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Xerox University Microfilms 300 North Zoob Rood Ann Arbor, Michigan 48106 7*4-3271 INFORMATION TO USERS This material was produced from a microfilm copy of the original document. While the most advanced technological means to photograph and reproduce this document have been used, the quality is heavily dependent upon the quality of the original submitted. The following explanation of techniques is provided to help you understand markings or patterns which may appear on this reproduction. 1.The sign or "target" for pages apparently lackingfrom the document photographed is "Missing Page(s)". If it was possible to obtain the missing page(s) or section, they are spliced into the film along with adjacent pages. This may have necessitated cutting thru an image and duplicating adjacent pages to insure you complete continuity. 2. When an image on the film is obliterated with a iBrge round black mark, it is an indication that the photographer suspected that the copy may have moved during exposure and thus cause a blurred image. You will find a good image o f the page in the adjacent frame. 3. When a map, drawing or chart, etc., was part of the material being photographed the photographer followed a definite method in "sectioning" the material. It is customary to begin photoing at the upper left hand corner of a large sheet and to continue photoing from left to right in equal sections with a smalt overlap. If necessary, sectioning is continued again — beginning below the first row and continuing on until complete. 4. The majority of users indicate that the textual content is of greatest value, however, a somewhat higher quality reproduction could be made from "photographs" if essential to the understanding o f the dissertation. Silver prints of "photographs" may be ordered at additional charge by writing the Order Department, giving the catalog number, title, author and specific pages you wish reproduced. 5. PLEASE NOTE: Some pages may have indistinct print. Filmed as received. Xerox University Microfilms 300 North Zoob Rood Ann Arbor, Michigan 48106 7*4-3271 MORRIS, Russell Dale, 19*41- AN ANALYSIS OF CERTAIN ASPECTS OF THE FEDERAL RESERVE SYSTEM PAYMENTS MECHANISM PROGRAM. The Ohio State University, Ph.D., 1973 Economics, finance r University Microfilms, AXEROX Company, Ann Arbor, Michigan THIS DISSERTATION HAS BEEN MICROFILMED EXACTLY AS RECEIVED. AN ANALYSIS OF CERTAIN ASPECTS OF THE FEDERAL RESERVE SYSTEM PAYMENTS MECHANISM PROGRAM j DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Russell Dale Morris, B.Sc., M.B.A. * * * * * The Ohio State University 1973 Reading Committee: Approved By Dr. David W. Cole Dr. Wilbur A. Rapp Dr. Ernst Baltensperger 6 j . Adviser Department of Business Administration ACKNOWLEDGMENTS I am Indebted to the Wagnall'e Manorial Scholarship Fund, Lithopolls* Ohloi The Board of Governor* of the Federal Reserve System* and the U.S. Postal Service* whose financial support have contributed greatly toward my academic progress* and to the latter two Institutions for enlightened personnel policies which made time available for work on thle study. On the staff of the Federal Reserve Board* Z am particularly grateful for the assistance of Mr. Joseph Morrissey and Mrs* Ann Hanklnson in the collection* assimilation and processing of data. Messrs* Hubert White and Roy Fauber also contributed significantly in providing orltloal sounding boards for developing ideas* I wish to express appreciation to Dr. David Cole* Dr. Wilbur Rapp* and Dr. Ernst Baltensperger for patience and expertise* as well as constructive orltloism In the development of this study. Special thanks go to Professor Cole for his competent administration of this project from a distance of several hundred miles. Particular thanks go to my sister* Mrs. Robert Tice* who not only accepted the unpleasant task of typing* but also provided muoh needed editorial advloe. 11 Above all* I am grateful to my wife, Becky, without whose encouragement, patience, understanding, and unselfish support this project would have been impossible. H i VITA May 14, 1941 • • • • B o m - Columbus, Ohio 1 9 ^ 3 .............. B.So., The Ohio State University 1 9 6 4 .............. MBA, Tho Ohio State University 1964-1968.......... The Huntington National Bank, Columbus, Ohio 1968-1970.......... Teaohlng Aeeooiate, Department of Bualneea Adalnletratlon, The Ohio State University 1970-1973.......... Analyst, Board of Governors of the Federal Reserve System, Washington, D.C. 1973 .............. Dlreotor of Cash Management, U.S. Postal Service, Washington, D.C. PUBLICATIONS "A Note on the Transaotlons Demand for Cash." Quarterly Journal of Boonomlos. UCXXV (August, 1971)» ?4b-347. "Payments System Progress." Bankers Magazine. CLIV, No. 4 (Autumn, 1971)* 12-16. Co-authored with Hubert D. White* lv TABLE OF CONTENTS Page ACKNOWLEDGMENTS..................................... 