United States. Federal Reserve Board.

Annual report of the Federal Reserve Board for the period ending ..., Volume 3 online

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enables ^his institution to exert a more pronoimced influence on the
financial aflFairs of the district. The year has brought an era of pros-
perity to all lines of industry. The lack of demand from member
banks has prompted the purchase in the open market of a volume of
high class, low rate investments, including a large amount of United
States bonds. The period has witnessed a noticeable improvement
in the public appreciation of the purposes and benefits of the Federal
Reserve Act and its operations, although this would doubtless have
been more apparent had conditions made necessary a wider employ-
ment of the credit facilities. The successful inauguration of and in-
creasing cooperation in the much discussed clearing plan have been
noteworthy. The existence of the Federal Reserve Bank of Kansas
City has unquestionably had a strong bearing on the commercial life
of this district and on the stabilization of interest rates.

Schedule A. — Income — Profit and loss account at close of business Dec. SO, 1916 ^ and

Dec. Sly 1915,



Year ending
1)60.30,1916.



Year ending
Dec. 31, 19161



Iminnfrom —

BiUadiaooonted for member banks

Bills boagh t— Aoceptanoes

Trade aeoeptances

United Sts^ bonds

Municipal wanants

Profits onUnited States secorities sold . . . .

oQndry pcouAs •.•...«••..............

Appreoiatioa profit, IJnited States bonds. .
Exchange



Total earnings.



Pederal Resenre Board assessments . .

Federal Advisory Coandl

Oorefncr's oonferenoes

Federal Reserve Agents' oonferenoes.



Bank officers

Qerioai staff

Special officers and watchman. .

All others

Direoton' fees.

Directors' per diem allowance

Directors' oaveling expenses

Officers' traveling expenses

Legal fees

Rent.

Telephone

Telegraph

|«tage

Sxpresaage

Fidelity' bond premiums



it. heat, and power..
andstaaonery.



Repairs aad alterations

Aliother expenses not spedfled herein .

Operating expenses



$84,571.71
39,601.03



186,411.19

14,366.41

14,407.50

181.91

. 34,463.90

962.96



364,966.67



10,574.64

305.85

1,244.74

423.08

25,972.81
82,231.06

805.00
1,509.42
3,705.00
2,385.00
3,628.04

633.31

600.00
7,949.90

495.29

851.55
6,457.19

824.85
1,226.52

979.50
3,136.34

213.36
4,106.18

100,850.69



864,257.50

7,831.51

891.10

20,630.85

9,575.48



673.76



103,360.1



6,928.48
357.10
024.13
717.20

28,820.82

34,915.95

2,501.83



3,480.00
4,316.00
4,662.51

514.72
1,501.20
9,538.85

607.18

572.17
10,347.01

108.24
1,354.28
1,241.00
9,171.34
86.63
4,227.68

125,079.33



Digitized by VjOOQ IC



406



ANNUAL REPORT OF THE FEDEBAL BE6EBVE BOABD.



Schedule A. — Income. — Profit and lo9$ account at close of hutiness Dec. 30, 1916, <md

Dec. SI, 191S — Continued.





Tear ending
D«j.30,l»16w


Yearendiv
Dee.31,in£


Extraordlnarv expenses:

Commissions paid




t86L(i


Cost of Federal Reserve notes issaed


ta6»430.ie




Cost of Fed^^Tftl Resflrve Bank nv^ (tndnding taxes) .... -


5,790.54






5,523.10

aO,4S4.44

3,900.00




Ammtisation charges — orxanization expenses (1/24)




Depreciation . fumilture anH eouioment








Total extniflrdlnary expenses ,


62,154.30


861.01






Total all chargeable expanses,


171,984.99


126,8tt.3l






Net Minings or deflciency


192,961.68
101,475.66


-23,48a 01


Less dividends paid '. |W,7W,tt6

Lesfl onrenization exnenses , 84, 7KL 71












Net earnings to profit and loss aocount


91,506.03





Schedule 6. — Comparative detailed statement at dose of Imsiness Dee, SO, 1916; Dee. SI

1915.



