Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-01-03
REVIEWS OPERATIONS OF
FEDERAL RESERVE BANK
Has Discounted BLISS Notes
Amounting in Value to
81 ,328,117.
PROMPT SERVICE TO MEMBERS
North Carolina Largest User of Dis
counting Service Of Blackboard
is Considering Extension Of Plan
for Collections.

+ since Its opening, q little more than
| n year ago. the Federal Reserve bank
OF Richmond has discounted 3l.755
notes amounting to $47.32G.ll7. and
; s,a,1 exception the paper was
: handled and advice Of the proceeds
; forwarded to members on the day on
which tho paper was received. II II
! reached the bank In time to be con-
! sidered by the executive committee.
which meets daily about midday. In
after banking hours was put through
the same day.
This interesting sidelight on the
operations OF the local reserve bank
for the year ending December 81. 1915
is contained In bulletin that has
Just been sent to the member banks
by Governor George j. Seay. In which
Is presented a brief summary of the
banks operations.
CoNsIDERING ENLARGED
PLAN FOR COLLECTIONS
The bulletin makes the Important
announcement that the Federal Reserve
board has under consideration an en-
larged collection plan which contem-
plates participation by all member
banks. embracing collections between
the districts and within them. The
plan. after careful consideration by
the transit managers Of NIL tho banks.
has been approved by conference of
the governors. and has been under con-
sideration OF the Federal Reserve Board
for the past two months.
voluntary plan Of collection or
clearing was submitted to the members
Of the Fifth Federal Reserve District
on April IL. 1915, and went into opera
tion on June 7. 1916. Only ninety-o one
members joined this plan. It's useful
ness was. for this reason. limited. and,
In the opinion OF the officers of the
IL
satisfactory test.
In spite OF the limitations of the
present collection plan. as many as
5000 Items. aggreKating 35,000.000.
have been handled In a single day
between June and December 81, 1915.
569146 outgoing Items were handled.
agGregating s237,S77.3oo An average
OF 1920 items were handled daily.
NORTH CAROLINA LARGEST
USER OF DISCOUSTING SERVICE:
or the s47.326.ll7 in notes that were
discounted by the bank during Its total
period Of operation. s4l,531.s7o32 rep
resented commercial and agricultural
paper. The other rediscounts were
commodity paper. $2.SSl.4sS.2l: paper
secured by agricultural products. ST.
916.1l3.25: paper secured by live stock.
$55.27S.l3: paper secured by merchan-
disc. Sl06.5l7.SS; trade acceptance.
s5S4.S5O.20; and bankers acceptance.
$4,000.
North Carolina member banks made
most use of the discounting service.
with s16.97s.57S.iS In discounted paper
to their credit. South Carolina banks
discounted paper aggregating $i5.6SS.-
1906, and Virginia banks came third
with rediscounts agEregating Sll.00O.-
24l.6S. Paper discounted for the Dis
trict of Columbia banks amounted to
81 .hS3, 223.51 for West Virginia. ST.
3I6.46S.32, and for Maryland. $685.
S22.76 ,
At the close of business on Deem
Der 81. the total OF outstanding dis
counted bills was S7,65O.S6556. The
highest amount Of bills discounted out
standing at any time during the period
OF the hanks operation was on Au-
gust {. when II reached $S,74I.t76.30.