View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

SEVENTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD
BY THE

FEDERAL RESERVE AGENT
FEDERAL RESERVE BANK
SAN FRANCISCO
FOR THE YEAR ENDED DECEMBER 31,1921




SEVENTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD
BY THE

FEDERAL RESERVE AGENT
FEDERAL RESERVE BANK
SAN FRANCISCO
FOR THE YEAR ENDED DECEMBER 31, 1921




LETTER OF TRANSMITTAL
Federal Reserve Bank,
San Francisco, California,
January 3, 1922.
Sir:
I have the honor to submit the following report concerning the
operations of the Federal Reserve Bank of San Francisco for the
year ended December 31, 1921.
Yours respectfully,

Chairman of the Board
and Federal Reserve Agent.
HONORABLE W. P. G. HARDING,

Governor, Federal Reserve Board,
Washington, D. C.




TABLE OF CONTENTS

Directors and Officers
Summary of Operations
Earnings and Expenses
Banking Operations..
Member Bank and Public Relations.
Membership
Examinations
Monthly Report.
Bank Quarters—New Building
Personnel
Appendix




PAGE
4
7
8
8
10
10
10
11
12
12
13-37

OFFICERS AND DIRECTORS
OF THE

FEDERAL RESERVE BANK OF SAN FRANCISCO
DIRECTORS
Class A.

Class B.

C. K. MCINTOSH, 1922
JOHN WILLIS BAER, 1923
M. A. BUCHAN, 1924

ELMER H. COX, 1922
A. B. C. DOHRMAN, 1923
WILLIAM T. SESNON, 1924

Class C.
WILLIAM SPROULE, 1922
JOHN PERRIN, 1923
WALTON N. MOORE, 1924

OFFICERS
JNO. U. CALKINS,

JOHN PERRIN,

Governor

Chairman and
Federal Reserve Agent

W M . A . DAY,

Deputy Governor

S. G. SARGENT,

Assistant Federal Reserve Agent
and Chief Examiner

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

F. H. HOLM AN, Assistant Cashier
C. E. EARHART, Assistant Cashier
JAY L. REED, Assistant Cashier
H. N. MANGELS, Assistant Cashier
M. MCRITCHIE, Assistant Cashier
G. H. SCHMIDT, Assistant Cashier
H. M. CRAFT, Assistant Cashier
E. C. MAILLIARD, Assistant Cashier
H. S. HOUSE, Auditor

J. M. OSMER, Assistant Auditor
J. E. BEALE, Assistant Auditor
MEMBER FEDERAL ADVISORY COUNCIL
D. W. TWOHY, Spokane, Washington




OFFICERS AND DIRECTORS OF BRANCHES

Spokane Branch
Directors

Officers

PETER MCGREGOR!

W. L. PARTNER, Manager

W. L. PARTNER*
R. L. RUTTER*

D. L. DAVIS, Assistant Manager
EVAN BERG, Assistant Cashier

G. I. ToEvsf
(One vacancy)*

S. A. MACEACHRON, Acting Assistant Cashier
E. W. MORTON, Assistant Auditor

Seattle Branch
M. A. ARNOLD*

C. R. SHAW, Manager

M. F. BACKUS*
CHARLES H. CLARKE!

B. A. RUSSELL, Assistant Cashier
G- H. WILLIAMS, Assistant Auditor

CHARLES E. PEABODYJ
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, Assistant Auditor

J. 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

W. F. Cox, Assistant Auditor

Los Angeles Branch
I. B. NEWTON!

C. J. SHEPHERD, Manager

H. M. ROBINSON!
J. F. SARTORI*
C. J. SHEPHERD*

H. C. VOGELSANG, Acting Assistant Manager
J. D. PAXTON, Acting Assistant Cashier
L. C. MEYER, Acting Assistant Cashier

A. J. WATERS*

A. W. SCOUGALL, Assistant Auditor

!Appointed by Federal Reserve Board.
* Appointed by Federal Reserve Bank.




Table A
FEDERAL RESERVE BANK OF SAN FRANCISCO
Comparative Statement of Condition
(In thousands of dollars)
Dec. 31
1921

RESOURCES
Gold and gold certificates
Gold settlement fund—Federal
Board
Gold with foreign agencies .

Reserve

Dec. 31
1920

Dec. 31
1919

$

$

$

18,254

28,629

13,353

37,460

23,724
152

27,110
6,041

Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund

55,714
220,433
3,356

52,505
119,060
10,368

46,504
129,050
8,639

Total gold reserves
Legal tender notes, silver, etc

279,503
3,249

181,933
1,162

184,193
346

282,752

183,095

184,539

Bills Discounted:
Secured by U. S. Gov't obligations....
All other
Bills bought in open market

13,683
53,410
20,795

51,546
116,052
46,798

43,551
30,345
102,558

Total bills on hand
U. S. bonds and notes

87,888
2,927

214,396
2,087

176,454
2,632

7,880
47

10,880
151

10,880
964

98,742

227,514

190,930

809

253

231

394
37,180
6,244

665
48,102
1,347

665
54,273
368

426,121

460,976

431,006

7,375
15,199

6,927
14,194

5,750
7,539

4,225
121,108
3,876

5,883
114,452
3,907

3,673
117,930
6,071

129,209

124,242

127,674

240,411

272,463

242,462

4,751
28,045
1,131

8,157
33,713
1,280

11,845
34,772
964

426,121

460,976

431,006

76.5

*47.9

*52.6

Total reserves

U. S. Certificates of Indebtedness:
One year certificates (Pittman Act)....
All other
Total earning assets
Bank premises
5 per cent redemption fund against
Federal Reserve Bank Notes
Uncollected items
All other resources
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 ..

*Calculated on basis'of net deposits and Federal Reserve Notes in circulation.



SEVENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK OF SAN FRANCISCO
Summary of Operations:
Operations of the Federal Reserve Bank of San Francisco during
the year ending December 31, 1921, were substantially larger in
physical volume than during any previous year. Growth in the
number of transactions in the principal departments of its service
to member banks is measured in the following summary table:

A.

% Increase or
Decrease (—)
1921 over 1920

1920

1921

CLEARINGS AND COLLECTIONS:
1. Number of checks and other cash items
28,180,000
handled
41,123,000
2. Total amount such items
$7,599,026,000 $8,120,081,000
3. Number of telegraphic transfers bought and
65,944
29,291
sold
4. Total amount such transfers
$4,247,855,000 $3,043,193,991

B.

CURRENCY—Total amount received
and shipped to banks
C. DISCOUNTS
1. Number of offerings
2. Amount such offerings

from

125.1
39.6

$ 877,569,000

16.3

92,781
116,380
$2,823,018,000 $2,965,647,000

25.4
-4.8

$1,020,384,000

D. FISCAL AGENCY:—
1. No. of U. S. Government checks and warrants paid
1,523,000*
2,106,000*
2. Total amount such items
$1,319,864,000* $1,726,996,000*
3. Number of subscriptions received for offerings of U. S. Certificates of Indebtedness
5,915
and Treasury Notes
5,726
4. Total amount allotted thereunder
$261,569,000
$204,197,000
5. Number of Government Security Coupons
8,621,582
5,313,675
paid
$52,481,038
$29,898,000
6. Amount such coupons
E. BANK EXAMINATIONS—Number made . . . .

45.9
-6.4

216

153

38.3
-23.6
-3.2
-21.9
62.2
72.2
41.2

*Included in totals under A., 1 and 2.

Comparative balance sheets showing the condition of this bank as
at close of business December 31 for the past three years are published in Table A opposite. The noteworthy changes during the
year were:
1. A decline of $128,772,000 or 56.6% in the amount of earning
assets held. Among the several items of earning assets, the principal
decline was in the amount of bills discounted for member banks,
which declined from $167,598,000 on December 31, 1920, to $67,093,000 December 31, 1921, a decrease of 60%.
2. A decline of $32,052,000, or 11.8% in the amount of Federal
reserve notes in actual circulation;
3. An increase of $99,657,000, ($97,570,000 of which was gold)
or 54.4% in the total money reserves held; and



8

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

4. A resulting increase of 28.6% in the ratio of total reserves
to combined deposit and Federal reserve note liabilities. This reserve ratio was 76.5% on December 31, 1921, as compared with
47.9% on December 31, 1920.
Earnings and Expenses.
In response to changes in credit conditions and prospects during
the year 1921, the discount rate of this bank was lowered by two
reductions of one-half per cent from 6%, the rate in effect on January
1, 1921, to 5%, the rate in effect on December 31, 1921. (See table
C on page 16). These reductions in rates, accompanying a steady
decline during the year in amount of bills discounted and other earning assets, resulted in a decrease of $3,522,000, or 27.7%, in total
earnings for 1921 as compared with 1920. Summarized, these earnings and their disposition for the past three years were as follows:
(For detailed table B see page 14):
1921
Total Earnings
Total Current Expenses
Net Earnings Available for Dividends,
etc
Dividends Paid
Transferred to Surplus Fund
Franchise Tax Paid U. S. Government. . .