Dec 30, 1916. Dec 31 , lOL



BBSOVBCBS.

Bills discounted—members.

Bills bought in open market

Member banks collateral notes

If unidpal warrants

United States bonds to secure circulation

United States bonds on hand

Premium and discount on United States bonds.

Interest accrued on United States bonds

United States gold notes

Expense, organization

Expenses paid in advance

Cosi of unissued Federal Reserve notes

Furniture and equipment

Furniture and fixtures, recoverable.... ^

Cost of unissued Federal Reserve Bank notes

Transit expense, recoverable

Due from other Federal Reserve Banks

Due from member banks— overdrafts '.

Due from banks and bankers

E xchanges for clearing house ,

Checks and other cash items ,

Deferred debits (transit account)

Due from United States Treasurer, 6 per cent fund (account Federal Reserve

Bank notes) ,

National bank notes and Federal Reserve notes of other banks

Federal Reserve Bank notes en hand

Federal Reserve notes CQ hand

Nickels and cents

Gold settlem ent fund , credit balance ,

Due from United States Treasurer, gold redemption fund (Federal Reserve



3479,067.72

3, 945, 18a 04

35,820.74

163,813.65

6,000,000.00

2,492,850.00

85,887.20

58,978.18

963,000.00



$428,871»
3,500,461.35



288,015.84



2,151,650.00



8,802.18



2,062.70
27,614.85
15,962.54
26,978.29
983.82



52,984.44
9,8^9.48
11,S8.S
Sl,8».»
15,000.00



notes).



Gold bullion and coin.

Gold certificates

Silver certificates

Legal-tender notes

Silver coin



11,953,040.60

17,688.57

1,029,956.21

10,899.57

6,415.96

4,603,501.66

300,000.00

107,645.00

6,000,000.00

517,120.00

26.75

21,235,500.00

150,095.00
371,195.00
5,793,S0a00
80,131.00
118,846.00
1,287.00



Total resources. ,



66,532,157.93



CAPTTAL STOCK UABILITIK8.

Capital paid in

Unearned interest and discount

Government deposits.

Due to other Federal Reserve Banks

Due to member banks

Expense checks

Cashier's checks outstanding

Federal Reserve Bank notes

Net liability Federal Reserve notes

Reserved for taxes

Profit and loss imdistributed earnings



8,073,950.00

17,748.50

275,778.80

10,336,961.54

44,191,346.07

764.61

1,373.07

6,000,000.00

2,640,000.00

2,839.33

91,606.02



Total..



66,582,157.93



1,849,365.44
11,?8S.74



5,000.00
388.81



348,318.00



564,880.00

107

2,464,000.00

107,000.00

8,933,700.00

4,585,3iaOO

43,694.00

70,875.00

5,500.00



3O,518,On.0$



8,087,800.00
54,6fl5.»

14.930,080.68



2,787.7»
'3^666,666.06



3O,518,On.06



Digitized by VjOOQ IC



DISTBICT NO. 10 — KANSAS CITY.



407






o

S

o
»

-<
O

OQ

<J
00

. »

§ g



1



I



S ^

8, ®

8 H

(S »
I «
I S

^:-

s I












lit






si



III



Ed

«
O

g

o






Ipl



^SS;!5S!SS






poo









g-a-a



'rS'S'






ggss'is




iS5S50^







iili


\i



S3S3:9SSSa3Sa



lllliitifill



Sq OS 3



««'«•••*






• 6



** OS






2&



co^-*-*



s2e2



m



Digitized by VjOOQ IC



408



ANNUAL REPOBT OF THE FEIKBBAL BE8EBVE BOABD.



Schedule D. — Open-market tran^ictions for the year 1916,
BILLS BOUGHT (BANKERS ACCEPTANCES).



