Full text of Annual Report of the Federal Reserve Bank of Richmond : Fourth Annual Report of the Federal Reserve Bank of Richmond for the Year Ended December 31, 1918

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FOURTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF RICHMOND
FOR THE YEAR ENDED DECEMBER 31, 1918

N




WASHINGTON
GOVERNMENT PRINTING OFFICE

191*




FOURTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF RICHMOND




FOR THE YEAR ENDED DECEMBER 31, 1918

WASHINGTON
GOYUNMBNT PUNTING OFFICE

1*19

L E T T E R O F T R A N S M IT T A L .

F ed era l R eserve

B ank,

Richmond, Va., January 15,1919.
Sir: I have theJionor to submit herewith the fourth annual report
of the Federal Reserve Bank of Richmond, covering the year ended
December 31,1918.
Respectfully,
Cald w ell H ard y,
Chairman and Federal Reserve Agent.
Hon. W. P. G. Habding,
Governor, Federal Reserve Board,
Washington, D. C.




T AB LE OP C O N T E N T S.
Page.

Financial results of operation.........................................................................
General business and banking conditions.......................................................
Discount operations.......................................................................................
Trade acceptances.........................................................................................
Open market for acceptances........................................................................
Reserve position........................................................................................ ..
Movement of membership..............................................................................
Relations with national bank membere..........................................................
Fiduciary powers granted..............................................................................
Relations with State banks and trust companies.............................................
State laws on reserves and bankers’ acceptances.............................................
Bankers’ acceptances....................................................................................
Fiscal agency operations................................................................................
Note issues....................................................................................................
The Capital Issues Committee.......................................................................
Position of commercial banks as result of financing.........................................
Policy to be pursued in restoring liquidity of banks.......................................
Operations of Federal Reserve Bank branch...................................................
Internal organization.....................................................................................
Clearings.......... ............................................................................................
Collections.....................................................................................................
Gold settlement fund.....................................................................................
Banking quarters...........................................................................................
Special developments in the district..............................................................

5
5-6
6
6
6-7
7
7-8
8
8-9
9
9-10
10
10-12
14
12-14
14-15
15
15-16
16-17
17
17
17
17-18
18-19

EXHIBITS.

A. Movement of earning assets during calendar year....................................... 19-20
B. Movement of cash reserves, net deposits, etc............................................. 21-22
sch ed u le s.

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.

Earnings, dividends, and comparative profit and loss................................
23
Expenses for the year...............................................................................
23
Comparative balance sheets......................................................................
24
Daily averages of bills discounted and bought...........................................
25
Daily averages of bills discounted and bought, by States..........................
26
Discount rates current for the year 1918....................................................
26
Deposits, daily averages by months..........................................................
27
Deposits, daily averages by months for the year........................................
27
Capital stock analysis for the year 1918.....................................................
27
Liberty loans........................................................................................... 28-2£
Net sales of war-savingB stamps and thrift stamps......................................
29Record of Federal Reserve notes during the year......................................
29
Volume of bills discounted and bought at Baltimore branch.....................
30
Volume of clearing operations handled by Baltimore branch.....................
30
Salaries of officers and employees.............................................................
30
Clearing operations for the year 1918........................................................
31




3




FOURTH ANNUAL REPORT OF THE FEDERAL
RESERVE BANK OF RICHMOND.
FINANCIAL RESULTS OF OPERATION.

The financial results of the operations of the Federal Reserve Bank
of Richmond for 1918 have been most satisfactory. The increase in
the productive assets from $46,000,000 on December 31, 1917, to over
$97,000,000 on December 31, 1918, is reflected in the earnings for the
year. These show a gross increase from $770,000 in 1917 to
$2,979,000 in 1918, which, with an increase in expenses from $307,000
to $667,000, results in a corresponding increase in net earnings from
$462,000 to $2,30*0,000. After payment of dividends, there remains
$2,079,000, one-half of which was carried to surplus, the other half
being .payable to the Government as a franchise tax. Earnings,
dividends, and comparative report of profit and loss are shown in
Schedule 1, and expenses in detail in Schedule 2.
Schedule 3, comparative balance sheet for December, 1917-18, shows
an increase in total assets and liabilities from $111,700,000 to $204,800,000. While deposit liabilities show an increase of less than
$7,000,000, Federal Reserve notes have increased approximately
$81,000,000, from $56,500,000 to $137,478,000. This expansion in
Federal Reserve notes is a striking illustration of the elasticity and
power of the Federal Reserve system.
GENERAL BUSINESS AND BANKING CONDITIONS.
•

The year 1918 was the most prosperous ever enjoyed by the
territory comprising this district. The most notable activities are,
of course, agricultural. The cotton crop has been the largest ever
produced, with one or two exceptions. Prices have averaged in the
neighborhood of 30 cents per pound as against a normal average of
about 10 cents, but the cost of producing the present crop has been
much greater than usual. Farmers who have sold their crops are in
better position than ever before, but much cotton is being held for
higher prices.
The tobacco crop has been large in acreage and output, South
Carolina in particular having increased her acreage considerably.




6

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF RICHM OND.

The average price has been in the neighborhood of 30 cents and the
return the highest ever received for a tobacco crop. There have been
unusual farm developments, transactions in farm lands have increased
largely in volume, large farms have been subdivided, and a great
deal of money spent for building houses, barns and other buildings.
These conditions have been reflected in an unprecendented volume
of business and great activity in commercial and banking circles.
Labor has been very scarce and inefficient, and wages have been
limited only by what has been demanded. Money has circulated
freely, the volume exceeding anything ever before known, and has
been liberally spent.
The money market has been active, and while the supply of credit
has been ample for all purposes, the prevailing rate has. not fallen
below 6 per cent. Bank profits have been satisfactory after providing
for heavy Federal taxes.
DISCOUNT OPERATIONS.

The volume of commercial paper handled during the year, including
trade and bankers’ acceptances and Liberty loans, is shown on Schedule
4, by quarters, including daily average during the year and balance
held on December 31,1918. The volume classified by States is shown
in Schedule 5. The schedules show an increase in the total bills held
from $42,800,000, December 31, 1917, to $91,700,000, December 31,
1918. The principal increase has been in loans secured by Govern­
ment obligations. Discount rates current for the year 1918 are
shown in Schedule 6.
TRADE ACCEPTANCES.

Trade acceptances have been used to an increasing extent, particu­
larly in financing sales of cotton to mills. The volume of bankers’
and trade acceptances actually discounted has been much larger than
the average volume held would indicate. Our contingent liability
on bills rediscounted with other Federal Reserve Banks on December
31*, was $4,787,000. This was due to our rediscounting commercial
paper and bankers’ acceptances from tirne to time with other Fed­
eral Reserve Banks (to an aggregate of $69,000,000 during the year)
in order to maintain our reserve on a fair parity with those of other
Federal Reserve Banks and at the same time meet the increasing
demands of member banks for loans on Liberty bonds and United
States certificates of indebtedness.
OPEN M ARKET FOB ACCEPTANCES.

We have maintained an open market for bankers’ acceptances
originating in this district. Large transactions have been financed
by these acceptances to a very considerable extent, particularly in
cotton and tobacco. While we have endeavored to see that such




A N N U A L REPORT OF FEDERAL RESERVE B A N K OF RICH M ON D.

7

acceptances are issued only under legitimate conditions and in con­
formity with the regulations of the Federal Reserve Board, our policy
has been to foster their use. There are 19 banks in the district
now authorized by the Federal Reserve Board to issue acceptances
to 100 per cent of their total capital and surplus, aggregating
$28,000,000.
R E SE R V E P O SIT IO N .

Schedule 7 shows deposit liability to member banks and to the
United States Government, the average increase of deposits of mem­
ber banks in the past year being from $31,000,000 to $46,000,000, or
nearly 50 per cent. Schedule 8 shows average liability by months
to member banks and the Government, net deposit liability, net
liability in outstanding Federal Reserve notes, net liability to all
deposits and Federal Reserve notes combined, amount of legal reserve
percentage of legal reserve to net liabilities and percentage of reserve
against Federal Reserve notes after allowing 35 per cent reserve
against deposit liability. This percentage against Federal Reserve
notes shows a decline from a maximum of 80.33 in March to 53.40 in
December, with an average of 61.19 for the year, this decline being
due to an increase in the volume of loans and a corresponding increase
in the amount of Federal Reserve notes outstanding.
Mo v e m

ent

of

m e m b e r s h ip .

National bank and State bank membership is shown in Schedule
9, by States and in total. The number of national bank members
has increased 11 in the year—from 517 to 528—and State bank mem­
bers 23—from 14 to 37. Total stock subscriptions have increased
during the year from 73,279 shares (50 per cent paid—$3,663,950)
to 81,244 shares (50 per cent paid—$4,062,200). State institutions
have been admitted to membership as follows:
Liberty Bank of Baltimore County, Arlington, Md.
American Bank, Baltimore, Ud.
Hamilton Bank, Hamilton, Md.
Cambria Bank, Cambria, Va.
Bank of Christiansbuig, Christiansbuig, Va.
Greensville Bank, Emporia, Va.'
The Marine Bank, Norfolk, Va.
Union Bank, Richmond, Va.
Kanawha Valley Bank, Charleston, W. Va.
The Franklin Bank, Franklin, W. Va.
Battery Park Bank, Asheville, N. 0.
American Trust Co., Charlotte, N. C.
Bank of Commerce, High Faint, N. C.
Newbem Banking & Trust Co., Newbem, N. 0.
Wachovia Bank <fc Trust Co., Winston-Salem, N. C.
Carolina Savings Bank, Charleston, S. C.
Bank of Cheraw, Cheraw, 8. C.
The Commercial Bank, Chester, S. C.