1920

1919

$9,184,413
3,816,964

$12,706,667
2,502,586

$7,021,224
1,431,755

4,920,500
435,361
1,254,824
3,230,315

10,108,822
384,713
6,654,854

5,387,360
296,161
5,091,198

3,069,254

Q

Banking Operations.
In the following tables annexed to this report appear detailed
figures concerning the operations during 1921, with comparisons for
1920, of the principal departments of this bank and its branches:
Discount
Distribution of discount operations
Volume of Paper Discounted and Bought
Clearings and Collections

Table D
"
E

Operations of Clearing System
Number and Amount of Telegraphic transfers h a n d l e d . . .

Currency Issues
Currency Receipts from and shipments to member and
non-member banks
Federal reserve notes issued and redeemed (by denominations)
Fiscal Agency
Dealings in U. S. Government bond coupons, Certificates
of Indebtedness and Liberty Bonds, and Victory Notes
Distribution by issues of Certificates of Indebtedness and
Treasury Notes
Sale of Treasury Savings Certificates

"
"

F
G

"

H

"

1

"

J

"
"

K
L

A chart showing the movement of the principal asset and liability
items of this bank during the years 1921 and 1920 is published herewith. Tables and charts covering in detail the same movement
during the year 1921 appear in Table M and accompanying charts.



W E E K L Y C H A N G E S I N P R I N C I P A1. ASSETS AND LIABILITIES OF
FEDERAL RESERVE BANK OF SAN FRANCISCO
REPORTING MEMBER BANKS-TWELFTH DISTRICT
1
2
3
4
5

RESERVE R A T I O
TOTAL DEPOSITS
CASH R E S E R V E S
FEDERAL RESERVE NOTE CIRCULATION
U.S.SECURITIE5

6 DISCOUNTS SECURED BY U . S .
GOV'T OBLIGATIONS
7 TOTAL BILLS HELD (BOUGHT IN OPEN MARKET)
8 TOTAL DISCOUNTS
9 TOTAL EARNING ASSETS
MILLIONS
OF DOLLARS

MILLIONS
OF DOLLARS

300

300
9
V-

250

100

r
-*.

s~

\
- A ~—

A

-*•

"
8

0
MILLIONS

Z

"V,

b

4

200
ISO

\

100

,-

—^-—A
——'

-

...
i

/^
V,

-- -- <~^

/

r

\

/*"

j

\/\

/-^

,f<^

3
«

j \

/'

—^

I

1200

1100

900

900

800

800

1 2 3 4 5 6 7 8 9 10 II 12 1 2 3 4 5 6 7 8 9 10 II 12




1920

1921

M O
O

1

1000

700
600

r

700

3

/* —

.^

—i

600

A/
PERCENT

500

500

80

400

400

60

300

40

300
2

200

20

50

0

\.

1000

—^ 0

•,

?

\

1300

•

150

-^

RESERVE
RATIO

-

\

4

/
1200

MILLIONS
OF DOLLARS

A

^"—i

1300

200

V

%

OF DOLLARS

250

MILLIONS
OF DOLLARS

50

V

8

\ v

v

50

ACCOMODATION AT FEDERAL RESERVE BANK
U.S.OBLIGATIONS AND LOANS SECURED THEREBY
NET DEMAND DEPOSITS
TOTAL LOANS AND INVESTMENTS

100

-\

150
\,

250

\

~
>

200

1
2
3
4

100

0

-A

—/

•••

200

, >/
_

—*<

\

0

«^—>

1

100
• —

-

N

,

'—/

i 2 3 4 5 6 7 8 9 1 II 12 1 2 3 4 5 6 7 8 9 10 II 1
0
2

0

10

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

A chart showing the movement during 1920 and 1921 of the demand
deposits, combined loans and investments, and borrowings from
the Federal Reserve Bank, of the principal reporting member banks
is produced herewith. Detailed statistics by weeks of 1921 appear
in Table N.
Member Bank and Public Relations.
Membership.

On December 31, 1921, member banks of the Federal Reserve
Bank of San Francisco numbered 841, with capital and surplus of
$240,596,579, compared with a membership on December 31, 1920
of 831 banks having capital and surplus of $231,244,454. Membership by states of this Federal Reserve District appears in the following
table: (Detailed figures in Table P).
ALL BANKS—NATIONAL AND STATE:
December 31, 1921
No.

December 31, 1920

Capital
and Surplus

No.

Capital
and Surplus

Alaska
Arizona
California
Idaho
Nevada
Oregon
Utah
Washington

0

1

15
352
119
11
130
64
150

$

2,294,500
162,650,155
10,481,600
2,021,300
22,097,908
12,721,666
28,329,450

15
346
129
11
119
64
146

25,000
2,342,000
153,808,118
11,024,802
2,001,300
19,358,033
13,245,706
29,439,495

District

841

$240,596,579

831

$231,244,454

0

$

On December 31, 1921, there were pending applications for membership from ten State banks with combined capital and surplus of
$3,161,950.
Examinations.

Independent examinations of all State banks in this district applying for membership in the Federal reserve system during 1921 have
been made by the examining department of this bank, in order that
necessary adjustments in the affairs of applicant banks might be
incorporated in the conditions of membership. The work entailed
by these examinations for admission, and by the examination of
certain State members more than once, prevented this department,
notwithstanding especial endeavor, from examining each State bank
member at least once during 1921. Reports of examinations made
by State banking departments have been received for all State bank
members in the examination of which this department could not
participate. Examiners of the national and State banking departments in this district have cordially cooperated to the fullest extent.



11

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

On January 1, 1921, there were in this district 199 State member
banks. During the year, 38 additional banks have been admitted,
and 16 have been lost to the System through withdrawals, liquidations,
conversions and consolidations, making a net increase of 22 for the
year, and a total of 221 State members on December 31, 1921.
The following table shows the number and character of examinations conducted during the year, as compared with the year of 1920:
1920

1921

State banks for admission, jointly with State authorities... .
State banks for admission, independently
State bank members, jointly with State authorities
State bank members, independently
State banks, non-members, examined for absorption by
member banks
National banks, jointly with National examiners
National banks, independently

8
44
60
31

11
39
97
46

6
4

3
13
7

Total number of examinations conducted

153

216

79
74

98
118

153

216

Summary
Independent examinations
Joint examinations
Total

On February 28, 1921, there was held in San Francisco a conference
of the Directors, including the Managers, of the five branches of this
bank, and the Directors and Senior Officers of the Head Office. Extended discussion of credit conditions was had, with particular reference to means of assisting member banks in financing the growing,
harvesting, and marketing of the agricultural products of the District
then in course of production.
Monthly Report.

Circulation of the monthly report on agricultural and business
conditions in the Twelfth Federal Reserve District increased from
4600 in December, 1920, to 8025 in December, 1921. This growth
has been unsolicited. The three following special reports were prepared for publication and distribution during 1921 by the Division
of Analysis and Research:
Special Report No. 1—Disposition and carry over of 1920 Crop of
Barley in California—April 16, 1921.
Special Report No. 2—Cotton in the Twelfth Federal Reserve District—July 1, 1921.
Special Report No. 3—Sheep Raising Industry in the Twelfth Federal Reserve District—^November 7, 1921.



12

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Bank Quarters and New Building.

The bank occupies the six-story building, 73 x 104 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 the new building of this bank has progressed
throughout the year and on December 31, 1921, the steel frame work
had been completed for that portion of the building (about 78% of the
whole) which is to be erected before the present quarters are evacuated.
An eight-story structure is now in course of erection. 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.
Personnel.
Notwithstanding the expansion in physical volume of operations
reflected in the tables following, the staff of the bank on January 3,
1922 (1228) numbered but 96 more than it did on December 31, 1920,
(1132), an increase of 8.5%. Detailed figures relating to personnel
appear in full in table Q.
During the early part of the year, appointments were made to
the offices of Assistant Deputy Governor and Assistant Federal Reserve Agent at the Head Office to fill vacancies caused by resignations
in the latter part of 1920. Mr. L. C. Pontious was appointed Assistant
Deputy Governor on March 1, 1921, and Mr. Henry C. Breck was
designated Assistant Federal Reserve Agent on January 20, 1921.
Besides filling these vacancies, there was a net increase of three in
the official staff of the bank during the year 1921. An additional
Assistant Cashier was added to the Head Office Staff; one Acting
Assistant Cashier was added to the staffs of the Los Angeles and
Spokane branches, an additional Assistant Manager was added
to the Salt Lake City Branch, and the office of Assistant Manager
at the Seattle Branch was discontinued.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

