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Exhibit G.–CERTIFICATES OF INDEBTEDNESS.

No. 49.–Subscriptions, by classes of subscribers, to certificates of indebtedness issued in anticipation of the third and fourth Liberty loans.

SIX ISSUES OF CERTIFICATES OF INDEBTEDNESS PRECEDING THE THIRD LIBERTY LOAN.

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Boston.

350
New York 579
Philadelphia.. 578
Cleveland. 737
Richmond 342
Atlanta.

332
Chicago.

914
St. Louis.. 458
Minneapolis... 469
Kansas City...

824
Dallas..
San Francisco. 497

88. 16 $136, 172,500
92.94 723, 314,500 208 90.83 $90,233,000
90.31 123,319,500
98. 33 139, 810,500 787 94.36 36,204,000
64.04 43, 115,000 448 34.57 15,521,000
87.36 44,019,000 8443 52. 43 34,502,000
77.85 159, 931, 000 3,627 84.17 159, 875,000
97.03 64,025, 500 1,623 74.04 46, 194,000
60. 91

54, 223, 500 1,178 40.55 32, 468,000
88. 03 80, 274,500 2,065 67.59 33,781, 500

55, 964,000 92. 72 93, 969, 300 823 67.96 50,566, 500

12 $214, 417,000
170 1,255, 308,000
148 196,500,000
49 | 238,033, 500

3 75, 829,500
14 79,573,000
189 325, 355,000

18 133,584,500
164 1 89,350,000
502

90, 925,0000 228 172, 790,500

176

78. 22

20,281,500 119

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52

61.90

128, 524,500

8, 593, 000 22,790, 500 23, 145,000

72

77. 42

Total....

1,718, 139,000

199,347,000

095, 560, 500

30,361,000

57,124,500

3,000, 190, 500

1 Includes $160,300 purchased by the Federal Reserve Bank of sinneapolis.

No. 13.–Subscriptions, by classes of subscribers, to certificates of indebtedness issued in anticipation of the third and fourth Liberty loans-continued.

SEVEN ISSUES OF CERTIFICATES OF INDEBTEDNESS PRECEDING THE FOCRTI LIBERTY LO.IX.

Individuals, corporations, etc.

Total.

Other banks,

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Amount.

National banks.

State banks.

Federal Rr. serve Bank.

Number subscribing.

Per cent of total in dis.

trict.

Number subscribing.

Per cent of total in dis

trict.

Imount.

Imount.

Amount.

Amount.

Amount.

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223

107

30.00 $20,662,000 144 $0.90 20,613,000

9 100.00, 5, 129, 0.90 176 86.27 6,932,00 10 43. 48

7,335,000

90.11 $153, 293,000 98.47 491,334,500 87.44 93, 859,000 S6, 14 129, 806, 000) 29.95 18,473,000 70.00 803,500

202

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13 $82,000 725 53.65
113 11, 119,000 1,169 95.82
33

&$6,000 9.59 90.99
37 703,000 1,775 88.08
11

304,000 813 40.77
17

379, 300 1,134 53.50 175 3,782,000 5,281 96.30 15 179,000 2, 801 90. 56 26 4, 856,500 3,017 82. 12 51 2,490,000 3,361 80.61 358 12,056,300 1,252 66.59 40 .6,258,000 1,582 85.98

Boston...

361 97.19 $207,115,500 New York

609

08.07 991,095,000 99.11 $130,767, 2:00 Philadelphia.. 601 93. 19 200,957, 500 117 86.98 15, 188,300 Cleveland 729 97.72 253, 885,000

671

10. 45 49,243,000
Richmond.. 379 72.61 73,289,000 365 29. 15 18,582,500
Atlanta.

315 80.00 69,015, 500 $32 47.46 44,658, 500
Chicago....

1,122 99.80 253, 539,500 3,316 97.70 3 19,353,300
St. Louis.. 461 98.50 79,921,000 1,944 19.71 72,675,500
Minneapolis... 744 96.62 69,877,500 2,273 78.27 52,796,000
Kansas City... 852 88,39 103,536,000 2,451 79. 53 56,755, 000
Dallas.