557 items purchased in above period,
total

At following discount rates:

2 per cent

2iV per cent

2| percent

2| percent

"^ percent

I percent

percent

percent

[percent

\ per cent

2H per cent

2| percent

3 percent

3h percent

3} percent



$8,191,082.48



1,156,
163,
295,
581,
325,
552,

1,253,

1,303,
435,
101,
104,
560,

1,188,
34,
133



125.03
169.52
220.13
651.88
707.66



956.22
004.09
488.68
753.07
170.00
734.73
695.41
876.34
830.96



Total 8,191,082.48



By maturities at date of purchase:

Upto30day» |356,35itt

80to60day8 l,451,3aL7l

OOtoOOdays 6,381, 4ro.a

Total 8,1»1,082.«

Classification:

Domestic 449,3Oa0O

Export or import 7,741,782.«

Total 8,191,082.«



Schedule E. — Open-market transactions for the year 1916.
WARRANTS.



30 purchases made, total (maturity
value) 11,946,840.70



At following discount rates:

2| per cent

2| per cent

2.30 per cent

^percent

2-40 per cent

2J percent

2.56 percent

2iV per cent

2J percent

2.70 per cent

2f percent

2.90 percent

3 per cent

3Trtr per cent

3.35 per cent

3i percent

34 per cent

3f percent



85,
553,
251,
111,
12,
60,
60,
26,
375,
109,
95,
50,
105,

1:

12,



127.08
341.39
906.16
057.91
150.00
375.00
000.00
307.60
3ia23
368.78
635.53
725.00
170.83
000.00
000.00
000.00
114.63
242.66



Total 1,946,840.70



By maturities, at date of purchase:

Up to 30 days f60,OS2.(B

30to60days 235,6I6.»

eOtoOOdays 227,225.54

90 days to 6 months 1,423,«16.S

Total 1,946,840-70

Classification:

Municipal warrants 1,845,036.81

State warrants W1,8(B.»

Total l,9l6,8ttL70



Schedule F. — Operirmarket transactions for the year 1916,
UNITED STATES BONDS.





Par value.


Price.


PURCHASES.

2 per cent consols, 1930 .~


800,800
3 760

525 250
2,650,000
1,000,000
2,332,200

100,000


3- '

Apron.






6,681,000




2 per cent Panamas, 1936


6,500
350,000
162,000


OOi.




feir




518,500





Digitized by VjOOQ IC



DI8TBICT NO. 10 — KANSAS CITY.



409



ScHEDULB F. — Openr-marhet traruaetians for the year 1916 — Continued.

UNITED STATES BONDS-X5oiit!iiiied.





Par value.


Price.


8 ptiT OMit PanftinA-5, 19^ .


PVBCHASES— continued.


S250,000
88,000


fe?^-








338,000




4 per cent, 1936


125,000
700,000


111.




'


lUJ.




825,000




Total purchased


8,362,500










% por cmt consols, 1930 . . .


110,000
300


Par.


Spar oeat, 1918 -.


lOH.






3 per cent conyersfcn


35,000
923,000


1^!


S per cent coayerslon










948,000




Total sold


1,058,300









CONVERSIONS.





DeUvered to United States Treasury.


Received from United States Treasury.


Date.


3percent

consols,

1930.


3perceQt

Panamas,

1936.


Spercent

Panamas,

1988.


Total.


Conver-

aioQ

bonds,

series

1916-1946.


One-year Treasury notes.


Total.


Apr. 1, 1916
Mj 1,1916
Oct. 1,1916


413)400
88,100






1820,600
412,400
694,600


9410,600
306,400
847,600


Series Apr. 1, 1916. $410,000
Series JiOv 1,1916. 306,000
Series Oct. 1,1916. 847,000


1830,600
412,400
094,600






8M,500


360,000


Total.


1,321,100


8M,500


360,000


1,937,600


964,600


Total 963,000


1,927.600



ITNITED STATES SECURITIES ON HAND DEC. 31.





Amount.




Amount.


