the average amount of paper under discount (including open
market purchases) was $59,930,792 in 1922, as compared with
$116,779,673 in 1921, the number of notes discounted in 1922 was
only 39^)0 less than in 1921, and the number of banks accommodated
was practically the same. The number of checks handled by the
Transit Department in 1922 was, however, 3,623,000 greater than in
1921.
FEDERAL RESERVE BANK OF RICHMOND
9
In the Fiscal Agency Department it will be noticed that the
number of items or pieces handled in 1922 was very much smaller
than in 1921. On the other hand, the nature of the work handled by
that department has become increasingly complicated and difficult,
and greater space and facilities are required and are being provided.
FINANCIAL RESULTS OF OPERATIONS
The gross earnings of the Federal Reserve Bank of Richmond for
1922 were $2,832,943, as compared with $6,729,679 for 1921, a decrease
of $3,896,736. The earnings were the smallest of any year since 1917.
The average rate of earning on all earning assets for the year 1922
was .0457, as compared with .0561 for 1921. The very large decrease
in gross earnings is explained by the large reduction in average daily
total of earning assets from $116,779,673 in 1921, to $59,930,792
in 1922, and by the substantial reduction in the discount rate on all
classes of paper. The decrease in earning assets was mainly in discounted and purchased paper; the Bank has never purchased
Government securities for the sake of income.
The current expenses for 1922 were $1,631,355, as compared with
$2,127,174, for 1921, a decrease of $495,819, notwithstanding the fact
that a very much larger volume of work was handled in 1922 than
was handled during any previous year. This was due in part to the
greatly increased facilities of our new building, and in part to a
natural increase in efficiency derived from experience and longer
service.
The current net earnings for 1922 were $1,201,588, as compared
with $4,602,505 for 1921. After paying dividends to member banks
and deducting depreciation and reserves for specific purposes, there
remained $534,126 available for surplus and franchise tax, which
was distributed as follows:
Transferred to surplus account
$ 53,412
Paid to United States Government as franchise tax
480,714
Schedules 1 to 16, inclusive, show in detail the financial operations
for 1922, with many comparisons.
DISCOUNT OPERATIONS
(References: Schedules 6 to 15, Inclusive)
The total amount of paper discounted and purchased in 1922 was
$1,433,027,154, as compared with $2,775,016,400 discounted and
purchased in 1921, a decrease of $1,341,989,246. The number of
pieces handled was &5,472, a daily average of 283 pieces, amounting
to $4,745,123. The smallest note offered for rediscount was $11, while
10
EIGHTH ANNUAL REPORT OF THE
the 85,472 notes discounted averaged $16,766 each. Included in the
volume of paper discounted and purchased are bankers' acceptances
amounting to $8,460,482, based upon foreign and domestic transactions.
The daily average amount of outstanding accommodations to
member banks during 1922 and 1921, through the discount and
purchase of paper (exclusive of bankers' acceptances bought in the
open market), in each State, is shown by the following table:
STATE
1922
1921
Maryland
$ 6,967,910.21$ 26,168,412.10
District of Columbia
2,902,090.39
3,575,607.10
Virginia
18,236,334.39
37,579,567.95
West Virginia
4,756,000.31
4,027,978.11
North Carolina
11,317,609.30
25,292,869.40
South Carolina
10,895,370.20
21,477,923.40
$ 55,075,314.80 $ 118,122,358.06
It will be noted that only in the case of West Virginia did the
average outstanding accommodations during 1922 exceed those of
1921.
On December 31, 1922, 275 of the 634 member banks were
discounting with this Bank to the amount of $53,831,225. During
the year 491 members were accommodated. The average outstanding
accommodations during 1922 to all members, secured by Government
obligations, was $20,572,872, while the average amount of all other
paper, secured and unsecured (exclusive of bankers' acceptances
bought in the open market) was $34,502,442.
To meet the credit demands from its member banks during 1921,
the Federal.Reserve Bank of Richmond was compelled to rediscount
with other Federal Reserve Banks continuously from April to December, but it was not necessary at any time during 1922 to rediscount
any of its paper.
The discount rate of 5% for all classes of paper, which was in
effect January 1, 1922, was not changed until April 14, 1922, when a
rate of 43^% for all classes of paper became effective and remained
unchanged throughout the remainder of the year.
The discount operations as set forth in Schedules 6 to 15, will be
found very interesting.
BANKERS' ACCEPTANCES
(References: Schedules 5, 6, 7, 8, 9, 10 and 13)
Prior to November 8, 1922, the Federal Reserve Bank of Richmond
pursued the practice of purchasing acceptances direct from the
FEDERAL RESERVE BANK OF RICHMOND
11
accepting banks in this District, without other endorsement, upon
the theory that the accepting banks, in offering the acceptances, were
acting as the agents of the drawers. Member banks are not permitted
to accept and hold their own acceptances in their portfolios, even for
a short time, except subject to the limitations of Section 5200 of the
Revised Statutes.
The policy of the Federal Reserve Bank of Richmond in purchasing
acceptances direct from member banks was governed by three
considerations: First, the desire of this Bank to develop the acceptance business (an entirely new business in this District) along
thoroughly sound lines, in accordance with the regulations of the
Board and to keep in intimate touch with the conditions under which
the acceptances were made; second, there were no "dealers" in this
District, and few dealers in any district at the beginning, to whom,
or through whom, acceptances could be readily sold by the drawers
in the open market; third, for several years the banks of this District,
generally, had had very little idle or excess funds seeking investment
of this character.
The bankers' acceptance, however, in practically all districts, has
become a well established instrument; the number of dealers has
multiplied, and prime acceptances have a wide market, and
acceptances of a number of member banks in the Fifth District now
find ready negotiation in the open market. Under these changed
conditions, the Federal Reserve Bank of Richmond did not feel
justified in continuing a policy at variance with that of other Federal
Reserve Banks and which" was generally recognized as being opposed
to sound practice having in view the development of a real open
market for acceptances, and on November 8, 1922, notified all member
banks (Circular No. 126) that after that date this Bank would not
accept for rediscount or buy on the open market any acceptances not
bearing the endorsement of a bank other than the accepting bank.
The total amount of bankers' acceptances purchased by this Bank
during the year 1922 was $8,460,482, as compared with $25,345,484
in 1921. A classification of bills purchased direct from accepting
banks as between those arising in foreign and domestic transactions
in the years 1921 and 1922, would show:
Foreign
Domestic
Total
1922
1921
$ 1,577,208 $ 10,221,134
5,401,890
15,124,350
$ 6,979,098 $ 25,345,484
12
EIGHTH ANNUAL REPORT OF THE
but with the inclusion of $1,007,000 acceptances arising in domestic
transactions, and $474,384 arising in foreign transactions purchased
in the open market during the year 1922, the total of bills purchased
classified for the respective years is as follows:
1922
$ 2,051,592
6,408,890
Total
1921
$ 10,221,134
15,124,350
$ 8,460,482
Foreign
Domestic
$ 25,345,484
Of the bills purchased held by the Bank at close of business
December 31, 1922, $546,650 were purchased direct from accepting
banks, and $1,187,639 in the open market, making a total of $1,734,289,
as compared with $3,558,330 held at close of business December 31,
1921, all of which were purchased direct from accepting banks. The
classification as between foreign and domestic is as follows:
Dec. 31, 1922 Dec. 31, 1921
$
453,839 $ 1,244,380
1,280,450
2,313,950
Foreign
Domestic
Total
$ 1,734,289 $ 3,558,330
The average rate of earnings on acceptances held-in 1922 was .0482
(calculated on a 365 day basis, although actually purchased at a rate
on 360 day basis) as compared with .0603 for the year 1921.
TRADE ACCEPTANCES
(References: Schedules 9, 13 and 14)
During the year 1922 the Bank discounted for its members trade
acceptances amounting to $5,538,900, as compared with $11,817,498
in 1921, and held only $814,963 of this class of paper under rediscount
at close of business December 31, 1922, as compared with $2,347,996
held at close of business December 31, 1921. The decrease noted is,
in general, proportionate to the decrease in all classes of paper held,
but the volume of trade acceptances handled has been further affected
by the fact that member banks in commercial centers, where the trade
acceptance is in general use, have had less occasion to rediscount
paper during the year than banks in agricultural sections, although
the trade acceptance, implying stricter credit policies, has never
been used to any large extent in the agricultural sections, where
conditions for the past two years have not been favorable for the
development of its use.
FEDERAL RESERVE BANK OF RICHMOND
13
The following table indicates the amount of trade acceptances
handled for member banks in the several States of the Fifth District
during 1921 and 1922:
1922
1921
Maryland
$ 70,043 $ 258,215
District of Columbia
28,526
Virginia
740,821
1,205,727
West Virginia
392,773
364,493
North Carolina
3,922,379
7,286,214
South Carolina
384,358
2,702,849
Total
$5,538,900
$11,817,498
While it appears that the more obvious and flagrant abuses of
the trade acceptance practice are becoming more and more infrequent,
they continue to exist to a degree which tends to prevent the
recognition which the class of paper deserves as preferred credit
instruments. Cases of financing between subsidiary and affiliated
corporations by means of trade acceptances and other more or less
technical abuses are carefully investigated, and the Bank is continuing
its efforts to encourage proper trade acceptance practice, and* to
develop the widest use of trade acceptances which may now be
purchased in the open market by Federal Reserve Banks.
CLEARING OPERATIONS
(References: Schedules 25 and 26)
During 1922 the Federal Reserve Bank of Richmond (including
Baltimore Branch transactions) handled in its Transit Department
42,884,054 items, aggregating $8,762,818,547, compared with 39,260,432 items, aggregating $8,620,888,130, handled in the year 1921.
The daily average number handled in 1922 was 142,000, amounting
to $29,015,955, as compared with the daily average of 129,572 items,
totalling $28,451,776 handled in 1921. It is interesting to note that
while the aggregate amount of checks handled in 1921 was
$2,885,057,094 less than was handled in 1920, the number of items
handled was an increase of 5,528,631 over the number handled in 1920;
and that while the number handled in 1922 showed a continued
heavy increase, exceeding 1921 by 3,623,622, the value of the checks
handled was but $141,930,417 greater. The average amount per item
has shown a steady decrease from $591 in 1918 to $204 in 1922, while
the number of items handled increased from 12,020,068 in 1918, to
42,884,054 in 1922.
14
EIGHTH ANNUAL REPORT OF THE
In addition to the above clearings, which were handled by the
Transit Department of the Bank, member banks routed direct to
other Federal Reserve Districts during the year 157,825 cash letters
containing items amounting to $1,379,291,316, as compared with
149,859 letters amounting to $1,377,295,260 routed direct in 1921.
The fact that member banks routed direct approximately 8,000
more letters in 1922 than they did in 1921, shows that this special
facility is appreciated.
The collection of 42,884,054 items amounting to $8,762,818,547,
actually handled by the Bank, and items amounting to $1,379,291,316,
contained in more than 157,000 direct routed cash letters, was made
without cost to member banks.
NON-CASH COLLECTIONS
(Reference: Schedule 27)
Comparatively few non-cash collections (notes, drafts, etc.) were
handled by the Federal Reserve Bank of Richmond prior to 1919, but
the number and amount of such collections have increased rapidly
since 1919, as will be seen from the following brief table:
1920. .
1921
1922
No. of Items
Amount
Handled
52,947 $ 124,693,250
99,622
147,586,754
195,802
213,232,479
The largest increase in number and amount occurred in 1922, when
there were handled 96,180 more items than were handled the previous
year, and the value exceeded by $65,645,725 the value of the items
handled in 1921.
The Federal Reserve Bank makes no charge for its services in
connection with the collection of non-cash items, but when a remitting
bank makes a service or exchange charge, the charge is passed on by
the Federal Reserve Bank to the depositing member bank. A charge
of fifteen cents for each item returned unpaid and unprotested, is
made by the Federal Reserve Bank receiving the item for collection.
The charge is imposed for the purpose of discouraging the sending of
"dunning" drafts and not for the purpose of revenue.
Schedule 27 shows in detail the monthly activities of the non-cash
collection department during 1922, with comparative tables.
FEDERAL RESERVE BANK OF RICHMOND
15
GOLD SETTLEMENT FUND
(References: Schedules 28 and 29, 32, 33 and 34)
Receipts and disbursements through the Gold Settlement Fund
in 1922 amounted to $10,701,082,000, which was $1,639,431,000 less
than the receipts and disbursements in 1921.
All checks on member and non-member banks in the district
received from other Federal Reserve Banks, and from member banks
in other Federal Reserve Districts, are accounted for through the
Gold Settlement Fund, and payment from other Federal Reserve
Banks for checks sent them by this Bank and by member banks in
this District, is received through the Gold Settlement Fund. A very
large portion of the operations of the Gold Settlement Fund represents
settlements for checks collected, and while the amount of money
involved was less in 1922 than in the preceding year, the payments
covered a very much larger number of items than were handled in
the previous year.
In addition to making settlement for cash collections, just referred
to, this Bank made 31,318 telegraphic transfers to or from other
Federal Reserve Districts, involving $1,626,046,069, an increase of
6,188 in number as compared with 1921, and exceeded the amount
so transferred in 1921 by $476,328,370.
*.
The enormous volume of settlements through the Gold Settlement
Fund was made practicable only through the use of our own leased
wires, over which we sent and received 95,212 telegrams during 1922,
an increase of 3,598 as compared with the number handled in 1921.
NOTE ISSUES
(References: Schedules 16 and 19 to 24)
It will be found interesting to compare the daily average by
months of Federal Reserve Notes in circulation during 1922 with
the average daily circulation during the years 1921, 1920 and 1919.
The daily average circulation in January, 1919, was $136,268,000,
but the volume of outstanding notes steadily decreased each month
thereafter until the low average of $105,050,000 for the year was
reached in August. During the last four months of the- year, however,
the volume of notes in circulation rapidly increased, following a
normal seasonal trend, reaching the high average of $145,258,000 for
December, 1919. Immediately after the opening of 1920, the usual
seasonal decline in circulation began, the average for January, being
$136,663,000, the low month of the year coming in June, with a daily
16
EIGHTH ANNUAL REPORT OF THE
average of $121,383,147. The fall expansion carried the December
average to $150,168,000, the highest month of the year.
The year 1921 was exceptional, the low average of $107,509,000
not being reached until September, fully a month or six weeks later
than normal. Further, the expansion between the low month and
the end of the year was unusually small, December's average daily
circulation being only $109,230,000. January, 1922, showed an
average of $100,973,000, with decreases each month thereafter until
the low point of the year was reached in August, which averaged
$79,607,000. The rise toward the end of the year carried the December
average to $101,149,000, the highest month of the year. The daily
average for the year 1922 was $90,924,000, as compared with
$125,312,000 for 1921.
CURRENCY AND COIN SERVICE
(References: Schedules 30, 31-A and 31-B)
On January 16, 1922, this Bank assumed in full the facilities and
services formerly offered by sub-treasuries, with respect to exchanges,
replacements and redemption of United States paper currency, and
with respect to the exchange and redemption of United States coin.
The sub-treasury at Baltimore was discontinued in January, 1921,
and the Baltimore Branch has since that time been performing the
function previously performed by the sub-treasury.
The Federal Reserve Bank of Richmond has rendered a material
service to the banks in this District by the prompt handling of a
large volume of currency and coin. Currency and coin amounting to
$283,611,960 was received from member and non-member banks
during the year, and there was paid or shipped to banks during the
same period $281,644,057, making a total of $565,256,017 received
from and paid to banks, which exceeded the amount thus handled
during 1921 by $55,672,084.
There were received from all sources, and counted, 98,415,454
pieces of currency, amounting to $425,519,096, and there were paid
out and returned for redemption 98,103,476 pieces of currency,
amounting to $425,217,228, an increase of 22,761,188 in the number
of pieces handled, as compared with the number of pieces handled in
1921.
The cost of currency and coin service rendered to member banks
is absorbed by the Federal Reserve Bank, and the service rendered
to non-member banks is on exactly the same basis as that formerly
rendered by the sub-treasuries.
FEDERAL RESERVE BANK OF RICHMOND
17
BOND COUPONS CUT FOR BANKS
(Reference: Schedule 25)
This Bank receives from member banks securities as collateral
for Government deposits, for discounts, for marginal collateral, for
War Savings consignments, and also for safe-keeping; and from
non-member banks it receives securities as collateral for Government
deposits and War Savings consignments. A very large portion of
these securities consists of Liberty Bonds and Victory Notes, the
interest on which is represented by coupons.
The Federal Reserve Bank clips all coupons as they mature, from
all bonds held as collateral and for safe-keeping, unless specifically
requested not to do so. During the year 160,541 coupons, with a
value of $2,284,843, were clipped and accounted for to the banks for
whose accounts the securities were held.
RESERVE POSITION
(Reference: Schedule 17)
The daily average of total deposits, by months, in 1922, fluctuated
between very narrow limits, the average of $56,482,011 in March
being the lowest, while the highest daily average for any month was
$61,703,375, which was reached in November, with an average of
$59,178,451 for the year as compared with $57,037,772 for 1921.
The daily average combined deposit and Federal Reserve Note
liability, by months, reached the lowest average of $139,243,347 in
August, and the highest average of $161,406,376 in December, with
an average for the year of $150,102,484.
The daily average of outstanding accommodations to member
banks, as shown in Schedule 7-G, decreased steadily from an average
during January of $90,006,614 to an average of $35,900,739 in August.
The average then increased month by month during the remainder
of the year.
The reserve held showed a steady increase from month to month
until November, with the exception of July, when a very small decrease
was shown.
The percentage of reserve against combined liability averaged
45.27% in January, and increased steadily until a daily average of
78.06% was reached in August. The average then decreased until
an average of 68.56% was established for December.
The daily average for the year was 66.57%, as against 43.24% for
1921.
Schedules 15, 16 and 17 will prove very interesting in connection
with a study of the reserve position.
18
EIGHTH ANNUAL REPORT OF THE
MOVEMENT OF MEMBERSHIP
(Reference: Schedule 18)
The number of National banks has increased -during the year
from 560 to 566, and the number of State bank members has increased
from 66 to 68, a net increase in membership of eight banks.
The aggregate stock subscriptions increased during the year from
108,571 shares to 111,909 shares, the net increase in the paid-in capital
of the Bank being $166,900.
The State banks admitted to membership during the year are as
follows:
Name
Location
Farmers Bank of Pendleton
Franklin, W. Va
Forest Hill State Bank
Forest Hill, Md
Peoples Trust Company
Martinsburg, W. Va
Bank of Victoria
Victoria, Va
State & City Bank & Trust Co.. Richmond, Va
Bank of Harper's Ferry
Harper's Ferry, W. Va...
Peoples Bank
Bishopville, S. C
Farmers Commercial Bank
Benson, N. C
Date
Resources
2- 9-22 $ 593,000
3- 3-22
213,000
4-20-22
1,622,000
5-12-22
367,000
6-30-22 21,706,000
9- 5-22
176,000
9- 6-22
365,000
11-29-22
491,000
The combined capital and surplus of the eight new State bank
members on December 31, 1922, was $3,130,000, with resources
aggregating $25,532,000.
During the year, two State bank members, with combined capital
and surplus of $240,000, withdrew from membership; two were
converted into National banks; and two consolidated, later converting
into a National bank.
Five State bank members opened seven branches, making a total
of twenty-two branches operated by State member banks in this
District.
BANK RELATIONS DEPARTMENT
Prior to the year 1922, representatives of this Bank did considerable
work among the member and non-member banks in the District,
but the work was largely confined to visits to non-member banks in
connection with our par point campaign. The gratifying results
obtained led to the formal organization, on February 15, 1922, of
the Bank Relations Department, composed of men trained along
special lines, with particular reference to the relations which banks
generally sustain to the Federal Reserve Bank in its daily operations,
and in the exercise of its various functions under the Act.
FEDERAL RESERVE BANK OF RICHMOND
19
During the year 1922 the representatives from the Bank Relations
Department, at the Head Office, made 421 visits to banks, 304 visits
to member banks and 117 visits to non-member banks; while the
representatives from this Department of the Baltimore Branch
made 423 visits to banks, of which 202 were to 178 member banks,
and 221 to 190 non-member banks. A total of 844 visits were made
by the Bank Relations Department of the Head Office 'and the
Baltimore Branch. Our representatives have endeavored in each
case to bring about a better understanding of the Federal Reserve
System by explaining the underlying principles of the Federal Reserve
Act and the detailed operations of the Federal Reserve Bank of
Richmond, and have also endeavored to establish and maintain close
and friendly relations with the banks of the District. A number of
our member banks have been visited one or more times throughout
the year, in order that the executive officers of the Federal Reserve
Bank might keep in close touch with their condition.
The annual bankers' association conventions of every State in
the District have been attended by one or more representatives of
this Bank. Seven addresses have been made by officers of the Bank
at such gatherings as bankers' conventions, group meetings, Kiwanis
Clubs, etc., throughout the District, and forty-nine talks on banking
were made in public schools and business colleges in Richmond by
officers and employees of this Bank, in connection with the educational
program of the A. I. B.