A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICHM OND.

8

Bank of Darlington, Darlington, S. C.
Commercial & Savings Bank, Florence, S. C.
Bank of Georgetown, Georgetown, S. C.
Peoples Bank, Georgetown, S. C.
Nicholson Bank & Trust Co., Union, S. C.

Their resources amount to about $62,000,000, capital and surplus
$7,580,000, and their stock subscriptions are for 4,551 shares (50
per cent paid—$227,550).
R E L A T IO N S W IT H

N A T IO N A L B A N K

M EM BERS.

Relations with national bank members have been more extended
than ever before and have emphasized the importance of mutual
cooperation. The demand for national financing has been met
only by the cooperation of all interests, particularly the banks,
coordinated through and in turn supported by the Federal Reserve
Bank.
Commercial and agricultural demands have been unusually large,
particularly for carrying cotton, which has moved slowly and is still
being largely held. Member banks have expressed their realization
of the need for the Federal Reserve system and appreciation of its
assistance in meeting this situation, which would otherwise have
proved embarrassing. Figures on discounts are shown in Schedules
4 and 5, heretofore referred to.
It is hoped during the coming year to promote even closer relations,
smoother operation of current business, and the rendering of increas­
ingly valuable service to our members. The service charge of 1J
cents per item on items outside of Richmond was discontinued after
June 15, 1918, and on October 24 we assumed all charges on the
shipment between the Federal Reserve Bank and member banks of
Federal Reserve notes, Federal Reserve bank notes, and lawful
money. We were already bearing the expense of gold shipped to us
and Federal Reserve notes given in exchange for gold. Many expres­
sions of appreciation were received from our member banks.
FIDUCIARY POWERS.

Applications for the exercise of fiduciary powers have been increas­
ing and those granted are as follows:
me.

Date.
1918.
Jan. 23

Commercial National Bank-----

Mar. 29

Madison National Bank............

Apr.

1

Peoples National Bank............

Apr. 15
May 31

Commonwealth National Bank
First National Bank.................




Location.

Powers granted.

High Point, N. C .., Trustee, executor, administrator, and
registrar of stocks and bonds.
Madison, W . V a . . . Registrar of stocks and bonds. (Grant*
ed permission Aug. 19, 1916, to act
as trustee, executor, and adminis­
trator.)
Rocky Mount, V a... Trustee, executor, administrator, and
registrar of stocks and bonds.
Reedvilfe, V a.......... Trustee, executor, and administrator.
Harrisonburg, V a..,
Da

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICH M ON D.

Date.

Name.

June 26

Fourth National B a n k ...

Location.
Greenville, S. C.

Jane 26 First National Bank.......
July 25 ....... d o............................... .
Aug. 24 ....... d o...............................

York, S. C ..............
Chatham, V a.........
New Windsor, Md.

Dec.

2

Second National B ank.,.

Baltimore, M d.......

Dec.

6

First National Bank................... Clifton Forge, V a....

9

Powers granted.
Trustee, executor, administrator, and
regstrar of stocks and bonds.
Trustee, executor, and administrator.
Trustee, executor, administrator, and
registrar of stocks and bonds.
Trustee, executor, administrator, regis­
trar of stocks and bonds, guardian of
estates, assignee, receiver, committee
of estates of lunatics.
Trustee, executor, administrator, regis­
trar of stocks and bonds, guardian of
estates, and assignee.

R E LA TIO N S W ITH STATE BAN K S AN D TR U ST C O M PA N IE S.

The examinations of State institutions by their own banking
departments have been recognized and accepted in applications for
membership. We hope to carry such cooperation further, to the
mutual advantage of the State banking departments, our State bank
members, and ourselves.
Of the nearly 1,500 State institutions in this district, only about
one-third have the capital required for eligibility in the Federal
Reserve system. Membership has received some consideration
during the year among those eligible, but not to the extent desired.
The President’s appeal received some consideration, but was mini­
mized as only a war incident, without due appreciation of our future
responsibilities and increasing need for coordinating all our financial
power.
STATE LAW S ON RESERVES AND BAN KER S’ ACCEPTANCES.

The following data relate to State laws regulating reserves required
of State institutions, and power to issue bankers’ acceptances; also
proposed amendments regarding these powers, particularly as to
reserves required of State institutions joining the Federal Reserve
system:
Maryland,.—Banks of discount and deposit must keep on hand
a reserve fund of 5 per cent of demand deposits in cash and 10 per
cent in cash or reserve balances. Trust companies must keep on
hand a reserve fund of 10 per cent of demand deposits in cash or
in reserve balances and an additional 5 per cent in cash, reserve
balances, or in registered bonds of the United States, Maryland,
City of Baltimore, or some county or municipal corporation of
Maryland. Member banks are required to keep only such reserves
as are prescribed by the Federal Reserve Act.
North Carolina.—Every banking institution must keep on hand
a reserve fund of 6 per cent of its total deposits in cash and an
additional 9 per cent in cash or reserve balances. We have sug­
gested an amendment permitting member banks to keep only such
reserves as are required by the Federal Reserve Act.
116020—19----- 2



10

A N N U A L REPORT OF FEDERAL RESERVE BANK OF RICH M ON D.

South Carolina.—No reserve is required of State banks.
Virginia.—No reserve is required of State banks.
West Virginia.—All banking institutions are required to keep on
hand a reserve of at least 6 per cent of their demand deposits in
lawful money and an additional reserve of 9 per cent in lawful
money or reserve balances. We have suggested legislation which
will permit member banks to keep only such reserves as are required
bv the Federal Reserve Act.
District o f Columbia.—The provision of the Federal Reserve Act
covering reserves applies to members in the District of Columbia.
B A N K E R S’ AC CE PTA N C E S.

In Virginia and Maryland banks are authorized by State statutes
to accept drafts growing out of transactions involving the exporta­
tion and importation, domestic storage or shipment of goods, sub­
stantially to the same extent that this power is given national banks
by the Federal Reserve Act. Trust companies of the District of
Columbia which are members have the power to accept drafts by
virtue of the provisions of the Federal Reserve Act itself. In West
Virginia, North Carolina, and South Carolina banks have no power
to accept drafts drawn upon them, but in all of these States we have
suggested legislation which will give them this power.
FISC A L A G E N C T O P E R A T IO N S.

The general scheme of organization for the third and fourth Liberty
loans was practically the same as that adopted in the first and second
loans—that is to say, the governor of the Federal Reserve Bank was
chairman of the district organization, consisting of the chairmen of
the central Liberty loan committees of the several States and the
publicity chairman of the district. The State committees consisted
of members from the various important sections of each State,
representing varied forms of industry.
It was decided that the county should be made a unit of the organi­
zation, whioh had not been done in previous loans, 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 soliciting of
subscriptions, and the handling of all work in connection with loans
in their respective counties. District chairmen were appointed by
several of the State committees to supervise the work in groups of
counties.
Before the beginning of each loan, the majority of States held con­
ferences of their Liberty loan workers, and plans of organization were
thoroughly worked out and definitely decided upon. All of the




A N N U A L REPORT OF FEDERAL RESERVE B AN K OF RICH M ON D.

11

chairmen were volunteers, quite a number of whom not only con­
tributed liberally of their time, but also paid all expenses incident to
their work.
The publicity committee for the district had its headquarters in
Richmond, and the chairman of this committee had associated with
him a chairman to look after the newspaper work, a chairman of a
wholesale trade committee to work through the big wholesale houses
of the district, and a chairman of a retail trade committee to handle
similar work through the retail stores.
The speakers’ bureau for the fifth district had its headquarters in
Washington, and arrangements for speakers for the different States
were made by the chairman of that bureau direct with the State
chairmen. Through this bureau the message was carried to the
ohurches, schools, theaters, factories, and public gatherings.
Apportionments to each of these loans were assigned to each indi­
vidual banking institution and trust company in the district, based
on total banking resources, as of December 31, 1917, the latest
figures available, the county apportionments being based on banking
resources and population.
The fifth district’s quota for the third loan was $130,000,000, and
the total subscriptions aggregated $186,259,050, an oversubscription
of 43 per cent. The individual subscribers numbered 858,358. The
district’s quota in the fourth loan was $280,000,000, a sum which
seemed staggering at the outset, but when the last subscription was
received, the total had mounted to $352,685,200, an oversubscription
of 26 per cent, which was exceeded only by the Boston district. The
number of subscribers to the fourth loan was approximately 1,226,000.
Subscriptions during 1918 for United States tax certificates and
certificates in anticipation of the third, fourth, and fifth Liberty loans
and for the third and fourth Liberty loan bonds are shown in Schedule
10. This gives the total number of banks in the district, the number
of banks subscribing, the amount of subscriptions, payments made in
cash and by credit in the war loan deposit account. Certificates sold
totaled $267,398,500, and third and fourth Liberty loan bonds sold
amounted to $538,944,250, making the total of Government securities
sold during the year $806,342,750.
The deposit of Treasury funds with subscribing banks in the war
loan deposit account and the gradual withdrawal of these funds as
needed has made it possible to handle Government business without
disturbance in the general financial situation. Sales of war-savings
stamps and thrift stamps during the year have aggregated $10,926,000,
as shown in Schedule 11.
The opportunity for loans offered by the War Finance Corporation
has been availed of through us in only one case. This was a loan for




12

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICH M ON D.

