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FEDERAL RESERVE BRANCH BANKS OUTLINE COVERING POWERS AND FUNCTIONS; ALSd CHARACTER AND VOLUME OF BUSINESS HANDLED FEDERAL. R £ S E R V £ SOARD y^ASHWGTON. O. C . OUTLINE OF FEDERAL RESERVE BRANCH BANKS COVERINGPOWERS JAND JUNCTIONS; ALSO CHARACTER AND VOLUME OF BUSINESS HANDLED. * * * * * * * ***** * * * * Federal Reserve Branch Buffalo Cincinnati Pittsburgh Baltimore Birmingham Jacksonville — Nashville New Orleans , Savannah Agency Detroit L i t t l e Rock Louisville Memphis Denver Oklahoma City Qnaha E l Paso Houston — Los Angeles — Portland Salt Lake City Seattle Spokane - - Pages ^ - - . - . L — * * * * * * * FEDERAL RESERVE BOARD DIVISION OF REPORTS AND STATISTICS OCTOBER, 1920« 1-5 6-9 10-13 lU-17 IS-21 22-25 26-29 30-33 3^ 35-38 39-42 U3-U6 47-50 5I-5U 55-58 59-62 63-66 67-70 71-7*+ 75-78 79-82 83-86 BUFFALO BRANCH of the FEDERAL RESERVE BANK OF 11SS1 YORK. Opened for business May 15, 19194 DIRECTORS: Harry T, Ramsdell, President, Manufacturers & Traders National Bank, Buffalo, N.Y* E l l i o t t C- McDougal,. President, Bank of Buffalo Home Address Buffalo, N.Y. Buffalo, N.Y. Ray M. (Sidney, Manager, Buffalo Branch Buffalo, N.Y. , C l i f f o r d Hubbell, President, F i d e l i t y Trust Company, Buffalo, N.Y- Buffalo, N*Y* Frank L* BartExchange let t, President, National Bank, Olean, N. Y# Olean, Meetings the t h i r d Thursday of each month* N.Y. EXECUTIVE COMMITTEE: Beginning July 1, 1920;will pass on a l l applications for loans of member banks i n the c i t y of Buffalo • .Meetings d a i l y except Saturday* PERSONNEL: Three o f f i c e r s and 111 employes (July l t TERRITORY ASSIGNED: The ten most westerly counties of New York State as follows: Monroe Alleghany Livingston ; Genesee Cattaraugus Chautauqua Orleans Fycming Niagara Erie MEMBER BANKS I N BRANCH TERRITORY: NUMBER- CAPITAL National Non-National National At opening o f branch- -57 9 $16,151,300 MaylJ, 1 9 2 0 - 6 0 20 18,555,000 AND SURPLUS Non-National $7,657,500 31,573,000 1920) TOTAL RESOURCES National. Non-National $181,516,000 $91,U71,OCO 192,406,000 29^,^61,000 PAR LIST: Number o f non-member banks on par l i s t At opening of branch June 30, 1920 83 92 Total mmber o f non-member banks i n branch t e r r i t o r y June 30, 1920, not on par l i s t None POWERS AMD JUNCTIONS EXERCISED BY BRANCH: Buffalo 2. SsiiOJGdjkfi. - Member "banks. Carries accounts of member banks i n City of Buffalo. Aaotuats received on deposit from oth^S^o£fi!te& are t r a n s m i t t e d d a i l y by telegraph or otherwise to the Federal Reserve Bank of New York for c r e d i t to the accounts of the depositing btenks. - Government- Carries no Government deposits. Redeems c e r t i f i c a t e s , pays Government checks, e t c * , but closes out balance through head o f f i c e d a i l y . Discount and open market onerationq - Beginning July 1 w i l l carry en i t s own books paper rediscounted for member banks i n the City of Buffalo* I n the case o f member banks outside the City of Buffalo, applications f o r loans and discounts are transmitted,as formerly/ to fha Federal Reserve Bank of New York for f i n a l action* Immediate c r e d i t , however, i s given i n cases where i t becomes necessary for member banks to r ediscount i n order to meet unexpected c l e a r ing house debit balances and i n other cases where quick arrangements become necessary.. I n cases where notes are c o l l a t e r a l e d by United States securities, the branch w i l l , i f requested, hold c o l l a t e r a l arid forward notes to the parent bank w i t h t r u s t receipt showing amount and nature of c o l l a t e r a l held* Member banks i n branch t e r r i t o r y may deal d i r e c t l y w i t h the parent bank. Clearing and Collection Department - Clearing and c o l l e c t i o n of checks and the supplying o f banks i n i t s t e r r i t o r y w i t h an adequate supply of currency are the p r i n c i p a l functions exercised by the branch. Bandies about 26,000 items d a i l y * Clearing House - Has l i m i t e d membership i n the Buffalo Clearing House Association w i t h the p r i v i l e g e of clearing checks and drafts and other items which are clearable through the Buffalo Clearing House, but has no voting ptiwer. Acts as Clearing Agent for the Clearing House Association i n the s e t t l i n g of d a i l y balances for a l l members* Direct Routings - Items on a l l points i n d i s t r i c t outside New York City are collected d i r e c t by Branch. Currency Receipts and Shipments - During the 6 months ending June 30, 1920, currency receipt® averaged about $11,000,000 and currency shipments about $13,000,000 monthly. Telegraphic transfers - Makes telegraphic transfers f o r account of member banks and Federal Reserve Banks. 680 transfers aggregating $45,608,313 were made during the month of June. F i s c a l Agency - Pays Government checks, l i b e r t y Loan coupons, U. S. c e r t i f i c a t e s of indebtedness and other Government obligations* Makes exchange of. denominations of Victory notes, also exchange of L i b e r t y Loan fcende fr.an temporary bonds to permanent bonds. Sells T h r i f t securities and War Savings Stamps* f Buffalo - 3 Private Wire System - Branch telegraphs d a i l y over private wire to the parent hank amounts of items received for immediate credit or immediate debit to members outside of the c i t y of Buffalo and to other Federal Reserve Banks; also amounts of currency deposits, etc* BANK PREMISES: * Occupies quarters and has vault space i n the Chamber of Commerce Building with additional vault space at the Manufacturers and Traders National Bank of Buffalo• Rent $1,^00 per month. Buffalo - U ELARNIN&S AMD EXPENSES Monthly average for periods Jan. 1 to March 31 and A p r i l 1 to June 30, 1920. .Earnings Prior to July 1 a l l ©amine: assets were carried on hooks' of Head Office. Since July i , paper discounted for hanks i n City of Buffalo i s carried on Branch bocks •• Jan.l-March 3 1 A p r i l 1-June 30 Current expenses: Salaries 1 Other operating expenses F . E. currency Furniture and f i x t u r e s m f t t f t l (Transit A01?aA (Other Ratio of transit department expenses to current expenses exclusive of cost of F. R. currency $12, l6U 5,5^2 715 lr156 6,075 13,502 $12, 8,08*+ ^29 '2T0Q^ 6,761 $19,577 -16,719 $23,^80 32.2$ 29.3$ CHARACTER AND VOLUME OF BUSINESS HANDLED: DEPOSITS: Branch carries deposit.;accounts of member banks in- the City of Buffalo, only. Deposit balances at c.lose of June 30, 1920, were as follows:Reserve accounts, $18,710,000; other accounts, $6,810,000. Average cash balances based on Friday night figures for periods Jan. 1 to March 31, $20,636,000, and A p r i l 1 to June 30, $20,498*000/ VOLUME OF PARES DISCOUNTED AND BOUGHT: Prior to July 1, 1920,- Branch carried no earning assets, applications for discounts being forwarded to Head Office for f i n a l action- Since July 1 paper discounted for banks- in. the City of Buffalo is carried on bocks of Eranch* Buffalo - 5 CIEARIN& MD COLLECTION DEPARTMENT: Average number and amount of items handled d a i l y during periods December l 6 , I 9 I 9 to March 15, 1920 and March l6 to June 15, 1920* Dec .l6-March 15 March l6-June 15 .Amount .Amount Number Number Items drawn on banks in branch c i t y - 5,835 1,248 Items forwarded to Head Office Items drawn on banks i n this d i s t r i c t outside of I^R.bank and branch cities 11,523 Items forwarded to other P. R» banks or branches 5,233 Items drawn on Treasurer of U. S. - 317 TOTAL 2U, 157 $3,728, U50 835,52* 5,899 1,316 088,7U7 1,793,617 12,727 2,217,^ 1,2^1,812 5.6U2 1,U09,296 990,63U 506 75. "588 7,659,582 26,090 8,781,729 60.179 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and April 1 to June 30, 1920. January 1-March 31 April 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) Ourr ency r e ce ived • Ercm member "banks Eran non-member bgnks 2,885 2*50 921 50 9,806 100 10,697 - 1,329 12,026 9,135 971 10,106 10,697 1,382 12,079 Currency shipped or delivered; To member banks To non-member banks Total 7,351 3,380 710 570 8,061 3,950 10,731 1T280 12,011 9,729 9,729 Excess receipts Excess shipments 1,07^ 2,979 1,905 968 - Total 3,556 13,285 *K>1 Hoi 3,957 13,686 2,575 1,607 CINCINNATI BRANCH of the Cincinnati - 6 - FEDERAL RESERVE BANK OF CLEVELAND Opened for business January 10,1918. DIRECTORS: G.D.~ Crabbs President, P h i l i p Carey Co., Lockland, Ohio* Judson Harmon Attorney, St.Paul Building, Cincinnati,0* Home Address Ridgeway & Dakota Ave., Cincinnati,0. 2957 Annwood Avenue Cincinnati,0. Chas. A. Hinsch President, F i f t h - T h i r d National Bank, Cincinnati,Oi W.S. Howe, President, F i r s t National Bank, Cincinnati',0* L . t . Manning, Manager, Cincinnati Branch 600 E . M i t c h e l l Ave., Cincinnati,0. 2359 Madison Road, Cincinnati,0* 266 Senator Place, Cincinnati,0. Meetings: Regular meetings are h e l d on the Tuesday preceding the f i r s t Friday of each month. Special meetings may be held upon the c a l l of the Manager, or at the direction of the Federal Reserve Bank of Cleveland. EXECUTIVE COI^UTTEE: None. Executive business conducted by f u l l board of directors* PERSONNEL: Three o f f i c e r s and 111 engployees (June 30, 192)) TERRITORY ASSIGNED: That p a r t of Kentucky i n Federal Reserve D i s t r i c t No. 4 and the following 25 counties i n the southern part of Ohio: Adams Athens Brown Butler Clarke Clermont Clinton Darke Fayette Gallia Green Hamilton Highlands Jackson Lawrence Meigs Ross Miami Scioto Montgomery Vinton Pike Warren Preble Washington MEMBER BANKS IN'BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of Branch 194 3 $46,845,000 $572,000 $307,099,000 $2,658,000 May 4, 1920 200 15 52,700,000 10,280,000 387,836,000 93,512,000 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30,1920 Total number of non-member banks i n Branch t e r r i t o r y June 3Q,1920, not on par l i s t 107 322 None POWERS AfrD FUNCTIONS EXERCISED BY BRANCH: Deposits - Members ~ Carries no deposit accounts. A l l amounts received on deposit are transmitted d a i l y by telegraph or otherwise to the Federal Reserve Bank of Cleveland for c r e d i t to the accounts of depositing banks. - Government. Receives deposits f o r U.S* Treasurer r s c r e d i t ; redeems c e r t i f i c a t e s and coupons, pays Government checks, e t c . , but closes out balance through Head O f f i c e daily* Cincinnati-7 ~ Discount and open market operations - Carries no earning assets- Member "banks' c o l l a t e r a l notes, applications for loans and discounts, bankers1 acceptances and b i l l s of exchange e l i g i b l e for purchase by Federal Reserve banks, are transmitted to Federal Reserve Bank of Cleveland for f i n a l action a f t e r examination a t Branch for technical defectsCredit upon date of receipt of acceptable paper i s arranged by telegraph w i t h Head Office i n a l l cases where member banks desire such crddit i n order to meet unexpected debits i n t h e i r reserve accounts and for other purposes • I n cases where notes are collateraled by U. S. securities, the Branch holds c o l l a t e r a l and forwards notes to Head Office with trust receipt showing amount and nature of c o l l a t e r a l held* Member banks i n branch t e r r i t o r y may deal d i r e c t l y w i t h the parent bank* Clearing and Collection Department - Operates a c i t y and foreign collection department for the handling of bonds, coupons, notes, trade acceptances, time, a r r i v a l , and b i l l of lading drafts, c e r t i f i c a t e s of deposit, checks and insurance and railroad vouchers- A l l banks within the brahch t e r r i t o r y are on par l i s t and a l l except two route a l l items direct to branch. Handles about 3^,000 items d a i l y Clearing House T Has limited membership in Cincinnati Clearing House Association and pays annual dues of $200, payable semi-annually, but has no vote i n the a f f a i r s of the Clearing House. Settlement of clearing balances o f member banks i s made by the branch upon c e r t i f i c a t i o n of the Clearing House Manager. Currency Receipts and Shipments - During the 6 months ending June 30 currency receipts were about one h a l f and currency shipments about one t h i r d those of the parent bank* Telegraphic Transfers - Makes wire^ transfers for member banks i n branch t e r r i t o r y . Fiscal Agency - Makes conversion, exchange and interchange of a l l issues of Liberty Loan Bonds and Victory Liberty Loan Notes. Private Wire System - Telegraphs d a i l y to parent bank amounts of a l l items r e ceived for immediate credit or immediate debit to members or other Federal Reserve banks, also amounts of a l l deposits, enabling Head..Office to include i n i t s account a l l Branch figures each day. Monthly rental of branch l i n e between Cleveland and Cincinnati $U66; salaries paid operators $195BANK PREMISES: Occupies quarters and has vault space i n the Union Savings Bank and Trust Company Building* Monthly r e n t a l $7^8. The Fiscal Agency, Exchange and Conversion department occupies quarters i n the basement (with vault space i n the safety v a u l t ) of the First.National Bank a t a monthly r e n t a l of $375 • Salt Lake C i t y -8- EARNINGS AND EXPENSES Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30,1920. January 1 - March 31 Earnings • » • . • i « » « * • Current Expenses: Salaries Other operating expenses - - - - - F- R. currency Furniture and fixtures — - - — -Total + . (transit (other A p r i l 1 - June 30 A l l earning assets carried on books of head o f f i c e * $10,637 Uo 809 7,793 $A 9 g gfl35 15> 2 Ratio of transit department expenses to current expenses exclusive of cost of P. R« currency $10, 6,059 119 774 8,178 $17,516 . 9,338 U7*($ CHARACTER AND VOLUME OF BUSINESS HANDLED DEPOSITS: Branch carries no deposit accounts* Average cash balances based on Friday night figures: January 1 to March 31, $2,^16,000 A p r i l 1 to June 30, 2,0Ug,000 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Branch carries no earning assets. Applications f o r discounts are forwarded to head o f f i c e for f i n a l action. Volume of -paner transmitted to Main Office• Jan. 1 to Mar* 31.1920* Apr. 1 to June 30 f lQ20# Monthly Average Monthly Average ' Number Amount Number ' AmouAt Member bank notes secured by Government c o l l a t e r a l . . . . . 63 $10,17^,333 73 $8,798,167 Paper rediscounted secured by Government e o l l a t e r a l U3 1,027,505 111 2,739,509 209 5,77^,191 318 8,37^,228. Commercial paper and acceptances rediscounted Mount o f c o l l a t e r a l held to secure loans • . 5,029,000 ' 5,379,000 Cincinnati - 9 ~ CLEARING AND COLLECTION DEPARTMENT: Average number and amount o f items handled d a i l y during periods December 16, 1919 to March 15, 1920 and March 16 to June 15, 1920* Dec. l6-March 15 March l6-June 15 Number Amount Number Amount 5,500 $6,138,942 5,488 $6,044,000 335 123,118 372 148,600 Items drawn on banks in branch c i t y Items forwarded to head o f f i c e . Items forwarded to other branch-' i n this district Items drawn on banks i n t h i s d i s t r i c t , outside of F.R- Bank and branch c i t i e s - Items drawn on banks i n othor F - R . d i s t r i c t s Forwarded d i r e c t to drawee bank Forwarded to other F.R. banks or branches Items drawn on Treasurer of U. S. 20 24,924 76,429 24 89,281 3,818,517 27,571 3,673,343 212 261 1,213 TOTAL 73,211 297,737 133,500 237 298 1.736 70,089 433,380 168,512 32,465 10,658,454 3 5,726 10,627,205 CORRENCI RECEIPTS AND SHIHdENTS:Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 31 A p r i l 1-June 30 In Outside In Outside Branch Branch T o t a l Branch Branch T o t a l City City City City ( i n thousands of d o l l a r s ) Currency rocoived From member banks From non-member banks Total Currency shipped or delivered To member "banks To nov-member banks Total Excess receipts Excess shipments 4,818 §5 2,044 l60 6,862 185 5,7l4 26 2,225 10 7,939 H6 MU3 2,20U 7,0^7 5,750 2,235 7,985 3,215 25 2,823 U2 6,038 67 2,933 « 3,615 5 6,548 zl 3,2^ 2,865 6,105 2,969 3,620 6,589 9^2 2,781 1,603 - 66l - - 1,385 1,396 ?ri!TSBURGH BRANCH of the FEDERAL RESERVE BANK OF CLEVELAND Opened for "business - - April 22, 1918. DIRECTORS: J„D« Gallery Chairman of Board, Da que sne Li^ht Co. Pittsburgh,Pa. Chas. W. Brown President, Pittsburgh Plate Glass Co.,Pittsburgh,Pa. R.B« Mellon Vice President,Mellon National Bark Pittsburgh,Pa. Harrison Nesbit, President, Bank of Pittsburgh, N.A^ittsburgh,Pa. George DeCamp Manager, Pittsburgh .Branch -10- Home Address 4875 Ellsworth Ave., Pittsburgh,Pa. Sewickley, Pa* 6500 F i f t h Ave. f Pittsburgh,Pa. 4716 Wallingford St. Pittsburgh,Pa. 88 King Edward 3$ts, Pittsburgh,Pa. Meetings: Regular meetings are held on the Tuesday preceding the f i r s t Friday of each month. Special meetings are subject to the c a l l of the Manager, at the direction of the Federal Reserve Bank of Cleveland or upon the written request of two directors. EXECUTIVE COMMITTEE: None. Executive business conducted by a majority of the directors. Three officers and 153 employees (June 30, 1920)1 Those portions of Pennsylvania and West Virginia included i n D i s t r i c t No* 4 . MEMBER BANKS IN BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of branch 310 7 $93,480,000 $46,900,000 $799,160,000 $191,043,000 PERSONNEL: TERRITORY ASSIGNED: May 4,1920 312 22 101,435,000 56,024,000 PAR LIST: Number of non-member banks on par l i s t At opening of branch - - - - June 30,1920 Total number of non-member banks i n branch t e r r i t o r y June 30,1920, not on par l i s t 929,258,000 265,952,000 160 226 None POWERS AND FUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks. Carries no deposit accounts. A l l amounts received on deposit are transmitted daily by telegraph or otherwise to the Federal Reserve Bank of Cleveland for credit to the accounts of the depositing banks. Government. Receives deposits for U.S. Treasurer's credit, redeems c e r t i f i c a t e s , pays .Government checks, e t c . , but closes out balance through Head Office daily* Pittsburgh - 88 Discount and open market operations - Carries no earning assets- Member banks1 c o l l a t e r a l notes, applications for loans and discounts^ bankers' acceptances and b i l l s of exchange e l i g i b l e for purchase by Federal Reserve banks, are transmitted to Federal Reserve Bank of Cleveland for f i n a l action a f t e r examination at Branch for technical defects. Credit upon the date of receipt of acceptable paper i s arranged by telegraph with the Head Office in a l l cases where member banks desire such credit i n order to meet unexpected debits i n their reserve accounts, and for other purposes• I n cases where notes are collateraled by U. S. securities, Branch holds c o l l a t e r a l and f o r wards notes to parent bank w i t h trust receipt showing amopnt and nature of c o l l a t e r a l held. Member banks i n Branch t e r r i t o r y may deal d i r e c t l y with the parent bank. Clearing and Collection Department - Operates a c i t y and foreign collection department for the handling of bonds, coupons, notes, trade acceptances, time, a r r i v a l and b i l l of lading d r a f t s , insurance and railroad vouchers, c e r t i f i c a t e s of deposit, checks and bank d r a f t s . A l l banks i n Branch t e r r i t o r y are on par l i s t and remit direct to Branch. Handles about U7,000 items d a i l y . Clearing House - Has a complementary and limited membership i n the Pittsburgh Clearing House Association w i t h the privilege of clearing checks and drafts and other items which are clearable through the Pittsburgh Clearing House, but has no voice i n the managements Currency Receipts and Shiraents - During the 6 months ending June 30, currency receipts and shipments were over 170 per cent of those of the Head O f f i c e . Telegraphic Transfers - Makes wire transfers for member banks i n Branch t e r r i t o r y . Fiscal Agency - Makes conversion, exchanges and interchanges of a l l issues of Liberty loan Bonds and Victory Liberty Loan notesPrivate Wire System - Telegraphs daily to parent bank amounts of a l l items r e ceived for immediate credit or immediate debit to members or other Federal Reserve banks; also amounts of a l l deposits, enabling Head Office to include i n i t s accounts a l l Branch figures each day. Monthly r e n t a l for Branch l i n e between Cleveland and Pittsburgh, $320. Salaries paid operators, $310. BANE PREMISES: On March 1, 1920, purchased Second National Bank Building, i n which had formerly rented quarters and vault space. Pittsburgh - 12 EARNINGS AND EXPENSES Monthly average f o r periods January 1 to March 31 and A p r i l 1 to June 30* 1920. Jan.l—Mar .31 Earnings - - A p r i l 1—June 30 A l l earning assets carried on books of Head Office* Salaries Other operating expenses F . R. currency Furniture and f i x t u r e s (Transit i o t a l (Other $lU,590 5,572 277 812 10,^2 10,759 $21,151 - - Ratio of t r a n s i t department expenses to current expenses exclusive of cost of F*R.currency $15,601 6,881 265 2.820 11,9^1 13,626 $25,567 50*0$ ^7*2$ CHARACTER AND VOLOME OF BUSINESS HANDLED DEPOSITS: Branch carries no deposit accounts. Average cash balances based on Friday night figures for periods .January 1 to March 31 $11,095,000 A p r i l 1 to June 30 12,3^3,000 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Branch carries no earning assets. Applications for discounts are forwarded to Head Office for f i n n l action. Vol-qne of paper transmitted to Main Office* Jan. 1 to Mar. 31.1920. Monthly Average Number Amount Anr. 1 to June 30.1920* Monthly Average Number Amount Member bank not3S secured by Government c o l l a t e r a l 20k Paper-rediscounted secured by Government c o l l a t e r a l 28 U, 123,673 10 2,^50,1*51 1U2 7,5^9,693 115 5,031,63*1* Commercial paper and acceptances rediscounted Amount of c o l l a t e r a l held to secure loans . . . $100,789,016. 