Full text of Annual Report of the Federal Reserve Bank of Richmond : Fifth Annual Report of the Federal Reserve Bank of Richmond for the Year Ended December 31, 1919

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FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF RICHMOND
FOR THE YEAR ENDED DECEMBER 31, 1919




CALDWELL HARDY
Chairman and Federal Reserve Agent

FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF RICHMOND
FOR THE YEAR ENDED DECEMBER 31, 1919




CALDWELL HARDY
Chairman and Federal Reserve Agent

TABLE OF CONTENTS
Page
5
6

Introduction
General Review of the Services and Activities During 1919
Disc unt Operations During 1919.
Cle ring Operations During 1919.
Other Fun tions.

(a) Receipts and Shipments of Currency from and to Banks in Fifth District.
(b) The Use of our Private Leased Wires for the Transaction of Business Wherever
Possible to do so.
(c) Wire Transfers of Funds.
(d) Payment of Interest Coupons from U. S. Bonds.
(e) Cutting and Crediting of Interest Coupons from Bonds Pledged with the Federal
Reserve Bank as Collateral or for Safekeeping.

Financial Results of Operations

8

Condensed Statement of Earnings and Expenses for 1919.

Discount Operations

10

Condensed Statements of Discount Operations for 1919.

Trade Acceptances
Banker's Acceptances

12
12

Bills Purchased.

Reserve Position
Movement of Membership

13
13

Relations with Member Banks—National and State
Fiduciary Powers Granted
Note Issues
Internal Organization
Operations of Baltimore Branch
Clearings
Gold Settlement Fund
Campaign for Par Points
Miscellaneous
Summary of Activities
Fiscal Agency Operations
General Business and Banking Conditions

15
16
17
19
22
22
22
23
23
24
24
28

List of State Banks Added During Year 1919.
Complete List of State Bank Members.

,

EXHIBITS

Exhibit A

30

Exhibit B

32

Schedule 1

34

Movement of Principal Earning Assests of the Federal Reserve Bank of Richmond During the
Calendar Year 1919.
Movement of Gold and Cash Reserves, Federal Reserve Note and Net Deposit Liabilities,
and the Reserve Percentage of the Federal Reserve Bank of Richmond During the
Calendar Year 1919.
SCHEDULES

Comparative Statement of Condition December 31, 1919, and December 31, 1918.

Schedule 2

36

Schedule 3

38

Comparative Statement of Profit and Loss, Dividend and Surplus Accounts for the Years
Ending December 31, 1919 and 1918.

Comparative Analysis of Expenses for the Years 1919 and 1918.

Schedule 4
Gross Earnings (Classified), Expenses and Net Earnings During the Year 1919, by Months.

39

Schedule 5

40

Schedule 5-A

41

Comparative Statement of Daily Average Balances of Earning Assets, Earnings Thereon
and Average Rate Per Annum for Years 1919 and 1918.
Loans and Investments During Year of 1919 Compared with 1918, by Months.

Schedule 6

42

Schedule 7

43

Total Amount of Bills Discounted and Bought During 1919, Classified as to Kind of Paper,
and Shown by States.
Number of Member Banks in Each State Accommodated Each Month Through the Discount
or Purchase of Paper During 1919.




Schedule 8

Page
44

Schedule 9

45

Total Amount of Bills Discounted and Bought During Each Month of 1919, Classified According to Maturities at Time of Discount or Purchase.

Distribution by Maturities of Each Class of Paper Held at Close of Business December 31, 1919.

Schedule 10

46

Amount of Bills Rediscounted with Other Federal Reserve Banks During Each Month of 1919.

Schedule 11

47

Changes in Discount Rates During the Year 1919.

Scheduel 12

48

Schedule 13

49

Schedule 14

50

Schedule 15

,. 51

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, 1919, by States.
Daily Averages by Months of Deposits and Federal Reserve Notes in Circulation, Reserves
and Reserve Percentages for the Year 1919.
Daily Average Deposits of Members and United States Treasurer by Months for 1919, 1918,
1917.

Analysis of Capital Stock Account for Year 1919.

Schedule 16

52

Schedule 17

53

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.
Federal Reserve Notes Issued, Retired and in Actual Circulation by Months for the Year 1919.

Schedule 18

54

Schedule 19

55

Schedule 20

56

Schedule 21

58

Schedule 22

59

Denominations of Federal Reserve Notes Issued and Retired During Year 1919, and Outstanding at Close of Years 1919 and 1918.
Federal Reserve Agent's Record of Federal Reserve Notes Received, Issued to Bank and
Returned to Comptroller During Year 1919, by Denominations.
Federal Reserve Agent's Statement of Federal Reserve Notes from Organization to December
31, 1919.

Statement of Federal Reserve Bank Notes Received, Redeemed, and Balance Outstanding
December 31, 1919.
Salaries of Officers and Employees of the Federal Reserve Bank of Richmond.

Schedule 23

60

Schedule 24

62

Schedule 25

63

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 1919.
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 1919.
Gold Settlement Fund Transactions During the Year 1919.

Schedule 26

64

Schedule 27

65

Total Amount Received from and Paid to Each Other Federal Reserve Bank Through the
Gold Settlement Fund on Account of Daily Clearing Settlements.
Analysis of United States Treasurer's General Account for Year 1919.

Schedule 28

66

Scheduel 29

68

Schedule 30

69

Schedule 31

70

Currency Received from and Delivered or Shipped to Member and Non-Member Banks in
the Fifth District During the Year 1919.
Private Wire Operations—Total Number of Messages Sent and Received Over Private Leased
Wires During the Year 1919.
Wire Transfers of Funds Over Private Wires to or from Other Federal Reserve Districts for
Account of Member Banks of the Fifth District During 1919, by Months.
Bond Coupons Cut for Banks by Custodian of Securities During Each Month of 1919.

Schedule 32

Interest Coupons from United States Securities Paid by Federal Reserve Bank of Richmond
and Charged to Treasurer of United States During Year 1919, by Months.




71

DIRECTORS AND OFFICERS
OF THE
FEDERAL RESERVE BANK OF RICHMOND
FOR 1920
DIRECTORS
Class A
EDWIN MANN, Bluefield, W. Va.
CHAS. E. RIEMAN, Baltimore, Md.

J. F. BRUTON, Wilson, N. C.

Class B
D. R. COKER, Hartsville, S. C.
EDMUND STRUDWICK. Richmond, Va.
JAMES F. OYSTER, Washington, D. C.

Class C
CALDWELL HARDY, Richmond, Va.
HOWARD BRUCE, Baltimore, Md.
JAMES A. MONCURE, Richmond, Va.

OFFICERS
CALDWELL HARDY, Chairman and Federal

Reserve Ag-nt

GEORGE J. SEAY, Governor

CHARLES A. PEPLE, Dep. Governor

JAMES A. MONCURE, Dep. Chairman
n u n
A •i
r? J
i

R

- H - BROADDUS, Dep. Governor
GEORGE H. KEESEE, Cashier

A H . DUDLEY, Assistant federal
C . V. BLACKBURN. Asst. Cashier
Reserve Agent
THOMAS MARSHALL, JR., Asst. Cashier
J. G. FRY, Assistant Federal Reserve w. W. DILLARD, Asst. Cashier
Agent
EDWARD WALLER, JR., Asst. Cashier
EPPA HUNTON, JR., Counsel

J. S. WALDEN, JR., Auditor

MAXWELL G. WALLACE, Assistant. Counsel

E

- G - GRADY, Asst, Auditor

BALTIMORE BRANCH
DIRECTORS
MORTON M. PRENTIS, Chairman
CHARLES C. HOMER, JR., Baltimore
WILLIAM INGLE, Baltimore
WALDO NEWCOMER, Baltimore
HENRY B. WILCOX, Baltimore

OFFICERS
MORTON M. PRENTIS, Manager.

CHARLES N. DULEY, Assistant Federal Reserve Agent
HENRY SCHUTZ, Assistant Federal Reserve Agent
CHARLES H. WYATT, Cashier

F. McC. LEEKE, Assistant Cashier
MEMBER FEDERAL ADVISORY COUNCIL
JOSEPH G. BROWN, Raleigh, N. C.




FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK OF RICHMOND

INTRODUCTION
The past year has been one of high prices, marked activity and
prosperity, the transactions of the Federal Reserve Bank reflecting
those conditions and reaching unprecedented proportions. This increase
is the natural sequence of high prices and the corresponding growth of
business among its member banks. It evidences also the value of the
service rendered to the member banks. Such irregularities and uncertainties as have existed have had no apparent effect in lowering prices
or even checking advances in many cases. The progress of readjustment
to normal prices and conditions has been disappointing.
The decline in Government financing has not led to the liquidation of
bank loans which should have been incident thereto; this has also been
disappointing. The year closes with banking and commercial credits
expanded to such unprecedented proportions as to call forth repeated
warnings from the Federal Reserve Board and Banks. These have been
followed by the raise of discount rates, with the view to checking further
expansion, encouraging liquidation and the strengthening of reserves.




6

FIFTH ANNUAL REPORT OF THE

GENERAL REVIEW OF THE SERVICES AND
ACTIVITIES DURING 1919
The discounting of paper is the most important service rendered to
member banks, and the discount operations of the Federal Reserve Bank
of Richmond during 1919 have therefore constituted the most important
part of its activities and show a very large increase over the preceding
year. At the beginning of the year 1919, there were 565 member banks.
During the year, there was an addition to membership of 19, making
584 members at the close. During the year, 415, or 72% of the average
number of member banks, were accommodated through the discount or
purchase of paper, which aggregated in amount, $4,184,000,000. In
addition to this, $5,000,000 of paper was purchased from other Federal
Reserve Banks, making the total volume of discount operations,
$4,189,000,000 as compared with $2,231,000,000 for the year 1918, an
increase of 88%. Of the total volume of paper discounted and bought
during the current year, $3,983,000,000, or 95%, was secured by
Government war obligations. This high percentage is due to the fact
that bills secured by Government war obligations are discounted for
not exceeding 15 days and renewals are therefore more frequent. In
evidence of this, the balance of bills secured by Government war
obligations held at the close of business December 31, 1919 was 67% of
our total discount holdings. It indicates that Government bonds have
not been fully absorbed by the subscribers, loans on them being largely
responsible for the continued expansion of credits, so much in evidence.
The daily average amount of bills discounted and bought during 1919
was $13,871,000, compared with $7,339,000 for the year 1918.
The clearing facilities offered its members by the Bank are doubtless
next in importance to the discounting privilege in point of service to
them. Total clearings during 1919 almost doubled those of the year
1918. The transit department during 1919 handled 20,934,355 items,
amounting to a total of $9,304,179,945, as compared with 12,020,068
items, amounting to $7,113,475,300 in 1918. The average amount per
item during 1919 was $445.00 as compared with $591.00 during 1918.
This is no doubt accounted for by collecting for a number of small new
member banks and collecting on a considerably increased number of
small banks which have been added to our par collection list. It may
also be pointed out in this connection that the above clearing figures for
1919 do not include 79,627 cash letters containing approximately
5,000,000 items, amounting to $1,596,000,000, which were sent direct by
our member banks to other Federal Reserve Banks and branches. As




FEDERAL RESERVE BANK OF RICHMOND

7

the direct routing of letters was not as much practiced during 1918 by
our member banks, the clearing operations have in reality increased
during 1919 to a larger extent than the above comparative figures
would indicate. During 1919, we actually handled in our transit department a daily average of 69,319 items, amounting to $30,808,543, as
compared with the daily average during 1918 of 39,540 items, amounting to $23,399,589. The largest number handled on any one day during
1919 was 122,529.
In addition to the two foregoing functions, there are other very
important services which have been rendered to the member banks in
the Fifth District in 1919, to a proportionately increased extent: viz,
(a) Receipts and shipments of currency from and to
banks in Fifth District.
(b) The use of our private leased wires for the transaction of business wherever possible to do so.
(c) Wire transfers of funds.
(d) Payment of interest coupons from United States
Bonds.
(e) The cutting and crediting of interest coupons
from Bonds pledged with the Federal Reserve
Bank as collateral or for safekeeping.
(a) During the year 1919 the Bank received $169,276,368 of
currency from banks in the Fifth District, and during the same period,
shipped to banks in the Fifth District $177,320,587. Of the above
figures, $1,002,962 was received from non-member banks and $344,679
was shipped to non-member banks. It is apparent from these figures
that practically all of this service was rendered to member banks and
that non-member banks were benefitted to a negligible extent.
(b) Our private leased wires were used freely for the benefit of our
member banks and wherever it has been possible to transact business
for them over these wires, the service has been rendered without cost
to them. This system of leased wires between all Federal Reserve Banks
and Branches has made possible the collection of checks all over the
United States for our member banks in approximately half the time
necessary to collect items under the old mail system. Checks on other
Federal Reserve Districts are cleared through the Gold Settlement
Fund, which is held by the Federal Reserve Board at Washington, in
which each Federal Reserve Bank participates, and items on Federal
Reserve Bank and branch cities are credited through this Fund upon the
day of receipt by the other Federal Reserve Bank or Branch. The
workings of this Clearing Fund are a marvel of efficiency and dispatch.
During the year 1919 we received from other Federal Reserve Banks,



8

FIFTH ANNUAL REPORT OF THE

through daily clearings, the enormous amount of $5,575,000,000, and
paid to other Federal Reserve Banks for items on the Fifth District,
through daily clearings, $5,472,000,000. When it is realized that
practically half of the transit time necessary under the old system to
collect these amounts has been saved, it is difficult to estimate the value
of the service rendered to member banks throughout the country through
this medium. It is also interesting to note that during the year 1918,
we cleared through the Gold Settlement Fund checks on other Federal
Reserve Banks amounting to $2,401,000,000 and paid through this Fund
checks on the Fifth District amounting to $2,328,000,000. The amount
cleared in 1919 more than doubled the amount cleared in 1918 and
evidences the increasing extent to which the facilities of the Federal
Reserve Banks are being used by members.
(c) It would be difficult to approximate by other methods the
benefits accruing to member banks of the Federal Reserve System
through the private leased wires between all Federal Reserve Banks and
Branches throughout the United States During the year 1919, the
Federal Reserve Bank of Richmond sent 21,935 messages to other
Federal Reserve Banks and Branches and to Government Headquarters at Washington over its private leased wires, and, during the
same period, received from the same points 23,103 messages, making a
total of 45,038 messages thus handled during the year. Of this total
number of messages, 15,105, or 34%, were messages transferring funds
for account of our member banks, comprising 6,502 transfers for our
member banks to banks in other Federal Reserve Districts, amounting
to $456,000,000, and 8,603 transfers to banks in the Fifth District from
banks in other Federal Reserve Districts, amounting to $653,000,000.
These amounts were transferred without delay and without cost to our
members.
(d) During the year 1919 the Bank received and paid in number
1,913,883 interest coupons from United States securities aggregating
$9,194,218.
(e) During the same period, our Custodian of Securities clipped
306,747 coupons amounting to $3,010,712 from securities in his possession, pledged by banks as collateral or for safekeeping, and the
amounts were credited to banks owning the securities without trouble
or expense to them.
FINANCIAL RESULTS OF OPERATIONS
The financial operations during 1919 exceeded expectations, resulting
in a very large increase in earnings. The total resources at the close of
business December 31, 1919, were $312,867,517, while at the close of
1918, the total resources were $241,967,082, an increase of 29.3%.



