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SEVENTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF RICHMOND
FOR THE YEAR ENDED DECEMBER 31, 1921
CALDWELL HARDY
Chairman and Federal Reserve Af£ent
New Buildings—Federal Reserve Bank of Richmond
SEVENTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF RICHMOND
FOR THE YEAR ENDED DECEMBER 31, 1921
CALDWELL HARDY
Chairman and Federal Reserve Agent
LETTER
OF
T R A N S M I T T A L
FEDERAL RESERVE BANK
OF RICHMOND
CALDWELL HARDY,
CHAIRMAN OF THE BOARD
AND
FEDERAL RESERVE AGENT
A. H. DUDLEY,
ASST. FEDERAL RESERVE AGENT
J. G. FRY,
ASST. FEDERAL RESERVE AGENT
March 1, 1922.
SIR: I have the honor to submit herewith the
seventh annual report of the Federal Reserve Bank
of Richmond, covering the year 1921.
Respectfully,
CALDWELL HARDY,
Chairman and Federal Reserve Agent.
Hon.
W. P. G. HARDING,
Governor, Federal Reserve Board,
Washington, D. C.
Table of Contents
PART I.
PAGE
INTRODUCTION
11
GENERAL REVIEW OF SERVICES AND ACTIVITIES, DURING 1921
12
FINANCIAL RESULTS OF OPERATIONS
15
DISCOUNT OPERATIONS
19
TRADE ACCEPTANCES
21
BANKERS' ACCEPTANCES.22
CLEARINGS.22
NON-CASH COLLECTIONS
23
GOLD SETTLEMENT FUND
23
NOTE ISSUES
24
RESERVE POSITION
26
MOVEMENT OF MEMBERSHIP
27
RELATIONS WITH MEMBER BANKS—NATIONAL AND STATE
28
CAMPAIGN FOR PAR POINTS.29
FIDUCIARY POWERS
30
BANKS AUTHORIZED TO ACCEPT UP TO 100% OF CAPITAL AND SURPLUS
31
BALTIMORE BRANCH.
.31
INTERNAL ORGANIZATION
33
AUDITING DEPARTMENT
36
PRINTING DEPARTMENT
37
BANK PREMISES
37
DESCRIPTION OF NEW BUILDINGS
39
COST OF REAL ESTATE OWNED
42
MONTHLY REPORT OF GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
43
SUMMARY OF ACTIVITIES
44
FISCAL AGENCY OPERATIONS.45
WAR FINANCE CORPORATION.
46
GOVERNMENT SAVINGS ORGANIZATION
46
GENERAL BUSINESS AND BANKING CONDITIONS
47
APPENDIX 1—LIST OF ALL STATE BANK MEMBERS.49
APPENDIX 11—LIST OF ALL NATIONAL BANKS AUTHORIZED TO EXERCISE FIDUCIARY
POWERS
51
PART II.
CHART—MOVEMENT OF EARNING ASSETS, DURING 1920 and 1921
54
CHART—DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, CASH RESERVES AND
RESERVE RATIOS, 1920-1921
55
EXHIBIT "A"—MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS
56
SCHEDULES:
SCHEDULE 1
__
58
Comparative Statement of Condition December 31, 1921, and December
31, 1920.
SCHEDULE 2
.
Comparative Statement of Profit and Loss, Dividends and Surplus Accounts for the Years Ending December 31, 1921, and 1920.
60
8
SEVENTH ANNUAL REPORT OF THE
PAGE
SCHEDULE 3.__
62
Analysis of Current Expenses (Including Furniture and Equipment) for
the Year 1921.
SCHEDULE 4
64
Gross Earnings (Classified), Expenses and Net Earnings During the Year
1921, by Months.
SCHEDULE 5.
65
Average Daily Holdings of Earning Assets (Classified), Daily Earnings
Thereon and Rate of Earning by Months for the Year 1921.
SCHEDULE 6
66
Comparative Statement of Daily Average Holdings of Earning Assets,
Earnings Thereon and Average Rate Per Annum for Years 1921 and 1920.
SCHEDULE 7
67
Loans and Investments During the Year 1921 Compared with 1920 and
1919, by Months.
SCHEDULE 8
68
Total Amount of Bills Discounted and Bought During 1921, Classified as
to Kind of Paper and Shown by States.
SCHEDULE 9
69
Total Bills Discounted and Bought During Each Month of 1921, Shown
by States.
SCHEDULE 10.__
70
Number of Member Banks in Each State Accommodated Each Month
Through the Discount or Purchase of Paper During 1921.
SCHEDULE 11
71
Total Amount of Bills Discounted and Bought During Each Month of 1921,
Classified According to Maturities at the Time of Discount or Purchase.
SCHEDULE 12
72
Distribution by Maturities of Each Class of Paper Held at Close of Business December 31, 1921.
SCHEDULE 13
73
Amount of Bills Rediscounted with Other Federal Reserve Banks During
Each Month of 1921.
SCHEDULE 14.—
:
74
Changes in Discount Rates During the Year 1921.
SCHEDULE 15
76
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, 1921, by
States, with the Number of Member Banks and the Number of Discounting Member Banks with Outstanding Balances on December 31, 1921.
SCHEDULE 16
77
Daily Averages by Months of Deposits and Federal Reserve Notes in
Circulation, Reserves and Reserve Percentages for the Year 1921.
SCHEDULE 17
78
Daily Average Deposits of Member Banks and U. S. Treasurer by Months
for 1921, 1920, 1919 and 1918.
SCHEDULE 18.
79
Analysis of Capital Stock Account for the Year 1921.
SCHEDULE 19
80
Inter-District Movement of Federal Reserve Notes—Federal Reserve
Notes of Other Federal Reserve Banks Shipped by Richmond for Credit
or Redemption, and Federal Reserve Notes of Richmond Received from
Other Federal Reserve Banks During the Year 1921.
SCHEDULE 20
81
Federal Reserve Notes Issued, Retired and in Actual Circulation, by
Months During the Year 1921.
SCHEDULE 21
Denominations of Federal Reserve Notes Issued and Retired During the
Year 1921, and Outstanding at Close of Years 1921 and 1920.
82
FEDERAL RESERVE BANK OF RICHMOND
9
PAGE
SCHEDULE 22..._
83
Federal Reserve Agent's Record of Federal Reserve Notes Received,
Issued to Bank, and Returned to Comptroller During the Year 1921,
by Denominations.
SCHEDULE 23-
84
Federal Reserve Agent's Statement of Federal Reserve Notes from
Organization to December 31, 1921.
SCHEDULE 24
~
88
Statement of Federal Reserve Bank Notes Received, Redeemed and
Balance Outstanding December 31, 1921.
SCHEDULE 25
86
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 1921.
SCHEDULE 26._
89
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 1921, by Months.
SCHEDULE 27
90.
Non-Cash Collection Items Handled During the Year 1921, by Months.
SCHEDULE 28
92
Gold Settlement Fund Transactions During the Year 1921.
SCHEDULE 29
91
Total Amount Received from and Paid to Each Other Federal Reserve
Bank Through the Gold Settlement Fund on Account of Daily Clearings.
SCHEDULE 3O.__
94
Currency Received from and Delivered or Shipped to Member and NonMember Banks in the Fifth District During the Year 1921.
SCHEDULE 31
96
Teller's Receipts and Disbursements of Currency and Coin During 1921.
SCHEDULE 32
98
Private Wire Operations—Total Number of Messages Sent and Received
Over Private Leased Wires During the Year 1921.
SCHEDULE 33
99
Wire Transfers of Funds Over Private Wires to and from Other Federal
Reserve Districts for Account of Member Banks of the Fifth District
During 1921, by Months.
SCHEDULE 34._
100
Wire Transfers of Funds Over Private Wires to and from Other Federal
Reserve Districts for Account of Member Banks of the Fifth District
During 1921, by Federal Reserve Districts.
SCHEDULE 35
101
Bond Coupons Cut for Banks by Custodian of Securities During Each
Month of 1921.
SCHEDULE 36._
102
Interest Coupons from U. S. Securities Paid by Federal Reserve Bank of
Richmond and Charged to Treasurer of U. S. During the Year 1921, by
Months.
SCHEDULE 37._
103
Fiscal Agency Operations During the Year 1921.
SCHEDULE 38._
.*
108
Analysis of U. S. Treasurer's General Account for the Year 1921.
SCHEDULE 39
109
Number of Pieces of Registered Mail Handled During 1921, by Months.
SCHEDULE 40.
110
Salaries of Officers and Employees of the Federal Reserve Bank of Richmond.
SCHEDULE 41
Sundry Data and Comparisons for Years 1921, 1920 and 1919.
Ill
OFFICERS AND DIRECTORS OF
THE FEDERAL RESERVE BANK OF RICHMOND
Officers
GEORGE J. SEAY, Governor.
CALDWELL HARDY, Federal Reserve
CHAS. A. PEPLE, Deputy Governor.
R. H. BROADDUS, Deputy Governor.
ALBERT S. JOHNSTONE, Assistant to
Governor.
J. S. WALDEN, JR., Assistant to
Governor.
GEORGE H. KEESEE, Cashier.
Agent and Chairman of the Board.
- H - DUDLEY, Assistant FederaljReserve A ent
S J- G. FRY, Assistant Federal Reserve
Agent.
E. G. GRADY, Auditor.
A
HUGH LEACH, Assistant Auditor.
C. V. BLACKBURN,
THOMAS MARSHALL, J R . , }
W. W. DILLARD,
EDWARD WALLER, J R . ,
GEORGE S. SLOAN,
Assistant Cashiers.
Counsel
MAXWELL G. WALLACE
Directors
CALDWELL HARDY, 1923, Chairman of
EDWIN C. GRAHAM, 1922, Washing-
the Board, Richmond, Va.
ton, D. C.
JAMES A. MONCURE, 1922, Deputy
L. E. JOHNSON, 1923, Alderson, W. Va.
Chairman, Richmond, Va.
. CHAS. E. RIEMAN, 1924, Baltimore,
JOHN F. BRUTON, 1922, Wilson, N. C.
Md.
D. R. COKER, 1923, Hartsville, S. C.
EDMUND STRUDWICK, 1924, Richmond,
FREDERIC A. DELANO, 1924, Washing-
Va.
ton, D. C.
Member Federal Advisory Council
JOSEPH G. BROWN, Raleigh, N. C.
BALTIMORE BRANCH
Directors (1921)
M. M. PRENTIS, Baltimore, Md.
CHARLES C. HOMER, Baltimore, Md.
WALDO NEWCOMER, Baltimore, Md.
WILLIAM INGLE, Baltimore, Md.
H. B. WILCOX, Baltimore, Md.
Officers
M. M. PRENTIS, Manager.
CHARLES H. WYATT, Cashier.
F McC. LEEKE, Assistant Cashier.
M. F. REESE, Assistant Cashier.
THOS. I. HAYES, Assistant Cashier.
C. P. HAMMOND, Assistant Cashier.
CHARLES N. DULEY, Assistant Federal
Reserve Agent.
RICHARD BRADLEY, Assistant Federal
Reserve Agent.
HENRY
SCHXJTZ
'
Auditor
-
INTRODUCTION
A review^ of the activities of the Federal Reserve Bank of
Richmond for the year 1921 presents further proof that the Federal
Reserve System has been an indispensable agency to the nation in
meeting the post-war emergencies affecting the whole fabric of
commerce, agriculture and industry. Government financing during
the war was, of course, necessarily paramount, and constituted the
chief strain on the country's banking system.
In the Annual Report of the Federal Reserve Bank of Richmond,
covering the year 1920, it was stated that the crest of the perplexing
wave of expansion had been reached and passed, and that the purposes for which our banking system was organized had been amply
realized. The year 1919 was an intermediate period of transition,
without the full burden of re-adjustment, while in 1920 and 1921 the
strain from Government financing relaxed and that from industrial
and agricultural factors was felt in full force. The problem of 1920
and 1921 has been how best to meet with equity the member banks'
needs of credit accommodation for business enterprise, so that our
economic life might be as little disturbed as possible. In this the
cordial co-operation from member banks has obtained, and they have
understood the need for conservatism, just as during the war they
realized the necessity for Government credit and financing. The
principle is now recognized that credit extension to support overexpansion could not have been given indefinitely, and that overexpansion having been reached curtailment should be gradual, and it
should take place in all lines as equitably as possible.
The all important problem of maintaining safe and adequate
reserves in our System has through most careful guarding been
successfully met, both as to reserves of member banks with the
Federal Reserve Bank of Richmond by extending them necessary
credit, and the Reserve Bank's reserves against its own note and
deposit liabilities, by borrowing from other Reserve Banks when
necessary. As to the latter, while extending the required volume
of credit to its member banks, this bank was compelled to obtain
large credit extensions from other Federal Reserve Banks, thus
12
SEVENTH ANNUAL REPORT OF THE
showing the wisdom and advantage of mobolized reserves in stabilizing nation-wide credit. It is noteworthy that there was only one
failure of a member bank in this District during the most trying
year, and in that case the bank, with a large portion of its assets, was
destroyed by fire. It is also noteworthy that our member banks
borrowed very heavily from us during the year to lend aid to numerous
small non-member banks, but for which such banks must inevitably
have suffered disaster.
The increases in the physical volume of transactions in each
department of the Federal Reserve Bank, not directly connected
with Government financing, is shown by analysis of operations, and
clearly indicates the growing appreciation by the member banks of
the facilities and services afforded through membership in the Federal
Reserve System. The increase may be studied in the review of
departmental operations with charts and schedules of statistics
accompanying this report.
GENERAL REVIEW OF SERVICES AND ACTIVITIES
DURING 1921
There is given below a brief outline of the services and activities
of the Federal Reserve Bank of Richmond during the year 1921,
showing the principal functions of the Bank in the order of their
importance and usefulness to member banks. Under later paragraph
headings of Part I, and in the schedules of Part II of this report,
further comments and data relating to these functions may be found,
specific reference to these headings and schedules being given im,
mediately below each of the following paragraphs:
The Discount and Purchase of Paper
(a) The aggregate amount of paper discounted and purchased
from member banks in the Fifth District during 1921 was $2,775016,000, a daily average amount of $9,158,470. While a large proportion of the volume consisted of member banks' collaterial notes
secured by Goverment obligations, the unsecured agricultural and
commercial paper discounted was $405,528,000, an increase of $35,000,000, compared with 1920. The number of bills discounted was
124,840 against 94,248 in 1920 During the year 494 or 79% of the
626 member banks in the district where accommodated through the
discount or purchase of paper. The total amount of bills rediscounted
with other Federal Reserve Banks was $500,000,000. (see paragraph
"Discount Operations," page 19, and Schedules 5 to 15, inclusive.)
FEDERAL RESERVE BANK OF RICHMOND
13
Currency Issue and Services
(b) During the year 1921 currency and coin received from
member and non-member banks in the Fifth District amounted to
$264,805,438, and the amount delivered or shipped to such banks
was $244,778,495. The receipts of currency and coin show an increase of $70,000,000 compared with 1920, while the shipments show
a smaller increase. The Bank received $18,827,362 in currency
during 1921 from non-member banks, a large proportion of which
was in payment of cash letters sent to non-member par clearing banks
for the account of member banks that in turn were in many instances
collecting such checks for the account of other non-member
banks, some of them being non-par non-members. The incoming
cost of expressage or postage on currency shipments from non-member
banks sent in payment for cash letters (or checks) on the non-members
has been borne by the Federal Reserve Bank. (See paragraph
"Note Issues," page 24, and Schedule 30.)
Clearing of Cash Items
(c) The Transit (Check Collection) Department during 1921
handled a total of 39,260,432 items amounting to $8,620,888,130,
an increase of 5,529,000 itsms, or more than 17%, compared with
1920. The average number of items handled each day during 1921
was 129,572, amounting to $28,451,776, against a daily average
number of 110,960 items for 1920.
In addition to the above check clearing, the physical volume of
which was handled through the Transit Department of the Bank,
member banks forwarded direct to other Federal Reserve Banks and
Branches during 1921, 149,859 cash letters containing items amounting to $1,377,295,260. The amount represented by these direct
routings was cleared and credited to the members' accounts with this
Bank. The aggregate check clearings for the Fifth District through
this Bank therefore approximated ten billion dollars. (See paragraph
"Clearings," page 22, and Schedules 25 and 26.)
Wire Transfers of Funds
(d) During 1921 the Federal Reserve Bank of Richmond made
25,130 telegraphic transfers involving $1,149,717,699, an increase of
15% in the number of these transactions over 1920 being noted.
This service is rendered without cost to member banks. (See paragraph "Gold Settlement Fund," page 23, and Schedules 33 and 34.)
14
SEVENTH ANNUAL REPORT OF THE
Private Leased Wires for Facilitating Daily Financial Transactions, through Gold Settlement Fund
(e) By the operation of the system of leased wires connecting
all Federal Reserve Banks and Branches with each other and with
the Federal Reserve Board at Washington, member banks have
availed themselves more freely of the very important service made
possible to them through the functioning of the Gold Settlement
Fund. The total number of telegrams sent and received over the
leased wire system by the Federal Reserve Bank of Richmond during
1921 was 91,614 compared with 76,370 for the year 1920.
During the year 1921 receipts and disbursements through the
Gold Settlement Fund by the Federal Reserve Bank of Richmond
amounted to $12,340,000,000. These enormous settlements were
made by means of debits and credits on the books of the Federal
Reserve Bank and on the books of the Custodian of the Gold Fund,
without the physical transfer of a dollar of gold. The magnitude of
the saving to member banks in interest, transportation charges on
money and the cost of insurance of money, is therefore quite apparent,
and in this way the System is rendering an indispensable and invaluable service to commerce and industry. (See paragraph "Gold
Settlement Fund," page 23, and Schedules 28, 29, 33 and 34.)
Collection of Time Items (Notes, Bills, Drafts, Etc.)
(f) During 1921 the Bank handled 99,622 non-cash items,
amounting to $147,586,754, an increase of 88% in the number and
18% in the amount, as compared with 1920. Approximately 80%
of the total number of items received by us for collection were paid,
credit being given to member banks in the same manner in which
check clearings are remitted. (See paragraph "Non-Cash Collections," page 23, and Schedule 27.)
Fiscal Agency Duties, Including Payment of Interest Coupons
from United States Securities
(g) The total number of Liberty Bonds and Victory Notes
received and delivered during 1921 was 1,621,703 amounting to
approximately $500,000,000. Coupons from United States securities received and paid during 1921 numbered 3,263,611, totalling
$21,760,669, those received from members being credited to their
reserve accounts upon day of receipt of coupons. The sales, re
FEDERAL RESERVE BANK OF RICHMOND
15
demptions and exchanges of United States Certificates of Indebtedness and Treasury Notes during 1921 amounted to $190,488,000,
involving the handling of 62,468 pieces of these securities. (See
paragraph "Fiscal Agency Operations," page 45, and Schedules 36 to
38, inclusive.)
Cutting and Crediting of Interest Coupons from Securities
held as Collateral or for Safekeeping for Member Banks
(h) Under the supervision of the auditor of the Bank during
1921, 304,192 coupons amounting to $4,004,557 were clipped from
securities held by the Bank as collateral or for safekeeping. The
work incident to keeping account of maturities, cutting, collecting
and crediting these coupons was done without expense to member
banks or the owners. (See Schedule 35.)
FINANCIAL RESULTS OF OPERATIONS
(References—Schedules 1 to 7, Inclusive)
Gross earnings of the Federal Reserve Bank of Richmond for
1921 were $6,729,679, as compared with $6,909,143 for 1920. Approximately 94%, or $6,351,070, of the total gross earnings resulted
from the rediscount or purchase of paper from member banks. The
average rate of earning on bills discounted during 1921 was .0592,
and on bills purchased .0603, compared with .0569 and .0574 respectively for the year 1920. The average rate of earning on total
invested assets during 1921 was .0561, compared with .0529 for 1920.
The average daily holdings of bills discounted and purchased was
$107,159,637, while that of other earning assets was only $9,620,035,
the latter consisting principally of United States one year Certificates
of Indebtedness pledged with the United States Treasurer to secure
Federal Reserve Bank note circulation of $1.00 and $2.00 denominations.
Current expenses for 1921 were $2,127,174, as compared with
$1,521,947 for 1920. A comparative analysis of expenses for the two
years is given in Schedule 3. The classification of expenses during
the year 1921 was slightly changed and considerably amplified by
direction of the Federal Reserve Board, and, consequently, it will be
observed from this schedule that in a few cases several items of the
1921 classification are grouped for comparison with a single amount
during 1920, it being impracticable to redistribute the expenses for
16
SEVENTH ANNUAL REPORT OF THE
1920 so as to make a comparison with each specific item in the 1921
classification. As will be noticed, current expenses during 1921
increased approximately $605,000 over the year 1920. This added
expense is not due to increased cost for performing the same volume
of work, but to a largely increased volume of wrork, to a large increase
in the number of employees rendered necessary thereby, and to the
assumption of the expense of certain work which was previously
borne by the Treasury Department. There are, therefore, certain
expense items for which there were no corresponding items in the
1920 account. Attention is called to the following:
1. Federal Reserve Banks absorbed for the last six
months of 1921 the salaries and expenses of Fiscal Agency
Departments, which were formerly reimbursed to the banks
by the United States Treasury, no provision for such expenses
having been made by Congress. The salaries of 37 employees in this Department and other expenses absorbed by
the Bank during 1921 amounted to $37,221.
2. Owing to the increased volume of work, the increased facilities accorded to member banks and the expansion of the transit (check collection) department
necessitated by material additions to the list of par points
during 1920, the total number of officers and employees
was increased from 401 on January 1, 1920, to a total of 667
on December 31, 1920. The addition of 266 persons to
the force during 1920 was made at various intervals within
the year, therefore those persons drew only a part of a year's
pay in 1920. During 1921, however, these employees drew
a full year's pay. The apparent increased expense on this
account approximated $225,000.
3. In addition to the above, the increased physical
volume of transactions in practically all departments during
the year 1921 has necessitated a further net addition to the
force of the Bank during 1921 of 96 employees, the annual
salaries of whom amounted to $98,600.
4. The cost of preparing and redeeming Federal
Reserve Notes, mainly the cost of printing new notes to
replace worn notes in circulation and to build up supplies
unissued and on hand, increased during 1921 approximately
$125,000.
5. On shipments of currency and coin to and from
member banks, the cost of postage and expressage increased
FEDERAL RESERVE BANK OF RICHMOND
17
during 1921 approximately $6,000. Postage and expressage
on other than money shipments increased during 1921
approximately $20,000.
(6) An increase in the physical volume of transactions handled for member banks through the Gold Settlement Fund, and through the system of telegraphic transfer
of funds, necessitated additions to the leased wire systems,
with corresponding increase in the total cost, approximating
$7,000.
7. As far as possible the furniture and fixtures from
the old buildings were used in the new buildings, but it was
necessary to purchase some additional equipment for various
departments, which amount was charged off, constituting
an increase during 1921, approximating $94,000.
While the above items aggregate more than the increase in
current expenses for 1921, reductions in certain items such as printing, stationery, supplies, rent, and tax on Federal Reserve Bank
Note circulation, account for about the difference.
The current net earnings for 1921 were $4,602,505, as compared
with $5,387,195 for 1920. The percentage of net earnings to Capital,
Capital and Surplus, and Capital, Surplus and Deposits, for the years
1921 and 1920 are as follows:
1921
Per cent. earned on capital
Per cent. earned on capital and surplus
Per cent. earned on capital surplus and deposits
1920
80.94%
26.70%
5.67%
99.42%
33.09%
6.88%
After paying dividends to member banks and deducting depreciation, reserves for specific purposes and losses, the Bank shows
for 1921 a profit of $4,071,424, which amount, in compliance with the
provisions of the Federal Reserve Act, was available for additions to
Surplus and payment to the United States Government as a franchise
tax. Accordingly, the distribution was made as follows:
Additions to surplus—an amount equivalent to the
increase in the Bank's subscribed capital during 1921, plus
10% of the remaining net income $693,792.44.
Payment to the United States Government, representing
the entire net profit of the Bank after paying dividends and
making additions to surplus $3,377,631.89.
18
SEVENTH ANNUAL REPORT OF THE
The following is a condensed statement of earnings, expenses,
dividends and surplus accounts of the Bank for the year 1921:
Average
Daily
Earnings
Average
Daily
Holdings
$16,894 $ 6,166,477
506
184,593
538
196,299
Bills discounted.$104,096,935
Bills purchased
3,062,702
U. S. securities. „
9,620,036
Penalties and miscellaneous
earnings..
Totals
Current Expenses....
499
$116,779,673 $
Annual
Rate of
Earnings
.0592
.0603
.0204
182,310
18,437 $ 6,729,679
$ 2,127,174
Current Net Earnings
Net debit to current net earnings for depreciation, etc.
$ 4,602,505
208,878
Net earnings available for
dividends, surplus and
franchise tax..
Dividends paid
Franchise tax paid to Gov't
Transferred to surplus acc't
Total
Earnings
$ 4,393,627
$
322,203
3,377,632
693,792
$ 4,393,627
The following schedules, which form a part of this report, will
reflect in detail all financial operations of the Bank during 1921,
showing comparisons with the year 1920:
Schedule 1. Comparative Statement of Condition, December
31, 1921, and 1920.
2. Comparative Statement of Profit and Loss, Dividend and Surplus Accounts for the years 1921
and 1920.
3. Comparative Analysis of Current Expenses for
the years 1921 and 1920.
