Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-10-15
BANKS AGAIN BREAK
!. ALL !. C'L|:!E|ARING.REc0RDs
clearinghouse Report Tor Week i.
Largest in History OF
Ia Richmond,
NEARLY DOUBLE LAST YEAR
Governor scay Issues Statement
showing Low Cost or New System
OF Check Observation-Disclosures
Statement Of Reserve Bank.

|
Richmond bank cIcarings set ,no,h.u
new high record last week. o,,;n
"reakihs all previous records In tho
U'story OF the city's financial institu.
IONS "'ia surprising by more than
S'Vo'ooo ne previous high'rccord. which
WAS maze during the preceding wool.
OF this month. Tho report of IN.
Clearing House Association yestcraay
showed that at the close Of business
Tor the day the clearings for the week
aggregated $2l.l07,4l9. as compured
with 3ll.4l7.56S for the same week NJ
last year. showing an increase of 50.
GS9.S5l.
! These figures compare with soos5,-
BOO Tor the previous week. which at
| in Richmond
substantial increases were shown
aurihG the week In the bills bought
ana discounted by the Fifth FedertI
reserve Bank during tho week ending
with the close OF business Friday nfter
noon. Bills bought and discounted ~
treIatrd s9o2.053. AS compared with
s624.soo FOR the previous week.
STATEMENT, OF .COST or
COLLECTION SYSTEM
Governor George ]. Seay. Of the Fed.
eral reserve bank. has Just Issued to
member banks In the NTH district a
statement showing the operations NJ
TIE collection department from tho
inauguration OF tho new collecting and
clearing system or July Is to Scptem
per 80 period of sixty-sia working
days During that period the local
bank handled 1925 checks. acrreEat.
Ing s3oj.l57
The cost per $1,000 In handling This
business was BIS cents, which Is con-
sihered astonishinslv low The seryic.
| cn"rEe 20 members based on the actual
| cost of handling. was ll-2 cents nor
| item up 10 August 81, and for tho month
%! September the servic" charge was
reduced (" Ia cents per iten. tho
reduction In cost being due 10 tho larger
numhcr OF checks handled without H.,
crease III the working force. Tho dailv
average Of items handled In Scptcmber
was 1881 as against an average Of
ie,5"2 Tor the period ending August, a.
Governor ScaT SAYS In his Statement,
ma, The collection department is now
veil organized. and is capable Of ham
ding an increase Of 80 per cent I'm the
number Of items with additions TO the
ONO" force. Tho total cost Of hnn.
dInI checks during Seotember amount
ell 10 St.ll2SS. while the service charge
AZ u cents aggregated A,o3l3o
STATEMENT OF CONDITION
OF LOCAL RESERVE BANK
Governor Seay issued the following
statement Yesterday. showing the
banks condition AT the closr OF busI-
ness Friday:
Cold coin and certificates. i.216.24O.oo
Gold settlement fund... l6el3.0Oo 90
Total gold reserve. s2l.ls8.240oo
Legal tender notes, silver
certificates and subsidi-
AIRY coin ..,.......... ss.2oI.52
Total reserve 500. ..scl.o5t.44l.5o
Investments .....s so75O on
United States bonds in
Guiding accrued interest 1To5l4soo
Bills discounted and bought 6.095,lOs.7s
Due from other Federal re-
serve banks. net. ... I347l45nI
Items in transit deferred 6I4o3o4SI
MI other reSourccS... oo05lln
Total resources .s36ao4ss75
Liabilities.
Capital paid in.......S 332t75o0o
Reserve deposits. net. o0.62lsoo6s
United states government
deposits -............. 2S7l73c n6
Fedora! reserve notes in
circulation, net .. il7I3O5 on
Items In transit. deferred 51e7l2s5o
All other liahi,iticS... l3sl45p5
Total liabilities .s3s.s24,s675
Gold reserve against all liabilities,
so per cent.
Cash reserve against all liabilities
after setting aside 40 per cent gold re-
serve for Federal reserve notes out
standing. 30 per cent.
Federal Reservc Notes.
ISSUED .....................s l4.Sl4.470. 90
On mana ................. 64s,G95.O0
outstanding .....sl 4,ls5,775.o
Gold with Federal reserve
agent 9,3s4.470.00
Net liability 80 ......,....S 4.I7l ,305 90
Total amount Of bills discounted and
bought for the week ending October
-. 1916, S902053