The work outlined above has certainly resulted in a better understanding of the policy and operation of the Federal Reserve Bank on
the part of the banks visited, and we hope it has aided in the establishment of those cordial and friendly relations which it is our constant
aim to foster.
BANK EXAMINATION DEPARTMENT
This department has functioned in a very satisfactory way during
the year. The examiners have been at all times in close touch with
the officers of the Bank and the Credit Department. Their examinations have not been merely perfunctory, but have been very thorough.
Full and complete credit data is obtained on every credit line of
importance in the bank under examination.
The most cordial relations with the various State bank examiners
is enjoyed, and joint examinations of State member banks have been
made in every State in the District.
20
EIGHTH ANNUAL REPORT OF THE
Examinations have been made during the year as follows:
State bank members examined jointly with State authorities.... 65
State bank members examined independently by Federal Reserve
examiners
30
State banks examined in connection with their application for
membership in the Federal Reserve System
11
National banks examined jointly with National Bank examiners...
0
National banks examined independently by Federal Reserve
examiners
4
Total
110
CAMPAIGN FOR PAR POINTS
In reporting the progress of our campaign for par points in the
year 1922, it will be necessary to refer briefly to our last year's report.
On February 5, 1921, the Legislature of North Carolina passed
an act entitled "An Act to Promote the Solvency of State Banks,"
according to the provisions of which banks in North Carolina were
not required to pay checks presented to them by the Federal Reserve
Bank, or any of its agencies, in money, but could tender their drafts
upon correspondent banks in payment. The act also provided that
State banks in North Carolina could deduct exchange when remitting
for checks sent them by mail, and also forbid notaries public to protest
checks, payment for which had been refused by the banks on which
they were drawn solely because a demand had been made for payment
in money. The Report for 1921 mentioned the suit which was brought
as a result of the action of the Federal Reserve Bank of Richmond
in presenting checks and demanding payment in money in the cases
of State banks in North Carolina which refused to remit at par for
checks sent them through the mails. Mention was also made of the
Court order restraining the Federal Reserve Bank of Richmond from
returning as dishonored checks presented to the plaintiff banks,
for which they had refused to make payment in money. On December
31, 1921, out of 2,195 banks in the District, 1,615 were par and 580
non-par, the non-par banks being 254 in North Carolina, and 326
in South Carolina.
The action which had been brought by certain banks and trust
companies, organized under the laws of the State of North Carolina
and not members of the Federal Reserve System, against the Federal
Reserve Bank of Richmond, to obtain an injunction to prevent the
Reserve Bank from refusing to accept exchange drafts drawn by the
FEDERAL RESERVE BANK OF RICHMOND
21
plaintiffs on their reserve deposits and from returning as dishonored,
checks for which plaintiffs had tendered exchange drafts, as outlined
above, was tried in 1922 at the February term of the Superior Court
of Union County, North Carolina. The decision of the Court in
this case was to the effect that the Federal Reserve Bank of Richmond
had not undertaken to accumulate checks in order to embarrass
plaintiff banks, nor had it undertaken to coerce non-par banks, but
the Court held that the Act of the Legislature referred to above, was
constitutional. The Federal Reserve Bank of Richmond appealed
from this decision to the Supreme Court of North Carolina, which
court delivered an opinion reversing the action of the lower court,
declaring the Act of the North Carolina Legislature unconstitutional
and recognizing the right of the Federal Reserve Bank of Richmond
to present checks at the counters of State banks for payment in
money. After this decision, the State banks filed a petition for a
rehearing, which was granted in October, 1922, and, after considering
supplementary briefs, the Supreme Court dismissed the petition
without modifying its former opinion. One of the members of the
court dissented from this action, but filed no dissenting opinion.
Counsel for the State banks in North Carolina announced their
intention of applying to the Supreme Court of the United States for
a writ of certiorari, which action has since been taken.
On December 31, 1922, 1,594 banks out of a total of 2,162 banks
in the District were par. There were 255 banks in North Carolina
and 313 banks in South Carolina not on the par list. The non-par
banks in North Carolina consist of 226 banks which are parties to
the injunction suit against the Federal Reserve Bank, and twenty-nine
banks which are on a supplementary list by reason of the fact that
while not joined with the "injunction banks," have refused to remit
at par and refused to pay their checks in money when presented at
their counters by representatives of the Reserve Bank.
INTERNAL ORGANIZATION
The board of directors met monthly throughout the year 1922,
and the following figures indicate the attendance:
3 directors
3 directors
1 director
2 directors
attended
attended
attended
attended
12 meetings
11 meetings
10 meetings
8 meetings
In the annual election, Jno. F. Bruton, President First National
Bank of Wilson, N. C , Class A Director, and Edwin C. Graham,
22
EIGHTH ANNUAL REPORT OF THE
President National Electric Supply Co., Washington, D. C , Class B
Director, were elected to succeed themselves for three year terms
from January 1, 1923.
The Federal Reserve Board appointed Robert Lassiter, Manufacturer of Charlotte, N. C , a Class C Director to succeed Jas. A.
Moncure, whose term expired December 31, 1922, and redesignated
Caldwell Hardy Chairman of the Board and Federal Reserve Agent
for 1923. Frederic A. Delano, Washington, D. C , a Class C Director,
was designated Deputy Chairman.
During the year 1922 the following changes occurred in the
official staff: A. H. Dudley, formerly Assistant Federal Reserve
Agent at Richmond, was appointed Manager of the Baltimore Branch,
effective March 1st, succeeding M. M. Prentis, resigned. R. H. Lee
of the Federal Reserve Agent's Department was appointed an
Assistant Federal Reserve Agent, effective March 1st.
E. G. Grady, formerly Auditor, was made Controller of Accounts,
effective April 16th, and Assistant Manager of the Baltimore Branch,
effective January 1, 1923; and Hugh Leach, formerly Assistant
Auditor, was made Auditor as of April 16th. J. T. Garrett was made
an officer of the Bank, with title of "Manager of the Bank Relations
Department," effective March 1st.
Schedule 40 gives a classified summary of the number of officers
and employees with their aggregate salaries on December 31, 1922,
as compared with corresponding dates in the four previous years.
In examining this schedule, in the light of the notes appended thereto,
and comparing the personnel as of December 31, 1921 and December
31, 1922, it will be noted that there has been a decrease of thirty-nine
in the number of persons actually employed and paid by the Bank.
This reduction represents a decrease of fifty-one in the Richmond
office, partially offset by a gain of twelve at the Baltimore Branch.
A complete list of officers and directors for the year 1923, appears
on page 6.
The following table summarizes the changes in personnel from a
different angle and in greater detail than that shown by Schedule 40:
23
FEDERAL RESERVE BANK OF RICHMOND
PERSONS WHOSE SALARIES ARE
PAID BY THE BANK
Richmond Office:
Male
Female
Total...
Baltimore Branch:
Male
Female
Total
Both Offices combined:
Male
Female
Total...
Dec. 31,
1921
287
281
568
Dec. 31,
1922
265
252 .
517
Net Change
Number Per Cent
—22
—29
—51
—7.7
—10.3
—9.
83
83
89
172
101
184 "
370
370
348
353
740
701
1
2
1
2
3
3
1
1
6
4
+5
+3
2
10
+8
3
5
8
+3
+5
+8
+8
5
10
11
21
372
373
358
364
—14
—9
—3.8
—2.4
745
722
—23
—3.1
+ 12
+12
+13.5
+7.
—22
—17
—39
—5.9
—5.3
PERSONS FOR WHOSE SALARIES THE
BANK IS REIMBURSED (ALL BEING
AT THE RICHMOND OFFICE) :
Total
(—) Denotes decrease.
<M CO
Government Savings Organization
(Reimbursed by the Treasury
Department of the U. S.):
Male
Female
Total
War Finance Corporation (Reimbursed by that Corporation):
Male
Female
Total
Cafeteria (Reimbursed from income
of cafeteria):
Male
Female
Total
By all three agencies:
Male
Female
Total
Grand Totals:
Male
Female.
+8
+16
(+) Denotes increase.
24
EIGHTH ANNUAL REPORT OF THE
MEMBER FEDERAL ADVISORY COUNCIL
At their meeting on December 14, 1922, the directors elected
John M. Miller, Jr., President First National Bank, Richmond, Va.,
as member of the Federal Advisory Council from the Fifth Federal
Reserve District for the year 1923, to succeed Joseph G. Brown,
President Citizens National Bank, Raleigh, N. C , whose term expired
December 31, 1922.
BALTIMORE BRANCH
The territory served by the Baltimore Branch comprises the State
of Maryland and the following thirty counties in Northern West
Virginia:
Barbour
Berkeley
Braxton
Calhoun
Doddridge
Gilmer
Grant
Hampshire
Hardy
Harrison
Jackson
Jefferson
Lewis
Marion
Mineral
Monongalia
Morgan
Nicholas
Pendleton
Pleasants
Preston
Randolph
Ritchie
Roane
Taylor
Tucker
Upshur
Webster
Wirt
Wood
There are 464 banking offices in this territor}', of which 161 are
member banks.
The physical volume of business conducted through the Baltimore
Branch during 1922 was considerably larger than in any preceding
year, and the total dollar value of its transactions in 1922 shows
increases in practically every department, as compared with 1921.
The following table shows the percentage increase in the major
operations during 1922, in comparison with the previous three years
(— indicates decrease).
1922, Compared with
1921
Total number checks collected
Total amount checks collected
Total number non-cash collections
handled
Total amount non-cash collections
handled
Total number telegraphic transfers
Total amount telegraphic transfers
Total receipts currency and coin
Total disbursements currency and coin...
Total number notes discounted
Total amount notes discounted
1920
1919
19%
2%
33%
-22%
132%
11%
134%
237%
617%
41%
22%
38%
6%
7%
-40%
-46%
55%
29%
19%
16%
13%
-40%
-61%
No record
156%
50%
38%
31%
No record.
-67%
FEDERAL RESERVE BANK OF RICHMOND
25
The actual number and amount of the Branch transactions are
included in the aggregate volume reported by the Head Office.
The number of officers and employees was increased from 172 on
January 1, 1922, to 184 at the close of the year, 101 of whom are
women and eighty-three men. The increase in the clerical force
was necessitated by the materially increased volume of checks
collected and non-cash collection items handled for member banks.
By reason of the change in the volume of work in several departments of the Branch, certain departments have been reorganized
during the year. Mr. Richard Bradley, formerly junior Assistant
Federal Reserve Agent, in charge of the Credit Department, was
designated Manager of the Discount and Credit Department, and Mr.
C. Scott Donohue was appointed Acting Assistant Federal Reserve
Agent to provide relief for the Assistant Federal Reserve Agent in
the event of the latter's absence from the bank.
Effective March 1, 1922, Mr. Morton M. Prentis, Manager and
Director of the Baltimore Branch from the date of its establishment,
resigned, and Mr. Albert H. Dudley, formerly Assistant Federal
Reserve Agent at Richmond, was appointed Manager and Director
as his successor. A vacancy on the Board occurred on March 9, 1922,
in the death of Mr. Charles C. Homer, Jr., a director of the Baltimore
Branch from the date of its establishment. On June 22, 1922, the
Board of Directors of the Federal Reserve Bank of Richmond
appointed Mr. Carter G. Osburn, President of the Farmers and
Merchants National Bank, of Baltimore, a director of the Baltimore
Branch to fill the unexpired term of Mr. Homer to December 31, 1922.
As of December 31, 1922, the following is the staff of directors
and officers, all of whom have been re-elected to serve the following
year:
DIRECTORS (1923)
ALBERT H. DUDLEY, Manager, Baltimore Branch.
WILLIAM INGLE, President, Baltimore Trust Company, Baltimore.
WALDO NEWCOMER, President, National Exchange Bank, Baltimore.
H. B. WILCOX, Vice-President, Merchants National Bank, Baltimore.
CARTER G. OSBXJRN, President, Farmers and Merchants National Bank, Baltimore.
OFFICERS (1923)
ALBERT H. DUDLEY, Manager.
E. G. GRADY, Assistant Manager.
THOS. I. HAYS, Assistant Cashier.
CHARLES N. DULEY, Assistant
CHARLES H. WYATT, Cashier.
F. McC. LEEKE, Assistant Cashier.
Federal Reserve Agent.
C. P. HAMMOND, Assistant Cashier.
M. F. REESE, Assistant Cashier.
HENRY SCHUTZ, Auditor.
26
EIGHTH ANNUAL REPORT OF THE
A representative from the Bank Relations Department of the
Baltimore Branch visited every member bank in the Branch territory
during 1922, except five. Of a total of 423 visits made to banks, 202
were to 178 member banks, and 221 were to 190 non-member banks.
This policy has resulted in establishing a close relationship between
the member banks and the Branch, both the Baltimore City and
country banks evidencing a spirit of hearty co-operation.
The Baltimore Branch continues to render a valuable service
to Baltimore banks by effecting daily settlements of Clearing House
balances by debits or credits to the reserve accounts of member banks.
This method of settling Clearing House balances by book entries
has removed the risk formerly involved in transporting daily large
sums of money from one bank to another. During 1922 settlement of
these Clearing House balances aggregating $1,752,809,412.09 was
made by the Baltimore Branch. Another distinct service rendered
to Baltimore banks by the Branch is the personal presentation of
checks drawn on Baltimore banks not members or associate members
of the Clearing House. A number of such banks are located in
outlying districts of the city, and in accepting deposits of such
checks from Baltimore and out-of-town member banks, a service is
rendered by the Branch which eliminates considerable risk for member
banks. During 1922 such transactions involving 290,783 checks,
aggregating $27,389,200, were conducted by the Branch.
FIDUCIARY POWERS
Applications for permission to exercise fiduciary powers, under
authority of the Federal Reserve Act as amended September 26, 1918,
have been granted during the year to the following members:
Name
Second National Bank
National Bank of Baltimore
Frederick County National Bank.
The Citizens National Bank
Peoples National Bank
American National Bank
Beckley National Bank
Flat Top National Bank
Charleston National Bank
First National Bank
Charlotte National Bank
First National Bank
Location
Washington, D. C.
Baltimore, M d . . . .
Frederick, Md
Emporia, Va
Leesburg, Va
Portsmouth, Va...
Beckley, W. V a . . .
Bluefield, W. Va..
Charleston, W. Va.
St. Mary's, W. Va.
Charlotte, N. C...
Mooresville, N. C.
Powers Granted
10-19-22
6-29-22
5-17-22
8- 9-22
4- 5-22
11- 1-22
4- 5-22
5-17-22
6-20-22
2-27-22
12-12-22
11-29-22
(a)
(b)
(b)
(b)
(b)
(c)
(b)
(d)
(b)
(b)
(b)
(b)
27
FEDERAL RESERVE BANK OF RICHMOND
Name
Citizens National Bank
Commercial National Bank
Planters National Bank
Farmers National Bank & Trust Co..
First National Bank
Woodside National Bank
First National Bank
Location
Powers Granted
Raleigh, N. C
Raleigh, N. C
Rocky Mount, N. C.
Winston-Salem,N. C
Elloree, S. C
Greenville, S. C-....
Holly Hill, S. C
7-11-22
3-22-22
10-24-22
11-23-22
3-17-22
12-13-22
2- 8-22
(b)
(b)
(b)
(b)
(b)
(b)
(e)
(a) Authorized to act when not in contravention of State or local law, as:
Trustee, Executor, Administrator, Registrar of Stocks and Bonds, Guardian of
Estates, Assignee, Receiver, Committee of Estates of Lunatics.
(b) Authorized to act when not in contravention of State or local law, as:
Trustee, Executor, Administrator, Registrar of Stocks and Bonds, Guardian of
Estates, Assignee, Receiver, Committee of Estates of Lunatics, or in any other
fiduciary capacity in which State banks, trust companies, or other corporations
which come into competition with National banks are permitted to act under
the laws of
(name of State in which bank is
located), the exercise of such rights to be subject to the provisions of
the Federal Reserve Act and the Regulations of the Federal Reserve Board.
(c) Special power "Trustee for Bond Issues."
(d) Application amended to include all powers.
(e) All powers except "Registrar of Stocks and Bonds," which power was
not included in the bank's application, and therefore not granted.
A list of all banks in the Fifth District thus far authorized to
exercise fiduciary powers appears on page 33 of this report.
BANKS AUTHORIZED TO ACCEPT UP TO 100%
OF CAPITAL AND SURPLUS
The following is a list of all banks, as of December 31, 1922, which
have received permission to accept drafts and bills of exchange up to
100% of their capital and surplus:
Baltimore Commercial Bank
Baltimore Trust Company
Citizens National Bank
Drovers and Mechanics National Bank
Farmers & Merchants National Bank
Maryland Trust Company
Merchants National Bank
National Bank of Baltimore
National Exchange Bank
National Marine Bank
National Union Bank of Maryland
Western National Bank
First National Bank
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
Baltimore, Md.
.Baltimore, Md.
Danville, Va.
28
EIGHTH ANNUAL REPORT OF THE
Merchants National Bank
Citizens Bank of Norfolk
National Bank of Commerce
Norfolk National Bank
Seaboard National Bank
Virginia National Bank
American National Bank
Central National Bank
Bank of Commerce & Trusts
First National Bank
Merchants National Bank
Planters National Bank
Murchison National Bank
Bank of Charleston, N. B. A
Peoples National Bank
Edisto National Bank
Peoples National Bank
Hampton, Va.
Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Wilmington, N. C.
Charleston, S. C
Charleston, S. C.
Orangeburg, S. C.
Rock Hill, S. C.
MONTHLY REPORT OF GENERAL BUSINESS AND
AGRICULTURAL CONDITIONS
The monthly publication of our Report of General Business and
Agricultural Conditions was continued during 1922. As in previous
years, this Report was carefully compiled from direct sources, information having been received regularly from representative financial,
industrial, commercial and agricultural authorities. The Report
presents a bird's-eye view of business activity as a whole in the Fifth
District, and gives accurate statistics relating to several of the chief
indicators of progress. Figures that show the number and value
of building permits issued in twenty-four of the District's leading
cities are given each month, and a table showing debits to individual
accounts in Clearing House banks in twenty-three cities is also
published. A section on retail trade shows in percentage form all
increases or decreases in net sales and stocks carried by twenty-five
leading department stores, the current month being compared with
the corresponding month of the preceding year, and other figures
indicate the velocity of stock turn-over and the amounts of outstanding
orders for merchandise in the same stores. Similar figures are given
in another section on wholesale trade in six leading lines. Agricultural
notes appear each month, special attention being given to cotton and
tobacco. Finally as a supplement to the report on the Fifth District,
a summary of national conditions is included. The circulation of
the report numbers 8,000 copies at the end of 1922, copies going to
all sections of the United States and a few foreign countries. The
report is sent free to any person upon request.
FEDERAL RESERVE BANK OF RICHMOND
29
FISCAL AGENCY OPERATIONS
(References: Schedule 36 to 38, Inclusive.)
As Fiscal Agent of the United States Government, the Federal
Reserve Bank of Richmond continued during 1922, to receive and
disburse funds for the acco'unt of and under instructions from the
United States Treasury Department. The Bank handled the sale,
delivery and redemption of Victory Notes, United States Certificates
of Indebtedness, Treasury Notes and Government Savings Securities
in this District, and also the exchange, conversion and registration of
Liberty Loan Bonds and Victory Notes for banks and the public.
During the year we handled for exchange and redemption 362,137
Liberty Loan Bonds and Victory Notes having a face value of
$122,655,500. Certificates of Indebtedness and Treasury Notes
numbering 62,466, aggregating $164,763,500, were sold, redeemed
and exchanged, and War Savings Securities numbering 1,534,868,
with a maturity value of $8,876,201 were sold, redeemed and handled
preparatory to redemption.
Coupons from United States securities paid and charged to the
account of the Treasurer of the United States during the year
numbered 2,561,393, aggregating $17,283,218.
Reference is made to Schedules 36, 37 and 38, for further details
in connection with the Fiscal Agency operations for the year 1922,
and comparisons with the previous year.
GOVERNMENT SAVINGS ORGANIZATION
This organization, consisting of a director and two stenographers,
acts, under the general supervision of the Governor of the Bank,
as a publicity agency in furthering the sale of Treasury savings
securities. This organization is strictly speaking, not a part of the
Bank's force, but rather a special group employed for extra work as
directed by the United States Treasurj^ Department, which reimburses
the Bank in full for their salaries.
WAR FINANCE CORPORATION
This Bank has continued throughout the year to act as Fiscal
agent for the War Finance Corporation, and as such has made the
advances authorized by the Corporation in this District. In the
capacity of Fiscal Agent, this Bank is not called upon to pass upon
applications for loans or the sufficiency of collateral. These matters
are handled under the direction of the Corporation by representatives
specially appointed in different localities and by the directors of the
30
EIGHTH ANNUAL REPORT OF THE
Corporation in Washington. Upon receipt of proper authority we
accept from the banks, corporations, or persons to whom a loan has
been granted, the obligations and collateral which have been accepted
by the directors of the War Finance Corporation, and upon specific
authority we pay over the amount of the loan.