39,952,695-' 177 . $88,1&8,833.. 33,^70,6V). Pittsburgh - 13 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled daily during periods December l 6 , 1919 to March 15, 1920 and March l6% to.June 15,1920^ Dec. 16 - March 15 March l6-June 15 Number Amount Number Amount 11,**98 $11,717,029 12,389 $12,026,589 817 188, U22 903 263,806 Items dram en banks in branch c i t y Items forwarded to head office Items forwarded to other branch in this district 223 Items drawn on banks in this d i s t r i c t outside of P. H. bank and branch c i t i e s 27,936 Items forwarded to other F. R. banks and branches 2,272 Items drawn on Treasurer of U. S. lr023 TOTAL ^3,769 102,7^1 2^9 73,513 3,898,^07 2 9 , ^ 9 %263,WO 1,818,930 308. l6U 1,822,117. 278,308 2,U6U 1,588 18,033,69^ ^7,0U2 18,727,^85 CURRENCY RECEIPTS AND SHIHflENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 3 1 A p r i l 1-June 3'0 3h Outside In Outside Branch Branch Total Branch Branch. Total City City City City ( i n thousands of dollars) Currency received Fran member banks From non-member banks Total Currency shipped or delivered To member banks To non-member banks Total Excess shipments , l6,U72 18 3,^92 78 19,96U 96 20,029 15 U,901 108 2^,930 123 16,1*90 3,570 20,060 20,oW* 5,009 25,053 17,72H 18 7,^5 11 25,169 29 20,171 23 8,666 28,837 24 17,7^2 7,^56 25,198 20,19** 8,667 28,861 1,252 3,886 5,138 150 3,658 3,808 ik BALTIMORE BRANCH of the FEDERAL RESERVE BANK 0? RICHMOND Ojpened for business March 1, 1918, Home Address Baltimore, Md. DIRECTORS: Morton M« Prentis, Manager, Baltimore Branch Charles C. Hcmer, J r . , President, Second National Bank and Savings Bank of Baltimore. Baltimore, Md* X!± lliam Ingle, President, Baltimore Trust Company Baltimore, Md. T7aldo Newcomer, President, National Exchange Bank Baltimore, Md. H. B. Wilcox, Vice President, Merchants-Mechanics F i r s t N a t f l . Bank Baltimore, Md* Regular meetings are held on the second and fourth Tuesdays of each month* EXECUTIVE COMMITTEE: Manager, Cashier and one D i r e c t o r . Meets d a i l y to examine offerings for discount submitted by member banks. PERSONNEL: Three o f f i c e r s and 139 employes (June 30, 1920) TERRITORY ASSIGNED: At opening of Branch, the State of Maryland• Since Sept. 1, 1919, the State of Maryland and the following counties i n West V i r g i n i a : Barbour Berkeley Braxton Calhoun Doddridge Gilmer Grant Hampshire Hardy Harrison Jackson Jefferson Lewis Marion Mineral Monongalia Morgan Nicholas Pendleton Pleasants Preston Randolph Ritchie Roane Taylor Tucker Upshur Webster Wirt Wood MEMBER BANKS IN BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of Branch 95 3 $28,557,000 $U,600,000 $221,522,000 $29,936,000 May U,1920 150 9 38,592,950 5,376,500 362,704,000 UU,llU,000 PAR LIST: Number of non-member banks on par l i s t At opening <of Branch June 30, 1320 58 268 Total number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t None Baltimore - 15POWERS -AND JUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks* Carries reserve accounts of banks assigned to d e a l w i t h Branch. - Government. Keeps Government account apd receives and disburses Government funds* Since Jan. 15, 1920, has been redeeming Government coupons and warrants, charging amount of same to account of Treasurer of U* S- and forwarding cancelled coupons and warrants to Washington. Receipts and disbursements of Government funds for 6 months ending June 30, 1920, aggregated $69,691,000 and $96,780,000, respectively* Excess disbursements were made from funds transferred from Richaond o f f i c e • Discount and open market operations - Receives from and holds for banks and t r u s t companies authorized to deal d i r e c t l y w i t h i t , offerings of b i l l s , notes, and other instruments of credit e l i g i b l e for discount or purchase by a Federal Reserve bank and transmits records of sane to parent bank w i t h appropriate reccmmendation. Immediate credit f o r the face value of such paper i s given on the books of the Branch, subject to f i n a l approval by the Executive Committee of the Richmond Bank- Holds securities pledged by member banks' as c o l l a t e r a l f o r loans, war loan deposits, or as marginal c o l l a t e r a l . Clearing and Collection Department - Operates department for clearing and c o l l e c t i n g checks payable upon presentation, also for the coll e c t i o n of maturing notes and b i l l s . Handles about 40,000 items d a i l y - Baltimore banks and a few country banks route d i r e c t about 4,000 items d a i l y f o r c r e d i t a t Branch Gold Settlement Fund - Branch telegraphs F. R« Board d a i l y for s e t t l e ment through Gold Fund amounts collected for the account of each other F . R. Bank. Maintains deferred c o l l e c t i o n accounts with each other F - R. Bank and d i r e c t s e t t l i n g Branch. Clearing House - A l l members of Baltimore Clearing House are members of F - R. systea, and clearing house balances are paid by debit or c r e d i t entries to reserve accounts on the books of the Branch. Currency Receipts and Shipments - Carries an adequate supply of Federal Reserve notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y , the amount on hand w i t h the Assistant Federal Reserve Agent on June 30, 1920, being $5,310,000- During the 6 months ending June 30, currency receipts were s l i g h t l y less and currency shipments about 150 per cent of those of the Head O f f i c e . Telegraphic Transfers Makes telegraphic transfers to and from other d i s t r i c t s f o r the account <5f member banks. Trans fete by Branch for member banks' from Jan. 1 to June 30, 1920, aggregated $278,321,000 r e presenting 5,224 t r a n s f e r s . » Private Wire System - On main l i n e from Washington to Boston, New York and Philadelphia; also on p r i v a t e l i n e between Baltimore and Richaond. Branch i s assessed i t s prorata share of expenses. Salaries paid operators, $275* Menber banks use Baltimore p r i v a t e wire to Richmond i n connection w i t h F i s c a l Agency operations. BANK PREMISES: Purchased building formerly occupied by the National Mechanics Bank at cost o f $200,000 Baltimore - 16 EARNINGS AMD EXPENSES Monthly average for periods January 1 to March 31 and A p r i l 1 to June 30, 1320. Earnings - - A l l earning assets carried on hooks of Head Office. Jan.l-March 31 A p r i l 1-June 30 .Current Expenses: Salaries Other operating expenses - F. R. Currency Furniture and fixtures Total ( ^ a n s i t ° (Other $12,838 3^7 UT183 7,269 „ 15,5^7 $22,816 - - Ratio of transit department expenses to current expenses exclusive of cost of F.R. currency 32-*$ $18,904 5*976 3^8 2.7Uq 8,163 19,814 $27,977 29^5$ .CHARACTER AND' VOLUME OF BUSINESS HANDLED' DEPOSITS: Average d a i l y deposits based on Friday night figures, for periods Jan. 1 to March 31 and A p r i l 1 to June 30, 1920. Jan. l-Mar.31 Member'banks1 reserve account U- S- Government - General Account Deferred a v a i l a b i l i t y items Other deposits Deductions from gross deposits: .Uncollected Items - - - -- Anr. 1-June 30 $18, Hi1*, 000 1,821,000. (bill'Ss'OOO) $18,200,000 1,797,000 1^,378,000 23^000 12.000 $lU,380,0.00 $16,557,000 (a) Includes - (b) Excludes - Gold Settlement Fund - Suspense credits carried prior to March 1, 1920, since which date;' settlement has been made through the Gold Fund on day items are collected • Member Banks1 balances: State bank and trust company members, Mar.5, Reserve Balance with Branch $2,246,500 Payment - a/c c a p i t a l stock with head o f f i c e $ 157,300 1920 A l l member tanks, March 31, 1920 17,558,200 1,331,800 Baltimore - 17 VOLUME OF PAPER DISCOUNTED AMD BOUGHT; Monthly average for periods January 1 to March 31 and April 1 to June 30, 1920Jan.l-Mar.3i April-June 30 Discounts for member "banks National hanks State hanks and trust companies $88,244,2199*801,57^ $69,924,950 4,059,033 Acceptances bought i n open market 932, 000 1:620,175 98,977,793 *5,6o4,156 48,556,9*9 4l f S36 f 236 Total discounted and purchased b i l l s - Average daily b i l l holdings Amount of a l l paper discounted and bought is transferred daily to the books of the Head Office. CLEARING AND COLLECTION DEPARTMENT: Average numW and amount of items handled .daily during periods December 1& 1919, to March 15, 1920, and March 16 to June 15, 1920: Items dram on banks in Branch c i t y - Items forwarded to Head Office Items drawn on banks i n this D i s t r i c t , outside F.R. Bank and Branch c i t i e s Items forwarded to other E. R* Banks or Branches - - Items drawn on Treasurer U* S. TOTAL Dec .l6-March 15 Number Amount 7,124 $6,314,217 344 444,823 March l6-June 15 Number Amount 7,548 $7,024,774 389 392,717 20,764 2,501,497 25,562 6,017 l f l4«5 4,453,528 284.641 6,290 4,802,929 P. 181 4g6,S7Q 35,394 13,958,706 41,970 15,854,459 3,207,460 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31 and April 1 to June 30, 1920: January 1-March 31 A p r i l 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) Currency received Erom member banks From non-member banks Currency shipped or delivered: To manber banks — To non-member banks - — - - Total Excess shipments 7,150 i?6 7,217 6,659 617 7,276 7,217 6,55^ 776 7,330 10,816 - — - 661 253L 7,878 257 918 8,135 S09 11,625 5 6,554 6,55** Excess receipts U91 M 6,659 779 7,333 10,816 10^ 105 _ 8iU 11,630 162 57 3,599 - 3,^95 BIRMINGHAM BRANCH -1&- of the FEDERAL RESERVE BANK OP ATLANTA Opened for "business Aug. ,1, 1918. Home Address Birmingham, Ala. DIRECTORS: W. H. Kettig, Sou* Rep. Crane Company Oscar tfells, President, F i r s t National Bank, Birmingham Birmingham, Ala. T. 0 . Smith, Vice President, Birmingham Trust and Savings Co. Birmingham, Ala. W. W. Crawford, President, American Trust and Savings Bank, Birmingham Birmingham, Ala. John H. Erye, President, Traders National Bank, Birmingham Birmingham, Ala. Meetings - Tuesday preceding f i r s t Friday i n each month. DISCOUNT COMMITTEE: None. Offerings forwarded to Head Office for approval. PERSONNEL: Manager, A. E- Walker, two other officers and 19 employes (June 30, 1920) TERRITORY ASSIGNED: That part of the State of Alabama north of the A. & W. P. Railroad and Western Railway of Alabama between Atlanta and Montgomery and west of the L. & N* Railroad between Montgomery and Mobile, except Mobile and Baldwin counties. MEMBER BANKS IN BRANCH TERRITCRY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National ,At opening $67,911,000 $21,708,000 of Branch 46 4 $8,991,650 $2,098,000 89,924,000 20,200,000 May 4, 1920 53 8 10,220,000 2,267,000 PAB LIST: Number of non-member banks on par l i s t At opening o f Branch June 30, 1920 Total number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t — 25 4o ll4 Birmingham - 19 POWERS AND JUNCTIONS EXERCISED BY BRANCH: Deposits - Member hanks* Carries no deposit accounts. A l l amounts received on^ deposit are transmitted daily "fay telegraph or otherwise to the parent hank for credit to the accounts of the depositing banks * - Government. Carries no direct Government deposits. Receives and disburses Government funds for account of Head Office • Forwards d a i l y transcript to Washington, Head Office assuming d a i l y net debit or c r e d i t . Discount and open market operations Receives and transmits to Head Office e l i g i b l e paper offered for discount or purchase by banks i n Branch t e r r i t o r y * Offerings are telegraphed to Head Office and credit is given immediately, subject to charge back of i n e l i g i b l e items* Clearing and Collection Department - Operates department for clearing and collecting checks and drafts, also other items collectible through a Reserve bank. Handles about 9,650 items daily, or approximately UU per cent of the number handled by the. Head Office. Clearing House - Membership limited to clearing of checks. Currency Receipts and Shipments - Carries an adequate supply of Federal Reserve notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y . During the 6 months ending June 30, currency receipts equalled about Uo per cent and currency shipments about Ul per cent of those of the Head Office. Telegraphic -Transfers - Makes telegraphic transfers direct to and frcm other d i s t r i c t s for the account of member banks. Private Wire System - On Branch line Atlanta-Bimingham-New Orleans; monthly r e n t a l $5^5 . Salaries paid to operators $100. BANK PREMISES - Occupies quarters and has vault space i n Jefferson County Bank Building; r e n t a l $U50 per month. Birmingham - 20 EARNINGS AND EXPENSES Monthly average f o r periods January 1 to March 31 and A p r i l 1 to June 30, 1920. Earnings A l l earning assets carried on hooks of Head O f f i c e . Jan ^I—March 31 Current expenses: Salaries . Other operating expenses P. R* currency Tax on F.R. Bank note circulation Furniture and f i x t u r e s Total (Transit (Other $2,799 3,w6 1,^39 569 52 2,702 A p r i l l « J u n e 30 $3,755 2 798 l.Ugfi $8,265 Hl6 298 2,753 6 T 0 l l $8,764 Ratio of t r a n s i t department expenses to current expenses exclusive of cost of F.R. currency ^3-2$ Ho.2$ CHARACTER AND VOLUME OF BUSINESS HANDLED. DEPOSITS: Branch carries no deposit accounts. Average cash balances based on Friday night figures f o r periods January 1 to March 31, 1920 A p r i l 1 to June 30, 1920 $1,105,000 895,000 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Branch carries no earning assets. Applications for discounts are forwarded to Head Office for f i n a l action. Monthly average of paper transmitted to Head Office f o r periods - January 1 to March 31, 1920 A p r i l 1 to June 30, 1920 - 3^3,000 6,760,000 Birmingham - - 21 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled d a i l y during periods December l 6 , 1919 to. March 15, 1920 and March 16 to June 15, 1920: Dec. 16—March 15 Number Amount Items drawn on banks i n Branch c i t y Items forwarded to Head Office Items forwarded to other branches i n this d i s t r i c t Items drawn on banks i n this d i s t r i c t outside of F.R. Bank and Branch c i t i e s Items forwarded to other F. R. banks or branches Items drawn on Treasurer of U. S. Total - March lS—June 15 Number Amount 1,636 $921,538 780 1,737,565 337 139,808 5,671 618,208 666 ^ 1.6W689 $1,005, ^21 1,636,942 306 131,360 , 63U UUU 575,053 , U77.865 57,175 U20.52U IS V. 757 - - 9,633 3,971,UOO 9,120 3,8$5,8lU CDEEENCT RECEIPTS AND SHIPMENTS: Monthly average f o r periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Currency received: Fran member banks Frcm non-member banks Total Currency shipped or delivered: To member banks Jan.l-March 31 A p r i l 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) _ „ „ _ 1,966 913 2,879 2,828 826 3,65* 738 102. Wl 858 —§55 2.70U 1,016 3,720 3,686 826 U,512 2,178 8U2 3,020 2,422 259 2,681 - Ul To non-msmber banks - — — — — - — Total Excess receipts - 2,178 526 17^ - . ^ 3,020 2,U63 259 2,722 700 1,223 567 1,790 ui JACKSONVILLE BRANCH -22- of the FEDERAL RESERVE BANK OF ATLANTA Opened for business August 5» 1918- DIRECTORS: J . C. Cooper, Attorney-at-Iaw Home Address Jacksonville, Florida. Fulton Saussy, F. Saussy Company, Merchandi seBrokers Jacksonville, Florida. E* W. Lane, President, Atlantic National Bank, Jacksonville Jacksonville, Florida. B* H. Barnett, President, Barnett National Bank, Jacksonville Jacksonville, Florida. Giles L. Wilson, Vice President, Florida National Barik, Jacksonville Jacksonville, Florida. Meetings - Tuesday preceding f i r s t Friday in each month. DISCOUNT COMMITTEE: None. Offerings forwarded to Head Office for approval. PERSONNEL: Manager, Geo. R. De Saussure, two other officers and 27 employes (June 30, 1920) TERRITORY ASSISTED: State of Florida* MEMBER BANKS IN BRANCH TERRITORY: ^ NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At. opening of Branch 59 5 $10,001,650 $1,U53,350 $88,205,000 $9,6l4,000 May Hf 1920 53 9 10,729,000 2,033,000 13 5, S{?