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EIGHTH ANNUAL REPORT
TO THE
FEDERAL RESERVE BOARD
BY THE
FEDERAL RESERVE AGENT
FEDERAL RESERVE BANK
SAN FRANCISCO
FOR THE
YEAR ENDED DECEMBER 31, 1922
EIGHTH ANNUAL REPORT
TO THE
FEDERAL RESERVE BOARD
BY THE
FEDERAL RESERVE AGENT
FEDERAL RESERVE BANK
SAN FRANCISCO
FOR THE
YEAR ENDED DECEMBER 31, 1922
LETTER OF TRANSMITTAL
Federal Reserve Bank,
San Francisco, California,
January 15, 1923.
GENTLEMEN :
I have the honor to submit the following report concerning conditions in the Twelfth Federal Reserve District and the operations
of the Federal Reserve Bank of San Francisco, for the year ended
December 31,1922.
Yours respectfully,
Chairman of the Board
and Federal Reserve Agent.
Federal Reserve Board,
"Washington, D. C.
TABLE OF CONTENTS
PAGE
Directors and Officers
4-5
I Economic Review of the Year 1922
7-12
Production
Business Activity
7-9
9-10
Credit Conditions
10-12
II Operations of Federal Reserve Bank of San Francisco
Principal Changes in the Balance Sheet
Physical Volume and Dollar Amount of Operations
Earnings and Expenses
Clearings and Collections
Currency Issues
Fiscal Agency Operations
Member Bank and Public Relations
Bank Organization and Personnel
Bank Quarters and New Building
13-19
13-15
15
15-16
16-17
17
17
18
18-19
19
Appendix
EXHIBITS
A Earnings and Expenses
20-21
B Movement of Principal Asset and Liability Items by Months 22-23
C Volume of Bills Discounted by States
24
D Operations of Federal Reserve Clearing System
25
E Fiscal Agency Operations
26
F Bank Membership by States
27
G Physical Volume and Value of Agricultural Products of District
28
Map of Twelfth Federal Reserve District
29-31
DIRECTORS AND OFFICERS
OF THE
FEDERAL RESERVE BANK OF SAN FRANCISCO
DIRECTORS
Class A
Class B
JOHN WILLIS BAER, 1923
A. B. C. DOHRMANN, 1923
M. A. BUCHAN, 1924
C. K. MCINTOSH, 1925
WILLIAM T. SESNON, 1924
ELMER H. COX, 1925
Class C
JOHN PERRIN, 1923
WALTON N. MOORE, 1924
WILLIAM SPROULE, 1925
OFFICERS
JOHN PERRIN,
JNO. U. CALKINS,
Chairman of the Board and
Federal Reserve Agent
Governor
WM.
S. G. SARGENT,
Assistant Federal Reserve Agent
and Chief Examiner
A. DAY,
Deputy Governor
IRA CLERK,
Assistant Deputy Governor
HENRY C. BRECK,
Assistant Federal Reserve Agent
L. C. PONTIOUS,
Assistant Deputy Governor
W. N. AMBROSE, Cashier
W. M. HALE, Assistant Cashier
CHESTER D. PHILLIPS, Assistant Cashier
C. E. EARHART, Assistant Cashier
JAY L. REED, Assistant Cashier
H. N. MANGELS, Assistant Cashier
M. MCRITCHIE, Assistant Cashier
H. M. CRAFT, Assistant Cashier
E. C. MAILLIARD, Assistant Cashier
S. A. MACEACHRON, Assistant Cashier
F. H. HOLMAN, General Auditor
J. M. OSMER, Assistant Auditor
MEMBER FEDERAL ADVISORY COUNCIL
D. W. TWOHY, Spokane, Washington
[4]
DIRECTORS AND OFFICERS OF BRANCHES
SPOKANE BRANCH
Directors
Officers
C. E. MCBROOM*
W. L. PARTNER, Manager
PETER MCGREGOR!
W. L. PARTNER*
D. L. DAVIS, Assistant Manager
EVAN BERG, Assistant Cashier
R. L. RUTTER*
G. I. ToEvsf
M. C. DAGUE, Auditor, Spokane Branch
SEATTLE BRANCH
M. A. ARNOLD*
C. R. SHAW, Manager
M. F. BACKUS*
CHARLES H. CLARKE!
CHARLES E. PEABODYf
B. A. RUSSELL, Assistant Cashier
G. H. WILLIAMS, Auditor, Seattle Branch
C. R. SHAW*
PORTLAND BRANCH
J. C. AINSWORTH*
FREDERICK GREENWOOD, Manager
EDWARD COOKINGHAM*
FREDERICK GREENWOOD*
NATHAN STRAUSS!
R. B. WEST, Assistant Manager
J. P. BLANCHARD, Assistant Cashier
J. P. READ, Auditor, Portland Branch
JOSEPH N. T E A L !
SALT LAKE CITY BRANCH
CHAPIN A. DAY*
R. B. MOTHERWELL, Manager
L. H. FARNSWORTH*
LAFAYETTE HANCHETT!
R. B. MOTHERWELL*
G. G. WRIGHT!
J. C. GALBRAITH, Assistant Manager
A. B. NORDLING, Assistant Manager
PAUL M. LEE, Assistant Cashier
J. M. LEISNER, Assistant Cashier
E. W. MORTON, Auditor, Salt Lake City
Branch
LOS ANGELES BRANCH
ISAAC B. NEWTON!
C. J. SHEPHERD, Manager
HENRY M. ROBINSON!
J. F. SARTORI*
C. J. SHEPHERD*
G. H. SCHMIDT, Assistant Manager
H. C. VOGELSANG, Assistant Cashier
J. D. PAXTON, Assistant Cashier
A. J. WATERS*
A. W. SCOUGALL, Auditor, Los Angeles Branch
* Appointed by Federal Reserve Bank.
!Appointed by Federal Reserve Board.
[5]
PRODUCTION A N D T R A D E I N T H E
TWELFTH FEDERAL RESERVE DISTRICT
MILLIONS OF DOLLARS
2600
N E T S A L E S OF 3 2 D E P A R T M E N T
DEBITS TO INDIVIDUAL ACCOUNTS IN
2O PRINCIPAL CITIES, 1921 - 1 9 2 3
MILLIONS OF DOLLARS
STORES, 1921 -1922
MILLIONS OF DOLLARS
1922
28
24
1922
2O
/
16
\'92'
/
12
8
4
LIABILITIES OF BUSINESS FAILURES,
VALUE OF BUILDING PERMITS ISSUED
IN 2 0 PRINCIPAL CITIES, 1921 - 1 9 2 2
1921 - 1922
MILLIONS
MILLIONS OF BOARD FEET
60
50
700
600
400
x / A\\
/\y
y y.^ 1921
^S
^
30
1921 ^..