FEDERAL RESERVE BANK OF RICHMOND

9

Productive assets at the close of business 1919 were $134,901,780, and
at the close of 1918 they were $97,724,639, an increase of 38.1%. The
increase in productive assets is reflected in gross earnings, which were
$4,775,324 for 1919, as compared with $2,979,048 for 1918, an increase
of 60.3%. Expenses during 1919 were $911,927 and during 1918
expenses were $653,820, an increase of 39.5%. It is noted that the
ratio of increase in expenses has not kept pace with the ratio of increase
in gross earnings. It is also interesting to note that while gross earnings
increased 60.3%, the average annual rate of earning on productive
assets was less for 1919 than for 1918, being .0416 for 1919, and .0429
for 1918. Likewise the average rate of discount charged on notes
discounted for members was reduced from .044 in 1918 to .043 in 1919.
Surplus was increased from $1,156,270 at the close of 1918 to $5,820,463
at the close of 1919. While this is an actual increase in surplus of
$4,664,193, a part of the increase consists of $1,039,799, reserved for
franchise tax at the close of business, 1918, which was credited to
surplus account during 1919 because of a revision of the Federal Reserve
Act. The balance of the increase consisted of profits for the year 1919.
Surplus at the close of 1919 is approximately a million and a half
dollars in excess of paid-in capital stock. Total investment operations
during the year 1919 were $4,229,440,665, compared with $2,264,563,936
during 1918, an increase of 87%.
The following schedules, which form a part of this report, will reflect
the financial operations of the Bank during 1919:
Schedule 1.—Comparative state of condition, December 31, 1919
and 1918.
2.—Comparative statement of profit and loss, dividend and
surplus accounts for years 1919 and 1918.
3.—Comparative expense account for years 1919 and 1918.
4.—Gross earnings, expenses and net earnings for year 1919.
The following is a condensed statement of earnings and expenses for
1919:
Daily
Holdings
Bills discounted
Bills purchased
U. S. Securities
Penalties and sundry profits
TOTALS

expenses
Net earnings



Daily
Earnings

Total
Earnings

$ 94,545,750 $
7,686,825
9,206,479

11,233 $ 4,099,953
963
351,418
185,293
508
138,660
379

$111,439,054 $

13,083 $ 4,775,324
911,927
$ 3,863,397

Annual
Rate of
Earning
.0434
.0457
.0201

10

FIFTH ANNUAL REPORT OF THE

DISCOUNT OPERATIONS
[Reference, Exhibit A and Schedules 5 to 11, inclusive.]
The following brief tables show the discount operations during 1919,
according to classification of loans, according to states, and according
to maturities. The full details are shown in the schedules referred to
above.
CLASSIFICATION

Per
Total Amount Cent, of
Total

Secured by Government War
obligations
$ 3,982,600,640
30,036,058
Otherwise secured
118,306,212
Unsecured commercial paper.
Bankers' acceptances purchased
58,057,255
$ 4,189,000,165

STATES

Amount

Balance Held
Dec. 31, 1919

Per
Cent, of
Total

95.1 $
00.7
02.8

81,506,691
367,552
23,128,033

67.1
00.3
19.1

014

16,404,905

13.5

121,407,181

100.0

100.0 $

Banks
Accomodated

Banks
in District

Maryland
$ 1,014,911,761
District of Columbia
105,610,816
Virginia.
2,217,409,052
46,837,582
West Virginia
362,370,461
North Carolina
436,772,620
South Carolina
Other Federal Reserve Districts
5,079,873

68
10
124
46
74
93

102
15
169
110
92
96

$ 4,189,000,165

415

584

Maturity
15 days or less
16 to 30 days
31 to 60 days
61 to 90 days
Over 90 days

$ 3,963,602,191
53,502,151
69,092,504
101,020,377
1,782,942
$ 4,189,000,165

Bills discounted and bought during the year amounted to $4,189,000,000. $5,000,000 of this amount represented acceptances purchased
from the Federal Reserve Bank of Boston, leaving $4,184,000,000 of




FEDERAL RESERVE BANK OF RICHMOND

11

paper handled for our member banks. Total bills discounted and
bought during 1918 were $2,231,000,000, there being an increase for the
year 1919 over 1918 of 88%.
Ninety-five per cent, of the total paper discounted and bought during
1919 was secured by Government war obligations. Sixty-seven per cent,
of the balance held December 31, 1919, was secured by Government
war obligations. These figures are evidence of the fact that a large
volume of Government bonds have not been paid for by subscribers,
and have been used to a large extent to secure loans, which fact is
largely responsible for the great inflation of credit at the present time.
In order that this condition may be relieved, it is necessary that the
bonds be absorbed and actually paid for by the owners.
415 member banks were accommodated during 1919, through the
discount or purchase of paper, which number is 72% of the average
number of member banks in the District during the year. During 1918,
373, or 66% of member banks, were accommodated.
Ninety-five per cent, of paper handled during 1919 was discounted
for a period of 15 days or less.
Demands for credit by banks in this District during 1919 were
probably heavier than in any other Federal Reserve District in proportion to the resources of the banks, and consequently the Federal
Reserve Bank of Richmond drew upon the reserves of other districts to
a larger extent than any other Reserve Bank. During the year, it
rediscounted with other Federal Reserve Banks $842,945,500 of members' notes, the maximum amount under discount at any one time reaching $55,000,000.
Member banks' liability for paper discounted reached the high-water
mark the first part of August. At the close of business, August 4th,
members' paper discounted by or sold to the Federal Reserve Bank of
Richmond, amounted to $156,000,000, of which the Bank had rediscounted $55,000,000 with other Federal Reserve Banks. On the same
date, our members' reserves were $54,000,000, or less than one-third of
their total discounts with us, and actually less than the amount we had
rediscounted with other Federal Reserve Banks. The fact is that when
the Federal Reserve Bank of Richmond had discounted for its member
banks to its full limit, without impairing its required reserve, it was
able to continue meeting the demands of its member banks by drawing
upon the reserves of other districts, where demands were not proportionately as heavy, to the extent of $55,000,000. This facility for
shifting resources from a district which has surplus funds to one in need
of funds to supply seasonal demands is a striking demonstration of the
power, advantages and flexibility of the System.




12

FIFTH ANNUAL REPORT OF THE

The continuous increase of Federal Reserve Notes outstanding from
the low point of $104,000,000 on August 21st to the peak of $149,000,000 on December 23rd and some liquidation during September and
October in bills discounted, enabled the Bank to retire by October 27th
all of its rediscounts with other Federal Reserve Banks. Further
demands from members necessitated rediscounting on December 29th
with other Federal Reserve Banks, and on December 31st, the amount
of such rediscounts was $10,000,000.
Schedule 12 is very interesting in that it shows the total reserves of
the discounting member banks and their liability for discount at the
close of business December 31, 1919. This is shown by states and it will
be observed that loans to discounting banks in the State of South
Carolina were four times as much as the reserves of those same banks,
while loans to all discounting banks in the District were three times as
much as the reserves of those banks.
TRADE ACCEPTANCES
[Reference, Schedules 6 and 9]
During 1919 the Bank rediscounted $9,082,378 of trade acceptances,
a daily average for the year of $30,074. On December 31, 1919 the
balance held was $2,320,376. The following is a table of trade acceptances rediscounted during 1919 by states:
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina

$ 573,083
1,865,314
852,029
4,284,737
1,507,215
$ 9,082,378

The balance held December 31, 1919, is distributed by maturities, as
follows:
15 days or less
16 to 30 days
31 to 60 days
61 to 90 days

$ 344,204
516,729
848,127
611,316
$ 2,320,376

ACCEPTANCES: (Bills purchased)
[Reference, Schedules 5, 5A, 6 and 9]
During the year 1919 open market purchases of bankers' acceptances
amounted to $58,057,255; $5,079,873 of which were purchased from the
other Federal Reserve Districts. The total amount is classified as follows:
Foreign
Domestic



$34,454,158
23,603,097
$58,057,255

FEDERAL RESERVE BANK OF RICHMOND

13

The following comparative table for the years 1919 and 1918 will
furnish additional information.
1919
Total Bankers' Acceptances purchased
Average amount purchased daily.
Balance held December 31st
Average daily balance held
Average rate

1918

$ 58,057,255 $71,096,665
233,870
192,242
5,465,166
16,404,905
6,411,640
j 7,686,825
.0427
|
. 0457

RESERVE POSITION
[Reference, Exhibit B, Schedules 13 and 14]
Schedule 13 gives an analysis by months of daily averages of deposits,
Federal Reserve Notes, reserves and reserve percentages for the year
1919. Average net deposits were highest for the month of November,
while average Federal Reserve Note circulation was highest for the
month of December. Our reserve position was highest during November, an average percentage of .5036.
The following is a table of averages for the entire year of 1919:
Net deposits
$ 50,852,609
Federal Reserve Notes, net
124,318,643
Combined Deposit and Note Liability
175,171,252
Actual reserves held
77,911,590
Percentage of Reserve against Combined Liability
.4448
Percentage of Reserve against Federal Reserve
Notes after fixing 35% against deposits
. 4835

MOVEMENT OF MEMBERSHIP
National and State bank membership is shown in Schedule 15 by
states and in total. The number of National banks has increased 10 in
the year—from 528 to 538—and State bank membership, 9—from 37
to 46. Total stock subscriptions have increased during the year from
81,244 (50% paid—$4,062,200) to 87,840 shares (50% paid—$4,392,000)
State institutions have been admitted to membership as follows:
LIST OF STATE BANKS ADDED DURING THE YEAR 1919
Overlea Bank
The Citizens Bank
Commerce Bank & Trust Company
Merchants & Farmers Bank
Bank of Commerce & Trusts
Independence Trust Company
The Peoples Bank
Citizens Bank & Trust Company
The Home Bank




Overlea, Md.
Blackstone, Va.
Charlottesville, Va.
Emporia, Va.
Richmond, Va.
Charlotte, N. C.
New Bern, N. C.
Rock Hill, S. C.
St. Matthews, S. C.

14

FIFTH ANNUAL REPORT OF THE

The capital and surplus of the nine new members is $1,928,000, and
their total resources about $12,000,000.
The number of non-member banks in the District on December 31,
1919, is 1,480, of which about 600 have sufficient capital and surplus to
make them eligible for membership.
STATE BANK MEMBERS
Fifth Federal Reserve District
State and name of Bank

City

DISTRICT OF COLUMBIA
Continental Trust Company
Washington
MARYLAND
Liberty Bank of Baltimore County
Arlington
The American Bank
Baltimore
Baltimore Commercial Bank
Baltimore
Baltimore Trust Company
Baltimore
Maryland Trust Company
Baltimore
Hamilton Bank
Hamilton
The Overlea Bank
Overlea
VIRGINIA
The Citizens Bank
Blackstone
The Cambria Bank
Cambria
Commerce Bank & Trust Company.... Charlottesville
Peoples Bank & Trust Company
Chase City
Bank of Christiansburg
Christiansburg
The Greenville Bank
:
Emporia
Merchants & Farmer's Bank
Emporia
Peoples Bank of Harrisonburg
Harrisonburg
The Citizens Bank of Norfolk
Norfolk
The Marine Bank
Norfolk
Bank of Commerce and Trusts
Richmond
Savings Bank of Richmond
Richmond.-.
The Union Bank
Richmond
WEST VIRGINIA
Kanawha Valley Bank
Charleston
The Franklin Bank
Franklin
Graf ton Banking & Trust Company
Graf ton
NORTH CAROLINA
Battery Park Bank
Asheville
American Trust Company
Charlotte
Independence Trust Company
Charlotte
Bank of Commerce
High Point
New Bern Banking & Trust Company.New Bern
The Peoples Bank
New Bern
Wachovia Bank & Trust Company
Winston-Salem




Admitted
Nov. 2, 1914.
July 15, 1918.
April 13, 1918.
Nov. 14, 1917.
Nov. 9, 1917.
Jan. 7, 1918.
Sept. 20, 1918.
Feb. 10, 1919.
Nov. 15, 1919.
Dec. 31, 1918. .
Nov. 1, 1919.
Aug. 29, 1917.
Dec. 20, 1918.
Sept. 16, 1918.
May 9, 1919.
Aug. 31, 1917.
Dec. 5, 1917.
April 6, 1918.
June 2, 1919.
Nov. 2, 1914.
Sept. 5, 1918.
Jan. 21, 1918.
July 3, 1918.
Nov. 27, 1917.
March 29, 1918.
Sept. 11, 1918.
Nov. 18, 1919.
Dec. 23, 1918.
Feb. 1, 1918.
April 8, 1919.
July 1, 1918.

FEDERAL RESERVE BANK OF RICHMOND

SOUTH CAROLINA
Carolina Savings Bank
Bank of Cheraw
Merchants <fe Farmers Bank
Commercial Bank
Bank of Darlington
Commercial & Savings Bank
Bank of Georgetown
The Peoples Bank
The Bank of Hartsville
Citizens Bank & Trust Company
The Home Bank
Peoples Bank of Sumter
Nicholson Bank & Trust Company
Westminster Bank
Bank of Woodruff

Charleston
Cheraw
Cheraw
Chester
Darlington
Florence
Georgetown
Georgetown
Hartsville
Rock Hill
St. Matthews
Sumter
Union
Westminster
Woodruff

15

Sept. 28, 1918.
May 2, 1918.
Jan. 3, 1916.
Sept. 19, 1918.
Sept. 30, 1918.
Oct. 24, 1918.
Oct. 7, 1918.
Dec. 20, 1918.
Oct. 16, 1915.
Oct. 17, 1919.
March 5, 1919.
March 24, 1916.
Sept. 9, 1918.
Dec. 3, 1917.
Nov. 2, 1914.

RELATIONS WITH MEMBER B A N K S NATIONAL AND STATE
While the pressure for accommodation from some members has
made the application of some restraint necessary, relations with members have been generally satisfactory, and all needs of the District have
been liberally taken care of.
During the year we have organized an efficient Examination Department, have established cordial relations with the various State bank
examiners of the District and also with the banks examined, and have
made the following examinations:
EXAMINATIONS
State bank members examined (joint with State authorities)
State bank members examined (by Federal Reserve
Examiners)
National banks examined (joint by National Bank Examiners and Federal Reserve Examiners)
Totai examinations by Federal Reserve Examiners
(This number does not include four branches of member banks which have been examined by Federal
Reserve Examiners.)

24
4
4
32

We have also given special attention to visiting members and our
representatives have been cordially received. These visits have effected
a better understanding of the Federal Reserve System. 327 visits to
278 banks have been made by representatives of the Richmond Bank
(127 members and 151 non-members).
Special counsel and advice has been personally extended to five
members, four State and one National, which materially aided them in
correcting undesirable situations.



16

FIFTH ANNUAL REPORT OF THE

In addition to the above, representatives of this Bank visited 16
of the principal cities in the District and explained to the representatives of 60 member banks the use of the immediate credit symbol. The
immediate credit symbol is a copyrighted device, the use of which is
granted to member banks under special contract. Customers' checks
bearing the symbol are accepted for immediate credit and charged at
once to the member bank's reserve account in accordance with the
terms of the special contract. Authority to use the immediate credit
symbol has been granted to 27 banks.
Representatives of this Bank attended State Bank Conventions in the
following States: Maryland, District of Columbia, Virginia, West
Virginia, North Carolina, South Carolina.
During the year two State bank members filed notices of withdrawal
from the Federal Reserve System and a third announced its intention
of withdrawing and asked for instructions as to the procedure to be
followed. In all three cases, our representatives promptly called on the
officers of the banks for the purpose of discussing the situation with
them. A number of suggestions were made and a few small difficulties
smoothed out. In all three cases, the banks decided that it was to their
interest to remain in the System.
During the year representatives of this Bank have appeared before the
directors of five non-member banks for the purpose of discussing State
bank membership in the Federal Reserve System. Applications were
received from all five banks.
FIDUCIARY POWERS
Applications for the exercise of fiduciary powers have been granted
during the year to the following members:
Name
Nat. Metropolitan Bank

Location
Washington, D. C

Merch-Mech. First Nat. Bank

Baltimore, Md

Second National Bank
Second National Bank
Salisbury National Bank
First National Bank
Peoples National Bank
Rockbridge National Bank
Seaboard National Bank
First National Bank
Merchants National Bank

Cumberland, Md
Hagerstown, Md
Salisbury, Md
Abingdon, Va
Charlottesville, Va
Lexington, Va
Norfolk, Va
Richmond. Va
Richmond, Va




Powers Granted
*Feb. 25; 1915.
fAug. 20, 1919.
*July 30, 1915.
fMay 9, 1919.
IMay 31, 1919.
JMarch 8. 1919.
IJuly 30, 1919.
IMarch 22, 1919.
§.
^Dec. 26, 1919.
lOct. 20, 1919.
IMay 31, 1919.
* April 27, 1915.
fMarch 19, 1919.