We accept and take charge of all collateral offered, forwarding it
for collection at the proper time under the direction of the Corporation,
and accept payments and part payments in accordance with regulations made by the Corporation. Advances numbering 101, amounting
to $7,764,900, were made through us during the latter part of 1921.
Advances numbering 603, amounting to $18,385,052.35, were made
during the year 1922.
The outstanding accommodations reached the high point of
$18,620,671 on April 17, 1922, since which time the number of
advances has steadily decreased and many loans have been paid
at maturity. The total loans outstanding on December 31, 1922
was $9,444,669.
There are ten clerks who give their entire time to this work, under
the supervision of the officers. The salaries of employees are paid
by the War Finance Corporation.
Appendix I
LIST OF STATE MEMBER BANKS IN FIFTH DISTRICT
December 31, 1922
District of Columbia.
Name of Bank
Location
Continental Trust Company
Washington
Date Admitted
Nov. 2, 1914.
Maryland
Baltimore Commercial Bank
Liberty Bank of Baltimore County
Baltimore Trust Company
Maryland Trust Company
The Hamilton Bank
The Overlea Bank
Farmers & Merchants Bank
Forest Hill State Bank
Baltimore
Baltimore
Baltimore
Baltimore
Hamilton
Overlea
Salisbury
Forest Hill
Nov. 14, 1917.
July 15, 1918.
Nov. 9, 1917.
Jan. 7, 1918.
Sept. 20, 1918.
Feb. 10, 1919.
Dec. 1, 1921.
Mar. 3, 1922.
West Virginia
The Berwind Bank
Kanawha Valley Bank
The Franklin Bank
;
Farmers Bank of Pendleton
:
Graf ton Banking & Trust Company
Putnam County Bank
Shenandoah Valley Bank & Trust Co
The Peoples Trust Company
Potomac Valley Bank
Pleasants County Bank
Merchants & Producers Bank
Bank of Harper's Ferry
Berwind
Charleston
Franklin
Franklin
Graf ton
Hurricane
Martinsburg
Martinsburg
Petersburg
St. Mary's
Salem
Harper's Ferry
Mar. 23, 1920.
Jan. 21, 1918.
Aug. 5, 1918.
Feb. 9, 1922.
Nov. 27, 1917.
June 8, 1920.
Nov. 12, 1921.
April 20, 1922.
May 26, 1921.
July 16, 1921.
Oct. 3, 1921.
Sept. 5, 1922.
Virginia
Citizens Bank & Trust Company
Peoples Bank & Trust Company
Bank of Christiansburg
Bank of Lunenburg
Citizens Bank of Norfolk
Petersburg Savings & Trust Company
Bank of Commerce & Trusts
Savings Bank
The Union Bank
Peoples Bank
State and City Bank & Trust Company...
Bank of Victoria
Peoples State Bank
.Blackstone
Nov. 15, 1919.
Chase City
Sept. 22, 1917.
Christiansburg.. . .Dec. 20, 1918.
Kenbridge
May 27, 1921.
Norfolk
Dec. 5, 1917.
Petersburg
July 6, 1920.
Richmond
June 2, 1919.
Richmond
Nov. 2, 1914.
Richmond
Sept. 6, 1918.
Rural Retreat
Mar. 13, 1920.
.Richmond
June 30, 1922.
Victoria
May 12, 1922.
Galax
Sept. 13, 1920.
32
EIGHTH ANNUAL REPORT OF THE
North Carolina
Farmers Bank
American Trust Company
Independence Trust Company
Bank of Edenton
Carolina Banking & Trust Company
Farmers Bank & Trust Company
Carolina Bank & Trust Company
Bank of Morehead City
New Bern Banking & Trust Company
The Peoples Bank
Farmers Banking & Trust Company
Bank of Washington.
The Planters Bank
Wachovia Bank & Trust Company
Farmers Commercial Bank
Belhaven
May 27, 1921.
Charlotte
Sept. 11, 1918.
Charlotte
Nov. 18, 1919.
Edenton
April 1, 1921.
Elizabeth City... .Oct. 6, 1921.
Forest City
Nov. 26, 1920.
Henderson
April 20, 1921.
Morehead City... .Mar. 11, 1920.
New Bern
Feb. 1, 1918.
New Bern
April 8, 1919.
Tarboro
Feb. 27, 1920.
Washington
Jan. 25, 1921.
Wilson
May 28, 1920.
Winston-Salem... .July 1, 1918.
Benson
Nov. 29, 1922.
South Carolina
Peoples Bank
Carolina Savings Bank
Merchants & Farmers Bank
Bank of Cheraw
The Commercial Bank
Bank of Darlington
Commercial & Savings Bank
Palmetto Bank & Trust Company
Bank of Georgetown
Peoples Bank
Bank of Hartsville
Citizens Bank & Trust Company
Farmers Bank
The Home Bank
Peoples Bank
Nicholson Bank & Trust Company
Farmers Bank & Trust Company
Westminster Bank
Bank of Woodruff
Bishopville
Charleston
Cheraw
Cheraw
Chester
Darlington
Florence.
Florence
Georgetown
Georgetown
Hartsville
Rock Hill
St. George
St. Matthews
Sumter
Union
Walterboro
Westminster
, . .Woodruff
Sept. 6, 1922.
Sept. 24, 1918.
Jan. 3, 1916.
May 3, 1918.
Sept. 19, 1918.
Sept. 30, 1918.
Oct. 24, 1918.
May 31, 1921.
Oct. 7, 1918.
Dec. 20, 1918.
Oct. 15, 1915.
Oct. 17, 1919.
April 5, 1920.
Mar. 5, 1919.
Mar. 4, 1916.
Sept. 9, 1918.
May 4, 1921.
Dec. 3, 1917.
Nov. 2, 1914.
Appendix II
A LIST OF ALL BANKS IN FIFTH FEDERAL RESERVE
DISTRICT AUTHORIZED TO EXERCISE
FIDUCIARY POWERS
Under Section 11 (k) of the Federal Reserve Act, as Amended.,
as of December 31, 1922
Name
Location
Commercial National Bank
Washington, D. C.
Farmers and Mechanics Nat'l. Bank of Georgetown. .Washington, D. C.
Federal National Bank
Washington, D. C.
Lincoln National Bank
Washington, D. C.
National Metropolitan Bank
Washington, D. C.
National Bank of Washington
Washington, D. C.
Biggs National Bank
Washington, D. C.
Second National Bank
Washington, D. C.
Drovers and Mechanics National Bank
Baltimore, Md.
Farmers & Merchants National Bank
Baltimore, Md.
Merchants National Bank
Baltimore, Md.
National Bank of Baltimore
Baltimore, Md.
Western National Bank
Baltimore, Md.
Second National Bank
Cumberland, Md.
Frederick County National Bank
Frederick, Md.
Farmers & Mechanics National Bank
Frederick, Md.
Second National Bank
Hagerstown, Md.
First National Bank
Hyattsville, Md.
First National Bank
New Windsor, Md.
Citizens National Bank
Pocomoke City, Md.
National Bank of Rising Sun
Rising Sun, Md.
Montgomery County National Bank
Rockville, Md.
Salisbury National Bank
Salisbury, Md.
First National Bank
.Abingdon, Va.
Citizens National Bank
Alexandria, Va.
First National Bank
Alexandria, Va.
First National Bank
Appalachia, Va.
National Bank of Charlottesville
Charlottesville, Va.
Peoples National Bank
Charlottesville, Va.
First National Bank
Chase City, Va.
First National Bank
Chatham, Va.
Clifton Forge National Bank
^ . .Clifton Forge, Va.
First National Bank
Clifton Forge, Va.
Citizens National Bank
Covington, Va.
Covington National Bank
Covington, Va.
American National Bank
Danville, Va.
First National Bank
Danville, Va.
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a}
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(a)
(b)
(a)
(a)
(b)
(a)
(a)
(b)
(b)
(a)
(a)
(a)
(a)
(b)
(b)
(a)
(a)
(a)
(a)
(a)
(b)
(b)
34
EIGHTH ANNUAL REPORT OF THE
The Citizens National Bank
Planters National Bank
First National Bank
Peoples National Bank
Rockbridge National Bank
Peoples National Bank
;
First National Bank
National Bank of Commerce
Seaboard National Bank
Virginia National Bank
American National Bank
The Peoples National Bank
The Pulaski National Bank
American National Bank
Central National Bank
First National Bank
Merchants National Bank
American National Bank
First National Bank
National Exchange Bank
Peoples National Bank
Boston National Bank
Planters & Merchants National Bank
Augusta National Bank
National Valley Bank
Fauquier National Bank
Farmers & Merchants National Bank
Shenandoah Valley National Bank
Beckley National Bank
First National Bank
Flat Top National Bank
Charleston National Bank
Union National Bank
Empire National Bank
National Bank of Fairmont
First National Bank
First National Bank
First National Bank
Huntington National Bank
Madison National Bank
Old National Bank
Farkersburg National Bank
First National Bank
First National Bank
American National Bank.
Charlotte National Bank
Commercial National Bank
Merchants & Farmers National Bank
Union National Bank
First National Bank
Emporia, Va.
Fredericksburg, Va.
Harrisonburg, Va.
Leesburg, Va.
Lexington, Va.
Martinsville, Va.
Newport News, Va.
Norfolk, Va.
Norfolk, Va.
Petersburg, Va.
Portsmouth, Va.
Pulaski, Va.
Pulaski, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Roanoke, Va.
Roanoke, Va.
Roanoke, Va.
Rocky Mount, Va.
South Boston, Va.
South Boston, Va.
Staunton, Va.
Staunton, Va.
Warrenton, Va.
Winchester, Va.
Winchester, Va.
.Beckley, W. Va.
Bluefield, W. Va.
Bluefield, W. Va.
Charleston, W. Va.
Clarksburg, W. Va.
Clarksburg, W. Va.
Fairmont, W. Va.
Fairview, W. Va.
Grafton, W. Va.
Huntington, W. Va.
Huntington, W. Va.
Madison, W. Va.
Martinsburg, W. Va.
Parkersburg, W. Va.
St. Mary's, W. Va.
Welch, W. Va.
Asheville, N. C.
Charlotte, N. C.
Charlotte, N. C.
Charlotte, N. C.
Charlotte, N. C.
, .Durham, N. C.
(b)
(b)
(a)
(b)
(b)
(a)
(a)
(a)
(b)
(a)
(a)
(b)
(b)
(a)
(b)
(b)
(b)
(a)
(b)
(b)
(a)
(b)
(a)
(b)
(b)
(b)
(b)
(a)
(b)
(b)
(b)
(b)
(a)
(a)
(b)
(a)
(b)
(b)
(b)
(a)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
FEDERAL RESERVE BANK OF RICHMOND
First & Citizens National Bank
Wayne National Bank
National Bank of Alamance
Commercial National Bank
The First National Bank
National Bank of New Bern
First National Bank
Citizens National Bank
Commercial National Bank
Planters National Bank
Farmers National Bank & Trust Company
Atlantic National Bank
Commercial National Bank
Peoples National Bank
National Loan & Exchange Bank
First National Bank
First National Bank
Norwood National Bank
Peoples National Bank
The Woodside National Bank
The First National Bank.'.
Farmers & Merchants National Bank
Edisto National Bank.
National Union Bank
Central National Bank
First National Bank
(a) Limited or specified powers.
(b) Full powers.
Elizabeth City, N. C.
Goldsboro, N. C.
Graham, N. C.
High Point, N. C.
Mooresville, N. C.
New Bern, N. C.
Oxford, N. C.
Raleigh, N. C.
Raleigh, N. C.
Rocky Mount, N. C.
Winston-Salem, N. C.
Charleston, S. C.
Charleston, S. C.
Charleston, S. C.
Columbia, S. C.
Elloree, S. C.
Greenville, S. C.
Greenville, S. C.
Greenville, S. C.
Greenville, S. C.
Holly Hill, S. C.
Lake City, S. C.
Orangeburg, S. C.
Rock Hill, S. C.
Spartanburg, S. C.
Spartanburg, S. C.
35
(b)
(b)
(b)
(a)
(b)
(a)
(a)
(b)
(b)
(b)
(b)
(b)
(b)
(a)
(b)
(b)
(b)
(b)
(a)
(b)
(a)
(a)
(b)
(b)
(a)
(b)
Part II
Schedules Reflecting the Operations
OF THE
Federal Reserve Bank of Richmond
During 1922
AND
Showing the Financial Condition
at the Close of Business
December 31, 1922
,39
FEDERAL RESERVE BANK OF RICHMOND
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
F R. NOTE CIRCULATION
PU RCHAJ>ED Bl -LS
UNITED STATES SEC URITIE S
-
A
^
1920
1A
t
^
1921
1922
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922
FEDERAL RESERVE BANK OF RICHMOND
(Amounts in Thousands of Dollars)
Date
January 4...
January 11..
January 18..
January 25..
February 1..
February 8..
February 15
February 21
March 1
March 8
March 15
March 2 2 . . .
March 29....
April 5
April 12
April 19
April 26
May 3
May 10
May 17
May 24
Total
Earning
Assets
(2 + 5 + 6)
97,903
93,675
93,922
93,697
89,531
85,227
83,979
84,087
80,784
77,869
80,125
81,825
81,213
75,174
70,615
68,126
66,108
63,501
60,773
60,504
58,324
Bills Discounted for
Member Banks
Total
89,502
85,350
85,814
85,672
82,034
77,975
76,822
77,159
73,679
70,483
73,023
74,667
74,509
68,510
64,017
61,476
59,407
56,967
54,509
54,539
52,302
Bills Secured by
Other
U. S. GovBills
ernment Discounted
Obligations
38,451
36,774
38,378
39,253
36,444
34,339
34,999
34,717
32,742
30,416
32,601
31,773
30,997
26,263
23,652
21,696
21,544
19,216
18,704
18,795
17,892
51,051
48,576
47,436
46,419
45,590
43,636
41,823
42,442
40,937
40,067
40,422
42,894
43,512
42,247
40,365
39,780
37,863
37,751
35,805
35,744
34,410
Bills
Bought
in OP e n
Market
3,408
3,332
3,115
3,032
2,504
2,459
2,364
2,135
2,312
2,593
2,309
2,365
1,911
1,871
1,805
1,857
1,908
1,741
1,471
1,172
1,229
United
States
Securities
4,993
4,993
4,993
4,993
4,993
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
Total
Cash
Reserves
67,511
70,506
71,193
72,551
75,794
80,884
79,253
76,395
81,841
80,306
80,282
84,545
89,188
88,397
91,926
95,605
95,728
95,368
102,402
Member
Banks'
Reserve
Deposits
52,281
53,371
53,739
54,492
53,348
53,939
53,486
52,943
53,426
54,764
55,176
53,025
53,324
53,867
53,648
51,852
54,250
55,368
54,282
54,487
54,791
Total
Deposits
54,816
54,458
55,818
58,335
59,217
57,778
57,859
56,716
56,179
55,784
56,886
57,587
57,885
55,291
56,126
53,706
56,313
56,356
56,038
56,421
61,849
Federal
Reserve
Reserve
Notes in Percentages
Circulation
105,793
102,199
99,206
97,113
96,944
96,379
94,431
94,505
94,544
94,199
92,946
92,603
91,314
92,664
92,190
91,791
89,702
89,723
88,122
87,189
85,804
42.0
45.0
45.9
46.7
48.5
52.5
52.0
50.5
53.7
56.6
54.6
53.5
53.8
57.1
60.1
60.8
63.0
65.4
66.4
66.4
69 4
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
August 2
August 9
August 16
August 23
August 30
September 6..
September 13.
September 20.
September 27.
October 4
October 1 1 . . .
October 18....
October 2 5 . . .
November 1..
November 8..
November 15.
November 22.
November 29.
December 6..
December 13.
December 20.
December 27.
53,612
48,355
47,632
46,180
45,907
44,122
44,522
43,233
41,011
41,432
40,376
40,496
40,304
41,032
39,587
40,502
46,031
45,065
48,261
46,783
48,705
47,197
46,840
45,342
47,744
50,906
52,601
50,190
53,765
57,695
67,052
47,672
42,699
42,009
40,553
40,244
38,619
39,233
38,017
35,809
36,144
35,194
35,361
35,133
35,904
34,615
35,398
40,934
39,693
42,776
41,638
43,283
41,257
40,728
39,584
41,843
45,022
47,217
44,952
49,195
51,435
56,837
15,928
13,499
14,156
12,658
12,544
12,009
12,864
11,760
9,665
9,804
9,126
9,358
9,312
9,969
9,641
9,951
14,328
12,403
14,034
13,849
15,727
14,484
14,743
14,385
18,523
19,905
19,870
19,162
20,875
20,496
25,024
31,744
29,200
27,853
27,895
27,700
26,610
26,369
26,257
26,144
26,340
26,068
26,003
25,821
25,935
24,974
25,447
26,606
27,290
28,742
27,789
27,556
26,773
25,985
25,199
23,320
25,117
27,347
25,790
28,320
30,939
31,813
1,147
863
830
834
870
710
496
423
409
487
381
334
370
327
271
403
396
671
784
944
1,221
1,739
1,911
2,057
2,200
2,183
2,183
2,037
1,969
1,659
1,614
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,793
4,801
4,801
4,801
4,801
4,801
4,701
4,701
4,701
4,701
4,701
4,201
4,201
4,201
4,201
3,701
3,701
3,701
3,201
3,201
2,601
4,601
8,601
107,182
109,324
111,158
105,576
108,701
104,924
105,863
105,921
109,291
105,713
109,165
108,290
107,562
108,122
105,725
111,752
106,983
111,815
112,447
116,902
114,969
120,928
119,479
124,499
119,976
115,479
118,244
118,769
113,945
107,592
98,525
54,545
57,389
55,175
55,095
55,253
54,617
57,336
57,708
55,799
57,145
56,980
56,374
56,594
56,199
55,922
55,642
55,604
57,394
58,628
59,273
58,582
61,291
60,065
58,690
59,255
58,699
60,919
60,661
57,893
54,938
59,123
63,125
58,633
62,121
56,156
60,328
55,933
58,248
59,326
60,342
57,701
59,207
58,293
58,781
59,654
57,678
58,175
60,027
59,247
58,901
61,554
59,371
62,786
60,425
61,326
61,497
61,138
64,906
62,611
60,182
56,391
60,211
85,771
85,856
84,494
83,620
81,896
82,780
80,970
79,791
78,436
78,129
78,719
79,573
79,744
79,360
82,060
82,803
84,996
86,506
90,506
93,270
95,262
95,433
95,895
96,830
97,101
96,869
96,959
97,918
99,045
103,844
103,398
72.0
75.7
75.8
75.5
76.4
75.6
76.0
76.1
78.8
77.8
79.1
78.5
77.6
77.8
75.7
79.3
73.8
76.7
75.3
75.5
74.3
76.4
76.4
78.7
75.6
73.1
73.1
74.0
71.6
67.1
60.2
s
O
33
3
o
3
o
SCHEDULE No. 1
COMPARATIVE STATEMENT OF CONDITION DECEMBER 31, 1922 AND DECEMBER 31, 1921
December 31, 1921
RESOURCES
RESERVES:
Gold Bullion, Coin and Certificates
Gold Settlement Fund—Federal Reserve Board..
$ 5,728,690.00
27,617,928.96
$ 2,663,247.50
19,094,333.15
Total Gold Held by Bank
Gold with Federal Reserve Agent
Gold Redemption Fund—Federal Reserve Notes.
$33,346,618.96
64,064,865.00
4,578,610.52
$21,757,580.65
38,057,160.00
4,961,450.00
$ 101,990,094.48
9,922,254.80
$ 64,776,190.65
6,781,193.65
Total Gold Reserves
Legal Tender Notes, Silver, etc.
TOTAL RESERVES
EARNING ASSETS
$ 71,557,384.30
$ 111,912,349.28
Bills Discounted—Secured by Government War Obligations.
Bills Discounted—All Other
Bills Purchased in Open Market
22,092,104.50
31,192,470.74
1,734,289.49
41,046,412.83
53,621,325.59
3,558,329.88
Total Bills Discounted and Bought
United States Government Bonds and Notes.
United States Certificates of Indebtedness....
55,018,864.73
1,290,900.00
98,226,068.30
1,233,400.00
3,760,000.00
TOTAL EARNING ASSETS
UNCOLLECTED ITEMS:
Currency of Other Banks and Unassorted Currency.
Checks and Other Cash Items
Exchanges for Clearing House
Transit Items
TOTAL UNCOLLECTED ITEMS
MISCELLANEOUS :
Interest Accrued on United States Securities
Fiscal Agency Expenses, Reimbursable
Redemption Fund—Federal Reserve Bank Notes.
Bank Premises
Claims Account Failed Banks
All Other Resources
TOTAL MISCELLANEOUS ASSETS.
TOTAL RESOURCES
$ 103,219,468.30
$ 56,309,764.73
3,296,755.86
88,193.07
1,967,673.74
52,684,250.36
$
1,978,114.00
167,173.63
2,869,390.24
41,399,231.65
$ 58,036,873.03
$ 46,413,909.52
43,280.45
1,298.82
188,000.00
2,544,324.11
1,254.66
259,284.26
7,280.78
6,359.60
2,617,486.63
322,474.96
62,379.36
3,015,981.33
$229,274,968.37
$
3,037,442.30
$224,228,204.42
LIABILITIES
CAPITAL :
$
5,595,450.00
11,288,078.27
$
859,617.30
61,527,057.96
4,455,600.80
56,127,601.96
49,000.00
Capital Paid In.
