Show Reserve Banks U U. S. S Asset I S By Ira C. C Tichenor HE I-fE ease with which the federal reserve b banks financed the governments government's immense war wr operations and without disturbing I he least the ordinary financial machinery of the country p evi y has been commented upon The splendid work performed the he reserve R system stem attracted world-wide world attention to th the national banking plan L adopted by the United Unite States within the pa past t decade to replace the hazard one which pr prevailed aled for tor many years ears previously pre and various arious no ware discussing the advis advisability of ot adopting the American merican plan modifications that are are- are considered suitable t to the nato nations s in which the ih changes from pr present sent methods might b bf br made u rhe growth of ot federal banking as a a purely business proposition has been wonderful as ft work in handling the billions of ot dollars dolar in fn loans and Certificates during the progress ot of the war ar According to official reports reports during 1913 the twelve federal r reserve seve banks banka combined Ined increased their surplus surplus from Crom to or by 2 making the combined surplus at the end of ot last year equivalent to 69 per cent of the combined subscribed capital 16 Compared with wih h e co combined reserve of ot at atthe I the close of of 1919 18 J that of ot only at the he close of ot 1 1917 1517 7 The Second district distrct bank In New York Tork naturally leads In the figures This bank now has a alus alus lus of ot compared d with wih only in 1917 91 The Twe h bank bink located In San Francisco Fancisco and of ot which the Salt Sal t Lake Lalie branch reserve vc ba bank ia ja a a part Jart h had d n no surplus at t all an in 1917 This item fem h however w ver now IOV stands at which Is the sixth highest of ot the twelve district banks bancs k S S Sr he he success of ot the system as a business proposition both from a private end arm a gov government viewpoint Int Is la shown by the fa fact that tat the federal banks last year transferred to the surplus account of ot their reserves with itch Ch to o p pay pw r the franchise tax taz tx to the the government while r retaining t 10 per ent of ot earnings after paying dividends S |