FEDERAL RESERVE BANK OF RICHMOND

Name
National Exchange Bank

17

Location
Roanoke, Va

Powers Granted
*March 19, 1915.
fMarch 9, 1919.
Fauquier National Bank
Warrenton, Va
*Aug. 19, 1915.
tAug. 13, 1919.
National Bank of Fairmont
Fairmont, W. Va
INov. 22, 1919.
First National Bank
Grafton, W. Va
"July 30, 1915.
tAug. 20, 1919.
First National Bank
Huntington, W. Va... .^March 8, 1919.
Parkersburg National Bank
Parkersburg, W. Va... .Muly 30, 1915.
fMay 24, 1919.
Commercial National Bank
Charlotte, N. C
ISept. 11, 1919.
Merchants & Farmers National Bank. .Charlotte, N. C
YMarch 17, 1919.
First & Citizens National Bank
Elizabeth City, N. CTMarch 22, 1919.
Wayne National Bank
Goldsboro, N. C
IMarch 8, 1919.
Atlantic National Bank
Charleston, S. C
INov. 4, 1919.
National Loan & Exchange Bank
Columbia, S. C
IMay 21, 1919.
First National Bank
Greenville, S. C
lOct. 30, 1919.
Edisto National Bank
Orangeburg, S. C
"Jan. 24, 1916.
*
tMay 31, 1919.
National Union Bank
Rock Hill, S. C
IMarch 8, 1919.

NOTE ISSUES
[Reference, Schedules 16 to 21, inclusive]
These schedules will furnish a complete record of the issue and
redemption of Federal Reserve Notes during 1919, as well as the amount
in actual circulation at the end of each month during 1919 and 1918.
* Authorized to act as trustee, executor, administrator and registrar of
stocks and bonds.
t Authorized to act when not in contravention of State or local law, as
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.
1 Authorized to act when not in contravention of State or local law, as
trustee, executor, administrator, registrar of stocks and bonds, assignee,
receiver, committee 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.
§ February 25, 1915.—Authorized to act as trustee, executor and administrator.
May 28, 1919.—Authorized to act, when not in contravention of State or
local law, as 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 the
State of Virginia, the exercise of such rights to be subject to the provisions of
the Federal Reserve Act and the Regulations of the Federal Reserve Board.




18

FIFTH ANNUAL KEPORT OF THE

The high-water mark with respect to Federal Reserve Notes in
circulation was reached on December 23rd of both the years, 1918 and
1919, and declined to a slightly smaller volume by December 31st of
each year, as shown in the following table:

In circulation December 23rd
Balance December 31st

1918

1919

139,589,740
137,478,030

149,396,320
145,765,320

These Notes declined from $139,589,740 on December 23, 1918, to
$137,478,000 on December 31st, and continued to decline in volume
until August 21, 1919, when they reached $104,071,515, which was
low-water mark for the year. In 1919, they duplicate the previous
year's movement by declining from $149,396,320 on December 23rd
to $145,765,320 on December 31st, and it may be safely predicted that
they will continue to decline during 1920, as they did during 1919, and
reach low-water mark some time during the summer of 1920. This
statement furnishes convincing evidence that Federal Reserve Notes
automatically return for redemption when they have fulfilled their
mission as a circulating medium and are no longer needed in the channels
of trade. That being the case, and because the volume of Federal
Reserve Notes outstanding at any one time is determined by the actual
need which the public has for them, it is evident that the issuing of
Federal Reserve Notes is not the cause of inflation, as has been erroneously claimed by some writers. Responding promptly and accurately
to the demand for a circulating medium and contracting instantly in
proportion to the cessation of the demand, they act as a delicately
responsive instrument for the expansion and contraction of credits, and
save us from the violent concussions of former years, when credits of a
certain character encountered an immovable obstacle in the shape of
an inelastic circulating medium and when gold, itself, (or gold notes)
the base upon which credit is extended, was used for currency purposes.
Schedule 21 is a statement of Federal Reserve Bank Notes issued and
redeemed during the years 1918 and 1919, showing the balance outstanding December 31, 1919. This balance is $12,216,000. Of this amount,
$158,050 were held by the Bank, leaving a balance of $12,057,950 in
actual circulation. These were secured by $12,260,000 United States
One-Year Certificates of Indebtedness.




FEDERAL RESERVE BANK OF RICHMOND

19

INTERNAL ORGANIZATION
[Reference, Schedule 22]
At the close of the year 1919 the number of employees of the Bank
was 401, which includes 103 at the Baltimore Branch and 23 in the War
Loan Organization.* This number (401 employees) is composed of
179 men and 222 women. The continued growth of the Bank has necessitated a corresponding expansion in its official and clerical force. Schedule 22 will give full details, indicating the growth in the several
departments. The transit department alone has doubled its force from
79 to 157, and, in addition to other details, handled about 21,000,000
items, compared with about 12,000,000 in 1918.
At the close of 1918, there were 254 employees, including 64 at the
Baltimore Branch.
The increase in employees at the close of business, compared with
the opening of the year, is 58%.
During the year, the following additions were made to the official
force: Edward Waller, Jr., Assistant Cashier, and J. S. Walden, Jr.,
Auditor, vice W. E. Cadwallader, Comptroller, retired.
John F. Bruton, of Wilson, N. C , was re-elected a Class A Director
for a period of three years, to succeed himself, and James F. Oyster of
Washington, D. C , was re-elected a Class B Director for a period of
three years to succeed himself. The official staff and directors who are
to serve for the coming year are as follows:
Officers:—Caldwell Hardy, Chairman of the Board and Federal
Reserve Agent; A. H. Dudley, Assistant Federal Reserve Agent; J. G.
Fry, Assistant Federal Reserve Agent; George J. Seay, Governor;
Charles A. Peple, Deputy Governor; R. H. Broaddus, Deputy Governor;
George H. Keesee, Cashier; C. V. Blackburn, Assistant Cashier
Thomas Marshall, Jr., Assistant Cashier; W. W. Dillard, Assistant
Cashier; Edward Waller, Jr., Assistant Cashier; J. S. Walden, Jr.,
Auditor.
LIST OF DIRECTORS
Director
Term Expires
CLASS A:
Edwin Mann, Pres. First Nat. Bank, Bluefield, W. Va
Dec. 31, 1920.
Chas. E. Rieman, Pres. Western Nat. Bank, Baltimore, Md..Dec. 31, 1921.
J. F. Bruton, Pres. First Nat. Bank, Wilson, N. C
Dec. 31, 1922.
* The War Loan Organization was materially reduced at the end of the
year 1919. In July of that year, there were approximately 100 employees
engaged in the work.




20

FIFTH ANNUAL REPORT OF THE

Director
CLASS B :
D. R. Coker, Merchant and Planter, Hartsville, S. C
Edmund Strudwick, Pres. Atlantic Life Insurance Company,
Richmond, Va
J. F. Oyster, Merchant, Washington, D. C
CLASS C:
Caldwell Hardy, Chairman and Federal Reserve Agent,
Richmond, Va
Howard Bruce, Pres. Bartlett Hayward Company,
Baltimore, Md....
James A. Moncure, Secy. & Treas., Richmond Guano Co.
Richmond, Va

Term Expires
Dec. 31, 1920.
Dec. 31, 1921.
Dec. 31, 1922.
Dec. 31, 1920.
Dec. 31, 1921.
Dec. 31, 1922.

There were twelve meetings of Directors held during the year, and
the following figures indicate the attendance: 4 directors attended all
12 meetings; 3 Directors attended 11 meetings; 1 Director attended 10
meetings; 1 Director attended 9 meetings.
The Bank has continued to occupy the two store buildings, Nos.
1107 and 1109 East Main Street, with its Bond Delivery Department at
No. 1016 East Main Street and its War Loan Organization at No. 809
East Main Street. These quarters, which were referred to in the 1918
Report as being inadequate, have become increasingly so, and necessarily hamper efficiency in the handling and dispatch of business, to say
nothing of comfort and hygienic conditions. Protection againstfirehas
been provided for as far as practicable, but it is impossible to reduce the
risk to any appreciable extent.
Plans for the erection of an adequate building at the corner of Franklin
and Ninth Streets, referred to in the last Annual Report, were adopted
in the spring, and the necessary expenditure of about $1,500,000,
including vaults, mechanical equipment, furniture andfixtures,was
authorized by the Federal Reserve Board. A contract for the work was
entered into with the John T. Wilson Company, Inc., and work commenced early in June. The extensive excavation for the basement and
sub-basement, with the required concreting, has been necessarily slow
and tedious. These two floors will contain ample modern vaults of
concrete and steel constructions, with adequate clerical space in the
basement for the handling of money and securities. Locker rooms for
men and women, printing, stationery and supply rooms are also provided in the basement. The sub-basement will be partially utilized for
the vaults and the balance for machinery and storage.
The main floor will be occupied by officers' quarters, working space
for such departments as come most closely under their supervision and
the handling of such business as is brought in by local members.




FEDERAL RESERVE BANK OF RICHMOND

21

The second, third, fourth and fifth floors contain a directors' room and
various departments. Modern machinery has become a necessity for
efficiency in banking and it takes no little space to accommodate it.
The volume of work to be handled in a few short hours can only be
dispatched with promptness, economy and efficiency by the use of the
best equipment. The different departments will be connected by
pneumatic tubes for the prompt handling of mail, accounting data and
other data incident to co-operation.
The sixth floor will be a roof cafeteria, with recreation space, suitably
equipped to provide lunch for employees at a minimum cost to them.
The building will be a handsome one of suitable design, substantially
constructed of materials selected at as reasonable cost as is consistent
with durability and ultimate economy. No bank in the country
apparently has been built within recent years that has not outgrown
its quarters in a surprisingly short time. While it was the intention to
erect this building of sufficient size to provide for any possible growth in
the next ten years, it is already evident from the increase in business in
the last year (employees increased from 190 to 275 in the Bank proper)
that a larger proportion of the space in the new building will be utilized
when it is occupied (as expected about the end of 1920) than was
imagined possible a year ago. However, to cover any possible necessity
for more room in the next few years, beyond that provided in the new
building, the Bank purchased some months ago an additional corner
property, just in the rear of the new site, at a cost of $80,000. This
property fronts 36 ft. on Eighth Street and 120 ft. on Franklin Street,
and could be connected with the new building by tunnelling under or
bridging over an intervening 20 ft. lane.
Expenditures on account of bank premises have been as follows:
Site, Corner Ninth and Franklin Streets
Value of old buildings charged off

$120,000.00
20,000.00
$100,000

Baltimore Branch, cost (former building of
Mechanics Nat. Bank)
$ 200,000
Depreciation charged off
20,000
180,000
Property, Franklin and Eighth streets
Depreciation, old buildings charged off

$ 80,000
10,000
70,000

TOTAL

$ 350,000,00

All improvements and equipment at Richmond and Baltimore
have been charged to current expenses.
Expenditures, account of new building
154,024.50
Bank premises as per balance sheet, December 31, 1919



$ 504,024.50

22

FIFTH ANNUAL REPORT OF THE

BALTIMORE BRANCH
The volume of business transacted by the Baltimore Branch during
the past year, which is included in the total transactions of the Bank,
shows a large increase, corresponding in proportion to the general business throughout the District. This increase has necessitated corresponding additions to the force, which has been increased from 64 on
January 1st to 101 at the close of the year, 51 of whom are men and 50
women.
Officers: M. M. Prentis, Manager; Charles H. Wyatt, Cashier;
F. McC. Leeke, Assistant Cashier; Charles N. Duley, Assistant Federal
Reserve Agent and Auditor; Henry Schutz, Assistant Federal Reserve
Agent and Assistant Auditor.
Directors: M. M. Prentis; Charles C. Homer, Jr., President of the
Second National Bank and the Savings Bank of Baltimore; William
Ingle, President, Baltimore Trust Company; Waldo Newcomer, President, National Exchange Bank; H. B. Wilcox, Vice-President, Merchants-Mechanics First National Bank.
The services of the Directors, staff and clerical force of the Branch
have been most satisfactory.
During the year, 58 banks in West Virginia, chiefly along the line of
the B. & O. Railroad have been authorized to transact their business
with the Branch, and the facilities offered these banks and the banks in
Maryland have apparently been very satisfactory to them.
CLEARINGS
[Reference, Schedules 23 and 24]
The above schedules relate to clearing operations of the Federal Reserve
Bank and Branch, and will give any desired information in detail.
GOLD SETTLEMENT FUND
[Reference, Schedules 25 and 26]
The operations in the Gold Settlement Fund during the year 1919
have shown an immense increase. During the year 1919 we received
through this Fund $6,521,746,000 and disbursed $6,510,799,000. These
figures compare with $2,530,904,000 of receipts and $2,538,751,000 of
disbursements during the year 1918. It will be seen that the amounts
for 1919 are more than two and a half times those for 1918. The
Federal Reserve Bank clearings through this Fund amounted to $11,046630,000, as compared with $4,729,196,000 for the year 1918.
The above schedules show Gold Settlement Fund operations in
detail.



FEDERAL RESERVE BANK OF RICHMOND

23

CAMPAIGN FOR PAR POINTS
While progress in the direction of universal par collection has been
rapid in all parts of the District, there are still a considerable number of
banks in the Virginias and Carolinas that have not yet signified their
willingness to do their part in bringing about the universal par collection of checks.
The District of Columbia has been all par since shortly after the
inauguration of the Federal Reserve System, and the State of Maryland
(with her 264 banks) became all par during July, 1919.
The following statement clearly shows the present situation for the
whole country, and the progress that is being made:
"Of the 29,586 banks and bankers in the country, 25,571 are on the par list.
Checks drawn on all banks and bankers situated in 31 states are now collectible
at par, as compared -with 17 states a year ago. Six Federal Reserve Districts
out of twelve are now all par. This means that items drawn on over 86% of the
total number of banks and bankers throughout the entire country can be
received for collection and credit by the Federal Reserve Banks. During the
calendar year 1919, 6,581 banks were added to the par list, leaving only 4,015,
or 14% of the whole, whose checks can not yet be collected at par."

MISCELLANEOUS
Deposits—Schedule 14 shows daily average deposits of members
and the Treasurer of the United States by months, for the years of
1919, 1918 and 1917.
Treasurer's Account.—An analysis of receipts and disbursements of
the U. S. Treasurer during 1919 is shown in Schedule 27. During the
year receipts for this account amounted to $1,738,672,260, and disbursements $1,738,627,625, leaving a balance December 31, 1919,
approximately the same as at the close of business 1918.
Currency Receipts and Shipments.—Schedule 28.
Private Wire Operations.—Schedule 29.
Wire Transfers of Funds.—Schedule 30.
Coupons Cut by Custodian.—Schedule 31.
U. S. Interest Coupons Paid.—Schedule 32.
The above subjects were discussed under General Review of the
Services and Acitvities of this Bank during 1919.