% 000 PAR LIST: Number of non-member banks ,jon par l i s t At opening of Branch June 30, 1920 Total number of noiwnember banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t — 38 6l 135 18,800,000 Jacksonville - 23 POWERS AND FUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks- Carries no deposit accounts. A l l amounts received on deposit are transmitted daily by telegraph or otherwise to the parent bank for c r e d i t to the accounts of the depositing banks. - Government. Carries no d i r e c t Government deposits. Receives and disburses Government funds for account of Head O f f i c e . Forwards d a i l y transcript to Washington, Head Office assuming d a i l y net debit or c r e d i t . Discount and open market Operations - Receives and transmits to Head Office e l i g i b l e b i l l s offered for discount or purchase by banks in Branch t e r r i t o r y * Offerings are telegraphed to Head Office and credit i s given immediately, subject to charge back of i n e l i g i b l e items. Clearing and Collection Department - Operates a clearing and collection department for handling a l l items c o l l e c t i b l e through a Reserve bank* Handles about 9 f 389 items d a i l y , or ^proximately ^3 per cent of the number handled by the Head O f f i c e . Clearing -House - Membership i n Jacksonville Clearing House Association limited to clearing of checks. Currency Receipts and Shipments - Carries an adequate supply of Federal Reserve notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y . During the 6 months ending June 30, 1920, receipts equalled about 38 per cent and currency shipments about UU per cent of those of the Head Office. Telegraphic Transfers - Makes d i r e c t telegraphic transfers to and f r a n other d i s t r i c t s for the account of member banks. Private Wire System - On Atlanta^ Jacksonville branch l i n e , monthly r e n t a l $662• Salaries paid to operators $135 • BANK PREMISES - Occupies quarters and has vault space i n the Heard National Bank Building, monthly r e n t a l $500. Jacksonville - 24 EAjETIVGS AND EXPENSES Monthly average for periods January 1 to March 31 # Earnings - - A p r i l 1 to June 30,1920. A l l earning assets carried on books of Head Office. Jan. 1-March 31 Current expenses. Salaries . Other operating expenses F. R. Currencv Tax on F.R. bank note circulation Furniture and fixtures A p r i l 1-June 30 $3,367 3,64b 1,335 560 303 Total $4,650 3,550 1,50S U3I 204 (Transit 3,078 (Other - 6,133 $9>211 Ratio of transit department expenses to current expenses exclusive of cost of F.R. currency 42-1$ 3.010 7,333 $10,3^3 35 CHARACTER AND VOLUME OF BUSINESS HANDLED DEPOSITS: Branch carries no deposit accounts. Average cash balance, based on Friday: night figures, for periods January 1 to March 311 1920 $¥,536,000 A p r i l 1 to June 30, 1920 - 1,401,000 VOLUME OF PAPER DISCOUNTED AND BOUGHT• Branch carries no earning assets. Applications for discount are forwarded to Head Office for f i n a l action* Monthly average of paper transmitted to Head Office for periods 1 January 1 to March 31, 1920 - - $5,909,000 A p r i l 1 to June 30, 1 9 20 6,246,000 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled daily during periods December 16, 1919 to March 15, 1920 and March 16 to June 15, 1920. Dec.l6-I.iarch 15 Number Amount l , 6 s 6 $919,188 212 55,507 Items drawn on banks i n Branch c i t y Items forwarded to Head Office Items foiwarded to other branches i n this d i s t r i c t 98 Items drawn on banks i n this d i s t r i c t outside of F.R. Bank and Branch c i t i e s - - - 5,349 Items forwarded to other F*R. banks or branches 1,699 Items drawn on. Treasurer of U.S. 345 Total March 16—June 15 Number Amount l , 4 l 6 $929,827 257 74,538 28,378 105 24,509 703,837 4,964 709,156 ^17,502 79*252 1,424 374 370,833 6l,6l7 9.383 2,203,664 8,540 2,170,480 Jacksonville - - CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods Jan. 1 to March 31, and April 1 to June 30, 1920. Jan.l-March 31 A p r i l 1-June 30 In Outside Outside In Branch Total Branch Branch Total Branch City City City City ( I n thousands of dollars) Currency received: Fran member hanks Fran non-member banks Total Currency shipped or delivered To member banks To non-member banks Excess shipments p 3,^51 1,1SU M 3 5 H9 119 2,3^3 791 3,13^ 38 3,^51 1,303 U,75^ 2,3^3 829 3,172 2,099 1,193 3,292 1,530 1,058 2,888 2,099 1,193 3,292 1,830 1,058 2,888 1,352 110 1,U62 513 - - - - - 229 2Zk NASHVILLE BRANCH -26. of the FEDERAL RESERVE BANK OF ATLANTA. Opened for "business October 21, 1919 • Heme Address Nashville, Tenn. DIRECTORS: W* H. Hartford, Hartford Hosiery Company, Nashville P* H. Davis, Vice President, American National Bank, Nashville Nashville, Tenn. J . E* Caldwell, President, Fourth and F i r s t National Bank, Nashville Nashville, Tenn. E . A. Lindsey, President, Tennessee Hermitage National Bank, Nashville Nashville, Tenn. T. A. Bnbry, President, Farmers National Bank, Winchester Winchester, Tenn. Meetings - Tuesday preceding the f i r s t Friday i n each month. EXECUTIVE COMMITTEE: None. Offerings are forwarded to Head Office for approval* PERSONNEL: Manager, J . B. McNamara, two other officers and 28 employes (June 30, 1920) TERRITORY ASSIGNED: That part of Tennessee within the Sixth Federal Reserve D i s t r i c t except the City of Chattanooga. MEMBER. BANKS IN BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of Branch 8J 1 $14,272,000 $250,000 $147,051,000 $2,34l,000 May 4, 1920 81 1 14,894,000 250,000 156,936,000 2,261,000 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1920 78 138 Number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t — 137 Nashville - 27 POWERS AND KJNCTIONS EXERCISE® BY BRANCH: Deposits - Member banks. Carries no deposit accounts. A l l accounts received on'deposit are transmitted d a i l y by telegraph or otherwise to the parent bank for credit to the accounts of the depositing banks. - Government. Carries no direct Government deposits. Receives and disburses Government funds for account of Hesd Office* Forwards d a i l y transcript to Washington, Head Office assuming daily net debit or credit• Discount and open market operations - Receires and transmits to Head Office e l i g i b l e paper offered for discount or purchase by banks i n Branch t e r r i t o r y . Offerings are telegraphed to Head Office and credit i s given immediately, subject to charge back of i n e l i g i b l e paper. Clearing and Collection Department - Operates department for clearing and collecting checks and drafts, also other items collectible through a Reserve bank. Handles about 11,35^ items d a i l y , equal to approximately 55 per cent of the ntmber handled by the Head Office. Clearing House - Membership limited to clearing of checks. Currency Receipts and Shipments - Carries an adequate supply of Federal Reserve notes to meet a l l currency requirements of baiiks in Branch t e r r i t o r y . During the 6 months ending June 30, currency receipts equalled about 19 per cent and currency, shipments 22 per cent of those of the Head Office. Telegraphic Transfers - Makes telegraphic transfers direct to and from other d i s t r i c t s for the account of member banks. Private Wire System - On Branch l i n e Atlanta-Nashville; Monthly r e n t a l $568." . Salaries paid to operators $90 BANK PREMISES: Occupies quarters and has vault space in Fourth and F i r s t National Bank Building; monthly r e n t a l $250-' Nashville - 2S EARNINGS AND EXPENSES Monthly average for periods January 1 to March 3 1 and A p r i l 1 to June 30, 1920. assets Earnings - ~ A l l earning/ carried on hooks of Head Office. Jan.l—March 31 Current expenses: Salaries * Other operating expenses — 4F . R. currency Tax on F.Ri bank note circulation Furniture and Fixtures Total (Transit — (Other A p r i l l~June 30 $2,873 2,663 1,251 530 .002 3,025 5 , 1 $ $8,219 * - — Ratio of t r a n s i t sxpensesto current expenses exclusive of F. R. currency $3,952 3,319 1,380 69; 3,753 6,009 $9,762 U7.0# *J7-3$ CHARACTER AND VOLUME OF BUSINESS HANDLED. DEPOSITS: Branch carries no deposit accounts. Average cash balances based on Friday night figures for psrioas January 1 to March 31, 1920. A p r i l 1 to June 30, 1920 $626,SUo 718,920 VOLUME OF PAPER DISCOUNTED AND.BOUGHT: Branch carries no earning assets. Applicationlyare forwarded to Head Office for f i n a l action. Monthly average of paper transmitted to Head Office for periods Jan. 1 to March 3 1 A p r i l 1 to'June 3 0 - $U6,912,000 U7,196,000 1 CLEARING AMD COLLECTION DEPARTMENT: Averate number and amount of items handled d a i l y during periods Dec. 16, 1919 to March 15, 1920 and March 16 to June 15, 1920. Dec.l6-March 15 March l6-June 15 Nanber Amount Number Amount 2,29^ $1,5^6,813 2,058 $1,562,572 252 87,369 213 58,366 Items drawn on banks i n branch c i t y Items forwarded to Head Office Items forwarded to other branches i n this district 213 Items drawn on banks i n t h i s d i s t r i c t outside of F . R. Bank and Branch c i t i e s - - 7,282 Items forwarded to other F.R.banks or branches 923 Items drawn on Treasurer of U. S; ^QO Total 11,354 222 % 23,056 , 991,675 7,75^ 26,71* . 1,039,9*2 356,521 76.qoU 1,028 U78 251, l 6 l 52^799 3,082,333 11,753 2,991,55^ % Nashville - 2 5 - 3URRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and April 1 to June 30, 1920In Branch City Jan.l-March 31 A p r i l 1-June 30 Outside In Outside Branch Total Branch Branch Total City City City ( I n thousands of dollars) # Currency received: From member hanks From non-manber hanks Total Currency shipped or delivered: To member hanks To non-member banks Total 1,600 - 125 - x 1,785 - 1,936 - 273 - 2,209 - 1,600 185 1,785 1,936 273 2,209 1,099 - 319 - 1,^18 - 1,294 - 313 - 1,607 - 1,099 319 1,^18 1,294 313 1,607 367 642 Excess receipts 501 Excess shipments - 134 - 4o 602 NEW ORLEANS BRANCH -30- of the FEDERAL RESERVE BANK OF ATLANTA (Jpened for business - - September 10, 1915 DIRECTORS: P. H- Saunders, Banker Heme Address New Orleans, Louisiana* A. P- Bush, Wholesale Grocer Mobile, Alabama. J . E. Bouden, J r . , Banker New Orleans, Louisiana. F# W. Foote, Banker Hattiesburg, Miss. R. S- Hecht, Banker New Orleans, Louisiana* H. B. Lightcap, Banker Jackson, Miss. Marcus Walker, Manager, New Orleans Branch New Orleans, Louisiana* Meetings - The f i r s t Thursday i n each month. DISCOUNT COMMITTEE: Manager and three Directors. PERSONNEL: Pour officers and 6k employes (June 30, 1920) TERRITORY ASSIGNED Ihose parts of the States of Louisiana and Mississippi located i n the 6th District,and the counties of Mobile and Baldwin i n Alabama* MEMBER BANKS IN BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Norv-National National Non-National At opening of Branch 27 $13,008,350 $67,933,000 May U, 1920 39 16 15,^32,000 $17,707,000 151,831,000 $18U,3U3,000 PAR LIST: Number of non-member banks on par l i s t At opening of Branch - June 30, 1920 Total number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t 51 219 New Orleans - 31 POYJERS AND FUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks- Carries reserve and clearing accounts of banks and trust companies i n Branch t e r r i t o r y . - Government. Carries Government account without specific authorized l i m i t . Receives and disburses Government funds. Forwards d a i l y transcript to the Treasurer of the United States. Discount and open market operations - Rediscounts e l i g i b l e paper for member banks and buys acceptances i n the open market for i t s own account . Clearing and Collection Department - Operates department for clearing and collecting checks and drafts; also other items collectible through a Reserve bank. Handles about 10,050 items daily, or about U5 per cent of the number handled by the Head Office. Gold Settlement Fund - Telegraphs the Federal Reserve Board d a i l y for settlement througla the Gold Fund, amounts collected for the account of other Federal Reserve banks. Clearing Honsa - Membership limited to clearing of checks. Currency Receipts and Shipments - Carries an adequate supply of Federal Reserve notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y . During the 6 months ending June 30, currency receipts and shipments equalled about 75 per cent of those of the Head Office. Telegraphic Transfers - Makes telegraphic transfers to and from other d i s t r i c t s for the account of member banks. Fiscal Agency Operations - Acts as Fiscal Agent for the U. S. Government, performing the same functions as those exercised by the Head Office. "Private ^ i r e System - On branch line between Atlanta, Birmingham and New Orleans. Monthly r e n t a l $5^5* Salaries paid operators $125BANK PREMISES: Purchased building of Cannercial Bank and Trust Company a t a cost of $236,250. Occupies temporary quarters i n the United States Trust and Savings Bank Building a t a monthly, r e n t a l of $350. New Orleans - 3 2 EARNINGS MD EXPENSES Monthly average for periods January 1 to March 3 1 and. A p r i l 1 to June 30,1920. January 1-March 3 1 Earnings (Gross) A p r i l I-June 30 $162,5^2 Current Expenses: Salaries ' Other operating expenses P. R. currency Tax oa P. B. banknote c i r c u l a t i o n Furniture and f i x t u r e s „ . . (Transit Total (Other Net earnings $7,3^6 5,*H0 U,070 1,67^ Q8 2,U6l 16,137 - $252,986 18,598 . . $9,516 7,227 U,000 1,085 ^00 2,^90. 19,738 >22,228 lU3,9^ 230,758 « Ratio of transit department expenses to current expenses, exclusive of cost of I \ R- currency . 19-1$ CHARACTER AND VOLUME OE BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, "based on Eriday night figures for periods* January 1 to March 31, and A p r i l 1 to Juns 30, 1920: Member hanks1 reserve account Due to Head Office U*S* Government - general account Deferred a v a i l a b i l i t y items (q) Other deposits Deductions f t cm gross deposits: Uncollected items ' Jan-1—March 31 A p r i l 1—June 30 $18,695,088 $16,966,870 (a)21,009,4-38 (b) 39,165,025 — 752,^05 ! 5 995 911' 5,120,720 ( ' 15*521* 7!U28 11,299,080 7,759,^60 (a) Maximum amount due to Head Office $32,011,396 March 26, 1920 Minimum amount due to Head Office l l , U 8 1 , 3 w January 9, 1920 (b) Maximum amount due to Head Office U5,003,980 May 7, 1920 Minimum amount due to. Head Office 33,192,799 April 9t 1 9 2 0 • (c) The larger figure for the period Jan. 1 to March 3 1 includes Gold Settlement Eund - Suspense credits carried prior to March 1, 1920, since which date settlement through Gold Fund has been made on date of c o l l e c t i o n of items* Member_bgnks2 balances • Reserve balance Payment-a/c with c a p i t a l stock branch w i t h heeui o f f i c e State bank and trust company members June 30, 1920 \ A l l member banks June 30, 1920 $9 f 76H,600 17,228,000 $536,850 99^,000 New Orleans - 33 VOIXJME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 3 1 and A p r i l 1 to Jur* 30, 1920: Discounts for member hanks National hanks State hanks and trust companies Acceptances bought i n open market Total discounted and purchased bills Average d a i l y b i l l holdings Jan-l-Mar.31 April 1-June 30 $12,832,000 33,^12,000 3,970.000 $16,319,000 33,817,000 1,259,000 50,21^,000 51,395,000 36,762,000 52,1^2,000 CLEARING AND COLLECTION DEPARTMENT: # Average number and amount of items handled d a i l y during periods December 16, 1919 to March 15, 1920 and March 16 to June 15,^ 1920: Dec. l6-March 15 March l 6 - June 15 .Amount Number Ancunt Number $2,483,272 $2,623,616 2,075 Items drawn on banks i n Branch c i t y - 2,196 28,690 120 2S»185 Items forwarded to Head Office 124 Items forwarded to other branches 27,930 181 27,581 i n this d i s t r i c t 178 Items drawn on banks in this d i s t r i c t 4,286 729,917 856,76s outside of F.R.Bank and Branch cities5,047 Items forwarded to other F . R. banks 563,137 793.^5 1,469 or branches 1,852 152.564 l ^ U o S Items drawn on Treasurer of U. 8. — 646 673 Total 10,043 U, 449,000 8,804 3,985,510 CURRENCY RECEIPTS AND SHITMESTTS: Monthly average for periods January 1 to March 31, and April 1 to June 30, 1920. January l-llarch 31 A p r i l 1-June 30 lh Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) Currency received From member banks 6,795 From non-member banks Total - - — - Currency shipped To member banksor delivered To non-member banks Total Excess receipts - 1,552 8,347 47 47 6,795 1,599 8,39*+ 4,487 620 5,107 - - 4,487 620 5,107 2,308 979 3,287 - - 6,219 y 1,075 7,294 25 25 6,219 1,100 7,319 ^,736 859 5,595 2 2 ^,736 861 5,597 1,^83 239 0,722 - - SAVAMAH AGENCY of the FEDERAL RESERVE BANK OF ATLANTA. Opened for business PERSONNEL: February H, 1919. R. J . Taylor, Manager, R. N. Groover, Assistant Manager, and 1 employe- Agency also has 10 custodians who receive nominal compensation only* TERRITORY ASSIGNED: City of Savannah, Georgia. POWERS AND FUNCTIONS EXERCISED BY AGENCY: Services rendered by the Savannah Agency are at present limited to 1. Receipt of currency from Savannah member banks for immediate c r e d i t and paynent of currency to Savannah member banks against immediate debit to t h e i r reserve accounts on the books of the Atlanta Bank. 2. The custody of documents and securities pledged as c o l l a t e r a l to b i l l s forwarded by Savannah member banks to Federal Reserve Bank of A t l a n t a for rediscount. Funds and securities of the agency are kept i n the vaults of the Citizens and Southern Bank, and the Savannah Bank and Trust Company. , CURRENT EXPENSES: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 31 A p r i l 1-June 30 Salaries $652 $771 Other operating expenses 365 26 S Furniture and f i x t u r e s 22 205 Total - ^ 1,039 . 1,2UU DEPOSITS: Agency carries no deposit accounts. Average cash balances based on Friday night figures for periods Jan. 1 to March 31, 1920. Apr. 1 to June 30, 1920* $1,093,150 SIS,000 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average f o r periods January 1 to M»xch 31, and A p r i l 1 to Juie 30, 1920: January 1-March 3 1 A p r i l 1-June 30 ( I n thousands of dollars) Receipts Shipments , 976 722 95 s 675 IE2P0IT BRANCH SaltLakeCity-35- of the FEDERAL RESERVE BANK OF CHICAGO Opened for business * Iferch IS, 1918. Home Address 100 Palmer Avenue, Detroit, Mich. DIRECTORS: John Ballantyne, Fresident, Merchants National Batik Emory W. Clark, President, F i r s t & Old Detroit National Bank 17U0 Jefferson Ave., Detroit, Mich. Julius H. Haass, President, Wayne County & Heme Savings Bank UgU Grand B l v ' d . , Detroit, Mich. Charles H. Hodges, President, Detroit Lubricator Company 5U1 Jefferson Ave., Detroit, Mich. R. B- Locke, Manager Detroit Branch l U l Colorado Avenue, Highland Park, Mich. Meetings: Tuesday preceding the last Friday of each month. EXECUTIVE COMMITTEE: I \ i l l Board of Directors. Meetings: Tuesday of each week. Passes upon loans and discounts for previous weekPERSONNEL: Five officers and 1U2 employes (June 30, 1920) TERRITORY" ASSIGNED: At opening of Branch, the c i t y of Detroit, including Highland Park. Since Feb. 1, 1920, the following 19 counties i n the State of Michigan: Bay Hillsdale Ingham Lapeer Lenawee Livingston Monroe Saginaw MEMBER BANKS IN BRANCH. TERRITORY: NUMBER CAPITAL National Non-National National At opening of branch 3 10 $10,500,000 May H, 1920 33 85 19,312,05H Sanilac Shiawassee Tuscola Wayne AND SURPLUS Non-National Genesee Huron Macomb St * Clair Jacks ai Oakland Washtenaw TOTAL RESOURCES National Non-National $23,0^1,000 $106,598,071 $261,093,087 U9,728,900 226,85^,672 626,666,180 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1920 Total number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t 7 256 -None' Detroit - 36 POlffiRS AH) FtNCTIONS EXBBCISED BY BRA.1CH: « Do posit s ~ Member banks. Carries reserve accounts of menber banks i n Branch territory® Government. Carries no Goveriment deposits. Redeems c e r t i f i c a t e s , receives deposits from Collector o f Internal Revenue, pays Goveriment checks, e t c . , but closes out balancey through Head Office d a i l y . Discount ani open market operations - Carries on i t s ovai books paper rediscounted f o r member banks. Open market purchases are made upon instructions from aid for account of the Head Office. Clearing aid Collection Department - Receives f o r colloction from other F.R. banks aid member banks checks and other items dratan on a l l Michigan banks i n the 7th D i s t r i c t . Also receives transit items for collection from member banks of the Detroit d i s t r i c t . Clearing House.