$8,000 to the Bank of Youngsville, S. C., about September 30. It was
secured by customers’ notes for $11,000, secured by an equal amount
(par value) of Liberty loan bonds, and was paid about December 12.
TH E C A PIT A L ISSU ES CO M M ITTEE.

The Federal Reserve Board appointed three of its members as the
Capital Issues Committee, and these gentlemen, acting with an advi­
sory committee, requested all persons issuing securities in amounts
exceeding $500,000 to submit their applications to the committee
and be guided by its advice as to whether it was compatible with the
national interest to issue the securities. In order to facilitate the
work of the committee, it appointed district committees, whose duty
it was to investigate and report upon the issues of securities submitted
to the Capital Issues Committee. Each of these district committees
was composed of the chairman of the board of the Federal Reserve
Bank, the governor of the Federal Reserve Bank, and other members
selected from among the bankers and business men of the district.
The district capital issues committee appointed for the fifth district
was as follows:
DISTRICT COMMITTEE.

Caldwell Hardy, chairman, Richmond,
Va.
George J. Seay, vice chairman, Richmond, Ya.
E. L. Bemis, Richmond, Va.
Herbert W. Jackson, Richmond, Va.
John M. Miller, jr., Richmond. Va.
S. T. Morgan, Richmond, Va.
Frederic W. Scott, Richmond, Va.

ASSOCIATE MEMBERS.

B. H. Griswold, jr., Baltimore, Md.
Waldo Newcomer, Baltimore, Md.
John Joy Edson, Washington, D. C.
E. E. Thompson, Washington, D. C.
John L. Dickinson, Charleston, W. Va.
Col. F. H. Fries, Winston-Salem, N. C.
George A. Holdernees, Tarboro, N. C.
John A. Law, Spartanburg, S. C.
R. G. Rhett, Charleston, S. C.

This same committee continued to serve after the passage of the
War Finance Corporation Act. That act required the Capital Issues
Committee to pass upon all securities when the amount of such
securities, together with all other securities issued by the same issuing
principal since April 5, 1918, exceeded $100,000. The committee
required all applicants to submit their applications simultaneously
to the Capital Issues Committee and to the district committee, which
latter committee investigated and reported to the Capital Issues
Committee. The district committee, in carrying out its duty to
investigate, referred the application to its nonresident committeeman
nearest to the applicant’s place of business, and also wrote to bankers
and others, inquiring into the financial and personal standing of the
applicant and the economic and industrial condition in the vicinity
in which he proposed to operate. The report of the examining
committeman and all other data was then submitted to the resident
committeemen, who met weekly in the Federal Reserve Bank, and
a report was forwarded to the Capital Issues Committee.




A N N U A L REPORT OF FEDERAL RESERVE B AN K OF R ICH M O N D .

13

As the need of conserving capital became more pressing during the
summer, the Capital Issues Committee requested persons issuing
securities in amounts less than SI00,000 to submit their plans to the
district committee and be guided by its judgment. Submission of
these smaller amounts was entirely voluntary, but almost all parties
to whose attention this request was brought gladly acceded to it
and the district committee passed upon 42 applications of this class,
the larger number of which were by cities and towns issuing small
blocks of securities.
A statement showing the number of applications submitted and
the action taken on them is given below; also an analysis showing
the amount of securities approved and the reasons for their approval,
and also the amount disapproved:
Applications passed on by the district committee.
Involving i Involving
over
1100,000
$100,000.
or less.
Private corporations—
Approved................
Approved in part..
Disapproved...........
Unfinished..............
Municipal subdivision:
Approved................
Approved in part „.
Disapproved...........

65
2
25
9

Total.

7
2
5

12

20
2
6

120

42
__ ..._______

Securities acted on by the district committee.
Involving more than
$100,000.
I Approved.
Private corporation, essential mining, manufac­
turing, or agriculture..................... .................
Public utilities, housing, hotels, e tc...................
Mercantile, banking, ana general purposes........
Refunding, reorganizations involving no new
c a p it a l,;.....:............................ 7 T ...............
Incompatible w ith national interest...................
States and subdivisions, necessary tor public
welfare.................................................................
Re
Nonessem

Disapproved.

Approved.

Disapproved,

$110,000
75.000
50.000

$16,538,300
14.242.000
3,323,900
28.145.000

Involving $100,000 or lees.

168,030,310

4.135.000
1.628.000
1,628,000

141,000
$229,300
434,900
353,000
320,000

T otal....................
Total refunding..

68,012,800
29,773,000

69,658,310

1,163,900
494,000

549,300

Total new issues.

38,239,800

69,658,310

669,900

549,300

The above tabulation shows the securities approved or disapproved
prior to November 11; After that date the committee in some
measure relaxed the strictness of its ruling, and many applications
previously disapproved were reconsidered and approved.




14

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICHM OND.

On December 31 the Capital Issues Committee suspended its
operations, feeling that the emergency was in some measure past
and that it was better that the public be freed from restriction,
imposed upon business expansion and left to determine for itself
what expansion was proper and what should be deferred.
N O TE ISSU E S.

Schedule 12 gives a complete record of the issue and redemption
of Federal Reserve notes, the amount in circulation December 31,
1918, as shown by the general balance sheet, being $137,478,000.
Federal Reserve bank notes in circulation December 31, 1918,
amounted to $4,005,500. These are secured by the deposit with the
Treasurer of the United States of—
$899,000
3,885,000

One year United States 3 per cent Treasury notes
United States 2 per cent certificates (special)......
Total............................................................................................

4, 784,000

These Federal Reserve bank notes are issued only in $1 and $2
denominations, and for the purpose of replacing silver certificates,
these latter being retired in order to facilitate Treasury transactions
in silver.
PO SITIO N

OF

COM M ERCIAL B A N K S

AS

R E SU LT OF F IN A N C IN G .

As war financing has progressed and increased, rediscount applica­
tions filed with the Federal Reserve Bank by those member banks
which have participated in it have, as a rule, also increased in some­
what the same ratio. The volume of rediscounts against United
States certificates and bonds and against commercial paper held by
the Federal Reserve Bank can hardly be accepted as an accurate
index of the relative borrowing by the banks for participation in
Government financing and for commercial uses. Banks which have
paid for bonds in full out of their own resources and have later
needed funds for commercial purposes, have undoubtedly borrowed
against their bonds instead of rediscounting commercial paper be­
cause of the lower rate obtained on bond-secured obligations.
While the rediscount lines of banks which have participated in
Government financing have increased, many of them to large amounts,
commercial needs have been liberally taken care of. In fact, in
many cases, commercial credits apparently have not only been not
restricted, but have been unduly liberal, and we have felt it judicious
to offer cautions against this practice. The slow marketing of the
cotton crop and the disposition of farmers to hold for higher prices,
which in many cases have seemed unreasonable, have been potent
factors in this situation. As domestic mills have been fully supplied,
however, and the surplus held represents what would under normal




AN N U AL REPORT OF FEDERAL RESERVE BAN K OF RICH M ON D.

15

conditions have been exported, it is a question whether a larger
volume ot the crop could have been marketed without forcing an
earlier and larger decline in prices. While the cotton situation has
obstructed customary liquidation and the credit situation is there­
fore abnormally extended at the close of the year, the cotton is on
hand as an asset. Its value may be undetermined as yet, but dis­
tribution by export to countries where it is needed must come on
some basis, and the result, whatever it may be, will be accepted and
absorbed.
PO LIC Y TO BE PU RSU ED IN

R E STO R IN G L IQ U ID IT Y O F B A N K S .

Those banks which purchased bonds themselves and induced their
customers to do so by agreeing to carry them, have, as a rule, gone
as far in this direction as is judicious. At present prices, liquidation
of war paper would entail considerable losses, and public sentiment
does not approve of forced liquidation under such circumstances.
This is particularly true in view of the coming campaign for the fifth
war loan. The terms of this loan will have an important bearing on
present bank war obligations. This will necessarily delay liquida­
tion of the present situation. Under these conditions, the Federal
Reserve Bank must shape its policy toward member banks as daily
conditions may arise. These being unknown, it is problematical as
to how soon war paper can be cleared up. The volume of this paper,
together with cotton paper, is so large that it will probably need the
proceeds of another crop to relieve the undigested condition.
O P E R A TIO N S O F FE D E R A L R E SE R V E B A N K B R A N C H .