24

FIFTH ANNUAL REPORT OF THE

SUMMARY OF ACTIVITIES
The following table of interesting data is taken from the Schedules,
which form part of this report:
1919

1918

Paper discounted and bought
$ 4,189,000,165 $ 2,230,942,037
Banks accomodated (number)
415
373
Investments in United States Securities
40,440,000
33,621,900
Clearings with other Federal Reserve Banks
through Gold Settlement Fund
11,046,630,000
4,729,196,000
Transit operations:
Number of checks
20,934,355
12,020,068
Amount
9,304,179,945
7,113,475,300
Currency receipts:
From Banks in Fifth District
169,276,368
From other Federal Reserve Banks
70,805,815
31,113,635
Currency shipments:
To Banks in Fifth District
177,320,587
To other Federal Reserve Banks
72,911,000
26,603,050^
Telegraphic transfers of money for member
Banks:
Number
15,105
Amount
1,108,348,803
Total number of telegrams sent and received
over private wire
45,038
Bond Coupons clipped for customer Banks:
Number
306,747
Amount
3,010,712
Interest Coupons from United States Securities received and paid:
Number
1,913,888
Amount
9,194,218

FISCAL AGENCY OPERATIONS
The scheme of organization for the Victory Liberty Loan differed
from that followed in previous campaigns in being under the active
direction of a volunteer Chairman, appointed by the Governor of the
Federal Reserve Bank, and in having a much larger executive staff of
paid workers at District headquarters than in any previous campaign.
This paid staff, headed by a director reporting to the Governor, and
including a very active publicity department, handled the executive
work at headquarters, not only for the Victory Loan, but also for the
sale of Treasury Certificates of Indebtedness, War Savings Stamps,
Thrift Stamps and Treasury Savings Certificates.




FEDERAL RESERVE BANK OF RICHMOND

25

This paid organization numbered at one time approximately 100
people, including some 25 traveling representatives, together with
branch offices in Washington, Baltimore and Huntington. After the
Victory Loan was over and the War Savings movement was better
organized, this paid staff was gradually reduced to 24 people, beginning
with January 1, 1920.
The volunteer District organization for the Victory Loan consisted
of the following:
Chairman, Edwin W. Robertson, President National Loan&Exchange
Bank, Columbia, S. C ; Vice-Chairman, Douglas S. Freeman, Editor
News Leader, Richmond, Va.; Vice-Chairman, Mrs. J. Scott Parrish,
Chairman of the National Woman's Liberty Loan Committee for Fifth
District, Richmond, Va.
Chairman of Publicity Committee, Arthur W. Hawks, Consolidated
Gas, Electric Light & Power Company, Baltimore, Md.
Chairman for Maryland, Phillips Lee Goldsborough, President
National Union Bank, Baltimore, Md.
Chairman for District of Columbia, John Poole, President Federal
National Bank, Washington, D. C.
Chairman for Virginia, Oliver J. Sands, President American National
Bank, Richmond, Va.
Chairman for West Virginia, W. A. McCorkle, President Citizens
National Bank, Charleston, W. Va.
Chairman for North Carolina, Joseph G. Brown, President Citizens
National Bank, Raleigh, N. C.
Chairman for South Carolina, Charles H. Barron, Barron, McKay,
Frierson & Moffitt, Lawyers, Columbia, S. C.
Mr. Edwin W. Robertson had been Chairman of the Central Liberty
Loan Committee in South Carolina for the preceding four loans. Mr.
Robertson and Mr. Hawks both lived in Richmond during most of the
period of the campaign. The state committees consisted of members
from the various important sections of each state and were representative of various forms of industry.
As was the case in the Fourth Loan, the county was made the unit
of organization, the chairmen for the counties being appointed by the
state chairmen subject to the approval of the District Chairman. Each
of the county chairmen appointed committees to look after the publicity,
the securing of subscriptions, and the handling of all work in connection
with the Loans in their respective counties. District chairmen were
appointed by several of the state chairmen to supervise the work in
groups of counties.
Before the beginning of the Victory Liberty Loan campaign, each
state in the District held a conference of its Liberty Loan workers and



26

FIFTH ANNUAL REPORT OF THE

plans of organization were thoroughly worked out and definitely decided
upon. All the state and local chairmen were volunteers, quite a number
of whom, not only contributed liberally of their time, but also paid
considerable portions of the expenses incident to their work.
The Publicity Committee for the District, under the chairmanship
of Arthur W. Hawks, had its headquarters in Richmond. Mr. Hawks
was ably assisted by Harry W. Webb and J. Thomas Lyons, both of
Baltimore, who respectively directed the distribution of motion picture
films and the securing of newspaper display advertising.
The Speakers Bureau for the District had its headquarters in the
National Speakers Bureau in the Treasury Department in Washington
and was in charge of James H. Shaw. Arrangements for speakers for
the different states were made directly by the state chairmen with the
Speakers Bureau. As in previous campaigns, the message was carried
by speakers to the churches, schools, theatres, factories and many other
public gatherings.
Effective use was made throughout the District of two war trophy
trains and of a number of army tanks in reaching people in many of the
smaller towns and cities. We co-operated with the Treasury in using
the special exhibits of airplanes, military and naval guns which visited
various portions of the District, and in the tour of Belgian soldiers.
Apportionments to the Victory Liberty Loan were assigned to all
individual banking institutions and trust companies of the District,
based on total banking resources as of December 31, 1918, the latest
figures available. The county apportionments were based on the total
banking resources of the counties and on population.
The Fifth District's quota for the Victory Loan was $210,000,000;
the District's subscriptions aggregated §225,146,850, an over-subscription of 7.2%. The number of subscribers totaled 574,967. The
following table gives the record of the Fifth District as a whole in each
of the five Liberty Loans:
Quota

First Loan..
Second Loan
Third Loan
Fourth Loan...
Victory Loan




Subscribed

Per Cent, of
Quota
Subscribed

$

88,000,000 $
120,000,000
130,000,000
280,000,000
210,000,000

109,737,100
201,212,500
186,259,050
352,685,200
225,146,850

124.6
167.6
143.3
125.9
107.2

$

828,000,000 $

1,075,040,700

129.8

....

27

FEDERAL RESERVE BANK OF RICHMOND

During 1919 United States Treasury Certificates of Indebtedness
issued in anticipation of the Victory Liberty Loan, of 1919 taxes, of
1920 taxes and of 1920 loans were sold in an aggregate total of $306,575,000, as follows:
Certificates sold during 1919 anticipating Victory
Liberty Loan
$ 148,981,500
Tax Certificates sold during 1919 anticipating
1919 taxes
75,856,000
Tax Certificates sold during 1919 anticipating
1920 taxes
45,309,000
Loan Certificates sold during 1919, maturing in
1920
36,428,500
$ 306,575,000
Subscriptions to Victory Notes allotted aggregated $210,889,300, as
follows:
State

Quota

Amount
Subscribed

Per Cent.
Per Capita
Number of
Population
Subscription
Subscribers
Subscribing

Maryland
$ 58,653,000 $ 62,690,550
District of
Columbia.... 20,307,000
27,980,150
Virginia
51,366,000
59,544,300
West Virginia.. 23,625,000
24,190,900
North Carolina 31,101,000
27,269,050
South Carolina 24,948,000
23,471,900

128,090

9.40

148,813
147,437
57,406
48,874
44,347

37.20
6.88
4.63
2.04
2.78

$210,000,000 $225,146,850

574,967

6.30

TOTAL

$•

46.03
69.95
27.79
19.52
11.39
14.74

$

24.66

War Savings Stamps, Thrift Stamps and Treasury Savings Certificates
were sold through the Federal Reserve Bank (exclusive of Post Office
sales) in an aggregate amount of $499,383.69 as follows:
Amount
War Savings Stamps
Thrift Stamps
Treasury Savings Certificates ($100.00 denominations)
Treasury Savings Certificates ($1,000.00 denominations)
TOTAL

$ 395,468.84
28,260.25
18,350.60
57,304.00

$ 499,383.69

This makes a total aggregate subscription (allotted) to Government
securities during the year of $517,963,683.69, exclusive of the War
Finance Corporation Bonds sold totalling $3,545,000.




28

FIFTH ANNUAL KEPORT OF THE

GENERAL BUSINESS AND BANKING CONDITIONS
Unprecedented prosperity has been the outstanding characteristic
of business—agricultural, commercial and manufacturing, throughout
the District during the past year. In the agricultural portion of the
District, this has resulted primarily from the high prices realized from
cotton at 35 cents to 40 cents per pound, high grades and long staples
selling for double these prices, and tobacco at 30 cents to 50 cents per
pound, high grades up to $1.00 and more per pound. Cotton products
have sold at even proportionately higher prices, yielding enormous
profits to manufacturers, and mill properties and shares have changed
hands at dangerously speculative prices. Sales of farm lands have been
active at an advance of hundreds of per cent, over normal prices, based
on the inflated value of crop returns for the year. These operations
have created a large volume of farm paper, more of which than is
desirable has probably found its way into the banks, particularly as
such paper is not eligible for rediscount by the Federal Reserve Bank.
These factors have stimulated trade at unheard-of prices for all
commodities until all proper sense of proportion in values has been lost
sight of in an era of extravagance. Labor is supposed to be the bene-.
ficiary of high wages under these conditions, but its demoralized
inefficiency and extravagance will accelerate the inevitable reaction, of
which, however, there are as yet few evidences.
The year closes with a realization of the necessity for the curtailing of
credits, but with confidence in the fundamental soundness of general
business and the belief that conservatism in the direction of our affairs
will insure satisfactory results for the coming year.




PART II
SCHEDULES REFLECTING THE OPERATIONS
OF THE

Federal Reserve Bank of Richmond
During 1919
AND

Showing the Financial Condition at the Close
of Business
DECEMBER 31, 1919




30

FIFTH ANNUAL REPORT OF THE

I
Jan.

3
10
17
24
31
Feb.
7.
14
20
28
March 7
14
21
28
April 4
11
18
25
May
2
9
16
23
29
June
6
13.
20.
27.
July
3.
11.
18.
25.
Aug.
1.

i

H

r Cen

Us nc
arket

her I) i s c o
iper.

ted Pa per
by U
War
a

d
3

ets.

o

S
9

5|
J 60
m o

3"2

s°

1

1
tal E

a

CCT3 tO

States Sec

•a

li'tl

EXHIBIT A==MOVEMENT OF PRINCIPAL EARNING ASSETS OF
THE FEDERAL RESERVE BANK OF RICHMOND DURING
THE CALENDAR YEAR 1919.
(In thousands of dollars)

H

1
$

71,989 $ 14,088 $ 86,077
12,732
90,668
77,936
11,877
87,073
75,206
12,560
95,856
83,296
13,040
83,074
70,034
12,563
77,286
S9.849
12,008
81,019
93,027
84,477
11,480
95,957
89,636
10,913
100,549
78,761
11,671
90,432
77,348
10,649
87,997
86,799
11,898
98,697
86,556
13,798
100,354
86,182
12,902
99,084
89,157
11,112
100,269
83,680
9,472
93,152
91,138
11,692
102,830
86,677
12,010
98,687
87,626
11,237
98,863
85,677
11,547
97,224
81,413
12,190
93,603
81,594
12,503
94,097
76,132
12,138
88,270
82,852
11,587
94,439
84,764
13,956
98,720
73,349
14,826
88,175
72,741
15,060
87,801
73,121
14,847
87,968
76,725
15,106
91,831
82,053
13,916
95,969
76,296
13,595
89,891
77,448
12,353
89,801
78,939
15.
12,585
91,524
73,373
14,272
22.
87,645
77,422
14,888
29.
92,310
75,143
14,841
Sept.
5.
89,984
73,246
16,647
12.
89,893
72,295
19,226
19.
91,521
72,097
26.
20,191
92,288
75,099
20,312
Oct.
3.
95,411
80,471
18,641
10.
99,112
83,178
18,013
17.
101,191
85,780
17,125
24.
102,905
87,627
14,787
102,414
31.
84,580
12,666
97,246
Nov.
7.
86,531
12,571
14.
99,102
84,986
12,598
21.
97,584
83,560
14,340
28.
97,900
84,478
15,324
Dec.
5.
99,802
91,548
12.,
16,280
107,828
89,406

19,179
19..
87,901
108,585
http://fraser.stlouisfed.org/
26..
20,760
108,661

Federal Reserve Bank of St. Louis

83.6 $
5,943 $ 92.020 $
6,033 i 98,053
86.0
6,470
97,138
8,533
105,671
86.4
7,134
94,217
6,533
100,750
7,433
103,289
86.9
6,533
109,822
7,614
84.3
90,688
6,533
97,221
7,714
86.0
97,563
6,533
104,096
87.1
7,619
100,646
6,533
107,179
88.0
7,085
103,042
6,609
109,651
7,134
89.1
107,683
6,609
114,292
87.1
6,568
97,000
6,609
103,609
6,610
94,607
87.8
6,609
101,216
105,629
6,932
87.9
6,609
112,238
86.2
7,155
107,509
6,609
114,118
7,420
106,504
87.0
6,609
113,113
7,170
6,594
88.9
107,439
114,033
89.8
6,705
99,857
6,594
106,451
7,474
88.6
110,304
6,594
116,898
87.8
7,578
6,594
106,265
112,859
7,555
88.4
106,418
6,694
113,112
7,740
88.1
104,964
6,694
111,658
7,083
87.0
100,686
7,094
107,780
86.7
6,760
100,857
7,094
107,951
86.2
7,393
95,663
10,394
106,057
87.7
6,961
101,400
7,494
108,894
6,661
105,381
85.9
7,494
112,875
83.2
7,744
95,919
7,594
103,513
7,194
82.8
94,995
7,894
102,889
6,987
83.1
94,955
8,094
103,049
6,711
83.5
98,542
8,594
107,136
85.5
7,868
103,837
8,644
112,481
84.9
8,290
98,181
9,129
107,310
86.2
7,978
97,779
9,729
107,508
86.2
7,473
98,997
9,729
108,726
83.7
7,425
95,070
9,729
104,799
83.9
7,002
99,312
10,229
109,541
83.5
7,254
97,238
10,229
107,467
81.5
7,212
97,105
108,034
10,929
79.0
5,982
97,503
11,294
108,797
78.1
6,329
98,617
11,294
109,911
78.7
6,022
101,433
11,794
113,227
81.2
' 5,663
104,775
12,394
117,169
82.1
5,577
106,768
12,594
119,362
83.4
5,357
108,262
12,894
121,156
5,883
85.5
108,297
12,894
121,191
87.0
6,469
103,715
12,894
116,609
87.3
6,835
105,937
13,094
119,031
87.1
7,175
104,759
13,094
117,853
85.4
11,810
109,710
13,095
122,805
84.6
12,004
111,806
13,495
125,301
13,241
84.8
121,069
13,495
134,564
14,394
122,979
82.3
13,495
136,474
80.9
16,031
124,692
13,495
138,187

31

FEDERAL RESERVE BANK OF RICHMOND

FEDERAL RESERVE BANK OF RICHMOND
MOVEMENT OFEARNIHG ASSETS
DURING CALENDAR YEAR 1919.

^

§
§ 25

SO
25

IO

UNITED STATES SECURITIES.
25

25

0 LS

W
80
60
40
20
0

ACCEPTANCES BOUGHT
100
80
60
40
20
0
PERCENTAGE OF WAR PAPER TO TOTAL DISCOUNTS.

TOTAL BILLS DISCOUNTED, -D/AHD WAR PAPER,'

TOTAL EARnmOASSETS.
JAII\



nE^ULT\AUG. \SEPT\ OCT. \NOV\DEC

32

FIFTH ANNUAL REPORT OF THE

EXHIBIT B=MOVEMENT OF GOLD AND CASH RESERVES,
FEDERAL RESERVE NOTE AND NET DEPOSIT LIABILITIES,
AND THE RESERVE PERCENTAGE OF THE FEDERAL
RESERVE BANK OF RICHMOND DURING THE CALENDAR
YEAR 1919.
(In thousands of dollars—i. e., 000 omitted)
La
o.2

^ C3^° §
S « 13

shRe
)eposi
eserve
Com
Ratio of
to Nei
Federa
Liabilit

3+4.

9

Net Dep

serve
Cirou

(§"3

Federal
in Actu

i

Cash Re

3

fa

Gold Re

8

ves.

£3

1

Jan.