-•
2O
\]
PRODUCTION
300
200
STORED STOCKS
40
922
500
OF BARRELS
IO
8
/
1922^
\l92l
100
0
LUMBER PRODUCTION AS REPORTED BY FOUR
LUMBER ASSOCIATIONS, 1921 - 1 9 2 2
6]
PRODUCTION & STORED STOCKS OF P E T R O L E U M
IN CALIFORNIA ,
1921-1922
ECONOMIC REVIEW OF THE YEAR 1922 IN THE
TWELFTH FEDERAL RESERVE DISTRICT
Substantial business recovery occurred throughout 1922 in the principal economic activities of the Twelfth Federal Reserve District.
During the first few weeks of the year it was accompanied by completion of the liquidation which had been in progress since the summer
of 1920, but by early spring loans of member banks ceased to decline
and entered upon an upward trend which indicated that business and
industrial activity were increasing steadily. In the United States generally, as distinguished from the Twelfth District, a similar upward
turn in bank loans appeared about six months later, in the summer
and early fall. At the close of the year, both in the Twelfth District
and in the country at large, the volume of production and distribution
had, in general, recovered to the high point reached in January, 1920.
During the last five months of the year, the coincidence of seasonal
credit demands with this pronounced recovery in production and
trade caused a substantial increase in the volume of bank loans
throughout the country, so that at the end of the year they were approximately the same in amount as they were at the beginning, with
the significant difference that in January they were and had for over
a year been declining, and in December they were and had for five
months been rising.
Production
The course of recovery in the principal productive activities of the
Twelfth District is represented graphically in the charts on page 6.
During the year lumber production doubled in volume. Production
of petroleum continued so far in excess of consumption as to nearly
double storage stocks. Mining activities, on account of the general
suspension of copper mining in the United States between the spring
of 1921 and the spring of 1922, were severely depressed at the end of
1921, but began to recover with the resumption of copper mining in
April, 1922, and before the end of the year many mines were reporting
inability to obtain workers in sufficient numbers. The lead and zinc
mines of Idaho and Utah shared in the increased production of these
metals which accompanied the steady advance in their prices during
the year. Prices of these three metals on December 30, 1922, in comparison with prices on December 30, 1921, were as follows:
Price December 30,
Copper (New York Electrolytic)
Lead (New York)
Zinc (St. Louis)
1922
14.75c per lb.
7.25c "
7.00-7.05c "
Price December 30.
Per Cent
13.75-13.87c per lb.
4.70c
"
4.80-4.85c
"
Increase
6.8%
54.3%
45.7%
1921
The number and value of building permits issued increased by 50
per cent during the year, although some recession from the record
activity of the autumn, in part, no doubt, seasonal, was observed as the
year closed. The increase of activity in the smaller and more numerous
industrial activities of the district may be approximated by reference
to the sales of electric power for industrial purposes, exclusive of agriculture, by the principal power companies of the district. These were
21.8 per cent greater in November, 1922, the latest month for which
figures are available, than in November, 1921.
[7]
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
At the close of 1921, much unemployment obtained in the district
and wage reductions for both skilled and unskilled laborers were constantly occurring. B y December, 1922, conditions were reversed.
Voluntary unemployment, save in certain seasonal operations such as
farming, lumbering, and fishing, had virtually disappeared, demand
for workers had become urgent in several localities, particularly in the
mining camps of the Intermountain district, and wage increases were
being generally reported. The trend of employment in manufacturing
industries is indicated in the following table showing the total number
of workers on the payrolls of 40 manufacturing firms usually employing 501 men Or more :
, Number of Men on Payroll* ,
Number
of Firms
Los Angeles
Portland
San Francisco
Seattle
TOTAL
December 30,
1922
December 31,
1921
16
8
10
6
29,253
7,486
6,904
2,396
23,087
7,236
6,258
1,996
40
46,039
38,577
*These figures do not represent the total number of men engaged in manufacturing activities in these cities, but only the payroll figures of a selected number of firms.
The 1922 crops of this predominantly agricultural district were of
average size and brought returns considerably in excess of those of
1921, both in dollar amount and in relative purchasing power when
compared with the general level of wholesale prices, exclusive of farm
products.. The physical volume of production and combined values
of 15 principal crops* of the district for the years 1919-1922, inclusive,
are compared as follows:
INDEX
NUMBERS
MILLIONS OF
DOLLARS
1,000
800
1919
1920 1921
1922
Value and Volume of Production of Fifteen Principal Crops in the Twelfth Federal Reserve District
(Average Production 1919-1922=100)
NOTE: Broken line shows average purchasing power of farm products in terms of things the farmer has to buy, other than
farm products and food. (Index constructed by United States Department of Agriculture. 1913 purchasing power equals 100.)
*Wheat, oats, barley, corn, hay, cotton, beans, rice, potatoes, sugar beets, hops,
peaches, pears, and oranges.
Digitized forapples,
FRASER
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
9
In Exhibit G in the Appendix is a detailed enumeration of the value
and physical volume of production from 1919-1922 of each of the
crops included in the above composite figure.
The livestock industry of the district, which had been severely depressed during 1920-1921, recovered rapidly during the year. Many of
the so-called frozen loans, contracted by livestock producers during
1919 and 1920, were paid off during 1921, so that during 1922 they
were again able to accumulate profits and to begin restocking depleted
flocks and herds. Average prices of livestock at the farm advanced
steadily during the first half of the year, and despite a decline, which
was partly seasonal, during the second half year period, were 14 per
cent higher at the close of the year than at its beginning. Wool prices
in December, 1922, averaged 77.0 per cent higher than in December,
1921. Receipts of all classes of livestock at the principal markets of
the district during 1922 exceeded those of 1921, the increase amounting
to 11.9 per cent for cattle, nine-tenths of one per cent for sheep, and
32.0 per cent for hogs. These figures do not indicate, however, a
depletion of the livestock holdings of the district as an unusually large
proportion of the animals shipped to market have been returned to
the farms and ranges for breeding purposes.
Business Activity
Certain measures of business activity, also represented graphically
on page 6, indicate a recovery corresponding to that experienced in
the field of production. Department store sales, which declined less
than any of the standard measures of business in this district during
the reaction of 1920-1921, were larger in value during December, 1922,
than in any December since this bank began assembling figures in
1919, and exceeded the record of December, 1920, by 8.1 per cent. In
November, for the
DECEMBER PRICES !92l = |OO%=OECfMBER 1921 SALES
first time during
1922, sales of each
of the ten lines of
wholesale t r a d e *
reporting to this
bank exceeded sales
of the same month
in 1921. During
December, 19 2 2,
the recovery continued. In one line
t h e increase i n
value of sales over
December, 19 21,
was 30 per cent, in
four lines over 20
per cent, and in
seven lines over 15
Dollar Value of Sales of Representative Wholesale Houses and General
per cent.