- Branch has same privileges ani is aibject to same penalties as other menders of Clearing House Association, but pays no dues and has no vote. Currency Receipts and Shipments - Carries an adequate supply of F.R. notes to meet a l l currency requirements o f banks i n i t s t e r r i t o r y . During the six months ending June 30, currency receipts and shipments v/ere equal to about one-third those o f the parent bank. Telegraphic Transfers - Mates telegraphic transfers for the account of member Dames. Monthly average o f transfers bought and sold for periods Jan. 1 to March SI ani A p r i l 1 to June 30 were as follows: Jan. 1 - March 31 A p r i l 1 - June 30 Wire transfers bought ^58,188,474 66,480,902 Wire transfers sold $63,955,199 36,481,898 Private Wire System - Branch l i n e between Chicago and D e t r o i t ; monthly -rental $261. Salaries paid operators f o r June 1920, $285. BANK PREMISES: Occupies •quarters and has vault space i n Congress Building, 36 Congress Street, West. Annual rental to May 14, 1923, §10,000; from May 15, 1923 to Miay 14,1928, £L2,000. Detroit - 37 EARNINGS MP EXPENSES Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30,1920. January 1-March 31 Earnings (Gross) - - (Surrent Expenses: Salaries Other operating expenses - — - F. R. currency Tax on F. R. banknote circulation Garniture and fixtures Tnfoi (Transit Total (Other Net earnings Ratio of t r a n s i t department expenses to current expenses exclusive.*of cost of F. R- currency April 1-June 30 $227,20U $267,790 $15,339 8,63* 7,063 1,033 8.Q67 8,575 3 2 ; f e l '.Ui,036 $22,505 16,313 8,805 1,650 l r Q72 7,556 U3,6U? '51,2^5 186,168 216,5^5 26.0$ • 18*6$ - - CHARACTER AND VOLUME OF BUSINESS HANDLED DEPOSITS: Average d a i l y deposits^ based on Fridsty night figures, for periods January 1 to March 31, aid A p r i l 1 to June 30, 1920: Member banks1 reserve account Due to Head Office U. S. Government - general account Deferred a v a i l a b i l i t y items (c) Other deposits Deductions frcm gross deposits: Uncollected items Jan. 1-March 31 A p r i l 1-June 30 $22,723,000 $39,800,000 (a) 50,535,000 (b) 36,^11,000 — ^5,000 10,379,000 100r 800 8V000 13,^5,000 18,2^1,000 .(a) Maximum amount due to Head Office $67,6^2,000 January 23,1920. Minimum amount due to Head Office 31,506,000 March 19,1920. (b) Maximum amount due to Head Office UU, 63 8,000 May 28,1920. .Minimum amount due to Head Office. 19,018,000 April 16,1920(9) The larger figure for the period Jan. 1 to March 31 includes Gold S e t t l e ment I\md - Suspense credits carried p r i o r to March l f 1920, since which date settlement through the Gold Fond has been made on date of collection of items* Member^bsnksi baiances^ Beserve balance Payment - a/c with capital stock branch w i t h head o f f i c e State bank and trust company members , June 30, 1920 A l l member banks, June 30, 1920 $26,2^7,900 37,536,^70 $1,570,^50 2,071,230 SaltLakeCity- 3 8 VOLUME CP PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 and A p r i l 1 to June 30, 1920: Jan.l-Mar. 31 A p r i l 1-June 30 3 58,000 75,200,000 - $1+5,340,000 77,893,000 r 12U, 558,000 123,233,000 53,90^,000 57,^30,000 Discounts for member hanks National banks State banks and trust companies Acceptances bought i n open market - - Total discounted and purchased bills Average daily b i l l holdings CLEARING AND COLLECTION DEPARTEJENT: Average number and amount of items handled daily during periods December 16, 1919 to March 15, 1920 and March 16 to June 15, 1920: Dec .l6-March 15 March 16 - tTune 15 Number Amount Number Amount Items drawn on banks in Branch c i t y - - 6,572 $5,328,270 7,705 $7,^36,9^5 Items forwarded to Head Office 292 217,513 303 157,195 Items drawn on banks i n this d i s t r i c t outside of F.R. Bank and Branch c i t i e s - 5,570 835,568 12,070 1,8^1,2^5 Items forwarded to other F.R. banks or branches 137 207,^73 3^9,000 Items drawn on Treasurer of U. S. 601 239.UlQ l r ^oH "508.577 Total 13,172 6,888,2U3 21,730 10,^2,962 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and April 1 to June 30, 1920: January 1-March 31 April 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) Currency received Prom member banks Prom non-member banks 19,139 - 551 - 19,690 - 22,752 - 1,698 - 2U,U50 * • Total 19,139 551 19,690 22,752 1,698 2U,U5P Currency shipped or delivered To member banks 16,053 To non-member banks - - 8,712 - 2U,7&5 - 20,380 - 9,233 - 29,6}3 - 16,053 8,712 2^,765 20,380 9,S33 29,613 Excess receipts 3,086 - - 2,372 Excess shipments - 8,l6l 5,075 - 7,535 5,l63 Total LITTLE ROCK BRANCH of the 39 FEDERAL RESERVE BANK OF ST- LOUIS. Opened f o r "business - - - January 6, 1919* DIRECTORS: A. F . Bailey, Manager, L i t t l e Rock Branch Home Address 1012 West 2nd S t . , L i t t l e Rock, Ark. J- E. England, J r . , President, England National Bank, L i t t l e Rock, Ark. 1700 Broadway S t - , L i t t l e Rock, Ark. C. A. P r a t t , Chairman of the Board, Exchange N a t f l . Bank, L i t t l e Rock, Ark. 814 West 2nd S t . , L i t t l e Rock, Ark. Geo. Rogers, Vice President, American Bank of Coamerce and Trust Company, L i t t l e Rock, Ark. 505 E . Capitol Ave., L i t t l e Rock, Ark. 316 G, Street, L i t t l e Rock, Ark. Moorhead Wright, President, Union and Mercantile Trust Company, L i t t l e Rock, Ark. Meetings: DISCOUNT COMMITTEE:' ' PERSONNEL: Friday before the f i r s t Wednesday of each month. Applications f o r discounts are checked by Manager and Cashier and immediate c r e d i t i s given, the action being subsequently r a t i f i e d by Discount Committee a t parent bank. Two o f f i c e r s and 53 employes (June 30, 1920) TERRITORY ASSIGNED: T e r r i t o r y i s not determined by State or County l i n e s . On June 30, 1920, Branch t e r r i t o r y consisted of a l l c i t i e s i n Arkansas except those assigned to the Head Office and to the Memphis Branch (For names of c i t i e s see "Fs&eral Reserve I n t e r - D i s t r i c t Collection System" l i s t ) MEMBER BANKS IN BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of branch 39 6 $ 4 , 0 0 0 $2,275,000 $36,384,751 $ lg >53?»^52 June 30,1920.42 4,874,000 4,960,000 42,939,767 019,081 23 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1920 30 217 Total number of non-member banks i n Branch t e r r i t o r y June 30, 1920 not on par l i s t - None. L i t t l e Rock - Uo ~ POWERS AMD FUNCTIONS EXERCISED BY BRANCH: Deposits - Member hanks* Carries reserve and clearing accounts of the hanks and trust companies assigned todeal with Branch. - Government. CfejPries Government deposits; authorized l i m i t $200,000. Discount and open market operations - Receives and passes upon applications for rediscount of e l i g i b l e paper and for advances to member banks on their fifteen-day c o l l a t e r a l notes, and transmits same d a i l y to Head Office which takes f i n a l action upon receipt. Immediate credit i s given on books of the Branch. Purchases endorsed bankers1 acceptances upon instructions from Head Office; no other cpsn market operations* Clearing and Collection Department - Operates department for the clearing and collection of checks and drafts payable upon presentation and drawn on banks on Federal Reserve par l i s t , also for the collection of such items as notes, drafts, acceptances, coupons, etc. Gold Settlement Kind - Telegraphs Federal Reserve Board daily for settlament through the Gold fund,amounts collected for the account of other Federal Reserve Banks Clearing House - No membership i n Clearing House Association. Currency Receipts and Shitmants - During the six months ending June 30, 1920, currency receipts and shipments amounted to about one-tenth of those of parent bank. Telegraphic Transfers - Authorized to make wire transfers for member and clearing manber banks i n Branch t e r r i t o r y ; also to receive and transmit by wire to Head Office for i t s approval and advice of rate of discount, applications of manber and clearing member banks to buy or s e l l mail transfers. Fiscal Agency Operations - Makes deliveries of permanent coupon U. S. bonds in exchange for temporary bonds. Such exchanges are limited to counter transactions, exchanges by mail being made by Head O f f i c e . Receives deposits for credit to U. S. Government, pays and cancels U. S. Certificates of Indebtedness and Government coupons; accepts for credit, subject to f i n a l payment, checks and warrants drawn on Treasurer of U. S., and acts as custodian of c o l l a t e r a l pledged by banks to secure Government deposits and to secure permanent > bonds on consignment. Private TTire System - On branch l i n e between St. Louis, Memphis and L i t t l e Rock; monthly r e n t a l of entire private wire system $1,^90. L i t t l e Rock's portion of r e n t a l during June, 1920, based on number of words t e l e graphed, $330.78. Salaries paid during June, 1920 to telegraph operators at St. Louis, Louisville, Memphis and L i t t l e Rock,$385. Portion of salary of operator at L i t t l e Rock charged to private wire system for June, 1920, $70. B.ANK PREMISES; Occupies quarters and has vault space i n Southern Trust Building. Rent §36l • 16 per month. L i t t l e Rock - Uo ~ EARNINGS AND EXPENSES Monthly average for periods January 1 to March 3 1 and A p r i l 1 to June 30, 1920. January 1-March 31 Earnings (Gross) A p r i l 1-June 30 $^3,981 Current Expenses: Salaries Other operating expenses P. R. currency Furniture and f i x t u r e s - * , (Transit Total (Other $4,957 3,7^1 1,107 3,338 6,467 Net earnings Ratio of t r a n s i t department expenses to current expenses, exclusive of cost of F . R. currency ^1,311 $5,^20 4,295 9^5 3 r 620 5,^35 8,865 9,805 _ 14,300 l4,176 27,011 38.4$ . 40.8$ CHARACTER AND VOLUME OF BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, hased on Friday night figures for periods January 1 to March 31* and A p r i l 1 to June 30, 1920: Member banks reserve account U- S. Government - general account Due to Head Office Deferred a v a i l a b i l i t y items (d) Other deposits Deductions from gross deposits: Uncollected Items Jan-1-March 3 1 $4,497,876 200,000 (b)6,469,867 (I'lS'lfo' A p r i l 1-June 30 $4,294,992 (a) 229,^50 (c)8,508,883 3,168,021 * 32*885 25. l 6 l 4,959, 753 5,042,171 (a). Includes uncollected items (b) Maximum amount due to Head Office $9,636,928 Mar. 17, 1920 Minimum amount due to Head Office 3,763,912 Feb. 10, 1920 (c) Maximum amount due to Head Office 10,294,848 June 30, 1920 Minimum amount due to Head Office 6,722,305 May 4, I92O (d) The larger figure f o r the period Jan. 1 to March 31 includes Gold Settlement Fund - Suspense credits carried p r i o r to March 1, 1920, since which date settlement through the Gold Rmd has been made on date of c o l l e c t i o n of items. Member_banksl balances. Reserve balance Parent -a/c with c a p i t a l stock branch w i t h head o f f i c e State bank and t r u s t company manbers June 30, 1920 A l l member banks4 June 30, 1920 $1,705,308 3,708,105 $147,500 290,450 Salt Lake City - 2 - YOLUME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 and A p r i l 1 to June 30, 1920: Jan-l-Mar. 31 Discounts for member hanks • National hanks State hanks and trust companies ( Acceptances bought i n open market A p r i l 1-June 30 $U, 125> 000 ^UU^OOO - $5,52*,000 7,022,000 - Total discounted and purchased h i l l s - - 8,568,000. 12,5^,000 Average d a i l y b i l l holdings 5,27^,000 8,U85,000 CLEARING AND COLLECTION IEPAR1MENT: Average number and amount of items handled daily during periods December 16, 1919, to March 15, 1920> and March l6 to June 15, 1920: Dec. l6-March 15 March l6 - June 15 Number Amount Number Amount Items drawn on banks i n Branch c i t y 1,718 $1,182,837 1,691 $1,203,153 Items forwarded to Head Office 521 160,362 7*7 1*6,612 Items forwarded to other branches i n this d i s t r i c t 210 30,572 36* 50,271 Items drawn on banks i n this d i s t r i c t outside of Federal Reserve Bank and Branch c i t i e s 7,731 SlU,522 10,0^2 969,973 Items forwarded to other F. R. banks or branches 202 53,019 329 91,007 Items drawn on Treasurer of U. S. 197 10UT95^ 257 .,„ 62, ?1* Total 10,579 2,302,566 13,^30 2,523,530 • CURRENCY RECEIPTS AND SHIMEKTTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920. January 1-March 31 A p r i l 1-June 30 In Outside Total In Outside Branch Branch Branch Branch Total City City City City ( I n thousands of dollars) Currency received From member banks Fran, non-member banks Total Currency shipped or delivered To member banks To non-msmber banks Total Excess receipts 1,113 75 ^93 1,606 15 1,251 91 ^95 68^ 1,7*6 Hit 1,188 U93 1,681 1,3^2 1,178 2,520 1,051 22 313 1,36U 22 1,278 52 *30 1,708 52 1,073 313 1,386 1,330 iflO 1,760 115 180 295 12 7^8 760 LOUISVILLE BRANCH of the FEDERAL RESERVE BANK OF ST. LOUIS Opened for business December 3, 1917 DIRECTORS: 17. C. Montgomery, VicA President, First-Hardin N a t 1 ! . Bank, Elizabetht own,Ky. Home Address Elizabethtown, Ky. Geo. W. Norton, Capitalist Cherokee Drive, Louisville, Ky. P. M. Sackett, President, Pioneer Coal Co., Louisville, Ky. Cherokee Drive, Louisville, Ky. Enbry L. Swearingen, President, F i r s t National Bank,and President, Kentucky T i t l e Savings Barak & Trust Co., Louisville, Ky. Seelbach Hotel, Louisville, Ky. W. P. Kincheloe, Manager, Louisville Branch 219 East Gray S t . , Louisville, Ky. Meetings: Friday before f i r s t Wednesday of each month. DISCOUNT COMMITTEE: Composed of Manager and two directors. Applications for discount are checked by Manager and Cashier and immediate credit given, the action taken being r a t i f i e d subsequently by Discount Committee of the parent bank and also by f u l l Discount Committee of Branch* Meets once a week. PERSONNEL: Tbree officers and 70 employees (June 30, 1920) TERRITORY ASSIGNED: Territory i s not determined by State or County lines. On June 30, 1920, Branch t e r r i t o r y consisted of a l l c i t i e s i n ft Kentucky and Indiana, included i n D i s t r i c t No. 8, except those assigned to the Head Office (For names of o i t i e s see lf ~Federal " Reserve I' n t' e r - D - i -s t -r i c- t - Collection - - - list). System" MEMBER BANKS IN BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of branch 90 2 $17,609,257 $775,750 $126,092,128 $8,695,9^9 June 30,1920 90 6 18,566,115 2,660,500 166,1463,181 30,773,323 PAR LIST: Number of norwnember banks on par l i s t At opening of Branch On June 30, 1920 112 331 Total number of non-member banks i n Branch t e r r i t o r y Jufte 30, 1920 not on par l i s t — None. Louisville -121 POWERS AND JUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks. Carries reserve and clearing accounts of banks and trust companies assigned to deal with Branch. - Government. Carries Government deposits; authorized l i m i t $300,000. Discount and Open Market Operations - Receives and passes on applications for rediscount of e l i b i b l e paper and advances to manber banks on their fifteen-day c o l l a t e r a l notes and transmits same daily to the Head Office, which takes f i n a l action upon receipt. Immediate credit i s given on the books of the Branch. Purchases endorsed bankers1 acceptances upon instructions from Head Office; no other open market operations* Clearing and Collect!an Department - Operates department for the clearing and collection of checks and drafts payable upon presentation and drawn on banks on Federal Reserve par l i s t ; also for the collection of such items as notes, drafts,acceptances, coupons, etc. Gold Settlement Fund - Telegraphs Federal Reserve Board daily for settlement through the Gold Fund,amounts collected for the account of other Federal Reserve Banks. Clearing House - Since April 13, 1920, the functions of the Clearing House have been performed by Branch. Currency Receipts and Shipments - During the six months ending June 30, 1920, currency receipts and shipments amounted to about one-fourth of those of the Head Office. « Telegraphic Transfers - Authorized to make wire transfers f o r member and clearing member banks in Branch t e r r i t o r y ; also to receive and transmit by wire to the parent bank, for approval and advice of rate of discount, a l l applications of member and clearing member banks to buy or s e l l mail transfers. Fiscal Agency Operations - Makes deliveries of permanent coupon U- S. bonds in exchange for temporary bonds. Such exchanges are limited to counter transactions, exchanges by m a i l being made by Head Office. Receives deposits for credit to U- S. Government; pays and cancels U- S. Certificates of Indebtedness and Government coupons; accepts for credit, subject to f i n a l payment, checks and warrants drawn on Treasurer of United States, and acts as custodian of c o l l a t e r a l pledged by banks to secure Government deposits and to secure permanent bonds on consignment* Private TTire System - On Branch l i n e S t . Louis - Louisville; monthly rental entire private wire system, $1,U90. Louisville Branch's proportion of rental during June, 1920, based on number words telegraphed, $3^8.66. Salaries paid during June, 1920, to telegraph operators at S t . Louis, Louisville, Memphis and L i t t l e Rock, $385. Portion of salary of operator at Louisville charged to private wire system for June, 1920, $100. BANK PREMISES: Owns and occupies building formerly occupied by National Bank of Commerce, located at N. W. Corner of F i f t h & Market Sts. Louisville -122 EARNINGS AMD EXPENSES Monthly average for periods- January 1 to March "31, and A p r i l 1 to June 30,1920' January 1-Maroh 3 1 Earnings (Gross) - . $60,210 Current Expenses: Salaries Other operating expenses F. R. currency Furniture and fixtures Total (transit Totai (Other-' Net earnings - 1. - - - - A p r i l 1-June 30 $6,158 5,521 2,990 3,91^ 10,755 $90,0UU $6,822 5,216 2,553 2, 537 ^033 13,095 :i7.12« - - ^5,5^1 72,916 Ratio of transit department expenses to current expenses exclusive of cost 6f F . R. currency _ - _ _ 33-5$ 27-77> s CHARACTER AMD VOTXME .07 BUSINESS HAKDEED DEPOSITS: Average d a i l y deposits, based on Friday night. figures for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Member •banks' reserve account U- S. Government - general account (a)Due to Head Office Deferred a v a i l a b i l i t y items (d) Other deposits Deductions from gross deposits: thcollected items Jan.l-March 31 A p r i l 1-June 30 $10,011,79^ $9,2^9,996 341,080 (b) 10,069,755 (c)13,503,107 &392'888 5,863,627 ' 21*363 Hq.Hff5 9,909,686 7,139,795 (a) Includes uncollected funds* (b) Maximum amount due to Head Office $13,022,801 Jan. 17, 1920 Minimum amount due to Head Office 6,828,109 Feb. 17, 1920 (c) Maximum amount due to Head Office 17,117,65** Apr. 28, 1920 Minimun amount due to Head Office 10,086,636 Apr. 1, 1920 (d) The larger figure for the period Jan. 1 to March 31 includes Gold S e t t l e ment Fund - Suspense credits carried prior to March 1, 1920, since which date settlement through the Gold Fund has been made on date of collection of items* Megibgrjbgaks2. balances. Reserve balance Payment-a/c with. c a p i t a l stock branch with head o f f i c e State bank and trust company members June 30, 1920 A l l member banks June 30, 1920 $1,127, l l H 9,028,310 $79,900 638,350 Louisville - 4 6 - VOLUME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 and April 1 to June 30, 1920: Jan.l-Mar.31 Discounts for member hanks National hanks State hanks and trust companies Acceptances bought i n open market Total discounted and purchased bills - April 1-June 30 ^ . $27,996,149 6,0 £ i L , 5? 