323 83. 60 49, 287,000 661 60.31 19,982,000 San Francisco.

531

99. 06 173,516,500 975 80. 31 87,504, 300

13 $381, 152,500
143 1,680,989,000
33 316,020,000
37 4 10,569,000
11 117,983, 300
17 114,857,000
175 663, 204,000

13 186,963,000
26 127,560,000
31 176, 866,000
338

83,320,000
40 30.5, 020,000

7

S43 87.10 20,529,000 194 83.98 4,877,500

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66

42.31

1,994,500

76

81.71

37,741,000

92276, 155, 300 23,889 79.81

922 4,591, 504,000

80. 48 968,705,000 1,549 62.85 88, 102,000

78.46 837, 306,500 1,233

Total.... 7,249 | 92. 82 2,561,035,000 13, 858

NOTE.–Figures for Stato bank3, trusi companies, and other banks are only approximately correct, since in some States no distinction is made between the several classes of banks operating under State laws.

Exhibit H.- EARNINGS AND EXPENSES OF THE FEDERAL RE

SERVE BANKS FOR 1918.

Total earnings of the Federal Reserve Banks for the calendar year 1918 were $67,584, 117, compared with $15,438,858 for the calendar rear 1917, while total current expenses were $12,137,438, compared with $4,235,866 for the earlier year. Current expenses for the year under review include besides $8,463,957 of expenses of operation proper-$2,423,540, the cost, including expressage, insurance, and other expenses incident to the issue and retirement of Federal Reserve notes and bank notes, $1,133,524 depreciation on furniture and equipment, and $116,417 the cost of alterations and repairs to bank buildings.

Total expenses shown above are exclusive of the expenses of the fiscal agent departments. The latter are treated separately, being reimbursable by the United States Treasury Department. For the past year the Federal Reserve Banks, as fiscal agents of the Government, mainly in floating the certificate issues and the last two Liberty loans, disbursed a total of $16,256,689. In addition there was outstanding at the opening of the year a reimbursable amount of $1,699,661 disbursed by the banks during 1917. Reimbursements received from the Government during the year totaled $8,382,709, leaving thus a reimbursable balance at the end of 1918 of $9,573,641.

Net earnings of the banks, i. e., the excess of earnings over current expenses, totaled $55,446,979, or at the rate of 72.6 per cent on an average aggregate paid-in capital for the year of $76,312,000, compared with an average rate of 55.9 per cent for the first six months of the year and 18.9 per cent for the calendar year 1917. New York shows net earnings for the year at the rate of 113.5 per cent, Kansas City at the rate of 78.4 per cent, San Francisco at the rate of 70.6 per cent, and Chicago at the rate of 67.7 per cent. Of the remaining banks six show net earnings at rates between 50 and 60 per cent and 2 at rates between 40 and 50 per cent. All arrears in dividends having been paid at the end of June, dividend payments at the close of the year covered only the six months ending December.

To the net earnings above shown should be added the net profits carried over from 1917—$1,158,715, also net amounts credited during the year direct to profits- $74,772. This gives total gross profits of $56,680,466. Deductions from this total, $2,805,411, comprise depreciation allowances on bank premises $1,609,537, on vaults $40,500, and on United States bonds $848,129, also special reserves of $307,275 set aside by the New York and San Francisco banks to take care of future contingencies. This leaves available for dividends, surplus, and franchise taxes a total of $53,875,025, out of which were paid all dividend arrears and the maximum 6 per cent dividends for the year, totaling $5,510,681. Of the remaining amount one-half up to 40 per cent of the paid-in capital of each bank was carried to surplus, the total thus carried being $21,605,901. The balance,

. $26,728,440, was reserved for franchise tax to the Government. It will be noted that in the case of the New York bank the amount reserved for franchise tax is $12,795,215, or more than $5,000,000 in excess of the 40 per cent of the capital, the maximum which the bank is permitted at present to carry to surplus. For the other banks the

1008239-19-14

ratios of surplus to average paid-in capital for the year stand as follows:

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For the system as a whole the ratio of surplus to paid-in capital is 28.2 per cent.