3.
10.
17.
24
31.
Feb.
7.
14.
20.
28.
March 7.
14.
21
28.
April 4.
11
18.
25.
May
2.
9.
16.
23.
29.
June 6.
13..
20..
27..
July
3..
11..
18..
25..
Aug. 1
15.
22.
29.
Sept. 5.
12.
19.
26.
Oct.
3
10.
17.
24.

31.
7
14.
21.
28..
5.
Dec.

12..
http://fraser.stlouisfed.org/
19.
Nov.

79,793
78,960
71,288
70,886
77,328
72,926
79,483
76,140
72,246
84,455
87,864
94,779
74,696
73,833
73,775
72,392
68,946
71,163
73,699
70,335
71,667
68,914
66,854
69,528
79,641
67,215
66,527
65,592
68,905
65,316
65,291
65,724
66,933
65,294
67,017
64,648
72,841
74,910
73,153
76,986
80,210
83,615
90,267
96,883
104,976
104,425
99,500
99,670
93,621
91,083
93,235

Federal Reserve Bank of St. Louis

79,966 S 137,582 $
137,822
79,166
71,528
136,403
71,074
133,727
77,551
136,070
133,892
73,130
79,714
130,958
76,404
130,661
72,499
128,595
84,691
128,544
88,023
127,679
95,212
127,441
75,054
126,19S
74,317
128,946
74,322
127,604
72,979
125,792
69,489
125,391
71,720
123,311
121,152
74,148
70,659
118,764
115,902
72,103
69,313
115,484
114,780
67,253
112,964
69,933
80,091
110,852
67,667
109,630
109,640
66,970
66,087
107,699
69,408
106,877
65,840
105,735
65,814
105,425
66,234
105,897
67,417
104,489
65,728
104,455
67,466
104,673
65,141
107,702
73,315
108,646
75,326
111,736
73,521
115,100
77,224
121,695
80,435
126,448
83,806
131,791
90,490
135,114
138,592
97,113
105,171
141,365
104,601
141,311
99,698
142,403
09,881
141,556
93,830
142,296
91,262
143,774
147,427
93,421

33,144 $ 170,726
37,461
175,283
25,710
162,113
170,445
36,718
165,142
29,072
166,422
32,530
175,976
45,018
174,850
44,189
46,596
175,191
176,959
48,415
177,690
50,011
195,908
68,467
51,198
177,396
176,273
47,327
176,459
48,855
42,474
168,266
174,774
49,383
172,834
49,523
175,129
53,977
171,403
52,639
51,504
167,406
164,624
49,140
160,693
45,913
165,887
52,923
69,247
180,099
48,461
158,091
156,429
46,789
155,804
48,105
55,809
162,686
164,518
58,783
53,096
158,521
159,288
53,391
56,608
161,097
155,530
51,075
56,566
161,239
48,871
156,573
56,277
164,923
167,328
55,592
50,976
166,076
51,186
172,881
52,748
179,196
184,508
52,717
192,657
57,543
60,471
199,063
61,426
202,791
62,694
204,005
198,654
56,251
61,132
202,688
200,292
57,996
61,706
205,480
209,066
61,639

46.8
45.2
44.1
41.7
47.0
43.9
45 3
43.7
41.4
47.9
49.5
48.6
42.3
42.2
42.1
43.4
39.8
41.5
42 3
41.2
43.1
42.1
41.9
42.2
44.5
42.8
42.8
42.4
42.7
40.0
41.5
41.6
41.8
42.3
41.8
41.6
41 5
45.0
44.3
44.7
44.9
45 4
47.0
48.8
51.9
51.3
50.2
49.3
46.8
44.4
44.7

33

FEDERAL RESERVE BANK OF RICHMOND

ft

g3

fEDERALRESERVE BANK OFRICHMOND
NET DEPOSIT LIABfLITK
F.R. NOTE CIRCULATION.
CASH RESERVES. AND RESERVE RATIO. 1919.
70
60
SO
40
30
2O
!O
0

70
GO
SO

40
30
20
10
O

RESERVE RATIO,

(PERCENTA6E0FC+L)

100

100

so
25

oil

F.R. NOTE CIRCULATION.
225
200

225

PEPOSITAfiD ER.HOTE LIABILITIES, 'L\ AND TOTAL RESERVES; C:




SCHEDULE 1
COMPARATIVE STATEMENT OF CONDITION DECEMBER 31, 1919, AND DECEMBER 31, 1918
December 31, 1919

December 31, 1918

RESOURCES
RESERVES :

2,358,470 00

Gold coin and certificates
Gold Settlement Fund—Federal Reserve Board
Gold with foreign agencies

2,419,725 00
25,201,328 88
6,434,(190 37

14,353,728 99
204,010 61

Total gold held by Bank
Gold with Federal Reserve Agent
Gold Redemption Fund Federal Reserve Notes.

34,055,743 C5
39,1)98,970 00
7,196,777 49

16,816,209 60
63,990,786 00
5,368,300 00

Total Gold Reserves
Legal tender notes, silver, etc

81,251,491 14
190,339 55

85,175.274 60
223,543 45

TOTAL RESERVES
EARNING ASSETS:

Bills discounted—Secured by government war obligations.
All other
Bills purchased in open market
Total bills discounted and bought
U. S. Government Bonds and Victory Notes.
U. S. Certificates of Indebtedness
U. S. Ono-Year Treasury Notes

81,441,830 69
72,434,331 75
13,80(1,940 90
5,465,100 23

121,407,180 50

91,700,43s 88
1,234,200 00
3,885,000 00
899,000 00

1,234,000 00

12,260,000 00

Curroncy of other banks and unassorted currency.
Checks and other cash items
Exchanges for clearing house
Transit items

TOTAL UNCOLLECTED ITEMS
MISCELLANEOUS:

Interest accrued on U. S. Securities
Advances to government committees
Redemption Fund—Federal Reserve Bank Notes.
Bank premises
All other resources

5,918,780 00
140,093 54
5,435,703 87
46,207,939 84

4,742,114 00
154,714 81
5,113,094 03
84,182,455 68




57,702,577 25

94,192,378 52
22,159 86
345,436 19
309,900 00
290,000 00
173,551 58

106,576 81
514,860 47
643,300 00
504,024 50
562,765 66

TOTAL MISCELLANEOUS ASSETS.
TOTAL RESOURCES

97,724,638 88

134,901,780 50

TOTAL EARNING ASSETS.
UNCOLLECTED ITEMS :

85,398,818 05

81,506,691 34
23,495,584 34
16,404,904 82

i

2,331,527 44

S

1,141,047 63

312,867,517 15

$

241,967,081 81

LIABILITIES

CAPITAL:

Capital paid in.
Surplus

4,392,0O0"0O
5,820,462 63
$

TOTAL CAPITAL AND SURPLUS
DEPOSITS:

U. S. Treasurer
Member Banks—Reserve accounts
Foreign governments
Due Federal Reserve Banks—Collected funds.
Cashier's checks
Deferred availability—Uncollocted funds

TOTAL GROSS DEPOSITS
NOTE CIRCULATION :

Federal Reserve Notes in actual circulation
Foderal Reserve Bank Notes in circulation

TOTAL NOTES OUTSTANDING
MISCELLANEOUS :

Reserve for Federal Reserve Board assessment.
Reserve for exponsps accrued and unpaid
Reserve for franchise tax
Reserve for other taxes
Unearned discount
All other liabilities
TOTAL MISCELLANEOUS LIABILITIES.
TOTAL LIABILITIES




2,839,730
62,712,122
3,642,408
33,800,592
72,560
41,522,428

$

4,062,2O0'0O
1,150,270 50

S

2,795,094 97
54,101,037 72

5,218,470 50

10,212,462 63

49
52
75
08
32
74

12,512,777 25
111,319 95
24,390,387 26

1

93,971,517 15

144,489,842 90

$

145,705,320 00
12,057,950 00

$

137,478,030 00
4,005,500 00
141,483,530 00

157,823,270 00

25,531 16
20,316 50

$

19,970 00
200,184 59
15,939 37

1,039,798 76
190,567 40
63,198 00

%
$

341,941 62
312,867,517 15

1,293,564 16
241,907,081 81

jn

00
O

SCHEDULE 2
COMPARATIVE STATEMENT OF PROFIT AND LOSS, DIVIDEND AND SURPLUS ACCOUNTS
FOR THE YEARS ENDING DECEMBER 31, 1919 AND 1918
1919
GROSS EARNINGS : P R 0 F I T A N D L 0 S S ACCOUNT
Discount on bills discounted
Discount on bills purchased
Interest on U. S. Securities
Penalties account of deficient Reserves
Service charges (January 1st to June 15, 1918)
Miscellaneous

4,099,953
351,418
185,292
125,192

1918

2,390,421
273,633
83,437
122,6 3
49,064
59,836

24
22
74
34

13,467 35

93
68
18
93
71
11
$ 2,979,047 54

$ 4,775,323 89

TOTAL GROSS EARNINGS
EXPENSES:

$

871,640 92
20,316 50
19,970 00

Current expenses paid
Reserve for expenses accrued and unpaid..
Reserve for taxes other than franchise tax.
N E T EARNINGS

653,820 07

911,927 42

653,820 07

$ 3,863,396 47

$ 2,325,227 47

MISCELLANEOUS :

Credit—reduction in depreciation reserve on U. S. Bonds.
Sundry entries during year

Debit—depreciation on Bank premise-!
Reserve for depreciation on U. S. Bonds.
NET PROFIT FOR THE YEAR




$

58,606 30
793 61
59,399 91
20,000 00

$

39,399 91
3,902,796 38

13,198 00 $

13,198 00

$ 2,312,029 47

DIVIDKNDS:

Dividends paid

Interest paid on stock surrendered

$

252,647 X]
224 52

BALANCE PROFIT AND LOSS—December 31st.

$
252,871 85

232,302 91
129 03

$ 3,649,924 53

232,431 94
$ 2,079,597 5 3

DISPOSITION OF BALANCE DECEMBER 31st.

Reserve for Federal Reserve Board assessment (1st six months 1920) $
25,531 16
Reserve for franchise tax (1918 only)
Transferred to Surplus Account...
3,624,393 :>,7

$ 1,039,798 7(1
1,039,798 77
$ 2,079,597 53

$ 3,649,924 53

SURPLUS ACCOUNT
Balance January 1st
Reserve for franchise tax of 1918, credited in March, 1919
Transferred from profit and loss balance December 31st as above.. .
BALANCE SURPLUS DECEMBER 31st




$ 1,156,270 50
1,039,798 70
3,624,393 37

$

116,471 73
1,039,798 77

$ 5,820,462 63

$

1,156,270 50

38

FIFTH ANNUAL REPORT OF THE

SCHEDULE 3
COMPARATIVE ANALYSIS OF EXPENSES FOR THE YEARS j
1919 AND 1918
1918
Assessments on account expenses Federal Reserve
Board
$ 29,535 36 $ 19,814 43
Federal Advisory Council (fees and traveling expenses )
735 75
150 00
Governors' conferences (including traveling expenses)
253 92
209 70
Federal Reserve Agents' conferences (including
traveling expenses)
42 70
321 12
SALARIES :

Bank officers
Clerical staff
Special officers and watchmen.
All other

74,795 55
326,746 33
16,282 74

48,454
173,117
4,867
5,008

64
82
54
09

3,400 00
820 00
1,999 09
8,689 24
570 00
7,940 56
11,452 24
2,447 03
10,032 26
48,261 86
2,809 24
9,717 88
5.093 26
39,083 03
11.392 95
21,008 19

3,320
680
1,218
3,014
1,122
5,206
1,822
2,110
2,960
45,518
9,766
8,464
6,648
36,515
12,275
15,679

00
00
32
55
26
00
71
47
37
53
99
11
28
68
45
50

7,497 27

DIRECTORS:

Fees
Per diem allowance
Traveling expenses
,
Officers' and clerks' traveling expenses
Legal fees
Rent
Taxes and fire insurance
Telephone
Telegraph
Postage
Expressage
Insurance and premiums on fidelity bonds.
Light, heat-and power
Printing and stationery
Repairs and alterations
All other expenses
TCTAL EXPENSES OF OPERATION.

Cost of Federal Reserve currency
Miscellaneous charges on account of note issues
Taxes on Federal Reserve Bank note circulation
Cost of currency shipments to and from member and
non-member banks
Furniture and equipment
Bank premises
TOTAL CURRENT EXPENSES .




$640,606 45 $408,266 56
119,347 07
28,581 98
32,468 25
41,503 54
49,420 13

118,821 84
6,699 91

91,786 51
28,245 25

$911,927 42 $653,820 07

SCHEDULE 4
GROSS EARNINGS (CLASSIFIED), EXPENSES AND NET EARNINGS DURING THE YEAR 1919 BY MONTHS
Deficient Reserve Penalties
Bills Discounted Bills Purchased U. S. Securities and Sundry
Profits
January

$

330,214 83

$

27,687 69

$

12,343 69

$

15,235 28

Total Gross
Earnings

$

385,481 49

Total Expenses

Net Earnings

$

$

50,214 26

335,267 23

February

303,199 71

26,566 47

10,264 56

14,945 79

354,976 53

70,201 43

284,775 10

March

345,228 07

26,472 86

10,990 77

12,027 66

394,719 36

77,650 18

317,069 18

April

346,559 25

26,930 89

11,325 99

11,395 90

396,212 03

67,433 58

328,778 45

May

348,656 71

28,437 30

11,708 93

9,415 22

398,218 16

63,802 90

334,415 26

June

324,254 72

27,021 53

12,987 47

13,428 72

377,692 44

71,963 35

305,729 09

July

327,522 55

28,014 53

14,441 71

10,649 88

380,628 67

47,665 46

332,963 21

August

323,866 74

29,375 65

16,600 91

9,131 52

378,974 82

48,387 92

330,586 90

September

318,702 82

25,115 21

18,795 03

8,069 88

371,282 94

63,915 17

307,367 77

October

300,788 96

22,491 50

21,304 24

11,715 08

416,299 78

63,597 97

352,701 81

November

357,352 SO

29,195 71

21,542 32

12,866 99

420,957 82

59,945 16

361,012 66

December

413,606 08

54,108 88

22,987 12

9,177 77

499,879 85

227,150 04

272,729 81

138,659 69

$ 4,775,323 89

911,927 42

$ 3,863,396 47

TOTAL
$ 4,099,953 24



$

351,418 22

$

185,292 74

$

$

CO

o

SCHEDULE 5
COMPARATIVE STATEMENT OF DAILY AVERAGE BALANCES OF EARNING ASSETS, EARNINGS THEREON
AND AVERAGE RATE PER ANNUM FOR YEARS 1919 AND 1918
Average Daily Balances

Total Earnings

Average Rate Per annum

1919

1918

1919

1918

1919

1918

$ 94,545,749 84

$ 54,291,884 90

$ 4,099,953 24

$ 2,390,421 93

.0434

.0440

Bills purchased

7,686,825 37

6,411,640 55

351,418 22

273,633 68

.0457

.0427

U. S. Securities

9,206,478 63

3,273,478 85

185,292 74

83,437 18

.0201

.0255

$111,439,053 84

$ 63,977,004 30

$ 4,636,664 20

$ 2,747,492 79

.0416

.0429

Bills discounted

TOTAL




SCHEDULE 5-A
LOANS AND INVESTMENTS DURING YEAR OF 1919 COMPARED WITH 1918, BY MONTHS
Bills Discounted
for Member
Banks
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL

$ 283,356,052
276,675,719
335,314,546
363,264,872
368,133,803
398,298,283
419,908,215
382,999,948
344,921,874
319,036,072
264,080,661
374,952,859

Bills Bought in
open Market

U. S. Bonds

73
45
13
10
44
86
31
45
42
93
81
61

4,083,667 92
2,502,650 00
3,365,167 81
3,904,855 21
2,791,241 51
4,567,752 12
5,538,112 14
5,492,600 00
5,226,079 44
4,956,924 44
•8,885,084 64
6,743,120 18

|300 00
100 00

$4,130,942,910 24

$ *58,057,255 41

t500 00

U. S. Certificates
of Indebtedness

$

Total 1918

500,000 00
3,500,000 00
1,550,000 00
1,100,000 00
10,000,000 00
1,100,000 00
200,000 00
400,000 00

302,853,720
279,254,369
338,679,713
367,169,727
371,425,044
406,366,035
426,996,327
389,592,648
366,747,953
325,092,997
273,166,046
382,090,079

65
45
94
31
95
98
45
45
86
37
45
79

139,490,928 21
126,376,984 29
158,462,634 94
194,060,877 70
133,779,299 14
132,323,226 17
168,829,371 99
174,876,575 59
218,404,999 90
231,177,454 56
287,101,540 46
299,080,043 46

40,440,000 00

$4,229,440,005 05

$2,204,503,936 47

15,414,000 00
76,000 00

100 00

Total 1919

* Includes $5,079,873.14 of Acceptances purchased from Federal Reserve Bank of Boston with their endorsement.
t Includes $300.00 of U. S. Victory 42% Notes.