13

APPENDIX
Tables
Letter
Title
B. Earnings and Expenses during 1921, 1920 and 1919
C. Discount Rates
D. Distribution of Discount Operations
E. Volume of Paper Discounted and Bought
F. Operation of Clearing System
G. Telegraphic Transfers and Collection Items
H. Currency Receipts and Payments
I.
Federal Reserve Notes Issued and Redeemed
J.
Fiscal Agency Operations
K. Certificates of Indebtedness (Distribution of Issues)
L. Treasury Savings Securities
M. Principal Assets and Liabilities
N. Principal Resources and Liabilities of Member Banks
0 . Operations of Offices
P. National and State Bank Membership
Q. Personnel of Bank
R. Comparative Statement of Banking Resources

14
16
16
17
18
19
20
22
23
24
, . . . 25
26
30
34
35
36
37

CHARTS
Number
Title
Page
1. Operations of Check Clearing and Collection Department
21
2. Currency Receipts from Member and Non-member Banks
21
3. Currency Payments to Member and Non-member Banks
21
4. Movement of Earning Assets
28
5. Deposits, Federal Reserve Note Circulation, Cash Reserves, and Reserve
Ratios
29




14

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Table B.
FEDERAL RESERVE BANK OF SAN FRANCISCO
Earnings and Expenses
1921

1920

1919

130,254
26,123

$8,259,664
3,890,556
322,787
87,707
130,157
15,797

$3,667,951
2,870,368
238,385
178,410
65,970
140

), 184,413

$12,706,668

$7,021,224

I 225,480
1,687,043
74,174
88,954
1,407
1,929
2,312
12,413
35,115

I 188,017
1,018,812
33,150
38,691
1,272
1,683
1,417
11,099
32,193

136,807
491,627
13,757
19,005
2,498
1,105
2,594
7,223
16,729

52,375
6,509

45,964
4,545

33,790
3,199

66,733

30,197

20,636

108,927

46,494

202,751

119,671

178,489
10,415
70,615

88,080
4,912
27,929

130,105

98,205

498,762

219,398

187,486

74,963

40,600

28,411

43,485
113,438

46,283
81,963

35,400
46,197

Total current expenses.

$3,816,964

$2,502,586

$1,431,755

Current net earnings..

$5,367,449

$10,204,082

$5,589,469

EARNINGS
Discounted bills
Purchased bills
United States securities
Transfers—net earnings
Deficient reserve penalties..
Miscellaneous
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, workmens' compensation and general liability)
Banking House:
Taxes and fire insurance
Light, heat and power
Repairs arid alterations
All other
Rent, including light, heat and power and
minor alterations
Fire Insurance—Furniture and equipment
Furniture 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)
Federal reserve currency:
Original cost, including shipping
charges
Cost of redemption, including shipping
charges
Taxes on Federal Reserve bank—note
circulation
All other expenses




r,965,583
825,577
236,870

6,773
7,488
25,497
137,766
2,263
155,031
205,095
16,915
100,108
13,008
60,262
101,666

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

15

Table B.
Earnings and Expenses—(Cont'd).
1921
PROFIT AND LOSS ACCOUNT
Earnings
Current expenses
Current net earnings
Additions to current net earnings:
Amounts deducted from Reserve for
depreciation on U. S. bonds
Assessment account expenses Federal
Reserve Board, previously chargec
to profit and loss. . .
All other

1920

1919

$9,184,413
3,816,964

$12,706,668
2,502,586

$7,021,224
1,431,755

$5,367,449

$10,204,082

$5,589,469

$

$

78,876

27

1,497

45,964
417

$ 80,373

$ 46,381

$

$ 16,512
500,000

$ 123,570

$ 168,625

10,810

12,658
5,412

33,306
1,172

$ 527,322

$ 141,640

$ 203,103

Net deductions from current net earnings.

$ 446,949

$

95,259

$ 202,109

Net earnings available for dividends,
surplus and franchise tax

$4,920,500

$10,108,823

$5,387,360

Dividends paid
Transferred to surplus account
Franchise tax paid U. S. Government

$ 435,361
1,254,824
3,230,315

$ 384,713
6,654,855
3,069,255

$ 296,161
5,091,199

Total additions
Deductions from current net earnings:
Depreciation allowances on Bank Premises
Reserve for possible losses
Assessment account expenses Federal
Reserve Board
All other
Total deductions

967

994

*Other than those connected with Governors' and Agents' conferences and meetings of directors
and of the Advisory Council.




Table C.

DISCOUNT RATES
All Classes of
Paper,
All Maturities

January 3, 1921...
January 24,1921..
July 25,1921
November 2, 1921

Minimum
purchasing Rate,
Bankers' Acceptances
5%
5%
5%

4%t

•Except that the rate on rediscounts and member banks' collateral notes secured by United States Certificates of Indebtedness was the same as the rate borne by the certificates offered as security but in no case less than 5H%tRate effective October 13, 1921.

Table D.

DISTRIBUTION OF DISCOUNT OPERATIONS
1921

Number of members—December 31st
Number of members discounting
Per cent of members discounting
Number discount offerings accepted..
Total amount discounted




841
617
71.99%
116,380
$2,823,018,000

1920

1919

831
578
68.81%
92,781
$2,965,647,000

718
421
58.63%
37,687
$1,951,062,000

Table E.
VOLUME OF PAPER DISCOUNTED AND BOUGHT
(In thousands of dollars)

Purchased Paper

Discounted Paper

Month
Total
January....
February...
March
April
May
June
July
August
September..
October....
November..
December..
TOTAL:

1921
1920
1919

Secured
by Gov't
obligations

S 205,933
163,788
299,274
290,265
337,203
338,662
226,647
186,605
179,651
219,192
186,657
189,141

$ 143,484
105,785
212,970
219,556
271,485
262,177
156,030
119,439
110,907
135,709
123,150
98,690

$2,823,018
2,965,647
1,951.062

$1,959,397
2,120,625
1,745,959




Bankers'
acceptances
$

526
603
1,165
504
381
433
464
5
149
134
203
25
$ 4,592
33,608
361;

Trade
acceptances
$

1,547
979
1,980
2,067
2,309
2,325
1,749
982
808
744
279
1,119
$16,888
24,800
10,840

Agricultural and
livestock
paper
$

9,556
7,775
9,670
11,556
11,249
11,419
8,638
7,467
4,884
6,213
5,151
5,953

All
other

$ 50,280
48,646
73,483
56,582
51,779
62,308
59,766
58,712
62,903
76,392
57,865
83,354

$ 99,531 $742,610
786,614
193,898

Total
$

8,674
29,765
7,382
5,136
8,570
6,928
5,393
7,128
6,983
6,507
16,460
21,535

$130,461
364,845
345,829

Total discounted and purchased paper

Bankers'
acceptances

Dollar
Exchange

Trade
acceptances

$

$

$

8,443
27,797
6,697
4,907
7,690
6,691
5,271
6,548
6,353
6,144
15,892
20,710

$123,143
346,997
337,526

175
1,883
564
155
735
228
75
580
574
363
568
685

56
85
121
74
145
9
47
56
140

733
$6,585 $
13,567
4,281
8,032
271

1921

$

214,607
193,553
306,656
295,401
345,773
345,590
232,040
193,733
186,634
225,699
203,117
210,676

1920
$

266,495
178,605
282,287
361,506
336,827
252,860
266,439
250,761
289,657
262,023
251,126
331,906

1919
$

179,089
180,760
185,720
191,237
193,278
179,590
155,481
154,023
185,401
230,030
216,189
246,093

$2,953,479
$3,330,492

$2,296,891

Table F.

OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM
(Figures include cash items only)
(Numbers in thousands; amounts in thousands of dollars)
Items drawn on banks in own district
Located in F. R. Bank Located outside F. R.
bank and branch cities
and Branch cities
Period
Jan. 1—15
Jan. 16—Feb. 15
Feb. 16—Mar. 15
Mar. 16—Apr. 15
Apr. 16—May 15
May 16—June 15
June 16—July 15
July 16—Aug. 15
Aug. 16—Sept. 15
Sept. 16—Oct. 15
Oct. 16—Nov. 15
Nov. 16—Dec. 15
Dec. 16—Dec. 31
TOTAL:

1921

1920

Number

Amount

Number

291
605
553
801
721
776
726
765
760
791
814
853
447

$159,003
292,696
288,490
339,594
303,146
307,792
298,546
287,355
303,019
337,895
331,777
347,977
182,905

1,137
2,177
2,034
2,405
2,155
2,294
2,204
2,164
2,282
2,526
2,619
2,772
1,417

8,903
5,175

$3,780,195
3,910,813

28,186
20,277

Amount
$

Items drawn on
Treasurer of
United States
Number

97,950
163,455
153,382
176,224
158,539
165,908
158,489
158,601
167,365
188,667
199,230
206,320
97,673

81
143
148
172
173
188
178
185
189
188
185
191
85

§2,091,803
l,90S,843

2,106
1,523

Amount

Total Number*
1921

Number

Amount

62,424
81,784
128,193
132,150
75,831
127,867
117,237
90,903
123,390
114,923
95,846
88,687
80,629

99
176
165
182
152
150
149
147
145
145
154
161
103

$21,311
39,672
38,018
42,292
35,294
35,490
32,304
31,234
33,173
26,501
27,884
28,746
15,245

1,608
3,101
2,900
3,560
3,201
3,408
3,257
3,261
3,376
3,650
3,772
3,977
2,052

$1,319,S64
1,726,996

1,928
1,205

$407,164
573,429

41,123

$

•Exclusive of duplications on account of items handled by both parent bank and branch.