A branch at Baltimore, Md., was opened for business March 1,
1918, with the following officers and directors:
Officers: M. M. Prentis, manager; Charles H. Wyatt, cashier;
Charles N. Duley, assistant Federal Reserve agent, and auditor.
D irectors: M. M. Prentis; Charles C. Homer, jr., president of the
Second National Bank and the Savings Bank of Baltimore; William
Ingle, president Baltimore Trust Co.; Waldo Newcomer, president
National Exchange Bank; H. B. Wilcox, vice-president MerchantsMechanics-First National Bank.
The building formerly occupied by the Mechanics National Bank
at the corner of South and German Streets was purchased for the
use of the branch at a cost qf $200,000. The building was originally
designed for a banking house, and its arrangement is admirably
adapted to this purpose.
Mr. Henry Schutz was appointed in June as assistant Federal
Reserve agent and assistant auditor. In December, Mr. Frank
McL. Leeke, formerly head teller, was appointed assistant cashier.
The board of directors was reappointed to serve for 1919 and the




16

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICHM ON D.

official staff who are to serve for the coming year are as follows:
Charles N. Duley, assistant Federal Reserve agent and auditor;
Henry Schutz, assistant Federal Reserve agent and assistant auditor;
M. M: Prentis, manager; Charles H. Wyatt, cashier; Frank McL.
Leeke, assistant cashier.
The operation of the branch at Baltimore has been most satisfac­
tory to the banks of that city and State. Before its establishment,
member banks in the city of Baltimore, in order to make checks on
them available for immediate credit in Richmond, were obliged to
keep excess balances (over and above required .reserve) to an amount
equal to the volume of cheats for one or two days. As the checks on
these banks are now sent direct to the Baltimore branch (but settled
for through Richmond, as before) by other Federal Reserve Banks,
the Baltimore banks have been relieved of the considerable burden
of carrying excess available balances.
While discounts made by the branch are forwarded to Richmond,
subject to approval, immediate credit is given in Baltimore and cur­
rency supplied at once against such credit when needed. The total
volume of discounts since its establishment March 1, 1918, is shown
on Schedule 13, and amounts to $263,000,000. The branch has
taken over the Baltimore Country Clearing House and has cleared a
total of 3,100,000 items, averaging 12,700 items daily, and amount­
ing to $2,066,000,000, a daily average of $8,467,000, as shown in
Schedule 14.
IN T E R N A L O R G A N IZA T IO N .

Our 254 officers and employees are classified in Schedule 15, and
the increase in the number for the years 1916-17-18 is a fair index of
the great growth of the business of the bank. Every department of
the bank has been extended and organized with a view to efficiency
and the prompt handling of the enormous volume of business com­
mitted to it. During the year the following additions to the official
force have been made: W. W. Dillard, assistant cashier; Maxwell G.
Wallace, assistant counsel; J. G. Fry, assistant Federal Reserve
agent; W. E. Cadwallader, comptroller; R. H. Broaddus, deputy
governor.
Mr. Edmund Strudwick, of Richmond, Va., was reelected class B
director, and Mr. Charles E. Rieman, of Baltimore, Md., was elected
class A director to succeed Mr. H. B. Wilcox, who declined reelection.
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;




A N N U A L REPORT OF FEDERAL RESERVE B A N K OF RICH M O N D .

17

George H. Keesee, cashier; C. V. Blackburn, assistant cashier; Thomas
Marshall, Jr., assistant cashier; W. W. Dillard, assistant cashier : W. E.
Cadwallader, comptroller.
Directors.
Occupation.
Class A :
J. F. Bruton............
Edwin Mann...........
Charles E. Riem an.,.
Class B:
James F. Oyster-----D. R* Coker..............
Edm ond Strudwick.
Class C:
James A . M oncure..
Caldwell H ardy.......
Howard Brace.........

Residence.

President First National Bank___
___ do................... ............................
President Western National Bank.

W ilson. N. C*
Bluefleld, W . Va.
Baltimore, Md.

Merchant...............................................
Merchant and planter..........................
President Atlantic Life Insurance Co.

Washington, IX C.
Hartsville, S,
Richm ond, Va.

Secretary and treasurer Richmond Guano Co.
Chairman and Federal Reserve agent.............
President Bartlett-Hayward Co........................

Do.
Do.
Baltimore, Md.

C L E A R IN G S .

Schedule 16 shows clearing operations for the year. Over
12,000,000 items were handled, averaging nearly 40,000 daily, with
an aggregate of over $7,113,000,000 and a daily average of over
$23,000,000 for 304 business days- This large volume was handled
promptly, accurately and without loss, and, after June 15, without
any charge to members for service.
C O LLE CTIO N S.

Collection items handled were negligible in number and amount,
the services of the bank in this direction not having been availed of
to any extent by its members.
GOLD SE TT LE M E N T F U N D .

The establishment of a leased-wire system between the Federal
Reserve Board at Washington and the 12 Federal Reserve Banks,
affording prompt intercommunication, has greatly facilitated the
the prompt and efficient handling of business.
Daily settlements through the gold settlement fund have proved
efficient. Our transactions through this fund, maintained in
Washington under the control of the Federal Reserve Board, and
under the custody of the Treasurer of the United States, have
reached the totals of $1,633,232,342 in receipts and $1,641,094,813
in payments. These have been handled by bookkeeping entries
without moving a dollar of actual gold, but with the same efficiency
as if the coin had been actually handled.
BAN KING QUARTERS.

The bank is occupying at present two store buildings (partially
three an$ four stories) Nos. 1107 and 1109 East Main Street. The
quarters are crude and insufficient and afford a very undesirable fire




18

A N N U A L REPORT OF FEDERAL RESERVE BANK OF RICHM OND.

risk. It has been necessary to make extensive alterations at a cost,
which, at best, has afforded very inadequate results. Vault facilities,
even with a considerable expenditure, are still very unsatisfactory.
In addition to these two buildings, we have maintained another office
at No. 1016 East Main Street for our bond delivery department, and
during the Liberty loan campaigns, we have found it necessary to rent
additional quarters outside. A suitable and very desirable site for a
new building was purchased nearly two years ago at the corner of
Franklin and Ninth Streets, facing Capitol Square. The lot is 93 by
120 feet, with streets on two sides, a 20-foot lane on the third side,
and the fourth sijle will also be left open for light, air, and fire pro­
tection by a vacant space. The location is one short square from the
financial center of the city at the corner of Ninth and Main Streets.
Plans and specifications have been procured for an adequate and
attractive building, particularly designed for good light and efficiency
and the early erection of such a building is contemplated.
SP E C IA L D E V E LO PM E N TS IN TH E D IS T R IC T .

Agriculture, manufacturing, trade and banking have been at highwater mark throughout the district during the year. Products
include cotton, tobacco, corn, wheat, and other grain; peanuts, truck
crops of vegetables and fruits of infinite variety; cattle and hogs;
cotton mill products, fertilizers, oil, canned goods and packing house
products; coal, iron, and the commodities usually embraced in general
trade.
Special developments in the Tidewater section have been
unprecedented.
The Bethlehem Steel Co. is estimated to have spent $30,000,000
at its Sparrows Point shipyard, near Baltimore. The production
of ammunition at various plants in and around Baltimore has been
almost beyond computation. The Newport News Shipbuilding &
Dry Dock Co., at the entrance of the James River into Hampton
Roads, has had over 10,000 men on its pay roll, and has been exten­
sively engaged in Government and other shipbuilding. Government
camps extend for 20 miles out of Newport News along the Chesapeake
& Ohio Railway toward Richmond, and the volume of shipping at
Newport News has crowded its facilities. The Du Pont Co. has had
powder plants on the James River and York River, producing
millions of pounds of explosives.
In addition to the Norfolk Navy Yard on the Elizabeth River, the
greatest (permanent) naval base in the country has been established
on Hampton Roads below Norfolk, and contiguous to it, extensive
docks and an Army base. Norfolk has doubled its population, which
is now estimated to approach 200,000. Wilmington, N» C., and
Charleston, S. C., have shared in the activities to a considerable but
lesser extent.




A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICH M ON D.

19

Army camps of enormous size have been located near Baltimore,
Md., Petersburg, Va., Charlotte, N. C., Columbia and Spartanburg,
S. C.
While a considerable volume of these activities will cease with
peace, the Tidewater plants are mostly permanent, and Chesapeake
Bay, Hampton Roads, and their tributaries will be the locus of great
future shipping activities, naval and commercial, served as it is by
«ight trunk line railroads—Pennsylvania, Norfolk & Western,
Virginian, Southern, Seaboard Air Line, Atlantic Coast Line, Chesa­
peake & Ohio, and Norfolk-Southern.
Exhibit A .— Mwement of principal earning assets of the Federal Reserve Bank of Rich­
mond during the calendar year 1918.
[In thousands of dollars; i. e.. 000 omitted.]

(2)

(1)

Dis­
counted
paper IOther dissecured i counted
by U .S . , paper.
warob*
ligations.
Jan.

4.
11.

IS.

25.
Fet>. 1.
8.
15.
Mar.

21.
1.
8.
15.

.

22

29.
A pr. 5.

12.

19.
36.

Way 3.

10.
17.

24.
31.

June 7.
14.

21.
July

28.

5.

12,

19.
26.
An*. 2.
9.
16.
23.
30.

Sept. 6.
13.
20.
Oct*

27.

4.

10.

18.
25.

Nov. 1.

8.
15.

22.
Dec,

29.
6.
13.

20.
27.




10,547
7,900
11,197
11,892
11,644
10,641
12,330
13,491
11,941
12,755
12,573
13,046
14,299
14,872
17,051
20,383
25,064
25,966
24,553
27,232
26,493
28,638
23,802
29,991
21,207
32,135
27,891
23,411
27,740
30,464
33,469
33,788
33,853
41,587
45,187
51,048
47,726
48,751
52,414
49,945
51,948
44,710
59,780
65,348
69,728
69,306
65,683
70,665
73,208
67,686
66,228

;
|
I
j

16.539
15,628
21,864
20,362
18,677
17,808
22.539
21,625
19,780
19,529
16,0S1
18,244
22,182
22,759
22,690
20,408
22,269
25,235
27,084
19,101
19,565
20,389
25,753
21,610
29,278
21,769
30,586
34,705
30,021
29,346
29,806
30,605
22,475
22,714
17,055
19,020
17,656
18,100
18,921
18,702
17,373
15,776
16,910
18,885
20,197
20,412
18,049
18,956
17 926
17,711
16,822
16,646

(3)

(4)

(5)

(6)

(7)

1+ 2.