64,096 $22,409,319 6,135,418 4g4r670 Average dail? b i l l holdings 29,029,40J 3^,151,904 13,999,000 18,858,000 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled d a i l y during periods December l 6 , 1919,to M a r c h 15, I920,and March 16 to June 15, 1920: ^ Dec. l6-March 15 March 16 - June 15 Number Amount Number Amount Items drawn on banks i n Branch c i t y - - 2,899 $3,124,752 2,976 $2,798,9^7 Items forwarded to Head Office 47 24,137 te 39,892 •Items forwarded to other branches i n this d i s t r i c t 6 780 4 917 Items drawn on banks i n this d i s t r i c t outside of F.R.bank and branch c i t i e s -11,833 1,077,607 13,480 1,142,856 Items forwarded to other F. R. Banks • . or branches 462 124,900 438 141,35* Items drawn on Treasurer of U. S* - 677 232.582 <?64 168,786 total - -:i5^92U 4,584,753 17,90^ 4,292,772 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 31 April 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City (In thousands of dollars) Currency received From member banks From non-member banks Total Currency shipped or delivered To member banks 1 To non-member banks Total Excess receipts Excess shipments ' 3,778 4 309 109 ^,087 113 4,949 3 6l4 5,563 7,8 81 3,782 418 4,200 4,952 692 2,924 4 **37 5 3,361 4,452 9 1± 470 4,922 L. 5 2,928 442 3,370 4,456 471 4,927 854 - 830 496 221 717 24 5,644 MEMPHIS BRANCH of the FEDERAL RESERVE BANK OF ST. LOUIS Ojpened for "business — - - September 3, ISIS* DIRECTORS: Home Address R. B. Snowden, 1397 Central Ave., Vice President, Bank of Commerce & Trust Co.,Memphis, Tenn. Memphis, Tenn. T. K. Riddick, Lawyer izUo Uhion Ave.,, Memphis, Tenn. S- E. Ragland, President, Central State Nat 1 1. Bank, Memphis, Tenn. 1663 York Ave., Memphis, Tenn. J . D. McDowell, Vice President, Union & Planters Bank & Trust Co., Memphis, Tenn. 12U2 Court Ave., Memphis, Tenn. J . J . Heflin, Manager of Memphis Branch Meetings: 237 Buena Vista Place, Memphis, Tenn. Friday preceding f i r s t Wednesday of each month. DISCOUNT COMMITTEE: Applications for discounts are checked by officers and Immediate credit given', action taken being subsequently r a t i f i e d by Discount Committee of the parent bank. PERSONAL: Four o f f i c e r s and 71 employes (June 30, 1920) TERRITORY ASSIGNED: Territory i s not determined by State or County l i n e s . On June 30, 1920, Branch t e r r i t o r y consisted of a l l c i t i e s i n Mississippi included i n D i s t r i c t No. 8; a l l c i t i e s i n Tennessee included i n D i s t r i c t No. 8, except those assigned to St. Louis, and c i t i e s i n Arkansas not assigned to St. Louis or L i t t l e Rock (For names of c i t i e s see "Federal ^ _ Reserve I n t e r - D i s t r i c t Collection System" l i s t ) . MEMBER BANKS I N BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of Branch 3U 5 $5,^18,226 $5,900,000 $38,087,107 $^7,87^312 June 30,1920 35 12 6,822,000 7,TO9,000 56,878,581 76,912,719 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1920 Total number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t " 193 17^ POWERS AND FUNCTIONS EXERCISED BY BRANCH; Deposits - Member banks- Carries reserve and clearing accounts of banks and trust companies assigned to d e a l with Branch. - Government. Carries Government deposits; authorized l i m i t $100,000. Memphis - Ug Discount and open market operations - Receives and passes'on applications for rediscount of e l i g i b l e paper and for advances tb member banks on their fifteen-day c o l l a t e r a l notes, and transmits daily a l l applications to the Head Officej which takes f i n a l action upon receipt. Immediate credit i s given on the books, of the Branch* Purchases endorsed bankers' acceptances upoii instructions from Head Office; no other open market operationsi Clearing and Collection Department - Ofcetated department for the clearing and collection of checks ancLdraftiS payable upon presentation, and drawn on banks on Federal Reserve par l i s t ; also for the collection of such items as xiotes, drafts, acceptances, coupons, e t c . dold Settlement Rind - Telegraphs Federal Reserve Board daily for settlement through the Gold Fund, amounts collected for the account of other Federal Reserve Banks. Clearing House - No membership i n Clearing House Association. Currency Receipts and Shipments - During the six months ending June 30, 1920, currency receipts and shipments amounted to about one-fourth of those of the Head Office. Telegraphic Transfers - Authorized to make wire transfers for member and clearing member banks i n Branch t e r r i t o r y ; also to receive and transmit ty wire to parent bank, for approval and advice of rate of discount, a l l applications of member and clearing member banks to buy or s e l l mail transfers* Fiscal Agency Operations - Makes deliveries of permanent coupon U. S. bonds i n change for temporary bonds. Such exchanges are limited to counter ^transactions, exchanges by mail being made by Head Office. Receives deposits for credit to U« S* Government; pays and cancels U. S. Certificates of Indebtedness and Government cordons; accepts for credit, subject to f i n a l payment, checks and warrants drawn on Treasurer of U. S. and acts as custodian of c o l l a t e r a l pledged by banks to secure Government deposits and to secure permanent bonds on consignment. Private Wire System - On Branch line between St. Louis, Memphis and L i t t l e Rock; monthly rental entire private wire system $1,490* Memphis Branch1 s proportion of rental during June, 1920, based on number of words telegraphed, $1*20*18. Salaries paid during June 1920, to telegraph operators a t St. Louis, Louisville, Memphis and L i t t l e ?'Rock $385. Portion of salary of operator at Memphis charged to private wire system for June 1920, $70. BANK PREMISES: Occupies quarters and has vdult space i n the Mercantile National Bank Building, and rocms over U S. Main Street; monthly rental $735' About September 1, 1920, w i l l move to larger quarters i n the Goodwyn I n s t i t u t e Building, a t a monthly r e n t a l of $1,150. Memphis - U 9 « EARNINGS AND EXPENSES " " Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920. January 1-March 3 1 Earnings (Gross) $55,226 Current Expenses: Salaries Other operating expenses F . R. currency Furniture and f i x t u r e s . . . (Transit Total (Other $8,633 5,175 . 2,185 - 5*017 10,976 Net earnings Ratio of t r a n s i t department expenses to ''current expenses exclusive of cost of P. R» currency . 15,993 A p r i l 1-June 30 $80,665 $8,578 6,668 2,321 2 f 253 5,587 1^,233 . 19,320 39,233 60,845 36-3$ 31*9# CHARACTER AND VOLUME 0E BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, hased on Friday night figures f o r periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Member banks1 reserve account Due to Head Office > U-S. Government - general account Deferred a v a i l a b i l i t y items (c) Jan.1-March 31 A p r i l 1-June 30 $7,107,731 $5,75^,338 (a)13,976,588 (b) 17,576,418 — 100,000 100,000 f ^ I ^ ' ^ 2,920,109 Other deposits : Deductions fTcm gross deposits: Uncollected items - 18^313 32T 516 5,962,556 3,^11,786 (a) Maximum amount due to Head Office $16,178,372 March 24; 1920* Minimum amount due to Head Office 11,449,405 Feb. 13, 1920. (b) Maximum amount due to Head Office 21,247,470 A p r i l 26, 1920. Minimtm amount due to Head Office 15,002,176 May 1, 1920. (c) The larger figure for the period Jan. 1 t o March 3 1 includes Gold S e t t l e ment Fund - Suspense credits carried p r i o r to March 1, 1920, since which date settlement through the Gold Fund has been made on date of collection o f items » Member_bantei balances.. ~ ~ State bank and t r u s t canpany members, June 30, 1920 A l l member banks , J&ie 30, 1920 Reserve balance Payment - a/c with .capital stock branch w i t h head o f f i c e $3, 3^9,5^7 5,894,771 $235,600 ^31,700 Mamphia - 5 0 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 3 1 and A p r i l 1 to June 30, 1920: Jan.l-Mar. 31 Discounts for member tanks National tanks $6,209,02? State tanks and trust companies - - - - 12,879,87^ Acceptances bought i n open market I 6 r l^U Total discounted and purchased Mils 19,105,097 Average d a i l y M i l holdings A p r i l 1-June 30 $9,756,501 12,269,160 ; t,667 22,030,328 12,773,000 l6,lJ07,000 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled d a i l y during periods December 16, 1919,to March 15, 192O. and March l b to June 15, 1920: • Dec.l6-March 15 March lb - June 15 Number / Amount Number Amount Items drawn an banks i n Branch c i t y - - 2,722 $2,157,^81 2,707 $1,730,002 Items forwarded to Head Office . 66 31,703 9s 38,887 Items forwarded to other . branches i n t h i s d i s t r i c t lH 5,63^ 57 32,903 Items drawn on banks i n t h i s d i s t r i c t outside of F.R/barik and branch c i t i e s - 6,85U 758,050 6,6Hl 587,463 Items forwarded to other F.B* banks or branches 77 3^,50U 81 37,921 Items drawn on Treasurer of U. S. - "311 85.Q36 l6Q ,58,85b Total ' - - • - - 10,0UH 3,073,308 9,953 2,1*66,032 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 3 1 A p r i l 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of d o l l a r s ) Currency received F r m member banks Fran nan-member banks - • Total Currency shipped or delivered To member banks To nai-member banks' Total Excess receipts U, 197 U5Q 36U 3U0 Ut 561 7QQ U,080 HQ5 U26 I& 4,506 2+1 \656 70U 5,360 M85 562 5,oU7 3,6Ui 66 167 - 3,808 66 3,56^ 69 151 6 3,715 75 3,707 167 3,87^ 3,633 157 3,790 9U9 537 l,Us6 852 1«55 1,257 DENVER BRANCH of the FEDERAL RESERVE BANK OF KANSAS CITY Opened for business January lU, 1918. Home Address Pueblo, Colorado. DIRECTORS: Alva Mans, President, Pueblo Savings and Trust Company Denver, Colorado. John Evans, International Trust Company, Denver President, A. C- Foster, Vice President, U. S. National Bank, Denver Denver, Colorado• C* C« Parks, Vice President, F i r s t National Bank, Denver Denver, Colorado. C* A- Burkhardt, Manager, Denver Branch Denver, Colorado• Meetings - The second Thursday of e&ch month* DISCOUNT COMMITTEE! Manager and two Directors• Any two a quorum. Passes on paper offered for discount and has general supervision over the Branch. PERSONNEL: Three officers and 71 employes (June 30, 1920) TERRITORY ASSIGNED: Colorado and that part of New Mexico included i n the Tenth F. R» D i s t r i c t * MEMBER RANKS IN BRANCH TERRITORY: NUMBER CAPITAL National Non-National National At opening of Branch 131 1 $18,239,750 May U, 1920 1% 5 22,550,000 AND SURPHJS Non-National TOTAL RESOURCES National Non-National $1,000,000 $213,19^,000 1,800,000 263,0^3,000 PAR LIST: Number of non-member banks " on par l i s t At opening of Branch June 30, 1920 Total number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t 111 281 — None $15,79^,000 22,039,000 Denver - 5 2 POWERS AND JUNCTIONS EXERCISED BY BRANCH: Deposits - Member "banks- Carries reserve accounts of banks assigned to deal with Branch- Member banks, however, may remit to or with special permission draw upon Kansas City Federal Reserve Bank or i t s Omaha Branch for account .of Denver Branch. - Government . Carries Government deposits, authorized l i m i t $200,000. Discount and open market operations - Branch rediscounts e l i g i b l e paper for member banks but does not engage i n open market operations except subject to the order and for account of Head Office. Clearing and Collection Department - Clears and collects checks for banks i n i t s t e r r i t o r y or i n other parts of the d i s t r i c t . Gold Settlement Fond - Branch telegraphs F. R« Board daily vfor s e t t l e ment through the Gold Fund amounts collected for the account of other F. R. Banks. Clearing House - Member o f Clearing House Association but makes no use of i t s f a c i l i t i e s . A l l items are presented direct to and settled ty each of the member banks. Currency Receipts and Shipments - Carries an adequate notes to meet a l l currency requirements of Receipts and deliveries of currency during 30 were equal to about one-fourth those of supply of Federal Reserve banks i n i t s t e r r i t o r y . the 6 months ending June the parent bank. Telegraphic Transfers - Bought and sold at par. Practice of purchasing mail transfers has been discontinued since November, 1919' Private Wire System - On main l i n e - Chicago-Qnaha-Denver-Salt LakeSan Francisco. Salary paid to operator i n June,$lHo. BANK PREMISES: Interstate Trust Company building, monthly rental, $U67-50 (Includes use of vault and f i x t u r e s . ) Denver - 53 EARNINGS AND EXPENSES Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30,1920. January 1-March 31 Earnings (Gross) $1*5, SS6 Current expenses: Salaries Other operating expenses F. R. currency Furniture and fixtures (Transit m . , Total (other A p r i l 1-June 30 , $7,220 ^»591 2% 500 3,91^ 8,6Uo ..12,55** $7,810 ^,985 150 798 \ 12U 9,619 '33,332 Net earnings Ratio of transit department expenses to current expenses exclusive of cost of F. R. currency $*K>,783 13,7^3 !27,oUo 31.8$ 30.3$ CHARACTER AND VOLUME OF BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, hased on Friday night figures for periods January 1 to March 31, and April 1 to June 30, 1920: Member banks1 reserve account U. S. Government - gfeneral account ( a ) — Deferred a v a i l a b i l i t y items (b) 'Other deposits Deductions from gross deposits: Due from head office Uncollected items Jan.l-March 31 $15,385,93*5 333,19* S'f^'SS (6,627,737 13,059 (c) 2,1*91,687 9,868,183 A p r i l 1-June 30 $15, 908,651 201,935 6,9^*7,209 7,558 (d) U, 596,UUl 8,523,292 (a) Includes uncollected items. (b) The larger figure for the period Jan. 1 to March 31 includes Gold Settlement Fund - Suspense credits carried prior to March 1, 1920, since T/fliich date settlement through the Gold Fund has been made on date of collection of items. (c) Maximum amount due from Head Office - -$7,250,3^1 March 29, 1920 Maximum amount due to Head Office 2,152,088 Jan. lo, 1920 (d) Maximum amount due from Head Office 7,76U, 572 April 10, 1920 Maximum amount due to Head Office 1,01*9,196 June 21, 1920 Member_bj|nks^ balances. v Reserve balance with branch State bank and trust company members May 1*, 1920 A l l member banks', May k 7 1920 $1,06S,U60 lU,899,292 Payment - a/c capital stock w i t h head office $55,200 725,650 Denver - 5UVOLUME OP PAPER DISCOUNTED AND BOUGHT: Mmthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Jan.l-Mar. 3 1 Discounts for member hanks National hanks State hanks and trust companies Acceptance's bought i n open market A p r i l i-Jime 30 - - - - - - - $l4,661,000 UUU,000 • $18,015,000 487,000 .... ,- = Total discounted and purchased b i l l s - 15,125,000 18,502,000 10,298,000 8,3^0,000 Average d a i l y b i l l holdings CLEARING- AND COLLECTION DEPARTMENT: Average number and amount of items-handled d a i l y during periods December l 6 , 1919 to March 15, 1920 and March 16 to June 15, 1920: Dec.l6-March 15 March 16 - June 15 Number Amount Number Amount Items drawn on banks i n Branch c i t y - - 2,77^ $2,217,911 2,752 $2,368, W3 Items forwarded to Head Office ?63. U7U,90o 428 382,356 • Items forwarded to other - branches , i n this d i s t r i c t 1,039 312,123 1,2^9 350,075 Items drawn on banks i n t h i s d i s t r i c t outside of P.R.Bank arid Branch c i t i e s 11,99^ 993,28b 11,807 1,023,507 Items drawn on banks i n other F.R . D i s t r i c t si Forwarded d i r e c t to ctrawee bank (a) 2,435 (a) 1,667 Forwarded to other F . R. banks or . branches 2,1*35 617,703 2,518 776,297 Items drawn on Treasurer of U. S. U7Q Total 19,28** 104.141 669 92JM U, 722,505 1 9 , ^ 3 ^,99^,789 (a) A d a i l y average o f less than 1 . CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920. January 1-March 3 1 A p r i l 1-June 30 In Outside In Outside 1 Total Branch. Branch Total Branch Branch City City City City ( I n thousands of dollars) Currency received Eran member banks - - — Erom non-member banks - - - Total Currency shipped or delivered To member banks So. non-member banks Total - . - - 1,7^7 3U UsU 2,231 1,729 6? 751 2,^80 62 - 1,781 M 2,265 1,791 751 2,5*2 - 1,187 U«7 290 1,^77 tyi 1,382 8 317 1,699 8 - 1,232 290 1,522 1,390 317 1,707 19U 7*3 ifoi U3U S35 - 54 OKLAHOMA CITY BRANCH of the FEDERAL RESERVE hiXOL OF XAJEAS CITY Opened f o r business - - - - August 2, 1920* DIRECTORS: V&lliam Mee President, Security Nat* 1 Bank* Home Address Oklahoma C i t y , Oklahoma E.H. Thurmond, Banker Oklahoma City, Oklahoma* Dorset Carter Attorney and President, Coline O i l Company* OldLahoma C i t y , Oklahoma* P*C* Dings, President, Guaranty State Bank: Ardmore, Oklahoma* C *E* Daniel f Manager, Oklahoma C i t y Branch Oklahoma C i t y , Oklahoma* Meetings - Tuesday pieceeding the f i r s t Friday of each month* Special meetings may be held upon the c a l l o f the fi&nager, upon request o f the Federal Beserve Bank o f Kansas C i t y , or the v/ritten request of any two directors* TSBRITOET ASSIGNED: That p a r t of the State of Oklahoma included i n the Tenth Federal Beserve D i s t r i c t * MEMBER BANKS HI 3RA.2CH TERRITORY: NUMBER National Non-National At opening of Branch 314 17 CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National ^29,175,OOO 876,300 ^350,321,000 £,19,897,300 PAR LIST: Number o f non-memberAtbanks on par list - opening o f Branch 542 T o t a l number of non-member banks i n Branch territory, a t opening of Branch, not on par l i s t - -None POVERS "AND FUNCTIONS EXERCISED BY BRAN3H: Branch \sas n o t open for business on J u l y 1 , 1920, but w i l l op orate under the same p l a n as t h a t which governs the operations of the Branch Banks a t Cincinnati and Pittsburgh* OMAHA. BRANCH of the FEEERAL RESERVE BANK OF KANSAS CITY Opened for business September 4 f 1917 • DIRECTORS: Lather Drake, President, Merchants National Bank, Qnaha Home Address 3910 Harney S t . , Omaha* R. 0 . Marnell, Cashier, Merchants National Bank, Nebraska City Nebraska City, Nebr. P» L. Hall, President, Central National Bank, Lincoln Lincoln, Nebr. Geo. E* Abbott, President, F i r s t National Bank, Cheyenne Cheyenne, Wyo* L» H. Earhart, Manager, Qnaha Branch Qnaha, Nebr. Meetings - Wednesday preceding the Second Thursday of each month. EXECUTIVE COMMITTEE: Manager and two Directors. Any two a quorum. Passes upon paper offered for discount and has general supervision over Branch. Meetings - Tuesday and Friday of each week. PERSONNEL: Four officers and 137 employes (June 30, 1920) TERRITORY ASSIGNED: Nebraska and Wyoming. MEMBER BANKS IN BRANCH TERRITORY: NUMBERCAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of Branch 227 1 $27,1^3,000 $35,000 $287,647,63* $275,707 May 4, 1920 231* 19 32,5^5,000 1,240,000 3^3,215,684 12,116,^72 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1920 33** 1,009 Total, number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t —None POWERS AND FUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks. Carries reserve accounts of a l l member banks i n the Qnaha Zone. - Government. Branch carries Government deposits;, authorised l i m i t $200,000. Gxiaha - 5 5 - Discount and open^market operations - Branch rediscounts e l i g i b l e paper for member banks. A l l purchases i n open market are made for account and w i t h the consent of the Head Office * Clearing and Collection Department - Operates Clearing Department for clearing and collecting checks for banks i n i t s t e r r i t o r y . Handles about 26,000 items d a i l y . Gold Settlement Fund - Branch telegraphs F. R. Board d a i l y for s e t t l e ment through Gold Fbnd amounts collected for the account of other F* R. Banks. Clearing House - Branch i s honorary member w i t h clearing p r i v i l e g e s . Settlement i s made d a i l y "by charging member banks1 .reserve accounts on books of Branch. Non-member items are presented d i r e c t to such banks; s e t t l e ment made by d r a f t s on n a t i o n a l banks which are presented for payment on the following day. Currency Receipts and Shirments - Carries an adequate supply of F- R. notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y . During the 6 months ending June 30 currency receipts and shipments were equal to* one-fourth those of the He*d O f f i c e . Telegraphic Transfers - Telegraphic transfers bought and sold a t p a r . The ' practice of purchasing m a i l transfers has been discontinued since November, 1919. Private Wir3 Syst&n - On branch l i n e frcrn Kansas City to Ctoaha for which the .branch pays as i t s share of the monthly r e n t a l , $U20. Branch i s also connected by "pony" wires w i t h offices of the Tfestern l&xion and Postal Telegraph Companies of the C i t y . Salary paid the Qnaha operator i s $125 P o r month. BANK PREMISES: Has purchased the Farnum Building, at a co*t of $165,000, i n which i t foimerly rented quarJ^rRpid vault space. The three floors above the second f l o o r axg/to various tenants. EARNINGS AND EXPENSES Qnaha - 57 - Monthly average for periods January 1 to March 31, and April 1 to June 30,1920. January 1-March 31 April 1-June 30 Earnings (Gross). - - Current expenses: Salaries Other operating expenses F. R*. currency Furniture and fixtures Total (Other . ' Net earnings $151,9^3 $12,839 7,509 290 1.07U 6,617 15,095 $181,889 $15,lob 10,196 162 1T 8*fo 10,952 18,^31 21,712 130,231 Ratio of transit department expenses to current expenses, exclusive of cost of F . R. currency 29,383 152,506 30.