Wholesale Prices in December, 1922, Compared with December, 1921
""Agricultural implements, automobile supplies, automobile tires, drugs, dry goods,
furniture, groceries, hardware, shoes, and stationery.
10
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
Although complete data on the foreign commerce of the district are
not available for any month since September, 1922, when the new
tariff law went into effect, figures for the first nine months of the year
indicate a slight increase, 1.7 per cent, in the value of exports and a
large increase, 138.4 per cent, in the value of imports during 1922,
compared with 1921. Since the opening of the Panama Canal an increasing trade with the Atlantic Coast of the United States and with
foreign countries has moved through Pacific Coast ports. These ports
are also handling a larger proportion of the nation's total foreign
commerce.
Percentage of total foreign trade
of United States handled through
Pacific Coast Ports
Exports
Fiscal year ending June 30, 1922
Fiscal year ending June 30, 1914
8.1%
5.9%
Imports
H.'%
7.3%
Business activity generally in the district, as measured by the volume
of checks charged to individuals' accounts at banks (bank debits) in
the 20 principal cities, began in May, 1922, to exceed that of the corresponding month of 1921, and in December, 1922, the increase over
December, 1921, was 5.5 per cent. Exclusive of the city of San Francisco, the increase was 11.6 per cent. Wholesale prices in the same
interval had increased 11.3 per cent. (See chart on page 11.)
Credit Conditions
The general increase in production and business activity in this district during the year, accompanied as it has been by an increase in
wholesale prices of approximately 11 per cent, has occurred with a
relatively small increase of member banks' loans to their customers,
and with practically no permanent increase in rediscounts of the
Federal Eeserve Bank of San Francisco for its member banks. Indeed,
the gradual expansion of $77,978,000, or 9.4 per cent, in total loans
of 68 reporting member banks,* during the eleven months, between the
low of $830,712,000 on February 8, 1922, and the $908,690,000 held on
December 27, 1922, suggests that bank funds to finance expanding
business were supplied to a considerable extent by the repayment of
old or "frozen" loans carried over from 1920 and 1921. It was not
until September, 1922, when the seasonal credit demands of the autumn
began, that the total loans of member banks tended clearly and appreciably upward, a trend which continued unbroken until the last week
of the year, when a substantial decrease occurred. How much of this
autumn increase was seasonal, and therefore likely to be reduced
during the first few weeks of 1923, it is impossible to say. Total loans
of 66 reporting member banks on December 27, 1922, at $908,690,000,
were $77,978,000 greater than the total of $830,712,000, which marked
the low point of loan liquidation reached on February 8, 1922.
Continuous reduction in their rediscounts with the Federal Eeserve
Bank during the year, while business activity was steadily recovering,
furnished additional evidence of the credit strength of the member
T o t a l resources of these banks are approximately 43 per cent of total resources of
all banks, and 65 per cent of total resources of all member banks, in the Twelfth
Federal Reserve District.
11
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
CREDIT IN THE
TWELFTH FEDERAL RESERVE DISTRICT
AND PRICES IN THE UNITED STATES
MILLIONS OF DOLLARS
I2OO
IOOO
^TOTAL
LOAMg
—
8OO
NET DEMAND DEPOSITS
H
6OC
4OO
2OO
1921
1922
TOTAL LOANS AND NET DEMAND DEPOSITS
OF THE REPORTING MEMBER BANKS, 1921 - 1922
( AS OF THE LAST STATEMENT OF EACH MONTH )
MILLIONS OF D O L L A R S
I8O
6O
3O
REDISCOUNT OPERATIONS, 1 9 2 0 - 1 9 2 2
COMPARING BORROWINGS OF CITY AND COUNTRY MEMBER BANKS
(AS OF THE MIDDLE OF EACH MONTH)
INDEX NUMBERS
3OO
WHOLESALE P {ICES
25O
2OO
'
^V
;*•«», COST OF LIVING
150
IOO
50
O
1920
1921
1922
PRICES I N THE UNITED STATES, I 9 2 O - I 9 2 2 ;
BUREAU OF LABOR STATISTICS*! IM DEX NUMBER OF WHOLESALE PRICES AND NATIONAL INDUSTRIAL CONFERENCE
BOARD'S INDEX NUMBER OF COST OF LIVING.
/ WHOLESALE PRICES; 1913 = I O O \
\ COST OF LIVING ; JULY 1914 = I O O /
12
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
banks. Repayment of their borrowings by country banks was particularly noticeable as will appear by reference to the chart on page 11.
This reduction amounted to $20,553,000, or 49.3 per cent, during the
year, from $41,698,000 on January 17th, to $21,173,000 on December
26th, the last date in 1922 for which this segregation of borrowings was
reported. City banks, between the same dates, reduced their borrowings from $24,491,000 to $20,886,000, but whereas repayment of rediscounts with the Reserve bank continued almost without interruption
throughout the year in the case of the country banks, the city banks
had paid down their rediscounts to the low point of $8,264,000 on
August 8th, near which level they remained until the increase of
approximately $12,000,000 which occurred during November and
December.
The supply of bank credit available to finance production and industry during 1923 seems at this time (January 15, 1923) to be ample
in amount and not unreasonable in cost. Interest rates customarily
charged on commercial loans to customers of San Francisco banks on
December 5, 1922, were 5-5% per cent, compared with 6-6Y2 per cent
on December 5, 1921. Rates reported in the principal banking centers
of the district were as follows:
Los Angeles
Spokane
Portland
Seattle
Salt Lake City
San Francisco
Dec. 5, 1922
6%
7%
6%
7%
7%
Dec. 5, 1921
7%
7%
7%
7%
8%
Total discounts of the Federal Reserve Bank of San Francisco at
$37,304,000 on December 30, 1922, were but $2,731,000 above the low
point of $34,573,000 held on October 11, 1922, and $11,829,000 less than
the autumn peak of $49,133,000 on November 29th. The published
reserve ratio of the bank was 70.7 per cent on December 30, 1922, compared with 76.5 per cent on December 31, 1921, but its investment
holdings (United States Government obligations, excepting one year
Pittman Certificates, plus Bankers' Acceptances) on the latter date
were $23,769,000 compared with $78,252,000 on December 30, 1922,
an increase of $54,483,000 during the year. Of these increased investments, approximately $48,000,000, or 90 per cent, were purchased in
markets outside of the Twelfth Federal Reserve District, payment
therefor being made in gold through the Gold Settlement Fund. If
gold reserves of the bank had not been reduced by increased investments in government securities and bankers' acceptances, they would
have been approximately $54,000,000 larger at the end of the year and
the bank's reserve ratio on December 30, 1922, instead of 70.7 per cent,
Avould have been 84.9 per cent as compared with 76.5 per cent on
December 31, 1921. The business recovery of 1922 has thus far been
financed with less proportionate resort to reserve bank credit in this
district than in the United States generally, where total rediscounts
of the Federal Reserve System on December 30, 1922, at $6*17,780,000,
were $237,799,000, or 63 per cent in excess of the minimum holding of
$379,981,000 on July 26, 1922, while rediscounts of this bank, as noted
above, were on December 30, 1922, but 7.9 per cent above the year's
low point.