8 per cent consols of 1930


97,401,250

163,000

88,000

16,600


3 per cent Treasury notes, 1917

4 T)er cent bond?. 1925


9963,000
825,000


t mr AMit PanftmA. 1936, ^ . ^ ^ ^


2iMr<Mit PanAma' 1038.


Total


3 per cent conversion bonds, 1946


9,456,850







ScHBDULB G. — Diicount and investment operations for the year 1916 — Average amount
of eath dan of earning assets luld, total earnings^ and average annual rates thereon.





Average
holdings.


Earnings.


Average
lateT


^^ disooanted — ^membws , .


91,771,604

1,237,692

582,360

8,555,169


984,671.71
29,601.03
14,366.41

186,411.19


4.77


Bilk boncht in onen market


' 2.39


wanaoff^: .._::::::::.::..: : :.::::


2.47




2.18






Total


12,146,725


314,960.34


2.59







Digitized by VjOOQ IC



410



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.



Schedule H. — Reserve pontion
[Monthly averages.)



Month.


Peircentr


Percent-
age r^
quired.


Percent-
age ex-
cess over
require-
ments.


Month.


Percent-


Ferant-
quired.


Peixxot*
age ex-
cess over
reqoiie-


January, 1916

February, 1916

March, 1916

April, 1916


76.8

76.4

62.4

61.6

48.6

66

63.1


35

35
35
35
85


4a8

41.4

17.4

16.6

13.6

21

28.9


August. 1916

Septomher, 1916....

October, 1916

NovBmbw, 1916....
December, 1916

Yearly aver-
affvn.


62.9
60.7
67.6
66.6
67.8


36
36
36
85

35


27.9
25.7
21i
3L«


May, 1916


118


JiinA 101 A




July, 1916


61.6


1




35 aL<













Schedule L — Membership — Additions and withdmwals and effect on the total capital

stock.

ADDITIONS.



state.


Number
ofbankB.


Oapltalsiib-
scnpCionto
FedMalR^
serve Bank
stock.


Capital and

member
banks.


Colorado


3
6
1


t5,70a00
12,400.00


963,500.00


Kl^njmf


30^486.45


Missouri


600,000.00


Nebraska




New Mexico










6
3


23,90000

6,5oaoo


407,5001 01


Wyoming


104,000.00






Total


18


77,500.00


1,377,48045







WITHDRAWALS.



State.


Number
of banks.


Capital
surrendered.


Capital sod

sorplosof

memDer

banks.


Colorado


2


117,700.00


3396,000.01


Kansas


Missouri








Nebraska


14


75,400.00


1,223,000.00


New Mexico...




Oklahoma


10


26,500.00


4i9,2saoe


Wyoming










Total


26


118,600.00


1,037, 25a 00





Schedule J. — Member bank deposits,
NET DAILY AVERAGES FOR THE YEAR 1916.



Month.



January

February . . .

March

April

May 1 to 15.
May 15 to 31

June

July 1 to 15.



Amount.



$15,377,420
16,345,980
16,616,210
16,671,210
17,471,120
21,416,520
21,686,180
21,024,750



Month.



July 15 to 31.

August

September..

October

Nov. 1 to 15..
Nov. 15 to 30
Deoember....



AmonoL



$34, 042,111
24,630,060
34,817,400
2^028,960
28 060,90
35,474,01



Digitized by VjOOQ IC



DISTRICT NO. 10 — KANSAS CITY.



411



Schedule J. — Member bank deposits — Continued.

EXCESS RESERVES AND DEFICIENCIES, DAILY AVERAGES FOR THE YEAR 1916.



Period.




Denden-.
cies.



Jan. 1 to Anr. 30 (based on call Mar. 7) .

May 1 to 15 (based on call May 1)

May 1 to Jaly,15 (based on call June 30)

July 16 to 31

August

September

October

Nov. 1 to Nov. 15-.

Nov. 15 to Nov. 31

Deoanber (estimated )



12,448,700
2,855,900
8,818,900
1,455,573
1,533,157
1,589,960
1,560,323
1,838,339
2,168,860
2,064,067



Schedule K. — Government account^ from Jan. 1916^ to Dec. 30, 1916.