Bills
bought
in open
market.

Total
bills dis­
counted
and
bought.

Per cent
1-^5.

Total
earning
assets.

I
27,086
23,528
33, Otil
32,254
30,321
28,449
34,929
35.116
31,721
32,284
28.G54
31,290
36,481
37,631
39,741
40,791
47.333
51,201
51,637
46.333
46,058
49,027
49,555
51,601
50,485
53,904
58,477
58.116
57,761
59,810
b3,275
64,393
55,434
56,567
58,642
64,207
68,704
65,826
67,672
71.116
67,318
67,724
61,620
78,665
85,545
90,140
87,355
84,639
88,591
90,919
84,508
82,874

13,829
13,780
12.586
13,403
14,368
12,968
3,264
3,497
4,293
5,555
o,939
8,625
9,588
11,371
12,701
4,191
5,177
5.020
5,695
1,893
2,494
2,797
3,512
4,244
6,158
2,946
3,618
3.777
3,221
4,118
6.021
7,072
4,988
5,588.
4,742
4,649
4,548
4,600
4,586
4,866
5,020
6,320
7,936
9.761
9.660
9.661
2,657
2,724
3,382
4,090
4.761
5,103

40.915
37,308
45,647
45,657
44,689
41,417
38,193
38,613
36,014
37,839
35,593
39.915
46,069
49,002
52,442
44.982
52,510
56,221
57,332
48,226
48,552
51,824
53,067
55,845
56,643
56,850
62,095
61,893
60.982
63,928
69,296
71,465
60,422
62,155
63,384
68,856
73,252
70.426
72,258
75.982
72,338
74,044
69,556
88.426
95,205
99,801
90,012
87,363
91,973
95,009
89,269
87,977

25.8
21.2

24.5
26.0
26.1
25.7
32.4
34.9
332
33.7
35.3
32.7
310

30.3
32.5
45.3
47.7
46- 2

42-8
56.5
54-6
55.3
44.9
53-7
37.4
56.5
44.9
37.8
45.5
47.7
48.3
47.3
54*5
54.5
65.6
65.6
69.7
67.8
67.5
69.0
69.0
70.2
64.3
67.6
68.6

69.9
77.0
75.2
76*8
77.1
75.8
75.3

44,145
40,520
4S,98<>
48,923
48,493
44,648
41,393
41,826
39,241
41,066
38.820
43,142
49,296
51,773
55,213
47,753
55,266
58,977
60,089
50,983
51,309
54,581
55,824
58,602
59,399
59,596
64,613
64,636
63.725
66,671
72,040
74,209
63,165
64,898
66,127
71,599
75.995
73,169
75,001
78.726
75,082
76,788
72,075
93,445
99,224
103.820
94,031
91,881
96,991
100,027
101,287
93.995

20

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICH M O N D .

§




EEPERALRESERVEBANKOFRICHMOND.
MOVEMENTOf* EARNING ASSETS
DURIN6 THE CALENDAR YEAR19IS.

Carve/:Jfar£baitRafter. Gu-i&2;J5eal3titts$is4&uftte&*

Gzrye^3:SiUs 2>iscoiwttd ajuLJBougkb.
(ltr^4:JoCal<!krni^J{ss<^ tkcl. U.S. (fa^nm entSecurities.
(MrycS.SiaUo ortyfc/baiLyfover
CoJotalJSiILsdiscounted andJSoaght.

K

§
/5T
\JO

■fir
eo
55
SO

Htr
40
\3S
■30
•25
20

21

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF RICH M ON D.

E x h ib it B . — Movement of cash reserves, net deposits, Federal reserve note liabilities, and

the reserve percentage o f the Federal Reserve Bank o f Richmond during the calendar year
1918.
[In thousands of dollars, L e., 000 omitted.]

(1)

(2)

(3)

(4)

(5)

2+3.

Ratio ol
cash re­
serves to
net deposit
and F. R.
note liabilities,
combined.

i
Total cash
reserves.

Jan.

4..

11,.
18..
25..

Feb.

Mar.

1..

8..
15..
21..

1..

5..
15..

22..

29..
5..
12..
19.,
26..
M ay. 3..

A pr.

10..

17..
24..
31..
June 7..
14..

21..

July

Aug.

28..
5..

12.,

19..
26..

2..

9.,
16..
23..
30..
Sept. 6..
13..

20..

OcU
N ov.

27..
4..

10..
18..
25.,
1..
8.,
15.,

22.,
Dec.

29.,
6.,
13.,

20.,
27.,




60,403
57,783
49,843
47,193
53,656
48,549
50,064
52,445
54,957
58.092
62,505
57,486
54,379
57.093
51,168
53,249
50,729
50,285
55.479
59,260
65,583
65,870
59,786
54,915
57,667
56,463
54,919
61,087
57,765
59,937
53,954
58,138
69,612
74,318
77,086
75.862
78,376
79,565
83,025
85,832
90.863
98,056
100,172
90,167
82,793
83,147
81,392
91,572
94,944
86,017
85,636
88,234

Net
deposits*

46,559
41,844
44,010
39,251
46.097
36,770
34,513
37,015
37,116
41,783
41,142
38,499
38,135
43,551
41.097
34,361
40,411
38,673
44,885
38,035
44,563
48,732
41,370
38,139
41,153
37,165
38,520
45,264
39,717
43,904
39,861
44,309
41,014
46,780
46,452
46,046
48,992
45,888
47.588
45,955
44,183
50,300
49,125
54,923
45,528
49,297
37,117
41,920
49.589
42,116
40,141
35,285

F. R, notesi
in actual j
circulation.!

54,448
53,046
51.248
53,143
52,282
52.610
53,079
53,415
53,367
53,508
56,363
58,339
61,592
61,307
61.248
62,536
61,580
66,558
66,658
67,981
68,281
67.611
70,016
71,043
71,745
74,525
76,478
7b,128
77.316
78,819
81,563
84,433
86,950
87,767
92.316
96,678
100,450
102,003
105,499
113,258
116,401
118,797
118,810
122,088
130,770
132,122
131,960
134,4*7
135,386
135,667
138,682
138,118

101,007
94,890
95,258
92,394
98.379
89.380
87,592
90,430
90,483
95,291
97,505
96,838
99,727
104,858
102,345
96,897
101,991
105,231
111,543
106,016
112,844
116,343
111.386
109,182
112,898
111,690
114,998
121,392
117,033
112.723
121,424
128,742
127,964
134,547
138,768
142.724
149,442
147,891
153,087
159,213
160,584
169,097
167,935
177,011
176,298
181,419
169,077
170.387
184,975
177,783
178,823
173,403

59. S
60.9
52.3
51.1
54.5
54.3
57.2
58.0
60.7
61.0
64.1
59.4
54.5
54.4
50.0
55.0
49.7
47.8
49.7
55.9
58.1
56.6
53.7
50.3
51.1
50.6
47.8
50.3
49.4
48.8
44.4
45.2
54.4
55.2
55.6
53.2
52.4
53.8
54.2
53.9
56.6
58.0
59.6
50.9
47.0
45.8
48.1
51.9
51.3
48.4
47.9
509

22

ANNUAL, REPOET OF FEDERAL RESERVE B A N K OF RICH M ON D.

FEDERALRESERVEBANK OFRICHMOND.
DEPOSIT AND NOTE LIABILITIES,
ALSO CASH RESERVES,
DURING THE CALENDAR YEAR 1918.
Gtrv&l:JHt8qvuits. Carve 2:JotaL CashReserves.
(MJT^:Jgqr&ja&JYet2)eTU>siteuvL£’&.J/ote£kibiIi£i&Sj

k

I

k.

§
I

CUrre%:SZa6iorfCasknXeserves (oJlggreocUx
Jte8eju>sitand£'St.JYbte -GdbiZtUes.

ax

200

■6S

65-

J

BO­

es

/PS
t

SSSO- ISO

ss

V

iso-.so

4S-\

r*S

t

izs

BS

s& no

3

v<,A

«■
u:

75
7

:A

SO

w?:

so

k £
i m

2S




■60

25

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF RICH M ON D.

23

Schedule 1.— Earnings, dividends, and comparative profit and loss.
1917

1918
Gross earnings:
On loans and investments................................... 12,747,492.79
Profits on United States securities sold.............
Service charges (net over transit expenses).......
49,064.71
Service charges (collected Jan. 1 to June 15,1918).
122,653.93
Penalties for deficiencies in reserve....................
Miscellaneous...................................................... .
59,836.11
Deduct—
Expenses........................................................
Reserve for depreciation in United States
securities.....................................................

$716,340.78
16,711.75
4,386.69

$2,979,047.54

Net profit for the year............... .
Balance in undivided profits, Jan. 1,1917.

$770,008.93

257,785.67

653,820* 07
13,198.00

31,302.02
1,207.69

50,000.00
667,018.07

307,785.67

2,312,029.47

462,223.26
11,664.70
473,887.96

Dividends paid:
6 per cent Nov. 1,1916, to June 30,1917..
6 percent July 1,1917, to Dec. 31,1917...

135,690.71
105,253.79
112,844.20
119,458.71
129.03

6 per cent Dec, 31,1917, to June 30,1918.
6 per cent July 1,1918, to Dec. 31,1918...
Interest paid on stock surrendered.........

240,944.50

232,431.94

2,079,597.53
Balance available for surplus and franchise tax..,
Deduct—
Franchise tax paid to United States Gov­
ernment........................................................i 1.039,798.76
Carried to surplus account............................ | 1,039,798.77
2,079,597.53

232,943.46

i

116.471.73
116.471.73
232,943.46

S c h e d u l e 2.— Expenses for the year 1918.
Particulars.