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
13
OPERATIONS OF FEDERAL RESERVE BANK OF
SAN FRANCISCO DURING 1922
Principal Changes in the Balance Sheet
In contrast with the experience of 1921, the most noteworthy changes
in the balance sheet of this bank during 1922 occurred in its investment holdings rather than in its rediscounts or its note issues. Circulation of Federal Reserve notes fluctuated around an average of
$220,000,000 during the year, with the customary seasonal decrease
in January and increase in December, when the currency requirements
of holiday buying and year-end settlements cause member banks to call
upon the reserve banks for additional supplies of Federal Reserve
notes, which are returned by business concerns to member banks and
by them to the reserve banks, when the increased business activity
necessitating their use has subsided. A summary of the expansion and
contraction of Federal Reserve note issues during the holidays at the
close of 1922 and 1921 follows:
Pre-holiday low
Holiday peak
1922
1921
$219,457,000
244,596,000
$223,876,000
244,252,000
1923
January 15th
figure
219,075,000
1922
223,627,000
The total circulation on December 30, 1922, was $235,041,000 compared with $240,411,000 on December 31, 1921.
The decline in total rediscounts of this bank, which had been in progress since the peak of $176,872,000 was reached on December 10, 1920,
continued during the first three months of 1922, when the total was
reduced from $70,691,000 on January 4th, to $43,810,000 on April 19th,
around which figure it fluctuated during the remainder of 1922,
standing at $37,304,000 on December 30th.
Investment holdings, on the other hand, fluctuated widely. At the
close of 1921, holdings of United States securities were $10,854,000.
By May 3, 1922, they had risen to $60,009,000, reaching a peak of
$62,104,000 on July 5th, from which point they steadily declined to
$34,766,000 on December 30th. Holdings of the other class of investments, bankers' acceptances purchased in the open market, also
fluctuated considerably during the year, declining from $20,795,000
on December 30, 1921, to a low of $3,917,000 on February 8, 1922;
remaining below $10,000,000 until May 17th; and then rising to the
year's peak of $44,163,000 on October 25th. Between that date and
the end of the year, they fluctuated around $40,000,000, standing at
$43,486,000 on December 30th. Combined holdings of United States
government obligations and bankers' acceptances were $78,252,000 on
December 30, 1922, compared with $31,649,000 on December 30, 1921,
an increase in total investment holdings of $46,603,000 or 147 per cent.
Due primarily to this increase in investment holdings, cash reserves
of the bank declined from approximately $290,000,000 in the early
weeks of the year to $250,000,000 by the first of July, around which
figure they fluctuated until the end of the year, standing at $267,804,000 on December 30th. The published reserve ratio, without taking
into consideration the voluntary holdings of investments mentioned
on page 12, followed a similar course, declining from a high of 82.3
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
COMPARATIVE STATEMENT OF CONDITION
FEDERAL RESERVE BANK OF SAN FRANCISCO
[In thousands of dollars]
Dec. 30,
1922
Dec. 31,
1921
Dec. 31,
1920
19,106
18,254
28,629
37,700
37,460
23,724
152
Total gold held by bank
Gold with Federal Reserve Agent.
Gold redemption fund
56,806
202,735
3,977
55,714
220,433
3,356
52,505
119,060
10,368
Total gold reserves
Legal tender notes, silver, etc.
263,518
4.286
279,503
3,249
181,933
1,162
Total Reserves
Bills discounted:
Secured by United States Government
obligations
All other
Bills bought in open market
267,804
282,752
183,095
6,867
30,437
43,486
13,683
53,410
20,795
51,546
116,052
46,798
Total bills on hand
United States bonds and notes
United States Certificates of Indebtedness:
One-year certificates (Pittman Act). . .
All other
80,790
27,617
87,888
2,927
214,396
2,087
7,149
47
10,880
151
Total Earning Assets
Bank premises
5 per cent redemption fund against Federal Reserve Bank Notes
Uncollected items
All other resources
115,556
1,744
98,742
809
227,514
253
45,438
4,656
394
37,180
6,244
665
48,102
1,347
435,198
426,121
460,976
7,565
15,263
7,375
15,199
6,927
14,194
1,967
137,801
3,781
4,225
121,108
3,876
5,883
114,452
3,907
143,549
129,209
124,242
235,041
240,411
272,463
4,751
28,045
1,131
8,157
33,713
1,280
426,121
460,976
76.5%
47.9%
RESOURCES
Gold and gold certificates
Gold settlement fund—Federal Reserve
Board
Gold with foreign agencies
TOTAL RESOURCES .
LIABILITIES
Capital paid in
Surplus
Deposits:
Government
Member bank-reserve account.
All other
Total Deposits
Federal Reserve notes in actual circulation
Federal Reserve Bank notes in circulation—net liability
Deferred availability items
All other liabilities
TOTAL LIABILITIES .
Ratio of total reserves to deposit* and
Federal Reserve note liabilities combined
7,*
32,906
874
435,198
70.7%
*Net deposits prior to March 18, 1921, and total deposits beginning with that date.
15
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
per cent on February 8th to 70 per cent in July, and standing at 70.7
per cent on December 30th.
Movements of Federal Reserve notes, total discounts, and total investments during the year are represented graphically in the chart on
page 23. Movements of the principal asset and liability items of the
bank during 1922 are tabulated in Exhibit B in the Appendix.
Two reductions of one-half per cent each were made in the rediscount rate of this bank during 1922; the first, from 5 per cent to 4%
per cent on January 23rd, and the other from 4% per cent to 4 per
cent on July 8, 1922. The latter rate was in effect on December 30, 1922.
Physical Volume and Dollar Amount of Operations
A summary of the physical volume of and the aggregate dollar
amount involved in operations of the principal departments of the
bank during 1920, 1921 and 1922 appears in the following table:
Operations of Federal Reserve Bank of San Francisco—Head Office and
Branches—For Years 1922 and 1921
1922
1. (a) Discounts: Notes discounted or re-
Number of
Pieces
1921
Number of
Pieces
Amount
Amount
discounted for member banks..
53,316 $1,535,300,005
(b) Bills bought in open market
17,134
211,799,756
2. (a) Currency: Bills received and
counted
56,S65,721
602,138,057
(b) Coin received and counted
16,811,407
13,949,838
3.
Chocks handled*
53,729,000
8,777,048,000
4.
Collection items handled
226,493
200,418,569
5.
Transfers of funds handled
113,555
6,579,749,977
6.