Surplus
392,000.00
United States Treasurer
Member Banks—Reserve Accounts..
Foreign Banks
Cashier's Checks and Official Drafts.
523,933.66
$
United States Treasurer
Federal Reserve and Member Bank .
Miscellaneous
304,749.56
47,234,110.04
342,738.31
Federal Reserve Notes in Actual Circulation.
Federal Reserve Bank Notes in Circulation..
239,733.49
35,620,436 95
$ 107,100,690 00
3,515,700.00
$101,146,680.00
110,616,390.00
101,146,680.00
,
Reserve for Expense Accrued and Unpaid
Reserve for Taxes Accrued and Unpaid (other than Franchise Tax).
Reserve for Self Insurance
Reserve for Undetermined Losses
Unearned Discount
All Other Liabilities
61,021,408.35
366,558.35
35,014,145.11
47,881,597 91
TOTAL DEFERRED AVAILABLE CREDITS
NOTE CIRCULATION :
TOTAL LIABILITIES
46,205.59
62,959,608.92
TOTAL DEPOSITS
DEFERRED AVAILABILITY CREDITS :
TOTAL MISCELLANEOUS LIABILITIES.
$ 16,458,397.61
$ 16,883,528.27
TOTAL CAPITAL AND SURPLUS
DEPOSITS:
TOTAL NOTES OUTSTANDING
MISCELLANEOUS :
5,428,550.00
11,029,847.61
6,476 03
5,606.12
100,000.00
150,000 00
139,971.12
1,500 00
34,905.90
10,725.25
50,000.00
100,000 00
312,321.92
3,618.44
403,553.27
511,571.51
$229,274,968.37
$224,228,204.42
CO
SCHEDULE No. 2
COMPARATIVE STATEMENT OF PROFIT AND LOSS, DIVIDEND AND SURPLUS ACCOUNTS FOR
THE YEARS ENDING DECEMBER 31, 1922 AND DECEMBER 31, 1921
PROFIT AND LOSS ACCOUNT
1922
1921
GROSS EARNINGS :
Discount on Bills Discounted
Discount on Bills Purchased.
Interest on United States Securities
Penalties, Account of Deficient Reserves
Miscellaneous
2,569,886
74,654
95,378
87,080
5,943
83
74
14
54
63
$
TOTAL GROSS EARNINGS
EXPENSES :
Current Expenses Paid
Reserved for Expenses Accrued and Unpaid
Reserve for Taxes other than Franchise Tax
6,166,477
184,592
196,298
175,797
6,513
40
51
91
18
38
2,832,943 88
1,619,273 69
6,476 03
5,606 12
$
2,081,543 23
34,905 90
10,725 25
1,631,355 84
$
CURRENT NET EARNINGS
DEBITS & CREDITS TO CURRENT NET EARNINGS (Pr. & Loss Act.)
Debit—Depreciation on Real Estate
Reserve for Self Insurance
Reserve for Undetermined Losses
Net Expense-"Other Real Estate"
Net Expense-Cafeteria
Furniture and Equipment
TOTAL DEBITS
178,358
50,000
50,000
239
1,712
64,710
33
00
00
14
92
24
345,020 63
6,729,679 38
2,127,174 38
1,201,588 04
$
54,068
50,000
100,000
12,651
86
00
00
88
•t
216,720 74
4,602,505 00
3,618 44
Credit—Reduction in Depreciation Reserve on U. S. Bonds
6,826 72
•
<
7,261 57
Total Credits
1,016 30
10,880 01
Sundry Entries during the year (not credit)
7,843 02
208,877 72
334,140 62
NET DEBIT TO CURRENT NET EARNINGS
NET EARNINGS AVAILABLE FOR DIVIDENDS, SURPLUS AND FRANCHISE TAX
$
867,447 42
$
4,393,627 28
DIVIDENDS :
Dividends Paid
Interest Paid on Stock Surrendered....
$
$
331,221 85
2,098 86
321,810 42
392 53
333,320 71
322,202 95
534,126 71
BALANCE OF NET EARNINGS AVAILABLE FOR SURPLUS
AND FRANCHISE TAX
4,071,424 33
DISPOSITION OF BALANCE OF NET EARNINGS :
Transferred to Surplus Account
Paid to Government as Franchise Tax
53,412 67
480,714 04
$
$
f
t
534,126 71
673,333 93J
3,398,090 40J
$
4,071,424 33
Included in Current Expenses.
Revised.
Cn
SCHEDULE No. 3
COMPARATIVE ANALYSIS OF CURRENT EXPENSES FOR THE YEARS 1922 AND 1921
1922
1921
SALAEIES :
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences (including traveling expenses)
Federal Reserve Agents' conferences (including traveling expenses)
Federal Advisory Council (fees and traveling expenses)
Directors' meetings (fees and traveling expenses)
,
Traveling expenses of officers and clerks (other than those included above)
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation and general liability)
Banking house:
Taxes
Fire insurance
Light, heat and power
Repairs and alterations (not of permanent character)
All other
Rent (including light, heat and power, at Richmond)
Fire insurance—Furniture and equipment
Office and other supplies
Printing and stationery
155,466
760,883
33,189
78,738
165
123
628
5,795
23,101
37,402
12,217
22,540
74 $
39
34
58
77
10
81
06
44
22
62
79
149,701 70
858,860 89
29,940 71
62,101 69
549 58
88 35
493 07
7,020 95
33,930 52
38,722 64
4,292 41
20,709 38
i-i
O
M
B
c
b
w
EJ
M
h3
O
H
S
W
o
40,900
1,774
10,988
24,854
1,273
4,340
613
36,383
48,431
89
36
68
25
71
80
09
77
39
7,872
67
4,092
16,157
1,332
16,331
1,312
29,341
52,037
89
88
65
16
92
42
78
26
33
5,944
34,934
89,730
2,214
5,669
59,415
Total Current Expenses.
t
20
32
78
70
05
06
4,909 82
34,209 67
72,360 17
2,331 27
14,709 69
53,003 51
68.357
24,733
13,184
27.358
Telephone
'
Telegraph
Postage (other than on money and security shipments)
Expressage (other than on money and security shipments)
Security shipments (insurance, postage, expressage, etc.)
Currency and coin shipments (insurance, postage, expressage, etc.).
Federal Reserve currency:
Original cost (including shipping charges)
Cost of redemption (including shipping charges)
Taxes on Federal Reserve bank note circulation
All other expenses
Furniture and Equipment
87
64
41
01
262,614 10
77,712 54
32,240 08
40,795 88
197,329 47
t
$
1,631,355 84 $
2,127,174 38
Furniture and Equipment, in the amount of $64,710.24, during 1922, was charged to Furniture and Equipment account.
SCHEDULE No. 4
GROSS EARNINGS (CLASSIFIED) EXPENSES, NET EARNINGS AND DIVIDENDS ACCRUED DURING THE Y E A R
1922 BY MONTHS
Bills
Discounted
Bills
Purchased
U. S.
Securities
Deficient Reserve
Penalties and
Miscellaneous
Earnings
Total Gross
Earnings
Total
Expenses
Net
Earnings
Dividends
Accrued
January
February
March
April
May
June
July
August
September
October
November
December
8
381,431 65 $
303,024.61
309,762.71
262,810.36
215,057.47
159,423.69
147,920.56
136,162.43
141,513.39
160,617.87
158,529.93
193,632.16
14,459.51 $
9,154.44
9,942.25
7,842.09
5,881.03
3,563.32
2,077.74
1,455.91
1,514.87
4,538.75
7,550.62
6,674.21
8,628.81 $
7,587.37
8,303.42
8,019.76
8,273.57
8,002.94
8,244.96
8,301.60
7,874.59
7,535.35
6,369.39
8,236.38
10,977.35 8
8,246.51
7,002.99
6,903.69
7,723.51
8,052.35
7,356.76
5,934.65
6,911.57
7,638.26
6,958.38
9,318.15
415,497.32 f
328,012.93
335,011.37
285,575.90
236,935.58
179,042 30
165,600.02
151,854.59
157,814.42
180,330.23
179,408.32
217,860.90
142,172.00 8
129,580.89
131,282.29
135,542.30
143,212.98
154,448.37
135,039.96
135,171.36
132,129 05
130,172.59
129,931.61
132,672.44
273,325.32 $
198,432.04
203,729.08
150,033.60
93,722.60
24,593.93
30,560.06
16,683.23
25,685.37
50,157.64
49,476.71
85,188.46
27,152.52
27,311.20
27,458.27
27,634.13
27,705.83
27,709.65
27,976.52
28,156.85
28,056.61
28,167.46
28,002.98
27,988.69
TOTAI ,1922
TOTAL ,1921
TOTAL 1920
TOTAL , 1919
TOTAL , 1918
TOTAL , 1917
TOTAL ,1916
TOTAL , 1914-1915..
$
2,569,886.83 $
6,166,477.40
5,920,892.78
4,099,953.24
2,390,421.93
418,628.86
214,856.78
318,495.22*
74,654.74 $
184,592.51
477,556.88
351,418.22
273,633.68
201,008.34
29,171.24
95,378.14 $
196,298.91
276,990.82
185,292.74
83,437.18
96,143.20
39,175.18
93,024.17 $
182,310.56
233,702.96
138,659.69
231,554.75
105,415.10
50,899.29
1,084.44
2,832,943.88 8
6,729,679.38
6,909,143.44
4,775,323.89
2,979,047.54
821,195 50
334,102.49
319,579.66
1,631,355.84f 8
2,127,174.38
1,521,947.89
911,927.42
625,574.82
280,536.71
147,530.71
144,619.71J
1,201,588.04 S
4,602,505.00
5,387,195.55
3,863,396.47
2,353,472.72
540,658.79
186,571.78
174,959.95
333,320.71
322,202.95
293,051.90
252,871.85
232,431.94
240,944.50x
197,922.341
151,939.69-
S
22,099,613.04 $
1,592,035.61 S
972,716.17 $
1,036,650.96 S
25,701,015.78 $
7,390,667.48 $
18,310,348.30 S
TOTAL SINCE O R GANIZATION....
2,024,685.88
Includes Earnings on Bills Purchased.
t Does not include Furniture and Equipment, in the amount of 864,710.24, purchased during 1922.
| Includes Organization Expense.
- 5% Dividend, for period November 16, 1914 to December 31, 1915, paid December 31, 1915.
1 1% Dividend, for period November 16, 1914 to December 31, 1915, paid April 1, 1916, and 6% Dividend, for period January 1, 1916 to October 31, 1916, paid
December 30, 1916.
x 6% Dividend, for period November 1, 1916 to June 30, 1917, paid June 30, 1917, and 6% Dividend, for period July 1, 1917 to December 31, 1917, paid
December 31, 1917.
3
SCHEDULE No. 5
AVERAGE DAILY HOLDINGS OF EARNING ASSETS (CLASSIFIED), DAILY EARNINGS THEREON AND
RATE OF EARNING BY MONTHS FOR THE YEAR 1922
. bO
IS
J^a
'3'a
QS
W
UNITED STATES SKCURITIKS
BILLS PURCHASED
BILLS DISCOUNTED
•1!
4
_>>e
•3*
^2
'5'5
P 0
aa
H
4
B
!
B
3i|
11
Q
3
TOTALS
oa
5|
$ 3
3 a
'3-3
Q-o
W
ho
31
oa
Sp
ai
w
$
87,255,559
78,440,776
72,907,510
64,146,181
53,817,362
42,234,323
38,392,139
35,531,371
38,239,222
42,026,841
42,953,207
50,575,139
8 12,304.25
10,822.31
9,992.35
8,760.34
6,937.34
5,314.12
4,771.63
4,392.33
4,717.11
5,181.22
5,295.60
6,235.29
.0515 $
.0504
.0500
.0498
.0471
.0459
.0454
.0451
.0450
.0450
.0450
.0450
3,191,785
2,333,558
2,315,406
1,899,347
1,377,283
916,173
526,479
369,368
407,200
1,242,138
2,161,385
1,876,729
$ 466.44
326.94
320.72
261.40
189.71
118.78
67.02
46.97
50.49
146.41
251.69
215.30
.0533 $
.0511
.0506
.0502
.0503
.0473
.0464
.0464
.0453
.0430
.0425
.0419
4,993,400
4,850,543
4,793,400
4,793,400
4,793,400
4,793,400
4,787,916
4,797,674
4,700,900
4,346,061
3,784,233
4,159,609
$ 278.34
270.98
267.85
267.33
266 89
266.76
265.97
267.79
262.49
243.07
212 31
265.69
.0203 $
.0204
.0204
.0204
.0203
.0203
.0203
.0204
.0204
.0204
.0205
.0233
95,440,744
85,624,877
80,016,316
70,838,928
59,988,045
47,943,896
43,706,534
40,698,413
43,347,322
47,615,040
48,898,825
56,611,477
$13,049.03
11,420.23
10,580 92
9,289.07
7,393.94
5,699.66
5,104.62
4,707.09
5,030.09
5,570.70
5,759.60
6,716.28
.0499
.0487
.0483
.0479
.0450
.0434
.0426
.0422
.0424
.0427
.0430
.0433
Year of 1922... %
53,751,269
104,096,935
104,111,152
$ 7,040.78
16,894.46
16,177.30
.0478 $
.0592
.0569
1,547,226
3,062,702
8,319,757
$ 204.53
505.73
1,304.80
.0482 $
.0603
.0574
4,632,297
9.620,036
13,773,047
S 261.31
537.81
756.81
.0206 $
.0204
.0201
59,930,792
116,779,673
126,203,956
8 7,506.62
17,938.00
18,238.91
.0457
.0561
.0529
January
February
March
April
May
June
July
August
September
October
November
December
Y e a r of 1 9 2 1 . . .
Year of 1 9 2 0 . . .
The above "Daily Holdings" are not CALCULATED for calendar months, but are the holdings on which tht amounts credited to Earnings are calculated;
each month, therefore, includes the last day of the preceding month but excludes the last day of the current month.
CO
SCHEDULE No. 6
COMPARATIVE STATEMENT OF DAILY AVERAGE HOLDINGS OF EARNING ASSETS, EARNINGS
THEREON AND AVERAGE RATE PER ANNUM FOR YEARS 1922 AND 1921
Average Daily Balances
1922
1921
Total Earnings
1922
1921
Average Rate per Annum
1922
1921
Bills Discounted
$
Bills Purchased
United States Securities...
53,751,269 $ 104,096,935 39 $
3,062,701 56
1,547,226
9,620,035 62
4,632,297
2,569,886 83 $
74,654 74
95,378 14
6,166,477 40
184,592 51
196,298 91
.0478
.0482
.0206
.0592
.0603
.0204
$
59,930,792 $ 116,779,672 57 $
2,739,919 71 $
6,547,368 82
.0457
.0561
TOTAL
NOTE.—The above "Average Daily Balances" are not calculated on the holdings of the calendar year, but on a fiscal
year beginning on Dec. 31st and ending on Dec. 30th.
SCHEDULE No. 7a
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT, BY CALENDAR
MONTHS DURING 1922 AND 1921
Maryland
BILLS DISCOUNTED
•
TOTAL
Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December
Average for Year
Otherwise
Secured and
Unsecured
TOTAL
1922
1921
Bills Purchased
$
9,868,340
8,871,528
7,012,694
4,176,778
3,067,833
2,028,273
1,913,997
1,708,278
2,330,256
2,596,225
4,773,547
5,785,883
37 $
91
83
20
63
33
18
06
00
47
67
26
6,349,911 40 $
4,112,629 38
3,738,353 63
3,141,371 84
1,449,132 58
938,394 83
756,949 67
805,293 77
877,161 57
908,716 14
1,999,406 62
2,660,630 13
650,305
392,223
277,149
115,750
72,635
65,230
75,238
163,541
117,300
93,548
56,666
50,000
48 $
57
03
00
48
00
70
94
00
39
67
00
$
4,488,272 06 $
2,302,965 13 $
176,673 02 $
16,868,557
13,376,381
11,028,197
7,433,900
4,589,601
3,031,898
2,746,185
2,677,113
3,324,717
3,598,490
6,829,620
8,496,513
25 $
86
49
04
69
16
55
77
57
00
96
39
6,967,910 21 $
27,121,917
26,457,004
28,264,614
29,364,774
29,954,176
29,017,575
25,637,642
25,692,316
26,423,917
23,653,962
22,567,940
19,980,145
69
12
08
60
41
61
88
05
57
65
84
87
26,168,412 10
NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.
SCHEDULE No. 7b
to
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH DISTRICT,
BY CALENDAR MONTHS DURING 1922 AND 1921
District of Columbia
BILLS DISCOUNTED
TOTAL
Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December
$
Average for Year.... $
3,356,064 51 $
2,371,785 72
1,937,580 65
1,429,916 67
1,287,193 55
1,966,700 00
1,467,806 45
487,354 87
763,933 33
1,745,451 61
2,692,266 67
4,685,322 60
2,016,341 09 $
Otherwise
Secured and
Unsecured
1,020,896 45
1,043,679 76
654,116 47
293,348 69
665,355 10
667,716 62
961,168 24
1,100,830 42
796,815 18
1,166,170 41
1,122,400 92
1,046,446 18
878,619 09 $
TOTAL
1922
Bills Purchased
1921
$
4,376,960 96 $
3,415,465 48
2,591,697 12 .
1,723,265 36
1,952,548 65
2,634,416 62
2,432,163 40
1,601,542 55
1,560,748 51
2,918,103 42
3,854,852 27
5,753,805 54
3,912,482
3,220,020
3,163,986
3,253,215
3,053,908
3,248,755
3,649,707
3,203,382
2,863,541
3,911,405
4,070,699
5,293,826
7,130 21 $
2,902,090 39 $
3,575,607 10
3,188 71
13,357 26
6,481 40
40,184 68
22,036 76
20
17
83
49
46
02
27
37
16
31
97
77
NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.
SCHEDULE No. 7c
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
THE DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE
FIFTH DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
Virginia
BILLS DISCOUNTED
TOTAL
TOTAL
Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December
$
"...
Average for Year.... $
Otherwise
Secured and
Unsecured
Bills Purchased
12,686,509 64 $
11,947,943 49
10,817,045 38
8,401,004 80
6,039,858 27
3,922,177 13
3,231,160 27
3,298,202 07
3,914,481 28
4,010,026 36
4,293,582 62
4,754,167 65
13,888,402 86 $
13,490,335 93
14,175,046 09
13,924,959 99
11,719,049 97
9,546,867 84
8,480,395 70
7,915,257 40
9,550,945 02
11,632,044 28
9,393,312 56
12,059,247 60
1,361,360 52 $
1,162,338 93
1,333,167 73
1,073,636 68
642,903 22
207,833 33
31,774 19
4,838 72
6,412,125 64 $
11,304,560 90 $
1922
1921
$
99,596 77
213,050 00
148,629 03
27,936,273 02
26,600,618 35
26,325,259 20
23,399,601 47
18,401,811 46
13,676,878 30
11,743,330 16
11,218,298 19
13,465,426 30
15,741,667 41
13,899,945 18
16,962,044 28
39,316,540 29
33,855,042 29
34,026,618 91
38,119,718 62
39,143,815 96
41,158,058 80
42,473,862 60
40,916,955 87
41,849,073 94
37,741,942 09
33,035,094 67
29,081,643 69
519,647 85 $
18,236,334 39
$
37,579,567 95
NOTE.—Includes paper under rediscount with other Federal Reserve Banks, but does not include bills purchased from
other than member banks.
SCHEDULE No. 7d
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
West Virginia
BILLS DISCOUNTED
TOTAL
Secured by
Government
Obligations
•
January
February
March
April
May
June
July
August
September
October.
November
December
Average for Year
Otherwise
Secured and
Unsecured
TOTAL
1922
Bills Purchased
1921
$
3,309,894
3,046,500
3,257,212
3,126,577
2,708,391
2,552,077
2,898,916
2,083,856
2,564,915
2,933,001
3,267,549
3,315,153
09 $
43
66
49
16
11
84
62
96
47
83
44
1,962,488 06
1,415,889 67
1,503,567 22
2,071,162 62
2,241,137 69
2,265,116 59
2,104,971 45
2,210,657 57
1,730,442 54
1,627,388 71
1,388,686 69
1,456,179 98
$
5,272,382
4,462,390
4,760,779
5,197,740
4,949,528
4,817,193
5,003,888
4,294,514
4,295,358
4,560,390
4,656,236
4,771,333
15
10
88
11
85
70
29
19
50
18
52
42
$
1,127,864 52
545,344 64
1,236,648 47
2,573,642 51
4,131,425 56
4,709,576 32
5,691,635 10
6,203,593 94
6,625,109 39
5,438,752 02
4,767,044 45
5,030,763 58
$
2,921,465 31 $
1,834,535 00
$
4,756,000 31
$
4,027,978 11
NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.