Items forwarded to
other F. R. Banks
and their branches

1920
832
1,730
1,922
2,114
2,017
2,096
2,219
2,331
2,606
2,736
2,792
3,071
1,714
28,180

Total Amount*
1921
$340,688
577,607
608,083
690,260
572,810
637,057
606,576
568,093
626,947
667,986
654,737
671,730
376,452
$7,599,026

1920
$303,927
539,796
579,441
828,641
559,536
648,229
755,938
603,105
666,956
726,795
690,960
812,977
403,774
$8,120,081

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

19

Table G
NUMBER AND AMOUNT OF TELEGRAPHIC TRANSFERS
BOUGHT AND SOLD EACH MONTH DURING 1921
Number
1921
January
February
March
April
May
June
July
August
September
October
November
December

Amount

4,659
4,221
5,176
5,028
4,972
5,200
5,024
5,722
5,898
6,583
6,593
6,868
Total

$323,449,000
287,506,000
354,821,000
348,862,000
302,654,000
318,063,000
314,271,000
332,156,000
348,748,000
381,237,000
427,910,000
508,178,000

65,944

$4,247,855,000

NUMBER AND TOTAL AMOUNT OF COLLECTION
(Non Cash) ITEMS HANDLED
Number outstanding December 31, 1920
Received for collection during 1921
Number returned unpaid
Number collected
Number outstanding December 31, 1921

1,756
134,926
12,932
120,187
3,563

Amount Collected

$203,262,055.34

BANKS USING COLLECTION AND CLEARING FACILITIES OF FEDERAL RESERVE BANK
Dec. 31, 1920
Member Banks
Clearing Non-Member Banks.




Dec. 31, 1921

447
16

508
21

to

Table H

o

CURRENCY RECEIPTS FROM AND PAYMENTS TO MEMBER AND NON-MEMBER BANKS
(In thousands of dollars)
Receipts
Month

From
member
banks

From
non-member banks

Total Payments

Total Receipts

Payments
To
member
banks

To
non-member banks

1921

1920

1919

1921

1920

1919

$36,250
20,714
24,788
24,884
25,310
27,933
38,471
28,343
30,899
31,454
31,482
58,222

$30,291
15,783
15,051
14,303
18,288
16,747
22,918
15,067
16,299
19,908
15,618
24,820

$38,312
34,042
33,890
37,175
46,828
35,676
52,834
29,632
42,927
44,036
34,727
75,902

$13,518
18,883
24,953
38,388
30,531
44,271
45,032
50,626
57,917
49,918
57,104
67,678

$7,855
9,817
11,248
15,312
14,096
14,941
15,715
21,266
23,325
21,603
29,848
30,555

January...
February.
March
April. . . .
May
June
July
August...
September
October..
November
December.

$56,204
38,430
43,718
38,646
40,195
41,918
45,798
38,999
37,760
36,875
38,339
48,817

$591
660
1,276
560
1,693
532
385
582
314
563
1,074
473

$36,876
32,528
32,702
34,249
45,658
34,327
52,277
29,359
40,216
43,263
34,258
75,249

$1,436
1,514
1,188
2,926
1,170
1,349
557
273
2,711
773
469
653

556,795
39,090
44,994
39,206
41,889
42,450
46,183
39,581
38,074
37,438
39,413
49,290

Total:
1921
1920
1919

$505,699
356,823
210,590

$8,704
21J927
14,503

$490,962
382,241
201,870

$15,019
116,578
13,711

$514,403




$505,981
378,750

498,819
225,093

215,581

CHECK CLEARINGS AND COLLECTIONS AND CURRENCY RECEIPTS AND PAYMENTS
THOUSANDS

THOUSANDS

MILLIONS OF DOLLARS

M I L L I O N S OF D O L L A R S

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

75

75

1
1
\j

55 I

/

4000

45 \

j

1921 /
/

3500

3500

\

40

/

\

\
/

3000

—
/

2500

/

y

/

2000
/

3000
ZSOO

192$, /

2000

.

\

!920

25 \ \

\

/

L\

/

15

- ^
1919

/

45

/ /

~~—.
35
/

' "

^ . — •

\

/

/

Dec 15
0ecl6-3l

Nov 15

Oct 15

Sept. 15

Aug.15

July 15

May 15

JunelS

Mar.15

Apr 15

Feb.15

Jan.l-15

Total Number of Operations of Check Clearing and
 Collection Department, 1920-1921


50

,

45

1

1
I

\

\

10

\
35

1

/

-^191

/

\

55

1

U9
I
\
\
\
\

/

?5

/
?n

/

/

10

500

/
/ \ 21 /
v
\ /A
7

/

/

fin

1

\

— -

, /

/V

20

1000 /

/

\
1
/ \

/

1500

\

55
50

50
4000

l\
\

60

60

15
|O

t;

5
0

3

4

5

6

7

8

9

10 II 12

Total Currency Receipts from Member
and Non-Member Banks, 1919-1921

i

2

3

4

5

6

7

8

9

10

II

\l i

Total Currency Payments to Member and
Non-Member Banks, 1919-1921.

to

Table I.

bO

FEDERAL RESERVE NOTES ISSUED AND REDEEMED BY FEDERAL RESERVE AGENT DURING 1921 g
(By Denominations)
Fives

Year

Tens

Twenties

Fifties

Hundr eds

1921

$ 45,420,220
50,140,000

$ 56,671,550
46,200,000

$ 131,883,000
90,080,000

$ 21,988,100
11,200,000

$ 35,554,200
19,200,000

Outstanding Dec. 31, 1920, plus issued during 1921.. $ 95,560,220
55,346,625
Notes redeemed

1920

$ 102,871,550
55,004,190

$ 221,963,000
109,161,620

$ 33,188,100
14,238,050

$ 54,754,200
17,575,000

$ 40,213,595

$ 47,867,360

$ 112,801,380

$ 18,950,050

$ 37,179,200

Thousands

Five
Thousands

Ten
Thousands

Outstanding December 31
Issued during 1921

Outstanding December 31

Table I.—Continued.
Five
Hundreds

Year

1921

$

3,743,000
2,000,000

$

Outstanding Dec. 31, 1920, plus issued during 1921. . $
Notes redeemed

1920

5,743,000
1,240,500

$ 14,389,000
2,891,000

$

4,502,500

$ 11,498,000

Outstanding December 31. . . .
Issued during 1921

Outstanding December 3 1 . .




9,889,000
4,800,000

$

3,995,000
8,000,000

$

Total

4,000,000
10,000,000

$ 313,144,070
241,620,000

$ 12,295,000
10,000

$ 14,000,000
20,000

$ 554,764,070
255,486,985

$ 12,285,000

$ 13,980,000

$ 299,277,085

Table J.
STATISTICS OF FISCAL AGENCY OPERATIONS
No. Pieces
Redeemed
I. U. S. Government Coupons
II. U. S. Certificates of Indebtedness
III. U. S. Liberty Bonds and Victory Notes.

V.
VI.




164
1,379

$6,358,f»r.O
248,350
221,900
4,218,700

18,000
22,216
38,720
1,325,253

15,468,550
14,030,850
80,930,350
351,797,400

2,243

2,287

1,776,000

779
73

C.—Transfer of Ownership
(1) Transfer
C.—All other Transactions
(1) Reg. Conversion. .. ,
(2) 1st Loan Allotment.
(3) Coupon Mutilated..
(4) Reg. Mutilated
(5) U. S. R. A
U. S. Liberty Bonds and Victory Notes Purchased for
Treasurer
U. S. Liberty Bonds and Victory Notes received in payment of inheritance tax
War Savings Securities
(a) Sold
(b) Redeemed

56,950

36,271
21,944
428,136
1,842,246

B.—Exchanges
(1) Reg. Delivered for Coupon Surrendered
(2) Coupon Delivered for Reg. Surrendered
(3) Interchange
(4) Temporary Permanent Exchange

GRAND TOTAL.

No. Pieces
Delivered

Amount
Delivered

834
94
64
3

421,350
7,500
6,200
200
4,900

2,391,289

1,468,143

No.
Sold

$475,490,900

Amount

$52,481,037.98
206,022,000.00

A. —Conversion
(1) Temporary Surrendered Permanent Delivered
(2) Permanent for Permanent
(3) W\% Surrendered 3% % Delivered
(4) 3H% Surrendered A.%% Delivered

IV.