4. Gross Earnings, (Classified) Expenses and Net
Earnings during the year 1921 by Months.
5. Average Daily Holdings of Earning Assets
(Classified), Daily Earnings thereon and Rate of
Earnings by Months for the Year 1921.
6. Comparative Statement of Daily Average Holdings of Earning Assets, Earnings Thereon and
Average Rate per Annum for Years 1921 and
1920.
7. Loans and Investments during the Year 1921
Compared with 1920 and 1919 by Months.
FEDERAL RESERVE BANK OF RICHMOND
19
DISCOUNT OPERATIONS
(References, Schedules 5 to 15, Inclusive)
The total volume of paper discounted for and purchased from
member banks in the Fifth District in 1921 was $2,775,016,000, as
compared with $3,397,708,000 in 1920, or a decrease of $622,692,000,
the difference being more than accounted fox. by the decrease in the
amount of discounted paper secured by Government obligations.
On the other hand, the unsecured agricultural and commercial paper
discounted in 1921 was $405,528,000, an increase of $35,000,000 as
compared with 1920. The number of bills discounted and purchased
in 1921 was 124,840 compared with 94,248 in 1920. The number of
banks accommodated in 1921 was 494 against 438 in 1920. Of the
aggregate amounts discounted and purchased during 1921, $2,749,671,000 was discounted for member banks and $25,345,000 represented bankers' acceptances purchased in the open market from the
same banks. During 1921, 84% of the paper handled was discounted
for a period of fifteen days or less, while during 1920, 86% was discounted for a period of fifteen days or less.
The daily average number of bills discounted and purchased
during 1921 was 412 compared with a daily average of 310 for the year
1920 and 169 for the year 1919. The daily average holdings of bills
discounted and purchased, (exclusive of rediscounts with other
Federal Reserve Banks), was $107,160,000, compared with average
daily holdings of $112,431,000 for 1920 and $102,232,000 for 1919.
To meet this volume of credit demands from its member banks during
1921 the Federal Reserve Bank of Richmond was compelled to borrow
from other Federal Reserve Banks continuously from April to December in order to maintain required reserves against outstanding
Federal Reserve Notes and member banks' deposits, in amounts
ranging up to $25,000,000, which was the maximum amount in rediscounts with other Federal Reserve Banks during the year 1921,
reached on June 24th. During the year 1920 the peak of $30,000,000
was reached on June 15th, and during 1919 the peak was $55,000,000,
being reached on August 4th. However, in 1919 and in 1920 the Bank
was rediscounting for its member banks a much larger volume of paper
secured by Government obligations than was the case in 1921, as is
shown for the above dates by the following table:
Government
Secured
August 4, 1919
June 15, 1920
June 24, 1921...
Agricultural and Commercial Paper
$134,274,711
74,151,322
49,799,431
$21,615,179
52,613,205
76,856,439
SEVENTH ANNUAL REPORT OF THE
20
On December 31, 1921, 391 of the 626 member banks were discounting to the amount of $98,226,068 as compared with 361 of the
610 member banks that were discounting to the amount of $130,521,365 on December 31, 1920. It is noteworthy that approximately
$16,500,000 of the reduction during 1921 in borrowings by member
banks is accounted for by reductions in the amount of Government
secured paper and bills purchased (Bankers' Acceptances). The
total available reserve on December 31, 1921, of the 391 discounting
member banks was $39,531,978. Their rediscount liability, therefore, was 248% of their total reserve deposits. The ratio of rediscount
liability to reserve deposits of the borrowing member banks on
December 31, 1920, was 339%. At the close of 1921 the ratio of
discounting member banks liability to reserves was smaller than at
the close of 1920, with respect to the banks located in Maryland,
Virginia, North Carolina and South Carolina, while in the State of
West Virginia and the District of Columbia the ratio shows a very
small increase at the close of 1921. Reference is made to Schedule
15, which shows in detail by States the number of member
banks, the liability of discounting member banks, and the various
ratios of liability to reserve accounts for the years 1921, 1920, and
1919.
The changes during the year in discount rates were on November
3rd, a reduction from 6% to 5}/2%, and on December 10th a further
reduction to 5%. Schedule 14 of this report shows the discount rates
for the various classes and maturities of paper.
The following tables will show in a concise form the discount
operations of the Bank during the year 1921:
CLASSIFICATION
Secured by Government war
obligations
Otherwise secured
Unsecured commercial and
agricultural paper.
Bankers' acceptances purchased
Total
Total Amount
Discounted
Per
Cent, of
Total
Balance Held
Dec. 31, 1921
Per
Cent, of
Total
$2,311,899,990
20,425,736
83.3
00.7
$41,046,413
2,446,383
41.8
2.5
417,345,190
15.1
51,174,942
52.1
25,345,484
00.9
3,558,330
3.6
$2,775,016,400
100.0
$98,226,0.68
100.0
FEDERAL RESERVE BANK OF RICHMOND
STATES
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
TotaL.
Total
Amount
Discounted
21
No. of Member No. of Members
Banks
in the District
Accommodated
Dec. 31, 1921
$ 583,459,992
99,327,773
1,434,402,419
86,695,923
313,513,068
257,617,225
76
10
146
68
96
98
97
16
190
120
103
100
$2,775,016,400
494
626
Distribution by Maturity at Time of Discount or Purchase
Per Cent,
of Total
15 days or less...
16 to 30 days
31 to 60 days._....
61 to 90 days.......
Over 90 days
2,329,572,416
76,986,873
169,719,236
185,317,951
13,419,924*
Total
$2,775,016,400
83.9
2.8
6.1
6.7
.5
100.0
TRADE ACCEPTANCES
(References—Schedules 8, 12 and 14)
During the year 1921 the Bank discounted for its members
$11,817,498 of trade acceptances, as compared with $12,676,164 of
this kind of paper discounted during 1920. At the close of business
December 31, 1921, the Bank held under discount trade acceptances
aggregating $2,347,996, as against a balance of $2,005,340 on December 31, 1920. The total volume handled and the balance on hand
at the close of the year 1921, therefore, approximates the respective
figures for 1920.
Trade Acceptances discounted during 1921 and 1920 for the
member banks in the several States of the Fifth District are shown
in the following table:
1921
Maryland
.District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Total....
$
258,215
1920
$
336,687
1,205,727
364,493
7,286,214
2,702,849
3,775,263
460,225
6,294,652
1,809,337
$11,817,498
$12,676,164
* Includes $5,874,835 of Commercial and Industrial Paper discounted for 90 days but which actually had over 90 days to run because the maturity date fell on a Sunday or holiday.
22
SEVENTH ANNUAL REPORT OF THE
There have been some evidences of abuse of the trade acceptance
principle, but it is felt t h a t the improper issue of this class of paper is
being generally discouraged and eliminated as the instrument becomes
better understood by bankers and business men.
BANKERS' ACCEPTANCES
(References—Schedules
(BILLS
PURCHASED)
5, 6, 7, 8 a n d 12)
Bankers' acceptances purchased during 1921 amounted
$25,345,484, as against $51,711,557 purchased in 1920, classified
the respective years as follows:
Foreign business
Domestic business
1921
$10,221,134
15,124,350
to
for
1920
$41,037,088
10,674,469
Although the aggregate amount of acceptances purchased during
1921 is approximately 50% less than during 1920, it should be noted
that the decrease during 1921 consisted entirely of the bills growing
out of foreign business, reflecting the decrease in exports, principally
of cotton and tobacco, and the decline in commodity prices. On the
other hand, the purchase of domestic bills shows an increase of 50%
for 1921, reflecting the growth in the use of acceptances for financing
domestic transactions in which also declining prices should be considered. Practically all of the bankers' acceptances were purchased
directly from the accepting bank, unendorsed by any other bank, at
the commercial discount rate, the average discount rate on acceptances handled during 1921 being. 0603, (calculated on a 365 day basis,
discount being charged on a 360 day basis), as compared with average
rate of .0574 for the year 1920.
CLEARINGS
(References, Schedules 25 and 26)
During 1921 the Federal Reserve Bank of Richmond (including
Baltimore Branch transactions) handled in its Transit Department
39,260,432 items, aggregating $8,620,888,130, as compared with
33,731,801 items, aggregating $11,505,945,224 for the year 1920.
The daily average number handled in 1921 was 129,5/'2 items, totalling
$28,451,776, as compared with the daily average of 110,960 items,
totalling $37,848,504, for the year 1920. While the aggregate amount
and consequently the daily average amount handled during 1921
show decreases in dollars in comparison with 1920, it is to be noted
FEDERAL RESERVE BANK OF RICHMOND
23
t h a t the total number and the daily average number of items handled
during 1921 show material increases.
In addition to the above, our member banks sent during 1921,
under special arrangements, 149,859 cash letters, containing items
amounting to $1,377,295,260, direct to Federal Reserve Banks and
Branches of other Districts for collection and credit to the members'
accounts with this Bank. The total clearings, therefore, for the
Fifth District through the Federal Reserve check clearing system,
amounted to approximately ten billions of dollars. These check
collections were made without cost to member banks, a facility made
possible only through the functioning of the Gold Settlement Fund
for clearing items on other Federal Reserve Districts, and settlement
on the books of this Bank for items entirely within this Federal
Reserve District. Schedules 25 and 26 show in detail the clearing
operations of the Bank during 1921.
NON-CASH COLLECTIONS
(Reference, Schedule 27)
During 1921 this department of the Bank handled for collection
99,622 non-cash items, amounting to $147,586,754, as compared with
52,947 items, amounting to $124,693,251, handled in 1920, an increase
of 88% in the number and 18% in the amount compared with 1920.
Of the notes, drafts, etc., handled in 1921, 81,311, amounting to
$134,535,010, were paid, the collections being made without charge
by the Federal Reserve Bank for its service. However, where a
charge was made by the collecting bank, located outside the Reserve
Bank or Branch Bank Cities, it was passed back to the depositing
bank. The proceeds of non-cash collections made through the
Federal Reserve Banks were remitted in the same manner as proceeds
from check (or cash) collections, and the time saved in comparison
with that formerly required is evidenced by the continuous growth in
the volume of collection transactions, and the increase in the number
of member banks availing themselves of this facility through the
Federal Reserve System.
Schedule 27 shows in detail the monthly activities of the non-cash
collection department during 1921 with comparative totals for 1920.
GOLD SETTLEMENT FUND
(References, Schedules 28, 29 and 33)
Transactions cleared through the Gold Settlement Fund include
balances between Federal Reserve districts on check clearings, and
24
SEVENTH ANNUAL REPORT OF THE
non-cash collections, transfers of funds for the accounts of member
banks and their customers and t h e United States Treasury, rediscounts between Federal Reserve Banks, redemptions of Federal
Reserve Notes and other transactions.
Receipts and disbursements through t h e Gold Settlement F u n d
during 1921 amounted to $12,340,000,000. A very large portion of
this represented credits to member banks' accounts, arising o u t of
the clearing of checks sent b y this Bank to other Federal Reserve
Districts, or sent by other Federal Reserve Districts to this Bank for
payment. T h e increased volume is shown in t h e following aggregate
settlements of the Federal Reserve Bank of Richmond made through
the Gold Settlement Fund in each year from 1918 to 1921:
1918
1919
1920
1921
.._.
_
_
„._.
„
._
_
$ 5,069,000,000
13,032,000,000
16,158,000,000
12,340,000,000
Although the number of transactions during 1921 exceeded the
number during 1919 or 1920, the amount was smaller. Comparing
1919 and 1921 the decrease in amount is due to a decline in the amount
of transfers of United States Treasury funds between Federal Reserve
Banks, and comparing 1920 and 1921, the decrease in amount is due
to a decline in the volume of check clearings, although the number of
checks handled in 1921 increased over five and a half millions as
compared with 1920.
The detail of Gold Settlement Fund transactions is shown in
Schedules 28 and 29.
In addition to the check clearing operations referred to in the
paragraph on "Clearings," 25,130 telegraphic transfers, aggregating
$1,149,717,699, were made during 1921 for the account of member
banks through the Gold Settlement Fund, compared with 21,836
transfers in 1920, aggregating $1,246,861,158, an increase of 15%
during 1921 in the number of these transactions compared with 1920.
NOTE ISSUES
(References, Exhibit A, Schedules 16 and 19 to 24, Inclusive)
In preceding years the minimum amount of Federal Reserve
Notes in circulation was reached during the summer months, followed
by an upward tendency, the maximum for each year being reached
during December. However, a contrary movement was noted for
FEDERAL RESERVE BANK OF RICHMOND
25
t h e y e a r 1921, in t h a t t h e usual increase during the last three m o n t h s
of t h e y e a r did n o t follow t h e course established in t h e previous
years. T h e a m o u n t of notes in circulation was highest a t t h e beginning of 1921, t h e m o n t h of J a n u a r y averaging daily $152,000,000
in c o m p a r i s o n w i t h $137,000,000 in J a n u a r y , 1920. A gradual
t e n d e n c y t o decline w a s t h e n shown, t h e lowest daily average for
a n y m o n t h in t h e y e a r of $107,000,000 being reached in September,
1921, in c o m p a r i s o n w i t h $138,000,000 in September, 1920. T h i s
wras followed b y only n o m i n a l increases, t h e m o n t h of December,
1921, a v e r a g i n g daily $109,000,000 in comparison w i t h $150,000,000
in December, 1920. E x h i b i t A shows t h e a m o u n t of Federal Reserve
N o t e s in a c t u a l circulation a t t h e close of each week during t h e year
1921, while in Schedule 16 is shown t h e daily average in circulation
for each m o n t h of t h e year. T h e c o m p a r a t i v e s t a t e m e n t of a c t u a l
circulation a t t h e end of each m o n t h for t h e years 1921, 1920 a n d
1919, (Schedule 20), shows an actual decrease of $48,000,000 in
outstanding. Federal Reserve N o t e s during t h e year 1921, December,
1920, closing w i t h $155,000,000, and December, 1921, closing w i t h
$107,000,000. I n connection with the daily average circulation b y
m o n t h s it is interesting to cornpare the lowest daily average of outs t a n d i n g Federal Reserve N o t e s for a n y m o n t h of 1921 with the lowest
daily average recorded in a n y m o n t h of t h e two previous years as
follows:
$107,000,000
121,000,000 _
105,000,000 .-
,
September, 1921.
June, 1920.
August, 1919.
Schedules 19 to 23 inclusive furnish complete information with
respect to the issue and redemption of Federal Reserve Notes. Schedule 22 shows by denominations the Federal Reserve Agent's record
of notes, fit and unfit for circulation, received by him during the year,
amounting to $305,000,000. Of this amount $153,000,000 in fit
notes were issued to the Bank and $152,000,000 of unfit notes were
returned to the Comptroller of the Currency for destruction. There
was an increase during 1921 of more than 10% in these transactions
as compared with 1920.
Federal Reserve Bank Notes are issued only in denominations of
$1.00 and $2.00 to supply the demand in this district for currency of
these denominations. This circulation is secured by special 2%
one year United States Certificates of Indebtedness issued under the
Pittman Act and purchased by the Bank especially for that purpose.
Schedule 24 is a statement showing Federal Reserve Bank Notes
received and redeemed during the years 1918, 1919, 1920 and 1921,
26
SEVENTH ANNUAL REPORT OF THE
covering the total issue of such notes by this Bank. The balance
outstanding December 31, 1921, was $3,556,000, as compared with a
balance of $11,938,000 outstanding at the close of December 31, 1920.
RESERVE POSITION
(References, Exhibit A, Schedules 16 and 17)
The reserve position of the Bank is shown in Exhibit A as at the
close of business on the dates of each weekly published statement
during 1921 and daily averages, by months, for the year 1921 are
shown in Schedule 16. The daily average of total deposits, also shown
in Schedule 16, was highest for the month of March, being roundly
$62,000,000, and showing a downward movement, reaching in July
$54,663,000, the lowest average for any month during the year.
The average of Federal Reserve Notes in circulation was highest in
the month of January, being $152,000,000, and consistently decreased to an average of $107,000,000 for the month of September,
followed by a nominal increase to an average of $109,000,000 during
December. Because of these changes in circulating Federal Reserve
Notes, the combined deposit and note liability declined from an
average of $213,000,000 for the month of January to $162,000,000
for September and increased to an average of $166,000,000 for the
month of December. Actual cash reserves, however, were highest in
February, averaging $97,000,000, and lowest in September, with an
average of $68,000,000. Likewise the reserve percentage of the
Bank against combined deposit and note liability was highest during
the month of February, averaging .4646, but was lowest during
April, averaging .4152.
The following is a brief table of averages for the years 1921 and
1920:
1921
Total deposits (immediately available)
$ 57,037,773
Net deposits
Federal Reserve Notes in actual circulation
125,312,466
Combined deposit and note liability.
182,350,239
Actual Reserves held..._
Percentage of Reserves against deposit and F. R.
78,856,137
Note Liabilities Combined.
Percentage of Reserves against F. R. Notes, after
.4324
fixing 35% against deposits
.4700
1920
$ 49,451,020*
133,068,421
182,519,441
79,126,702
.4335*
.4646*
*Reserve percentage calculated on basis of "Net Deposits" during 1920.
FEDERAL RESERVE BANK OF RICHMOND
27
Schedule 17 shows daily average deposits of member banks a n d
t h e United S t a t e s Treasurer, b y months, for the four past years.
T h e daily average of m e m b e r s ' reserves for the four years are as
follows:
1918
1919..._
1920
1921._
.
-
_
$46,022,279
55,354,839
58,763,777
53,629,289
The highest daily average of members' reserves during the four
years was for the month of November, 1919, being $64,000,000,
thenceforth showing a gradual tendency to decline. The lowest
daily average during 1921 was for the month of September, being
$50,500,000.
MOVEMENT OF MEMBERSHIP
National and State Bank membership for the year 1921 is shown
in Schedule 18 by States and in total. The number of National
banks increased six during the year, from 554 to 560, and the number
of State bank members shows a net increase of ten, from 56 to 66, or
an increase in the total number of all member banks in the district
during 1921 from 610 to 626. The aggregate stock subscriptions
increased during the year from 105,386 shares (50% paid $5,269,300),
to. 108,571 shares (50% paid $5,428,550).
The State institutions admitted to membership during 1921 are
as follows:
LIST OF STATE BANKS ADMITTED DURING THE YEAR 1921
Bank of Washington
Bank of Edenton.
1
Farmers Bank & Trust Company.
Carolina Bank & Trust Company
Farmers & Merchants Bank
The Farmers Bank
Potomac Valley Bank
Bank of Lunenburg
Palmetto Bank & Trust Company
Pleasants County Bank.
Merchants & Producers Bank
Carolina Banking & Trust Company
Shenandoah Valley Bank & Trust Company
Farmers & Merchants Bank
Washington, N. C.
Edenton, N. C.
Winston-Salem, N. C.
....Henderson, N. C.
Walterboro, S. C.
Belhaven, N. C.
Petersburg, W. Va.
Kenbridge, Va.
Florence, S. C.
St. Mary's, W. Va.
..Salem, W. Va.
Elizabeth City, N. C.
Martinsburg, W. Va.
Salisbury, Md.
The combined capital and surplus of the fourteen new State
bank members is $1,835,300, with resources aggregating $9,077,535.
During the year one State member bank, having total capital and
surplus of $60,000, withdrew from membership, two were consolidated
28
SEVENTH ANNUAL REPORT OF THE
with N a t i o n a l B a n k s a n d one w a s c o n v e r t e d into a N a t i o n a l B a n k .
A list of all S t a t e m e m b e r b a n k s in t h e Fifth District, as of D e c e m b e r
31, 1921, appears on page 49 of this r e p o r t . T h e n u m b e r of n o n m e m b e r b a n k s in t h e district on D e c e m b e r 3 1 , 1921, is 1,570, of which
a b o u t 797 h a v e sufficient c a p i t a l t o m a k e t h e m eligible for
membership.
RELATIONS
WITH
MEMBER
BANKS—NATIONAL
AND
STATE
Due to the increased demands upon the Department of Bank
Examination, organized in 1919, this department of the Bank was
expanded during 1921 by the addition of three examiners, three
assistant examiners, and two stenographers.
In the work of the Examining Department, the endeavor has
been not only to examine the member banks efficiently, but to bring
about a better understanding of the purpose and operation of the
Federal Reserve System, and the proper use of its functions.
The friendly relations and the co-operative spirit that have
previously existed between this Bank and the various State Banking
Departments in this district were continued throughout the year,
and cordial relations were also more firmly established with the
member banks examined in the district.
Examinations have been made during the year as follows:
State bank members examined jointly with State authorities..
State bank members examined independently by Federal
Reserve examiners
State banks examined ia connection with their applications
for membership in the Federal Reserve System
National banks examined jointly with National Bank examiners
National banks examined independently by Federal Reserve
examiners
National and State bank members visited for special purposes
Total
_
_
43
24
42
6
7
63
185
As shown by the above table, members of the Examining Department made sixty-three special visits to member banks for the
purpose of giving helpful counsel and advice. In all cases the member
banks were materially assisted in this way, in correcting unsatisfactory conditions.
In addition to the work shown above, members of the Examining
Department made thirty trips in connection with campaign for par
clearance of checks during 1921, and also developed a comprehensive
system of analysis of examiners' reports, and the compilation of
various comparative data and certain credit information.
FEDERAL RESERVE BANK OF RICHMOND
29
CAMPAIGN FOR PAR POINTS
At the close of 1920, of the 2,210 banks (excluding branches) in
this district, all were clearing or remitting for checks on themselves
at par except 334 located in the State of South Carolina. On February 5, 1921, the Legislature of the State of North Carolina passed
an act entitled "An Act to Promote the Solvency of State Banks."
According to the provisions of this act, banks in North Carolina are
not required to pay checks presented to them by a Federal Reserve
Bank of any of its agencies in money, but can tender its draft upon
its correspondent in payment. Another provision of the Act allows
banks in North Carolina to deduct exchange in remitting for checks
sent to them by mail, and still another provision of the Act forbids
notaries public to protest checks, payment for which has been refused
by the banks on which they are drawn solely because a demand
has been made for payment in money.
Believing the Act to be unconstitutional, the Federal Reserve
Bank of Richmond proceeded to present and demand payment in
money in all cases in which banks of North Carolina refused to remit
at par for checks sent through the mails. On February 9, 1921,
thirteen non-member banks brought suit against the Federal Reserve
Bank of Richmond in the Superior Court of Union County, North
Carolina, and obtained from the court a restraining order forbidding
the Federal Reserve Bank of Richmond to return as dishonored
checks presented to the plaintiff banks and upon wThich they had
refused to make payment in money. Later, additional non-member
banks joined the suit, and as banks became parties to the suit, the
Federal Reserve Bank of Richmond discontinued to handle checks
drawn upon them. Later, several small banks that were not parties
to the suit declined to remit at par and declined to pay in money upon
presentation of the checks at their counters. As the volume of business on these particular banks was small, it was determined to discontinue handling checks on them until the injunction suit could be
decided. From time to time the Federal Reserve Bank of Richmond
has published a list of the banks that are parties to the injunction
suit and a supplementary list of the additional banks whose checks
for various reasons are not being handled. On December 31, 1921,
there were on the injunction list 230 banks and twenty-five branches.
On the supplementary list there were twenty-four additional banks
or branches, all of which were, of course, non-member banks. Estimating the total volume of checks for the year on the basis of the
volume handled through the Federal Reserve Bank of Richmond
during the month of January, 1921, (when all banks in the State
30
SEVENTH ANNUAL REPORT OF THE
were on the par list) it appears t h a t the banks on the injunction list
and the supplementary list are handling only between 12 and 1 3 % of
the business of the State.
T h e injunction suit is being prosecuted in the S t a t e courts, and
since it involves a question of the constitutionality of the law, it will
doubtless be appealed eventually to the Supreme Court of the United
States.
At the close of December 31, 1921, out of 2,195 banks in the
District, 1,615 were par and 580 non-par. This includes 254 in
North Carolina and 326 in South Carolina.
FIDUCIARY POWERS
Applications for permission to exercise fiduciary powers, under
authority of the Federal Reserve Act as amended September 26,
1918, have been granted during the year to the following members:
NAME
LOCATION
Farmers & Mechanics National Bank of
Georgetown.
Washington, D. C
Federal National Bank
Washington, D. C
Lincoln National Bank
Washington, D. C
Riggs National Bank...
..Washington, D. C
Drovers & Mechanics National Bank.—..Baltimore, Md
Farmers & Merchants National Bank....Baltimore, Md
American National Bank
Danville, Va
Planters National Bank
Fredericksburg, Va.
Peoples National Bank
Pulaski, Va
Pulaski National Bank
Pulaski, Va
Central National Bank
Richmond, Va
First National Bank
Roanoke, Va
Farmers & Merchants National Bank....Winchester, Va
First National Bank.
Bluefield, W. Va.._
Flat Top National Bank...
..Bluefield, W. Va
First National Bank.
Welch, W. Va
American National Bank
Asheville, N. C
First National Bank.....
Durham-, N. C
National Bank of Alamance
Graham, N. C
Commercial National Bank
Charleston, S. C
Norwood National Bank
Greenville, S. C
First National Bank
Spartanburg, S. C...
POWERS GRANTED
12-16-21 (a)
12-15-21 (a)
10-20-21 (a)
11-8 -21 (a)
8-18-21 (b)
2-14-21 (b)
12-29-21 (b)
4-25-21 (b)
7- 7-21 (b)
9- 1-21 (b)
9- 1-21 (b)
12-15-21 (b)
1-25-21 (b)
5- 2-21 (b)
7-27-21 (a)
6-16-21 (b)
3-23-21 (b)
11- 1-21 (b)
1-25-21 (b)
7-12-21 See NOTE
12-29-21 (b)
3- 1-21 (b)
A list of all banks in the Fifth District thus far authorized to
exercise fiduciary powers appears on page 51 of this report.
