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

Amount.

3.50

193

70

579

182

71

17.16 $5,709,000 39.66 10,660,000 45.56 8,685,000

578

200

118

75.40 $72, 472,500 91.92 407,380,000 68. 26 61,990,000 94.80 60,636,500 36. 41 17,058, 000 70.00 713,500

737

219

342

71

Boston.
New York...
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis.
Minneapolis..
Kansas City..
Dallas.
San Francisco.

332

88.16 $136, 172,500
92.94 723, 314, 500 208 90.83 $90, 233,000
90. 31 123,319,500
98.13 139, 310,500 757 94.36 36,204,000
64.04 43, 115,000 448 34.57 15, 521,000
87.36 44,019,000 813 52. 43 34,502,000
77.85 139,931,000 3,627 84. 17 159,875,000
97.03 61,025, 300 1,623 74.04 46, 194,000
60. 91

54, 223,500 1,178 40.55 32, 468,000
84. 03 80,274,500 2,065 67. 59 33,781,500

55, 964,000 92.72 93, 969, 300

67.96

50,566,500

7

914

12 $63,000 613 57.77
170 23,720,500 1,040 84.63
148 2,505,500 896 75. 17
49 1,382, 500 1,743 96. 14

8 135,500 861 40.52
14 338,500 1,182 59. 16
189 5,549,000 4,511 82. 82

18 517,000 2,376 76.07
164 2, 498,000 1,647 | 44.83
502 5,875,500 2,941 72.53

9, 130,000 228 5, 103,500 1,392 75.65

12 $214, 417,000
170 1,265, 308,000
148 196,500,000
49

238,033,500
8 75, 829,500
14 79,673,000
189 325, 355,000

18 133,584,500
164 1 89,350,000
502 128, 524,500

90,925,000 228

172,790, 500

458

176

78.22

20, 281,500

119

50.85 2,566, 500

[blocks in formation]

52

61.90

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

2,740, 500

497

72

77.42

3,000, 190,500

Exhibit G.-CERTIFICATES OF INDEBTEDNESS.

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

National banks.

State banks.

Trust companies.

Other banks.

Individuals, cor-
porations, etc.

Total.

Federal Re-
Serve Bank.

Number subscribing.

Per cent of total in dis

trict.

Number subscribing.

Per cent of total in dis

trict.

Number subscribing.

Per cent of total in dis

trict.

Number subscribing.

Per cent of total in dis

trict.

Number subscribing.

Number of banks sub

seribing.

Number of individuals,

corporations, etc., subscribing.

A mount.

Aznount.

Amount.

Amount,

Per cent of total.

Amount.

Total....

1,718, 139,000

199,343,000

C35, 560, 500

30,361,000

57, 124,500

1 Includes $160,300 purchased by tho Federal Reserve Bank of Minneapolis.

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

381

237

193

202

107 30.00 $20,662,000 144 $0.90 20,643,000

9 100.00 5, 129,000 176 S6, 27 6,932,000 10 43. 48 7,335,000

90.11 $153, 293, 000 98.47491,334,500 87. 44 93, 859,000 86.14 129, 806,000 29.95 70.00

803,500

199

59

Boston..

97.19 $207, 115, 500
New York 609

98. 07 991,095,000 223 99.11 $130,767,500
Philadelphia.. 601 93.18 200,957,500 117 86.98 15, 188,500
Cleveland... 729 97.72

253, 885,000 671 80. 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 14,658,500
Chicago..

1, 122 99.80 289,539,500 3,316 97.70 349,353,500
St. Louis.... 161 98.50 79,921,000 1,944 89.71 72,675,500
Minneapolis... 714 96.62 69, 877,500 2,273 | 78. 27 52, 796,000
Kansas City... 852 88, 38 106,536,000 2,451 78.53 56, 755, 000
Dallas.
525 83.60 49, 287,000 661

60.31 19,982,000 San Francisco. 531 93.06 173,516,500 975 80.51 87,504,500

95 18,473,000

7

13 $32,000 725 53.65 143 41,149,000 1,169 95. 82

886,000 959 90.99
37 703,000 | 1,775 88.08
11

304,000 813 40.77
17 379,500 1,154 | 53.50
175 3,782,000 5,281 96.30
15 179,000 2,801 90.56
26 4,886,500 3,017 82. 12
54 2,490,000 3,361 80. 61
358 12,056,500 1,252 66.59
40 6,258,000 1,582 85.98