No. Pieces
Received

54,901
2,002
833
1,702

8,621,582
74,730

Amount Redeemed

67
3
89

8,696,312

$258,503,037.98

1,275

1,789,000.00

1,407

1,302,500.00

2,297,723

2,090

11,385,249.50

106,521

$218,730.75

to

Table K.
DISTRIBUTION BY ISSUES OF CERTIFICATES OF INDEBTEDNESS
National
] Banks'
Subscriptions

Date of
Issue
1921

Date of
Maturity

Issue
Symbol

Jan. 15
Jan. 15.. ..
Feb. 15....
Mar. 1 5 . . .
Mar. 15.. .
Apr. 15....
May 16....
June 15....
Aug. 1
Aug. 1 . . . .
Sept. 1 5 . . .
Sept. 1 5 . . .
Nov. 1
Nov. 1 . . . .
Dec. 15....
Dec. 15....

April 15, 1921
Oct. 15, 1921
July 15, 1921
Sept. 15, 1921
Mar. 15, 1922
Oct. 15, 1921
Feb. 16, 1922
June 15, 1922
Mar. 15, 1922
Aug. 1, 1922
March 15, 1922
Sept. 15, 1922
Sept. 15, 1922
April 1, 1922
June 15, 1922
Dec. 15, 1922

E-1921
F-1921
G-1921
TS-2-1921
TM-1922
H-1921
A-1922
TJ-1922
TM-2-1922
B-1922
TM-3-1922
TS-1922
TS-2-1922
C-1922
TJ-2-1922
TD-1922

Other
Member Banks'
Subscriptions
Amount

Non-Member
Banks'
Subscriptions
Amount

Individuals'
Subscriptions
Amount

Rate

No.

Amount

5M

63
136
118
111
164
123
134
108
70
190
68
95
49
32
51
93

$3,013,000
4,277,500
4,049,500
8,815,500
9,196,000
5,663,500
7,362,000
8,937,000
. 2,420,500
9,556,500
7,025,500
9,602,500
7,546,500
4,554,500
3,681,500
7,644,500

16
33
33
23
42
43
33
26
21
86
25
38
20
15
11
34

$2,853,000
1,611,000
4,555,000
1,760,000
2,821,000
3,012,000
4,443,500
1,219,500
2,610,500
4,427,500
2,078,500
953,500
634,500
1,049,000
1,389,000
1,618,000

48
86
53
48
96
78
56
56
22
79
41
43
16
14
16
43

$2,567,000
2,426,500
660,500
3,488,500
2,841,000
3,230,000
1,739,000
1,790,000
247,500
1,082,500
938,500
1,258,500
226,500
117,500
428,000
2,162,500

69
213
112
84
279
201
194
137
31
214
41
100
48
27
34
125

$562,000
960,000
285,000
451,000
1,439,000
469,500
995,500
953,500
335,000
950,000
557,500
1,285,500
142,500
179,000
786,500
845,000

1605 $103,346,000

499

$37,038,500

795

$25,204,000

1909

$11,196,500

53^
5J"i!
5%

534
534
5M
534
5

534
434
4M
414

TOTAL

No.

No.

No.

Total
Subscriptions
No.
196
468
316
266
581
445
417
327
144
569
175
276
133
88
112
295

Allotment

Amount

Amount

$8,995,000
9,275,000
9,550,000
14,515,000
16,300,000
12,375,000
14,540,000
12,900,000
5,613,500
16,016,500
10,600,000
13,100,000
8,550,000
5,900,000
6,285,000
12,270,000

$8,995,000
9,275,000
9,550,000
14,515,000
16,300,000
12,375,000
14,540,000
12,900,000
5,613,500
16,016,500
10,600,000
13,100,000
8,550,000
5,900,000
6,285,000
12,270,000

_

4808 $176,785,000 $176,785,000

DISTRIBUTION BY ISSUE OF TREASURY NOTES
June 15...
Sept. 15..

June 15, 1924
Sept. 15, 1924




A-1924
B-1924

5%

117
143

4,196,400
9,477,800

1,841,100
6,543,100

1,043,400
1,318,900

244
192

1,330,900
1,660,200

475
443

8,411,800
19,000,000

8,411,800
19,000,000

o

Table L.

TREASURY (WAR) SAVINGS SECURITIES TRANSACTIONS
1921
Sale of Thrift Stamps
Sale of Treasury Saving Stamps
Sale of War Savings Stamps
Sale of Treasury Savings Certificates
Filled Thrift Cards exchanged for War Savings Certificate Stamps
Treasury Savings Stamps exchanged for War Savings Certificate Stamps
Treasury Savings Stamps exchanged for Treasury Savings Certificates...
War Savings Certificates exchanged for Treasury Savings Certificates. . .
Redemption of War Savings Securities from February 18, 1920, to December 31, 1920, amounted
to $20,791,828.67.
January 1, 1921 to December 31, 1921




1920

$ 19,614.75
951.00
133,365.00
64,800.00
18,392.00
100.00
40.00
-0-

$ 48,661.25
-0460,770.00
365,300.00
62,960.00
-0-01,100.00

1919
$ 126,993.00
-01,538,550.00
1,428,400.00
186,740.00
-0-07,400.00

$11,385,249.50

to

Table M.
FEDERAL RESERVE BANK OF SAN FRANCISCO
MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1921
(Amounts in thousands of dollars)
BILLS DISCOUNTED FOR MEMBER
BANKS I N T H I S DISTKICT 1

Date

Total
earning
assets
(2+5+8)

Total

Per
cent
(3-J-2)

PURCHASED BILLS

Total
held

(6+7)

Bought from
other
F. R. Banks
net 2

Reserve
percentages *

Purchased
in open
market
(5—6)

U. S.
securities

Total
cash
reserves

Total
deposits

F. R.
notes
in circulation

Actual

Adjusted *

7

8

9

10

11

12

13

4

5

$53,339
47,782
43,634
41,386

31.1
30.0
28.7
28.4

$40,994
33,508
31,138
39,698

$4,273
2,263
6,698
16,063

$36,721
31,245
24,440
23,635

$14,402
14,074
14,015
13,933

$190,087
194,777
206,108
197,772

$126,330
122,461
127,365
125,191

$275,123
260,068
255,304
253,831

49.1
52.4
55.2
53.9

50.2
53.0
57.0
58.2

140,723
139,581
141,266
145,319

36,799
38,209
40,471
44,230

26.1
27.4
28.6
30.4

37,442
44,980
46,449
44,825

15,654
13,891
10,615
7,792

21,788
31,089
35,834
37,033

12,704
12,832
12,938
13,265

202,997
195,225
191,866
183,638

118,116
121,747
126,945
120,516

253,532
247,303
245,983
243,143

55.9
53.9
53.0
51.6

60.2
57.8
56.0
53.8

199,562
192,371
177,062
194,912

148,065
149,248
144,127
163,096

44,676
47,812
47,815
53,597

30.2
32.0
33.2
32.9

38,792
30,276
20,149
18,954

5,827
4,369
2,426
1,285

32,965
25,907
17,723
17,669

12,705
12,847
12,786
12,862

182,191
190,098
199,781
193,147

117,574
120,102
123,304
131,010

242,321
239,809
236,180
232,532

52.0
54.1
55.6
53.1

53.7
55.4
56.2
53.5

190,986
189,737
183,556
179,372
183,728

161,689
163,139
159,466
155,346
160,771

48,339
49,250
50,158
46,045
50,226

29.9
30.2
31.5
29.6
31.2

16,718
14,030
11,497
11,595
10,566

- 9
- 9
- 9
-25
-25

16,727
14,039
11,506
11,620
10,591

12,579
12,568
12,593
12,431
12,391

189,349
191,837
195,876
197,688
199,070

124,882
126,947
128,308
120,234
123,492

231,853
231,266
230,225
231,532
232,220

53.1
53.6
54.6
56.2
56.0

53.1
53.6
54.6
56.2
56.0

189,558
186,127
180,591
183,010

166,927
166,028
161,759
165,661

50,022
49,558
51,660
53,447

30.0
29.8
31.9
32.3

10,270
7,738
5,965
5,440

-25
-25

10,295
7,763
5,965
5,440

12,361
12,361
12,867
11,909

194,666
198,813
196,671
195,709

117,321
120,966
118,333
120,497

239,307
238,673
236,061
234,895

54.6
55.3
55.5
55.1

54.6
55.3

182,311
181,636
171,828
162,575
162,445

164,483
165,439
149,889
148,174
150,163

53,896
52,087
43,394
42,600
40,722

32.8
31.5
29.0
28.7
27.1

5,498
5,391
3,853
2,503
2,093

5,498
5,391
3,853
2,503
2,093

12,330
10,806
18,086
11,898
10,189

192,497
192,713
201,786
207,198
202,941

116,895
118,818
127,920
120,545
114,038

233,699
231,731
229,983
227,210
232,249

54.9
55.0
56.4
59.6
58.6

171,389
159,252
155,807
153,644

159,744
146,934
142,603
141,299

45,121
38,082
39,659
37,452

28.2
25.9
27.8
26.5

1,459
2,229
2,866
2,250

1,459
2,229
2,866
2,250

10,186
10,089
10,338
10,095

208,950
213,703
215,904
216,445

117,787
118,010
115,417
118,002

241,165
237,218
234,178
229,463

58.2
60.2
61.8
62.3

1

January
7
14
21
28
February
4
11
18
25
March
4
11
18
25
April
1
8
15
22
27
May
4
11
18
25
June
1
8
15
22
29
July
6
13
20
27