NOTE: Application amended to include "Trustee," which was inadvertently
omitted from original application. This bank now has full powers.
(a) Authorized to act when not in contravention of State or local law, as:
Trustee, Executor, Administrator, Registrar of Stocks and Bonds, Guardian of
Estates, Assignee, Receiver, Committee of Estates of Lunatics.
(b) Authorized to act when not in contravention of State or local law, as
Trustee, Executor, Administrator, Registrar of Stocks and Bonds, Guardian of
Estates, Assignee, Receiver, Committee of Estates of Lunatics, or in any other
fiduciary capacity in which State banks, trust companies, or other corporations
which come into competition with National banks are permitted to act under the
laws of
(name of State in which bank is located),
the exercise of such rights to be subject to the provisions of the Federal Reserve
Act and the Regulations of the Federal Reserve Board.
FEDERAL RESERVE BANK OF RICHMOND
31
BANKS AUTHORIZED TO ACCEPT UP TO 100% OF CAPITAL
AND SURPLUS
The following is a list of all banks as of December 31, 1921, which
have received permission to accept drafts and bills of exchange up to
100% of their capital and surplus.
Baltimore Commercial Bank
Baltimore Trust Company
Citizens National Bank
Drovers & Mechanics National Bank
Farmers & Merchants National Bank
Maryland Trust Company
Merchants National Bank
National Bank of Baltimore
National Exchange Bank
National Marine Bank.
National Union Bank of Maryland.....
Second National Bank
Western National Bank
First National Bank
Merchants National Bank.....
Citizens Bank of Norfolk.....
National Bank of Commerce...
Norfolk National Bank
Seaboard National Bank...
Virginia National Bank
American National Bank
Bank of Commerce & Trusts
First National Bank
Merchants National Bank
National State and City Bank
Planters National Bank
Murchison National Bank...
Bank of Charleston, N. B. A
Peoples National Bank
Edisto National Bank
Peoples National Bank...
_
Baltimore,
"
"
"
"
"
"
Md.
"
"
"
"
"
"
"
"
"
Danville, Va.
Hampton, Va.
Norfolk, Va.
..'. Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Norfolk, Va.
Richmond, Va.
Richmond, Va.
...Richmond, Va.
Richmond, Va.
Richmond, Va.
Richmond, Va.
Wilmington, N. C.
Charleston, S. C.'
Charleston, S. C.
Orangeburg, S. C.
Rock Hill, S. C.
BALTIMORE BRANCH
The volume of business transacted by the Baltimore Branch
during 1921, which is included in the total transactions of the Bank,
indicates considerable decreases in value in practically every department, but there were increases in the physical volume of business
transacted during the year in almost all departments. The staff of
employees was increased from 153 on January 1st to 171 at the close
of the year, 89 of whom are women and 82 are men. The increase in
the clerical force is accounted for by the fact that the functions of the
former United States Sub-Treasury at Baltimore were assumed and
a portion of its organization was absorbed on January 14, 1921.
Owing to the assumption of the Sub-Treasury functions during the
year it has also been necessary to enlarge the official staff of the
Branch, and C. Percy Hammond was elected Assistant Cashier.
32
SEVENTH ANNUAL REPORT OF THE
OFFICERS (1921):
MORTON M. PRENTIS, Manager.
CHARLES H. WYATT, Cashier.
F. McC. LEEKE, Assistant Cashier.
M. F. REESE, Assistant Cashier.
THOMAS I. HAYS, Assistant Cashier.
C. PERCY HAMMOND, Assistant Cashier.
CHARLES N. DULEY, Assistant Federal Reserve Agent.
RICHARD BRADLEY, Assistant Federal Reserve Agent.
HENRY SCHUTZ, Auditor.
DIRECTORS (1921)
MORTON M. PRENTIS, Manager, Baltimore Branch.
CHARLES C. HOMER, J R . , President, Second National Bank and
Savings Bank of Baltimore.
WILLIAM INGLE, President, Baltimore Trust Company.
WALDO NEWCOMER, President, National Exchange Bank.
H. B. WILCOX, Vice-President, Merchants National Bank.
During the year the Bank Relations Department did excellent
work and the results were very gratifying. Nine State banks in the
Branch zone applied for membership during 1921, five of which became
members. Field representatives, in addition to establishing more
cordial relations by personal visits, spent considerable time in making
more satisfactory arrangements for par remittances.
The Baltimore Branch has for some time rendered a distinct
service to Baltimore banks by effecting daily settlements of Clearing
House balances by debits or credits to the reserve accounts of member
banks. This method has simplified the settlement of Clearing House
balances and has removed the risk involved in transporting large sums
of money from one bank to another, which was formerly necessary.
During 1921 settlement of Clearing House balances, aggregating
$1,658,684,165.82, was made by the Baltimore Branch.
Another distinct service to Baltimore member banks rendered
by the Branch is the personal presentation for payment of checks
drawn on Baltimore banks, not members or associated members of
the Clearing House. A large number of such banks are located in
outlying districts of the city and in accepting deposits of such checks
from Baltimore and out-of-town member banks, and presenting them
for payment, a very helpful service is rendered by the Branch and
considerable risk eliminated for member banks. During 1921 such
transactions involving more than 200,000 checks, aggregating approximately $25,000,000, were conducted by the Branch.
The directors of the Branch pay close attention to its affairs.
The official staff has developed an efficient organization and the
services of the clerical force have been most satisfactory.
FEDERAL RESERVE BANK OF RICHMOND
33
The territory served by the Baltimore Branch comprises the
State of Maryland and the following thirty counties in Northern
West Virginia
Barbour
Berkeley
Braxton
Calhoun
Doddridge
Gilmer
Grant
Hampshire
Hardy
Harrison
Jackson
Jefferson
Lewis
Marion
Mineral
Monongalia
Morgan
Nicholas
Pendleton
Pleasants
Preston
Randolph
Ritchie
Roane
Taylor
Tucker
Upshur
Webster
Wirt
Wood
There are 467 banking offices in this territory, of which 161 are
member banks. Both the Baltimore City member banks and country
member banks have given the Branch their hearty co-operation and
and the relations between the Baltimore Branch and the banks in its
territory have been most cordial.
INTERNAL ORGANIZATION
(Reference, Schedule 37)
The board of directors met monthly throughout the year, 1921,
and in addition held two special meetings. The following figures
indicate the attendance:
4 directors attended 14 meetings
3 directors attended 12 meetings
2 directors attended 11 meetings
To fill a vacancy in the board of directors, caused by the resignation of James F. Oyster, Class B director since 1914, on account of
appointment as Commissioner of the District of Columbia, a special
election was held in May, 1921, by banks in Group 3. Edwin C.
Graham, President of the National Electric Supply Co., Washington,
D. C , was elected to fill the unexpired term to December 31, 1922.
Howard Bruce, Class C director since June, 1918, resigned July,
1921, on account of the pressure of his private business, and the
Federal Reserve Board appointed Frederic A. Delano, General
Consulting Engineer, Washington, D. C , and formerly a member
of the Federal Reserve Board, to fill the vacancy for the unexpired
term to December 31, 1921.
In the annual election, Chas. E. Rieman, President, Western
National Bank of Baltimore, Class A director, and Edmund Strud
34
SEVENTH ANNUAL REPORT OF THE
wick, President, Atlantic Life Insurance Company of Richmond,
Class B director, were both re-elected directors by banks in Group 1,
for three year terms from January 1, 1922.
The Federal Reserve Board reappointed Frederic A. Delano,
Washington, D . C , a Class C director for a three year term beginning
January 1, 1922, and re-designated Caldwell Hardy Chairman of t h e
Board and Federal Reserve Agent for 1922. James A. Moncure was
re-designated Deputy Chairman of the Board for 1922.
MEMBER FEDERAL ADVISORY COUNCIL
At their meeting on December 9, 1920, the directors re-elected
Joseph G. Brown, President, Citizens National Bank, Raleigh, N . C ,
as member of the Federal Advisory Council from the Fifth Federal
Reserve District for the year 1921.
During the year 1921 three additions were made to the official
staff. Hugh Leach, formerly of t h e Auditing Department, was
made Assistant Auditor, effective January 1, 1921, remaining on duty
at the Richmond office. George S. Sloan, formerly Manager of t h e
Credit Department a t the Richmond office, was made Assistant
Cashier, effective August 1, 1921, and remained in charge of the same
Department; C. P. Hammond, formerly Acting Assistant Treasurer
of the United States a t t h e Sub-Treasury in Baltimore, was made
Assistant Cashier of the Baltimore Branch, J a n u a r y 15, 1921, when
the Baltimore Branch assumed Sub-Treasury functions, a n d continued in the performance of the work formerly under his charge.
As of December 31, 1921, the following is the staff of Officers and
Directors to serve for the coming year:
OFFICERS:
GEORGE J. SEAY, Governor.
CHAS. A. PEPLE, Deputy Governor.
R. H. BROADDUS, Deputy Governor.
ALBERT S. JOHNSTONE, Assistant to Governor.
J. S. WALDEN, JR., Assistant to Governor.
GEORGE H. KEESEE, Cashier.
CALDWELL HARDY, Federal Reserve Agent and Chairman of the Board.
A. H. DUDLEY, Assistant Federal Reserve Agent.
J. G. FRY, Assistant Federal Reserve Agent.
E. G. GRADY, Auditor.
HUGH LEACH, Assistant Auditor.
C. V. BLACKBURN, Assistant Cashier.
THOMAS MARSHALL, JR., Assistant Cashier.
W. W. DILLARD, Assistant Cashier.
EDWARD WALLER, JR., Assistant Cashier.
GEORGE S. SLOAN, Assistant Cashier.
COUNSEL:
MAXWELL G. WALLACE
FEDERAL RESERVE BANK OF RICHMOND
35
DIRECTORS:
Director.
CLASS
Term Expires.
"A"
J. F. Bruton, President, First National Bank, Wilson, N. C
Dec. 31, 1922.
L. E. Johnson, President, First National Bank, Alderson, W.Va. ...Dec. 31, 1923.
Chas. E. Rieman, President, Western Nat. Bank, Baltimore, Md...Dec. 31, 1924.
CLASS
"B"
Edwin C. Graham, Pres., Nat, Electric Supply Co., Wash., D.C Dec. 31, 1922.
D. R. Coker, Merchant and Planter, Hartsville, S. C
Dec. 31, 1923.
Edmund Strudwick, Pres., Atlantic Life Ins. Co., Richmond, Va...Dec. 31, 1924.
CLASS
"C"
Jas. A.Moncure, Sec.-Treas.,Richmond Guano Co.,Richmond,Va.Dec. 31, 1922.
Caldwell Hardy, Chairman and Federal Reserve Agent, Richmond,
Va.
,.._..
-..-Dec. 31, 1923.
Frederic A. Delano, General Consulting Engineer, Wash., D. C
Dec. 31, 1924.
The total increase in personnel during the year 1921, as shown
in the table below, is accounted for as follows: more than one-half
of the increase in the Richmond office is due to additions to the force
of guards, mechanics, cleaners, and other non-clerical help made
necessary by the occupancy of the new buildings on October 22nd,
1921; all the increase in personnel at the Baltimore Branch is accounted for by the assumption of Sub-Treasury functions in January,
1921; of the eighteen employees released by the Government Savings
Organization during the year, six were necessarily re-employed by
the Bank to do work which had formerly been handled through the
Government Savings Organization. Owing to improved facilities
in the new buildings at Richmond, and to decreased fluctuations in
personnel, the efficiency of all employees has steadily increased,
making possible a reduction in the clerical force during the last
several months.
Schedule 40 gives a table of officers and employees with their
salaries as compared with previous years.
The following table summarizes the changes in the total personnel
during 1921, and shows an increase of seventy-eight, or 11.7%, in
the number of employees.
Dec. 31,
1920
Dec. 31,
1921
Increase
Number
228
264
288
282
60
18
26.3
492
570
78
15.9
64
90
83
89
19
29 7
154
172
Increase
Per Cent.
RICHMOND OFFICE:
Male...
Female
Total
6.8
BALTIMORE BRANCH:
Male....
Female
Total
Decrease 1
18
11.7
SEVENTH ANNUAL REPORT OF THE
36
Dec. 31,
1920
Dec. 31,
1921
6
15
1
2
Decrease 5
Decrease 13
21
3
Decrease 18
298
369
372
373
74
4
24.8
667
745
78
11.7
Increase
Number
Increase
Per Cent.
GOVERNMENT SAVINGS ORGANIZATION:
Male
Female
Total
GRAND TOTAL:
Male
Female
Total..
1.1
In the new buildings a specially equipped hospital room has been
set aside in charge of a trained nurse who devotes her whole time to
looking after the health of employees on duty and in administering
first aid, preventing the spread of epidemics, inspecting the sanitary
conditions of the premises, and similar work. Arrangements were
also provided in the new buildings for the establishment of a cafeteria
which will be opened early in 1922 and in which plain, substantial,
nourishing food will be served employees at cost—one meal a day,
luncheon.
AUDITING DEPARTMENT
It is recognized that banking institutions of the magnitude of the
Federal Reserve Banks must have adequate facilities for regularly
and efficiently auditing their affairs. All of the Federal Reserve
Banks have devoted a good deal of attention to this subject, and it is
believed that the Auditing Departments of the several banks have
been developed to a high degree of efficiency.
The Auditing Department of the Federal Reserve Bank of
Richmond is in charge of the Auditor, who is an independent officer
of the Bank, reporting to the Board of Directors through its Chairman,
and to the Governor of the Bank. A similar department is maintained at the Baltimore Branch in charge of the Branch Auditor and
under the general supervision of the Auditor at the Head Office.
At the close of 1921 the Auditing Department at the Head
Office had a total of nineteen employees, including the Auditor, and
there were six employees in the department at the Baltimore Branch.
The following is a brief outline of the functions of the Auditing
Department:
FEDERAL RESERVE BANK OF RICHMOND
37
Makes periodical audits of each account on the Bank's general
ledger and of each department of the Bank, including the Fiscal
Agency Department. Verifies the income and expenses of the Bank.
Reconciles accounts with other Federal Reserve Banks semi-monthly
and obtains monthly reconcilements of member banks' accounts.
Jointly controls the Federal Reserve Agent's cash and reserve cash of
the Bank. Has joint control of all securities held by the Custodian
of the Bank. T h e Auditing Department at the Head Office has joint
control of the securities held by the Fiscal Agency Department and
makes periodical balance sheet audits of the Baltimore Branch.
PRINTING DEPARTMENT
Several years ago the Bank began to operate in a small way its
own printing shop, in order that it might promptly issue circulars
and provide forms for the various departments needed in emergencies.
This project, which was rather an experiment, proved to be so expedient, so highly satisfactory and economical, that it has been developed from time to time until at present the Bank maintains a completely
equipped printing office. Practically all of the circulars, statements
and the many departmental forms necessary to the activities of the
Bank are printed in this plant with the utmost dispatch and regularity.
This has proven to be such a tremendous advantage and source of
satisfaction t h a t it is felt that the printing office is indispensable.
Aside from the satisfaction and the importance of having circulars
and forms printed promptly, it is estimated that a considerable
saving is effected by the Bank in the operation of its own printing
plant. During the year 1921 the Bank's printing office turned out
5,180,140 circulars, forms, etc., of various sizes and character, at a
saving, carefully and conservatively estimated, of $6,720 over the
cost of the same work if it had been placed with outside printers.
BANK PREMISES
Reference to previous annual reports will show that when organized in 1914 with sixteen officers and employees, the Federal
Reserve Bank of Richmond occupied rented quarters at 1109 East
Main Street. At the close of 1916 the force of the Bank had grown to
sixty-three. During 1917, principally in connection with the early
Liberty Bond issues, the force grew to 110, and it became necessary
to lease the adjoining building, 1107 East Main Street, and in addition
the main banking room of 1016 East Main Street. The subsequent
38
SEVENTH ANNUAL REPORT OF THE
growth in the check collection system of the Bank, increases in the
volume of cash and securities held, the sale and conversion of the
various Liberty Bond issues, and other departmental increases, with
corresponding increases in the number of employees, made it necessary
t h a t enlarged office space and vault facilities be acquired. T o meet
these contingencies, additional quarters were obtained at various
intervals until the parent Bank, with its force numbering considerably
over 500 officers and employees, occupied in 1921 the following seven
buildings:
1109 East Main Street, basement and 4 stories, without elevators.
1107 East Main Street, basement and 4 stories, without elevators.
1016 East Main Street, basement and 2 stories, without elevators.
1104 East Main Street, 2nd floor Union Bank building, without elevators.
1111 East Main Street, 3rd floor National State & City Bank building, without
elevators.
1112 East Main Street. 3rd floor, without elevators.
809 East Main Street, 1st floor.
The three first named buildings were equipped with five comparatively small vaults, but these vaults combined were insufficient
to meet the Bank's requirements, and their construction offered inadequate protection, particularly in view of the serious fire hazard in
all of the buildings. Vault space had, therefore, been acquired from
the following member banks:
First National Bank, corner 9th and Main Streets.
Planters National Bank, corner 12th and Main Streets.
The scattered location of the buildings, with no elevator service,
and the insufficient and inadequate vault facilities, proved to be a
serious handicap to the Bank in its operations. The fire hazard was
extreme and the working conditions very unhealthful.
The directors and officers recognized the increasing seriousness of
the situation as early as 1916, and purchased, with the approval of
the Federal Reserve Board, a site facing Capitol Square at the corner
of Franklin and 9th Streets, one short block from the financial center
of the city, upon which to erect a building to be equipped to meet the
Bank's requirements. The competition for the design of the new
building was outlined in the Bank's annual report for 1917, and the
approved design was accepted by the Bank in May, 1918.
As originally contemplated the building provided accommodation
for about 300 officers and employees, but in view of the Bank's rapid
growth the plan was subsequently enlarged to accommodate a force
of 500. Owing to continued growth an additional site was later
FEDERAL RESERVE BANK OF RICHMOND
39
p u r c h a s e d a t t h e corner of F r a n k l i n a n d 8th streets, in t h e rear of
t h e proposed new building. Complete plans for t h e B a n k building
were p r e p a r e d a n d erection commenced in J u n e , 1919, since t h e
unsatisfactory housing conditions under which t h e B a n k was operating
m a d e it i m p e r a t i v e to proceed with construction. However, owing
t o t h e u n s e t t l e d conditions in t h e building trade, it was impracticable
to m a k e a general c o n t r a c t for t h e building. Therefore, a c o m p e t e n t
general c o n t r a c t o r w a s employed on a flat fee basis. T h e different
b r a n c h e s of w o r k were let to sub-contractors, after competitive bids,
a n d no w o r k w a s d o n e on t h e "cost p l u s " basis.
While g r o u n d w a s b r o k e n for t h e building on J u n e 2, 1919, u n avoidable delays incident to post-war conditions prevented its completion in 1920, as h a d been anticipated. Meanwhile t h e B a n k ' s
activities h a d c o n t i n u e d to expand, a n d in t h e fall of 1920, t h e n u m b e r
of employees h a d exceeded t h e m a x i m u m n u m b e r t h a t could be
efficiently housed in t h e new building, leaving no contiguous room
for d e p a r t m e n t a l increases. M e a n t i m e , under a u t h o r i t y of an Act
of Congress, a p p r o v e d M a y 29, 1920, Federal Reserve B a n k s as fiscal
a g e n t s were directed b y t h e Secretary of t h e T r e a s u r y to assume
U n i t e d S t a t e s S u b - T r e a s u r y functions during t h e fiscal year, ending
J u n e 30, 1921. It, therefore, became necessary to erect immediately
an a n n e x building in t h e rear on the site purchased in 1919. W o r k i n g
plans were d r a w n , a n d c o n t r a c t s m a d e for t h e work upon t h e competitive basis employed in t h e erection of t h e main building. G r o u n d
was broken for t h e a n n e x building on J a n u a r y 5, 1921. T h e design
being simpler t h a n t h a t of t h e main building, t h e two were completed
simultaneously, a n d t h e B a n k was transferred to its new q u a r t e r s on
October 22, 1921.
DESCRIPTION OF NEW BUILDINGS
T h e new h o m e of t h e Federal Reserve B a n k of R i c h m o n d therefore consists of t w o buildings connected across the intervening narrow
lane b y a n u n d e r g r o u n d t u n n e l and an overhead enclosed bridge.
Viewed from t h e outside t h e most noticeable characteristic of t h e two
buildings is t h e a r c h i t e c t u r e of t h e main building, which is a free
a d a p t a t i o n of G r e e k precedent interpreted to harmonize with m o d e r n
conditions. T h e colonnade of Ionic columns and the low, projecting
side wings t h a t rest on a broad, simple base of granite, present a
dignified a p p e a r a n c e , in keeping with t h e great American B a n k i n g
System.
T h e s t r u c t u r e is of steel, concrete and brick, faced on t h e exterior
with I n d i a n a limestone. T h e building consists of b a s e m e n t a n d subb a s e m e n t , each extending u n d e r the sidewalks to the curb line, a n d
40
SEVENTH ANNUAL REPORT OF THE
six stories above. The front entrance to the building is from Ninth
Street, and leads through an ample vestibule on the street level up
four steps into the large main banking room. T o the left is located
the Governor's office, and on the right t h a t of the Chairman of the
Board and Federal Reserve Agent. Conference and committee
rooms, stairway and elevators are at the rear. The greater portion
of the first floor is therefore occupied by the banking room, which is
practically two stories high. T h e walls are of Indiana limestone
from floor to ceiling—the clere-story walls being supported by massive
Doric columns of pink Tennessee marble. The ceiling is of dignified
design and ornamentation. Absence of the usual banking screens
and partitioned offices furnishes the impression of openness and
ample space. The Bank officials and their assistants are located
back of the columns, separated by low marble rails, and in the "Island"
or center of the room.
The next four floors are devoted to the working force of the Bank
and the sixth provides a cafeteria room for the use of the Bank's
officers and employees. This was not a part of the original design,
but was added later to meet the increased requirements of the Bank.
The Annex is in design a typical modern office building, but is
constructed of the same materials and thus harmonizes with the main
building. It has a deep basement and six working floors, which are
occupied by the transit (or check collection) and other important
departments of the Bank. T o provide for future contingencies the
foundation and structure of this six story annex is designed to carry
four additional stories. The characteristics of the interior architecture and construction are extreme simplicity and durability.
Both buildings are entirely fire-proof, having steel frame stairs,
with all openings and doors of metal. Cork tile flooring, laid on
concrete, is used throughout both buildings, except on the main
banking room and basement lobby of the main building, where the
floors are of marble, and on the basement of the Annex and subbasement of the main building, where concrete is used. The ceilings
of all rooms, except the main banking room, are constructed of a
porous, sound-absorbing tile, which in combination with the cork
flooring eliminates, as far as possible, the reverberation and sounds
from the constant operation of adding machines, typewriters and
other equipment.
Each building is equipped with three elevators, and the Annex
building is provided with an electric lift for direct distribution of
papers and records between floors.
FEDERAL RESERVE BANK OF RICHMOND
41
In addition to the elevator service all floors of the main building
and the first floor of the Annex are connected by a pneumatic tube
delivery system, through which papers may be quickly dispatched
from one department to another on different floors, or in the different
buildings.
An efficient automatic telephone system connects all departments
in both buildings, thus eliminating delays incident to interior 'phone
calls passing through a central station. A further aid to the telephone
service is the "Telecal"—an electric system of gongs, by which an
officer or department head, if in either building, may be instantly
located and called to the 'phone. The usual delay and searching for
an officer is thus entirely eliminated.
Complete systems of fire and burglary alarms are provided
throughout both buildings, which are connected with the city fire and
police departments. The outstanding feature of the two buildings
is the vault and vault rooms. To meet the requirements of the
Bank a great amount of study was given to this subject, the accessibility to those requiring vault space and the security of the contents
being the predominant considerations. The main vault is three
stories high, and communication between the various floors is by
means of a stairway and automatic elevator located entirely within
the vault. Entrance to the vault is through one main door on the basementfloor,which is reached by passing through the vault custodian's
office or lobby, situated directly in front of the vault door and surrounded by a heavy steel grille. The main door is twenty-nine inches thick,
composed of a steel casting reinforced by eighteen inches of alternate
plates of drill proof steel and non-burnable metal. When locked, the
bolts are controlled by a quadruple movement time-lock and two combinations. The body of the vault is constructed of heavy concrete walls,
doubly reinforced with steel rods, with four inches of inside lining composed of drill and explosive proof steel and non-burnable metal. All the
walls and the door are further protected with modern electric burglary
alarm systems. The interior of the vault is equipped with steel
lockers, specially designed to meet the particular requirements of
each department of the Bank. Each locker has a double combination
and a special locking device, thus providing the triple control maintained on all compartments containing cash or securities. All money
in transit from one department to another in the Bank is transported
in steel busses, which have double combination locks.
In addition to the main vault an emergency vault, smaller in
size, but equal in strength, is also provided. Both vaults are located
42
SEVENTH ANNUAL REPORT OF THE
in such a manner that none of the walls are contiguous to the outside
walls of the building, thus leaving an inside passage way extending
around the entire area where the vaults are situated.