United States Government coupons paid
6,730,825
43,518,370
7. (a) United States securities redeemed,
issued, exchanged, and converted
2,150,615
763,487,732
(b) United States securities returned
to United States Treasury
1,530,163
458,030,222
(c) United States securities received
from United States Treasury...
241,194
554,139,450
S.
Bank Examinations—Number
made
223
•'^Includes some duplications on account of items handled by both
See Exhibit D in the Appendix for figures exclusive of such duplications.
116,380
36,916
$2,823,018,000
130,461,000
51,589,738
18,636,459
43,338,000
134,483
101,467
519,558,319
31,859,390
8,055,574,000
217,684,367
5,158,700,858
8,621,582
52,481,038
6,400,707
l,375,S96,081
4,725,864
992,320,043
330,716
416,363,000
216
parent bank and branches.
Earnings and Expenses
During 1922 an average of 4.08 per cent was earned on total earning assets averaging $113,966,248 in amount. In 1921, an average of
5.562 per cent was earned on total earning assets averaging $162,315,000. Gross earnings of the bank were accordingly less for 1922
than for 1921, amounting to $4,821,202 in the former year as against
$9,184,413 in the latter.
The principal sources of gross earnings of the Federal Reserve Bank
of San Francisco during 1922 and 1921, with an enumeration of the
major classifications of operating expense, and detailed statement of
the distribution of net income, are presented in the following table.
A more detailed statement appears as Exhibit A in the Appendix.
Earnings
From
From
From
From
1922
rediscounts and advances to member banks. . . . $2,126,654
bankers' and trade acceptances owned
712,385
United States Government securities owned....
1,811,317
all other sources
170,846
TOTAL EARNINGS
$4,821,202
1921
$7,965,583
825,577
236,876
156,377
$9,184,413
16
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
Deductions from Earnings
Salaries
All other operating expenses
Cost of Federal Reserve currency
Reserves, depreciation, etc
TOTAL DEDUCTIONS FROM EARNINGS
NET INCOME
Distribution of Net Income
Dividends paid
Added to surplus
Paid United States Government as franchise tax
TOTAL
$1,974,770
758,456
273,161
154,459
$2,075,651
1,167,588
573,725
446,949
$3,160,846
$4,263,913
$1,660,356
$4,920,500
$ 448,306
121,205
1,090,845
$ 435,361
1,254,824
3,230,315
$1,660,356
$4,920,500
Distribution of net income, after payment of necessary operating
expenses and a six per cent dividend on the paid in capital stock of
the bank, is specified in the Federal Reserve Act in Section 7. Of
these net earnings 10 per cent shall be paid into the surplus fund of
the bank, and the entire balance goes to the United States as a franchise tax, to be used in two ways only, at the discretion of the Secretary of the Treasury; either to supplement the gold reserve held
against outstanding United States notes, commonly called greenbacks,
or applied to the reduction of the outstanding bonded indebtedness of
the United States. The following diagram shows the amount and distribution of gross income of this bank for the years 1919-1922 inclusive.
12.7
U.S.TREASURY
9.2
7.0
4.8
SURPLUS
DIVIDENDS
EXPENSES
1919
1920
1921
1922
Amount and Distribution of Gross Earnings of the Federal Reserve Bank of San Francisco
[in Millions of Dollars]
Clearings and Collections
Member banks employed the facilities of this bank for collecting
checks, notes and drafts, and for the transfer of funds to a greater
ANNUAL REPORT OP FEDERAL RESERVE BANK OP SAN FRANCISCO
17
extent than ever before, as will appear by reference to items 3, 4, and 5
of the table on page 15. The total volume of these collections and
clearings transactions rose from $13,432,000,000 in 1921 to $15,557,000,000 in 1922, an increase of 16 per cent. Comparison of total clearing operations during 1922 with preceding years is made in Exhibit D
in the Appendix.
Currency Issues
Reference has previously been made, page 13, to the comparative
stability in volume of circulation of Federal Reserve notes during the
year. A noteworthy development of the year, however, was the retirement at the end of the year of Federal Reserve Bank notes of this bank,
which were in circulation to the amount of $4,751,000 on December 31,
1921. These notes were issued during the war, under the provisions of
the Pittman Act of April 23, 1918, for the purpose of supplying currency of small denominations, chiefly $1.00 and $2.00, to replace silver
certificates, when the latter were withdrawn from circulation to release
for war purposes their backing of silver bullion. Federal Reserve Bank
notes retired have in turn been replaced by silver certificates. The
following table compares the volume of currency receipts and payments during 1922 with those of three previous years:
Year
Total Receipts
Total Payments
1922
1921
1920
1919
$536,450,000
514,403,000
378,750,000
225,093,000
$493,307,000
505,981,000
498,819,000
215,581,000
Fiscal Agency Operations
As Fiscal Agent of the United States government this bank has
continued to perform duties similar to those first undertaken during
the war. Its four principal duties in this connection have been:
1. Sale and redemption of Treasury Certificates of Indebtedness;
2. Sale of short-term Treasury Notes;
3. Exchange and conversion of government bonds and payments of
coupons thereon;
4. Handling of government deposits and disbursements.
The volume of Treasury financing operations in this district during
1922, while large, was considerably smaller than in 1921, as will appear
from the following table:
ISSUES OF CERTIFICATES OF INDEBTEDNESS AND
TREASURY NOTES:
Number of subscriptions
Amount
1922
1921
2,312
$228,535,000
5,726
$204,197,000
1,166,125
$170,411,000
3,859,432
$475,490,000
1,213,999
9,293,150
2,404,244
$ 11,603,980
EXCHANGES AND CONVERSIONS OF LIBERTY BONDS:
Number of pieces handled
Amount delivered
WAR
SAVINGS SECURITIES SOLD AND REDEEMED:
Number of pieces
Amount
$
A recapitulation of the number and amount of these transactions
during the year appears in Exhibit E in the Appendix.
18
ANNUAL REPORT OP FEDERAL RESERVE BANK OF SAN FRANCISCO
Member Bank and Public Relations
Changes in bank membership during the year 1922 have been as
follows:
National and State Bank Membership in district, December 31,1921
New national banks established during year
New state member banks admitted during year
34
8
883
National banks absorbed by state banks
State member banks absorbed by other state banks
State member banks liquidated
National banks absorbed by other national banks
National banks liquidated
31
8
5
5
6
828
State member banks converted into or absorbed by national banks
Total number of member banks in district, December 31,1922
841
7
821
Detailed information as to the total number of banks in the district,
by States, appears in Exhibit F in the Appendix.