Secured
by U. S.
Govt. obligations

2

$227,057
206,647
197,178
199,482

$ 171,661
159,065
152,025
145,851

190,869
197,393
200,653
203,409




3

6

Table M.—Continued
FEDERAL RESERVE BANK OF SAN FRANCISCO
MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1921
(Amounts in thousands of dollars)
BILLS DISCOUNTED FOR MEMBER
BANKS I N T H I S DISTRICT '

Date

Total
earning
assets

(2+5+8)
1

August
3
10
17
24
31
September
7
14
21
28
October
5
11
19
26
November
2
9
16
23
30
December
7
14
21
28

Total
2

Secured
by U. S.
Govt. obligations
3

PURCHASED BILLS

Per
cent
(3+2)

Total
held
(6+7)

4

5

Bought from
other
F. It. Banks
net 2
6

Purchased
in open
market
(5—6)

U. S.
securities

Total
cash
reserves

Total
deposits

F. R.
notes
in circulation

Actual

Adjusted*

7

8

9

10

11

12

13

3,252
3,057
3,311
3,830
3,393

3,252
3,057
3,311
3,830
3,393

10,347
10,353
10,227
10,086
9,120

215,306
217,990
222,783
226,778
219,533

120,075
120,303
119,550
121,296
114,347

229,626
227,821
225,944
224,549
225,722

61.6
62.6
64.5
65.6
64.6

40,205
34,558
38,096
44,490

27.3
27.6
29.3
29.8
29.8
31.2
28.9
32.6
35.2

3,519
3,655
2,705
3,297

3,519
3,655
2,705
3,297

9,094
9,095
9,751
9,945

225,496
235,737
236,236
233,718

118,623
122,404
122,300
125,191

230,407
228,674
226,263
227,170

64.6
67.1
67.8
66.3

124,519
118,621
109,694
105,470

44,495
42,189
40,730
35,629

35.7
35.6
37.1
33.8

3,045
3,834
3,441
4,038

3,045
3,834
3,441
4,038

8,471
8,277
8,084
8,086

236,382
240,255
249,526
248,309

120,189
119,387
121,559
118,890

232,192
232,685
229,389
225,479

67.1
68.2
71.1
72.1

105,496
88,029
81,376
77,970
73,271

35,156
30,201
26,813
28,235
25,010

33.3
34.3
32.9
36.2
34.1
31.1
30.0
31.3
29.4

4,458
6,628
5,429
10,942
10,833

4,458
6,628
5,429
10,942
10,833

8,085
8,173
8,101
8,084
8,089

251,375
269,443
279,101
270,487
281,114

120,707
126,704
129,745
125,290
130,396

227,221
224,357
225,139
222,511
223,876

72.2
76.8
78.6
77.8
79.3

224,549
231,268
237,239
244,252

81.6
79.3
78.2
76.8

155,282
147,746
143,269
141,204
141,247

141,683
134,336
129,731
127,288
128,734

38,680
37,047
38,017
37,904
38,300

141,508
132,147
129,373
139,595

128,895
119,397
116,917
126,353

136,035
130,732
121,219
117,594
118,039
102,830
94,906
96,996
92,193

11,713
8,589
21,147
126,404
286,261
11,713
22,223
8,089
284,116
22,223
19,184
127,050
22,420
8,258
284,870
22,420
20,513
126,818
20,822
10,680
283,758
20,822
20,961
125,268
1
—No bills were discounted for or with other Federal reserve banks.
2
—Minus sign indicates net amounts sold to other Federal reserve banks.
*—Prior to March 18, net deposits, as given below were used in calculating reserve percentages:
January
7
$112,252,000
February
4 $109,859,000
14
111,723,000
11 114,622,000
4 $108,053,000
21
118,145,000
18 115,778,000
March
11 111,347,000
28
113,349,000
25 112,868,000
1
—Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received
 column indicates that no accommodation was extended to or received from other Federal reserve banks.
A blank in this
88,346
94,362
96,122
102,764



Reserve
percentages 3

68,044
64,050
65,444
71,262

to
from other Federal reserve banks.

28

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

FEDERAL RESERVE BANK OF SAN FRANCISCO
MOVEMENT OF EARNING ASSETS
DURING 1920 AND 1921
MILLIONS OF DOLLARS
100

MILLIONS OF DOLLARS
UNITED STATES SECURITIES
50

50
0

777,777t

A,

777,777,777.'77/777.777.777 >////»/. '777, TA

250
PURCHASED BILLS
200

200

150

150

100

100

50

50

0
300
DISCOUNTED BILLS
'•SEC NOTE BELOW '

250

250

200

200

150

150

100

100

50

50

O

0

350

350
TOTAL EARNING ASSETS

300

3OO

250

250

200

200

150

150

100

100

50

50

1920

1921

A - Paper sectxred by U. S. Government obligations discounted for banks in d i s t r i c t .
B . Total paper discounted for banks i n d i s t r i c t .
0 - Total dleoounted paper held.
.
,
•
Spaoa between lines B and C represents paper disoounted for other Federal Beserve banks.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

29

FEDERAL RESERVE BANK OF SAN FRANCISCO
DEPOSITS, F.R.NOTE CIRCULATION, CASH RESERVES
AND RESERVE RATIOS, 1920-1921
PER CENT
100

80
70
60
40

- ^ -^"

-•s

50

—f

50

/

\

4-0

30
20

—
MILLIONS OF DOLLARS
200

MILLIONS OF DOLLARS
200

DEPOSITS
150

150

100

100

5O

50

O

0

350

350

F. R. NOTE CIRCULATION

300

300

250

250

200

200

150

150

100

100

50

50

0

O

500

500

450

DEPOSIT AND F.R.NOTE LIABILITIES, L, AND TOTAL RESERVES, C

4-5O

400

400

350

350

300

300

250

250

200

200

150

150

100

100

50

50

O

0

1920

1921

Adjusted peroentagaa ara oaloulated after reduoins or lnoreasing reserves held by
the amount of accommodation reoeivad from or extended to other Federal Reserve banks.
The deposit curve is based on "net deposits" up to March 11, 1921, and on
"total deposits" thereaftar.




Table N.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH
FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921
(In thousands of dollars)
LOANS* AND INVESTMENTS EXCLUSIVE
OF U. S. SECURITIES

UNITED STATES SECURITIES
Mumhpr

RpRprvp.

of
Reporting
Banks

Total

Bonds

Victory
Notes

C. of I.

69
69
69
69

$123,825
127,484
127,270
126,796

$94,592
99,739
96,681
97,229

$17,651
15,629
17,025
17,189

$11,582
12,116
13,564
12,378

$1,162,830
1,138,774
1,131,017
1,129,334

$34,048
31,919
32,534
31,445

$152,879
152,943
152,196
152,049

69
69
69
69

125,996
123,926
130,023
128,199

96,095
95,301
96,099
95,268

17,210
17,251
17,478
17,262

12,691
11,374
16,446
15,669

1,129,752
1,135,602
1,130,770
1,126,911

31,585
31,849
31,401
30,705

69
69
69
69

125,405
127,483
133,718
134,434

93,166
93,985
97,468
97,988

17,048
17,125
17,390
18,006

15,191
16,373
18.S60
18,440

1,119,870
1,124,210
1,131,079
1,133,331

1
8
15
22
27

69
69
69
69
69

133,104
133,834
138,465
136,078
140,572

99,374
99,909
99,751
98,987
103,004

18,059
18,719
19,067
18,830
19,102

15,671
15,206
19,647
18,261
18,466

4
11
18
25

69
69
C9
68

138,860
139,356
139,674
137,687

103,535
102,691
102,100
101,442

18,566
17,925
17,331
16,950

1
8
15
22
29

68
68
68
68
68

138,350
138,307
141,567
135,702
134,942

101,971
101,834
104,801
102,308
101,740

16,992
17,031
17,651
15,104
15,384

DATE

January—1921
7
14
21
28
February
4
11
18
25
March
4
11
18
25

•Including rediscounts with Federal Reserve banks.




Balance
with
F. R. B.