The furniture on the main banking floor is of mahogany, but all
other floors of both buildings are equipped with a serviceable oak,
except where metal is used for such units as fire-proof safes, filing
cabinets, etc. Stock patterns of furniture are used throughout,
except in the book-keeping, transit (check collection) and currency
assorting departments, where it was found that specially designed
desks providing the maximum convenience permitted quicker dispatch
and greater production from individual effort.
The light and ventilation of both buildings are ideal, little
artificial light being needed, because no part of the space devoted to
offices is more than twenty-five feet from outside light. Durability,
strength, and adaptability to Federal Reserve Bank purposes are
characteristic throughout both buildings and all of the equipment.
The success attained may be measured by the quick and accurate
dispatch of the enormous volume of the Bank's transactions, which
are treated in detail in other parts of this report.
The cost of all real estate owned by the Federal Reserve Bank of
Richmond, as of December 31, 1921, is shown in the following table:
STATEMENT OF REAL ESTATE OWNED BY FEDERAL RESERVE BANK
OF RICHMOND
Cost
Amount Book Value
Charged Dec. 31, 1921
Off
RICHMOND:
Main Building Property
NINTH AND FRANKLIN STS.
Lot
Building proper
Fixed machinery
equipment
Vaults
$ 121,691.84
306,191.82
294,119.07 1,836,777.42
334,402.18 1,502,375.24
$1,958,469.26
and
$21,691.84 $ 100,000.00
$356,094.02 $1,602,375.24
$
$30,000.00 $
$1,236,466.53
Total main building
Annex Building Property
EIGHTH AND FRANKLIN STS.
Lot
Building proper
Fixed machinery
equipment
Total annex
and
474,653.40
104,217.29
80,293.90
578,870.69
$ 659,164.59
63,215.72
50,293.90
515,654.97
$ 93,215.72 $ 565,948.87
FEDERAL RESERVE BANK OF RICHMOND
43
STATEMENT OF REAL ESTATE OWNED BY FEDERAL RESERVE BANK
OF RICHMOND—Continued
Cost
BALTIMORE:
Property at South and Redwood Sts. (present quarters, Baltimore Branch)....
Property at Calvert and
Lexington Streets
RECAPITULATION:
All property owned in Richmond.....
_
All property owned in
Baltimore
Total.
$ 201,023.50$
251,192.90
2,617,633.85
452,216.40
Amount
Charged
Off
Book Value
Dec. 31.1921
50$ 180,000.00
21,023.5
55,192.90
196,000.00
449,309.74 2,168,324.11
76,216.40
376,000.00
$3,069,850.25 $ 525,526.14 $2,544,324.11
Contracts for the main bank building were let prior to the peak of construction
costs and contracts for the Annex subsequent thereto. The contractors estimate
that both buildings might be constructed under present conditions at about 10%
less than cost. The amounts charged off represent adjustments to these conditions and charges against fixed machinery and equipment, subject to wear, tear
and change.
MONTHLY REPORT OF GENERAL BUSINESS AND
AGRICULTURAL CONDITIONS
As in the previous several years, the Bank continued to publish
during 1921 for circulation among bankers and business men a monthly
Report of General Business and Agricultural Conditions in the
Fifth Federal Reserve District. This report is the outgrowth of
the monthly statement regarding general business and agricultural
conditions in the District originally sent by the Federal Reserve
Agent only to the Federal Reserve Board for its information. It is a
summary of the District's important financial, industrial, commercial and agricultural activities, based upon direct inquiry and
upon the analysis of current banking and business statistics, which
serves as one of the agencies for keeping in the closest possible touch
with business needs and changes in all parts of the District. The
report is distributed free of cost to member banks, and to others upon
request. A similar report is published by all other Federal Reserve
Banks relating to current conditions in their respective Districts.
44
SEVENTH ANNUAL REPORT OF THE
SUMMARY OF ACTIVITIES
(Comparison Between Years 1921 and 1920)
The activities of the Bank which have been covered in this report
are summarized below in tabular form, giving a comparison of the
years 1921 and 1920:
1920
1921
Total paper discounted and bought
Average daily amount of paper discounted
and bought
Average daily holdings of discounted and
bought paper
Banks accommodated (number)
Rediscounts with other F. R. Banks
Investments in U. S. Securities
Average daily holdings of U. S. Securities..
Average daily holdings of all invested
assets
Total earnings on all invested assets
Average daily earnings on all invested
assets
Average rate of earnings on all invested
assets
Total gross earnings
Expenses
Dividends paid....
Clearing operations by Transit Department:
Number of checks handled
Total amount cleared
Direct Routings by Member Banks:
Number of cash letters
Amount of cash letters
Clearings with other F. R. Banks through
Gold Settlement Fund
Total Gold Settlement Fund Operations:
Gold received through Fund
Gold disbursed through Fund._
Non-cash collections:
Number handled
Amount handled
Currency Receipts:
From banks in Fifth District
From other Federal Reserve Banks
Currency Shipments:
To banks in Fifth District...
To other Federal Reserve Banks
Total number of telegrams sent and received over private wire
Telegraphic Transfer of Money for Member
Banks over private wires:
Number of transfers
Amount of transfers
Interest Coupons from U. S. Securities
received and paid:
Number of coupons
Value of coupons
7
2,775,016,400 $
3,398,033,156
9,158,470 $
11,177,741
107,159,637
494
500,000,000
37,000,100
9,620,036
$
$
$
$
112,430,909
438
700,000,000
84,002,000
13,773,047
116,779,673 $
6,547,369 $
126,203,956
6,675,440
17,938 $
18,239
5.61%
6,729,679 $
2,127,174 $
322,203 $
5.29%
6,909,143
1,521,948
293,052
39,260,432
8,620,888,130 $
33,731,801
11,505,945,224
149,859
1,377,295,260 $
151,415
2,043,114,649
11,033,672,000 $
14,387,832,000
6,169,589,000 $
6,170,924,000 $
8,076,611,000
8,081,383,000
99,622
147,586,754 $
52,947
124,693,251
264,805,438 $
87,360,125 $
194,498,377
71,452,705
244,778,495 $
60,320,250 $
243,019,912
69,994,240
91,614
76,370
25,130
1,149,717,699
21,836
1,246,861,158
3,263,611
21,760,669
4,176,822
23,474,500
FEDERAL RESERVE BANK OF RICHMOND
1921
Coupons cut from Securities held for Customer Banks:
Number of coupons clipped
Value of coupons clipped
Number of pieces of Registered Mail
handled:
Incoming
Outgoing
.....
Total
Daily average
Total of all Currency and Coin Handled:
Receipts
Disbursements
304,192
4,004,557
45
1920
388,297
4,680,362
72,379
124,437
196,816
650
451,347,256
446,367,787
Impracticable to obtain figures for 1920.
FISCAL AGENCY OPERATIONS
(References, Schedules 36 to 38, Inclusive)
As Fiscal Agent of the United States Government the Federal
Reserve Bank of Richmond continued during 1921 to receive and
disburse funds for the account of and under instructions from the
United States Treasury Department. The Bank handled the sale,
delivery and redemption of United States Certificates of Indebtedness, Treasury Notes and Government Savings Securities in this
District and also the exchange, conversion and registration of Liberty
Loan Bonds and Victory Notes for banks and the public. The
analysis of the United States Treasurer's General Account for the
year 1921 (Schedule 38) shows total receipts and total disbursements
for account of the United States Treasurer, each aggregating approximately one billion dollars, which reflects the continued large
volume of Fiscal Agency transactions handled.
As shown in detail in Schedule 37, the sales during 1921 of
United States Certificates of Indebtedness and Treasury Notes
amounted to $111,628,000, the redemptions amounted to $59,604,000,
and the receipts and deliveries in connection with denominational
exchanges of these securities amounted to.$19,256,000, or a total of
$190,488,000 in such transactions, consisting of an aggregate number
of 62,468 pieces. The redemption of War Savings Stamps and the
sales of Government Savings Securities involved the handling of
540,182 individual items, aggregating approximately $2,500,000.
Schedule 37 also shows in detail the United States Liberty Loan and
Victory Note transactions during the year 1921. The total number
46
SEVENTH ANNUAL REPORT OF THE
of pieces received a n d delivered w a s 1,621,703, a m o u n t i n g to nearly
half a billion dollars. C o u p o n s from U n i t e d S t a t e s securities paid
a n d charged to t h e account of t h e T r e a s u r e r of t h e U n i t e d S t a t e s
during the year n u m b e r e d 3,263,611, a g g r e g a t i n g $21,760,669.
Schedules 36 to 38, inclusive, show t h e Fiscal Agency o p e r a t i o n s
of the Bank in detail for t h e y e a r 1921.
WAR FINANCE CORPORATION
In the latter part of 1921, this Bank, at the request of the War
Finance Corporation, agreed to act as its fiscal agent in connection
with advances to be made by the Corporation under Section 24 of
the War Finance Corporation Act, as amended. In the capacity of
fiscal agent we are not called upon to pass upon applications for loans
or the sufficiency of collateral. These matters are handled under
the direction of the Corporation by representatives specially appointed
in different localities and by the directors of the Corporation in
Washington. Upon receipt of proper authority we accept from the
Bank, corporation, or other person to whom a loan has been granted
the obligation and collateral which have been accepted by the directors
of the War Finance Corporation, and upon their specific authority
we pay over the amount of the loan.
We accept and take charge of all collateral offered, forwarding
it for collection at the proper time under the direction of the Corporation, and accept payments and part payments in accordance with
regulations made by the Corporation. Up to the close of business
December 31, 1921, 101 advances amounting to $7,764,900.06 had
been made through us. As the year drew to a close the activities
of the Corporation in our District were on the increase and the
indications were that the volume of loans would be very large, at least
in the early part of 1922. There are at present nine clerks who give
their entire time to this work, and the supervision of officers and counsel is of course required. The salaries of employees are paid by the
War Finance Corporation.
GOVERNMENT SAVINGS ORGANIZATION
During the year 1921 the paid staff of what was formerly known
as the "War Loan Organization" was reduced from twenty-one to
three persons and the name changed to "Government Savings Organization." The personnel of this organization now consists of a
Director, reporting to the Governor, and two clerks. This organiza
FEDERAL RESERVE BANK OF RICHMOND
47
tion acts as a publicity and distributing agency in furthering the sale
of Treasury Savings Certificates, War Savings Stamps, and Thrift
Stamps. T h e Government Savings Organization, while closely
related to the Bank, is, strictly speaking, not a part of the Bank's
force, being rather a special group employed for extra work under the
general direction, and as a subsidiary agency of the Treasury Department, the salaries being reimbursed to the Bank by the Treasury
Department.
GENERAL B U S I N E S S A N D BANKING CONDITIONS
A view of the District's commercial events during 1921 reveals
with particular clearness the uneven progress of business recovery.
T h e early months of the year were characterized by a restricted
movement of raw materials and finished goods, a continued rapid
and irregular decline in their prices, and a consequent decreasing
scale of business operations. T h e lessened volume of business and
lower prices reduced the pressure on bank credit, though the burden
of slow loans continued. Wage reductions and unemployment
reduced buying power, curtailing further business activity. Demand
was impaired by the failure of retail prices to decline equitably with
wholesale prices, with the result that the returns of farmers and
other wholesale producers were insufficient to justify the usual volume
of purchases by them as retail consumers. It was evident t h a t
much of the maladjustment was caused by the inevitable reaction
from over-trading during the years 1919 and 1920.
During the spring and summer months of 1921 there were some
signs of improvement. Lower interest rates in the investment
market reflected better credit conditions, also reflected the reduced
volume of business. There was a revival in the textile industry, in
the price of cotton, and improvement in sales of needed staple goods.
This activity continued through the closing months of the year,
thought somewhat seasonal and mixed in net results. Coal production in the District for the year 1921 was the lowest on record,
while favorable crop conditions resulted in good yields of cotton,
tobacco and grain, except t h a t in certain localities the yeild of cotton
was seriously reduced by the boll weevil. The proceeds from the
sale of crops provided a measure of relief to the banking situation
through a moderate liquidation of loans with country banks, accounts
with rural merchants, and other enterprises dependent largely upon
farming for relief. T h e sustained activity in the investment market
resulted in the absorption of a large volume of United States Government securities by investors, at prices approximating par, bringing
48
SEVENTH ANNUAL REPORT OF THE
a further relief to b a n k s generally. T h u s t h e close of t h e y e a r found
t h e general b a n k i n g conditions very m a t e r i a l l y improved, t h o u g h
cognizance m u s t be t a k e n of t h e fact t h a t t h e r e r e m a i n s a considerable
residue of non-liquid b a n k loans. However, t h e b u r d e n of r e t a r d e d
credits has been notably lightened, a n d m a n y elements of weakness
have been eliminated t h r o u g h a d j u s t m e n t s to new conditions, accomplished b y t h e co-operation, counsel a n d advice of t h e D i s t r i c t ' s
more conservative and constructive b a n k e r s a n d business m e n .
APPENDIX I
List of All State Bank Members Fifth Federal Reserve District
December 31, 1921
STATE AND NAME OF BANK
DISTRICT OF COLUMBIA:
Continental Trust Company
MARYLAND:
Baltimore Commercial Bank
Baltimore Trust Company....
Liberty Bank of Baltimore County
Maryland Trust Company
Hamilton Bank
The Overlea Bank
Farmers & Merchants Bank....
CITY
Washington
Baltimore
..Baltimore
Baltimore
Baltimore
Hamilton
Overlea
.Salisbury
ADMITTED
Nov. 2, 1914.
Nov. 14, 1917.
Nov. 9, 1917.
July 15, 1918.
Jan. 7, 1918.
Sept. 20, 1918.
Feb. 10, 1919.
Dec. 1, 1921.
VIRGINIA:
Citizens Bank & Trust Company
....Blackstone
The Cambria Bank
Cambria..
Peoples Bank & Trust Company
:
Chase City
Bank of Christiansburg..
Christiansburg
The Greensville Bank.........
Emporia
Merchants & Farmers Bank
Emporia
Peoples State Bank, Inc
Galax
Bank of Lunenburg...
.Kenbridge
State Bank of Kenbridge
Kenbridge..
The Citizens Bank of Norfolk
Norfolk.
Petersburg Savings & Trust Company
Petersburg.
Bank of Commerce & Trusts
Richmond
Savings Bank of Richmond
Richmond
The Union Bank of Richmond
Richmond
The Peoples Bank..
Rural Retreat
Nov. 15, 1919.
Dec. 31, 1918.
Sept. 22, 1917.
Dec. 20, 1918.
Sept. 16,1918.
May 9, 1919.
Sept. 13, 1920.
May 27, 1921.
Aug. 10, 1920.
Dec. 5, 1917.
July 6, 1920.
June 2, 1919.
Nov. 2, 1914.
Sept. 6, 1918.
Mar. 13, 1920.
WEST VIRGINIA:
The Berwind Bank
Berwind
Kanawha Valley Bank
Charleston...
The Franklin Bank...
Franklin
Grafton Banking & Trust Company
Grafton.
Putnam County Bank....
Hurricane
Shenandoah Valley Bank & Trust Company..Martinsburg
Potomac Valley Bank
Petersburg
Pleasants County Bank.....
St. Marys
Merchants & Producers Bank
Salem
Mar. 23, 1920.
Jan. 21, 1918.
Aug. 5, 1918.
Nov. 27, 1917.
June 8, 1920.
Nov. 12, 1921.
May 26, 1921.
July 16, 1921.
Oct. 3, 1921.
NORTH CAROLINA:
Battery Park Bank..
The Farmers Bank
American Trust Company
Independence Trust Company...
Bank of Edenton
Carolina Banking & Trust Company
Farmers Bank & Trust Company.....
Carolina Bank & Trust Company
Bank of Morehead City....
Mar. 29, 1918.
May 27, 1921.
Sept. 11, 1918.
Nov. 18, 1919.
April 1, 1921.
Oct. 6, 1921.
Nov. 26, 1920.
April 20, 1921.
Mar. 11, 1920.
.Asheville
Belhaven....
Charlotte
Charlotte
..Edenton
Elizabeth City
Forest City
Henderson
Morehead City
50
SEVENTH ANNUAL REPORT OF THE
NORTH CAROLINA:
New Bern Banking & Trust Company
The Peoples Bank..._
Farmers Banking & Trust Company
Bank of Washington
The Planters Bank.
Farmers Bank & Trust Company
Wachovia Bank & Trust Company
SOUTH CAROLINA:
Carolina Savings Bank
Bank of Cheraw
Merchants & Farmers Bank
The Commercial Bank
Bank of Darlington
Commercial & Savings Bank
Palmetto Bank & Trust Company
Bank of Georgetown
The Peoples Bank.
Bank of Hartsville
Citizens Bank & Trust Company
The Farmers Bank
The Home Bank
Peoples Bank of Sumter.
Nicholson Bank & Trust Company
Farmers & Merchants Bank
Westminster Bank.
Bank of Woodruff...
New Bern
New Bern
Tarboro
Washington
Wilson.__
Winston-Salem
Winston-Salem
:
Feb. 1, 1918.
April 8, 1919.
Feb. 27, 1920.
Jan. 25, 1921.
May 28, 1920.
April 8, 1921.
July 1, 1918.
Charleston
Cheraw
Cheraw
Chester.....
'.Darlington
Florence.Florence
Georgetown
Georgetown.
L.Hartsville
Rock Hill
St. George
St. Matthews.
Sumter
Union
Walterboro
Westminster
Woodruff
_..._
Sept. 24,1918.
May 3, 1918.
Jan. 3, 1916.
Sept. 19, 1918.
Sept. 30, 1918.
Oct. 24, 1918.
May 31, 1921.
Oct. 7, 1918.
Dec. 20, 1918.
Oct. 15, 1915.
Oct. 17, 1919.
April 5, 1920.
Mar. 5, 1919.
Mar. 4, 1916.
Sept. 9, 1918.
May 4, 1921.
Dec. 3, 1917.
Nov. 2, 1914.
APPENDIX II
List of AH National Banks in Fifth Federal Reserve District
Authorized to Exercise Fiduciary Powers Under Section
11 (k) of the Federal Reserve Act, as Amended,
As of December 31, 1921
NAME.
LOCATION
Commercial National Bank.
Washington, D. C.
Farmers & Mechanics Nat'l Bk. of Georgetown..Washington, D. C.
Federal National Bank.
Washington, D. C.
Lincoln National Bank
Washington, D. C.
National Metropolitan Bank.__
Washington, D. C.
National Bank of Washington
Washington, D. C.
Riggs National Bank...
Washington, D. C.
Drovers & Mechanics National Bank...
Baltimore, Md.
Farmers & Merchants National Bank
Baltimore, Md.
Merchants National Bank
Baltimore, Md.
Second National Bank.
Baltimore, Md.
Western National Bank.
Baltimore, Md.
Second National Bank......
Cumberland, Md.
Farmers & Mechanics National Bank _
Frederick, Md.
Second National Bank.—
Hagerstown, Md.
First National Bank.Hyattsyille, Md.
First National Bank.
New Windsor, Md.
Citizens National Bank.
Pocomoke City, Md.
National Bank of Rising Sun
Rising Sun, Md.
Montgomery County National Bank
Rockville, Md.
Salisbury National Bank
Salisbury, Md.
First National Bank.
Abingdon, Va.
Citizens National Bank.
Alexandria, Va.
First National Bank
Alexandria, Va.
First National Bank.
Appalachia, Va.
National Bank of Charlottesville
Charlottesville, Va.
Peoples National Bank
Charlottesville, Va.
First National Bank
Chase City, Va.
First National Bank.
Chatham, Va.
Clifton Forge National Bank.
Clifton Forge, Va.
First National Bank.
Clifton Forge, Va.
Citizens National Bank.
Covington, Va.
Covington National Bank
Covington, Va.
American National Bank
Danville, Va.
First National Bank.
Danville, Va.
Planters National Bank
Fredericksburg, Va.
First National Bank
Harrisonburg, Va.
Rockbridge National Bank
Lexington, Va.
Peoples National Bank
Martinsville, Va.
First National Bank
Newport News, Va.
:
National Bank of Commerce
Norfolk, Va.
Seaboard National Bank
Norfolk, Va.
Virginia National Bank.-..
Petersburg, Va.
The Peoples National Bank.
Pulaski, Va.
The Pulaski National Bank
Pulaski, Va.
American National Bank
Richmond, Va.
Central National Bank
Richmond, Va.
First National Bank.
Richmond, Va.
f
f
f
f
f
f
t
*
*
f
f
f
f
*
f
f
t
t
j
*
*
t
j
t
t
f
*
f
t
*
f
*
52
SEVENTH ANNUAL REPORT OF THE
Merchants National Bank
American National Bank
First National Bank.
National Exchange Bank
Peoples National Bank
Boston National Bank
Planters & Merchants National Bank
Augusta National Bank
National Valley Bank...
Fauquier National Bank
Farmers & Merchants National Bank
Shenandoah Valley National Bank
First National Bank
Flat Top National Bank
Union National Bank
Empire National Bank...
National Bank of Fairmont
First National Bank
First National Bank
First National Bank
Huntington National Bank
Madison National Bank
Old National Bank
Parkersburg National Bank
First National Bank
American National Bank
Commercial National Bank
Merchants & Farmers National Bank
Union National Bank
First National Bank
First & Citizens National Bank..
Wayne National Bank
National Bank of Alamance
Commercial National Bank
National Bank of New Bern
First National Bank
Atlantic National Bank
Commercial National Bank
Peoples National Bank
,
National Loan & Exchange Bank _
First National Bank
Norwood National Bank
Peoples National Bank......
Farmers & Merchants National Bank
Edisto National Bank
National Union Bank
Central National Bank
First National Bank
Richmond, Va.
Roanoke, Va.
Roanoke, Va.
Roanoke, Va.
Rocky Mount, Va.
South Boston, Va.
South Boston, Va.
Staunton, Va.
Staunton, Va.
Warrenton, Va.
Winchester, Va.
Winchester, Va.
Bluefield, W. Va.
Bluefield, W. Va.
Clarksburg, W. Va.
Clarksburg, W. Va.
Fairmont, W. Va.
Fairview, W. Va.
Grafton, W. Va.
Huntington, W. Va.
Huntington, W\ Va.
..Madison, W. Va.
..Martinsburg, W. Va.
Parkersburg, W. Va
Welch, W. Va.
Asheville, N. C.
Charlotte, N. C.
Charlotte, N. C.
...Charlotte, N. C.
...Durham, N. C.
....Elizabeth City, N. C.
Goldsboro, N. C.
Graham, N. C.
High Point, N. C.
New Bern, N. C.
Oxford, N. C.
Charleston, S. C.
Charleston, S. C.
Charleston, S. C.
..Columbia, S. C.
Greenville, S. C.
Greenville, S. C.
Greenville, S. C.
Lake City, S. C.
Orangeburg, S. C.
Rock Hill, S. C.
Spartanburg, S. C.
Spartanburg, S. C.
fThese banks are authorized to exercise limited or specified powers.
*These banks are authorized to exercise full powers.
*
f
*
*
|
*
f
*
*
*
*
f
*
f
f
f
*
f
*
*
*
f
*
*
*
*
*
*
*
*
*
*
*
t
t
f
*
*
t
*
f
*
*
*
FEDERAL RESERVE BANK OF RICHMOND
PART 11.
Schedules Reflecting the Operations
OF THE
Federal Reserve Bank of Richmond
During 1921
AND
Showing the Financial Condition
at the Close of Business
December 31, 1921
53
SEVENTH ANNUAL REPORT OF THE
54
FEDERAL RESERVE BANK OF RICHMOND
MOVEMENT OF EARNING ASSETS
DURING 1920 AND 1921
MILLIONS OF DOLLARS
6O
MILLIONS OF DOLLARS
60
UNITED STATES SECURITIES
4O
20
0
1i i I w
i
20
A
1 1i
O
40
PURCHASED BILLS
20
0
n
160
ieo
DISCOUNTED BILLS
'SCC NOTE BELOW)
140
100
100
80
80
60
60
40
40
20
20
160
160
TOTAL EARNING ASSETS
140
140
120
120
100
100
80
80
60
60
40
40
20
20
1920
1921
A - Paper secured by 9. 3. Government obligations discounted for banks in district. *
B - Total paper discounted for banks In district.
C - Total discounted paper held.
Space between llaes B and C represents paper rediscounted with, other Federal reserve banks
FEDERAL RESERVE BANK OF RICHMOND
55
FEDERAL RESERVE BANK OF RICHMOND
DEPOSITS, F. R.NOTE CIRCULATION, CASH RESERVES
AND RESERVE RATIOS, 1920-1921
80
ACTUAL
70
PER PENT
80
RESERVE RATIOS
OJUSTED
6O
50
40
60
A
^_
—S. ^
y
30
•
*
-
* * •
/ ^ _
1 V
—\
30
•A
20
10
MILLIONS OF DOLLARS
150
MILLIONS OF DOLLARS
DEPOSITS
100
100
50
50
0
1 i i 1I 111111 1
i1
0
250
250
F. R. NOTE CIRCULATION
200
200
150
150
100
100
50
50
0
0
300
DEPOSIT AND F.R. NOTE LIABILITIES X,
AND TOTAL RESERVES,C
250
300
250
200
200
150
150
100
100
50
50
1920
1921
Adjusted percentagec are calculated after reducing reserves held by the amount
of accommodation received from other Federal Reserve banks.
The dsposlt curve Is based on "net deposits" up to March 11, 1921, and on
"total deposits" thereafter.