In accordance with previous custom, independent examinations were
made of all State banks in this district applying for membership in
the Federal Reserve System during 1922. Reports of examinations
of all member State banks, in the examination of which this bank did
not participate, have been received from the several State Banking
Departments in the district. Cordial co-operation has continued between the examiners of the national and state banking departments and
those of the Federal Reserve Bank. A summary of examinations made
by this bank during 1920, 1921, and 1922 follows:
Independent examinations
Examinations made jointly with national or state banking
departments
TOTAL EXAMINATIONS MADE
1922
1921
1920
98
98
70
125
118
74
223
216
153
Circulation of the monthly report on agricultural and business conditions in the Twelfth Federal Reserve District increased from 8,025
in December, 1921, to 13,900 in December, 1922.
Two special reports were published during the year:
1. Copper Mining Industry in the Twelfth Federal Reserve District-—March 1st.
2. Lemon Industry in the State of California—September 1st.
Bank Organization and Personnel
The annual election of directors of this bank on December 5th resulted in the re-election, each for a term of three years beginning January 1, 1923, of Mr. C. K. Mclntosh of San Francisco, California, as
Class A director by the member banks in Group One (those having
combined capital and surplus of $600,000 or more), and of Mr. Elmer
II. Cox of Madcra, California, as Class B director, by the member banks
in Group Three (those having combined capital and surplus of less than
$125,000). The Federal Reserve Board reappointed Mr. William
Sproule, President of the Southern Pacific Railroad Company, a
Class C director for a term of three years beginning January 1, 1923,
and redesignated Mr. John Perrin, Chairman of the Board and Federal
Reserve Agent for the year 1923.
Changes in the official staff of the bank during 1922 were few. On
March 7, 1922, Mr. H. S. House tendered his resignation as Auditor
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
19
to accept appointment as Assistant Cashier at Head Office, and on
April 5, 1922, he resigned his connection with this bank to become
Auditor of the Philippine National Bank, Manila, P. I. Mr. F. H.
Holman, formerly Assistant Cashier at Head Office, was appointed
Auditor to succeed Mr. House.
The number of officers at Spokane Branch was reduced from four
to three by the transfer of Mr. S. A. MacEachron, Acting Assistant
Cashier of Spokane Branch, to San Francisco, where he became Acting
Assistant Cashier at Head Office.
There was also a reduction in the number of assistant auditors at
Head Office due to the resignation of Mr. J. E. Beale to accept employment with the Bank of Italy. Following is a comparative summary
of the number of officers and of employees in the principal departments
of the bank, with corresponding aggregate salaries paid, on December 30, 1922, and December 31, 1921. Figures are for Head Office and
branches combined:
Officers and Employees
Number
Salaries
1922
1921
1922
Chairman and Federal Reserve Agent.
Governor
Other Officers
Banking Department
Federal Reserve Agent's Department.
Auditing Department
Fiscal Agency Department
TOTAL
1
1
41
855
29
36
162
1125
24,000
24,000
214,200
1,260,680
74,440
61,380
259,680
1921
1
1
43
1013
34
50
125
$
$
24,000
24,000
215,320
1,505,680
74,780
82,260
194,100
1267
$1,918,380
$2,120,140
Bank Quarters and New Building
The bank occupies the six-story building, 73x104 feet, which remains
on the site of the bank's new building, the block, 119 feet six inches,
by 275 feet, bounded by Sansome, Sacramento, Battery, and Commercial streets. It also occupies the former Sub-Treasury building on Pine
and Sansome Streets, and rents quarters on the second, third, and
fourth floors, and in part of the basement of the building at 440 Sansome Street (approximately 20,160 square feet of floor space). The
branches occupy rented quarters.
Construction of that part—approximately 78 per cent of the whole—
of the new bank building in San Francisco, which is to be erected
before the present quarters are evacuated and razed, will be completed
during the autumn of 1923. On December 31, 1922, the vault doors
were being installed, and the granite walls of the building had been
completed to such a height that contracts for the interior work in
nearly all departments could be let, and work upon them begun. An
eight-story structure is now in course of building. The foundation
and steel work of the building are designed to accommodate an ultimate structure of thirteen stories, should additional space be required
in the future growth of the bank.
20
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
Exhibit A
EARNINGS AND EXPENSES
FEDERAL RESERVE BANK OF SAN FRANCISCO
1922
1921
1920
EARNINGS
Discounted bills
Purchased bills
United States securities . . .
Transfers—net earnings...
Deficient reserve penalties.
Miscellaneous
52,126,654
712,385
1,811,317
125
48,957
121,764
r,965,583
825,577
236,876
130,254
26,123
$8,259,664
3,890,556
322,787
87,707
130,157
15,797
),184,413
$12,706,668
235,695
1,543,561
81,750
113,764
1,221
1,116
1,483
11,386
38,319
225,480
1,687,043
74,174
88,954
1,407
1,929
2,312
12,413
35,115
188,017
1,018,812
33,150
38,691
1,272
1,683
1,417
11,099
32,193
51,003
3,974
52,375
6,509
45,964
4,545
37,725
66,733
36,197
5,481
5,346
6,773
7,488
25,497
Total Earnings.
CURRENT EXPENSES
Salaries
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal Reserve Agents' conferences..
Federal Advisory Council
Directors' meetings
*Traveling expenses
Assessments for Federal Reserve Board
expenses
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation, and general liability)
Banking House
Taxes and fire insurance
Light, heat, and power
Repairs and alterations
All other
Rent, including light, heat, and power;
and minor alterations
Fire insurance—Furniture and equipment
fFurniture and equipment
Printing and stationery (including office
and other supplies)
Telephone
Telegraph
Security shipments
Currency and coin shipments
Postage and expressage (other than on
money and security shipments)
947
384
97,465
2,014
108,927
137,766
2,263j
155,031
202,751
127,571
15,775
88,034
15,696
50,320
205,095
16,915
100,108
13,0081
60,2621
99,837
101,666J
230,465
498,762
219,398
42,696
74,963
40,600
15,000
88,359
43,485
113,438
46,283
81,963
Total Current Expenses.
$3,006,387
$3,816,964
$2,502,586
Current Net Earnings. ..
1,814,815
5,367,449
$10,204,082
Federal Reserve Currency
Original cost, including shipping charges
Cost of redemption, including shipping
charges
Taxes on Federal Reserve Bank note circulation
All other expenses
178,489
10,415
70,615
130,105
*Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
•{•Charged to Profit and Loss in 1922 and to Current Expenses prior to that year.
21
ANNUAL REPORT OP FEDERAL RESERVE BANK OP SAN FRANCISCO
Exhibit A
EARNINGS AND EXPENSES
FEDERAL RESERVE BANK OF SAN FRANCISCO
(Continued)
1922
1921
1920
' $4,821,202
3,006,387
$9,184,413
3,816,964
$12,706,668
2,502,586
$1,814,815
$5,367,449
$10,204,082
$
$
PROFIT AND LOSS ACCOUNT
Earnings
Current expenses
Current Net Earnings
Additions to Current Net Earnings
Amounts deducted from reserve for depreciation on United States bonds...