Total amount deposited to credit of United States Treasurer $18, 503, 000

Total amount of warrants paid 14, 978, 000

Total amount transferred by order of United States Treasurer 3, 250, 000

Balance to credit of United States Treasurer Dec. 30, 1916 275, 000

Average daily balance for year 988, 700

ScHBDUiiE L. — Federal Reserve AgenVs statement of Federal Reserve notes on hand, out"
standing, received from Comptroller of the Currency, canceled, and coverage of total
issue as of Dec. SO, 1916.

RESOURCES.

Federal Reserve notes on hand i $3, 753, 000. 00

Federal Reserve notes outstanding 22, 234, 760.00

Rediscounts to secure Federal Reserve notes 2, 545, 111. 66

Gold to retire Federal Reeerve notes on hand $4, 370, 000

Credit balance in gold redemption fund 1, 064, 760

Credit balance with Federal Reserve Board 14,260,000

Total 19,694,760.00

Federal Reserve notes sent to Comptroller of Currency for destruction. 2, 132, 240. 00

Total 50,359,871.66

LIABILITIES.

Federal -Reserve notes from Comptroller of Currency, gross amount 28, 120, 000. 00

Collateral received from Federal Reserve Bank ^ 2, 545, 111. 66

Provision for redemption of Federal Reserve notes 19, 694, 760. 00

Total 50,359,871.66

75284*>— 17 27



Digitized by VjOOQ IC



412



ANNUAL BEPOBT OF THE FEDERAL RESERVE BOARD.



Schedule M. — Federal Reserve notes ^ statement of Federal Reserve Agent, from organi-
zation to Dec. 31, 1916.





Number of pieces.


Aggregate
amount




Fives.


Tens.


Twen-
ties.


Fifties.


Hun-
dreds.


R<»ceived from oomptrollor


2,606,000
848,800


820,000
79,700

$00
50,260


284,000
10,700


16,000
6,900


4,000


138,120,000


Received from Federal Reserve Bank

Received from Treasurer of United States
(fit notes)


$,050,0»
S,OOI


Received by comptroller from Treasurer
of United States for destruction and
creditofFederal Reserve Agent's aooount
f unfit notes) ....*


297,558


6,025


427




2, 132, MB






Total


3,254,358


950,200


800,725


22,327


4,000


33.305,240






Tssiiofl to Fedf^ral Reserve Bank


2,613,400

297,558
172,000
171,400


812,600

60,260
72,000
15,400


266,600

•S'SS
28,000

1,100


17,900

427
4,000


900


27,420,000

2,132,2«
2,720,000


Returned to Comptroller of the Currency
for destruction , including notes returned
by United States Treasurer for credit
of Federal Reserve Agent's account

Fit notes on hand


Mutilated notes on band


i;08S;fflO










Total


3,254,358


950,260


300,725


22,327


4,000


33, 305, M







Schedule N. — Federal Reserve notes received and returned.

(Amounts of Federal Reserve notes of the several denominations received from other Federal Retw«
Banks for redemption or credit and returned to other Federal Reserve Banks for redemption or credit
bv the Federal Reserve Bank of Kansas City during the period since Jan. 1, 1916.]



Exchanged with Federal Re-
serve Bank of—


Fives.


Tens.


Twenties.


Received
from.


Returned
to.


Received
from.


Returned
to.


Received
from.


