Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-25
|[SERVE BANK HERE
EARNS 50 PER CENT.
Decrease in 1921 From ~
Per Cent in 1920 Held
Due to Depression
FRANCHISE TAX UP TENF0LD

The e.rnins: in 1921 Of the Federal
ksssrve Bank. Of Philadelphia on Its
average capital stock amounted to W
psr cent. as against III per cent In
So2O. and 50 per cent in 1919. But the
nm paid the Government a. franchise
IN last year was 80. $50, ,552, against
US6S, ,882 in 1920. Capital stock De.
6omber 81 was $S,736, 600. compared
Nth IS .4S5 900 at the end OF 1910.
0goss earnings decreased 50, $40. DOL.
The decreased earnings reflect the
general business depression which pre-
Vailed throughout the year. Following
- a statement of the earnings:
x..., earning. eSs Ssis isss "ssS:;;i ?:ss'f;;
s:s,. ::s s.';si;i ss'sint; S,ss!sss .!sS sss s's y
n: !. ..ss,s: +; 's:s!; 81: 4; ssS:5s s:sS s:
slncrease.
Although the rate Of earnings and
AiScounts was about the same as in
1920" the report of Richard l.. Aus
Tin, Federal Reserve agent, says. "thc
smaller amount of earning assets was
reflected in a diuinution in the earn
lngs Of the bank. The gross earnings
far 1921 were derived from the follow
ing sources: Bills discounted, S5.5 per
cent: purchased paper, o. per cent:
United States securities. 10 per cent,
aud miscellaneous sources. q per cent.
"Bills discounted for member banks
decreased $50. .S31 900. and total earn
lnx assets 800. .O1S.O0. Maturing
loans were paid of in this district
mostly by the return of Federal Reserve
notcs, Of which ST. ,507 600 we're re-
tired from circulation during the year.
The reserve ratio responded to the
lessened calls upon the loaning power OF
the bank with an increase from J4.1
Der cent 70 71.2 per cent"
The total of all discounts and open
market purchases during 1871 was
"a, ia. 4O3. 900. decrease 50 per cent.
and the average daily earning assets
SI6O, 300. 900. decrease $72 sos 900.
With the decline in borrowings BY mem
ber banks the purchases of bankers ac"
eeptanccs in the open market were
Increased to 500. .176, 900. Of which all
but &c. .S23, 600 was bought from dealers
IN the Third Federal Reserve District.
n 1920 total purchases were S76.-
$50, 900. of which 10 per cent was pur
chased through the New York Federal
Reserve Bank.
"This larger patronage with dealers
In acceptances operating in this DIS
trict," the report says, lis In line
with the policy OF the bank OF ioster'
ing the development Of local accep-
tAnce market.
''Operations of the various depart
Snents connected with the rediscount-
Ing and clearing functions Of the banH
declined materially during the year, as
Q direct result OF the smaller volume
Of business operations and Of lessened
credit demands. but other services were
more fully used by the member banks.
Among the latter were collections,
transfers Of funds by leased wire; anu
the safekeeping of securities. The Bank
Examination Department expanded It's
Activities. and the dissemination Of &C.
curtte information on business condi :
tions through the medium Of the monthly
report has been of assistance to bankers
and business men in this and other dis.
tricts.'
The report shows a total Of securi :
ties in safekeeping for member banks
of Sf3, 263, 900, increase S35, go ,OOO