SEVENTH ANNUAL REPORT OF THE
56
EXHIBIT A. (Amounts in Thousands of Dollars)
MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING
1921
DISCOUNTED BILLS
(2+7+8)
Total
Held
(4-3)
Re-discounted
with Other
Federal
Reserve
Banks
1
2
3
Total
Earning
Assets
] DATE
$ 131,083
134,030
128,941
130,623
126,595
124,478
125,797
126,395
124,731
March
125,353
is
126,411
25
128,781
1.
133,598
8
130,879
127,539
15
127,899
22...
130,581
27
4
123,064
May
124,823
il125,570
ls
25
123,460
1
118,155
8
119,412
113,979
15
112,921
22
109,550
29_
_ .
114,467
6
July
110,922
13
114,436
20
109,739
27
3
106,184
August
106,097
10
17
110,248
111,399
24
112,302
31
105,666
September 7
108,019
14
109,796
21
106,056
28
_..
5
107,533
October
11 . . .
103,572
107,360
19
103,920
26
108,709
November
0
107,352
109,071
16
_
103,333
23
. _
105,566
30.
104,239
December
101,225
14
21
106,325
106,252
28_
1
14
21
28
4
11
18
25
4_
li-
.
.
S 112,485
110,290
110,587
112,173
108,226
105,906
108,293
109,289
107,966
108,651
108,671
112,153
117,305
115,142
112,321
112,580
115,286
107,867
109,668
110,117
108,477
105,630
106,122
99,492
99,790
98,859
103,938
101,040
104,330
99,232
97,101
96,888
100,346
102,565
103,463
96,902
99,077
100,398
97,960
98,870
94,893
98,873
95,347
100,046
98,660
100,285
94,342
96,572
95,437
92,530
97,687
97,913
$
5,000
4,729
5,000
10,000
10,000
14,857
10,000
9,885
15,000
15,000
15,000
20,000
24,775
24,974
19,875
20,000
19,460
24,435
24,950
24,002
20,000
19,950
20,000
24,861
24,970
24,728
24,903
19,518
20,000
14,407
15,000
4,200
5,000
5,000
10,000
4,324
Discounted for Member
Banks in This District
(2+3)
Total
Secured by
U. S. Govt.
Obligations
Per
Cen.
(5-4)
4
5
6
$ 117,485
115,019
115,587
112,173
108,226
105,906
108,293
109,289
107,966
108,651
108,671
112,153
117,305
115,142
112,321
122,580
125,286
122,724
119,668
120,002
123,477
120,630
121,122
119,492
124,565
123,833
123,813
121,040
123,790
123,667
122,051
120,890
120,346
122,515
123,463
121,763
124,047
125.126
122,863
118,388
114,893
113,280
110,347
104,246
103,660
105,285
104,342
100,896
95,437
92,530
97,687
97,913
% 49,684
49,731
51,967
50,282
48,839
48,909
50,825
49,763
48,825
50,201
50,663
49 980
52,877
49,688
48,148
53,640
53,823
50,185
50,905
51,905
54,080
52,127
51,971
50,704
50,750
50,547
49,533
48,904
50,764
49,801
47,700
47,164
48,546
50,363
50,453
49,567
51,060
49,718
48,333
46,475
45,529
46,573
45,934
41,877
42,147
43,580
42,842
41,550
38.253
39,255
41,895
42,931
42.3
43.2
45.0
44 8
45 1
46.2
46.9
45.2
46.2
46 6
44 6
45.1
43 2
42 9
43.8
43.0
40.9
42.5
43.3
43.8
43.2
42.9
42.4
40.7
40.8
10.0
40.4
41.0
40.3
39.1
39.0
40.3
41.1
40.9
40.7
41.2
39.7
39.3
39.3
39.6
41.1
41.6
40.2
40.7
41.4
41.1
41.2
40.1
42.4
42.9
43.8
FEDERAL RESERVE BANK OF RICHMOND
57
EXHIBIT A.—Continued
RESERVE
14
United
States
Securities
Total
Cash
Reserves
Total
Deposits
7
DATE
Bills
Bought
in Open
Market
8
9
10
$ 13,495
18,495
13,495
13 ,495
13,495
13,495
13,495
13,495
13,495
13,495
14,495
13,495
13,495
13,494
13,494
13,494
13,494
13,494
13,494
13,494
12,994
10,494
10,494
11,494
10,493
8,493
8,493
8,493
8,493
8,493
7,493
7,493
7,493
6,493
6,493
6,493
6,493
6,493
4,993
4,993
4,993
4,993
4,993
4,993
4,993
4,993
4,993
4,993
4,993
4,993
4,993
4,993
$ 90,314
86,155
92,036
95,461
98,059
98,251
97,339
97,167
99,970
101,352
96,834
91,959
84,995
83,680
80,692
84,131
80,053
86,054
78,939
78,541
75,991
74,177
76,557
77,281
75,768
78,726
73,449
72,915
69,673
73,425
76,598
74,742
71,570
66,919
64,609
66,934
66,288
67,400
70,717
70,658
70,767
72,974
73,493
69,374
72,209
68,008
72,582
71,119
72,391
74,933
77,330
70,757
$
21
28. ..
11.
18. .
25
11 .
18
April
May
25
1.
8
15
22.
27
4.
11.
18
25
8
15
22
July
29. .
6
August
20.
27
3
13
10
17
24
31
September 7..
14
21
October
28..
5
11
19..
26.......
November 2
9..
16
23
30.
December 7
14
21
28
5,103
5,245
4,859
4,955
4,874
5,077
4,009
3,611
3,270
3,207
3,245
3,133
2,798
2,243
1,724
1,825
1,801
1,703
1,661
1,959
1,989
2,031
2,796
2,993
2,638
2,198
2,036
1,389
1,613
2,014
1,590
1,716
2,409
2,341
2,346
2,271
2,449
2,905
3,103
3,670
3,686
3,494
3,580
3,670
3,699
3,793
3,998
4,001
3,809
3,702
3,645
3,346
$
60,706
59,793
61,784
63,099
60,581
60,918
59,884
58,746
59,809
61,676
59,309
64,204
63,358
58,945
56,113
58,316
58,198
55,548
55,370
56,668
55,342
54,122
55,008
54,166
52,572
52,109
55,501
52,883
54,012
54,694
56,109
53,684
52,974
54,874
53,987
51,506
52,954
53,978
54,500
54,468
54,512
54,843
55,621
54,484
53,494
55,268
54,063
56,007
55,545
54,069
60,674
57,359
Federal
PERCENTAGEst
Reserve
Notes
in
tAdCirculation Actual j us ted
11
$ 154,158
150,865
151,774
151,371
150,454
148,542
149,346
150,218
152,154
151,877
150,182
145,499
142,953
141,016
139,678
138,832
136,559
135,733
133,129
129,734
127,109
126,730
125,345
122,516
120,976
119,501
120,202
116,864
114,881
113,254
112,044
111,705
109,675
107,915
107,006
107,740
106,129
107,969
107,292
109,647
109,426
108,173
107,128
107,688
109,840
109,224
107,960
106,659
107,169
108,310
111,320
110,036
12
13
46 2
44.2
47 1
47.4
49.0
49 5
48.9
48.6
49 8
50 0
46.2
43 9
41.2
41.8
41.2
42.6
41.1
45.0
41.9
42.1
41.7
41.0
42.4
43.7
43.7
45.9
41.8
43.0
41.3
43.7
45.6
45.2
44.0
41.1
40.1
42.0
41.7
41.6
43.7
43.1
43.2
44.8
45.2
42.8
44.2
41.3
44.8
43.7
44.5
46.1
45.0
42.3
43 6
41.8
44 5
37.6
36.0
37.2
36.6
36.8
33.4
32.7
34.1
32.4
29.4
31.3
30.5
31.2
29.7
29.2
30.7
30.7
31.7
28.9
27.7
26.4
26.0
26.3
28.3
31.2
31.0
35.9
35.9
40.2
41.1
38.3
38.6
41.1
*No acceptances were bought from or sold to other Federal Reserve Banks.
tPrior to March 18, net deposits as given below were used in calculating reserve percentages:
February 4 $49,601,000
January 7
$41,440,000
March 4..$48,737,000
14
43,951,000
11
49,897,000
11 51,024,000
21
43,801,000
18
49,783,000
28
50,232,000
25
49,664,000
fAdjusted percentages are calculated after increasing or reducing reserves held by the amount
of accommodation extended to or received from other Federal Reserve Banks. A blank (—) in
this column indicates that no accommodation was extended to or received from other Federal Reserve
Banks.
SCHEDULE No. 1
COMPARATIVE STATEMENT OF CONDITION DECEMBER 31, 1921, AND DECEMBER 31, 1920
RESOURCES
December 31, 1921
December 31, 1920
RESERVES:
Gold Bullion, Coin and Certilicates
Gold Settlement Fund—Federal Reserve Board.
Gold with Foreign Agencies
2,663,247.50
19,094,333.15
5,702,352.93
20,428,746.09
161,700.00
Total Gold Held by Bank
Gold with Federal Reserve Agent
Gold Redemption Fund—Federal Reserve Notes..
21,757,580.65
38,057,160.00
4,961,450.00
26,292,799.02
53,699,498.00
$ 64,776,190.65
6,781,193.65
S 86,788,999.22
362,600.30
Total Gold Reserves
Legal Tender Notes, Silver, etc..
6,796,702.20
$ 71,557,384.30
Total Reserves
$ 87,151,599.52
EARNING ASSETS:
Bills Discounted—Secured by Government War Obligations..
Bills Discounted—All Other..
Bills Purchased in Open Market..
Total Earning Assets
$ 45,955,387.76
69,518,377.21
5,047,600.43
98,226,068.30
1,233,400.00
3,760,000.00
Total Bills Discounted and Bought.....
United States Government Bonds
United States Certificates of Indebtedness...
$ 41,046,412.83
53,621,325.59
3,558,329.88
I 120,521,365.40
1,233,300.00
12,262,000 00
_
10.3,219,468.30
s
H
134,016,665.40
UNCOLLECTBD ITEMS:
Currency of Other Banks and Unassorted Currency.-..
Checks and Other Cash Items.Exchanges for Clearing House.Transit Items
1,978,114.00
7,335,329.00
269,034.51
2,267,837.40
50,002,976.24
167,173.63
2,869,390.24
41,399,231.65
Total Uncollected Items
46,413,909.52
59,875,177.15
MISCELLANEOUS:
Interest Accrued on United States Securities
Fiscal Agency Expenses, Reimbursable.—
Redemption Fund—Federal Reserve Bank Notes
Bank Premises
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
43,280.45
1,298.82
188,000.00
2,544,324.11
128,201.67
35,782.24
601,300.00
1,277,388.01
All Other Resources
200,538.92
r
402,111.33
3,037,442.30
TOTAL RESOURCES
-
2,444,783.25
$ 224,228,204.42
Total Miscellaneous Assets
$ 283,488,225.32
LIABILITIES:
CAPITAL:
Capital Paid In
Surplus
$
5,428,550.00
11,029,847.61
Total Capital and Surplus
5,209,300.00
10,561,331.67
3
$ 15,830,031.67
$ 10,458,397.61
DEPOSITS:
United States Treasurer
Member Banks—Reserve Accounts
Foreign Banks
Cashier's Checks
S
4,455,600.80
56,127,601.96
392,000.00
46,205.59
o
H
2,899,181.86
57,085,285.27
196,000.00
91,863.25
M
Total Deposits
00,272,330.38
61,021,408.35
DEFERRED AVAILABILITY CREDITS:
United States Treasurer
Federal Reserve and Member Banks
Miscellaneous
366,558.35
35,014,145.11
239,733.49
Total Deferred Availability Credits
$
1,256,545.69
38,817,250.84
127,740.00
dd
40,201,543.13
35,620,436.95
NOTE CIRCULATION:
Federal Reserve Notes in Actual Circulation
Federal Reserve Bank Notes in Circulation
107,100,690.00
3,515,700.00
Total Notes Outstanding
155,169,290.00
11,466,443.00
o
100,035,733.00
110,010,390.00
MISCELLANEOUS:
Reserve for Expense Accrued and Unpaid
:
Reserve for Taxes Accrued and Unpaid (other than Franchise Tax)
Reserve for Self Insurance
Reserve for Undetermined Losses
Unearned Discount
All Other Liabilities..
Total Miscellaneous Liabilities
TOTAL LIABILITIES
34,905.90
10,725.25
50,000.00
100,000.00
312,321.92
3,618.44
30,440.65
27,595.73
476,705.78
13,244.98
511,571.51
547,987.14
$ 224,228,204.42
$ 283,488,225.32
SCHEDULE No. 2
COMPARATIVE STATEMENT OF PROFIT AND LOSS, DIVIDEND AND SURPLUS ACCOUNTS
FOR THE YEARS ENDING DECEMBER 31, 1921, AND 1920
PROFIT AND LOSS ACCOUNT
1921
1920
GROSS EARNINGS:
Discount on Bills Discounted
Discount on Bills Purchased
Interest on United States Securities
Penalties, Account of Deficient Reserves.
Miscellaneous
$ 6,166,477.40
184,592.51
196,298.91
175,797.18
6,513.38
477,556.88
276,990.82
216,559.79
17,143.17
E3
$ 6,-909,143 44
$ 6,729,679.38
Total Gross Earnings
I
5,920,892.78
EXPENSES:
Current Expenses Paid and Accrued:
Ordinary Expenses
Furniture and Equipment
1,929,844.91
197,329.47
1,418,821.92
103,125.97
2,127,174.38
$ 4,602,505.00
Current Net Earnings
1,521,947.89
$ 5,387,195.55
H
O
DEBITS & CREDITS TO CURRENT NET EARNINGS (Pr. & Loss Act.)
Debit—Depreciation on Real Estate.
Reserve for Self Insurance
....
Reserve for Undetermined Losses
Net Expense—"Other Real Estate"
Increase in Depreciation Reserve on U. S. Bonds
Difference Accounts
Sundry Entries during the year (1920 net debit)
Total Debits.
54,068.86
50,000.00
100,000.00
12.651.88
$
217,656.24
H
a
5,865.16
3,990.24
87.55
935.50
$
170,000.00
$
179,942.95
Credit—Reduction in Depreciation Reserve on U.S. Bonds.. $
Reversing Entry of Dec. 31, 1919 account Federal
Reserve Board Assessment
Reversing Erroneous Charge to 1919 Earnings on account of Building Operations
Sundry Entries during the year (1921 net credit)—.
6,826. 72
25, 531. 16
722. 20
1 951. 80
8 778. 52
Total Credits
31, 253. 30
20S, 877. 72
Net Earnings Available for Dividends, Surplus and
Franchise Tax
148, 689. 59
$ 4,393 027. 28
Net Debit to Current Net Earnings
$ 5,238 505. 96
o
6
DIVIDENDS:
Dividends Paid
Interest Paid on Stock Surrendered
$
321 810 A?,
392 ,53
Balance of Net Earnings Available for Surplus and
Franchise Tax
$
322 202 95
Bfift 50
795 40
$ 4,071 ,424 33
293 ,051 90
$ 4,945 454 06
w
o
DISPOSITION OF BALANCE OF NET EARNINGS:
Transferred to Surplus Account
Paid to Government as Franchise Tax
$
693 ,702 44
3,377 ,631 .89
$ 4 ,740 ,869 04
204 ,585 02
$ 4,071 ,424 33
SURPLUS ACCOUNT:
Balance January 1st
Transferred from Balance of Net Earnings as above
Total
Depreciation of New Bank Buildings and Equipment due to
Decline in Costs—Charged to Surplus
Balance in Surplus Fund December 31st
I—I
$ 4,945 ,454 .00
$10,561 ,331 .07
693 ,792 .44
$10 ,501 ,331 .07
225 ,276 .50
$11,029 ,847 .01
n
o
$ 5 ,820 ,462 .63
4 ,740 ,869 .04
$11,255 ,124 .11
>
$10,561 ,331 .07
SCHEDULE No. 3
COMPARATIVE ANALYSIS OF CURRENT EXPENSES (INCLUDING FURNITURE AND EQUIPMENT) FOR
THE YEARS 1921 AND 1920
1920
Salaries:
Bank Officers
Clerical Staff
Special Officers and Watchmen.
AllOther
Governors' Conferences (including traveling expenses).....,...
Federal Reserve Agents' Conferences (including traveling expenses)
Federal Advisory Council (fees and traveling expenses)
Directors' Meetings (fees and traveling expenses)
Traveling Expenses of Officers and Clerks (other than those included above)
Assessments for Federal Reserve Board Expenses
.,
Legal Fees
Insurance (life, fidelity, casualty, workmen's compensation, and general liability)
Banking House:
Taxes '.
Fire Insurance (including Fire Insurance—Furniture and Equipment)
:....
Light, Heat and Power
Repairs and Alterations (not of permanent character)
AllOther
Rent (including light, heat, and power, at Richmond)
Office and Other Supplies
'.
....
Printing and Stationery
149,701.70
858,860.89
29,940.71
62,101.69
549.58
88.35
493.07
7,020.95
33,930.52
38,722.64
4,292.41
20,709.38
7,872.89
1,380.66
4,092.65
16,157.16
1,332.92
16,331.42
29,341.261
52,037.33/
105,944.84
617,525.33
15,066.01
34,748.69
400.72
124.50
545.89
6,318.10
26,247.72
34,555.56
1,070.00
15,732.27
W
H
3
H
W
9,699.00
3,261.44
26,732.94
84,345.13
H
Telephone
Telegraph
Postage (other than on money and security shipments)
Expressage (other than on money and security shipments)
Security Shipments (insurance, postage, expressage, etc.)
Currency and Coin Shipments (insurance, postage, expressage, etc.).
Federal Reserve Currency:
Original Cost (including shipping charges)
Cost of Redemption (including shipping charges)
Taxes on Federal Reserve Bank Note Circulation
Furniture and Equipment
Bank Premises
All Other Expenses
Total Current Expenses.
4,909.82
34,209.67
72,360.17
2,331.27
14,709.69
53,003.51j
3,415. 18
27,603. 78
107,468 88
40,795.88
170,100. 63
45,748.99
52,605. 33
103,125.97
5,873. 18
23,687. 81
$ 2,127,174.38
$ 1,521,947.89
262,614.10
77,712.54
32,240.08
197,329.47
NOTE:—The increase in the amount of salaries paid to officers is accounted for as follows:
Amount reimbursed by Treasury Department for Fiscal Agency services in 1920 but absorbed by
the Bank in 1921
1
$
Differences in salaries of additional officers elected during 1920, but who served as officers for only
a part of that year._
Salaries of additional officers elected in 1921 and paid in that year
Increases in salaries of certain officers, other than Governor and Chairman
12,212
I—I
13,452
9,192
8,900
Total
$ 43.756
During both 1920 and 1921, proper discharge of the business of the bank required that a number of employees who had been
serving as heads of departments be added to the official staff, and as officers they continued to perform their former duties.
1
o
SCHEDULE No. 4
GROSS EARNINGS (CLASSIFIED), EXPENSES AND NET EARNINGS DURING THE YEAR 1921 BY MONTHS
Bills
Purchased
Bills
Discounted
January..
February
March
April...
May
June
July
August..
September
October
November
December
Total
ft 569,964.58
496,223.13
561,318.76
560,296.93
547,609.51
505,092.18
523,079.06
508,526.36
492,088.74
489,111.24
469,475.80
443,691.11
$
16,166,477.40
$
Deficient ReUnited States serve Penalties
and Sundry
Securities
Profits
26,232.04
21,138.58
16,628.66
10,165.24
9,556.34
13,023.12
9,430.63
10,567.04
13,150.56
18,322.59
18,443.34
17,934.37
$
184,592.51
$ 196,298.91
25,044.65 ft
20,867.81
23,747.36
22,756.18
22,485.60
17,378.60
14,430.07
12,347.35
11,521.65
8,594.45
8,310.03
8,815.16
$
Total Gross
Earnings
Total
Expenses
Net
Earnings
18,684.74
14,704.13
11,131.61
12,896.61
16,552.58
14,121.58
16,029.69
15,319.66
12,558.54
15,567.31
17,732.92
17,011.19
$ 639,926.01 $ 118,012.93 $ 521,913.08
552,933.65
175,471.25
377,462.40
612,826.39
158,297.83
454,528.56
606,114.96
162,087.59
444,027.37
596,204.03
141,859.71
454,344.32
549,615.48
185,819.02
363,796.46
562,969.45
148,109.81
414,859.64
546,760.41
142,105.28
404,655.13
529,319.49
135,344.14
393,975.35
531,595.59
131,982.85
399,612.74
513,962.09
139,228.34
374,733.75
487,451.83
488,855.63
1,403.80*
182,310.56
$6,729,679.38
$2,127,174.38
$4,602,505.00
*Net Expense—due to charge to Expense Account of approximately $170,000.00 for furniture, in accordance with the Board's directions, and other extraordinary end of year expenses.
2
g
O
K
SCHEDULE No. 6
AVERAGE DAILY HOLDINGS OF EARNING ASSETS (CLASSIFIED), DAILY EARNINGS THEREON
AND RATE OF EARNING BY MONTHS FOR THE YEAR 1921
March
110,150,103.00
18,107.06
April
114,800,418.00
18,676.56
May
103,020,672.00
17,604.82
Juno
103,306,976.00
10,836.41
July
102,682,669.00
10,873.52
.0209
$ 131,828,374.00
$20,040.04
.0555
754.95
.0610
13,495,368.00
745.28
.0202
125,706,230.00
19,222.48
3,219,963.00
536.41
.0608
13,688,948.00
766.04
.0204
127,059,014.00
10,400.51
.0558
2,037,220.00
338.84
.0607
13,627,483.00
758.54
.0203
130,474,121.00
10,773.94
.0553
1,849,612.00
308.27
.0008
13,155,190.00
725.34
.0201
123,925,474.00
18,608.43
.0551
2,604,393.00
434.10
.0008
10,427,000.00
570.20
.0203
110,428,309.00
17,840.80
.0550
.0608
8,428,884.00
465.49
.0202
112,930,840.00
17,643.22
.0570
398.30
.0202
100,013,750.00
17,143.25
.0574
a
.0558
$
1 ,825,287.00
95,980,124.00
15,777.78
November
97,963,139.00
15,649.10
December
95,592,398.00
14,312.62
Year of 1021... $ 104,090,935.00
$16,894.46
.0592
16,177.30
.0569
b
(tetober
.0607
b
16,402.96
340.87
2,630,120.00
438.35
.0608
0,570,733.00
384.06
.0213
109,030,451.00
17,225.37
.0577
b
99,823,598.00
2,048,458.00
7,203,077.00
3,546,314.00
591.05
.0608
4,993,400.00
277.24
.0202
104,519,838.00
16,640.07
.0581
b
September
304.21
3,779,080.00
614.78
.0594
4,993,400.00
277.00
.0202
106,735,619.00
16,540.97
.0566
b
10,404.08
$ 14,075,945.00 $807.89
4,520,451.00
90,762,215.00
104,111,152.00
Rate of
Earn'g
.0608
August
Year of 1020....
Daily
Earnings
846.20
b
17,722.25
Daily
Holdings
Daily Rate of
Earn'g Earn'g
b
107,750,411.00
$
Daily
Holdings
b
February
5,080,095.00
Rate of
Earn'g
b
$18,385.95
Daily
Earnings
b
$ 112,672,334.00
January
Daily
I foldings
Rate of
Earn'g
b
Daily
Earnings
b
Daily
Holdings
TOTALS
UNITED STATES SECURITIES
BILLS PURCHASED
BILLS DISCOUNTED
3,713,789.00
578.53
.0568
5,057,916.00
284.36
.0205
104,364,103.00
15,175.51
.0531
505.73
.0603
9,620,036.00 $537.81
.0204
$ 116,779,673.00
$17,938.00
.0561
1,304.80
.0574
.0201
126,203,956.00
18,238.01
.0520
$
3,062,702.00
8,319,757.00
$
$
13,773,047.00
756.81
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SCHEDULE No. 6
COMPARATIVE STATEMENT OF DAILY AVERAGE HOLDINGS OF EARNING ASSETS, EARNINGS THEREON
1
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AND AVERAGE RATE PER ANNUM FOR YEARS 1921 AND 1920
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Average Daily Balances
Total Earnings
Average Rate per Annum
1921
1920
1921
1920
1921
1920
$ 104,096,935.39
$ 104,111,152.35
$ 6,166,477.40
$ 5,920,892.78
.0592
.0569
Bills Purchased
3,062,701.56
8,319,756.61
184,592.51
477,556.88
.0603
.0574
United States Securities
9,620,035.62
13,773,046.99
196,298.91
276,990.82
.0204
.0201
$ 116,779,672.57
$ 126,203,955.95
$ 6,547,368.82
$ 6,675,440.48
.0561
.0529
Bills Discounted.. ..
Total
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SCHEDULE No. 7
LOANS AND INVESTMENTS DURING THE YEAR 1921 COMPARED WITH 1920 AND 1919 BY MONTHS
Bills Discounted
For Member
Banks
January
February
March
April
May
June
July
August
September
October
November
December
$ 228,796,502.62
225,299,435.65
298,973,792.77
292,130,222.44
212,391,751.62
243,032,356.01
209,408,678.23
214,762,719.55
214,743,244.25
199,602,224.90
197,020,665.50
213,509,322.14
Bills Bought
In Open
Market
$
Total, 1921
$2,749,670,915.68 $
Total, 1920...... $3,346,321,598.45 $
$4,130,942,910.24 $
Total. 1919
U.S.