Retnraed
ta


Boston


$17,900

378,500

16,850

ii.aso

3,390
25,615
847,500
843,605
60,340
107,680
31, (M5


$175

3,940

210

590

800

2,740

1,225

13,060

5,700

16,310

2,070


$18,960

235,620

15,900

9,610

4 050

18,670

514,500

335,270

41,300

77,550

26,940


$780

780

2.770

1,340

6,530

340

19,560

13,800

44,220

2,380


$8,540

113,680

9,780

4; 280

2,200

12.230

117,000

107,280

14,940

41,460

20,100


ll««


New York


6,4»


Philadelphia


W>


Cleveland


4,640


Richmond


2,45)


Atlanta


6,(M


Chicago


l,lfO


St. Louis


10. 9«


Minneapolis


».w


Dallas


86>


Ban Francisco. . . - - - . ^ , r - - r - r - ,


4,IN






Total


2,644, 105


46,320


1,298,370


105,030


451,470


82,440






Exchanged with Federal Re-
serve. Bank of—


Fif


Iks.


Hunc


ireds.


TgteL


Received
from.


Returned
to.


Received
from.


Returned
to.


Received
from.


RetUTDBd
to.


Boston


13,600
34,850

3,400

1,250
450

3,100
17,500

6,450

950

32,750

4,200


$250
850




$300

1,200


$49,000

762,650

46,910

26,820

10,090

69,615

1,496,500

1,292,606

117,630

269,440

82,286


I1,68S


New York




2SO00


PhiladelDhia




15»


Cleveland


800
850
250
50
400
200
1,950
10,550




200
700
400
100


9000


Richmond




5610


Atlanta




16,000


Chicago




%,«&


St. Tx>uis





4<000


Minneaoolis






»>


Dallas




200

700


«500


San Francisco , ^ . , , , , .





20;000








Total


108,500


16,150




3,800


4,202,445


253.740






L



Digitized by VjOOQ IC



DISTRICT NO. 10 KANSAS CITY. 413

Schedule O. — Federal Reterve notes — Federal Reserve Agent,

iBBued to bank, 1916 $14, 400, 000. 00

Received by comptroller for cancellation and destruction 2, 132, 240. 00

Mutilated Federal Reserve notes on hand 1, 033, 000. 00

Federal Reserve notes on handy new, unissued 2, 720, 000. 00

Cost of unissued notes for the year 36, 798. 49

Cost of notes issued for the year 20, 436. 16

The cost estimate of issued notes was made on the following basis:

Costpertl,000:

Fives 12.218

Tens 1.172

Twenties 65

Fifties 34

Hundreds .245

Federal Reserve notes of the Federal Reserve Bank of Kansas (Hty received from
other districts amounted to $4,202,445. Shipment cost averaged 25 cents per $1,000,
and is not included in the above schedule.



Schedule P. — Official arid clerical staff .

Number of officers 4

Number of employees in various departments 48

MONTHLY PAY-ROLL— EMPLOYEES.



Department.


N-""*^ ll^l^.


Fedeitd Reserve Agent's office and credit bureau


3 S3(i5.00


General clerical force, including discount, auditing, and all other departments except
tnin«it . ^ ,


10 1,913.33
26 1,5»«.00


TVPiisit department (recoverable through service charges)




Total


48 1 3, S43. 33





Schedule Q. — Recapitulation j city and country clearings^ Dec, 1914y to Dec. SO, 1916^

inclusive.





Number of items.


Amounts cleared.




City.


Country.

60,773
1,840,767

1,214,570

1,289,216


Total.


City.


Country.


Total.


1W4 (December)

1915


5,880
134,21©

78,229

803,644


75,633
1,083,980

1,202,709

1,562,860


$17,559,936.75
297,183,974.98

140,992,445.19

317,971,832.66


$21,082,772.04
413,007,012.52

224,807,003.08

527,182,424.44


$38,642,708.79
710,190,987.50

374,709,448,27

845,154,257.10


1916 (to July 14, Inclu-
sive)


me (July 15 to Dec.
ao,inciusive)


Total


521,962


4,303,326


4,915,278


782,708,180.58


1,186,079,212.08


1,968, 787, 40L 66





Digitized by VjOOQ IC



414



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.



Federal Reserve Bank of Kansas City^ July 15, to Dec. SO, 191G.

MEMBER BANKS.





City.


Country.


Tot«L




Items.


Amount.


Items.


Amount.


Items.


Amount.