$ 37 CHARACTER AND VOLUME OF BUSINESS HANTLED DEPOSITS: Average d a i l y deposits, based on Friday n i g i t figures for periods January 1 to March 31, and A p r i l l ' t o June 30, 1920: Member banks1 rdserve account U. S. Government - general account Due to Head Office Deferred a v a i l a b i l i t y items (d) Other deposits Deductions from gross deposits: Uncollected items Jan.l-March 3 1 A p r i l 1-June 30 $19,075,11** $16,812,399 (a) 651,0*47 392,834 (b) 18,069,73** (c) 19,736,008 (lo'o^^ 11,2^8,023 27*887 2"Sr2V) 15,388,516 12,658,330 (a) Includes uncollected items * (b) Maximum amount due to Head Office — $25,661,301 January 2, 1920. Minimum amount due to Head Office - 13,672,000 February 13,1920• (c) .Maximum amount due to Head Office - 22,770,022 A p r i l 23, 1§20. Minimum amount due to Head Office - 13,672,26U February 13,1920. (d) The larger figure for the period Jan. 1 to March 31 includes Gold Settlement Fund - Suspense credits carried prior to March 1, 1920, since which date settlement through Gold Fund has been nade on date of collection of items* Memter_banksJ. bal ance s. Reserve balance with Branch State bank and trust company members, March k, 1920 A l l member banks, March 31, 1920 Payment - a/c capital stock with Head Office $862,778 18,^03,3^0 $35,500 1,002,750 V Ctoaha - 58 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1§20: Jan.l-Mar• 31 Discounts for member banks National banks State banks' and trust companies Acceptances bought in open market — - Total' discounted and purchased b i l l s - A p r i l 1-June 30 * $3^,776,222 733,102 35,509,32^ $29,3**6,2UU 877,833 30,224,077 32,^37,000 3^,552,000 Average d a i l y b i l l holdings CLEARING AND COLLECTION DEPARTMENT: Average, number and amount o f items handled d a i l y during periods December 16, 1919 to March 15, 1920 and March l 6 to June 15, 1920: Dec .l6-March 15 March 16 - June .15 Number Amount Ntmber Amount Items drawn on banks i n Branch c i t y - - 3,551 $3,162,636 3*618 $2,962,556 Items forwarded to Head Office 324,343 4l8 276,0l4 Items forwarded to other branches i n t h i s d i s t r i c t 357 97,046 352 88,129 Items drawn on banks i n t h i s d i s t r i c t outside of F.R.Bank and Branch c i t i e s - 17,98** 2,075,893 19,1^9 1,960,470 Items forwarded to other F.R. banks or branches 1,U26 441,236 1,472 397,268 Items drawn on Treasurer of U. S 6^8 , 6 4 ^ 4 0 1 1,578 80,64*5 Total - - 24,399 6 , 1 6 5 , ^ 26,587 5,765,082 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 31. In Outside Branch Branch Total City City A p r i l 1- June 30 In Outside Branch Branch Total City City ( I n thousands of dollars) Currency received From member banks From non-member banks - - - - - Total Currency shipped or delivered ~ To member banks To # non-member banks Total Excess receipts Excess shipments 1,334 2 6 l - 1,595 1,^75 5&9 2,044 * - . 1,33^ 261 1,595 1,^75 569 2,044 1,425 858 - 2,285 - 1,109 7^3 - 1,852 , -- 1,U25 858 2,283 1,109 7^3 1,852 291 597 688 366 174 192 EL PASO BRANCH o f the FEDERAL RESERVE BANK OF DALLAS Opened f o r business - - - - June 17 1 1918. Home Address El Paso Texas DIRECTORS: V/.W- Turney, Attorney A*P* Coles, Real Estate E l Paso Texas U.S. Stewart, Banker EL Paso' Texas A.F* K e r r , Banker El Paso Texas Y/.C. 7/eiss, Manager, E l Paso Braxch E l Paso Texas Meetings - The second 'Tuesday of eaoh month* EXECUTIVE CQMITTEE: Three, including the PERSONNEL: Thzee o f f i c e r s and 46 employes {June 30,1920) TERREPOBY ASSIGNED: The following counties i n the States o f Arizona, New Mexico and Texas: ARIZONA. Cochise Graham Greenlee Pima Santa Cruz Eager* NET/ MEXICO Bernalillo Lincoln Luna Chaves Otero Curry Quay DeBaca Roo sevelt Dona Ana Sierra Eddy Grant Socorro Torrance Gtiadalupe Valencia Lea TEXAS Andrews Midland Brewster Pecos Pres idio Crane Terrell Culberson Reeves Ector Val Verde El'Paso Ward J e f f Davis Winkler Loving Martifc MEMBER BANKS IN BRAK3H TERRITORY National At opening of Biaroh May 4,1920 - - 55 57 NUMBER CAPITAL AMD SURPLUS Non-National National Non-National 6 12 PAR LIST: Number o f non-4nenber banks on par l i s t ~ At opening of Branch - July 15, 1920 Total number o f non-member banks i n Branch t e r r i t o r y July 15 f 1920, not on par l i s t — v?,096,000 8,120,000 -20 82 -None ^388,000 1,316,500 E l Paso -go ~ POTTERS AND FUNCTIONS EXERCISES) BY BRANCH: Deposits - Member banks* Carries reserve accounts of member banks assigned to deal w i t h Branch. - Government. Carries Government deposits - authorized l i m i t $500,000. Rsceives deposits from collector of customs, internal revenue collector, and various Judicial and m i l i t a r y o f f i c i a l s , also through transfer from national banks for credit of U. S. Treasurer. Sends d a i l y report to Treasurer of the United States. Discount and open market operations - The Branch engages i n the usual rediscount operations. Offerings for rediscount are acted upon by the Executive Committee of the Branch, and immediate credit passed to reserve accounts of member banks, these transactions being subject to review by the Head Office. Member banks have the option of sending their paper to the Branch or to the parent barik. Clearing and collection Department - Branch maintains a department for the clearing and collection of checks and drafts, also for the collection of maturing notes and other cash and credit instruments. Handles about S,700 items d a i l y . Gold Settlement Stand - Branch telegraphs Federal Reserve Board daily for settlement through the Gold Fund amounts collected for the account of other Federal Reserve banks and direct s e t t l i n g branches. Local Clearing House - Branch i s a member of the E l Paso Clearing House Association without cost except fines and penalties. Daily Clearing House settlement i s , by arrangement, effected by appropriate entries to Clearing House members upon the books of the Branch. Currency Receipts and Shipments - Carries an adequate supply of currency to i meet a l l requirements of member banks i n Branch t e r r i t o r y . Receipts and shipments during the six months ending June 30, 1920 amounted to about one-fourth those of fee Head OfficeTelegraphic Transfers - Telegraphic transfers of funds to other Federal Reserve bank* and branch c i t i e s made without cost to member banks . Drafts on other Federal Reserve bank and branch c i t i e s accepted for immediate credit on discount basis. Net earnings on transfers bought during the three months ending March 31st, 1920,were $5,351-07Private Wire System - Branch line maintained between Head Office and E l Paso for transaction of a l l telegraphic business; monthly r e n t a l of branch l i n e , $1,323* Salary paid to operator i n June, $125. BANK PREMISES: New building for exclusive use of the Branch to be occupied about August 1st. E l Paso - 6 1 - EARNINGS AMD EXPENSES Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30,1920* January 1-March 3 1 Earnings (Gross) $15,916 Current Expenses: Salaries Other operating expenses F. R. currency Furniture and f i x t u r e s AOw£U (Other A p r i l 1-June 30 - $28,9*5 $5,665 ^,719 $5,601 5,631 HlS 2,757 8, oUo 6l 3,09^ 8,198 Net earnings 10,797 5,119 Ratio of t r a n s i t department expenses to current expenses — —> H , 292 17,693 25.5$ 27 CHARACTER AND VOLUME OF BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, "based on Friday night figures for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Member hanks' reserve account U. S. Government - general account Due to Head Office Deferred a v a i l a b i l i t y items (c) Other deposits Deductions from gross deposits: Uncollected items Jan.l-March 31 $U,699,122 311,911 (a)2,250,737 (2,967,^ (2,325,9*0 'S.fcft ^,991,936 A p r i l 1-June 30 $^,7^1,356 303,3% (b) U, 500,295 2,^5,055 5.1*37 U, 1*63,829 (a) Maximum amount due to Head Office $ 3,^98,OlU March 29, 1920. Minimum amount due to Head Office 186,835 Feb. 17, 1920. (b) Maximum amount due to Head Office U,6ll,7o2 May 28, 1920. Minimum amount due to Head Office 2,380,U21 A p r i l 2 , 1§20. (c) The larger figure f o r the period Jan. 1 to March 31 includes Gold S e t t l e ment Fund - Suspense credits carried prior to March 1, 1920, since which date settlement through the Gold Fund has been made on date of c o l l e c t i o n o f items. Member _banksj. balances • Reserve balance Payment - a/c with capi t a l stock branch w i t h head o f f i c e State bank and t r u s t company members March U, 1920 A l l member bsmks1, March 31, 1920 $ 378,526 ^,715,983 $ 39,^95 283,095 E l Paso - 62 VOKJME OP PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 and April 1 to June 30, 1920: Jan.l-Mar. 31 Discounts for member hanks National hanks State banks and trust companies Acceptances bought i n open market - - Total discounted and purchased bills Average daily b i l l holdings April 1-June 30 $3,733,806 5^7,623 - $4,738,079 764,092 - , , 4,281,429 5,502,171 $3,078,000 $5,158,000 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled d a i l y during periods December 16, 1919 to March 15, 1920 and March 16 to June 15, 1920: Dec .l6-March 15 March 16 - June 15 Number Amount Number Amount Items drami on banks 3n Branch c i t y 1,255 $518, l4o 1,605 $530,270 Items forwarded to Head Office 736 194,675 60S 143,745 Items drawn on banks in this d i s t r i c t outside of F.R. lank and branch c i t i e s 5,187 589,621 5,^1 572,447 Items forwarded to other P. R. banks or branches 1,479 490,676 909 ^3,^37 Items drawn on Treasurer of U. S. - 786 Q6fq4o 1,025 97,487 Total 9 , ^ 3 1,890,052 9,5^8 1,7^7,326 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and. April 1 to June 30, 1920: A p r i l 1-June 30 January 1-March 31 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) Currency received Prom member banks Erom non-member' banks - Total Currency shipped or delivered To member banks To non-member banks Total Excess receipts - - — Excess shipments 1,365 & 1,^29 1,365 639 1, s6o M 2,00U 307 1,3*5 960 980 1,9*0 352 1,390 960 980 1,9*0 277 39 I105 1,188 241 1,036 1,038 238 6* 3*1 HOUSTON BRANCH 63 of the .FEDERAL RESERVE RANK OF DALLAS Opened for "business - - - August 4, 1919* Home Address Houston, Texas* DIRECTORS: Guy M. Bryan, Vice-President, Lumbermans National Bank Frank Andrews, Lawyer Houston, Texas* R. M. Farrar, President, National Bank of Camerce Houston, Texas. J . J . Davis, President, South Texas State Bank, Galveston, Texas Galveston, Texas* E* F* Gossett, Manager, Houston Branch Houston, Texas* Meetings: The t h i r d Tuesday of each month. EXECUTIVE COESITTEE: Three, including the mnnager• PERSONNEL: Three o f f i c e r s and sixty-seven employes (June 30, 1920) TERRITORY ASSIGNED: The following f i f t y - s i x counties i n Texas. F i f t y - f i v e counties designated by F . R. Bank, Dallas, a t opening of Branch August 4, 1919- Hio Grande County added A p r i l 3rd 1920. Anderson Caldwell Angelina Calhoun Aransas Cameron Austin Chambers Bastrop Cherokee Colorado Harris Waller Fayette Fort Bend Jackson Galveston Goliad Gonzales Grimes Hardin Nueces Houston Refugio Jasper Jefferson Jim Wells Karnes Kleberg Walter Liberty Willacy San Jacinto San Patricio Trinity $yler Victoria Hidalgo Burleson Wharton Madison Matagorda Montgomery Nacogdoches Newton Brazoria Washington Rio Grande Lee Bee DeWitt Polk Lavaca Orange Brazos Live Oak MEMBER BANKS IN BRANCH TERRITORY: At opening of Branch May 4, 1920 NUMBER CAPITAL AND SURPHJS National Non-National National Non-National 85 l4* $19,069,500 $1,499,000 86 PAR LIST: Number of non-member banks on par l i s t At opening o f Branch June 30, 1920 T o t a l number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t 33 20,459,000 v - 60 254 v None 3,787,100 Houston - 6 4 - POWERS AND JUNCTIONS EXERCISED BY BRANCH: Deposits'- Member banks• Carries reserve accounts of banks assigned to deal vrith Branch- Also authorized to carry balance for clearing non-member banks* - Government* Keeps Government account and receives and disburses Government funds- Authorized-limit $300,0C0. Discount and open market operations - Receives from banks and trust companies authorized to deal d i r e c t l y with i t , . offerings of b i l l s , notes, and other instruments of credit e l i g i b l e for discount by a Federal Reserve Bank. Immediate credit for the face value of such paper i s given on the books of the Branch subject to f i n a l approval by the Executive Committee at Dallas • Clearing and Collection Department - Operates department for the clearing and ^collection of checks payable upon presentation, also for the collection of maturing notes and b i l l s - Handles about 16,350 items daily• Houston banks route d i r e c t about 7,500 items daily for credit a t Branch. Gold Settlement Fund - Branch telegraphs Ibderal Reserve Board dally for settlement through Gold Fund amounts collected for the account of other Federal Reserve banks* Clearing House - Associate member of Local Clearing House without cost, with clearing privileges only- A l l members of Clearing House are members of the Federal Reserve System and clearing house balances are paid by debit or credit entries to reserve accounts on the books of the Branch* / Currency Receipts and Shixments - Carries an adequate supply of Federal Reserve notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y * Receipts and deliveries of currency during the six months ending June 30th were equal to about one-half of those of parent bank. Telegraphic Transfers - Makes telegraphic transfers to and from other d i s t r i c t s for the account of manber banks» Fiscal Agency Operations - A l l items to be handled through this department are relayed to Dallas and handled through their Fiscal Agency department . Detailed entries are made on Branch books and totals only reported to Head Office* Private Wire System - Branch line from Dallas to Houston, monthly charge of Salary paid to operator on the Dallas-Houston l i n e for June, $110. BANK PREMISES: Occupies quarters on f i r s t and part of second floor of the Hermann Building a t a monthly rental of $U00Federal Reserve Agent has vault space i n the Union National Bank for which no rent is charged* E/iKHNBfl AND EXPENSES Houston - 6 5 - Monthly average for periods January i to March 31, & & A p r i l 1 to June 30,1920. January 1-Marbh 3 1 A p r i l 1-June 30* Earnings (Gross) $55,^72 Current Expense s: Salaries Other operating expenses P. R. currency — Furniture and f i x t u r e s (Transit Total (other Net earnings $7,677 6,816 $87,523 $30,564 7,790 - _ - ^ * Ratio of t r a n s i t department expenses to current expenses T ~ - - r - <— 1T l l 6 37*91 12,118 , 15,609 lf118 M70 15,002 39,863 19,672 67,851 . 23*7$ 22 CHARACTER AND VOICME OF BUSINESS HANDLED DEPOSITS} Average d a i l y deposits, based on Friday night figures for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Member banks* reserve account - - - - - - U- S* Government - general attcouht Due to Head Office - Deferred a v a i l a b i l i t y items (fc) Other deposits - .. u Deductions from grosd deposits: Uncollected items Jaii.l-March 3 * $ll,7*?5*179 290*0U4 U,381,656 A p r i l 1-June 30 $ll,^8U,935 •401,55** (b) 9,562,57^ 6,1^7,875 w,bb3,152 15r2qU 12.676 13,058,791 9,321,7^3 - *Includes uncollected items« (a) Maximum amount due t o Head Office $5,99^,^33 January 30,1920.Minimum amount due to Head Office 2,lb9,595 February 13,1920. (b) Maximum mount due t o Head Office 12,552,596 June 25, 1920. Minimum' amount due to Head Office 6,865,7*1 A p r i l 13, 1920* (c) The larger figure f o r fee period Jan- 1 to March 3 1 includes Gold S e t t l e ment Fund - Suspense credits carried p r i o r to March 1, 1920, since which date settlement through the Gold Fund has been made on date o f c o l l e c t i o n of items* Memter_banksJ. baJLances. Reserve balance Payment - a/c with c a p i t a l stock Branch w i t h Head Office State bank and trust company members, June 30, 1920 A l l member banks, June 30, 1920 $1,691,500 11,189,000 $101,850 727,380 Houston - 66 - VOLUISE OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 and A p r i l 1 to June 30, 1920: Jan.l-Mar- 31 Discounts for member hanks National hanks $16,583,920 State hanks and t r u s t companies 1,106,622 Acceptances bought i n open market - - - Total discounted and purchased bills 17,690,5^2 Average daily b i l l holdings A p r i l 1-June 30 $20,493,843 1,860,032 22,353,875 - - - 10,825,000 16,569,000 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled d a i l y during periods December l 6 , 1919 to March 15, 1920 and March 16 to June 15, 1920: Dec.l6-March 15 March 16 - June 15 Number Amount Number Mount items drawn on banks i n Branch c i t y 2,^58 $1,682,82*4 2,U63 $1,688,807 Items forwarded, to Head Office 701*' 2^7,993 3**8 142,476 Items drawn on banks i n t h i s d i s t r i c t outside of F.R.B'ank and Branch c i t i e s 10,020 1,165,658 12,151 1,573,152 Items forwarded to other F.R. banks or branches 1 7 035 1,122,880 890 852,057 Items drawn on Treasurer of U. S. 2,^08 72.U7Q 2.770 117.004 Total 16,525 U,297,83U 18,622 U,379,396 CDHREWCr RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30,1920: January 1-March 31 A p r i l 1-June 30 In Outside In Outside Branch* Branch Total Branch Branch Total City ! City City City | ( I n thousands of dollars) i 1,313 78U 2,097 1,^51 568 2,019 UoQ 40Q - . 