SCHEDULE 6
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING 1919, CLASSIFIED
AS TO KIND OF PAPER, AND SHOWN BY STATES
CLASSIFICATION

Maryland

District of
Columbia

Virginia

North
Carolina

West
Virginia

South
Carolina

Total

BILLS DISCOUNTED:

Secured by government wnr obligations:
Members' own notes
$ 936,255,908 73 $ 104,208,704 25 2,105,123,330 00
Non-members endorsed by members
7,419,840 00
45,000 00
4,639,719 71
17,188,674 31
162,060 50
23,245,951 56
Customers' notes rediscounted
Otherwise secured:
17,768,000 00
1,869,047 28
Members' own notes secured by customers' paper....
14,000 00
Members' own notes secured by war finance bonds.
65,000 00
90,800 00
Customer's notes secured by agricultural products...
Drafts with bill of lading attached
1,865,314 35
573,082 83
Trade acceptances
780,050 95
42,310,104 84
37,168,807 BO
Unsecured commercial paper
TOTAL BILLS DISCOUNTED.

37,460,500 00 % 331,932,008 13 $390,281,732 77 3,905,202,183 88
35,000 00
3,813,434 41
18,378,980 00
2,425,985 88
58,959,470 49
6,232,445 18
6,679,993 09
5,450,351 85
928,500 00

1(10,600 00

405,247 70
4,284,737 43
10,779,114 29

852,028 65
2,007,008 50

317,000 00
6,322,490
2,065,672
1,507,214
10,112,747

01
99
43
72

21,073,147
79,000
6,818,237
2,065,072
9,082,377
109,223,834

28
00
71
99
09
20

1,000,475,301 05 105,260,815 70 2,195,062,920 40 $ 46,837,582 33 % 356,205,945 28 $427,100,285 42

4,130,942,910 24

2,380,500 00 % 1,638,724 44
3,792,015 72
8,033,610 43

$ 30,809,350 12
22,108,020 15

BILLS PURCHASED:

Bankers' acceptances—Foreign...
Bankers' acceptances—Domestic.
TOTAL BILLS BOUGHT.

RECAPITULATION
Secured by government war obligations..
Otherwise secured
Unsecured
Total bills discounted.
Total bills bought
TOTAL BILLS DISCOUNTED AND BOUOHT
Does not include $5,079,873.14 of acceptances



$ 13,304,000 00 $
1,132,400 00

100,000 00 $ 13,386,131 68
8,960,000 00
250,000 00

$ 14,430,400 00

350,000 00 $ 22,340,131

$

6,172,515 72

9,672,334 87

$ 960,864,423 04 $ 104,415,764 75 2,133,009,001 27 $ 43,727,945 18 $339,808,345 86 $400,775,100 27
1,333,747 70
190,600 00
8,705,163 00
17,872,500 00
65,000 00
1,869,047 28
15,063,851 72
2,919,037 15
17,619,962 15
44,181,419 19
780,050 95
37,741,890 73
1,000,475,361 05 !$ 105,200,815 70 2,195,062,920 40
22,340,131 68
350,000 00
14,436,400 00

52,977,382 27*

3,982,600,640 37
30,036,057 98
118,306,211 89

$ 46,837,582 33 $ 356,205,945 28 $ 427,100,285 42 4,130,942,910 24
6,172,515 72
9,672,334 87
52,977,382 27*

11,014,911,761 05 $105,610,815 70 2,217,409,052 14 $ 46,837,582 33 $362,378,40100 $ 430,772,020 29
in other districts purchased from Federal Reserve Bank of Boston.

4,183,920,292 51

SCHEDULE 7
NUMBER OF MEMBER BANKS IN EACH STATE ACCOMMODATED EACH MONTH THROUGH THE
DISCOUNT OR PURCHASE OF PAPER DURING 1919

January

34

District of
Columbia
5

February

33

8

83

16

45

81

266

March

41

8

66

16

49

83

263

April

48

8

70

17

52

86

281

May

51

7

83

25

63

83

312

June

55

6

94

27

59

79

320

July

52

6

101

27

57

78

321

August

48

7

93

26

55

70

299

September

45

7

96

28

53

74

303

October

55

7

99

27

46

63

297

November

57

7

95

25

31

37

252

December

58

7

90

24

32

44

255

68

10

124

46

74

93

415

Maryland

YEAR 1919




North
Carolina

South
Carolina

Total

68

West
Virginia
16

41

78

242

Virginia

SCHEDULE 8
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF 1919, CLASSIFIED
ACCORDING TO MATURITIES AT TIME OF DISCOUNT OR PURCHASE
15 days or less

16 to 30 days

61 to 90 days

31 to 60 days

January...

$ 270,174,031 53 $

2,615,237 39

4,162,379 95

February..

266,067,633 80

2,283,636 53

March

323,286,765 24

April

Over 90 days

Total

10,405,536 91

82,534 87

$ 287,439,720 65

4,186,655 89

6,608,382 36

32,000 87

279,178,369 45

3,264,299 26

5,429,108 20

6,497,665 39

201,875 85

338,679,713 94

350,231,112 41

2,617,098 68

4,124,931 40

9,938,453 98

258,130 84

367,169,727 31

May

356,176,798 41

2,458,311 43

5,810,165 17

6,083,306 88

390,463 00

370,925,044 95

June

387,421,375 38

3,267,146 09

5,330,267 38

6,483,624 02

363,623 11

402,866,035 98

July

405,857,198 11

4,7S8,795 91

5,498,892 28

9,100,041 42

201,399 73

425,446,327 45

August

369,822,150 71

5,814,937 52

5,263,602 79

7,458,121 21

133,736 22

3S8,492,548 45

September.

329,230,652 34

7,857,170 09

6,156,054 28

6,865,408 43

38,668 72

350,147,953 86

October

305,484,139 79

4,433,345 02

4,648,347 00

9,389,611 52

37,554 04

323,992,997 37

November.

249,973,468 74

5,060,291 23

8,758,606 42

9,162,255 06

11,125 00

272,965,746 45

December.

349,876,865 11

9,041,882 21

9,723,493 11

13,027,969 47

25,769 89

381,695,979 79

$3,963,602,191 57 $
Digitized forTOTAL.
FRASER


53,502.151 36 $

$

69,092,503 87 $ 101,020,376 65

$

1,782,942 20 $4,18^,000,165 65

t

SCHEDULE 9
DISTRIBUTION BY MATURITIES OF EACH CLASS OF PAPER HELD AT CLOSE OF BUSINESS DECEMBER 31,1919
CLASSIFICATION

15 days or loss

16 to 30 days

31 toflOdays

61 to 90 days

Over 90 days

Total

BILLS DISCOUNTED :

Secured by government war obligations:
Members' own notes
Non-members endorsed by members
Customers' notes rediscounted
Otherwise securod:
Members' own notes secured by customers' paper...
Members' own notes securod by war finance bonds.
Customers' notes secured by agricultural products..
Drafts with bill of hiding attached
Trade acceptances
Unsecured commercial paper
TOTAL OF BILLS DISCOUNTED HELD DECEMBER 31, 1919

% 67,520,380 00
947,000 00 S
1,508,361 04

$ 67,520,380 00
2,378,389 98
11.607.921 36

848,258 31 $
3,813,728 34

455,631 67 $
4,802,856 23

47,015 00

110,000 00

1,139 63

516,728 61
5,132,585 33

848,127 48
6,358,925 65

611,316 52
3,162,295 28

15,269 89

5,385,227 18

15,269 89 $ 105,002,275 68

127,500 00
1,482,975 75

150,000 00
35,443
23,953
344,203
6,138,580

150,000 00

65
45
55
30

% 76,667,921 99 $ 10,358,315 59 $ 12,575,541 03 $

193,598
23,953
2,320,376
20,807,656

28
45
16
45

BILLS PURCHASED:

Bankers' acceptances—Foreign...
Bankers' acceptances—Domestic.
TOTAL OF BILLS BOUGHT HELD DECEMBER 31, 1919.

RECAPITULATION
Socurod by government war obligations
Otherwise secured
Unsecured

$

1,759,641 87 $
991,900 00

4,553,160 10 $
2,290,571 17

1,861,893 79 $
1,089,500 00

2,620,237 89
1,238,000 00

$ 10,794,933 65
5,609,971 17

$

2,751,541 87 S

6,843,731 27 $

2,951,393 79 $

3,858,237 89

S 16,404,904 82

$ 69,975,741 04 $
209,397 10
6,482,783 85

4,661,986 65 S
47,015 00
5,649,313 94

5,258,487 90 $
110,000 00
7,207,053 13

1,610,475 75
1,139 63
3,773,611 80

S 81,506,691 34
367,551 73
15,269 89
23,128,032 61

$ 10,358,315 59 $ 12,575,541 03 $ 5,385,227 18
2,951,393 79
3,858,237 89
6,843,731 27

15,269 89 $ 105,002,275 68
16,404,904 82

TOTAL OF BILLS DISCOUNTED HELD DECEMBER 31, 1919
TOTAL OF BILLS BOUGHT HELD DECEMBER 31, 1919

$ 76,667,921 99
2,751,541 87

TOTAL or BILLS DISCOUNTED AND BOUGHT HELD DECEMBER 31, 1919....

$ 79,419,463 86 S 17,202,046 86 $ 15,526,934 82 $




9,243,465 07

15,269 89 $ 121,407,180 50

SCHEDULE 10
AMOUNT OF BILLS REDISCOUNTED WITH OTHER FEDERAL RESERVE BANKS DURING EACH MONTH OF 1919
(!levpland

Atlanta

Chicago

January

$

February
March

Kansas City

Minneapolis

St. Louis

Total
$

10,000,000

10,000,000
30,000,000

30 000 000
$

5,000,000

$

15,000,000

$

5,000,000

$

30,000,000

$

5,000,000

$

60,000,000

April

15,000,000

30,000,000

20,000,000

65,000,000

May

30,000,000

45,000,000

40,000,000

115,000,000

June

35,000,000

50 000 000

70,000,000

155,000,000

July

65,000,000

20,000.000

80,000,000

165,000,000

August

50,136,500

51,709,000

36,100,000

137,945,500

September

25,000,000

10,000,000

35,000,000

70,000,000

October

15,000,000

10,000,000

25,000,000

November
December
TOTAL
S
85,000,000
Balance under rediscount as of
Dec.for
31,FRASER
1919....
Digitized


5,000,000

10,000,000

5,000,000

S

5,000,000

$

300,136,500

$

5,000,000

$

4,770,000

$

86,709,000

$

361,100,000

$

5,000,000

$

$

842,945,500

9,770,000

C

SCHEDULE 11
CHANGES IN DISCOUNT RATES DURING THE YEAR 1919
Effective Jan. 1
1919; established
Dec. 30, 1918

Effective
April 25, 1919

Effective
Nov. 10, 1919

Effective
Dec. 15, 1919

MEMBER BANKS' COLLATERAL NOTES:

Secured
Secured
Secured
Secured
Secured

by eligible paper
only by U. S. Treasury Certificates..
only by Fourth Liberty Loan Bonds.
by Liberty Bonds or Victory Notes.
by War I'inance Corporation Bonds.

4

t5|

OTHER PAPER SECURED BY U. S. SECURITIES

Secured only by U. S. Treasury Certificates, 15 days or less
Secured only by U. S. Treasury Certificates, 16 to 90 days
If secured only by Fourth Liberty Loan Bonds
Secured by Liberty Loan Bonds or Victory Notes, 15 days or less.
Secured by Liberty Loan Bonds or Victory Notes, 16 to 90 days...
Secured by War Finance Corporation Bonds, 15 days or less
Secured by War Finance Corporation Bonds, 16 to 90 days

H
H
4
41
I!

COMMERCIAL PAPER :

15 days or less
16 to 90 days

AGRICULTURAL AND LlVE STOCK PAPER :

15 days or less
16 to 90 days
91 days to 6 months

TRADE ACCEPTANCES :

60 days or less
61 to 90 days
*
t

4*
4!
4
•n
Seperate classi fication discont inued
4i
4
•4*
4*
*4*
4|
Separate classi fication discont inued.
4§
41
4*
4
J
52
6}
52

4J

u

i;
5

4
I,'
5

4*

Except when U. S. T r e a s u r y Certificates bear interest at 4\% the discount rate will be
Effective April 4, 1919.




4J
41

4}

\\%.

4|

42
42
4\

<

itd
|

W

o

w
o

B

o
S

o

SCHEDULE 12
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, 1919, BY STATES
Total of all
Reserve Accounts

Maryland
District of Columbia.
Virginia

Total Reserves of
Discounting Member
Banks

Liability of
Discounting Member
Banks

Ratio of Liability to
Discounting Banks'
Reserves

16,240,531 45

14,511,758 61

46,400,563 68

7,305,794 16

4,265,908 27

5,782,606 40

136%

43,521,841 42

304%

17,814,492 67

14,334,740 91

West Virginia

6,145,621 94

2,028,866 18

3,779,425 94

186%

North Carolina

9,420,806 19

3,475,230 64

10,717,427 24

308%

South Carolina

5,784,876 11

3,950,471 80

15,755,442 68

399%

TOTAL

62,712,122 52

*125,957,307 36

290%

42,566,976 41

$

* Liability of discounting member banks includes $9,770,000 notes endorsed by them and rediscounted by Federal Reserve Bank of
Richmond with other Federal Reserve banks, but does not include $5,079,873.14 of bills purchased from Federal Reserve_ Bank of Boston,
nor $140,000 of open market purchases.



SCHEDULE 13
DAILY AVERAGES BY MONTHS OF DEPOSITS AND FEDERAL RESERVE NOTES IN CIRCULATION, RESERVES
AND RESERVE PERCENTAGES FOR THE YEAR 1919
eg o

.-

ill
Jan....
Feb...
Marcn.
April. .
May...
Juno...
July...
Au?....
.Sept...
Oct....
Nov...
Dec....