Assessment account expenses Federal
Reserve Board previously charged to
Profit and Loss
All other
Total Additions
Deductions from Current Net Earnings
D e p r e c i a t i o n allowances on bank
premises
Reserve for possible losses
Assessment account Federal Reserve
Board. .
Furniture and equipment
All other
4,395
1,814
78,876
$
45,964
417
$
46,381
1,497
$
6,209
$
80,373
$
36,405
72,000
$
16,512
500,000
$ 123,570
12,658
36,003
16,260
10,810
5,412
$ 160,668
$ 527,322
$ 141,640
Net deductions from Current Net Earnings
...
$ 154,459
$ 446,949
$
Net Earnings Available for Dividends
Surplus, and Franchise Tax
$1,660,356
$4,920,500
$10,108,823
$ 448,306
121,205
$ 435,361
1,254,824
$ 384,713
6,654,855
1,090,845
3,230,315
3,069,255
Total Deductions
Dividends paid
Transferred to surplus account
Franchise tax paid United States Government
95,259
In addition to franchise tax for 1922 of $1,090,845, the Bank charged its surplus
account and paid the United States Government $306,925 as an additional franchise
tax for 1921.
Exhibit B
MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1922
FEDERAL RESERVE BANK OF SAN FRANCISCO
[Amounts in thousands of dollars]
Date
1922
Jan. 25
Feb. 21
xMar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
Nov. 29
Dec. 27
Total
earning
assets
BILLS DISCOUNTED FOR MEMBER
BANKS
Bills seOther
cured by bills
disU.S. Gov't. counted
obligations
Bills
bought
in open
market
United
States
securities
Total
cash
reserves
Member
banks'
reserve
deposits
Total
deposits
Federal
Reserve
Reserve
pernotes in cir- centages
culation
(2+5+6)
Total
1
2
3
4
5
6
7
8
9
10
11
85,520
78,642
96,616
110,522
115,738
122,595
120,507
119,872
132,835
131,288
126,239
124,679
60,094
55,241
58,943
47,641
46,307
45,038
45,034
43,904
39,931
35,718
49,133
40,278
17,697
19,468
17,836
9,346
8,921
6,749
11,007
10,970
9,774
9,726
20,716
11,557
42,397
35,773
41,107
38,295
37,386
38,289
34,027
32,934
30,157
25,992
28,417
28,721
7,598
4,891
6,483
5,872
9,422
16,953
17,497
21,991
40,928
44,163
40,304
38,302
17,828
18,510
31,190
57,009
60,009
60,604
57,976
53,977
51,976
51,407
36,802
46,099
283,398
281,668
289,460
270,557
259,176
248,630
251,779
249,139
241,863
240,208
250,797
256,353
119,019
117,586
116,894
122,687
116,553
123,461
124,453
128,023
130,847
131,223
133,523
134,367
131,996
132,103
145,955
145,694
136,681
139,816
139,754
138,778
138,880
136,470
140,201
139,516
219,201
212,299
221,560
217,742
216,002
217,104
216,648
215,325
219,861
221,351
219,457
244,596
80.7
81.8
78.8
74.4
73.5
69.7
70.6
70.4
67.4
67.1
69.7
66.7
23
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN" FRANCISCO
FEDERAL RESERVE BANK OF SAN FRANCISCO
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
350
UNITED STATES SECURITIES
DISCOUNTS FOR OWN MEMBERS
1920
1921
1922
Exhibit C
VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE OF DISTRICT
FEDERAL RESERVE BANK OF SAN FRANCISCO
[Amounts in thousands of dollars]
MONTH
January
February
March
April
May
June
July. .
August
September
October
November
December
Total, 1922
1921
1920
ARIZONA*
UTAH
NEVADA
10
20
10
35
25
CALIFORNIA
1,614
1,760
2,013
1,029
1,159
1,025
1,024
1,023
884
696
437
758
10,779
6,558
9,852
7,236
5,215
5,071
6,358
4,420
4,479
3,175
2,596
2,927
H3
20
115,736
101,713
135,168
51,018
74,090
57,099
70,824
79,379
90,136
109,432
102,247
120,370
13,422
27,235
16,790
68,666
263,152
295,679
263
2,238
1,946
1,107,212
1,923,647
1,911,319
OREGON
IDAHO
WASHINGTON
7,871
5,583
5,289
3,604
4,342
3,762
4,205
4,957
6,448
3,026
5,006
5,294
21,476
17,802
19,666
17,678
19,299
19,377
16,953
19,120
16,993
16,229
13,838
12,645
6,636
5,232
3,594
3,490
5,246
6,298
6,384
5,487
6,044
7,964
10,635
8,264
164,122
138,668
175,592
84,090
109,376
92,632
105,748
114,386
124,984
140,522
134,902
150,278
59,387
144,946
214,358
211,076
227,461
186,543
75,274
234,339
339,012
1,535,300
2,823,018
2,965,647
*Figures in this column relate only to that part of the state located in this district.
TOTAL
Number of
Number of
member banks member banks
in district accommodated
during the
at
month
end of month
852
848
845
852
847
849
848
836
836
833
829
826
366
341
332
325
339
339
340
335
301
272
266
269
Exhibit D
OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM
FEDERAL RESERVE BANK OF SAN FRANCISCO
(Figures include cash items only)
[Numbers in thousands; amounts in thousands of dollars]
Year
Items drawn on banks in
own district
Number
Amount
Items forwarded to other
on Treasurer
Federal Reserve Banks and Itemsofdrawn
United States
their branches
Number
Amount
Number
Amount
TOTAL*
Number
Amount
1922
46,562
6,746,301
2,378
400,542
2,301
1,294,631
51,241
8,441,474
1921
37,089
5,871,998
1,928
407,164
2,106
1,319,864
41,123
7,599,026
1920
25,452
5,819,656
1,205
573,429
1,523
1,726,996
28,180
8,120,081
1919
13,153
3,712,130
377
496,239
1,496
2,549,565
15,026
6,757,934
*Exclusive of duplications on account of items handled by both parent bank and branch.
10
Ol
2ti
ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO
Exhibit E
FISCAL AGENCY OPERATIONS
FEDERAL RESERVE BANK OF SAN FRANCISCO
Issues of Certificates of Indebtedness
No. of
Year Issues
1922
1921
1920
7
16
18
BANK
SUBSCRIPTIONS
ALL OTHER
SUBSCRIPTIONS
TOTAL
SUBSCRIPTIONS
ALL ISSUES
No.
Amount*
No.
No.
Amount*
469
2,899
3,937
85,488
165,589
242,008
94
1,909
1,978
563
4,808
5,915
86,793
176,785
261,569
Amount*
1,305
11,196
19,561
TOTAL
ALLOTMENT*
86,793
176,785
261,569
Issues of Treasury Notes
No. of
Year Issues
1922
1921
5
2
BANK
SUBSCRIPTIONS
No.