Cash in
Vault

$975,903
953,912
946,287
945,840

$ 77,744
71,751
78,346
78,103

$28,249
28,141
27,030
26,651

152,361
152,044
151,565
152,861

945,806
951,609
947,804
943,345

76,100
75,653
76,444
75,016

26,129
24,638
24,716
26,005

31,213
29,998
29,186
29,578

153,049
152,681
152,922
150,380

935,608
941,531
948,971
953,373

71,494
70,308
72,484
77,195

25,998
27,627
25,519
24,406

1,133,090
1,128,001
1,128,332
1,121,850
1,125,769

29,088
29,620
29,229
28,942
31,119

150,604
150,828
148,713
149,792
150,865

953,398
947,553
950,390
943,116
943,785

70,797
74,220
72,790
70,007
74,082

23,264
24,181
23,271
23,558
23,984

16,759
18,740
20,243
19,295

1,125,641
1,122,614
1,115,851
1,113,316

30,013
29,627
28,752
28,636

149,921
149,586
150,772
150,323

945,707
943,401
936,327
934,357

70,353
75,449
73,521
72,657

24,430
24,740
24,315
24,967

19,387
19,442
19,115
14,682
14,927

1,103,901
1,103,463
1,103,866
1,097,207
1,104,950

28,639
30,336
29,545
29,255
28,862

148,776
148,595
150,700
150,359
149,409

926,486
924,532
923,621
917,593
926,679

68,744
72,734
81,410
74,259
69,401

24,992
25,141
23,657
22,407
30,938

U. S.
Treasury
Notes

.'.

$ 3,608
2,891

Total

Loans Secured
Loans
By Stocks
Secured
and Bonds
by U. S. War other than
Obligations U. S. Bonds

All Other

Table N.—Continued
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH
FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921
(In thousands of dollars)
LOANS* AND INVESTMENTS EXCLUSIVE
UNITED STA

OF U. S. SECU

Number
of
Reporting
Banks

Total

Bonds

13
20

67
67
67
67

$132,958
133,015
133,201
128,725

$102,370
102,290
102,591
98,427

$13,746
14,843
16,082
15,939

$14,425
13,597
12,503
12,291

$2,417
2,285
2,025
2,068

$1,103,154
1,090,804
1,085,248
1,085,281

$28,944
28,879
26,990
28,688

8146,757
144,213
143,549
145,076

$927,453
917,712
914,709
911,517

S73.231
74,288
73,840
75,074

$29,448
26,337
27,070
24,800

10
17
24

67
67
66
66
66

136,083
140,362
137,431
137,929
136,402

97,551
97,521
96,296
97,436
97,695

1,087,533
1,083,192
1,083,913
1,079,135
1,088,316
1,086,458
1,086,264
1,080,284
1,081,429

23,418
22,728
22,680
22,399
22,297

26,938
27,231
26,710
26,790

146,523
145,635
141,736
141,986

913,851
909,443
910,864
900,607
916,939
912,997
913,398
911,838
912,653

72,130
75,701
77,269
71,855
71,126

97,593
97,613
99,212
101,735

4,192
3,804
3,361
3,094
2,883
2,887
2,594
7,671
7,443

146,458
146,712
146,522
144,424
144,674

135,776
133,421
145,699
145,116

19,059
23,236
21,876
20,109
19,349
19,238
16,514
23,247
20,646

27,224
27,037
26,527
34,104
26,702

66
66
66
65

15,281
15,801
15,898
17,290
16,475
16,058
16,700
15,569
15,292

76,314
77,091
74,462
75,231

23,648
24,199
22,769
23,625

65
65
65
65

148,584
144,376
139,140
134,184

102,568
99,369
100,736
100,811

19,048
18,854
16,475
16,046

20,204
19,618
15,202
10,556

6,764
6,535
6,727
6,771

1,085,207
1,087,475
1,095,773
1/ 35,578

26,692
26,313
26,171
26,406

142,427
141,420
143,849
144,426

916,088
919,742
925,753
914,746

74,030
75,780
77,519
72,928

23,010
23,433
23,270
24,812

65
65
65
65
65

143,464
136,006
136,568
139,659
136,453

101,074
98,136
98,809
101,600
97,064

16,871
15,629
15,359
15,725
17,063

16,659
14.0S5
14,177
14,689
14,052

8,860
8,156
8,223
7,645
8,274

1,083,001
1,080,814
1,089,056
1,088,618
1,086,615

26,034
25,115
25,145
24,713
25,515

144,160
143,642
143,268
145,198
143,475

72,978
78,629
81,713
80,194
79,716

24,081
25,071
25,649
23,836
23,176

64
64
64
64

141,225
141,998
146,161
143,268

102,692
101,909
101,175
101,231

16,431
17,266
17,314
15,198

13,663
14,479
18,569
17,344

8,439
8,344
9,103
9,495

1,102,298
1,103,464
1,108,679
1,107,160

24,007
24,156
23,829
24,507

145,323
144,281
146,837
147,230

912,807
912,057
920,643
918,707
917,625
932,968
935,027
938,013
935,423

80,219
80,151
81,506
73,426

22,956
23,386
22,532
26,236

DATE

July—1921
6
27
August
3
31
September
7
14
21
28

October
5
11
19

26
.N ovBmbcr
2
9
16
23

30
Dcc6int)cr
7
14
21
28

Victory
Notes

•Including rediscounts with Federal Reserve Banks.




C. of I.

U.S.

Treasury
Notes

Total

LoansServK (
Loans
By Stocks
Secured
and Bonds
by U. S. War than U. S.
Obligations
Bonds

All Other

Reserve
Balance
with
F. R. B.

Cash in
Vault

Table N.—Continued
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH
FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921

DATE

Number
of
Reporting
Banks

1921
Jan.
*"" '

7
14
21
28

Feb. M- • •
11.

18
25
Mar. 4
11.

18
25

April

1
8
15.

22
27
May 4.
11.
18

June

25.. .
1
8.
15

22. .
29



69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
68
68
68
68
68
68

ACCOMMODATION AT FEDERAL RESERVE BANK

DEPOSITS

Net demand
on which
Reserve
Computed

Time

$606,227
618,276
614,668
604,457
602,992
604,686
597,511
591,113
587,571
589,786
591,834
571,130
566,021
564,723
565,342
565,557
564,344
553,890
562,111
563,266
554,033
550,759
555,612
567,522
564,213
553,319

$541,771
533,091
532,963
542,824
542,961
539,015
540,414
538,857
542,683
539,592
535,225
539,587
539,256
538,640
545,886
541,652
541,423
542,478
541,813
540,639
537,374
541,530
533,983
539,391
540,257
542,170

Government
$

4,044
2,729
5,083
7,006
2,465
1,429
7,883
7,451
6,254
2,780
14,946
13,632
12,678
12,468
12,145
9,978
9,904
8,316
6,701
9,159
5,182
2,705
897
6,950
7,005
5,824

Total
$117,101
103,070
95,699
88,334
83,706
83,061
85,698
90,113
93,059
94,338
89,200
106,230
103,767
103,145
101,934
97,216
100,174
106,424
105,140
99,914
99,119
98,821
100,811
85,883
83,447
85,669

Paper Secured Paper Otherby U. S. War wise Secured
Obligations
or Unsecured
$ 34,611
28,689
24,685
22,277
17,880
19,811
22,324
26,071
26,660
29,740
29,634
35,797
30,531
31,392
33,102
29,198
31,833
33,034
32,960
34,705
36,349
37,521
36,038
27,496
26,951
25,347

$ 82,490
74,381
71,014
66,057
65,826
63,250
63,374
64,042
66,399
64,598
59,566
70,433
73,236
73,753
68,832
68,018
68,341
73,390
72,180
65,209
62,770
61,300
64,773
58,387
56,496
60,322

00

Table N.—Continued
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN RESERVE CITIES IN TWELFTH
FEDERAL RESERVE DISTRICT BY WEEKS DURING 1921
DEPOSITS
DATE

Number of
Reporting
Banks

192!
July

6
13
20
27
Aug. 3
10
17
24
31
Sept. 7
14
21
28
Oct.
5
11

19
26
Nov. 2
9
16. .
23..
30.

Dec.

7
14..
21
28




67
67
67
67
67
67
66
66
66
66
66
66
65
65
65
65
65
65
65
65
65
65
64
64
64
64

Net demand
on which
Reserve
Computed
533,589
567,824
560,549
558,408
554,128
565,136
572,874
571,657
571,418
574,301
589,511
574,713
562,412
562,772
579,920
595,529
581,842
576,593
588,887
604,900
609,370
609,266
612,186
616,441
615,834
601,878

Time
545,327
539,840
543,791
542,711
543,137
541,650
541,707
542,057
547,955
541,682
540,449
541,347
542,372
565,413
547,273
547,655
547,903
548,999
550,271
548,476
549,820
551,946
562,113
562,303
560,388
564,718

ACCOMMODATION AT FEDERAL RESERVE BANK

Government
4,833
4,009
1,881
1,437
15,431
15,326
11,448
9,235
7,896
6,535
5,836
21,587
21,498
20,668
18,601
5,533
3,004
14,420
14,410
12,626
9,977
7,801
7,094
7,093
14,465
12,342

Total
92,540
80,256
75,084
74,389
77,077
69,077
63,835
61,310
63,143
65,758
58,235
56,909
66,942
67,788
63,776
57,507
54,964
57,570
42,728
37,661
34,856
32,004
28,512
26,328
27,686
34,229

Paper Secured
by U. S. War
Obligations
29,233
22,517
24,716
22,227
23,393
21,748
22,787
22,602
23,429
25,920
20,032
24,357
30,654
31,263
29,244
28,580
23,907
23,560
19,734
16,375
17,970
15,273
12,622
11,488
12,554
13,074

Paper Otherwise Secured
or Unsecured
63,307
57,739
50,368
52,162
53,684
47,329
41,048
38,708
39,714
39,838
38,203
32,552
36,288
36,525
34,532
28,927
31,057
34,010
22,994
21,286
16,886
16,731
15,890
14,840
15,132
21,155
CO
CO

00

Table O.