Certificates of
Indebtedness
Total 1921
Total 1920
2,932,545.00 $
1,695,100.00
2,665,401.12
1,227,900.00
725,900.00
2,154,300.00
1,650,100.00
1,647,203.29
2,669,600.00
2,939,104.79
3,029,500.00
2,008,829.88
16,000,000.00 $ 247,729,047.62 $ 323,243,859.16 $ 302,853,720.65
226,994,635.65
277,406,600.97
279,254,369.45
100.00t
307,639,193.89
351,353,025.94
338,679,713.94
6,000,000.00
295,358,122.44
327,562,267.44
367,169,727.31
2,000,000.00
213,117,651.62
296,817,490.45
371,425,044.95
247,186,656.01
290,865,000.60
406,366,035.98
2,000,000.00
211,058,778.23
262,499,955.50
426,996,327.45
216,409,922.84
271,092,720.73
389,592,648.45
226,412,844.25
284,901,704.84
366,747,953.86
9,000,000.00
202,541,329.69
248,615,499.37
325,092,997.37
200,050,165.50
252,646,664.98
273,166,046.45
217,518,152.02
295,030,365.63
382,096,079.79
2,000,000.00
25,345,484.08 $
51,711,557.161 $
58,057,255.41x $
37,000,100.00t $2,812,016,499.76 $3,482,035,155.61 $4,229,440,665.65
$3,482,035,155.61
84,002,000.00
40,440,500.00*
$4,229,440,665.65
t Includes $100 of First L. L. Z\% Bonds.
X Includes $325,000 Oriental Silver Exchanges purchased through Federal Reserve Bank of New York.
x Includes $5,079,873.14 of acceptances in other districts purchased from Federal Reserve Bank of Boston.
* Includes $500 of United States Bonds.
Total 1919
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SCHEDULE No. 8
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING 1921 CLASSIFIED AS TO KIND OF PAPER AND
SHOWN BY STATES
CLASSIFICATION
MARYLAND
DISTRICT OF
COLUMBIA
VIRGINIA
WEST
VIRGINIA
CAROLINA
SOUTH
CAROLINA
TOTAL
BILLS DISCOUNTED:
Secured by Government War Obligations:
1464,454,227.00 $ 92,717,500.00 11,279,560,011.56 $ 73,943,584.00 $205,555,443.40 $172,755,482.48 $2,288,986,248.44
Members' Own Notes _
1,263,740.00
1,110,708.68
638,787.98
3,019,236.60
Non-Members Endorsed by Members
3,892,722.88
2,310,909.42
7,313,647.56
4,191,877.11
2,185,347.87
19,894,504.84
Customers' Notes Rediscounted
Otherwise Secured:
5,591,000.00
436,500.00
5,379,300.00
1,417,595.94
179,700.00
13,004,095.94
Members' Own Notes sec. by Customers' Paper
200,000.00
549,874.57
6,510,899.33
7,260,773.90
Customers' Notes sec. by Agri'l Products
153,585.88
7,279.85
160,865.73
Customers' Notes secured by Live Stock
1,205,726.74
364,493.43
258,214.81
7,286,214.13
2,702,849.37
11,817,498.48
Trade Acceptances
137,304,967.02
10,003,816.86
93,126,216.71
91,027,423.68
67,554,994.28
6,510,273.14
405,527,691.69
Unsecured Commercial and Agricultural Paper
Total Bills Discounted..
$569,549,521.73 $ 99,227,773.14 $1,428,845,956.29 t 86,084,222.01 $311,828,067.63 $253,535,374.88 $2,749,670,915.68
BILLS PURCHASED:
Bankers' Acceptances—Foreign
Ban kers' Acceptances—Domestic..
Total Bills Bought
RECAPITULATION
Secured by Government War Obligations..
Otherwise Secured
Unsecured.-
I 5,131,470.00
8,779,000.00
100,000.00
4,235,062.96
1,321,400.00
11,701.12
* 13,910,470.00 $
100,000.00
5,556,462.96
11,701.12 $ 1,685,000.00 $ 4,081,850.00
$
$472,884,583.24 f 92,717,500.00 $1,284,390,676.65
5,379,300.00
5,944,585.88
91,285,638.49
138,510,693.76
6,510,273.14
550,000.00
1,135,000.00
292,900.00 $
3,788,950.00
10,221,134.08
15,124,350.00
25,345,484.08
76,128,931.87 $209,448,166.28 $176,330,131.90 $2,311,899,989.94
186,979.85
6,947,399.33
20,425,735.57
1,967,470.51
70,257,843.65
10,368,310.29 100,412,430.84
417,345,190.17
Total Bills Discounted
Total Bills Bought
{569,549,521.73 i 99,227,773.14 $1,428,845,956.29 $ 86,684,222.01 $311,828,067.63 $253,535,374.88 $2,749,670,915.68
11,701.12
13,910,470.00
4,081,850.00
25,345,484.08
5,556,462.96
100,000.00
1,685,000.00
Total Bills Discounted and Bought.
5583,459,991.73 $ 99,327,773.14 $1,434,402,419.25 S 86,695,923.13 3313,513,067.63 $257,617,224.88 $2,775,016,399.76
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SCHEDULE No. 9
TOTAL BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF 1921, SHOWN BY STATES
DISTRICT OF
COLUMBIA
MARYLAND
.liuniiirv
$ 47,177,071.52
$
WEST
VIRGINIA
VIRGINIA
4,546,552.45
$ 126,345,488.87
$
NORTH
CAROLINA
SOUTH
CAROLINA
TOTAL
TOTAL
1921
1920
2,110,950.00
$ 27,557,770.98
$ 23,991,213.80
$ 231,729,047.62
$ 309,243,859.16
February
47,381,418.62-
5,103,173.01
127,378,708.98
1,156,200.00
24,488,291.25
21,486,743.79
226,994,535.65
268,081,600.971:
March
63,460,195.28
6,468,316.81
174,589,955.28
4,034,459.91
28,903,755.33
24,182,511.28
301,639,193.89
338,353,025.94
April
64,420,657.46
4,860,591.22
169,288,500.44
4,594,065.15
27,608,698.23
22,585,609.94
293,358,122.44
300,562,267.44
May
57,750,229.85
5,755,884.88
93,967,604.42
7,367,491.07
27,134,596.59
21,141,844.81
213,117,651.62
296,817,490.45
June
54,243,410.36
0,244,837.33
128,279.484.25
8,621,274.13
27,671,309.33
20,126,340.61
245,186,656.01
290,865,000.60
July...
41,728,489.96
6,701,723.10
108,008,991.16
9,259,214.27
25,681,142.21
19,679,217.53
211,058,778.23
254,499,955.50
August
39,499,061.79
6,204,319.32
110,940,271.15
11,123,424.35
27,608,478.72
21,034,367.51
210,409,922.84
270,092,720.73
September
42,352,485.31
5,550,840.79
108,451,927.33
11,875,731.09
28,091,344.91
21,090,514.82
217,412,844.25
284,900,204.84
October
40,105,455.94
9,465,896.55
98,959,549.83
8,537,153.61
26,179,631.40
19,293,642.36
202,541,329.69
244,615,499.37
November....
41,755,340.12
9,525,623.27
94,817,753.05
8,748,391.69
23,219,603.43
21,983,453.94
200,050,165.50
244,646,664.98
December
43,586,175.52
28,900,014.41
93,374,184.49
9,267,567.86
19,368,445.25
21,021,764.49
215,518,152.02
295,029,865.63
d
Total.
$ 583,459,991.73 $
99,327,773.14 $1,434,402,419.25
$
86,695,923.13 $ 313,513,067.63 $ 257,617,224.88 $2,775,016,399.70 $3,397,708,155,011
tDoes not include $325,000 of Oriental Silver Exchanges bought through Federal Reserve Bank of New York.
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SCHEDULE No. 10
NUMBER OF MEMBER BANKS IN EACH STATE ACCOMMODATED EACH MONTH THROUGH THE
DISCOUNT OR PURCHASE OF PAPER DURING 1921
Maryland
District of
Columbia
Virginia
West
Virginia
North
Carolina
South
Carolina
57
54
59
62
65
66
67
59
61
62
62
65
8
7
7
7
7
8
9
8
6
9
7
9
104
97
96
103
110
114
115
116
127
128
115
118
17
11
19
32
37
47
46
49
53
60
57
52
75
74
79
81
86
85
85
90
85
84
80
76
91
92
87
88
89
93
93
89
89
87
92
90
352
335
347
373
394
413
415
411
421
430
413
410
Year 1921 .
.
76
10
146
68
96
98
494
Year 1920..
71
10
140
36
85
96
January
February
March
April.
May
June
July
August
September. .
October
November
December .
Total, 1921 Total, 1920
264
243
282
317
353
377
390
371
356
340
343
373
438
SCHEDULE No. 11
TOTAL AMOUNT OF BILLS DISCOUNTED AND BOUGHT DURING EACH MONTH OF 1921, CLASSIFIED
ACCORDING TO MATURITIES AT TIME OF DISCOUNT OR PURCHASE
15 Days
or Less
January
February
March.
April
May
June._
July
August
September....
October
November...
December. ...
Total
197,476 ,166.20
196,777 ,476.19
259,823 ,479.26
249,126 ,968.50
179,094 ,128.94
203,056 ,017.04
171,347 ,221.41
176,830 ,166.69
175,505 ,847.71
168,977 ,360.83
166,243 ,717.09
185,313 ,866.05
16 to 30
Days
31 to 60
Days
61 to 90
Days
7,909,136,69 $ 13,107 ,893.44 $ 12,717 ,789.41
11,943 ,654.59
6,059,549.30
11,606 ,267.54
17,096 ,757.63
8,103,071.84
15,501 ,063.89
17,980 ,293.47
7,088,879.96
17,556 ,226.23
13,760 ,763.60
4,662,594.14 13,913 ,979.57
19,757 ,632.03
6,437,302.12
14,260 ,614.52
17,971 ,205.83
5,579,617.45
14,866 ,758.86
16,553 ,008.48
5,531,507.31
16,067 ,059.40
18,323 ,250.51
6,814,896.20
15,911 ,106.84
13,487 ,550.65
5,848,175.50
13,280 ,780.43
13,568 ,734.40
6,509,565.85
12,760 ,236.41
12,157 ,310.61
6,442,577.14
10,887 ,248.43
Over
90 Davs
518,061.88
607,588.03
1,114,821.27
1,605,754.28
1,686,185.37
1,675,090.30
1,293,974.68
1,428,180.96
857,742.99
947,462.28
967,911.75
717,149.79
Total
231,729 ,047.62
226,994 ,535.65
301,639 ,193.89
293,358 ,122.44
213,117 ,651.62
245,186 ,656.01
211,058 ,778.23
216,409 ,922.84
217,412 ,844.25
202,541 ,329.69
200,050 ,165.50
215,518 ,152.02
$2,329,572,415.91 $ 76,986,873.50 $169,719,235.56 $185,317,951.21 $ 13,419,923.58* $2,775,016,399.76
* Includes $5,874,835 of Commercial and Industrial Paper discounted for 90 days but which actually had over 90 days
to run because the maturity date fell on a Sunday or holiday.
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SCHEDULE No. 12
DISTRIBUTION BY MATURITIES OF EACH CLASS OF PAPER HELD AT CLOSE OF BUSINESS DECEMBER 31, 1921
CLASSIFICATION
15 Days or Less 16 to 30 Days
31 to 60 Days
61 to 90 Days
32,000.00
788,786.64
TOTAL
Over 90 Days
57,000.00
232,358.75
BILLS DISCOUNTED:
Secured by Government War Obligations:
Non-Members Endorsed by Members.—
Customers' Notes Rediscounted
Otherwise Secured:
$ 38,638,403.40
24,906.00
431,087.04
1,337,000 00
299,378.97
2,380.00
502,637.03
12,265,337.17
Customers' Notes Secured by Agricultural Products
Customers' Notes Secured by Live Stock.
Unsecured Commercial and Agricultural Paper
Total of Bills Discounted held December 31, 1921..
$
129,580.00
712,291.00
295,978.41
671,210.78
13,373,133.92
351,808.35
590.00
837,962.56
15,914,097.60
610,676.46
1,337,000.00
1,106,412.89
2,970.00
2,347,996.13
48,826,946.57
610,676.46 $
94,667,738.42
159,247.16
336,185.76
6,663,701.42
I 53,501,129.61 $ 15,182,194.11 $ 17,925,245.15 S 7,448,493.09 $
38,638,403.40
243,486.00
2,164,523.43
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BILLS PURCHASED:
Bankers' Acceptances—Foreign
..
Total of Bills Bought held December 31, 1921
RECAPITULATION
Secured by Government War Obligations
Otherwise Secured
S
365,000.00 %
303,500.00
380,000.00 S
840,550.00
151,180.29 $
876,900.00
348,199.59
293,000.00
$
1,244,379.88
2,313,950.00
%
668,500.00 % 1,220,550.00 $
1,028,080.29 $
641,199.59
$
3,558,329.88
841,871.00 S
820,786.64 1
S 39,094,396.44 $
289,358.75
295,978.41
159,247.16
352,398.35
1,638,758.97
14,044,344.70
6,999,887.18
16,752,060.16
12,767,974.20
S
41,046,412.83
2,446,382.89
51,174,942.70
610,676.46
Total Bills Discounted held December 31, 1921
Total Bills Bought held December 31, 1921
% 53,501,129.61 $ 15,182,194.11 $ 17,925,245.15 « 7,418,493.09 I
1,220,550.00
668,500.00
1,028,080.29
641,199.59
610,676.46 $
94,667,738.42
3,558,329.88
Total Bills Discounted and Bought held Dec. 31, 1921
$ 54,169,629.61 $ 16,402,744.11 $ 18,953,325.44 $ 8,089,692.68 $
610,676.46 $
98,226,068.30
Total Bills Discounted and Bought held Dec. 31, 1920
$ 59,804,466.90 $ 18,457,806.96 * 29,427,953.36 $ 12,512,887.28 $
318,250.90 $
120,521,365.40
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SCHEDULE No. 13
AMOUNT OF BILLS REDISCOUNTED WITH OTHER FEDERAL RESERVE BANKS DURING EACH MONTH OF 1921
Boston
January
$
New York
Philadelphia
Cleveland
Atlanta
Chicago
Dallas
10,000,000
Total
$
10,000,000
February...
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March
M
>
April
f
75,000,000
S
70,000.000
w
90,000,000
90,000,000
100,000,000
100,000,000
70,000,000
70,000,000
20,000,000
October
45,000,000
75,000,000
June.
20,000,000
45,000,000
.. ..
20,000,000
70,000,000
May
$
20,000,000
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December
Total, 1921
$
370,000,000
Total, 1920
Balance, 1921*
Balance, 1920*.
10,000,000 $
$
10,000,000
*Under Rediscount as of December 31st.
490,000,000
15,000,000
$
30,000,000
230,000,000
10,000,000
10,000,000
35,000,000
500,000,000
700,000,000
$
10,000,000
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SCHEDULE No. 14
CHANGES IN DISCOUNT RATES DURING THE YEAR 1921
• Effective
Jan. 1, 1921
Established
July 19, 1920
Effective
Feb. 1, 1921
Effective
June 15, 1921
Effective
Nov. 3, 1921
Effective
Dec. 10, 1921
i
MEMBER BANKS' COLLATERAL NOTES :
W
Secured by Eligible Paper
Secured by U. S. Certificates of Indebtedness
51
q
Secured by U. S. Treasury Notes
Secured by Liberty Bonds or Victory Notes
OTHER PAPER SECURED BY U. S. SECURITIES:
Secured by U. S. Cfts. of Indebt., 15 days or less..
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Secured by U. S. Treasury Notes, 15 days or less....
Secured by U. S. Cfts. of Indebt., 16 to 90 days
H
6*
Secured by U. S. Treasury Notes, 16 to 90 days
Secured by Liberty Bonds or Victory Notes, 15
days or less—
5i
Secured by Liberty Bonds or Victory Notes, 16 to
90 days
•r)i
COMMERCIAL PAPER:
15 days or less
6
6
6
5
16 to 90 days ._
6
6
6
5
15 days or less
6
6
6
5
16 to 90 days
6
6
6
H
5
91 days to 6 months
6
6
6
5\
5
15 days or less
6
6
6
5h
5
16 to 90 days
6
6
6
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AGRICULTURAL AND LIVE STOCK PAPER:
TRADE ACCEPTANCES:
* Except: When U. S. Treasury Certificates of Indebtedness bear interest at 5f % the discount rate will be 5f %; when Certificates
bear interest at 5|% or less the discount rate will be 5|%.
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SCHEDULE No. 15
TOTAL RESERVE ACCOUNTS OF ALL MEMBER BANKS, RESERVES OF DISCOUNTING MEMBER BANKS AND
LIABILITY OF DISCOUNTING BANKS FOR PAPER DISCOUNTED (INCLUDING ACCEPTANCES) AT
CLOSE OF BUSINESS DECEMBER 31, 1921, BY STATES, WITH THE NUMBER OF MEMBER
BANKS AND THE NUMBER OF DISCOUNTING MEMBER BANKS WITH OUTSTANDING BALANCES ON DECEMBER 31, 1921
Total
Number
of
Member
Banks
Number
of DiscountTotal of
ing
Reserve Accounts
Member
Bunks
Total Reserves of
all Discounting
Member Banks
liability of
Discounting
Member Banks
Ratio of
Liability to Discounting
Banks' Reserves
Ratio of
Liability to Total of all
Reserve Accounts
1921
$
11,871,956.29
1919
1921
1020
1919
18,945,968.31
160%
230%
320%,
141%
190%
286%
q
13,458,347.61
59
16
7,071,963.41
10
4,735,961.53
5,974,068.38
126%
117%
136%
84%
73%
79%
190
16,348,194.31
113
11,846,450.29
28,849,141.44
244%
371%
304%
176%
270%
244%
O
West Virginia
120
7,503,697.85
50
2,903,064.50
5,552,665.14
191%
99%
186%
74%
14%
61%
H
North Carolina
103
7,590,118.77
73
19,638,844.91
404%
558%
308%
259%
446%
114%
100
4,155,280.01
86
3,311,509.18
19,265,380.12
582%
658%
399%
464%
601%
272%
56,127,601.96
391
39,531,978.30
% 98,226,068.30
248%
339%
296%
175%
229%
201%
97
District of Columbia
South Carolina
__
Total -
626
$
1920
>
$
4,863,036.51
8
%
d
o
H
SCHEDULE No. 16
DAILY AVERAGES BY MONTHS OF DEPOSITS AND FEDERAL RESERVE NOTES IN CIRCULATION,
RESERVES AND RESERVE PERCENTAGES FOR THE YEAR 1921
a
11
FS
a *
O I
4) S .t!
u 3 s
PL, •<
January.February
March..._
April
May.____
June
July.—
August
September
October
November
December
Year 1921
£ 8
1,993,592.57
1,982,752.11
4,896,886.29
3,510,189.29
2,233,279.05
1,731,832.57
1,777,023.23
2,943,588.55
3,806,717.62
3,776,075.99
3,234,053.81
3,259,209.64
58,646, 193.16
57,914, 383.84
56,669, 795.37
53,982, 587.77
53,780, 302.93
52,492, 232.63
52,392, 754.79
51,701, 284.90
50,514, 356.88
51,029, 055.16
51,554, 632.83
53,095, 886.99
53,629,289.10
*
$
327,728.03
315,535.75
437,956.74
561,834.07
549,529.96
470,900.26
493,033.71
479,372.33
551,362.79
478,964.68
476,709.10
529,130.57
60,967 513.76
60,212 671.70
62,004 638.40
58,054 ,611.13
56,563 111.94
54,694 ,965.46
54,662 811.73
55,124 245.78
54,872 437.29
55,284: 095.83
55,265 395.74
56,884 227.20
151,854,448.87
149,399,284.46
149,234,297.90
139,881,342.50
130,974,561.61
123,044,856.83
116,510,527.58
109,978,680.97
107,509,731.77
108,838, 682.74
108,917,409.00
109,230,414.03
212,821 962.63
209,611, 956.16
211,238, 936.30
197,935 953.63
187,537, 673.55
177,739, 822.29
171,173, 339.31
165,102 926.75
162,382, 169.06
164,122, 778.57
164,182, 804.74
166,114. 641.23
90,215, 378.29
97,380, 944.90
95,990 480.78
82,173, 283.50
78,737, 770.09
75,639 498.77
71,881 151.69
70,820 372.84
68,706, 299.72
72,415, 903.03
69,856,059.02
73,634 732.32
.4239
.4646
.4544
.4152
.4198
.4256
.4199
.4289
.4231
.4412
.4255
.4433
.4536
.5108
.4978
.4422
.4500
.4591
.4527
.4685
.4604
.4876
.4638
.4919
2,934,986.77
473,496.94
$ 57,037,772.81
$ 125,312,406.28
182,350,2.39.09
$ 78,856,137.39
.4324
.4700
o
o
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SCHEDULE No. 17
DAILY AVERAGE DEPOSITS OF MEMBER BANKS AND U. S. TREASURER BY MONTHS FOR 1921, 1920, 1919 AND 1918
MEMBER BANKS—RESERVE
1921
January..,
$
58,646,193.16
1919
1920
$
62,576,112.47
U N I T E D S T A T E S T R E A S U R E R — G E N E R A L ACCOUNT
ACCOUNTS
$
53,571,725.79
1921
1918
$
42,714,558.37
$
1,993,592.57
1919
1920
1
959,425.42
$
2,490,823.73
1918
$
6,192,589.75
February
57,914,383.84
61,429,924.77
53,692,549.45
43,792,064.88
1,982,752.11
1,219,744.17
3,222,465.81
3,441,880.51
March
56,669,795.37
59,930,303.14
53,341,690.85
45,475,617.61
4,896,886.29
2,418,136.50
8,907,543.13
3,465,995.36
April
53,982,587.77
58,563,060.52
52,671,823.27
44,093,297.79
3,510.189.29
1,026,202.10
1,489,206.73
5,372.214,54
May
53,780,302.93
58,263,028.40
52,513,432.60
42,953,272.62*
2,233,279.05
1,145,247.35
3,538,258.10
5,210,366.00
June
52,492,232.63
57,100,327.89
52,134,368.04
43,059,352.57
1,731,832.57
3,739,812.01
7,868,654.31
10,303,545.35
July.
52,392,754.79
57,317,475.95
53,655,147.73
42,891,498.85
1,777,023.23
1,076,045.06
4,553,980.40
8,211,546.69
August.—
51,701,284.90
58,172,488.78
55,279,363.87
45,205,453.43
2,943,588.55
1,564,302.94
2,806,874.35
5,435,535.68
September
50,514,356.88
58,302,342.45
55,033,477.77
47,455,743.00
3,806,717.62
5,715,434.43
2,801,215.46
6,730,880.92
October
51,029,055.16
58,251,939.34
57,103,731.55
50,052,999.82
3,776,075.99
1,268,938.54
4,208,184.83
8,313,378.99
November
51,554,632.83
58,063,886.24
64,075,665.06
51,336,162.22
3,234,053.81
1,120,217.02
2,783,414.70
7,704,000.02
December.
53,095,886.99
57,268,841.88
61,104,741.21
53,081,357.77
3,259,209.64
4,398,770.88
5,057,807.40
2,262,944.63
Year
$
53,629,289.10
$
58,763,776.56
$
55,354,839.04
$
46,022,279.44
$
2,934,986.77
$
2,134,369.99
$
4,184,406.07
$
6,249,427.51
s
H
O
ffl
SCHEDULE No. 18
ANALYSIS OF CAPITAL STOCK ACCOUNT FOR THE YEAR 1921
DISTRICT OF
COLUMBIA
MARYLAND
Banks
Balance January 1, 1921
Additional Allotments on Increased Capital and
Surplus of Members
Additions to Membership during the Year
98
Shares
24,542
Banks
Sharas
8,643
Banks
NORTH
CAROLINA
WEST
VIRGINIA
VIRGINIA
Sliaies
Banks
Shares
Banks
SOUTH
CAROLINA
Shares
Banks
TOTAL
Shares
Banks
Shares
32,926
116
11,258
97
15,729
98
12,288
610
105,386
1,092
292
5
956
224
8
624
623
3
498
166
26
4,622
1,425
8,802
194
34,310
121
12,438
105
16,976
101
12,952
636
111,433
60
1,293
185
9
16
4
741
1
107
2
131
1
74
10
2,862
159
120
99
Withdrawals on Account Liquidations, Mergers,
or Reductions of Capital or Surplus by Members
1
25,955
2
1,749
97
24,206
16
8,742
190
33,569
120
12,331
103
16,845
100
12,878
626
108,571
90
7
21,057
3,149
15
1
8,082
660
175
15
29,671
3,898
111
9
10,878
1,453
87
16
12,579
4,266
82
18
11,006
1,872
560
66
93,273
15,298
97
24,206
16
8,742
190
33,569
120
12,331
103
16,845
100
12,878
626
108,571
1
1
60
[,680
2
2
57
4!)8
186
1
109
2
120
11
1
72
2
4
6
220
2,370
272
741
1
2
131
1
74
10
2,862
16
>
Balance December 31, 1921
RECAPITULATION
National Banks. __
State Banks and Trust Companies
Total December 31, 1921
MEMORANDUM:
Withdrawals on Account of:
Mergers
Reductions of Capital and Surplus.—
Total Withdrawals during 1921
9
2
60
1,749
60
4
4
107
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a
a
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SCHEDULE No. 19
INTER-DISTRICT MOVEMENT OF FEDERAL RESERVE NOTES—FEDERAL RESERVE NOTES OF OTHER FEDERAL
RESERVE BANKS SHIPPED BY RICHMOND FOR CREDIT OR REDEMPTION, AND FEDERAL RESERVE
NOTES OF RICHMOND RECEIVED FROM OTHER FEDERAL RESERVE BANKS
DURING THE YEAR 1921
Other Notes
Shipped by
Richmond
Boston.