Current.

Assessments account of expenses Federal Reserve Board...............
-Federal Advisory Council (fees an i traveling expenses).................
Governors’ conferences (including traveling expenses)....................
Federal reserve agents’ conferences (including traveling expenses)
Salaries:
Bank officers..................................................................................
Clerical staff...................................................................................
Special officers and watchmen................ ....................................
Ail other.........................................................................................
Directors:
Fees.................................................................................................
Per diem, allowance.......................................................................
Traveling expenses........................................................ ...............
Officers1and 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.................................
A ll other expenses.........................................

$19,814.43
150.00
209,70
321.12

Total expenses of operation........................
Cost of Federal reserve currency issued by bank.
Miscellaneous charges account of note issues......
Depredation in furniture and equipm ent. .........
Depreciation in bank premises.............................
Total current expenses...............................................................




41.358.73
122,994,92
3,429.04
4.180.54

Transit.

Total.
$19,814.43
150.00
209,70
321.12

$7,095.91
50,122.90
1,438.50
827.55

48,454.64
173,117.82
4.867.54
5,008.09

"'1 6 7 *0 6
138.30
31,925.78
674.27
466.79
1,523.08
7.994.37
2.074.37
3,164.76

3.320.00
680.00
1,218.32
3.014.55
1,122.26
5.206.00
1,822.71
2,110.47
2,960.37
45,518.53
9,766.99
8,464.11
6,648.28
36,515.68
12,275.45
15,679.50

299,405.42
118,821.84
6,609.91
66,353.64
28,245.25

106,861.14

406,266.56

25,432.87

6,609.91
91,786.51
28,245.25

519,526.06

134,294.01

653,820.07

3,320.00
680.00
1.218.32
2.514.55
1,122.26
4,658.50
1.822.71
1,743.41
2,822.07
13,592.75
9.092.72
7.997.32
5,125.20
28,521.31
10,201.08
12.514.74

500.00
547.50

118,821.84

24

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF RICH M ON D.
Schedule 3.— Comparative balance sheets (condensed).
Dec. 31, 1917.

Dec. 31, 1918.
assets:

I

Cash:
GoM reserve...........
Le^al tender, silver,
e tc........................ :

$85,175,274.60

$62,342,094.65

223,543.45

164,264.85

85.398.818.05

62,506,359.50

Total reserve.
Other cash and
cash item s...........
Total cash. . . ;
Transit items, net.........j
Overdrafts.....................;
5 per cent fund against !
bank notes.................
Productive assets:
j
Loans and bills
purchased............
United States Gov­
ernment securi­
ties .......................
Par values. . .
Add accrued inter­
est receivable......
Deduct—
Reserve for de­
preciation in
United States
bonds............ $63,198.00
Unearned dis­
count ............. 190,567.40

$63,103,973.22
2,395,561.04
50,074.18

$96,893,468.99
9,304,775.33
168,622.52
309,900.00
91.706.438.88

42.812.846.02

6,018,200.00

3,205,450.00

97.724.638.88

46.018.296.02

22,159.86

21,575.24

97,746,798.74

46,039,871.26

$50,000.00
253,^65.40

Liquid values
Real estate, furniture
and equipm ent..........
Deterred charges...........
Advances to Govern­
ment comm ittees.......

597,613.72

11,494,650.94

100,204.38

45,889,666.88
309,065.24

290,000.00
4,915.53
345,436.19

150,204.38

97,493,033.34

43,221.74
640,351.72

352,286.98

204,810,151.90

111,791,562.30

137,478,030.00

56,563,805.00

l ia b il it ie s :

Federal Reserve notes
outstanling, n et........
Federal Reserve bank
notes ou tstan din g,
net...............................
Deposits:
Treasurer of United
States...................
Members' reserves.
Cashier's checks___
Reserve for fran­
chise tax..............
Other Federal Re
serve banks, n et..
Liability to s h a r e
holders:
Capital stock.........
Surplus..................

Due from depositary
banks and payable to
United States Treas­
urer (special account).
Contingent liability in
bills
rediscounted
with or sold other
Federal
Reserve
Banks.........................
Percentage of reserves
to net liability in de­
posits and Federal
Reserve notes............




4,005,500.00
2,253,761.15
45,356,855.67
192,256.97

2,795,094.97
54,161,937.72
111,319.95
1,039,798.76
58,108,151.40
4,062,200.00
1,156,270.50

3,644,461.78

3,663,960.00
116,471.73

51,447,335.57

5,218,470.50

3,780,421.73

204,810,151.90

111,791,562.30

20,500,680.07

24,474,683.36

4,787,079.38

48.58

59 .4 8

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICH M ON D.
S c h e d u l e 4 . —Daily

25

averages (by quarters) o f bills discounted and bought and balances
held as o f Dec . SI, 1918, classified.
! Quarter ended
Mar. 31.

Quarter ended
June 30.

$6,143,691.44
707,056.38
4,840,746.62

$19,277,576.12
745,350.27
4,113,880.12

$32,279 427.04
1.406.421.38
5.234.842.38

16,416.67
370,534.55
79,162.36
65,855.29
1,255,325.66
17,494,190.32

935,676.92
653,574.78
2,346.85
19.027.55
1,784,434,55
19,097,871.29

781,469.57
409,130.48
870.00
2,816.75
1,451,984.92
18,537,250.77

30,972,979.29

46,629,738.45

60,104,213.29

6,415,829.95
3,256.598.56

3,675,294.78
1,993,493.04

2,785,204.35
1,790,953.29

Total bought.

9,672,428.51

5,668,787.82

4,576,157.64

Total bills____

40,645,407.80

52,298,526.27

64,680,370.93

8ecured by Government war obligations.
Otherw e secured.....................................
Unsecured...................................................

11,691,494.44
531,968.87
18,749,515.98

24,136,806.51
1,610,626,10
20,882,305.84

38,920,690.80
1,194,286.80
19,989,235.60

Total discounted...........
Bankers’ acceptances bought.

30,972,979* 29
9,672,428.51

46,629,738.45
5,668,787.82 j

60,104,213.29
4,576,157.64

52,298,526.27

64, £80,370.93

Classification.

Notes secured by Government war obligations:
Members..........................................................
Nonmembers indorsed bv members.............
Others indorsed by members........................
Otherwise secured:
Members by customers' notes........................
Others by agricultural products...................
Merchandise (including com m odity)............
Drafts with bill of lading...............................
Trade acceptances.................................................
Unsecured notes.....................................................
Total discounted.......................................................
Bankers* acceptances:
Foreign..................
Domestic...............

Quarter ended
Sept. 30.

RECAPITULATION.

Total bills.................................................................. 1 40,645,407.80

Classification.

Notes secured by Government war obligations:
Members..........................................................
Nonmembers indorsed by members..............
Others indorsed by members........................
Otherwise secured:
Members by customers’ notes........................
Others by agricultural products....................
Live stock........................................................
Merchandise (including com m odity)............
Drafts with bill of lading...............................
Trade acceptances.................................................
Unsecured notes.....................................................

! Quarter ended
Dec. 31.

Daily average Balance held as
over the year. of Dec. 31,1918.

$50,614,664.12
1,710,365:86
9,225,515.82

$27,214,926.26
1,145,768.82
5,864,063.68

$58,008,847.72
2,093,671.88
12,331,812.15

626,461.74
869,427.17
29,731.25

56,350.00
1,651,194.10

6.448.60
2,373,749.20
13,414,036.08

592,202.14
576,577.31
7,493.90
20,323.77
23,317.52
1,718,713.40
17,128,498.10

2,525,536.12
9,573,860.68

Total discounted.

78,870,399.84

54,291,884.90

86,241,272.65

Bankers’ acceptances:
Foreign........ *.........
Domestic.................

3,002,071.72
2,789,928.74

3,957,002.51
2,454,638.04

2,557,500.00
2,907,666.23

Total bought.

5,792,000.46

6,411,640.55

5,465,166.23

Total bills___

84,662,400.30

60,703,525.45

91,706,438.88

Secured by Government war obligations.
Otherwise secured......................................
Unsecured...................................................

61,550,545.80
1,532,068.76
15,787,785.28

34,224,758.76
1,219,914.64
18,847,211.50

72,434,331.75
1,707,544.10
12,099,396.80

Total discounted...........
Bankers’ acceptances bought.

78,870,399.84
5,792,000.46

54,291,884.90
6,411,640.55

86,241,272.65
5,465,166.23

Total Mis....................

84,662,400.30

60,703,525.45

91,706,438.88

I

RECAPITULATION.




26

ANNUAL REPORT OF FEDERAL. RESERVE BANK OF RICHMOND.

Sohsdu le 5 .—Daily

averages o f bilk discounted and bought (by quarters), classified as to
States.

State
&ta,;e-

!

Maryland....................................... i
District of Columbia.....................
Virginia.........................................
West Virginia...............................
North Carolina..............................
South Carolina..............................
Total....................................

Second
quarter.

Third
quarter.

Fourth
quarter.

$8,128,700
609,967
18,571,489
820,955
6,828,444
4,843,556

$11,050,253
1,562,176
22,252,966
1,661,605
8,666,000
7,524 694

$11,542,131
1,086,924
25,732.978
1,985,293
12,176,065
12,199,511

$12,076,305
3,520,587
35,045,587
1,910,804
15,232,293
17,177,760

$10,712,471
1,716,016
25,448,644
1,508,696
10,752,699
10,475,000

39,863,111

52,717,594

64,722,902

84,963,326

60,703,526

Fir8t
quarter.