OPERATIONS OF OFFICES OF FEDERAL RESERVE BANK OF SAN FRANCISCO
Head Office
1921
Number of Member Banks
•Capital and Surplus of Member Banks. ..
•Resources of Member Banks**
Number Discounting Banks
*Total Discounts and Rediscounts—Av.
Monthly...
•Currency Shipped to Banks—Av. Monthly
Transit Items Handled:
•Number—Av. Monthly
Number Officers and Employees Dec. 31

209

207

1921
102

1920

1921
98

Portland
1920

61

1921
62

134

Salt Lake

1920
120

1921
178

Los Angeles

1920
182

1921
173

1920
171

$ 117,470 $ 108,777 $ 13,167 $ 12,724 $ 15,570 $ 16,816 $ 22,185 $ 20,782 $ 22,565 $ 22,896 $ 54,862 $ 49,888
$1,063,106 $1,099,239 $ 118,863 $ 137,681 S 186,987 $ 218,495 $ 208,561 $ 237,032 $ 164,654 $ 199,000 $ 609,333 $ 583,595
36
82
97
123
80
77
40
77
177
168
130
108
9,647 $ 10,330 $ 10,202 $ 18,135 $ 11,983 $ 17,866 $ 40,529 $ 39,977 $ 12,115 $ 15,518
970 $ 1,366 $ 11,668 $ 6,313
825 $ 1,131 $ 4,953 S 3,572 $ 2,208 $ 2,541 $
349
283
286
454
231
198
226
703
768
490
450
1,338
$ 221,938 $ 261,293 $ 32,185 $ 37,624 $ 59,861 $ 77.S85 $ 50,653 $ 58,764 $ 66,599 $ 94,205 $ 202,015 $ 146,704
112
81
211
86
79
81
196
569
530
165
205
84
$ 150,775 $ 145,311 $
$ 21,541 $ 25,346 $

* 000's omitted.
**1921 figures taken from Called reports as of June 30.




Seattle

Spokane

1920

NATIONAL AND STATE BANK MEMBERSHIP BY STATES!

Table P.

NATIONAL BANKS

December 31, 1921

December 31, 1920

Capital and
Surplus

Capital and
Surplus

No.

Arizona
California

No.

December 31, 1921 December 31, 1920
No.

Capital and
Surplus

No.

NON-MEMBER
STATE BANKS

ALL MEMBER BANKS—
NATIONAL AND STATE

STATE MEMBER BANKS

Capital and
Surplus

December 31, 1921
No.

Capital and
Surplus

December 31, 1920

Eligible for
Membership
June 30, 1921

Capital and

Surplus

No.

No.

Capital and
Surplus

13

$ 1,665,000

13

1,712,500

2

629.500

2

629,500

15

2,294,500

15

2,342,000

34

301

101,773,400

307

102,087,788

51

60,876,755

39

51,720,330

352

162,650,155

346

153,808,118

315

64,563

3,177,500

43

3,095,170

119

10,481,600

129

11,024,802

42

2,256

11

2,021,300

11

2,001,300

23

2,092

130

22,097,908

119

19,358,033

69

6,389

$

Idaho

76

7,304,100

86

7,929,632

43

Nevada

11

2,021,300

11

2,001,300

-0-

Oregon

96

17,199,658

92

16,998,883

34

$

-0-

-0-

4,898,250

27

$

-0-

2,359,150

$

$

$

3,481

Utah

28

6,913,400

28

6,943,400

36

5,808,266

36

6,302,306

64

12,721,666

64

13,245,706

50

5,077

Washington

97

22,773,200

94

21,759,200

53

5,556,250

52

7,680,295

150

28,329,450

146

29,439,495

104

7,594

Alaska

-0-

-0-

1

25,000

-0-

-0-

-0-

1

25,000

-0-

-0-

TOTALS

lil>2

632

$159,457,703

219

831

$231,244,454

637

$91,452

$159,650,058

Total number State Bank members, December 31, 1920.
State Banks admitted to membership in 1921

-0$ 80,946,521

-0199

-0-

$ 71.786.751

841

STATE BANK MEMBERS
199
38
237
18

State Bank members liquidating, consolidating, etc
TOTAL NUMBER STATE BANK MEMBERS, DECEMBER 31,

Total number National Banks, December 31, 1920.
Newly organized National Banks in 1921
Conversions of State to National Banks in 1921.. .
National Banks liquidating, consolidating, etc

$240,596,579

1921

NATIONAL BANK MEMBERS

219

632
17
10
659
37

TOTAL NUMBER NATIONAL BANKS, DECEMBER 31, 1921
622
tDoes not include banks which for various reasons—suspension, liquidation or absorption by other banks—were on December 31, 1921, no longer going institutions, although
Stock in Federal Reserve Bank which they held while active members had not yet been surrendered.




oc

36

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Table Q.
NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES
OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO
December 31, 1921
(Including Spokane, Portland, Seattle, Salt Lake City and
Los Angeles Branches)
Officers and Employees
Departments

1920
Chairman and Federal Reserve Agent... .
Governor
Other Officers
Banking Department
Federal Reserve Agent's Department....
Auditing Department
Fiscal Agency Department

Salaries

Number
1921

1
1
29
842
23
53
183

1
1
33
1014
36
57
125

1921

1920
I

24,000
24,000
125,020
1,110,792
59,780
88,380
245,280

I

24,000
24,000
169,360
1,513,180
91,880
103,620
194,100

NOTE—January 1, 1922 staff reduced 39 with annual salaries aggregating $58,440. This is a net
reduction considering those leaving service December 31, 1921, and those entering January 1, 1922.




Table R
COMPARATIVE STATEMENT OF THE BANKING RESOURCES OF THE
TWELFTH FEDERAL RESERVE DISTRICT, 1920-1921
(000 omitted)
National Banks
Dec. 29,
1920

State Member Banks

Dec. 31,
1921

Dec. 29,
1920

Combined

State Non-Member Banks

Dec. 31,
1921

*Dec. 29,
1920

Dec. 31,
1921

*Dec. 29,
1920

Dec. 31,
1921

1,032

975

1,863

1,813

633

RESOURCES
Stocks, bonds and other securities.
Banking house, furniture andfixtures,other
Acceptances and letters of credit
Other resources...
TOTAII RESOURCES
LIABILITIES
Surplus and undivided profits

Rediscounts.
Money and bonds borrowed
Circulation outstanding
Acceptances and letters of credit
Other liabilities
TOTAL LIABILITIES

Or call next preceding this date.




619

198

219

$1 015,289
301,654

$ 863,699
291,574

$ 525,083
184,937

$ 587,766
205,727

$ 743,191
274,116

$ 640,449
254,711

$2,284,163
760,707

$2,091,914
752,012

43,028
312,141
18,848
26,313

44,887
305,342
10,386
11,716

21,959
118,542
2,435
11,632

30,684
136,603
2,507
6,763

36,357
165,107
4,366
22,743

34,667
136,075
4,176
23,975

101,344
595,790
25,649
60,688

110,238
578,020
17,069
42,454

$1,717,273

$1,527,604

$ 865,188

$ 970,050

$1,245,880

$1,094,053

$3,828,341

$3,591,707

$ 104,767
93,630
200,855
773,001
293,855
108,480
56,727
62,183
19,934
3,841

$ 104,560
81,573
193,494
706,039
287,715
39,713
32,462
64,293
11,335
6,420

$

$

$

$

2,306
6,688

2,437
5,501

5,925
14,895

$ 241,958
187,556
241,903
1,437,274
1,368,483
140,183
95,232
62,183
28,165
25,404

$ 245,263
161,991
244,015
1,345,269
1,369,920
53,816
58,428
64,293
18,114
30,598

$1,717,273

$1,527,604

$ 865,188

$ 970,050

$1,245,880

$3,828,341

$3,591,707

50,526
40,530
32,936
237,402
457,275
20,837
16,708

60,705
35,400
48,085
276,801
520,625
10,257
10,239

86,665
53,396
8,112
426,871
617,353
10,893
21,770

79,998
45,018
2,436
362,429
561,580
3,846
15,727
4,342
18,677

$1,094,053

Map Showing Territories of
Head Office and Branches
of the

Federal Reserve Bank of San Francisco

.

•







TWELFTH
FEDERAL RESERVE
DISTRICT