SCHEDULE No. 7e
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
North Carolina
BILLS DISCOUNTED
TOTAL
Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December
Otherwise
Secured and
Unsecured
Bills Purchased
TOTAL
1922
1921
$
3,843,471 37 $
3,657,086 73
3,942,354 93
3,294,526 69
2,803,108 26
1,486,139 17
1,125,183 71
925,394 67
1,653,888 25
2,031,481 21
1,492,127 83
1,965,523 87
12,992,057 39 $
11,608,832 52
10,649,130 40
10,895,398 15
10,323,339 66
7,865,579 90
7,444,514 34
7,322,194 02
7,174,595 19
7,070,459 20
6,786,497 64
7,282,918 32
354,387 09 %
59,928 57
17,189,915 85
15,325,847 82
14,591,485 33
14,189,924 84
13,126,447 92
9,351,719 07
8,569,698 05
8,247,588 69
8,828,483 44
9,101,940 41
8,278,625 47
9,248,442 19
$
27,704,729 35
25,379,691 15
24,613,617 62
25,623,363 09
25,645,569 18
25,382,313 46
26,585,392 16
26,536,110 86
26,954,759 61
25,802,289 97
23,103,894 31
20,387,647 93
Average for Year— $
2,345,016 29 $
8,937,897 12 $
34,695 89 $
11,317,609 30
$
25,292,869 40
NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills puvhased from
other than member banks.
SCHEDULE No. 7f
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
South Carolina
BILLS DISCOUNTED
TOTAL
Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December
Average for Year
$
5,592,389 81 $
5,035,353 50
4,347,166 83
3,335,161 06
2,317,524 98
1,589,611 30
1,138,492 74
994,220 15
899,702 48
1,135,522 46
1,277,190 19
1,190,264 75
$
2,389,651 73 $'
11,978,379
11,573,601
10,877,434
10,055,974
9,156,203
7,383,832
6,868,582
6,679,830
6,225,827
5,150,120
4,635,699
4,569,100
TOTAL
1922
Otherwise
Secured and
Unsecured
1921
Bills Purchased
12 $
74
87
63
64
88
31
89
48
95
52
80
791,756 45 $
711,346 43
705,088 72
709,960 55
661,744 42
643,109 48
416,277 42
187,630 64
280,228 33
" 746,648 39
835,766 67
485,288 71
18,362,525 38
17,320,301 67
15,929,690 42
14,101,096 24
12,135,473 04
9,616,553 66
8,423,352 47
7,861,681 68
7,405,758 29
7,032,291 80
6,748,656 38
6,244,654 26
$
23,090,779
22,667,751
22,207,989
21,879,968
21,613,140
21,216,187
21,484,359
21,322,756
21,257,423
20,510,727
20,552,26G
20,014,425
7,908,959 21 $
596,759 26 $
10,895,370 20
$
21,477,923 40
72
12
09
67
12
91
08
85
24
48
49
42
NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.
SCHEDULE No. 7g
DAILY AVERAGE AMOUNT OF OUTSTANDING ACCOMMODATION TO MEMBER BANKS, THROUGH THE
DISCOUNT AND PURCHASE OF PAPER, IN EACH STATE OF THE FIFTH
DISTRICT, BY CALENDAR MONTHS DURING 1922 AND 1921
Total for the Fifth District
BILLS DISCOUNTED
TOTAL
Secured by
Government
Obligations
January
February
March
April
May
June
July
August
September
October
November
December
f
Average for Year.... $
38,656,669
34,930,198
31,314,055
23,763,964
18,223,909
13,544,978
11,775,557
9,497,306
12,127,177
14,451,708
17,796,264
21,696,315
79 $
78
28
91
85
04
19
44
30
58
81
57
20,572,872 12 $
48,192,135
43,244,969
41,597,648
40,382,215
35,554,218
28,667,508
26,616,581
26,034,064
26,355,786
27,554,899
25,326,003
29,074,523
TOTAL
1922
Otherwise
Secured and
Unsecured
1921
Bills Purchased
28 $
00
68
92
64
66
71
07
98
69
95
01
33,167,536 45 $
3,157,809 54 $
2,325,837 50
2,315,405 48
1,899,347 23
1,377,283 12
916,172 81
526,479 02
369,368 56
397,528 33
946,274 95
1,145,668 02
705,954 50
1,334,906 23
$
90,006,614
80,501,005
75,227,109
66,045,528
55,155,411
43,128,659
38,918,617
35,900,739
38,880,492
42,952,883
44,267,936
51,476,793
61
28
44
06
61
51
92
07
61
22
78
08
$
122,274,313 77
112,124,853 49
113,513,475 00
120,814,682 98
123,542,035 69
124,732,467 12
125,322,599 09
123,875,115 94
125,973,824 91
117,059,079 52
108,096,943 73
99,788,453 26
55,075,314 80
$
118,122,358 06
NOTE.—Includes paper under rediscount with other Federal Reserve Banks but does not include bills purchased from
other than member banks.
Crc
00
SCHEDULE No. 8
LOANS AND INVESTMENTS DURING THE YEAR 1922 COMPARED WITH 1921, 1920 AND 1919 BY MONTHS
Bills Discounted
For Member
Banks
Bills Bought
In Open
Market
January
February
March
April
May
June
July
August
September
October
November
December
$
204,741,710.03 $
158,107,946.34
166,653,724.58
88,169,893.65
72,364,286.96
71,671,627.88
57,196,096.10
45,152,816.75
75,707,957.09
111,121,094.41
150,202,194.73
223,477,323.35
1,098,000.00
1,514,370.00
1,025,810.55
448,908.38
355,300.00
513,200.00
260,325.00
283,750.00
708,100.00
1,337,718.21
745,000.00
170,000.00 $
TOTAL,
TOTAL,
TOTAL,
TOTAL,
$ 1,424,566,671.87 $
2,749,670,915.68
3,346,321,598.45
4,130,942,910.24
8,460,482.14 $
25,345,484.08
51,711,557.161
58,057,255.41x
1922
1921
1920
1919
U.S.
Certificates of
Indebtedness
U.S.
Bonds and
Notes
Total 1922
$
$
32,000,000.00
32,000,000^00 $
37,000,000. C
O
84,002,000.00
40,440,000.00
50,000.00
50,000.00
Total 1921
Total 1920
Total 1919
205,839,710.03 $
159,622,316.34
167,679,535.13
88,618,802.03
72,719,586.96
72,184,827.88
57,456,421.10
45,486,566.75
76,416,057.09
112,458,812.62
150,947,194.73
255,697,323.35
247,729,047.62 $
226,994,635.65
307,639,193.89
295,358,122.44
213,117,651.62
247,186,656.01
211,058,778.23
216,409,922.84
226,412,844.25
202,541,329.69
200,050,165.50
217,518,152.02
323,243,859.16 $
277,406,600.97
351,353,025.94
327,562,267.44
296,817,490.45
290,865,000.60
262,499,955.50
271,092,720.73
284,901,704.84
248,615,499.37
252,646,664.98
295,030,365.63
302,853,720.65
279,254,369.45
338,679,713.94
367,169,727.31
371,425,044.95
406,366,035.98
426,996,327.45
389,592,648.45
366,747,953.86
325,092,997.37
273,166,046.45
382,096,079.79
100,000.00 $ 1,465,127,154.01 $ 2,812,016,499.76 $ 3,482,035,155.61 $ 4,229,440,665.65
2,812,016,499.76
100.00
3,482,035,155.61 '
500.00
4,229,440,665.65
t Includes $325,000 Oriental Silver Exchanges purchased through Federal Reserve Bank of New York.
x___Includes $5,079,873.14 of acceptances in other districts purchased from Federal Reserve Bank of Boston.
SCHEDULE No. 9
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING 1922 CLASSIFIED AS TO KIND OF PAPER AND
SHOWN BY STATES
Maryland
CLASSIFICATION
District
of Columbia
Virginia
West Virginia North Carolina South Carolina
Total
BILLS DISCOUNTED:
Secured by Government War Obligations:
$ 245,774,007 00 $ 279,504,000 00 S 433,449,282 00 $ 97,360,207 50 $ 70,265,630 00 $ 59,703,795 00 $ 1,186,056,921 50
Members' own Notes
259,540 00
156,000 00
27,540 00
Non-members endorsed by members...
76,000 00
4,631,942 14
415,032 17
1,049,657 20
818,791 56
843,350 88
Customers' Notes rediscounted
1,505,110 33
Otherwise Secured:
Members' own Notes secured by Cus13,986,500 00
6,630,500 00
87,500 00
4,579,800 00
2,015,000 00
tomers' paper
673,700 00
Customers' Notes secured by Agricul4,600,629 11
260,000 00
463,529 82
3,877,099 29
tural Products
Customers' Notes Becured by Live
312,265 04
85,932 17
222,805 38
3,527 49
Stock
5,538,900 89
3,922,379 09
70,043 73
28,525 76
392,773 46
384,357 62
740,821 23
Trade Acceptances
Unsecured Commercial and Agricultural
209,179,973 19
5,258,125 79
10,193,039 50 51,395,001 02
37,364,590 50
20,461,536 30
84,507,680 08
Paper
Total Bills Discounted.
S 269,905,224 85 $ 284,790,651 55 $ 526,888,285 89 $ 108,938,244 19 $ 131,469,690 81 $ 102,574,574 58 S 1,424,566,671 87
BILLS PTBCHASED:
Total Bills Bought
S
S
56,659 68 $
1,057,008 38
1,257,500 00
S
1,781,170 00
Bankers' Acceptances—Foreign...
Bankers' Acceptances—Domestic.
520,200 00 $
2,306,560 55
1,577,208 38
5,401,890 23
1,781,170 00
56,659 68 $
2,314,508 38
$
2,826,760 55
6,979,098 611
Schedule No. 9—Continued
Maryland
RECAPITULATION
District of
Columbia
Virginia
West Virginii i
N o r t h Carolina South Carolina
Totals
$247,355,117 33 $ 279,504,000 00 $ 434,526,479 20 $ 98,178,999 06 8 71,108,980 88 $ 60,274,827 17 $ 1,190,948,403 64
18,899,394 15
2,018,527 49
7,113,305 38
173,432 17
5,043,329 82
4,550,799 29
20,531,580 03
85,248,501 31
10,585,812 96
55,317,380 11
37,748,948 12
214,718,874 08
5,286,651 55
Secured b y Government War Obligations
Otherwise Secured
Unsecured
t—i
$ 269,905,224 85 $ 284,790,651 55 $ 526,888,285 89 S 108,938,244 10 $ 131,469,690 81 $ 102,574,574 58 $ 1,424,566,671 87
6,979,098 611
2,314,508 38
56,659 68
1,781,170 00
2,826,760 55
Total Bills Discounted
Total Bills Bought
Total Bills
Bought
t
Discounted
3
Hi
W
and
$ 271,686,394 85 $284,847,311 23 $ 529,202,794 27 $ 108,938,244 19 $131,469,690 81 $ 105,401,335 13 $ 1,431,545,770 48f
Does not include $1,481,383.53 of Bankers' Acceptances purchased on open market.
Q
SCHEDULE No. 10
TOTAL BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF 1922, SHOWN BY STATES
Maryland
District of
Columbia
Virginia
26,594,436 60 $
5,956,376 00
8,125,772 20
3,816,004 16
7,477,720 75
20,473,929 69
15,740,778 65
3,267,884 15
8,681,519 54
33,013,881 69
52,556,789 73
99,142,218 07
86,451,674 89 $
74,292,409 48
76,300,968 26
39,535,484 09
28,462,466 86
22,688,037 27
16,580,311 71
17,319,876 61
29,703,154 10
34,925,924 58
41,680,290 85
61,262,195 57
8,554,646 41 $
7,777,516 53
10,035,011 95
8,127,614 30
8,742,015 06
8,582,944 21
9,464,724 24
7,892,412 77
8,072,714 67
9,314,203 10
10,835,041 22
11,539,399 73
14,052,600 59 $
12,446,186 49
15,080,658 04
12,116,496 57
10,797,862 08
8,236,870 69
5,218,504 70
6,278,603 83
14,449,649 90
12,618,307 23
8,048,818 53
12,125,132 16
284,847,311 23 $ 529,202,794 27 $
1,434,402,419 25
99,327,773 14
1,749,971,890 48
126,076,891 05
2,217,409,052 14
105,610,815 70
108,938,244 19 $
86,695,923 13
45,885,775 24
46,837,582 33
131,469,690 81 $
313,513,067 63
311,559,802 54
362,378,461 00
January
February
March
April
May
June
July
August
September
October
November
December
$
52,372,545 51 $
45,804,603 37
43,824,872 61
15,015,620 01
8,365,020 20
5,419,674 57
4,758,429 76
5,005,680 63
10,102,858 35
15,089,057 74
31,772,668 88
34,155,363 22
TOTAL,
TOTAL,
TOTAL,
TOTAL,
$
271,686,394 85 $
583,459,991 73
853,352,756 56
1,014,911,761 05
1922
1921
1920
1919
West Virginia
North Carolina
South Carolina
17,813,806 03 $
13,345,224 47
14,312,252 07
10,007,582 90
8,874,502 01
6,783,371 45
5,693,672 04
5,672,108 76
5,266,160 53
6,961,054 75
5,418,585 52
5,253,014 60
Total 1921
205,839,710 03 $
159,622,316 34
167,679,535 13
88,618,802 03
72,719,586 96
72,184,827 88
57,456,421 10
45,436,566 75
76,276,057 09
111,922,429 09
150,312,194 73
223,477,323 35
231,729.047 62
226,994,535 65
301,639,193 89
293,358,122 44
213,117,651 62
245,186,656 01
211,058,778 23
216,409,922 84
217,412,844 25
202,541,329 69
200,050,165 50
215,518,152 02
105,401,335 13 $ 1,431,545,770 48* $ 2,775,016,399 76
2,775,016,399 76
257,617,224 88
3,397,708,155 61f
310,861,039 74
4,183,920,292 51=
436,772,620 29
• Does not include $1,481,383.53 of Bankers' Acceptances purchased on the open market.
t Does not include $325,000 of Oriental Silver Exchanges bought through Federal Reserve Bank of New York.
- Does not include $5,079,873.14 of Acceptances in other Districts purchased from Federal Reserve Bank of Boston.
Total 1922
to
SCHEDULE No. 11
NUMBER OF MEMBER BANKS IN EACH STATE ACCOMMODATED EACH MONTH
THROUGH THE DISCOUNT OR PURCHASE OF PAPER DURING 1922
Maryland
January
February
March
April
May
June
July
August
September
October
November
December
During the year 1922
Number of member banks 1922*
During the year 1921
Number of member banks 1921*
During the year 1920
Number of member banks 1920*
During the year 1919
Number of member banks 191 *
• At the close of the year.
58
53
55
49
47
43
38
37
•10
41
48
District
of
Columbia
Virginia
West
Virginia
150
192
146
190
140
185
124
169
South
Carolina
71)
02
01
N
o:i
n
77
125
68
120
36
116
46
110
45
40
85
104
96
103
85
97
74
92
104
100
96
Total 1922
Total 1921
Total 1920
Total 1919
395
375
398
387
370
356
347
328
328
322
289
288
71
70
74
71
120
109
121
121
115
Ii9
113
106
108
105
87
61
72
94
76
97
71
98
68
102
North
Carolina
352
335
34.7
373
394
413
415
411
421
430
413
410
264
243
282
317
353
377
390
371
356
340
343
373
242
266
263
281
312
320
321
299
303
297
252
255
491
634
494
626
438
610
415
584
SCHEDULE No. 12
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF
OF 1922, CLASSIFIED ACCORDING TO MATURITIES
AT TIME OF DISCOUNT OR PURCHASE
15 Days
or Less
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920
16 to 30
Days
31 to 60
Days
61 to 90
Days
181,192,810
139,214,915
141,166,139
71,023,473
56,542,131
57,800,977
44,726,012
33,845,227
62,102,112
96,206,331
136,468,128
203,068,632
6,050,913
3,965,931
4,482,980
2,861,704
2,488,730
2,850,711
1,614,425
2,616,598
2,892,689
3,344,676
3,706,183
4,989,281
8,203,427
7,750,707
10,514,862
6,408,237
6,458,863
5,269,179
4,675,495
4,181,354
6,680,734
5,857,361
5,997,233
8,187,938
9,769,889
8,210,540
10,730,619
7,279,361
5,934,944
5,289,042
5,714,764
4,332,526
4,545,700
6,706,040
4,460,272
7,200,742
1,223,356,887
2,329,572,416
2,945,139,418
41,864,821
76,986,873
90,579,429
80,185,390
169,719,236
179,078,632
80,174,439
185,317,951
177,121,929
Over
90 Days
622,671
480,223
784,936
1,046,027
1,294,919
974,919
725,725
460,862
194,822
344,404
315,379
200,730
Total
205,839,710
159,622,316
167,679,536
88,618,802
72,719,587
72,184,828
57,456,421
45,436,567
76,416,057
112,458,812
150,947,195
223,647,323
7,445,617 $ 1,433,027,1541
2,775,016,400t
13,419,924
6,113,748
3,398,033,156
X Includes $1,481,383.53 Bankers' Acceptances purchased from other than member banks.
t Includes $5,874,835 of Commercial and Industrial Paper discounted for ninety days but which actually had over ninety
days to run because the maturity date fell on a Sunday or holiday.
SCHEDULE No. 13
DISTRIBUTION BY MATURITIES OF EACH CLASS OF PAPER HELD AT CLOSE OF BUSINESS DECEMBER 31, 1922
15 Days
or Less
CLASSIFICATION
31 to 60
Days
16 to 30
Days
61 to 90
Days
Over
90 Days
Total
BILLS DISCOUNTED:
Secured by Government War Obligations4
$ 21,559,052 00
$ 21,559,052 00
214,625 00
Customers' Notes Rediscounted
Otherwis. Secured :
Members' own Notes secured by Customers' Paper
Customers' Notes secured by Agricult ural Products
Customers' Notes secured by Live Stock
Trade Acceptances
Unsecured Commercial and Agricultural Paper
1,708,200
130,482
6,670
151,207
7,175,433
$
00
92
85
29
97
96,820 00 f
252,367
3,600
224,465
7,577,524
175,905 00 $
169,615
17,055
276,056
8,023,932
83
00
55
81
:
46
01
97
96
83,558
111,771
163,233
4,770,244
52
63
46
11 $
5,174,510 22 $
1,708,200 00
636,024 73
139,097 49
814,963 27
27,894,185 25
347,049 40
347,049 40 $ 53,284,575 24
$ 30,945,672 03 S
8,154,778 19 $
$
138,200 00 $
674,000 00
115,639 49 $
290,450 00
200,000 00
316,000 00
$
453,839 49
1,280,450 00
$
812,200 00 $
406,089 49 $
516,000 00
$
1,734,289 49
f 21,773,677 00 $
1,845,353 77
7,326,641 26
96,820 00 $
255,967 83
7,801,990 36
45,702 50
175,905 00 $
195,330 15
186,670 47
8,299,939 93
4,933,477 57 $
$ 22,092,104 50
2,483,322 22
28,709,148 52
347,049 40
$ 30,945,672 03 $
812,200 00
8,154,778 19 $
406,089 49
8,662,565 40 $
516,000 00
5,174,510 22 $
347,049 40 $ 53,284,575 24
1,734,289 49
Total Bills Discounted and Bought held December
S 31,757,872 03 S
31, 1922 ..
8,560,867 63 $
9,178,565 40 $
5,174,510 22 $
347,049 40 $ 55,018,864 73
Total Bills Discounted and Bought held December
$ 54,169,629 61 $ 16,402,744 11 $ 18,953,325 44 $
31, 1921
8,089,692 68 {
610,676 46 $ 98,226,068 30
Total of Bills Discounted held December 31, 1922
8,662,565 40 $
533,052 50
45,702 50
BILLS PURCHASED :
Total of Bills Bought held December 31, 1922
RECAPITULATION
Secured by Government War Obligations .
Otherwise Secured .
Unsecured
Total Bills Discounted held December 31, 1922
Total Bills Bought held December 31, 1922
SCHEDULE No. 14
CHANGES IN DISCOUNT RATES DURING THE YEAR 1922
Effective Jan. 1, 1922
Established Dec. 10, 1921
Effective April 14, 1922
MEMBER BANKS' COLLATERAL NOTES :
Secured by U. S. Certificates of Indebtedness and Treasury
Notes:
Secured by Liberty Bonds or Victory Notes
Secured by Eligible Paper
4
I
OTHER PAPER SECURED BY U. S. SECURITIES :
Secured by U. S. Certificates of Indebtedness and Treasury
Notes, 15 days or less
Secured by U. S. Certificates of Indebtedness and Treasury
Notes, 16 to 90 days
Secured by Liberty Bonds or Victory Notes, 15 days or less.
Secured by Liberty Bonds or Victory Notes, 16 to 90 days....