94 Currency received: From member banks Fran non-member banks Total Currency shipped or delivered To member banks — To non-member banks Total Excess receipts Excess shipments - — 1,313 1,193 2,506 992 1,195 2,187 992 1,200 2,272 23U 321 ~S7 1,U51 662 2,113 8SU 1,029 197 ssu 1,226 1,913 197 2,110 567 56U 3 67 ICS ANGELES BRAN(& of the FEDERAL RESERVE BANK OF SAN FRANCISCO Opened for business January 2, 1920 Home Address. Los Angeles, Calif. DIRECTORS: A* J . Waters, President, Citizens National Bank, Los Angeles H. M. Robinson, President, F i r s t National Bank, and Los Angeles Trust & Savings Bank, Los Angeles Pasadena, Calif- J . F. Sartori, President, Security Trust & Savings Bank, Los Angeles Los Angeles, Calif. I . B. Newton, Capitalist Los Angeles, Calif. C. J• Shepherd, Manager of Los Angeles Branch Los Angeles, Calif. Meetings: Friday following the f i r s t Tuesday of each month- DISCOUNT COMMITTEE: Three, the Manager and two other Directors* Passes upon a l l offerings of loans and rediscounts, subject to approval of Head Office. Meetings, Friday of each week. PERSONNEL: ®nro officers and lUo employes (June 30, 1920) TERRITORY ASSIGNED: The following counties i n the States of Arizona and Calif ornia* ARIZONA Apache Goconimo Gila Maricopa Mohave Navajo Pinal Yavapai Yuma CALIFORNIA Imperial Inyo Los Angeles Riverside Orange San Bernardino Ventura San Diego Santa Barbara MEMBER BANKS IN BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of Branch l4k 11 $26,932,000 $11,901,000 $355,976,000 $17^,039,000 May U, 1920 144 17 29,236,000 16,220,000 363,663,000 208,019,000 PAR LIST: Number of non-member banks on par l i s t At opening of Branch r June 30, 1920 Number of non-member banks i n Branch t e r r i t o r y June 30, 192(5, not on par l i s t l6l 169 None Los Angeles -68 POWERS AND FUNCTIONS EXERCISED BY BRANCH: De-posits - Member banks. Carries reserve and clearing accounts of banks assigned to deal w i t h Branch. - Government. Carries Government deposits; authorized l i m i t $100,000* Pays warrants, coupons, e t c . , also redeems Definitive Certificates of Indebtedness. Transcript i s rendered d a i l y to Treasurer of United States. Discount and open market operations - Rediscounts e l i g i b l e paper for member banks, immediate credit for the proceeds being given on the books of the Branch. Open market purchases are made upon order of and for account of Head O f f i c e . Clearing and Collection Department - Operates department, for the clearing and collection of checks and drafts payable upon presentation; also for the collection of maturing notes and b i l l s . Handles about 21,043 items d a i l y . Member or clearing msaber bank may forward checks direct to the Federal Reserve Bank of San Francisco and i t s branches for credit to i t s reserve account, at the office of the bank w i t h which a f f i l i a t e d . Upon authorization, checks payable i n other d i s t r i c t s may be forwarded direct to other Federal Reserve banks and branches. Gold Settlement Fund- - Telegraphs Federal Reserve Board d a i l y for settlement through Gold Settlement Fund amounts collected for the account of other Federal Reserve banks • • Clearing House - Member of Los Angeles Clearing House Association, without vote. A l l members of the Los Angeles Clearing House are member banks and clearing house settlements are made d a i l y on the books of the Branch* Currency Receipts and Shitments notes to meet a l l Currency receipts 1920, amounted to - Carries an adequate supply of Federal Reserve currency requirements of banks i n i t s t e r r i t o r y . and shitments for the six months ending June 30, about 3 * per cent of those of the Head O f f i c e . Telegraphic Transfers - Makes direct telegraphic transfers to and from other d i s t r i c t s for account of member banks. Private Wire System - On Branch l i n e San Francisco-Los Angeles. Monthly r e n t a l $9^0. Salaries paid i n June to operators on Branch Line San Francisco-Los Angeles $217*50. BAM PREMISES: Occupies quarters and has vault space i n the Washington Building, 3rd and Spring Streets, Los Angeles; monthly r e n t a l $965* Los Angeles - 69 EARNINGS AND EXPENSES Monthly average for periods January 1 to March 31 and A p r i l 1 to June 30,1920. January 1-March 31 Earnings (Gross) $27,086 Current Expenses: Salaries Other operating expenses F . R- currency Furniture and f i x t u r e s Total (Transit 0 1 (Other - - tfet earnings Ratio of t r a n s i t department expenses to current expenses, exclusive of cost of F. R. currency • $9,725 6,707 301 lr342 5,097 12,978 "18,075 9,011 28-7$ A P * H 1-J^ne 30 $64, 890 $18,711 446 10,610 7,860 35,290 .43,150 21,7^0 18 .^ CHARACTER AND VOLUME OF BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, hased on Friday night figures for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Member hanks1 reserve account - r Due to Head Office U. S. Government - general account* Deferred a v a i l a b i l i t y itons (a) Other deposits Jan.1-March 3 1 $28,107,018 134,262 S'IS'SS 107.^62 A p r i l 1-June 30 $28,959,625 151,764 6,201,162 177ryHL Deductions from Gross Deposits: Due from Head Office (b) 9,106,95** (c) 6,475,192 Uncollected items 11,262,267 10,53^,952 * I n olv&ee uncollected items. (a) The larger figure for the period Jan. 1 to March 3 1 includes Gold S e t t l e ment Fund - Suspense credits carried p r i o r to March 1, 1920, since which date settlement through the Gold Fond has been made on date of c o l l e c t i o n of items* (b) Maximum amount due frcm Head Office $18,804,650 January 2, 1920. Minimum amount due frcm Head Office 5,448,563 March 5, 1920. (c) Maximum amount due from Head Office 11,816,277 A p r i l 23, 1920. Minimum amount due from Head Office 1,402,380 June 18, 1920. Mamber_barQcsJ. balances^ Reserve balance with branch Payment - a / c c a p i t a l stock w i t h head o f f i c e State bank and trust company members, March U, 1920 A l l member banks - March 31, 1920 $8,517,686 27,295,852 $Uo7,100 1,228,U00 Los Angeles ~ 70 VOLUME OE PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 and A p r i l 1 to June 30, 1920: J an. 1-March 31 Discounts for member hanks National banks State banks and trust companies Acceptances bought i n cpen market Total discounted and purchased bills Average d a i l y b i l l holdings t A p r i l 1-June 30 $9,724,556 3^3,^36 - $13,808,002 2,214,171 10,067,992 16,022,173 5,507,000 12,976,000 CLEARING AND COLLECTION DEPARTMENT: Average number and amount of i t e m s handled d a i l y during periods January 2, to March 15, 1920 and M a r c h lb to June 15, 1920: March 16- June 15 Jan. 2- March 15 Number Amount Number Amount Items drawn on banks i n Branch c i t y - 2,689 $ 1 , 9 ^ , 5 7 1 3,717 $2,819,658 Items forwarded to Head Office 4l6 206,380 524 180,335 Items forwarded to other branches i n this d i s t r i c t 82 20,563 117 18,387 Items drawn on banks i n t h i s d i s t r i c t outside I . H . Bank and Branch c i t i e s - 11,602 I , l 4 3 , 4 l 9 1^,397 1,451,9*2 Items forwarded to other E-R* banks or branches 674 4i4,1S9 1,111 336,497 Items drawn on Treasurer of U. S. 558 204,875 74^ 376.786 Total 16,021 3,935,997 20,609 -5,183,665 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average f o r periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 31 A p r i l 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) Currency received Ercm member banks Ercm non-member banks Total Currency shipped or delivered: To member banks To non-member banks Total Excess receipts Excess shipments g 3,734 - 475 22b 4,209 226 4,256. - 729 112 M 3,73^ 701 4,435 4,256 841 5,097 2,613 1,826 - 4,439 - 3,594 - 2,562 - 6,156 z 2,613 1,826 4,439 3,59^ 2,562 6,1*5 1,121 - 1,125 - 662 - 1,721 1,059 ** 5 112 PORTLAND BRANCH 71 of the FEDERAL RESERVE BANK OF SAN FRANCISCO Opened for business — October 1, 1917* DIRECTORS: J . C* Ainsworth, President, United States National Bank, Portland, Oregon. Home Address Portland, Oregon. Nathan Strauss, General Manager, Fleis'chner-Mayer & Co.,Portland, Oregon. Portland, Oregon. Edward Cookingham, President, Ladd & T i l ton Bank, Portland, Oregon 4 Portland, Oregon. J . N* Teal, At to rney-*at- law, Portland, Oregon i Portland,. Oregon. F- Greenwood, Manager of-Portland Branch. Portland, # Oregon* Meetings: Wednesday following the f i r s t Tuesday of each month* DISCOUNT COMMITTEE: Three, the Manager, and two other Directors• Passes upon a l l offerings of loans and rediscounts, subject to approval of Head Office* Meetings, Monday and Thursday of each week* PERSONNEL: Ihro o f f i c e r s and 56 employes (June 30, 1920) TERRITORY ASSIGNED: The entire state of Oregon, except the towns of Klamath F a l l s , Lake view, and M e r r i l l , which are a f f i l i a t e d w i t h the Head Office, and the following counties i n the State of Washington. 4 Clarke Skamania . Cowlitz Klickitat Wahkiakum ^ The towns of Klamath F a l l s , Lakeview, and M e r r i l l , Oregon, were transferred from this Branch to the Head Office, January 1, 1920. On the same date K l i c k i t a t County Washington, was transferred t o t h i s Branch from the Spokane Branch. 'MEMBER BANKS- I N BRANCH TERRITORY: NUMBER CAPITAL AND SORPLUS TOTAL RESOURCES National Non-National National Non^National National Non-National At opening of branch — S2 1 $15, ll 1 *, 9^3 $110,000 $139,753,000 $936,955 May **, 1920 - «9 20 15,9**6,000 3,769,000 190,3w,000 U6,849, 888 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1930 Total mmber of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t - 139 177 None Portland - 72 POWERS AND FUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks . Carrier reserve and clearing accounts of banks assigned to deal w i t h Branch * - Government. Carries Government deposits; authorized l i m i t $200,000. Pays warrants, coupons, e t c . , also redeems D e f i n i t i v e Certificates of Indebtedness. Transcript is'rendered d a i l y to Treasurer^of United States. Discount and open market operations - Rediscounts e l i g i b l e paper for member banks, immediate c r e d i t for the proceeds being given on,tho books of the Branch. Open market purchases are made upon order of and for account of Head Office• Clearing and Collection Department - Operates department' for the clearing and collection of checks and drafts payable upon presentation; also for the collection of maturing notes and b i l l s v Handles about 9,013 items d a i l y . Member or clearing member bank may forward checks d i r e c t to the Federal Reserve Bank of San Francisco and i t s branches for c r e d i t to i t s reserve account, at the o f f i c e of the bank w i t h which a f f i l i a t e d . Upon authorization, checks payable i n other d i s t r i c t s may be forwarded d i r e c t to other Federal Reserve banks and branches. Gold Settlement Fund - Telegraphs Federal Reserve Board d a i l y for settlement through Gold Fund amounts collected for the account of other Federal Reserve banks. Clearing House - Member of Portland Clearing House Association, without vote* A l l members of the Clearing House Association are either members of or carry accounts w i t h Branch. Clearing settlements are made d a i l y on books o f the Branch. Currency Receipts and Shipments - Carries an adequate supply of F. R. notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y . Currency receipts and shipnents for the six months ending June 30, 1920 amounted to about i 5 per cent of those of the Head O f f i c e . Telegraphic Transfers - Makes d i r e c t telegraphic transfers to and from other d i s t r i c t s for account of member banks* Private Wire System Monthly June to Spokane BANEC PREMISES: On branch l i n e San Francisco-Portland-Seattle-Spokane. r e n t a l for a i t i r e branch l i n e $2^80. Salaries paid i n operators on branch l i n e San Francisco-Portland-Seattle$7^0.' Occupies quarters and has vault space i n the Ltsnbenrfeno Bank Building, F i f t h and Stark Streets; monthly r e n t a l $300. Portland - 73 - EARNINGS AMD EXPENSES Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920 January 1-March 3 1 Earnings (Gross) A p r i l 1-June 30 $28,420 Current expenses: Salaries Other operating expenses F. R. currency Purniture and fixtures m , - (Transit Total (Other jjet earnings Ratio of t r a n s i t department expenses to current expenses exclusive of cost of P. R. currency $4,427 2,492 50 11 1,552 5,428 $^7,139 _ . $6,894 46 JUKI l.b?7 9,948 '6,980 11,575 21,430' 35,564 22.4$ . 14.1% CHARACTER AND VOLUME OP BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, hased on Friday night figures for periods January 1 to March 31; and A p r i l 1 to June 30, 1920: Member hanks1 reserve account Due to Head Office U.S.Government - general account, (c) Deferred a v a i l a b i l i t y items (d) Other deposits Deductions from Gross Deposits: Due from Head O'ffice Uncollected items Jan. 1-March 31 $lU,l46,037 285,890 A p r i l 1-June 30 $13,382,231 (a) 2,972,239 243,814 (l'85!'012 2,099,33^ ' 27^908 ^12. l4g (b) 222,851 4,297,376 3,310,853 Ma (a) Maximum amount due to* Head Office $ 5,9^,5^8 F 2 * t 1 920. Maximum-amount due from Head Office 1,391,360 Apr. 16,1920. (b) Maximum amount due frcm Head Office 2,119,184 Feb. 13,1320. Maximun amount due to Head Office 1,902,891 Jan. 16,1920. (c) Includes uncollected items. (d) The larger figure for the period Jan. 1 to March 31 includes Gold S e t t l e ment Fund- Suspense c r e d i t s carried p r i o r to March 1, 1920, since which date settlement through the Gold Fund has been made on date of collection of items* Member_banis^ balances^ ~ ~ State bank and t r u s t company members March 4, 1920 - A l l member banks liarch 31, 1920 Reserve balance with branch $2,3^,053 12,113,^7 Payment - a/c c a p i t a l stock w i t h head o f f i c e $107,250 579,750 Portland - 7 4 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 3 1 and A p r i l 1 to June 30, 1920: Jan sil-Mar. 3 1 Discounts for member hanks National hanks State banks and trust companies Acceptances bought i n open market A p r i l 1-June 30 - $10,001,179 1,382,828 - - Total discounted and purchased b i l l s Average d a i l y b i l l hbldings $22,610,153 908,3217 11,384,007 23,518,^80 6,163,000 9,535,000 CLEARING AND COLLECTION tiE^ARHMENT: Average number and amount of items handled d a i l y during periods December l 6 , I919 to March 15, 1920 and March 16 to June 1^4 1920: 9 Dec .l6~March 15 March l 6 - June. 15 Number Amount Number Amount Items drawn on banks i n Branch c i t y - - 1,878 $1,321,884 2,035 $1,^2,397 Items forwarded to Head Office 77 17,902 64 15,958 Items forwarded to other branches i n this d i s t r i c t 731 143,672 804 137,823 Items drawn on banks i n t h i s d i s t r i c t out• side of F. R. Bank and Branch c i t i e s - 4,480 366,351 M 3 1 424,217 Items forwarded to other F.R. banks or branches 107 51,891 95 77,486 Items drawn on Treasurer o f U. S. 551 205.5Q8 685 265.4qo Total - 7,824 2,107,298 8,51^ 2,413,371 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 3 1 A p r i l 1-June 30 In Outside In Outside Branch Branch Total Branch Branch T o t a l City City City City ( I n thousands of d o l l a r s ) Currency received Item member banks Fran non-member banks Total Currency shipped or delivered To member banks To non-member banks Total Excess receipts Excess shipnents - 2,019 n 222 2 2,24l 15 1,954 2 163 - 2,117 £ 2,032 22U 2,256 1,956 163 2,119 1,413 10 299 1,712 ^0 1,912 20 373 2,285 ... ?0 1,443 299 1,742 1,932 373 2,305 589 - 75 51^ - 210 186 24 - SALT LAKE BRANCH 75 of the FEDERAL RESERVE BANK OP SAN FRANCISCO Opened for business - A p r i l l f I9I8. DIRECTORS: Home Address L . H. Famsworth, Salt Lake City, Chairman of the Board, Walker Bros., Bankers, Salt Lake C i t y . Utah. G. G. Wright, General Manager, Consolidated Wagon & Machine Company, Salt Laks C i t y . Salt Lake City, Utah. Chapin A, Day, President, Ogden Portland Cement Co., Ogden, Utah* Ogden, Utah. LaPayette Hanchett, Mining Ehgineer, Salt Lake C i t y . Salt Lake City, Utah. R* B, Mothers?lly Manager of Salt Lake City Branch* Salt Lake City, Utah* Meetings: Friday following the f i r s t Tuesday of each month* DISCOUNT COMMITTEE: Three, the Manager, and two other Directors. Passes upon a l l offerings of loans and rediscounts, subject to approval of Head O f f i c e . Meetings Tuesday and Friday of each week. PERSONNEL: Two o f f i c e r s and 117 employes (June 30, 1920) TERRITORY ASSIGNED: The e n t i r e s t a t e ' o f Utah, and the Idaho and Nevada: IDAHO Ada Boise Ouster Adams , Bonneville Elmore Bannock Butte Franklin Bear Lake Camas Fremont Bingham Canyon Gem Blaine Cassia Gooding following counties i n Jefferson Lemhi Lincoln Madison Mirmidoka Oneida Owyhee Payette Power Teton Twin F a l l s Valley Washington NEVADA* Clafrk Elko Lincoln White Pine MEMBER BANKS I N BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of branch 79 U $9,815,78® $795,250 $92;U23,000 $ 9 , 1 2 8 , 3 ^ May 1920 101 68 12,63^,000 7,856,000 130,^98,000 75,270,000 PAR LIST: Number of non-member banks on1 par l i s t At opening of Branch June 30, 1920 1SU 128 Nuaber o f non-member banks i n Branch t e r r i t o r y June 30, 1920 not on par l i s t None Salt Late City - 7 6 POWERS AND FUNCTIONS EXERCISED BY BRANCH: DepositB - Member "banks. Carries reserve and clearing accounts of banks assigned to deal w i t h Branch* - Government. Carries Government deposits; authorized l i m i t $100,000. Pays warrants, coupons, e t c . f also redeems D e f i n i t i v e Certificates of Indebtedness« Transcript i s rendered daily to Treasurer of United States* Discount and.onen market operations - Rediscounts e l i g i b l e paper for member banks', Immediate c r e d i t for the proceeds being given on the books of the Brancft* Open market purchases are made upon order of and for account bf Head Office * Clearing and Collection Department - Operates department for the clearing and c o l l e c t i o n of checks and d r a f t s payable upon presentation; also for the collection o f maturing notes and b i l l s * Handles about 18,523 items daily* Member or clearing member bsnkmay forward checks d i r e c t to the Federal Reserve Bank of San Francisco and i t s branches for c r e d i t to i t s reserve account, at the o f f i c e of the bank w i t h which a f f i l i a t e d . Upon authorisation^ checks payable i n other d i s t r i c t s may be forwarded d i r e c t to other Federal Reserve banks and branches* Gold Settlement Fund - Telegraphs Federal Reserve Board d a i l y for settlement through Gold Fund amounts collected for the account of other Itederal Reserve Banks* Clearing House without vote* e i t h e r members ments are made Member of S a l t Lake C i t y Clearing House Association, A l l members of the Clearing House Association are of or carry accounts w i t h Branch* Clearing s e t t l e d a i l y on books of the Branch* Currency Receipts and Shitments - Carries an meet a l l currency requirements receipts and shipments f o r the amounted to about 7 per cent adequate supply of F . R. notes to of banks i n i t s t e r r i t o r y * Currency s i x months ending June 30, 1920, of those of the Head Office • Telegraphic Transfers - Makes d i r e c t telegraphic transfers to and frcm other d i s t r i c t s for account o f member banks * Private Wire System - On Main l i n e Chicago, Qnaha, Denver, Salt Lake City- San Francisco* Salaries paid i n June to operators on Main.line Chicago, Omaha, Denver, Salt Lake City - San franc isco $190* BANK PREMISES: Occupies quarters and has vault space i n Deseret Bank Building, Salt Lake C i t y ; monthly r e n t a l $870. Also has vault space i n the vaults o f Walker Bros* and Deseret Savings Bank* Salt Late City - 7 7 EARNINGS AND EXPENSES Monthly average for periods January 1 to March 31, and- April 1 to June 30,1920. January 1-March 31 April 1-June 30. Earnings (Gross) $103,910 Current expenses: 'Salaries Other operating expenses F. R. currency Furniture and fixtures , (Transit m Total (other $7,198 3,578 58 86 3,441 7,479 - - - - «et earnings Ratio of transit department expenses to current expenses, exclusive of cost of F. R. currency _ -10,920 $169,270 $13,181 5,5*8 .13 2 r 035 5,087 15,690 20,777 92,990 148,493^ 31-7$ 24.5% CHARACTER AND VOLUME OF BUSINESS' HANDLED DEPOSITS: Average daily deposits, "based on Friday night figures for periods January 1 to March 31, and" A p r i l 1 t i June 30, 1920: Member hanks1 reserve account Due to'Head Office U. S. Government - general account (c) - Deferred a v a i l a b i l i t y items(d) Other deposits Deductions frczn gross deposits: Uncollected items Jan.1-March 31 A p r i l 1-June 30 $9,763,373 $8,770,763 (a)l6,64o,232 (h)28,906,361 131,158 151,912 (4,788,966 3,768,009 (4 178 433 5^276 7.756 7,278,598 (a) Maximum amount due to Head Office Minimtm amount due to Head Office - £20,355,666 11,540,208 (b) Maximum amount due to Head Office Minimum amount due to Head Office - 34,978,746 21,705,368 6,249,023 March 26, 1920. January 2,1920. June 25, April 2, 1920. 