Of the total earnings of the banks 71.5 per cent, as against 45 per cent the year before, came from discounts, largely of war paper. Bills purchased in the open market contributed 17.7 per cent of the total earnings, as against 32.2 per cent; United States securities, chiefly Treasury certificates, 5.7 per cent, as against 15.3 per cent; transfer operations yielded about 1.5 per cent of the total earnings, as against 3 per cent the year before, and the remainder came from penalties on deficient reserves, service charges, commissions, profits on foreign exchange operations, and sundry smaller profits. Expenses of operation of the banks proper, exclusive of their fiscal agent departments, totaled $8,463,957, compared with $2,669,855 in 1917. Of the larger total about 42 per cent, as against 28 per cent in 1917, went as compensation to the clerical staff, and 11.5 per cent, as against 23 per cent in 1917, as salaries to bank officers. Nearly 10 per cent of the total operating expenses went for postage and expressage and over 6 per cent for printing and stationery. Contributions of the banks for the support of the Federal Reserve Board aggregated $382,641, as against $237,795 the year before, and constitute about 4.5 per cent of the total 1918 expenses of operation, as against about 9 per cent the year before. Rent paid by the banks is about double in amount that for 1917, though some of the banks own the premises or parts thereof occupied at present by them. This is true of New York, Philadelphia, Richmond, Atlanta, Dallas, and San Francisco. With the exception of Cleveland and Minneapolis, all the banks have purchased ground on which it is proposed to erect buildings for use as permanent banking quarters. Total book value of the investments in "bank premises, after allowing $1,609,537 for depreciation, stood at $8.081,841 at the end of the year, compared with $707,611 at the beginning of the year.

Earnings and expenses of each Federal Reserve Bank and of the system as a whole for the calendar year 1918.

St. Louis,

Minne-
apolis,

Kansas
City.

Dallas.

San Fran-
cisco,

Total.

152, 159

302, 231 1,561, 839 $3,068, 028 $17,736,261 $3,241, 105 $3, 124, 696 $2,390, 422 $1,758,075 36, 447, 466 $2,218,069 $1, 547, 842 $2,643, 113 $1, 497,379 $2,671, 397 $48,343, 853

1,253, 259 233, 489

226, 164 211, 602
611, 895
83, 437

157,963
Municipal warrants.

175, 885
114,451
310, 616

89,096 116,370
49

1,097, 6:30 | 11,939,788
312, 463

135, 208

662

3,828, 802

6

7,995
33,757 275, 758
22, 646

48, 209

11, 222 89,608 202, 522

149, 733

127,388 978, 189 Deficient reserve penalties

35, 383 58, 029 (including interest)...

122,654 35, 240 65, 382 52, 107
50, 167

29, 101
47,714

99,929
41, 029
49,065

56,305

96, 409 20, 570

698, 991 25,913 27,719

23, 193 28, 323
States securities

19, 802 421, 332
41, 821
Sundry profits..

51, 820
22,741
13,524

294
50, 214 17,240

272,313

27,706 12, 453 21, 747 Total earnings.

4,154 1,028, N98 4, 175, 195 | 25,314, 736 | 4,357, 740 5,226,864 | 2,979,0482, 293, 0.58 3,481, 747 2,076, 528 | 2,049, 9513,451, 936 2,089, 526 4,187,785 67,584,417

EARNINGS,

Boston.

New York.

Philadel

phi.

Cleveland.

Rich-
mond.

Atlanta.

Chicago.

2,621

Discounted bills
Purchased bills.
931, 701 5,411, 821

273,634
United States securities.

756,313 | 1,141, 585
107,719

2,889
Transfers, net earnings.

51,214
Commissions received

18,426 27, 192 29,784
Net service charges received

66, 462
59,695

21,752
Profits realized on United

167, 239
247, 905

11,139 502, 189 49, 286

59, 36

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