13 $381, 152,500 143 1,680,989,000 33 316,020,000 37 440, 560,000 11 117,983, 500 17 114,857,000 175 663, 204,000 15 186,963,000 26 127,560,000 54 176,866,000 338 83,320,000 40 305, 020,000

843

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

202

88.99

29,310,000

194

58

69.04

11,085, 000

66

42.31

1,994,500

76

81.71

37,741,000

SEVEN ISSUES OF CERTIFICATES OF INDEBTEDNESS PRECEDING THE FOURTH LIBERTY LOAN.

National banks,

State banks.

Trust companies.

Other banks,

Individuals, cor

porations, etc,

Total.

Federal Reserve Bank.

Number subscribing.

Per cent of total in dis

trict.

Sumber subscribing.

Per cent of total in dis

trict.

Number subscribing.

Per cent of total in dis

trict.

Number subscribing.

Per cent of total in dis

trict.

Number subscribing

Number of banks sub

scribing.

Number of individuals.

corporations, etc., sub. scribing.

Imount.

Imount.

Amount.

Amount.

Per cent of total.

Amount.

Amount.

Total.... 7,249 92.82 2,564,035,000 13, 858

78. 46 837,506,500 1,233 80.48 968, 705,000 1,549 | 62. 85 88, 102,000

922 76, 155,500 23,889

79. 81

922 4,594,504,000

NOTE.-Figures for State banks, 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.

ings.

Total earnings of the Federal Reserve Banks for the calendar year 1918 were $67,584, 117, compared with $15,438,858 for the calendar year 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 build

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 $76,342,000, 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, $2,805,441, 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 $5,540,684. 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

100823°-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 $8,081,811 at the end of the year, compared with $707,611 at the beginning of the year.

Earnings and expen823 of each Federal Reserve Bank and of the system as a whole for the calendar year 1918.

Kansas mond.

San Fran

Dallas. apolis, City.

cisco,

Total.
Discounted bills.
Purchased bills.

302, 231
107,719
$3,068, 028 $17,736,281 $3,241, 105 $3, 124, 696 $2,390, 422 $1,758,075 $6,447, 466 2,218,069 51, 547, 842 $2,643, 113 $1, 497,379 $2,671, 397 $48,343, 853

157,963 114,451 310, 616

175, 885 1,097,630 11,939, 788

116,370
49

312, 463 152, 159
2, 889

135, 208 Transfers, net earnings.

3,828, 802 662

0

7,995

14, 222

89,608 202, 522 149, 733 127,388 978, 189
Deficient reserve penalties
(including interest

99, 929
41, 029 49,065

56, 305

96, 409
26, 570
25, 943

698, 991
27,719
23, 493 28, 323

19, 862
States securities.

421, 332
41,821
Sundry profits..

294
13,524 50, 214 17,240 27,706

272, 313
12, 453 21, 747 4,154

1, 028, 898 Total earnings. 4, 175, 195 25,314, 736 4,357,740

EARNINGS.

Boston. New York.
Philadel-

Rich-
Cleveland.
phia.

Minno-
Atlanta. Chicago. St. Louis.

931, 701 5,411, 821 756,313 1, 141, 585 273, 634
United States securities.

1,253, 259 1,561, 839

226, 164 233, 489 611, 895

211, 602

83, 437 Municipal warrants..

89,096
2,621

51,214
Commissions received

33,757

275, 758 22, 646

48, 209

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

66, 462 122, 654 35, 240 59,695 50, 167

65,382 52, 107

29, 101
47,714

21,752
Profits realized on United

167, 239
247, 905

11,139 51, 820 502, 189 49, 286 22,741 59,836

35,383

58, 029

3,228, 54 2,979,04 2,293, 038 5,481, 747 | 2,670, 828 | 2,049, 954 3, 451, 936 2,089, 526 | 4, 187,785 | 67, 584, 417

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