$ 53,571,725
53,692,549
53,341,090
52,671,823
52,513,432
52,134,368
53,655,147
55,279,363
55,033,477
57,103,731
64,075,665
61,104,741

YEAR 1919 $

79
45
85
27
60
04
73
87
77
55
06
21

55,354,839 04

2,490,823
3,222,465
8,907,543
1,489,206
3,538,258
7,868,654
4,553,980
2,806,874
2,801,215
4,208,184
2,783,414
5,057,807
$

73
81
13
73
10
31
40
35
46
83
70
40

36,290,171
32,990,827
39,289,425
36,870,276
38,697,025
55,950,178
55,186,550
57,312,748
67,678,420
71,652,294
73,148,760
74,568,280

35 $ 92,352,720 87
89,905,842 63
37
101,538,659 66
68
91,031,306 14
14
94,748,716 64
94
115,953,200 66
31
113,395,679 12
99
115,398,986 68
46
125,513,113 87
64
132,964,210 61
23
140,007,8-10 05
29
140,730,829 10
49

57,854,560
49,024,977
48,527,111
43,144,721
45,272,586
63,803,175
61,834,151
61,109,834
72,499,118
78,684,891
79,707,360
82,433,590

48
15
59
86
51
54
09
78
80
33
15
92

34,498,160
40,880,865
53,011,548
47,886,584
49,476,130
52,150,025
51,561,528
54,289,151
53,013,995
54,279,319
00,240,479
58,297,238

39 % 136,268,510 65 % 170,766,671 04
48
132,156,931 79
173,037,797 27
07
127,429,656 13
180,441,204 20
28
126,419,481 00
174,300,065 29
13
118,823,995 81
168,300,125 94
12
112,333,959 33
164,483,981 45
03
107,141,180 97
158,702,709 00
90
10.5,049,947 74
159,339,099 63
07
110,603,805 50
163,617,800 57
28
129,562,506 29
183,841,825 57
90
141,321,514 03
201,561,993 93
18
145,258,005 97
203,555,244 15

4,156,086 05 ! $ 53,413,872 99 S 112,924,798 08 $ 62,072,189 53 $ 50,852,608 55 $ 124,318,043 28 $ 175,171,251 S3




76,170,925 56
77,577,502 96
83,954,499 22
74,115,962 92
69,424,277 33
70,508,556 46
66,695,603 52
67,850,255 74
72,008,364 13
85,006,947 49
101,509,414 84
90,293,981 42
$ 77,911,589

.4460
.4483
.4652
.4251
.4125
.42S6
.4202
.4258
.4401
.4624
.5030
.4130

.4703
.4787
.5132
.4537
.4380
.4652
.4541
.4650
.4833
.5095
.5691
.4811

.444S

.4835

SCHEDULE 14
DAILY AVERAGE DEPOSITS OF MEMBERS AND UNITED STATES TREASURER BY MONTHS FOR 1919,1918,1917
Member Banks Reserve Accounts
1919
January....

1918

United States Treasurer, General Account
1917

1919

1918

1917

53,571,725 79

42,714,558 37 $

26,023,616 67

2,490,823 73

6,192,589 75

1,940,979 43

February...

53,692,549 45

43,792,064 88

25,719,944 94

3,222,465 81

3,441,880 51

1,460,930 46

March

53,341,690 85

45,475,617 61

26,255,281 88

8,907,543 13

3,465,995 36

4,086,850 04

52,671,823 27

44,093,297 79

25,649,251 37

1,489,206 73

5,372,214 54

1,188,082 41

May

52,513,432 60

42,953,272 62

25,600,111 52

3,538,258 10

5,210,366 00

3,468,857 52

June

52,134,368 04

43,059,352 57

28,290,347 84

7,868,654 31

10,303,545 35

7,979,110 88

July

53,655,147 73

42,891,498 85

33,950,883 34

4,553,980 40

8,211,546 69

10,375,597 34

August

55,279,363 87

45,205,453 43

37,060,405 42

2,806,874 35

5,435,535 68

5,148,718 32

September..

55,033,477 77

47,455,743 00

36,922,969 42

2,801,215 46

6,730,880 92

3,310,445 18

October....

57,103,731 55

50,052,999 82

40,217,988 13

4,208,184 83

8,313,378 99

3,466,750 03

November..

64,075,665 06

51,336,162 22

42,282,302 89

2,783,414 70

7,704,000 02

11,646,835 94

December..

61,104,741 21

53,081,357 77

43,673,086 54

5,057,807 40

2,262,944 63

11,607,529 73

46,022,279 44 I

31,704,936 90

4,184,406 07 $

6,249,427 51

5,524,462 85

April

$

,

$
55,354,839 04
Year...



s

SCHEDULE 15
ANALYSIS OF CAPITAL STOCK ACCOUNT FOR YEAR 1919
MARYLAND

DIHTRICT or

VIRGINIA

COLUMBIA

Balance J a n u a r y 1, 1919.
Additional allotments on increased capital a n d surplus of
members
Additions to membership during t h e year

Withdrawals on account liquidation, mergers or reductions of capital or surplus of members

WEST

NORTH

SOUTH

VIRGINIA

CAROLINA

CAROLINA

TOTAL

Banks

Shares

Banks

Shares

Hunks

Sharon

Banks

Shares

Banks

Shares

Banks

Shares

Banks

Shares

ion

20,617

15

8,394

159

23,092

106

9,642

88

10,293

94

9,206

565

81,244

1

375
42

12

2,369
1,104

4

711
49

5

957
656

6

484
417

28

4,911
2,268

104

21,034

171

26,565

110

10,402

93

11,906

100

10,107

593

88,423

2

32

27

1

71

4

370

9

583

15

15

8,409

2

83

102

20,951

15

8,409

169

20,533

110

10,375

92

11,835

96

9,737

584

87,840

National B a n k s . . .
State bunks a n d t r u s t companies..

95
7

17,834
3,117

14
1

7,749
660

150
13

24,063
2,470

107
3

9,368
1,007

85
7

9,292
2,543

81
15

8,478
1,259

538
46

76,784
11,056

TOTAL DECEMBER 31, 1919..

102

20,951

15

8,409

169

26,533

110

10,375

92

11,835

90

9,737

584

87,840

2

.68

2

32

1

71

1
3

75
295

6
3

246
295
42

1

71

4

370

9

583

Balance December 31, 1919
RECAPITULATION

MEMORANDUM

Withdiawals on account of—

15

R r d u c t i o n of capital or surplus




27

2

83

2

32

27

SCHEDULE 16
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
OTHER NOTES

Shipped by
Richmond

RICHMOND

EXCESS

EXCESS

Notes Received

Shipped

Received

2,250,250

4,367,850

2,117,600

New York....

22,233,250

31,924,350

9,691,100

Philadelphia.

13,156,250

9,899,870

3,256,380

Cleveland

9,627,500

6,876,000

2,750,900

Atlanta

8,539,250

6,217,370

2,321,880

Chicago

8,955,500

5,425,000

3,530,500

St. Louis

2,597,000

2,662,005

Minneapolis..

2,027,750

524,000

1,503,750

Kansas City.

2,146,000

1,001,200

1,144,800

757,500

575,250

182,250

620,750
72,911,000

1,332,320
70,805,815

Boston

Dallas
San Francisco
Total
N e t excess shipped.



65,005

14,690,460 $
2,105,185

711,570
12,585,275

SCHEDULE 17
FEDERAL RESERVE NOTES ISSUED, RETIRED AND IN ACTUAL CIRCULATION BY MONTHS FOR
THE YEAR 1919
Issued During
Month

Retired During
Month

Held by Federal
Outstanding at Reserve Bank at
End of Month
End of Month

In Actual Circulation at
End of Month
1919

1918

January....

7,720,000

17,251,495

141,466,275

5,395,840

136,070,435 $

52,294,350

February..

4,260,000

12,864,040

132,862,235

4,266,615

128,595,620

53,252,820

March

10,255,000

12,119,920

130,997,315

4,787,850

126,209,465

60,913,270

April

11,450,000

14,138,030

128,309,285

5,409,250

122,900,035

64,315,685

May

3,272,500

12,200,375

119,381,410

4,494,625

114,886,785

67,611,210

June

5,670,000

12,093,170

112,958,240

3,017,760

109,940,480

75,344,175

July

6,440,000

9,818,700

109,579,540

4,836,250

104,743,290

79,520,730

August

16,910,000

16,219,400

110,270,140

4,390,750

105,879,390

91,805,624

September..

24,010,000

11,753,615

122,526,525

5,051,430

117,475,095

109,529,900

October....

34,110,000

13,182,245

143,454,280

4,862,055

138,592,225

120,906,400

November.

16,120,000

12,757,G05

146,816,675

5,228,950

141,587,725

134,218,110

22,560,000

17,671,755

151,704,920

5,939,600

145,765,320

137,478,030


December..


00

SCHEDULE 18
DENOMINATIONS OF FEDERAL RESERVE NOTES ISSUED AND RETIRED DURING YEAR 1919
AND OUTSTANDING AT CLOSE OF YEARS 1919 AND 1918
OUTSTANDING D E C . 31,

1918

ISSUED DURING YEAR

RETIRED DURING YEAR

OUTSTANDING DEC. 31,

1919

DENOMINATIONS

Amount

Number

Number

Amount

Number

Amount

Number

Amount

Fives

4,406,214 $

22,031,070

6,637,000 $

33,185,000

6,253,170 $

31,265,850

4,790,044 $

23,950,220

Tens

3,970,423

39,704,230

4,933,000

49,330,000

4,768,900

47,689,000

4,134,523

41,345,230

Twenties

2,868,216

57,364,320

2,756,500

55,130,000

2,787,330

55,746,600

2,837,386

56,747,720

Fifties

378,355

18,917,750

236,400

11,820,000

274,078

13,703,900

340,677

17,033,850

Hundreds

129,804

12,980,400

83,900

8,390,000

102,065

10,206,500

111,639

11,163,900

Five Hundreds..

1,405

702,500

1,213

606,500

192

96,000

Thousands

2,500

2,500,000

1,302

1,302,000

1,198

1,198,000

Five Thousands

110

550,000

100

500,000

10

50,000

Ten Thousands..

117

1,170,000

105

1,050,000

12

120,000

Totals



$ 150,997,770

•

$ 162,777,500

$ 162,070,350

$ 151,704,920

SCHEDULE 19
FEDERAL RESERVE AGENT'S RECORD OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO BANK AND
RETURNED TO COMPTROLLER DURING YEAR 1919 BY DENOMINATIONS
Ten
Thousands.

29,000

Five
Thousands.

32,000

Thousands.

36,000

Five
Hundreds.

Hundreds.

100,000

Fifties.

Twenties.

Notes on hand December 31, 1918...

Tens.

Fives.

NUMBER OF PIECES
Total Amounl
in Dollars

$

6,220,000

Fit notes received from Comptroller.

4,720,000

3,284,000

1,772,000

124,000

32,000

3,200 2,400

400

400

111,280,000

Fit notes received from
Reserve Bank

2,249,000

1,872,000

1,148,500

118,000

74,300

1,200 1,250

100

105

69,665,000

4,004,170

2,896,900

1,638,830

156,078

27,765

10,973,170

8,152,900

4,595,330

430,078

163,065

4,413 3,702

500

505

$ 279,570,35!)

Fit notes issued to Federal Reserve
Bank

6,637,000

4,933,000

2,756,500

236,400

83,900

1,405 2,500

110

117

$ 162,777,500

Unfit notes returned to Comptroller
of Currency for destruction

4,004,170

2,896,900

1,638,830

156,078

27,765

Balance notes on December 31, 1919 .

332,000

323,000

200,000

37,600

51,400

2,995 1,150

390

388

24,387,500

10,973,170

8,152,900

4,595,330

430,078

163,065

4,413 3,702

500

505

$ 279,570,350

Federal

Unfit notes received or credited from
other sources
TOTAL

TOTAL



13

13

52

92,405,350

52

92,405,350

5s

SCHEDULE 20
FEDERAL RESERVE AGENT'S STATEMENT OF FEDERAL RESERVE NOTES FROM ORGANIZATION
TO DECEMBER 31, 1919

TOTAL




Aggregate
Amount
Dollars

3,200 2,400

400

400

$ 305,800,000

1,200

100

105

89,520,000

Thousands.

Ten
Thousands.

Five
Hundreds.

Hundreds.

Fifties.

Twenties.

Five
Thousands.

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 United States for destruction and credit of Federal Reserve
Agent's account (unfit notes):
(a) From other Federal Reserve
banks
(b) Direct from reporting Federal Reserve Bank and from
other sources

Tens.

Fives.

NUMBER OF PIECES

11,012,000

8,604,000

5,188,000

568,000

196,000

2,802,000

2,595,000

1,400,250

142,700

98,200

2,860

1,270

220

44

20

1,978,736

1,415,341

804,692

60,147

8,311

2

4

43,984,380

4,491,220

2,731,136

1,345,922

129,576

24,650

11

48

85,683,200

20,886,816

15,346,747

8,799,084

900,467

327,181

1,250

35,600

4.413 3,702

500

505

$525,083,180

Issued to Federal Reserve Bank
Returned to Comptroller of Currency
for destruction, including notes
returned by United States Treasury
for credit of Federal Reserve
Notes on hand December 31, 1919




14,064,860

10,877,270

6,448,470

673,144

242,820

1,405 2,500

110

117

$370,928,100

6,489,956
332,000

4,146,477
323,000

2,1.50,614
200,000

189,723
37,600

32,961
51,400

13
52
2,995 1,150

390

388

129,767,580
24,387,500

20,886,816

15,346,747

8,799,084

900,467

327,181

4,413 3,702

500

505 $ 525,083,180

SCHEDULE 21
STATEMENT OF FEDERAL RESERVE BANK NOTES RECEIVED, REDEEMED, AND BALANCE
OUTSTANDING DECEMBER 31, 1919
NUMBER OF PIECES

•

Total Value
One-Dollar

Received from Comptroller of Currency during 1918... .
Received from Comptroller of Currency during 1919
TOTAL RECEIVED

Delivered to Comptroller of Currency for destruction during 1918
Delivered to Comptroller of Currency for destruction during 1919
TOTAL REDEEMED
BALANCE OUTSTANDING DECEMBER 31, 1919




.

Two-Dollar

3,708,000
8,372,000

292,000
660,000

$

4,292,000
9,692,000

12,080,000

952,000

$

13,984,000

16,000
1,524,590

$
113,705

16,000
1,752,000

1,540,590

113,705

$

1,768,000

10,539,410

838,295

$

12,216,000

SCHEDULE 22
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF RICHMOND
(Including Baltimore Branch, opened March 1, 1918)
Number of Officers and Employees
1915

1916

1917

1918

Salaries

1919

1915

1916

1917

1918

1919

Chairman and Federal Reserve Agent.

1

1

1

1

1

Governor

1

1

1

1

1

10,000

12,000

15,000

15,000

18,000

Other officers

2

2

4

6

11

5,978

9,428

14,550

16,359

50,800

Banking Department

10

11

18

63

82

12,742

13,956

22,880

76,953

93,410

Bookkeeping department

3

5

6

12

13

4,748

5,320

4,980|

9,640

14,540

Transit department

7

36

13

79

157

2,278

11,599

21,954

Federal Reserve agent's department .

1

1

2

1

9

945

916

2,400

7,202

19,900

10

3]

21,024

54,930

33,660

is

73

8,540

36,810

83,560

Fiscal agent's department

•_'()

11

General
TOTAL BANK

30

63

urn

War Loan Organization
TOTAL




30

63

109

254

$ 10,000$ 10,000$ 10,000$ 10,000$ 12,000

6,439

8,819

59,485 125,228

878

$ 53,130$ 72,238 $121,328 $286,379 $451,098

23

29,670

401

$ 53,130$ 72,238 $121,328 $286,379 $480,768

S

60

FIFTH ANNUAL REPORT OF THE

SCHEDULE 23
CLEARING OPERATIONS==DAILY AVERAGE NUMBER OF
ITEM HANDLED BY FEDERAL RESERVE BANK OF
EACH MONTH
ITEMS DRAWN ON BANKS IN RICHMOND
AND BALTIMORE

Daily
Average
Number

Daily
Average
Amount

ITEMS DRAWN ON BANKS IN FIFTH
DISTRICT OUTSIDE OF BANK AND
BRANCH CITIES

Average
Amount
per Item

Daily
Average
Number

Daily
Average

Amount

Average
Amount
per Item

Jan. 1 to Jan. 15

7,050

12,465,042 $1,768 09

41,942

9,816,433 $ 234 05

Month ending Feb. 15

6,602

12,131,304

1,837 52

3S.363

9,341,302

243 50

Month ending March 15

7,818

10,687,409

1,367 03

42,987

8,627,900

200 71

Month ending April 15

8,950

10,422,859

1,164 57

46,558

8,893,651

191 02

Month ending May 15

7,860

10,495,089

1,335 25

45,239

9,579,289

211 75

Month ending June 15

8,291

11,539,557

1,391 82

47,914

10,85-1,051

226 53

Month ending July 15

8,461

11,922,428

1,409 10

49,691

11,486,346

231 16

Month ending Aug. 15

8,207

11,857,763

1,444 84

45,351

9,732,656

214 61

Month ending Sept. 15

8,883

12,428,454

1,399 13

51,226

11,334,945

221 27

Month ending Oct. 15

9,291

15,416,654

1,659 31

56,289

13,640,438

242 33

Month ending Nov. 15

10,491

17,511,860

1,669 32

66,178

15,663,560

236 69

Month ending Dec. 15

10,467

15,931,713

1,522 09

66,605

14,925,928

224 10

Dec. 16 to Dec. 31

10,815

15,786,230

1,459 66

70,780

15,788,784

223 07

TOTAL OF NUMBER

AND AMOUNT

HANDLED DURING THE YEAR.