41
td
4
TRADE ACCEPTANCES :
15 days or less
16 to 90 days
COMMERCIAL PAPER : ,
15 days or less
16 to 90 days
AGRICULTURAL OR LIVE STOCK PAPER :
15 days or less
16 to 90 days
91 days to 6 months
'4*
Oi
O
SCHEDULE No. 15
TOTAL RESERVE ACCOUNTS OF ALL MEMBER BANKS, RESERVES OF DISCOUNTING MEMBER BANKS
AND LIABILITY OF DISCOUNTING BANKS FOR PAPER DISCOUNTED (INCLUDING ACCEPTANCES)
AT CLOSE OF BUSINESS DECEMBER 31, 1922, BY STATES, WITH THE NUMBER OF
MEMBER BANKS AND THE NUMBER OF DISCOUNTING MEMBER BANKS
WITH OUTSTANDING BALANCES ON DECEMBER 31, 1922
Total
Number of
Member
Banks
Total of
Reserve
Accounts
Number of Total Reserves
Liability of
of all DisDiscountDiscounting
counting
ing Member
Member Banks Member Banks
Banks
Maryland
District of Columbia.
Virginia
West Vireinia
North Carolina
South Carolina .
94
15
192
125
104
104
$ 15,638,629 98
7,327,381 95
16,815,384 30
7,682,263 87
8,550,139 94
5,513,257 92
44
8
84
39
49
51
TOTAL,
TOTAL,
TOTAL,
TOTAL,
634
626
610
$ 61,527,057 96
56,127,601 96
57,085,285 27
62,712,122 52
275
391
361
1922
1921
1920
1919
S
7,397,149 59 S 9,572,843 79
6,193,859 18
4,597,930 10
18,931,276 00
9,837,876 54
4,146,447 28
3,003,815 09
9,410,585 47
3,829,305 82
5,576,213 52
2,702,775 56
t 31,368,852
39,531,978
38,475,402
42,566,976
70 $ 53,831,225 24
98,226,068 30
30
91 130,521,365 40
41 125,957,307 36
RATIO OF LIABILITY TO DISCOUNTING B A N K S ' RESERVES
RATIO OF LIABILITY TO TOTAL OF
ALL RESERVE ACCOUNTS
1922
1921
1920
1919
1922
1921
1920
1919
129%
135%
192%
138%
246%
206%
160%
126%
244%
191%
404%
582%
230%
117%
371%
99%
558%
658%
320%
136%
304%
186%
308%
399%
61%
85%
113%
54%
110%
101%
141%
84%
176%
74%
259%
464%
190%
73%
270%
14%
446%
601%
286%
79%
244%
6i s ;114%
272%
87%
172%
175%
248%
229%
339%
296%
201%
SCHEDULE No. 16
DAILY AVERAGE BY MONTHS OF DEPOSITS AND FEDERAL RESERVE NOTES IN CIRCULATION,
RESERVES AND RESERVE PERCENTAGES FOR THE YEAR 1922
Members'
Deposits
January
February
March
April
May
June
July
August
September
October
November
December
$
Year 1922
Year 1921
$
Government
Deposits
All Other
Immediately
Available
Deposits
Total
Deposits
Combined
Federal Reserve Deposit and FedNotes in
eral Reserve Note
Circulation
Liability
Actual
Reserves Held
Percentage of
Reserve Against
Combined
Liability
54,162,518 13 $
53,602,396 06
53,358,969 57
53,834,121 30
54,702,189 99
56,240,531 13
57,598,437 Jl
57,048,497 77
57,014,334 89
58,397,331 88
59,345,511 87
58,372,178 82
2,424,615 97 t
3,358,013 61
2,630,516 53
2,290,217 30
4,799,895 25
3,443,109 18
3,206,567 18
2,335,231 16
2,499,954 87
1,766,274 94
2,235,992 96
1,373,635 61
461,248 40 $
460,485 81
492,525 81
364,165 53
292,626 79
342,903 10
252,810 61
251,721 48
249,587 88
169,822 98
121,870 72
511,433 38
57,048,382 50 f
57,420,895 48
56,482,011 91
56,488,504 13
59,794,712 03
60,026,543 41
61,057,815 50
59,635,450 41
59,763,877 64
60,333,429 80
61,703,375 55
60,257,247 81
100,973,148 38 $
95,669,975 53
93,452,323 06
91,962,241 16
87,763,548 38
84,660,278 83
80,664,434 51
79,607,897 54
84,302,788 33
94,052,988 54
97,106,200 83
101,149,128 61
158,021,530 88 $
153,090,871 01
149,934,334 97
148,450,745 29
147,558,260 41
144,686,822 24
141,722,250 01
139,243,347 95
144,066,665 97
154,386,418 34
158,809,576 38
161,406,376 42
71,541,092 70
78,787,842 20
81,204,386 73
88,293,834 46
99,039,219 24
108,366,186 42
107,878,970 77
108,688,840 34
109,932,069 69
115,412,979 74
118,164,063 71
110,658,331 85
.4527
.5146
.5416'
.5948
.6712
.7490
.7612
.7806
.7630
.7476
56,155,468 24 S
53,629,289 10
2,692,442 32 %
2,934,986 77
330,540 52 $
473,496 94
59,178,451 08 $
57,037,772 81
90,924,033 24 $
125,312,466 28
150,102,484 32 $
182,350,239 09
99,933,925 13
78,856,137 39
.6657
.4324
.7440
.6856
SCHEDULE No. 17
DAILY AVERAGE DEPOSITS OF MEMBER BANKS AND U. S. TREASURER BY MONTHS, 1916 TO 1922
(Thousands of dollars—000 omitted)
MEMBER BANKS—RESERVE
U N I T E D STATES T R E A S U R E R — G E N E R A L ACCOUNT
ACCOUNTS
1922
1920
1922
January
February
March
April
May
1921
1920
1919
1918
1917
1916
$
54,163 S
53,602
53 359
53 834
54,702
56,241
57,598
57,048
57,014
58,397
59,346
58,372
58,646 S
57,914
56,670
53,983
53,780
52,492
52,393
51,701
50,514
51,029
51,555
53,096
62,576 S
61,430
59 930
58,563
58,263
57,100
57,317
58,172
58,302
58,252
58,064
57,269
53,572 $
53,693
53,342
52,672
52,513
52,134
53,655
55,279
55,033
57,104
64,076
61,105
42,715 $
43,792
45,476
44,093
42,953
43,059
42,891
45,205
47,456
50,053
51,336
53,081
26,024 $
25,720
26 255
25,649
25,600
28,290
33,951
37,060
36,923
40,218
42,282
43,673
11,200 $
11,484
11,545
11,536
13,249
14,902
15,956
16,331
16,615
20,014
23,466
25,487
2,425 $
3,358
2,631
2,290
4,800
3,443
3,207
2,335
2,500
1,766
2,236
1,374
1,994 $
1,983
4,897
3,510
2,233
1,732
1,777
2,944
3,807
3,776
3,234
3,259
959 $
1,220
2,418
1,026
1,145
3,740
1,076
1,564
5,715
1,269
1,120
4,399
$
56,155 $
53,629 $
58,764 S
55,355 S
46,022 $
31,705 $
16,000 $
2,692 $
2,935 $
2,134 $
June
July
August
September
October
Noven>ber
December
FOR THE YEAR
1921
1916
1918
1917
2,491 $
3,222
8,908
1,489
3,538
7,869
4,554
2,807
2,801
4,208
2,783
5,058
6,193 $
3,442
3,466
5,372
5,210
10,304
8,212
5,436
6,731
8,313
7,704
2,263
1,941 $
1,461
4,087
1,188
3,469
7,979
10,376
5,149
3,310
3,467
11,647
11,608
5,658
6,329
6,420
6,875
6,347
7,191
5,672
3,321
2,969
3,594
2,922
2,845
4,184 $
6,249 $
5,524 $
5,014
1919
SCHEDULE No. 18
ANALYSIS OF CAPITAL STOCK ACCOUNT FOR THE YEAR 1922
DISTRICT OF
COLUMBIA
MARYLAND
VIRGINIA
WEST VIRGINIA
SOUTH
CAROLINA
NORTH
CAROLINA
TOTAL
Banks
Shares
Banks
Shares
Banks
Shares
Banks
Shares
Banks
Shares
Banks
Shares
Banks
Shares
Balance January 1, 1922
Additional Allotments on increased Capital
and Surplus of Members
Additions to Membership during the year
97
24,206
16
8,742
190
33,569
120
12,331
103
16,845
100
12,878
626
108,571
1
352
19
2
264
9
1,911
2,867
5
541
292
4
610
293
5
293
442
26
3,794
4,177
Total
Withdrawals on account liquidations, mergers, or reductions of Capital or Surplus
by Members
98
24,577
18
9,093
199
38,347
125
13,164
107
17,748
105
13,613
652
116,542
4
995
3
270
7
2,884
2
3
324
1
158
18
4,633
Balance December 31, 1922
94
23,582
15
8,823
192
35,463
13,162
104
17,424
104
13,455
634
111,909
85
19
11,551
1,904
566
68
95,201
16,708
RECAPITULATION
National Banks
State Banks and Trust Companies
Total December 31, 1922
87
125
0
i
86
8
20,407
3,175
14
1
8,163
660
179
13
30,390
5 073
113
12
11,389
1,773
89
15
13,301
4,123
94
23,582
15
8,823
192
35,463
125
13,162
104
17,424
104
13,455
634
111,909
4
992
1
2
150
120
7
9
2
1
1
36
120
48
120
51
2,779
81
24
1
1
1
6
2
1,229
3,019
241
144
7
2,884
2
3
324
1
18
4,633
MEMORANDUM :
Withdrawals on account of:
Liquidations
Mergers
Reduction of Capital and Surplus
Relinquishment of Membership
Total Withdrawals during 1922....
3
4
995
3
270
107
158
as
CO
SCHEDULE No. 19
INTER-DISTRICT MOVEMENT OF FEDERAL RESERVE NOTES—FEDERAL RESERVE NOTES OF OTHER
FEDERAL RESERVE BANKS SHIPPED BY RICHMOND FOR CREDIT OR REDEMPTION, AND
FEDERAL RESERVE NOTES OF RICHMOND RECEIVED FROM OTHER
FEDERAL RESERVE BANKS DURING THE YEAR 1922
Other Notes
Shipped by
Richmond
Richmond
Notes
Received
Boston
New York...
Philadelphia.
Cleveland
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
San Francisco.
1,865,200
12,053,450
10,134,500
6,063,700
3,551,350
2,671,650
822,750
170,300
406,500
327,550
659,500
2,926,500
19,466,050
8,770,000
8,716,000
4,688,650
2,952,000
1,422,450
243,500
552,850
439,150
1,205,235
Total 1922
Total 1921
Total 1920
Total 1919
Net Excess
Net Excess
Net Excess
Net Excess
38,726,450
60,320,250
69,994,240
72,911,000
51,382,385
87,360,125
71,452,705
70,805,815
Shipped
Shipped
Shipped
Shipped
or
or
or
or
Received
Received
Received
Received
1922.
1921.
1920.
1919.
Excess Shipped Excess Received
from Certain
to Certain
Banks
Banks
1,061,300
7,412,600
1,364,500
2,652,300
1,137,300
280,350
599,700
73,200
146,350
111,600
545,735
1,364,500
2,490,750
12,397,205
14,690,460
2,105,185
14,020,435
29,530,625
13,855,670
12,585,275
12,655,935
27,039,875
1,458,465
SCHEDULE No. 20
FEDERAL RESERVE NOTES ISSUED, RETIRED AND IN ACTUAL CIRCULATION BY MONTHS DURING THE YEAR 1922
Issued
During
Month
Retired
During
Month
Outstanding
at End of
Month
$ 2,810,000 $ 16,819,150 $ 103,447,960 $
January
99,576,060
10,001,900
6,130,000
February
97,689,960
11,666,600
9,780,500
March
96,982,110
12,427,850
11,720,000
April
92,017,160
10,464,950
5,500,000
May
89,438,260
5,498,900
2,920,000
June
86,962,160
4,386,100
1,910,000
July
86,950,160
5,142,000
5,130,000
August
95,277,110
7,763,050
September.. . . 16,090,000
103,511,810
9,205,300
17,440,000
October
105,137,810
10,064,000
November. . . . 11,690,000
112,063,815
11,673,995
18,600,000
December
Held by
F. R. Bank
at End of
Month
In Actual Circulation at End of Month
1922
1921
1920
1919
4,998,270 $ 98,451,690 $ 150,409,730 $ 130,503,730 $ 136,070,435
3,830,080
95,745,980
150,142,740
129,081,735
128,595,620
4,264,980
93,424,980
143,110,180
125,821,880
126,209,465
5,643,470
91,338,640
136,135,980
124,643,780
122,900,035
6,246,240
85,770,920
126,497,565
121,133,435
114,886,785
7,058,410
82,379,850
119,678,620
124,487,275
109,940,480
8,397,155
78,565,005
113,023,810
125,352,145
104,743,290
7,072,355
79,877,805
107,006,105
132,949,775
105,879,390
5,851,310
89,425,800
109,833,215
140,852,620
117,475,095
8,058,435
95,453,375
107,908,125
145,327,780
138,592,225
8,179,615
96,958,195
106,659,025
144,875,285
141,587,725
10,917,135
101,146,680
107,100,690
155,169,290
145,765,320
1
to
SCHEDULE No. 21
DENOMINATIONS OF FEDERAL RESERVE NOTES ISSUED AND RETIRED DURING THE YEAR
1922 AND OUTSTANDING AT CLOSE OF YEARS 1922 AND 1921
Outstanding Dec. 31, 1921
DENOMINATIONS
Issued During Year
Retired During Year
Outstanding Dec. 31, 1922
Number
Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
Five Thousands...
Ten Thousands
TOTAL
Amount
Number
Amount
Number
Amount
Number
Amount
4,320,198 $
2,698,421
2,045,613
279,837
101,678
278
3,636
1
2
21,600,990
26,984,210
40,912,260
13,991,850
10,167,800
139,000
3,636,000
5,000
20,000
6,199,000 $
2,812,000
1,753,000
159,000
56,000
561
1,700
1
1
30,995,000
28,120,000
35,060,000
7,950,000
5,600,000
280,500
1,700,000
5,000
10,000
6,255,799 $
2,847,577
1,768,299
196,439
76,916
87
2,431
1
31,278,995
28,475,770
35,365,980
9,821,950
7,691,600
43,500
2,431,000
5,000
4,263,399 $
2,662,844
2,030,314
242,398
80,762
752
2,905
1
3
21,316,995
26,628,440
40,606,280
12,119,900
8,076,200
376,000
2,905,000
5,000
30,000
$ 117,457,110
$ 109,720,500
$ 115,113,795
$ 112,063,815
SCHEDULE No. 22
FEDERAL RESERVE AGENT'S RECORD OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO
BANK AND RETURNED TO COMPTROLLER DURING THE YEAR 1922, BY DENOMINATIONS
Fives
Notes on hand December 31, 1921...
Fit Notes Received from Comptroller
Fit Notes Received from Federal
Reserve Bank and U. S.
Treaury
Unfit Notes Received or Credited
from other sources
TOTAL
Fit Notes Issued to Federal Reserve
Bank
Unfit Notes Returned to Comptroller of Currency for DestrucBalance Notes December 31, 1922...
TOTAL
Tens
Twenties
Fifties
Hundreds
Five
Hundreds
Thousands
2,697
1,700
360,000
360,000
156.000
40,000
56,000
4,400,000
1 900,000
1,232,000
108,000
24,000
2,079,000
964,000
513,000
59,000
35,500
4,176,799
1,883,577
1,255,299
137,439
11,015,799
5,107,577
3,156,299
6,199,000
2,812,000
4,176,799
640,000
11,015,799
Five
Ten
Thousands Thousands
398
396
Total Amount
in Dollars
$
25,118,500
800
74,240,000
3
825
37,621,500
41,416
84
1,606
1
314,439
156,916
2,784
4,931
399
396
$
214,472,295
1,753,000
159,000
56,000
561
1,700
1
1
S
109,720,500
1,883,577
412,000
1,255,299
148,000
137,439
48,000
41,416
59,500
84
2,139
1,606
1,625
1
397
395
5,107,577
3,156,299
344,439
156,916
2,784
4,931
399
396
W
77,492,295
w
77,492,295
27,259,500
$
214,472,295
I—I
o
w
o
o
SCHEDULE No. 23
FEDERAL RESERVE AGENT'S STATEMENT OF FEDERAL RESERVE NOTES
FROM ORGANIZATION TO DECEMBER 31, 1922
^
Thousands
^
Ten
Total Amount
Tens
27,212,000
15,968,000
9,924,000
1,036,000
316,000
3,200
7,600
400
400
9,993,000
6,627,500
3,890,250
460,700
234,700
1,363
4,975
108
113
2,860
1,270
220
44
20
6,331,332
3,766,858
2,360,000
240,219
47,762
39
143
133,474,890
15,977,269
9,126,298
5,385,686
505,383
127,976
270
2,927
320,021,795
59,516,461
35,489,926
21,560,156
2,242,346
726,458
4,872
15,645
510
515 $ 1,294,228,785
Issued to Federal Reserve Bank . . . 36,567,860
Returned to Comptroller of Currency for destruction, including
notes returned by U. S. Treasury for credit of Federal Reserve Agent's Account
22,308,601
Notes on hand December 31 1922...
640,000
22,184,770
13,666,470
1,448,744
491,220
2,424
10,950
111
118 S
12,893,156
412,000
7,745,686
148,000
745.602
48,000
175,738
59,500
309
2,139
3,070
1,625
2
397
2
395
35,489,926
21,560,156
2,242,346
726,458
4,872
15,645
510
515
Received from, Comptroller (Fit
Notes)
Received from Federal Reserve
Bank (Fit Notes)
Received from Treasurer of United
States (Fit Notes)
Received by Comptroller from
Treasurer of U. S. for Destruction and Credit of F. R. Agent's
Account (Unfit Notes):
(a) From other Federal
Reserve Banks
(b) Direct from Reporting
Federal Reserve Bank and
from Other Sources....
TOTAL
Total
59,516,461
Twenties
Hundreds
Fives
Fifties
H
u
8
T h
n d l
$
592,820,000
247,876,500
35,600
813,472,600
453,496,685
27,259,500
$
1,294,228,785
SCHEDULE No. 24
STATEMENT OF FEDERAL RESERVE BANK NOTES RECEIVED AND REDEEMED AND
BALANCE IN RETIREMENT ACCOUNT ON DECEMBER 31, 1922
NUMBER OF PIECES
One-Dollar
Received
Received
Received
Received
Received
from
from
from
from
from
Comptroller
Comptroller
Comptroller
Comptroller
Comptroller
of
of
of
of
of
Currency
Currency
Currency
Currency
Currency
during
during
during
during
during
1918
1919
1920
1921
1922
3,708,000
8,332,000
11,260,000
4,104,000
980,000
to
to
to
to
to
Comptroller
Comptroller
Comptroller
Comptroller
Comptroller
of
of
of
of
of
Currency
Currency
Currency
Currency
Currency
for
for
for
for
for
destruction
destruction
destruction
destruction
destruction
during
during
during
during
during
1918
1919
1920
1921
1922
Total Redeemed
Balance in Retirement Account—deposited with Treasurer of United States against
outstanding notes
292,000 $
680,000
1,428,000
208,000
1,128,000
4,292,000
9,692,000
14,116,000
4,520,000
3,236,000
28,384,000
Total Received
Delivered
Delivered
Delivered
Delivered
Delivered
Total Value
Two-Dollars
3,736,000 $
35,856,000
16,000
1,524,590
11,990,000
10,822,000
3,116,490
$
113,705
1,202,000
1,040,000
570,255
16,000
1,752,000
14,394,000
12,902,000
4,257,000
27,469,080
2,925,960
33,321,000
2,535,000
$
35,856,000
O5
SCHEDULE No. 25
CLEARING OPERATIONS—DAILY AVERAGE NUMBER OF ITEMS, DAILY AVERAGE AMOUNT AND AMOUNT
PER ITEM HANDLED BY FEDERAL RESERVE BANK OF RICHMOND (BALTIMORE
BRANCH INCLUDED) DURING EACH MONTH OF 1922
ITEMS DRAWN ON BANKS IN RICHMOND
AND BALTIMORE
1922
January
February
March
April
May
June
July
August
September
October
November
December
Daily
Average No.
Daily Average Amount
14,831
14,346
15,994
14,633
15,086
15,167
14,861
13,850
14,967
15,555
17,284
17,593
10,462,775
9,134,931
9,649,422
9,577,912
10,542,712
10,484,627
10,234,796
9,517,393
10,766,412
12,429,684
13,316,913
12,616,844
4,631,605
4,103,070
3,448,665
3,234,784,700
3,158,710,700
4,243,942,300
Average
Amount
per Item
705
636
603
654
698
691
688
687
719
799
770
717
48
73
32
53
83
30
68
16
34
07
48
15
ITEMS DRAWN ON BANKS IN FIFTH DISTRICT,
OUTSIDE OF BANK AND BRANCH CITIES
Daily
Average No.