July 15-31


19,631
48,135
51,776
62,112
60,000
61,990


130,658,455.38
43,123,948.04
48,207,314.69
61,974,274.72
65,334,535.40
68,673,304.43


66,846
147,803
152,679
170,330
173,403
188,821


$11,842,488.68
27,777,320.16
31,118,316.65
43,127,447.20
48,132,501.40
48,630,284.67


86,477
196,028
204,465
232,442
233,493
250,811


$42,500,894.01


August


70,901,a6&»
70,325,6SL34


September


October. .


105,101,72101
113.467,0Kl8I


November


To Dec. 30


117,303, Ml 10






Total


303,644


317,971,832.66


900,062


210,628,808.85


1,203,706


fi28»eOO,14La





ITEMS ON OTHER DISTRICTS.





City.


Country.


Total.




Items.


Amount.


Items.


Amount.


Items.


Amount.


July 15-31


1,175
2,476
2,560
2,997
3,260
3,128


$16,815,491.27
36,572,172.92
42.216,235.74
55,006,122.88
60,393,860.27
60,523,176.06


2,123
6,770
8,088
15,609
15,852
14,668


$297,333.05
1,187,530.45
1,674,024.76
8,350,406.26
5,334,721.68
4,470,347.41


3,301
0,246
10,648
18,606
10,112
17,706


$17,112,824.32
37,750,712.37


'August


September


43, 800, 38a 90


October


58, 356, fiat. 14
65,002,523.47


N ovember


To Dec. 30






Total


15,596


271,527,059.14


63,113


16,323,360.56


78,709


287,850,428.9







STATE BANKS.



July 15-31..

August

September.

October

November.
To Doc. 30.

Total



Items.



None.
20,436
54,066
62,852
67,601
75,400



280,445



Amount



Nona.
$3,013,651.85
6, 255^ €36. SI
7,140.00L12
6,850,40.78
7,434,001.61



28,703,686.80



DAILY AVERAGE.



City.



Items.



Amount.



Transit.



Items.



Amount.



July 15-31.
August....
September
October...
November.
To Dec. 30



1,402
1,851
2,071
2,380
2,500
2,470



$1,475,604.00
1,658,618.00
1,028,202.00
2,383,636w00
2,722,272.00
2,746,932.00



5,010
6,830
8,605
0,684
10,842
11,284



12,068,233.00
2,506,109.01
S,210,56&(n
4,177,845w<IO
5,071,e9aOO
4,842,706.00



Digitized by VjOOQ IC



DISTRICT NO. 11— DALLAS.



W. F. Ramsey, Chainnan and Federal Reserve Agent.



Financial Results of Operation.

EAKNINGS, expenses, DIVIDENDS, ETC.

While Federal Reserve Banks were not organized for profit — a con-
sideration always held to be subsidiary to the benefit of the system,
and in no sense a test of its usefulness — ^it is gratifying to report that
the Federal Reserve Bank of Dallas has made good headway in this
respect, and has paid its members a dividend at the rate of 6 per
cent per annum from the date of the capital stock payments, at the
organization of the bank, to April 30, 1916. On January 7, 1916, our
board of directors declared a dividend at the rate of 6 per cent per
annum from the opening of the bank to June 30, 1915, and on Sep-
tember 15 declared another dividend at the rate of 6 per cent per
annum covering the operations to December 31, 1915. On Novem-
ber 28, 1916, the board declared a third dividend of 6 per cent per
annum to and including April 30, 1916, payable December 30, 1916.
After paying these dividends, there was sufficient margin left in the
profit account to take care of any depreciation of furniture and
fixtures, bank buUding, etc.

There are attached hereto Exhibit A, Statement showing earnings
and expenses of the bank for the year 1916 and since organization
and Ebdiibit B, Comparative balance sheets for December 31, 1915-16.

General Business and Banking CoNDmoNS in the District.

Trade conditions in the eleventh district are, almost without
exception, all that could be desired and more than could reasonably



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