New York
Philadelphia..
Cleveland
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
. .
Total
Net Excess Received
:
$
Richmond
Notes
Received
3,687,500
15,825,500
13,198,000
8,775,250
8,805,250
4,425,750
1,370,000
300,250
1,774,000
1,403,750
755,000
$
60,320,250
$
87,360,125
$
27,039,875
Excess
Shipped
4,618,300
33,706,400
14,261,500
16,573,800
7,664,950
4,495,500
2,134,705
381,400
822,950
1,004,350
1,696,270
Excess
Received
$
930,800
17,880,900
1,063,500
7,798,550
1, HO,300
69,750
764,705
81,150
941,270
2,490,750
H
3
d
>
r
w
c
%
o
*1
951,050
399,400
$
<
$
29,530,625
$
27,039,875
1
SCHEDULE No. 20
FEDERAL RESERVE NOTES ISSUED, RETIRED AND IN ACTUAL CIRCULATION BY MONTHS DURING THE YEAR 1921
Issued
During
Month
Retired
During
Month
Outstanding
at End of
Month
Held by
F. R. Bank
at End of
Month
In Actual Circulation at End of Month
1921
1920
1919
CO
H
January
February...
March
April
May
Juno
July
August
September.
()ctober
November
December.
13,370,000
11,890,000
18,340,000
14,820,000
8,900,000
10,720,000
10,920.000
9,120,000
13,620,000
12,580,.000
12,840,000
16,640,000
17,753,250
12,533,450
25,681,300
21,346,500
18,995,650
17,175,380
16,116,225
15,259,300
11,848,150
13,275,300
12,344,900
15,067,900
$158,651,165
156,007,715
148,666,415
142,139,915
132,104,265
125,648,885
120,452,660
114,313,360
116,085,210
115,389,910
115,885,010
117,457,110
6,241,435
5,864,975
5,556,235
6,003,935
5,606,700
5,970,265
7,428,850
7,307,255
6,251,995
7,481,785
9,225,985
10,356,420
$150,409,730 $130,503,730 $136,070,435
150,142,740
129,081,735
128,595,620
143,110,180
125,821,880
126,209,465
136,135,980
124,643,780
122,900,035
120,497,565
121,133,435
114,886,785
119,678,620
124,487,275
109,940,480
113,023,810
125,352,145
104,743,290
107,006,105
132,949,775
105,879,390
109,833,215
140,852,620
117,475,095
107,908,125
145,327,780
138,592,225
106,659,025
144,875,285
141,587,725
107.100,690
155,169,290
145,765,320
a
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E
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SCHEDULE No. 21
DENOMINATIONS OF FEDERAL RESERVE NOTES ISSUED AND RETIRED DURING THE YEAR 1921
AND OUTSTANDING AT CLOSE OF YEARS 1921 AND 1920
Outstanding Dec. 31, 1920
Issued During Year
Retired During Year
Outstanding Dec. 31, 1921
DENOMINATIONS
Amount
Amount
Number
Number
Amount
Number
Amount
Number
Fives
5,953,565
$ 29,767,825
8,132,000
$ 40,660,000
9,765,367
$ 48,826,835
4,320,198
$ 21,600,990
Tens
4,085,519
40,855,190
3,858,000
38,580,000
5,245,098
52,450,980
2,698,421
26,984,210
Twenties..
2,940,040
58,800,800
2,426,500
48,530,000
3,320,927
66,418,540
2,045,613
40,912,260
Fifties
384,026
19,201,300
244,000
12,200,000
348,189
17,409,450
279,837
13,991,850
Hundreds
108,038
10,803,800
93,000
9,300,000
99,360
9,936,000
101,678
10,167,800
499
249.500
100
50,000
321
160,500
278
139,000
1,246
•1,246,000
4,500
4,500,000
2,110
2,110,000
3,636
3,636,000
Five Thousands
10
50,000
9
45,000
1
5,000
Ten Thousands-
6
60,000
4
40,000
2
20,000
in
-
a
q
>
-
Five Hundreds.Thousands.-
Totals
$161,034,415
$153,820,000
$197,397,305
$117,457,110
O
-
SCHEDULE No. 22
Notes on hand Dec. 31, 1920..
Fit Notes Received from
Comptroller
Fit Notes Received from
Federal Reserve Bank
Unfit Notes received or credited from other sources
Total
Fit Notes Issued to Federal
Reserve Bank.
Unfit Notes returned to the
Comptroller of Currency
for Destruction
Balance Notes Dec. 31, 1921...
Total
Tens
Twenties
Fifties
Hundreds
Five ThousHund- ands
reds
Ten
Thousands
Fives
Five
Thousands
FEDERAL RESERVE AGENT'S RECORD OF FEDERAL RESERVE NOTES RECEIVED, ISSUED TO BANK AND
RETURNED TO COMPTROLLER DURING THE YEAR 1921, BY DENOMINATIONS
Total
Amount
In Dollars
278,000
194,000
175,000
61,000
68,000
5,700,000
2,700,000
1,820,000
144,000
52,000
2,514,000
1,324,000
587,500
79,000
29,000
160
900
8
7,251,367
3,921,098
2,733,427
269,189
70,360
161
1,210
15,743,367
8,139,098
5,315,927
553,189
219,360
2,958
7,410
8,132,000
3,858,000
2.426,500
244,000
93,000
100
4,500
7,251,367
360,000
3,921,098
360,000
2,733,427
156,000
269,189
40,000
70,360
56,000
161
2,697
1,210
1,700
1
398
1
396
151,937,305
25,118,500
15,743,367
8,139,098
5,315,927
553,189
219,360
2,958
7,410
399
397
330,875,805
2,637
1,700
390
393
25,578,500
>
r
x
DO
107,900,000
H
X
<!
3
45,460,000
W
1
1
151,937,305
399
397
330,875,805
3,600
153,820,000
a
-
s
SCHEDULE No. 23
Fives
Tens
Twenties
Fifties
Hundreds
Five
Hund- Thousreds
ands
Five
Thousands
Ten
Thousands
FEDERAL RESERVE AGENT'S STATEMENT OF FEDERAL RESERVE NOTES FROM ORGANIZATION
TO DECEMBER 31, 1921
22,812,000
14,068,000
8,692,000
928,000
292,000
3,200
6,800
400
400
$518,580,000
7,934,000
5,663,500
3,377,250
401,700
199,200
1,360
4,150
108
113
210,355,000
2,860
1,270
220
44
20
Total
Amount
In Dollars
72
Received from Comptroller,
(Fit Notes)
Received from Federal Reserve Bank (Fit Notes)
Received from Treasurer of
U. S. (Fit Notes)
Rec'd by Comptroller from
Treas. of U. S. for destruction and credit of F. R. Agent's acct. (Unfit Notes):
(a) From other Federal
Reserve Banks
(b) Direct from reporting F. R. Bank and
from other sources
Total
35,600
3
2
5,186,282
3,252,583
1,970,325
188,587
33,415
21
59
12,925,520
7,756,996
4,520,062
419,576
100,907
204
1,405
1
48,860,662
30,742,349
18,559,857
1,937,907
625,542
4,785 12,414
509
110,704,090
2
265,200,300
515 $1,104,874,990
-
Issued to Fed. Reserve Bank. 30 ,368 ,860
Returned to Comptroller of
Currency for destruction,
including notes returned
by U.S.Treasury for credit
18 ,131 ,802
of F. R. Agent's Account
Notes on hand December 31,
1921
360 ,000
19 ,372 ,770
11 ,013,470
1,289 ,744
435 220
1 ,863
0 ,250
110
117
703 ,752 ,100
11 ,009 ,579
0 ,490,387
608 ,163
134 ,322
225
1 ,464
1
2
376 ,004 ,390
360 ,000
156,000
40 ,000
56 ,000
2 ,697
1 ,700
398
396
25 ,118 ,500
48 ,860 ,662
30 ,742 ,349
18 ,559,857
1,937 ,907
625 ,542
4 ,785 12 ,414
509
515 $1,104 ,874 ,990
Total
td
•
w
o
o
SEVENTH ANNUAL REPORT OF THE
86
SCHEDULE No. 25
CLEARING OPERATIONS—DAILY AVERAGE NUMBER OF ITEMS,
DAILY AVERAGE AMOUNT AND AMOUNT PER ITEM HANDLED
BY FEDERAL RESERVE BANK OF RICHMOND (BALTIMORE BRANCH INCLUDED) DURING EACH
MONTH OF 1921
ITEMS DRAWN ON BANKS IN
RICHMOND AND BALTIMORE
Daily
Average
Number
1921
January
February
March
April
May
June
July...
August
September
October
November
December
......
:.__
Total Number a n d A m o u n t (gross) handled
during year
Daily
Average
Amount
Average
Amount
Per Item
12,410
12,566
14,455
12,896
13,070
13,482
12,965
12,299
14,101
14,278
15,619
15,533
11,922,939
10,894,135
10,656,304
9,866,507
9,737,376
9,713,870
9,794,534
9,138,737
10,247,553
11,483,158
11,766,765
10,859.400
954.38
867.00
740.36
765.05
745.02
720.51
755.46
713.05
726.73
S04.26
753.36
699.12
4,103,070
$ 3,158,710,700
769.85
ITEMS DRAWN ON EANKS IN OTHER
FEDERAL RESERVE DISTRICTS
1921
January
February
March—
April..
May.
June
July.
August..
September
October
November
December..
[
Total Number and Amount (gross) handled
during Year
Daily
Average
Number
Daily
Average
Amount
Average
Amount
Per Item
8,187
8,124
8,850
7,857
7,791
8,267
7,910
7,326
7,775
8,131
9,006
9,053
3,961,127
3,460,973
3,527,375
2,913,358
3,034,796
3,651,008
3,339,726
3,147,563
3,811,171
4,423,827
4,571,740
4,018,112
484.76
426.02
398.48
370.80
389.53
441.64
422.22
429.64
490.18
544.07
507.63
443.84
2,472,532
$ 1,101,377,900
445.36
FEDERAL RESERVE BANK OF RICHMOND
87
SCHEDULE No. 25—Continued
ITEMS DRAWN ON BANKS IN FIFTH DISTRICT,
OUTSIDE OF BANK AND BRANCH CITIES
Daily
Average
Number
Average
Amount
Daily
Average
Amount
Per Item
ITEMS HANDLED BY BOTH HEAD OFFICE AND
AND BRANCH
Daily
Average
Number
Daily
Average
Amount
Average
Amount
Per Item
107,356
99,343
96,454
93,870
95,088
96,257
95,019
86,714
97,682
103,198
112,789
109,223
S
$
15,103,934
12,886,974
12,724,030
11,980,223
11,691,676
12,545,722
11,848,864
11,157,397
13,000,245
14,008,411
14,897,321
13,824,534
$
140.50
129.72
132.15
127.63
122.96
130.34
124.70
128.67
133,09
135.74
132.08
126.57
5,096
4,734
4,836
4,659
4,502
4,715
4,644
4,209
4,503
4,670
4,976
4,843
$
959,252
685,687
718,008
745,742
764,808
873,496
746,299
738,318
901,925
972,050
752,827
786,604
$
186.53
144.83
149.27
160.07
169.88
185.26
160.70
175,41
200.29
208.15
151.29
162.42
29,981,628
S
3,912,914,800
$
130.51
1,413,153
$
242,600,800
s
171.69
TOTAL
ITEMS DRAWN ON TREASURER OF UNITED STATES
Daily
Average
Daily
Average
Per Item
Number
186.74
187.54
222.54
163.83
140.26
159.99
169.25
151.69
119.40
125.09
136.51
159.15
647,196
663,148
1,001,866
787,727
608,708
757,558
641,638
560,655
554,955
592,197
622,739
716,317
3,468
3,535
4,476
4,808
4,340
4,735
3,791
3,696
4,648
4,734
4,562
4,501
1,290,049
Average
Amount
Amount
Daily
Average
Number
$
205,283,930
$
159.13
136,517
128,302
129,071
124,090
124,791
127,456
124,329
114,244
128,709
135,011
146,952
143,153
Daily
Average
Amount
S
Average
Amount
Per Item
32,594,448
28,590,917
28,627,583
26,293,557
25,837,364
27,541,654
26,371,061
24,742,670
28,515,849
31,479,643
32,611,392
30,204,967
$ 39,260,432 $ 8,620,888,130
$ 239.22
222.84
221.42
211.89
207.05
216.09
212.11
216.58
221.55
233.16
221.92
211.00
$
219.58
SCHEDULE No. 24
STATEMENT OF FEDERAL RESERVE BANK NOTES RECEIVED, REDEEMED AND BALANCE
OUTSTANDING DECEMBER 31, 1921
NUMBER OF PIECES
Total Value
One-Dollar
Two-Dollar
H
H
n
Received
Received
Received
Received
from
from
from
from
of
of
of
of
Currency
Currency
Currency
Currency
during
during
during
during
$
1918
1919.
1920
1921
Total Received
Delivered
Delivered
Delivered
Delivered
to Comptroller
to Comptroller
to Comptroller
to Comptroller
of Currency for destruction
of Currency for destruction
of Currency for destruction
of Currency for destruction
Total Redeemed
Balance Outstanding December 31, 1921
during
during
during
during
1918
1919
1920
1921
3,708,000
8,332,000
11,260,000
4,104,000
$
292,000
.
680,000
1,428,000
208,000
$
4,292,000
9,692,000
14,116,000
4,520,000
I
$
Comptroller
Comptroller
Comptroller
Comptroller
27,404,000
$
2,608,000
$
32,620,000
$
16,000
1,524,590
11,990,000
10,822,000
$
16,000
1,752,000
14,394,000
12,902,000
2
c
113,705
1,202,000
1,040,000
$
24,352,590
S
2,355,705
$
29,064,000
$
3,051,410
$
252,295
$
3,556,000
H
o
H
B
SCHEDULE No. 26
DIRECT ROUTINGS—NUMBER AND AMOUNT OF CASH LETTERS SENT DIRECT TO OTHER FEDERAL RESERVE
BANKS AND BRANCHES BY MEMBER BANKS IN THE FIFTH DISTRICT DURING 1921, BY MONTHS
Letters Containing Items
on F. R. Bank and
Branch Cities
Number
of
Letters
January
February
March
April ..
May
June
July
August
September
October
November
December
Total for 1921
Total for 1920
Average Amount per Letter 1921._
Average Amount per Letter 1920.
Letters Containing Items
outside of F. R. Bank
and Branch Cities
Number
of
7,041
6,501
7,517
7,395
7,206
6,584
6,142
6,615
6,143
6,722
6,535
7,066
81,467
82,679
Amount
Amount
Letters
$
115,419,883
94,007,614
104,785,084
94,246,948
92,711,435
85,620,447
78,321,957
80,156,622
75,701,043
95,589,923
91,901,303
90,692,067
6,096
5,481
6,334
6,326
6,133
5,565
5,172
5,526
5,228
5,423
5,226
5,882
$
$ 1,099,154,326
1,646,377,099
68,392
68,736
$
13,492.02
19,912.88
TOTAL
o
H
Number
of
Letters
24,590,595
19,473,797
23,078,629
23,070,992
22,205,130
23,249,778
21,350,442
22,768,606
22,511,556
25,618,270
24,472,704
25,750,435
13,137
11,982
13,851
13,721
13,339
12,149
11,314
12,141
11,371
12,145
11,761
12,948
$
278,140,934
396,737,550
149,859
151,415
$
4,066.86
5,771.90
Amount
$
140,010,478
113,481,411
127,863,713
117,317,940
114,916,565
108,870,225
99,672,399
102,925,228
98,212,599
121,208,193
116,374,007
116,442,502
$ 1,377,295,260
2,043,114,649
$
[9,190.61
13,493.48
pa
pa
pa
<
W
>
W
o
*j
pa
n
w
I
o
d
SCHEDULE No. 27
NON-CASH COLLECTION ITEMS HANDLED DURING THE YEAR 1921, BY MONTHS
GO
Number of
Items Ret'd
Unpaid
Number of
Items
Received
January
February
March
April
May
June
July
August
September
October
November
December
Total, 1921
Total, 1920
Number of
Items
Paid
,715
,006
,290
,428
,076
,429
,093
,530
,819
,205
,084
,101
5,430
4,775
6,046
5,815
5,788
5,957
8,325
7,893
7,859
8,281
7,593
7,549
11,992 ,520.84
9,685 ,563.93
11,030 ,757.72
10,035 ,120.64
9,620 ,066.71
11,229 ,521.07
11,076 ,867.71
9,722 ,783.00
12,905 ,687.87
12,485 ,145.93
11,750 ,562.51
13,000 ,412.13
1,195
1,065
232
293
1,420
1,381
1,497
1,512
1,806
1,863
1,906
2,141
1,225,019.79
997,531.46
1,253,133.76
1,098,874.11
960,709.78
1,085,494.05
915,469.93
850,932.07
1,177,897.08
1,007,353.28
1,363,751.65
1,115,577.00
81,311
42,681
134,535,010.06
110,695,727.12
18,311
10,266
13,051,743.96
13,997,523.66
100,776
53,391
Amount Paid
Amount Returned
H
SCHEDULE No. 29
TOTAL AMOUNT RECEIVED FROM AND PAID TO EACH OTHER FEDERAL RESERVE BANK THROUGH THE
GOLD SETTLEMENT FUND ON ACCOUNT OF DAILY CLEARINGS
Amount
Received from
Boston
New York
Philadelphia...
Cleveland
*Richmond..
fBaltimore
Atlanta ..
Chicago. .. .
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco......
Totals
$
'
102,920,505.35
1,586,454,030.74
512,249,875.45
487,523,001.16
1,149,940,171.36
1,078,360,724.53
246,883,466.93
155,922,221.02
87,853,321.15
10,172,683.86
26,123,449.08
25,849,895.07
21,757,015.21
$ 5,492,010,360.91
Amount
Paid to
$
119,996,772.66
1,547,689,337.75
603,750,334.48
425,108,047.25
1,078,360,724.53
1,149,940,171.36
218,939,654.08
206,804,768.78
125,190,209.93
6,963,690.18
22,015,454.01
16,241,650.07
20,661,591.15
$ 5,541,662,406.23
Excess
I'ni.l
Excess
Received
% 17,076,267.31
38,764,692.99
G
O
91,500,459.03
62,414,953.91
71,579,446.83
<
71,579,446.83
27,943,812.85
50,882,547.76
37,336,888.78
3,208,993.68
4,107,995.07
9,608,245.00
1,095,424.06
$ 218,723,564.39
o
$ 268,375,609.71
*Represents amounts received from and paid to Richmond Head Office by Baltimore Branch.
fRepresents amounts received from and paid to Baltimore Branch by Richmond Head Office.
Net Excess
Paid
$ 49,652,045.32
o
d
SCHEDULE No. 28
8
GOLD SETTLEMENT FUND TRANSACTIONS DURING THE YEAR 1921
(In Even Thousands)
Balance in Gold Settlement Fund at close of Business December 31, 1920
$
RECEIPTS :
20,429,000
w
Total amount received from other Federal Reserve Banks through daily
Gold Fund Clearings
<<
$
5,492,010,000
!zj
H
W
500,000,000
jg
Amounts received from other Federal Reserve Banks by direct transfers:
On account bills sold
For credit of Treasurer United States
02,200,000
§
f1
Amounts received from other sources by direct transfers:
From Treasurer United States
113,564,000
^
1,240,000
' o
From 5% Fund Federal Reserve Bank Notes
413,000
H
From 5% Fund National Bank Notes (Refunded by Treasurer U. S.)
162,000
§
From Gold shipped to Treasurer United States
Total Receipts
$
DISBURSEMENTS :
Total amount paid to other Federal Reserve Banks through Daily Gold
Fund Clearings
Amounts paid to other Federal Reserve Banks by direct transfers:
On account bills re-purchased
For account Treasurer United States.-
a
5,541,662,000
509,989,000
52,500,000
6,169,589,000
Amounts paid to other accounts by direct transfers:
To Treasurer U. S. for credit 5% Fund National Bank Notes
47,719,000
To "Gold with Agent"
19,010,000
To "Gold Redemption Fund"
Total Disbursements
44,000
$
6,170,924,000
1,335,000
Excess of Disbursements over Receipts
Balance in Gold Settlement Fund at close of business December 31, 1921
%
—
t)
W
p
>
19,094,000
^
g
3
H
W
>
o
o
a
SCHEDULE No. 30
CURRENCY RECEIVED FROM AND DELIVERED OR SHIPPED TO MEMBER AND NON-MEMBER BANKS
IN THE FIFTH DISTRICT DURING THE YEAR 1921
MEMBERS
RECEIVED
January
February
March
April
May
June
July
August
September
October
November
December
Total Received
In Richmond Fifth District
and
Outside Bank
Baltimore
and Branch
Cities
NON-MEMBERS
Total
Members
In Richmond Fifth District
Outside Bank
Total
and
and Branch Non-Members
Baltimore
Cities
GRAND
TOTAL
=
$ 17 ,185 ,714
10 ,714 ,359
16 ,501 ,674
14 ,782 ,467
lfi ;602 ,809
15 ,042 ,726
13 ,035 ,582
13 ,985 ,857
13 ,320 ,296
14 ,264 ,385
14 ,863 ,907
17 ,289 ,004
6,610,071
4,894,888
6,586,323
5,772,617
6,109,269
6,632,427
5,844,648
5,444,209
4,882,310
4,595,445
5,057,566
5,959,523
23,795,785
15,609,247
23,087,997
20,555,084
22,712,078
21,675,153
18,880,230
19,430,066
18,202,606
18,859,830
19,921,473
23,248,527
$ 2,486 ,814
1,429 ,708
1,629 ,930
1,688 ,973
1,513 ,063
1,547 ,006
1,285 ,870
1,469 ,027
816 ,695
1,488 ,997
1,600 ,989
1,870 ,290
2,486,814
1,429,708
1,629,930
1,688,973
1,513,063
1,547,006
1,285,870
1,469,027
816,695
1,488,997
1,600,989
1,870,290
$ 26,282,599
17,038,955
24,717,927
22,244,057
24,225,141
23,222,159
20,166,100
20,899,093
19,019,301
20,348,827
21,522,462
25,118,817
$177,588,780
68,389,296
$245,978,076
$ 18,827,362
$ 18,827,362
$264,805,438
rr
S
-
o
*.^
689
H
*
X
N
O
C
N
O
M
*-<
N
coccooo
O
l ' — i C C C O ' O
CO
II
H
I 2| |
FEDERAL RESERVE BANK OF RICHMOND
-
v
HI
C
o
3 i|
o r i i ' N a o
o
us e Hi oo
*~-
N
TO
a "* E w —i
^^
95
988 281
397
140 842
358 428
974 513
106 440
157 471
817 135
904
244 238
752 134
635 003
SCHEDULE No. 31
RECEIPTS AND DISBURSEMENTS OF CURRENCY AND COIN DURING THE YEAR 1921
Balance Cash at close of business December 31, 1920
$
15,657,321.71
RECEIPTS :
Our own Federal Reserve Notes from Federal Reserve Agent
_
89,880,000.00
Our own Federal Reserve Bank Notes from Washington
M
46,400,670.00
Our own Federal Reserve Notes from other Federal Reserve Banks _
H
4,520,000.00
H
Legal Tender Notes from Washington
14,240,000.00
>
Silver Certificates from Washington
12,700,000.00
245,978,076.00
!z|
d
>•
Deposited by Non-Members (including coin)
18,827,362.00
*$
Deposited by Others
16,236,422.00
^
Deposited by Members (including coin)
Miscellaneous Currency and Coin Receipts
Total Receipts
2,564,726.55
$
$
Total Receipts and Previous Balance
DISBURSEMENTS :
Federal Reserve Notes of Other Banks returned to Banks
$
20,787,000.00
Federal Reserve Notes of Other Banks shipped to Washington
39,533,250.00
Our own Federal Reserve Notes shipped to Washingtoa
83,590,500.00
Our own Federal Reserve Notes returned to Federal Reserve Agent
9,920,000.00
451,347,256.55
467,004,578.26
§
Federal Reserve Bank Notes (our own and others) shipped to Washington
National Bank Notes shipped to Washington
7,286,400.00
11,034,500.00
Silver Certificates shipped to Washington
3,201,050.00
Legal Tender Notes shipped to Washington
17,667,650.00
Gold Certificates shipped to Washington
1,363,500.00
M
243,205,927.00
M
Shipments to Non-Members (including coin)
1,572,568.00
j*^
Miscellaneous Currency and Coin Di bursements
7,205,442.42
Shipments to Members (including coin)
$
_
446 ,367 ,787. 42
$
20 ,636 ,790. 84
ERVE BANK
Total Disbursements
Balance Cash at close of business December 31. 1921
£j
M
m
o
o
O
SCHEDULE No. 32
PRIVATE WIRE OPERATIONS—TOTAL NUMBER OF MESSAGES SENT AND RECEIVED OVER PRIVATE
LEASED WIRES DURING THE YEAR 1921
Sent To
Rec'd From
Total
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y Dallas
San Francisco
Washington
1,357
8,750
3,532
3,523
6,233
4,514
3,269
2,603
1,184
485
994
1,328
1,173
5,059
1,737
9,539
3,414
6,254
4,514
6,233
3,326
2,337
1,387
369
614
931
866
6,089
3,094
18,289
6,946
9,777
10,747
10,747
6,595
4,940
2,571
854
1,608
2,259
2,039
11,148
Total
44,004
47,610
91,614
Boston
New York
Philadelphia...