102,690
96,535
100,975
100,991
102,828
105,759
105,062
95,321
106,210
117,207
128,341
125,318
Daily
Average
Amount
12,493,525
10,941,739
11,608,485
11,834,640
12,131,257
12,887,350
12,829,680
11,860,737
14,065,748
15,977,877
17,281,900
16,371,212
Average
Amount
per Item
121
113
114
117
117
121
122
124
132
136
134
130
66
34
96
18
97
85
11
43
43
32
66
63
ITEMS HANDLED BY BOTH HEAD OFFICE
AND BRANCH
Daily
Average No.
Daily Average Amount
649,492
556,291
595,989
578,800
620,823
642,492
672,852
664,011
4,468
4,000
4,361
4,595
4,606
4,637
4,606
4,348
4,718
4,783
5,169
5,161
743,877
809,339
782,736
1,413,153
201,486,000
242,600,800
Average
Amount
per Item
145
139
136
125
134
138
146
152
147
155
156
151
37
08
64
96
80
56
07
70
71
51
58
66
Total Number and Amount
Handled during year 1922...
Handled during year 1921..
Handled during year 1920...
698 42
769 85
1,230 60
32,346,894
29,981,628
25,942,877"
4,026,097,900
3,912,914,800
4,766,420,300*
124 47
130 51
183 73'
144 44
171 69
ITEMS D R A W N ON BANKS IN OTHER FEDERAL
RESERVE DISTRICTS
1922
January
February
March
April
May
June
July
August
September
October
November
December
Total Number and Amount
(gross):
Handled during year 1922...
Handled during year 1921...
Handled during year 1920...
Daily
Average No.
8,971
8,826
9,891
11,005
10,639
10,139
10,172
9,536
10,073
11,430
13,135
15,457
Daily Average Amount
3,352,117
3,085,652
3,398,511
3,673,344
3,543,500
3,661,281
3,501,672
3,342,907
4,061,096
4,791,385
4,690,200
4,334,628
3,250,025 $ 1,142,482,500
2,472,532
1,101,377,900
3,266,286
2,287,494,500
Average
Amount
Per Item
ITEMS D R A W N ON TREASURER OF UNITED
STATES
Daily
Average No.
Daily Average Amount
57
14
18
08
43
3,632
3,702
4,452
4,657
4,039
4,381
3,371
3,199
4,407
4,977
4,881
4,408
647,999
589,904
579,543
584,284
483,977
494,316
446,170
441,120
448,089
460,888
584,459
538,596
351 53
445 36
700 34
1,260,581
1,290,049
1,073,973
157,967,447
205,283,930
208,088,124
373
349
343
333
333
361
344
63
62
59
77
08
10
26
350
403
419
357
280
Average
Amount
per Item
178 39
159 33
130 18
125 45
119 83
112 83
132 35
137 90
101 68
92 61
119 74
122 18
125 31
159 13
193 76
TOTAL
Daily
Average No.
Daily Average Amount
Average
Amount
per Item
134,592
127,409
135,673
135,881
137,198
140,083
138,072
126,254
140,375
153,952
168,810
167,937
27,605,908
24,308,517
25,831,950
26,248,980
27,322,269
28,170,066
27,685,170
25,826,168
30,038,225
34,403,711
36,682,811
34,644,016
205 10
190 79
190 39
193 17
199 14
201 09
200 51
20* 55
213 98
223 46
217 30
206 29
42,884,054
39,260,432
33,731,801
8,762,818,547
8,620,888,130
11,505,945,224
204 34
219 58
341 10
Includes items sent by Head Office direct to Baltimore banks and to Baltimore Branch; also includes items Bent by Baltimore Branch direct to Head
Office.
SCHEDULE No. 26
DIRECT ROUTINGS—NUMBER AND AMOUNT OF CASH LETTERS SENT DIRECT TO OTHER
FEDERAL RESERVE BANKS AND BRANCHES BY MEMBER BANKS IN THE
FIFTH DISTRICT DURING 1922, BY MONTHS
Letters Containing Items Letters Containing Items
Outside of F. R. Bank
on F. R. Bank and
Branch Cities
and Branch Cities
Number
of
Letters
January
February
March
April
May
June
JUly
August
September
October
November
December
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920
Average Amount per Letter 1922.
Average Amount per Letter 1921.
Average Amount per Letter 1920.
Amount
Number
of
Letters
Amount
TOTAL
Number
of
Letters
Amount
6,572
6,097
7,175
6,914
7,404
7,682
7,305
7,597
7,519
8,260
7,792
8,238
84,180,944
72,706,137
84,055,455
83,891,052
90,255,793
95,417,129
92,571,332
82,841,256
82,513,618
114,795,756
101,650,410
105,839,362
5,514
5,019
5,884
5,614
6,003
6,063
5,659
5,671
5,635
6,226
5,800
6,182
21,955,607
19,594,082
21,946,531
19,707,319
23,320,596
26,817,754
25,996,673
23,303,240
23,522,295
28,747,166
26,294,494
27,367,315
12,086
11,116
13,059
12,528
13,407
13,745
12,964
13,268
13,154
14,486
13,592
14,420
106,136,551
92,300,219
106,001,986
103,598,371
113,576,389
122,234,883
118,568,005
106,144,496
106,035,913
143,542,922
127,944,904
133,206,677
88,555
81,467
82,679
1,090,718,244
1,099,154,326
1,646,377,099
12,316 85
13,492 02
19,912 88
69,270
68,392
68,736
288,573,072
278,140,934
396,737,550
4,165 92
4,066 86
5,771 90
157,825
149,859
151,415
1,379,291,316
1,377,295,260
2,043,114,649
8,739 37
9,190 61
13,493 48
SCHEDULE No. 27
NON-CASH COLLECTION ITEMS HANDLED DURING THE YEAR 1922, BY MONTHS
Number of
Items
Received
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920
Number of
Items
Paid
10,119
8,734
12,505
12,298
20,047
21,495
19,797
19,413
18,476
19,536
18,221
18,440
8,266
6,690
9,477
9,234
14,302
15,479
14,741
14,605
14,469
15,762
14,644
14,728
199,081
100,776
53,391
152,397
81,311
42,681
Amount Paid
12,121,006
14,955,868
15,221,895
13,134,292
22,910,661
20,609,364
14,189,943
13,862,532
13,719,026
17,722,070
18,935,574
17,419,011
Number of
Items
Ret'd
Unpaid
65
01
65
97
03
43
37
10
94
24
61
41
2,168
1,704
2,424
2,284
4,235
5,004
5,507
4,770
3,938
3,855
3,600
3,916
194,801,247 41
134,535,010 06
110,695,727 12
43,405
18,311
10,266
Amount
Returned
1,266,082
1,127,506
1,199,686
1,096,421
1,294,064
1,994,603
2,828,794
2,011,092
1,578,431
1,429,909
1,270,367
1,334,270
90
95
18
96
00
46
16
39
71
38
23
99
18,431,231 31
13,051,743 96
13,997,523 66
SCHEDULE No. 28
GOLD SETTLEMENT FUND TRANSACTIONS DURING THE YEAR 1922
(In Even Thousands)
Balance in Gold Settlement Fund at close of Business December 31, 1921
S
19,094,000
RECEIPTS :
Total amount received from other Federal Reserve Banks through daily Gold Fund Clearings
$ 5,193,744,000
Total amount received from other Federal Reserve Banks on account of daily Federal Reserve Note Clearings
(Feb. 1, 1922 to Dec. 31, 1922)
34,713,000
Amounts received from other Federal Reserve Banks by direct transfers for credit of Treasurer United States
43,500,000
Amounts received from other sources by direct transfers:
From Treasurer United States
78,700,000
From Gold shipped to Treasurer United States
1,434,000
From 5% Fund Federal Reserve Bank Notes
188,000
From 5% Fund National Bank Notes (Refunded by Treasurer United States) (|)
24,000
From "Gold Redemption Fund"
2,500,000
Total Receipts
$ 5,354,803,000
DISBURSEMENTS :
Total amount paid to other Federal Reserve Banks through daily Gold Fund Clearings
$ 5,138,233,000
Total amount paid to other Federal Reserve Banks on account of daily Federal Reserve Note Clearings (Feb. 1,
1922 to Dec. 31, 19221
43,499,000
Amounts paid to other Federal Reserve Banks by direct transfers for account Treasurer United States
74,000,000
Amounts paid to other accounts by direct transfers:
To Treasurer United States for credit 5% Fund National Bank Notest
23,547,000
To Federal Reserve Agent—collateral to Federal Reservf Notf S
67,000,000
Total Disbursements
»
$ 5,346,279,000
Excess of Receipts over Disbursements
Balance in Gold Settlement Fund at close of Business December 31, 1922
8,524,000
*
27,618,000
t After May 31, 1922 transfers to Treasurer United State* for credit of 5% Fund National Banks were made through the "Gold Redemption Fund—Federal
Reserve Notes" instead of the "Gold Settlement Fund."
SCHEDULE No. 29
TOTAL AMOUNT RECEIVED FROM AND PAID TO EACH OTHER FEDERAL RESERVE BANK THROUGH
THE GOLD SETTLEMENT FUND ON ACCOUNT OF DAILY CLEARINGS
Amount
Received from
Boston
New York
Philadelphia
Cleveland
^Richmond
•(•Baltimore
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL FOR 1922
TOTAL FOR 1921
TOTAL FOR 1920
t
t
Amount
Paid to
$ 109,605,845 61 $ 121,912,606 98
1,749,325,384 64 1,705,586,647 23
531,781,710 34
600,051,805 52
509,685,425 40
420,141,125 89
874,322,392 16
770,104,206 83
770,104,206 83
874,322,392 16
276,008,196 26
243,599,744 69
187,909,901 25
214,322,990 67
88,522,693 13
126,576,845 69
10,486,957 92
6,796,928 89
24,787,952 79
17,864,276 60
27,527,140 93
14,014,897 48
33,676,221 32
22,938,271 89
Excess
Paid
Excess
Received
Net Excess
Received
Net Excess
Paid
$ 12,306,761 37
43,738,737 41
68,270,095 18
89,544,299 51
104,218,185 33
104,218,185 33
32,408,451 57
26,413,089 42
38,054,152 56
3,690,029
6,923,676
13,512,243
10,737,949
03
19
45
43
5,193,744,028 58 5,138,232,740 52 $304,773,571 92 $ 249,262,283 86 $ 55,511,288 06
5,492,010,360 91 5,541,662,406 23 218,723,564 39 268,375,609 71
$ 49,652,045 32
7,140,956,992 01 7,246,874,903 87 340,050,675 24 445,968,587 10
105,917,911 86
Represents amounts received from and paid to Richmond Head Office by Baltimore Branch.
Represents amounts received from and paid to Baltimore Branch by Richmond Head Office.
00
SCHEDULE No. 30
CURRENCY AND COIN RECEIVED FROM AND DELIVERED OR SHIPPED TO MEMBER AND
NON-MEMBER BANKS IN THE FIFTH DISTRICT DURING THE YEAR 1922
Non-Members
MEMBERS
RECEIVED
January
February
March
April
May
June
July
August
September
October
November
December
'.
TOTAL RECEIVED 1922..
TOTAL RECEIVED 1921..
TOTAL RECEIVED 1920..
Fifth District
In Richmond Outside Bank
and
and Branch
Baltimore
Cities
Total
Members
Fifth District
In Richmond Outside Bank
Total
and
and Branch Non-Members
Baltimore
Cities
14,583,139
10,658,765
12,319,612
13,936,489
15,063,800
15,748,534
15,036,495
15,438,536
15,101,131
18,109,499
17,665,714
21,753,131
6,623,496
4,012,537
4,788,836
4,823,296
5,028,532
6,057,992
5,570,070
5,868,140
5,827,287
6,809,282
8,037,225
10,513,894
21,206,635
14,671,302
17,108,448
18,759,785
20,092,332
21,806,526
20,606,565
21,306,676
20,928,418
24,918,781
25,702,939
32,267,025
346,570
370,441
395,131
397,817
684,368
522,755
391,950
381,038
406,970
478,918
479,465
542,211
185,414,845
177,588,780
133,904,124
73,960,587
68,389,296
49,782,476
259,375,432
245,978,076
183,686,600
5,397,634
1,760,951
1,163,746
1,500,272
1,379,052
1,477,213
1,257,329
1,420,158
1,496,772
1,378,670
1,763,534
2,030,133
2,211,064
18,838,894 $
18,827,362
10,811,777
2,107,521
1,534,187
1,895,403
1,776,869
2,161,581
1,780,084
1,812,108
1,877,810
1,785,640
2,242,452
2,509,598
2,753,275
GRAND
TOTAL
23,314,156
16,205,489
19,003,851
20,536,654
22,253,913
23,586,610
22,418,673
23,184,486
22,714,058
27,161,233
28,212,537
35,020,300
24,236,528 $ 283,611,960
18,827,362
264,805,438
10,811,777
194,498,377
DELIVERED OR SHIPPED :
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL SHIPPED 1922....
TOTAL SHIPPED 1921....
TOTAL SHIPPED 1920....
11,859,962
14,653,939
17,668,627
17,976,038
17,602,554
22,363,371
20,071,311
25,300,000
32,644,026
31,177,561
27,642,777
34,921,661
367,099
367,041
392,934
397,817
684,367
521,846
391,950
381,038
406,970
475,718
479,465
512,711
141,038
119,463
196,375
133,680
113,160
178,502
195,762
196,295
275,294
304,560
249,168
279,977
508,137
486,504
589,309
531,497
797,527
700,348
587,712
577,333
682,264
780,278
728,633
792,688
12,368,099
15,140,443
18,257,936
18,507,535
18,400,081
23,063,719
20,659,023
25,877,333
33,326,290
31,957,839
28,371',410
35,714,349
$ 167,532,071 $ 106,349,756 $ 273,881,827
243,205,927
93,487,854
149,718,073
242,761,873
88,999,543
153,762,330
5,378,956
9,000
28,000
2,383,274
1,563,568
230,039
7,762,230
1,572,568
258,039
281,644,057
244,778,495
243,019,912
7,387,516
9,390,474
11,560,436
12,351,923
11,800,730
14,788,710
14,091,204
15,232,742
18,024,889
16,490,924
15,602,075
20.810,448
4,472,446
5,263,465
6,108,191
5,624;115
5,801,824
7,574,661
5,980,107
10,067,258
14,619,137
14,686,637
12,040,702
14,111,213
Excess of Receipts over Disbursements (1922)
Exgess of Receipts over Disbursements (1921)
Excess of Disbursements over Receipts (1920)
$
1,967,903
20,026,943
48,521,535
SCHEDULE No. 31a
RECEIPTS AND PAYMENTS OF PAPER CURRENCY DURING THE YEARS 1922 AND 1921
Currency Received and Counted
RECEIVED IN THE ORDINARY
COURSE OF BUSINESS FROM
BANKS, BANKERS, ETC.
No. of Notes
Amount
NEW CURRENCY:
Federal Reserve Notes
(Our Own 5-E).
Federal Reserve Bank
RECEIVED FROM THE
FEDERAL RESERVE
AGENT
No. of
Notes
Amount
RECEIVED FROM THE
T R E A S U R E R OF THE
U N I T E D STATES
No. of
Notes
Amount
Amount
TOTAL 1921
No. of Notef
Amount
70,688,500
7,964,880
2,108.000
3,236,000
4,322,000
4,540,000
9,852,000
21,828,000
10,540,000
22,808,000
12,532,500
12,800,000
13,956,000
13,000,000
41 115 703 $ 107 272 500
37 619 380
$ 108 832 750
13 990 878 $ 165 389 765
17 668 860
$ 220 225 945
$
77,336,750
Notes
9,852,000
21,828,000
7,327,703 S 70,688,500
Total New Currency
FIT AND UNFIT CURRBNCI :
Federal Reserve Notes
(Our Own 5-E)
Federal Reserve Notes
(Others')
Federal Reserve
Bank
Notes
National Bank Notes
United
States
Notes
(Legals, e t c )
Silver Certificates
Gold Certificates
13 533 769* % 158 042 565*
454 760 $ 7 292 000
10,540,000
22,808,000
33,788,000 $ 36,584 000
2 349 $
55 200
3 267 977
39 031 700
3 267 977
39 034 700
4 780 091
60 021 500
4 098 166
4 989 462
5 735 268
49 135,840
4 098 166
4,989,462
5 735 268
49,135,840
7 020 906
1,493,680
8 065 592
15,259,500
12,718,624
18,029,130
205,514
34,496,020
20,607,093
3,847,910
12,718,624
18,029,130
205,514
34,496,020
20,607,093
3,847,910
16,322,646
2,799,300
92,481
24,714,452
3,754,200
1,493,520
55,200
57,299,751 $ 318,246,596
50,177,964
$ 333,534,709
33,790,349 $ 36,639,200
98,415,454 $ 425,519,096
87,797,344
$ 442,367,459
Total Fit and Unfit
Currency
56,842,642* S 310,899,396*
454,760 $ 7,292,000
Total New, Fit and
Unfit Currency
•
No. of
Notes
7,327,703 $
7,327,703 $ 70,688,500
2,108,000 $ 3,236,000
CTnited
States
(Legals, etc.)
TOTAL 1922
56,842,642* $ 310,899,396*
7,782,463 $77,980,500
2,349 %
Includes our own Federal Reserve Notes (Fit) received from other Federal Reserve Banks, approximately $28,000,000.00.
SCHEDULE No. 31b
RECEIPTS AND PAYMENTS OF PAPER CURRENCY DURING THE YEARS 1922 AND 1921
Paid Out and Returned for Redemption
PAID OUT IN THE ORDINARY RETURNED TO THE F E D -SHIPPED TO THE TREASURER
COURSE OF BUSINESS TO SRAL RESERVE AGENT FOR OF THE UNITED STATES FOR
B A N K S , BANKERS, E T C . TEMPORARY RETIREMENT REDEMPTION & DESTRUCT'N
No. of
Notes
Amount
No. of
Notes
Amount
No. of
Notes
Amount
TOTAL 1922
No. of
Notes
Amount
TOTAL 1921
No. of
Notes
Amount
NEW CURRENCY:
Federal
R< serve
Notes
(0ur0wn5-E)
Federal Reserve Bank Notes
United S t a t es Notes
(Legals, etc.)
Silver Certificates
Total New Currency.
7,242,703 $
2,048,440
9,181,581
21,555,814
68,721,575
3,116,880
115,000 $ 1,350,000
7 357,703 $
2,048,440
10,051,831
21,911,666
9,181,581
21,555,814
40,028,538 $ 103,801,952
115,000 t 1,350,000
9,232,504 $ 114,203,400
340,328 $ 6,131,500
70,071,575
3,116,880
10,051,831
21,911,666
7,847,829 $
4,616,081
12,690,250
11,340,245
76,201,080
4,933,205
13,931,500
11,540,245
40,143,538 $ 105,151,952
36,494,405 $ 106,606,030
14,152,515 $ 166,513,375
17,638,332 $ 219,865,120
FIT AND UNFIT CURRENCY:
Federal
Reserve
(OurOwn5-E)
Federal
Reserve
Others'
Federal Reserve Bank
National Bank Notes
United S t a t e s
(Legals, etc.)
Silver Certificates
Gold Certificates
Notes
4,579,683 $
46,178,475
3,267,9/7*
3,056,191
2,005,521
39,034,700*
3,797,968
17,235,490
3,267,977
4,138,591
4,987,297
39,034,700
5,792,968
49,074,790
4,780,091
7,015,507
1,492,860
60,021,500
8,055,744
15,244,000
14,871,970
14,523,819
876,480
13,239,458
18,104,395
69,705
37,695,370
20,680,143
1,273,930
15,797,586
2,641,630
99,987
21,461,052
3,581,950
1,577,100
Notes
Notes
1,082,400
2,981,776
1,995,000
31,839,300
4,284,269
5,113,833
20,893
22,823,400
6,156,324
397,450
Notes
8,955,189
12,990,562
48,812
Total Fit and Unfit
Currency
22,715,675 $ 177,414,874
340,328 $ 6,131,500
34,903,935* $ 136,518,902*
57,959,938 $ 320,065,276
49,465,993 $ '329,806,466
Total New, Fit and
Unfit Currency...
62,744,213 $ 281,216,826
455,328 S 7,481,500
34,903,935* $ 136,518,902*
98,103,476 $ 425,217,228
85,960,398 $ 436,412,496
Includes Federal Reserve Notes of other Federal Reserve Banks returned to the Bank of Issue for Redemption (1,453,860 Notes $19,048,050).
00
SCHEDULE No. 32
PRIVATE WIRE OPERATIONS—TOTAL NUMBER OF MESSAGES SENT AND RECEIVED OVER
PRIVATE LEASED WIRES DURING THE YEAR 1922
Sent to
Boston
New York
Philadelphia
Cleveland
Richmond f
Baltimore}:
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Washington
Total for 1922
Total for 1921
Total for 1920
t Messages Sent to and Received from Richmond Head Office by Baltimore Branch.
X Messages Sent to and Received from Baltimore Branch by Richmond Head Office.
