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FEDERAL RESERVE BANK OF CHICAGO DISTRICT No. 7 Chicago, December 18th, 1914. TO THE MEMBER BANKS OF DISTRICT NUMBER SEVEN: It has been the intention of our officers to inform member banks with respect to all matters of mutual interest, and this has been undertaken through the medium of previous bulletins now in your possession. Weekly statements of the bank's condition have been prepared for the Federal Reserve Board at Washington, and the figures given to the Associated Press for publication. They have appeared in the Chicago papers and presumably in your local papers each Saturday. This procedure, it is believed, places the information before you promptly; publication in the newspapers serving in lieu of formal advice. I am pleased to submit herewith for your information figures showing the bank's condition at close of business December 17th, also other information relating to the activities of the bank: DAILY STATEMENT, THURSDAY, DECEMBER 17th, 1914. RESOURCES Loans and Discounts ... ......... .................. . $3 ,059,960.70 Furniture and Fixtures ................. ..... . .. . . 15,000.00 National Bank Notes .. . ........ . ......... .. ... ... . . 645,000.00 Gold Coin and Gold Certificates $37 ,194,860,00 Other Lawful Money ... ......... . . 1,829,313.94 5% Redemption Fund .. ......... . .. 100.000,00 Total Cash Reserve ............. . 39,124,173.94 Expense .......... .. . . .. .... .... . . . 54,471.73 $42 ,898,606.37 LIABILITIES Capital ......... ... .... .... .............. .......... . $2,196,455.13 Discount Received ................................ . 29,188.43 Due to Federal Reserve Banks (Net) . . .......... . 738,450.97 Due to Member Banks ........... . .................. . 38,284,601.84 Federal Reserve Notes Outstanding 1,649,910.00 $42,898,606.37 The foregoing figures speak for themselves, and will require no explanation excepting perhaps the expense item. This, our member banks should bear in mind, includes a pro rata proportion of the expense incurred by the Federal Reserve Board at Washington. Bulletin No. 21--Continued on Page 2. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T(J FEDERAL RESERVE BANK OF CHICAGO DISTRICT NO. 7 ING 'l Bulletin No. 21,--Page 2 Believing you may be interested in definite data regarding our activities in the matter of re-discounting, you are informed that up to the present time applications for the privilege of re-discounting have been received from sixty-eight member banks of which thirty-two were from Iowa, sixteen from Illinois, twelve from Indiana, four from Michigan and four from Wisconsin. Generally speaking, the desired accommodation has been promptly granted. Where favorable action has been deferred or the offerings declined, the decision has usually been influenced by one of the following reasons: First, Failure to properly endorse notes or to furnish necessary information regarding the bills submitted, Second, Excessive. borrowing on the part of the applying bank through bills payable or re-discounting in other directions. Third. Evidence in the applying bank's statement of an undue proportion of slow and unsatisfactory assets, with indication of an extended condition which clearly suggests the necessity of liquidating rather than further expansion. The following table indicates the apparent liquidity of our discounts at the present time: Loans Loans Loans Loans maturing maturing maturing maturing within 30 days . ... .. . .. ........ $1 ,570,512.34 945,229.91 within 60 days . . ..... ..... .. ... 424,931.33 within 90 days ..... . ........ .. . 119,287.12 after 90 days ... ........... . . .. $3,059,960.70 Since opening for business, we have had much satisfaction in making the personal acquaintance of many of the officers of our member banks, who have come to Chicago for the express purpose of receiving information regarding various topics. As indicated in former communications, it is our desire to co-operate with member banks to the fullest possible extent, and with this object in view , you are earnestly urged to confer with us, either by mail or in person, about re-discounts or upon any subjects regarding which it may be possible for us to enlighten you. Very respectfully, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAMES B . McDOUGAL Governor.
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