Cleveland..
*Richmond
fBaltimore
*Messages sent to and received from Richmond Head Office by Baltimore Branch
fMessages sent to and received from Baltimore Branch by Richmond Head Office.
3
o
5
SCHEDULE No. 33
WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO AND FROM OTHER FEDERAL RESERVE DISTRICTS FOR
ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING 1921, BY MONTHS
J
Transfers to Other F. R. Districts by
Member Banks of Fifth District
No.of Banks
Making
Number of
Transfers
Transfers
January
February...
March
April
May
June._
July
August
September.
October
November..
December..
Totals.
64
61
75
67
67
63
63
77
71
83
94
93
Amount of
Transfers
752
669
764
736
712
828
755
906
779
925
977
1,053
$ 41,549,059
30,955,713
41,472,160
32,066,591
30,461,240
39,647,591
31,234,640
32,721,987
28,193,063
36,990,458
37,081,761
40,645,756
9,856
$423,020,019
Transfers to Members in Fifth District
by Banks in Other F. R. Districts
No.of Banks
Receiving Number of
Transfers
Transfers
114
109
110
112
106
120
108
108
115
105
133
129
Amount of
Transfers
TOTAL ALL TRANSFERS
Number of
Transfers
K
O
pi
>
Amount of
Transfers
1,104
1,005
,229
,164
,267
1,347
1,268
1,225
1,269
1,504
1,439
1,453
$ 59,572,832
48,034,697
59,879,025
47,950,485
' 53,712,616
60,622,054
54,737,777
61,668,414
69,861,863
70,950,468
65,240,496
74,466,953
1,856
1,674
1,993
1,900
1,979
2,175
2,023
2,131
2,048
2,429
2,416
2,506
101,121,891
78,990,410
101,351,185
80,017,076
84,173,856
100,269,645
85,972,417
94,390,401
98,054,926
107,940,926
102,322,257
115,112,709
15,274
$726,697,680
25,130
,149,717.699
o
o
o
SCHEDULE No. 34
WIRE TRANSFERS OF FUNDS OVER PRIVATE WIRES TO AND FROM OTHER FEDERAL RESERVE DISTRICTS
FOR ACCOUNT OF MEMBER BANKS OF THE FIFTH DISTRICT DURING 1921, BY FEDERAL
RESERVE DISTRICTS
C
O
DISTRICT
Transfers to Other F. R. Districts by Transfers from Other F. R. Districts
for Account of Member Banks of
Member Banks of Fifth District
Fifth District
Number of
Transfers
Amount of Transfers
Boston
New York
Philadelphia
Cleveland
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
211
4,627
1,161
1,005
1,326
931
194
80
34
127
160
$
Total
9,856
$
Number of
Transfers
Amount of Transfers
3,161,000
302,166,000
18,387,000
' 26,626,000
24,347,000
30,606,000
6,140,000
1,152,000
1,675,000
3,478,000
5,282,000
544
5,897
1,712
4,197
1,523
723
524
5
15
30
104
$
423,020,000
15,274
$
TOTAL OF ALL TRANSFERS
Number of
Transfers
Amount of
Transfers
8,975,000
516,906,000
49,637,000
99,153,000
21,187,000
16,902,000
10,250,000
69,000
580,000
481,000
2,558,000
755
10,524
2,873
5,202
2,849
1,654
718
85
49
157
264
$
726,698,000
25,130
$1,149,718,000
12,136,000
819,072,000
68,024,000
125,779,000
45,534,000
47,508,000
16,390,000
1,221,000
2,255,000
3,959,000
7,840,000
3
o
n
SCHEDULE No. 35
BOND COUPONS CUT FOR BANKS BY CUSTODIAN OF SECURITIES DURING EACH MONTH OF 1921
Number of
Banks Accommodated
Number of
Coupons
Cut
Value of
Coupons
Cut
d
H
CO
January
February....
March
April
May
June
July
August........
September.
October
November..
December..
Total.
142
80
445
488
453
667
96
69
380
441
416
642
6,996
1,503
23,678
50,802
48,370
38,404
2,596
1,943
23,885
51,463
26,450
28,102
304,192
70,030.68
40,812.46
355,896.97
661,900.97
474,897.09
476,710.59
74,334.68
51,025.58
363,785.05
634,993.08
412,359.43
387,810.71
$
4,004,557.29
I
bd
o
K
O
d
SCHEDULE No. 36
INTEREST COUPONS FROM U. S. SECURITIES PAID BY FEDERAL RESERVE BANK OF RICHMOND AND
CHARGED TO TREASURER OF U. S. DURING THE YEAR 1921, BY MONTHS
Second Liberty
Loan Bonds
First Liberty Loan
Bonds
31%
4%
4%
41%
Third
L. L.
Bonds
Fourth
L. L.
Bonds
41%
4i%
Victory Notes
3f%
42%
Other
United
States Cer- United
States
tificates of
Bonds
Indebtedness
Total
Number of
Coupons
Paid
Total
Value of
Coupons
Paid
GO
January
15,786
2,644
17,697
7,865
34,739
40,176
89,691
154
98,186
475
415
307,828
$ 1,203,277.24
February
4,749
1,720
5,439
6,218
13,233
20,661
40,067
91
28,359
718
312
121,567
417,364.12
March
4,048
1,941
4,441
7,010
11,499
146,148
33,712
10
22,022
3,995
177
235,003
1,621,784.04
April
3,329
1.724
3,736
5,860
10,344
100,967
220,312
17
18,223
1,687
140
366,339
2,662,591.73
May
2,588
1,496
2,599
6,147
123,122
57,308
112,682
4
13,449
1,293
3,260
323,948
2,405,863.05
June '.
27,869
1,186
32,859
4,183
57,605
36,429
57,637
3,380
146,521
4,331
614
372,614
2,751,997.66
July
10,715
1,022
16,764
3,512
28,632
26,367
37,410
142
71,780
1,849
392
198,585
912,485.54
August
4,648
704
6,049
2,741
13,658
16,898
23,510
5
26,507
1,483
252
96,455
394,327.55
September
3,067
835
4,690
2,762
11,584
133,062
20,267
29
19,091
4,523
115
200,025
1,548,335.70
October
3,160
615
4,317
2,412
10,734
85,452
210,163
10
16,812
2,753
153
336,581
2,698,995.66
November....
2,794
718
3,518
3,490
114,134
53,876
109,993
8
13,623
973
7,911
311,038
2,378,951.06
27,131
1,131
34,210
3,692
68,763
44,890
71,023
2,304
134,106
3,661
2,717
393,628
2,764,695.80
109,884
15,736
136,319
55,892
498,047
762,234
1,026,467
6,154
608,679
27,741
16,458
3,263,611
$580,777
$ 27,943
$646,307
1107,772
$3,860,095
$3,393,293
$6,587,572
$153,830
$3,812,276
$2,157,744
$433,060
H
<
December
Total Number...
Total Value
H
W
3
O
H
NOTE:—Includes Federal Land Bank and War Finance Corporation coupons, not chargeable to the Treasurer of the United States.
$21,760,669.00
w
SCHEDULE No. 37
FISCAL AGENCY OPERATIONS DURING THE YEAR 1921
United States Liberty Loan Bond and Victory Note Transactions
NUMBER OF P I E C E S RECEIVED
Temporary
Coupon bonds exchanged for registered bonds of same issue
Registered bonds exchanged for coupon bonds of samj issue
Registered bonds for transfer of ownership
4% Coupon bonds converted into 4J% registered bonds
4% Registered bonds converted into 4-J-% coupon bonds.4% Coupon bonds converted into 41% coupon bonds
4% Registered bonds converted into 4 j % registered bonds
42% Victory Notes converted into 3 j % Victory notes
3J% Victory Notes converted into 4J% Victory notes...
Temporary coupon bonds exchanged for permanent coupon bonds
of same issue
Bonds of one denomination exchanged for bonds of other denominations of same issue
Coupon bonds from Railroads, to be forwarded to Treasury Department for credit
Mutilated coupon bonds exchanged for perfect coupon bonds of
same issue.
U. S. Liberty Loan bonds and Victory notes in payment of Inheritance Taxes forwarded to U. S. Treasurer
Total
(Continued)
Permanent
DELIVERED
Total
Number
Amount
24,551
6,567
5,193
211
327
18,525
649
58
344
24,141
6,369
3,324
356
302
18,299
622
41
334
749,587
669,399
80,745
9,021
272
272
317
22,400
16
16
31
3,850
1,051
1,051
1,051
1,410,238
o
115,043
888,096
733,607
228,139,738
o
5,060
19,491
6,567
5,193
211
17,907
327
618
649
58
344
749 587
80,745
773,053
$
15,783,650
4,402,950
2,086,850
47,700
117,900
1,766,700
249,300
40,000
683,250
-
190,531,450
10,993,500
$
o
a
s
SCHEDULE No. 37 (Continued)
FISCAL AGENCY OPERATIONS DURING THE YEAR 1921—Continued
Certificate of Indebtedness and Treasury Note Transactions
Certificates of Indebtedness
Date of Issue
Series
•
•
•
"
•
•
"
"
"
•
•
"
"
1
*
E
—1921
F
—1921
G
—1921
TS —2—1921
TM —1922
H
—1921
A
—1922
TJ
—1922
B
—1922
TM-2 —1922
TS
—1922
TM-3 —1922
TS-2 —1922
C
—1922
TJ-2 —1922
TD —1922
—1924
—1924
Total Sales of Treasury Notes
Total Sales of both Certificates of Indebtedness
and Treasury Notes
(Continued)
Number of Pieces
6-15-21
9-15-21
1,027
1,949
$ 3,830,500
5,009,000
4,222,000
6,291,000
10,149,500
6,146,500
7,615,000
8,526,000
7,865,000
3,746,000
4,665,000
2,550,500
6,619,000
1,649,500
2,799,500
6,996,500
27,801
1-15-21
1-15-21
2-15-21
3-1.5-21
4-15-21
5-1.5-21
5-15-21
6-15-21
8- 1-21
8- 1-21
9-15-21
9-1.5-21
11- 1-21
11- 1-21
12-15-21
12-15-21
Total Sales of Certificates of Indebtedness
Treasury Notes:
Series A
" B
Amount
SALES OF CERTIFICATES OF INDEBTEDNESS AND TREASURY NOTES
$88,680,500
896
•
2,390
1,804
1,789
3,818
1,055
2,755
2,241
2,140
896
2,087
908
1,690
356
4,505
3,522
S
8,027
35,828
8,698,500
14,249,000
22,947,500
$
111,628,000
SCHEDULE No. 37 (Continued)
FISCAL AGENCY OPERATIONS DURING THE YEAR 1921—Continued
Certificate of Indebtedness and Treasury Note Transactions
REDEMPTION OF CERTIFICATES OF INDEBTEDNESS
Certificates of Indebtedness
Series
*
"
•
"
*
"
•
"
"
•
•
•
•
•
•
•
•
•
"
"
«
B
A
TM—3
TM—2
TM
TD
E
TM-4
TJ—2
D
TJ
G
C
TS—2
TS
H
F
H
TD
T—10
TH—2
G
Total Redemptions
(Continued)
—1921
—1921
—1921
—1921
—1921
—1920
—1921
—1921
—1921
—1921
—1921
—1921
—1921
—1921
—1921
—1921
—1921
—1920
—1921
—1921
—1920
—1920
Amount
Number of Pieces
335
382
269
616
866
36
1,054
1,218
646
1,664
1,894
871
1,550
1,211
2,414
1,266
1,292
11
2,758
$
1,094,500
1,759,500
1,333,500
1,530,500
3,599,000
54,500
3,385,000
4,378,000
2,490,000
4,720,000
4,617,000
2,153,000
2,886,500
4,722,000
6,441,000
3,882,000
3,007,500
9,000
7,539,500
500
1
1
1
1,000
800
20,356
59,604,000
>
W
o
(—i
o
o
SCHEDULE No. 37 (Continued)
FISCAL AGENCY OPERATIONS DURING THE YEAR 1921—Continued
Certificate of Indebtedness and Treasury Note Transactions
DENOMINATIONAL EXCHANGES OF CERTIFICATES OF INDEBTEDNESS AND TREASURY NOTES
DELIVERED
RECEIVED
Certificates of Indebtedness:
Series
•
•
•
•
"
•
•
1
"
"
•
TS
TM
A
TJ
TM—2
B
TM—3
TS
TS—2
C
TJ—2
TD
—1921
—1922
—1922
—1922
—1922
—1922
—1922
—1922
—1922
—1922
—1922
—1922
Total Den. Exchanges of C. of I.
Treasury Notes:
Series A
• B
(Continued)
$
30,000
26,000
2,000
1,220,000
56,000
289,000
637,000
1,793,500
1,032^500
155,000
265,000
690,500
113
52
30,000
26,000
2,000
1,220,000
56,000
289,000
637,000
1,793,500
1,032,500
155,000
265,000
690,500
34
19
4
760
22
58
181
534
503
54
207
279
1,651
$6,196,500
2,655
$6,196,500
232
551
469,500
2,962,000
515
680
469, i500
2,962,000
783
$3,431,500
1,195
$3,431,500
2,434
$9,628,000
3,850
$9,628,000
3
4
2
256
27
70
199
561
353
11
S
Amount
Number of Pieces
2
H
ffl
3
H
O
H
—1924
—1924
Total Den. Exchanges of Tr. Notes
Totals of all Exchanges
Amount
Number of Pieces
SCHEDULE No. 37 (Continued)
FISCAL AGENCY OPERATIONS DURING THE YEAR 1921—Continued
TransactJons in War Savings Securities
SALES OF WAR SAVINGS SECURITIES
Number of Pieces
Thrift Stamps
Treasury Savings Stamps
War Savings Stamps
Treasury Savings Certificates
5,418
370
3,398
232
Total Sales
9,418
Sale Value
$
1,354.50
370.00
14,039.79
54,920.15
$70,684.44
Maturity Value
$
1,354..50
370.00
16,990.00
67,900.00
$86,614.50
REDEMPTION OF WAR SAVINGS STAMPS
Number of Stamps
January.__
February
March...
April '
May
June
July.
August..
September
October
November
December
Total
Redemption Value
Maturity Value
55,110
47,057
56,864
45,807
39,565
51,577
44,394
45,849
35,950
42,316
34,233
32,042
Redemptions
$ 251,043.57
212,651,53
256,815.22
206,755.87
179,258.71
233,374.03
204,960.37
207,821.87
164,626.52
192,009.16
155,812.82
148,826.36
$ 275,550.00
235,285.00
284,320.00
229,035.00
197,825.00
257,885.00
221,970.00
229,245.00
179,750.00
211,580.00
171.165.00
160,210.00
530,764
$2,413,956.03
$2,653,820.00
Ht
o
o
o
SCHEDULE No. 38
ANALYSIS OF U. S. TREASURER'S GENERAL ACCOUNT FOR THE YEAR 1921
Balance to Credit of U. S. Treasurer, December 31, 1920
$ 2,899,181.86
RECEIPTS :
Sales of Treasury Notes
I 22,947,500.00
88,680,500.00
Sales of Certificates of Indebtedness (Tax and Loan Issues)
37,000,000.00
Sales of Certificates of Indebtedness (Special One Day)
91,833,318.00
Withdrawals of War Loan Deposits
Deposited by Collectors of Customs and Internal Revenue, Postmasters, Disbursing
Officers, etc
...
368,019,026.67
26,770,014.08
Proceeds of Collections for account of U. S. Treasurer
301,753,627.07
Transfers of Funds
20,493,531.64
All other Credits to U. S. Treasurer's Account
„
0Q
2
$957,497,517.46
Total Receipts....
$960,396,699.32
X
DISBURSEMENTS :
U. S. Certificates of Indebtedness Redeemed (Tax and Loan Issues)
U. S. Certificates of Indebtedness Redeemed (Special One Day)
U. S. Certificates of Indebtedness Redeemed (Pittman Act)
War Savings Securities Redeemed
Liberty Loan Bonds and Victory Notes Redeemed (Account Inheritance Tax)...
Interest Coupons Paid..._
Deposited with War Loan Depositary Banks
Transfers of Funds
„
Checks, Warrants, etc., paid, and all other Charges to U. S. Treasurer's Account.
Total Disbursements
Balance to Credit of U. S. Treasurer, December 31, 1921.
I 59,604 ,000.00
37,000 ,000.00
5,000 ,000.00
2,413 ,956.03
1,410 ,238.13
21,457 ,787.01
93,561 ,100.00
530,284 ,408.90
205,209 ,608.45
I
$955,941,098.52
$ 4,455,600.80
SCHEDULE No. 39
NUMBER OF PIECES OF REGISTERED MAIL HANDLED DURING 1921, BY MONTHS
Incoming
Outgoing
Total
January
February...
March.
April
May
June
July
August..
September..
October
November.
December..
,128
,945
,692
,250
,092
,253
,712
,720
,647
,793
,205
,942
13,612
13,071
12,357
12,317
9,906
10,063
8,946
9,055
9,200
9,524
8,013
8,373
20,740
19,016
19,049
18,567
15,998
16,316
14,658
14,775
14,847
15,317
13,218
14,315
Total...
72,379
124,437
196,816
O
U
SCHEDULE No. 40
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF RICHMOND
(Including Baltimore Branch)
No.OF OFFICERS AND EMPLOYEES
SALARIES
1917
Chairman and Federal Reserve Agent....
Governor
Other Officers
Banking Department
Federal Reserve Agent's Department
Auditing Department
Fiscal Agency Department
Total
1918
1919
1920
1921
1917
1918
1919
1920
1
1
4
81
2
1
1
6
202
4
1
1
11
325
9
$ 10,000
15,000
16,359
182,888
7,202
$ 12,000
18,000
50,800
316,738
19,900
40
54
1
1
18
632
32
24
37
$ 10,000
15,000
14,550
58,354
2,400
20
1
1
16
539
15
24
71
21,024
54,930
63,330
$ 15,000
18,000
93,250
601,090
38,860
46,050
85,726
109
254
401
667
745
121,328
286,379
480,768
897,976
1921
$
15,000
18,000
110,600
715,410
80,210
47,130
49,400
1,035,750
NOTE.—The above table shows the number of Officers and Employees on December 31st of each year and the annual rate of
salary at which they were being paid on that date in each year.
O
O
SCHEDULE No. 41
SUNDRY DATA AND COMPARISONS FOR THE YEARS 1921, 1920 AND 1919
1921
Gross Earnings
Expenses
Current Net Earnings
Net Earnings Available for Dividends, Surplus and Franchise Tax.
Dividends Paid
Franchise Tax Paid to Government
Total Resources, December 31st
Capital, December 31st
Surplus, December 31st..._
Members Reserves, December 31st
Total Deposits (Immediately Available), December 31st
Gross Deposits, December 31st
Net Deposits, December 31st
._.
Federal Reserve Notes in Circulation December 31st
Deposit and Federal Reserve Note Liability, December 31st
Daily Average for year
Reserve Against Deposits and Federal Reserve Notes:
December 31st
Daily Average for year
Reserve Percentage, December 31st
Daily Average for year
Federal Reserve Bank Notes in Circulation December 31st
6,729,079
2,127,174
4,602,505
4,393,627
322,203
3,377,632
224,228,204
5,428,550
11,029,848
56,127,602
61,021,408
1919
4,775,324
911,927
3,863,397
3,902,796
252,872
6,909,143
1,521,948
5,387,195
5,238,506
293.052
204,585
283,488,225
5,269,300
10,561,332
57,085,285
312,867,517
4,392,000
5,820,463
62,712,123
107,100,690
168,122,098
182,350,239
100,473,874
40,598,696*
155,169,290
195,767,986*
182,519,441*
144,489,843
50,297,464*
145,765,320
196,062,784*
175,171,252*
71,557,384
78,856,137
42.56%
43.24%
3,515,700
87,151,600
79,126,702
44.52%*
43.35%*
11,466,443
81,441,831
77,911,590
41.53%*
44.48%*
12,057,950
"Reserve Percentage calculated on basis of "Net Deposits" during 1920 and 1919.
1920
O
H
pa
>•
f
pa
CO
pa
II
o
o
0
SCHEDULE No. 41—Continued
Productive or Earning Assets:
Holdings December 31st
Average Daily Holdings for year.
Earnings on Productive Assets:
Total Earnings for year
Average Daily Earnings during year..
Average Rate of Earnings per annum.
Bills Discounted and Bought (Holdings):
Holdings December 31st
Average Daily Holdings for year
Discount Operations:
Total Amount Bills Discounted
Total Amount Bills Bought...Total Amount Discounted and Bought
Average Daily Amount Bills Discounted and Bought
Total Amount of Bills Rediscounted with other Federal Reserve Banks.
Number of Member Banks Accommodated
Total Investment Operations (including discounts)
Number of Member Banks, December 31st:
National Bank Members
State Bank Members
Total
_.
"
Inter-district Exchange of Federal Reserve Notes:
Notes of other Districts returned
5-E Notes received from other Districts
Gold Settlement Fund Operations (including Clearings):
Total Amount of Gold Received through Fund
Total Amount of Gold Disbursed through Fund
$
134,016,665
126,203,956
134,901,780
111,439,054
6,547,369
17,938
5.61%
6,675,440
18,239
5.29%
4,636,664
12,703
4.16%
98,226,068
107,159,637
120,521,365
112,430,909
121,407,180
102,232,575
2,749,670,916
25,345,484
3,346,321,599
51,711,557*
4,130,942,910
58,057,255f
X
2,775,016,400
9,158,470
500,000,000
494
2,812,016,500
3,398,033,156
11,177,741
700,000,000
438
3,482,035,156
4,189,000,165
13,870,861
842,945,500
415
4,229,440,666
C
>
560
66
554
56
538
46
626
610
584
60,320,250
87,360,125
69,994,240
71,452,705
72,911,000
70,805,815
6,169,589;000
6,170,924,000
1,076,611,000
1,081,383,000
6,521,746,000
6,510,799,000
103,219,468
116,779,673
$
H
>
2,
r
o
70
H
*Includes $325,000 of Oriental Silver Exchanges purchased through Federal Reserve Bank of New York,
tincludes $5,079,873 of Acceptances in other Districts purchased through Federal Reserve Bank of Boston.
Federal Reserve Bank Clearings through Gold Fund:
Received from other Federal Reserve Banks through Daily Clearings....
Paid to other Federal Reserve Banks through Daily Qlearings
Currency Received from Banks in Fifth District
Currency Delivered or Shipped to Banks in Fifth District
Total of all Currency and Coin Handled by Tellers:
Receipts
Disbursements
Telegrams Sent and Received over Private Wires:
Number Sent
Number Received
Total Number Handled
Wire Transfers of Funds over Private Wires:
Transfers TO Member Banks FROM other Federal Reserve Districts:
Number
Amount
Transfers BY Member Banks TO other Federal Reserve Districts:
Number
Amount
Total of all Transfers:
Number.
Amount
Clearing Operations by Transit Department:
Total Operations for year:
Number of Checks handled
Total Amount cleared
Average Amount per item
Average Daily Operations:
Number of Checks handled daily
Amount Cleared daily
"Impracticable to obtain figures for these years.
5,492,010,301
5,541,662,406
264,805,438
244,778,495
$ 7,140,957,000 $ 5,574,547,000
7,240,875,000
5,472,083,000
194,498,377
169,276,368
243,019,912
177,320,587
451,347,256
446,367,787
m
44,004
47,610 i
37,138
39,232
21,935
23,103
a
m
>
r
91,614
70,370
45,038
en
M
Pi
15,274
720,697,680
13,532
807,388,808
$
8,603
652,767,967
9,856
423,020,019
8,304
439,472,350
$
6,502
455,580,830
25,130
1,149,717,099
21,836
1,246,861,158
$
15,105
1,108,348,803
39,200,432
1,020,888,130
220
33,731,801
11,505,945,224
341
20,934,355
9,304,179,945
445
129,572
28,451,770
110,960
37,848,504
69,319
30,808,543
M
s
n
x
o
a
SCHEDULE No. 41—Continued
Direct Routings:
Cash Letters sent direct to other F. R. Dists. by 5thDist. Members:
Number of Letters
....
Amount of Letters
•...
Bond Coupons cut for Customer Banks:
Number of Coupons
Value of Coupons
Interest Coupons from U. S. Securities Received and Paid:
Number of Coupons Paid
,
Value of Coupons Paid
Number of Pieces of Registered Mail handled during 1921:
Incoming
Outgoing
Total..._
Daily Average
Non-Cash Collections Paid:
Number
Amount
„
Returned Unpaid:
Number
Amount
Total Handled:
Number
Amount
''Impracticable to obtain figures for these years.
149,859
1,377,295,260
151,415
2,043,114,649
79,627
1,595,830,810
304,192
4,004,557
388,297
4,680,362
306,747
3,010,712
3,263,611
21,760,669
4,176,822
23,474,500
1,913,888
9,194,218
72,379
124,437
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196,816
650
81,311
134,535,010
42,681
110,695,727
18,311
13,051,744
10,266
13,997,524
99,622
147,586,754
52,947
124,693,251
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@FedFRASER