Number of banks accommodated quar­
terly.
State.
First.

Second.

Third.

Maryland........................................
District of Columbia.....................
Virginia...........................................
West Virginia.................................
North Carolina...............................
South Carolina...............................

28
7
50
14
45
38

40
7
81
26
64
69

Total.....................................

182

287

During
year.

Fourth.

Balance of bills
held Dec. 31,
1918.

48
7
86
22
63
73

65
9
107
35
74
83

$10,844,627.41
3,960,155.15
38,497,829.04
2,456,130.56
14,236,263.33
21,711,433.39

299

373

91,706,438.88

53 i
5
93
31
65
70
317

Total during
year.

N on.—Daring 1918.52,648 pieces, aggregating12,230,000,000warebandied, a daily averageo(173pieces,
aggregating 112,900,000.
S c h e d u l e 6 .—Discount rates currentfor the year 1918.

Classification.

Member banks' collateral notes:
Secured by customers’ notes..................................
Secured b y fourth Liberty bonds..........................
Secured by other Liberty bonds and United
States certificates..................................................
Other paper secured by United States securities:
15 days or lees...........................................................
16 to 90 days.............................................................
Secured by fourth Liberty bonds..........................
Commercial paper:
15 days or less..........................................................
16 to 90 days.............................................................
Agricultural and live-stock paper:
15 days or less..........................................................
16 to 90 days.............................................................
91 days to 6 months.................................................
Commodity paper:
15 days or less..........................................................
16 to 90 days.............................................................
Trade acceptances:
60 days or less..........................................................
61 to 90 days.............................................................

Effective Effective Effective Effective Effective
Jan. l.i
Apr. 8. May 22. Oct. 19. Dec. 30.

4

4J

3i

4

3J
4

4
4i

4
4J

44i

4
4*
4}

5

4
4i
4
4

4J
4

4i

4i

if

4}
I;
4

41
4f
4

I1

f

44
4!

4}
5
5i

4*
4}
5

41

4} !
5 t

4

(*)
w

4}
4

4}

5J i

(*)
(*)
4i
4J

1 (*)
(*)
V/
4|




m
\/

41
I|
i

i Unchanged since Nov. 30,1917.

(*)

* Classification discontinued.

4}
4}

27

ANNUAL, REPORT OF FEDERAL RESERVE BANK OF RICHMOND.
S c h e d u l e 7 . — Deposits—daily averages

by month*—1918 compared with 1917.
United States Government.

Member banks*
1918

1918

1917

1917

January___
February..
March........
A pril..........
May............
J u n e...
July...........
August......
September.
October___
November.
Decem ber..

142,714, 558.37
43,792, 064.88
45,475, 617.61
44,093, 297.79
42,953, 272.62
43,059, 352.57
42,891, 49$. 85
45,205, 453.43
47,455, 743.00
50,052, 999.82
51,336, 162,22
53,081, 357.77

$26,023, 616.67
25,719, 944.94
26,255, 281.88
25,649, 251.37
25,600, 111.52
28,290, 347.84
33,950, 883.34
37,060, 405.42
36,922, 969.42
40,217, 988,13
42,282, 302.89
43,673, 086.54

16,192, 589.75
3,441, 880.51
3,465, 995 36
5,372, 214.54
5.210, 366.00
10,303, 545.35
8. 211, 546.69
5,435, 535.68
6,730, 880.92
8,313, 378.99
000.02
2,262, 944.63

$1,940, 979.43
1,460, 930.46
4,086, 850.04
082* 41
3,468, 857.52
7,979, 110,88
10,375, 597,34
5,148, 718,32
3,310, 445.18
3,466, 750.03
11,646, 835.94
11,607, 529.73

Year.

46,022,279.44

31,704,936,90

6,249,427.51

5,524,462.85

^ZS4'

S c h e d u le 8 . —Deposits—daily averages by months for the year ended Dec. 31,1918 .
[In thousands of dollars.]

!

s

DeposI-

Due
United
Mem­
States
Net
ances
bers'
(United reserves
Treas­ deposit
ury
liability.
States deposits.
Treasgeneral
ury
account.
speecfal).

January__
February..
March.......
A pril.........
May............
June..........
July...........
August___
September.
October___
November.
Decem ber..

22,364
14,821
20,236
15,554
33,165
36,852
28,185
33,104
23,334
33,121
44,303
28,205

42,715
43,792
45,476
44,093
42,953
43,059
42,892
45,205
47,456
50,053
51,336
53,081

6,193
3,442
3,466
5,372
5,210
10,304
5,436
6,731
8,313
7,704
2,263

43,168
39,002
33,627
40,788
40,185
42,013
41,313
43,783
46,595
47,453
46,119
41,574

Year.

27,852

46,022

6,249

42,135

8,212

Per­
centage
of legal
reserve
to net
liabili-

Per­
centage
against
Federal
Reserve
notes
after
fixing
35 per
cent
against
deposits.

54,405
47,572
57,299
53,311
57,141
55,953
58,097
67,133
75,838
92,469
86,798
88,972

56.31
51.87
63.44
51.45
53.17
50.71
50.21
51.77
51.34
56.08
48.97
49.17

73.98
64.35
80.33
62.13
64.01
60.36
58.65
60.32
58.87
64.59
53.89
53.40

66,384

52.47

61.19

Net
liability
in outstanding
Federal
Reserve
notes.

Net
liabili­
ties in
deposit
and
Federal
Reserve
notes.

Legal
reserve
held.

53,134
52,707
56,683
62,822
67,291
68,331
74,401
85,881
101,109
117,436
131, 111
139,364

96,302
91,709
90,310
103,610
107,476
110,344
115,714
129,664
147,704
164,889
177,230
180,938

84,376

126,511

S c h e d u le 9 . — Capital stock analysis for year 1918.
Maryland.

District
of Co­
lumbia.

Virginia.

South
North
West
Virginia. Carolina. Carolina.

£ FS
ill
Balanoe,Jan. 1,1918...............
Additional allotments on in­
creased capital and surplus
of members.........................
Total..............................
Addition to membership dur­
ing year................................

97 19,234
111

19,345

1

15 8,124 151j21,500 103| 8^602
891 .

270

Total.

!
.j

81; 7,841? 83 7,978 530 73,279

I

171 . . . J

8,394 ...122,391 ....| 8,773

I

3 7 lL .
8,212

i

11

376

2,190

8,354

75,469

852

37 5,891

869

2,081

103 20,617

15 8,394 161123,208 106 9,642
2) 116

8810,293

94 9,206 567 81,360
116

Balance, Dec. 31,1918.. 103 20,617

15 8,394 159|23,092 1061 9,642

8810,293

94 9,206 565 81,244

Total.........................
Liquidations during year.

101

1,272

817

3

2

RECAPITULATION.

National

....................

State banks and trust com­
panies...................................
Total, Dec. 31,1918.




17,558
3,059
103 90,017

I

7,734 150 21,347 103 8,755 83j 8,305
887

5| 1,988

158,394 159 23,092 106 0,642

8810,293

660

9 1,745

8,106

71,805

1,100

37 9,439

94 9,206 565 81,244

28

ANNUAL REPORT OF FEDERAL RESERVE BANK OF RICHMOND.
S c h e d u l e 1 0 . —Liberty

loans.

Tax certificates sold during 1918. anticipating taxes due June 25,1918....................................$18,407,000.00
25,1918...
ipating third Liberty loan...................................................
loan...................
75,829,500.00
Certificates sold during 1918 anticipating
Certificates sold during 1918 anticipating fourth Liberty loan 1................................................117,983j 500*00
Cash................................................................................................................ $27,535,500.00
Payment by credit in war loan deposit account........................................ 90,448,000.00
DISTRIBU TION OF SALES.
Number
Total
sub­
number. scribing.

Per­
centage.

117,983,500.00
Amount sub­
scribed in
district.

National banks......................................................................
State banks............................................................................
Trust companies.................................................................... !
Other banks (savings)...........................................................

522
1,252
197
23

379
365
59 f
10

72.61
29,15
29.95
43.48

$73,289,000
18,582,500
18,473,000
7,335,000

Total banks.................................................................. |
Individuals, corporations, etc.............................................. ;

1,994

813
11

40.77

117,679,500
304,000

T ota l-.__________ ____ ____ ________ _____________I

824

117,983,500

Tax certificates sold during 1918 anticipating taxes due in 1919.................................................... $16,663,000
Payment for same being made as follows:
Cash............................... .............................................................................................$3,740,500
Payment by credit in war loan deposit account.................................................... 8,623,500
Payment made by certificates.................................................................................. 4,299,000
--------------- 16,663,000
Certificates sold during 1918 anticipating fifth Liberty loan.......................................................... 38,515,500
Payment for same being made as follows:
Cash............................................................................................................................$7,817,000
Payment by credit in war loan deposit account.................................................... 30,698,500
--------------- 38,515.500
DISTRIBU TION OF SALES.
Number Percent­
Total
i number. subscrib­
age.
ing.
1
National banks....................................................................... !
state banks.................................................................... \___
Trust companies....................................................................
Other banks (savings)................................................. .........
!
Total banks..................................................................
Individuals, corporations, etc..............................................

522
1,252
197
23
1,994

Total..............................................................................

Amount sub­
scribed.