2,597,520 $ 3,862,107,240 $1,486 84

15,346,575 $ 3,431,805,300 $ 223 62

61

FEDERAL RESERVE BANK OF RICHMOND

ITEMS, DAILY AVERAGE AMOUNT AND AMOUNT PER
RICHMOND (Baltimore Branch included) DURING
OF 1919
ITEMS DRAWN ON B A N K S I N O T H E R

ITEMS DRAWN ON T R E A S U R E R OP

FEDERAL RESERVE DISTRICTS

UNITED STATES

Daily
Average
Number

5,744 $

Daily
Average
Amount

Average
Amount
Per I t e m

5,669,467 $ 987 02

Daily
Average
Number

Daily
Average
Amount

Average
Amount
Per I t e m

TOTAL

Daily
Average
Number

Daily
Average
Amount

Average
Amount
Per I t e m

2,485 $

621,075 % 249 93

57,221 $

28,572,017 $ 499 33

3,389

511,075

150 80

526 30

5,031

6,112,719

1,215 01

53,385

28,096,400

6,005

4,862,273

809 70

2,836

536,470

189 13

59,646

24,714,052

414 34

6,911

5,330,451

771 30

3,769

504,464

133 85

66,188

25,151,425

380 00

6,304

4,785,446

759 12

4,034

544,275

134 92

63,437

25,404,119

400 46

7,450

5,821,341

781 39

2,960

495,221

167 30

66,615

28,710,170

430 99

7,763

6,402,650

824 76

2,663

519,141

194 94

68,578

30,330,565

442 28

7,056

5,566,315

788 88

2,110

426,382

201 60

62,729

27,583,116

439 72

7,526

5,744,094

763 23

1,711

1,501,107

877 33

69,346

31,008,600

447 16

7,986

7,741,748

969 42

1,976

395,076

199 94

75,542

37,193,916

492 36

9,121

7,564,164

829 31

2,113

' 300,647

142 28

87,903

41,040,231

466 88

9,319

6,883,995

733 71

1,681

377,403

224 51

88,072

38,119,039

432 82

10,084

8,244,093

817 54

1,396

391,491

2S0 44

93,075

40,210,598

432 02

2,204,105 S 1,844,390,100 $ 836 80




786,155 $

165,877,305 « 211 00

20,934,355 $

9,304,179,945 $ 444 45

SCHEDULE 24
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 1919
Number of
Letters

Amount of
Letters

Average Amount
per Letter

LETTERS CONTAINING—

City items

44,547

1,358,571,204

Country items

35,080

237,259,546

TOTAL

79,627

1,595,830,810




$

30,497 48
6,763 39

SCHEDULE 25
GOLD SETTLEMENT FUND TRANSACTIONS DURING THE YEAR 1919
(In even thousands)
Balance in gold settlement fund at close of business December 31, 1918

$

14,254,000

$

10,947,000

$

25,201,000

RECEIPTS
Total amount received from other Federal Reserve banks through daily gold fund clearings $ 5,574,547,000
Total amount received from other Federal Reserve banks by direct transfers
845,347,000
Total amount received from other sources by direct transfers
101,852,000
TOTAL RECEIPTS

DISBURSEMENTS
Total amount paid to other Federal Reserve banks through daily gold fund clearings
Total amount paid to other Federal Reserve banks by direct transfers
Total amount paid to other accounts by direct transfers
TOTAL DISBURSEMENTS
EXCESS RECEIPTS OVER DISBURSEMENTS

Balance in gold settlement fund at close of business December 31, 1919




$ 6,521,746,000

$ 5,472,082,000
949,399,000
89,318,000
$ 6,510,799,000

OS
CO

SCHEDULE 26
TOTAL AMOUNT RECEIVED FROM AND PAID TO EACH OTHER FEDERAL RESERVE BANK THROUGH THE
GOLD SETTLEMENT FUND ON ACCOUNT OF DAILY CLEARING SETTLEMENTS
Amount
Received From

Boston
New York
Philadelphia
Cleveland
t Richmond
?Baltimore Branch.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

74,771,305 85
1,863,755,208 43
505,062,584 21
380,010,011 54
1,145,799,624 08
1,043,671,383 21
279,422,653 86
123,976,514 05
83,935,020 83
12,355,557 07
22,554,125 14
20,198,677 52
19,033,533 73

Amount
Paid to

107,955,627
1,632,468,043
660,277,311
369,860,216
1,043,671,383
1,145,799,624
203,199,140
142,942,153
129,030,105
7,089,191
8,870,982
6,668,124
14,251,629

Excess Received

17
08
01
16
21
08
51
16
91
64
70
08
57

$ 5,574,546,199 52 $ 5,472,083,532 28 $

Excess Paid

$

Net Excess
Received

33,184,321 32

231,287,165 35
155,214,726 80
10,149,795 38
102,128,240 87
102,128,240 87
76,223,513 35
18,965,639 11
45,095,085 08
5,266,365
13,683,142
13,530,553
4,781,904

43
44
44
16

457,050,680 42 $

354,588,013 18 $

102,462,667 24

Note.—Baltimore Branch commenced settling direct with other Federal Reserve Banks and Richmond through the Gold Settlement Fund on June 1, 1919.
t 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.



SCHEDULE 27
ANALYSIS OF UNITED STATES TREASURER'S GENERAL ACCOUNT FOR YEAR 1919
Balance to credit of United States Treasurer, December 31, 1918

$

2,795,094 97

RECEIPTS

Sales of Liberty Loan Bonds and Certificates of Indebtedness
Accrued interest on Liberty Loan Bonds and Certificates of Indebtedness
Sales of War Savings Securities
Withdrawals of War Loan Deposits
Interest on War Loan Depository balances
Deposited by collectors of customs and internal revenue
Deposited by Government organizations
Proceeds of collections for account of United States Treasurer
Fees for bank examinations
Transfers of funds
All other credits to United States Treasurer's account

$ 605,291,500 00
1,904,326 07
602,105 02
378,350,306 37
1,001,896 76
308,482,840 20
3,053,521 06
43,682,538 22
80,493 97
393,153,666 03
3,069,066 61

TOTAL RECIPTS

£
g

$ 1,738,672,260 31

DISBURSEMENTS

United States Certificates of Indebtedness redeemed
Interest coupons paid
Government checks and warrants paid
Deposited with War Loan Depository Banks
Transfers of funds
All other charges to United States Treasurer's account
TOTAL DISBURSEMENTS

Balance to credit of United States Treasurer December 31, 1919




*j
O

$ 1,741,467,355 28

$ 311,507,244 37
9,857,148 00
159,102,935 65
377,402,479 62
873,135,239 97
7,622,577 18
$ 1,738,627,624 79

%

2,839,730 49

SCHEDULE 28
CURRENCY RECEIVED FROM AND DELIVERED OR SHIPPED TO MEMBER AND NON-MEMBER
BANKS IN THE FIFTH DISTRICT DURING THE YEAR 1919
MEMBERS

In Richmond
and Baltimore

Fifth District
Outside Bank and
Branch Cities

NON-MEMBERS

Total Members

In Richmond
and Baltimore

Fifth District
Outside Bank and
Branch Okies

Grand Total
Total
Non-Members

RECEIVED
January, 1919
February
March
April
May
June
July
August
September
October
November
December
TOTAL RECEIVED




18,371,650
10,534,817
9,695,291
12,572,190
12,004,222
10,361,005
10,267,735
7,594,605
6,634,800
8,697,150
8,467,370
12,850,250
128,051,685

6,011,180
2,973,812
3,559,615
3,328,051
3,068,482
2,749,456
3,342,744
2,713,400
1,851,111
2,395,625
3,616,441
4,611,804
40,221,721 $

24,382,830
13,508,629
13,254,906
15,900,241
15,072,704
13,111,061
13,610,479
10,308,005
8,485,911
11,092,775
12,083,811
17,462,054
168,273,406

80,395
51,426
40,361
35,860
44,800
102,340
62,162
51,621
40,376
89,128
256,797
137,696

80,395
51,426
40,361
35,860
44,800
102,310
62,162
51,621
40,376
89,128
260,797
137,096

24,463,225
13,560,055
13,295,267
15,936,101
15,117,504
13,213,401
13,672,641
10,359,626
8,526,287
11,181,903
12,350,608
17,599,750

1,002,962 $

1,002,962 t

169,276,368

DELIVERED OH SHIPPED
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL SHIPPED.

Excess receipts over disbursements
Excess disbursements over receipts.




4,755,000
6,973,500
5,843,636
5,703,800
6,307,752
7,195,750
7,472,600
9,131,100
10,408,500
14,375,750
9,462,900
12,033,300

3,242,100
3,012,S96
3,567,261
2,660,093
2,892,950
2,336,500
3,734,000
5,358,000
12,352,110
20,499,850
8,222,000
9,434,560

7,997,100
9,986,396
9,410,897
8,363,893
9,200,702
9,532,250
11,206,600
14,489,100
22,760,610
34,875,600
17,684,900
21,467,%0

10,000

69,663,588

77,312,320

i7<;,'J7f>.<ins

75,650

13,150
1,000

1,000
10,000
11,500

28,388,097

12,500
18,600
28,300
44,300
64,800
70,445
7,055
5,300

22,500
18,600
41,450
44,300
65,800
71,445
17,055
16,800

6,879
3,420
7,430

6,879
3,420
36,430

8,019,600
10,004,996
9,452,347
8,408,193
9,266,502
9,603,695
11,223,655
14,505,900
22,760,610
34,882,479
17,688,320
21,504,290

289,029

344,670

177,320,587

733,933 %
37,090,599

8,702,502 %

75,680

8,044,219

a

SCHEDULE 29
PRIVATE WIRE OPERATIONS-TOTAL NUMBER OF MESSAGES SENT AND RECEIVED
OVER PRIVATE LEASED WIRES DURING THE YEAR 1919
Sent to

Received From

Total

Boston
New York
Philadelphia..
Cleveland
fRichmond....
?Baltimore....
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City..
Dallas
San Francisco
Washington...

315
3,315
891
1,395
3,876
1,777
1,606
1,536
665
188
293
304
334
5,440

360
4,537
1,428
2,866
1,777
3,876
1,264
916
629
140
232
291
291
4,496

675
7,852
2,319
4,261
5,653
5,653
2,870
2,452
1,294
328
525
595
625
9,936

TOTAL

21,935

23,103

45,038

t Messages sent to and received from Richmond Head Office by Baltimore Branch.
? Messages sent to and received from Baltimore Branch by Richmond Head Office.



SCHEDULE 30
WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO OR FROM OTHER FEDERAL RESERVE DISTRICTS
FOR ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING 1919, BY MONTHS
TRANSFERS TO OTHER FEDERAL RESERVE
DISTRICTS BY MEMBER BANKS

TRANSFERS TO MEMBERS IN F I F T H DISTRICT
BY BANKS IN OTHER FEDERAL

OF FIFTH DISTRICT

Number of
Banks Making
Transfers
January
February
March
April
May
June
July
August
September
October
November
December




29
22
29
48
35
36
42
43
42
42
47
57

Number of
Transfers

353 $
343
408
468
458
533
603
605
576
700
688
767

TOTAL ALL TRANSFERS

RESERVE DISTRICTS

Amount of
Transfers

28,959,230
26,633,824
30,300,932
31,335,200
29,681,962
41,212,568
39,198,426
41,714,915
35,676,028
47,059,781
54,914,119
48,893,851

6,502 $ 455,580,836

Number of
Banks
Receiving
Transfers
53
40
54
66
60
71
85
89
109
103
106
105

Number of
Transfers

Amount of
Transfers

Number of
Transfers

Amount of
Transfers

35,463,556
24,627,826
49,828,168
37,821,094
35,133,038
47,421,009
52,396,569
61,231,075
71,563,583
78,453,678
79,094,210
79,734,161

728 S 64,422,786
51,261,660
717
80,129,100
1,045
69,156,294
1,114
64,815,000
966
88,633,577
1,146
91,594,995
1,290
102,945,990
1,355
107,239,611
1,415
125,513,459
1,709
134,008,329
1,751
128,628,012
1,869

8,603 $ 652,767,967

15,105 $1,108,348,803

375 $
374
637
646
508
613
687
750
839
1,009
1,063
1,102

O5
CO

SCHEDULE 31
BOND COUPONS CUT FOR BANKS BY CUSTODIAN OF SECURITIES DURING EACH MONTH OF 1919
Number of
Number of
Value of
Coupons
Banks
Coupons Cut
Cut
Accommodated
January....

8,108 80

February..

9,643 43

March

118,094 39

April

553,234 55

May

291,747 19

June

79,851 17

July

17,897 04

August

13,063 67

September.

163,119 29

October... .

668,231 05

November.

406,149 92

December..
TOTAL...




681,571 50
61,277
306,747 $ 3,010,712 00

SCHEDULE 32
INTEREST COUPONS FROM UNITED STATES SECURITIES PAID BY FEDERAL RESERVE BANK OF
RICHMOND AND CHARGED TO TREASURER OF UNITED STATES DURING YEAR 1919, BY MONTHS
Second Liberty
Loan Bonds

First Liberty Loan Bonds

3i%

4%

41%

4%

41%

Third
Fourth
Loan Bonds Loan Bonds

41%

41%

Victory
Notes

Victory
Notes

31%

4|%

United
States Certerficates of
Indebtedness

Total
Number of
Coupons
Paid

Other
United
States
Bonds

Total
Value
Coupons
Paid

January

5,458

8,989

8,755

16,746

17,911

18,342

187

59

76,447

263,175 86

February

2,560

4,468

3,043

10,106

7,460

17,572

122

31

45,362

120,959 06

March

2,032

3,462

2,084

8,539

5,883

95,562

748

49

118,359

511,237 26

April

1,102

2,252

1,266

5,453

5,160

77,112

168,642

112

19

261,208 1,268,331 13

May

1,936

3,384

1,722

25,967

57,090

67,747

117,867

306

42

276,061 1,353,355 22

June

7,031

6,218

11,774

19,970

24,314

29,269

48,336

655

229

147,796

573,636 71

July

4,241

6,646

7,397

13,022

15,247

22,380

28,183

447

7

97,570

306,521 87

August

1,742

2,751

2,043

6,680

6,238

11,263

18,266

60

108

49,151

126,360 33

September....

1,661

2,999.

2,225

6,915

7,030

84,517

16,204

1,782

32

123,365

654,606 59

October

1,555

2,156

1,644

5,361

5,368

62,194

175,772

November.. ,

1,366

2,038

1,873

16,751

44,770

44,656

101,090

December....

6,009

5,257

10,719

25,205

32,085

34,310

59,138

2,690

75,484

36,783

50,620

54,545

160,715

228,556

564,924

733,498

2,690

75,484

TOTAL




4

254,073 1,339,515 91

178

212,722 1,074,077 28

843

34

251,774 1,602,440 36

5,281

792

1,913,888 9,194,217 58

19