Received
from
Total
837
10,068
3,028
2,620
7,292
5,049
3,122
2,578
1,199
404
680
1,037
1,145
5,943
1,532
10,891
3,642
6,719
5,049
7,292
3,241
1,972
1,177
281
453
541
789
6,631
2,369
20,959
6,670
9,339
12,341
12,341
6,363
4,550
2,376
685
1,133
1,578
1,934
12,574
45,002
44,004
37,138
50,210
47,610
39,232
95,212
91,614
76,370
U No. 33
WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO AND FROM OTHER FEDERAL RESERVE DISTRICTS
FOR ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING 1922, BY MONTHS
Transfers to Other F. R. Districts by
Member Banks of Fifth District
No. of
Number
Banks
of
Making Transfers
Transfers
January...
February..
March
April
May
June
July
August —
September.
October
November.
December.
Total for 1922.
Total for 1921.
Total for 1920.
80
74
92
86
87
88
78
90
87
93
101
91
Amount of
Transfers
993
789
996
944
1,115
1,152
1,014
1,112
1,052
1,201
1,286
1,295
38,376,720
33,708,901
42,438,078
45,061,824
66,099,107
66,330,158
57,061,347
53,894,518
53,067,111
54,540,152
51,131,196
60,083,178
12,949
9,856
8,304
621,792,290
423,020,019
439,472,350
Transfers to Members in Fifth District
by Banks in Other F. R. Districts
Number
of Banks Number
of
Receiving Transfers
Transfers
119
107
117
118
120
131
135
132
127
128
130
119
Amount of
Transfers
TOTAL ALLTRANSFERS
Number
of
Transfers
Amount
of
Transfers
1,316
1,290
1,477
1,343
1,620
1,617
1,537
1,567
1,538
1,817
1,558
1,689
67,798,662
69,778,237
81,022,701
70,823,850
105,279,471
107,168,501
81,564,818
81,721,554
88,756,821
91,324,665
78,136.692
80,877^807
2,309
2,079
2,473
2,287
2,735
2,769
2,551
2,679
2,590
3,018
2,844
2,984
106,175,382
103,487,138
123,460,779
115,885,674
171,378,578
173,498,659
138,626,165
135,616,072
141,823,932
145,864,817
129,267,888
140,960,985
18,369
15,274
13,532
1,004,253,779
726,697,680
807,388,808
31,318
25,130
21,836
1,626,046,069
1,149,717,699
1,246,861,158
00
SCHEDULE No. 34
WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO AND FROM OTHER FEDERAL RESERVE DISTRICTS
FOR ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING
1922, BY FEDERAL RESERVE DISTRICTS
TRANSFERS FROM OTHER F. R.
TRANSFERS TO OTHER F. R.
DISTRICTS BY MEMBER BANKS OF DISTRICTS FOR ACCOUNT OF MEMBER
BANKS OF FIFTH DISTRICT
FIFTH DISTRICT
TOTAL OF ALL TRANSFERS
District
Number
Boston
New York
Philadelphia
Cleveland
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL FOR 1922
TOTAL FOR 1921
Amount
177 $
6,123
1,280
1,048
1,841
1,410
291
174
94
325
186
2,452,000
484,086,000
14,685,000
24,122,000
35,360,000
42,780,000
7,602,000
1,929,000
2,022,000
2,839,000
3,915,000
12,949 $
9,856
621,792,000
423,020,000
Number
686 $
7,302
1,990
5,076
1,682
861
540
19
32
28
153
Amount
Number
Amount
13,375,000
749,274,000
66,389,000
109,066,000
25,493,000
23,433,000
10,990,000
236,000
937,000
494,000
4,567,000
863 $
15,827,000
13,425
1,233,360,000
3,270
81,074,000
6,124
133,188,000
3,523
60,853,000
2,271
66,213,000
831
18,592,000
193
2,165,000
126
2,959,000
353
3,333,000
339
8,482,000
18,369 $ 1,004,254,000
15,274
726,698,000
31,318 $ 1,626,046,000
25,130
1,149,718,000
SCHEDULE No. 35
BOND COUPONS CUT FOR BANKS BY CUSTODIAN OF SECURITIES DURING EACH MONTH OF 1922
Number of
Banks
Accommodated
January...
February..
March
April
May
June
July
August....
September.
October
November.
December.
T O T A L F O R 1922.
T O T A L F O R 1921.
77
67
429
375
378
437
56
48
391
290
288
369
Number of
Coupons
Cut
Value of
Coupons
Cut
2,222
1,666
21,743
36,362
18,546
14,675
2,190
1,021
12,685
22,067
16,520
10,844
43,090 62
37,186 33
315,210 81
408,424 54
286,950 82
204,861 61
35,979 77
24,879 37
179,958 95
295,275 87
304,730 23
148,294 70
160,541
304,192
2,284,843 62
4,004,557 29
SCHEDULE No. 36
INTEREST COUPONS FROM U. S. SECURITIES PAID BY FEDERAL RESERVE BANK OF RICHMOND AND
CHARGED TO TREASURER OF U. S. DURING THE YEAR 1922, BY MONTHS
First
Liberty
Loan
Bonds
January
February
March
April
NUMBER 1922
NUMBER 1921
VALUE 1922...
VALUE 1921...
Third
Liberty
Loan
Bonds
Fourth
Liberty
Loan
Bonds
Victory
Notes
Treasury
U. S. Certifi- Notes and
cates of
Other Gov.
Indebtedness Obligations
Total
Total
Federal
Value
Number of
Land Bank Coupons Paid Coupons of
Paid
33,180
9,800
9,928
8,123
6,476
57,662
20,218
8,985
7,168
6,222
4,324
39,601
39,350
14,598
15,716
12,437
111,622
55,865
24,676
13,668
11,125
9,669
92,984
48,896
37,637
16,250
137,558
76,203
52,304
37,293
21,602
14,724
105,324
66,065
36,083
33,253
53,753
24,570
24,553
195,032
101,844
59,237
31,545
19,748
17,670
159,251
69,876
52,047
78,312
20,334
20,949
14,764
12,510
100,633
45,787
20,631
16,606
13,643
9,179
73,586
547
1,848
3,085
534
620
2,686
230
779
1,329
438
133
971
734
335
1,304
359
342
1,892
662
268
5,314
1,110
499
2,725
242
56
143
1,053
9,612
773
148
173
35
44
15,686
1,095
211,687
261,939
1,144,775 $
1,255,027
450,606
553,939
3,567,288 $
3,967,867
634,296
762,234
3,019,837 $
3,393,293
809,126
1,026,467
5,587,062 i
6,587,572
426,934
614,833
2,172,570 $
3,966,106
13,200
27,741
903,289 S
2,157,744
15,544
3,763
888,398 $
130,352
29,060
12,695
791,971
302,708
June
July
August
September
October
November
December
TOTAL
TOTAL
TOTAL
TOTAL
Second
Liberty
Loan
Bonds
S
243,755 S 943,241 12
362 242 79
87 791
213,236 1,605,924 14
308,505 2,393,338 28
295,330 2,336,488 52
316,041 2,020,424 00
583,609 35
144,868
272,888 76
78,976
164,571 1,439,481 78
256 442 2,237,397 87
228,764 2,224,857 09
252,174 1,655,296 27
2,590,453
3,263,611
$ 18,075,189 97
21,760,669 15
NOTE: It will be noted that Federal Land Bank Coupons are included in this Schedule. These are not chargeable directly to the Treasurer of the United States.
SCHEDULE No. 37
UNITED STATES FISCAL AGENCY OPERATIONS DURING 1922
Liberty Loan Bond and Victory Note Transactions
RECEIVED
Number of
Pieces
Coupon bonds received and exchanged for registered bonds of same issue
Registered bonds received and exchanged for coupon bonds of same issue
Registered bonds received for transfer of ownership
4% coupon bonds received and converted into 4 j % registered bonds
4% coupon bonds received and converted into 4|% coupon bonds
4% registered bonds received and converted into \\% registered bonds
4f% Victory notes received and converted into 3f Victory notes
Temporary coupon bonds received and exchanged for permanent bonds of same
issue ..
Bonds of one denomination received and exchanged for other denominations
of same issue
Mutilated coupon bonds received and exchanged for perfect coupon bonds of
same issue..
Victory notes received for redemption
Liberty bonds and Victory notes received in payment of taxes
Liberty bonds and Victory notes purchased for Treasury Department
TOTAL
Amount
9,905 $ 5,246,750
8,866
5,999,650
4,934
2,211,400
37
6,800
3,719
390,350
57
8,750
42
100,050
DELIVERED
Number of
Pieces
Amount
5,499 % 6,347,050
5,973,900
8,698
2,292,300
2,484
6,800
37
407,450
3,798
8,350
52
100,050
42
39,594
3,617,950
36,598
4,112,900
124,222
18,018,800
10,309
20,273,500
18
102,217
284
708
2,550
46,730,850
556,050
240,750
17
2,500
294,603 $83,130,700
67,534 $ 39,524,800
fcO
SCHEDULE No. 37—Continued
UNITED STATES FISCAL AGENCY OPERATIONS DURING 1922
Certificate of Indebtedness and Treasury Note Transactions
Amount
Total sales during 1922
Total redemptions during 1922
Total denominational exchanges during 1922:
Received
Delivered
Total Certificates of Indebtedness and Treasury Notes handled during 1922
123,483,600
28,215,500
SCHEDULE No. 37—Continued
WAR SAVINGS SECURITIES TRANSACTIONS
Number of
Certificates
SALES DURING
Number of
Stamps
Cash Value
Maturity
Value
1922:
Treasury Savings Stamps
Treasury Savings Certificates.
172 $
5,500
1,138,654 $
1,411,972
1922:
War Savings Stamps
Thrift Stamps
Treasury Savings Stamps
Total Redeemed
War Savings Stamps, series 1918, received and handled during 1922,
for redemption on January 1, 1923
Total War Savings Securities handled during 1922.
172
1,411,800
5,672 $
Total Sales
REDEMPTIONS DURING
172
1,138,482
26,079
4,373
14
255,842
38,132
156
1,206,628
9,533
156
1,279,210
9,533
156
30,466
294,130
1,216,317
1,288,899
75,386
1,235,066
6,175,330
6,175,330
1,534,868 $
8,530,301 $
8,876,201
105,852
CO
CO
SCHEDULE No. 38
ANALYSIS OF U. S. TREASURER'S GENERAL ACCOUNT FOR THE YEAR 1922
Balance to Credit of U. S. Treasurer, December 31, 1921
$
4,455,600 80
RECEIPTS :
Sales of Government Securities (including accrued interest)
$ 127,554,353 64
Sales of Certificates of Indebtedness (Special One Day)
32,000,000 00
Withdrawals of War Loan Deposits
84,491,012 33
Deposited by Collectors of Customs and Internal Revenue, Postmasters, Disbursing Officers,
etc
270,216,302 41
Deposited for the credit of War Finance Corporation
17,147,706 89
Proceeds of Collections for account of U. S. Treasurer
38,420,086 80
Transfers of Funds
260,015,546 85
All other Credits to U. S. Treasurer's account
660,165 35
^
£
~
>
Total Receipts
830,505,174 27
3
d
>
$ 834,960,775 07
DISBURSEMENTS :
Government Securities purchased and redeemed, including Interest
U. S. Certificates of Indebtedness Redeemed (Special One Day), including Interest
U. S. Certificates of Indebtedness Redeemed (Pittman Act), including Interest
Interest Coupons Paid
Deposited with War Loan Depositary Banks
Transfers of Funds
Checks and Warrants paid
All other Disbursements
= = = = = =
$ 76,314,664
32,002,739
394,375
17,283,218
87,142,500
462,766,071
157,967,916
229,670
56
73
90
66
00
99
20
73
Total Disbursements
Balance to Credit of U. S. Treasurer, December 31, 1922
^
£j
*1
g
W
834,101,157 77
$
859,617 30
SCHEDULE No. 39
NUMBER OF PIECES OF REGISTERED MAIL HANDLED DURING 1922, BY MONTHS
Incoming Outgoing
Total
January
February
March
April
May
June
July
August
September
October
November
December
5,588
4,773
6,091
5,128
5,224
5,879
4,789
4,847
4,566
5,641
5,124
17,680
8,246
7,708
8,846
7,893
8,508
8,957
8,613
8,247
8,879
9,376
8,631
9,770
13,834
12,481
14,937
13,021
13,732
14,836
13,402
13,094
13,445
15,017
13,755
27,450
TOTAL FOR 1922
TOTAL FOR 1921
75,330
72,379
103,674
124,437
179,004
196,816
CO
SCHEDULE No. 40
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF RICHMOND
(Including Baltimore Branch)
NUMBER
OF O F F I C E R S AND
EMPLOYEES
1918
1919
1920
1921
1922
1 $
1
24
613
16
20
47
10,000 $
15,000
22,959
179,888
3,602
12,000 $
18,000
65,400
310,138
11,900
15,000 S
18,000
118,850
601,090
18,960
40,350
85,726
15,000 $
18,000
138,400
715,410
59,010
40,530
49,400
15,000
18,000
137,500
717,370
31,860
38,070
65,450
745
722 S
286,379 $
480,768 $
21
3
2
3 8
10
8
4,380 $
29,670 $
29,596 $
7,640 S
3,240
7,640
14,160
5,970
23
21
5
21 $
4,380 $
29,670 S
29,596 $
10,880 %
27,770
378
646
740
701 1
281,999 $
451,098 $
868,380 $ 1,024,870 %
995,480
1918
Governor
Other Officers
Federal Reserve Agent's Department
Fiscal Agency Department
TOTAL
Included in thf above are the following Employees who were not
actually Employees of the Bank, and whose Salaries were not
Expenses of the Bank:
Liberty Loan and Government Savings Organization (reimbursad
by U. S. Treasury Department) ..
TOTAL
ACTUAL O F F I C E R S AND EMPLOYEES OF THE B A N K
SALARKS
1919
1920
1921
1
1
8
201
3
1
1
15
323
7
40
54
1
1
22
539
11
22
71
1
1
24
632
28
22
37
254
401
667
2
23
2
252
1922
54,930
63,330
897,976 $ 1,035,750 S 1,023,250
SCHEDULE No. 41
SUNDRY DATA AND COMPARISONS FOR THE YEARS 1922, 1921 AND 1920
1922
Gross Earnings
Expenses
Current Net Earnings
Net Earnings Available for Dividends, Surplus and Franchise Tax.
Dividends Paid
Franchise Tax Paid to Government
Total Resources, December 31st
Capital, December 31st
Surplus, December 31st
,
Members Reserves, December 31st
Total Deposits (Immediately Available), December 31st
Gross Deposits, December 31st
Net Deposits, December 31st
Federal Reserve Notes in Circulation December 31st
Deposit and Federal Reserve Note Liability, December 31st
Daily Average for Year
Reserve against Deposits and Federal Reserve Notes:
December 31st
Daily Average for Year
Reserve Percentage, December 31st
Daily Average for Year
1921
2,832,944
1,631,356
1,201,588
867,447
333,321
480,714
229,274,968
5,595,450
11,288,078
61,527,058
62,959,609
6,729,679
1,127,174
4,602,505
4,393,627
322,203
3,398,090*
224,228,204
5,428,550
11,029,848
56,127,602
61,021,408
101,146,680
164,106,289
150,102,484
107,100,690
168,122,098
182,350,239
111,912,349
99,933,925
68.18%
66.57%
71,557,384
78,856,137
42.56%
43.24%
1920
6,909,143
1,521,948
5,387,195
5,238,506
293,052
204,585
283,488,225
5,269,300
10,561,332
57,085,285
100,473,874
40,598,696f
155,169,290
195,767,9861
182,519,441t
87,151,600
79,126,702
44.52%f
43.35%f
CD
CO
SCHEDULE No. 41—Continued
SUNDRY DATA AND COMPARISONS FOR THE YEARS 1922, 1921 AND 1920
1922
Federal Reserve Bank Notes in Circulation December 31st
Productive or Earning Assets :
Holdings December 31st
Average Daily Holdings for year
Earnings on Productive Assets:
Total Earnings for year
Average Daily Earnings during year
Average Rate of Earnings per anum
Average Daily Amount of Outstanding Accommodation to Member Banks
Bills Discounted—Government Secured
Bills Discounted—Otherwise Secured and Unsecured
Bankers' Acceptances
Total Average Dailj r Accommodation
Discount Operations:
Total Amount Bills Discounted
Total Amount Bills Bought
Total Amount Discounted and Bought
Average Daily Amount Bills Discounted and Bought
Total Amount of Bills Rediscounted with other Federal Reserve Banks:
Number of Member Banks Accommodated
Total Investment Operations (including discounts)
1921
1920
3,515,700
11,466,443
56,309,765
59,930,792
103,219,468
116,779,673
134,016,665
126,203,956
2,739,920
7,507
4.57%
6,547,369
17,938
5.61%
6,675,440
18,239
5.29%
20,572,872
33,167,536
1,334,906
55,075,314-
118,122,358-
1,424,566,672
8,460,482x
2,749,670,916
25,345,484
3,346,321,599
51,711,557^
1,433,027,154
•4,745,123
2,775,016,400
9,158,470
500,000,000
494
2,812,016,500
3,398,033,156
11,177,741
700,000,000
438
3,482,035,156
491
1,465,127,154
Number of Member Banks, December 31st:
• National Bank Members
State Bank Members
Total
Inter-district Exchange of Federal Reserve Notes:
Notes of other Districts returned
5-E Notes received from other Districts
Gold Settlement Fund Operations (including Clearings):
Total Amount of Gold Received through Fund
$
Total Amount of Gold Disbursed through Fund
Federal Reserve Bank Clearings through Gold Fund:
Received from other Federal Reserve Banks through Daily
Clearings
Paid to other Federal Reserve Banks through Daily Clearings
Currency Rece'ived from Banks in Fifth District
Currency Delivered or Shipped to Banks in Fifth District
Total of all Currency Handled by Tellers:
Received and Counted (including new):
Number
Amount
$
Paid Out and Returned for Redemption:
Number
Amount
'
$
Telegrams Sent and Received over Private Wires:
Number Sent
Number Received
Total Number Handled
566
68
560
66
554
56
634
626
610
38,726,450
51,382,385
60,320,250
87,360,125
69,994,240
71,452,705
5,354,803,000 $
5,346,279,000
6,169,589,000 $
6,170,924,000
8,076,611,000
8,081,383,000
5,193,744,029 $
5,138,232,741
283,611,960
281,644,057
5,492,010,361 $
5,541,662,406
264,805,438
244,778,495
7,140,957,000
7,246,875,000
194,498,377
243,019,912
98,415,454
425,519,096 $
87,797,344
442,367,459
t
t
98,103,476
425,217,228 $
85,960,398
436,412,496
t
X
45,002
50,210
44,004
47,610
37,138
39,232
95,212
91,614
76,370
CO
o
SCHEDULE No. 41—Continued
SUNDRY DATA AND COMPARISONS FOR THE YEARS 1922, 1921 AND 1920
1921
1920
18,369
1,004,253,779
15,274
726,697,680
13,532
807,388,808
12,949
621,792,290
9,856
423,020,019
8,304
439,472,350
1922
Wire Transfers of Funds over Private Wires:
Transfers to Member Banks from other Federal Reserve Districts:
Number
Amount
Transfers by Member Banks to other Federal Reserve Districts:
Number
Amount
Total of all Transfers :
Number
Amount
Clearing Operations by Transit Department:
Total Operations for year:
Number of Checks Handled
Total Amount Cleared
Average Amount per Item
Average Daily Operations:
Number of Checks Handled Daily
Amount Cleared Daily
Direct Routings:
Cash Letters sent direct to other F. R. Districts by 5th District
Members:
Number of Letters
Amount of Letters
31,318
1,626,046,069
25,130
1,149,717,699 $
42,884,054
3,762,818,547
204
39,260,432
5,620,888,130
220
33,731,801
11,505,945,224
341
142,000
29,015,955
129,572
28,451,776
110,960
37,848,504
157,825
1,379,291,316
149,859
1,377,295,260
151,415
2,043,114,649
21,836
1,246,861,158
Bond Coupons cut for Customer Banks:
Number of Coupons
Value of Coupons
•.
Interest Coupons from U. S. Securities Received and Paid:
Number of Coupons Paid
Value of Coupons Paid
Number of Pieces of Registered Mail Handled:
Incoming
Outgoing
Total
Daily Average
Non-Cash Collections Paid:
Number
Amount
Returned Unpaid:
Number
Amount
Total Handled:
Number
Amount
*
t
%
1
x
160,541
2,284,844
304,192
4,004,557
388,297
4,680,362
2,590,453
18,075,190
3,263,611
21,760,669
4,176,822
23,474,500
75,330
103,674
72,379
124,437
179,004
593
196,816
650
152,397
194,801,248
81,311
134,535,010
42,681
110,695,727
43,405
18,431,231
18,311
13,051,744
10,266
13,997,524
195,802
213,232,479
99,622
147,586,754
52,947
124,693,251
Revised.
Reserve Percentage calculated on basis of "Net Deposits" during 1920.
Impracticable to obtain figures.
Includes Paper under rediscount with other Federal Reserve Banks; does not include open Market purchases.
Includes $325,000 of Oriental Silver Exchanges purchased through Federal Reserve Bank of New York.
Includes $1,481,383.53 Bankers' Acceptances purchased in the Open Market.
t
t
t
t