11 VITA ............................................... It LIST OF TABLES..................................... Til Chapter I. DESCRIPTION, PURPOSE AND DATA................. 1 The Federal Reaerre Program Purpose and Objectives Dlreot Coat Effects Correspondent Banking Effeots Structural Implications of the Amendment to Regulation J Data Justification Limitations Outline of the Study II. SURVEY OF THE LITERATURE..................... 30 Operational Studies Correspondent Banking Banking Industry Struoture Summary and Conoluslons III. DIRECT COST EFFECTS FOR TRANSIT CHECK PROCESSING................................... 67 0Terview Selection of Representative Group Cost of Transit Prooesslng at Commercial Banks Tests of Hypotheses Marginal Cost Calculations Net Transit Volume at Respondent Banks Federal Reaerre Costs The Baltimore RCPC Lewiston RCPC Windsor Looks RCPC Cleveland RCPC Interpretation v IV. IMPLICATIONS OP REGIONAL CHECK PROCESSING CENTERS FOR CORRESPONDENT BANKING RELATIONSHIPS 107 Cheok Flow Adjustments Balance Requirement Profitability Impaot Unit Balance Requirements Reserve Requirements Earnings Rates Interpretations V. EXPECTATIONS FROM REGULATION J .............. 131 Analysis Interpretation Conclusions VI. SUMMARY AND CONCLUSIONS AND RECOMMENDATIONS. 152 Direct Cost Effeots Indirect Correspondent Banking Effeots Profitability and the Regulation J Amendment Considerations for Further Research Conclusions and Recommendations APPENDIX A 165 B 166 SELECTED BIBLIOGRAPHY 167 ▼i LIST OF TABLES Table Page 1. Federal Reaerre Regional Cheolc Processing Centers, Maroh 30, 1973................ 72 2* Distribution of Computed Coaaerolal Bank Marginal Cost of Transit Processing (Functional Cost Banks, 1970)* • ......... 83 3* Computations for 1973 Vn at Baltimore Clearing Center......................... 90 *f. Estimated Aggregate Savings for Cheok Processing, Baltimore Center Area, 1973* • • 91 5. Estimated Aggregate Savings for Cheok Processing, Lewiston Center Area, 1973 • • • 93 6. Adjusted Sd , Lewiston Center, 1973 .......... 9** 7* Estimated Aggregate Savings for Cheok Processing, Windsor Looks Center Area, 1973 .................................. 96 8. Estimated Aggregate Savings for Cheok Processing, Cleveland Center Area, 1973* • • 98 9* Ratio of Net Looal Volume from Respondents to New RCPC Volume, RCPC Cases ........ 102 10. Distribution of Demand Deposits Between Member and Nonmenber Participating Banks, Selected Areas as of 12-31-71 ............... 116 11. Distribution of Demand Deposits Between Member Bank Respondents, Seleoted Areas as of 1 2 - 3 1 - 7 1 ......................... 116 12. Reserve Requirements and Demand Deposit Distribution for Participating Nonaember Banks, Seleoted Areas as of 12-31-71 .... 117 13* Computed Earnings Rates for Member Respondent Banks, Seleoted Areas, bp Demand Deposit S i z e ................. 118 v n 14. Computed Barnlngs Bates for Nonmember Beepondent Banks, Seleoted Areas» by Deaand Deposit S i z e .......... 119 15* Aggregate Belanoe Requirement for Displaced Cheok Colleotion Serrloes, Baltimore Area Banks* 1973Vo l u m e s ......... 120 16, Computations for S9, Baltimore Area Banks, 1973 Volumes . ........................... 121 17, Computations for sf, Baltimore Area Banks, 1973 Volumes . ........................... 121 18, Aggregate Balance Hequirement for Displaced Cheok Colleotion Serrloee, Lewiston Area Banks, 1973 Volumes......................... 124 19* Computations for sf, Lewiston Area Banks, 1973 Volumes............................... 124 20, Computations for sT, Lewiston Area Banks, 1973 Volumes • ........................... 124 21, Aggregate Balance Hequirement for Displaced Cheok Colleotion Serrloes, Windsor Looks Area Banks, 1973 Volumes • • • • .......... 125 22, Computations for S?, Windsor Looks Area Banks, 1973 Volutes......................... 125 23* Computations for sF, Windsor Looks Area Banks, 1973 Volumes......................... 125 24. Aggregate Balanoe Requirement for Dlsplaoed Cheok Colleotion Serrloes, Clereland Area Banks, 1973 Volumes......................... 126 25* Computations for S?, Clereland Area Banks, 1973 Volumes . 126 26, Computations for sF, Clereland Area Banks, 1973 Volumes . ........................... 126 27* Comparison of Value of Compensation and Cost of Cheok Clearing Serrloes, Annual Basis, 1973 Estimated Values......... 129 28, Distribution of Number of Banks by Size, Federal Reserre Membership and Payment Status, as of Deoember 31* 1971............. 133 rill 29- Computations for Batlo Ed/d for Member Banks by Size and Payment Status, as of December 31, 1971. « ............ 138 30. Computations
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