Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-12-26
DISCOUNTED PAPER NOW
AMOUNTS TO s1,183,871
Sixth Weekly Statement OF Richmond
Reserve Bank Reflects Sound
Growth.
INDEX TO BANKS SERVICE
Rediscounting OF Commercial Obliga-
lions Is Life-Blood of New System,
and Local Institution Shows Steady
Increase of This Function.

a healthy growth In the rcdiscount-
Ing operations of the Federal Reserve
Bank OF Richmond IL reflected by the
statement OF the banks condition at
the close of business on December a.
issued yesterday BY Governor George
j. Seay. The statement shows that the
bank has in it's vaults discounted com
mercial paper to the value OF S1.1s3,-
SIlto. For the first time since the
opening, SIX weeks ago. the banks
redlscounting operations hive reached
and passed the million dollar mark
Since the life blood Of the new Fed
cral banking system Is negotiable COM
mercial paper. the extent to which the
reserve banks rcdiscount this paper
measures, in large part, their real SER
vice TO the member banks OF the dis
trtcts- reference TO the weekly state
ments that have been issued by Cover
nor Seay, OF the local bank. since it's
csta hlishment. bears witness to the
steady growth OF the Richmond banks
discounting operations.
DISCOUNTING OPERATIONS
SHOW STEADY INCREASE
The first weekly statement of the
banks condition was issued by Gov
ernor Seay on November 2f. The bank
undertook no rediscounting during the
first week OF It's operation dcyoting
It's efforts to the collection OF the re-
serve and capital stock payments nj
4.
The statement OF November IS
showed that the bank had rediscount-
cd bills In the amount OF SI133524s
week later. according to the state
ment OF December e. this item had in :
creased to s405.430. On December 10
the weekly statement returned redis
counts totaling s7iS.00O. and a week
later still, $9G3,7O6.50. The high mark
In discounting operations was reached
this week. when the rediscOunts. at the
close Of business Thursday, aggregated
sl.1s3.S71.65.
Beginning or Monday, the local bank
VIII reduce the discount rate on sixty
day 'naturities from 5k per cent. the
present rate on this class OF paper ia
. per cent, the discount rate now en-
joycd only by ,hirty-day maturities
II VIII reduce also from 6 per cent To
nis per cent the discoun, rate on com
mcrcial paper maturing from sixty To
ninety days The rate on mntur!ties
over ninety days will he 9 per cent
WEEKLY STATEMENT
OF BANk'S CONDITION
| The statement Issued By Governor
| Scay yesterday follows:
Condition OF Federal Resery. Rank
| OF Richmond. at close OF business DO
cember "A, 1914.
| Cash on hand:
Gold coin and certificates SS431 OSo m
Legal tender. silver certin-
/ Gates etc. ............. 56.9I2 OC
Total ............ sS,4S7.992 OF
| b!ils discounted. $1.1S3.S7l CT
All other assets. ..... 7O.5e0 %
Total. se.742.454 81
Liabilities.
! Capital paid in. S1.0o3.s1s 81
Reserve Deposits. .. 1929 40
! Due to other Federal re-
serve banks. 4o4osS r,
| Federal reserve notes in
circulation :.:.......... 7S7,loo oo
All other liabilities. ....... 200 %
Total. ...... s9.742.454 81
Gold reserve against all liabilities
| % per cent.
| Cash reserve against all liabilities