Amount*
1,181
482
137,611
24,421
ALL OTHER
SUBSCRIPTIONS
TOTAL
SUBSCRIPTIONS
ALL ISSUES
No.
No.
568
436
Amount*
4,131
2,991
TOTAL
ALLOTMENT*
Amount*
1,749
918
141,742
27,412
141,742
27,412
Exchanges and Conversions of Liberty Bonds
1922
Number of Pieces Received.
Number of Pieces Delivered
Amount Delivered
880,483
285,642
$170,411,000
1921
2,391,289
1,468,143
$475,490,900
War Savings Securities
1922
1921
SOLD—Number of Pieces
Piec
Amount
4,236
$ 1,148,925
$
REDEEMED—Number cof Pieces
Amount
Amount..
1,209,763
$ 8,144,233
2,297,723
$11,385,250
*In thousands of dollars.
106,521
218,730
Exhibit F
NATIONAL AND STATE BANK MEMBERSHIP BY STATES*
TWELFTH FEDERAL RESERVE DISTRICT
NATIONAL BANKS
ALL MEMBER BANKS
NATIONAL AND STATE
STATE MEMBER BANKS
STATE
December 29, 1922
No.
Capital
and Surplus
Arizona . . . .
California. .
Idaho
Nevada. . ..
Oregon
Utah
Washington
14
27S
79
11
OS
22
112
1,643,000
101,507,860
7,450,500
2,057,500
18,280,347
5,638,800
23,683,650
TOTALS
614
$160,261,657
December 31, 1921
No.
13
301
70
11
9<i
2S
97
Capital
and Surplus
$
December 29,1922
No.
1,665,000
101,773,400
7,304,100
2,021,300
17,199,658
6,913,400
22,773,200
$159,650,058
Total number National Banks, December 29, 1922
10
323
117
11
135
55
104
2,673,000
174,436,885
10.132,447
2,057,500
23,560,097
11,379,805
29,319,717
15
352
Hi)
11
130
64
150
2,294,500
162,650,155
10,481,600
2,021,300
22,097,908
12,721,600
28,329,450
$93,297,794
$80,946,521
821
$253,559,451
841
$240,590,579
656
12
30
42
614
No.
No.
Capital
and Surplus
June 30, 1922
No.
Capital
and Surplus
32
22
64
40
93
$
3,332,000
65,408,000
1,004,000
2,251,000
5,383,000
5,001,000
6,635,000
0(17
$89,674,000
322
STATE BANK MEMBERS
Total number State bank members, December 31, 1921
State Banks admitted to membership during 1922
State member banks resuming business during 1922
219
7
1
227
State
(a)
(b)
State
bank members leaving system through:
Failure
Consolidation with non-member banks
bank members consolidated with other member banks
Total number State bank members, December 29, 1922
*Does not include banks which for various reasons — suspension, liquidation or absorption by other banks
although stock in Federal Reserve Bank which they held while active members had not yet been surrendered.
December 31, 1921
629,500
60,876,755
3,177,500
-04,898,250
5,808,266
5,550,250
622
14
16
4
6
6
—
Capital
and Surplus
1,030,000
72,929,025
2,081,947
-05,279,750
5,741,005
5,036,067
NATIONAL BANK MEMBERS
Total number National Banks, December 31, 1921
National Banks organized during 1922
Conversions of State to National Banks during 1922
National Banks resuming business during 1922
National Banks leaving system through:
(a) Failure. . . .
(b) Consolidation with non-member banks
National Banks consolidated with other member banks
December 29, 1922
No.
$
207
December 31, 1921
Capital
and Surplus
Capital
and Surplus
NON-MEMBER
STATE BANKS
ELIGIBLE FOR MEMBERSHIP
5
2
•—•
7
13
20
207
were on December 29, 1922, no longer going institutions,
to
Exhibit G
PHYSICAL VOLUME OF PRODUCTION AND FARM VALUE OF FIFTEEN PRINCIPAL CROPS
OF THE TWELFTH FEDERAL RESERVE DISTRICT
1919 - 1922
(United States Department of Agriculture Estimates)
Crop
Wheat
Barley
Oats
Corn
Hay
Rice
Beans
Potatoes
Cotton
Sugar Beets...
Hops
Apples
Peaches
Pears
Oranges
1922
1921
1920
1919
Unit of
Volume
Bushels
Bushels
Bushels
Bushels
Tons
Bushels
Bushels
Bushels
Bales
Tons
Pounds
Boxes
Bushels
Bushels
Boxes
Volume
Value
Volume
Value
Volume
Value
Volume
Value
105,796,000
34,487,000
29,363,000
11,462,000
13,934,000
9,300,000
7,044,000
28,802,000
116,000
2,092,000
24,280,000
32,307,000
22,273,000
8,543,000
15,528,000
$222,372,000
48,594,000
27,747,000
20,079,000
274,493,000
24,831,000
30,595,000
44,642,000
27,324,000
23,529,000
18,872,000
49,926,000
34,075,000
14,956,000
42,702,000
105,307,000
38,703,000
35,482,000
11,774,000
14,814,000
8,262,000
3,332,000
35,629.000
178^000
2,839,000
33,330,000
26,274,000
16,022,000
6,142,000
21,600,000
$145,329,000
38,268,000
25,217,000
14,620,000
244,006,000
9,997,000
10,956,000
36,429,000
26,746,000
36,340,000
11,666,000
26,489,000
29,912,000
14,229,000
47,088,000
126,548,000
39,295,000
34,343,000
11,806,000
16,115,000
7,290,000
3,902,000
37,637,000
79,000
2,497,000
29,340,000
38,646,000
14,758,000
6,271,000
13,000,000
$106,412,000
21,729,000
13,682,000
9,256,000
149,214,000
8,384,000
11,005,000
38,229 000
9,018,000
16,287,000
7,080,000
49,008,000
18,679,000
9,884,000
36,400,000
99,277,000
45,358,000
30,126,000
13,148,000
15,456,000
8,260,000
5,166,000
46,307,000
127,000
1,578,000
25.910,000
32,241,000
20,188,000
8,365,000
16,500,000
$101,754,000
29,265,000
16,695,000
12,725,000
202,011.000
9,086,000
19,264,000
21,901,000
17,350,000
9,760,000
2,200,000
31 084,000
31,536,000
10,557,000
42,075,000
Map of the
Twelfth Federal Reserve District
Showing Territories of
Head Office and Branches
of the
Federal Reserve Bank of
San Francisco
The Twelfth Federal Reserve District includes
the States of Arizona (excepting the five
southeastern counties), California,
Idaho, Nevada, Oregon, Utah,
and Washington
TWELFTH
FEDERAL RESERVE
DISTRICT
@FedFRASER