1920. (c) Includes uncollected items. (d) The larger figure for the period Jan. 1 to March 31 includes Gold Settlement Fund - Suspense credits carried prior to March 1, 1920, since which date settlement through, the Gold Fund has been made on date of collection of itans* Memb^r^barfesJ. balances. ~ State bank and trust company members March 4, 1920 A l l member banks', March 31, 1920 I Reserve balance Payment - a/c with capital stock branch with head office $3,261,178 8,904,516 $214,850 570,350 Salt Lake City - 7 8 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 and A p r i l 1 to June 30, 1920: Jan.l-Mar.31 Discounts for member hanks National hanks State hanks and t r u s t companies Acceptances "bought i n open market Total discounted and purchased h i l l s - - Average d a i l y h i l l holdings A p r i l 1-June 30 $23,182,897 1 0 , 3 6 2 $29,157,596 13,338,183 - - 33,588,259 ^2,^95,779 22,068,000 33*293,000 CLEARING AND COLLECT ON DEPARTMENT: Average number and amount, of items handled d a i l y during periods December l6, 1919 to March 15, 1920 and March 16 to June 15, 1920: „ Dec •lb-March 15 March 16 - June 15 Ntmber Amount Number Amount Items drawn on banks i n Branch c i t y 1,560 $l,Ul7,^93 1,523 $1,226,2U9 Items forwarded to Head Office 63 25,788 52 37,3*8 Items forwarded to other branches .in this d i s t r i c t - - - - ^ 277 667,0^6 360 291,032 Items drawn on banks i n t h i s d i s t r i c t outside F*R*Bank and branch c i t i e s - - 15i827 1,612,217 15,^79 1,388,983 Items forwarded to other Ft, R- banks or branches 2^7 9^7,272 197 875, *73 Items drawn on Treasurer of U. S. - WO Q2,223 UlU 8q r 72l Total 18,3 2^ U, 762,039 18,025 3,908,806 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average f o r periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 3 1 A p r i l 1-June 30 In Outside In Outside Branch Branch T o t a l Branch Branch Total City City City City ( i n thousands of dollars) Currency received Fran member banks From non-member banks — - 8SS 862 Currency shipped or delivered. To member .banks To non-member banks Excess receipts - - — Excess shipments 75 —-f - — 566 | — 9U3 930 215 -15 9U3 930 230 907 67 670 , — -r- 5 2 3S2 1,052 50 97U 670 ^32 1,102 2S0 - 202 1 — - - 75 566 -il tog 302 - 333 - - 31 - 1,1^5 15 1,160 5S SEATTLE BRANCH 79 of the FEDERAL RESERVE BANK OF SAN FRANCISCO Opened for business — September 19, 1917* Home Address Seattle, Wash. DIRECTORS: M. F# Backus, President, National Bank of Commerce, Seattle, Wash* Chas. H- Clarke, President, Kelly Clarke Co., Seattle, Wash. Seattle, Wash. Mv A* Arnold, President, F i r s t National Bank, Seattle, Wash. Seattle, Wash 4 Chas. E« Peabody, Chairman of the Board, Puget Sound Navigation Co *, * Seattle, Wash. Seat tie4 Wash. Chas. A. McLean, Manager of Seattle Branch Seattle, Wash- Meetings: Friday following the f i r s t Tuesday of each month. DISCOUNT COMMITTEE: Three, the Manager and two other Directors. Passes upon a l l offerings of loans and rediscounts, subject to approval of Head Office• Meetings, Friday of each week. PERSONNEL: Two officers and 66 employes (June 30, 1920) TERRITORY ASSIQ3ED: The following counties i n the State of Washington: Clallam Grays Harbor Island Jefferson King RL tsap Kittitas Lewis MEMBER BANKS IN BRANCH TERRITORY: NUMBER CAPITAL National Non-National National At opening pf branch 3U 1 $9,768,1*50 May U, 1920 37 18 11,568,000 Mason Skagit Paci f i c Snohomi sh Pierce Thurston San Juan Whatcom AND SURPLUS TOTAL RESOURCES Non-National National Non-National $250,000 3,^57,000 $112,787,000 17^,870,000 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1920 llU 10U Number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t None $1,82^,087 Ugf0HU,000 Seattle - POWERS AND JUNCTIONS EXERCISED BY BRANCH: Deposits - Member banks• Carries reserve and clearing accounts of banks assigned to deal with Branch. - Government. Carries Goverrment deposits; authorized l i m i t $1,000,000. Pays warrants, coupons, e t c . , also redeems Definitive Certificates of Indebtedness• Transcript i s rendered d a i l y to Treasurer of United States* Discount and open market operations - Rediscounts e l i g i b l e paper for member banks , immediate credit for the proceeds being given on the books of the Branch* Open market purchases are made upon order of and for account of Head Office. d e a r i n g and Collection Department - Operates department for clearing and collecting checks and drafts payable upon presentation; also for the collection of maturing notes and b i l l s . Handles about 12,4-39 items d a i l y . ' Member or clearing member bank may forward checks direct to the Pederal Reserve Bank of San Erancisco and i t s branches for credit to i t s reserve account, at the office of the bank with which a f f i l i a t e d . Upon authorization, checks payable i n other, d i s t r i c t s may be forwarded direct to other Pederal Reserve banks and branches. Gold Settlement Pund - Telegraphs Federal Reserve Board d a i l y for settlement through Gold Settlement Fund amounts collected for the account of other Federal Reserve banks * Clearing House - Member of b a t t l e Clearing House Association, without vote. A l l members of the Clearing House Association are either members of or carry accounts w i t h Branch. Clearing settlements are made d a i l y on books of the Branch* Currency Receipts and Shirments - Carries an adequate supply of notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y . Currency receipts and shipments for the six months ending June 30, 1920 amounted to about 27 per cent of those of the Head Office. Telegraphic Transfers - Makes d i r e c t telegraphic transfers to and from other d i s t r i c t s for account of member banks. Private Wire System Monthly June to Spokane BJttJK PREMISES: On branch line San Francisco-Portland-Seattle-Spokane. r e n t a l for entire branch line $2UgO . Salaries paid i n operators on branch l i n e San Francisco-Portland-Seattle$730. Occupies quarters and has vault space i n the Central Building, 310 Columbia Street. Monthly, r e n t a l $4l6.*' EARNINGS AND EXPENSES Seattle - 8 1 - Monthly average for periods January 1 to March 31t and April 1 to June 30,1920. January 1-March 31 April 1-June 30 Earnings (Gross) $27,29^ Current Expenses: Salaries Other operating expenses P. R. currency - - - - - — Furniture and fixtures' (Transit m ^ , Total (Other $6,23*43,199 105 *408 2,567 7,379 Net earnings $25,058 $9,366 4,331 9,9^ 3f62l 4,526 12,839 17,365 17,3^8 Ratio of transit department expenses to current expenses exclusive of cost of P. R. currency 7,693 26.1$ 26.1$ CHARACTER AND VOLUME OP BUSINESS HANDLED DEPOSITS: Average daily deposits, hased on Friday night figures for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Member banks1 reserve account Due to Head Office U.S.. Government - general account - - Deferred a v a i l a b i l i t y items (c) Other deposits . Deductions fran gross deposits: Due from Head Office Uncollected items - Jan. 1-March 31 April 1- June 30 $14,036,30b $14,445,337 (a) 4,709,224 906,887 899,1^3 (^961*885 '608^760 MS9,707 466,261 8,213,1^2 (b) 2,107 6,257,677 (a) Maximum amount due to Head Office 0 7,217,874 January 30, 1920. Maximum amount duo from Head Office 79,^38 March 19, 1920. (b) Maximum amount due to Head Office 4,180,144 April 23, 1920Maximum amount due frcm Head Office ^,092,976 June 11, 1920. (c) The larger figure for the period Jan. 1 to March 31 includes Gold Settlement Fund - Suspense credits carried prior to March 1, 1920, since which date settlement through the Gold Fund has been made on date of collection of items. Member banks* balances. Re serve balance Payment- a/c with capital stock branch with head office < State bank and trust company members March 4, I92O A l l member banks, March 31, 1920 $2,316,810 14,462,187 $110,700 U43,850 Seattle - 8 2 VOLUME OF PAPER DISCOUNTED AND BOUGHT: Monthly average for periods January 1 to March 31 ami' April 1 to June 30, 1920: Jan.l-Mar.3i A p r i l 1-June 30 Discounts for member banks National banks State "banks and. trust companies — - Acceptances bought i n open market - ' - - $16,351,652 3,781,316 - $l4,028,3|4 3,447,765 . Total discounted and purchased b i l l s - 20,132,968 17,476,149 6,144,000 5,297,000 Average daily b i l l holdings - CIEARINO AND COLLECTION DEPARTMENT: Average number and anount of items handled daily during periods December 16, 1919• to March 15, 1920,and March 16 to June 15, 1920: Dec .l6-March 15 March l6 - June 15 Number Amount Number Mount Items drawn on banks i n Branch c i t y 2,456 $1,754,363 2 » 6 2 1 $1,844,888 Items forwarded to Head Office 97 120,863 107 '49,162 Items forwarded to other branches i n this d i s t r i c t 988 177,431 1,034 171,107 Items dram on banks i n this d i s t r i c t outside of IMUbaric and branch c i t i e s 5,699 562,156 6,472 672,492 Items forwarded to other !F.B. banks or branches 421 198,703 506 264,900 Items drawn on Treasurer of U. S. 3Q1.6Q7 Q46 165.913 Total 10,500 3,205,213 11,686 3,368,462 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: January 1-March 3 1 April 1-June 30 In Outside In Outside Branch Branch Total Branch Branch Total City City City City ( I n thousands of dollars) Currency received Fran member banks Item nan-member banks Total 3,717 358 86 53 3,803 4ll 4,075 3,130 209 IV* 78 52 4,214 3,208 261 Currency shipped or delivered To member banks To non-member banks Total 1,824 1,112 283 1 2,107 1,113 2,936 284 3,220 ~ 'Excess receipts Excess shipments ---1,696 - 702 994 - 3,339 1?Q 3,469 2,230 1,32? 3,559 108 54 162 2,338 1,385 3,721 870 1,122 252 SPOKANE BRANCH of the S3 FEDERAL RESERVE BANK OF SAN FRANCISCO Opened for business - July 26, 1917 DIRECTORS: D, W. Twohy, Chairman of the Board, Old National Bank, Spokane, Wash, Home Address Spokane, Wash. Peter McGregor, •President, McGregor Land & Livestock Co-, Hooper, Wash. Hooper, Wash. R. L. Rutter, President, Spokane and Eastern Trust Co*, Spokane, Wash. Spokane, Wash. G« I . Toevs, Vice-President, Centennial M i l l Co., Seattle, Wash. Seattle, Wash. W. L . Partner, Manager of Spokane Branch Spokane, Wash. Meetings: Friday following the f i r s t Tuesday of each month. DISCOUNT COMMITTEE: Three, the Manager, and two other Directors • Passes upon a l l offerings of loans and rediscounts, subject to approval of Head Office- Meetings, Wednesday and Friday of each week. PERSCHMEL: Ttoo o f f i c e r s and U9 employes (June 30, 1920) TERRITORY ASSIGNED: The following counties i n the States of Washington and Idaho: WASHINGTON: Adams Ferry Grant IDAHO: Benewah Bonner Boundary Note: Douglas Okanogan Garfield Lincoln Whitman Pend 0 * R e i l l e Walla Walla Franklin Spokane Clearwater Shoshone Kootenai Latah Idaho Lewis Asotin Benton Yakima Chelan Stevens Columbia Nezperce K l i c k i t a t County was transferred from t h i s Branch to Portland Branch January 1, 1920. MEMBER BANKS I N BRANCH TERRITORY: NUMBER CAPITAL AND SURPLUS TOTAL RESOURCES National Non-National National Non-National National Non-National At opening of branch 60 $8,956,000 $$3,5^6,000 May h, 1920 61 32 8,702,ooo $3,3.59,000 105,619,000 $33,919,000 PAR LIST: Number of non-member banks on par l i s t At opening of Branch June 30, 1920 - 'Number of non-member banks i n Branch t e r r i t o r y June 30, 1920, not on par l i s t ~ - 193 167 None. Spokane -84 - POWERS AND FUNCTIONS EXERCISED BY BTOTCH; Deposits - Member banks. Carries reserve and clearing accounts of banks assigned to deal with branch. - Government. Carries Government deposits; authorized l i m i t $200,000. Pays warrants, coupons, etc., also redeems Definitive Certificates of ^Indebtedness. Transcript i s rendered daily to Treasurer of United States. Discount and open market operations - Rediscounts e l i g i b l e paper for member banks , immediate credit for the proceeds being given on the books of the Branch. Open market purchases are made upon order of and for account of Head OfficeClearing and Collection De-partment - Operates department for clearing and collecting checks and drafts payable upon presentation; also for the collection of maturing notes and b i l l s . Handles about 8,32U items d a i l y . Member or clearing member bank may forward checks direct to the Federal Reserve Bank of San Francisco and its branches for credit to i t s reserve account, at the o f f i c e of the bank with which a f f i l i a t e d . Upon authorization, checks payable i n other d i s t r i c t s may be forwarded direct to other Federal Reserve banks and branches. Gold Settlement Rand - Telegraphs Federal Reserve Board d a i l y for settlement through Gold Settlement Rand amounts collected f o r the account of other Federal Reserve Banks* Clearing House - Member of Spokane Clearing House Association, without vote* A l l members of the Clearing House Association are either members of or carry accounts with Branch.. Clearing settlements are made d a i l y on books of the Branch. Currency Receipts and Shipments - Carries an adequate supply of F. R. notes to meet a l l currency requirements of banks i n i t s t e r r i t o r y . Currency receipts and shipments for the six months ending June 30, 1920, amounted to about 5 per cent of those of the Head Office* Telegraphic Transfers - Makes direct telegraphic transfers to and from other d i s t r i c t s for account of member banks. Private Wire System - On Branch line San Francisco, Portland, Seattle and Spokane. Monthly r e n t a l for entire branch line $2^80. Salaries paid i n June to operators on branch l i n e San Francisco, Portland, Seattle and Spokane $730. BANK PREMISES: Occupies quarters and has vault space i n the Auditorium Building, N. W. Corner Post Street and Main Avenue • Monthly r e n t a l $U50. Spokane -eg - EARNINGS AMD EXPENSES .Monthly average for periods January 1 to March 31, an*3- A p r i l 1 to June 30, 1920 January 1-March 31 A p r i l 1-June 30 Earnings (Gross) $35,7^ $2U,925 Current expenses: Salaries - - , Other operating expenses - - - — P. R. currency - - — - - — Furniture and f i x t u r e s - — - - , (Transit m Total (other i;et earnings $7,669 2,789 $5,393 2,S84 20 260 2,681 5,876 S,55T 10 1,187 3,051 8,60^ •11,655 16,368 - - Ratio of t r a n s i t department expenses to current expenses, exclusive of cost of P. R. currency - - - - - - - - - - - - 2U,090 26-2$ — CHARACTER AND VOIPME OF BUSINESS HANDLED DEPOSITS: Average d a i l y deposits, hased on Friday night figures for periods January 1 to March 31, and A p r i l 1 i o Juhe 30, 1920: Member hanks1 reserve account - — Due to Head Office U.S. Government - general account , Deferred a v a i l a b i l i t y items ( c ) Other deposits - - - — Deductions from gross deposits: Uncollected items *. - Jan.l-March 31 A p r i l 1-June 30 $7,028,216 $7,359,030 (b) 5,106,76^ (a) 2,961,521 136,629 131,665 (2,152,6^3 (1,95^71 61,265 1,725,682 3,^87,226 .2,806,0^8 71,999 March 5, 1920• (a) Maximum amount due to Head Office § U,6l6,287 January 2,1920< Minimum amount due to Head Office 1,198,985 June 18, 1920. (b) Maximum amount due'to Head Office — 9,668,782 App*r*i*l l b , 1920.. Minimum amount due to Head Office — 2,371,763 ^ j.^ev.. (c) The larger figure f o r the period Jan. 1 to March 31 includes Gold Settlement Fund - Suspense credits carried p r i o r to March 1, 1920, since which date settlement through the Gold Fund has been made on date of collection o f items. Memter^banksJ. telance_s. Reserve balance Payment- a/c with c a p i t a l stock branch w i t h head o f f i c e State bank and t r u s t company members, March U, 1920 A l l member banks', March 31, 1920 r $828,767 7,^2,020 $88,200 3^1,^00 Spokanfc - 86- tfOIUME OF PAPER DISCOUNTED AND BOUGHT:. Monthly average for periods January 1 to March 31, and A p r i l 1 to June 30, 1920: Jan.l-Mar. 31 Discounts for member hanks National hanks - : State hanks and trust companies Acceptances bought i n open market Total discounted and purchased bills A p r i l 1-June 30 $4,961,000 8J8,000 - $6,"583,000 2,450,000 - 5,799,000 8,834,000 5,015,000 6,883,000 Average daily b i l l holdings CUEARING AND COLLECTION DEPARTMENT: Average number and amount of items handled d a i l y during periods December l 6 , 1919, to March 15, 1920, and March 16 to June 15, 1920: Dec .l6-March 15 March 16 - June 15 Number Amount Number Amount Items drawn on banks i n Branch c i t y - - 1,001 $765,557 1,045 $776,555 Items forwarded to Head Officfe 13 22,631 10 17,228 Items forwarded to other branches i n t h i s d i s t r i c t 678 287,970 649 217,620 Items drawn on banks in this d i s t r i c t outside of F.R.Bank and Branch c i t i e s - 5 , 9 ^ 5 ^83,594 5,815 494,667 Items drawn on. banks i n other F . R . d i s t r i c t s • Forwarded direct to drawee batiks — 8 8,262 8 453 Forwarded to other F.R.banks or branches 155 171,782 225 175,143 Items drawn on Treasurer of U. S. 251 30.q64 3"5Q 33,023 Total 8,051 1,770,760 8,091 1,71^,689 CURRENCY RECEIPTS AND SHIPMENTS: Monthly average f o r periods January 1 to March 31, end A p r i l 1 to June 30, 1920: January 1-March 31 In Outside Branch Branch Total City City ^ A p r i l 1-June 3.0 In Outside Branch Branch Total City City ( i n thousands of dollars) Currency received: From member banks From non-member banks 692 4 30 722 5 673 -JUL 30 703 «JL1 Total 696 31 727 6g4 30 7lU 490 J£0 . 139 J5Q 629 50. 673 „,l6 225 " S9| -1& 510 169, 679 689 225 91^ 186 - 138 48 - 5 195 200 Currency shipped or delivered: To member banks To notwnember banks Total - - Excess receipts Excess shipments - -