220
174
34
8

42.14
13.89
17.25
34.78

$23,919,500
5.364.000
6,014,500
3.165.000

436
16

21.86

38,463,000
52,500

452

38,515,500

Third Liberty loan bonds allotted.
States.

Popula­ i Banking
i resources.
tion.
i

Maryland...........................
District of Columbia.........
Virginia.............................
West Virginia (Fifth dis­
trict) ...............................
North Carolina..................
South Carolina..................
T otal........................
Sundry
subscriptions,
Army and N avy............

Per cent
Per
of pop­ capita
Apportion­ Amount Number
ofsu b- ulation
sub­
subscribed. 1scribers.
! ment.
scrip­
sub­
scribing. tion.

1,412,030 ! $544,911,000 $38,259,000 $48,729,800
400,000 1 183,684,000 12.870.000 25.992.250
2,148,050 j 424,796,000 29.809.000 44,048,750

253,916
135,824
173,787

17.98
33.96
8.08

$34.51
65.00
20.51

23,461,500
24.582.250
19.426.250

125,344
81,582
87,905

11.12
3.40
5.51

18.94
10.24
12.18

194,394 1,853,395,000 130,000,000 186,240,800

858,358

9.34

20.26-

1.239.000
2,400,314
1.595.000

224.738.000
265.672.000
209.594.000

15.782.000
18.655.000
14.625.000

18,250
186,269,050

i

Payment for same being made as follows:
Cosh...............................................................................................................$70,335,274.21
Credit in war loan deposit account............................................................ 93,016,365.79
Certificates of indebtedness......................................................................... 22,907,000.00
Total payments......................................................................................... 186,258,640.00
Unpaid balances, account Army and N avy..........................................
410.00

$186,259,050.00*

1Details shown as to this issue were not requested as to previous issues and were therefore not kept as-

to those.




29

ANNUAL REPORT OF FEDERAL RESERVE BANK OF RICHMOND.

Fourth Liberty loan bonds allotted.
State.

(Juota.

Maryland............................................................................i
District of Columbia..........................................................[
West Virginia..................................................................... \
Virginia............................................................................... I
North Carolina................................................................... !
South Carolina................................................................... j
Miscellaneous railways, other Federal Reserve Banks for I
our account..................................................................

Subscription.

$82,180,000.00 $86,316,450-00
27,608,000.00
37.561.400.00
33,880,000 00
40.189.750.00
63,980,000.00
83.557.200.00
39,900,000.00
47.184.300.00
32,452,000.00
38.178.050.00

Total.

19.698.050.00
$352,685,200- 00

280,000.00

Payments made as follows:
Cash................................................. .
Credit in war loan deposit account.
Certificates of indebtedness.............

105,952,390.07
154,938,474.93
31,464,000.00

Unpaid balances.

292,354,865.00
60,330,335.00
352,685,200.00

1 Payments not completed Dec. 31, and details by states, population, total minilier of subscribers, etc.,
not vet available.
S ch ed u le 11 .—

Net sales o f war savings stamps and thrift stamps during the year 1918.
Number. ;

Amount.

War savings stamps, at—
$4.12...........................
$4.13...........................
$4.14...........................
$4.15...........................
$4.16...........................
$4.17...........................
$4.18...........................
$4.19...........................
$4.20...........................
$4.21............................
$4.22...........................
$4.23............................

147,539
121,636
139,495
161,913
99,688
532,192
372,541
206,726
230,706
208,801
160,741
119,589

$607,860.68
502,356.68'
577,509.30
671,938.95
414,702.08
2,219,240.64
1,557,221.38
866,181.94
968.965.20
879.052.21
678,327.02
505,861.47

Total.......................
Thrift stamps at $ 0.2 5 ....

2,501,567
1,908,038

10,449,217.55
477,009.50

T otal.......................

4,409,605

10,926,227.05

S c h e d u l e 1 2 .— Federal Reserve agent's record of Federal Reserve notes during the year

1918.
Redemptions as advised
by United States
Treasurer.

Number of pieces.

Denominations.
Held as Received
from
of Dec.
Comp­
31,1917. troller.

Fives.................
Tens..................
Twenties...........
Fifties................
Hundreds.........

32.000
72.000
8,000
8,000
4,000

Total.......

124,000

Re­
deemed
for
Federal
Reserve
Bank,
R ich­
mond.

ii
Gross,

Issued and
reissued to
Federal
Reserve
Bank.

Balance
held as
of Dec.
31,1918.

Pieces.

Per
Per
cent
cent
of
of
total total
pieces. values.

273,000
509.500
213.500
10,500
21,100

3,809,000
3,337 500
2,301,500
358,500
153,100

3,809,000
3.237.500
2.265.500
326,500
124,100

100,000
36.000
32.000
29,000

8,808,000 1,027,600

9,959,600

9,762,600

197,000 2,413,626 100

3.504.000
2.756.000
2.080.000
340.000
128.000

1,317,117 54.57
748,2821 31
327,878 13.58
17,770
.75
2,579
.10

30.25
34.37
30.12
4.08
1.18

| 100

Values............... $1,840,000 $116,480,000 $ 1 3 ^ 0 0 0 $131,685,000 $125,465,000 $6,220,000 $21,772,365 .......... j...........




30

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF RICHMOND.

S c h e d u l e 1 3 . — Volume o f bills discounted and purchased (by rates) at Baltimore branch

from, March 1 to December SI, 1918.

Month.

1
per
34 percent. 4 per cent. 41 per cent. 4i per cent. 4} per cent. 5 per cent. 5}
cent.

March.............. $2,004,464 $8,321,098
$915,000
8,430,275
April................
927,430 10,748,405
May..................
12,283,350 6,242,303
June.................
11,102,680
17.887.975
July..................
August.............
14,722,758
20,193,823
September.......
October............
951,453 45.289.976
November........
3,963,497 32,578,191
December........
7,223,274 19,456,680
Total...... 2,931,894 43,491,077 176,819,661

$808,491
1,368,000 $4,925,740
909,000 2,123,138
3,411,724
9,269 3,201,861
39,752 5,183,749
1,112,231
6,829 1,376,260
1,070,496
642,362
311

Total.

$12,049,053
26,399,850
$983,000
22,540,791
5,082,405
19,596,809
3,205,937 $1,300 24,306,342
807,849
155 20,754,263
1,809,650
23,115,704
49,764,956
2,140,438
37,852,317
240,133
85,425
27,408,052

3,141,652 23,047,561 14,354,837

1,455 263,788,137

1,100,383 7,603,721 14,354,837
2,041,269 15,443,840

1,455 244,991,528
18,796,609

3,141,652 23,047,561 14,354,837

1,455 263,788,137

RECAPITULA­
TION.

Discounted...... 2,931,894 43,491,077 175,508,161
Purchased........
1,311,500
Total

2,931,894 43,491,077 176,819,661

Note.—The Baltimore branch was opened the 1st day of March, 1918.
S c h e d u l e 1 4 . — Volume o f clearing operations handled by the Baltimore branch, from

Mar. 1 to Dec. SI, 1918.
Items through transit depart*
ment.
Payable.
Number.

Amount.

Through Baltimore clearing house.............................................................
Elsewhere In fifth district...........................................................................
In other districts..........................................................................................

651,944
2,001,980
447,756

$1,042,292,000
532.915.000
490.817.000

Total...................................................................................................

3,101,680

2,096,034,000

Average per day for the period of 244 business days.................................

12,712

8,467,311

S c h e d u l e 1 5 . —Salaries o f officers and employees (including Baltimore branch, opened

Mar. 1,1918).
Number

Salaries*

1916

1917

1918

Chairman and Federal Reserve agent........
Governor.....................................................
Other officers...............................................
Banking department................................
Bookkeeping department...........................
Transit department....................................
Federal Reserve agent’s department.........
Fiscal agency department..........................
General........................................................

1
1
2
11
5
36
1

1
1
4
18

6

14

Total..................................................

63

1
1
6
68
12
79
4
40
48
254




6
43

2
20

109

1916
$10,000100
i2,ooaoo
9.428.00
13.956.00
5.520.00
11.599.00
916.00

1917

1918

$10,000.00 $io,ooaoo
15,000.00 i5,ooaoo
14,56a 00 16,358.7*
33,88a 00 76,952,90
4,98a 00
9,639.71
21.954.00 59,484.86
7,201.69
2,4oaoo
21.024.00 54,930.26
8,54a 00 36,8ia20
72,238.00 121,328.00 286,378.35

ANNUAL REPORT OF FEDERAL RESERVE BANK OF RICHMOND.

31

Schedule 16.— Clearing operations fo r the year 1918.
Daily averages, 304
business days.
Number
of items.

Amount.
Number
items.

Amount.

Average
amount
per item.

501,542
512,005
9,806,417

$190,092,000
1.694.998.300
3.604.398.300

1,650
1,684
32,258

$427,934
5,575,652
11,856,573

$259
3,311
368

1,200,104

1,683,986,700

3,948

5,539,430

1,403

Total................................................ . 12,020,068

7,113,475,300

39,540

23,399,589

591

Government checks........................... ,
Checks through Richmond clearing house.
Checks on other points in district K o.5_.,
Checks on points in other Federal Reserve
districts...................................................

N ot*.—A service charge of 1J cents per item, collected from members on items payable outside of Rich­
mond, was discontinued June 15,1918. Disbursements on account of the transit department amounted
to $134,294, which does not Include cost of handling Government checks. This represents cost of 1.17
cents per item , or 1.92 cents per $1,000 of volume in values handled.




o